/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/220322.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, March 22, 2022, Vol. 26, No. 80 Headlines 6525 BELCREST: April 26 Plan Confirmation Hearing Set 6525 BELCREST: Files Amended Plan; Confirmation Hearing April 26 ACORN GRAPHICS: Trustee Enlists Auctioneer to Sell Assets ANSON FINANCIAL: Enters Settlement with Ferguson & Ghrist ASYNTRIA INC: Case Summary & Four Unsecured Creditors ATLANTIS TRANSPORTATION: Taps Alla Kachan as Bankruptcy Counsel ATLANTIS TRANSPORTATION: Taps Wisdom Professional as Accountant BAYRIDGE LOK: Plan of Reorganization Confirmed by Judge BENNING MCLEAN: Case Summary & Four Unsecured Creditors BERNARD L. MADOFF: Trustee Can Recoup $3.8MM Transfers to Ken-Wen BESTWALL LLC: Asbestos Subpoenas Faced Duplicate Fights BETTER 4 YOU: Seeks to Hire David A. Tilem as Legal Counsel BOMB FACTORY: Voluntary Chapter 11 Case Summary BOULDER BOTANICAL: Gets Court OK to Employ Mediator BOY SCOUTS OF AMERICA: Catholic Group Supports Chapter 11 Plan BOY SCOUTS: Chapter 11 Plan Brings Closure, Says Claimants Rep. BOY SCOUTS: Reaches Chapter 11 Deal With Roman Catholic Groups BOY SCOUTS: Says Ch.11 Trust's Rules Reflects Abuse Tort System BRAZOS SANDY: S&P Lowers Debt Rating to 'D' on Bankruptcy Filing CALVERT HEALTH: Amends Several Secured Claims Pay Details CARNIVAL BEVERAGES: Ends Up in Chapter 11 Bankruptcy CATS ON THE BAY: Seeks to Employ Alla Kachan as Bankruptcy Counsel CEDAR HAVEN: Unsecured Creditors to Recover 10% to 17% in Plan CHC TRESTLETREE: S&P Lowers Revenue Debt Rating to 'B' DARR GROUP: Unsecureds to Get $675 Per Month for 60 Months DERRICK'S SPORT: Seeks to Hire Joy P. Robinson as Legal Counsel DESERT VALLEY: Amends Plan to Include Atlas' Judgment Lien Claim EAGLE HOSPITALITY: Bankruptcy Court Nixes $21-Mil. Contract Claims ECOLIFT CORPORATION: May 11 Plan Confirmation Hearing Set FORE MACHINE: U.S. Trustee Appoints Creditors' Committee FORESIGHT ACQUISITIONS: Unsecureds to Get Nothing in Plan GALA SERVICE: Seeks to Employ Wisdom Professional as Accountant GOGO INC: Moody's Upgrades CFR to B2, Outlook Remains Stable GREENFIELD ENERGY: Tex. App. Flips OK of Waguespack Appearance GRUPO AEROMEXICO: Exits Bankruptcy With $5 Bil. Fleet Investment HACIENDA HOLDINGS: Case Summary & Three Unsecured Creditors HORIZON COMMUNICATION: Taps Armory Consulting as Financial Advisor HORIZON COMMUNICATION: Taps Goe Forsythe & Hodges as Legal Counsel HORIZON THERAPEUTICS: Moody's Upgrades CFR to Ba1, Outlook Stable INGROS FAMILY: April 26 Plan Confirmation Hearing Set JHW ALPHIA: S&P Downgrades ICR to 'CCC+', On CreditWatch Negative JS KALAMA: Chapter 11 Trustee Taps Sussman Shank as Legal Counsel KING'S TOWING: Gets Approval to Hire Block Realty as Appraiser KISSIMMEE CONDOS: Case Summary & Six Unsecured Creditors KR CALVERT: Amends Several Secured Claims Pay Details LATAM AIRLINES: To Seek Bankruptcy Plan Approval in May 2022 LTL MANAGEMENT: Gag Order on Mediation Information Entered LTL MANAGEMENT: Judge Kaplan Appoints Mediators for Plan Talks MARK BOOKER III: Business Returns to Chapter 11 Bankruptcy MASTER TECH: Amends Home Trust Bank Secured Claims Pay Details MERIDIAN HIVE: Seeks Chapter 11 Bankruptcy Protection MICHAEL BUTIKOFER: U.S. Trustee Appoints Creditors' Committee NEUMEDICINES INC: Amends Plan to Include Disputed Claims Pay Detail NORTH RICHLAND: Seeks to Employ Polsinelli PC as Bankruptcy Counsel OWENS & MINOR: Fitch Gives 'BB-' Rating to Proposed Unsec. Notes OWENS & MINOR: Moody's Rates New $500MM Sr. Unsecured Notes 'B2' OWENS & MINOR: S&P Rates New $500MM Unsecured Notes Due 2030 'B' PARMELEE INVESTMENTS: Includes Priority & Tax Claims Pay in Plan PATH MEDICAL: Reaches Settlement with State Farm PEAK SERUM: Trustee Seeks to Hire RubinBrown as Accountant PG&E CORP: Elliott, Other Investors $250M Claim in Case Denied PHENOMENON MARKETING: Seeks to Hire Jennifer Liu as Accountant PIONEER CONTRACTING: Case Summary & Three Unsecured Creditors PPI LLC: Unsecured Creditors Last to Be Paid in Liquidating Plan PUERTO RICO: Exits Bankruptcy But PREPA Still Struggling With Debt PWM PROPERTY: Office Tower Owner Fights Creditor's Bid for Own Plan QUAD/GRAPHICS INC: S&P Upgrades ICR to 'B+', Outlook Stable RETROTOPE INC: Case Summary & 20 Largest Unsecured Creditors REVENANT DENVER: Unsecured Creditors to be Paid in Full in Plan ROCKALL ENERGY: U.S. Trustee Appoints Creditors' Committee RONNY'S A-LA-CARTE: Amends Details on Sales of Pepsi Products ROOSEVELT UNIVERSITY: Fitch Affirms 'B' IDR, Outlook Negative ROWAN SAWDUST: Voluntary Chapter 11 Case Summary SCHOOL DISTRICT: Taps The Reissman Law Group as Bankruptcy Counsel SHELL LLC: Seeks to Employ Frost & Associates as Bankruptcy Counsel SPRINGFIELD HOSPITAL: SBA Can Deny PPP Loan, 2nd Circuit Rules STONEWAY CAPITAL: Gets Court Okay to Seek Exit Plan Votes STONEWAY CAPITAL: Updates Restructuring Plan Disclosures TALEN ENERGY: Bonds Decline Renews Concerns of Debt Transaction TEAM SYSTEMS: Taps Gellert Scali Busenkell & Brown as New Counsel TENRGYS LLC: Seeks to Hire Ernst & Young as Tax Services Provider TEXOMA AUTO: Files for Chapter 11 Bankruptcy Protection TPC GROUP: Considers Bankruptcy Filing After Explosion TPC GROUP: Fitch Lowers IDR to 'RD' Amid Missed Interest Payments UNITED AIRLINES: Fitch Affirms 'B+' LT IDR & Alters Outlook to Neg. WIRELESS SYSTEMS: Seeks to Hire Coats & Bennett as Special Counsel WIRELESS SYSTEMS: Taps Pinto Coates Kyre as Special Counsel [^] Large Companies with Insolvent Balance Sheet ********* 6525 BELCREST: April 26 Plan Confirmation Hearing Set ----------------------------------------------------- On March 10, 2022, debtor 6525 Belcrest Road, LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Second Amended Plan of Reorganization and Second Amended Disclosure Statement. On March 15, 2022, Judge Michael E. Wiles approved the Disclosure Statement and ordered that: * April 26, 2022 at 10:00 a.m., at the United States Bankruptcy Court, One Bowling Green, New York, New York 10004 is the hearing on confirmation of the Debtor's Plan. * April 19, 2022 at 5:00 p.m. is fixed as the last day to submit ballots to be counted for voting purposes. * April 19, 2022 is fixed as the last day to file objections to confirmation of the Plan. A full-text copy of the order dated March 15, 2022, is available at https://bit.ly/3JtAJZC from PacerMonitor.com at no charge. Attorneys for the Debtor: Robert M. Sasloff, Esq. Steven B. Eichel, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, New York 10022 Tel: (212) 603-6300 About 6525 Belcrest Road New York-based 6525 Belcrest Road, LLC owns Metro Center III, a commercial real property in Hyattsville, Md. 6525 Belcrest Road filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-10968) on May 19, 2021, listing as much as $10 million in both assets and liabilities. Judge Michael E. Wiles oversees the case. The Debtor tapped Robinson Brog Leinwand Greene Genovese & Gluck, PC as its bankruptcy counsel. Peckar & Abramson, PC and The Law Office of Michele Rosenfeld, LLC serve as the Debtor's special counsel. 6525 BELCREST: Files Amended Plan; Confirmation Hearing April 26 ---------------------------------------------------------------- 6525 Belcrest Road, LLC, submitted a Second Amended Disclosure Statement for Second Amended Plan of Reorganization. The Debtor is the owner of the commercial real property located at 6525 Belcrest Road, Hyattsville, Maryland, (the "Property"). The Debtor claims that at the time of purchase it acquired certain rights under a 1970 parking waiver ("Parking Waiver"). The Debtor leases the Property to a number of commercial tenants, Debtor claims that the Parking Waiver provides it and its tenants access to park on approximately 19.9639 acres of real property across the street on the opposite side of Toledo Road, which at the time of acquisition was owned by Dewey L.C. ("Dewey") and BE UTC Dewey Parcel LLC ("Parking Parcel"). However, Dewey disputes the Debtor's claims. The Debtor was the ground lessee under a ground lease made as of March 31, 1998, as amended, by and between Dewey and Dewey's affiliated prior owner of the Property, which lease was assigned to and assumed by the Debtor pursuant to an assignment and assumption agreement (the "Ground Lease") along with a general assumption agreement. The property that was leased is part of the Parking Parcel. By order dated October 4, 2021, the Bankruptcy Court granted the Debtor's motion to reject the Ground Lease. The Plan provides for a restructuring of the Panasia Secured Claim with the New Panasia Note, which is due on October 31, 2022 and has an interest rate of 5.5% per annum. Other Secured Claims and Unsecured Claims will be paid in full with either Cash from operations or from funds deposited by the Interest Holder and presently held in Debtor's counsel's escrow account. Class 2 consists of the Panasia Secured Claim. In full satisfaction, release and discharge of the Allowed Panasia Secured Claim, the Holder of the Allowed Panasia Secured Claim shall receive the New Panasia Note which shall bear interest at the rate of 5.5% per annum, payable monthly in arrears with a maturity date of October 31, 2022, with the option of a one-year extension at 6.0% per annum. Class 4 consists of Unsecured Claims totaling $2,911,857. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, settlement, release and discharge of the Class 4 Unsecured Claims, each Holder of an Allowed Class 4 Unsecured Claim against the Debtor shall receive on the Effective Date the full amount of their Allowed Unsecured Claims with interest at the federal judgment rate. The Debtor shall take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of the Plan. The Confirmation Order shall contain appropriate provisions, consistent with section 1142 of the Bankruptcy Code, directing the Debtor and any other necessary party to, among other things, execute and deliver the New Panasia Note and New Panasia Security Documents and perform any act, including the satisfaction of any Lien, that is necessary for the consummation of the Plan. Funding for the Plan shall be from available Cash and funds raised by the Debtor's Interest Holder. The Interest Holder has escrowed with Debtor's counsel funds sufficient to make all payments under the Plan for Class 4 Claims. In a chapter 7 liquidation, there would be insufficient funds to satisfy the Panasia Secured Claim in full, resulting in no other funds available to pay any junior classes of claims. Additionally, under a Plan, Interest Holder raised the funds to allow for payment of Administrative Claims and the funding of a 100% distribution to Unsecured Creditors. The United States Bankruptcy Court has scheduled a hearing to consider Confirmation of the Plan on April 26, 2022 at 10:00 a.m. Objections, if any, to Confirmation of the Plan or final approval of the Disclosure Statement shall be filed and served on or before April 19, 2022 at 5:00 p.m. A full-text copy of the Second Amended Disclosure Statement dated March 15, 2022, is available at https://bit.ly/3CR9R3j from PacerMonitor.com at no charge. Attorneys for the Debtor: Robert M. Sasloff, Esq. Steven B. Eichel, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, New York 10022 Tel: (212) 603-6300 About 6525 Belcrest Road New York-based 6525 Belcrest Road, LLC owns Metro Center III, a commercial real property in Hyattsville, Maryland. 6525 Belcrest Road filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-10968) on May 19, 2021, listing as much as $10 million in both assets and liabilities. Judge Michael E. Wiles oversees the case. The Debtor tapped Robinson Brog Leinwand Greene Genovese & Gluck, PC as its bankruptcy counsel. Peckar & Abramson, PC and The Law Office of Michele Rosenfeld, LLC serve as the Debtor's special counsel. ACORN GRAPHICS: Trustee Enlists Auctioneer to Sell Assets --------------------------------------------------------- Michael Schwartz of Richmond BizSense reports that the trustee overseeing the bankruptcy of Acorn Sign Graphics has taken the first step toward unloading what's left of the longtime Henrico-based company. Attorney Bill Broscious, who was appointed to handle Acorn's estate after it ceased operations and filed Chapter 7 on Feb. 23, 2022, received court approval on Wednesday, March 16, 2022 to enlist an auctioneer to sell the company’s assets. Richmond-based Dudley Resources will carry out what is planned as a two-pronged approach to a sale, which would look to generate cash for Acorn’s creditors. One option would include selling the sign-making business in its entirety to a single buyer. Option two would involve selling off assets in a piecemeal fashion to multiple buyers at a public auction. Both options would involve the sale of equipment, materials, office furnishings, vehicles, customer lists, intellectual property and the leases on its two buildings on West Clay Street in the Westwood area of Henrico, and potentially another property lease in Northern Virginia. The court has yet to approve a date for when the sales process would begin. "The trustee is proposing to immediately liquidate certain property of the estate, like certain vehicles and will seek to liquidate the remainder of the debtor's assets shortly thereafter," a recent court filing states. "In addition, the trustee is receiving numerous inquiries regarding the purchase of the debtor's assets." Acorn's fall into bankruptcy came after nearly two decades in its current incarnation under the ownership of husband-and-wife Steve and Beth Gillispie. Just five years ago it was named to the Inc. 5000 list of the nation’s fastest growing companies with $6 million in revenue. The company had 43 employees at the time of its closure. Acorn said its demise was due in part to what it says is a dispute with one of its biggest customers, Henrico-based Lumber Liquidators. Acorn states in a recent bankruptcy filing that it is owed more than $1 million from the publicly traded flooring retailer. That amount makes up the bulk of Acorn's listed liabilities. It also lists $2.3 million in assets. Broscious also has enlisted attorney Jeremy Williams of Kutak Rock to assist in the bankruptcy process. About Acorn Sign Graphics Acorn Sign Graphics sought Chapter 7 bankruptcy protection (Bankr. E.D. Va. Case No. 22-30449) on Feb. 23, 2022. In its filing, Acorn Sign listed estimated assets of between $500,000 and $1 million and estimated liabilities of between $1 million and $10 million. The Debtor's counsel: David K. Spiro Spiro & Browne, PLC Tel: 804-387-0186 E-mail: dspiro@sblawva.com ANSON FINANCIAL: Enters Settlement with Ferguson & Ghrist --------------------------------------------------------- Anson Financial Inc. submitted a Second Amended Subchapter V Plan of Reorganization dated March 15, 2022. The purpose of this Chapter 11 has been to bring to a conclusion a long series of lawsuits primarily prosecuted by Ghrist (who was once Anson's own attorney) and otherwise involving Frazier Management, Inc. ("Frazier") and the collaboration between Frazier's attorney, Caleb Moore, and Ghrist. Following the remand of the Christ Adversary Proceeding, on February 22, 2022, a bill of review was filed in an action styled as Cause No. 067-332086-22; MBH Real Estate, LLC; AFI Loan Servicing, LLC; Anson Financial, Inc., and J. Michael Ferguson, P.C., Petitioners vs. Ian Ghrist and Ghrist Law Firm, PLLC, Respondents, in the 67th District Court in and for Tarrant County, Texas (the "Bill of Review"). On March 7, 2022, Anson, J. Michael Ferguson, and Ian Ghrist, and all pertinent affiliates and subsidiaries related thereto, entered into a global settlement agreement to finally resolve all disputes among the parties and to release any and all claims. The Anson bankruptcy estate did not provide any funds towards this settlement. As a result of the global settlement, Anson has or will dismiss the Bill of Review with prejudice, Ghrist has or will withdraw Proof of Claim No. 5 and Proof of Claim NO. 6, and any and all other pending actions will be dismissed with prejudice. Anson is proposing a 100% payment plan to general unsecured creditors and thus does not believe that it will be necessary to pursue any avoidance actions in order to fully fund the Plan. Class 3 consists of the allowed claims of general unsecured creditors. The Debtor shall pay the allowed general unsecured claims in Class 3 in full and over a maximum period of 60 months from the Effective Date of the Plan by paying (i) the net disposable income of the Debtor pro rata to the holders of claims in this Class, and (ii) if necessary, a lump sum balloon payment for the 60th payment for any remaining balance due to any Class 3 creditor at the end of the 59th month. For the avoidance of doubt, the Debtor will pay only those holders of Class 3 claims which are allowed claims and, as of the filing of this Plan, the claims of Frazier are disputed and not allowed. Payments and distributions under the Plan will be funded by the income from the normal operations of the Debtor, and consisting primarily of the Note Income. A full-text copy of the Second Amended Plan of Reorganization dated March 15, 2022, is available at https://bit.ly/3N3uDRY from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: Jeff Carruth, Esq. Weycer, Kaplan, Pulaski & Zuber, P.C. 3030 Matlock Rd., Suite 201 Arlington, TX 76015 Tel.: (713) 341-1158 Fax: (866) 666-5322 Email: jcarruth@wkpz.com - and - Christopher M. Lee, Esq. Lee Law Firm PLLC 8701 Bedford Euless Rd, Ste 510 Hurst, TX 76053 Tel.: 469-646-8995 Fax: 469-694-1059 About Anson Financial Anson Financial, Inc. filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 21-41517) on June 25, 2021. At the time of the filing, the Debtor had between $1 million and $10 million in both assets and liabilities. J. Michael Ferguson, president, signed the petition. Judge Edward L. Morris oversees the case. The Debtor tapped Weycer, Kaplan, Pulaski & Zuber, P.C. and Lee Law Firm, PLLC as legal counsel. ASYNTRIA INC: Case Summary & Four Unsecured Creditors ----------------------------------------------------- Debtor: Asyntria, Inc. P.O. Box 683148 Houston, TX 77268 Chapter 11 Petition Date: March 20, 2022 Court: United States Bankruptcy Court Southern District of Texas Case No.: 22-30696 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Susan Tran Adams, Esq. TRAN SINGH, LLP 2502 La Branch St. Houston, TX 77004 Tel: (832) 975-7300 Email: stran@ts-llp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Johnston, president. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CBL3KWQ/Asyntria_Inc__txsbke-22-30696__0001.0.pdf?mcid=tGE4TAMA ATLANTIS TRANSPORTATION: Taps Alla Kachan as Bankruptcy Counsel --------------------------------------------------------------- Atlantis Transportation Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting the Debtor in administering the case; (b) making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; (d) taking necessary steps to marshal and protect the estate's assets; (e) negotiating with creditors in formulating a plan of reorganization; (f) drafting and prosecuting the Debtor's plan of reorganization; and (g) rendering additional services for the Debtor. The firm's hourly rates are as follows: Attorneys $475 Paraprofessionals $250 Alla Kachan, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Email: alla@kachanlaw.com About Atlantis Transportation Atlantis Transportation Services, Inc. filed a petition for Chapter 11 protection (Bankr. E.D. N.Y. Case No. 22-40111) on Jan. 21, 2022, listing up to $50,000 in assets and up to $500,000 in liabilities. Izrailov Karen, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices Of Alla Kachan, P.C. as legal counsel and Wisdom Professional Services Inc. as accountant. ATLANTIS TRANSPORTATION: Taps Wisdom Professional as Accountant --------------------------------------------------------------- Atlantis Transportation Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Wisdom Professional Services Inc. as its accountant. The firm's services include: (a) gathering and verifying all pertinent information required to compile and prepare monthly operating reports; and (b) preparing monthly operating reports for the Debtor. The firm's estimated monthly cost for its services is $150. Depending on the duration of the Debtor's Chapter 11 case, the approximate total cost is $3,600. The retainer fee is $1,500. Michael Shtarkman, the firm's accountant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Shtarkman, CPA Wisdom Professional Services Inc. 626 Sheepshead Bay Rd., Suite 640, 6th Floor Brooklyn, NY 11224, Tel: (718) 554-6672 Email: daniel@shtarkman.com About Atlantis Transportation Atlantis Transportation Services, Inc. filed a petition for Chapter 11 protection (Bankr. E.D. N.Y. Case No. 22-40111) on Jan. 21, 2022, listing up to $50,000 in assets and up to $500,000 in liabilities. Izrailov Karen, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices Of Alla Kachan, P.C. as legal counsel and Wisdom Professional Services Inc. as accountant. BAYRIDGE LOK: Plan of Reorganization Confirmed by Judge ------------------------------------------------------- Judge Jil Mazer-Marino has entered an order approving First Amended Disclosure Statement and confirming First Amended Plan of Reorganization of Bayridge Lok Holdings LLC. The Debtor is hereby authorized to assume the Sunset Contract pursuant to 11 U.S.C. Sec. 365(a) and all defaults under such contract shall be deemed cured by payment of the purchase price as provided for in such contract of sale at closing plus the amount of $10,000 to reimburse Sunset for its legal fees incurred in this matter. The transaction contemplated by the 699 Contract is authorized and approved; and each provision of the 699 Contract is authorized and approved; and the Debtor is authorized to close under the 699 Contract contemporaneously with the Sunset Contract and make the proceeds of such 699 Contract available to pay the obligations required to fund the Plan including but not limited to the amounts necessary to assume the Sunset Contract. The Debtor shall be authorized to assume the Sunset Contract and the Sunset Closing and 699 Closing will occur contemporaneously so that upon the Sunset Closing, title to the Property shall vest in the Post-Effective Date Debtor, subject to the liens as they existed as of the Petition Date until such liens are paid pursuant to the Plan. A full-text copy of the Plan Confirmation Order dated March 15, 2022, is available at https://bit.ly/3IwSYw8 from PacerMonitor.com at no charge. Attorneys for the Debtor: Fred B. Ringel, Esq. Clement Yee, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, New York 10022 Tel: (212) 603-6300 About Bayridge Lok Holdings Bayridge Lok Holdings, LLC, is a Brooklyn, N.Y.-based company engaged in activities related to real estate. Bayridge Lok Holdings filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-43128) on Dec. 21, 2021, listing as much as $500 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. Fred B. Ringel, Esq., at Robinson Brog Leinwand Greene Genovese & Gluck P.C., serves as the Debtor's legal counsel. BENNING MCLEAN: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: Benning McLean Holdings, LLC 2059 Van Tuyl Pl. Falls Church, VA 22043-1700 Business Description: Benning McLean is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101 (51B)). Chapter 11 Petition Date: March 18, 2022 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 22-10311 Judge: Hon. Klinette H. Kindred Debtor's Counsel: Steven B. Ramsdell, Esq. TYLER, BARTL & RAMSDELL, PLC 300 N. Washington St. Suite 310 Alexandria, VA 22314 Tel: (703) 549-5000 Fax: (703) 549-5011 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yu-Dee Chang as managing agent. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/O32N74Q/Benning_McLean_Holdings_LLC__vaebke-22-10311__0001.0.pdf?mcid=tGE4TAMA BERNARD L. MADOFF: Trustee Can Recoup $3.8MM Transfers to Ken-Wen ----------------------------------------------------------------- Irving H. Picard, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff, filed an adversary proceeding to avoid and recover fictitious profits received by Ken-Wen Family Limited Partnership on account of its investment in the infamous Ponzi scheme of BLMIS and from Kenneth Brown, as a general partner of Ken-Wen. Ken-Wen received $3,850,000 in fictitious profits in the relevant two-year period. Judge Cecelia G. Morris of the United States Bankruptcy Court for the Southern District of New York finds the transfers were, in fact, transfers of BLMIS' customer property, and that Brown is liable for these monies. The Trustee is seeking to recover the fictitious profits that BLMIS transferred to Ken-Wen within the two-year period between December 11, 2006 and the SIPA filing date of December 11, 2008. Judge Morris finds, among other things, that four transfers at issue took place on June 26, 2007 (in the amount of $150,000); December 31, 2007 (in the amount of $500,000); January 24, 2008 (in the amount of $3,000,000); and November 17, 2008 (in the amount of $200,000). All four transfers were made within two years of the SIPA Filing Date. Judge Morris says there is no genuine issue of material fact that Kenneth Brown was a general partner of Ken-Wen during the period that the first three transfers were received by the partnership. And that he made the earliest three withdrawals in his capacity as a general partner. Def.'s Jan. 27, 2020 Dep. Tr. 57:2-4; 67:13-23; 69:24-70:1, ECF No. 181, Ex.11. The final transfer from BLMIS to Ken-Wen occurred on November 17, 2008 (in the amount of $200,000), which was after Brown's dissociation from Ken-Wen. Am. Certificate, ECF No. 204, Ex. 7. The SIPA proceeding was filed on December 11, 2008, and Brown dissociated from Ken-Wen prior to that date, on February 29, 2008. Judge Morris says Ken-Wen became liable for all four of the transfers at issue on the SIPA Filing Date and after Brown's dissociation. According to the Florida Revised Uniform Limited Partnership Act, with some exceptions, a "person is not liable for a limited partnership's obligation incurred after dissociation," Judge Morris notes. Less than two years had passed from Brown's dissociation when the SIPA case was filed and, as such, Brown is liable, pursuant to Section 620.1607(3) of Florida's Revised Uniform Limited Partnership Act, for these debts incurred by Ken-Wen, Judge Morris concludes. A full-text copy of Judge Morris' Memorandum Decision dated March 9, 2022, is available at https://tinyurl.com/29dvxz8k from Leagle.com. The adversary proceeding is SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF, Debtor. IRVING H. PICARD, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff, Adv. Pro. No. 10-04468 (CGM) Plaintiff, v. Ken-Wen Family Limited Partnership, Kenneth W. Brown, in his capacity as a General Partner of the Ken Wen Family Limited Partnership, and Wendy Brown, Defendants, No. 08-01789 (CGM)(Bankr. S.D.N.Y.). YOUNG CONAWAY STARGATT & TAYLOR, LLP, Christopher M. Lambe (via Zoom) , Michael S. Neiburg (via Zoom) , New York, NY, Attorneys for the Trustee, Irving H. Picard Rockefeller Center. BAKER HOSTETLER, LLP, Nicholas Cremona (via Zoom) , New York, NY, Attorneys for the Irving H. Picard, Trustee. LAW OFFICE OF MARK S. ROHER, P.A., Mark S. Roher (via Zoom) , Pembroke Pines, FL, Attorneys for the Defendant, Kenneth Brown. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Jan. 31, 2021, and since his appointment in December 2008, the SIPA Trustee has amassed more than $14.413 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered. Eligible BLMIS customers have now received almost 70% of their allowed claims, and the SIPA Trustee is optimistic that this figure will rise as the Trustee secure more recoveries and distributions in the future. BESTWALL LLC: Asbestos Subpoenas Faced Duplicate Fights ------------------------------------------------------- Jeannie O'Sullivan of Law360 reports that the Third Circuit on Tuesday, March 15, 2022, appeared swayed by a Georgia-Pacific affiliate's position that asbestos injury compensation trusts improperly waded into a subpoena challenge at the district court stage, given that a Delaware claims processing facility already waged the fight in bankruptcy court. During a hearing in which Bestwall LLC sought to undo a Delaware district court's order quashing subpoenas seeking information about claimants' prior settlements, U. S. Circuit Judge Kent A. Jordan indicated that the court needs to determine if the facility's bankruptcy court challenge to the subpoenas had been carried out with "sufficient ties" to the trusts. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and now holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos. The manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC develops, manufactures, sells and distributes gypsum plaster products. Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) on Nov. 2, 2017, in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as general bankruptcy counsel, Robinson Bradshaw & Hinson P.A. as local counsel, Schachter Harris LLP as special litigation counsel for medicine science issues, King & Spalding as special counsel for asbestos matters, and Bates White LLC as asbestos consultant. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads LLP as its legal counsel, Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel, and FTI Consulting, Inc., as financial advisor. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP as his legal counsel and Alexander Ricks PLLC as his North Carolina counsel. BETTER 4 YOU: Seeks to Hire David A. Tilem as Legal Counsel ----------------------------------------------------------- Better 4 You Breakfast, Inc. seeks approval from the U.S. Bankruptcy Court for the Central for the District of California to hire the Law Offices of David A. Tilem to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) advising the Debtor regarding matters of bankruptcy law and the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of its case and the operation of its estate; (b) representing the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assisting the Debtor in complying with the requirements of the Office of the U.S. Trustee; (d) providing the Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of property of the estate; (e) assisting the Debtor in the administration of the estate's assets and liabilities; (f) preparing legal documents; (g) assisting in the collection of all accounts receivable and other claims that the Debtor may have, and assisting in the resolution of claims against the Debtor's estate; (h) advising the Debtor concerning the claims of secured and unsecured creditors, and the prosecution or defense of all actions; and (i) negotiating, preparing and seeking confirmation of a plan of reorganization. The firm will be paid as follows: David A. Tilem, Esq. $600 per hour Joan J. Fidelson $150 per hour The retainer fee is $200,000. As disclosed in court filings, the Law Offices of David A. Tilem is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: David A. Tilem, Esq. Law Offices of David A. Tilem 206 N Jackson St Suite 201 Glendale, CA 91206 Phone: +1 818-507-6000 Fax: 818-507-6800 Email: DavidTilem@TilemLaw.com About Better 4 You Breakfast Better 4 You Breakfast, Inc. is a school meal vendor based in Los Angeles, Calif. Better 4 You Breakfast sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10994) on Feb. 24, 2022, listing as much as $50 million in both assets and liabilities. Fernando Castillo, president, signed the petition. Judge Barry Russell oversees the case. Daniel A. Tilem, Esq., at the Law Offices of David A. Tilem is the Debtor's legal counsel. BOMB FACTORY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: The Bomb Factory Dallas, LP 2550 Pacific Avenue, Suite 1600 Dallas, TX 75226 Business Description: The Debtor is part of the "Drinking Places (Alcoholic Beverages)" industry. Chapter 11 Petition Date: March 18, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-30489 Debtor's Counsel: Gerrit M. Pronske, Esq. SPENCER FANE 5700 Granite Parkway Suite 650 Plano, TX 75024 Tel: 972-324-0300 Email: gpronske@spencerfane.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Kenneth W. Carlson, director, Westdale Bomb Factory 2021, GP, Inc., as general partner of The Bomb Factory Dallas, LP. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6SPZR4Y/The_Bomb_Factory_Dallas_LP__txnbke-22-30489__0001.0.pdf?mcid=tGE4TAMA BOULDER BOTANICAL: Gets Court OK to Employ Mediator --------------------------------------------------- Boulder Botanical & Bioscience Laboratories, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to hire John Page, Esq. at Shraiberg Page P.A. to serve as mediator between the company and certain parties. Mr. Page will be paid $550 per hour, which will be split in half with Boulder Botanical paying half. In a court filing, Mr. Page disclosed that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Page can be reached at: John E. Page, Esq. Shraiberg Page P.A. 2385 NW Executive Center Drive, Suite 300 Boca Raton, FL 33431 Tel: 561-443-0819 Fax: 561-998-0047 Email: jpage@slp.law pmouton@slp.law About Boulder Botanical Boulder Botanical & Bioscience Laboratories, Inc. operates a hemp CBD product manufacturing facility. It is based in Golden, Colo. Boulder Botanical filed a voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-15340) on Oct. 21, 2021, listing up to $500,000 in assets and up to $10 million in liabilities. Judge Elizabeth E. Brown oversees the case. Thomas G. Zeichman, Esq., at Beighley, Myrick, Udell + Lynne, P.A. serves as the Debtor's legal counsel. BOY SCOUTS OF AMERICA: Catholic Group Supports Chapter 11 Plan -------------------------------------------------------------- Becky Yerak of The Wall Street Journal reports that Boy Scouts of America won support for its sex-abuse compensation plan from a group of Catholic dioceses, leaving a consortium of insurers as a final major holdout to its proposed chapter 11 reorganization to end its bankruptcy. Catholic archdioceses in Washington, D.C., New York and Chicago will now recommend supporting the youth group's chapter 11 plan. The deal with a committee that includes a Catholic insurer and roughly 10 archdioceses and dioceses comes in the middle of a two-week trial for the youth organization's $2.7 billion compensation plan for more than 82,200 abuse victims, the largest such settlement in U.S. history. 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 illion 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. BOY SCOUTS: Chapter 11 Plan Brings Closure, Says Claimants Rep. --------------------------------------------------------------- Vince Sullivan of Law360 reports that a member of the committee appointed to represent the interests of sex abuse claimants in the Chapter 11 case of the Boy Scouts of America told a Delaware bankruptcy judge Thursday, March 17, 2022, that he believes the proposed $2.7 billion settlement fund is the best option for survivors to get recoveries and closure. During the fourth day of a virtual plan confirmation hearing, Doug Kennedy, the vice chairman of the tort claimants committee and a survivor of sexual abuse associated with the Boy Scouts, said the committee testified that 85% of voting abuse claimants supported 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. BOY SCOUTS: Reaches Chapter 11 Deal With Roman Catholic Groups -------------------------------------------------------------- Vince Sullivan of Law360 reports that the Boy Scouts of America announced a Chapter 11 settlement with an ad hoc group of Roman Catholic entities Friday, March 18, 2022, telling a Delaware bankruptcy judge that the deal resolves the group's objections to the debtor's proposed plan to deal with thousands of childhood sexual abuse claims. At the opening of the fifth day of the Boy Scouts' plan confirmation trial, debtor attorney Jessica Lauria of White & Case LLP said the deal was reached late Thursday and includes an increased advisory role for charter organizations that sponsor individual Scouting groups. 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. BOY SCOUTS: Says Ch.11 Trust's Rules Reflects Abuse Tort System --------------------------------------------------------------- Vince Sullivan of Law360 reports that a witness for the Boy Scouts of America testified during the organization's Chapter 11 confirmation trial Wednesday, March 16, 2022, that the procedures to distribute $2.7 billion in settlement funds to sex abuse claimants were designed to closely mirror the rules for pursuing a claim in the tort system. During the third day of virtual proceedings before a Delaware bankruptcy judge, sex abuse claim valuation consultant Michael Burnett said the trust distribution procedures were designed to equitably and efficiently pay childhood sex abuse victims for their claims from the pot of money being provided by the Boy Scouts, the regional local councils and charter councils. 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. BRAZOS SANDY: S&P Lowers Debt Rating to 'D' on Bankruptcy Filing ---------------------------------------------------------------- S&P Global Ratings lowered its rating on Brazos Sandy Creek Electric Cooperative Inc., Texas' (BSC) series 2009A senior secured notes to 'D' from 'CCC'. At the same time, S&P Global Ratings affirmed its 'D' issuer credit rating on Brazos Electric Power Cooperative Inc. (BEP), whose Chapter 11 bankruptcy proceeding is continuing. "The rating action reflects BSC's March 18, 2022, Chapter 7 bankruptcy filing," said S&P Global Ratings credit analyst David Bodek. S&P said, "On March 1, 2021, we lowered the rating on BEP to 'D' to reflect the cooperative's bankruptcy filing and at the same time, we lowered the rating on BSC to 'CCC' and placed the rating on CreditWatch with negative implications to reflect BSC's reliance on BEP for power purchase agreement revenues that supported BSC's financial obligations." The CreditWatch also reflected the specter of nonrenewal of a forbearance agreement that was periodically extended during the past 12 months. The forbearance agreement precluded BSC's 2009A noteholders from declaring a default based on BEP's bankruptcy. CALVERT HEALTH: Amends Several Secured Claims Pay Details --------------------------------------------------------- Calvert Health, LLC, a Debtor Affiliate of KR Calvert Co., LLC ("KRC"), submitted a First Amended Joint Chapter 11 Plan of Reorganization under Subchapter V dated March 15, 2022. This Plan of Reorganization proposes to pay the creditors of the Debtors from cash flow from business operations. The Debtors' financial projections show that the Debtors will have projected disposable income of $885,190.00. Non-priority unsecured creditors holding allowed claims will receive pro rata distributions totaling $10,000.00 to the class. This Plan also provides for the payment of administrative and priority claims. Class 2 shall consist of the claim of Newtek Small Business Finance, LLC. The Allowed Secured Claim of Newtek shall be allowed in the amount of $1,150,000.00. This Claim shall be paid under the Plan as follows: * 90 monthly installments of principal and interest shall be made in the amount of $15,079. * Interest shall accrue at the fixed rate of 4.50% per annum. * It is anticipated that one or more lump sum payments totaling no less than $140,000 will be made to Newtek from the sale of certain vehicles. Class 3 shall consist of the claim of Ally Financial. Five Allowed Secured Claims of Ally shall be allowed in the aggregate amount of $115,182. These Claims shall be treated under the Plan as follows: * The secured claim related to Calvert Health ECF Claim No. 3, allowed in the amount of $17,425, shall be paid as follows: (i) 60 equal monthly installments of principal and interest shall be made in the amount of $324.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 4, allowed in the amount of $20,150, shall be paid as follows: (i) 60 equal monthly installments of principal and interest shall be made in the amount of $375.66; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 5, allowed in the amount of $25,900, shall be paid as follows: (i) 60 equal monthly installments of principal and interest shall be made in the amount of $482.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to KRC ECF Claim No. 2, allowed in the amount of $25,900, shall be paid as follows: $25,900, shall be paid as follows: (i) 60 equal monthly installments of principal and interest shall be made in the amount of $482.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 7, allowed in the amount of $25,807, shall be paid as follows: (i) 60 equal monthly installments of principal and interest shall be made in the amount of $481.12; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. Class 4 shall consist of the claim of Santander Consumer USA, Inc. d/b/a Chrysler Capital. The Allowed Secured Claim of Chrysler shall be allowed in the amount of $27,825. The secured claim related to Calvert Health ECF Claim No. 1, allowed in the amount of $27,825, shall be paid as follows: * 60 equal monthly installments of principal and interest shall be made in the amount of $518.74. * Interest shall accrue at the fixed rate of 4.50% per annum. Like in the prior iteration of the Plan, the Plan provides a pool of $10,000 to be paid pro rata to the claimholders in Class 8 Allowed Unsecured Claims. The Debtors will continue to operate to generate revenue to fund the Plan. In addition, the Debtors anticipate potential recoveries of certain postpetition payments made to Marlin Capital Solutions and Swift, among other potential Chapter 5 causes of action as additional efforts to fund certain distributions under the Plan. A full-text copy of the First Amended Joint Plan dated March 15, 2022, is available at https://bit.ly/3CW07Vt from PacerMonitor.com at no charge. Attorneys for the Debtors: Henry E. Hildebrand, IV, Esq. Gray Waldron Dunham Hildebrand, PLLC 2416 21st Avenue South, Suite 303 Nashville, TN 37212 Tel: 615-933-5851 Fax: 615-777-3765 Email: ned@dhnashville.com About KR Calvert and Calvert Health KR Calvert Co., LLC, and Calvert Health, LLC, filed petitions for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 21-03905 and 21-03906) on Dec. 27, 2021. Klein Calvert and Pamela Calvert, members, signed the petitions. At the time of the filing, KR Calvert listed up to $50,000 in assets and up to $10 million in liabilities while Calvert Health listed as much as $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the cases. The Debtors tapped Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand PLLC, as legal counsel. CARNIVAL BEVERAGES: Ends Up in Chapter 11 Bankruptcy ---------------------------------------------------- Pennsylvania-based beverage company Carnival Beverages Inc., and affiliates filed for Chapter 11 bankruptcy protection. The affiliated entities of Carnival Beverages are Carnival Beverages, Inc. and Datzko Capital, LLC. Carnival Beverages is an S-Corporation that does business as a beer distributor store in Western Pennsylvania. Huntington National Bank is the Debtor's senior secured lender, and the holder of first and second priority liens on all or substantially all of Debtor's assets. Huntington said in court filings that it's in talks with the Debtor regarding terms of a consensual use of cash collateral. Carnival Beverages said in filing it has 9 unsecured creditors, including Channel Partners, Pennsylvania Department of Revenue, and John J. Simko. According to its petition, funds are available to unsecured creditors. A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for April 20, 2022 at 10:00 a.m. Proofs of claim are due by May 15, 2022. About Carnival Beverages Carnival Beverages Inc. is a beverage company that manufacturers crafted beer in Mittlin, Pennsylvania. Carnival Beverages Inc. and affiliate sought voluntary Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Lead Case No. 22-20472) on March 15, 2022. In the petition filed by Jonathan Fetzko, as president, Carnival Beverages estimated total assets between $100,000 and $500,000 and liabilities of the same range. Christopher M. Frye, of Steidl & Steinberg, is the Debtors' counsel. CATS ON THE BAY: Seeks to Employ Alla Kachan as Bankruptcy Counsel ------------------------------------------------------------------ Cats On The Bay, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan, P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting the Debtor in administering the case; (b) making such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) representing the Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as the Debtor deems appropriate; (d) taking necessary steps to marshal and protect the estate's assets; (e) negotiating with creditors in formulating a plan of reorganization; (f) drafting and prosecuting the Debtor's plan of reorganization; and (g) rendering additional services for the Debtor. The firm's hourly rates are as follows: Attorneys $475 Paraprofessionals $250 The Debtor paid the firm an initial retainer of $15,000. Alla Kachan, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel.: (718) 513-3145 Email: alla@kachanlaw.com About Cats On The Bay Cats On The Bay, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-42368) on Sept. 20, 2021, listing as much as $1 million in both assets and liabilities. Elina Khanukov, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices of Alla Kachan, PC as bankruptcy counsel and YKAZ CPA, PC as accountant. CEDAR HAVEN: Unsecured Creditors to Recover 10% to 17% in Plan -------------------------------------------------------------- Cedar Haven Acquisition, LLC submitted a First Amended Combined Disclosure Statement and Chapter 11 Plan of Reorganization dated March 15, 2022. The Combined Plan and Disclosure Statement provides that on the Effective Date: (a) the Class 4 Landlord Claim will be allowed in the amount of $1,673,591.68 and satisfied in full pursuant to the Term Sheet; (b) the Amended Lease will be assumed; (c) all property comprising the Estate shall vest in the Reorganized Debtor free and clear of all Liens, Claims, charges, and other encumbrances; (d) the Equity Interests will be reinstated; and (e) the establishment of the GUC Pool, and the appointment of the GUC Administrator. The deadline for the Debtor to assume or reject the Lease under section 365(d)(4) of the Bankruptcy Code currently runs through and including March 31, 2022. Class 1 consists of DIP Facility Claims. Holders of Claims in Class 1 are Unimpaired under the Combined Plan and Disclosure Statement. Capital Finance's DIP Facility Claims are deemed Allowed Claims and secured by the DIP Liens. The terms of the Final DIP Order and DIP Liens shall survive Confirmation of the Plan. All Avoidance Actions and Causes of Action against Capital Finance are waived and released. Capital Finance shall receive the full amount of the DIP Facility Claims that are outstanding as of the Effective Date from the proceeds of the Exit Financing in full and final satisfaction, settlement, release, and discharge of, and in exchange for the Allowed DIP Facility Claims. Class 4 consists of the Landlord Claim. Except to the extent that the Holder of the Landlord Claim has agreed to a less favorable treatment of such Claim, the Holder of the Landlord Claim shall receive an allowed claim in the amount of $1,673,591.68 (the "Landlord Claim"), which shall be paid as set forth in the Term Sheet attached to the Combined Plan and Disclosure Statement. Class 5 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive such Holder's Pro Rata Share of the GUC Pool as full and complete satisfaction of their Claims, which Claims shall not be assumed by, and are extinguished and discharged against the Reorganized Debtor. The Debtor estimates that the aggregate amount of Allowed General Unsecured Claims will be approximately $12,391,328.00 based on the Debtor's Schedules and Claims asserted against the Estates. The Blalack Loan shall be allowed as a Class 5 Claim in the amount of $3,103,379.00, and Stone Barn's pre-petition deferred management fee claims shall be allowed as a Class 5 Claim in the amount of $1,418,306.15. This Class will receive a distribution of 10% - 17% of their allowed claims. All consideration necessary to make all monetary payments in accordance with the Combined Plan and Disclosure Statement shall be obtained from the Exit Financing, Cash and cash equivalents of the Debtor or the Reorganized Debtor, as applicable, including the consideration to fund the GUC Pool and payments to the Landlord. The Confirmation Hearing before the Bankruptcy Court has been scheduled for April 21, 2022 at 10:00 a.m. Any such objection must be filed by April 13, 2022 at 4:00 p.m. Counsel for the Debtor: William E. Chipman, Jr., Esq. Mark L. Desgrosseilliers, Esq. Mark D. Olivere, Esq. CHIPMAN BROWN CICERO & COLE, LLP Hercules Plaza, 1313 North Market St., Suite 5400 Wilmington, Delaware 19801 Telephone: (302) 295-0191 Facsimile: (302) 295-0199 Email: chipman@chipmanbrown.com desgross@chipmanbrown.com olivere@chipmanbrown.com About Cedar Haven Acquisition Cedar Haven Acquisition, LLC -- https://cedarhaven.healthcare/ -- is a licensed skilled nursing facility located in Lebanon, Pa., that offers professionally supervised nursing care and related medical and health services to persons whose needs are such that they can only be met in a nursing facility on an inpatient basis because of age, illness, disease, injury, convalescence or physical or mental infirmity. It was formed in 2014 through the sale of Cedar Haven Healthcare Center by the Lebanon County Commissioners to Cedar Haven. Cedar Haven Acquisition and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 19-11736) on August 2, 2019. At the time of the filing, Cedar Haven Acquisition estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The cases are assigned to Judge Christopher S. Sontchi. William E. Chipman Jr., Esq., at Chipman Brown Cicero & Cole, LLP, represents the Debtors. Stretto is the Debtor's claims agent. Andrew Vara, the acting U.S. trustee for Region 3, appointed a committee of unsecured creditors on Aug. 20, 2019. The committee tapped Potter Anderson & Corroon LLP as its legal counsel and Ryniker Consultants LLC as its financial advisor. CHC TRESTLETREE: S&P Lowers Revenue Debt Rating to 'B' ------------------------------------------------------ S&P Global Ratings lowered its rating on Atlanta Urban Residential Finance Authority, Ga.'s multifamily housing revenue debt, issued for CHC Trestletree LLC's Trestletree Village apartments project, four notches to 'B' from 'BB+'. The outlook is negative. The rating action reflects S&P's opinion of weaker finances that resulted in a debt service coverage (DSC) of 0.87x in fiscal 2020 and our expectation that DSC will likely remain below 1x in fiscal 2021. Its criteria caps the rating at 'B' if DSC is below 1x. "We could lower the rating to 'CCC' or 'CC' categories, according to our "Criteria for Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings" published Oct. 1, 2012, if the borrower defaults on its May 1, 2022, or Nov. 1, 2022, debt service payments or if the borrower draws on the debt service reserve fund to make those payments. We could also lower the rating further within the one-year outlook if fiscal 2021 operations were to generate lower-than-expected coverage; the project's physical condition were to deteriorate significantly, causing us to lower our market-position assessment; or if any management-and-governance factors were to weaken significantly, causing us to lower our management-and-governance assessment," said S&P Global Ratings credit analyst Emily Avila. "Although unlikely during the one-year outlook, we could revise the outlook to stable if coverage were to increase significantly and occupancy were to remain high. "We have analyzed the project's environmental, social, and governance (ESG) risks relative to DSC and liquidity, management and governance, and market position. We consider the obligor's governance risk higher than average compared with the sector based on its lack of risk-mitigation policies and strategic plans, leaving the project vulnerable to operational volatility. Environmental risks are in-line with the sector standard because there are no elevated environmental threats present in the project area. We view persisting health-and-safety risks related to COVID-19 as social risks, continuing to broadly affect the U.S. economy and its workforce during the threat of new variants. However, gradual improvement in vaccination rates at the national and state levels and reported vaccine efficacy against these new variants have eased health-and-safety risks to some degree. Therefore, we consider social risks in-line with the sector standard." DARR GROUP: Unsecureds to Get $675 Per Month for 60 Months ---------------------------------------------------------- Darr Group LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Plan of Reorganization dated March 15, 2022. The debtor operates a convenience store attached to a gas station located on Salem Street in Randolph Township, New Jersey. The debtor further operates the fuel pumps at that gas station. The debtor experienced significant cash flow issues leading into the COVID pandemic as cash flow crimped due to the overall reduction in vehicle traffic. The Debtor was required to pay daily withdrawals from the merchant cash advance lenders, which with declining business was unsustainable. The merchant cash advance lenders proceeded to obtain judgments and execute against accounts, necessitating the filing of the case. The Plan has three main divisions of creditors: priority tax and secured tax claims that will be paid in full within 60 months of the effective date of this Plan. The next division is secured claims by certain merchant lenders. These, in order of the claims' perfection, will be paid in decreasing order of priority with the highest priority claimant receiving its full secured claim and the other merchant lenders receiving decreasing amounts of their claims. The remainder of each secured claim will be treated as general unsecured claims. The final claim set is general unsecured claims, which will receive a pro rata share of $675 per month for 60 months. Class 3 consists of General Unsecured Claims. The debtor will pay $675.00 per month in aggregate to all general unsecured creditors pro rata with their percentage of the total unsecured claims body. Class 4 consists of Equity Interest holders. The sole member shall retain his interest in the debtor. On the effective date, the Debtor will commence making payments from cash on hand and thereafter from regular cash flow. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $30000. The final Plan payment is expected to be paid on 5/31/2027. A full-text copy of the Plan of Reorganization dated March 15, 2022, is available at https://bit.ly/3L1alqa from PacerMonitor.com at no charge. Counsel for the Debtor: Law Office of Scott J Goldstein LLC Scott J Goldstein, Esq. 280 West Main Street Denville, NJ 07834 Tel: (973) 453-2838 Fax: (973) 453-2869 About Darr Group Darr Group, LLC, operates a gas station and convenience store at 260 South Salem Street, Randolph, New Jersey. The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case No. 21-19640) on December 15, 2021. Scott J. Goldstein, Esq. of the LAW OFFICES OF SCOTT J. GOLDSTEIN, LLC is the Debtor's Counsel. DERRICK'S SPORT: Seeks to Hire Joy P. Robinson as Legal Counsel --------------------------------------------------------------- Derrick's Sport Fitness, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Maryland to hire Joy P. Robinson P.C. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) preparing and filing bankruptcy schedules, statement of affairs and other documents required by the court; (b) representing the Debtor at the initial interview and meeting of creditors; (c) counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (d) advising the Debtor concerning and assisting in the negotiation and documentation of financing agreements, debt restructurings and related transactions; (e) reviewing the validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens; (f) preparing legal documents and reviewing all financial reports to be filed in the Chapter 11 case; and (g) performing all other necessary legal services for the Debtor. The firm's hourly rates are as follows: Partner $300 per hour Paralegal $95 per hour The Debtor paid the firm a retainer in the amount of $5,000. Joy Robinson, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joy P. Robinson, Esq. Joy P Robinson P.C. 9701 Apollo Dr., Ste 100 Upper Marlboro, MD 20774 Telephone: (301) 322-3170 Facsimile: (301) 263-6888 Email: joy@joyrobinsonlaw.com About Derrick's Sport Derrick's Sport Fitness, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 22-10792) on Feb. 16, 2022, listing up to $50,000 in assets and up to $500,000 in liabilities. Michael Wolff serves as the Subchapter V trustee. Judge Thomas J. Catliota oversees the case. The Debtor tapped Joy P. Robinson P.C. as legal counsel. DESERT VALLEY: Amends Plan to Include Atlas' Judgment Lien Claim ---------------------------------------------------------------- Desert Valley Steam Carpet Cleaning LLC submitted a Fifth Amended Disclosure Statement describing Plan of Reorganization dated March 15, 2022. Per stipulation between the Debtor and Atlas Residential LLC, the parties briefed cross motions for summary judgment on Nov. 1, 2021. The purpose of the motions for summary judgment were to identify and resolve as many legal issues as possible to narrow the remaining discovery relating to Atlas Residential LLC's proof of claim and related objection. After briefing, oral argument was held on Jan. 11, 2022. The Court took the matter under advisement and subsequently issued a ruling on Feb. 15, 2022. The Debtor filed a Motion for Reconsideration on the Assignment of Rents cap on the basis that the Court overlooked language in the Deed of Trust that any security interest in rents must be released upon satisfaction of the Deed of Trust. The Court denied Debtor's Motion for Reconsideration on March 7, 2021. The Debtor anticipates filing an appeal on this issue. Secured Claims Atlas' most recent proof of claim (Claim No. 7-1) is for a total amount of $727,030 which includes the judgment lien against Victor Granado in the amount of $83,823. The claims register lists the asserted secured claim of $516,946 and a priority claim of $210,113. The Court previously denied the $210,113 as an administrative claim. Although the claims register reflects an asserted secured claim of $516,943, it appears from Atlas' proof of claim addendums that they assert a secured interest in all amounts claimed – i.e., $727,030. * The Court will have to decide on the amount of Atlas' secured claim as well as any unsecured portion which is allowed. The Court's Under Advisement Ruling denied Atlas' claims for management/accounting and overhead/profit in the amount of $44,284 leaving a maximum claim amount of $682,745. If Atlas' is awarded a full secured claim of $682,745, Atlas' total remaining secured claim will be $424,558 after the offsets related to the insurance proceeds and adequate protection payments. If rents held in the DIP account are further paid to Atlas, the remaining balance on Atlas' maximum secured claim to be paid through the plan would be $392,495. This amount included the judgment lien (Class 2-B) and the secured claim (Class 2-A). In such event, the liquidation value for unsecured creditors would be $82,565 plus any net recovery from the adversary proceeding. DVSCC will pay the judgment lien on the same terms as any remaining secured claim except that the interest rate shall be 4.25%. The Debtor will pay Atlas' judgment lien claim with interest at the rate of 4.25% annual interest amortized over 300 months. DVSCC shall make equal monthly payments of principal and interest commencing on the Effective Date. DVSCC has operated overall profitably while in bankruptcy, to a large extent due to the extensive efforts of its principal and the patience of its creditors. DVSCC will continue to generate sufficient revenues to service its operating expenses and to pay the debt service called for under the Plan. DVSCC's projections provided on a best efforts basis given the nature of the disputes with Atlas and the uncertainty regarding those claims. * Scenario 1 assumes that Atlas is fully secured and prevails on the full remaining balance of their claim which is $424,558 less rents. Exclusive of the judgment lien and offset for rents, this leaves a balance of $308,612. Scenario 1 also assumes a net recovery of $100,000 in the adversary proceeding after reimbursement of costs and expenses. This would offset the loan balance of $308,612 leaving a balance of $208,612. Atlas' Class 2-A claim will be paid over 300 months at a rate of 4.89% annually. Atlas' judgment lien which will be paid over 300 months at a rate of 4.25% interest annually. In this event, all creditors will be paid in full in approximately 44 months after confirmation * Scenario 2 assumes that Atlas is fully secured but their remaining claim balance is reduced to $200,000 exclusive of the judgment lien and offset for rents. Scenario 2 also assumes no net recovery in the adversary proceeding. After the offset for rents and the separate treatment for the judgment lien, Atlas would be owed $84,054 on its Class 2-A Claim. Atlas' Class 2-A claim will be paid over 300 months at a rate of 4.89% interest annually. In this event, all creditors will be paid in full in approximately 28 months after confirmation. * Scenario 3 assumes that Atlas is fully secured but their remaining claim balance is reduced to $150,000. Scenario 3 assumes a net recovery of $50,000 in the adversary proceeding. After the offset, Atlas' remaining claim would be $100,000. Excluding the judgment lien, this would leave a balance of $16,177. That amount would be paid with rents leaving a rents balance/credit of $15,946 to be applied to the first month's payment under the plan with nothing owing on the Class 2-A Claim. In this event, all creditors will be paid in full in approximately 15 months after confirmation. DVSCC's plan will be funded by its operations and Excess Cash Flow. Further, the Interest Holders will repurchase their ownership in DVSCC by borrowing $20,000 and contributing those funds to DVSCC for its use to pay administrative claims. The Reorganized Debtors shall act as the Disbursing Agent under the Plan. A full-text copy of the Fifth Disclosure Statement dated March 15, 2022, is available at https://bit.ly/36wfk3c from PacerMonitor.com at no charge. Attorneys for the Debtor: Benjamin Wright Shawn A. McCabe Wright Law Offices 2999 N. 44th St., Suite 600 Phoenix, AZ 85018 Tel: 602-344-9695 Fax: 480-717-3380 E-mail: shawn@azbklawyer.com About Desert Valley Steam Carpet Cleaning Desert Valley Steam Carpet Cleaning, LLC, was formed on or about Aug. 12, 2005, for the purpose of owning and operating a multi-family housing property located at 603 and 607 North D. Street, Eloy, Arizona. Desert Valley Steam Carpet Cleaning sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00570) on Jan. 16, 2020. Judge Brenda K. Martin oversees the case. Wright Law Offices, led by Benjamin Wright and Shawn A. McCabe, is serving as counsel to the Debtor. Wright replaced Patrick Keery of Keery McCue, PLLC, the original bankruptcy counsel of the Debtor. EAGLE HOSPITALITY: Bankruptcy Court Nixes $21-Mil. Contract Claims ------------------------------------------------------------------ Rick Archer of Law360 reports that a Delaware bankruptcy judge has shot down nearly $21.3 million in claims against Eagle Hospitality Group for unpaid hotel management fees and costs, saying the management companies' contracts weren't with Eagle. U.S. Bankruptcy Judge Christopher Sontchi said that while he would allow Evolution Hospitality to pursue its claims that it should be paid because the entities it had entered hotel management agreements with are part of the Eagle "economic entity," neither it nor Interstate Management Co. have direct contractual claims against Eagle. 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. ECOLIFT CORPORATION: May 11 Plan Confirmation Hearing Set --------------------------------------------------------- On Jan. 14, 2022, debtor Ecolift Corporation filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Disclosure Statement referring to Chapter 11 Plan. On March 15, 2022, Judge Edward A. Godoy approved the Disclosure Statement and ordered that: * Acceptances or rejections of the Plan may be filed in writing by the holders of all claims on/or before 14 days prior to the date of the hearing on confirmation of the Plan. * Any objection to confirmation of the plan shall be filed on/or before 14 days prior to the date of the hearing on confirmation of the Plan. * The debtor shall file with the Court a statement setting forth compliance with each requirement in section 1129, the list of acceptances and rejections and the computation of the same, within 7 working days before the hearing on confirmation. * May 11, 2022 at 1:30 PM, via Microsoft Teams is the hearing for the consideration of confirmation of the Plan and of such objections as may be made to the confirmation of the Plan. A full-text copy of the order dated March 15, 2022, is available at https://bit.ly/3qjBFbo from PacerMonitor.com at no charge. Attorney for the Debtor: Carmen D. Conde Torres C. CONDE & ASSOC. San Jose Street #254, 5th Floor San Juan, P.R. 00901-1253 Tel: (787) 729-2900 Fax: (787) 729-2203 E-mail: condecarmen@microjuris.com About Ecolift Corp. Ecolift Corp. is a manufacturer of aircraft parts and equipment. Ecolift Corp. sought Chapter 11 protection (Bankr. D.P.R. Case No. 21-02751) on Sept. 17, 2021. In the petition signed by Ernesto Di Gregorio as president, Ecolift estimated assets of between $1 million and 10 million and liabilities of between $1 million and $10 million. Carmen D. Conde Torres, Esq., C. CONDE & ASSOC., is the Debtor's counsel. FORE MACHINE: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Fore Machine, LLC and its affiliates. The committee members are: 1. Vandergriff Technologies c/o Nancy Vandergriff, Secretary/Treasurer 4209 Murray Avenue Haltom City, TX 76117 Phone: 817-485-1248 Fax: 817-485-7703 Email: nancy@vandergriff.net 2. RMP Industrial Supply c/o Jeremy Raines, President 3209 Stuart Drive Fort Worth, TX 76110 Phone: 817-235-4727 Email: jraines@rmpis.com 3. LTTS Machine c/o Israel Torres, Vice President 1051 South Forest Avenue Fort Worth, TX 76112 Phone: 817-615-1173 Email: israel@lttsmachineshop.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Fore Machine Fore Machine, LLC is a manufacturer of aircraft engines and engine parts in Haltom City, Texas. Fore Machine, LLC and its affiliates, Aero Components, LLC and Fore Aero Holdings, LLC, sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 22-40487) on March 7, 2022. In the petition signed by Jens Verloop, chief financial officer, Fore Machine listed as much as $50 million in both assets and liabilities. The Debtors tapped Winston & Strawn, LLP as legal counsel and Alvarez and Marsal North America, LLC as financial advisor. Bankruptcy Management Solutions, Inc., doing business as Stretto, is the claims and noticing agent. FORESIGHT ACQUISITIONS: Unsecureds to Get Nothing in Plan --------------------------------------------------------- Foresight Acquisitions, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Plan of Reorganization under Subchapter V dated March 15, 2022. The Debtor is a designer and wholesale distributor of men's and pet accessories to retailers throughout the world including North and South America and Asia. The Debtor was formed in 2015 for the purchases of acquiring an existing business. The Debtor's current capital structure prevents the Debtor from attracting enough investment to enable it to become operationally cash flow positive and reduce its working capital deficit. Therefore, unless the Debtor reorganizes its debt it will never be able to operate profitably and will be forced to liquidate. The Debtor's financial projections show that the Debtor will have total projected disposable income for the 5-year period of $646,451.52 (the "Projected Disposable Income"). This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from (1) the assumption of debt to IMI and LFT, and certain other creditors that will be paid in the ordinary course of business by the Reorganized Debtor and (2) the Cash Investment. Creditors holding Allowed Unsecured Claims in Classes 2 will receive distributions which the Debtor has estimated to be approximately cents on the dollar. This Plan provides for full payment of administrative expenses and priority claims. Class 2 consists of the Allowed Claims of Premier Bank. Premier Bank is owed $2,086,883.31 as of the Petition Date, secured by a first priority blanket security interest in all assets of the Debtor. However, the value of the assets that secure Premier Bank's loans is only $900,005.70 as of the Petition Date consisting of: $402,372.97 in accounts; $338,860.00 in inventory on hand; $100,666.66 in inventory ordered but not yet received; and $58,106.07 on deposit in Erie Bank that was the proceeds of Premier Bank's collateral. Premier Bank's Allowed Claim of will be bifurcated pursuant to 11 USC §506(c) into a Secured Claim of $900,000.00 and an Unsecured Claim of $1,186,883.31. Premier Bank's Secured claim will bear interest at 6% per annum and be paid in full in 120 monthly payments of $9,991.85, unless paid in whole or in part from the proceeds of financing. The balance of the Allowed Claim of Premier Bank will be treated as an Unsecured Claim and paid pro rata with claims in Class 4. However, there will be no distribution to Class 4 therefore there will be no payment to Premier Bank in addition to the payment on its Secured Claim. Class 3 consists of the SBA Allowed Claime for the EIDL of $150,000 secured by a second priority blanket security interest in all assets of the Debtor. Because the Premier Bank Allowed Claim will not be paid in full unless it is required to be paid in order to enable the Debtor to obtain another EIDL, in which case it will bear interest at 3% and be paid in equal monthly installments as set forth in the EIDL loan documents with the SBA. Otherwise, the Allowed Claim of the SBA will be treated as an Unsecured Claim and paid pro rata with claims in Class 4. However, there will be no distribution to Class 4 therefore there will be no payment to the SBA under this Plan. Class 4 consists of the Allowed Claims of Creditors other those in Classes 1, 2, or 3. The Debtor estimates that there is $379,178.99 in claims in this class as of the Petition Date. Because the Allowed Claims of Premier Bank will not be paid in full, there will be no distribution to any Allowed Claim in this Class under this Plan. This Class is impaired but deemed to reject this Plan. Class 5 consists of the outstanding membership interests in by the Debtor, all of which are owned by James and Kerri Mauro. Upon the Effective Date the Mauros will retain their membership interests in the Debtor. The Plan will be implemented and funded through the future business operations of the Reorganized Debtor. As a part of its reorganization, the Debtor does not contemplate the sale of any assets, however assets may be sold to the extent that it is later determined they are no longer of value to the Reorganized Debtor's business operation or their useful life for the Reorganized Debtor has expired. A full-text copy of the Plan of Reorganization dated March 15, 2022, is available at https://bit.ly/36dAVxN from PacerMonitor.com at no charge. About Foresight Acquisitions, LLC Foresight Acquisitions, LLC, is a merchant wholesaler of men's apparel and accessories. It sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 21-51740) on Dec. 23, 2021. In the petition signed by James T. Mauro, president, the Debtor disclosed $2,017,248 in assets and $2,776,776 in liabilities. Judge Alan M. Koschik oversees the case. Frederic P. Schwieg, Esq. at Frederic P. Schwieg Attorney at Law, is the Debtor's counsel. GALA SERVICE: Seeks to Employ Wisdom Professional as Accountant --------------------------------------------------------------- Gala Service, Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Wisdom Professional Services Inc. as its accountant. The firm's services include: (a) gathering and verifying all pertinent information required to compile and prepare monthly operating reports; and (b) preparing monthly operating reports for the Debtor. The firm's estimated monthly cost for its services is $150. Depending on the duration of the Debtor's Chapter 11 case, the approximate total cost is $3,600. Michael Shtarkman, the firm's accountant who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Shtarkman, CPA Wisdom Professional Services Inc. 626 Sheepshead Bay Rd., Suite 640 6th Floor Brooklyn, NY 11224 Tel: (718) 554-6672 Email: daniel@shtarkman.com About Gala Service Gala Service, Corp., a company in Sunnyside, N.Y., filed a petition for Chapter 11 protection (Bankr. E.D. N.Y. Case No. 21-43106) on Dec. 17, 2021, listing $448,092 in assets and $1,380,414 in liabilities. Mitchell Cohen, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices Of Alla Kachan P.C. as legal counsel and Wisdom Professional Services Inc. as accountant. GOGO INC: Moody's Upgrades CFR to B2, Outlook Remains Stable ------------------------------------------------------------ Moody's Investors Service upgraded Gogo Inc.'s corporate family rating to B2 from B3 and the company's probability of default rating to B2-PD from B3-PD. Moody's also upgraded the rating on Gogo Intermediate Holdings LLC's senior secured facilities to B2 from B3 and the speculative grade liquidity rating to SGL-2 from SGL-3. The outlook is stable. Gogo's upgrade reflects the company's better than expected performance in 2021 and the resulting improvement in financial metrics, in particular Moody's adjusted Debt to EBITDA which is expected to decrease to around 5x by the end of 2022. Upgrades: Issuer: Gogo Inc. Corporate Family Rating, Upgraded to B2 from B3 Probability of Default Rating, Upgraded to B2-PD from B3-PD Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Issuer: Gogo Intermediate Holdings LLC Senior Secured Bank Credit Facility, Upgraded to B2 (LGD3) from B3 (LGD3) Outlook Actions: Issuer: Gogo Inc. Outlook, Remains Stable Issuer: Gogo Intermediate Holdings LLC Outlook, Remains Stable RATINGS RATIONALE Gogo's B2 CFR reflects (1) the strong fundamentals underpinning Gogo's business as private jet usage continues to increase coupled with increased demand for in-air connectivity; (2) the company's moderate leverage with Moody's adjusted debt/EBITDA expected to decline to around 5x by year-end 2022 and further in 2023; (3) Gogo's good liquidity profile with positive free cash flow expected over the next two years despite increased expenditures to upgrade to 5G technology. The B2 CFR also reflects (1) the small scale and niche market focus of the business with 2021 revenue of around $336 million; (2) potential increase in operating expenses to address larger jet connectivity through low-earth orbit satellite beams; (3) potential risk to air travel demand from increasing fuel prices or in times of economic uncertainty. Gogo achieved strong growth in 2021 with revenue of $336 million up 24% from the previous year driven by growth in both service (+22% vs 2020) and equipment (+32% vs 2020). The company's EBITDA and free cash flow in 2021 were also ahead of previously guided ranges. The strong performance is due to customers' increasing demands for connectivity as well as increased overall demand for business aviation. The company ended the year with 6,400 aircraft online, a near 11% increase over 2020, and average revenue per unit of $3,300 or an 8% year over year increase. Moody's also notes the company's recently stated financial policy to maintain leverage (net debt/EBITDA, company adjusted) below 4x, which Gogo is expected to meet in the second quarter of 2022 following the equitization of the Company's $103 million in outstanding convertible notes in May of 2022. Moody's believes Gogo's revenue and EBITDA will continue to grow in 2022 and beyond as the company upgrades its Air To Ground (ATG) network to 5G speeds allowing for even higher megabit offers on the aircraft it services. Gogo has a good liquidity profile, as reflected in its SGL-2 rating, supported by around $145 million of cash on hand at year end 2021 and well as full availability under its $100 million revolving credit facility. Moody's expects Gogo to generate positive free cash flow of around $25-$30 million in 2022 at a time when capex is high as a result of the 5G build-out. The revolver contains a net leverage covenant set at 7.5x which is only tested when utilization exceeds 35%. The stable outlook reflects Moody's expectations that Gogo's leverage will decrease to around 5x in 2022 but that the company is likely to allocate some of its free cash flow generation to investments in LEO satellite capacity to grow revenue beyond its currently addressable base of light and medium sized aircraft. The B2 (LGD3) rating on the company's senior secured facilities reflects the probability of default of the company, as reflected in the B2-PD PDR, an average expected recovery rate of 50% and the particular instrument' rankings in the capital structure. Given the impending maturity of the $103 million convertible notes due May 2022, which Moody's expects will be equitized, Moody's has excluded them from its loss given default assessment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upwards rating pressure could build up should Gogo demonstrate steady revenue growth, greater diversification and scale, free cash flow to debt above 10% as well as a sustained reduction in Moody's adjusted leverage below 4x. Downward rating pressure could develop should revenue and EBITDA fail to grow in line with the company's expectations leading to leverage remaining materially above 5x. Additionally, a material increase in competitive intensity or a weakening in Gogo's liquidity would pressure the ratings. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. GREENFIELD ENERGY: Tex. App. Flips OK of Waguespack Appearance -------------------------------------------------------------- Alan Halperin, as trustee of the GFES Liquidation Trust, appeals the trial court's order granting the special appearance filed by Dalis M. Waguespack. Michel Moreno served as Chairman of the Board of Directors and CEO of Greenfield Energy Services, Inc., until its Chapter 11 liquidation in Delaware bankruptcy proceedings. During the bankruptcy, Alan Halperin, trustee of the GFES Liquidation Trust, commenced adversary proceedings against Moreno, an entity he controlled called MOR MGH, and another related entity, based on various claims. Following a trial on the merits, the bankruptcy court found that Moreno tortiously interfered with MOR MGH's obligations because he wrongfully diverted monies intended for Greenfield and used the funds to purchase a personal home in Dallas, Texas. The court recommended that damages be awarded on the trustee's tortious interference claim and that a $10 million constructive trust be imposed on the Dallas property. The federal district court agreed and entered final judgment against Moreno for $16.6 million in damages and pre-judgment interest on that amount and a $10 million constructive trust on the Dallas property. The Third Circuit Court of Appeals affirmed the district court's judgment. On January 22, 2020, the judgment was domesticated in a Texas state district court pursuant to the Uniform Enforcement of Foreign Judgments Act. Moreno filed a motion to vacate the Texas judgment on February 14, 2020, arguing the Texas homestead exemption precluded enforcement of the constructive trust. On February 21, 2020, Moreno's wife filed a petition in intervention asserting a claim to quiet title on the Dallas property. Halperin subsequently filed a third-party petition against Moreno's sister -- Dalis M. Waguespack -- asserting a fraudulent transfer claim. He also asserted a fraudulent transfer counterclaim against Moreno's wife. The trustee's original counterclaim and third-party petition also asserted a claim against all defendants for judicial foreclosure to enforce the Texas judgment against the Dallas property. On September 10, 2020, the trial court signed an order denying Moreno's motion to vacate. Moreno filed a notice of appeal from that order on September 28, 2020. On December 14, 2021, the Court of Appeals of Texas, Fifth District in Dallas, concluded the appeal was untimely and dismissed it for want of jurisdiction. The Court of Appeals' opinion explained that the notice of appeal was due April 21, 2020 because the timely motion to vacate acted as a motion for new trial, and that the trial court's September 2020 order was void because the court's plenary power over the January 22, 2020 Texas judgment expired on May 6, 2020. Subsequently, the Trustee lodged an appeal from the trial court's May 7, 2021 order, granting Waguespack's November 2, 2020 special appearance. Waguespack argued she was not subject to the jurisdiction of Texas state courts because she is a Louisiana resident with no contacts with the forum state. The Trustee argues the trial court erred in granting Waguespack's special appearance because there are clearly sufficient contacts between the forum state, appellee, and the specific causes of action asserted against her. More specifically, the Trustee argues specific personal jurisdiction exists in this case because (1) the claims asserted against Waguespack all relate to her role as lienholder and obligee regarding an insider loan to a Texas resident designed to defraud creditors on real property located in Dallas County, Texas; (2) Waguespack purposefully directed her activities related to this "sham" loan transaction at the State of Texas; and (3) Waguespack took advantage of Texas law to benefit her brother and obtain a security interest in a multi-million dollar residence in Dallas. The Trustee does not argue general jurisdiction is available over appellee, so inquiry is limited to specific jurisdiction, which concerns whether the nonresident defendant's alleged minimum contacts give rise to specific jurisdiction -- triggered when the Trustee's cause of action arises from or relates to those contacts. The record shows that on March 7, 2018, Moreno signed two documents purporting to encumber the Dallas property. One was a promissory note dated March 7, 2018, that allegedly created a home equity line of credit (HELOC). Waguespack, "an individual and Borrower's sister," is the lender in the HELOC note. The note references the collateral for the credit as the Dallas property located at 4425 Highland Drive, Dallas, Texas, and the note provides that payments were to be made on the indebtedness at 4514 Cole Avenue, Suite 600, Dallas, Texas 75205. The note was secured by a deed of trust from Moreno, again dated March 7, 2018. The deed of trust states Waguespack is the trustee for the deed of trust and her mailing address as trustee is the 4514 Cole Avenue address. The deed of trust also identifies Waguespack, "an individual and Borrower's sister," as the lender; that she is the lender of $6.24 million to Moreno; and her mailing address as lender is, again, the 4514 Cole Avenue address. The deed of trust requires that it may only be foreclosed on by court order and specifically requires that both the lender and the trustee abide by the provisions of the Texas Property Code. The deed of trust was filed in the Dallas County public records on June 26, 2018. The record further reveals t hat on March 6, 2018, the day before the HELOC transaction closed, Waguespack became the manager of a newly fob rmed entity, QR2DJ5UG1, LLC (the "Q" entity), for the purpose of receiving funds from MOR KM Holdings, LLC. More specifically, on March 6, 2018, Waguespack authorized the Q entity to grant 100 percent of its membership interests to MOR KM Holdings, LLC, in exchange for $4.6 million from MOR KM. MOR KM is a Texas business with its principal office and place of business located at 4514 Cole Avenue, Suite 600, Dallas, Texas, 75205, and it is undisputed that the HELOC was assigned to MOR KM. The Q entity is a Delaware limited liability company but according to its Limited Liability Company Agreement, which Waguespack executed on March 6, 2018, its principal office is located at the same Texas address listed in the HELOC and the deed of trust, and where MOR KM maintains its principal office and place of business: 4514 Cole Avenue, Suite 600, Dallas, Texas 75205. Appellant's third-party petition against Waguespack alleges she is the sister of Michel Moreno and an "insider" working to assist him in avoiding, delaying, or hindering creditors' collections efforts. Appellant alleges Waguespack entered into the deed of trust on the Dallas property located at 4425 Highland Drive, Dallas, Texas. Appellant also alleges the deed of trust was made in exchange for a purported loan of $6.24 million from Waguespack, individually; furthermore, the fraudulent conveyance to Moreno's sister was made for the purpose of avoiding creditors. Waguespack argues she did not purposefully direct any activity towards Texas. She claims the petition relies on a single alleged action, i.e., that Waguespack agreed to a HELOC -- which she entered into from Louisiana, and then subsequently transferred to MOR KM -- that happened to involve a Texas property. Waguespack also argues Moreno unilaterally contacted her in Louisiana to ask her to serve as lender on the HELOC; she did not intentionally target Texas by merely receiving a call from her brother who lived there; and she sought no benefit or advantage from the HELOC or entering into the deed of trust. Waguespack further contends "the presence of property in a state, without more, does not automatically signify that the defendant has purposefully availed itself of the benefits and protections of state law." And, additionally, Waguespack argues Halperin's substantive allegations against Moreno regarding Texas homestead laws do not warrant forcing Waguespack out of her resident state to litigate this dispute in Texas. The Court of Appeals of Texas, Fifth District, Dallas, points out the case involves more than the "the presence of property in a state." The Court notes the deed of trust and the HELOC were between a Texas borrower (Moreno) and a lender and trustee (Waguespack) with -- according to the documentation -- a Texas-based mailing address. The HELOC set Texas as the place where the loan contract would be performed. The HELOC was secured by a house located in Texas, and the deed of trust is governed by Texas law. The Court also notes it is undisputed the HELOC was assigned to MOR KM, which maintains its principal office and place of business in Texas. The HELOC note and the loan documentation evince a clear, specific intent by Waguespack to purposefully direct conduct towards Texas for the benefit of her brother, a Texas resident. Appellant's fraudulent transfer and declaratory judgment claims seek to avoid the lien related to the Texas real estate transaction under the Texas Uniform Fraudulent Transfer Act as a sham insider loan and foreclose on the Texas property. Accordingly, the record shows the defendant purposefully availed herself of the privilege of conducting activities here and that there is a nexus between the defendant, the litigation, and the forum state. Waguespack's assertion that the transaction was done at the direction of Moreno cannot evade both her contacts with the forum state and the specific connection of these contacts to the cause of action being asserted against her in this case, the Court holds. In a recent case from this Court, MBM Family Trust No. 1 v. GE Oil & Gas, LLC, No. 05-20-01103-CV, 2021 WL 4236874 (Tex. App.-Dallas Sept. 17, 2021, no pet.) GE Oil & Gas, LLC, a judgment creditor of Moreno, was pursuing fraudulent transfer claims related to the same home equity line of credit being pursued in this case. There, Waguespack argued she participated in the HELOC transaction only in her individual capacity as Moreno's sister and did not participate in the transaction in her capacity as trustee. The trial court, however, denied Waguespack's special appearance, and the Appeals Court concluded the evidence raised at least a fact issue regarding specific jurisdiction. Addressing whether the exercise of jurisdiction violated traditional notions of fair play and substantial justice, the Appeals Court concluded: [T]he record indicates the Trust and Waguespack are involved in providing funds to Moreno, a Texas resident, in Texas. The burden on the Trust and Waguespack in adjudicating the underlying dispute in Texas is therefore minimal. Further, it appears that Texas has a considerable interest in adjudicating the underlying dispute in its entirety, and such an adjudication will aid GE in obtaining convenient and effective relief in Texas and result in an efficient resolution of the claims between the parties. The Appeals Court says a similar conclusion has been reached in the Trustee's case. The evidence before the trial court raised, at the very least, a fact issue regarding specific jurisdiction; therefore, the Court concludes the trial court erred in granting the plea to the jurisdiction in this case. The Court also rejects the argument that the exercise of jurisdiction violates traditional notions of fair play and substantial justice. Texas has a substantial interest in resolving this dispute, the Court holds. Accordingly, the Appeals Court reverses the trial court's order granting the special appearance filed by Waguespack, and this cause is remanded to the trial court for further proceedings. Appellant may recover his costs of this appeal from appellee. A full-text copy of the Memorandum Opinion filed March 9, 2022, and penned by Justice Lana Myers is available at https://tinyurl.com/2p8xmwv5 from Leagle.com. The appeals case is ALAN HALPERIN, AS TRUSTEE OF THE GFES LIQUIDATION TRUST, Appellant, v. MICHEL B. MORENO AND MOR MGH HOLDINGS, LLC, DALIS M. WAGUESPACK, AND TIFFANY C. MORENO, Appellees, No. 05-21-00390-CV (5th Cir.). GRUPO AEROMEXICO: Exits Bankruptcy With $5 Bil. Fleet Investment ---------------------------------------------------------------- Grupo Aeroméxico, S.A.B. de C.V. (BMV: AEROMEX) said March 17, 2022, that it has consummated its Plan of Reorganization (and ancillary documents thereto) and it has successfully concluded its financial restructuring process and emerged from its Chapter 11. The delivery of the new listed and consolidated shares (reflecting the effects of the consolidation (reverse split) of shares), representing the new capital stock of the Company as of today, will be delivered, directly through the S.D Indeval, Institucion para el Deposito de Valores, S.A. de C.V., or through the custodian broker S3 Caceis, in favor of the brokers and/or custodians of shareholders owning shares representing the new capital stock of Aeromexico. As set forth in the Plan of Reorganization, the equity value of the reorganized Company is approximately US$2,564,000,000 dollars, and the new outstanding listed shares are 136,423,959 (excluding treasury shares pending to be subscribed in the amount of 13,642,396). The authorized total amount of shares issued by the Company are 150,066,355 shares. The theoretical value of the new shares is approximately of $389.0187 pesos per share (Plan value of the Company (US$2,564,000,000 dollars) divided by new subscribed shares (136,423,959), which results in approximately US$18.79 dollars per share converted at the official exchange rate ($20.7035 pesos per one dollar of the United States of America) published today by the Central Bank of Mexico in the Official Gazette of the Federation (Diario Oficial de la Federación)), which should start being reflected by the market. The largest shareholders of the reorganized Company include funds managed by Apollo Global Management, Delta Air Lines, as well as existing and new Mexican investors that formed the group with voting control. The Baupost Group, Silver Point Capital, Oaktree Capital Management and other funds that were part of the ad hoc groups of creditors are also shareholders after investing approximately US$720 million in new capital. This is in addition to other amounts related to fees accrued on the "DIP Facility" and on the new equity contributions payable in new stock as provided in the Plan of Reorganization. Additionally, key stakeholders are funding new exit debt of approximately US$762.5 million in the form of new U.S. dollar denominated Notes. As a result of the Plan and related transactions, the Company gained access to approximately US$1,500,000,000 dollars in new capital. Pursuant to the resolution of the Shareholders Meetings, a new Board of Directors has been formed that is comprised of a majority of Mexican nationals and independent members in full compliance with Mexican foreign investment law and regulations, along with the continued participation of existing Mexican controlling investors, the Chairman of the Board, Javier Arrigunaga, and the CEO, Andres Conesa. "Today is an incredibly exciting day for Aeromexico and we are ready to soar to new heights as we emerge from Chapter 11. We look forward to starting a new chapter in our Company's history, backed by a sound financial base, solid capital structure, and investors who have full confidence in our future. Thanks to the dedication of the entire talented Aeroméxico family, as well as the support, trust, and empathy of our customers, unions, authorities, suppliers, and business partners, we have successfully completed this process. As we move forward, we will not only continue to streamline our Company to become even more sustainable, resilient, and competitive, but we will also significantly expand our network and fleet -- all while offering excellent service and maintaining our position as Mexico's flagship airline", said Mr. Conesa. Throughout the restructuring process, Aeromexico has worked to expand its operations sustainably, opening six new routes, restarting service on more than 30, and increasing its total seat offering by more than 320% compared to June 2020 figures. The Company currently flies 84 national and international routes, connecting bustling cities in Mexico, such as Guadalajara and Monterrey, to the European market through Madrid. In 2022, Aeromexico plans to continue building on this momentum, including the restart of services to London. Since 2021, Aeromexico has received 31 airplanes and expects to receive 22 more over the course of 2022. At the end of this year, the Company expects to have a fleet of 145 aircraft with an average age of seven years. Aeromexico is planning to invest approximately US$5,000,000,000 dollars over the next five years in fleet and customer experience improvements allowing the Company to maintain its state-of-the-art service. Aeromexico will continue serving customers, honoring milestone program, restarting service on certain international routes and opening new routes, while continuing to comply with strict protocols to protect the health and safety of employees and customers. Aeromexico continues operating in full observance of all applicable Mexican laws and requirements under public concessions granted by the Federal Government, controlled by Mexican investors. The parties under the Plan of Reorganization, the investors and any third party, continue, and will continue, to have full access to, and knowledge of, all key documents and milestones relating to the Chapter 11 restructuring proceeding, information that is available in previous relevant events issued by Aeroméxico, and particularly in the public docket and public documents of our voluntary restructuring proceeding (https://dm.epiq11.com/case/aem/dockets). About Grupo Aeromexico Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) -- https://www.aeromexico.com/ -- is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico's global airline, has its main hub at Terminal 2 at the Mexico City International Airport. Its destinations network features the United States, Canada, Central America, South America, Asia and Europe. Grupo Aeromexico and three of its subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30, 2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker, the Debtors reported consolidated assets and liabilities of $1 billion to $10 billion. The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial advisor and investment banker. White & Case LLP, Cervantes Sainz S.C. and De la Vega & Martinez Rojas, S.C., serve as the Debtors' special counsel. Epiq Corporate Restructuring, LLC, is the claims and administrative agent. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors on July 13, 2020. The committee is represented by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP. HACIENDA HOLDINGS: Case Summary & Three Unsecured Creditors ----------------------------------------------------------- Debtor: Hacienda Holdings LLC 3145 Austin Merritt Road Groveland, FL 34736 Business Description: The Debtor is the fee simple owner of a real property located at 3145 Austin Merritt Road, Groveland, FL valued at $1.1 million. Chapter 11 Petition Date: March 21, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-00998 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Fax: 407 894 8559 Email: jeff@bransonlaw.com Total Assets: $1,164,718 Total Liabilities: $6,710,220 The petition was signed by Colin Farnum as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BFJBRLA/Hacienda_Holdings_LLC__flmbke-22-00998__0001.0.pdf?mcid=tGE4TAMA HORIZON COMMUNICATION: Taps Armory Consulting as Financial Advisor ------------------------------------------------------------------ Horizon Communication Technologies, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Armory Consulting Co. as its financial advisor. The firm's services include: (a) providing strategic guidance to prepare and assist the Debtor through its bankruptcy; (b) managing reporting requirements pertaining to the bankruptcy court and the U.S. Trustee's office, including monthly operating reports and cash flow projections; (c) assisting with negotiating and serving as a liaison between the Debtor and its creditors or their representatives; (d) providing testimony before the bankruptcy court on matters within the firm's expertise and consistent with the firm's scope of services; (e) assisting with negotiating and developing a plan of reorganization, including preparing underlying financial projections, liquidation analysis, and valuation models, as applicable; (f) evaluating the possible rejection of any executory contracts and unexpired leases; (g) assisting in the evaluation and analysis of avoidance actions and causes of action; (h) overseeing analysis of creditors' claims; (i) providing strategic guidance for the Debtor through its Chapter 11 bankruptcy; and (j) rendering additional services as may be mutually agreed upon in writing between the Debtor and the firm. James Wong, the firm's advisor who will be providing the services, will be paid at an hourly rate of $475 for the insolvency and related advisory services and $125 per hour for the preparation of monthly operating reports. The firm's staff will be paid at an hourly rate of $375.00. Mr. Wong disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James Wong Armory Consulting Co. 3943 Irvine Blvd., Suite 253 Irvine, CA 92602 Tel.: (714) 222-5552 Email: jwong@armoryconsulting.com info@armoryconsulting.com About Horizon Communication Horizon Communication Technologies, Inc. is engaged in telecommunications infrastructure design, installation and management. Its customers include some of the world's biggest stadiums, building and property management companies, telecommunications carriers, data centers and other enterprise-level operations. Based in Laguna Hills, Calif., the company conducts business under the name Horizon Telecommunications Corp. Horizon Communication filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10260) on Feb. 15, 2022, listing $398,286 in assets and $3,114,175 in liabilities. Mark M. Sharf serves as the Subchapter V trustee. Judge Erithe A. Smith oversees the case. The Debtor tapped Goe Forsythe & Hodges, LLP as legal counsel and Armory Consulting Co. as financial advisor. HORIZON COMMUNICATION: Taps Goe Forsythe & Hodges as Legal Counsel ------------------------------------------------------------------ Horizon Communication Technologies, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges, LLP to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) assisting the Debtor with respect to compliance with the requirements of the Office of the U.S. Trustee; (b) advising the Debtor regarding matters of bankruptcy law, including its rights and remedies with respect to its assets and the claims of creditors; (c) representing the Debtor in bankruptcy court proceedings or hearings and in any action in other courts where its rights under the Bankruptcy Code may be litigated or affected; (d) conducting examinations of witnesses, claimants or adverse parties, and assisting in the preparation of reports, accounts, and pleadings related to the Chapter 11 case; (e) advising the Debtor concerning the requirements of the bankruptcy court and applicable rules; (f) assisting the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan of reorganization; (g) making bankruptcy court appearances on behalf of the Debtor; and (h) performing other necessary services for the Debtor. The firm's hourly rates are as follows: Robert P. Goe, Esq. $575 Marc C. Forsythe, Esq. $575 Ronald S. Hodges, Esq. $595 Reem Bello, Esq. $550 Charity J. Manee, Esq. $525 Charlene Busch, Esq. $450 Chun Hsu, Esq. $425 Ryan S. Riddles, Esq. $395 Jeffrey M. Yostanto, Esq. $320 Elizabeth A. LaRocque, Esq. $385 Brian Van Marter, Esq. $625 Greg Preston, Esq. $625 Britney Bailey $195 Arthur Johnston $195 Kerry A. Murphy $195 Gloria Gilbert $195 Lauren Gillen $185 Kathleen McCabe $185 The firm received a pre-bankruptcy retainer of $26,738 from the Debtor. Marc Forsyth, Esq., a partner at Goe Forsythe & Hodges, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marc C. Forsyth, Esq. Goe Forsythe & Hodges, LLP 18101 Von Karman Avenue, Suite 1200 Irvine, CA 92612 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 Email: mfrosythe@goeforlaw.com About Horizon Communication Horizon Communication Technologies, Inc. is engaged in telecommunications infrastructure design, installation and management. Its customers include some of the world's biggest stadiums, building and property management companies, telecommunications carriers, data centers and other enterprise-level operations. Based in Laguna Hills, Calif., the company conducts business under the name Horizon Telecommunications Corp. Horizon Communication filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10260) on Feb. 15, 2022, listing $398,286 in assets and $3,114,175 in liabilities. Mark M. Sharf serves as the Subchapter V trustee. Judge Erithe A. Smith oversees the case. The Debtor tapped Goe Forsythe & Hodges, LLP as legal counsel and Armory Consulting Co. as financial advisor. HORIZON THERAPEUTICS: Moody's Upgrades CFR to Ba1, Outlook Stable ----------------------------------------------------------------- Moody's Investors Service upgraded certain ratings of Horizon Therapeutics USA, Inc., a subsidiary of Horizon Therapeutics plc (collectively "Horizon"). The upgraded ratings include the Corporate Family Rating to Ba1 from Ba2, the Probability of Default Rating to Ba1-PD from Ba2-PD, and the senior unsecured rating to Ba2 (LGD6) from Ba3 (LGD5). At the same time, Moody's affirmed Horizon's Ba1 (LGD3) senior secured rating. The Speculative Grade Liquidity rating remains unchanged at SGL-1, and the outlook is stable. Ratings upgraded: Issuer: Horizon Therapeutics USA, Inc. Corporate Family Rating, to Ba1 from Ba2 Probability of Default Rating, to Ba1-PD from Ba2-PD Senior unsecured notes, to Ba2 (LGD6) from Ba3 (LGD5) Ratings affirmed: Issuer: Horizon Therapeutics USA, Inc. Senior secured bank credit facility, affirmed Ba1 (LGD3) Outlook actions: Issuer: Horizon Therapeutics USA, Inc. Outlook, remains Stable The upgrade reflects the company's ongoing success in driving higher sales of key products like Tepezza and Krystexxa. Growth in these drugs will continue to expand Horizon's earnings and cash flow, driving growth in cash balances that can be used for acquisitions to enhance the company's business profile. The upgrade applies to the Corporate Family Rating, Probability of Default Rating, and senior unsecured rating. In tandem with the upgrade, Moody's sees lower expected loss on Horizon's senior secured credit facilities. However, the improvement is not sufficient to move the senior secured rating to the next higher rating category per Moody's Loss Given Default for Speculative-Grade Companies methodology. RATINGS RATIONALE Horizon's Ba1 Corporate Family Rating reflects its rising scale in the global pharmaceutical industry with annual revenue recently surpassing $3 billion. Horizon's rare disease drugs have high price points, good growth, and high barriers to entry. Thyroid eye disease treatment Tepezza will continue strong uptake, with multi-billion dollar sales potential. Chronic gout treatment Krystexxa also has good growth prospects, especially following recent clinical trials in combination with the older drug methotrexate. Uplizna, acquired with the 2021 acquisition of Viela Bio Inc., has a solid growth outlook in its existing and potential future rare disease indications. Horizon's efficient operating structure and high profit margins will drive solid cash flow. Tempering these strengths are R&D execution risk and high revenue concentration, with the top three drugs generating over two-thirds of sales for the foreseeable future. In addition, Horizon's financial leverage is subject to temporary increases to support business development. Horizon faces social risk exposure in the form of regulatory and legislative efforts aimed at reducing drug prices. These are fueled in part by demographic and societal trends that are pressuring government budgets because of rising healthcare spending. Due to a niche focus in rare diseases, Horizon's products tend to carry very high gross prices. That being said, orphan drugs are somewhat less likely to be affected by drug pricing reform than traditional and specialty oral products that have very high spending within the Medicare Part D population. Among governance considerations, the company targets 2.0x gross financial leverage, but its M&A strategy will still result in spikes in financial leverage. Horizon's liquidity will remain strong, reflected in the SGL-1 Speculative Grade Liquidity Rating. This is due to high cash on hand, positive free cash flow, no financial maintenance covenants in the term loan and minimal debt amortization requirements. The rating outlook is stable, reflecting Moody's expectation for strong earnings growth combined with adherence to the company's stated debt/EBITDA targets. These include gross debt/EBITDA of roughly 2.0x (on the company's basis), or 3.0x for an opportunistic acquisition, to be followed by deleveraging. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include continuation of strong growth, improved product diversity, and successful pipeline execution. Quantitatively, debt/EBITDA sustained below 3.0x using Moody's definitions could support an upgrade. Factors that could lead to a downgrade include weak pipeline execution, or debt-financed acquisitions. Quantitatively, debt/EBITDA sustained above 4.0x using Moody's definitions could lead to a downgrade. Located in Deerfield, Illinois, Horizon Therapeutics USA, Inc., is an indirect wholly-owned subsidiary of Dublin, Ireland-based Horizon Therapeutics plc (collectively "Horizon"). Horizon is a publicly-traded pharmaceutical company focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases. Net sales in 2021 were approximately $3.2 billion. The principal methodology used in these ratings was Pharmaceuticals published in November 2021. INGROS FAMILY: April 26 Plan Confirmation Hearing Set ----------------------------------------------------- On February 21, 2022, debtor The Ingros Family, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Disclosure Statement describing Chapter 11 Plan. On March 15, 2022, Judge Carlota M. Bohm approved the Disclosure Statement and ordered that: * April 15, 2022, is the last day for filing written ballots by creditors, either accepting or rejecting the plan. * April 15, 2022, is the last day for filing and serving written objections to confirmation of the plan. * April 26, 2022, is the last day for filing a complaint objecting to discharge. * April 26, 2022 at 2:30 p.m. is the Zoom plan confirmation hearing for the Plan. A full-text copy of the order dated March 15, 2022, is available at https://bit.ly/3imLLE0 from PacerMonitor.com at no charge. Counsel for the Debtor: RYAN J. COONEY PA I.D. #319213 SY O. LAMPL PA I.D. #324741 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 Tel: (412) 392-0330 Fax: (412) 392-0335 E-mail: rcooney@lampllaw.com About The Ingros Family The Ingros Family, LLC, a company based in Beaver, Pa., filed a petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 20-22606) on Sept. 4, 2020, listing as much as $10 million in both assets and liabilities. Jeffrey S. Ingros, manager of Ingros Family, signed the petition. Judge Carlota M. Bohm oversees the case. Robert O Lampl Law Office serves as the Debtor's bankruptcy counsel. JHW ALPHIA: S&P Downgrades ICR to 'CCC+', On CreditWatch Negative ----------------------------------------------------------------- S&P Global Ratings lowered all of its ratings, including its issuer credit rating, on U.S. based-JHW Alphia Holdings Inc. to 'CCC+' from 'B-' and placed all of its ratings on CreditWatch with negative implications, meaning S&P could affirm or lower the ratings following their review. S&P plans to resolve the CreditWatch placement following the outcome of the proposed amendment and liquidity infusion transactions. JHW Alphia launched an amendment to seek covenant relief; eliminate certain negative covenants; and allow for liquidity enhancing transactions, including an equity infusion and a sale leaseback. This follows the company's announcement that it will be restating fiscal 2021 results due to data integrity issues following its new enterprise resource planning (ERP) implementation that began in the first quarter of fiscal 2021. S&P expects 2021 results to be very weak. The downgrade reflects S&P's expectation that profitability will be substantially weaker than its previous forecast. The company announced that it understated expenses by about $70 million in 2021 due to input errors following its new ERP implementation. This resulted in a severe mismatch between the company's price increases and actual input costs. As a result, S&P expects negative EBITDA for 2021. The company began price increases to address the mismatch and expects to recover its lost profitability in fiscal 2022. The company has been working with external accountants and consultants to address the situation and expects to be able to deliver restated audited financial reports for 2021. Under the company's current credit facility, it is required to submit audits within 120 days of the fiscal year end. As part of the proposed amendment, management may seek an extension. The proposed equity infusion and sale leaseback transaction should improve liquidity and deleverage the balance sheet. Alphia expects to receive an about $50 million direct investment in the form of redeemable preferred stock from its sponsor's limited partner. The company does not expect the instrument to have any cash payments but it will have a payment-in-kind dividend. The company expects to have a redemption date six months after the existing senior secured debt maturities in 2025. It expects proceeds to fund past due accounts payable and create additional liquidity under the line of credit. In addition to the equity infusion, the company is seeking to execute a sale leaseback transaction on its manufacturing facilities, which could result in net proceeds of about $120 million. Alphia expects to apply proceeds to reduce its term loan by at least $80 million, reduce outstanding borrowings on its revolving credit facility by $10 million, and place the remaining on its balance sheet. S&P expects the transaction to add about $11 million in rent expense. S&P said, "We view liquidity as weak until the proposed transactions are completed. Currently, the company has about $9 million of cash and revolver availability. It has about $35 million drawn on its $40 million revolver. The company anticipates paying down the revolver balance by $10 million following the direct equity investment and by at least another $10 million after it completes its sale leaseback transaction. We do not expect the company to remain in compliance with its net leverage covenant of 6.6x absent an amendment as also proposed. We do not forecast meaningful cash flow generation in the near term but it should improve in 2022 as the company realizes its pricing actions. We believe the company will need these proposed liquidity transactions to be completed as contemplated to improve its liquidity position. Absent these transactions, we believe the company's current liquidity will remain weak, and it will have difficulty funding its operations and interest payments." ESG credit indicators: To: E2-S2-G4 From: E2-S2-G3 S&P said, "We revised the company's governance indicator to G-4 from G-3. Governance factors are a negative consideration in our credit rating analysis, given the recent accounting inaccuracies and poor ERP implementation. Alphia's inability to track expenses amid the ERP implementation demonstrates weak management and internal controls, which led to inaccurate financial statements, ultimately hurting management's ability to make sound business decisions. "We will seek to resolve the CreditWatch placement upon execution of the proposed amendment and proposed liquidity enhancing transactions. We will also reassess our recovery ratings on the company's senior secured facilities once debt reduction is confirmed. We could lower our ratings if Alphia were unable to execute the amendment with reasonable terms, did not receive an equity injection and complete a sale leaseback transaction, or were unable to provide audited financial reports for fiscal 2021. We could affirm the ratings if the company were able to improve its liquidity and provide audited financial reports for 2021." Environmental, social, and governance (ESG) credit factors for this change in credit rating: -- Governance - Risk management, culture, and oversight JS KALAMA: Chapter 11 Trustee Taps Sussman Shank as Legal Counsel ----------------------------------------------------------------- Russell Garrett, the Chapter 11 trustee for JS Kalama, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Sussman Shank, LLP to serve as his legal counsel. The firm's services include: (a) representing the trustee in court; (b) preparing pleadings and reviewing legal documents; (c) responding to motions for relief from stay; (d) preparing pleadings to employ agents and experts; (e) negotiating liquidation of the assets, including potential buyers, secured creditors and those claiming a security interest in the assets; (f) preparing pleadings for sale or compromise; (g) representing the trustee in contested matters, adversary proceedings and, if necessary, in court proceedings outside of the bankruptcy court; (h) assisting the trustee in other matters, including, but not limited to, recovery of assets transferred by the Debtor, recovery of receivables, and negotiation to settle litigation; and (i) performing other legal services for the trustee. The firm's hourly rates are as follows: Attorneys $295 - $575 Paralegals $220 Thomas Stilley, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas W. Stilley, Esq. Sussman Shank LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Tel: 503.227.1111 Email: tstilley@sussmanshank.com About JS Kalama JS Kalama, LLC, a company engaged in renting and leasing real estate properties, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 20-41495) on June 11, 2020, listing as much as $10 million in both assets and liabilities. John Somarakis, manager, signed the petition. Judge Brian D. Lynch oversees the case. The Debtor tapped J.D. Nellor, Esq., at Nellor Law Office, as its legal counsel. Russell D. Garrett serves as the Debtor's Chapter 11 trustee. The trustee is represented by Sussman Shank, LLP. KING'S TOWING: Gets Approval to Hire Block Realty as Appraiser -------------------------------------------------------------- King's Towing and Recovery, LLC received approval from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Block Realty & Auction to conduct a valuation and sale of its assets. The firm will be compensated as follows: a. For an auction sale, the firm will receive 15 percent of gross sale proceeds, plus reimbursement of out-of-pocket expenses. b. For a private sale, the firm will be compensated 10 percent of gross purchase price, plus reimbursement of out-of-pocket expenses. c. For appraising services, the firm will be compensated $75 per hour, plus reimbursement of out-of-pocket expenses. As disclosed in court filings, Block Realty & Auction does not hold interests, which conflict with those of the Debtor's bankruptcy estate or any party in interest. The firm can be reached through: Paul Colvin, Jr. Block Realty & Auction 633 S Barrington Rd Springdale, AR 72762 Phone: +1 479-361-9700 About King's Towing and Recovery King's Towing and Recovery, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 21-70549) on April 19, 2021, disclosing as much as $1 million in both assets and liabilities. M. Randy Rice of Rice & Associates, P.A. serves as the Subchapter V trustee. Judge Bianca M. Rucker oversees the case. The Bond Law Office, led by Stanley V. Bond, Esq., and Parrish Agency, LLC serve as the Debtor's legal counsel and accountant, respectively. KISSIMMEE CONDOS: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Kissimmee Condos Partnership, LLC 816 Executive Drive Oviedo, FL 32765 Business Description: Kissimmee Condos is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: March 21, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-00994 Debtor's Counsel: R. Scott Shuker, Esq. SHUKER & DORRIS, P.A. 121 S. Orange Avenue Suite 1120 Orlando, FL 32801 Tel: (407) 337-2060 Email: rshuker@shukerdorris.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ricardo Benzecry as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CV3VBYI/Kissimmee_Condos_Partnership_LLC__flmbke-22-00994__0001.0.pdf?mcid=tGE4TAMA KR CALVERT: Amends Several Secured Claims Pay Details ----------------------------------------------------- KR Calvert Co., LLC ("KRC"), a Debtor Affiliate of Calvert Health, LLC, submitted a First Amended Joint Chapter 11 Plan of Reorganization under Subchapter V dated March 15, 2022. This Plan of Reorganization proposes to pay the creditors of the Debtors from cash flow from business operations. The Debtors' financial projections show that the Debtors will have projected disposable income of $885,190.00. Non-priority unsecured creditors holding allowed claims will receive pro rata distributions totaling $10,000.00 to the class. This Plan also provides for the payment of administrative and priority claims. Class 2 shall consist of the claim of Newtek Small Business Finance, LLC. The Allowed Secured Claim of Newtek shall be allowed in the amount of $1,150,000.00. This Claim shall be paid under the Plan as follows: * Ninety (90) monthly installments of principal and interest shall be made in the amount of $15,078.81. * Interest shall accrue at the fixed rate of 4.50% per annum. * It is anticipated that one or more lump sum payments totaling no less than $140,000.00 will be made to Newtek from the sale of certain vehicles. Class 3 shall consist of the claim of Ally Financial. Five (5) Allowed Secured Claims of Ally shall be allowed in the aggregate amount of $115,181.86. These Claims shall be treated under the Plan as follows: * The secured claim related to Calvert Health ECF Claim No. 3, allowed in the amount of $17,425.00, shall be paid as follows: (i) Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $324.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 4, allowed in the amount of $20,150.00, shall be paid as follows: (i) Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $375.66; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 5, allowed in the amount of $25,900.00, shall be paid as follows: (i) Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $482.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to KRC ECF Claim No. 2, allowed in the amount of $25,900.00, shall be paid as follows: $25,900.00, shall be paid as follows: (i) Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $482.85; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. * The secured claim related to Calvert Health ECF Claim No. 7, allowed in the amount of $25,806.86, shall be paid as follows: (i) Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $481.12; (ii) Interest shall accrue at the fixed rate of 4.50% per annum. Class 4 shall consist of the claim of Santander Consumer USA, Inc. d/b/a Chrysler Capital. The Allowed Secured Claim of Chrysler shall be allowed in the amount of $27,825.00. The secured claim related to Calvert Health ECF Claim No. 1, allowed in the amount of $27,825.00, shall be paid as follows: * Sixty (60) equal monthly installments of principal and interest shall be made in the amount of $518.74. * Interest shall accrue at the fixed rate of 4.50% per annum. Like in the prior iteration of the Plan, the Plan provides a pool of $10,000.00 to be paid pro-rata to the claimholders in Class 8 Allowed Unsecured Claims. The Debtors will continue to operate to generate revenue to fund the Plan. In addition, the Debtors anticipate potential recoveries of certain post-petition payments made to Marlin Capital Solutions and Swift, among other potential Chapter 5 causes of action as additional efforts to fund certain distributions under the Plan. A full-text copy of the First Amended Joint Plan dated March 15, 2022, is available at https://bit.ly/3N0lRUK from PacerMonitor.com at no charge. Attorneys for the Debtors: Henry E. Hildebrand, IV, Esq. Gray Waldron Dunham Hildebrand, PLLC 2416 21st Avenue South, Suite 303 Nashville, TN 37212 Tel: 615-933-5851 Fax: 615-777-3765 Email: ned@dhnashville.com About KR Calvert and Calvert Health KR Calvert Co., LLC and Calvert Health, LLC filed petitions for Chapter 11 protection (Bankr. M.D. Tenn. Case No. 21-03905 and 21 03906) on Dec. 27, 2021. Klein Calvert and Pamela Calvert, members, signed the petitions. At the time of the filing, KR Calvert listed up to $50,000 in assets and up to $10 million in liabilities while Calvert Health listed as much as $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the cases. The Debtors tapped Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand PLLC, as legal counsel. LATAM AIRLINES: To Seek Bankruptcy Plan Approval in May 2022 ------------------------------------------------------------ Jeremy Hill of Bloomberg News reports that U.S. Bankruptcy Judge James Garrity set aside two days in May 2022 for Latam Airlines Group SA to seek court approval of its Chapter 11 plan. The Chilean airline will present its plan to the bankruptcy court on May 17 and 18, 2022, Garrity said in a hearing Friday, March 18, 2022. On Friday, Judge Garrity heard arguments about a dispute between the company and its official low-ranking creditor panel over $1.3b of inter-company loans. Judge Garrity shut the public out of part of the hearing so lawyers could address confidential details of the debt; he didn't immediately rule on the dispute after reopening the hearing. About LATAM Airlines LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. LATAM Airlines Group S.A. is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general bankruptcy counsel; FTI Consulting as restructuring advisor; and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. Prime Clerk LLC is the claims agent. LTL MANAGEMENT: Gag Order on Mediation Information Entered ---------------------------------------------------------- Jeannie O'Sullivan of Law360 reports that Johnson & Johnson's talcum powder liability unit, LTL Management, and cancer patients with claims in its Chapter 11 case can't publicly reveal any information about their mediation talks, according to the terms of an order pending in New Jersey Bankruptcy Court. U.S. District Judge Michael B. Kaplan reviewed the proposed protocol during a hearing Wednesday attended by LTL Management LLC and committees representing claimants alleging their ovarian cancer and mesothelioma were caused by asbestos in J&J's signature product. LTL is shouldering mass tort liability totaling more than 38,000 talc claims. As spelled out in an audio recording of the hearing. 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. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. 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. LTL MANAGEMENT: Judge Kaplan Appoints Mediators for Plan Talks -------------------------------------------------------------- Vince Sullivan of Law360 reports that a pair of mediators will facilitate plan negotiations in the Chapter 11 case of Johnson & Johnson's talc subsidiary, LTL Management, after a New Jersey bankruptcy judge appointed them Friday, March 16, 2022l, with the negotiations slated to run through May 2022. In an order signed by U. S. Bankruptcy Judge Michael B. Kaplan, the court appointed retired U. S. Magistrate Judge Joel Schneider and Gary Russo of Jones Walker LLP to lead the mediation process among debtor LTL Management LLC, the future claims representatives and the two talc claimants committees in the case. "The Co-Mediators are authorized to mediate a comprehensive resolution of issues in the case." 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. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. 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. MARK BOOKER III: Business Returns to Chapter 11 Bankruptcy ---------------------------------------------------------- Mark Booker III Real Estate Corporation, also known as Booker-Evers Real Estate Corp. LLC, sought Chapter 11 protection. New Jersey-based real estate company Booker-Evers has 2 secured creditors, namely All Pro Construction LLC and US Bank Mortgage Corporation. A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for April 13, 2022. The Debtor's exclusive right to file a plan expires Sept. 12, 2022. The Plan and Disclosure Statement are due Jan. 9, 2023. A status hearing is slated to be held on May 3, 2022 at 10:00 a.m. About Booker-Evers Real Estate Corp. Booker-Evers Real Estate Corp. LLC is a real estate company in East Orange, New Jersey. Booker-Evers Real Estate Corp. filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 18-20265) on May 21, 2018, and was represented by Kimberly Tyler, Esq. Mark Booker III Real Estate Corporation, also known as Booker-Evers Real Estate Corp. LLC, again sought voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 22-12030) on March 15, 2022. In the petition filed by Mark Booker, as president, the Debtor estimated total assets between $500,000 and $1 million and liabilities of the same range. The case is handled by Honorable Judge John K. Sherwood. Adrian J Johnson, of JOHNSON & ASSOCIATES, PC, is the Debtor's counsel. MASTER TECH: Amends Home Trust Bank Secured Claims Pay Details -------------------------------------------------------------- Master Tech Service Corp. submitted a Post-Confirmation Modification to the Plan of Reorganization Under Subchapter V. The Plan provided that the Debtor may modify the Plan at any time after Confirmation, upon compliance with Bankruptcy Code § 1127. The Debtor or their attorney shall provide notice of any such proposed modification to all Creditors and other parties in interest in these Chapter 11 proceedings. If, in the opinion of the Bankruptcy Court, the modification does not materially and adversely affect the interest of the Creditors, the Bankruptcy Court may modify the Plan without notice to Creditors, or may modify the Plan upon notice only to those Creditors that the Bankruptcy Court deems to be materially and adversely affected. Debtor proposes the following Post—Confirmation Modification: * Class 3: Allowed Secured Claim of Home Trust Bank (SBA loan). This Claim shall be paid in full in equal monthly installments of principal and interest over 240 months from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Interest shall accrue at the rate of 5% per annum commencing on the Effective Date. This claim is secured and the Allowed Secured Claim shall retain its liens until paid in full. This Claim is impaired. * Class 4: Allowed Secured Claim of Home Trust Bank (line of credit). This Claim shall be paid in full in equal monthly installments of principal and interest over 240 months from the Effective Date. Payments shall commence on the first day of the first month following the Effective Date and continue on the first day of each month thereafter. Interest shall accrue at the rate of 5% per annum commencing on the Effective Date. This claim is secured and the Allowed Secured Claim shall retain its liens until paid in full. This Claim is impaired. A full-text copy of the Modified Plan of Reorganization dated March 15, 2022, is available at https://bit.ly/3tot9d9 from PacerMonitor.com at no charge. Attorneys for the Debtor: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Fax: (972) 503-4034 Email: joyce@joycelindauer.com About Master Tech Service Corp. Dallas, Texas-based Master Tech Service Corp. is a full-service mechanical contractor, offering residential and commercial companies quality air conditioning, heating unit installation, repair and full plumbing repairs and services. Master Tech Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 21-42102) on Sept. 1, 2021, listing up to $1 million in assets and up to $10 million in liabilities. Judge Edward L. Morris oversees the case. Joyce W. Lindauer Attorney, PLLC is the Debtor's legal counsel. MERIDIAN HIVE: Seeks Chapter 11 Bankruptcy Protection ----------------------------------------------------- Sahar Chmais of the Austin Business Journal reports that Austin-based Meridian Hive has filed for Chapter 11 bankruptcy protection in an effort to reorganize its debts and keep producing alcoholic mead. Under the legal name Mars Colony LLC, it filed in late February for bankruptcy protection in the Western District of Texas. An amended petition was filed March 9. Meridian Hive, one of a handful of meaderies in the Austin area making alcohol from fermented honey, was founded in 2013. It's led by CEO Cayce Rivers and sells its products on retail shelves in several states. In 2019, the company raised nearly $250,000 from 69 investors on WeFunder. Meridian Hive continues to produce mead, according to the attorney representing the company in bankruptcy court, Todd Headden of Hayward PLLC. Headden said a creditor won a judgement against Meridian Hive and took action to garnish its bank account. The company froze operations in order to keep paying employees. Meridian Hive intends to appeal the judgement but in the meantime filed the bankruptcy petition. In bankruptcy court documents, Meridian Hive reported gross revenue of more than $1 million in 2021 and $97,000 so far this year. The business listed estimated assets of $100,001 to $500,000 and estimated liabilities of $1 million to $10 million. Bankruptcy filings list 49 creditors, the largest of which is Evan Whitehead with an unsecured claim of nearly $966,000, followed by Eric Lowe with a claim of nearly $179,000. Both Whitehead and Lowe have been listed by media as Meridian Hive founders in the past. Prior to the bankruptcy, Meridian Hive leaders decided to reduce expenses by permanently closing its Northeast Austin tasting room at 8120 Exchange Dr., Suite 400, and partnering with a local brewer for production, Headden said. The 4,000-square-foot former tasting room is on the market for lease for $5,175 a month, listed by Tetra Properties Inc. Some Chapter 11 reorganizations result in the sale of assets, which is one option in this scenario, Headden said. "They think they have a strong brand, something they've been curating for several years," he said. About Meridian Hive Meridian Hive is an Austin, Texas company, founded in 2013, that operates in the beverage Manufacturing industry. Meridian Hive sought Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 22-10140) on March 2, 2022, to reorganize its debt and to keep its production of alcoholic mead. In the petition signed by William Cayce Rivers as managing member, Meridian Hive estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The case is handled by Honorable Judge Tony M. Davis. Todd Headden, Esq., of HAYWARD PLLC, is the Debtor's counsel. MICHAEL BUTIKOFER: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- James Snyder, acting U.S. Trustee for Region 12 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Michael and Tamara Butikofer. The committee members are: 1. Matthew Jedlicka 1972 W Camino Real Street Columbus NE 68601 Phone: 402-615-0653 Email: matt.jedlicka@gmail.com 2. David Wohlford 2010 105th Street Geneva IA 0633 Phone: 641-580-0335 Email: d1wohlf@hotmail.com 3. Grant Shimek 2098 177th Street Decorah, IA 52101 Phone: 319-404-4257 Email: grant@blackoakfin.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About The Butikofers Michael W. Butikofer and Tamara M. Butikofer sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 22-00096) on Feb. 28, 2022. Judge Thad J. Collins oversees the case. Jeffrey D. Goetz, Esq., is the Debtors' attorney. NEUMEDICINES INC: Amends Plan to Include Disputed Claims Pay Detail ------------------------------------------------------------------- Neumedicines, Inc., submitted a Second Amended Disclosure Statement Describing Plan of Liquidation dated March 15, 2022. The Plan is a liquidating plan. Pursuant to prior orders of the Bankruptcy Court, the Debtor sold substantially all of its Assets to Karyopharm Therapeutics, Inc. The Debtor received $6,000,000 in cash (subject to certain non-material offsets) and 150,000 shares of Karyopharm, which is a publicly traded company (NASDAQ symbol "KPTI"). The primary purpose of the Plan is to provide the most efficient mechanism available for the receipt and distribution of all proceeds received and to be received from the Sale of the Debtor's Assets to Karyopharm to Allowed Claim and Equity Interest Holders according to the priorities set forth in the Bankruptcy Code. Class 5 consists of General Unsecured Claims. The Unsecured Claims total $2,572,209.71. In full satisfaction of Allowed Class 5 Claims, each Holder shall be entitled to receive pro rata Distributions from the Reorganized Debtor in accordance with the terms and provisions of the Plan, in an amount up to 100% of such Holder's Allowed Class 5 Claim, plus interest from the Petition Date at the Interest Rate. Class 6a consists of the Disputed Unsecured Claim of Libo for Loans Made and Taxes Advanced in the amount of $1,200,000.00. Provided Libo does not object to and votes in favor of the Plan, or Libo and the Debtor resolve all disputes among them prior to the Confirmation Hearing, then the Class 6a claim shall be allowed in the amount of $1,200,000 and shall receive the same treatment (and subject to the sme conditions precedent) as that provided to the Holders of Allowed Class 5 Claims. In the event Libo objects to or does not vote in favor of the Plan, then no Distribution shall be made to the Class 6a Claim Holder until entry of a Final Order resolving any and all disputes between Libo and the Debtor and the satisfaction of other conditions precedent to payment of Class 5 Allowed Claim Holders. Class 6b consists of the Disputed Libo Rejection Damage Claim. A range stated by Libo of between 2.2. million and 237.5 million. Provided Libo does not object to and votes in favor of the Plan, or Libo and the Debtor resolve all disputes among them prior to the Confirmation Hearing, and subject to the satisfaction of other conditions precedent to payment of Class 5 Allowed Claim Holders, then in full satisfaction of Allowed Class 6b Claim, Libo shall be entitled to receive 9% of the Contingent PRV Payment and Royalty Payment (each as defined in the Royalty Agreement) actually received by the Reorganized Debtor, net of withholding taxes deducted by Karyopharm in accordance with the Royalty Agreement and the Reorganized Debtor's out-ofpocket costs incurred (or being reasonably reserved to incur) in connection with the exercise of its rights and remedies under the Royalty Agreement, including audit, inspection, dispute resolution and enforcement costs (the "Royalty Sharing"). Class 7 consists of the Disputed Claim of NantKwest, Inc. The Class 7 claim be allowed in the amount of $75,000.00 and shall receive the same treatment and be subject to the same conditions as that provided to the Holders of Allowed Class 5 Claims. Class 8 consists of the Disputed Claim of Brink Biologics, Inc. The Class 8 claim is duplicative of the Class 7 Claim, is disallowed and shall receive no Distribution under the Plan The Libo Claim Libo has filed a proof of claim asserting a range of damages. At the upper end of the range, Libo claims to be owed $237,500,000. The Debtor objects to the Libo claim and will file a formal objection to the claim if a consensual resolution cannot be reached by the parties. The resolution of this dispute could significantly impact the Distributions made under the Plan to General Unsecured Creditors and Equity Interest Holders. Further, because all Allowed General Unsecured Claim Holders must receive the same pro rata Distribution on their claims and the Libo claim contains within it such a massive range (235 million), the Debtor is currently unable to determine the appropriate amount to reserve for such claim and there can be no Distribution to Allowed General Unsecured Claim and Equity Interest Holders until this dispute is resolved. The same is true for the disputed proofs of claim filed by Nant and Brink. The Debtor is hopeful that the disputes as to these claims will be resolved prior to the Plan Confirmation hearing and without the need for litigation and is making all reasonable efforts to do so. On the entry of a Final Order of Confirmation, all Assets shall revest in the Debtor, which shall be known as the Reorganized Debtor and shall remain in the Reorganized Debtor. The Reorganized Debtor shall serve as the disbursing agent under the Plan. The Reorganized Debtor shall be managed and directed by Timothy Gallaher Ph.D., President and Raphael Nir, Ph.D., CEO (individually, the "Director", collectively, the "Directors"). All Cash necessary for the Reorganized Debtor to make payments of Cash pursuant to the Plan shall be obtained from the following sources: (a) the Debtor's Cash on hand, which shall be deemed vested in the Reorganized Debtor upon the entry of a Final Order of Confirmation, (b) Cash received in liquidation of the Assets of the Debtor, including payments due under or consideration to be received under the APA, and (c) proceeds of the Causes of Action. A full-text copy of the Second Amended Disclosure Statement dated March 15, 2022, is available at https://bit.ly/37xuaXM from PacerMonitor.com at no charge. General Bankruptcy Counsel for the Debtor: Daniel J. Weintraub, Esq. James R. Selth, Esq. Crystle J. Lindsey, Esq. WEINTRAUB & SELTH, APC 11766 Wilshire Boulevard, Suite 1170 Los Angeles, CA 90025 Telephone: (310) 207-1494 Facsimile: (310) 442-0660 E-mail: crystle@wsrlaw.net About Neumedicines Inc. Neumedicines, Inc. -- https://www.neumedicines.com/ -- is a clinical-stage biopharmaceutical company in Arcadia, Calif., which is engaged in the research and development of HemaMax, recombinant human interleukin 12 (rHuIL-12), for the treatment of cancer in combination with standard of care (SOC, radiotherapy, chemotherapy, or immunotherapy) and Hematopoietic Syndrome of Acute Radiation Syndrome (HSARS) as a monotherapy. Neumedicines filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-16475) on July 17, 2020. In the petition signed by Timothy Gallaher, president, the Debtor disclosed total assets of up to $500,000 and total liabilities of up $10 million. Judge Ernest M. Robles presides over the case. The Debtor tapped Weintraub & Seth, APC, as bankruptcy counsel, Sheppard, Mullin, Richter & Hampton, LLP as special counsel, and Menchaca & Company, LLP as financial advisor. NORTH RICHLAND: Seeks to Employ Polsinelli PC as Bankruptcy Counsel ------------------------------------------------------------------- North Richland Hills Alamo, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Polsinelli, PC to serve as legal counsel in their Chapter 11 cases. The firm's services include: (a) taking all necessary action to protect and preserve the estates of the Debtors, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; (b) providing legal advice with respect to the Debtors' powers and duties in the continued operation of their business; (c) preparing legal papers and appearing in court; (d) assisting with any disposition of the Debtors' assets by sale or otherwise; (e) taking all necessary or appropriate actions in connection with any plan of reorganization, disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; (g) reviewing all pleadings filed; and (h) performing all other legal services for the Debtors. The firm's hourly rates are as follows: Shareholders $750 - $610 Associates $530 - $495 Paraprofessionals $320 - $200 Polsinelli received a $386,000 retainer fee from the Debtors. Liz Boydston, Esq., shareholder of Polsinelli, disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Liz Boydston, Esq. Stephen McKitt, Esq. Polsinelli PC 2950 N. Harwood St., #2100 Dallas, TX 75201 Tel: (214) 397-0030 Fax: (214) 397-0033 Email: lboydston@polsinelli.com smckitt@polsinelli.com - and - Andrew J. Nazar, Esq. Polsinelli PC 900 West 48th Place, Suite 900 Kansas City, MO 64112 Tel: (816) 753-1000 Fax: (816) 753-1536 Email: anazar@polsinelli.com About North Richland Hills Alamo North Richland Hills Alamo, LLC owns and operates franchisees of the premium dine-in movie theater chain, Alamo Drafthouse Cinema. Alamo Drafthouse is a dine-in movie theater concept where theaters have full-service kitchens and liquor licenses to serve alcoholic beverages. North Richland and its affiliates, Cinco Peliculas, LLC and Iced Tea with Lemon, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 22-40384) on Feb. 25, 2022. Mark Weisbart serves as the Subchapter V trustee. At the time of the filing, the Debtors listed as much as $10 million in both assets and liabilities. Judge Edward L. Morris oversees the cases. Polsinelli, PC represents the Debtors as legal counsel. Omni Agent Solutions serves as the noticing and solicitation agent. OWENS & MINOR: Fitch Gives 'BB-' Rating to Proposed Unsec. Notes ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB-'/'RR4' debt rating to the proposed offering of senior unsecured notes by Owens & Minor, Inc. (OMI). The proceeds are expected to be used to fund the acquisition of Apria Inc. KEY RATING DRIVERS Integration of Apria, Inc.: The proposed acquisition of Apria, Inc. is strategically sound and will permit OMI to remain within the current rating sensitivities that Fitch set at the time of the Long-term Issuer Default Rating (IDR) upgrade to 'BB-' in March 2021. Fitch believes that the addition of Apria will complement the business of Byram Healthcare, diversify OMI's revenues streams into higher margin operations and contribute meaningful free cash flow (FCF). Favorable Outlook for Home Health Care: The outlook for increased demand of products and services in the home health care market represents an opportunity for continued growth, and the Apria acquisition fits well within this market. The combination of an aging population in the U.S., rising levels of chronic conditions and an increasing preference for home care bode well for growth of the home health care segment. Operating Performance Pandemic Tailwinds: Fitch anticipates the increased demand for personal protective equipment (PPE) driven by the coronavirus pandemic will benefit OMI over the near to medium term. OMI has established a significant level of vertical integration between manufacturing and distribution operations within its Global Products segment to provide supply chain resilience that serves acute care customers and, therefore, creates revenue stability. Additional direct costs from supply chain challenges may create some downward pressure on EBITDA margins over the near to medium term but should be manageable. Competitive Environment: The med-surg supply distribution industry in the U.S. is highly competitive and characterized by pricing pressure. Fitch expects margin pressure to continue over the coming years. OMI competes with other national distributors (e.g. Cardinal Health, Inc. and Medline Industries, Inc.) and a number of regional and local distributors, as well as customer self-distribution models, and to a lesser extent, certain third-party logistics companies. OMI's success depends on its ability to compete on price, product availability, delivery times and ease of doing business, while managing internal costs and expenses. OMI's focus on customer service has helped it improve retention levels and prevent additional contract losses, as seen in prior years. Customer Concentration: OMI's 2021 10-K stated that its top-10 customers in the U.S. represented approximately 20% of its consolidated net revenue. Additionally, in 2021, approximately 71% of its consolidated net revenue was from sales to member hospitals under contract with its largest Group Purchasing Organizations (GPOs): Vizient, Inc.; Premier, Inc. and Healthcare Performance Group. As a result of this concentration, OMI could lose a significant amount of revenue due to the termination of a key customer or GPO relationship. The termination of a relationship with a given GPO would not necessarily result in the loss of all of the member hospitals as customers, but the termination of a GPO relationship, or a significant individual health care provider customer relationship, could adversely affect OMI's debt-servicing capabilities. DERIVATION SUMMARY OMI's 'BB-' Long-Term IDR reflects its competitive position, gross debt/EBITDA, which is generally expected to remain between 3.0x and 4.0x over the medium term. Fitch estimates the gross debt/EBITDA for on a pro forma basis following the acquisition of Apria, Inc. will increase to the high-end of the range of 3.6x to 4.0x through the rating horizon. The ratings also reflect improved funds from operations resulting from improved efficiency and top line growth. The anticipated revenue and cash flow growth related to the continued solid demand for PPE and the contribution from Apria position OMI well within the 'BB-' rating category. For purposes of the Parent-Subsidiary Linkage, Fitch has consolidated the IDR across the entire capital structure to reflect the cross-default provisions between the company's credit agreement, 2024 notes, 2029 notes and an accounts receivable securitization facility. OMI's smaller scale in an industry with high fixed costs, where scale influences leverage with suppliers and customers leads Fitch to rate the company below AmerisourceBergen Corp. (A-/Stable), Cardinal Health, Inc. (BBB/Stable) and McKesson Corp (BBB+/Stable). OMI competes with other large national distributors, such as Medline (B+/Stable), as well as certain customer self-distribution models, and to a lesser extent, certain third-party logistics companies. In contrast to other larger distributors, Fitch considers OMI less diversified in terms of customers, revenues and suppliers, however, the addition of Apria will help to improve its profile. KEY ASSUMPTIONS -- Slight volume declines in 2022 in OMI base business sees normalization in PPE volumes; -- Pro forma revenues increase approximately at a 3% CAGR over the forecast period through 2025 driven by solid demand for PPE products among health care systems and expansion of the home health segment from Apria; -- Operating EBITDA margins are expected to increase to a pro forma range between 5% - 6% as a result of continued benefits from higher product demand, growth in higher-margin, home health care products and services, better absorption of overhead and customer stability; -- Debt balances peak at FYE 2022 and decline at approximately $100 million to $125 million per year over the forecast period; CFO is assumed to be adequate to fund internal growth and capex of approximately 1.5% to 2.0% of pro forma revenues; -- Working capital investment creates a demand on cash in order to meet increased product demand, but is manageable without a sustained increase in borrowing; -- Fitch's estimates sustainable FCF/debt will be sustained above 5.0% on a pro forma basis; common stock dividends are not assumed to increase and there is no assumption for share repurchases. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Continued reduced dependence on short-term borrowing for working capital needs; -- Top line growth sustained at 4% or higher balanced across segments and geographies, supported by consistent service levels and customer persistency; -- Debt/EBITDA sustained below 3.0x and FCF/debt above 12.5%. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Substantial dependence on external liquidity facilities for working capital needs; -- Increased level of debt for shareholder returns (dividend or share repurchases) or highly leveraged acquisitions that are expected to raise business and financial risks without sufficient returns; -- Loss of health care provider customers or Group Purchasing Organizations that cause a material loss of revenues and EBITDA; -- Debt/EBITDA sustained above 4.0x and FCF/debt sustained below 5%. 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 Good Liquidity: OMI has good sources of liquidity that are derived from cash flow from operations, an accounts receivable securitization program (up to $450 million) and a revolving credit facility (up to $450 million assuming completion of the proposed amendment). Fitch anticipates that CFO on a pro forma basis following the Apria acquisition will be adequate to fund operations and capex needs. Fitch notes that CFO estimates are subject to potential large swings in working capital. Favorable Maturity Profile: Following the acquisition of Apria, OMI will have minimal contractual debt obligations until 2024. The acquisition debt will increase OMI's cost of debt and dampen FCF somewhat, but it is anticipated that OMI will prioritize the use of FCF for debt repayment in the two years following the acquisition to move the gross leverage ratio between 3.0x-3.5x. ISSUER PROFILE Owens & Minor, Inc. and subsidiaries, a Fortune 500 company headquartered in Richmond, VA, is a global health care solutions company with integrated technologies, products and services created to serve health care providers, manufacturers and directly to patients across the continuum of care in over 70 countries. SUMMARY OF FINANCIAL ADJUSTMENTS Historical and projected EBITDA is adjusted principally for nonrecurring expenses, including acquisition related costs. 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. OWENS & MINOR: Moody's Rates New $500MM Sr. Unsecured Notes 'B2' ---------------------------------------------------------------- Moody's Investors Service assigned a B2 rating to Owens & Minor, Inc.'s, proposed $500 million senior unsecured notes due 2030. Proceeds from the new notes will be used in conjunction with borrowings under a $1.2 billion senior secured first lien term loan to fund the pending acquisition of Apria, Inc., which is expected to close by the end of June 2022. There are no changes to Owens & Minor existing ratings including the Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, Ba3 senior secured rating and B2 senior unsecured rating, and SGL-1 Speculative Grade Liquidity rating. The outlook remains stable. Ratings assigned: Issuer: Owens & Minor, Inc. Senior unsecured notes, Assigned B2 (LGD5) RATINGS RATIONALE Owens & Minor's Ba3 CFR is supported by the company's track record of delivering good revenue and earnings growth. It also reflects Moody's expectation that financial leverage, which will increase to 3.6x pro forma for the Apria acquisition, will improve towards 3x within 12-18 months of the completion of the acquisition. The rating is also supported by Owens & Minor's leading position in the medical and surgical supply distribution business supplemented by a manufacturing business, which has higher profitability. Owens & Minor focuses on single-use consumable products which have low levels of technological obsolescence risk but are essential to the provision of healthcare in a wide range of settings. Owens & Minor will benefit from an expanded product range following the acquisition of Apria with strong position in home respiratory therapy. Moody's expects that Owens & Minor will maintain profitability and generate positive free cash flow even when the pandemic-related tailwind ebbs. The rating is constrained by Owen's & Minor's modest scale, and low distribution margins reflecting a highly competitive industry, and inherent risks related to the integration of Apria. The Speculative Grade Liquidity Rating of SGL-1 reflects the company's very good liquidity, including ample headroom under its financial covenants, positive free cash flow after required debt amortization and access to external credit facilities. At December 31, 2021, Owens & Minor had unrestricted cash of $56 million. The company has no maturity until 2024. Liquidity is also supported by a $3000 million revolving credit facility (unused as of December 31, 2021) that will expire in March 2026 and a $450 million asset receivable securitization facility that matures in March 2024. This facility had utilization of $197 million as of December 31, 2021. ESG considerations are material to Owens & Minor's credit profile. Social risks considerations include Moody's expectations that Owens & Minor will be able to grow volumes over the longer term, largely because of demographic trends including the overall aging of the US population. However, near-term demand could be adversely affected by the trajectory of the coronavirus pandemic. In addition, while Owens & Minor is not exposed to direct reimbursement risk, its customers, most of which are acute care hospitals, face significant pressure from public and private payors to lower the overall cost of healthcare. Pricing pressure from payors will persist for the foreseeable future and in turn will cause pricing pressure to persist for suppliers to hospitals. With respect to governance, Moody's expects Owens & Minor to operate with moderate financial leverage in line with the company's public leverage target between 2x and 3x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company is able to increase its scale, improves diversification while maintaining balanced financial policies. Specifically, if adjusted debt/EBITDA is expected to be sustained below 2.0x, Moody's could upgrade the ratings. The ratings could be downgraded if the company's operating performance deteriorates, in particular as it integrates Apria, and if the company fails to reduce leverage through a combination of earnings growth and debt repayment, or if liquidity deteriorates. Specifically, if adjusted debt/EBITDA is sustained above 3.0x, Moody's could downgrade the ratings. Owens & Minor, headquartered in Mechanicsville, VA, is a nationwide provider of distribution and logistics services to the healthcare industry. Owens & Minor operates two divisions: Global Solutions that includes a comprehensive portfolio of products and services to healthcare providers and manufacturers, and Global Products that manufactures and sources medical surgical products. In 2021 Owens & Minor had revenue of $9.8 billion. The principal methodology used in this rating was Distribution & Supply Chain Services Industry published in June 2018. OWENS & MINOR: S&P Rates New $500MM Unsecured Notes Due 2030 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '6' recovery rating to Owens & Minor Inc.'s proposed $500 million unsecured notes due 2030. The '6' recovery rating indicates its expectation for average (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. The company will use the proceeds from the proposed notes, along with the anticipated proceeds from a $1.2 billion secured term loan, to fund its acquisition of Apria Inc. and pay related fees and expenses. S&P said, "Our rating on Owens & Minor reflects its position as one of the top three medical distributors in the U.S., as well as its operation in a consolidated but competitive industry. It also reflects our expectation that the company's leverage will remain between 3.5x and 4.5x. We project the acquisition will increase Owens & Minor's pro forma leverage to about 4.0x and believe management will remain acquisitive as it works to close the gap between it and its larger competitors, which was a contributing factor behind our recent outlook revision." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- The company's proposed capital structure will comprise a $450 million accounts receivable facility (not rated), a $450 million revolver due 2027, a $1.2 billion term loan due 2029, $246 million of 4.375% senior secured notes maturing in 2024, $500 million of 4.5% unsecured notes maturing in 2029, and $500 million of new notes due 2030. -- S&P's simulated default scenario contemplates a default occurring in 2026 due to a combination of unanticipated operational challenges and intensified competition. -- S&P values Owens & Minor on a going-concern basis using a 5.5x multiple of its projected emergence EBITDA. Simulated default assumptions -- Simulated year of default: 2026 -- EBITDA at emergence: $304 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1.6 billion -- Valuation split (obligors/nonobligors): 95%/5% -- Priority claims at default: $460 million -- Collateral value available to senior secured lenders: $1.1 billion -- Estimated senior secured debt at default: $1.8 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) -- Total value available to unsecured claims: $28 million -- Estimated unsecured debt at default: $1 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. PARMELEE INVESTMENTS: Includes Priority & Tax Claims Pay in Plan ---------------------------------------------------------------- Parmelee Investments, LLC, submitted a Second Amended Disclosure Statement for the Second Amended Chapter 11 Plan of Reorganization dated March 15, 2022. The Debtor's Plan calls for a whole scale renovation and rehabilitation of the Subject Property so the Subject Property can be sold for a profit, or leased to pay its obligations until it can be sold. As set forth herein, upon the Court's approval of the herein Disclosure Statement and Plan, the Debtor is able to reorganize itself with funds from its managing member, Zabi Nowaid. As it stands, the Debtor is paying $4,021.72 a month to Secured Creditor, Select Portfolios Services ("SPS"), for the payment of Claim No. 1 which is secured by a deed of trust. As per its Plan, the Debtor will continue to make monthly payments until Claim No. 1 is paid off. The Debtor's monthly payments to SPS will be initially paid by Mr. Nowaid until the Debtor is able to make such payments directly from the income it generates from the lease of the Property. As set forth in the Declaration of Zabi Nowaid, the Debtor shall payoff all tax claims on the Effective Date of the Plan. Further, the Debtor shall pay all property taxes and insurance when they become due from funds from Mr. Nowaid personally until the Debtor is able to pay for the same. Specifically, the Debtor's Plan contemplates the payoff of Claim No. 2 from the Franchise Tax Board which lists a priority claim for the sum of $1,619.08; and pay off Claim No. 3 from Los Angeles County Tax Collector which lists a secured claim for the sum of $7,368.06 on the Effective Date of the Plan. The payments shall be made on the Effective Date and said payments fully payoffs Claims No. 2 and No. 3. Therefore, no additional payments to these creditors will be required under the Plan. Additionally, the Debtor's Plan contemplates the payoff of 2 scheduled secured creditors on the Effective Date of the Plan. Specifically, the Debtor's Plan contemplates that on the Effective Date the Debtor will pay $6,500.00 to Solar Wing, LLC (Scheduled Creditor) as full and complete payment for its Mechanic's Lien on the Subject Property; and shall pay $17,800.00 to Moreno Services, LLC (Scheduled Creditor) as full and complete payment for its Mechanic's Lien on the Subject Property. The payments fully payoff the claims by the Scheduled Creditors but require said creditors to extinguish and/or remove the Mechanic's Liens they have filed on the Subject Property. Finally, no additional payments will be required to these creditors under the Plan. Class 2 consists of the Franchise Tax Board and Los Angeles County Tax Collector Claims. As part of its Plan, the Debtor will fully payoff Proof of Claim No. 2 and No. 3 for back owed taxes as follows: * As part of its Plan, the Debtor will fully payoff Proof of Claim No. 2 filed by Franchise Tax Board which lists a secured claim for the sum of $1,619.08 shall be paid in full on the Effective Date by Mr. Nowaid on behalf of the Debtor. * As part of its Plan, the Debtor will fully payoff Proof of Claim No. 3 filed by Los Angeles County Tax Collector which lists a secured claim for the sum of $7,368.06 shall be paid in full on the Effective Date by Mr. Nowaid on behalf of the Debtor. Class 3 consists of the Solar Wing, LLC and Moreno Services, LLC Claims. As part of its Plan, the Mechanic's lien claims by Solar Wing, LLC and Moreno Services, LLC. The Debtor proposes to pay 10% for each Class 3 claimant as follows: * Solar Wing, LLC (Scheduled Creditor): ($65,000.00): pay $6,500.00 * Moreno Services, LLC (Scheduled Creditor): ($178,000.00): pay $17,800.00 As part of its Plan, Solar Wing, LLC and Moreno Services, LLC will be required to agree that the payments shall fully and finally satisfy the debts as to the Debtor and the Subject Property which are the subject of the recorded Mechanic's Liens on the Subject Property. Moreover, Solar Wing, LLC and Moreno Services, LLC will be required to execute the full and complete satisfaction of liens and release/remove the same from the Subject Property's title. As set forth in the Debtor's Plan, the Debtor has the ability to fund its Plan from the Debtor's principal whom has cash on hand to fund the entire Plan. A full-text copy of the Second Amended Disclosure Statement dated March 15, 2022, is available at https://bit.ly/3qf0UvG from PacerMonitor.com at no charge. Attorney for the Debtor: Matthew Abbasi, Esq. ABBASI LAW CORPORATION 6320 CANOGA AVE., SUITE 220 WOODLAND HILLS, CALIFORNIA 91367 TEL: (310)358-9341 FAX: (888) 709-5448 EMAIL: MATTHEW@MALAWGROUP.COM About Parmelee Investments Parmelee Investments, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 21-10002) on Jan. 3, 2021, listing under $1 million in both assets and liabilities. Matthew Abbasi, Esq., at Abbasi Law Corporation, is the Debtor's legal counsel. PATH MEDICAL: Reaches Settlement with State Farm ------------------------------------------------ Path Medical LLC, together with its parent company, Path Medical Center Holdings, Inc., submitted an Amended Joint Disclosure Statement in support of Amended Joint Chapter 11 Plan of Liquidation dated March 15, 2022. The Plan contemplates, among other things, a sale of all assets, a cash distribution to certain creditors, and the creation of a Liquidating Trust from which, under the terms of the Plan and the Liquidating Trust Agreement, Distributions shall be made for the benefit of Holders of various Allowed Claims. On the Petition Date, Path was involved in litigation with State Farm Mutual Auto Insurance Company and State Farm Fire and Casualty Insurance Company. Since the Petition Date, the Debtors and State Farm have engaged in extensive settlement negotiations and have participated in mediation. The negotiations between the Debtors, State Farm, and the non-debtor defendants of the State Farm Litigation ("Other Defendants") have borne fruit and they have reached a settlement with the following key terms: * Settlement Payment of $500,000 (the "Settlement Payment"). -- Path Medical shall pay or cause to be paid $500,000 to State Farm. The source of funds for the Settlement Payment shall be Path Medical's D&O insurance coverage unless such coverage is insufficient to satisfy the Settlement Payment in which case any deficiency shall be paid by Path Medical. * Waiver of Certain Outstanding Receivables -- Path Medical waives the right to payment on certain bills, claims, charges and demands for payment for any services and/or medical goods or devices provided by Path Medical prior to or on the Effective Date to any person eligible for insurance benefits under any automobile insurance policy issued by State Farm (i.e., personal injury protection coverage, medical payments coverage, uninsured motorist coverage, or underinsured motorist coverage (collectively, "First Party Benefits")). -- For clarity, nothing in the Settlement Agreement shall limit Path Medical's rights to submit, collect, or cause to be submitted or collected, bills, claims, charges or demands for payment of insurance benefits that were assigned to Path Medical by any patient who was injured by an individual insured by State Farm, which charges may be owed by any insurance carrier, other than State Farm, for any charges for services and medical goods or devices provided by Path Medical at any time (hereafter, "Non State Farm Insurance Benefits"). * Future Claim Period. -- Path Medical waives the right to, and shall not collect, payment on certain bills, claims, charges or demands for payment for any services and/or medical goods or devices provided by Path Medical between the Effective Date up to and through the date a transaction is consummated that results in a majority of Path Medical's equity units and/or assets being transferred to a party other than Path Holdings and/or the Path Medical ESOP Trust (hereafter, a "Change of Control" or "CoC"), to any person eligible for insurance benefits under any automobile insurance policy issued by State Farm for First Party Benefits. For clarity, a CoC can occur by purchase, credit bid, exchange of shares, surrender, asset sale (whether in whole or in part), etc. The period between the Effective Date and the CoC is referred to as the "Future Claim Period. " -- In consideration of Path Medical agreeing to prospectively waive the right to payment on certain bills, claims, charges and demands for payment for first party claims submitted to State Farm during the Future Claim Period, State Farm shall make a single lump sum payment to Path Medical in the amount of $75,000 within 5 calendar days following receipt of the Settlement Payment in full. Marketing Process On October 12, 2021, the Debtors filed an application to retain SSG Advisors, LLC to serve as their investment banker in these Chapter 11 Cases. On October 28, 2021, the Bankruptcy Court entered an Order authorizing the retention of SSG Advisors, LLC to assist the Debtors in their efforts to consummate a sale of substantially all of the assets of the Debtors. After negotiations with the Lenders and the Creditor's Committee, the Debtors agreed to meet certain sale milestones that were filed with the Bankruptcy Court. Subsequently, based on additional information and being more informed of the likely timing of a transaction, the Debtors, Lenders and the Creditor's Committee agreed to updated sale milestone dates and deadlines filed with the Bankruptcy Court: * Not later than March 2, 2022, the Debtors shall have delivered to the Agent and the Committee a draft of a certain substantially negotiated draft asset purchase agreement ("APA") with the Purchaser and draft Sale Motion at a proposed purchase price acceptable to the Debtor (consistent with its decision maker's fiduciary duties under applicable law) and the Agent * Not later than March 25, 2022, 6 the Debtors shall have filed a motion (the "Sale Motion") with the Bankruptcy Court, seeking approval of a sale of the Debtors' assets to a bona fide third-party purchaser (the "Purchaser") at a proposed purchase price acceptable to the Debtor (consistent with its decision maker's fiduciary duties under applicable law) and the Agent, pursuant to the APA. Class 4 consists of all General Unsecured Claims against the Debtors. Class 4 is impaired. This Class will receive a recovery of $100,000. Each Holder of an Allowed General Unsecured Claim shall receive on account of such Allowed General Unsecured Claim upon the earlier of (i) 10 days after the deadline to file Rejection Damages Claim or, if all Executory Contracts are assumed under the 363 Sale Agreement, 30 days after the Effective Date; or (ii) within 180 days of the Effective Date: * such Holder's Pro Rata share of the GUC Cash Pool in Cash, which shall be distributed only to the Holders of Allowed General Unsecured Claims, and * a beneficial interest in the Liquidating Trust, which beneficial interest shall entitle such Holder of an Allowed General Unsecured Claim to the following on each applicable Distribution Date: -- its Pro Rata share of the Litigation Proceeds and the Retained NonEstate Causes of Action (net of Liquidating Trust Operating Expenses) which shall be distributed by the Liquidating Trust on a Pro Rata basis only to the Holders of Allowed General Unsecured Claims in Class 4, until all Allowed General Unsecured Claims in Class 4 are paid in full or the Litigation Proceeds are exhausted; and -- its Pro Rata share of the remaining Liquidating Trust Assets (net of Liquidating Trust Operating Expenses) and excluding the GUC Cash Pool and the Litigation Proceeds), which shall be distributed by the Liquidating Trust on a Pro Rata basis only to the Holders of Allowed General Unsecured Claims in Class 4, until all Allowed General Unsecured Claims in Class 4 are paid in full or the remaining Liquidating Trust Assets are exhausted. A full-text copy of the Amended Joint Disclosure Statement dated March 15, 2022, is available at https://bit.ly/3ij5Jzx from PacerMonitor.com at no charge. Attorney for the Debtors: Brett Lieberman, Esq. Morgan B. Edelboim, Esq. EDELBOIM LIEBERMAN REVAH PLLC 20200 West Dixie Highway, Suite 905 Miami, FL 33180 D: 305-768-9909 F: 305-928-1114 E-mail: brett@elrolaw.com morgan@elrolaw.com About Path Medical Path Medical Center Holdings, Inc., is the 100% owner and sole member of Path Medical, LLC. In addition to its ownership of Path, Holdings is an employee leasing company for Path. Path is a healthcare company with 24 clinics across the state of Florida. Path Medical, LLC, and Path Medical Center Holdings filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 21-18338) on Aug. 28, 2021. Manual Fernandez, chief executive officer, signed the petitions. At the time of the filing, Path Medical listed $30,047,477 in assets and $86,494,715 in liabilities while Path Medical Center listed $220,060 in assets and $76,988,419 in liabilities. Judge Scott M. Grossman oversees the cases. Brett Lieberman, Esq., at Edelboim Lieberman Revah Oshinsky, PLLC, is the Debtor's legal counsel. The Official Committee of Unsecured Creditors tapped Greenberg Traurig, P.A., to serve as its counsel, and Province Inc. to serve as its financial advisor. PEAK SERUM: Trustee Seeks to Hire RubinBrown as Accountant ---------------------------------------------------------- Jay Roderick, the Chapter 11 trustee for Peak Serum, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire RubinBrown, LLP. The bankruptcy trustee requires an accountant to provide reports and analysis on accounting matters arising in the adversary case (Case No. 21-01249) he filed against Kutrubes Family Trust and two other defendants. Stephanie Drew, the firm's accountant who will be providing the services, will charge an hourly fee of $425. The Debtor's bankruptcy estate will pay half of the accountant's fee while the remaining half will be paid by the defendants. Ms. Drew, a partner at RubinBrown, disclosed in a court filing that her firm is a disinterested person qualified to be employed under Section 327(a) of the Bankruptcy Code. The firm can be reached through: Stephanie J. Drew, CPA RubinBrown LLP 1900 16th Street, Suite 300 Denver, CO 80202 Phone: 303-698-1883/303-952-1279 Email: stephanie.drew@rubinbrown.com About Peak Serum Headquartered in Wellington, Colo., Peak Serum is a privately owned and independent supplier of life science laboratory products. Its core focus is Fetal Bovine Serum (FBS) for cGMP/clinical trial research and diagnostics applications. It offers a wide range of 100% US Origin and USDA-Approved FBS products for all levels of research compliance. Peak Serum sought Chapter 11 protection (Bankr. D. Colo. Case No. 19-19802) on Nov. 13, 2019. At the time of the filing, Debtor disclosed total assets of $956,300 and total liabilities of $3,580,644. Thomas Kutrubes, president and chief executive officer, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. The Debtor tapped Wadsworth Garber Warner Conrardy, P.C. as its legal counsel and Dennis & Company as its accountant. Jay Roderick is the Chapter 11 trustee appointed in the Debtor's bankruptcy case. The trustee is represented by Sender & Smiley, LLC and Cohen & Cohen, LLC. PG&E CORP: Elliott, Other Investors $250M Claim in Case Denied -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Elliott Management Corp. and other PG&E Corp. investors lost their appeal of a bankruptcy court ruling that rejected their claim for $250 million in administrative expenses stemming from an allegedly broken deal. Elliott, Pacific Investment Management Co. LLC, and other investors say PG&E violated an agreement to use its "best efforts" to help them obtain rights to purchase up to $2 billion in PG&E stock. The investors sought the expenses shortly after PG&E emerged from Chapter 11 in 2020, arguing that the utility's failure to follow through resulted in damages of up to 19.8 million shares. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. PHENOMENON MARKETING: Seeks to Hire Jennifer Liu as Accountant -------------------------------------------------------------- Phenomenon Marketing & Entertainment, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Jennifer Liu, an accountant practicing in Beverly Hills, Calif. The Debtor requires an accountant to prepare its monthly operating reports, corporate income tax and payroll tax returns, budgets and projections, and post-confirmation quarterly reports; review and respond to tax notices; prepare and set up Quickbooks account system; and provide bookkeeping services. As compensation, the Debtor will pay Ms. Liu $275 per hour for her accounting services. The Debtor is also responsible for a $40 monthly subscription fee for the online Quickbooks to keep track of its financial transactions. The accountant received a retainer in the amount of $5,000. Ms. Liu holds office at: Jennifer M. Liu, CPA 9454 Wilshire Blvd Suite 628 Beverly Hills, CA 90212 Cell Phone: (310) 801-2479 Email: jmliucpa@gmail.com About Phenomenon Marketing Phenomenon Marketing & Entertainment, LLC is a Los Angeles-based provider of marketing consulting services. Phenomenon Marketing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-10132) on Jan. 10, 2022, listing $359,080 in assets and $2,289,737 in liabilities. Susan K. Seflin serves as the Subchapter V trustee. Judge Ernest M. Robles oversees the case. The Debtor tapped the Law Office of Michael Jay Berger as its legal counsel and Jennifer Liu as its accountant. PIONEER CONTRACTING: Case Summary & Three Unsecured Creditors ------------------------------------------------------------- Debtor: Pioneer Contracting Corporation Inc. 520 McCormick Drive Suite E Glen Burnie, MD 21061 Chapter 11 Petition Date: March 21, 2022 Court: United States Bankruptcy Court District of Maryland Case No.: 22-11451 Judge: Hon. Nancy V. Alquist Debtor's Counsel: Tate M. Russack, Es . RUSSACK ASSOCIATES, LLC 7999 North Federal Hwy Suite 100 A Boca Raton, FL 33487 Tel: 410-505-4150 Fax: 800-883-5692 E-mail: Tate@russack.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bhialal B. Patel as president. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/42PO32Y/Pioneer_Contracting_Corporation__mdbke-22-11451__0001.0.pdf?mcid=tGE4TAMA PPI LLC: Unsecured Creditors Last to Be Paid in Liquidating Plan ---------------------------------------------------------------- PPI, LLC, d/b/a PPI Aerospace, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Chapter 11 Plan and Disclosure Statement dated March 15, 2022. The Debtor, PPI LLC is a Michigan LLC. The Owners and Members are Scott Thams (40%), Kirk Thams (40%) and Robert Clark (20%). The Debtor started operations in 2000, and was originally owned by the Valentine Group, a group unrelated to current ownership. The Debtor leases its operating facilities from a related company, PPI Real Estate LLC under a fair market lease. The rent under the Lease is $13,412 per month, which equates to a square foot rate of $3.50 per square foot. The property, located at 23514 Groesbeck, Warren, Michigan, consists of two industrial buildings with associated office space, as well as significant outdoor parking and storage. The cause of the filing is a significant decline in revenue related to collapse of aircraft sales world-wide due to the COVID 19 pandemic and the widely reported quality issues at Boeing that halted production leading into the pandemic. The industry is not anticipated to recover until sometime after 2023. While PPI's sales volume significantly decreased, its costs were largely fixed and could not be cut sufficiently to make the business profitable. Although ownership attempted to keep PPI alive, the expected long term slowdown in the aerospace industry made their efforts not viable. It is anticipated that the current management will continue to operate the Debtor after confirmation while the Debtor seeks a going-concern sale or liquidates, as provided in the Plan. Neither Scott Thams nor Kirk Thams will receive any compensation from the Debtor. Robert Clark will continue to receive his regular salary, at a rate of $100,000 per year until such time as his employment with the Debtor ceases. The Debtor is liquidating its business operations, ideally through a going-concern sale. Ultimately, the Debtor's operations will be wound down and the Debtor will liquidate. Class I consists of the Allowed Secured Claims of PPI Real Estate resulting from its acquisition of the Secured Claim of Level One Bank. The Debtor will pay this claim in full through the cash that exists in the estate on the Effective Date and any proceeds of liquidation of the Debtor's assets, prior to any payments to Class 3. Class I retains all liens and rights in property of the Debtor and the estate until paid in full. This Claim is not Impaired and this Class is deemed to accept the Plan. Class II consists of the Allowed Secured Claims of PPI Real Estate as DIP Lender. On the later of (i) 10 days after the Class I Claim is paid in full, (ii) 30 days after the Effective Date, or (iii) as soon as practical after payment in full of Class I and Groups I and II. Class II retains all liens and rights in property of the Debtor and the estate until paid in full. This Claim is Impaired and is entitled to vote on the Plan. Class III consists of any Allowed Secured Claim of the Small Business Administration. This is a Disputed Claim. On March 8, 2022, the SBA confirmed that no loan was ever made to the Debtor. However, this Claim is listed in a Class to resolve the SBA's filed Financing Statement. In the unlikely event that the Small Business Administration Claim has an Allowed Secured Claim, it shall be paid in full 30 days after the Petition Date. Class IV consists of the Allowed Claims of all Unsecured Creditors. The members of this Class shall be paid all amounts left over after payment of all higher priority creditors. All payments shall be made no later than 2 years after the Effective Date. No Allowed Claim in this Class shall be paid more than the full principal amount of such Allowed Claim. No interest will be paid on any Unsecured Claim. This Class is Impaired. Prepetition Unsecured Claims total $1,415,000. Class V consists of all Allowed Interests. The Interests are canceled on the Effective Date and the equity ownership of the Debtor will be retained solely to the extent necessary to fulfill the terms of this Plan. All tax attributes of the equity ownership had as of the Petition Date are retained. This Class is Impaired The Post-Confirmation Debtor will have until 90 days after the Effective Date (the "Marketing Period") to market some or all of its assets outside the ordinary course of business with the objective of one or more sales free and clear of liens, claims and interests. If, at the conclusion of the Marketing Period, the Post-Confirmation Debtor has entered into a binding sales agreement, the Marketing Period may be extended, at the PostConfirmation Debtor's election, to permit the closing on such sale. The proceeds of any sales shall go to pay Allowed Claims, first Class I Creditors until paid in full, and then (in order, and until paid in full) Group 1, Group 2, Class II, Class III (if Allowed) and Class IV. If there are insufficient proceeds to pay all Allowed Claims in any Class, the proceeds shall be paid Pro-Rata towards all Allowed Claims in that Class. Under the terms of the Plan, the Debtor's assets will be liquidated and any gain or loss from the disposition of the assets will flow through to the ultimate taxpaying owner or member of the transferring Debtor who will be responsible to pay any resulting tax liability. A full-text copy of the Combined Plan and Disclosure Statement dated March 15, 2022, is available at https://bit.ly/3qin9Rh from PacerMonitor.com at no charge. Attorneys for Debtor: Max J. Newman, Esq. Butzel Long, a Professional Corporation Stoneridge West 41000 Woodward Avenue Bloomfield Hills, MI 48304 Tel: (248) 258-1616 Email: newman@butzel.com About PPI, LLC PPI, LLC, doing business as PPI Aerospace, is a large Nadcap accredited chemical process and surface engineering facility focused on serving the specific needs of suppliers to the Aerospace and Defense industries. The company is based in Warren, Mich. PPI, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 21-49385) on Dec. 2, 2021, listing up to $1 million in assets and up to $10 million in liabilities. Scott W. Thams, chief financial officer and manager, signed the petition. Judge Lisa S. Gretchko oversees the case. Max J. Newman, Esq., at Butzel Long, a Professional Corporation, represents the Debtor as legal counsel. PUERTO RICO: Exits Bankruptcy But PREPA Still Struggling With Debt ------------------------------------------------------------------ Robert Walton of Utility Dive reports that Puerto Rico exited bankruptcy Tuesday, March 15, 2022, but its electric utility, the Puerto Rico Electric Power Authority (PREPA), is still struggling with about $9 billion in debt and last week Gov. Pedro Pierluisi canceled a plan that would have raised power rates for almost five decades in order to pay bondholders. Consumer advocates and the Financial Oversight and Management Board (FOMB) for Puerto Rico supported the decision to cancel the debt restructuring deal, which had been reached in 2019. A new agreement is expected to be negotiated or reached through mediation, the management board said. Creditors, however, are wary. Mammoth Energy is owed more than $340 million through a subsidiary and PREPA is "running out of excuses," CEO Arty Straehla said in a statement. "It is well past time for them to make their creditors whole." PREPA's debt restructuring deal reached with bondholders in 2019 was signed in a different economic world and canceling it was the right move, according to the FOMB. "The global COVID-19 pandemic, rising fuel prices because of Russia’s attack on Ukraine, and rising inflation left Puerto Rico with a different economic reality," FOMB said in a statement. The board was formed in 2016 to oversee the island's fiscal management. The restructuring agreement would have cut PREPA's debt by more than 32% and it included "significant protections" for residents and businesses, FOMB said. But it needed approval from lawmakers, who refused without changes to key terms in the deal, the oversight board noted. The canceled debt restructuring deal would have raised Puerto Rico's electricity prices by between $0.027/kWh and $0.046/kWh for the next 47 years, according to the Institute for Energy Economics & Financial Analysis (IEEFA). "There are alternatives for ensuring that bondholders are treated fairly without raising rates. Pierluisi needs to take a closer look at those alternatives," IEEFA Director of Financial Analysis Tom Sanzillo wrote in a Friday blog post. Canceling the debt deal "was a good decision," he said. Sanzillo was also critical of the island's plan to use natural gas as a bridge to reaching 100% renewables by 2050. "From an electricity standpoint, the governor’s plan to increase natural gas usage 'in the short term' is illogical and impossible, given the infrastructure investments required," he wrote. In February, the Biden administration and Puerto Rico launched a joint effort to accelerate the growth of renewable energy resources and strengthen the island's grid, promising 2022 will be "a year of action" in the territory's transition to 100% clean energy over the next three decades. Billions in funding from the Federal Emergency Management Agency (FEMA) will go to strengthen the island's grid. After Hurricane Maria destroyed its electric grid in 2017, Puerto Rico signed several deals with Cobra Acquisitions, a subsidiary of Mammoth, to restore service across the island. The company says it was paid for some of the work, but fears amounts in arrears could be lost through the debt restructuring process. Mammoth says it is owed $344 million, including $117 million in interest charges, for work completed almost three years ago. PREPA wasn't immediately available to respond to requests for comment. "I think it is important that PREPA be held accountable," FOMB member Justin Peterson said at the board's Feb. 25 meeting. He noted that Mammoth CEO Straehla had discussed the situation with him over lunch recently. "We want to work with FEMA and work with the process and make sure that everything that deserves to be paid is paid," Peterson said. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ('PROMESA'). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. The Oversight Board has hired as advisors, Proskauer Rose LLP and O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets, as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at O'Neill & Borges are on-board as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. * * * The two Title III plans of adjustment have been confirmed to date, for the Commonwealth and COFINA debtors. PWM PROPERTY: Office Tower Owner Fights Creditor's Bid for Own Plan ------------------------------------------------------------------- Leslie A. Pappas of Law360 reports that the bankrupt owner of two luxury office towers in New York and Chicago, PWM Property Management, has objected to an attempt by battling creditors to file their own Chapter 11 plan under seal in the debtor's case, calling the move a "stunt" that will endanger the debtor's efforts to maximize the value of its property. The recent move from investor 245 Park Member LLC and several other mezzanine lenders to file an alternative plan is "an alarming escalation" of their ongoing effort to subvert the restructuring process, PWM Property Management LLC said in an objection filed Thursday, March 17, 2022. About PWM Property Management PWM Property Management LLC, et al., are primarily engaged in renting and leasing real estate properties. They own two premium office buildings, namely 245 Park Avenue in New York City, a prominent commercial real estate assets in Manhattan's prestigious Park Avenue office corridor, and 181 West Madison Street in Chicago, Illinois. On Oct. 31, 2021, PWM Property Management LLC and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11445). PWM estimated assets and liabilities of $1 billion to $10 billion as of the bankruptcy filing. The cases are pending before the Honorable Judge Mary F. Walrath and are being jointly administered for procedural purposes under Case No. 21-11445. The Debtors tapped White & Case LLP as restructuring counsel; Young Conaway Stargatt & Taylor, LLP as local counsel; and M3 Advisory Partners, LP as restructuring advisor. Omni Agent Solutions is the claims agent. QUAD/GRAPHICS INC: S&P Upgrades ICR to 'B+', Outlook Stable ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Quad/Graphics to 'B+' from 'B'. At the same time, S&P raised its issue-level ratings on the company's senior secured debt to 'B+' from 'B' and on its senior unsecured notes to 'B-' from 'CCC+'. The stable outlook reflects S&P's expectation that Quad's adjusted leverage will remain below 4.0x over the next 12-24 months, primarily driven by debt paydowns and stable operating performance despite secular pressures in the print industry. Quad's adjusted leverage improved below our upside threshold of 4.0x in 2021. Key factors driving this deleveraging include the company's improved operating performance and lower one-time restructuring costs in 2021, as well as significant debt paydowns over the past two years. The economic recovery over the past year drove up Quad's print volumes, as companies are now ramping up their advertising and marketing campaigns to support growing consumer demand. Quad also gained market share within the print segment over the past 12 months from weaker competitors that were less effective at navigating the challenging economic environment during the pandemic. Quad also significantly reduced its debt balance over the past two years, paying down maturing debt and prepaying existing debt tranches utilizing proceeds from asset sales and cash on the balance sheet. The company's free operating cash flow (FOCF) to debt was 10.6% as of Dec. 31, 2021. S&P expects the company to maintain FOCF to debt above 10%, while keeping adjusted leverage below 4.0x over the next 12–24 months. The stable outlook reflects S&P's expectation that Quad's adjusted leverage will remain below 4.0x over the next 12-24 months, primarily driven by debt paydowns and moderating operating performance declines due to secular pressure in the print industry. S&P could lower its rating if Quad's adjusted leverage increases above 4.0x and its FOCF to debt decreases below 10% on a sustained basis. This could occur if: -- Secular print pressures, combined with supply chain and wage inflation, affects EBITDA margins significantly more than S&P's forecast; and -- Significantly higher working capital needs to procure input materials lowers Quad's FOCF generation. S&P's upside threshold is contingent on its forward-looking view of the secular challenges facing the print industry and the resulting volatility on operating performance. S&P could raise its rating over the next 12 months if Quad meets the following scenarios: -- Adjusted leverage declines and remains below 3.0x while FOCF to debt remains above 10%. -- Quad can maintain stable operating performance, including at least flat revenue and EBITDA growth despite secular industry pressure. ESG credit indicators: E-2, S-2, G-2 RETROTOPE INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Retrotope, Inc. 4300 El Camino Real Suite 201 Los Altos, CA 94022 Business Description: Retrotope is developing a new class of drugs designed to combat the disease and cellular degeneration that results from lipid peroxidation (LPO). The Company has created a pipeline of therapeutic candidates for the treatment of a range of devastating degenerative diseases. Chapter 11 Petition Date: March 21, 2022 Court: United States Bankruptcy Court District of Delaware Case No.: 22-10228 Judge: Hon. John T. Dorsey Debtor's Counsel: Matthew P. Ward, Esq. WOMBLE BOND DICKINSON (US) LLP 1313 North Market Street, Suite 1200 Wilmington, DE 19801 Tel: 302-252-4320 Email: matthew.ward@wbd-us.com Debtor's Investment Banker: SSG CAPITAL ADVISORS, LLC Debtor's Financial Consultants & Advisor: ROCK CREEK ADVISORS, LLC Debtor's Claims, Noticing, Solicitation Agent & Administrative Advisor: BMC GROUP Total Assets as of Jan. 31, 2022: $4,883,365 Total Liabilities as of Jan. 31, 2022: $5,105,260 The petition was signed by Anil Kumar as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/PKAOL5I/Retrotope_Inc__debke-22-10228__0001.0.pdf?mcid=tGE4TAMA REVENANT DENVER: Unsecured Creditors to be Paid in Full in Plan --------------------------------------------------------------- Revenant Denver Inc., f/k/a Futurum Communications Corporation, Revenant Durango Inc., f/k/a Brainstorm Internet Inc., and Revenant Eagle Inc., f/k/a San Isabel Telecom, Inc., submitted a Disclosure Statement for the Amended Chapter 11 plan. Revenant Denver was incorporated in Colorado on Jan. 21, 2002, as Futurum Communications Corporation, and shortly thereafter entered into a share exchange with Interlink Adverting Services, Inc. It changed its name on Jan. 31, 2022, to Revenant Denver Inc., as required in connection with the Asset Sale. Revenant Durango was incorporated in Colorado on Nov. 11, 1999, as Brainstorm Industries, Inc., and officed in Durango, Colorado. On Nov. 7, 2003, it changed its name to Brainstorm Internet, Inc., and on Jan. 31, 2022, it again changed its name to Revenant Durango Inc., as required in connection with the Asset Sale. Revenant Eagle was incorporated in Colorado on Aug. 11, 1989 as Wagner Telecommunications. On Dec. 23, 2005, it merged with www.Inc./Management, with Revenant Eagle as the surviving entity. On Jan. 20, 2006, it changed its name to San Isabel Telecom, Inc., and on January 31, 2022, it again changed its name, to Revenant Eagle Inc. as required by the Asset Sale. Debtors' corporate offices were located at 2347 Curtis Street, Denver, Colorado. Debtors also had other offices and leased property for its equipment around the state. Jawaid Bazyar was the president and a director of all three Debtors, as well as being a shareholder of Revenant Denver. He resigned as an employee, officer and director of these companies, and well as any affiliate companies, at the closing of the Asset Sale (the "Closing"). The assets of Debtors and Revenant Teller (collectively "Sellers") had been exposed to the market since late 2019, as a result of Sellers seeking capital and other strategic opportunities. In August 2021, Vero Broadband LLC, f/k/a Denver VoIP, LLC ("Purchaser") came forward with a bid for substantially all of the Sellers' assets (the "Purchased Assets"). The sale closed on December 31, 2021, with an effective date of January 1, 2022. Of the $14 million Initial Cash Payment set forth in the Revised APA, Sellers received Net Sale Proceeds of $12,358,759.0714, subject to (a) the holdback of a $1 million working capital amount, which was deposited in to escrow for potential reductions to be resolved 120 days following the Closing (the "Working Capital Amount"), (b) an initial working capital adjustment of $41,215.29, (c) reductions totaling approximately $448,673 for unfunded capital construction expenditures and unapplied grant proceeds therefor, and (d) such other minor adjustments as agreed between Sellers and Purchaser. To date, Sellers have made distributions to secured creditors, contract counterparties, and Revenant Teller and its creditors totaling approximately $10,949,307.00 as authorized by the Sale Order, as well as payments for operating expenses, professional fees and retainers and other like amounts. The Net Sale Proceeds were deposited into an escrow account at U.S. Bank among all the Sellers and U.S. Bank as the escrow agent, created on December 23, 2021 (the "Disbursement Escrow"), except for the $1 million for the Working Capital Adjustment which is being held in a separate escrow account at U.S. Bank among Sellers and Purchaser. As of March 11, 2022, the Disbursement Escrow contains $1,950,311.02. As authorized and directed by the Sale Order, Debtors paid all Secured Claims in full (other than the Baker Secured Claim (Class 2) and the SBA Towers Secured Claim (Class 1), of which Debtors disputed all or portions thereof). As further authorized and directed by the Sale Order, Debtors also paid in full the Claims of certain counterparties to executory contracts and unexpired leases since the agreements were assumed and assigned to the Purchaser. The primary purpose of the Plan is to pay creditors in full, other than subordinated creditors, with interest at the federal judgment rate (as applicable) from available Cash including remaining funds from the Initial Cash Amount, with any funds remaining after the payment of post-Confirmation expenses to be distributed to holders of Subordinated Insider Claims and then Equity Interest holders. Class 4 consists of the General Unsecured Claims, which is unimpaired. Unpaid General Unsecured Claims total approximately $1,068,675. In connection with the Asset Sale, certain executory contracts and unexpired leases were assumed and assigned to the Purchaser, and approximately $1,494,163.00 in aggregate cure amounts were paid to such counterparties which would have otherwise constituted Claims against Debtors' estates Allowed Claims in Class 4 shall, unless otherwise agreed, be paid in full, including interest at the Federal Judgment Rate under 28 U.S.C. Sec. 1961(a), in Cash from the General Unsecured Claims Fund on the later of (i) the Initial Distribution Date, or (ii) within 20 business days after any such Claim becomes an Allowed Claim. Class 7A consists of Revenant Denver Shareholders. To the extent there are funds remaining after the payment in full (or adequate reserves for payment) of Class 6 Claims, Revenant Denver Equity Interest holders will be paid by Revenant Denver the remaining Cash pro rata, based on their percentage ownership in Revenant Denver as of the Petition Date, as funds become available. Since Class 7A is impaired, holders of Equity Interests in this Class are entitled to vote to accept or reject the Plan. Class 7B consists of Revenant Eagle Preferred Shareholder. The treatment of this Equity Interest under the Plan shall constitute a settlement with the Revenant Eagle Preferred Shareholder. She shall be treated as a creditor holding an Allowed General Unsecured Claim of $100,000. Since Class 7B is impaired, the Revenant Eagle Preferred Shareholder is entitled to vote to accept or reject the Plan. The funds necessary to establish reserves for and fund Plan expenses, establish the Allotment Amounts and make any other Plan payments shall be obtained from the Remaining Assets. A full-text copy of the Disclosure Statement dated March 15, 2022, is available at https://bit.ly/34TyQpZ from PacerMonitor.com at no charge. Attorneys for Futurum Communications: ONSAGER | FLETCHER | JOHNSON LLC Andrew D. Johnson Alice A. White 600 17th Street, Suite 425 North Denver, Colorado 80202 Tel: (720) 457-7061 E-mail: ajohnson@OFJlaw.com consager@OFJlaw.com Attorneys for Brainstorm Internet: WEINMAN & ASSOCIATES, P.C. Jeffrey A. Weinman 730 17th Street, Suite 240 Denver, CO 80202-3506 Telephone: (303) 572-1010 Facsimile: (303) 572-1011 E-mail: jweinman@weinmanpc.com Attorneys for San Isabel Telecom: BELL, GOULD, LINDER, AND SCOTT, P.C. Gregory S. Bell 318 East Oak Street Fort Collins, CO 80524 Tel: (970) 493-8999 E-mail: gbell@bell-law.com About Futurum Communications Corporation Futurum Communications Corporation -- https://forethought.net/ -- is an independent locally owned internet, cloud and communications service provider with offices in Denver, Grand Junction and Durango. Futurum Communications filed a petition for Chapter 11 protection (Bankr. D. Colo. Case No. 21-11331) on March 21, 2021, listing up to $50 million in both assets and liabilities. Affiliates San Isabel Telecom, Inc., and Brainstorm Internet, Inc., filed their voluntary Chapter 11 petitions (Bankr. D. Colo. Case Nos. 21-12534 and 21-12549) on May 12, 2021. Jawaid Bazyar, president, signed the petitions. Judge Kimberley H. Tyson oversees the cases. The Debtors tapped Onsager Fletcher Johnson, LLC, as bankruptcy counsel, Lance J.M. Steinhart, PC, as special counsel, and SL Biggs as accountant. ROCKALL ENERGY: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Rockall Energy Holdings, LLC and its affiliates. The committee members are: 1. Basin Service Company, Inc. c/o Chase Conway, President and Chris Cooper, Business Manager P.O. Box 397 Westhope, ND 58793 Phone: 701-245-6479 Fax: 701-245-6416 Email: basinoffice@basinnation.com 2. ChampionX Corporation c/o Joseph G. Walker, Assistant General Counsel 2445 Technology Forest Blvd., Bldg. 4, 12th Floor The Woodlands, TX 77381 Phone: 281-602-0163 Email: Joe.walker@championx.com 3. N5 Services, LLC c/o Randy Cheek, Member P.O. Box 638 Mineral Wells, TX 76068 Phone: 940-327-0447 Fax: 940-327-0456 Email: N5servicesllc1@gmail.com 4. Verde Services, LLC c/o Mike Davis, CFO 339 Avenue "A" P.O. Box 144 Laurel, MS 39441 Phpne: 601-425-9685 Fax: 601-649-5574 Email: Mike.davis@verdeservices.net 5. WBI Energy Transmission, Inc. c/o Rob Johnson, EVP, Commercial 1250 West Century Avenue Bismarck, ND 58503 Phone: 701-530-1622 Email: Rob.johnson@WBIEnergy.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Rockall Energy Holdings Rockall Energy Holdings is a mid-sized oil exploration and production company based in Dallas, Texas. Rockall Energy and its affiliates sought Chapter 11 bankruptcy protection (Bank. N.D. Texas Lead Case No. 22-90000) on March 9, 2022. In the petition filed by David Mirkin, as chief financial offer, Rockall Energy Holdings estimated assets and debt between $100 million and $500 million. The cases are handled by Honorable Judge Mark X. Mullin. The Debtors tapped Vinson & Elkins, LLP as legal counsel; Lazard Freres & Co., LLC as investment banker; and Ankura Consulting Group, LLC as restructuring advisor. Stretto, Inc. is the claims agent. RONNY'S A-LA-CARTE: Amends Details on Sales of Pepsi Products ------------------------------------------------------------- Ronny's A-La-Carte, Inc., submitted a Third Modification to Plan of Reorganization dated March 15, 2022. Debtor modifies the Plan in accordance with §§ 1125 and 1127 of Chapter 11 of Title 11 of the United States Code. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. Article 12 of the Plan is deleted and amended to provide as follows: Sales of Pepsi Products 12.1 Definition. For the purpose of this Article, "Pepsi Products" shall mean the following products: Pepsi, Mt. Dew, Aquafina, Starbucks, Gatorade, Sobe, Ocean Spray, Rockstar, Bang, Bubly, Lipton, Brisk, Muscle Milk, Propel, Pure Leaf, Lemon Lemon, Dole, Twister, Tropicana, Izze, Sierra Mist, Yachack, Mug, LIFEWTR, Lifewater, Amp, Stubborn Soda, Tazo, and Caleb's Cola. "Pepsi Products" also includes any caffeine-free, zero sugar, diet, flavor varieties, or line extensions of the foregoing products and shall also include Additional Products as described below in Article 12.4 of the Plan. 12.2 Injunction. The Confirmation Order shall act as a permanent injunction prohibiting Debtor, its subsidiaries, holding companies, related companies, owners, principals, stockholders, members, managers, officers, agents, employees, attorneys, successors and assigns, and anyone acting with its authority or on its behalf, without any further notice (as well as those persons in active concert or participation with them who receive actual notice of the Confirmation Order) (hereinafter referred to as "Debtor Affiliates") from directly or indirectly distributing or selling (and advertising or offering to distribute or sell) all Pepsi Products in any form on or after the Effective Date. 12.3 Enforcement. The Court shall retain jurisdiction to enforce this Article pursuant to Article 13 of the Plan. 12.4 Additional Products. For the purpose of this Article, Pepsi Products shall also include any products, now or in the future, produced or distributed under brands or trademarks owned by or licensed to PepsiCo, Inc., any of its subsidiaries or affiliates, any PepsiCo authorized bottler or distributor, or any successor to the foregoing, to the extent such ownership or license is exclusive to any of the foregoing ("Additional Products"), provided that an entity seeking to enforce the injunction of this Article as to any Additional Products not listed in Article 12.2 shall provide a 30-day pre-enforcement notice to Debtor and Debtor Affiliates in accordance with Article 2.4 of the Plan setting forth the products which such entity contends constitute an Additional Product (such 30-day period is hereinafter referred to the "Notice Period"). During the Notice Period, Debtor may dispute that such products constitute Additional Products under this Article or may cure any violation of the injunction by ceasing to distribute or sell such products prior to the conclusion of the Notice Period. Any dispute under this Article 12.4 may be submitted to the Court for resolution pursuant to Article 12.3. 12.5 State Court Injunction. The Debtor and Buffalo Rock Company consent to the entry of a consent final judgment, for a permanent injunction with regard to the distribution or sale of Pepsi Products, in the Circuit Court of Jefferson County, Alabama in Case Number 01-CV2019-900217.00 (the "Consent Judgment"). The Debtor and Buffalo Rock Company shall jointly move the State Court for entry of the Consent Judgment within 14 days of the entry of the Confirmation Order. A full-text copy of the Third Modified Plan of Reorganization dated March 15, 2022, is available at https://bit.ly/3qGT3Hx from PacerMonitor.com at no charge. Attorneys for Debtor: Nathan T. Juster, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Tel: (404) 564-9300 About Ronny's A-La-Carte Inc. Ronnys A-La-Carte, Inc., an Atlanta, Ga.-based merchant wholesaler of grocery and related products, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 21-55239) on July 13, 2021. Ronny Shiflet, chief executive officer, signed the petition. At the time of the filing, the Debtor disclosed assets of between $100,000 and $500,000 and liabilities of between $1 million and $10 million. Judge Paul Baisier oversees the case. Jones & Walden, LLC is the Debtor's legal counsel. ROOSEVELT UNIVERSITY: Fitch Affirms 'B' IDR, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed the 'B' Issuer Default Rating (IDR) and 'B' rating on the outstanding series 2007 Illinois Finance Authority revenue bonds, issued on behalf of Roosevelt University (Roosevelt or RU). The Rating Outlook is Negative. SECURITY The series 2007 bonds are an unsecured general obligation of RU. Fitch does not rate RU's outstanding 2018, 2019 or 2020 bonds, about $199 million combined, which have a stronger security pledge than the unsecured 2007 bonds, including mortgage liens on all university-owned property and various liquidity covenants. The 2007 bonds do not have a debt service reserve. ANALYTICAL CONCLUSION The 'B' rating on RU's $35.4 million outstanding series 2007 bonds and IDR reflects enrollment increases in fall 2020 (fiscal 2021), federal stimulus fund recognition and positive investment returns in RU's endowment, all resulting in stronger fiscal 2021 cash-flow margins. However, the improved margins are not expected to continue past fiscal 2022 due to fall 2021 (fiscal 2022) enrollment declines and the final year of stimulus recognition. RU's enrollment volatility and long-standing structural budget imbalance remain significant constraints on the rating. Uncertainty for fall 2022 admissions (fiscal 2023), as well as a debt service step-up in fiscal 2024, add to the financial pressure for RU to achieve and maintain balanced financial operations with recurring revenue and sustainable endowment draws. RU has very high debt leverage and an ongoing structural deficit. Available funds (AF) of $139 million at FYE 2021 benefited from strong investment returns at FYE Aug. 31,2021, resulting in a 54.8% AF to adjusted debt ratio. However, Fitch believes RU's debt burden ratios are vulnerable in a stress scenario due to investment market fluctuations and continued deficit operations. The university's balance sheet provides some cushion for RU to continue its plans to balance operations and grow net tuition revenue. However, current operations are not sustainable long term. RU has no significant new debt capacity at the current rating. The Negative Outlook reflects continuing uncertainty related to enrollment, achieving balanced operating budgets, and achieving sustainable cash-flow margins sufficient to meet MADS. The university's Aug. 31, 2020 financial statements reflected six months of combined RU and Robert Morris University Illinois (RMUI) operations; fiscal 2021 statements have a full combined operating year. KEY RATING DRIVERS Revenue Defensibility: 'bb' Enrollment Pressure in Competitive Market. University operations remain highly dependent on net student income, typically about 84% of operating revenues. The 'bb' Revenue Defensibility assessment reflects improved fall 2020 enrollment from the RU/RMUI integration, but also longer-term uncertainty given enrollment declines in fall 2021. RU headcount grew 15% to 4,680 in fall 2020, largely due to the RMUI asset acquisition, although that growth was less than was expected. Fall 2021 enrollment dipped 11.8% to 4,127 students due in part to the pressures of integrating two institutions in the midst of a pandemic. Tuition was largely held flat in fiscal 2022, but will increase about 5% in fiscal 2023. RU students are price sensitive. Gifts are not a significant operating revenue source. The university's location in the Chicago 'loop' business center, part of an extensive metropolitan area, is a strength. However, competition for students in the region is intense and will likely remain so given projected declines in the number of Illinois high school graduates over the coming decade. Since the March 2020 integration of RU and RMUI, management continues to strategically combine programs, staff and student services and manage expenses. Operating Risk: 'bb' Slim Cash flow Margins and Structurally Unbalanced Budget RU's 2021 cash flow margin of 15.9% and generally manageable capital needs could indicate a higher Operating Risk assessment than 'bb'. However, weaker margins are expected in the next several years due to stressed enrollment and the end of federal stimulus fund recognition in fiscal 2022. RU's structural budget imbalance is an asymmetric rating factor that constrains the Operating Risk assessment at 'bb'. Fiscal 2021 operations strengthened due to higher fall 2020 enrollment, recognition of $8.3 million of stimulus funds, and ongoing expense reductions. Fiscal 2022 margins are expected to be weaker due to lower enrollment and no tuition increase, even with recognition of $7.8 million of stimulus funds. Operating risks are exacerbated going forward as RU's annual debt service increases in fiscal 2024 from interest-only at $14.1 million to $16.3 million. Financial Profile: 'bb' High Debt Leverage The 'bb' Financial Profile assessment reflects high debt leverage and vulnerability through a stress scenario. Debt service coverage is a continuing concern, and is an asymmetric rating factor limiting the Financial Profile assessment. To date, RU has used reserves to help meet debt service, which has largely been interest-only. MADS coverage was 1.14x in fiscal 2021, but has been below that in recent years. Without significant growth in net tuition revenue, Fitch expects cash-flow margins, and thus MADS coverage, to soften again in fiscals 2022 and 2023. Outstanding debt at FYE 2021 is $254 million, including bonds and Fitch-adjusted operating leases. The debt service structure is highly back-ended. Available funds (AF), defined by Fitch as unrestricted cash and investments, totaled $139 million at Aug. 31, 2021, equal to 115.6% of operating expenses and a narrower 54.8% of Fitch-adjusted debt. These balance sheet metrics are consistent with the assessment, but are vulnerable in a stress scenario to investment market fluctuations and continued operating losses. Asymmetric Additional Risk Considerations Two Asymmetric Risk Considerations are incorporated in RU's rating assessment. A 'weaker' Asymmetric Additional Risk Consideration (AARC) was applied to the Operating Risk assessment due to continuing structural budget imbalance. A 'weaker' AARC was also applied to the Financial Profile assessment due to weak liquidity evidenced by a history of, and expectation of, insufficient debt service coverage from sustainable revenue sources. RATING SENSITIVITIES Factor that could, individually or collectively, lead to a positive rating action/upgrade: -- Improved and sustained recurring cash-flow margins closer to 20% that support MADS coverage of at least 1.1x. Fitch would also expect RU's debt leverage ratios to exceed 50% and improve over time. Factors that could, individually or collectively, lead to a negative rating action/downgrade: -- Failure to improve cash flow margins and achieve MADS coverage without reliance on non- recurring revenues; -- RU has no significant new debt capacity at the current rating. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. CREDIT PROFILE Founded in 1945, Roosevelt's main campus is located in Chicago's "loop" business district, and includes the historic auditorium building, a 32-floor Wabash Street "vertical campus" building, and the Goodman Center. The university also owns and operates a 27-acre suburban campus in Schaumburg, IL, a northwest Chicago suburb. RU has additional academic locations including in Waukegan and at Harper Community College. A leased academic space in Peoria, Ill, was closed upon conclusion of the lease in Dec. 2021. Roosevelt students primarily come from the Chicago metro area and are a mix of traditional undergraduate and graduate students. Many students commute to the Chicago or Schaumburg campuses, or attend on-line. RU has benefited from several large nonrecurring revenue inflows in recent years, which has helped support its balance sheet. In 2017, RU received a $25 million bequest dedicated for scholarships; in fiscal 2019, RU sold its ownership in the Gage building for about $15 million; and in fiscal 2017 RU sold its ownership interest in the University Center housing for $19.9 million. Enrollment in fall 2020 was 4,680 (4,037 FTE), up 15% from fall 2019 largely due to the asset acquisition of RMUI. This increase was noteworthy, but not as large as expected. In fall 2021, headcount dipped 11.8% to 4,127 (3,531 FTE). Overall headcount is down significantly from 6,353 in fall 2013 (fiscal 2014). Currently, about 69% of FTE enrollment is undergraduate students and 31% is graduate students, including the PharmD program. On March 9, 2020, the Higher Learning Commission approved RU and RMUI's joint application to formally integrate. Both institutions' academic programs retain full accreditation. About 1,300 RMUI students moved to Roosevelt at the time of the integration. Many RMUI students were located at the leased Chicago site, which was next to Roosevelt's Chicago facilities. Programs with overlap (such as business and core curriculum subjects) were merged into Roosevelt's existing academic divisions; programs unique to RMUI, such as some health science programs, will continue independently. Roosevelt did not acquire any RMUI debt or property. During its spring and summer 2020 semesters, RU transitioned classes to remote learning but kept housing, dining and academic facilities open; as such it made relatively few room and board refunds. For fall 2020, RU continued offering a mix of in-person, online and hybrid academic offerings, and structured its facilities and operations to do so safely. Housing operations reduced density to accommodate social distancing, and RU waived its freshman/ sophomore residency requirement. For fall 2021, instruction largely returned to in-person and housing occupancy increased. ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS A 'weaker' Asymmetric Additional Risk Consideration was applied to the Operating Risk assessment due to structural operating deficits. A 'weaker' Asymmetric Additional Risk Consideration was also applied to the Financial Profile due to a history and expectation of insufficient MADS coverage. 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. ROWAN SAWDUST: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Rowan Sawdust and Shavings, LLC 9019 Fairview Cove Road Altoona, AL 35952 Business Description: The Debtor offers animal bedding and transport services. Chapter 11 Petition Date: March 21, 2022 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 22-40262 Judge: Hon. James J. Robinson Debtor's Counsel: Tameria S. Driskill, Esq. WILLIAMS DRISKILL HUFFSTUTLER & KING 2100 Club Drive, Ste 150 Gadsen, AL 35901 Tel: (256) 442-0201 Email: tammy@williamsattorneyatlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kevin Rowan as member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ELBDMFY/Rowan_Sawdust_and_Shavings_LLC__alnbke-22-40262__0001.0.pdf?mcid=tGE4TAMA SCHOOL DISTRICT: Taps The Reissman Law Group as Bankruptcy Counsel ------------------------------------------------------------------ School District Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire The Reissman Law Group, P.A. to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) giving the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property; (b) preparing legal papers and appearing at hearings; and (c) performing all other necessary legal services for the Debtor. The firm's hourly rates are as follows: Marshall G. Reissman, Esq. $350 per hour Gabriel K. Silveria, Esq. $250 per hour Paralegal $160 per hour The retainer fee is $10,000. Marshall Reissman, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marshall G. Reissman, Esq. The Reissman Law Group, P.A. 1700 66th Street North, Suite 405 St. Petersburg, FL 33710 Tel: 727-322-1999 Email: marshall@reissmanlaw.com About School District Services School District Services, Inc. offers school bus transportation services. The company is based in Morriston, Fla. School District Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-00636) on Feb. 17, 2022, listing up to $10 million in assets and up to $1 million in liabilities. Amy Denton Harris serves as the Subchapter V trustee. Judge Catherine Peek Mcewen oversees the case. The Reissman Law Group, P.A., led by Marshall G. Reissman, Esq., serves as the Debtor's legal counsel. SHELL LLC: Seeks to Employ Frost & Associates as Bankruptcy Counsel ------------------------------------------------------------------- Shell, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Frost & Associates, LLC to serve as legal counsel in its Chapter 11 case. The firm's services include: (a) preparing bankruptcy schedules and statements of financial affairs for filing; (b) providing the Debtor with legal advice with respect to its powers and duties pursuant to the Bankruptcy Code; (c) preparing legal papers; (d) representing the Debtor with respect to lawsuits to which the Debtor is or may be a party; (e) negotiating, preparing and seeking approval of a plan of reorganization; (f) representing the Debtor at all hearings, meetings of creditors and other proceedings; and (g) performing all other necessary legal services for the Debtor. The hourly rates charged by the firm's attorneys range from $425 to $545. Paralegals, legal assistants and law clerks charge between $100 per hour and $265 per hour. The Debtor paid the firm an advance retainer of $10,000. Daniel Staeven, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Daniel A. Staeven, Esq. Frost & Associates, LLC 11300 Rockville Pike, Suite 708 Rockville, MD 20852 Tel: (410) 264-1993 Fax: (888) 235-8405 Email: mcoury@glankler.com About Shell LLC Shell, LLC offers a fully integrated system for oyster production. The company is based in Cambridge, Md. Shell filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No. 22-11252) on March 10, 2022, listing up to $50,000 in assets and up to $10 million in liabilities. Monique D. Almy serves as the Subchapter V trustee. Frost & Associates, LLC, led by Daniel A. Staeven, Esq., serves as the Debtor's legal counsel. SPRINGFIELD HOSPITAL: SBA Can Deny PPP Loan, 2nd Circuit Rules -------------------------------------------------------------- Maria Chutchian of Reuters reports that the Small Business Administration can deny the PPP loan of Springfield Hospital because of bankruptcy, appeals court rules. The Small Business Administration was within its rights to deny pandemic relief to a non-profit hospital based on the fact it was in bankruptcy, a federal appeals court ruled on Wednesday, March 16, 2022. The 2nd U.S. Circuit Court of Appeals said in a decision that while bankruptcy law does prohibit government entities from denying a debtor a permit, license, or “other similar grant” due to its bankrupt status, the SBA's Paycheck Protection Program, which provided funding to small businesses harmed by the COVID-19 pandemic, did not qualify as such a grant because the funding it offered came in the form of a loan. Though many courts have weighed in on whether PPP funding qualifies as a grant, the 2nd Circuit is the first appeals court to rule on the issue. The three-judge panel vacated a June 2020 ruling from U.S. Bankruptcy Judge Colleen Brown in Vermont that held the SBA could not reject Springfield Hospital Inc's application for PPP funding. Lawyers for the hospital and a spokesperson for the SBA did not immediately respond to requests for comment. Springfield Hospital and Springfield Medical Care Systems Inc, a Vermont-based critical access hospital and medical services provider, filed for Chapter 11 protection in June 2019 but continued operations during the bankruptcy. It applied for $3.6 million in PPP funds while in bankruptcy. The government's loan program was enacted in March 2020 to provide small businesses funding to help with payroll and operating expenses during the pandemic. The SBA has disbursed nearly $800 billion in PPP loans. Springfield sued the SBA in April 2020 after it rejected the hospital's request for funding. In response, the SBA argued that the funds it distributed through the PPP were loans, not grants protected by bankruptcy law. The hospital was approved to exit Chapter 11 in December 2020. In Wednesday's, March 16, 2022, decision, penned by U.S. Circuit Judge Joseph Bianco, the panel concluded that just because the SBA forgives many of the loans, that does not automatically qualify them as grants. Rather, businesses must meet certain financial criteria to obtain loan forgiveness, it said. "In short, the mere existence of a forgiveness option does not turn the PPP into a grant of 'free money,' as the bankruptcy court characterized it," Bianco wrote. The case is Springfield Hospital Inc v. Guzman, U.S. Circuit Court of Appeals, No. 20-3902. For Springfield: Andrew Helman of Dentons Bingham Greenebaum; and Adam Prescott and D. Sam Anderson of Bernstein, Shur, Sawyer & Nelson For the SBA: Acting Assistant Attorney General Brian Boynton; Acting U.S. Attorney for the District of Vermont Jonathan Ophardt; and Joseph Salzman, Mark Stern and Lindsay Powell of the U.S. Department of Justice About Springfield Hospital Springfield Hospital, Inc., is a not-for-profit, critical access hospital located in Springfield, Vermont. As part of Springfield Medical Care Systems' integrated system of care, including a network of ten federally qualified community health center sites, Springfield Hospital serves communities in southeastern Vermont and southwestern New Hampshire. Springfield Hospital, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Vermont Case No. 19-10283) on June 26, 2019. At the time of the filing, the Debtor estimated $10 million to $50 million in assets and liabilities. The Hon. Colleen A. Brown oversees the case. Murray, Plumb & Murray is the Debtor's legal counsel. STONEWAY CAPITAL: Gets Court Okay to Seek Exit Plan Votes --------------------------------------------------------- Jeremy Hill of Bloomberg News reports that Argentine power plant owner, Stoneway Capital Corp. won court approval to begin gathering creditor votes on its plan to exit bankruptcy. U.S. Bankruptcy Judge James Garrity in a hearing Thursday, March 17, 2022, said he'd approve Stoneway's so-called disclosure statement, which is an outline of its bankruptcy plan that is sent to creditors. No creditors objected to the disclosure statement. Stoneway estimates senior noteholders may recover as little as 16% under the plan, while term loan holders will get as little as 4.5%. Senior noteholders would share a pool a $462.5 million of new notes, according to the disclosure statement. About Stoneway Capital Corp. Stoneway Capital Corporation is a limited corporation incorporated in New Brunswick, Canada, formed for the purpose of owning and operating, through its Argentine subsidiaries, power generation projects that will provide electricity to the wholesale electricity markets in Argentina. The Argentine subsidiaries operate four power-generating plants in Argentina that provide electricity to the wholesale electricity market in Argentina. Stoneway is 100% owned by GRM Energy Investment Limited. On Oct. 8, 2020, the Company commenced proceedings under the Canada Business Corporations Act (the "CBCA"). The Debtors were well on the way toward closing the consensual restructuring when on Dec. 4, 2020, the Argentine Supreme Court issued a decision in an ongoing noise discharge dispute involving one of the Generation Facilities located in Pilar, Argentina. The Argentine Supreme Court Decision created significant uncertainty as it overturned a decision of the federal appeals court in San Martin, Buenos Aires. As a result of the looming expiration of the informal standstill arrangement, the Debtors commenced chapter 11 cases in the U.S. in order to put the automatic stay in place, maintain the status quo pending resolution of the various issues in Argentina, and ensure that neither the Indenture Trustee nor the Argentine Trustee takes any action that could be detrimental or value destructive to the Company. Stoneway Capital Ltd. and five related entities, including Stoneway Capital Corp., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. Judge James L. Garrity, Jr., oversees the cases. The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel, Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as investment banker, and RSM Canada LLP as tax services provider. Prime Clerk, LLC is the claims agent and administrative advisor. STONEWAY CAPITAL: Updates Restructuring Plan Disclosures -------------------------------------------------------- Stoneway Capital Ltd., and its Affiliated Debtors submitted a Disclosure Statement for the Second Amended Joint Plan dated March 15, 2022. The primary purpose of the Plan is to implement one or more sale transactions, pursuant to which the Buyer will acquire the business enterprise of the Debtors, including substantially all of the assets of SCC and all of the partnership interests in SEI and SELP, in exchange for consideration to be distributed to the Estates of the Debtors under the Plan (the "Sale Transactions"). The Sale Transactions, which, together with the other restructuring transactions (the "Restructuring Transactions") contemplated by the Plan, will be implemented in accordance with the Restructuring Steps Plan (the "Restructuring Steps Plan") and, with respect to certain Canadian aspects of the Plan, in accordance with the CBCA Plan of Arrangement. The New First Lien Notes will be secured by first-priority liens on the collateral securing the Senior Notes (the "New First Lien Notes Collateral"), subject only (in accordance with the intercreditor agreement in respect of the New Secured Notes Indenture (the "New Secured Notes Intercreditor Agreement")) to the super-priority liens in favor of the New Super-Priority First Lien Notes, which will include a pledge of (i) the general and limited partnership interests in the Acquired Debtors, (ii) SCC UK Parent's equity interests in SCC UK, subject only to the liens in favor of the New Super-Priority First Lien Notes (iii) amounts on deposit in the debt service reserve account to be established under the New Secured Notes Indenture (the "DSRA") and (iv) amounts on deposit in the Onshore Excess Cash Segregated Account. Subject to the terms of the New Secured Notes Intercreditor Agreement, the New Second Lien Notes will be secured by second priority liens on the New First Lien Notes. Collateral. The liens in favor of the New Super-Priority First Lien Notes shall be, subject to the terms of the New Secured Notes Intercreditor Agreement, super-priority liens on the New First Lien Notes Collateral, other than any amounts on deposit in the DSRA (nor would the New Super-Priority First Lien Notes be entitled to the proceeds of any letter of credit provided, in lieu of cash funding of the DSRA). The New Secured Notes Intercreditor Agreement shall provide that the first liens in favor of the New Super-Priority First Lien Notes will be silent in favor of the New First Lien Notes in the event of enforcement, such that the holders of the New First Lien Notes have absolute discretion and control with respect to enforcement in the event of a default. The Debt Service Reserve Account The terms and conditions of the New Secured Notes provide that the Issuer shall be required to deposit US$12.4 million (the "Minimum DSRA Requirement") into the DSRA, which shall be an account located in the United States with the depositary bank under the New Secured Notes Indenture. In the alternative, the Issuer may provide to the New Secured Notes Trustee an irrevocable standby letter of credit with a face amount at least equal to the Minimum DSRA Requirement or a face amount which, together with any cash deposited in the DSRA, is at least equal to the Minimum DSRA Requirement ("SBLC"), denominated in US dollars and issued by a bank located in the United States with a rating of at least "A" by Standard and Poor's or the equivalent ratings by Fitch Ratings, Inc. or Moody's Investors Service and a combined capital surplus of at least US$500 million in favor of the secured parties under the New Secured Notes Indenture, which standby letter of credit shall be immediately drawable by the New Secured Notes Trustee on behalf of the secured parties upon an event of default under the New Secured Notes Indenture and notice to the Issuer by the holders of the New First Lien Notes that the New Secured Notes are immediately due and payable; provided that any reimbursement obligations of any of the obligors in respect of the SBLC shall be on an unsecured basis. The amounts to be held in the DSRA, or of an SBLC provided in lieu thereof, shall be for the exclusive benefit of the New First Lien Notes and New Second Lien Notes. The terms and conditions of the New Secured Notes, as outlined in the Restructuring Term Sheet, require that the Issuer satisfy the Minimum DSRA Requirement in full on the Effective Date; however, with the consent of the Majority Consenting Noteholders given prior to the Plan Effective Date, the New Secured Notes Indenture may allow for the delayed funding of up to 50% of the Minimum DSRA Requirement for a period through December 31, 2022. On the Effective Date, the board of directors of SCC UK and the Argentine Operating Subsidiaries shall comprise three members consisting of: (a) two members appointed by the SCC UK Parent Trust and (b) one independent director nominated by the SCC UK Parent Trust and reasonably satisfactory to the Required Holders. Like in the prior iteration of the Plan, Each Holder of an Allowed General Unsecured Claim shall receive payment in full in Cash within 90 days after the later of (i) the Effective Date and (ii) the date such Allowed General Unsecured Claim comes due under applicable law or in the ordinary course of business in accordance with the terms and conditions of the particular transaction, agreement, conduct, or judgment giving rise to such Allowed General Unsecured Claim. This Class will receive a distribution of 100% of their allowed claims. All Cash required for the payments to be made under the Plan shall be obtained solely from (a) Excluded Cash and (b) any proceeds of the BNYM Reserve Account Balance obtained by the Debtors, and, for the avoidance of doubt, the Post-Sale Company shall have no obligations to fund any amounts required to be paid under the Plan. Counsel to the Debtors: Fredric Sosnick, Esq. Ned S. Schodek Jordan A. Wishnew Shearman & Sterling, LLP 599 Lexington Avenue New York, NY 10022 Tel: (212) 848-4000 Fax: (646) 848-8174 E-mail: fsosnick@shearman.com ned.schodek@shearman.com jordan.wishnew@shearman.com About Stoneway Capital Corp. Stoneway Capital Corporation is a limited corporation incorporated in New Brunswick, Canada, formed for the purpose of owning and operating, through its Argentine subsidiaries, power generation projects that will provide electricity to the wholesale electricity markets in Argentina. The Argentine subsidiaries operate four power-generating plants in Argentina that provide electricity to the wholesale electricity market in Argentina. Stoneway is 100% owned by GRM Energy Investment Limited. On Oct. 8, 2020, the Company commenced proceedings under the Canada Business Corporations Act (the "CBCA"). The Debtors were well on the way toward closing the consensual restructuring when on Dec. 4, 2020, the Argentine Supreme Court issued a decision in an ongoing noise discharge dispute involving one of the Generation Facilities located in Pilar, Argentina. The Argentine Supreme Court Decision created significant uncertainty as it overturned a decision of the federal appeals court in San Martin, Buenos Aires. As a result of the looming expiration of the informal standstill arrangement, the Debtors commenced chapter 11 cases in the U.S. in order to put the automatic stay in place, maintain the status quo pending resolution of the various issues in Argentina, and ensure that neither the Indenture Trustee nor the Argentine Trustee takes any action that could be detrimental or value destructive to the Company. Stoneway Capital Ltd. and five related entities, including Stoneway Capital Corp., sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-10646) on April 7, 2021. Stoneway estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. Judge James L. Garrity, Jr., oversees the cases. The Debtors tapped Shearman & Sterling LLP as bankruptcy counsel, Bennett Jones LLP as Canadian counsel, Lazard Freres & Co. LLC as investment banker, and RSM Canada LLP as tax services provider. Prime Clerk, LLC is the claims agent and administrative advisor. TALEN ENERGY: Bonds Decline Renews Concerns of Debt Transaction --------------------------------------------------------------- Rachel Butt of Bloomberg Law reports that Talen Energy Corp.'s bonds are veering deeper into distressed territory in spite of improving energy prices, stoking concern among creditors that the troubled power producer is planning a new debt transaction as it seeks to navigate rising gas prices. The company's 10.5% senior unsecured notes due 2026 traded at 27.25 cents on the dollar on Thursday, down from 40 cents the previous week, according to Bloomberg-compiled data. They bumped back up to 29 cents Friday, March 18, 2022. The slump comes after the Riverstone Holdings-backed Talen asked firms advising an ad hoc group of creditors for an updated list of debt holders. A full-text copy of the Bloomberg report is available at https://news.bloomberglaw.com/bankruptcy-law/talen-energy-bonds-slump-stoking-renewed-bondholder-concerns About Talen Energy Corp. Talen Energy Corporation is an independent power generation infrastructure company, headquartered in Allentown, Pennsylvania. Talen Energy Supply, LLC is a company that operates utility networks, with a principal place of business in Allentown, Pennsylvania. TEAM SYSTEMS: Taps Gellert Scali Busenkell & Brown as New Counsel ----------------------------------------------------------------- Team Systems International, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gellert Scali Busenkell & Brown, LLC to substitute for Robinson & Cole, LLP. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of its Chapter 11 case, including the prosecution of actions on behalf of the Debtor, the defense of actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved and objecting to claims filed against the estate; (c) preparing legal papers and appearing in court; (d) advising the Debtor regarding its rights and obligations; (e) performing all other necessary legal services. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Ronald S. Gellert $475 Associates/Of Counsel $375 - 400 Paraprofessionals $105 - 210 As disclosed in court filings, Gellert Scali Busenkell & Brown is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald S. Gellert, Esq. Gellert Scali Busenkell & Brown, LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Office: 302-425-5800 Direct Dial: 302-425-5806 Fax: 302-425-5814 Email: rgellert@gsbblaw.com About Team Systems International Team Systems International LLC -- formed in 2001, TSI is a small business serving the United States government as a contractor with offices in Lewes, Del. and Ponte Vedra Beach, Fla. TSI has performed government projects as a prime contractor and subcontractor in the areas of program management, financial and contracts management, tactical and specialized military training development, naval ordinance engineering, information systems design and integration, military firearms training, Department of State overseas foreign officer training, vehicle or weapons platform simulation, training center or classroom A/V system integration, force protection services, maritime security, and administrative staffing for government projects. Team Systems International sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10066) on Jan. 18, 2022, listing up to $50 million in assets and up to $10 million in liabilities. Deborah Devans Mott, member, signed the petition. Judge Craig T. Goldblatt oversees the case. Ronald S. Gellert, Esq., at Gellert Scali Busenkell & Brown, LLC is the Debtor's legal counsel. TENRGYS LLC: Seeks to Hire Ernst & Young as Tax Services Provider ----------------------------------------------------------------- Tenrgys, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Ernst & Young LLP as their tax services provider. The firm's services include: -- tax compliance services, which include performing review procedures for the Debtors with respect to U.S. federal, Alabama, Louisiana, Mississippi, and Texas income tax returns for the taxable year ended Dec. 31, 2021; and -- on-call tax advisory services, which include routine tax advice concerning issues as requested by the Debtors when such projects are not covered by a separate engagement and do not involve any significant tax planning or projects. Ernst & Young will charge the Debtors a fixed fee of $26,400 for the tax compliance services. Meanwhile, the firm will be paid at the following rates for on-call tax advisory services based on the actual time spent by its professionals (not to exceed $10,000 per project): Rates National Tax All Others Partner $660 $575 Senior Manager $545 $475 Manager $430 $375 Senior $250 $250 Staff $150 $150 Janell Pulliam, a partner at Ernst & Young, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Janell Pulliam Ernst & Young LLP Union Square, 841 Broadway, 8th floor New York 10003 Phone: +1 212 773 5723 About Tenrgys LLC Tenrgys, LLC operates as an oil and gas exploration and production company. It is headquartered in Ridgeland, Miss. Tenrgys and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Miss. Lead Case No. 21-01515) on Sept. 17, 2021, listing as much as $500 million in both assets and liabilities. Richard H. Mills, Jr., manager, signed the petitions. Judge Jamie A. Wilson oversees the cases. Copeland, Cook, Taylor & Bush, P.A., FTI Consulting, Inc. and Ernst & Young, LLP serve as the Debtors' legal counsel, financial advisor and tax services provider, respectively. TEXOMA AUTO: Files for Chapter 11 Bankruptcy Protection ------------------------------------------------------- Texas-based car dealer Texoma Auto Remarketing, LLC, filed for Chapter 11 bankruptcy protection. The Debtor's business consists of the purchase and sale of new and used automobiles. The Debtor's business does not operate as a traditional automotive dealer -- it purchases vehicles and immediately resells the vehicles at auto auctions. After filing its Chapter 11 petition, Texoma immediately filed an order directing Manheim Auctions, Inc., to immediately release the funds owned by the Debtor. Prepetition, the Debtor sold its vehicles almost exclusively at Manheim Auctions, Inc. Under the procedures at Manheim once a vehicle was sold through the auction, Manheim does not pass on the funds to the seller until documents transferring title have been received. As a result there are sometimes delays between the time of sale and Manheim delivering checks to the seller. Based upon information provided by Manheim, Manheim is currently in possession of funds of the Debtor in the amount of at least $244,495 ("Funds"). Prior to the filing of this case, the Debtor was involved in litigation styled Stephen Rapp, Plaintiff v.Texoma Auto Remarketing, LLC, Dustin Ford, Individually, and dba MFDF Transportation, LLC, (A Montana Limited Liability Company), Defendants, v, First United Bank & Trust Company, Third party Plaintiff v. Dustin Ford, Stephen Rapp, Texamo Auto Remarketing, LLC and MFDF Transportation, Defendants Case CV-21-1621, 397 Judicialth Distrcit Grayson County, Texas ("State Court Action"). In the State Court Action both Stephen Rapp and First United Bank & Trust Company claims that the Debtor owed them funds an demanded that Manheim not turn over the Funds to the Debtor. Manheim has filed an Interpleder action in the State Court Action seeking to Interpled the Funds. The Debtor asserts that it is undisputed that the Funds are owed to Debtor. Neither Rapp nor First have any lien against the Funds. The Debtor is in need to the Funds to continue operations and propose a Plan of Reorganization. Manheim acknowledges that the Funds belong to the Debtor but is unwilling to turn over the Funds absent an order from the Court. About Texoma Auto Remarketing Texoma Auto Remarketing, LLC, is a car dealer in Bonham, Texas. Texoma Auto Remarketing sought voluntary Chapter 11 bankruptcy protection (Bankr. E.D. Tex. Case No. 22-40323) on March 15, 2022. In the petition filed by Dustin Ford, as managing member, Texoma Auto Remarketing, LLC estimated total assets up to $500,000 and $1 million and liabilities of the same range. Eric A Liepins, of Eric A. Liepins, P.C., is the Debtor's counsel. A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated for April 15, 2022 at 8:30 a.m. Proofs of claim are due by May 24, 2022, and governmental proofs of claim are due Sept. 12, 2022. TPC GROUP: Considers Bankruptcy Filing After Explosion ------------------------------------------------------ Eliza Ronalds-Hannon, writing for Bloomberg News, reports that TPC Group Inc. is negotiating with creditors over a potential plan that would see the chemical company file for a pre-packaged bankruptcy, according to people with knowledge of the discussions. Houston-based TPC and a group of its bondholders are seeking to agree on restructuring terms before the company files for bankruptcy, but may not be able to due to the complicated nature of the company's obligations, said the people, who asked not to be named discussing a private deal. TPC has more than $1 billion of debt and faces operational woes and mounting legal claims from a 2019 explosion. About TPC Group Inc. TPC, headquartered in Houston, is a leading producer of value-added products derived from niche petrochemical raw materials, such as C4 hydrocarbons. TPC GROUP: Fitch Lowers IDR to 'RD' Amid Missed Interest Payments ----------------------------------------------------------------- Fitch Ratings has downgraded TPC Group, Inc.'s Long-Term Issuer Default Rating (IDR) to 'RD' from 'C', affirmed its asset-based loan facility (ABL) and 10.875% notes ratings at 'CCC'/'RR1', and affirmed its 10.5% notes rating at 'C'/'RR5'. The rating actions follow a failure to cure $53 million in missed interest payments by the end of the 30-day grace period. KEY RATING DRIVERS Uncured Missed Interest Payment: TPC has entered into a forbearance agreement following a failure to make approximately $53 million in interest payments on Feb. 1, 2022. The forbearance agreement has an expiration date of March 18, 2022. In connection with the forbearance agreement, the company secured approximately $52 million of additional liquidity in the form of a commitment to purchase additional senior secured priming notes due 2024. Talks on a potential restructuring are ongoing. In isolation, Fitch believes the combination of TPC's operations and proceeds from its insurance proceeds related to the Port Neches incident should be enough to support the company's liquidity position through such a payment. However, frequent operational issues have weighed on the company's already strained liquidity profile. Ongoing Operational Issues: A number of TPC's products are used in the production of synthetic rubbers and fuel additives, the demand for which was materially affected by the coronavirus pandemic but has since rebounded. In 2021, a January fire in the company's Technical Center, used for quality control and R&D, and extreme weather in February continued to drag on the company's costs and volumes. Most recently, steam issues in July and August led to a complete shutdown of the utility steam system in September and lingering issues thereafter. As a result, the company was unable to take advantage of strong butene-1 demand. Strained Liquidity Profile: Fitch views much of the short-to medium-term risk related to TPC's ongoing operational issues as stemming from cash burn and coverage metrics, rather than gross debt levels. The company faces the challenge of finding the cash to address its idiosyncratic operational issues at a time when liquidity is also at roughly a five-year low, with a borrowing base that is supportive of less than $70 million in additional borrowings as of Sept. 30, 2021. However, management has taken steps to bolster liquidity, including issuing $153 million in secured notes due 2024 and deferring certain charges and capital projects and securing $52 million in additional liquidity in connection with the forbearance agreement. The company has begun to realize certain positive macroeconomic trends, with liquidity having rebounded to over $75 million, but its ability to continue to realize positive liquidity momentum is constrained by frequent operational disruptions. Limited Size and Scale: Following the Port Neches incident, TPC now relies on one manufacturing complex and a third-party processing arrangement that generate all its earnings; Port Neches was its second plant. Any operational disruptions can significantly affect its cash flow generation, as evidenced by the company's pressured financial profile when the dehydro unit went down for a scheduled turnaround for nearly all of 1Q18, or more recently, during the February 2021 Texas Freeze. In the near term, Fitch will monitor the company's ability to operate the Houston plant at near full utilization. The Port Neches incident highlights the company's exposure to the effects of any operational disruptions at its facilities. Such risk likely caps TPC's rating in the 'B' category. DERIVATION SUMMARY TPC Group has operated with similar leverage to SK Mohawk Holdings, SARL (B/Negative) and substantially lower leverage than Aruba Investments, Inc. (B/Stable). Fitch expects TPC's gross leverage to be consistent with a 'B-' rating despite a number of setbacks, including the Port Neches incident. However, a portion of the company's cash flow and growth prospects will be determined by the size and duration of the insurance claims related to the incident. To date, claims have been timely and sufficient. Accordingly, liquidity will remain of greater importance than gross leverage throughout the ratings horizon. If the determination is made that the incident was the result of negligence or was otherwise not out of TPC's control, the company will likely find it difficult to retain customers and receive the anticipated insurance claims. This heightened event risk sets TPC apart from its peers, who are larger in size and scale, as evidenced by access to an expansive and flexible logistics/production networks both globally and domestically. This is highlighted by TPC's reliance on its manufacturing facility in Houston. TPC is relatively more exposed to commodity prices and historically had high single-digit margins compared with SK Mohawk's specialized product mix, as evidenced by SK Mohawk's slightly higher EBITDA margins in the mid-teens. These credit strengths enable SK Mohawk to support a higher debt load than TPC, resulting in a higher IDR. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: -- Highly strained liquidity in the near to medium term in the absence of insurance payments sufficient to support operations; -- Recovery in volumes due to easing demand impacts of coronavirus pandemic and high utilization rates; -- EBITDA generation recovers, with minimal additional competitive pressures and easing asset-based issues. RATING SENSITIVITIES Factor that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch will reassess the company's credit profile if there is a successful resolution to the current default. Factor that could, individually or collectively, lead to negative rating action/downgrade: -- The IDR will be further downgraded to 'D' (Default) if the issuer enters into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedures, or otherwise ceases business. 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 Strained Liquidity: A contraction in the borrowing base due to the February 2021 Texas Freeze resulted in liquidity at a five-year low. The freeze came after a period during which operations were already stressed by the coronavirus pandemic and the Port Neches incident. Though an improving demand profile then drove an increasing borrowing base, continued operational issues resulted in continually stressed liquidity, with total liquidity of $75.3 million at Sept. 30, 2021. The company has since secured approximately $52 million of additional liquidity in the form of a commitment to purchase additional senior secured priming notes due 2024. The company's maturity profile is otherwise solid, with limited maturities until 2024, when roughly $1.1 billion in secured notes come due. ESG Considerations TPC Group Inc has an ESG Relevance Score of '4' for Management Strategy due to ongoing operational issues in its aging, single site, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. 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. ISSUER PROFILE TPC, headquartered in Houston, TX, is a leading producer of value-added products derived from niche petrochemical raw materials, such as C4 hydrocarbons. UNITED AIRLINES: Fitch Affirms 'B+' LT IDR & Alters Outlook to Neg. ------------------------------------------------------------------- Fitch Ratings has affirmed the long-term Issuer Default Ratings (IDRs) for United Airlines Holdings, Inc. and its primary operating subsidiary, United Airlines, Inc., at 'B+'. The Rating Outlook is revised to Negative from Stable. The Outlook revision is driven by higher jet fuel prices and increased downside risks presented by inflationary pressures and related economic impacts. These impacts along with United's heavy planned capital spending over the next several years, and remaining uncertainties around traffic recovery related to COVID have increased the risks to United's credit profile. United's total debt balance is up 126% since the beginning of the pandemic, and Fitch expects deleveraging to be limited in the near term by fuel prices and heavy capital spending. United's sizeable liquidity balance provides downside protection. At YE 2021, the company maintained roughly $20 billion in total liquidity. Fitch also anticipates that United's fleet renewal efforts will drive lower unit costs and improve the company's competitiveness over the intermediate term. KEY RATING DRIVERS Fuel Costs are a Material Headwind: Fitch expects higher fuel costs to drive lower margins and cash flows in 2022 compared to prior expectations. The magnitude of the impact on credit will depend on how long crude oil prices remain volatile. Fitch expects the industry to adapt more easily to Brent prices in the $100-$120 range, particularly as pent up demand gives the airlines pricing power. Fuel and airfare have historically maintained a positive correlation and current average fares remain well below peak levels seen during prior periods of high oil prices. However, the ability to offset higher costs may be limited if crude prices are sustained at or above levels seen in prior peaks, as higher ticket prices and potential macroeconomic effects reduce demand. In a scenario in which Brent crude prices rise and remain materially above $120/barrel, Fitch would anticipate a potential multi-year lag in airline profit margins returning to pre-pandemic levels, pressuring credit profiles across the industry. Traffic Improving: Fitch expects a continued improvement in passenger traffic in 2022 driven by pent up demand and progress towards COVID reaching an endemic stage. Fitch's base expectations are for North American traffic in 2022 to remain 20% below 2019 levels, though that estimate may prove conservative based on current TSA passenger counts and reports of strong booking activity for the summer travel season. Business travel remains more of an unknown, though with an increasing number of business returning to the office, Fitch expects a healthy uptick through the second half of the year. Domestic and Near-International Remain Bright Spots: Domestic and near-international leisure travel continue to show the most strength, providing U.S. airlines with a relative advantage to international competitors who are more reliant on international travel. Long-haul international remains the most impacted segment driven by patchwork travel restrictions. Fitch expects international travel to improve for the summer season as travel restrictions ease, particularly in the trans-Atlantic market. Additional Downside Risks Remain: While the positive inflection in air travel coming out of the Omicron wave is a significant positive, cost inflation and the risk of future virus variants and travel restrictions continue to represent risks to the ratings. Airlines are experiencing pressure on wages, rising airport costs, and maintenance expenses as they catch up on maintenance items that were deferred during the pandemic. Multiple airlines have reported recent increases to starting wages for lower tier employees amid difficulty hiring in a tight labor market. Mixed Credit Impact of Fleet Renewal: United announced an order for 270 new aircraft in mid-2021 as part of its "United Next" plan. In total, United's order book now includes firm commitments for more than 500 aircraft. Fitch believes that United's fleet transformation will have a material positive impact on United's cost structure and on its competitive position in domestic markets. The aircraft on order will be significantly more fuel efficient both in terms of engine technology and in seats per departure. Benefits of the updated fleet support Fitch's forecast for United to return to pre-pandemic levels of profitability by 2024. However, United's fleet renewal efforts result in material up-front capital spending requirements which will limit United's efforts to de-lever its balance sheet. The company plans to take delivery of 61 aircraft in 2022 and 121 aircraft 2023, which will represent its peak delivery year. Capex is expected to total $5.9 billion in 2022 and $8.5 billion in 2023. As such, Fitch expects FCF to be materially negative; remaining negative at least through 2023. Substantial Debt Burden: At YE 2021, United's debt and lease obligations totaled $41.1 billion, roughly double the level from YE 2019. Fitch expects United's limited de-leveraging capacity to result in total adjusted debt/EBITDAR remaining at or around 5x through 2025 and potentially higher should oil prices remain elevated. United maintains a public target of less than 2.5x leverage in 2026, which Fitch views as ambitious. On a net basis, United's increase in debt has been more manageable as United still maintains a sizeable liquidity balance. Adjusted net debt increased by $7.2 billion from YE 2019. Post 2022 Cost Outlook Better than Peers: United expects to exit 2022 with run rate non-fuel unit costs at or below 2019 levels assuming that it hits its planned capacity expansion targets. United's cost prospects are better than peers, primarily because of its unique opportunity to shift away from 50-seat regional jet (RJ) flying. United is currently over-reliant on cost inefficient small RJs relative to Delta and American, creating a significant opportunity to upgauge over the next several years. At YE 2021, roughly 40% of United's regional fleet consisted of single-class 50-seat RJs compared to less than 20% for American and less than 15% for Delta. DERIVATION SUMMARY United's 'B+' rating remains two notches above American and two notches below Delta. The rating differential is driven, in part, by United's total debt burden which remains lower than American's along with a higher liquidity balance. Prior to the pandemic, United had also maintained a more conservative financial policy relative to American. The two notch differential with Delta is driven by United's higher debt balance and heavier upcoming fleet spending obligations. KEY ASSUMPTIONS -- Airline traffic continues to rebound throughout the forecast. Domestic traffic is fully recovered to pre-pandemic levels in 2022, while total airline traffic meets or exceeds 2019 levels by 2024. -- Yields are generally strong, reflecting solid demand levels and rising ticket prices to offset higher fuel costs. -- Brent crude prices remaining around $100/barrel for the remainder of 2022 and declining towards $85/barrel through the forecast. -- Fitch notes that jet fuel prices are a primary concern at this time d/t the Russia/Ukraine conflict. Stress cases incorporate materially higher fuel prices through 2023. -- Capex are in line with company forecasts. RATING SENSITIVITIES Factors that could lead to an Outlook revision: -- Increasing evidence of a stabilizing operating environment including a continued rebound in traffic, increasing visibility on the impact of crude oil prices on margins, and on the airline's management of FCF and liquidity; -- Demonstrated ability to manage RASM ahead of total CASM driving EBITDAR margins towards the low teens; Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Adjusted debt/EBITDAR trending towards 4x and FFO fixed-charge towards 2.5x; -- Neutral to positive sustained FCF; -- Progress towards United's fleet renewal efforts while maintaining financial flexibility. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Adjusted debt/EBITDAR sustained above 5x or FFO fixed charge coverage sustained below 1.x; -- Total liquidity (cash plus revolver availability) declining below $8 billion absent corresponding decrease in outstanding debt; -- EBITDAR margins deteriorating into the low double-digit range; -- Persistently negative or negligible FCF. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Liquidity Provides Downside Protection: United ended 2021 with cash, short-term investments and revolver availability totalling $20.2 billion, equivalent to 47% of United's 2019 revenue. United's liquidity balance was higher than either of its major peers, and provides a material amount of protection against further COVID-related disruptions and higher fuel prices. Prior to COVID, United targeted a minimum of $5 billion-$6 billion in total liquidity. While liquidity is high, United's unencumbered assets are below pre-pandemic levels, with the company having utilized many of its major assets for pandemic-related funding. Fitch expects the company's current liquidity balance to be more than sufficient to cover near-term obligations but ability to raise future funding is more limited until the unencumbered asset base is rebuilt. United will likely begin to pay for some aircraft with cash and bring its cash balance down over time, but Fitch anticipates that liquidity will remain well above pre-pandemic levels through the forecast period. Debt Structure: Near-term maturity risk of long-term debt instruments and finance leases is limited, given an estimated $3.1 billion in 2022. Maturities in 2022 include $400 million of unsecured notes, as well as $2.7 billion payment in EETCs, term loan and finance leases. United's debt structure primarily consists of aircraft backed EETCs, secured term loans and notes backed by the company's slots/gates/routes collateral, and secured notes and term loan backed by its loyalty program. United has a limited amount of unsecured notes as well as unsecured obligations that arose as part of the government Payroll Support Program. Recovery Ratings: Fitch uses a bespoke approach to recovery ratings for issuers rated in the 'B' category as opposed to a generic uplift approach for 'BB' category issuers. Fitch's recovery analysis assumes that United would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The going concern (GC) EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which the agency bases the enterprise valuation. Fitch uses a GC EBITDA estimate of $5.5 billion and a 5.5x multiple, generating an estimated GC enterprise value (EV) of $27.3 billion after an estimated 10% in administrative claims. This analysis yields a recovery rating of 'RR2' for senior secured creditors, reflecting the possibility that recovery for secured parties could be diluted given the amount of senior debt raised through the downturn. Likewise, United's unsecured recovery rating of 'RR6' reflects the large amount of secured debt in United's capital structure. Fitch notes that continued additions of secured debt to the capital structure, absent other debt reduction could lead to a dilution of the secured recovery rating. ISSUER PROFILE United Airlines is a global network airline. The company maintains hubs at Newark Liberty International Airport, Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport in Houston, and Los Angeles International Airport, among others. 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. WIRELESS SYSTEMS: Seeks to Hire Coats & Bennett as Special Counsel ------------------------------------------------------------------ Wireless Systems Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Coats & Bennett, PLLC as special counsel. The Debtor needs the firm's legal advice on the following matters: a. intellectual property issues and litigation related to the Debtor's development, protection, licensing, sale and use of proprietary hardware and software for use in wireless internet and related services; b. appeal of an order containing an injunction and monetary award of $10 million in favor of SmartSky Networks, LLC, entered in Case No. 1:20-cv-000834 in the U.S. District Court for the Middle District of North Carolina; c. further litigation with SmartSky; d. potential litigation related to the Debtor's trade secrets and intellectual property. The firm's hourly rates are as follows: Partners $425 - $500 Associates $325 Paralegals $175 Gavin Parsons, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gavin B. Parsons, Esq. Coats & Bennett, PLLC 1400 Crescent Green, Suite 300 Cary, NC 27518 Tel: 800-575-1278 About Wireless Systems Wireless Systems Solutions, LLC, a company in Morrisville, N.C., filed a petition for Chapter 11 protection (Bankr. E.D. N.C. Case No. 22-00513) on March 9, 2022, listing $1 million to $10 million in assets and $1 billion to $10 billion in liabilities. Susan Gross, vice president, signed the petition. The Debtor tapped Stevens Martin Vaughn & Tadych, PLLC as legal counsel and Coats & Bennett, PLLC as special counsel. WIRELESS SYSTEMS: Taps Pinto Coates Kyre as Special Counsel ----------------------------------------------------------- Wireless Systems Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Pinto Coates Kyre & Bowers, PLLC as special counsel. The Debtor needs the firm's legal advice on the following matters: a. litigation and appeal of an order containing an injunction and monetary award of $10 million in favor of SmartSky Networks, LLC entered in Case No. 1:20-cv-000834 in the U.S. District Court for the Middle District of North Carolina; and b. any further litigation with SmartSky. The firm's hourly rates are as follows: Richard L. Pinto, Esq. $300 Associates $325 Paralegals $175 Richard Pinto, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard L. Pinto, Esq. Pinto Coates Kyre & Bowers, PLLC 3203 Brassfield Rd. Greensboro, NC 27410 Phone: 336-282-8848 Fax: 336-282-8409 Email: rpinto@pckb-law.com About Wireless Systems Wireless Systems Solutions, LLC, a company in Morrisville, N.C., filed a petition for Chapter 11 protection (Bankr. E.D. N.C. Case No. 22-00513) on March 9, 2022, listing $1 million to $10 million in assets and $1 billion to $10 billion in liabilities. Susan Gross, vice president, signed the petition. The Debtor tapped Stevens Martin Vaughn & Tadych, PLLC as legal counsel and Coats & Bennett, PLLC as special counsel. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ACCELERATE DIAGN AXDX* MM 83.0 -35.1 66.39 AEMETIS INC DW51 GR 160.8 -120.2 -44.64 AEMETIS INC AMTX US 160.8 -120.2 -44.64 AEMETIS INC AMTXGEUR EZ 160.8 -120.2 -44.64 AEMETIS INC AMTXGEUR EU 160.8 -120.2 -44.64 AEMETIS INC DW51 GZ 160.8 -120.2 -44.64 AEMETIS INC DW51 TH 160.8 -120.2 -44.64 AEMETIS INC DW51 QT 160.8 -120.2 -44.64 AERIE PHARMACEUT AERIEUR EU 431.4 -17.3 230.66 AERIE PHARMACEUT 0P0 GR 431.4 -17.3 230.66 AERIE PHARMACEUT 0P0 TH 431.4 -17.3 230.66 AERIE PHARMACEUT 0P0 QT 431.4 -17.3 230.66 AERIE PHARMACEUT AERI US 431.4 -17.3 230.66 AERIE PHARMACEUT 0P0 GZ 431.4 -17.3 230.66 ALPHA CAPITAL -A ASPC US 231.1 212.7 1.05 ALPHA CAPITAL AC ASPCU US 231.1 212.7 1.05 ALTENERGY ACQU-A AEAE US 0.5 -0.1 -0.10 ALTENERGY ACQUIS AEAEU US 0.5 -0.1 -0.10 ALTICE USA INC-A 15PA GZ 33,215.0 -870.9 -1945.49 ALTICE USA INC-A ATUS US 33,215.0 -870.9 -1945.49 ALTICE USA INC-A 15PA GR 33,215.0 -870.9 -1945.49 ALTICE USA INC-A 15PA TH 33,215.0 -870.9 -1945.49 ALTICE USA INC-A ATUSEUR EU 33,215.0 -870.9 -1945.49 ALTICE USA INC-A ATUS* MM 33,215.0 -870.9 -1945.49 ALTICE USA INC-A ATUS-RM RM 33,215.0 -870.9 -1945.49 ALTIRA GP-CEDEAR MOC AR 39,523.0 -1,606.0 -2496.00 ALTIRA GP-CEDEAR MOD AR 39,523.0 -1,606.0 -2496.00 ALTIRA GP-CEDEAR MO AR 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO US 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO* MM 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC PHM7 TH 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO TE 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MOEUR EU 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO SW 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC ALTR AV 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC PHM7 GZ 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC 0R31 LI 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC PHM7 GR 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MOUSD SW 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO CI 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MOEUR EZ 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC PHM7 QT 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP INC MO-RM RM 39,523.0 -1,606.0 -2496.00 ALTRIA GROUP-BDR MOOO34 BZ 39,523.0 -1,606.0 -2496.00 AMC ENTERTAINMEN AMC US 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AH9 GR 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AMC4EUR EU 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AMC* MM 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AH9 TH 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AH9 QT 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AH9 GZ 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN AMC-RM RM 10,821.5 -1,789.5 82.40 AMC ENTERTAINMEN A2MC34 BZ 10,821.5 -1,789.5 82.40 AMERICAN AIR-BDR AALL34 BZ 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL US 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE A1G GR 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL* MM 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE A1G TH 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE A1G GZ 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL11EUR EU 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL AV 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL TE 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE A1G SW 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE 0HE6 LI 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL11EUR EZ 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE A1G QT 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL-RM RM 66,442.0 -7,340.0 -1669.00 AMERICAN AIRLINE AAL_KZ KZ 66,442.0 -7,340.0 -1669.00 AMPLIFY ENERGY C AMPY US 455.1 -64.8 -39.38 AMPLIFY ENERGY C 2OQ TH 455.1 -64.8 -39.38 AMPLIFY ENERGY C MPO2EUR EU 455.1 -64.8 -39.38 AMPLIFY ENERGY C 2OQ GR 455.1 -64.8 -39.38 AMPLIFY ENERGY C MPO2EUR EZ 455.1 -64.8 -39.38 AMPLIFY ENERGY C 2OQ GZ 455.1 -64.8 -39.38 AMPLIFY ENERGY C 2OQ QT 455.1 -64.8 -39.38 APA CORP APA US 13,303.0 -5.0 263.00 APA CORP APA* MM 13,303.0 -5.0 263.00 APA CORP APA11EUR EU 13,303.0 -5.0 263.00 APA CORP 2S3 GR 13,303.0 -5.0 263.00 APA CORP 2S3 TH 13,303.0 -5.0 263.00 APA CORP 2S3 GZ 13,303.0 -5.0 263.00 APA CORP APA-RM RM 13,303.0 -5.0 263.00 APA CORP - BDR A1PA34 BZ 13,303.0 -5.0 263.00 ARCH BIOPARTNERS ARCH CN 1.5 -4.0 -0.68 ASCENT SOLAR TEC ASTI US 12.8 -2.8 3.80 ATLAS TECHNICAL ATCX US 420.5 -151.5 81.34 AUTOZONE INC AZO US 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZ5 GR 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZ5 TH 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZ5 GZ 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZOEUR EZ 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZO AV 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZ5 TE 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZO* MM 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZOEUR EU 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZ5 QT 14,078.5 -3,137.5 -1780.88 AUTOZONE INC AZO-RM RM 14,078.5 -3,137.5 -1780.88 AUTOZONE INC-BDR AZOI34 BZ 14,078.5 -3,137.5 -1780.88 AVID TECHNOLOGY AVID US 274.0 -124.1 -14.84 AVID TECHNOLOGY AVD GR 274.0 -124.1 -14.84 AVID TECHNOLOGY AVD TH 274.0 -124.1 -14.84 AVID TECHNOLOGY AVD GZ 274.0 -124.1 -14.84 AVIS BUD-CEDEAR CAR AR 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CUCA GR 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CAR US 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CAR* MM 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CAR2EUR EZ 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CUCA TH 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CUCA QT 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CAR2EUR EU 22,600.0 -209.0 -561.00 AVIS BUDGET GROU CUCA GZ 22,600.0 -209.0 -561.00 BANYAN ACQUISI-A BYN US 0.4 -0.0 -0.39 BANYAN ACQUISITI BYN/U US 0.4 -0.0 -0.39 BATH & BODY WORK LTD0 GR 6,026.0 -1,517.0 1719.00 BATH & BODY WORK BBWI US 6,026.0 -1,517.0 1719.00 BATH & BODY WORK LTD0 TH 6,026.0 -1,517.0 1719.00 BATH & BODY WORK BBWI* MM 6,026.0 -1,517.0 1719.00 BATH & BODY WORK LTD0 QT 6,026.0 -1,517.0 1719.00 BATH & BODY WORK LBEUR EZ 6,026.0 -1,517.0 1719.00 BATH & BODY WORK BBWI AV 6,026.0 -1,517.0 1719.00 BATH & BODY WORK LBEUR EU 6,026.0 -1,517.0 1719.00 BATH & BODY WORK LTD0 GZ 6,026.0 -1,517.0 1719.00 BATH & BODY WORK BBWI-RM RM 6,026.0 -1,517.0 1719.00 BAUSCH HEALTH CO BHC US 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BHC CN 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BVF GR 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BVF TH 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BVF GZ 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BVF QT 29,202.0 -34.0 409.00 BAUSCH HEALTH CO VRX1EUR EU 29,202.0 -34.0 409.00 BAUSCH HEALTH CO VRX1EUR EZ 29,202.0 -34.0 409.00 BAUSCH HEALTH CO VRX SW 29,202.0 -34.0 409.00 BAUSCH HEALTH CO BHCN MM 29,202.0 -34.0 409.00 BELLRING BRAND-A BRBR1EUR EU 600.6 -46.9 151.90 BELLRING BRAND-A BR6 TH 600.6 -46.9 151.90 BELLRING BRANDS BRBR US 600.6 -46.9 151.90 BELLRING INTERME BR6 GZ 600.6 -46.9 151.90 BELLRING INTERME 1998018D US 600.6 -46.9 151.90 BELLRING INTERME BR6 GR 600.6 -46.9 151.90 BIOCRYST PHARM BCRX US 588.2 -107.0 462.42 BIOCRYST PHARM BO1 GR 588.2 -107.0 462.42 BIOCRYST PHARM BO1 TH 588.2 -107.0 462.42 BIOCRYST PHARM BCRXEUR EU 588.2 -107.0 462.42 BIOCRYST PHARM BO1 QT 588.2 -107.0 462.42 BIOCRYST PHARM BCRX* MM 588.2 -107.0 462.42 BIOCRYST PHARM BCRXEUR EZ 588.2 -107.0 462.42 BIOHAVEN PHARMAC BHVN US 1,077.2 -683.0 342.05 BIOHAVEN PHARMAC 2VN GR 1,077.2 -683.0 342.05 BIOHAVEN PHARMAC BHVNEUR EU 1,077.2 -683.0 342.05 BIOHAVEN PHARMAC 2VN TH 1,077.2 -683.0 342.05 BLUEACACIA LTD BLEUU US 254.7 -7.8 -7.81 BLUEACACIA LTD-A BLEU US 254.7 -7.8 -7.81 BOEING CO-BDR BOEI34 BZ 138,552.0 -14,846.0 26674.00 BOEING CO-CED BAD AR 138,552.0 -14,846.0 26674.00 BOEING CO-CED BA AR 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA PE 138,552.0 -14,846.0 26674.00 BOEING CO/THE BOE LN 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA US 138,552.0 -14,846.0 26674.00 BOEING CO/THE BCO TH 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA SW 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA* MM 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA TE 138,552.0 -14,846.0 26674.00 BOEING CO/THE BCO GR 138,552.0 -14,846.0 26674.00 BOEING CO/THE BAEUR EU 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA EU 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA-RM RM 138,552.0 -14,846.0 26674.00 BOEING CO/THE BCO GZ 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA AV 138,552.0 -14,846.0 26674.00 BOEING CO/THE BAUSD SW 138,552.0 -14,846.0 26674.00 BOEING CO/THE BCOD PO 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA CI 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA EZ 138,552.0 -14,846.0 26674.00 BOEING CO/THE BAEUR EZ 138,552.0 -14,846.0 26674.00 BOEING CO/THE BCO QT 138,552.0 -14,846.0 26674.00 BOEING CO/THE BACL CI 138,552.0 -14,846.0 26674.00 BOEING CO/THE BA_KZ KZ 138,552.0 -14,846.0 26674.00 BOMBARDIER INC-B BBDBN MM 12,764.0 -3,089.0 713.00 BRIDGEBIO PHARMA 2CL GR 1,012.8 -865.6 753.79 BRIDGEBIO PHARMA 2CL GZ 1,012.8 -865.6 753.79 BRIDGEBIO PHARMA BBIOEUR EU 1,012.8 -865.6 753.79 BRIDGEBIO PHARMA 2CL TH 1,012.8 -865.6 753.79 BRIDGEBIO PHARMA BBIO US 1,012.8 -865.6 753.79 BRIDGEMARQ REAL BRE CN 78.6 -56.5 6.90 BRIGHTSPHERE INV 2B9 GR 714.8 -17.6 0.00 BRIGHTSPHERE INV BSIGEUR EU 714.8 -17.6 0.00 BRIGHTSPHERE INV BSIG US 714.8 -17.6 0.00 BRINKER INTL EAT US 2,457.3 -327.4 -348.80 BRINKER INTL BKJ GR 2,457.3 -327.4 -348.80 BRINKER INTL EAT2EUR EU 2,457.3 -327.4 -348.80 BRINKER INTL BKJ QT 2,457.3 -327.4 -348.80 BRINKER INTL EAT2EUR EZ 2,457.3 -327.4 -348.80 BRINKER INTL BKJ TH 2,457.3 -327.4 -348.80 BROOKFIELD INF-A BIPC US 10,086.0 -1,424.0 -4187.00 BROOKFIELD INF-A BIPC CN 10,086.0 -1,424.0 -4187.00 BRP INC/CA-SUB V B15A GR 4,572.6 -226.8 252.50 BRP INC/CA-SUB V DOOO US 4,572.6 -226.8 252.50 BRP INC/CA-SUB V DOO CN 4,572.6 -226.8 252.50 BRP INC/CA-SUB V B15A GZ 4,572.6 -226.8 252.50 BRP INC/CA-SUB V DOOEUR EU 4,572.6 -226.8 252.50 BRP INC/CA-SUB V B15A TH 4,572.6 -226.8 252.50 CACTUS ACQUISITI CCTS US 0.2 -0.3 -0.26 CACTUS ACQUISITI CCTSU US 0.2 -0.3 -0.26 CALUMET SPECIALT CLMT US 2,127.9 -385.1 -267.20 CEDAR FAIR LP FUN US 2,313.0 -698.5 -117.87 CENTRUS ENERGY-A 4CU TH 572.4 -141.9 72.60 CENTRUS ENERGY-A 4CU GR 572.4 -141.9 72.60 CENTRUS ENERGY-A LEU US 572.4 -141.9 72.60 CENTRUS ENERGY-A LEUEUR EU 572.4 -141.9 72.60 CENTRUS ENERGY-A 4CU GZ 572.4 -141.9 72.60 CHENIERE ENERGY CHQ1 TH 39,258.0 -33.0 363.00 CHENIERE ENERGY CHQ1 SW 39,258.0 -33.0 363.00 CHENIERE ENERGY CHQ1 GR 39,258.0 -33.0 363.00 CHENIERE ENERGY LNG US 39,258.0 -33.0 363.00 CHENIERE ENERGY LNG* MM 39,258.0 -33.0 363.00 CHENIERE ENERGY CHQ1 QT 39,258.0 -33.0 363.00 CHENIERE ENERGY LNG2EUR EU 39,258.0 -33.0 363.00 CHENIERE ENERGY LNG2EUR EZ 39,258.0 -33.0 363.00 CHENIERE ENERGY CHQ1 GZ 39,258.0 -33.0 363.00 CHOICE CONSOLIDA CDXX-U/U CN 173.8 -3.3 0.00 CHOICE CONSOLIDA CDXXF US 173.8 -3.3 0.00 CINEPLEX INC CPXGF US 2,114.8 -219.7 -414.36 CINEPLEX INC CX0 GR 2,114.8 -219.7 -414.36 CINEPLEX INC CGX CN 2,114.8 -219.7 -414.36 CINEPLEX INC CX0 TH 2,114.8 -219.7 -414.36 CINEPLEX INC CGXEUR EU 2,114.8 -219.7 -414.36 CINEPLEX INC CGXN MM 2,114.8 -219.7 -414.36 CINEPLEX INC CX0 GZ 2,114.8 -219.7 -414.36 CLEAR CHANNEL OU CCO US 5,299.4 -3,194.0 21.58 CLEAR CHANNEL OU C7C1 GR 5,299.4 -3,194.0 21.58 CLEAR CHANNEL OU CCO1EUR EU 5,299.4 -3,194.0 21.58 COEPTIS THERAPEU COEP US 0.2 -0.6 -0.55 COGENT COMMUNICA OGM1 GR 984.6 -373.1 328.57 COGENT COMMUNICA CCOI US 984.6 -373.1 328.57 COGENT COMMUNICA CCOIEUR EU 984.6 -373.1 328.57 COGENT COMMUNICA CCOI* MM 984.6 -373.1 328.57 COMMUNITY HEALTH CYH US 15,217.0 -810.0 1115.00 COMMUNITY HEALTH CG5 GR 15,217.0 -810.0 1115.00 COMMUNITY HEALTH CG5 QT 15,217.0 -810.0 1115.00 COMMUNITY HEALTH CYH1EUR EU 15,217.0 -810.0 1115.00 COMMUNITY HEALTH CG5 TH 15,217.0 -810.0 1115.00 COMMUNITY HEALTH CG5 GZ 15,217.0 -810.0 1115.00 COMPOSECURE INC CMPO US 131.4 -407.6 17.76 CONSENSUS CLOUD CCSI US 559.6 -333.8 20.69 CONSILIUM ACQUIS CSLM US 0.5 -0.0 0.01 CONSILIUM ACQUIS CSLMU US 0.5 -0.0 0.01 COVEO SOLUTIONS CVO CN 346.2 266.4 199.03 CPI CARD GROUP I PMTSEUR EU 268.1 -121.0 80.93 CPI CARD GROUP I PMTS US 268.1 -121.0 80.93 CRIXUS BH3 ACQ-A BHAC US 0.3 -0.0 -0.33 CRIXUS BH3 ACQUI BHACU US 0.3 -0.0 -0.33 D2L INC DTOL CN 123.1 -201.4 -224.58 DECARBONIZATIO-A DCRD US 321.4 -57.0 0.95 DECARBONIZATION DCRDU US 321.4 -57.0 0.95 DELEK LOGISTICS DKL US 935.1 -104.0 -73.78 DELL TECHN-C DELL US 92,659.0 -1,580.0 -11186.00 DELL TECHN-C DELL1EUR EZ 92,659.0 -1,580.0 -11186.00 DELL TECHN-C 12DA TH 92,659.0 -1,580.0 -11186.00 DELL TECHN-C 12DA GR 92,659.0 -1,580.0 -11186.00 DELL TECHN-C 12DA GZ 92,659.0 -1,580.0 -11186.00 DELL TECHN-C DELLC* MM 92,659.0 -1,580.0 -11186.00 DELL TECHN-C DELL1EUR EU 92,659.0 -1,580.0 -11186.00 DELL TECHN-C 12DA QT 92,659.0 -1,580.0 -11186.00 DELL TECHN-C DELL AV 92,659.0 -1,580.0 -11186.00 DELL TECHN-C DELL-RM RM 92,659.0 -1,580.0 -11186.00 DELL TECHN-C-BDR D1EL34 BZ 92,659.0 -1,580.0 -11186.00 DENNY'S CORP DENN US 435.5 -65.3 -28.27 DENNY'S CORP DENNEUR EU 435.5 -65.3 -28.27 DENNY'S CORP DE8 GR 435.5 -65.3 -28.27 DENNY'S CORP DE8 TH 435.5 -65.3 -28.27 DENNY'S CORP DE8 GZ 435.5 -65.3 -28.27 DIALOGUE HEALTH CARE CN 142.0 126.1 112.29 DIEBOLD NIXDORF DBD SW 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBD GR 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBD US 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBDEUR EU 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBD TH 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBDEUR EZ 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBD QT 3,507.2 -837.0 137.90 DIEBOLD NIXDORF DBD GZ 3,507.2 -837.0 137.90 DIGITAL MEDIA-A DMS US 246.6 -47.8 16.38 DINE BRANDS GLOB DIN US 1,999.4 -242.8 163.62 DINE BRANDS GLOB IHP GR 1,999.4 -242.8 163.62 DINE BRANDS GLOB IHP TH 1,999.4 -242.8 163.62 DINE BRANDS GLOB IHP GZ 1,999.4 -242.8 163.62 DMY TECHNOLOGY G DMYS US 0.5 -0.1 -0.51 DMY TECHNOLOGY G DMYS/U US 0.5 -0.1 -0.51 DOMINO'S P - BDR D2PZ34 BZ 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZ US 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA EZV GR 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA EZV TH 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZEUR EU 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA EZV GZ 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZEUR EZ 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZ AV 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZ* MM 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA EZV QT 1,671.8 -4,209.5 269.80 DOMINO'S PIZZA DPZ-RM RM 1,671.8 -4,209.5 269.80 DOMO INC- CL B DOMO US 244.6 -126.0 -63.42 DOMO INC- CL B 1ON GR 244.6 -126.0 -63.42 DOMO INC- CL B DOMOEUR EU 244.6 -126.0 -63.42 DOMO INC- CL B 1ON GZ 244.6 -126.0 -63.42 DOMO INC- CL B 1ON TH 244.6 -126.0 -63.42 DROPBOX INC-A 1Q5 TH 3,091.3 -293.9 674.00 DROPBOX INC-A 1Q5 SW 3,091.3 -293.9 674.00 DROPBOX INC-A DBXEUR EU 3,091.3 -293.9 674.00 DROPBOX INC-A 1Q5 QT 3,091.3 -293.9 674.00 DROPBOX INC-A DBX AV 3,091.3 -293.9 674.00 DROPBOX INC-A DBX US 3,091.3 -293.9 674.00 DROPBOX INC-A 1Q5 GR 3,091.3 -293.9 674.00 DROPBOX INC-A DBXEUR EZ 3,091.3 -293.9 674.00 DROPBOX INC-A DBX* MM 3,091.3 -293.9 674.00 DROPBOX INC-A 1Q5 GZ 3,091.3 -293.9 674.00 DROPBOX INC-A DBX-RM RM 3,091.3 -293.9 674.00 EAST RESOURCES A ERESU US 346.4 -29.7 -29.74 EAST RESOURCES-A ERES US 346.4 -29.7 -29.74 EFFECTOR THERAPE EFTR US 59.9 -7.7 12.59 EFFECTOR THERAPE EFTREUR EU 59.9 -7.7 12.59 EFFECTOR THERAPE LWK1 TH 59.9 -7.7 12.59 EFFECTOR THERAPE LWK1 GR 59.9 -7.7 12.59 ENFUSION INC - A ENFN US 49.6 -59.8 19.23 ESPERION THERAPE ESPR US 381.6 -196.9 255.62 ESPERION THERAPE 0ET TH 381.6 -196.9 255.62 ESPERION THERAPE ESPREUR EU 381.6 -196.9 255.62 ESPERION THERAPE 0ET QT 381.6 -196.9 255.62 ESPERION THERAPE ESPREUR EZ 381.6 -196.9 255.62 ESPERION THERAPE 0ET GR 381.6 -196.9 255.62 ESPERION THERAPE 0ET GZ 381.6 -196.9 255.62 EXCELFIN ACQUI-A XFIN US 0.4 -0.2 -0.64 EXCELFIN ACQUISI XFINU US 0.4 -0.2 -0.64 F45 TRAINING HOL FXLV US 166.6 110.9 59.88 F45 TRAINING HOL 4OP GR 166.6 110.9 59.88 F45 TRAINING HOL FXLVEUR EU 166.6 110.9 59.88 F45 TRAINING HOL 4OP TH 166.6 110.9 59.88 F45 TRAINING HOL 4OP GZ 166.6 110.9 59.88 F45 TRAINING HOL 4OP QT 166.6 110.9 59.88 FAIR ISAAC - BDR F2IC34 BZ 1,463.3 -538.3 140.20 FAIR ISAAC CORP FRI GR 1,463.3 -538.3 140.20 FAIR ISAAC CORP FICO US 1,463.3 -538.3 140.20 FAIR ISAAC CORP FRI GZ 1,463.3 -538.3 140.20 FAIR ISAAC CORP FRI QT 1,463.3 -538.3 140.20 FAIR ISAAC CORP FICOEUR EU 1,463.3 -538.3 140.20 FAIR ISAAC CORP FICO1* MM 1,463.3 -538.3 140.20 FAIR ISAAC CORP FICOEUR EZ 1,463.3 -538.3 140.20 FARADAY FUTURE I FFIE US 229.9 -9.4 -2.36 FERRELLGAS PAR-B FGPRB US 1,820.1 -150.6 301.74 FERRELLGAS-LP FGPR US 1,820.1 -150.6 301.74 FLUENCE ENERGY I FLNC US 1,482.7 778.1 678.98 FOREST ROAD AC-A FRXB US 351.3 -26.2 0.86 FOREST ROAD ACQ FRXB/U US 351.3 -26.2 0.86 GAMES & ESPORTS GEEXU US 0.6 -0.0 -0.55 GAMES & ESPORTS GEEX US 0.6 -0.0 -0.55 GCM GROSVENOR-A GCMG US 581.6 -55.8 221.26 GLOBAL CLEAN ENE GCEH US 352.9 -53.4 -50.12 GLOBAL SPAC -SUB GLSPT US 169.8 -11.0 -5.38 GLOBAL SPAC PART GLSPU US 169.8 -11.0 -5.38 GLOBAL TECHNOL-A GTAC US 1.3 -0.1 -0.56 GLOBAL TECHNOLOG GTACU US 1.3 -0.1 -0.56 GOGO INC GOGO US 647.7 -320.2 61.40 GOGO INC G0G TH 647.7 -320.2 61.40 GOGO INC GOGOEUR EU 647.7 -320.2 61.40 GOGO INC G0G GR 647.7 -320.2 61.40 GOGO INC G0G QT 647.7 -320.2 61.40 GOGO INC G0G GZ 647.7 -320.2 61.40 GOGREEN INVESTME GOGN/U US 0.3 -0.1 -0.33 GOGREEN INVESTME GOGN US 0.3 -0.1 -0.33 GOLDEN NUGGET ON GNOG US 257.8 -21.9 94.12 GOLDEN NUGGET ON LCA2EUR EU 257.8 -21.9 94.12 GOLDEN NUGGET ON 5ZU TH 257.8 -21.9 94.12 GOOSEHEAD INSU-A GSHD US 267.8 -69.2 20.04 GOOSEHEAD INSU-A 2OX GR 267.8 -69.2 20.04 GOOSEHEAD INSU-A GSHDEUR EU 267.8 -69.2 20.04 GOOSEHEAD INSU-A 2OX TH 267.8 -69.2 20.04 GOOSEHEAD INSU-A 2OX QT 267.8 -69.2 20.04 GORES HOLD VII-A GSEV US 551.9 515.7 -15.05 GORES HOLDINGS V GSEVU US 551.9 515.7 -15.05 GORES TECH-B GTPB US 461.7 425.9 -18.06 GORES TECHNOLOGY GTPBU US 461.7 425.9 -18.06 GRAPHITE BIO INC GRPH US 416.2 400.1 389.96 GREEN VISOR FI-A GVCI US 0.7 -0.1 -0.78 GREEN VISOR FINA GVCIU US 0.7 -0.1 -0.78 GREENSKY INC-A GSKY US 1,188.8 -28.2 401.03 H&R BLOCK - BDR H1RB34 BZ 3,100.1 -372.7 68.16 H&R BLOCK INC HRB TH 3,100.1 -372.7 68.16 H&R BLOCK INC HRB US 3,100.1 -372.7 68.16 H&R BLOCK INC HRB GR 3,100.1 -372.7 68.16 H&R BLOCK INC HRBEUR EU 3,100.1 -372.7 68.16 H&R BLOCK INC HRB QT 3,100.1 -372.7 68.16 H&R BLOCK INC HRBEUR EZ 3,100.1 -372.7 68.16 H&R BLOCK INC HRB GZ 3,100.1 -372.7 68.16 H&R BLOCK INC HRB-RM RM 3,100.1 -372.7 68.16 HERBALIFE NUTRIT HLF US 2,819.8 -1,391.5 351.40 HERBALIFE NUTRIT HOO GR 2,819.8 -1,391.5 351.40 HERBALIFE NUTRIT HOO GZ 2,819.8 -1,391.5 351.40 HERBALIFE NUTRIT HOO TH 2,819.8 -1,391.5 351.40 HERBALIFE NUTRIT HLFEUR EU 2,819.8 -1,391.5 351.40 HERBALIFE NUTRIT HOO QT 2,819.8 -1,391.5 351.40 HEWLETT-CEDEAR HPQC AR 38,912.0 -2,328.0 -7767.00 HEWLETT-CEDEAR HPQD AR 38,912.0 -2,328.0 -7767.00 HEWLETT-CEDEAR HPQ AR 38,912.0 -2,328.0 -7767.00 HILTON WORLD-BDR H1LT34 BZ 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HI91 TH 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HI91 GR 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLT* MM 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLT US 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLTEUR EU 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLTEUR EZ 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLTW AV 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HI91 TE 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HI91 QT 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HI91 GZ 15,441.0 -819.0 -148.00 HILTON WORLDWIDE HLT-RM RM 15,441.0 -819.0 -148.00 HOME DEPOT - BDR HOME34 BZ 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD TE 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD US 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDI TH 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDI GR 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD* MM 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDI GZ 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD AV 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDUSD SW 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD CI 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDEUR EZ 71,876.0 -1,696.0 362.00 HOME DEPOT INC 0R1G LN 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD SW 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDEUR EU 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDI QT 71,876.0 -1,696.0 362.00 HOME DEPOT INC HDCL CI 71,876.0 -1,696.0 362.00 HOME DEPOT INC HD-RM RM 71,876.0 -1,696.0 362.00 HOME DEPOT-CED HDC AR 71,876.0 -1,696.0 362.00 HOME DEPOT-CED HD AR 71,876.0 -1,696.0 362.00 HOME DEPOT-CED HDD AR 71,876.0 -1,696.0 362.00 HORIZON ACQUIS-A HZON US 525.6 -36.9 -1.88 HORIZON ACQUISIT HZON/U US 525.6 -36.9 -1.88 HP COMPANY-BDR HPQB34 BZ 38,912.0 -2,328.0 -7767.00 HP INC HPQ TE 38,912.0 -2,328.0 -7767.00 HP INC HPQ US 38,912.0 -2,328.0 -7767.00 HP INC 7HP TH 38,912.0 -2,328.0 -7767.00 HP INC 7HP GR 38,912.0 -2,328.0 -7767.00 HP INC 7HP GZ 38,912.0 -2,328.0 -7767.00 HP INC HPQEUR EU 38,912.0 -2,328.0 -7767.00 HP INC HPQ* MM 38,912.0 -2,328.0 -7767.00 HP INC HPQUSD SW 38,912.0 -2,328.0 -7767.00 HP INC HPQ CI 38,912.0 -2,328.0 -7767.00 HP INC HPQEUR EZ 38,912.0 -2,328.0 -7767.00 HP INC HPQ AV 38,912.0 -2,328.0 -7767.00 HP INC HPQ SW 38,912.0 -2,328.0 -7767.00 HP INC 7HP QT 38,912.0 -2,328.0 -7767.00 HP INC HPQ-RM RM 38,912.0 -2,328.0 -7767.00 HPX CORP HPX US 253.9 -21.3 0.38 HPX CORP HPX/U US 253.9 -21.3 0.38 HUMANIGEN INC HGEN US 71.1 -23.7 2.25 HUMANIGEN INC 0KB2 GR 71.1 -23.7 2.25 HUMANIGEN INC HGENEUR EU 71.1 -23.7 2.25 HUMANIGEN INC 0KB2 TH 71.1 -23.7 2.25 HUMANIGEN INC 0KB2 QT 71.1 -23.7 2.25 HUMANIGEN INC 0KB2 GZ 71.1 -23.7 2.25 IMMUNITYBIO INC IBRX US 468.9 -243.9 -34.65 IMMUNITYBIO INC 26CA GR 468.9 -243.9 -34.65 IMMUNITYBIO INC NK1EUR EU 468.9 -243.9 -34.65 IMMUNITYBIO INC 26CA GZ 468.9 -243.9 -34.65 IMMUNITYBIO INC NK1EUR EZ 468.9 -243.9 -34.65 IMMUNITYBIO INC 26CA TH 468.9 -243.9 -34.65 IMMUNITYBIO INC 26CA QT 468.9 -243.9 -34.65 IMPINJ INC PI US 315.5 -11.1 220.30 IMPINJ INC 27J TH 315.5 -11.1 220.30 IMPINJ INC 27J GZ 315.5 -11.1 220.30 IMPINJ INC 27J QT 315.5 -11.1 220.30 IMPINJ INC 27J GR 315.5 -11.1 220.30 IMPINJ INC PIEUR EU 315.5 -11.1 220.30 IMPINJ INC PIEUR EZ 315.5 -11.1 220.30 INFINITE AC-CL A NFNT US 0.4 -0.1 -0.50 INFINITE ACQUISI NFNT/U US 0.4 -0.1 -0.50 INSEEGO CORP INO TH 215.8 -24.9 52.79 INSEEGO CORP INO QT 215.8 -24.9 52.79 INSEEGO CORP INSG US 215.8 -24.9 52.79 INSEEGO CORP INO GR 215.8 -24.9 52.79 INSEEGO CORP INSGEUR EU 215.8 -24.9 52.79 INSEEGO CORP INSGEUR EZ 215.8 -24.9 52.79 INSEEGO CORP INO GZ 215.8 -24.9 52.79 INSEEGO CORP INSG-RM RM 215.8 -24.9 52.79 INSPERITY INC NSP US 1,753.1 -1.8 116.28 INSPERITY INC ASF GR 1,753.1 -1.8 116.28 INSPIRED ENTERTA INSEEUR EU 303.8 -120.9 14.70 INSPIRED ENTERTA 4U8 GR 303.8 -120.9 14.70 INSPIRED ENTERTA INSE US 303.8 -120.9 14.70 INTERCEPT PHARMA ICPT US 527.0 -184.0 335.48 INTERCEPT PHARMA I4P GR 527.0 -184.0 335.48 INTERCEPT PHARMA I4P TH 527.0 -184.0 335.48 INTERCEPT PHARMA ICPT* MM 527.0 -184.0 335.48 INTERCEPT PHARMA I4P GZ 527.0 -184.0 335.48 INTERSECT ENT IN XENTEUR EU 146.9 -69.1 48.84 INTERSECT ENT IN XENT US 146.9 -69.1 48.84 INTERSECT ENT IN 7IN GR 146.9 -69.1 48.84 J. JILL INC JILL US 466.2 -48.9 -20.22 JACK IN THE BOX JBX GR 1,758.6 -786.1 -115.36 JACK IN THE BOX JACK US 1,758.6 -786.1 -115.36 JACK IN THE BOX JBX GZ 1,758.6 -786.1 -115.36 JACK IN THE BOX JBX QT 1,758.6 -786.1 -115.36 JACK IN THE BOX JACK1EUR EZ 1,758.6 -786.1 -115.36 JACK IN THE BOX JACK1EUR EU 1,758.6 -786.1 -115.36 JAGUAR GLOBAL JGGCU US 0.4 -0.0 -0.33 JOSEMARIA RESOUR NGQSEK EZ 69.4 -2.4 -27.56 JOSEMARIA RESOUR JOSES I2 69.4 -2.4 -27.56 JOSEMARIA RESOUR JOSE SS 69.4 -2.4 -27.56 JOSEMARIA RESOUR NGQSEK EU 69.4 -2.4 -27.56 JOSEMARIA RESOUR JOSES IX 69.4 -2.4 -27.56 JOSEMARIA RESOUR JOSES EB 69.4 -2.4 -27.56 JUNIPER II COR-A JUN US 12.5 -0.0 -0.42 JUNIPER II CORP JUN/U US 12.5 -0.0 -0.42 KARYOPHARM THERA 25K GR 305.3 -79.7 201.89 KARYOPHARM THERA 25K TH 305.3 -79.7 201.89 KARYOPHARM THERA KPTI US 305.3 -79.7 201.89 KARYOPHARM THERA 25K QT 305.3 -79.7 201.89 KARYOPHARM THERA 25K GZ 305.3 -79.7 201.89 KARYOPHARM THERA KPTIEUR EU 305.3 -79.7 201.89 KENSINGTON CAPIT KCAC/U US 0.1 -0.0 -0.01 KIMBELL TIGER AC TGR/U US 0.6 -0.3 -0.33 KL ACQUISI-CLS A KLAQ US 288.6 267.7 0.74 KL ACQUISITION C KLAQU US 288.6 267.7 0.74 L BRANDS INC-BDR B1BW34 BZ 6,026.0 -1,517.0 1719.00 LDH GROWTH C-A LDHA US 232.6 216.7 2.09 LDH GROWTH CORP LDHAU US 232.6 216.7 2.09 LENNOX INTL INC LXI GR 2,171.9 -269.0 348.30 LENNOX INTL INC LII US 2,171.9 -269.0 348.30 LENNOX INTL INC LII* MM 2,171.9 -269.0 348.30 LENNOX INTL INC LXI TH 2,171.9 -269.0 348.30 LENNOX INTL INC LII1EUR EU 2,171.9 -269.0 348.30 LESLIE'S INC LESL US 811.3 -381.3 121.29 LESLIE'S INC LE3 GR 811.3 -381.3 121.29 LESLIE'S INC LESLEUR EU 811.3 -381.3 121.29 LESLIE'S INC LE3 QT 811.3 -381.3 121.29 LIFESPEAK INC LSPK CN 83.9 54.0 67.53 LIFESPEAK INC 81F GR 83.9 54.0 67.53 LIFESPEAK INC LSPKEUR EU 83.9 54.0 67.53 LOWE'S COS INC LWE GR 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOW US 44,640.0 -4,816.0 392.00 LOWE'S COS INC LWE TH 44,640.0 -4,816.0 392.00 LOWE'S COS INC LWE GZ 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOW* MM 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOWEUR EU 44,640.0 -4,816.0 392.00 LOWE'S COS INC LWE QT 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOWE AV 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOWEUR EZ 44,640.0 -4,816.0 392.00 LOWE'S COS INC LWE TE 44,640.0 -4,816.0 392.00 LOWE'S COS INC LOW-RM RM 44,640.0 -4,816.0 392.00 LOWE'S COS-BDR LOWC34 BZ 44,640.0 -4,816.0 392.00 LULU'S FASHION L LVLU US 145.3 -19.9 -81.24 MADISON SQUARE G MS8 GR 1,349.4 -209.6 -233.24 MADISON SQUARE G MSG1EUR EU 1,349.4 -209.6 -233.24 MADISON SQUARE G MSGS US 1,349.4 -209.6 -233.24 MADISON SQUARE G MS8 TH 1,349.4 -209.6 -233.24 MADISON SQUARE G MS8 QT 1,349.4 -209.6 -233.24 MADISON SQUARE G MS8 GZ 1,349.4 -209.6 -233.24 MAGNET FORENSICS MAGT CN 148.9 86.7 82.33 MAGNET FORENSICS 91T GR 148.9 86.7 82.33 MAGNET FORENSICS MAGTEUR EU 148.9 86.7 82.33 MAGNET FORENSICS MAGTF US 148.9 86.7 82.33 MANNKIND CORP NNFN TH 321.2 -209.3 171.40 MANNKIND CORP MNKD US 321.2 -209.3 171.40 MANNKIND CORP NNFN GR 321.2 -209.3 171.40 MANNKIND CORP NNFN QT 321.2 -209.3 171.40 MANNKIND CORP MNKDEUR EU 321.2 -209.3 171.40 MANNKIND CORP NNFN GZ 321.2 -209.3 171.40 MARKETWISE INC MKTW US 421.6 -405.3 -149.10 MARTIN MIDSTREAM MMLP US 579.9 -48.0 69.60 MASON INDUS-CL A MIT US 502.3 -33.8 1.70 MASON INDUSTRIAL MIT/U US 502.3 -33.8 1.70 MATCH GROUP -BDR M1TC34 BZ 5,063.3 -194.6 49.96 MATCH GROUP INC MTCH US 5,063.3 -194.6 49.96 MATCH GROUP INC MTCH1* MM 5,063.3 -194.6 49.96 MATCH GROUP INC 4MGN TH 5,063.3 -194.6 49.96 MATCH GROUP INC 4MGN GR 5,063.3 -194.6 49.96 MATCH GROUP INC 4MGN QT 5,063.3 -194.6 49.96 MATCH GROUP INC MTC2 AV 5,063.3 -194.6 49.96 MATCH GROUP INC 4MGN GZ 5,063.3 -194.6 49.96 MATCH GROUP INC MTCH-RM RM 5,063.3 -194.6 49.96 MBIA INC MBJ TH 4,696.0 -300.0 0.00 MBIA INC MBI US 4,696.0 -300.0 0.00 MBIA INC MBJ GR 4,696.0 -300.0 0.00 MBIA INC MBI1EUR EU 4,696.0 -300.0 0.00 MBIA INC MBJ QT 4,696.0 -300.0 0.00 MBIA INC MBJ GZ 4,696.0 -300.0 0.00 MCDONALDS - BDR MCDC34 BZ 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MDO TH 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD US 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD SW 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MDO GR 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD* MM 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD TE 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MDO GZ 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCDEUR EU 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD AV 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCDUSD SW 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD CI 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCDEUR EZ 53,854.3 -4,601.0 3128.50 MCDONALDS CORP 0R16 LN 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MDO QT 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCD-RM RM 53,854.3 -4,601.0 3128.50 MCDONALDS CORP MCDCL CI 53,854.3 -4,601.0 3128.50 MCDONALDS-CEDEAR MCD AR 53,854.3 -4,601.0 3128.50 MCDONALDS-CEDEAR MCDC AR 53,854.3 -4,601.0 3128.50 MCDONALDS-CEDEAR MCDD AR 53,854.3 -4,601.0 3128.50 MCKESSON CORP MCK US 63,708.0 -787.0 -954.00 MCKESSON CORP MCK GR 63,708.0 -787.0 -954.00 MCKESSON CORP MCK TH 63,708.0 -787.0 -954.00 MCKESSON CORP MCK* MM 63,708.0 -787.0 -954.00 MCKESSON CORP MCK GZ 63,708.0 -787.0 -954.00 MCKESSON CORP MCK1EUR EZ 63,708.0 -787.0 -954.00 MCKESSON CORP MCK1EUR EU 63,708.0 -787.0 -954.00 MCKESSON CORP MCK QT 63,708.0 -787.0 -954.00 MCKESSON CORP MCK-RM RM 63,708.0 -787.0 -954.00 MCKESSON-BDR M1CK34 BZ 63,708.0 -787.0 -954.00 MEDIAALPHA INC-A MAX US 289.8 -61.6 52.89 MELI KASZEK PI-A MEKA US 10.7 -55.9 -6.63 MEWCOURT ACQUISI NCACU US 0.2 -0.1 -0.26 MINORITY EQUAL-A MEOA US 129.5 -18.8 0.76 MINORITY EQUALIT MEOAU US 129.5 -18.8 0.76 MONEYGRAM INTERN MGI US 4,476.5 -185.0 -4.80 MONEYGRAM INTERN 9M1N GR 4,476.5 -185.0 -4.80 MONEYGRAM INTERN 9M1N TH 4,476.5 -185.0 -4.80 MONEYGRAM INTERN MGIEUR EU 4,476.5 -185.0 -4.80 MONEYGRAM INTERN MGIEUR EZ 4,476.5 -185.0 -4.80 MONEYGRAM INTERN 9M1N QT 4,476.5 -185.0 -4.80 MOTOROLA SOL-BDR M1SI34 BZ 12,189.0 -23.0 1349.00 MOTOROLA SOL-CED MSI AR 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MOT TE 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MSI US 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MTLA TH 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MTLA GR 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MSI1EUR EU 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MTLA GZ 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MSI1EUR EZ 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MOSI AV 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MTLA QT 12,189.0 -23.0 1349.00 MOTOROLA SOLUTIO MSI-RM RM 12,189.0 -23.0 1349.00 MSCI INC MSCI US 5,506.7 -163.5 892.47 MSCI INC 3HM GR 5,506.7 -163.5 892.47 MSCI INC 3HM SW 5,506.7 -163.5 892.47 MSCI INC 3HM QT 5,506.7 -163.5 892.47 MSCI INC 3HM GZ 5,506.7 -163.5 892.47 MSCI INC MSCIEUR EZ 5,506.7 -163.5 892.47 MSCI INC MSCI* MM 5,506.7 -163.5 892.47 MSCI INC 3HM TH 5,506.7 -163.5 892.47 MSCI INC MSCI AV 5,506.7 -163.5 892.47 MSCI INC MSCI-RM RM 5,506.7 -163.5 892.47 MSCI INC-BDR M1SC34 BZ 5,506.7 -163.5 892.47 MUDRICK CAP ACQ MUDSU US 321.3 -33.8 -4.69 MUDRICK CAPITA-A MUDS US 321.3 -33.8 -4.69 N/A CC-RM RM 2,016.0 -642.8 485.80 NATHANS FAMOUS NATH US 114.5 -55.3 48.20 NATHANS FAMOUS NFA GR 114.5 -55.3 48.20 NATHANS FAMOUS NATHEUR EU 114.5 -55.3 48.20 NEIGHBOURLY PHAR NBLY CN 558.2 344.7 53.51 NEW ENG RLTY-LP NEN US 356.9 -49.3 0.00 NEWCOURT ACQ-A NCAC US 0.2 -0.1 -0.26 NORTONLIFEL- BDR S1YM34 BZ 6,873.0 -98.0 -726.00 NORTONLIFELOCK I NLOK US 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYM TH 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYM GR 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYMC TE 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYM GZ 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYMCEUR EU 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYMC AV 6,873.0 -98.0 -726.00 NORTONLIFELOCK I NLOK* MM 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYM SW 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYMCEUR EZ 6,873.0 -98.0 -726.00 NORTONLIFELOCK I SYM QT 6,873.0 -98.0 -726.00 NORTONLIFELOCK I NLOK-RM RM 6,873.0 -98.0 -726.00 NOVAVAX INC NVV1 TH 2,576.8 -351.7 -235.20 NOVAVAX INC NVV1 SW 2,576.8 -351.7 -235.20 NOVAVAX INC NVAX* MM 2,576.8 -351.7 -235.20 NOVAVAX INC NVV1 GZ 2,576.8 -351.7 -235.20 NOVAVAX INC NVAXUSD EU 2,576.8 -351.7 -235.20 NOVAVAX INC NVV1 GR 2,576.8 -351.7 -235.20 NOVAVAX INC NVAX US 2,576.8 -351.7 -235.20 NOVAVAX INC NVV1 QT 2,576.8 -351.7 -235.20 NOVAVAX INC NVAXEUR EU 2,576.8 -351.7 -235.20 NOVAVAX INC 0A3S LI 2,576.8 -351.7 -235.20 NUTANIX INC - A 0NU GZ 2,315.6 -725.6 494.70 NUTANIX INC - A 0NU GR 2,315.6 -725.6 494.70 NUTANIX INC - A NTNXEUR EU 2,315.6 -725.6 494.70 NUTANIX INC - A 0NU TH 2,315.6 -725.6 494.70 NUTANIX INC - A 0NU QT 2,315.6 -725.6 494.70 NUTANIX INC - A NTNX US 2,315.6 -725.6 494.70 NUTANIX INC - A NTNXEUR EZ 2,315.6 -725.6 494.70 NUTANIX INC - A NTNX-RM RM 2,315.6 -725.6 494.70 NUTANIX INC-BDR N2TN34 BZ 2,315.6 -725.6 494.70 O'REILLY AUT-BDR ORLY34 BZ 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT OM6 TH 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT OM6 GZ 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLYEUR EU 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLY AV 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT OM6 GR 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLY US 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLY* MM 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLYEUR EZ 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT OM6 QT 11,718.7 -66.4 -1370.35 O'REILLY AUTOMOT ORLY-RM RM 11,718.7 -66.4 -1370.35 ORACLE BDR ORCL34 BZ 108,644.0 -8,211.0 10842.00 ORACLE CO-CEDEAR ORCLC AR 108,644.0 -8,211.0 10842.00 ORACLE CO-CEDEAR ORCL AR 108,644.0 -8,211.0 10842.00 ORACLE CO-CEDEAR ORCLD AR 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL US 108,644.0 -8,211.0 10842.00 ORACLE CORP ORC GR 108,644.0 -8,211.0 10842.00 ORACLE CORP ORC TH 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL TE 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL* MM 108,644.0 -8,211.0 10842.00 ORACLE CORP 0R1Z LN 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL AV 108,644.0 -8,211.0 10842.00 ORACLE CORP ORC GZ 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLUSD SW 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLUSD EU 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL CI 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLEUR EZ 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLUSD EZ 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL SW 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLEUR EU 108,644.0 -8,211.0 10842.00 ORACLE CORP ORC QT 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCLCL CI 108,644.0 -8,211.0 10842.00 ORACLE CORP ORCL-RM RM 108,644.0 -8,211.0 10842.00 ORGANON & CO OGN US 11,335.0 -1,618.0 1200.00 ORGANON & CO 7XP TH 11,335.0 -1,618.0 1200.00 ORGANON & CO OGN-WEUR EU 11,335.0 -1,618.0 1200.00 ORGANON & CO 7XP GR 11,335.0 -1,618.0 1200.00 ORGANON & CO OGN* MM 11,335.0 -1,618.0 1200.00 ORGANON & CO 7XP GZ 11,335.0 -1,618.0 1200.00 ORGANON & CO 7XP QT 11,335.0 -1,618.0 1200.00 ORGANON & CO OGN-RM RM 11,335.0 -1,618.0 1200.00 OTIS WORLDWI OTIS US 12,279.0 -2,984.0 2014.00 OTIS WORLDWI 4PG GR 12,279.0 -2,984.0 2014.00 OTIS WORLDWI OTIS* MM 12,279.0 -2,984.0 2014.00 OTIS WORLDWI OTISEUR EU 12,279.0 -2,984.0 2014.00 OTIS WORLDWI OTISEUR EZ 12,279.0 -2,984.0 2014.00 OTIS WORLDWI 4PG GZ 12,279.0 -2,984.0 2014.00 OTIS WORLDWI 4PG TH 12,279.0 -2,984.0 2014.00 OTIS WORLDWI 4PG QT 12,279.0 -2,984.0 2014.00 OTIS WORLDWI OTIS AV 12,279.0 -2,984.0 2014.00 OTIS WORLDWI OTIS-RM RM 12,279.0 -2,984.0 2014.00 OTIS WORLDWI-BDR O1TI34 BZ 12,279.0 -2,984.0 2014.00 PANAMERA HOLDING PHCI US 0.0 -0.0 -0.02 PAPA JOHN'S INTL PP1 GR 885.7 -167.0 -32.42 PAPA JOHN'S INTL PZZA US 885.7 -167.0 -32.42 PAPA JOHN'S INTL PZZAEUR EU 885.7 -167.0 -32.42 PAPA JOHN'S INTL PP1 GZ 885.7 -167.0 -32.42 PAPA JOHN'S INTL PP1 TH 885.7 -167.0 -32.42 PAPA JOHN'S INTL PP1 QT 885.7 -167.0 -32.42 PARATEK PHARMACE PRTK US 183.9 -127.8 123.86 PET VALU HOLDING PET CN 542.1 -152.2 19.49 PETROGAS COMPANY PTCO US - -0.6 -0.52 PHILIP MORRI-BDR PHMO34 BZ 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN 4I1 GR 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM US 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM1CHF EU 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM1 TE 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN 4I1 TH 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PMI SW 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM1EUR EU 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PMOR AV 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN 4I1 GZ 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN 0M8V LN 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PMIZ IX 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PMIZ EB 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM1CHF EZ 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM1EUR EZ 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM* MM 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN 4I1 QT 41,290.0 -8,208.0 -1538.00 PHILIP MORRIS IN PM-RM RM 41,290.0 -8,208.0 -1538.00 PLANET FITNESS I P2LN34 BZ 2,016.0 -642.8 485.80 PLANET FITNESS-A 3PL QT 2,016.0 -642.8 485.80 PLANET FITNESS-A PLNT1EUR EU 2,016.0 -642.8 485.80 PLANET FITNESS-A PLNT US 2,016.0 -642.8 485.80 PLANET FITNESS-A 3PL TH 2,016.0 -642.8 485.80 PLANET FITNESS-A 3PL GR 2,016.0 -642.8 485.80 PLANET FITNESS-A PLNT1EUR EZ 2,016.0 -642.8 485.80 PLANET FITNESS-A 3PL GZ 2,016.0 -642.8 485.80 POTBELLY CORP PBPBEUR EU 253.2 -2.4 -41.83 POTBELLY CORP PBPB US 253.2 -2.4 -41.83 POTBELLY CORP PTB GR 253.2 -2.4 -41.83 POTBELLY CORP PTB QT 253.2 -2.4 -41.83 PROJECT ENERGY R PEGRU US 0.7 -0.0 -0.73 PROJECT ENERGY R PEGR US 0.7 -0.0 -0.73 RADIUS HEALTH IN RDUS US 181.5 -252.3 78.29 RADIUS HEALTH IN 1R8 TH 181.5 -252.3 78.29 RADIUS HEALTH IN RDUSEUR EU 181.5 -252.3 78.29 RADIUS HEALTH IN 1R8 QT 181.5 -252.3 78.29 RADIUS HEALTH IN RDUSEUR EZ 181.5 -252.3 78.29 RADIUS HEALTH IN 1R8 GR 181.5 -252.3 78.29 RAPID7 INC R7D SW 1,296.0 -126.0 -35.94 RAPID7 INC RPDEUR EU 1,296.0 -126.0 -35.94 RAPID7 INC RPD US 1,296.0 -126.0 -35.94 RAPID7 INC R7D GR 1,296.0 -126.0 -35.94 RAPID7 INC R7D TH 1,296.0 -126.0 -35.94 RAPID7 INC RPD* MM 1,296.0 -126.0 -35.94 RAPID7 INC R7D GZ 1,296.0 -126.0 -35.94 RAPID7 INC R7D QT 1,296.0 -126.0 -35.94 REAL GOOD FOOD C RGF US 43.8 -52.3 -40.00 RENT THE RUNWA-A RENT US 478.4 104.9 220.30 REVLON INC-A RVL1 GR 2,602.1 -1,857.2 412.70 REVLON INC-A REV US 2,602.1 -1,857.2 412.70 REVLON INC-A RVL1 TH 2,602.1 -1,857.2 412.70 REVLON INC-A REVEUR EU 2,602.1 -1,857.2 412.70 REVLON INC-A REV* MM 2,602.1 -1,857.2 412.70 RIMINI STREET IN RMNI US 391.3 -80.4 -42.74 RIMINI STREET IN 0QH GR 391.3 -80.4 -42.74 RIMINI STREET IN RMNIEUR EU 391.3 -80.4 -42.74 RIMINI STREET IN 0QH QT 391.3 -80.4 -42.74 ROSE HILL ACQU-A ROSE US 0.4 -0.0 -0.41 ROSE HILL ACQUIS ROSEU US 0.4 -0.0 -0.41 RYMAN HOSPITALIT 4RH GR 3,580.5 -22.4 45.31 RYMAN HOSPITALIT RHP US 3,580.5 -22.4 45.31 RYMAN HOSPITALIT RHPEUR EU 3,580.5 -22.4 45.31 RYMAN HOSPITALIT 4RH TH 3,580.5 -22.4 45.31 RYMAN HOSPITALIT 4RH QT 3,580.5 -22.4 45.31 SABRE CORP SABR US 5,291.3 -499.7 685.77 SABRE CORP 19S GR 5,291.3 -499.7 685.77 SABRE CORP 19S TH 5,291.3 -499.7 685.77 SABRE CORP 19S SW 5,291.3 -499.7 685.77 SABRE CORP SABREUR EU 5,291.3 -499.7 685.77 SABRE CORP 19S QT 5,291.3 -499.7 685.77 SABRE CORP SABREUR EZ 5,291.3 -499.7 685.77 SABRE CORP 19S GZ 5,291.3 -499.7 685.77 SBA COMM CORP 4SB GZ 9,801.7 -5,266.2 -1.89 SBA COMM CORP 4SB GR 9,801.7 -5,266.2 -1.89 SBA COMM CORP SBAC US 9,801.7 -5,266.2 -1.89 SBA COMM CORP SBACEUR EU 9,801.7 -5,266.2 -1.89 SBA COMM CORP 4SB QT 9,801.7 -5,266.2 -1.89 SBA COMM CORP 4SB TH 9,801.7 -5,266.2 -1.89 SBA COMM CORP SBACEUR EZ 9,801.7 -5,266.2 -1.89 SBA COMM CORP SBAC* MM 9,801.7 -5,266.2 -1.89 SBA COMMUN - BDR S1BA34 BZ 9,801.7 -5,266.2 -1.89 SCIENTIFIC GAMES TJW TH 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES TJW GZ 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES SGMS US 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES TJW GR 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES TJW QT 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES SGMS1EUR EZ 7,883.0 -2,106.0 758.00 SCIENTIFIC GAMES SGMS1EUR EU 7,883.0 -2,106.0 758.00 SCULPTOR ACQUI-A SCUA US 0.4 -0.0 -0.42 SCULPTOR ACQUISI SCUA/U US 0.4 -0.0 -0.42 SEAWORLD ENTERTA W2L QT 2,610.3 -33.9 195.43 SEAWORLD ENTERTA SEASEUR EU 2,610.3 -33.9 195.43 SEAWORLD ENTERTA SEAS US 2,610.3 -33.9 195.43 SEAWORLD ENTERTA W2L GR 2,610.3 -33.9 195.43 SEAWORLD ENTERTA W2L TH 2,610.3 -33.9 195.43 SHELL MIDSTREAM SHLX US 2,318.0 -493.0 -24.00 SHOALS TECHNOL-A SHLS US 426.4 -7.5 61.89 SHOALS TECHNOL-A SHLS-RM RM 426.4 -7.5 61.89 SINCLAIR BROAD-A SBGI US 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBTA GR 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBTA GZ 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBGIEUR EU 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBGIEUR EZ 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBTA TH 12,541.0 -1,509.0 1269.00 SINCLAIR BROAD-A SBTA QT 12,541.0 -1,509.0 1269.00 SIRIUS XM HO-BDR SRXM34 BZ 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN RDO GR 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN RDO TH 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN SIRI US 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN SIRIEUR EU 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN RDO GZ 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN SIRI AV 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN SIRIEUR EZ 10,274.0 -2,625.0 -1800.00 SIRIUS XM HOLDIN RDO QT 10,274.0 -2,625.0 -1800.00 SIRNAOMICS LTD 2257 HK 110.2 -94.2 11.04 SIX FLAGS ENTERT 6FE GR 2,968.6 -460.1 52.80 SIX FLAGS ENTERT SIXEUR EU 2,968.6 -460.1 52.80 SIX FLAGS ENTERT SIX US 2,968.6 -460.1 52.80 SIX FLAGS ENTERT 6FE QT 2,968.6 -460.1 52.80 SIX FLAGS ENTERT 6FE TH 2,968.6 -460.1 52.80 SLEEP NUMBER COR SNBR US 919.5 -425.0 -699.16 SLEEP NUMBER COR SL2 GR 919.5 -425.0 -699.16 SLEEP NUMBER COR SNBREUR EU 919.5 -425.0 -699.16 SLEEP NUMBER COR SL2 TH 919.5 -425.0 -699.16 SLEEP NUMBER COR SL2 QT 919.5 -425.0 -699.16 SLEEP NUMBER COR SL2 GZ 919.5 -425.0 -699.16 SMILEDIRECTCLUB SDC* MM 794.6 -134.4 289.50 SONIDA SENIOR LI SNDA US 674.2 -153.6 -186.53 SONIDA SENIOR LI 13C0 GR 674.2 -153.6 -186.53 SONIDA SENIOR LI CSU2EUR EU 674.2 -153.6 -186.53 SONIDA SENIOR LI 13C0 GZ 674.2 -153.6 -186.53 SPRAGUE RESOURCE SRLP US 1,418.3 -65.6 -99.29 SQL TECHNOLOGIES SKYX US 7.0 -22.9 -19.60 SQUARESPACE -BDR S2QS34 BZ 899.5 -13.5 -25.18 SQUARESPACE IN-A SQSP US 899.5 -13.5 -25.18 SQUARESPACE IN-A 8DT GR 899.5 -13.5 -25.18 SQUARESPACE IN-A 8DT GZ 899.5 -13.5 -25.18 SQUARESPACE IN-A SQSPEUR EU 899.5 -13.5 -25.18 SQUARESPACE IN-A 8DT TH 899.5 -13.5 -25.18 SQUARESPACE IN-A 8DT QT 899.5 -13.5 -25.18 STARBUCKS CORP SRB GR 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SRB TH 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX* MM 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SRB GZ 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX AV 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUXEUR EU 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX TE 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX IM 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUXUSD SW 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX US 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX PE 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX CI 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUXEUR EZ 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP 0QZH LI 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX SW 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SRB QT 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX-RM RM 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUXCL CI 28,833.9 -8,450.3 -1666.00 STARBUCKS CORP SBUX_KZ KZ 28,833.9 -8,450.3 -1666.00 STARBUCKS-BDR SBUB34 BZ 28,833.9 -8,450.3 -1666.00 STARBUCKS-CEDEAR SBUX AR 28,833.9 -8,450.3 -1666.00 STARBUCKS-CEDEAR SBUXD AR 28,833.9 -8,450.3 -1666.00 SYNDAX PHARMACEU SNDX US 449.7 -135.3 427.71 SYNDAX PHARMACEU SNDXEUR EU 449.7 -135.3 427.71 SYNDAX PHARMACEU 1T3 GR 449.7 -135.3 427.71 SYNDAX PHARMACEU 1T3 QT 449.7 -135.3 427.71 SYNDAX PHARMACEU 1T3 TH 449.7 -135.3 427.71 SYNDAX PHARMACEU 1T3 GZ 449.7 -135.3 427.71 TAILWIND INTERNA TWNI/U US 347.0 -22.0 1.14 TAILWIND INTERNA TWNI US 347.0 -22.0 1.14 TALON 1 ACQUIS-A TOAC US 0.4 -0.0 -0.39 TALON 1 ACQUISIT TOACU US 0.4 -0.0 -0.39 TASTEMAKER ACQ-A TMKR US 279.5 254.3 0.42 TASTEMAKER ACQUI TMKRU US 279.5 254.3 0.42 THUNDER BRIDGE C TBCPU US 414.9 394.0 -5.55 THUNDER BRIDGE-A TBCP US 414.9 394.0 -5.55 TORRID HOLDINGS CURV US 578.5 -258.3 -76.09 TRANSAT A.T. TRZ CN 1,899.8 -429.6 37.56 TRANSAT A.T. TRZBF US 1,899.8 -429.6 37.56 TRANSDIGM - BDR T1DG34 BZ 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP TDG US 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP T7D GR 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP TDG* MM 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP T7D TH 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP T7D QT 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP TDGEUR EU 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP TDGEUR EZ 19,242.0 -2,626.0 5593.00 TRANSDIGM GROUP TDG-RM RM 19,242.0 -2,626.0 5593.00 TRAVEL + LEISURE WD5A GR 6,588.0 -794.0 688.00 TRAVEL + LEISURE TNL US 6,588.0 -794.0 688.00 TRAVEL + LEISURE WD5A TH 6,588.0 -794.0 688.00 TRAVEL + LEISURE 0M1K LI 6,588.0 -794.0 688.00 TRAVEL + LEISURE WYNEUR EU 6,588.0 -794.0 688.00 TRAVEL + LEISURE WD5A QT 6,588.0 -794.0 688.00 TRAVEL + LEISURE WYNEUR EZ 6,588.0 -794.0 688.00 TRAVEL + LEISURE WD5A GZ 6,588.0 -794.0 688.00 TRISTAR ACQUISIT TRIS/U US 0.7 -0.1 -0.78 TRISTAR ACQUISIT TRIS US 0.7 -0.1 -0.78 TRIUMPH GROUP TG7 GR 1,752.5 -812.0 365.09 TRIUMPH GROUP TGI US 1,752.5 -812.0 365.09 TRIUMPH GROUP TG7 TH 1,752.5 -812.0 365.09 TRIUMPH GROUP TGIEUR EU 1,752.5 -812.0 365.09 TRIUMPH GROUP TG7 GZ 1,752.5 -812.0 365.09 TUPPERWARE BRAND TUP GR 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP US 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP GZ 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP TH 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP1EUR EU 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP1EUR EZ 1,255.4 -207.1 92.30 TUPPERWARE BRAND TUP QT 1,255.4 -207.1 92.30 UBIQUITI INC UI US 890.8 -4.2 418.73 UBIQUITI INC 3UB GR 890.8 -4.2 418.73 UBIQUITI INC UBNTEUR EU 890.8 -4.2 418.73 UBIQUITI INC 3UB TH 890.8 -4.2 418.73 UNISYS CORP USY1 TH 2,419.5 -64.4 380.50 UNISYS CORP USY1 GR 2,419.5 -64.4 380.50 UNISYS CORP UIS US 2,419.5 -64.4 380.50 UNISYS CORP UIS1 SW 2,419.5 -64.4 380.50 UNISYS CORP UISEUR EU 2,419.5 -64.4 380.50 UNISYS CORP UISCHF EU 2,419.5 -64.4 380.50 UNISYS CORP USY1 QT 2,419.5 -64.4 380.50 UNISYS CORP USY1 GZ 2,419.5 -64.4 380.50 UNISYS CORP UISEUR EZ 2,419.5 -64.4 380.50 UNISYS CORP UISCHF EZ 2,419.5 -64.4 380.50 UNITI GROUP INC UNIT US 4,809.2 -2,113.8 0.00 UNITI GROUP INC 8XC GR 4,809.2 -2,113.8 0.00 UNITI GROUP INC 8XC TH 4,809.2 -2,113.8 0.00 UNITI GROUP INC 8XC GZ 4,809.2 -2,113.8 0.00 VAXXINITY INC-A VAXX US 134.9 93.6 73.37 VECTOR GROUP LTD VGR US 871.1 -841.6 306.51 VECTOR GROUP LTD VGR GR 871.1 -841.6 306.51 VECTOR GROUP LTD VGREUR EU 871.1 -841.6 306.51 VECTOR GROUP LTD VGR TH 871.1 -841.6 306.51 VECTOR GROUP LTD VGR QT 871.1 -841.6 306.51 VECTOR GROUP LTD VGR GZ 871.1 -841.6 306.51 VENTYX BIOSCIENC VTYX US 148.7 136.9 133.85 VERA THERAPEUTIC VERA US 91.2 85.5 85.72 VERISIGN INC VRS TH 1,983.8 -1,260.5 194.74 VERISIGN INC VRSN US 1,983.8 -1,260.5 194.74 VERISIGN INC VRS GR 1,983.8 -1,260.5 194.74 VERISIGN INC VRS GZ 1,983.8 -1,260.5 194.74 VERISIGN INC VRSNEUR EU 1,983.8 -1,260.5 194.74 VERISIGN INC VRSN* MM 1,983.8 -1,260.5 194.74 VERISIGN INC VRSNEUR EZ 1,983.8 -1,260.5 194.74 VERISIGN INC VRS QT 1,983.8 -1,260.5 194.74 VERISIGN INC VRSN-RM RM 1,983.8 -1,260.5 194.74 VERISIGN INC-BDR VRSN34 BZ 1,983.8 -1,260.5 194.74 VERISIGN-CEDEAR VRSN AR 1,983.8 -1,260.5 194.74 VIVINT SMART HOM VVNT US 2,785.6 -1,740.1 -531.38 VMWARE INC-BDR V2MW34 BZ 28,676.0 -876.0 -1685.00 VMWARE INC-CL A BZF1 GR 28,676.0 -876.0 -1685.00 VMWARE INC-CL A BZF1 TH 28,676.0 -876.0 -1685.00 VMWARE INC-CL A VMW US 28,676.0 -876.0 -1685.00 VMWARE INC-CL A BZF1 SW 28,676.0 -876.0 -1685.00 VMWARE INC-CL A BZF1 GZ 28,676.0 -876.0 -1685.00 VMWARE INC-CL A VMW* MM 28,676.0 -876.0 -1685.00 VMWARE INC-CL A VMWEUR EZ 28,676.0 -876.0 -1685.00 VMWARE INC-CL A VMWA AV 28,676.0 -876.0 -1685.00 VMWARE INC-CL A VMWEUR EU 28,676.0 -876.0 -1685.00 VMWARE INC-CL A BZF1 QT 28,676.0 -876.0 -1685.00 W&T OFFSHORE INC WTI US 1,193.2 -247.2 33.88 W&T OFFSHORE INC UWV GR 1,193.2 -247.2 33.88 W&T OFFSHORE INC UWV SW 1,193.2 -247.2 33.88 W&T OFFSHORE INC WTI1EUR EU 1,193.2 -247.2 33.88 W&T OFFSHORE INC UWV TH 1,193.2 -247.2 33.88 W&T OFFSHORE INC UWV GZ 1,193.2 -247.2 33.88 WALDENCAST ACQ-A WALD US 345.7 309.6 0.42 WALDENCAST ACQUI WALDU US 345.7 309.6 0.42 WAVERLEY CAPIT-A WAVC US 217.2 -5.2 2.29 WAVERLEY CAPITAL WAVC/U US 217.2 -5.2 2.29 WAYFAIR INC- A W US 4,570.0 -1,619.0 795.00 WAYFAIR INC- A W* MM 4,570.0 -1,619.0 795.00 WAYFAIR INC- A 1WF QT 4,570.0 -1,619.0 795.00 WAYFAIR INC- A WEUR EU 4,570.0 -1,619.0 795.00 WAYFAIR INC- A 1WF GZ 4,570.0 -1,619.0 795.00 WAYFAIR INC- A WEUR EZ 4,570.0 -1,619.0 795.00 WAYFAIR INC- A 1WF GR 4,570.0 -1,619.0 795.00 WAYFAIR INC- A 1WF TH 4,570.0 -1,619.0 795.00 WAYFAIR INC- BDR W2YF34 BZ 4,570.0 -1,619.0 795.00 WEBER INC - A WEBR US 1,690.9 -169.4 91.67 WINGSTOP INC WING1EUR EU 249.2 -309.5 30.47 WINGSTOP INC WING US 249.2 -309.5 30.47 WINGSTOP INC EWG GR 249.2 -309.5 30.47 WINGSTOP INC EWG GZ 249.2 -309.5 30.47 WINMARK CORP WINA US 26.9 -39.1 7.45 WINMARK CORP GBZ GR 26.9 -39.1 7.45 WORLDWIDE WEBB A WWACU US 0.7 -0.0 -0.72 WORLDWIDE WEBB-A WWAC US 0.7 -0.0 -0.72 WW INTERNATIONAL WW US 1,428.9 -456.4 42.04 WW INTERNATIONAL WW6 GR 1,428.9 -456.4 42.04 WW INTERNATIONAL WW6 TH 1,428.9 -456.4 42.04 WW INTERNATIONAL WW6 GZ 1,428.9 -456.4 42.04 WW INTERNATIONAL WTWEUR EZ 1,428.9 -456.4 42.04 WW INTERNATIONAL WTW AV 1,428.9 -456.4 42.04 WW INTERNATIONAL WTWEUR EU 1,428.9 -456.4 42.04 WW INTERNATIONAL WW6 QT 1,428.9 -456.4 42.04 WW INTERNATIONAL WW-RM RM 1,428.9 -456.4 42.04 WYNN RESORTS LTD WYR TH 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNN* MM 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNN US 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYR GR 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYR GZ 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNNEUR EU 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNNUSD EU 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNNEUR EZ 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYR QT 12,530.8 -836.2 1588.04 WYNN RESORTS LTD WYNN-RM RM 12,530.8 -836.2 1588.04 YELLOW CORP YEL GR 2,425.6 -363.5 219.40 YELLOW CORP YEL1 TH 2,425.6 -363.5 219.40 YELLOW CORP YELL US 2,425.6 -363.5 219.40 YELLOW CORP YRCWEUR EU 2,425.6 -363.5 219.40 YELLOW CORP YEL QT 2,425.6 -363.5 219.40 YELLOW CORP YRCWEUR EZ 2,425.6 -363.5 219.40 YELLOW CORP YEL GZ 2,425.6 -363.5 219.40 YUM! BRANDS -BDR YUMR34 BZ 5,966.0 -8,373.0 117.00 YUM! BRANDS INC TGR TH 5,966.0 -8,373.0 117.00 YUM! BRANDS INC TGR GR 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUM* MM 5,966.0 -8,373.0 117.00 YUM! BRANDS INC TGR GZ 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUM US 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUMUSD SW 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUMEUR EZ 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUM AV 5,966.0 -8,373.0 117.00 YUM! BRANDS INC TGR TE 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUMEUR EU 5,966.0 -8,373.0 117.00 YUM! BRANDS INC TGR QT 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUM SW 5,966.0 -8,373.0 117.00 YUM! BRANDS INC YUM-RM RM 5,966.0 -8,373.0 117.00 ********* 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., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. 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 ***