/raid1/www/Hosts/bankrupt/TCR_Public/211123.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 23, 2021, Vol. 25, No. 326
Headlines
ALTO MAIPO: Woos Lenders as Bankruptcy Hearing Begins
ATS AUTOMATION: SP Industries Deal No Impact on Moody's Ba3 CFR
AVALIGN HOLDINGS: S&P Lowers ICR to 'CCC+' on Cash Flow Deficits
BOY SCOUTS: Inflammatory Insult Tweets Disrupt Bankruptcy Vote
BRAIN ENERGY: Wins Cash Collateral Access Thru April 2022
CALIFORNIA PIZZA: Breach Exposes Employee Social Security Numbers
CAMBIUM LEARNING: Fitch Withdraws 'B' Issuer Default Rating
CAPITOL CLOSET: Seeks Approval to Hire Jeffrey Clubb as Accountant
CARVER BANCORP: Posts $1.1 Million Net Income in Second Quarter
CBAK ENERGY: Posts $20 Million Net Income in Third Quarter
CD&R SMOKEY: Moody's Affirms B2 CFR & Rates New $75MM Term Loan B2
CD&R SMOKEY: S&P Rates New $75MM Senior Secured Term Loan 'B'
COSMOS HOLDINGS: Incurs $1.9 Million Net Loss in Third Quarter
CROWLEY'S SERVICE: Fine-Tunes Plan Documents
CUENTAS INC: Incurs $2.4 Million Net Loss in Third Quarter
CYRUSONE LP: Moody's Puts Ba1 CFR Under Review for Downgrade
DALTON CRANE: Taps Michael S. Klingle as Accountant
DCM-P3 LLC: Seeks Approval to Hire Brutzkus as Bankruptcy Counsel
EAGLE HOSPITALITY: Ex-Directors Found in Contempt of US Court
ESSA PHARMA: Incurs $36.8 Million Net Loss in FY Ended Sept. 30
EXPRESS GRAIN: Owed 200+ Farmers More Than $40 Million
GARDNER DENVER: Moody's Ups CFR & Secured Credit Facilities to Ba1
GAUCHO GROUP: Posts $931K Net Income in Third Quarter
GB SCIENCES: Incurs $556K Net Loss in Second Quarter
GENESIS ENERGY: Moody's Cuts CFR to B1, Outlook Remains Negative
GIRARDI & KEESE: Ex-Attorneys Contempt Trial Set for December
GLOBAL CLOUD XCHANGE: To Sell to 3i Infrastructure for $512 Million
GOLDEN FLEECE: Taps Cozen O'Connor as New Bankruptcy Counsel
GVS TEXAS: Asset Sale Proceeds to Fund Plan
HBL SNF LLC: Seeks to Hire HMM CPAs as Accountant
HBL SNF LLC: Seeks to Hire Klestadt as Bankruptcy Counsel
HERTZ GLOBAL: Offers $1.5-Bil. of Unsecured Notes
IMERYS TALC: UST Says Robust Process for Picking Claims Rep.
JOHNSON & JOHNSON:Spinoff to Create Barriers,Says Talc Claimant Grp
LEVANT GROUP: Has Deal on Cash Collateral Access Thru Jan 2022
LIFETIME BRANDS: Moody's Ups CFR to B1 & Secured Term Loan to B2
LTL MANAGEMENT: Taps Rayburn Cooper & Durham as Co-Counsel
LUIHN VANTEDGE: Moody's Assigns First Time B3 Corp. Family Rating
MALLINCKRODT PLC: Judge Delays Resumption of Plan Hearing
MATTAMY GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
MAUNESHA RIVER: Seeks Cash Collateral Access Thru Feb 2022
METROPOLITAN WATER: Case Summary & 20 Largest Unsecured Creditors
MY2011 GRAND: Amends Mezz Lender's Claim Pay Details
NEW HAPPY FOOD: Gets Final Cash Collateral Access
OMNIQ CORP: Incurs $5 Million Net Loss in Third Quarter
OSCEOLA MEDICAL: Taps Jupiter Properties to Sell Assets
OZOP ENERGY: Posts $11.7 Million Net Income in Third Quarter
PURDUE PHARMA: Payment of Over $12M Fees of Govt. Groups Okayed
PWM PROPERTY: Seeks to Hire White & Case as Lead Bankruptcy Counsel
PWM PROPERTY: Seeks to Hire Young Conaway as Co-Counsel
PWM PROPERTY: Taps M3 Advisory Partners as Restructuring Advisor
PWM PROPERTY: Taps Omni Agent Solutions as Administrative Agent
REYNOLDS CONSUMER: S&P Alters Outlook to Neg., Affirms 'BB+' ICR
RIVERBED TECHNOLOGIES: Cleared for Quick Chapter 11 Run in Delaware
ROCKWORX INC: Obtains Interim OK to Use Cash Thru Feb 2022
SEADRILL LIMITED: Chairman Robertson to Lead Board After Chapter 11
SERVICE PROPERTIES: S&P Lowers ICR to 'B+' on Liquidity Pressure
STANTON GLENN: Seeks to Hire Marcus & Millichap as Realtor
TRANSPLACE HOLDINGS: Moody's Withdraws B2 CFR on Debt Redemption
TRIDENT HOLDINGS: Seeks to Hire Riggi Law Firm as Bankruptcy Counse
UNIENERGY TECHNOLOGIES: Ad Hoc Committee Members Detail Claims
UNIFIED SECURITY: Taps Michael Jay Berger as Legal Counsel
VERNON MEMORIAL HOSPITAL: S&P Raises Revenue Bonds Rating to 'BB+'
VOS CRE I: Case Summary & 7 Unsecured Creditors
WA INC: Seeks Approval to Hire Jerry Kanter as Accountant
WEEKLEY HOMES: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Pos.
WILDBRAIN LTD: Fitch Alters Outlook on 'B+' LT IDR to Stable
WILLCO X DEVELOPMENT: Court OKs Deal on Cash Collateral Use
[^] Large Companies with Insolvent Balance Sheet
*********
ALTO MAIPO: Woos Lenders as Bankruptcy Hearing Begins
-----------------------------------------------------
Leslie Pappas of Law360 reports that a bankrupt Chilean
hydroelectric power project took steps at a first-day bankruptcy
hearing Thursday, November 18, 2021, in Delaware to keep its
business running as it seeks to bring additional lenders into a
prebankruptcy restructuring support agreement, or RSA, backed with
$50 million in bankruptcy financing from parent company AES Andes
SA, a unit of Virginia-based U. S. power company AES Corp.
Santiago-based Alto Maipo SpA and its Delaware-based foreign
representative, Alto Maipo Delaware LLC, filed for Chapter 11
protection Wednesday with more than $2 billion in debt and plans to
"right-size" its capital structure after environmental changes made
the project less profitable than anticipated.
About Alto Maipo
Alto Maipo owns the Alto Maipo Hydroelectric Project, outside
Santiago, Chile, which is currently under construction. The
project comprises two run-of-the-river plants with a combined
installed capacity of 531 megawatts. The run-of-the-river project
is a joint venture between US utility subsidiary AES Gener and
Chilean mining company Antofagasta Minerals (AMSA).
Alto Maipo Delaware LLC and affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 21-11507) on Nov. 17, 2021. In its
filing, Alto Maipo Delaware LLC estimated liabilities between $1
billion and $10 billion and estimated assets between $1 billion and
$10 billion.
The cases are handled by Honorable Judge Karen B. Owens.
Sean T. Greecher, of Young, Conaway, Stargatt & Taylor, is the
Debtors' counsel.
ATS AUTOMATION: SP Industries Deal No Impact on Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Service said that ATS Automation Tooling Systems
Inc.'s ("ATS", Corporate Family Rating Ba3, Outlook stable)
proposed acquisition of SP Industries, Inc., a designer and
manufacturer of high-grade biopharma processing products, life
sciences equipment and labware, in a transaction totaling US$445
million (C$550 million), is credit negative. The proposed deal will
be financed with revolver drawings, initially increasing Moody's
adjusted gross leverage by more than a turn to around 3.6x (2.4x
LTM Sep-21), However, strong organic growth underpinned by a robust
backlog will support deleveraging to around 3.3x by FYE March 2022.
The acquisition will increase ATS's scale and provide more
diversification within the growing, value-added life sciences
market, with some uplift to consolidated EBITDA margins before
synergies.
AVALIGN HOLDINGS: S&P Lowers ICR to 'CCC+' on Cash Flow Deficits
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on contract
manufacturer Avalign Holdings Inc. to 'CCC+' from 'B-' and its
issue-level rating on its first-lien debt to 'CCC+' from 'B-'.
S&P's '3' recovery rating on the first-lien debt remains
unchanged.
S&P said, "The stable outlook reflects our expectation that, while
Avalign's funded leverage will remain elevated at about 9x-10x and
it will continue to generate FOCF deficits into 2022, we believe
its liquidity sources will be sufficient to cover its operational
needs over the next 12 months."
The downgrade reflects S&P's view that ongoing labor and supply
chain constraints, combined with episodic pandemic-related demand
disruptions and increased investment required for its recently
signed projects, will continue to pressure Avalign's key credit
measures despite its recent project wins and a gradual rebound in
its demand. The company's operating performance has been
significantly affected by the COVID-19 pandemic, including
decreased product demand and continued inefficiencies on the supply
chain and labor fronts that have led to increased costs and
extended lead times. Therefore, Avalign's last-12-month EBITDA
margin contracted by about 700 basis points (bps) in the second
quarter of 2021, a material decline from last year same period. The
company's S&P Global Ratings-adjusted leverage was over 20x
including its preferred shares (about 11x excluding preferred
shares) as of the second quarter of 2021 and it reported a FOCF
deficit of $20 million in the first half of 2021.
Although the company is reporting a gradual rebound in its demand
as hospitals resume elective procedures, some of its product
volumes have still not returned to pre-pandemic levels. Therefore,
Avalign relies on new projects and product launches to offset the
lag in its recovery. In 2020, the company won the biggest project
in its history, which will involve providing a customer with a new
product line. S&P said, "We believe this contract will boost the
company's revenue and improve its revenue visibility over the next
few years, starting in late 2021/early 2022. However, Avalign will
have to incur some upfront expenses related to this project. We
estimate that the company's S&P Global Ratings-adjusted EBITDA
margin in 2022 will be 500 bps to 600 bps lower than 2019, because
they will be pressured by continued materials and labor cost
inflation and new project-related expenses. Also, we project its
S&P Global Ratings-adjusted leverage will remain elevated at about
17x in 2022 (about 9x on a funded debt basis) and anticipate the
capital investment to expand its capabilities and capacity will
continue to burden its FOCF in 2022."
S&P said, "The company's liquidity remains tight, though we do not
believe it is an immediate concern. We estimate that Avalign will
have annual charges of about $45 million (including about $25
million of interest expense, about $15 million to $20 million of
capital expenditure [capex], and about $2 million of annual debt
repayment) in 2022. Our current base-case forecast assumes the
company's liquidity sources, which include a combination of EBITDA
and revolver availability, will be sufficient to cover it annual
charges. That said, we note Avalign's EBITDA, on its own, would
likely be insufficient to cover its liquidity needs.
"The stable outlook on Avalign reflects our belief its liquidity
sources will be sufficient to cover its operational needs over the
next 12 months despite our forecast that its funded leverage will
remain elevated at about 9x-10x while its FOCF deficits extend into
2022.
"We could lower our rating on Avalign if it faces liquidity
concerns. This could occur if the company is unable to maintain
access to its revolver, most likely due to an operating
underperformance that leads to covenant tightness.
"We would consider upgrading Avalign if its business and financial
conditions improve such that its funded debt leverage declines to
8x or below and its generates positive FOCF."
BOY SCOUTS: Inflammatory Insult Tweets Disrupt Bankruptcy Vote
--------------------------------------------------------------
Steven Church, writing for Bloomberg News, reports that the 'old
yeller' insult tweet disrupts Boy Scouts of America's bankruptcy
vote.
A lawyer's inflammatory messages to alleged sex abuse victims is
threatening to disrupt the voting for a plan proposed by the Boy
Scouts of America to set up a $1.9 billion compensation trust
fund.
Timothy Kosnoff, who represents some of the people who filed abuse
claims against the Boy Scouts, has made demeaning personal attacks
against colleagues, according to court documents and lawyers in the
case.
In one tweet earlier this November 2021, Kosnoff compared a former
ally to the dying dog in the movie "Old Yeller" and urged abuse
victims to "Vote No on the plan."
About Boy Scouts of America
The Boy Scouts of America -- https://www.scouting.org/ -- is a
federally chartered non-profit corporation under title 36 of the
United States Code. Founded in 1910 and chartered by an act of
Congress in 1916, the BSA's mission is to train youth in
responsible citizenship, character development, and self-reliance
through participation in a wide range of outdoor activities,
educational programs, and, at older age levels, career-oriented
programs in partnership with community organizations. Its national
headquarters is located in Irving, Texas.
The Boy Scouts of America and affiliate Delaware BSA, LLC, sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on
Feb. 18, 2020, to deal with sexual abuse claims.
Boy Scouts of America was estimated to have $1 billion to $10
billion in assets and at least $500 million in liabilities as of
the bankruptcy filing.
The Debtors have tapped Sidley Austin LLP as their bankruptcy
counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel,
and Alvarez & Marsal North America, LLC as financial advisor. Omni
Agent Solutions is the claims agent.
The U.S. Trustee for Region 3 appointed a tort claimants' committee
and an unsecured creditors' committee on March 5, 2020. The tort
claimants' committee is represented by Pachulski Stang Ziehl &
Jones, LLP, while the unsecured creditors' committee is represented
by Kramer Levin Naftalis & Frankel, LLP.
BRAIN ENERGY: Wins Cash Collateral Access Thru April 2022
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York has
entered a consent order extending the first amended stipulation and
order authorizing Brain Energy Holdings LLC to use cash collateral,
in which 153 Clinton Street Lender LLC asserts an interest.
The Agreement provides that the term thereof may be extended from
time to time upon: (a) the submission of a Consent Order of the
Debtor and the Lender to the Court, without further notice or
hearing, extending the term of the Agreement or (b) upon further
order of the Court.
The Debtor and the Lender have conferred and, as a result thereof,
and in accordance with the Addendum, have agreed to extend the term
of the Agreement through April 30, 2022.
The extension is subject to: (a) certain early termination events,
as well as, (b) any breach of Section 3(d) of the Addendum, which
Section prescribes the termination date of the Agreement to be,
among other dates, 30 days from the date of a Default Notice.
The Court says to the extent not expressly amended or modified by
the terms of the Consent Order, all other provisions of the
Agreement shall remain in full force and effect.
A copy of the order is available at https://bit.ly/3nDGvPI from
PacerMonitor.com.
About Brain Energy Holdings
Brain Energy Holdings, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). It is the fee simple owner
of a six-floor mixed-use brownstone located at 153 Clinton St.,
Brooklyn, N.Y., having a current value of $4.5 million.
Brain Energy Holdings filed its voluntary petition for Chapter 11
protection (Bankr. E.D.N.Y. Case No. 21-42150) on Aug. 24, 2021,
disclosing $4,501,100 in total assets and $4,411,145 in total
liabilities. Anthony Spartalis, as managing member, signed the
petition.
Judge Nancy Hershey Lord oversees the case.
The Debtor tapped Pick & Zabicki, LLP as legal counsel and Frances
M. Caruso as bookkeeper.
CALIFORNIA PIZZA: Breach Exposes Employee Social Security Numbers
-----------------------------------------------------------------
Mack DeGeurin of Gizmodo reports that fast-casual pizza chain and
frozen food disrupter California Pizza Kitchen reportedly suffered
a data breach that exposed the Social Security numbers of over
100,000 current and former employees, according to a breach
notification viewed by TechCrunch.
Though CPK didn't specify the exact number of people affected in
the note, a separate data breach notification filed with the Maine
attorney general's office put the figure at 103,767. Aside from
Social Security numbers, the breach also exposed an unspecified
number or names and other files. Gizmodo reached out to CPK for
more details about the additional exposed materials but did not yet
hear back.
The company claims it first noticed a disturbance to its systems on
September 15, 2021 and took action quickly. However, it wasn't
until October 4, 2021 that the company claimed it was able to
determine cybercriminals had gained access to its system.
As TechCrunch notes, the social security numbers most likely
included large swaths of former employees since CPK employed just
around 14,000 employees in 2017. CPK claimed it immediately took
steps to review and strengthen its security practices and said it
was implementing additional measures moving forward.
Major data breaches seemingly happen all the time. News of CPK's
slip up comes on the heels of another major data breach from
investment platform Robinhood, which last week announced hackers
had gained access to millions of customers’ email addresses and
full names and tried to extort the company. Names, date of birth,
and zip code were reportedly exposed for around 310 customers. But
the bad news only got worse. This week, the company issued an
update revealing the data obtained by hackers included several
thousand entries with phone numbers. According to Motherboard, the
total number of phone numbers on access was about 4,400. Robinhood
said it continues to believe Social Security numbers, bank account
numbers, and debit card numbers were not exposed.
Overall, data breaches have become costlier and harder to contain
since the onset of the pandemic. A study of over 500 global
organizations conducted by IBM Security earlier this year
determined data breaches cost the surveyed companies $4.24 million
per incident on average, the highest average costs in IBM's
17-years of reporting.
About California Pizza Kitchen
California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a
casual dining restaurant chain that specializes in California-style
pizza. Since opening its doors in Beverly Hills in 1985, CPK has
grown from a single location to more than 200 restaurants
worldwide. CPK's traditional dine-in locations are full-service
restaurants that serve pizza, salads, pastas and other
California-inspired fare, alongside a curated selection of wines
and a menu of handcrafted cocktails and craft beers. Though the
Company's dine-in restaurants are the primary way the Company
serves its customers, CPK also has a number of "off-premises"
services and licensing agreements that allow customers to get their
favorite CPK dishes on the go.
California Pizza Kitchen, Inc., filed a Chapter 11 petition (Bankr.
S.D. Tex. Case No. 20-33752) on July 29, 2020. The Hon. Marvin
Isgur oversees the case.
At the time of filing, the Debtors have $100 million to $500
million estimated assets and $500 million to $1 billion estimated
liabilities.
Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim
Securities, LLC is serving as its financial advisor and investment
banker, and Alvarez & Marsal, Inc., as restructuring advisor.
Gibson, Dunn & Crutcher LLP is acting as legal counsel for the
group of first lien lenders and FTI Consulting, Inc. is acting as
its financial advisor. Prime Clerk is the claims agent.
* * *
California Pizza Kitchen in November 2020 emerged from Chapter 11
bankruptcy protection with $220 million less in debt and no lending
obligations coming due in the near term.
CAMBIUM LEARNING: Fitch Withdraws 'B' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has withdrawn the 'B' Long-Term Issuer Default Rating
(IDR) of Cambium Learning Group, Inc., Rosetta Stone, Inc., VKidz
Holdings, Inc. and Cambium Assessment Inc. Fitch has also withdrawn
the 'BB'/'RR1' issue ratings on the first lien credit facilities
and 'CCC+'/'RR6' issue rating on the second lien credit
facilities.
Fitch has withdrawn the ratings for commercial reasons.
KEY RATING DRIVERS
Not Applicable. The ratings are withdrawn.
DERIVATION SUMMARY
Not applicable. The ratings are withdrawn.
KEY ASSUMPTIONS
Not applicable. The ratings are withdrawn.
RATING SENSITIVITIES
Not applicable. The ratings are withdrawn.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Not applicable. The ratings are withdrawn.
ISSUER PROFILE
Cambium Learning Group, Inc. (Cambium) is a leading provider of
digital learnings resources and supplemental instructional products
for K-12 students, teachers, schools and districts. The company
services schools in all 50 states and has a presence in over 170
countries.
CAPITOL CLOSET: Seeks Approval to Hire Jeffrey Clubb as Accountant
------------------------------------------------------------------
Capitol Closet Design, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Virginia to employ Jeffrey Clubb,
an accountant practicing in Fairfax, Va.
The Debtor requires an accountant to provide bookkeeping, financial
and other accounting services.
Mr. Clubb will be paid at the rate of $200 per hour and reimbursed
for out-of-pocket expenses incurred.
In court papers, Mr. Clubb disclosed that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Mr. Clubb holds office at:
Jeffrey K. Clubb
11350 Random Hills Road, Suite 700
Fairfax, VA 22030
Tel: (703) 359-0644
About Capitol Closet Design Inc.
Capitol Closet Design, Inc. is a privately held company in the
custom closet construction business. The Debtor sought protection
under Chapter 11 of the US Bankruptcy Code (Bankr. E.D. Va. Case
No. 21-11781) on Oct. 25, 2021, listing $311,442 in total assets
and $1,415,004 in total liabilities. Larry Nordseth, president of
Capitol Closet Design, signed the petition.
Judge Brian F. Kenney oversees the case.
John P. Forest, II, Esq., at the Law Office of John P. Forest, II
is the Debtor's counsel.
CARVER BANCORP: Posts $1.1 Million Net Income in Second Quarter
---------------------------------------------------------------
Carver Bancorp, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $1.08 million on $5.72 million of total interest income for the
three months ended Sept. 30, 2021, compared to a net loss of
$809,000 on $5.07 million of total interest income for the three
months ended Sept. 30, 2020.
For the six months ended Sept. 30, 2021, the Company reported a net
loss of $1.67 million on $11.05 million of total interest income
compared to a net loss of $1.62 million on $9.86 million of total
interest income for the same period during the prior year.
As of Sept. 30, 2021, the Company had $706.87 million in total
assets, $650.66 million in total liabilities, and $56.22 million in
total equity.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1016178/000101617821000023/carv-20210930.htm
About Carver Bancorp
Headquartered in New York, Carver Bancorp, Inc., is the holding
company for Carver Federal Savings Bank, a federally chartered
savings bank. The Company conducts business as a unitary savings
and loan holding company, and the principal business of the Company
consists of the operation of its wholly-owned subsidiary, Carver
Federal. Carver Federal was founded in 1948 to serve
African-American communities whose residents, businesses and
institutions had limited access to mainstream financial services.
The Bank remains headquartered in Harlem, and predominantly all of
its seven branches and four stand-alone 24/7 ATM centers are
located in low- to moderate-income neighborhoods.
Carver Bancorp reported a net loss of $3.89 million for the year
ended March 31, 2021, compared to a net loss of $5.42 million for
the year ended March 31, 2020. As of June 30, 2021, the Company
had $682.93 million in total assets, $631.24 million in total
liabilities, and $51.69 million in total equity.
CBAK ENERGY: Posts $20 Million Net Income in Third Quarter
----------------------------------------------------------
CBAK Energy Technology, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $20.02 million on $9.56 million of net revenues for the three
months ended Sept. 30, 2021, compared to net income of $41,715 on
$10.62 million of net revenues for the three months ended Sept. 30,
2020.
For the nine months ended Sept. 30, 2021, the Company reported net
income of $52.35 million on $24.87 million of net revenues compared
to a net loss of $3.51 million on $22.15 million of net revenues
for the same period during the prior year.
As of Sept. 30, 2021, the Company had $190.71 million in total
assets, $68.51 million in total liabilities, and $122.20 million in
total equities.
The Company has financed its liquidity requirements from long-term
and short-term bank loans, other short-term loans and bills payable
under bank credit agreements, advances from its related and
unrelated parties, and issuance of capital stock and other
securities to investors.
As of Sept. 30, 2021, the Company had cash and cash equivalents and
restricted cash of $17.5 million. Its total current assets were
$59.6 million and its total current liabilities were $49.4 million,
resulting in a net working capital of $10.2 million.
The Company had an accumulated deficit from recurring losses from
operations and short-term debt obligations as of Dec. 31, 2020 and
Sept. 30, 2021. As of Dec. 31, 2020, the Company had a working
capital deficiency of $10.5 million. The Company said these
factors raise substantial doubts about its ability to continue as a
going concern.
"We are currently expanding our product lines and manufacturing
capacity and developing the new business of producing light
electric vehicles in our Dalian and Nanjing plants, which requires
more funding to finance the expansion. We plan to renew our bank
borrowings upon maturity and raise additional funds through bank
borrowings and equity financing to meet our daily cash demands.
However, there can be no assurance that we will be successful in
obtaining such financing. These consolidated financial statements
do not include any adjustments that might result from the outcome
of this uncertainty."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1117171/000121390021059018/f10q0921_cbakenergy.htm
About CBAK Energy
Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.
CBAK Energy reported a net loss of $7.85 million for the year ended
Dec. 31, 2020, compared to a net loss of $10.85 million for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$192.17 million in total assets, $90.34 million in total
liabilities, and $101.84 million in total equity.
Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 13, 2021, citing that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2020. All these factors raise substantial
doubt about its ability to continue as a going concern.
CD&R SMOKEY: Moody's Affirms B2 CFR & Rates New $75MM Term Loan B2
------------------------------------------------------------------
Moody's Investors Service affirmed CD&R Smokey Buyer, Inc.'s (dba
Radio Systems) Corporate Family Rating at B2, its Probability of
Default Rating at B2-PD, and the rating on the company's $700
million senior secured first lien notes due 2025 at B2. At the same
time, Moody's assigned a B2 rating to the company's proposed new
$75 million senior secured first lien term loan due 2025. The
outlook is stable.
Proceeds from the proposed $75 million first lien term loan will be
used to fund a strategic acquisition. The company also expects to
upsize its asset based lending (ABL) revolving facility to $150
million from $100 million.
The ratings affirmations reflects that pro forma for the
transaction, Radio Systems' debt/EBITDA leverage remains within the
range Moody's expects for the rating. Moody's also expects the
company's credit metrics to improve over the next 12-18 months
driven by revenue and EBITDA growth aided by the growing pet
population. Pro forma for the transaction, Radio Systems'
debt/EBITDA leverage will moderately increase to around 5.6x for
the last twelve months (LTM) period ending June 30, 2021, up from
5.3x pre-transaction. Radio Systems reported strong year-over-year
revenue and management's EBITDA growth of 36% and 13% respectively
during the first half of 2021, supported by strong consumer demand
for the company's pet products. Moody's projects debt/EBITDA will
gradually improve to the low 5.0x over the next 12-18 months driven
by revenue and EBITDA growth, supported by continued elevated pet
ownership levels and good consumer demand.
The strong operating results in fiscal 2021 create tough comps in
2022 and there is uncertainty around the sustainability of the very
high consumer demand levels, particularly for durable pet products
that are purchased at the time of pet adoption. In addition, the
current challenging operating environment with historically high
commodities and transportations costs, along with supply chain and
labor constraints add uncertainty around the company's
profitability over the next 12 months. However, there is some
cushion within the company's credit metrics at the B2 CFR to absorb
the potential future demand pull back, and the company's pricing
and operating initiatives should somewhat offset the increased
costs pressures.
The B2 rating on the proposed $75 million first lien term loan, the
same as the company's existing first lien notes, reflects these
debt obligations represent the preponderance of the capital
structure. The proposed first lien term loan is expected to have
the same guarantee and collateral security as the existing first
lien notes.
Moody's took the following rating actions:
Assignments:
Issuer: CD&R Smokey Buyer, Inc.
Senior Secured First Lien Term Loan, Assigned B2 (LGD4)
Affirmations:
Issuer: CD&R Smokey Buyer, Inc.
Corporate Family Rating, Affirmed B2
Probability of Default Rating, Affirmed B2-PD
Senior Secured First Lien Regular Bond/Debenture, Affirmed B2
(LGD4)
Outlook Actions:
Issuer: CD&R Smokey Buyer, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Radio Systems B2 CFR reflects its high financial leverage with
debt/EBITDA at around 5.7x as of the LTM period ended June 30,
2021, and pro forma for the proposed transactions. Radio Systems is
small relative to rated durable products companies with LTM revenue
of $615 million, and has a narrow product focus as a designer and
marketer of pet products. Also, customer concentration has steadily
increased over the last few years and over half of the company's
revenue is derived from its top ten customers with the largest
customer representing about a third of total sales in fiscal year
2020. Governance factors primarily relate to the company's
aggressive financial policies under private equity ownership
including high financial leverage, and its growth through
acquisition strategy.
The rating also reflects Radio Systems' good market position and
brand recognition in the relatively stable pet products industry.
The company has a relatively good EBIT margin in the mid-teens,
supported by its efficient cost structure, innovative product
offerings, and some barriers to entry including intellectual
property ownership. Also, the company has moderate geographic and
channel diversification. Demand for the company's products has been
high over the past year as pet ownership has increased during the
coronavirus pandemic because more people are staying home, and
Moody's expects this will help moderate the pressure on revenue
from reductions in discretionary consumer spending. The bulk of the
company's product portfolio consists of durable products that have
less frequent recurring purchases. The acceleration of pet
population growth is boosting demand for the company's products,
but Moody's anticipates slowing population growth will moderate
demand. Radio Systems' good liquidity reflects Moody's expectations
for positive free cash flow in the $70-$75 million range, and its
access to a mostly undrawn $150 million revolver.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Moody's expectation that Radio Systems
debt/EBITDA leverage will remain below 6.0.x over the next 12-18
months, and that the company will continue to generate comfortably
positive free cash flow on an annual basis. Moody's expects the
company will pursue add-on acquisitions over the next 12-18 months
partially funded with cash and be committed to debt and leverage
reduction following such acquisitions.
The ratings could be upgraded if the company demonstrates
consistent organic revenue growth and strong free cash flow
relative to debt, and if debt/EBITDA is sustained below 5.0x. A
ratings upgrade will also require at least good liquidity,
including good revolver availability at all times, and financial
policies that support credit metrics at the above levels.
Ratings could be downgraded if operating results materially
deteriorate with organic revenue declines or margin deterioration,
if debt/EBITDA is sustained above 6.0x, or if EBIT/interest falls
below 1.25x. Ratings could also be downgraded if liquidity weakens
such as from free cash flows weakening to less than $25 million or
high reliance on its revolver, or if the company completes a large
debt-financed acquisition that materially increases leverage.
Headquartered in Knoxville, Tennessee, CD&R Smokey Buyer, Inc. (dba
Radio Systems) through its subsidiaries, is a designer and marketer
of products for pets. Key product lines include pet containment
products (including electronic fences and collars), pet training
products, pet doors, and other various pet products (i.e. water and
feed, toy and behavior products, etc.). The company's products are
sold through internet retailers, pet specialty stores, mass
retailers, and a dealer distribution network, among other channels.
Radio Systems was sold to Clayton, Dubilier & Rice (CD&R) in July
2020 for approximately $1.375 billion. The privately owned company
does not publicly disclose its financial information. The company
generated $615 million of revenue for the twelve months ended June
30, 2021.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
CD&R SMOKEY: S&P Rates New $75MM Senior Secured Term Loan 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to CD&R Smokey Buyer Inc.'s proposed $75 million
senior secured term loan due 2025. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a payment default. The term
loan will rank equally with the company's existing senior secured
debt. The company will use the net proceeds from this transaction,
along with available cash for acquisitions.
While the transaction will be modestly leveraging (estimated pro
forma leverage will increase to about 5.7x from about 5.5x as of
Sept. 30, 2021), the stable outlook continues to reflect S&P's
expectation for EBITDA growth underpinned by favorable
pet-ownership demand trends and a financial policy that supports
periodic bolt-on debt-funded acquisitions to accelerate growth.
CD&R Smokey Buyer Inc. develops, manufactures, and markets
electronic pet containment products, auto litter devices, pet
training products, pet doors, and other complementary products and
accessories to retailers such as mass merchants, home centers, pet
and farm stores, and online catalog/retailers. The company offers
its products online in the U.S. and internationally.
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
S&P said, "Our simulated default scenario contemplates weak
employment and macroeconomic weakness occurring in 2024, resulting
in lower demand for CD&R's products. Our scenario also contemplates
a highly promotional and competitive retail environment that
pressures prices. All these factors lead to a significant sales
decline and margin squeeze, resulting in a lack of liquidity.
"We have valued the company on a going-concern basis using a 5.5x
multiplier of our projected emergence EBITDA. The multiple is in
line with levels used for U.S.-based branded nondurable issuers.
Simulated default assumptions"
-- Simulated year of default: 2024
-- Default EBITDA proxy (interest expense plus amortization plus
minimum capital expenditure): $64.8 million
-- Key assumptions (cyclicality adjustment/operational
adjustment): 5%/40%
-- Emergence EBITDA (default EBITDA proxy plus cyclicality
adjustment plus operational adjustment): $95.2 million
-- Implied enterprise value multiple: 5.5x
-- Gross enterprise value: $523.8 million
Simplified waterfall
-- Net enterprise value after administrative expenses (5%): $497.6
million
-- Obligor/nonobligor valuation split: 83%/17%
-- Value available for senior secure claims: $375.7 million
-- Senior secured claims: $799.1 million
-- Recovery expectations: 50%-70%; rounded estimate: 50%
Note: All debt amounts include six months of prepetition interest.
COSMOS HOLDINGS: Incurs $1.9 Million Net Loss in Third Quarter
--------------------------------------------------------------
Cosmos Holdings Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $1.94 million on $13.60 million of revenue for the three months
ended Sept. 30, 2021, compared to net income of $757,866 on $14.35
million of revenue for the three months ended Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $6.49 million on $40.06 million of revenue compared to
net income of $1.65 million on $39.11 million of revenue for the
nine months ended Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $47.68 million in total
assets, $43.03 million in total liabilities, and $4.65 million in
total stockholders' equity.
As of Sept. 30, 2021, the Company had working capital of $6,856,340
compared to $5,979,870 as of Dec. 31, 2020.
The Company had cash of $1,033,875 versus $628,395 as of Sept. 30,
2021 and December 2020, respectively. The Company had net cash
used in operating activities of $5,498,368 and $10,342,115 for the
nine months ended Sept. 30, 2021 and 2020, respectively. The
Company has devoted substantially all of its cash resources to
expand through organic business growth and has incurred significant
general and administrative expenses in order to enable the
financing and growth of its business and operations.
The Company had net cash used in investing activities of $835,425
and $113,845 during the nine months ended Sept. 30, 2021 and 2020,
respectively. For the nine months ended Sept. 30, 2021 and 2021
this was due to the purchase of fixed assets.
The Company had net cash provided by financing activities of
$6,475,402 versus $10,984,011 during the nine months ended Sept.
30, 2021 and 2020, respectively.
For the period ended Sept. 30, 2021, the Company also received
proceeds from lines of credit of $18,139,012 and payments of lines
of credit of $18,281,863, for a net decrease on the line of credit
of $142,851.
The Company stated, "We anticipate using cash in our bank account
as of September 30, 2021, cash generated from the operations of the
Company and its operating subsidiaries and from debt or equity
financing, or from a loan from management, to the extent that funds
are available to do so to conduct our business in the upcoming
year. Management is not obligated to provide these or any other
funds. If we fail to meet these requirements, we may lose the
qualification for quotation and our securities would no longer
trade on the over-the-counter markets. Further, as a consequence
we would fail to satisfy our reporting obligations with the
Securities and Exchange Commission ("SEC"), and investors would
then own stock in a company that does not provide the disclosure
available in quarterly and annual reports filed with the SEC and
investors may have increased difficulty in selling their stock as
we will be non-reporting."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1474167/000147793221008353/cosm_10q.htm
About Cosmos Holdings
Cosmos Holdings Inc. is a multinational pharmaceutical wholesaler.
The Company imports, exports and distributes pharmaceutical
products of brand-name and generic pharmaceuticals,
over-the-counter (OTC) medicines, and a variety of dietary and
vitamin supplements. Currently, the Company distributes products
mainly in the EU countries via its two wholly owned subsidiaries
SkyPharm SA, Decahedron Ltd. and (iii) Cosmofarm.
Cosmos Holdings reported net income of $820,786 for the year ended
Dec. 31, 2020, compared to a net loss of $3.30 million for the year
ended Dec. 31, 2019. As of June 30, 2021, the Company had $45.16
million in total assets, $44.77 million in total liabilities, and
$384,548 in total stockholders' equity.
San Francisco, California-based Armanino LLP, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 15, 2021, citing that the Company has suffered
recurring losses from operations and has a net accumulated deficit
that raises substantial doubt about its ability to continue as a
going concern.
CROWLEY'S SERVICE: Fine-Tunes Plan Documents
--------------------------------------------
Crowley's Service LLC submitted a Subchapter V Amended Plan of
Reorganization dated November 19, 2021.
The Plan is a plan of reorganization. The Debtor shall continue
its business after the Confirmation Date.
The Debtor's profitability to fund the Plan is based on the amount
of money that it will earn through the continuation of its
business.
Objection Required. Under Subchapter V, the Debtor is not required
and will not be filing a disclosure statement or soliciting votes
for acceptance or reject of the Plan. Absent any written objection,
the Creditors shall be deemed to have accepted the Plan per section
1129(a)(7)(A)(i) and to have waived its rights under
1129(a)(7)(A)(ii).
Consensual Plan. Absent an Objection, the Plan will be deemed a
consensual plan under section 1191(a). If a party objects to the
Plan and if that objection has not been resolved at the time of
Confirmation, then the Plan will be deemed nonconsensual.
The Amended Plan does not alter the proposed treatment for
unsecured creditors and the equity holder:
* Class 4 consists of General Unsecured Creditor Claims.
Beginning in month fifteen of the Plan, the Debtor will make pro
rata distributions to the unsecured creditors claim.
* Class 5 consists of Equity Interests. The Debtor shall
retain its equity interests.
Upon the Effective Date, all property of the Debtor and its Estate
shall vest in the Debtor, subject to the Allowed Secured Claims in
this Plan. The funds necessary for the satisfaction of the
creditors' claims shall be generated from the Debtor's income
derived from its trucking operations.
Pursuant to section 1194(b), this Plan provides that the
reorganized Debtor will make the payments to creditors.
In the event that the Court orders that the Subchapter V Trustee
shall make the plan payments to creditors, then the Subchapter V
Trustee will not be required to obtain a separate or additional
bond. A bond is not required because the Subchapter V Trustee, as
the Disbursing Agent, will not distribute more than $50,000 at one
specific time pursuant to the Plan Projections.
A full-text copy of the Amended Plan of Reorganization dated Nov.
19, 2021, is available at https://bit.ly/3qXeRzj from
PacerMonitor.com at no charge.
Counsel for Crowley's Services:
Warren Norred
Clayton L. Everett
NORRED LAW, PLLC
515 E. Border Street
Arlington, Texas 76010
Telephone: (817) 704-3984
E-mail: clayton@norredlaw.com
About Crowley's Service
Crowley's Service LLC is a small-scale, over-the-road trucking
company operating in the lower forty-eight states. The Debtor is
solely owned and managed by Jerry Crowley, Jr.
Crowley's Service filed for Chapter 11 protection (Bankr. N.D. Tex.
Case No. 21-41468) on June 18, 2021.
The Debtor is represented by Clayton L. Everett, Esq., of NORRED
LAW, PLLC.
CUENTAS INC: Incurs $2.4 Million Net Loss in Third Quarter
----------------------------------------------------------
Cuentas, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss attributable to
the company of $2.41 million on $109,000 of revenue for the three
months ended Sept. 30, 2021, compared to a net loss attributable to
the company of $1.75 million on $134,000 of revenue for the three
months ended Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss attributable to the company of $6.08 million on $489,000
of revenue compared to a net loss attributable to the company of
$5.15 million on $385,000 of revenue for the nine months ended
Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $14.97 million in total
assets, $3.08 million in total liabilities, and $11.89 million in
total stockholders' equity.
As of Sept. 30, 2021, the Company had $8,750,000 of cash, total
current assets of $9,074,000 and total current liabilities of
$2,987,000 creating a working capital of $6,087,000. As of Dec.
31, 2020, the Company had $227,000 of cash, total current assets of
$296,000 and total current liabilities of $6,480,000 creating a
working capital deficit of $6,184,000. The increase in the
Company's working capital was mainly attributable to the decrease
in accounts payables in the amount of $1,068,000, decrease in the
Company's other Accounts Payables in the amount of $1,268,000 and
increase in its Cash and Cash equivalents in the amount of
$8,523,000.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1424657/000121390021058996/f10q0921_cuentasinc.htm
About Cuentas
Headquartered in Miami, Florida, Cuentas, Inc. --
http://www.cuentas.com-- is a Fintech company utilizing technical
innovation together with existing and emerging technologies to
deliver accessible, efficient and reliable mobile, new-era and
traditional financial services to consumers. Cuentas is
proactively applying technology and compliance requirements to
improve the availability, delivery, reliability and utilization of
financial services especially to the unbanked, underbanked and
underserved segments of today's society.
Cuentas reported a net loss attributable to the company of $8.10
million for the year ended Dec. 31, 2020, compared to a net loss
attributable to the company of $1.32 million for the year ended
Dec. 31, 2019. As of June 30, 2021, the Company had $12.94 million
in total assets, $3.45 million in total liabilities, and $9.48
million in total stockholders' equity.
CYRUSONE LP: Moody's Puts Ba1 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed CyrusOne L.P.'s (primary
operating subsidiary of CyrusOne Inc., collectively 'CyrusOne' or
'the REIT') Ba1 senior unsecured and corporate family ratings on
review for downgrade due to the high likelihood of deterioration in
the leverage metrics and potentially a more aggressive growth
strategy after the planned acquisition of the REIT by KKR and
Global Infrastructure Partners, collectively 'the Investors'. In
the same rating action, CyrusOne Europe Finance DAC's Ba1 rating
was also placed on review for downgrade. The transaction has been
approved by the REIT's Board of Directors and is expected to close
in the second quarter of 2022.
The review will focus on the post-transaction capital and portfolio
strategy including the likely trajectory of operating metrics,
leverage ratios and growth plans.
The following ratings were placed on review for downgrade
Issuer: CyrusOne L.P.
Senior unsecured debt, currently Ba1
Senior unsecured debt shelf, currently (P)Ba1
Corporate Family rating, currently Ba1
Issuer : CyrusOne Europe Finance DAC
Senior unsecured debt, currently Ba1
Outlook Action:
Issuer : CyrusOne L.P.
Outlook changed to Rating under Review from Stable
Issuer : CyrusOne Europe Finance DAC
Outlook changed to Rating under Review from Stable
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
CyrusOne's Ba1 senior unsecured and corporate family ratings
reflect strong demand for data centers, a largely unencumbered
portfolio, moderate leverage including a laddered debt maturity
schedule, strong fixed charge coverage and good liquidity. The
rating also considers the increase in supply in certain data center
and related pricing pressure, significant tenant/sector
concentrations, the REIT's development pipeline, and uncertainty
about its future strategy due to the frequent and unexpected
changes in the management team over the last few years.
Data creation and enterprises seeking off-site data storage
solutions continues to drive demand for data center space. The
influence of large tenants such as the cloud operators, digital
content providers and large IT companies on the demand dynamic is
growing with increased adoption of public cloud solutions. Tenant
concentration is a credit challenge for data center landlords like
CyrusOne, albeit the credit quality of the tenant is strong.
Additionally, new supply in certain significant markets like
Northern Virginia, and Dallas, has pressured pricing and occupancy
rates.
As of Q3 2021, CyrusOne's leverage metrics are moderate for the
rating level, with net debt to EBITDA at 6.0x and debt +preferred
to gross assets at 40%. The fixed charge coverage is strong at over
6.0x and the unencumbered asset ratio is in the mid 80% range.
CyrusOne's SGL-2, reflects its good liquidity position with $456
million of cash and full availability on its $1.4 billion revolver
relative to no debt maturities in the next year and about $360
million of remaining capital spend for the development pipeline.
The two investors will be acquiring all of the REIT's common equity
in an all cash transaction. paying $90.50 per share, about a 25%
premium to the closing price at the end of Q3 2021. The aggregate
valuation including outstanding debt is $15bn, approximately 25.4x
of the 2021 EBITDA guidance. Moody's believe that the share of debt
capital will increase. The likelihood of repayment of the unsecured
notes outstanding is high given the restrictive in-place covenants;
the low coupon Euro notes in the capital structure could, however,
result in alternate scenarios.
CyrusOne's ratings are unlikely to be upgraded given the direction
of the review. CyrusOne's ratings could be confirmed if the REIT's
leverage metrics are maintained at moderate levels, the portfolio
strategy is clear and prudent, and the operating performance
remains healthy. The ratings would be downgraded if REIT pursues a
more aggressive growth strategy including speculative developments
or large leveraged acquisitions. Increase in aggregate leverage,
net debt to EBITDA above 6.5x, or reduction in the unencumbered
asset ratio below 75% would also result in a downgrade.
Headquartered in Dallas, TX, CyrusOne Inc. owns, develops and
operates mission critical data centers that are leased to large
cloud operators, corporates and financial services clients. As of
September 30, 2021, CyrusOne operated, more than 50 data centers in
the United States, United Kingdom, Germany, Netherlands, France,
Ireland and Singapore with gross asset value of $9.7 billion.
The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.
DALTON CRANE: Taps Michael S. Klingle as Accountant
---------------------------------------------------
Dalton Crane, L.C. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Michael S. Klingle,
CPA, PLLC as its accountant.
The firm will be paid $75 per hour for accounting services and $125
per hour for tax-related services. It will also receive
reimbursement for out-of-pocket expenses incurred.
Michael Klingle disclosed in a court filing that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Michael S. Klingle
Michael S. Klingle, CPA, PLLC
202 E Santa Rosa St.
Victoria, TX 77901
Tel: (361) 578-2721
About Dalton Crane L.C.
Dalton Crane, L.C. provides crane and related services within the
Texas oil and gas industry, typically at wellhead or drill
locations for oil and gas drilling and operational businesses. Its
activities involve acquisition, renting, operating and disposition
of crane and related assets currently deployed to various oil and
gas operational cites within south Texas.
Dalton Crane filed a petition for Chapter 11 protection (Bankr.
S.D. Texas Case No. 21-33218) on Oct. 1, 2021, listing $22,113,730
in assets and $14,515,457 in liabilities. Joshua Dalton, chief
executive officer and member of Dalton Crane, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Michael G. Colvard, Esq., at Martin & Drought, P.C. and Michael S.
Klingle, CPA, PLLC serve as the Debtor's legal counsel and
accountant, respectively.
DCM-P3 LLC: Seeks Approval to Hire Brutzkus as Bankruptcy Counsel
-----------------------------------------------------------------
DCM-P3, LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Brutzkus Gubner Rozansky
Seror Weber, LLP to serve as legal counsel in its Chapter 11 case.
The firm's services include:
a. advising the Debtor regarding the requirements of the
bankruptcy court, Bankruptcy Code, Bankruptcy Rules and the Office
of the U.S. Trustee;
b. advising the Debtor regarding certain rights and remedies of
its bankruptcy estate;
c. representing the Debtor in any proceeding or hearing in the
bankruptcy court unless it is represented in such proceeding or
hearing by special counsel;
d. conducting examinations of witnesses, claimants or adverse
parties and representing the Debtor in adversary proceedings;
e. preparing legal documents;
f. negotiating and seeking court approval to obtain
debtor-in-possession financing;
g. assisting the Debtor in the negotiation, preparation and
seeking court approval of a plan of reorganization; and
h. performing other necessary legal services for the Debtor.
The firm's hourly rates are as follows:
Partners $425 to $895 per hour
Associates $395 to $425 per hour
Paralegals $225 to $280 per hour
Brutzkus will be paid a retainer in the amount of $50,000 and
reimbursed for out-of-pocket expenses incurred.
Steven Gubner, Esq., a partner at Brutzkus, 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:
Steven T. Gubner, Esq.
Susan K. Seflin, Esq.
Jessica L. Bagdanov, Esq.
Brutzkus Gubner Rozansky Seror Weber, LLP
21650 Oxnard Street, Suite 500
Woodland Hills, CA 91367
Tel: (818) 827-9000
Fax: (818) 827-9099
Email: sgubner@bg.law
sseflin@bg.law
jbagdanov@bg.law
About DCM-P3 LLC
Irvine, Calif.-based DCM-P3, LLC filed a petition for Chapter 11
protection (Bankr. C.D. Calif. Case No. 21-12507) on Oct. 14, 2021,
listing as much as $10 million in both assets and liabilities.
Judge Theodor Albert oversees the case. Brutzkus Gubner Rozansky
Seror Weber, LLP is the Debtor's legal counsel.
EAGLE HOSPITALITY: Ex-Directors Found in Contempt of US Court
-------------------------------------------------------------
Mingtiandi Asian Real Estate Intelligence reports that Singapore's
Eagle Hospitality Trust could soon make history as the first S-REIT
to have directors or former directors arrested on two continents,
following a US court judgement handed down on Monday, November 15,
2021.
The US Bankruptcy Court for the District of Delaware has found
Howard Wu and Taylor Woods, both former directors of the failed
hotel REIT, in contempt for failure to comply with a preliminary
injunction that sought to freeze the pair's assets. Eagle
Hospitality Trust effectively collapsed in January of this year
when 27 entities linked to its US properties filed for bankruptcy.
In August 2021, Wu and Woods -- who as the co-founders of EHT
sponsor Urban Commons had once formed the US-based management of
the stapled trust, with Wood serving as CEO and vice chair -- were
ordered by the court to refrain from dissipating their assets and
to provide a detailed accounting.
"Defendants have not provided a sufficient accounting and have
baldly stated they intend to dissipate their assets," Judge
Christopher Sontchi said in a court document issued Monday,
November 15, 2021. In October last 2020, six directors and former
directors of the trust were arrested in Singapore as part of an
investigation into financial irregularities that led the REIT to
run out of cash within six months of its May 2019 IPO.
Bogus Loan
In a written opinion beginning with a blunt statement that "Woods
and Wu are fraudsters," Judge Sontchi held that the pair had
obtained a $2.4 million loan under the Paycheck Protection Program,
a relief scheme intended for pandemic-hit small businesses, and
"absconded with the proceeds."
The August 2021 preliminary injunction ordered Wu and Woods to
account for the $2.4 million or assets of equivalent value, but the
two failed to comply to the court's satisfaction. An in-person
hearing scheduled for this Friday will determine “the least
coercive sanction reasonably calculated to win compliance” with
the order.
The PPP loan had been secured on behalf of Urban Commons Queensway,
an EHT unit that until recently held the leasehold interest in the
Queen Mary, an ocean liner and hotel moored in Long Beach, near Los
Angeles.
In June 2021, Urban Commons Queensway surrendered its lease for the
Queen Mary, returning the vessel to the full control of the city of
Long Beach.
Liquidation Sale
EHT began liquidating 15 US properties under Chapter 11 bankruptcy
proceedings in June, starting with the sale of five hotels for an
aggregate consideration of $155.4 million.
In early March 2021, the Chapter 11 entities had struck a deal with
a “stalking horse” bidder, an affiliate of distressed-debt
specialist Monarch Alternative Capital, which agreed to buy the 15
properties for an aggregate consideration of $470 million.
During the second bidding round, Monarch determined that it would
not buy the Queen Mary, lowering its agreed consideration to $455
million. No bidding took place for the ship.
Earlier in November 2021, EHT's units won court approval to solicit
votes on a creditor-backed plan to liquidate, despite objections
raised by the Justice Department's bankruptcy watchdog, which
termed the plan "quite complex, convoluted and difficult to
digest."
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.
ESSA PHARMA: Incurs $36.8 Million Net Loss in FY Ended Sept. 30
---------------------------------------------------------------
ESSA Pharma Inc. filed with the Securities and Exchange Commission
its Annual Report on Form 10-K disclosing a loss and comprehensive
loss of $36.81 million for the year ended Sept. 30, 2021, compared
to a loss and comprehensive loss of $23.45 million for the year
ended Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $198.17 million in total
assets, $4.16 million in total liabilities, and $194 million in
total shareholders' equity.
ESSA is a clinical stage company and does not currently generate
revenue.
As at Sept. 30, 2021, the Company had working capital of
$193,668,414 (2020 - $79,093,604). Operational activities during
the year ended Sept. 30, 2021 were financed mainly by proceeds from
the July 2020 Financing and February 2021 Financing. At Sept. 30,
2021, the Company had available cash reserves and short-term
investments of $194,927,183 (2020 - $78,332,100) to settle current
liabilities of $3,929,663 (2020 - $1,203,324). At Sept. 30, 2021,
the Company believed that it had sufficient capital to satisfy its
obligations as they became due and execute its planned expenditures
for more than twelve months.
The Company stated that, "ESSA's future cash requirements may vary
materially from those now expected due to a number of factors,
including the costs associated with future preclinical work and to
take advantage of strategic opportunities, such as partnering
collaborations or mergers and acquisitions activities. In the
future, it may be necessary to raise additional funds. These funds
may come from sources such as entering into strategic collaboration
arrangements, the issuance of shares from treasury, or alternative
sources of financing. However, there can be no assurance that ESSA
will successfully raise funds to continue its operational
activities."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1633932/000155837021016181/tmb-20210930x10k.htm
About Essa
Vancouver, BC-based Essa Pharma, Inc. -- www.essapharma.com -- is a
clinical stage pharmaceutical company, focused on developing novel
and proprietary therapies for the treatment of prostate cancer in
patients whose disease is progressing despite treatment with
current standard of care therapies, including second-generation
anti-androgen drugs such as abiraterone, enzalutamide, apalutamide,
and darolutamide.
EXPRESS GRAIN: Owed 200+ Farmers More Than $40 Million
------------------------------------------------------
Kevin Edwards of Northside Sun reports that at the time it filed
for bankruptcy in late September, Express Grain Terminals LLC owed
more than $40 million to more than 200 farmers, according to a
document filed in a federal court.
In addition, more than half of those owed money have filed demands
so far to recover the crops that they delivered to the Leflore
County company that operates grain storage facilities as well as a
soybean processing plant.
The documents, called 557 and grain reports, were filed Wednesday
in U.S. Bankruptcy Court for the Northern District of Mississippi.
They are a required part of Express Grain’s ongoing Chapter 11
bankruptcy proceedings.
There are 205 accounts listed as being owed money for corn and
soybeans delivered to Express Grain. The amounts range from
hundreds of dollars to millions of dollars.
Porter Planting Co. of Greenwood is listed as being owed the most,
$2.25 million. Porter Planting Co. is one of three named plaintiffs
in a federal class-action lawsuit filed earlier this month against
UMB Bank, which holds most of Express Grain's assets as
collateral.
The suit, which is one side of a legal argument, alleges the Kansas
City, Missouri, bank knew Express Grain was insolvent last spring
but waited to take action until harvest season, when Express Grain
would be holding the most grain, so the bank could seize the grain
as collateral. Express Grain is excluded from the lawsuit because
it is in bankruptcy.
Express Grain, however, says in its 557 report that UMB Bank is not
the only creditor asserting a claim against the grain or its
proceeds. Eleven other companies are listed, mostly financial
institutions, including Greenwood-based Bank of Commerce and Staple
Cotton Discount Corporation, the lending arm of cotton cooperative
Staplcotn.
In all, six farming operations were owed at least $1 million at the
time of the bankruptcy filing. In addition to Porter Planting Co.,
the others are Osborn Farms ($2.19 million); Buck Harris Planting
Co. ($2.07 million); Ashley Selman Farms Partnership ($1.98
million); Dodson Planting Co. ($1.62 million); and Prestidge Farms
II ($1.45 million).
John Coleman, the president of Express Grain, has said he is
working with a large equity investor to recapitalize the company
and pay all of the farmers. He has said he is hopeful the
restructuring plan could come together by the end of this year.
Express Grain has until Nov. 24 to provide additional documentation
to the bankruptcy court to support the 557 report, including
receipts, contracts and communications related to it. Farmers
wanting to dispute the accuracy of the report must do so by Dec. 3
with supporting documentation.
About Express Grain Terminals
Greenwood, Mississippi-based Express Grain Terminals, LLC, produces
soy products such as oil and biodiesel.
Express Grains Terminals and its affiliates, Express Biodiesel, LLC
and Express Processing, LLC, sought Chapter 11 protection (Bankr.
N.D. Miss. Lead Case No. 21-11832) on Sept. 29, 2021. At the time
of the filing, Express Grains Terminals listed up to $50 million in
assets and up to $100 million in liabilities. Judge Selene D.
Maddox oversees the cases.
The Law Offices of Craig M. Geno, PLLC, is the Debtors' legal
counsel.
UMB Bank, N.A., the Debtors' lender, is represented by Spencer Fane
LLP.
GARDNER DENVER: Moody's Ups CFR & Secured Credit Facilities to Ba1
------------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating and
Probability of Default Rating of Gardner Denver, Inc. (also known
as "Ingersoll Rand" or the company) to Ba1 and Ba1-PD from Ba2 and
Ba2-PD, respectively. Gardner Denver, Inc. is a subsidiary of
Ingersoll Rand Inc. Concurrently, Moody's upgraded the senior
secured bank credit facilities of Gardner Denver, Inc. and
Ingersoll-Rand Services Company to Ba1 from Ba2. The company's
speculative grade liquidity rating was also upgraded to SGL-1 from
SGL-2, reflecting the company's very good liquidity. The ratings
outlook is stable.
The rating upgrades reflect Moody's expectation that the company
will maintain its improved financial leverage, strong cash
generation and well-balanced financial policies. The company has
divested certain cyclical and non-core businesses, which will
contribute to a more stable earnings and cash flow profile going
forward. The company has also improved its operating results, made
acquisitions that will contribute to sustainable growth and reduced
debt, all of which are supportive of the rating upgrades.
Moody's took the following rating actions:
Upgrades:
Issuer: Gardner Denver, Inc.
Corporate Family Rating, Upgraded to Ba1 from Ba2
Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD
Gtd Senior Secured Bank Credit Facility, Upgraded to Ba1 (LGD3)
from Ba2 (LGD3)
Speculative-Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2
Issuer: Ingersoll-Rand Services Company
Gtd Senior Secured Bank Credit Facility, to Ba1 (LGD3) from Ba2
(LGD3)
Outlook Actions:
Issuer: Gardner Denver, Inc.
Outlook, Remains Stable
Issuer: Ingersoll-Rand Services Company
Outlook, Remains Stable
RATINGS RATIONALE
The Ba1 CFR reflects the company's well-established market position
and brand strength in mission critical engineered products
globally. The company sells to diverse markets within both its
Industrial Technologies and Services as well as Precision and
Science Technologies business segments. The company also benefits
from a recurring service and aftermarket business that comprises
over one third of revenue. Moody's expects that the company will
sustain very good liquidity, supported by strong cash flow
attributable to solid operating margins and modest capital
expenditures.
The rating is constrained by execution and integration risk
associated with the significant portfolio transformation that the
company has undertaken over the last two years. Following the
sizeable 2020 merger with Ingersoll-Rand plc's industrial business,
the company has also made a number of meaningful divestitures and
about $1 billion of acquisitions during 2021. Event risk related to
future acquisitions is also a consideration. Further, the company
is exposed to industry-wide pressures such as commodity and
logistics cost inflation, which Moody's expects will remain a
headwind through at least the first half of 2022.
The stable rating outlook is based on Moody's expectation that the
company will increase revenue and earnings over the next 12-18
months while maintaining debt/EBITDA at or below 3.5x, absent any
sizable acquisitions. Moody's also anticipates the maintenance of
strong liquidity.
The company's SGL-1 speculative grade liquidity rating reflects
Moody's expectation that the company will maintain strong liquidity
over the next twelve to eighteen months, underscored by strong cash
generation, availability under the company's undrawn and sizable
revolving credit facility and ample covenant headroom. The company
also had ample cash, with $2.0 billion at September 30, 2021.
From a corporate governance perspective, Moody's notes that the
company has prudently allocated its cash flow towards meaningful
debt reduction since its May 2017 IPO, and that acquisitions have
contributed to EBITDA growth. Further, KKR's ownership stake and
board presence have recently been eliminated.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could experience upward pressure if the company
demonstrates a track record of maintaining a well-balanced
financial policy including sustaining debt/EBITDA at below 3.0x
while continuing to expand EBITDA margins beyond 20% as the
company's top line grows. Successful execution of acquisition
integration and related synergies could also support an upgrade.
Ratings could experience downward pressure if the company reverts
to a less conservative financial profile with debt/EBITDA sustained
above 4.0x. More aggressive financial policies including
debt-financed share repurchases or a more meaningful recurring
dividend or sizable debt-funded acquisition could also lead to a
ratings downgrade.
Headquartered in Davidson, North Carolina, Ingersoll Rand Inc., the
parent company of Gardner Denver, Inc., is a publicly-traded global
manufacturer of compressors, pumps and blowers used in general
industrial, energy, medical and other markets. Revenues for the
last twelve months ended September 30, 2021 totaled approximately
$5 billion.
The principal methodology used in these ratings was Manufacturing
published in Septeember 2021.
GAUCHO GROUP: Posts $931K Net Income in Third Quarter
-----------------------------------------------------
Gaucho Group Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $931,207 on $2.61 million of sales for the three months ended
Sept. 30, 2021, compared to a net loss of $934,299 on $60,228 of
sales for the three months ended Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $1.53 million on $3.22 million of sales compared to a
net loss of $3.74 million on $474,546 of sales for the nine months
ended Sept. 30, 2020.
Commenting on the results, Scott Mathis, chief executive officer of
Gaucho Holdings, stated, "We are absolutely thrilled to report our
first quarterly profit as a public company. Earlier this year we
completed an $8 million public offering and achieved our
long-desired goal to uplist our shares to Nasdaq. Since then, we
have taken significant strides to complete our vision of becoming
recognized as the LVMH of South America. These strides include
operating in the boutique hotel, hospitality and luxury vineyard
property markets, featuring our 4,138-acre Algodon Wine Estates in
Mendoza, Argentina. We have created an e-commerce platform, Gaucho
– Buenos Aires, for consumers to access Argentine style and
high-end products with a concentration on leather-goods and
ready-to-wear accessories. By the end of the year, we expect to
launch a line of luxury textiles and home accessories. We are
making progress towards the opening of our flagship retail location
in Miami's Design District and have recently completed another
installment investment in our Las Vegas project to further expand
opportunities in lodging, hospitality, retail and gaming.
"Our third quarter financial results reflect early sales of real
estate lots at our Algodon Wine Estates as well as a small increase
in hotel, restaurant and wine sales after Argentine hotels reopened
with COVID-19 measures in place. We are encouraged by the pace of
lot sales occurring at Algodon Wine Estates. Recognition of
revenue from these sales is contingent on deeding requirements, a
process that has been made a bit more time consuming given the
pandemic environment. This pushed some revenues into the fourth
quarter, but we are pursuing this process as quickly as possible,
and we are encouraged by the pace of lot sales that we see in the
fourth quarter and the environment for ongoing sales throughout
next year. Argentina officially "reopened" from Covid related
shutdowns, and as the world continues to reopen, we believe we will
benefit from a surge in pent up consumer demand for travel and
luxury experiences. Over the years we have been opportunistic about
acquiring new acreage, and our earlier engagement of architectural
design firm EDSA has resulted in substantial improvements to the
infrastructure and amenities of Algodon Wine Estates. Recently
drilled water wells should further enhance the appeal and market
value of these properties. And, lastly, as we have previously
announced, we are actively seeking to partner with a 5-star hotel
chain to potentially bring in an 80-120 room hotel with branded
residences. If we are successful with finding a partner, we
believe it can add immeasurable value and result in even stronger
revenue growth at Algodon Wine Estates. We look forward to
finishing the year strongly and growing even stronger in 2022."
As of Sept. 30, 2021, the Company had $17.61 million in total
assets, $4.03 million in total liabilities, and $13.58 million in
total stockholders' equity.
As of Sept. 30, 2021, the Company had cash and working capital of
$2,836,500 and $4,314,335 respectively.
Subsequent to Sept. 30, 2021, the Company raised gross proceeds of
$1,096,561 from the sale of its common stock and net proceeds of
$5,573,187 from the sale of convertible notes to its investors.
The Company expects that the cash on hand plus additional cash from
the sales of common stock under the Purchase Agreement will fund
its operations for a least 12 months after the issuance date of
these financial statements.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1559998/000149315221028679/form10-q.htm
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its
wholly-owned subsidiaries, GGH invests in, develops and operates
real estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
Gaucho Group reported a net loss of $5.78 million for the year
ended Dec. 31, 2020, compared to a net loss of $6.95 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$13.96 million in total assets, $4.62 million in total liabilities,
and $9.33 million in total stockholders' equity.
GB SCIENCES: Incurs $556K Net Loss in Second Quarter
----------------------------------------------------
GB Sciences, Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q disclosing a net loss of $555,856
on zero sales revenue for the three months ended Sept. 30, 2021,
compared to a net loss of $805,458 on zero sales revenue for the
three months ended Sept. 30, 2020.
For the six months ended Sept. 30, 2021, the Company reported a net
loss of $1.19 million on zero sales revenue compared to a net loss
of $2.65 million on zero sales revenue for the six months ended
Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $9.93 million in total
assets, $12.47 million in total liabilities, and a total
stockholders' deficit of $2.54 million.
GB Sciences stated, "The Company will need additional capital to
implement its strategies. There is no assurance that it will be
able to raise the amount of capital needed for future growth plans.
Even if financing is available, it may not be on terms that are
acceptable. If unable to raise the necessary capital at the times
required, the Company may have to materially change the business
plan, including delaying implementation of aspects of the business
plan or curtailing or abandoning the business plan. The Company
represents a speculative investment and investors may lose all of
their investment. In order to be able to achieve the strategic
goals, the Company needs to further expand its business and
financing activities. Based on the Company's cash position, it is
necessary to raise additional capital by the end of the next
quarter in order to continue to fund current operations. These
factors raise substantial doubt about the ability to continue as a
going concern. The Company is pursuing several alternatives to
address this situation, including the raising of additional funding
through equity or debt financing. In order to finance existing
operations and pay current liabilities over the next twelve months,
the Company will need to raise additional capital. No assurance
can be given that the Company will be able to operate profitably on
a consistent basis, or at all, in the future."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1165320/000143774921026706/gblx20211020_10q.htm
About GB Sciences
Headquartered in Las Vegas, Nevada, GB Sciences, Inc. is a
phytomedical research and biopharmaceutical drug development
company whose goal is to create patented formulations of
plant-inspired, complex therapeutic mixtures for the prescription
drug market that target a variety of medical conditions. The
Company is engaged in the research and development of plant-based
medicines and plans to produce plant-inspired, complex therapeutic
mixtures based on its portfolio of intellectual property.
GB Sciences reported a net loss of $3.73 million for the year ended
March 31, 2021, compared to a net loss of $13.11 million for the
year ended March 31, 2020. As of June 30, 2021, the Company had
$10.33 million in total assets, $12.36 million in total
liabilities, and a total stockholders' deficit of $2.03 million.
Margate, Florida-based Assurance Dimensions, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated July 6, 2021, citing that the Company has suffered recurring
losses for the year ended March 31, 2021. The Company had a net
loss of $3,725,027, accumulated deficit of $103,886,232, net cash
used in operating activities of $2,185,220 and had negative working
capital of $5,054,593. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
GENESIS ENERGY: Moody's Cuts CFR to B1, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Genesis Energy
LP (GEL), including its Corporate Family Rating to B1 from Ba3,
Probability of Default Rating to B1-PD from Ba3-PD and ratings on
its senior unsecured notes to B2 from B1. The SGL-3 Speculative
Grade Liquidity Rating is unchanged. The outlook is negative.
"Genesis Energy continues to have high leverage even after the sale
of a minority interest in its CHOPS system," stated James Wilkins,
Moody's Vice President. "The sales proceeds will enhance liquidity,
but there remains uncertainty over the recovery in its earnings and
future contributions to earnings from new projects."
The following summarizes the ratings activity.
Downgrades:
Issuer: Genesis Energy LP
Corporate Family Rating, Downgraded to B1 from Ba3
Probability of Default Rating, Downgraded to B1-PD from Ba3-PD
Gtd. Senior Unsecured Regular Bond/Debenture, Downgraded to B2
(LGD4) from B1 (LGD4)
Outlook Actions:
Issuer: Genesis Energy LP
Outlook, Remains Negative
RATINGS RATIONALE
The downgrade reflects GEL's high leverage and Moody's expectation
that the slow recovery in its earnings will result in negative free
cash flow and continued elevated leverage. The company's debt to
EBITDA (6.5x as of September 30, 2021 and -5.9x pro forma for the
recent asset sale) rose during 2020-2021 (from 5.2x as of year-end
2019) as earnings weakened at the outset of the COVID-19 pandemic
and has remained elevated. Earnings have improved in the largest
businesses (Offshore Pipeline Transportation and Sodium Minerals
and Sulfur Services), but remain well below 2019 levels as have the
total earnings for the company. Moody's expects pricing in the soda
ash business to improve significantly, particularly for export
sales to Asia, and for the offshore production volumes to grow in
2022. The company expects to bring online new developments (Argos /
Mad Dog 2 and King's Quay developments) in the first half of 2022
that will bolster transported volumes.
GEL has generated negative free cash flow in 2021, despite a
partial rebound in earnings and its lower distribution. The company
reduced the distribution on its common units in 2020 to $0.15 from
$0.55 per common unit per quarter, resulting in annual cash savings
of almost $200 million. However, GEL may require external
financing, as internally generated cash flow has not been
sufficient to cover its capital expenditures and distributions. In
the near-term, GEL will rely of asset sales and improving earnings
to reduce leverage as potentially ongoing negative free cash flow
will not allow the firm to repay debt through internal means. The
company recently sold a 36% minority interest in its CHOPS offshore
pipeline for $418 million, and applied the proceeds towards
repaying in full its term loan and reducing outstanding borrowings
under its revolving credit facility.
GEL's B1 CFR reflects its scale, meaningful proportion of fee-based
cash flow, and a high degree of business line diversification for a
company of its size with offshore pipelines, sodium minerals and
sulfur services, marine transportation, and onshore facilities &
transportation operations. The company is a large US producer of
natural soda ash, which enjoys cost advantages over synthetic soda
ash production and generates relatively steady cash flow, despite
depressed selling prices in 2020 and 2021. Historically, it has
also shown a willingness to issue common equity and preferred
equity to fund acquisitions and projects, limiting the impact of
growth investments on its leverage.
The SGL-3 Speculative Grade Liquidity Rating reflects Moody's
expectation that GEL will have adequate liquidity through 2022
supported by cash flow from operations and unused availability
under its $650 million revolving credit facility due in March 2024.
Availability under the $650 million revolver as of September 30,
2021, was $515.7 million after accounting for $133 million of
borrowings under the credit facility and $1.3 million of letters of
credit (before the repayment of borrowings with asset sale proceeds
and subject to compliance with financial covenants). The credit
facility has three financial covenants: (1) a maximum Debt to
EBITDA ratio of 5.75x for Q3 2021 through Q1 2022 and 5.5x
thereafter; (2) a maximum Senior Secured Debt to EBITDA ratio of
2.5x; and (3) a minimum interest coverage ratio (EBITDA / Interest
Expense) of 2.5x. Moody's expects GEL to remain in compliance with
its financial covenants through year-end 2022. The repayment of
debt with asset sale proceeds expanded the cushion under the total
leverage ratio to three quarters of a turn for the third quarter
2021, on a pro forma basis, but compliance headroom could tighten
over the course of 2022. The company's next debt maturity is the
senior unsecured notes due 2024 ($341 million outstanding as of
September 30, 2021). Substantially all of GEL's assets are
currently pledged as security under the revolver which limits the
extent to which asset sales could provide a source of additional
liquidity, if needed.
The negative outlook reflects GEL's still high leverage, as well as
uncertainty over the recovery in its earnings and the timing and
amount of future contributions to earnings from new projects.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if GEL's core business fundamentals
do not improve, it generates greater than expected negative free
cash flow or does not execute on growth projects, or Debt to EBITDA
remains above 5.5x on a sustained basis. An upgrade is unlikely at
this time given the high leverage, but the CFR could be upgraded if
Moody's expects GEL's businesses to exhibit steady earnings growth
and Debt to EBITDA is sustained below 5.0x.
Genesis Energy, L.P., headquartered in Houston, Texas, is a master
limited partnership (MLP) with midstream assets located in the US
Gulf Coast region and soda ash operations in Wyoming. The company
conducts a wide variety of operations through four different
business segments: offshore pipeline transportation, sodium
minerals & sulfur services, onshore facilities & transportation,
and marine transportation.
The principal methodology used in these ratings was Midstream
Energy published in December 2018.
GIRARDI & KEESE: Ex-Attorneys Contempt Trial Set for December
-------------------------------------------------------------
Lauraann Wood of Law360 reports that an evidentiary hearing probing
the suspected role of two former Girardi Keese attorneys in firm
founder Thomas V. Girardi's alleged theft of $2 million in plane
crash settlement funds will take place in Chicago in December 2021,
with video accessibility planned for affected families and public
observers.
Counsel for former Girardi Keese attorneys Keith Griffin and David
Lira and for law firm Edelson PC, which first aired concerns over
the alleged misappropriation last 2020, told U. S. District Judge
Thomas Durkin during a status hearing Thursday that they anticipate
having all the evidence they will need to proceed with the
in-person hearing.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
Telephone: (310) 640-1200
Facsimile: (310) 640-0200
GLOBAL CLOUD XCHANGE: To Sell to 3i Infrastructure for $512 Million
-------------------------------------------------------------------
3i Infrastructure plc said Nov. 17 it has agreed to invest $512
million to acquire a 100% stake in Global Cloud Xchange ("GCX").
GCX is a leading global data communications service provider and
owns one of the world's largest private subsea fibre optic
networks.
GCX provides high-bandwidth connectivity to a range of blue-chip
customers including hyperscalers, telecommunications operators, new
media providers and enterprises. Its 66,000km of cables span 46
countries from North America to Asia, with a particularly strong
position on the Europe-Asia and Intra-Asia routes. 3i
Infrastructure is partnering with GCX's management team to invest
in a leading platform in the sector, with the ambition to increase
the utilised capacity on GCX’s existing routes as well as to add
new routes and customers.
Global data traffic is growing rapidly, with data usage forecast to
grow in excess of 25% per annum. Technological advances, the
digitalisation of the economy and regulatory developments are
causing a proliferation of data generation and usage across all
industries. This data is increasingly being stored and shared via
the cloud and relies on data carrier infrastructure, including
GCX’s extensive network, to flow between hubs across the world.
Richard Laing, Chair of 3i Infrastructure, commented: “GCX
provides an essential service to its customers and operates in an
industry with high barriers to entry. GCX is a great addition to
the Company's portfolio, in a sector we have been keen to invest
further into, and will provide an attractive yield to 3i
Infrastructure.”
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, added: "GCX is
one of the most comprehensive subsea cable networks globally, with
a unique network on strategically important routes. We are
delighted to be backing Carl Grivner and his experienced management
team to continue GCX’s growth."
Carl Grivner, CEO GCX, said: "We are very excited to have 3i
Infrastructure’s backing. We will benefit from the team’s
experience of investing in telecommunications infrastructure as
well as their international network and experience of supporting
companies to grow. We look forward to partnering with 3i
Infrastructure to accelerate our growth and strengthen our
platform."
Completion is conditional upon certain regulatory approvals and is
expected in the middle of 2022.
About Global Cloud Xchange
Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform. With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.
GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.
The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.
The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.
The Hon. Christopher S. Sontchi is the case judge.
The Debtors tapped Paul Hastings LLP as general bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as local bankruptcy counsel;
FTI Consulting, Inc. as financial advisor; and Lazard & Co.,
Limited as investment banker. Prime Clerk LLC is the claims agent.
GOLDEN FLEECE: Taps Cozen O'Connor as New Bankruptcy Counsel
------------------------------------------------------------
Golden Fleece Beverages, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Cozen O'Connor as substitute bankruptcy counsel for Sugar
Felsenthal Grais & Helsinger, LLP.
Cozen O'Connor's services include:
a. advising the Debtor regarding its rights, powers and duties
in the administration of its estate and the operation of its
business;
b. advising the Debtor regarding asset dispositions, including
sales, abandonment and assumption or rejection of executory
contracts and unexpired leases, and taking actions to effectuate
those dispositions;
c. assisting the Debtor in the negotiation, formulation and
drafting of a Chapter 11 plan;
d. taking actions with respect to claims that may be asserted
against the Debtor and property of its estate;
e. preparing legal documents;
f. representing the Debtor with respect to inquiries and
negotiations concerning creditors and property of its estate;
g. initiating, defending or otherwise participating in all
proceedings before the bankruptcy court or any other court of
competent jurisdiction; and
h. performing other necessary legal services.
The firm's hourly rates are as follows:
Robert M. Fishman, Partner $885 per hour
Peter J. Roberts, Partner $610 per hour
Christina M. Sanfelippo, Associate $435 per hour
Patricia M. Fredericks, Paralegal $295 per hour
The firm will be paid a retainer in the amount of $75,000 and
reimbursed for out-of-pocket expenses incurred.
Robert Fishman, Esq., a partner at Cozen O'Connor, 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:
Robert M. Fishman, Esq.
Peter J. Roberts, Esq.
Cozen O'Connor
123 North Wacker Drive, Suite 1800
Chicago, IL 60606
Tel: (312) 382-3100
Fax: (312) 382-8910
Email: rfishman@cozen.com
proberts@cozen.com
About Golden Fleece Beverages Inc.
Golden Fleece Beverages, Inc. a Chicago-based company engaged in
the beverage manufacturing business, filed its voluntary petition
for Chapter 11 protection (Bankr. N.D. Ill. Case No. 21-12228) on
Oct. 27, 2021, listing $2,489,378 in assets and $1,658,654 in
liabilities. Candace MacLeod, president of Golden Fleece
Beverages, signed the petition.
Judge David D. Cleary oversees the case.
Robert M. Fishman, Esq., and Peter J. Roberts, Esq., at Cozen
O'Connor represent the Debtor as legal counsel.
GVS TEXAS: Asset Sale Proceeds to Fund Plan
-------------------------------------------
GVS Texas Holdings I, LLC and its Debtor Affiliates submitted a
First Amended Disclosure Statement for the Amended Joint Chapter 11
Plan dated November 19, 2021.
The Debtors, in consultation with their advisors, have determined
that a sale of substantially all of their assets is the best path
forward for the Debtors and their estates. In addition, because the
Debtors are self-financing the Chapter 11 Cases, the Debtors must
move swiftly and not exceed their available liquidity.
Recognizing the need to move expeditiously through chapter 11, on
October 6, 2021, the Debtors' filed the Debtors' Motion for Entry
of an Order Approving Bidding Procedures in Connection with the
Sale of Substantially all of the Debtors' Assets. The Debtors
intend to effectuate a Sale in accordance with the Bid Procedures
that will generate sufficient Sale Proceeds to fund the payment of
Allowed Claims in accordance with the Distribution Waterfall, with
the excess if any, provided to Holders of the Debtors' equity
Interests.
In formulating the Plan, the Debtors and their advisors considered
the current assumed value of the Debtors' assets based on available
information, the respective rights of claimholders and the best
course to maximize value for all constituents post emergence. The
Debtors believe that the orderly sale process set forth in the Bid
Procedures will maximize the value of the Debtors' estates which
will benefit all stakeholders more than a forced liquidation or a
contested plan.
To ensure the Plan transactions maximize value for all
stakeholders, the Debtors have obtained approval of the Bid
Procedures for the marketing and sale of their assets. The Bid
Procedures were approved by Order of the Court dated November 10,
2021. The Bid Procedures will be implemented to effectuate the
Sale, with the Net Sale Proceeds used to satisfy Claims and
Interests in accordance with the Distribution Waterfall. To the
extent the Net Sale Proceeds are insufficient to satisfy all
creditors, the Debtors will pursue Causes of Action and Avoidance
Actions until all Allowed Claims of creditors are satisfied.
Sale
The Debtors' Assets will be marketed pursuant to the Bid
Procedures. The Debtors may, subject to Court approval, elect to
use a stalking horse bidder and will file a further amended
Disclosure Statement as necessary. The Confirmation Order shall,
and shall be deemed to, pursuant to sections 363 and 1123 of the
Bankruptcy Code, authorize, among other things, all actions as may
be necessary or appropriate to effect any transaction contemplated
by, or necessary to effectuate the Plan.
Maximizing the value of the Debtors' Estate for the benefit of all
stakeholders depends, in large part, on the Debtors expeditiously
proceeding through these Chapter 11 Cases and minimizing Cash burn.
Accordingly, the Bid Procedures and Sale timeline are carefully
designed to facilitate an yet efficient, yet comprehensive, Sale
process that will maximize the value of the Debtors' Estates for
all constituents.
The Debtors will seek the approval of a Claims Resolution Process
which determine the (i) Allowed Amount of the Senior Lender, Senior
Mezz Lender and Junior Mezz Lender claims; (ii) estimate
Administrative and Priority Claims; and (iii) estimate the amount
of General Unsecured Claims in connection with the Sale and
Auction.
Class 3 consists of Senior Lender Claims in the claim amount of
$127 million. On the Effective Date, or as soon as reasonably
practicable thereafter, (i) the Allowed amount of the Senior Lender
Claims shall be paid in full from the Net Sale Proceeds; and (ii)
all pre-petition Default Interest and/or disputed accrued but
unpaid expenses of Senior Lender, if applicable, shall be held in
escrow until Allowed subject to the objections of any party in
interest. The Debtors shall use the Claims Resolution Process to
resolve the amount of the Senior Lender Claim in advance of
Closing. This Class will receive a distribution of 100% of their
allowed claims.
Class 5 consists of PropCo Debtor Priority Claims. On the Effective
Date, or as soon as reasonably practicable thereafter, to the
extent Sale Proceeds exceed all Allowed Senior Lender and
Administrative Claims, the Allowed amount of the PropCo Debtor
Priority Claims shall be paid from the available Net Sale Proceeds.
This Class will receive a distribution of 100% of their allowed
claims.
Class 6 consists of PropCo Debtor General Unsecured Claims in the
claim amount of $3.2 million. On the Effective Date, or as soon as
reasonably practicable thereafter, to the extent Sale Proceeds
exceed the amount of all Allowed Secured Lender, Administrative,
and Priority Claims at each of the Propco Debtors, the Allowed
amount of the Class 6 PropCo Debtor General Unsecured Claims shall
be paid from the available Net Sale Proceeds. This Class will
receive a distribution of 100% of their allowed claims.
Class 7 consists of Senior Mezz Lender Claims in the claim amount
of $126.7 million. On the Effective Date, or as soon as reasonably
practicable thereafter, (i) to the extent Sale Proceeds exceed the
amount of all Allowed Secured Lender, Administrative, Priority and
General Unsecured Claims at each of the Propco Debtors, the Allowed
amount of the Class 7 Senior Mezz Lender Claims shall be paid from
Net Sale Proceeds. This Class will receive a distribution of 100%
of their allowed claims.
Class 10 consists of Senior Mezz Debtor General Unsecured Claims.
On the Effective Date, or as soon as reasonably practicable
thereafter, to the extent Sale Proceeds exceed the amount of all
Allowed Secured Lender Claims, Administrative, Priority, and
General Unsecured Claims of each of the Propco Debtors, Senior Mezz
Lender, and Administrative and Priority Claims of the Senior Mezz
Debtor, the Allowed amount of the Class 10 Senior Mezz Debtor
General Unsecured Claims shall be paid to the extent of available
Net Sale Proceeds. This Class will receive a distribution of 100%
of their allowed claims.
Class 11 consists of Junior Mezz Lender Claims in the claim amount
of $122 million. On the Effective Date, or as soon as reasonably
practicable thereafter, (i) to the extent Sale Proceeds exceed the
amount of all Allowed Secured Lender Claims, Administrative,
Priority, and General Unsecured Claims of each of the Propco
Debtors, Senior Mezz Lender, and Administrative, Priority, and
General Unsecured Claims of the Senior Mezz Debtor, the Allowed
amount of the Class 11 Junior Mezz Lender Claims shall be paid to
the extent of available Net Sale Proceeds; and (ii) all pre
petition Default Interest and/or disputed accrued but unpaid
expenses of the Junior Mezz Lender, if applicable, shall be held in
escrow until Allowed subject to the objections of any party in
interest. This Class will receive a distribution of 100% of their
allowed claims.
Class 12 consists of Junior Mezz Debtor General Unsecured Claims in
the claim amount of $100,000.00. On the Effective Date, or as soon
as reasonably practicable thereafter, to the extent Sale Proceeds
exceed the amount of all Allowed Secured Lender Claims,
Administrative, Priority, and General Unsecured Claims of each of
the Propco Debtors, Senior Mezz Lender, and Administrative,
Priority, and General Unsecured Claims of the Senior Mezz Debtor,
and Junior Mezz Lender Claims, the Allowed amount of the Class 12
Junior Mezz Debtor General Unsecured Claims shall be paid to the
extent of available Net Sale Proceeds. This Class will receive a
distribution of 100% of their allowed claims.
The Debtors' Assets will be marketed pursuant to the Bid Procedures
to effectuate the Sale and to generate Sale Proceeds to be
distributed in accordance with the Plan. To the extent the Net Sale
Proceeds are insufficient to satisfy all creditors, the Debtors
shall pursue Causes of Action and Avoidance Actions until all
Allowed Claims of creditors are satisfied.
A full-text copy of the First Amended Disclosure Statement dated
Nov. 19, 2021, is available at https://bit.ly/2ZceHsy from Omni
Agent Solutions, the claims agent.
Counsel for the Debtors:
Thomas R. Califano, Esq.
Andres Barajas, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Tel.: (212) 839-5300
Fax: (212) 839-5599
Email: tom.califano@sidley.com
andres.barajas@sidley.com
-- and --
Duston McFaul, Esq.
Charles M. Persons, Esq.
Maegan Quejada, Esq.
Jeri Leigh Miller, Esq.
Juliana L. Hoffman, Esq.
2021 McKinney Ave, Suite 2000
Dallas, TX 75201
Tel.: (214) 981-3300
Fax: (214) 981-3400
Email: cpersons@sidley.com
dmcfaul@sidley.com
mquejada@sidley.com
jeri.miller@sidley.com
jhoffman@sidley.com
About GVS Texas
GVS Texas Holdings I, LLC and its affiliates are primarily engaged
in renting and leasing a wide array of properties functioning
principally as self-storage and parking facilities in 64 locations
in Texas, Colorado, Illinois, Indiana, Mississippi, Missouri,
Nevada, New York, Ohio, and Tennessee. Six of the properties are in
the Dallas-Fort Worth Metroplex, with an additional 28 located
elsewhere in the State of Texas. The properties are managed by
Great Value Storage, LLC, that maintains and manages the
facilities.
GVS Texas Holdings I and several affiliates sought Chapter 11
protection (Bankr. N. D. Texas Lead Case No. 21-31121) on June 17,
2021. In its petition, GVS Texas Holdings I listed assets and
liabilities of $100 million to $500 million each.
The parent entity, GVS Portfolio I C, LLC, filed a voluntary
Chapter 11 petition June 23, 2021.
The petitions were signed by Robert D. Albergotti, authorized
party.
Great Value Storage, LLC, is a non-debtor operating affiliate.
Judge Michelle V. Larson oversees the case.
The Debtors tapped Thomas R. Califano, Esq., at Sidley Austin LLP,
as general bankruptcy counsel.
HBL SNF LLC: Seeks to Hire HMM CPAs as Accountant
-------------------------------------------------
HBL SNV, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ HMM CPAs, LLP as its
accountant.
The firm's services include:
a) participating in meetings, whether in-person or
telephonically, with the Debtor and its legal counsel as
requested;
b) preparing and reviewing the Debtor's monthly operating report
and bankruptcy schedules;
c) auditing financial statements and other financial documents;
d) assisting the Debtor in the preparation, review and
certification of the Medicaid RHCF-4 report and in the preparation
of the Medicare annual report;
e) reviewing statistical data for third party reporting;
f) compiling interim financial statements on a monthly basis;
g) assisting in the review of rate sheets and preparation of
appeals, if necessary;
h) preparing year-end financial statements;
i) preparing depreciation schedules;
j) assisting the Debtor and its legal counsel in any litigation
proceedings against potential adversaries;
k) assisting the Debtor in the preparation and filing of
outstanding federal, state and local tax returns; and
l) performing other accounting services.
The firm's hourly rates are as follows:
Accountants $495 per hour
Staffs $295 to $350 per hour
HMM CPAs will also receive reimbursement for out-of-pocket expenses
incurred.
Joseph Martello, a partner at HMM CPAs, 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:
Joseph Martello
HMM CPAs, LLP
527 Townline Road, Suite 203
Hauppauge, NY 11788
Tel: (631) 265-6289
Fax: 631.265.6523
Email: jmartello@horanmm.com
About HBL SNF, LLC
HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at
White Plains, operates a 160-bedroom skilled nursing and
rehabilitation facility located at 120 Church St., White Plains,
N.Y. The facility, which opened in late 2019, provides an array of
healthcare services, including neurological, respiratory,
orthopedic, occupational, psychiatric, and many other medical and
rehabilitative services.
HBL SNF filed a petition for Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-22623) on Nov. 1, 2021, listing $9,131,311 in total
assets and $20,128,876 in total liabilities. Lizer Jozefovic,
chief executive officer, signed the petition.
Judge Sean H. Lane oversees the case.
Klestadt Winters Jureller Southard and Stevens, LLP and HMM CPAs,
LLP serve as the Debtor's legal counsel and accountant,
respectively.
HBL SNF LLC: Seeks to Hire Klestadt as Bankruptcy Counsel
---------------------------------------------------------
HBL SNF, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ Klestadt Winters Jureller
Southard & Stevens, LLP to serve as legal counsel in its Chapter 11
case.
The firm's services include:
a. advising the Debtor with respect to its rights, powers and
duties in the continued management and operation of its business
and assets;
b. attending meetings and negotiating with creditors and other
parties in interest and advising the Debtor on the conduct of the
case, including all of the legal and administrative requirements of
operating under Chapter 11;
c. taking all necessary action to protect and preserve the
Debtor's estate, including prosecution of actions on behalf of the
Debtor, the defense of any actions commenced against the estate,
negotiations concerning litigation in which the Debtor may be
involved, and objections to claims filed against the estate;
d. preparing legal papers;
e. assisting the Debtor in its analysis and negotiations with
any third party concerning matters related to creditors' recovery;
f. representing the Debtor at all hearings and other
proceedings;
g. assisting the Debtor in its analysis of matters relating to
its legal rights and obligations under various agreements and
applicable laws;
h. reviewing and analyzing all applications, orders, statements
of financial affairs and bankruptcy schedules;
i. assisting the Debtor with regard to its communications to the
general creditor body regarding any proposed Chapter 11 plan or
other significant matters;
k. taking necessary actions to obtain confirmation of the plan;
and
l. performing other necessary legal services for the Debtor.
The firm's hourly rates are as follows:
Partners $550 to $795 per hour
Associates $375 to $425 per hour
Paralegals $195 per hour
Prior to the petition date, the firm received from the Debtor a
retainer of $35,000. The firm will also be reimbursed for
out-of-pocket expenses incurred.
Tracy Klestadt, Esq., a partner at Klestadt, disclosed in a court
filing that her firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Tracy L. Klestadt, Esq.
Stephanie Sweeney, Esq.
Christopher Reilly, Esq.
Klestadt Winters Jureller Southard & Stevens, LLP
200 West 41st Street, 17th Floor
New York, NY 10036
Tel: (212) 972-3000
Fax: (212) 972-2245
Email: tklestadt@klestadt.com
ssweeney@klestadt.com
creilly@klestadt.com
About HBL SNF, LLC
HBL SNF, LLC, doing business as Epic Rehabilitation and Nursing at
White Plains, operates a 160-bedroom skilled nursing and
rehabilitation facility located at 120 Church St., White Plains,
N.Y. The facility, which opened in late 2019, provides an array of
healthcare services, including neurological, respiratory,
orthopedic, occupational, psychiatric, and many other medical and
rehabilitative services.
HBL SNF filed a petition for Chapter 11 protection (Bankr. S.D.N.Y.
Case No. 21-22623) on Nov. 1, 2021, listing $9,131,311 in total
assets and $20,128,876 in total liabilities. Lizer Jozefovic,
chief executive officer, signed the petition.
Judge Sean H. Lane oversees the case.
Klestadt Winters Jureller Southard and Stevens, LLP and HMM CPAs,
LLP serve as the Debtor's legal counsel and accountant,
respectively.
HERTZ GLOBAL: Offers $1.5-Bil. of Unsecured Notes
-------------------------------------------------
Hertz Global Holdings, Inc. (NASDAQ: HTZ) on Nov. 17 announced that
its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz
Corp."), intends to offer $1.5 billion aggregate principal amount
of senior unsecured notes due 2026 (the "2026 Notes") and senior
unsecured notes due 2029 (the "2029 Notes" and, together with the
2026 Notes, the "Notes"), subject to market and other conditions,
in a private offering (the "Offering") exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act").
The Notes will pay interest semi-annually in arrears. The Notes are
expected to be guaranteed on a senior unsecured basis by the
domestic subsidiaries of Hertz Corp. that guarantee its first lien
facilities from time to time.
Hertz Corp. intends to use the proceeds from the issuance of the
Notes, together with available cash, to (i) repurchase all or a
portion of the outstanding shares of Hertz's Series A preferred
stock and pay fees and expenses in connection therewith (either
directly or indirectly by funding a dividend to Hertz) and (ii) pay
fees and expenses in connection with the Offering. To the extent
that the net proceeds from the Offering are in excess of the
amounts required for the purposes described above, Hertz Corp. may
elect to retain up to $250 million of such remaining net proceeds
for general corporate purposes (the "GCP Cap"). To the extent that
the remaining net proceeds exceed the GCP Cap (such amount in
excess thereof, the "Excess Net Proceeds"), Hertz Corp. will be
required to apply such Excess Net Proceeds (plus, at Hertz Corp.'s
option, all or any portion of the GCP Cap) to redeem a portion of
the Notes.
Senior Notes
Hertz Global also announced Nov. 17 that its wholly-owned indirect
subsidiary, The Hertz Corporation ("Hertz Corp."), has entered into
an agreement to sell $500 million aggregate principal amount of
4.625% Senior Notes due 2026 (the "2026 Notes") and $1.0 billion
aggregate principal amount of 5.000% Senior Notes due 2029 (the
"2029 Notes" and, together with the 2026 Notes, the "Notes") in a
private offering (the "Offering") exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"). The Offering is expected to close on or about
November 23, 2021, subject to customary closing conditions.
The Notes will pay interest semi-annually in arrears. The Notes are
expected to be guaranteed on a senior unsecured basis by the
domestic subsidiaries of Hertz Corp. that guarantee its first lien
facilities from time to time.
Hertz Corp. intends to use the proceeds from the issuance of the
Notes, together with available cash, to (i) repurchase all or a
portion of the outstanding shares of Hertz's Series A preferred
stock and pay fees and expenses in connection therewith (either
directly or indirectly by funding a dividend to Hertz) and (ii) pay
fees and expenses in connection with the Offering. To the extent
that the net proceeds from the Offering are in excess of the
amounts required for the purposes described above, Hertz Corp. may
elect to retain up to $250 million of such remaining net proceeds
for general corporate purposes (the "GCP Cap"). To the extent that
the remaining net proceeds exceed the GCP Cap (such amount in
excess thereof, the "Excess Net Proceeds"), Hertz Corp. will be
required to apply such Excess Net Proceeds (plus, at Hertz Corp.'s
option, all or any portion of the GCP Cap) to redeem a portion of
the Notes.
Public Offering of Shares
John Paul of Texas News Today reported that Hertz Global Holdings
shareholders expanded the public offering of shares by 20% ahead of
plans to relist their shares on the NASDAQ under the ticker symbol
"HTZ" on Tuesday, November 16, 2021.
Estero, Florida-based car rental company announced late Monday that
the large public offering price of 44.52 million shares, up from
37.1 million shares announced the week before, will be $29. This is
the upper limit of the previous target range. The shares are
provided by shareholders such as Cougars Capital and Oaktree
Capital Management, raising $ 1.3 billion under new terms,
according to public filing.
Of the shares offered, Hearts expects to repurchase more than 10.3
million shares from the underwriter at a total purchase price of $
300 million.
Since October 2020, Hertz common stock has been traded under the
HTZZ symbol on the over-the-counter market following the submission
of Chapter 11 in May 2020. The post-bankruptcy company previously
applied for listing on Nasdaq under the ticker symbol "HTZ".
Over-the-counter stocks closed at $ 32.62 on Monday,.
The company's unpaid warrant will also be posted on Nasdaq on
Tuesday, November 16, 2021, with the ticker symbol "HTZWW".
Hertz, who ended bankruptcy protection in June 2021, said Goldman
Sachs, JP Morgan and Morgan Stanley are lead underwriters for the
proposed offering, which is scheduled to end on Friday, November
19, 2021.
The public offering and repurchase plans follow the surge in shares
of Ford after announcing former Ford CEO Mark Fields as interim CEO
and announcing plans to own 100,000 Tesla vehicles by 2022.
The status of the deal between Hertz and Tesla is unknown after CEO
Elon Musk said last second week of November 2021 that he hadn't
signed the deal. Hertz refused to comment directly on the deal
because the plan was on track.
Early in the coronavirus pandemic, Hearts filed for bankruptcy
protection, but nighthead capital management and Celtares
management investors said they would buy the company as travel
recovered slightly and demand for rental cars recovered. ..
Hertz shareholders increase public offering to raise $ 1.3 billion
Source link Hearts shareholders increase public offering to raise $
1.3 billion
About Hertz Corp.
Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand. They also operate a
vehicle leasing and fleet management solutions business.
On May 22, 2020, The Hertz Corporation and certain of its U.S. and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware (Bankr. D. Del. Case No. 20-11218).
Judge Mary F. Walrath oversees the cases.
The Debtors have tapped White & Case LLP as their bankruptcy
counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis
& Co. as investment banker, and FTI Consulting as financial
advisor. The Debtors also retained the services of Boston
Consulting Group to assist the Debtors in the development of their
business plan. Prime Clerk LLC is the claims agent.
The U.S. Trustee for Regions 3 and 9 appointed a Committee to
represent unsecured creditors in Debtors' Chapter 11 cases. The
Committee has tapped Kramer Levin Naftalis & Frankel LLP as its
bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as
Delaware counsel, UBS Securities LLC as investment banker, and
Berkeley Research Group, LLC, as financial advisor. Ernst & Young
LLP provides audit and tax services to the Committee.
* * *
Hertz Global Holdings, Inc. (OTCPK:HTZGQ) on June 10, 2021,
announced that the Bankruptcy Court confirmed its Plan of
Reorganization. Hertz's Plan eliminates over $5 billion of debt,
including all of Hertz Europe's corporate debt, and will provide
more than $2.2 billion of global liquidity to the reorganized
company. Hertz cut 14,400 jobs in 2020.
Hertz Global Holdings Inc. selected investment firms Knighthead
Capital Management LLC and Certares Management LLC as the winning
bidders for control of the car-rental company after a fierce
bidding drove up the expected payout for existing shareholders.
The winning offer provides for an estimated distribution of close
to $8 a share to the company's stockholders.
The Court's approval cleared the way for Hertz to emerge from
Chapter 11 by the end of June 2021.
IMERYS TALC: UST Says Robust Process for Picking Claims Rep.
------------------------------------------------------------
Rose Krebs of Law360 reports that in a letter brief submitted on
Monday, November 15, 2021, the U.S. Trustee told the Third Circuit
that the appointment of a future claims representative, or FCR,
should result from a "rigorous and open process" and that the FCR
should be held to high standards.
Asked to weigh in on an insurer group's Third Circuit bid to
disqualify a Young Conaway Stargatt & Taylor LLP partner from
representing future asbestos injury claimants in Imerys Talc
America's Chapter 11, the federal bankruptcy watchdog said the
necessary "robust" process was used in appointing the
representative.
About Imerys Talc America
Imerys Talc America, Inc. and its subsidiaries --
https://www.imerys-performance-additives.com/ -- are in the
business of mining, processing, selling and distributing talc. Its
talc operations include talc mines, plants and distribution
facilities located in Montana (Yellowstone, Sappington, and Three
Forks); Vermont (Argonaut and Ludlow); Texas (Houston); and
Ontario, Canada (Timmins, Penhorwood, and Foleyet). It also
utilizes offices located in San Jose, Calif., and Roswell, Ga.
Imerys Talc America and its subsidiaries, Imerys Talc Vermont,
Inc., and Imerys Talc Canada Inc., sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-10289) on Feb. 13, 2019. The
Debtors were estimated to have $100 million to $500 million in
assets and $50 million to $100 million in liabilities as of the
bankruptcy filing.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A., and Latham &
Watkins LLP as their legal counsel, Alvarez & Marsal North America,
LLC as financial advisor, and CohnReznick LLP as restructuring
advisor. Prime Clerk, LLC, is the claims agent.
The U.S. Trustee for Region 3 appointed an official committee of
tort claimants in the Debtors' Chapter 11 cases. The tort
claimants' committee is represented by Robinson & Cole, LLP.
JOHNSON & JOHNSON:Spinoff to Create Barriers,Says Talc Claimant Grp
-------------------------------------------------------------------
Maria Chutchian of Reuters reports that a group representing people
alleging that Johnson & Johnson's talc-based products cause cancer
said on Friday, November 19, 2021, that the planned spinoff of the
pharmaceutical giant's consumer health division will create new
problems for talc claimants.
The group, known as the talc claimants' committee, filed a
statement with the U.S. Bankruptcy Court for the District of New
Jersey, where the Chapter 11 case of J&J's subsidiary that holds
its talc liabilities was transferred this month. The subsidiary,
LTL Management LLC, filed for bankruptcy protection in October with
the goal of settling 38,000 talc cases.
J&J maintains that its talc products are safe. A spokesperson did
not immediately respond to a request for comment.
In Friday's, November 19, 2021, statement, the committee said J&J's
plan to split its consumer division from its pharmaceuticals
business "would create further barriers between tort claimants and
assets that should be available to satisfy claims."
It contends that if J&J becomes two separately traded entities,
disputes will arise over which one will be on the hook for a
funding agreement in the LTL bankruptcy.
The committee also accused J&J of using the bankruptcy process as a
litigation advantage.
"For bankruptcy, it simply does not get any uglier than this,”
the committee said.
J&J said when it announced the split that the move had nothing to
do with the talc litigation or the bankruptcy.
A status conference is scheduled on Monday, November 22, 2021,
before U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey.
The LTL bankruptcy was initially filed in North Carolina, but the
judge assigned to the case there decided on Nov. 11 that it would
be better suited in New Jersey, where J&J is based and where a
large chunk of the talc litigation is pending.
For LTL Management: Gregory Gordon, Dan Prieto, Amanda Rush and
Brad Erens of Jones Day
For the committee: David Molton of Brown Rudnick, Melanie
Cyganowski of Otterbourg, Daniel Stolz of Genova Burns, Brian
Glasser of Bailey Glasser, Lenard Parkins of Parkins Lee & Rubio
and Jonathan Massey of Massey & Gail
About Johnson & Johnson
Johnson & Johnson 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.
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.
The corporation had worldwide sales of $82.6 billion during
calendar year 2020.
About LTL Management
LTL Management LLC is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of 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 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.
U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case. The
committee tapped Otterbourg, P.C., Brown Rudnick, LLP and Bailey &
Glasser, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.
LEVANT GROUP: Has Deal on Cash Collateral Access Thru Jan 2022
--------------------------------------------------------------
Levant Group asks the U.S. Bankruptcy Court for the Central
District of California to approve the stipulation it entered into
with the United States government, on behalf of the U.S. Small
Business Administration, regarding the Debtor's use of cash
collateral.
Prior to the Chapter 11 petition, the Debtor owed the SBA $150,000
for a loan obtained on May 12, 2020. The Loan required the Debtor
to pay the SBA $731 monthly beginning on the 12th month after the
date of execution of a Note in the SBA's favor. The Loan is
amortized over a 30-year period and is secured by all of the
Debtor's tangible and intangible personal property.
The parties agree that all the personal property collateral
consisted the SBA's cash collateral, which the SBA allows the
Debtor to use for its ordinary and necessary expenses, according to
the budget, the stipulation and for no unauthorized purpose, until
the entry of an order confirming a reorganization plan in the
Debtor's case, or January 31, 2022, whichever occurs first.
As adequate protection, the parties agree that the SBA will receive
a replacement lien to the extent the automatic stay, the use, sale
or lease of the personal property collateral would result in a
decrease in the value of the SBA's interest in the collateral
postpetition.
The parties also agree the SBA will have a secured claim of
$150,000, plus all accrued interest, and the Debtor will diligently
seek confirmation of a Chapter 11 reorganization plan in its case.
These events constitute an "Event of Default:"
a. the failure to maintain property insurance;
b. the conversion of the Debtor's Bankruptcy Case to any other
chapter; or
c. the dismissal of the Debtor's bankruptcy case.
A copy of the stipulation and the Debtor's three-month budget
through January 2022 is available for free at
https://bit.ly/3HEYqh2 from PacerMonitor.com. The Debtor projects
$28,602 in total operating expenses.
About Levant Group
Levant Group sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 21-14537) on May 31,
2021, listing $100,001 to $500,000 in both assets and liabilities.
Judge Deborah J Saltzman presides over the case. RoseAnn Frazee,
Esq., at Frazee Law Group, represents the Debtor as legal counsel.
LIFETIME BRANDS: Moody's Ups CFR to B1 & Secured Term Loan to B2
----------------------------------------------------------------
Moody's Investors Service upgraded Lifetime Brands, Inc.'s
Corporate Family Rating to B1 from B2, Probability of Default
Rating to B1-PD from B2-PD, and senior secured term loan rating to
B2 from B3. The outlook is stable, and the Speculative Grade
Liquidity is unchanged at SGL-2.
The ratings upgrades reflect Lifetime Brands' improved credit
metrics following very strong operating results and debt reduction
over the past 18 months. Lifetime Brands reported very strong
year-over-year revenue and management's adjusted EBITDA growth of
16.8% and 43.3% respectively for the nine months period ending
September 30, 2021, benefiting from continued high consumer demand
for the company's kitchenware and home products as consumers
continue to spend more time in the home. In addition, the company
reduced funded debt by around $50 million since 2019 using excess
free cash flows. As a result, Lifetime's debt/EBITDA leverage
declined to 3.4x for the last twelve months (LTM) period ending
September 30, 2021, from around 4.8x at fiscal year-end December
31, 2020. The company expects to report year-over-year revenue and
management's adjusted EBITDA growth in fiscal 2021 of around 14.5%
and 16.5% respectively.
The strong operating results in fiscal 2021 create tough comps in
fiscal 2022 and there is uncertainty around the sustainability of
the very strong consumer demand trends over the next 12-18 months.
In addition, the currently challenging operating environment with
historically high commodities and transportation costs, along with
supply chain and labor constraints adds uncertainty around the
company's profitability. However, Lifetime Brands' debt reduction
and moderate financial leverage provides cushion within the credit
metrics Moody's expects for the B1 CFR to absorb an earnings
decline. Potential earnings headwinds include the potential future
demand pull back as consumer spending shifts back to categories
that were limited because of the coronavirus pandemic such as
travel and entertainment. In addition, the company's pricing and
operating efficiency initiatives should help somewhat offset the
increased costs pressures.
Moody's took the following rating actions
Upgrades:
Issuer: Lifetime Brands, Inc.
Corporate Family Rating, Upgraded to B1 from B2
Probability of Default Rating, Upgraded to B1-PD from B2-PD
Gtd Senior Secured Term Loan B, Upgraded to B2 (LGD4) from B3
(LGD4)
Outlook Actions:
Issuer: Lifetime Brands, Inc.
Outlook, Remains Stable
RATINGS RATIONALE
Lifetime Brands' B1 CFR broadly reflects its strong market position
in the homewares industry with many leading brands in narrowly
defined product categories, and its good brand and product
diversification. The company's financial leverage is moderate with
debt/EBITDA at 3.4x for the LTM period ending September 30, 2021.
Governance factors include the company's financial policy that
targets a net leverage ratio (company's calculation) of below 3.0x,
which supports moderate leverage. Lifetime Brands' well-diversified
retail distribution channel, which includes e-commerce, positions
the company well to benefit from the continued shift of consumer
spending to online. The company's SGL-2 liquidity ratings reflects
Moody's expectations for free cash flow of around $30 million over
the next 12 months, and access to a mostly undrawn $150 million
revolving facility as of September 30, 2021.
The rating also considers the company's relatively small scale with
annual revenue under $1.0 billion, its geographic and customer
concentration, and the mature and highly competitive nature of the
kitchenware product category. Lifetime Brands' products are
discretionary in nature and susceptible to consumer spending
reductions, and a prolonged period of high unemployment or weak
economic conditions will negatively impact demand. The company
sources its products mostly from China, exposing the company's
supply chain to manufacturing issues affecting the region, as well
as social risk factors such as responsible sourcing.
Social and environmental risks include responsible sourcing, as
consumers are increasingly mindful of sustainability issues, the
treatment of the work force, data protection and product sourcing.
The company sources almost all of its products from suppliers
located outside the US, primarily in China, which limits its
ability to monitor the manufacturing process and requires effective
transportation logistics. The company has agreements with its third
party manufacturers regarding quality standards and regularly
audits the facilities of its manufacturers through its quality
control program. An extended supply chain disruption would
adversely affect the company's revenue and EBITDA.
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, its continuation will be closely tied to containment of
the virus. As a result, there is uncertainty around Moody's
forecasts. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The consumer durables industry is one
of the sectors most meaningfully affected by the coronavirus
because of exposure to discretionary spending.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The stable outlook reflects Lifetime Brands' moderate financial
leverage, which provides cushion to absorb the potential future
demand pull back following the very high demand levels experienced
over the past 18 months. The stable outlook also reflects Moody's
expectations that the company will generate around $30 million of
annual free cash flow, maintain a moderate financial policy and
that there will be no significantly leveraging acquisitions or
shareholder distributions over the next 12-18 months.
The ratings could be upgraded if the company materially increases
its revenue scale along with improved geographic diversification,
and generates consistent organic revenue growth with a stable to
higher EBIT margin. Debt/EBITDA sustained below 3.5x and free cash
flow/debt above 10% would also be necessary for an upgrade.
The ratings could be downgraded if Lifetime Brands' operating
performance deteriorates such that debt/EBITDA leverage is expected
to remain above 4.5x or free cash flow relative to debt is below
7.5%. Additional factors that could lead to a downgrade include a
deterioration of liquidity, or if the company's financial policies
become more aggressive, in particular regarding a material
debt-funded acquisition or shareholder returns.
Lifetime Brands, Inc. designs, sources and sells branded
kitchenware, tableware and other products used in the home.
Lifetime Brands is publicly traded (ticker: LCUT) and reported
revenue of $856 million for the twelve months period ended
September 30, 2021.
The principal methodology used in these ratings was Consumer
Durables published in September 2021.
LTL MANAGEMENT: Taps Rayburn Cooper & Durham as Co-Counsel
----------------------------------------------------------
LTL Management, LLC received court approval to employ Rayburn
Cooper & Durham, P.A. as co-counsel with Jones Day.
The firm will provide these services in connection with the
Debtor's Chapter 11 case:
a. advising the Debtor regarding its powers and duties in the
continued operation of its business and management of its
properties;
b. taking all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of any actions commenced against the
Debtor, the negotiation of disputes in which the Debtor is
involved, and the preparation of objections to claims filed against
the estate;
c. preparing bankruptcy schedules, statements of financial
affairs, reports and legal documents;
d. appearing before the court and representing the Debtor in
negotiations with other parties in interests;
e. assisting the Debtor in preparing a plan of reorganization
and related documents; and
f. performing other necessary legal services.
The firm's hourly rates are as follows:
Attorneys $225 to $750 per hour
Paralegals $180 to $225 per hour
Rayburn received a pre-bankruptcy retainer in the amount of
$101,738 from Johnson & Johnson Consumer, Inc. The firm will also
receive reimbursement for out-of-pocket expenses incurred.
John Miller, Jr., Esq., a partner at Rayburn, 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:
John R. Miller, Jr., Esq.
Rayburn Cooper & Durham, P.A.
227 West Trade Street, Suite 1200
Charlotte, NC, 28202
Tel: (704) 334-0891
Email: jmiller@rcdlaw.net
About LTL Management
LTL Management LLC is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of 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 filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D. N.J. Case No. 21-30589) on
Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge.
At the time of the filing, the Debtor was estimated to have $1
billion to $10 billion in both assets and liabilities.
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.
U.S. Bankruptcy Administrator Shelley Abel formed an official
committee of talc claimants in the Debtor's Chapter 11 case. The
committee tapped Otterbourg, P.C., Brown Rudnick, LLP and Bailey &
Glasser, LLP as bankruptcy counsel. Massey & Gail, LLP and Parkins
Lee & Rubio, LLP serve as the committee's special counsel.
About Johnson & Johnson
Johnson & Johnson 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.
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.
The corporation had worldwide sales of $82.6 billion in 2020.
LUIHN VANTEDGE: Moody's Assigns First Time B3 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Luihn
VantEdge Partners, LLC ("LVE Partners") including a B3 corporate
family rating, B3-PD probability of default rating, B2 senior
secured 1st lien credit facility rating and Caa2 senior secured
second lien term loan rating. The outlook is stable. Ratings are
subject to final review of documentation.
LVE Partners is planning to raise $395 million of total debt to
fund the purchase of 59 restaurants -- 58 Taco Bell restaurants and
1 Kentucky Fried Chicken restaurant -- in the Atlanta Metro area.
The acquisition will be funded with a $280 million 7-year first
lien term loan and a $65 million 8-year second lien term loan. The
planned bank credit facility also includes an undrawn $50 million
5-year revolving credit facility.
The B3 corporate family rating reflects Moody's forecast that LVE
Partners' leverage will be high at about 6.5x at the end of 2022,
the first full year of operations following the close of the
transaction. The assigned ratings also include Moody's expectation
that free cash flow will primarily be used to fund new unit growth,
remodels, and potential restaurant portfolio acquisitions rather
than voluntary debt repayment. The ratings also include governance
considerations in so much that future strategy will be dictated by
private ownership. Moody's notes that LVE Partners is partially
owned by VantEdge, LLC which does not have a history of frequent
debt-financed dividends.
Assignments:
Issuer: Luihn VantEdge Partners, LLC
Corporate Family Rating, Assigned B3
Probability of Default Rating, Assigned B3-PD
Senior Secured 1st Lien Revolving Credit Facility, Assigned B2
(LGD3)
Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)
Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD6)
Outlook Actions:
Issuer: Luihn VantEdge Partners, LLC
Outlook, Assigned Stable
RATINGS RATIONALE
LVE Partners' credit profile is constrained by its high leverage,
smaller scale relative to Moody's rated restaurant peers and the
potential for future debt-funded acquisitions as the company seeks
strategic growth. LVE Partners' will have 231 locations at the end
of 2021 (including three planned new store openings) and revenue is
estimated to be less than $400 million, which is small relative to
other quick service restaurant operators in Moody's coverage
universe. LVE Partners' credit profile benefits from the strength
of the Taco Bell brand, its good liquidity, and a history of good
comparable restaurant sales and new unit growth. Taco Bell
restaurants, owned by Yum! Brands Inc. (Ba2 stable), enjoy a high
level of brand awareness throughout the United States, as reflected
in the brand's track record of positive operating trends driven by
both positive traffic and average check.
The company's good liquidity is supported by good free cash flow
which is expected to fund the company's cash needs over the next 12
months. LVE Partners' will also have access to an undrawn $50
million revolver and approximately $16 million of cash on hand. The
company's credit agreement is expected to require 1% annual
mandatory amortization on the term loan and includes a free cash
flow sweep. Moody's does not expect a material amount of debt
reduction from the cash flow sweep as this is typically calculated
after growth capex. The company is expected to be subject to a
springing first lien net leverage covenant on the revolver only
that is expected to have sufficient cushion over the next twelve
months. Alternate sources of liquidity are modest at this point
given the company's minimal owned property.
The B2 rating on the senior secured bank credit facility, one notch
above the corporate family rating, reflects the support provided by
the $65 million senior secured second lien term loan. The Caa2
rating on the second lien term loan, two notches below the
corporate family rating, reflects the material amount of first lien
debt ahead of it in the capital structure.
The stable outlook reflects Moody's expectations that the company
will use free cash flow to grow its store base and maintain
leverage around 6.5x.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could result in an upgrade include sustained stronger
credit metrics, increased size and scale, and better geographic
diversification. Quantitatively, a higher rating would require
debt/EBITDA below 5.5x and EBIT/interest coverage of around 1.75x,
both on a sustained basis. An upgrade would also require good
liquidity.
A downgrade could occur if operating performance weakens or if
financial policy becomes more aggressive, such as debt-financed
dividends or large leveraged acquisitions. Quantitatively, a
downgrade would result from debt/EBITDA sustained above 6.75x or
EBIT/interest falling below 1.25x.
As proposed, the new first lien senior secured credit facility is
expected to provide covenant flexibility that could adversely
affect creditors. Notable terms include the following:
Incremental debt capacity not to exceed the sum of (i) the greater
of (x) $65.3 million and (y) 100% of Consolidated EBITDA, plus
unlimited amounts subject to the Closing Date First Lien Net
Leverage Ratio (if pari passu secured).
Incremental debt may be incurred with an earlier maturity date
than the initial term loans in an amount not to exceed the greater
of (1) $65.3 million and (2) 100% of Consolidated EBITDA.
Subsidiaries must provide guarantees whether or not wholly-owned,
eliminating the risk that guarantees will be released because they
cease to be wholly-owned.
The documentation permits the transfer of assets to unrestricted
subsidiaries, up to the carve-out capacities, subject to "blocker"
provisions which prohibit the ownership by any unrestricted
subsidiary of material intellectual property or other assets
material to the operation of the business.
The documentation provides some limitations on up-tiering
transactions, including the requirement that all lenders consent to
releases or subordination of liens on a material portion of the
collateral or guarantees.
The proposed terms and the final terms of the credit agreement may
be materially different.
The principal methodology used in these ratings was Restaurants
published in August 2021.
Headquartered in Morrisville, NC, Luihn VantEdge Partners, LLC
("LVE Partners"), whose sole member is Luihn VantEdge Holdings,
LLC, operates 231 Taco Bell and other Yum! restaurants, pro forma
for this acquisition, primarily located in the southeast US --
North Carolina, South Carolina, Georgia and Florida -- and Arizona.
Luihn VantEdge Holdings, LLC is owned by a subsidiary of VantEdge,
LLC and by Jody Luihn.
MALLINCKRODT PLC: Judge Delays Resumption of Plan Hearing
---------------------------------------------------------
Rick Archer of Law360 reports that the Delaware bankruptcy judge
overseeing Mallinckrodt's Chapter 11 case Thursday, November 18,
2021, granted requests to delay the resumption of the drugmaker's
plan confirmation hearing, saying he first needs to digest claims
it engaged in drug price manipulation.
At a virtual hearing Thursday, November 18, 2021, Judge John Dorsey
denied Mallinckrodt's request to follow what will be an eight-day
hearing on a more than $320 million priority administrative claim
for allegedly inflated insurance payments for the company's Acthar
gel with a Monday start of the second phase of the drugmaker's plan
confirmation.
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 was set to begin Nov. 1, 2021. The Confirmation
Hearing is slated to have two phases. Phase 1 commenced the week of
Nov. 1. Phase 2 will begin on or around the week of Nov. 15, when
the Acthar Administrative Claims Hearing proceedings conclude.
MATTAMY GROUP: S&P Alters Outlook to Positive, Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable on
Toronto-based Mattamy Group Corp. At the same time, S&P affirmed
its 'BB' issuer credit rating on the company and 'BB' issue-level
rating on its senior unsecured notes.
S&P's positive outlook is based on its view that Mattamy Group's
debt to EBITDA will remain below 2x and debt to capital will trend
further below 40%, even as it invests for near-term growth.
Mattamy continues to reduce net debt even as EBITDA is set to
improve by double-digit percentages in 2022. S&P's forecasts
suggest EBITDA rises another 10% this year, to about C$950 million,
following a 29% jump in fiscal 2021 (May). Combined with a more
than C$500 million reduction in borrowings to enter this current
year and ongoing pay-down, debt to EBITDA is set to remain firmly
below 2x for the second straight year in fiscal 2022.
S&P said, "We expect significant increases in land and related
investment will be funded through free operating cash flow (FOCF).
As with most of the industry, Mattamy's count of active communities
fell because of a combination of unanticipated home demand and
early COVID-19 pandemic regulations that's curtailed or delayed
land-related activities. Yet, even as we now expect about C$400
million incremental cash spent on land and development this year
and next, we think Mattamy will fund these through annual FOCF that
we estimate at nearly C$500 million."
Sustaining profitability will be a key challenge. EBITDA margins of
almost 19% are now above pre-pandemic highs. Affordability is an
increasing concern across nearly all its key markets. Overall home
prices rose double-digit percentages this year in many, including
Toronto and Orlando, Fla. In addition, S&P thinks key demand
drivers such as job growth and mortgage rates will remain
favorable. Housing is a cyclical industry that's proven sensitive
to these broader economic factors.
S&P said, "We base our positive rating outlook on Mattamy on
forecast debt remaining below 2x EBITDA, EBITDA covering interest
by more than 10x, and debt to capital trending further below 40% in
the next 12 months. Profits could rise another 10%-12% over the
next year, in our view, due mainly to strong revenue growth on
EBITDA margins that remain at about record highs.
"We could raise the rating to 'BB+' if debt to EBITDA remains
firmly below 2x into fiscal 2023 even as Mattamy executes robust
community count increases.
"We could revise the outlook back to stable if, during these good
market conditions, net debt to EBITDA climbs back above 2x."
Given its relatively high concentration in Toronto, a steep,
unanticipated downturn in the market could key the roughly 30%
decline in EBITDA from S&P's 2022 forecasts (of C$900 million) to
push debt to EBITDA above 2x. Alternatively, based on these 2022
EBITDA estimates, net debt would have to increase by nearly C$650
million above our C$1.25 billion projection before leverage exceeds
2x.
MAUNESHA RIVER: Seeks Cash Collateral Access Thru Feb 2022
----------------------------------------------------------
Maunesha River Dairy, LLC asks the U.S. Bankruptcy Court for the
Western District of Wisconsin for authority to use cash collateral
through February 20, 2022, and provide adequate protection to BMO
Harris Bank, N.A., Farmers & Merchants Union Bank and Agri-Max
Financial Services, LP.
MRD desires to continue using cash collateral and has submitted an
extended 13-week budget. MRD expects to file its Plan of
Reorganization soon, and believes the extension through February 20
is necessary to allow sufficient time for notice and a hearing
without needing another cash collateral motion.
As adequate protection for the Debtor's use of cash collateral,
BMO, FMUB and AGRI-MAX will receive replacement liens in
post-petition collateral in the same character, priority and extent
of each party's pre-petition liens; interest payments based upon
the value of its collateral; and Maunesha will maintain insurance
on all collateral, all as set forth in the Budget.
The Debtor proposes payment to all secured creditors with
purchase-money security interests, including AGRI-MAX, to the terms
of their respective contracts as adequate protection and as
additional adequate protection for BMO and/or FMUB. The Debtor
further proposes to pay SBA interest-only payments based upon the
principal balance due.
The terms and conditions for the continued use of cash collateral
remain the same as those set forth in the Court's Third Cash
Collateral Order. Maunesha will use cash collateral pursuant to a
budget, and in exchange will provide adequate protection and
periodic reports to the Cash Collateral Creditors.
As before, pursuant to the Budget:
a. Interest-only payments, based on the principal pre-Petition
balance due, will be made to BMO, FMUB and SBA; and
b. Contractual payments to secured creditors holding valid and
perfected purchase-money security interests shall continue to be
made;
c. Contractual lease payments will continue to be made;
d. Payments to professionals will continue to be made;
e. Periodic sales and purchases of livestock will be made to
maintain and grow the
herd; and
f. Ordinary and necessary business expenses as outlined in the
Budget will continue to be paid as incurred.
A copy of the motion is available at https://bit.ly/3x86j9M from
PacerMonitor.com.
About Maunesha River Dairy, LLC
Maunesha River Dairy, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Wis. Case. No. 21-11157) on May
27, 2021. In the petition signed by Dennis E. Ballweg, the member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Catherine J. Furay oversees the case.
Jane F. Zimmerman, Esq., at Murphy Desmond S.C. is the Debtor's
counsel.
METROPOLITAN WATER: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Metropolitan Water Company, L.P.
a/k/a Metropolitan Water Company; aka Met Water
105 East Main Street, Suite 103
Brenham, TX 77833
Business Description: Metropolitan Water Company, L.P. is a water
utility company in Brenham, Texas.
Chapter 11 Petition Date: November 22, 2021
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 21-10903
Debtor's Counsel: B. Weldon Ponder, Jr., Esq.
B. WELDON PONDER, JR. ATTORNEY AT LAW
4408 Spicewood Springs Road
Austin, TX 78759
Tel: (512) 342-8222
Email: welpon@austin.rr.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by W. Scott Carlson, managing member of
General Partner.
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/I3GP4II/Metropolitan_Water_Company_LP__txwbke-21-10903__0001.0.pdf?mcid=tGE4TAMA
MY2011 GRAND: Amends Mezz Lender's Claim Pay Details
----------------------------------------------------
MY 2011 Grand LLC and S & B Monsey, submitted a Second Amended
Joint Disclosure Statement in connection with their Joint Amended
Plan of Reorganization dated November 19, 2021.
227 Grand Mezz Lender LLC ("Mezz Lender") asserts a joint and
several claim in the amount of $13,632,949 as of July 15, 2021
against the Debtors secured by their respective membership
interests (the "Membership Interests") in Grand Living LLC II
("Mezz Loan"). The Debtors vigorously dispute the Mezz Lender's
claim. By agreement between the Debtors and the Estate of Abraham
Schwarzman, the Estate has agreed to subordinate to the other Mezz
Lender participants, and waive payment of its 20.8% interest.
The Debtors, therefore, commenced settlement negotiations with the
receiver, have reached an agreement in principle, are exchanging
settlement agreement drafts, and project that the All Year issues
will be resolved before the Confirmation hearing.
The Debtors and their affiliates have spoken with numerous lenders
to provide a mortgage on the Property in the amount of up to $33
million and a new mezzanine loan which will enable the Plan to be
confirmed. SKW Funding LLC ("SKW") presented the best term sheet
for mortgage financing the amount of $32,600,000 and SME Funding
("SME") presented an acceptable term sheet for a new mezzanine
loan.
The Amended Plan will treat claims as follows:
* MY 2011 Class 1: 227 Grand Mezz Lender LLC holds the Mezz
Loan, consisting of a note and security interest in the Membership
Interests. Pursuant to the agreement with the estate of Abraham
Schwarzman, 20.8% of the Claim has been waived for Plan purposes.
On the Effective Date, the Debtors shall pay the Allowed Amount of
the Class 1 Claim plus interest through the date of payment,
subject to the Debtors' agreement with the estate of Abraham
Schwarzman to waive payment of 20.8% of the Class 1 Claim.
Unimpaired and deemed to have accepted the Plan.
* MY 2011 Class 3: General Unsecured Claims. Filed and
scheduled Claims total General unsecured claims total
$20,038,000.00, including the $20 million Goldman Claims. The
Debtors estimate that the Goldman Claims will be disallowed and
that the Allowed Amount of the Class 3 Claims will be $38,000. Each
Class 3 Claimant shall be paid the Allowed Amount of its Claim plus
interest at the Legal Rate on the 20-month anniversary of the
Effective Date.
* Monsey Class 1: 227 Grand Mezz Lender LLC holds the Mezz
Loan, consisting of a note and security interest in the Membership
Interests. On the Effective Date, the Debtors shall pay the Allowed
Amount of the Class 1 Claim plus interest through the date of
payment, subject to the Debtors' agreement with the estate of
Abraham Schwarzman to waive payment of 20.8% of the Class 1 Claim.
Unimpaired and deemed to have accepted the Plan.
* Monsey Class 3: General Unsecured Claims. Filed and
scheduled Claims total General unsecured claims total $38,021,272
in Monsey, including the $20 million Goldman Claims $17,848,567 of
this amount represents a claim filed by 215 Moore Street Mezzanine
Lender, which claim, the Debtors believe, will be withdrawn,
expunged or estimated at no amount being due before the
Confirmation hearing. The Debtors estimate that the Goldman Claims
will be disallowed and that the Allowed Amount of the Class 3
Claims will be $172,675. Each Class 3 Claimant shall be paid the
Allowed Amount of its Claim plus interest at the Legal Rate on the
20-month anniversary of the Effective Date.
The Debtors shall satisfy the Class 1 Claims with respect to each
Debtor from the proceeds of the SKW and SME financing pursuant to
the term sheets. Class 3 Claims with respect to each Debtor will be
paid on the 20 month anniversary of the Effective Date from cash on
hand.
Administrative Claims, Priority Claims, if any, and statutory fees
to the Office of the United States due on the Effective Date shall
be paid either from funds to be contributed by the Interest Holders
or the proceeds of refinancing if available. Based on the equity in
the Property at this time, the Debtors believe that when the SKW
and SME loans mature, the obligation may be refinanced on the same
or better terms as under the Plan.
Confirmation of the Plan is contingent upon the following
conditions being satisfied:
* consensual resolution, or adjudication by this Court, of the
amount of All Year merger consideration.
* Expungement of, or, estimation that the Goldman Claims will
be expunged.
* 215 Moore Street Mezzanine Lender withdrawing its
$17,848,567 claim against Monsey, or expungement of, or estimation
that such Claim will be expunged.
A full-text copy of the Second Amended Joint Disclosure Statement
dated Nov. 19, 2021, is available at https://bit.ly/3CA0L9f from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Mark Frankel, Esq.
Backenroth Frankel & Krinsky, LLP
800 Third Avenue, Floor 11
New York, NY 10022
Telephone: (212) 593-1100
About MY 2011 Grand LLC
MY2011 Grand has an equitable interest in Grand Living LLC II, the
Mezz owner of Grand Living LLC, the owner of the property located
at 227 Grand Street Brooklyn, NY 11211. The current value of the
Debtor's interest is $12.80 million.
S & B Monsey has an equitable interest in Grand Living LLC II, the
Mezz owner of Grand Living LLC, the owner of the property located
at 227 Grand Street Brooklyn, NY 11211. The current value of the
Debtor's interest is $13.2 million.
MY 2011 Grand LLC and S & B Monsey filed voluntary petitions under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No.19-23957) on Nov. 6, 2019. The petitions were signed by David
Goldwasser, authorized signatory of GC Realty Advisors.
At the time of filing, MY2011 Grand and S & B Monsey each estimated
$10 million to $50 million in assets and $1 million to $10 million
in liabilities.
The Debtors are represented by Mark A. Frankel, Esq. at Backenroth
Frankel & Krinsky, LLP, as counsel.
NEW HAPPY FOOD: Gets Final Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Georgia,
Atlanta Division, has authorized New Happy Food Company and
affiliates to use cash collateral on a final basis in accordance
with the budget, with a 15% variance and provide adequate
protection.
The Debtors acknowledge and agree that they are borrowers under
loans with De Lage Landen Financial Services, Inc., LCA Bank
Corporation, Metro City Bank, Toyota Industries Commercial Finance,
Inc., PromiseOne Bank, and the United States Small Business
Administration.
In addition, the Debtors assert that they are victims of a
fraudulent scheme where a former employee forged signatures to
documents and purported to commit the Debtors as obligors under
certain financing facilities -- and embezzled the money received --
with these funders: Bridge Funding Cap, LLC, CFG Merchant
Solutions, LLC, EBF Holdings, LLC d/b/a Everest Business Funding,
Fox Capital Group, Inc., Green Note Capital Partners, Inc.,
Highbridge Funding, LLC, Hunter Caroline Holdings, LLC, IOU Central
Inc., KYF Global Partners, Merchant Advance, LLC, NewCo. Capital
Group, Prosperum Capital Partners, LLC, River Capital Partners,
LLC, and The Avanza Group, LLC.
Several of these Funders have asserted they purchased certain
revenue streams or accounts receivables from certain of the Debtors
and have asserted or may assert an interest in the Debtors' assets.
The Debtors dispute these assertions and deny any liability to the
Disputed Funders. None of the facts set forth with respect to the
Disputed Funders should be deemed admissions or conclusions, and
all rights of the Debtors, the Disputed Funders, and any other
party in interest with respect to same are reserved.
As of the Petition Date, NHC and First Khao are indebted to Metro
City Bank under Note 1 in the approximate total amount of $779,566
as more fully set out in proof of claim number 14 filed in Case No.
21-54899-JWC (comprised of, among other things, $706,100.57 in
principal, $2,572.91 in interest with interest continuing to accrue
at a rate of $91.89 per day subject to daily adjustments pursuant
to the terms of Note 1 governing the subject interest rate). The
foregoing amount is guaranteed by Ms. Khao by virtue of her
execution of the Guarantee as more fully set out in proof of claim
number 7 filed in Case No. 21-54909-JWC.
As of the Petition Date, New Happy and You Nay Khao are indebted to
Metro City Bank under Note 2 in the approximate total amount of
$275,746 as more fully set out in proof of claim number 15 filed in
Case No. 21-54898-JWC and proof of claim number 7 filed in Case No.
21-54909-JWC (comprised of, among other things, $249,746 in
principal, $910 in interest, with interest continuing to accrue at
a rate of $32.50 per day subject to daily adjustments pursuant to
the terms of Note 2 governing the subject interest rate). The
Claims are fully secured.
Metro City Bank is granted these adequate protection for the
Debtors' use of Cash Collateral:
a. NHC will make monthly payments of $4,752.87 to Metro City
Bank, and New Happy will make monthly payments of $2,563.44 to
Metro City Bank on the first business day of each month.
b. NHC will pay rent payments to First Khao in a sufficient
amount to allow First Khao maintain adequate insurance, pay
applicable taxes related to the property located at 5182 Old Dixie
Highway, Forest Park, GA 30297, and any other expenses required by
that certain lease between NHC and First Khao dated May 15, 2015.
c. Metro City Bank will have, effective as of the Petition
Date, continuing valid and perfected first-priority replacement
liens and security interests in and to all of the now existing or
hereafter arising or after-acquired property of the respective
Debtors of the same character, nature type, and scope as the
Prepetition Liens.
In addition to the liens and security interests granted to Metro
City Bank pursuant to the Order, Metro City Bank will be entitled
to a claim pursuant to section 507(b) of the Bankruptcy Code to the
extent, if any, that the adequate protection for Debtors'
respective use of Metro City Bank's collateral and Cash Collateral
proves to be inadequate.
These events constitute an "Event of Default:"
a. Failure of Debtors to abide by the terms, covenants, and
conditions of the Order or the respective Budgets (subject to the
Variance), including failure to make the Adequate Protection
payments to Metro City Bank;
b. Failure of the Debtors to ensure that insurance and
property taxes are paid with respect to Real Property 1 and Real
Property 2;
c. The use of Cash Collateral for any purpose not authorized
by the Order;
d. Failure of Debtor to pay fees of the U.S. Trustee;
e. Appointment of a Chapter 11 trustee;
f. Determination by the Court that any portion of any of the
Debtors' income is not property of the bankruptcy estate;
g. Payment of any Cash Collateral to Kim Hgov Hor a/k/a Danny
Hall;
h. Challenge of Metro City Bank's liens (including, but not
limited to, the Prepetition Liens or Replacement Liens);
i. Without the prior written consent of Metro City, any of the
Debtors files a motion seeking to grant a third party a security
interest or lien upon all or part of any property of the Debtors
that has a priority which is senior to, or equal with, the
Prepetition Liens or Replacement Liens of Metro City in all or any
of a portion of such property; or
j. Conversion of the case to Chapter 7.
A copy of the order is available at https://bit.ly/30FHK8a from
PacerMonitor.com.
About New Happy Food Company
New Happy Food Company operates a grocery store in Atlanta,
Georgia. Its affiliate, NHC Food Company Inc. operates a warehouse
business.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-54898) on June 29,
2021. In the petition signed by You Nay Khao, owner, the Debtors
disclosed $500,000 in assets and $10 million in liabilities.
William A. Rountree, Esq., at Rountree, Leitman & Klein, LLC is the
Debtors' counsel.
OMNIQ CORP: Incurs $5 Million Net Loss in Third Quarter
-------------------------------------------------------
Omniq Corp. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q disclosing a net loss of $5.08
million on $20.51 million of total revenues for the three months
ended Sept. 30, 2021, compared to a net loss of $3.78 million on
$15.83 million of total revenues for the three months ended Sept.
30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $10.93 million on $53.38 million of total revenues
compared to a net loss of $8.65 million on $42.31 million of total
revenues for the nine months ended Sept. 30, 2020.
As of Sept. 30, 2021, the Company had $72.60 million in total
assets, $63.97 million in total liabilities, and $8.63 million in
total equity.
Shai Lustgarten, CEO of omniQ, "OMNIQ now is a stronger company as
a result of the positive developments in all our activities during
the third quarter. The NASDAQ listing positions us at the
forefront of technological companies enabling wider audience and
potentially better liquidity; we were honored by NASDAQ to ring the
Closing Bell on October 8, 2021. The acquisition of Dangot
Computers opened lucrative potential opportunities that are
currently being examined by our joint teams. We strengthened our
balance sheet while achieving 30% YoY growth in revenue to $20.5
million. While we are not immune to supply chain disruptions,
demand remains high as evidenced by more than $13 million in orders
announced in October alone. Having a strong and loyal customer
base, combined with our state-of-the-art solutions, allows us to
confidently state that we expect our growth to continue."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/278165/000149315221028718/form10-q.htm
About omniQ Corp.
Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) --
http://www.omniq.com-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic and parking management and access control
applications. The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.
Omniq Corp. reported a net loss attributable to common stockholders
of $11.31 million for the year ended Dec. 31, 2020, compared to a
net loss attributable to common stockholders of $5.31 million for
the year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$35.86 million in total assets, $44.50 million in total
liabilities, and a total stockholders' deficit of $8.64 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 31, 2021, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations. This raises substantial doubt about the Company's
ability to continue as a going concern.
OSCEOLA MEDICAL: Taps Jupiter Properties to Sell Assets
-------------------------------------------------------
Osceola Medical Plaza, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Jupiter
Properties, Inc., an Orlando, Fla.-based real estate company, to
sell substantially all of its assets by auction.
The firm will be paid as follows:
(i) 100 percent of the buyer's premium, equal to 10 percent of
the purchase price of the assets, if someone other than H&H Health
Solutions, LLC, a secured creditor, is the highest bidder at the
auction;
(ii) 10 percent of the purchase price if the assets are sold
pre-auction or post-auction or in the event of a sale or transfer
of the note and mortgage;
(iii) $50,000 if H&H Health Solutions is the highest bidder at
the auction, which will be paid by the secured creditor;
Jupiter Properties will offer 2 percent of the highest bid to any
cooperating broker when such broker's client closes on the sale of
the assets. In the event the buyer is not represented by a broker,
the 2 percent will be retained by the Debtor's bankruptcy estate.
Khalid Muneer, a partner at Jupiter Properties, 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:
Khalid Muneer
Jupiter Properties, Inc.
2295 S. Hiawassee Road, Suite 213
Orlando, FL 32835
Tel: (386) 547-6161
Email: munek4@aol.com
About Osceola Medical Plaza LLC
Osceola Medical Plaza, LLC is a Kissimmee, Fla.-based company
engaged in renting and leasing real estate properties. It is the
fee simple owner of a medical office plaza in Kissimmee having a
current value of $1.8 million.
Osceola filed a petition for Chapter 11 protection (Bankr. M.D.
Fla. Case No. 21-04459) on Oct. 1, 2021, listing $3,898,099 in
assets and $4,524,772 in liabilities. Faiz A. Faiz, managing
member of Osceola, signed the petition.
Judge Lori V. Vaughan oversees the case.
Aldo G. Bartolone, Esq., at Bartolome Law, PLLC is the Debtor's
legal counsel.
OZOP ENERGY: Posts $11.7 Million Net Income in Third Quarter
------------------------------------------------------------
Ozop Energy Solutions, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $11.71 million on $4.78 million of revenue for the three months
ended Sept. 30, 2021, compared to a net loss of $6.56 million on
$246,951 of revenue for the three months ended Sept. 30, 2020.
For the nine months ended Sept. 30, 2021, the Company reported a
net loss of $197.99 million on $6.85 million of revenue compared to
a net loss of $6.86 million on $1.49 million of revenue for the
same period during the prior year.
As of Sept. 30, 2021, the Company had $10.19 million in total
assets, $40.88 million in total liabilities, and a total
stockholders' deficit of $30.69 million.
Ozop said, "Currently, our current capital and our other existing
resources will be sufficient to provide the working capital needed
for our current business, however, additional capital will be
required to meet our debt obligations, and to further expand our
business. We may be unable to obtain the additional capital
required. If we are unable to generate capital or raise additional
funds when required it will have a negative impact on our business
development and financial results. These conditions raise
substantial doubt about our ability to continue as a going concern
as well as our recurring losses from operations, deficit in equity,
and the need to raise additional capital to fund operations."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/Archives/edgar/data/0001679817/000149315221029205/form10-q.htm
About Ozop Energy Solutions
Ozop Energy Solutions (http://ozopenergy.com)invents, designs,
develops, manufactures, and distributes ultra-high-power chargers,
inverters, and power supplies for a wide variety of applications in
the defense, heavy industrial, aircraft ground support, maritime
and other sectors. The Company's strategy focuses on capturing a
significant share of the rapidly growing renewable energy market as
a provider of assets and infrastructure needed to store energy.
OZOP Energy reported a net loss of $20.48 million for the year
ended Dec. 31, 2020, compared to a net loss of $571,595 for the
year ended Dec. 31, 2019. As of June 30, 2021, the Company had
$9.42 million in total assets, $54.07 million in total liabilities,
and a total stockholders' deficit of $44.65 million.
Hackensack, New Jersey-based Prager Metis CPA's LLC, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 15, 2021, citing that as of Dec. 31, 2020, the
Company had an accumulated deficit of $21,793,375 and a working
capital deficit of $4,604,189. In addition, the Company has
generated losses since inception. These factors, among others,
raise substantial doubt regarding the Company's ability to continue
as a going concern.
PURDUE PHARMA: Payment of Over $12M Fees of Govt. Groups Okayed
----------------------------------------------------------------
Vince Sullivan of Law360 reports that a New York bankruptcy judge
approved a request from drugmaker Purdue Pharma LP to reimburse
more than $12 million in fees incurred by groups representing
government entities in its Chapter 11 plan mediation process,
saying the groups made significant contributions to the confirmed
plan.
During a video conference hearing Thursday, November 18, 2021, U.S.
Bankruptcy Judge Robert D. Drain said the group of nonconsenting
states — representing 26 attorneys general that didn't initially
sign on to a settlement with Purdue and the members of the Sackler
family that own the company — and the multistate governmental
entities group.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk LLC is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
PWM PROPERTY: Seeks to Hire White & Case as Lead Bankruptcy Counsel
-------------------------------------------------------------------
PWM Property Management, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
White & Case, LLP to serve as legal counsel in their Chapter 11
cases.
The firm's services include:
(a) advising the Debtors with respect to their powers and duties
in the continued management and operation of their businesses and
properties;
(b) advising and consulting on the conduct of the bankruptcy
cases, including all of the legal requirements of operating in
Chapter 11;
(c) advising the Debtors in connection with corporate
transactions and corporate governance, negotiations, consent
solicitations, credit agreements and other agreements, and
preparing documents related thereto;
(d) reviewing and preparing legal papers;
(e) attending meetings and negotiating with representatives of
creditors and other parties in interest;
(f) advising the Debtors with respect to legal issues related to
their financial circumstances such as restructuring, financing,
corporate, tax, litigation, mergers and acquisition, and employment
issues;
(g) performing all other ancillary necessary legal services for
the Debtors in connection with the prosecution of their cases,
including (i) analyzing the legal aspects of the Debtors' leases
and contracts and the assumption and assignment or rejection
thereof; (ii) analyzing the validity of liens against the Debtors;
and (iii) advising the Debtors on corporate and litigation
matters;
(h) taking all necessary legal actions to protect and preserve
the Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any actions that may be commenced against the
Debtors, preparing objections to claims filed against the estates,
and representing the Debtors in negotiations concerning litigation
in which they are involved; and
(i) taking necessary actions to obtain approval of a disclosure
statement and confirmation of a Chapter 11 plan.
The firm's hourly rates are as follows:
Partners $1,200 to $1,725
Counsels $1,120 per hour
Associates $635 to $1,085 per hour
Paraprofessionals $185 to $565 per hour
Prior to the petition date, the firm received a retainer of
$600,000 from the Debtor. The firm will also receive reimbursement
for out-of-pocket expenses incurred.
Bojan Guzina, Esq., a partner at White & Case, 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:
Bojan Guzina, Esq.
Jason N. Zakia, Esq.
Gregory F. Pesce, Esq.
White & Case, LLP
111 South Wacker Drive Suite 5100
Chicago, IL 60606-4302
Tel: (312) 881-5400
Fax: (312) 881-5450
Email: bojan.guzina@whitecase.com
jzakia@whitecase.com
gregory.pesce@whitecase.com
About PWM Property Management LLC
PWM Property Management LLC and its affiliates are primarily
engaged in renting and leasing real estate properties. They own two
premium office buildings located at 245 Park Ave., New York City,
and 181 West Madison St., Chicago, Ill.
On Oct. 31, 2021, PWM Property Management and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM
estimated assets and liabilities of $1 billion to $10 billion as of
the bankruptcy filing.
The cases are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Young Conaway Stargatt &
Taylor, LLP as bankruptcy counsel; M3 Advisory Partners, LP as
restructuring advisor; and Omni Agent Solutions as claims, noticing
and administrative agent.
PWM PROPERTY: Seeks to Hire Young Conaway as Co-Counsel
-------------------------------------------------------
PWM Property Management, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Young Conaway Stargatt & Taylor, LLP as co-counsel with White &
Case, LLP.
The firm's services include:
a. providing legal advice with respect to the Debtors' powers
and duties in the continued operation of their business, management
of their properties, and the potential sale of their assets;
b. preparing a Chapter 11 plan, disclosure statement and other
legal papers;
c. appearing in court; and
d. performing all other legal services for the Debtors that may
be necessary in their Chapter 11 cases.
The firm's hourly rates are as follows:
Edmon L. Morton $920 per hour
Kenneth J. Enos $750 per hour
Allison S. Mielke $550 per hour
Katelin Morales $485 per hour
Brenda Walters, Paralegal $320 per hour
Young Conaway received a retainer in the amount of $50,000. The
firm will also receive reimbursement for out-of-pocket expenses
incurred.
Edmon Morton, Esq., a partner at Young Conaway, 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:
Edmon L. Morton, Esq.
Kenneth J. Enos, Esq.
Allison S. Mielke, Esq.
Young Conaway Stargatt & Taylor, LLP
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: emorton@ycst.com
kenos@ycst.com
amielke@ycst.com
About PWM Property Management LLC
PWM Property Management LLC and its affiliates are primarily
engaged in renting and leasing real estate properties. They own two
premium office buildings located at 245 Park Ave., New York City,
and 181 West Madison St., Chicago, Ill.
On Oct. 31, 2021, PWM Property Management and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM
estimated assets and liabilities of $1 billion to $10 billion as of
the bankruptcy filing.
The cases are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Young Conaway Stargatt &
Taylor, LLP as bankruptcy counsel; M3 Advisory Partners, LP as
restructuring advisor; and Omni Agent Solutions as claims, noticing
and administrative agent.
PWM PROPERTY: Taps M3 Advisory Partners as Restructuring Advisor
----------------------------------------------------------------
PWM Property Management, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ M3
Advisory Partners, LP as restructuring advisor.
The firm's services include:
(a) supervising, and if necessary, assisting the Debtors in the
development and administration of their short-term cash flow
forecasting and related methodologies as well as their cash
management planning;
(b) providing such assistance as reasonably may be required by
management of the Debtors in connection with (i) the development of
business plan, (ii) any restructuring plans and strategic
alternatives intended to maximize the enterprise value, and (iii)
any related forecasts that may be required by creditor
constituencies in connection with negotiations or by the Debtors
for other corporate purposes;
(c) supervising, and if necessary, assisting the professionals
who are representing the Debtors in the restructuring process;
(d) assisting, if required, the Debtors in communications and
negotiations with their outside constituents, including creditors,
lessees, prospective lessees, trade vendors and other creditors
and, with respect to each of the foregoing, their respective
advisors;
(e) assisting the Debtors in obtaining and presenting such
information as may be required by the parties in interest to the
Chapter 11 cases, including creditors' committees and the court;
(f) providing support to the Debtors in the preparation and
review of financial projections;
(g) providing advice to the Debtors on minimizing the overall
costs and time of a restructuring;
(h) in consultation with White & Case, LLP, supporting the
Debtors in creating detailed cashflow, balance sheet and financial
forecasts appropriate for the successful confirmation of a Chapter
11 plan; and
(i) other services customary for a restructuring advisor, which
include (i) providing testimony before the court and (ii)
providing, upon request, financial, operational, strategic and
restructuring updates related to the Debtors or their creditor
constituencies and advisors.
The firm's hourly rates are as follows:
Managing Partner $1,225 per hour
Senior Managing Director $1,100 per hour
Managing Director $925 to $1,050 per hour
Director $750 to $850 per hour
Vice President $675 per hour
Senior Associate $575 per hour
Associate $495 per hour
Analyst $395 per hour
M3 Advisory Partners will be paid a retainer in the amount of
$100,000 and reimbursed for out-of-pocket expenses incurred.
Mohsin Meghji, a partner at M3 Advisory Partners, 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:
Mohsin Y. Meghji
M3 Advisory Partners, LP
1700 Broadway, 19th Fl.
New York, NY 10019
Tel: (212) 202-2200
Fax: (212) 531-4532
Email: mmeghji@m3-partners.com
About PWM Property Management LLC
PWM Property Management LLC and its affiliates are primarily
engaged in renting and leasing real estate properties. They own two
premium office buildings located at 245 Park Ave., New York City,
and 181 West Madison St., Chicago, Ill.
On Oct. 31, 2021, PWM Property Management and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM
estimated assets and liabilities of $1 billion to $10 billion as of
the bankruptcy filing.
The cases are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Young Conaway Stargatt &
Taylor, LLP as bankruptcy counsel; M3 Advisory Partners, LP as
restructuring advisor; and Omni Agent Solutions as claims, noticing
and administrative agent.
PWM PROPERTY: Taps Omni Agent Solutions as Administrative Agent
---------------------------------------------------------------
PWM Property Management, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Omni Agent Solutions as administrative agent.
The firm's services include:
(a) assisting with, among other things, the 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.
The firm will be paid as follows:
Solicitation $205 per hour
Senior Consultants $165 to $200 per hour
Technology/Programming $85 to $135 per hour
Consultants $65 to $160 per hour
Analysts $35 to $50 per hour
The firm will be paid a retainer in the amount of $10,000 and
reimbursed for out-of-pocket expenses incurred.
Paul Deutch, a partner at Omni Agent Solutions, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Paul H. Deutch
Omni Agent Solutions
5955 De Soto Avenue, Suite 100
Woodland Hills, CA 91367
Tel: (818) 906-8300
About PWM Property Management LLC
PWM Property Management LLC and its affiliates are primarily
engaged in renting and leasing real estate properties. They own two
premium office buildings located at 245 Park Ave., New York City,
and 181 West Madison St., Chicago, Ill.
On Oct. 31, 2021, PWM Property Management and its affiliates sought
Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM
estimated assets and liabilities of $1 billion to $10 billion as of
the bankruptcy filing.
The cases are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Young Conaway Stargatt &
Taylor, LLP as bankruptcy counsel; M3 Advisory Partners, LP as
restructuring advisor; and Omni Agent Solutions as claims, noticing
and administrative agent.
REYNOLDS CONSUMER: S&P Alters Outlook to Neg., Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable on
U.S.-based Reynolds Consumer Products Inc. At the same time, S&P
affirmed all its ratings on the consumer products company,
including its 'BB+' issuer credit rating and 'BBB-' senior secured
issue-level ratings.
The negative outlook reflects the risk that commodity costs could
increase further, consumers could trade down to lower-margin
private label options given high inflation across the economy, and
competition could escalate. S&P could lower the rating if it
projected adjusted leverage would be sustained above 3x.
The rating affirmation reflects S&P's expectation that Reynolds
will restore profitability and credit metrics to levels consistent
with the rating. To recoup most of the approximately $450 million
in expected cost inflation this year, Reynolds has implemented
three price increases across most of its businesses, and a fourth
round goes into effect in the first quarter of 2022. Most of the
cost inflation is coming from input costs such as resins and
aluminum, with the balance from labor and supply chain
inefficiencies.
Management expects the Reynolds Cooking and Baking, Hefty
Tableware, and Presto units to fully recover the 2021 commodity
cost increases by the end of the first quarter of 2022. S&P
believes the Cooking and Baking segment's price increases will hold
because of its category dominance and solid brand equity. Presto
could lag expectations because it is a value-priced brand that
needs to maintain price gaps to branded competitors while Tableware
(which includes plastic cutlery) has high resin content and caters
somewhat to small businesses (including struggling independent
restaurants) that may be more price sensitive. The Hefty Waste and
Storage segment faces tough competition from category leader Glad
(Clorox Co.); S&P believes Reynolds' price increases in this
category will be more restrained and dependent on Glad's price
decisions.
S&P said, "Nevertheless, we still believe recovery in its largest
business (Cooking and Baking) along with at least partial recovery
in the remaining three segments should enable Reynolds to
strengthen profits relative to a difficult 2021--which saw S&P
Global Ratings-adjusted EBITDA in the nine months and quarter ended
Sept. 30, 2021, drop 17.5% and 30%, respectively. We forecast
adjusted leverage will fall slightly below 3x by the end of 2022,
compared with 3.4x as of Sept. 30, 2021, with further improvement
thereafter.
"We also recognize Reynolds's 2.0x-2.5x company-defined net
leverage target (compared with about 3.3x actual as of Sept. 30,
2021) and its repayment of about $335 million gross debt ($200
million net debt) since the IPO."
Several risks could nevertheless prevent Reynold's from restoring
profitability over the next year. Although S&P Global Ratings
economists expect inflation to ease next year, these
headwinds--which have overall escalated through 2021--could prove
more persistent than S&P assumes. The anticipated gross cost
increase in 2021 (before Reynolds' price increases; productivity
initiatives; and spending reductions, including advertising) is
equivalent to about two-thirds of 2020 reported EBITDA.
If these headwinds prove longer-lasting, Reynolds' profitability
could be depressed beyond 2022 as it continues to price at a lag to
its cost structure. Moreover, in the event of escalating prices
across the economy, consumers could trade down within Reynolds'
generally stable product categories to lower-margin private label
products that we believe carry margins that are up to 1,000 basis
points below its branded products. S&P estimates that branded
products account for about 55% of sales and store-brand products
about 45%. If these factors come to fruition, it could lead to an
inability on the part of the company to reduce leverage below 3x.
The negative outlook reflects the potential for a lower rating over
the next year if Reynolds is unable to restore profitability and
credit metrics closer to levels before the current highly
inflationary conditions materialized.
S&P could lower the rating if adjusted leverage were sustained
above 3x, which could result from:
-- Continued high inflation that the company is not able to
largely offset with price increases and productivity improvements,
or
-- Consumers trading down to private label products that carry
meaningfully lower profit margins.
Alternatively, while less likely, S&P could lower the rating if
Reynolds adopted more aggressive financial policies, including
substantial share repurchase activity.
S&P could revise the outlook to stable if Reynolds were able to
restore profitability and sustain adjusted leverage below 3x. This
could occur if:
-- Reynolds' price increases were accepted by consumers,
-- There were no significant shift to private label products,
-- Consumers continued healthy spending levels at retail despite
the probability of dining away from home increasing, and
-- Financial policy continued to support reducing leverage in line
with the company's target range.
RIVERBED TECHNOLOGIES: Cleared for Quick Chapter 11 Run in Delaware
-------------------------------------------------------------------
Jeff Montgomery, writing for Law360, reports that bankrupt
information tech venture Riverbed Technologies Inc. overcame a U.S.
Trustee objection Thursday, November 18, 2021, to its bid for a
Chapter 11 confirmation hearing 16 days after its Tuesday case
opening, with a judge in Delaware finding the company's position
fragile and its need for a quick case approval clear.
U.S. Bankruptcy Judge Craig T. Goldblatt noted during an initial
videoconference hearing for the case that the Bankruptcy Code
contemplated pre-packaged plans of the sort filed by Riverbed,
creating the possibility that 28-day notice periods for a
confirmation hearing on Dec. 3, 2021 could begin prior to a
bankruptcy filing.
About Riverbed Technology
Headquartered in San Francisco, California, Riverbed Technology,
Inc. is a leading provider of Wide Area Network (WAN) Optimization
and performance monitoring products and services. Riverbed's
30,000+ customers include 99% of the Fortune 100. Riverbed was
acquired by private equity funds Thoma Bravo and Teachers' Private
Capital in April 2015. Revenues were $713 million for the 12 months
ended Sept. 30, 2020.
Riverbed Technology Inc. and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 21-11503) on Nov. 16,
2021. In the petition signed by Dan Smoot as president and chief
executive officer, Riverbed Technology estimated $1 billion to $10
billion in assets and debt as of the bankruptcy filing.
KIRKLAND & ELLIS LLP is the Debtors' general bankruptcy counsel.
PACHULSKI STANG ZIEHL & JONES LLP is the local bankruptcy counsel.
ALIXPARTNERS, LLC, is the restructuring advisor; and GLC ADVISORS &
CO., LLC AND GLCA SECURITIES, LLC, is the financial advisor and
investment banker. BANKRUPTCY MANAGEMENT SOLUTIONS, INC., D/B/A
STRETTO, is the claims agent.
ROCKWORX INC: Obtains Interim OK to Use Cash Thru Feb 2022
----------------------------------------------------------
Judge Kimberley H. Tyson of the U.S. Bankruptcy Court for the
District of Colorado authorized Rockworx, Inc. to use cash
collateral through and including February 26, 2022.
The Debtor is permitted to use cash collateral pursuant to the
budget, with a 20% variance when projected spending is under $2,000
and 15% otherwise.
The Debtor's Secured Creditors -- Midwest Regional Bank and Amur
Equipment Finance, Inc.-- are granted replacement and/or substitute
liens in all of the Debtor's postpetition assets and proceeds
thereof, excluding avoidance causes of action. The replacement
liens will have the same validity, extent and priority that the
Secured Creditors possessed as to said liens on the Petition Date.
The Debtor has provided adequate evidence of its ability to obtain
sufficient business through the proposed period through February
26, 2022. In this period, the secured creditors are adequately
protected by the value of the Debtor's assets, by its continued
operation of the business and the maintaining of insurances.
A copy of the order is available for free at https://bit.ly/3nyBgB0
from PacerMonitor.com.
About Rockworx Inc.
Rockworx, Inc., an aggregate supplier in Pueblo, Colo., filed its
voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case
No. 21-14527) on Aug. 31, 2021, listing $1,310,706 in assets and
$1,310,706 in liabilities. Rockworx President Sean Dudley signed
the petition.
Judge Kimberley H. Tyson oversees the case.
The Fox Law Corporation, Inc. and Kutner Brinen Dickey Riley, P.C.
serve as the Debtor's lead bankruptcy counsel and local counsel,
respectively.
SEADRILL LIMITED: Chairman Robertson to Lead Board After Chapter 11
-------------------------------------------------------------------
Seadrill Limited (OSE:SDRL, OTCPK:SDRLF) announced Nov. 17 that a
new, independent, seven-member Board of Directors will assume
leadership of the new parent company of the Seadrill group upon
emergence from Chapter 11. Seadrill received confirmation of its
Plan of Reorganization on 26 October 2021 and is targeting
emergence early in 2022.
The Board will be comprised of the following individuals, who
collectively bring extensive industry and leadership experience:
Julie Johnson Robertson, Chair of the Board
Ms. Robertson is one of the most respected leaders in the offshore
drilling business, and she also was one of the highest ranking
female chief executives in the energy sector. Her career at Noble
and its predecessor companies spanned more than 40 years and many
roles, including Executive Chairman, President, and CEO. She
currently sits on the Board of Directors for EOG Resources and
Superior Energy Services. She is a resident of Houston, Texas.
Mark McCollum, Chair of Audit Committee
Mr. McCollum has extensive global OFSE experience and is an NYSE
financial expert who has chaired three different public-company
Audit Committees. He is a 17-year veteran of the oil and gas
industry, having most recently served as President and CEO of
Weatherford International. He also held several roles of prominence
at Halliburton, including EVP and CFO. He currently sits on the
Board of Directors for Westlake Chemical Corporation. He is a
resident of Houston, Texas.
Karen Dyrskjot Boesen
Ms. Boesen brings more than 20 years’ experience from finance and
commercial roles, and more recently general management roles,
within the Oil & Gas industry. She currently serves as the Group
Chief Financial Officer at Sonnedix Group. She has previously held
various CFO roles at TotalEnergies and A.P. Møller-Mærsk. She is
a resident of London, England.
Jean Cahuzac
Mr. Cahuzac is a highly regarded senior executive in the offshore
energy service industry. Until recently the CEO of Subsea 7, he
brings over 41 years in the industry having previously worked for
Transocean and Schlumberger in operational and management roles. He
currently sits on the Audit Committee at Subsea 7 and is a member
of the Board at Bourbon Maritime. He is a resident of Paris,
France.
Jan Kjaervik
Mr Kjærvik is an accomplished financial executive who brings over
35 years of experience in financial roles across the banking,
energy and maritime sectors. He was most recently Head of Treasury
& Risk for A.P. Møller-Mærsk and prior to that held similar role
at Aker Kværner/Solutions. He currently sits on the Board of
Directors for Høegh Autoliners. Previous directorships includes
Mærsk Supply Service, Mærsk Insurance, Danish Ship Finance and
Britannia PI. He is a resident of Oslo, Norway.
Andrew Schultz
Mr. Schultz is an experienced turnaround investor and executive, as
well as a seasoned director with extensive experience in stressed
and distressed situations. As a lawyer and investor, his career has
spanned many industries. He is very familiar with both the offshore
drilling sector and the E&P sector, serving as Board Chair for
Pacific Drilling and a Director for Vanguard Natural Resources.
Currently a professional non-executive director advisor, he sits on
a total of seven Boards. He is a resident of New Canaan,
Connecticut.
Paul Smith
Mr. Smith is a highly analytical and energetic financial leader who
brings depth and expertise in capital allocation, capital
structure, capital markets, and restructurings with a global track
record across various industries, including mining & metals, oil &
gas, and steel. Currently, he is Founder and Principal of
Collingwood Capital Partners which manages public and private
investments focused on resources, energy transformation, and
technology sectors. He had a nine-year career with Glencore,
culminating as CFO for Katanga Mining. He currently sits on the
Board for Trident Royalties. He is a resident of Zug, Switzerland.
Commenting on the new board, Seadrill Chief Executive Officer
Stuart Jackson said: “We look forward to welcoming this new Board
of Directors to help grow the Seadrill brand and execute on our
strategic priorities. The new Seadrill will start 2022 in a
position of strength and, together with our new Board, we will be
ready to focus on the reshaping of the industry."
About Seadrill Ltd.
Seadrill Limited (OSE: SDRL, OTCQX: SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.
On September 12, 2017, Seadrill Limited sought Chapter 11
protection after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.
Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.
In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.
Seadrill Partners LLC, a limited liability company formed by
deepwater drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
December 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.
On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection. Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.
Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).
Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.
In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May as co
corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk
LLC is the claims agent.
On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board. Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA
CapitalPartners, LLC as a financial advisor at the sole direction
of independent directors.
SERVICE PROPERTIES: S&P Lowers ICR to 'B+' on Liquidity Pressure
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Service
Properties Trust (SVC) to 'B+' from 'BB-'. At the same time, S&P
lowered its issue-level rating on the company's nonguaranteed
senior unsecured notes to 'B+' from 'BB-' and revised the recovery
rating to '4' from '3'.
S&P's issue-level rating on its guaranteed senior unsecured notes
of 'BB' is unchanged. It revised the recovery rating to '1' from
'2'.
S&P placed all of the ratings on this company, including the 'B+'
issuer credit rating, on CreditWatch with negative implications,
meaning we could either lower or affirm the ratings following the
completion of its review.
Significant near-term debt maturities drive liquidity concerns.
SVC's revolving credit facility matures in July 2022, and an
additional $500 million of senior unsecured notes are due in August
2022. The company fully drew on its $1 billion revolving credit
facility during the first quarter of 2021 as a precautionary
measure to preserve financial flexibility and liquidity before
breaching a covenant under its senior notes indenture that prevents
it from incurring additional debt. SVC obtained waivers for all its
covenants under the credit agreement through July 15, 2022, though
it remains in breach of the senior note covenant as of the end of
the third quarter. The company maintains more than $912 million
cash on the balance sheet from the revolver draw.
SVC is in the process of selling 68 Sonesta branded hotels that had
a net carrying value of $579 million as of Sept. 30, 2021, which it
expects to sell during the first quarter of 2022. These hotels
include 19 Sonesta Select properties, which are currently among the
weaker performing properties within the company's hotel portfolio.
The entire portfolio represented approximately 6% of hotel EBITDA
and 18% of the rooms and hotels pre-pandemic. Completing the asset
sales, which S&P thinks is achievable, is the first step toward a
successful refinancing of its credit facility and restoring
adequate liquidity. SVC would likely allocate proceeds toward debt
repayment.
SVC's hotel segment has shown signs of recovery, but uncertainty
remains. Operating performance within the company's hotel segment
continued to recover after EBITDA turned positive during the second
quarter of 2021. Average hotel occupancy increased 3.5%
sequentially to 60.1% in the third quarter, while the average daily
rate increased 13.7% to $114.55. Consequently, revenue per
available room (RevPAR) increased 20.8% to $68.84 from the second
quarter. Despite significant improvement during the third quarter,
comparable hotel RevPAR remains 30% below third quarter 2019
levels. S&P said, "We largely attribute the delta in performance
between the third quarter of 2021 and third quarter of 2019 to
business travel. While leisure demand has been relatively strong,
with occupancy of 75.3% during the third quarter for SVC's 160
extended-stay hotels, business travel has been very slow to return,
with occupancy rates of 48.9% for the company's 93 select-service
and 50.2% for its 51 full-service hotels. We think it remains
unclear how business travel will recover as businesses adapt to a
new working environment, and there is the possibility that demand
fails to return to pre-pandemic levels."
S&P applies a negative one-notch comparable ratings analysis
adjustment to its 'bb' anchor score on the company. This reflects
its expectation for heightened cash flow volatility at SVC and an
increased exposure to related parties following the termination of
its IHG Hotels & Resorts operating agreement.
Leverage remains elevated but should improve with asset sales and
better operating performance. The company's S&P Global
Ratings-adjusted debt to EBITDA was 16.7x as of Sept. 30, 2021, an
improvement from 18x the prior quarter. However, adjusted leverage
was 11.7x on an annualized basis for the third quarter,
illustrating the rapid improvement to EBITDA from the lows in the
first quarter of 2021. S&P projects a further gradual improvement
to operating performance and asset sales to materially reduce
leverage, with adjusted debt to EBITDA declining to below 10x by
year-end 2022.
CreditWatch
S&P will seek to resolve the CreditWatch listing upon the outcome
and timing of the company's planned asset sales. At that time, it
will reassess SVC's liquidity position and the impact to the
rating. The inability to complete planned asset sales in early 2022
could result in a multiple notch downgrade given additional
concerns related to liquidity.
STANTON GLENN: Seeks to Hire Marcus & Millichap as Realtor
----------------------------------------------------------
Stanton Glenn Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the District of Columbia to employ Marcus &
Millichap Real Estate Investment Services of North Carolina, Inc.
The Debtor requires the services of a realtor to market and sell a
379-unit apartment complex known as Stanton Glenn Apartments. The
property is located at 3040-3098 Stanton Road S.E., Washington,
DC.
The firm will be paid a commission of 1 percent of the purchase
price.
John Zupancic III, a partner at Marcus & Millichap, 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:
John M. Zupancic III
Marcus & Millichap Real Estate Investment
Services of North Carolina, Inc.
7200 Wisconsin Ave. Suite 1101
Bethesda, MD 20614
Tel: (202) 536-3700
About Stanton Glenn Limited Partnership
Stanton Glenn Limited Partnership is a single asset real estate
debtor (as defined in 11 U.S.C. Section 101(51B)). It is the fee
simple owner of a 379-unit apartment complex known as Stanton Glenn
Apartments located in Washington, DC. The property has a current
value of $40 million.
Stanton Glenn Limited Partnership filed its voluntary petition for
Chapter 11 protection (Bankr. D.C. 21-00261) on Oct. 29, 2021,
listing $40,503,154 in assets and $27,655,693 in liabilities.
Joseph Kisha, president, signed the petition.
Judge Elizabeth L. Gunn presides over the case.
Marc E. Albert, Esq., at Stinson LLP and Gamma Law Firm, PLLC serve
as the Debtor's bankruptcy counsel and special regulatory counsel,
respectively. MN Blum, LLC is the Debtor's accountant.
TRANSPLACE HOLDINGS: Moody's Withdraws B2 CFR on Debt Redemption
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Transplace
Holdings, Inc., including the company's B2 corporate family rating,
B2-PD probability of default rating, B1 senior secured 1st lien
bank credit facilities rating, Caa1 senior secured 2nd lien term
loan rating and the stable outlook following the full redemption of
its senior secured facilities.
The following ratings/assessments are affected by the action:
Ratings Withdrawn:
Issuer: Transplace Holdings, Inc.
Corporate Family Rating, Withdrawn, previously B2
Probability of Default Rating, Withdrawn, previously B2-PD
Senior Secured 1st Lien Bank Credit Facilities, Withdrawn,
previously B1 (LGD3)
Senior Secured 2nd Lien Bank Credit Facility, Withdrawn,
previously Caa1 (LGD5)
Outlook Actions:
Issuer: Transplace Holdings, Inc.
Outlook, Changed To Rating Withdrawn From Stable
RATINGS RATIONALE
Moody's has withdrawn all of Transplace's ratings following the
complete redemption of all its outstanding first and second lien
senior secured bank credit facilities, which occurred upon the
closing of Uber Freight's acquisition of Transplace for $2.25
billion on November 15, 2021.
Transplace Holdings, Inc., is a provider of transportation
logistics solutions in the US, Mexico and Canada. Service offerings
include transportation management and a variety of third-party
logistics solutions including international freight movement, truck
brokerage and intermodal. Net revenue for the latest months ended
June 30, 2021 was approximately $385 million.
The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.
TRIDENT HOLDINGS: Seeks to Hire Riggi Law Firm as Bankruptcy Counse
-------------------------------------------------------------------
Trident Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to employ Riggi Law Firm to serve as
legal counsel in its Chapter 11 case.
The firm's services include:
a. instituting, prosecuting or defending any contested matters
arising out of the bankruptcy proceeding in which the Debtor may be
a party;
b. assisting in the recovery of estate assets and obtaining
necessary court approval to recover and liquidate such assets;
c. assisting the Debtor in determining the priorities and status
of claims and in filing objections thereto where necessary;
d. preparing a disclosure statement and Chapter 11 plan; and
e. performing all other necessary legal services for the
Debtor.
The firm's hourly rates are as follows:
Partners $450 per hour
Associates $195 per hour
Paralegals $135 per hour
Riggi Law Firm will be paid a retainer in the amount of $12,045 and
reimbursed for out-of-pocket expenses incurred.
David Riggi, Esq., a partner at Riggi Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David A. Riggi, Esq.
Riggi Law Firm
5550 Painted Mirage Rd. Suite 320
Las Vegas, NV 89149
Tel: (702) 463-7777
Fax: (888) 306-7157
Email: RiggiLaw@gmail.com
About Trident Holdings LLC
Trident Holdings, LLC filed a petition for Chapter 11 protection
(Bankr. D. Nev. Case No. 21-14872) on Oct. 8, 2021, listing as much
as $10 million in both assets and liabilities. James Ronald Clark,
managing member of Trident Holdings, signed the petition.
Judge Natalie M. Cox oversees the case.
David A. Riggi, Esq., at Riggi Law Firm is the Debtor's legal
counsel.
UNIENERGY TECHNOLOGIES: Ad Hoc Committee Members Detail Claims
--------------------------------------------------------------
In the Chapter 11 cases of UniEnergy Technologies, LLC, the law
firms of Mayer Brown LLP and Hillis Clark Martin & Peterson P.S.
submitted a verified statement under Rule 2019 of the Federal Rules
of Bankruptcy Procedure, to disclose that they are representing
Aggreko, LLC, California Energy Storage Alliance, DAH Corporation
d/b/a ISOutsource, Forever Energy Inc., Mahi Pai LLC and Zephyr
LLC.
The members of the Ad Hoc Creditors' Committee came together in
response to UniEnergy Technologies, LLC's failure to satisfy its
ordinary course debts and other contractual obligations.
Specifically, each member holds an unsecured claim against the
Debtor that remains unpaid, in the collective amount of nearly
$300,000, as detailed further below. While individual members of
the Committee act independently, they are united by a desire to
hold the Debtor accountable for its obligations and maximize
recovery on their unpaid debts. Member Forever Energy Inc. took a
lead role in administering the Committee's formation given its
greater familiarity with a series of sham transactions whereby the
Debtor "went dark" without satisfying it obligations to creditors
and its assets were fraudulently transferred to insiders,
necessitating the filing of this Chapter 11 Case.
As of Nov. 17, 2021, members of the Ad Hoc Creditors' Committee and
their disclosable economic interests are:
a. Aggreko, LLC: 4607 West Admiral Doyle Drive, New Iberia,
LA 70650. Aggreko, LLC holds a claim for unpaid amounts
due in the amount of $146,370.51 as of October 14, 2021.
b. California Energy Storage Alliance: 2150 Allston Way,
Berkeley, CA 94704. CESA holds a claim for unpaid
membership fees in the amount of $14,500.00 as of October
14, 2021.
c. DAH Corporation d/b/a ISOutsource: 19119 North Creek
Parkway, Bothell, WA 98011. ISOutsource holds a claim for
unpaid IT products and services in the amount of
$16,364.53 as of October 14, 2021.
d. Forever Energy Inc.: 10900 NE 4th Street, 23rd Floor,
Bellevue, WA 98004. Forever Energy Inc. holds a claim for
breach of contract, among other things, under a
prepetition assignment agreement in an unliquidated amount
as of October 14, 2021. Forever Energy Inc. also holds a
claim acquired from DHL Global Forwarding for unpaid
amounts due in the amount of $13,129.07 as of October 14,
2021.
e. Mahi Pai LLC: 818 5th Street, Kirkland, WA 98033. Mahi Pai
LLC holds a claim for unpaid consulting fees in the amount
of $47,338.42 as of October 14, 2021.
f. Zephyr LLC: 8360 NE Meadow Ridge Road, Pineville, OR
97754. Zephyr LLC holds a claim for unpaid consulting fees
in the amount of $35,178.86 as of October 14, 2021.
The members of the Ad Hoc Creditors' Committee each retained common
counsel to represent them in this Chapter 11 Case, Mayer Brown LLP
and Hillis Clark Martin & Peterson P.S.
The Ad Hoc Creditors' Committee reserves the right to supplement
and amend this statement, as necessary, and as required under FRBP
2019(d).
Counsel to the Ad Hoc Creditors' Committee can be reached at:
HILLIS CLARK MARTIN & PETERSON P.S.
Bradley R. Duncan, Esq.
Amit D. Ranade, Esq.
999 Third Avenue, Suite 4600
Seattle, WA 98104
Tel: (206) 623-1745
E-mail: bradley.duncan@hcmp.com
amit.ranade@hcmp.com
- and -
MAYER BROWN LLP
Douglas Spelfogel, Esq.
Derek Wright, Esq.
1221 Avenue of the Americas
New York, NY 10020
Tel: (212) 506-2500
E-mail: dspelfogel@mayerbrown.com
dwright@mayerbrown.com
A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://bit.ly/3kXcZD8
About UniEnergy Technologies
UniEnergy Technologies, LLC, manufactures megawatt-scale energy
storage systems for utility, commercial, and industrial customers.
UniEnergy Technologies was subject to an involuntary Chapter 11
bankruptcy petition (Bankr. W.D. Wash. Case No. 21-11903-CMA) filed
on Oct. 14, 2021. The alleged creditors who signed the petition
are Aggreko, LLC, California Energy Storage Alliance, DAH
Corporation, Mahi Pai LLC, and Zephyr LLC.
HILLIS CLARK MARTIN & PETERSON P.S., led by Bradley R. Duncan, and
Douglas E. Spelfogel, serve as counsel to the petitioners.
UNIFIED SECURITY: Taps Michael Jay Berger as Legal Counsel
----------------------------------------------------------
Unified Security Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
the Law Offices of Michael Jay Berger to handle its Chapter 11
case.
The firm will charge $595 per hour for the services of its primary
attorney, Michael Jay Berger, Esq., and $200 per hour for paralegal
services. Meanwhile, the hourly rates for associates range from
$350 to $525.
The firm will also seek reimbursement for out-of-pocket expenses
incurred and a retainer in the amount of $20,000.
Mr. Berger disclosed in a court filing that his firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Fax: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About Unified Security Services Inc.
Hawthorne, Calif.-based Unified Security Services, Inc. provides in
person, on-site security personnel to corporations. It was founded
in February 2016 by Sherif Antoon.
Unified Security Services filed a petition for Chapter 11
protection (Bankr. C.D. Calif. Case No. 21-18392) on Nov. 2, 2021,
listing up to $50,000 in assets and up to $10 million in
liabilities. Sherif Antoon, president of Unified Security
Services, signed the petition.
Judge Sandra R. Klein oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
VERNON MEMORIAL HOSPITAL: S&P Raises Revenue Bonds Rating to 'BB+'
------------------------------------------------------------------
S&P Global Ratings raised its long-term rating to 'BB+' from 'BB'
on the Wisconsin Health and Educational Facilities Authority's
series 2014 hospital revenue bonds, issued for Vernon Memorial
Hospital (VMH). The outlook is stable.
"The upgrade reflects our view of the continued success of the
hospital's operational turnaround plan, which is notable given the
challenges stemming from the pandemic, in parallel with sustained
balance sheet strength and a stable, albeit limited, enterprise
profile," said S&P Global Ratings credit analyst Wendy Towber.
S&P said, "We view VMH's social risk to be elevated compared to its
peers, given that the hospital operates in a very limited primary
service area, with a population of fewer than 100,000. Management
reports vaccination rates at the hospital hover near 80% and that
leadership has not instituted a vaccination mandate as staffing is
already a challenge as with the broader industry. As with much of
the mid-west, VMH is experiencing a surge in positive COVID-19
cases and management is actively working to reposition staff to
meet demand. We believe that the fiscal 2018 technical covenant
default reflects governance risks which are higher than the sector
overall. That said, based on our conversation with management, we
view favorably the efforts currently underway to strengthen the
overall engagement of the board. Finally, we believe environmental
risks are neutral within our credit rating analysis recognizing
that while VMH operates one clinic in a flood area, prior receipt
of FEMA funding has allowed the hospital to put measures in place
that reduces the likelihood of damage from future flood events."
Vernon Memorial Healthcare, located in the city of Viroqua, Wis.
(the county seat of Vernon County) is a critical access hospital
approximately 35 miles southeast of LaCrosse.
VOS CRE I: Case Summary & 7 Unsecured Creditors
-----------------------------------------------
Debtor: VOS CRE I, LLC
771 NE Marine Dr
Boca Raton, FL 33431
Chapter 11 Petition Date: November 22, 2021
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 21-21082
Debtor's Counsel: Isaac Marcushamer, Esq.
DGIM LAW, PLLC
2875 NE 191 St. Suite 705
Aventura, FL 33180
Tel: 305-763-8708
Email: isaac@dgimlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by James Vosotas as authorized
representative.
A copy of the Debtor's list of seven unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/YQI2OBQ/VOS_CRE_I_LLC__flsbke-21-21082__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/Y3DM32I/VOS_CRE_I_LLC__flsbke-21-21082__0001.0.pdf?mcid=tGE4TAMA
WA INC: Seeks Approval to Hire Jerry Kanter as Accountant
---------------------------------------------------------
WA, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Ohio to employ Jerry Kanter, an accountant
practicing in Cincinnati, Ohio.
The Debtor requires an accountant to prepare its monthly operating
reports and tax returns and provide other services necessary to
administer its Chapter 11 case.
Mr. Kanter will be paid a monthly fee of $1,100 and reimbursed for
out-of-pocket expenses incurred.
In court papers, Mr. Kanter disclosed that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
Mr. Kanter holds office at:
Jerry Kanter
4439 Reading Rd.
Cincinnati, OH 45229
Tel: (513) 242-1160
About WA Inc.
Cincinnati, Ohio-based WA, Inc. filed its voluntary petition for
Chapter 11 protection (Bankr. S.D. Ohio Case No. 21-12122) on Oct.
1, 2021, listing up to $500,000 in assets and up to $10 million in
liabilities. Judge Jeffery P. Hopkins oversees the case.
Robert A. Goering, Esq., at Goering & Goering represents the Debtor
as legal counsel. The Debtor also tapped the services of Jerry
Kanter, an accountant practicing in Cincinnati, Ohio.
WEEKLEY HOMES: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Pos.
-------------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' issuer credit rating on
Weekley Homes LLC, with a positive outlook. S&P also affirmed the
'BB-' issue-level rating on the company's senior notes.
S&P's positive outlook assumes the company will maintain debt to
EBITDA below 2x amid relatively firm housing demand, while its
overall size, scale, and EBITDA margins improve toward levels
closer to its BB rated peers.
Weekley's 2021 should mark its second straight year with debt of
less than 2x EBITDA. S&P said, "We now forecast a 23% jump in 2021
EBITDA (after a 50%-plus spike in 2020), due to growth that's about
evenly split between revenues and margin (improvements). After debt
declined last year, we forecast spending increases over the coming
12-18 months will be funded mainly via cash flows and cash on hand,
but also through draws on its revolver."
Approaching the size, scale, and profit levels of 'BB' rated peers
remains a key upgrade hurdle. Recent and continuing revenue
increases at Weekley have lagged most peers', and our figures
suggest it has material (top-10) presence in fewer large markets
than in the past. Nor has it entered a new market since 2017.
Weekley operates in only a dozen states and, with only 20 markets,
its presence in many of these states is represented by a single
market (ex. Portland, Salt Lake City, Nashville). S&P estimates its
home state of TX still accounts for more than a third of revenues.
The resulting lack of pricing power and cost synergies continues to
have a measurable impact on EBITDA margins, which despite ongoing
improvements into the 12%-13% level, remain below profit levels for
even lower-rated credits.
The pick-up in spending on land and development already underway
should result in discretionary cash out-flows through 2022. Weekley
is rebuilding community counts that were reduced in part by a surge
in home demand that began in mid-2020. S&P anticipates inventories
(of land, homes) will increase by at least $350 million by the end
of next year (2022) to satisfy continuing demand--as characterized
by Weekley's 43% one-year jump in backlog recently (June 2021).
Yet, even with EBITDA improvements expected to slow next year, debt
to EBITDA should stay around recent levels of 1.6-1.7x through
2022.
S&P said, "We base our positive outlook on Weekley Homes on our
view that 2021 debt to EBITDA will remain below 2x and EBITDA will
cover interest by 6x-7x. We expect little, if any, change in
Weekley's geographic footprint, and that the pick-up in
growth-related spending will only maintain its existing geographic
footprint."
For an upgrade to 'BB' over the next 12- to 18 months, Weekley's
scale and presence in key top-50 markets should approach 'BB' rated
builders (e.g., KB Home, Mattamy Group) even as improved profit
levels help keep debt to EBITDA below 2x.
S&P could revise the outlook back to stable if prospective debt to
EBITDA climbed back above 2x. This could occur if EBITDA returned
to below $300 million, if, for example, forecasted profit
improvements fail to materialize, causing EBITDA to return to its
2020 level.
WILDBRAIN LTD: Fitch Alters Outlook on 'B+' LT IDR to Stable
------------------------------------------------------------
Fitch Ratings has revised WildBrain Ltd's Rating Outlook to Stable
from Negative. Fitch has also affirmed the Long-Term (LT) Issuer
Default Rating (IDR) at 'B+' and the 'BB+'/'RR1' senior secured
issue ratings.
The rating action reflects WildBrain's delevering efforts, bringing
Fitch-calculated leverage to 8.0x at Sept. 30, 2021. Leverage had
increased to 9.3x at Dec. 31, 2020 from 6.9x due to Fitch's
adjustments to its leverage calculations to account for IFRS 16's
lease treatment. Fitch expects leverage to continue declining,
reaching 6.8x by FYE June 30, 2022 and 5.9x by FYE ended June 30,
2023 in line with Fitch's prior expectations.
KEY RATING DRIVERS
Coronavirus's Waning Impact: The coronavirus pandemic had a
targeted, but material, impact on WildBrain's operating
performance, primarily the WildBrain Spark segment. The pandemic's
impact on the overall advertising market, coupled with changes to
YouTube's Made for Kids advertising policies more than offset an
increase in WildBrain Spark's viewership, resulting in a 10%
revenue decline in FYE June 30, 2020.
WildBrain returned to revenue and EBITDA growth in the quarter
ended Dec. 31, 2020, as economic and operating conditions
normalized and the pandemic's effect on the ad market receded, in
line with Fitch expectations. The improvement was also driven by
continued increasing value for children's programming and expanding
viewership via advertising-based video on demand (AVOD) and
subscription video on demand (SVOD) platforms. Fitch notes
WildBrain Spark has exhibited sequential quarterly revenue
improvement since the quarter ended Sept. 30, 2020, as it adjusts
to changes in YouTube's advertising policies.
Vertically Integrated Platform: WildBrain develops and creates
content for itself and others, delivering between 175 to 225 half
hours annually to more than 500 global broadcasters and streaming
services including Netflix and Apple TV+. This fresh content
expands the world's largest independent children's programming
library, with more than 13,000 half hours of children's programming
and more than 3,000 consumer product licensees. The company
distributes programming globally to linear and digital video
outlets, including WildBrain Spark, the largest proprietary network
of children's content on YouTube, and four pay-TV Canadian
channels. The company also provides licensing and merchandising for
intellectual property (IP) it both owns and represents.
Strong Defensible Brand Recognition: WildBrain owns some of the
industry's most iconic children's programming brands representing
unique IP with global exposure that is virtually impossible to
recreate. Brands include 'Strawberry Shortcake', 'Caillou', 'Yo
Gabba Gabba!', and 'Inspector Gadget'. WildBrain also currently
holds a 41% interest in 'Peanuts', the world's sixth largest
character brand. WildBrain's vertically integrated platform
provides diversification across a broad product and content
offering, expansive geographic reach and deep customer base.
Children's Programming Growth: WildBrain is well-positioned to
capitalize on continued growth in spending on children's
programming by linear and digital platforms. Spending on
children's/family programming grew at an 18% four-year CAGR through
2019, continuing to exceed overall total content growth.
Over-the-top (OTT) networks have also made significant children's
programming investments as part of their destination branding
efforts; the company has relationships with several, including
Netflix and Apple TV+. Finally, children are increasingly directly
accessing content on the internet with YouTube becoming a
centralized destination for online children's viewing.
Content Production Costs: Many competitors have deeper funding
access as they are part of larger better-capitalized conglomerates.
However, WildBrain aims to cover 85% of hard content production
costs with government tax credits, only available to Canadian
content producers, and licensing contract receivables.
To account for cash variances, the company uses Interim Production
Facilities (IPF) to fund shortfalls until the tax credits are
collected and the IPF is repaid as required. IPF's are nonrecourse
subordinated loans made to special purpose vehicles (SPVs)
specifically created for each show's season and are secured by tax
credits associated with the season. As of Sept. 30, 2021, the
company had CAD73.8 million of IPFs, secured by licensing contract
and tax credit receivables, which Fitch includes in its leverage
calculations.
Leverage Exceeds Sensitivities: Fitch-defined total leverage,
calculated as total debt with equity credit/operating EBITDA, at
Sept. 30, 2021 was 8.0x. However, this represents a significant
improvement from 9.3x at Dec. 31, 2020 and is in line with Fitch's
previous expectations. Fitch notes the heightened leverage is
primarily attributable to Fitch's revised treatment of leases under
IFRS 16, and that Fitch-calculated leverage excluding the lease
change was 7.0x. Fitch's Rating Sensitivities reflect the impact of
the accounting change and place greater emphasis on cash flow-based
metrics. As such, Fitch-calculated (cash flow from operations -
capex)/total debt was 10.7% at Dec. 31, 2020.
Significant Debt Repayment: WildBrain has reduced debt from a peak
of CAD1.109 billion at June 30, 2017 to CAD599 million at Sept. 30,
2021. The peak was driven by the debt-funded acquisition of an 80%
interest in the 'Peanuts' brand (20% continues to be owned by
members of the Charles Schulz family who maintain final strategic
input) and 100% of the 'Strawberry Shortcake' brand for CAD466
million, or 12x EBITDA. The debt reductions have been primarily
funded by asset sale net proceeds, including CAD214 million from
the sale of 49% of its interest in the 'Peanuts' brand to Sony
Music Entertainment (Japan) Inc. (Sony), and FCF.
DERIVATION SUMMARY
WildBrain is weakly positioned against major global peers on most
comparatives given its relative lack of scale and elevated
leverage. Many of its competitors have deeper access to production
funding as part of larger, better capitalized diversified
conglomerates. However, the company benefits from its broad
collection of iconic global brands, diverse revenue sources and
customer base, strong industry position within its business
segments and vertically integrated platform. Fitch believes the
company is well positioned overall to continue exploiting the
ongoing positive growth characteristics of the children's
programming subsector.
As a Canadian company, WildBrain has access to Canadian incentive
programs and tax credits to fund a significant portion of their
content production costs. However, WildBrain's reliance on this
funding source is declining, and with it the risk to its own
balance sheet, as the company has increased its focus on creating
premium content for SVOD providers that cover in excess of the full
production costs. No Country Ceiling or parent/subsidiary aspects
affect the rating.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- The base case reflects the mid-point of WildBrain's fiscal
year 2022 guidance, which Fitch believes is achievable;
For fiscal year 2023, Fitch assumes mid-teens revenue growth and
mid- to high-single digit revenue growth thereafter driven by:
1) mid-single digit growth in content production and distribution
resulting from the company's strategic focus on premium content
production;
2) 20%+ growth at WildBrain Spark through fiscal year 2023,
slowing to high single digits by fiscal year 2025;
3) similar growth trajectory in owned IP Consumer Products,
primarily 'Peanuts'; and
4) low-single digit declines in Broadcasting as overall softness
in Cable Networks more than offsets the increased commercial
load.
-- Margin improvement driven by increased economies of scale and
product mix shift as owned IP consumer products carry higher
margins;
-- FCF margin improvement supported by the EBITDA margin growth
and limited capital investment requirements;
-- No new M&A over the rating horizon;
-- (Cash flow from operations - capex)/total debt with equity
credit improves to the mid-teens by fiscal year 2025;
-- Total debt with equity credit/operating EBITDA, as adjusted
for IFRS 16, declines below 6.0x during the fiscal year ended
June 30, 2023 (no change from prior expectations).
KEY RECOVERY RATING ASSUMPTIONS
The recovery analysis assumes that WildBrain would be considered a
going concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch assumed a 10%
administrative claim. Fitch's recovery analysis estimates a going
concern enterprise value for a reorganized firm of approximately
CAD560 million.
Fitch assumes a mid-single-digit decline in revenues driven by the
loss of a major OTT contract and a decline in consumer product
sales driven by a recession. Fitch also assumes the company is
unable to quickly reduce costs, leading margins to decline by 400
bp to 22%. EBITDA after minority interests therefore declines to
CAD70 million.
Fitch assumes WildBrain will receive a going concern multiple of 8x
EBITDA, reflecting several factors. WildBrain owns some of the
industry's most iconic children's programming brands representing
unique IP with global exposure that is virtually impossible to
recreate
Content creators are acquired at lofty multiples, especially if
their IP is difficult to recreate. Children's programming creators
are especially valuable, as spending on children's and family
programming by U.S. linear cable networks grew at a 7.9% four-year
CAGR through 2016, exceeding overall total content growth of 6.3%.
In addition, OTT networks have made significant investments in
children's programming as part of their destination branding
efforts.
Content acquisition examples include several by The Walt Disney
Company — Pixar for USD7.4 billion, at 23x Fitch-calculated
EBITDA, in 2006; Marvel Entertainment, Inc. for USD4 billion, at
high-teens market multiple estimates, in 2009; Lucasfilm Limited
for USD4.1 billion, at low-teens estimates, in 2012; and certain
Twenty-First Century Fox assets, primarily content creation, for
USD85 billion, at low-teens estimates, in 2018. Comcast acquired
DreamWorks Animation SKG, Inc. for USD4.1 billion, at mid-twenties
estimates, in 2016. Finally, Moonbug, a global children's content
creator and distributor, announced in November 2021 it was being
acquired by a SPAC backed by Blackstone Group, the same entity that
acquired the Hello Sunshine production banner for $900 million.
Although details of the Moonbug transaction were not publicly
disclosed, valuation estimates ranged from $2.75 to $3.00 billion.
The 8x multiple also reflects the fact that children are
increasingly directly accessing content on the internet, with
YouTube becoming a centralized destination for online children's
programming viewing. To that end, 'WildBrain,' the company's
digital network and studio, is one of YouTube's largest children's
programming networks with 7.6 billion total global views in August
and September 2021 and 20 billion minutes of video watched monthly
on more than 800 channels.
Fitch assumes a fully drawn revolving credit facility of CAD40
million in its recovery analysis, as credit revolvers are tapped
while companies are under distress. As of Sept. 30, 2021, the
company had no outstanding borrowings under its revolving facility,
CAD361 million in secured bank debt, CAD140 million of unsecured
debentures and CAD23.6 million of exchangeable debentures.
Fitch excludes WildBrain's IPFs, totaling CAD74 million, from the
recovery analysis, as they are secured by assets directly related
to specific programming content. IPFs are nonrecourse subordinated
loans made to SPVs specifically created for each show's season that
are used to fund content creation cash shortfalls until associated
tax credits are collected and the IPF is repaid as required. Each
IPF is secured by assets associated with that particular season,
including Canadian federal and provincial tax credits and licensing
contract receivables covering approximately 85% of WildBrain's
content creation cash outlays, along with any restricted cash held
in the SPV.
The recovery analysis results in an 'RR1' Recovery Rating for the
company's secured credit facilities, implying expectations for 100%
recovery. The 'RR1' Recovery Rating corresponds to a three-notch
uplift from WildBrain's IDR of 'B+', resulting in a 'BB+' issue
rating. Fitch does not rate the IPFs, the exchangeables or the
unsecured debentures.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- (Cash flow from operations - capex)/total debt sustained near
or above 7.5%;
-- Favorable sector tailwinds leading to strong revenue growth
and EBITDA and FCF expansion as the company benefits from
economies of scale.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- (Cash flow from operations - capex)/total debt below 5%;
-- Fitch-calculated total leverage (total debt with equity
credit/operating EBITDA) not moving toward 6.0x over the next
12 months;
-- Sustained weakness of the operating profile, particularly
within the WildBrain Spark segment, evidence by continued
revenue declines and limited margin expansion.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: As of Sept. 30, 2021, the company had CAD78
million of cash and full capacity under its CAD40 million (USD30
million) revolver. Since acquiring Peanuts in 2017, the company has
prepaid roughly CAD510 million of debt, significantly reducing
interest payments. The lower interest payments, low capex
requirements of less than 2.0% of revenues and the lack of a
dividend generate strong FCF conversion metrics. Fitch believes the
company will generate enough cash over the ratings case to cover
internal operating and investment needs and repay additional debt.
ISSUER PROFILE
WildBrain is an independent creator and distributor of children's
programming including Peanuts, Strawberry Shortcake and Caillou.
WildBrain owns the world's largest independent children's content
library, licenses its IP across video distributors and consumer
products and owns one of YouTube's largest children's content
networks.
ESG Considerations
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
WILLCO X DEVELOPMENT: Court OKs Deal on Cash Collateral Use
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Colorado has approved
the stipulation between Willco X Development LLP and Independent
Bank to extend the terms of the agreed interim order authorizing
the Debtor's use of cash collateral and providing adequate
protection.
On October 9, 2020, the Debtor filed its Motion to Approve
Stipulated Interim Order for Use of Cash Collateral. There were no
objections to the Motion and a Cash Collateral Order was entered on
October 29.
The Debtor and the Secured Lender have worked to insure that the
terms of the original Cash Collateral Order are performed and
complied with, and the parties agreed to extend the Cash Collateral
Order without alteration to its terms to and including December 31,
2021, provided the parties remain in compliance with the Order.
The Budget referenced in the Cash Collateral Order is modified to
include and reference the updated Budget.
A copy of the stipulation is available for free at
https://bit.ly/30JTNBe from PacerMonitor.com.
A copy of the order is available for free at https://bit.ly/3DyxY6l
from PacerMonitor.com.
About Willco X Development LLP
Willco X Development, LLLP, operator of the Hilton Garden Inn of
Thornton in Colo., filed a Chapter 11 petition (Bankr. D. Colo.
Case No. 20-16438) on Sept. 29, 2020. The Debtor was estimated to
have $10 million to $50 million in assets and liabilities as of the
bankruptcy filing.
Judge Thomas B. McNamara oversees the case.
Weinman & Associates, P.C., led by Jeffrey A. Weinman, is the
Debtor's legal counsel.
Independent Bank, as lender, is represented by John F. Young, Esq.,
at Markus Williams Young & Hunsicker LLC.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN 1A8 GR 81.2 (39.7) 64.0
ACCELERATE DIAGN AXDX US 81.2 (39.7) 64.0
ACCELERATE DIAGN 1A8 SW 81.2 (39.7) 64.0
ACCELERATE DIAGN AXDX* MM 81.2 (39.7) 64.0
ACCELERATE DIAGN 1A8 TH 81.2 (39.7) 64.0
ACCELERATE DIAGN 1A8 QT 81.2 (39.7) 64.0
ADAMAS PHARMACEU ADMS US 144.0 (21.6) 84.2
ADAMAS PHARMACEU 136 GR 144.0 (21.6) 84.2
ADAMAS PHARMACEU ADMSEUR EU 144.0 (21.6) 84.2
ADAMAS PHARMACEU 136 TH 144.0 (21.6) 84.2
ADAMAS PHARMACEU 136 GZ 144.0 (21.6) 84.2
AEMETIS INC DW51 GR 147.0 (132.1) (57.6)
AEMETIS INC AMTX US 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EZ 147.0 (132.1) (57.6)
AEMETIS INC AMTXGEUR EU 147.0 (132.1) (57.6)
AEMETIS INC DW51 GZ 147.0 (132.1) (57.6)
AEMETIS INC DW51 TH 147.0 (132.1) (57.6)
AEMETIS INC DW51 QT 147.0 (132.1) (57.6)
AERIE PHARMACEUT AERIEUR EU 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 GR 351.8 (72.9) 157.8
AERIE PHARMACEUT AERI US 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 GZ 351.8 (72.9) 157.8
AERIE PHARMACEUT AERIEUR EZ 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 TH 351.8 (72.9) 157.8
AERIE PHARMACEUT 0P0 QT 351.8 (72.9) 157.8
AEROCENTURY CORP ACY US 58.7 (26.2) -
AGRIFY CORP AGFY US 159.3 134.7 109.9
ALDEL FINANCIA-A ADF US 117.4 102.3 1.1
ALDEL FINANCIAL ADF/U US 117.4 102.3 1.1
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)
ALTENERGY ACQUIS AEAEU US 0.325 (0.060) (0.060)
ALTICE USA INC-A ATUS* MM 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA GZ 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A ATUS US 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A ATUSEUR EU 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA GR 33,432.7 (1,132.7) (2,824.2)
ALTICE USA INC-A 15PA TH 33,432.7 (1,132.7) (2,824.2)
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 PHM7 GR 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 MO* MM 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 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 GR 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC* MM 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 TH 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 QT 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC4EUR EU 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AH9 GZ 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN AMC-RM RM 11,057.5 (1,642.7) 173.8
AMC ENTERTAINMEN A2MC34 BZ 11,057.5 (1,642.7) 173.8
AMERICA'S CAR-MA CRMT US 976.9 (277.5) 648.6
AMERICAN AIR-BDR AALL34 BZ 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 A1G QT 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
AMERICAN AIRLINE AAL_KZ KZ 68,437.0 (7,437.0) 257.0
AMYRIS INC AMRS US 542.3 (53.3) (182.0)
AMYRIS INC 3A01 GR 542.3 (53.3) (182.0)
AMYRIS INC 3A01 TH 542.3 (53.3) (182.0)
AMYRIS INC 3A01 QT 542.3 (53.3) (182.0)
AMYRIS INC AMRSEUR EU 542.3 (53.3) (182.0)
AMYRIS INC AMRSEUR EZ 542.3 (53.3) (182.0)
AMYRIS INC 3A01 GZ 542.3 (53.3) (182.0)
AMYRIS INC AMRS* MM 542.3 (53.3) (182.0)
APELLIS PHARMACE APLS US 525.7 (57.3) 381.2
APELLIS PHARMACE 1JK TH 525.7 (57.3) 381.2
APELLIS PHARMACE 1JK GR 525.7 (57.3) 381.2
APELLIS PHARMACE APLSEUR EU 525.7 (57.3) 381.2
APOLLO ENDOSURGE APEN US 71.1 (0.1) 39.0
APOLLO ENDOSURGE HQ8F GR 71.1 (0.1) 39.0
APOLLO ENDOSURGE APEN1EUR EU 71.1 (0.1) 39.0
APOLLO ENDOSURGE HQ8F TH 71.1 (0.1) 39.0
AQUESTIVE THERAP AQST US 65.3 (60.3) 25.2
ARCH BIOPARTNERS ARCH CN 2.7 (4.8) (1.4)
ARCH BIOPARTNERS ACHFF US 2.7 (4.8) (1.4)
ARCHIMEDES TECH ATSPU US 133.8 133.5 0.6
ARCHIMEDES- SUB ATSPT US 133.8 133.5 0.6
ARTERIS INC AIP US - - -
ATHENA BITCOIN G ABIT US 0.011 (1.578) (1.578)
ATLAS TECHNICAL ATCX US 420.1 (144.9) 103.2
AUSTERLITZ ACQ-A AUS US 691.0 610.6 (3.2)
AUSTERLITZ ACQUI AUS/U US 691.0 610.6 (3.2)
AUTOZONE INC AZO US 14,516.2 (1,797.5) (954.5)
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 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 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD GR 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD TH 248.9 (126.4) (6.5)
AVID TECHNOLOGY AVD GZ 248.9 (126.4) (6.5)
AVIS BUD-CEDEAR CAR AR 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR US 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA QT 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR2EUR EU 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA GR 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR* MM 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA SW 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CAR2EUR EZ 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA TH 21,610.0 (198.0) (231.0)
AVIS BUDGET GROU CUCA GZ 21,610.0 (198.0) (231.0)
BACKBLAZE INC-A BLZE US - - -
BATH & BODY WORK BBWI US 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LTD0 TH 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LBEUR EU 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LTD0 GR 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK BBWI* MM 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LTD0 QT 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LBEUR EZ 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK BBWI AV 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK LTD0 GZ 6,030.6 (1,677.3) 1,548.8
BATH & BODY WORK BBWI-RM RM 6,030.6 (1,677.3) 1,548.8
BAUSCH HEALTH CO BVF GR 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BHC US 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BHC CN 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX SW 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BHCN MM 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX1EUR EU 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF QT 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO VRX1EUR EZ 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF GZ 29,252.0 (135.0) (113.0)
BAUSCH HEALTH CO BVF TH 29,252.0 (135.0) (113.0)
BELLRING BRAND-A BR6 GR 696.5 (65.5) 136.8
BELLRING BRAND-A BR6 GZ 696.5 (65.5) 136.8
BELLRING BRAND-A BRBR1EUR EU 696.5 (65.5) 136.8
BELLRING BRAND-A BRBR US 696.5 (65.5) 136.8
BELLRING BRAND-A BR6 TH 696.5 (65.5) 136.8
BENEFITFOCUS INC BNFT US 252.4 (2.0) 65.9
BENEFITFOCUS INC BTF GR 252.4 (2.0) 65.9
BENEFITFOCUS INC BNFTEUR EU 252.4 (2.0) 65.9
BIOCRYST PHARM BCRX US 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 GR 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 TH 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 QT 265.8 (147.0) 119.1
BIOCRYST PHARM BCRXEUR EU 265.8 (147.0) 119.1
BIOCRYST PHARM BO1 SW 265.8 (147.0) 119.1
BIOCRYST PHARM BCRX* MM 265.8 (147.0) 119.1
BIOCRYST PHARM BCRXEUR EZ 265.8 (147.0) 119.1
BIOHAVEN PHARMAC BHVN US 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC 2VN GR 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC BHVNEUR EU 1,131.2 (531.2) 482.1
BIOHAVEN PHARMAC 2VN TH 1,131.2 (531.2) 482.1
BLACKSKY TECHNOL BKSY US 323.7 152.8 183.0
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)
BLUEACACIA LTD BLEUU US 254.7 (7.8) (7.8)
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 BCO GR 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 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 BA_KZ KZ 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 781.5 (735.9) 543.9
BRIDGEBIO PHARMA BBIOEUR EU 781.5 (735.9) 543.9
BRIDGEBIO PHARMA 2CL GZ 781.5 (735.9) 543.9
BRIDGEBIO PHARMA 2CL TH 781.5 (735.9) 543.9
BRIDGEBIO PHARMA BBIO US 781.5 (735.9) 543.9
BRIDGEMARQ REAL BRE CN 84.3 (55.8) 9.9
BRINKER INTL EAT US 2,339.4 (325.5) (329.9)
BRINKER INTL BKJ GR 2,339.4 (325.5) (329.9)
BRINKER INTL EAT2EUR EZ 2,339.4 (325.5) (329.9)
BRINKER INTL EAT2EUR EU 2,339.4 (325.5) (329.9)
BRINKER INTL BKJ QT 2,339.4 (325.5) (329.9)
BRINKER INTL BKJ TH 2,339.4 (325.5) (329.9)
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 DOOO US 4,253.2 (418.0) 168.4
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 B15A TH 4,253.2 (418.0) 168.4
CALUMET SPECIALT CLMT US 1,833.9 (300.2) (273.4)
CARBON STREAMING OFSTF 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)
CASPER SLEEP INC CSPR US 220.0 (43.0) (23.9)
CEDAR FAIR LP FUN US 2,814.5 (682.6) 331.8
CENGAGE LEARNING CNGO US 2,804.1 (237.0) 197.1
CENTRUS ENERGY-A 4CU TH 487.2 (229.1) 79.0
CENTRUS ENERGY-A 4CU GR 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEU US 487.2 (229.1) 79.0
CENTRUS ENERGY-A LEUEUR EU 487.2 (229.1) 79.0
CEREVEL THERAPEU CERE US 733.5 629.1 644.2
CHOICE CONSOLIDA CDXX-U/U CN 173.8 (3.3) -
CHOICE CONSOLIDA CDXXF US 173.8 (3.3) -
CINEPLEX INC CX0 GR 2,108.8 (199.8) (351.0)
CINEPLEX INC CPXGF US 2,108.8 (199.8) (351.0)
CINEPLEX INC CGX CN 2,108.8 (199.8) (351.0)
CINEPLEX INC CX0 TH 2,108.8 (199.8) (351.0)
CINEPLEX INC CGXEUR EU 2,108.8 (199.8) (351.0)
CINEPLEX INC CGXN MM 2,108.8 (199.8) (351.0)
CINEPLEX INC CX0 GZ 2,108.8 (199.8) (351.0)
CLEAR CHANNEL OU CCO US 5,365.3 (3,287.8) 110.8
CLEARWATER AN-A CWAN US 326.6 242.4 272.9
CLINIGENCE HOLDI CLNH US 83.3 73.9 5.1
CLOVIS ONCOLOGY CLVS US 508.0 (225.5) 118.0
CLOVIS ONCOLOGY CLVSEUR EU 508.0 (225.5) 118.0
CLOVIS ONCOLOGY C6O TH 508.0 (225.5) 118.0
CLOVIS ONCOLOGY CLVSEUR EZ 508.0 (225.5) 118.0
CLOVIS ONCOLOGY C6O QT 508.0 (225.5) 118.0
COEPTIS THERAPEU COEP US 0.2 (0.6) (0.6)
COGENT COMMUNICA OGM1 GR 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOI US 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOIEUR EU 1,008.7 (356.8) 337.1
COGENT COMMUNICA CCOI* MM 1,008.7 (356.8) 337.1
COGNITION THERAP CGTX US 13.4 (2.0) 5.6
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) -
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 252.3 (122.5) 86.0
CPI CARD GROUP I CPB1 GR 252.3 (122.5) 86.0
CPI CARD GROUP I PMTSEUR EU 252.3 (122.5) 86.0
CRIXUS BH3 ACQUI BHACU US 0.346 (0.006) (0.335)
CRUCIAL INNOVATI CINV US - (0.014) (0.014)
D2L INC DTOL CN 108.1 (226.3) (27.3)
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)
DEEP MEDICINE AC DMAQU US 0.535 (0.026) 0.480
DELEK LOGISTICS DKL US 930.5 (104.8) (61.5)
DENNY'S CORP DENN US 411.0 (89.6) (43.5)
DENNY'S CORP DE8 GR 411.0 (89.6) (43.5)
DENNY'S CORP DENNEUR EU 411.0 (89.6) (43.5)
DENNY'S CORP DE8 TH 411.0 (89.6) (43.5)
DENNY'S CORP DE8 GZ 411.0 (89.6) (43.5)
DIALOGUE HEALTH CARE CN 142.0 126.1 112.3
DIEBOLD NIXDORF DBD GR 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD US 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD QT 3,586.9 (863.5) 361.6
DIEBOLD NIXDORF DBD TH 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 267.9 (46.2) 19.5
DINE BRANDS GLOB DIN US 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP GR 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP TH 1,922.5 (254.3) 148.7
DINE BRANDS GLOB IHP GZ 1,922.5 (254.3) 148.7
DOMINO'S P - BDR D2PZ34 BZ 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 QT 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
DOMINO'S PIZZA EZV TH 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 DOMOEUR EU 206.8 (101.5) (38.5)
DOMO INC- CL B 1ON GZ 206.8 (101.5) (38.5)
DOMO INC- CL B 1ON TH 206.8 (101.5) (38.5)
DROPBOX INC-A 1Q5 SW 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 TH 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 QT 3,339.1 (162.6) 881.2
DROPBOX INC-A DBXEUR EU 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX AV 3,339.1 (162.6) 881.2
DROPBOX INC-A DBXEUR EZ 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX US 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 GR 3,339.1 (162.6) 881.2
DROPBOX INC-A DBX* MM 3,339.1 (162.6) 881.2
DROPBOX INC-A 1Q5 GZ 3,339.1 (162.6) 881.2
DTRT HEALTH AC-A DTRT US 0.4 (0.0) (0.4)
DTRT HEALTH ACQU DTRTU US 0.4 (0.0) (0.4)
EAST RESOURCES A ERESU US 345.3 (40.5) (40.5)
EAST RESOURCES-A ERES US 345.3 (40.5) (40.5)
EFFECTOR THERAPE EFTR US 59.9 (7.7) 12.6
EFFECTOR THERAPE EFTREUR EU 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 TH 59.9 (7.7) 12.6
EFFECTOR THERAPE LWK1 GR 59.9 (7.7) 12.6
ESPERION THERAPE 0ET GR 225.3 (362.7) 92.2
ESPERION THERAPE ESPREUR EU 225.3 (362.7) 92.2
ESPERION THERAPE 0ET TH 225.3 (362.7) 92.2
ESPERION THERAPE 0ET QT 225.3 (362.7) 92.2
ESPERION THERAPE 0ET SW 225.3 (362.7) 92.2
ESPERION THERAPE ESPREUR EZ 225.3 (362.7) 92.2
ESPERION THERAPE ESPR US 225.3 (362.7) 92.2
ESPERION THERAPE 0ET GZ 225.3 (362.7) 92.2
EXCELFIN ACQUISI XFINU US 0.4 (0.1) (0.5)
EXPRESS INC 02Z TH 1,250.4 (23.5) (135.9)
EXPRESS INC EXPR US 1,250.4 (23.5) (135.9)
EXPRESS INC 02Z GR 1,250.4 (23.5) (135.9)
EXPRESS INC 02Z QT 1,250.4 (23.5) (135.9)
EXPRESS INC EXPREUR EU 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
FAIR ISAAC CORP FRI GR 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FICO US 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FICOEUR EU 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FRI GZ 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FICO1* MM 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FICOEUR EZ 1,567.8 (110.9) (8.2)
FAIR ISAAC CORP FRI QT 1,567.8 (110.9) (8.2)
FARADAY FUTURE I FFIE US 229.9 (9.4) (2.4)
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 AC-A FLAG US 0.6 (0.1) (0.6)
FIRST LIGHT ACQ FLAG/U US 0.6 (0.1) (0.6)
FLEXION THERAPEU FLXN US 217.9 (82.4) 148.8
FLEXION THERAPEU F02 GR 217.9 (82.4) 148.8
FLEXION THERAPEU FLXNEUR EZ 217.9 (82.4) 148.8
FLEXION THERAPEU F02 TH 217.9 (82.4) 148.8
FLEXION THERAPEU FLXNEUR EU 217.9 (82.4) 148.8
FLEXION THERAPEU F02 QT 217.9 (82.4) 148.8
FLEXION THERAPEU F02 GZ 217.9 (82.4) 148.8
FLUENCE ENERGY I FLNC US 693.0 30.8 (19.2)
FOREST ROAD AC-A FRXB US 351.3 (26.2) 0.9
FOREST ROAD ACQ FRXB/U US 351.3 (26.2) 0.9
GLIMPSE GROUP IN VRAR US 14.6 12.8 12.6
GLIMPSE GROUP IN 9DR TH 14.6 12.8 12.6
GLIMPSE GROUP IN VRAREUR EU 14.6 12.8 12.6
GLIMPSE GROUP IN 9DR GR 14.6 12.8 12.6
GLIMPSE GROUP IN 9DR GZ 14.6 12.8 12.6
GLOBAL CLEAN ENE GCEH US 352.9 (53.4) (50.1)
GLOBAL SPAC -SUB GLSPT US 169.8 (11.0) (5.4)
GLOBAL SPAC PART GLSPU US 169.8 (11.0) (5.4)
GLOBAL TECHNOLOG GTACU US 0.4 (0.0) (0.4)
GODADDY INC -BDR G2DD34 BZ 7,298.0 (101.1) (715.5)
GODADDY INC-A GDDY US 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D GR 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D QT 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D TH 7,298.0 (101.1) (715.5)
GODADDY INC-A GDDYEUR EZ 7,298.0 (101.1) (715.5)
GODADDY INC-A GDDY* MM 7,298.0 (101.1) (715.5)
GODADDY INC-A 38D GZ 7,298.0 (101.1) (715.5)
GOGO INC GOGO US 443.2 (560.2) 20.1
GOGO INC G0G QT 443.2 (560.2) 20.1
GOGO INC G0G TH 443.2 (560.2) 20.1
GOGO INC GOGOEUR EZ 443.2 (560.2) 20.1
GOGO INC G0G GR 443.2 (560.2) 20.1
GOGO INC GOGOEUR EU 443.2 (560.2) 20.1
GOGO INC G0G GZ 443.2 (560.2) 20.1
GOLDEN NUGGET ON GNOG US 289.0 (45.4) 106.9
GOLDEN NUGGET ON LCA2EUR EU 289.0 (45.4) 106.9
GOLDEN NUGGET ON 5ZU TH 289.0 (45.4) 106.9
GOODRICH PETROLE GDP US 266.0 (10.9) (106.0)
GOODRICH PETROLE 45J GR 266.0 (10.9) (106.0)
GOODRICH PETROLE GDP1EUR EU 266.0 (10.9) (106.0)
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 551.9 515.7 (15.0)
GORES HOLDINGS V GSEVU US 551.9 515.7 (15.0)
GORES TECH-B GTPB US 462.3 417.7 (26.3)
GORES TECHNOLOGY GTPBU US 462.3 417.7 (26.3)
GRAFTECH INTERNA EAF US 1,393.1 (110.7) 359.1
GRAFTECH INTERNA G6G GR 1,393.1 (110.7) 359.1
GRAFTECH INTERNA G6G TH 1,393.1 (110.7) 359.1
GRAFTECH INTERNA EAFEUR EU 1,393.1 (110.7) 359.1
GRAFTECH INTERNA G6G QT 1,393.1 (110.7) 359.1
GRAFTECH INTERNA EAFEUR EZ 1,393.1 (110.7) 359.1
GRAFTECH INTERNA G6G GZ 1,393.1 (110.7) 359.1
GRAFTECH INTERNA EAF* MM 1,393.1 (110.7) 359.1
GRAPHITE BIO INC GRPH US 416.2 400.1 390.0
GREENSKY INC-A GSKY US 1,405.0 (74.5) 668.4
HERBALIFE NUTRIT HOO GR 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HLF US 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HLFEUR EU 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO QT 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO TH 2,853.0 (1,333.4) 488.4
HERBALIFE NUTRIT HOO GZ 2,853.0 (1,333.4) 488.4
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 TH 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 GR 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 QT 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 WORLDWIDE HLTW AV 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLT* MM 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 TE 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLTEUR EU 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HI91 GZ 15,314.0 (1,128.0) 72.0
HILTON WORLDWIDE HLT-RM RM 15,314.0 (1,128.0) 72.0
HORIZON GLOBAL HZN US 468.3 (25.9) 115.3
HORIZON GLOBAL 2H6 GR 468.3 (25.9) 115.3
HORIZON GLOBAL HZN1EUR EU 468.3 (25.9) 115.3
HORIZON GLOBAL 2H6 GZ 468.3 (25.9) 115.3
HP COMPANY-BDR HPQB34 BZ 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ TE 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ US 35,523.0 (3,942.0) (7,064.0)
HP INC 7HP TH 35,523.0 (3,942.0) (7,064.0)
HP INC 7HP GR 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ* MM 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ SW 35,523.0 (3,942.0) (7,064.0)
HP INC 7HP QT 35,523.0 (3,942.0) (7,064.0)
HP INC HPQEUR EZ 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ CI 35,523.0 (3,942.0) (7,064.0)
HP INC HPQEUR EU 35,523.0 (3,942.0) (7,064.0)
HP INC 7HP GZ 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ AV 35,523.0 (3,942.0) (7,064.0)
HP INC HPQUSD SW 35,523.0 (3,942.0) (7,064.0)
HP INC HPQ-RM RM 35,523.0 (3,942.0) (7,064.0)
HPX CORP HPX US 253.9 (21.3) 0.4
HPX CORP HPX/U US 253.9 (21.3) 0.4
HUMANIGEN INC 0KB2 GR 77.9 (17.6) 9.1
HUMANIGEN INC HGENEUR EU 77.9 (17.6) 9.1
HUMANIGEN INC HGEN US 77.9 (17.6) 9.1
HUMANIGEN INC 0KB2 TH 77.9 (17.6) 9.1
HUMANIGEN INC 0KB2 QT 77.9 (17.6) 9.1
HUMANIGEN INC 0KB2 GZ 77.9 (17.6) 9.1
IMMUNITYBIO INC IBRX US 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA GR 214.4 (189.9) 29.0
IMMUNITYBIO INC NK1EUR EU 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA GZ 214.4 (189.9) 29.0
IMMUNITYBIO INC NK1EUR EZ 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA TH 214.4 (189.9) 29.0
IMMUNITYBIO INC 26CA QT 214.4 (189.9) 29.0
IMMUTABLE HOLDIN HOLD CN 11.0 7.7 8.1
INSEEGO CORP INO TH 220.5 (15.3) 61.2
INSEEGO CORP INO QT 220.5 (15.3) 61.2
INSEEGO CORP INSGEUR EZ 220.5 (15.3) 61.2
INSEEGO CORP INO GZ 220.5 (15.3) 61.2
INSEEGO CORP INSG US 220.5 (15.3) 61.2
INSEEGO CORP INO GR 220.5 (15.3) 61.2
INSEEGO CORP INSGEUR EU 220.5 (15.3) 61.2
INSPIRED ENTERTA INSE US 303.8 (120.9) 14.7
INSPIRED ENTERTA 4U8 GR 303.8 (120.9) 14.7
INSPIRED ENTERTA INSEEUR EU 303.8 (120.9) 14.7
INSTADOSE PHARMA INSD US - (0.113) (0.113)
INTAPP INC INTA US 448.0 265.4 (56.6)
INTERCEPT PHARMA I4P TH 523.1 (156.0) 352.5
INTERCEPT PHARMA ICPT* MM 523.1 (156.0) 352.5
INTERCEPT PHARMA ICPT US 523.1 (156.0) 352.5
INTERCEPT PHARMA I4P GR 523.1 (156.0) 352.5
INTERCEPT PHARMA I4P GZ 523.1 (156.0) 352.5
J. JILL INC JILL US 469.5 (60.9) (13.8)
J. JILL INC 1MJ1 GR 469.5 (60.9) (13.8)
J. JILL INC JILLEUR EU 469.5 (60.9) (13.8)
J. JILL INC 1MJ1 GZ 469.5 (60.9) (13.8)
JACK IN THE BOX JBX GR 1,787.5 (811.6) (136.4)
JACK IN THE BOX JACK US 1,787.5 (811.6) (136.4)
JACK IN THE BOX JACK1EUR EU 1,787.5 (811.6) (136.4)
JACK IN THE BOX JACK1EUR EZ 1,787.5 (811.6) (136.4)
JACK IN THE BOX JBX GZ 1,787.5 (811.6) (136.4)
JACK IN THE BOX JBX QT 1,787.5 (811.6) (136.4)
KARYOPHARM THERA 25K GR 254.1 (126.0) 172.7
KARYOPHARM THERA KPTIEUR EU 254.1 (126.0) 172.7
KARYOPHARM THERA KPTI US 254.1 (126.0) 172.7
KARYOPHARM THERA 25K QT 254.1 (126.0) 172.7
KARYOPHARM THERA 25K TH 254.1 (126.0) 172.7
KARYOPHARM THERA 25K SW 254.1 (126.0) 172.7
KARYOPHARM THERA 25K GZ 254.1 (126.0) 172.7
KL ACQUISI-CLS A KLAQ US 288.8 264.5 0.7
KL ACQUISITION C KLAQU US 288.8 264.5 0.7
KNOWBE4 INC-A KNBE US 463.9 172.1 137.2
L BRANDS INC-BDR B1BW34 BZ 6,030.6 (1,677.3) 1,548.8
LDH GROWTH C-A LDHA US 233.0 213.1 2.3
LDH GROWTH CORP LDHAU US 233.0 213.1 2.3
LEGALZOOMCOM INC LZ US 434.5 191.0 100.2
LEGALZOOMCOM INC 1LZ GR 434.5 191.0 100.2
LEGALZOOMCOM INC LZEUR EU 434.5 191.0 100.2
LEGALZOOMCOM INC 1LZ GZ 434.5 191.0 100.2
LEGALZOOMCOM INC 1LZ TH 434.5 191.0 100.2
LEGALZOOMCOM INC 1LZ QT 434.5 191.0 100.2
LENNOX INTL INC LII US 2,123.5 (334.8) 84.5
LENNOX INTL INC LXI GR 2,123.5 (334.8) 84.5
LENNOX INTL INC LII* MM 2,123.5 (334.8) 84.5
LENNOX INTL INC LXI TH 2,123.5 (334.8) 84.5
LENNOX INTL INC LII1EUR EU 2,123.5 (334.8) 84.5
LESLIE'S INC LESL US 997.8 (265.7) 255.9
LESLIE'S INC LE3 GR 997.8 (265.7) 255.9
LESLIE'S INC LESLEUR EU 997.8 (265.7) 255.9
LESLIE'S INC LE3 TH 997.8 (265.7) 255.9
LESLIE'S INC LE3 QT 997.8 (265.7) 255.9
LI-METAL CORP LIM CN 0.012 (1.803) (1.803)
LI-METAL CORP LIMEUR EU 0.012 (1.803) (1.803)
LI-METAL CORP 5ZO GR 0.012 (1.803) (1.803)
LI-METAL CORP 5ZO TH 0.012 (1.803) (1.803)
LI-METAL CORP 5ZO QT 0.012 (1.803) (1.803)
LIFESPEAK INC LSPK CN 83.9 54.0 67.5
LION ELECTRIC CO LEV US - - -
LION ELECTRIC CO LEV CN - - -
LION ELECTRIC CO 70U TH - - -
LION ELECTRIC CO LEVEUR EU - - -
LION ELECTRIC CO 70U GR - - -
LION ELECTRIC CO 70U QT - - -
LIVE OAK CRESTVI LOCC/U US 0.465 (0.053) (0.515)
LIVE OAK CRESTVI LOCC US 0.465 (0.053) (0.515)
LOWE'S COS INC LWE TH 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE GR 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW US 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE QT 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWEUR EU 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWE AV 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOWEUR EZ 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE GZ 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW* MM 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LWE TE 49,400.0 (1,576.0) 4,015.0
LOWE'S COS INC LOW-RM RM 49,400.0 (1,576.0) 4,015.0
LOWE'S COS-BDR LOWC34 BZ 49,400.0 (1,576.0) 4,015.0
MADISON SQUARE G MSGS US 1,327.9 (232.2) (263.8)
MADISON SQUARE G MS8 GR 1,327.9 (232.2) (263.8)
MADISON SQUARE G MSG1EUR EU 1,327.9 (232.2) (263.8)
MADISON SQUARE G MS8 TH 1,327.9 (232.2) (263.8)
MADISON SQUARE G MS8 QT 1,327.9 (232.2) (263.8)
MADISON SQUARE G MS8 GZ 1,327.9 (232.2) (263.8)
MAGNET FORENSICS MAGT CN 148.9 86.7 82.3
MAGNET FORENSICS 91T GR 148.9 86.7 82.3
MAGNET FORENSICS MAGTEUR EU 148.9 86.7 82.3
MAGNET FORENSICS MAGTF US 148.9 86.7 82.3
MANNKIND CORP MNKD US 238.2 (184.7) 109.2
MANNKIND CORP NNFN TH 238.2 (184.7) 109.2
MANNKIND CORP NNFN GR 238.2 (184.7) 109.2
MANNKIND CORP MNKDEUR EU 238.2 (184.7) 109.2
MANNKIND CORP NNFN QT 238.2 (184.7) 109.2
MANNKIND CORP MNKDEUR EZ 238.2 (184.7) 109.2
MANNKIND CORP NNFN GZ 238.2 (184.7) 109.2
MARKETWISE INC MKTW US 403.4 (441.9) (198.5)
MATCH GROUP -BDR M1TC34 BZ 4,893.6 (59.5) 304.1
MATCH GROUP INC MTCH US 4,893.6 (59.5) 304.1
MATCH GROUP INC 4MGN TH 4,893.6 (59.5) 304.1
MATCH GROUP INC MTCH1* MM 4,893.6 (59.5) 304.1
MATCH GROUP INC 4MGN GR 4,893.6 (59.5) 304.1
MATCH GROUP INC 4MGN QT 4,893.6 (59.5) 304.1
MATCH GROUP INC MTC2 AV 4,893.6 (59.5) 304.1
MATCH GROUP INC 4MGN GZ 4,893.6 (59.5) 304.1
MBIA INC MBJ TH 4,816.0 (157.0) -
MBIA INC MBI US 4,816.0 (157.0) -
MBIA INC MBJ GR 4,816.0 (157.0) -
MBIA INC MBJ QT 4,816.0 (157.0) -
MBIA INC MBI1EUR EZ 4,816.0 (157.0) -
MBIA INC MBI1EUR EU 4,816.0 (157.0) -
MBIA INC MBJ GZ 4,816.0 (157.0) -
MCAFEE CORP - A MCFE US 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MC7 GR 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MCFEEUR EU 3,484.0 (1,765.0) (398.0)
MCAFEE CORP - A MC7 TH 3,484.0 (1,765.0) (398.0)
MCDONALD'S CORP TCXMCD AU 52,727.0 (5,675.0) 1,700.3
MCDONALDS - BDR MCDC34 BZ 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MDO TH 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD US 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD SW 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MDO GR 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD* MM 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD TE 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MDO QT 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCDEUR EZ 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP 0R16 LN 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD CI 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCDEUR EU 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MDO GZ 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD AV 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCDUSD SW 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCD-RM RM 52,727.0 (5,675.0) 1,700.3
MCDONALDS CORP MCDCL CI 52,727.0 (5,675.0) 1,700.3
MCDONALDS-CEDEAR MCD AR 52,727.0 (5,675.0) 1,700.3
MCDONALDS-CEDEAR MCDC AR 52,727.0 (5,675.0) 1,700.3
MCDONALDS-CEDEAR MCDD AR 52,727.0 (5,675.0) 1,700.3
MCKESSON CORP MCK TH 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK1EUR EU 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK QT 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK GR 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK US 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK1EUR EZ 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK GZ 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK* MM 63,601.0 (87.0) (495.0)
MCKESSON CORP MCK-RM RM 63,601.0 (87.0) (495.0)
MCKESSON-BDR M1CK34 BZ 63,601.0 (87.0) (495.0)
MEDIAALPHA INC-A MAX US 245.5 (72.9) 46.6
MELI KASZEK PI-A MEKA US 10.7 (55.9) (6.6)
METAMATERIAL EXC MMAX CN 15.0 (1.6) 2.6
METAMATERIAL EXC CZQEUR EU 15.0 (1.6) 2.6
MINERVA SURGICAL UTRS US 85.2 (122.1) (10.9)
MINK THERAPEUTIC INKT US - - -
MONEYGRAM INTERN 9M1N GR 4,483.9 (185.9) 18.3
MONEYGRAM INTERN 9M1N QT 4,483.9 (185.9) 18.3
MONEYGRAM INTERN MGI US 4,483.9 (185.9) 18.3
MONEYGRAM INTERN MGIEUR EZ 4,483.9 (185.9) 18.3
MONEYGRAM INTERN 9M1N TH 4,483.9 (185.9) 18.3
MONEYGRAM INTERN MGIEUR EU 4,483.9 (185.9) 18.3
MOTOROLA SOL-BDR M1SI34 BZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOL-CED MSI AR 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MOT TE 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI US 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA TH 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA QT 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI1EUR EZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MOSI AV 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MSI1EUR EU 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA GZ 11,422.0 (248.0) 1,306.0
MOTOROLA SOLUTIO MTLA GR 11,422.0 (248.0) 1,306.0
MSCI INC MSCI US 5,142.7 (280.0) 830.4
MSCI INC 3HM GR 5,142.7 (280.0) 830.4
MSCI INC 3HM GZ 5,142.7 (280.0) 830.4
MSCI INC 3HM SW 5,142.7 (280.0) 830.4
MSCI INC MSCIEUR EZ 5,142.7 (280.0) 830.4
MSCI INC 3HM QT 5,142.7 (280.0) 830.4
MSCI INC MSCI* MM 5,142.7 (280.0) 830.4
MSCI INC 3HM TH 5,142.7 (280.0) 830.4
MSCI INC MSCI PE 5,142.7 (280.0) 830.4
MSCI INC MSCI AV 5,142.7 (280.0) 830.4
MSCI INC MSCI-RM RM 5,142.7 (280.0) 830.4
MSCI INC-BDR M1SC34 BZ 5,142.7 (280.0) 830.4
MUDRICK CAP ACQ MUDSU US 321.3 (33.8) (4.7)
MUDRICK CAPITA-A MUDS US 321.3 (33.8) (4.7)
NATHANS FAMOUS NATH US 116.5 (56.0) 87.3
NATHANS FAMOUS NFA GR 116.5 (56.0) 87.3
NATHANS FAMOUS NATHEUR EU 116.5 (56.0) 87.3
NATIONAL CINEMED NCMI US 820.1 (385.2) 92.2
NATIONAL CINEMED NCMIEUR EU 820.1 (385.2) 92.2
NEIGHBOURLY PHAR NBLY CN 514.2 318.1 84.8
NEUROPACE INC NPCE US 141.3 81.7 131.8
NEW ENG RLTY-LP NEN US 288.9 (44.8) -
NOBLE CORP NE US 2,094.8 1,366.7 179.4
NOBLE CORP 85V0 GR 2,094.8 1,366.7 179.4
NOBLE CORP 85V0 QT 2,094.8 1,366.7 179.4
NOBLE CORP NE1EUR EU 2,094.8 1,366.7 179.4
NOBLE ROCK ACQ-A NRAC US 243.3 223.0 1.6
NOBLE ROCK ACQUI NRACU US 243.3 223.0 1.6
NORTHERN OIL AND 4LT1 GR 1,244.1 (157.7) (187.6)
NORTHERN OIL AND NOG US 1,244.1 (157.7) (187.6)
NORTHERN OIL AND NOG1EUR EU 1,244.1 (157.7) (187.6)
NORTHERN OIL AND 4LT1 TH 1,244.1 (157.7) (187.6)
NORTHERN OIL AND 4LT1 GZ 1,244.1 (157.7) (187.6)
NORTONLIFEL- BDR S1YM34 BZ 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I NLOK US 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYM TH 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYM GR 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYMC TE 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYM QT 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYMCEUR EZ 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYMCEUR EU 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYM GZ 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I SYMC AV 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I NLOK* MM 6,733.0 (232.0) (864.0)
NORTONLIFELOCK I NLOK-RM RM 6,733.0 (232.0) (864.0)
NRX PHARMACEUTIC NRXP US 18.5 (17.4) (16.9)
NRX PHARMACEUTIC B1QB GR 18.5 (17.4) (16.9)
NRX PHARMACEUTIC BRPAEUR EU 18.5 (17.4) (16.9)
NRX PHARMACEUTIC B1QB GZ 18.5 (17.4) (16.9)
NRX PHARMACEUTIC BRPAEUR EZ 18.5 (17.4) (16.9)
NRX PHARMACEUTIC B1QB TH 18.5 (17.4) (16.9)
NRX PHARMACEUTIC B1QB QT 18.5 (17.4) (16.9)
NUTANIX INC - A NTNX US 2,277.5 (1,012.0) 634.4
NUTANIX INC - A NTNXEUR EZ 2,277.5 (1,012.0) 634.4
NUTANIX INC - A 0NU GZ 2,277.5 (1,012.0) 634.4
NUTANIX INC - A 0NU GR 2,277.5 (1,012.0) 634.4
NUTANIX INC - A NTNXEUR EU 2,277.5 (1,012.0) 634.4
NUTANIX INC - A 0NU TH 2,277.5 (1,012.0) 634.4
NUTANIX INC - A 0NU QT 2,277.5 (1,012.0) 634.4
NUVVE HOLDING CO NVVE US 102.1 94.8 49.9
O'REILLY AUT-BDR ORLY34 BZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 TH 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 QT 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY* MM 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 GR 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY US 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLYEUR EZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLYEUR EU 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT OM6 GZ 11,789.4 (140.9) (1,427.5)
O'REILLY AUTOMOT ORLY AV 11,789.4 (140.9) (1,427.5)
OMEROS CORP OMER US 123.4 (262.7) 48.5
OMEROS CORP 3O8 GR 123.4 (262.7) 48.5
OMEROS CORP 3O8 TH 123.4 (262.7) 48.5
OMEROS CORP OMEREUR EU 123.4 (262.7) 48.5
OMEROS CORP 3O8 QT 123.4 (262.7) 48.5
OMEROS CORP 3O8 GZ 123.4 (262.7) 48.5
ONCOLOGY PHARMA ONPH US 0.043 (0.446) (0.446)
ORACLE BDR ORCL34 BZ 122,924.0 (1,130.0) 24,046.0
ORACLE CO-CEDEAR ORCLC AR 122,924.0 (1,130.0) 24,046.0
ORACLE CO-CEDEAR ORCL AR 122,924.0 (1,130.0) 24,046.0
ORACLE CO-CEDEAR ORCLD AR 122,924.0 (1,130.0) 24,046.0
ORACLE CORP ORCL* MM 122,924.0 (1,130.0) 24,046.0
ORACLE CORP ORCL US 122,924.0 (1,130.0) 24,046.0
ORACLE CORP ORC GR 122,924.0 (1,130.0) 24,046.0
ORACLE CORP ORC TH 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 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 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-WEUR EU 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP TH 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GR 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN* MM 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP GZ 11,335.0 (1,618.0) 1,200.0
ORGANON & CO 7XP QT 11,335.0 (1,618.0) 1,200.0
ORGANON & CO OGN-RM RM 11,335.0 (1,618.0) 1,200.0
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 EZ 10,472.0 (3,233.0) 12.0
OTIS WORLDWI OTIS* MM 10,472.0 (3,233.0) 12.0
OTIS WORLDWI OTISEUR EU 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 0.000 (0.146) (0.146)
PAPA JOHN'S INTL PZZA US 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 GR 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PZZAEUR EU 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 GZ 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 TH 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PZZAEUR EZ 890.0 (129.5) (46.4)
PAPA JOHN'S INTL PP1 QT 890.0 (129.5) (46.4)
PARATEK PHARMACE PRTK US 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GR 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN TH 182.3 (105.0) 123.9
PARATEK PHARMACE N4CN GZ 182.3 (105.0) 123.9
PET VALU HOLDING PET CN 542.1 (152.2) 19.5
PHILIP MORRI-BDR PHMO34 BZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN 4I1 GR 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM US 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 PM1EUR EZ 41,589.0 (8,632.0) (31.0)
PHILIP MORRIS IN PM1CHF 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 PMIZ TQ 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 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT US 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL TH 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL GR 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT1EUR EZ 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL QT 1,949.7 (658.4) 468.9
PLANET FITNESS-A PLNT1EUR EU 1,949.7 (658.4) 468.9
PLANET FITNESS-A 3PL GZ 1,949.7 (658.4) 468.9
POTBELLY CORP PBPB US 256.8 (0.3) (44.6)
PPD INC PPD US 7,028.0 (386.7) 630.5
PROGENITY INC 4ZU TH 97.7 (177.0) (10.3)
PROGENITY INC 4ZU GR 97.7 (177.0) (10.3)
PROGENITY INC PROGEUR EZ 97.7 (177.0) (10.3)
PROGENITY INC PROGEUR EU 97.7 (177.0) (10.3)
PROGENITY INC 4ZU QT 97.7 (177.0) (10.3)
PROGENITY INC 4ZU GZ 97.7 (177.0) (10.3)
PROGENITY INC PROG US 97.7 (177.0) (10.3)
PROJECT ENERGY R PEGRU US 0.503 (0.006) -
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 198.5 (116.0) (2.3)
QUANTUM CORP QTM1EUR EU 198.5 (116.0) (2.3)
QUANTUM CORP QNT2 GR 198.5 (116.0) (2.3)
QUANTUM CORP QNT2 TH 198.5 (116.0) (2.3)
RADIUS HEALTH IN RDUS US 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 GR 186.2 (242.5) 87.4
RADIUS HEALTH IN RDUSEUR EZ 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 TH 186.2 (242.5) 87.4
RADIUS HEALTH IN RDUSEUR EU 186.2 (242.5) 87.4
RADIUS HEALTH IN 1R8 QT 186.2 (242.5) 87.4
RAPID7 INC RPD US 1,260.9 (105.0) 17.4
RAPID7 INC R7D GR 1,260.9 (105.0) 17.4
RAPID7 INC RPDEUR EU 1,260.9 (105.0) 17.4
RAPID7 INC R7D TH 1,260.9 (105.0) 17.4
RAPID7 INC RPD* MM 1,260.9 (105.0) 17.4
RAPID7 INC R7D GZ 1,260.9 (105.0) 17.4
RCF ACQUISITION RCFA/U US 0.359 (0.009) (0.368)
RENT THE RUNWA-A RENT US - - -
REVLON INC-A RVL1 GR 2,448.2 (2,066.3) 248.3
REVLON INC-A REV US 2,448.2 (2,066.3) 248.3
REVLON INC-A REV* MM 2,448.2 (2,066.3) 248.3
REVLON INC-A RVL1 TH 2,448.2 (2,066.3) 248.3
REVLON INC-A REVEUR EU 2,448.2 (2,066.3) 248.3
RIMINI STREET IN RMNI US 256.7 (160.2) (64.2)
RIMINI STREET IN 0QH GR 256.7 (160.2) (64.2)
RIMINI STREET IN RMNIEUR EU 256.7 (160.2) (64.2)
RIMINI STREET IN 0QH QT 256.7 (160.2) (64.2)
ROCKLEY PHOTONIC RKLY US 181.6 113.5 88.9
RR DONNELLEY & S DLLN TH 3,093.4 (223.6) 502.9
RR DONNELLEY & S DLLN GR 3,093.4 (223.6) 502.9
RR DONNELLEY & S RRD US 3,093.4 (223.6) 502.9
RR DONNELLEY & S RRDEUR EU 3,093.4 (223.6) 502.9
RR DONNELLEY & S DLLN GZ 3,093.4 (223.6) 502.9
RYMAN HOSPITALIT 4RH GR 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT RHP US 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT 4RH TH 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT 4RH QT 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT RHPEUR EZ 3,537.8 (27.1) (6.8)
RYMAN HOSPITALIT RHPEUR EU 3,537.8 (27.1) (6.8)
SABRE CORP SABR US 5,442.9 (355.1) 830.9
SABRE CORP 19S GR 5,442.9 (355.1) 830.9
SABRE CORP 19S TH 5,442.9 (355.1) 830.9
SABRE CORP SABREUR EZ 5,442.9 (355.1) 830.9
SABRE CORP 19S QT 5,442.9 (355.1) 830.9
SABRE CORP SABREUR EU 5,442.9 (355.1) 830.9
SABRE CORP 19S GZ 5,442.9 (355.1) 830.9
SBA COMM CORP 4SB GR 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBAC US 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBACEUR EU 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB QT 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBACEUR EZ 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB TH 9,668.1 (4,943.1) (188.2)
SBA COMM CORP 4SB GZ 9,668.1 (4,943.1) (188.2)
SBA COMM CORP SBAC* MM 9,668.1 (4,943.1) (188.2)
SBA COMMUN - BDR S1BA34 BZ 9,668.1 (4,943.1) (188.2)
SCIENTIFIC GAMES TJW TH 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW GZ 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES SGMS US 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW GR 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES SGMS1EUR EZ 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES TJW QT 7,850.0 (2,191.0) 1,077.0
SCIENTIFIC GAMES SGMS1EUR EU 7,850.0 (2,191.0) 1,077.0
SELECTA BIOSCIEN SELB US 167.2 (18.7) 56.2
SENSEONICS HLDGS SENS US 219.6 (266.6) 138.2
SENSEONICS HLDGS 6L6 TH 219.6 (266.6) 138.2
SENSEONICS HLDGS 6L6 GR 219.6 (266.6) 138.2
SENSEONICS HLDGS SENS1EUR EU 219.6 (266.6) 138.2
SENSEONICS HLDGS 6L6 GZ 219.6 (266.6) 138.2
SHARECARE INC SHCR US 783.7 608.5 336.5
SHARECARE INC 8DJ0 GR 783.7 608.5 336.5
SHARECARE INC SHCREUR EU 783.7 608.5 336.5
SHELL MIDSTREAM SHLX US 2,329.0 (469.0) 352.0
SHOALS TECHNOL-A SHLS US 382.8 (11.1) 73.1
SIENTRA INC SIEN US 186.7 40.8 75.1
SIENTRA INC S0Z GR 186.7 40.8 75.1
SIENTRA INC SIEN3EUR EU 186.7 40.8 75.1
SINCLAIR BROAD-A SBGI US 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA GR 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBGIEUR EU 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA GZ 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA TH 12,845.0 (1,366.0) 1,652.0
SINCLAIR BROAD-A SBTA QT 12,845.0 (1,366.0) 1,652.0
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 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)
SIRIUS XM HOLDIN SIRI US 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 271.7 85.1 23.1
SLEEP NUMBER COR SL2 GR 883.6 (440.1) (695.6)
SLEEP NUMBER COR SNBR US 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)
SMILEDIRECTCLUB SDC* MM 886.1 (45.7) 387.3
SMILEDIRECTCLUB SDC US 886.1 (45.7) 387.3
SMILEDIRECTCLUB 0WF GZ 886.1 (45.7) 387.3
SMILEDIRECTCLUB 0WF GR 886.1 (45.7) 387.3
SMILEDIRECTCLUB SDCEUR EU 886.1 (45.7) 387.3
SMILEDIRECTCLUB 0WF TH 886.1 (45.7) 387.3
SMILEDIRECTCLUB 0WF QT 886.1 (45.7) 387.3
SOFTCHOICE CORP SFTC CN 513.3 45.8 (36.6)
SOFTCHOICE CORP 90Q GR 513.3 45.8 (36.6)
SOFTCHOICE CORP SFTCEUR EU 513.3 45.8 (36.6)
SOFTCHOICE CORP 90Q GZ 513.3 45.8 (36.6)
SONIDA SENIOR LI SNDA US 674.2 (153.6) (186.5)
SONIDA SENIOR LI 13C0 GR 674.2 (153.6) (186.5)
SONIDA SENIOR LI CSU2EUR EU 674.2 (153.6) (186.5)
SOUTHWESTRN ENGY SW5 TH 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 GR 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN US 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 QT 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN1EUR EU 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN1EUR EZ 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SW5 GZ 9,241.0 (286.0) (3,260.0)
SOUTHWESTRN ENGY SWN-RM RM 9,241.0 (286.0) (3,260.0)
SPRAGUE RESOURCE SRLP US 1,231.6 (101.9) (139.0)
SQUARESPACE -BDR S2QS34 BZ 905.8 (15.9) (41.3)
SQUARESPACE IN-A SQSP US 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT GZ 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT GR 905.8 (15.9) (41.3)
SQUARESPACE IN-A SQSPEUR EU 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT TH 905.8 (15.9) (41.3)
SQUARESPACE IN-A 8DT QT 905.8 (15.9) (41.3)
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 SBUX PE 31,392.6 (5,314.5) 1,605.0
STARBUCKS CORP SBUX US 31,392.6 (5,314.5) 1,605.0
STARBUCKS CORP TCXSBU AU 31,392.6 (5,314.5) 1,605.0
STARBUCKS CORP USSBUX KZ 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 SBUXD AR 31,392.6 (5,314.5) 1,605.0
STARBUCKS-CEDEAR SBUX AR 31,392.6 (5,314.5) 1,605.0
STEMGEN INC SGNI US 0.402 (1.334) (1.734)
TAILWIND INTERNA TWNI/U US 347.0 (22.0) 1.1
TAILWIND INTERNA TWNI US 347.0 (22.0) 1.1
TALON 1 ACQUISIT TOACU US 0.416 (0.007) (0.394)
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 414.9 394.0 (5.6)
THUNDER BRIDGE C THCPU US 0.426 (0.006) (0.380)
THUNDER BRIDGE-A TBCP US 414.9 394.0 (5.6)
THUNDER BRIDGE-A THCP US 0.426 (0.006) (0.380)
TORRID HOLDINGS CURV US 662.5 (157.6) 30.6
TPB ACQUISITI-A TPBA US 0.761 (0.040) (0.726)
TPB ACQUISITIN I TPBAU US 0.761 (0.040) (0.726)
TRANSAT A.T. TRZ CN 1,928.5 (191.2) 150.9
TRANSAT A.T. TRZBF US 1,928.5 (191.2) 150.9
TRANSDIGM - BDR T1DG34 BZ 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDG US 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D GR 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDG* MM 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDGEUR EZ 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D TH 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP T7D QT 19,315.0 (2,910.0) 5,367.0
TRANSDIGM GROUP TDGEUR EU 19,315.0 (2,910.0) 5,367.0
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 WYNEUR EZ 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 1,800.7 (828.9) 419.4
TRIUMPH GROUP TGI US 1,800.7 (828.9) 419.4
TRIUMPH GROUP TG7 TH 1,800.7 (828.9) 419.4
TRIUMPH GROUP TGIEUR EU 1,800.7 (828.9) 419.4
TRIUMPH GROUP TG7 GZ 1,800.7 (828.9) 419.4
TUPPERWARE BRAND TUP GR 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP US 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP QT 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP SW 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP1EUR EZ 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP GZ 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP TH 1,207.7 (223.3) (461.6)
TUPPERWARE BRAND TUP1EUR EU 1,207.7 (223.3) (461.6)
UNISYS CORP USY1 TH 2,321.4 (250.1) 463.6
UNISYS CORP USY1 GR 2,321.4 (250.1) 463.6
UNISYS CORP UIS US 2,321.4 (250.1) 463.6
UNISYS CORP UIS1 SW 2,321.4 (250.1) 463.6
UNISYS CORP UISEUR EU 2,321.4 (250.1) 463.6
UNISYS CORP UISCHF EU 2,321.4 (250.1) 463.6
UNISYS CORP UISEUR EZ 2,321.4 (250.1) 463.6
UNISYS CORP UISCHF EZ 2,321.4 (250.1) 463.6
UNISYS CORP USY1 GZ 2,321.4 (250.1) 463.6
UNISYS CORP USY1 QT 2,321.4 (250.1) 463.6
UNITI GROUP INC UNIT US 4,784.3 (2,118.2) -
UNITI GROUP INC 8XC GR 4,784.3 (2,118.2) -
UNITI GROUP INC 8XC TH 4,784.3 (2,118.2) -
UNITI GROUP INC 8XC GZ 4,784.3 (2,118.2) -
VAXXINITY INC-A VAXX US 141.9 109.2 105.5
VECTOR GROUP LTD VGR US 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR GR 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR QT 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGREUR EZ 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR TH 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGREUR EU 1,536.0 (573.1) 470.3
VECTOR GROUP LTD VGR GZ 1,536.0 (573.1) 470.3
VENTYX BIOSCIENC VTYX US 148.7 136.9 133.9
VERA THERAPEUTIC VERA US 91.2 85.5 85.7
VERISIGN INC VRS TH 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS GR 1,814.7 (1,417.6) 216.2
VERISIGN INC VRSN US 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS QT 1,814.7 (1,417.6) 216.2
VERISIGN INC VRS SW 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 2,916.4 (1,709.5) (508.5)
W&T OFFSHORE INC UWV GR 1,243.3 (296.9) 2.8
W&T OFFSHORE INC WTI US 1,243.3 (296.9) 2.8
W&T OFFSHORE INC WTI1EUR EU 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV TH 1,243.3 (296.9) 2.8
W&T OFFSHORE INC UWV GZ 1,243.3 (296.9) 2.8
WALDENCAST ACQ-A WALD US 345.7 309.6 0.4
WALDENCAST ACQUI WALDU US 345.7 309.6 0.4
WAVERLEY CAPIT-A WAVC US 217.2 (5.2) 2.3
WAVERLEY CAPITAL WAVC/U US 217.2 (5.2) 2.3
WAYFAIR INC- A W US 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF GR 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF TH 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A WEUR EU 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A W* MM 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF GZ 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A WEUR EZ 4,466.2 (1,530.1) 924.7
WAYFAIR INC- A 1WF QT 4,466.2 (1,530.1) 924.7
WAYFAIR INC- BDR W2YF34 BZ 4,466.2 (1,530.1) 924.7
WINGSTOP INC WING US 260.4 (314.1) 29.5
WINGSTOP INC EWG GR 260.4 (314.1) 29.5
WINGSTOP INC WING1EUR EU 260.4 (314.1) 29.5
WINGSTOP INC EWG GZ 260.4 (314.1) 29.5
WINMARK CORP WINA US 55.0 (12.8) 33.6
WINMARK CORP GBZ GR 55.0 (12.8) 33.6
WW INTERNATIONAL WW US 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 GR 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 TH 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTWEUR EU 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 QT 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTWEUR EZ 1,467.9 (491.4) 53.5
WW INTERNATIONAL WW6 GZ 1,467.9 (491.4) 53.5
WW INTERNATIONAL WTW AV 1,467.9 (491.4) 53.5
WYNN RESORTS LTD WYR GR 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR TH 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN* MM 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN US 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR QT 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNNEUR EZ 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNNEUR EU 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYR GZ 12,607.7 (592.6) 1,569.3
WYNN RESORTS LTD WYNN-RM RM 12,607.7 (592.6) 1,569.3
WYNN RESORTS-BDR W1YN34 BZ 12,607.7 (592.6) 1,569.3
XILIO THERAPEUTI XLO US 158.3 123.8 126.3
YELLOW CORP YEL GR 2,462.8 (306.2) 309.7
YELLOW CORP YELL US 2,462.8 (306.2) 309.7
YELLOW CORP YEL1 TH 2,462.8 (306.2) 309.7
YELLOW CORP YRCWEUR EU 2,462.8 (306.2) 309.7
YELLOW CORP YEL QT 2,462.8 (306.2) 309.7
YELLOW CORP YEL1 SW 2,462.8 (306.2) 309.7
YELLOW CORP YRCWEUR EZ 2,462.8 (306.2) 309.7
YELLOW CORP YEL GZ 2,462.8 (306.2) 309.7
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
YUM! BRANDS INC YUM-RM RM 6,419.0 (7,855.0) 707.0
ZETA GLOBAL HO-A ZETA US 354.3 55.8 95.4
*********
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 ***