-=Sorrento Therapeutics (SRNE) receives FDA clearance to proceed with Phase 1 clinical trial of Covid drug

• Update Feb 22, 2023: Sorrento is embroiled in a legal battle with NantCell. After losing in court in December 2022, Sorrento filed for Chapter 11 bankruptcy. 

 Sorrento Therapeutics receives FDA clearance to proceed with Phase 1 clinical trial of STI-1499 (COVI-GUARD) neutralizing antibody in COVID-19 positive patients

Co announced that it received a study may proceed letter from the FDA for its phase 1 clinical trial for COVI-GUARD (STI-1499) in hospitalized COVID-19 patients.

As Sorrento previously announced, in preclinical studies, STI-1499 demonstrated 100% in vitro neutralizing effect against SARS-CoV-2, preventing infection of healthy cells in such preclinical in vitro studies.

STI-1499 was further evaluated in preclinical studies using multiple strains of SARS-CoV-2, including the highly contagious D614G variant. In these preclinical studies, the antibody has been 100% effective against the highly contagious D614G variant strain at similar doses to those observed in experiments with the USA-WA1/2020 strain.

Animal data generated in Syrian Golden hamsters infected with SARS-CoV-2 was presented to the FDA in support of a post-exposure human treatment dose for the IND. The effective dose in the hamster model translates to a projected total dose of approximately 160mg for a human patient.

The highest proposed dose (200 mg per patient) in the phase 1 trial is a lower dose than currently being tested for other known SARS-CoV-2 targeted antibodies or antibody cocktails in active clinical studies. The potentially high potency of STI-1499 antibody may allow for rapid scaling up of manufacturing operations.

The STI-1499 clinical program is being designed for rapid adaptive expansion, including international sites in Brazil to supplement the US program.

-=Tuesday Morning (TUES) files Chapter 11

• To enable the Company to continue operations during the reorganization process, the Company has obtained a commitment from its existing lender group to provide $100 million of debtor-in-possession (DIP) financing. As required by the DIP agreement, the Company is required to obtain a commitment for up to $25 million of additional financing, which the Company is negotiating. Following the closure of the entire store portfolio as a result of COVID-19, Tuesday Morning has re-opened over 80% of its existing store footprint to date and expects to continue store re-openings and bringing associates back to work over the coming weeks.
  

 Tuesday Morning files Chapter 11; secures commitment for $100 mln Debtor-in-Possession

Co announced it will pursue financial and operational reorganization designed to allow the company to reduce its outstanding liabilities and strengthen its overall financial position. These actions are in response to the immense strain the COVID-19 pandemic and related store closures have put on the business.

To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas -- Dallas Division. Ultimately, this process will provide Tuesday Morning with an opportunity to continue navigating the COVID-19 pandemic and emerge as a stronger company by early fall 2020.

To enable the company to continue operations during the reorganization process, the company has obtained a commitment from its existing lender group to provide $100 million of debtor-in-possession (DIP) financing. As required by the DIP agreement, the company is required to obtain a commitment for up to $25 million of additional financing, which the company is negotiating.

Following the closure of the entire store portfolio as a result of COVID-19, Tuesday Morning has re-opened over 80% of its existing store footprint to date and expects to continue store re-openings and bringing associates back to work over the coming weeks.

Hertz Global (HTZ) files for bankruptcy due to coronavirus crisis

• The New York Stock Exchange initiated proceedings to delist Hertz Global Holdings Inc (NYSE: HTZ) on Tuesday following the car rental chain's bankruptcy filing.   

 

Hertz Global announces it and certain of its US and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware 

The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the company for the future as it navigates what could be a prolonged travel and overall global economic recovery.

Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in today's U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the company, also are not included in the Chapter 11 proceedings.

As of the filing date, the company had more than $1 billion in cash on hand to support its ongoing operations. Depending upon the length of the COVID-19 induced crisis and its impact on revenue, the company may seek access to additional cash, including through new borrowings, as the reorganization progresses.

Hertz was on a strong upward financial trajectory prior to the COVID-19 pandemic, including ten consecutive quarters of year-over-year revenue growth and nine quarters of year-over-year adjusted corporate EBITDA improvement. In January and February 2020, the company increased global revenue 6% and 8% year over year, respectively, driven by higher U.S. car rental revenue. In addition, the company was recognized as No. #1 in customer satisfaction by J.D. Power and as one of the World's Most Ethical Companies by Ethisphere.

-=Carbo Ceramics (CRR) reported earnings on Mon 11 Nov 19 (b/o)

• On March 29, 2020, CARBO Ceramics Inc. and two (2) affiliated companies filed petitions in the United States Bankruptcy Court for the Southern District of Texas seeking relief under chapter 11 of the United States Bankruptcy Code.
• Basic Materials | Oil & Gas Equipment & Services | USA

Carbo Ceramics reports Q3 (Sep) results, misses on revs; anticipates cash will be sufficient for at least one year 

Reports Q3 (Sep) loss of $1.03 per share, may not be comparable to the S&P Capital IQ Consensus of ($0.50); revenues fell 19.1% year/year to $43.5 mln vs the $45.88 mln S&P Capital IQ Consensus.

Subsequent to September 30, 2019, the co was notified that its largest frac sand client intends to discontinue purchases of frac sand under its existing contract. Given the existing N Am oilfield market headwinds, expectations for these headwinds to continue into 2020, and the loss of revenues associated with this sand contract, there is an elevated risk associated with meeting its existing financial forecast and the co may ultimately conclude it is unable to continue as a going concern in a future period. To mitigate this risk, the co intends to pursue the liquidity-enhancing strategies. 

Tailored Brands (TLRD) reported earnings on Wed 11 Sept 19 (a/h)

• Tailored Brands filed for bankruptcy due to the coronavirus pandemic and its 1.4 billion dollar long term debt load on August 2, 2020, after announcing a few weeks earlier that they would close around 500 locations.

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Tailored Brands, the owner of Men's Wearhouse and other apparel brands, reported mixed second-quarter earnings, halted its dividend, and called for lower profits in the third quarter. For the third quarter, the company said it expects adjusted EPS between 40 cents and 45 cents, compared with an analyst expectation of 88 cents a share, according to FactSet. Tailored also called for sales declines across the board in the quarter, including a fall between 3% and 5% in same-store sales at Men's Wearhouse. Tailored Brands said it expects a net closure of seven stores across Men's Wearhouse and Jos. A. Bank for the quarter. The company halted its dividend to pay down debt, it said. The stock has lost 47% this year, versus gains of 20% for the S&P 500 index.

=Pyxus Int'l (PYX) reported earnings on Mon 11 Feb 2019 (a/h)

The company was formerly known as Alliance One International, Inc. and changed its name to Pyxus International, Inc. in September 2018. Pyxus International, Inc. was founded in 1873 and is based in Morrisville, North Carolina.

• Update: On June 15, 2020, Pyxus International Inc. filed for chapter 11 bankruptcy. The company's debtors emerged from bankruptcy on August 24, 2020.

• Sector: Consumer Defensive
• Industry: Tobacco
• Full Time Employees: 3,450
• http://www.pyxusintl.com

Pyxus Int'l reports Q4 results 

• Q4 GAAP EPS ($0.56), EBITDA -8% to $55 million; rev +10% to $524.5 million (no estimates). This increase was primarily due to a 14.2% increase in volume attributable to larger crop sizes in Africa. This increase was partially offset by delayed tobacco shipments in South America, lower volume in North America attributable to Hurricane Florence reducing the U.S. crop size and foreign tariffs on U.S. tobacco, and a decrease in average sales price of 6.1%.
• Based on the current outlook for the remainder of fiscal year 2019, the company now expects revenue to be in a range of approximately $1.8 billion to $1.9 billion with Adjusted EBITDA in a range of approximately $150.0 million to $160.0 million.

The market got very excited after the company started acquiring cannabis operators.

The tobacco industry offers small margins, and the business growth is not impressive. Thus, acquiring companies operating in the high growth marijuana industry makes sense.

However, investors need to understand very well that Pyxus is a tobacco company with a minor investment made in a few cannabis operators.

The company does not seem to have sufficient financial force to acquire many companies and radically transform itself. The main issue is the company’s debt and its contractual obligations.

=Francesca's (FRAN) reported earnings on Tue 11 Dec 2018 (b/o)

• On December 3, 2020, Francesca's declared voluntary Chapter 11 of the United States Bankruptcy Code in the United States District Court for the District of Delaware.
• On January 21, 2021, Francesca's won court approval to sell its assets out of bankruptcy to TerraMar Capital and Tiger Capital Management, who would plan on keeping up to 275 stores open and keep the management team and employees intact.

HOUSTON (AP) _ Francesca's Holdings Corp. (FRAN) on Tuesday reported a fiscal third-quarter loss of $16.2 million, after reporting a profit in the same period a year earlier.

The Houston-based company said it had a loss of 47 cents per share. Losses, adjusted for asset impairment costs, were 17 cents per share.

The clothing retailer posted revenue of $95.4 million in the period.

For the current quarter ending in January, Francesca's Holdings said it expects revenue in the range of $118 million to $124 million. Analysts surveyed by Zacks had expected revenue of $135.6 million.

The company expects full-year results to range from a loss of 41 cents per share to a loss of 34 cents per share, with revenue ranging from $427 million to $433 million.

The company's shares closed at $1.80. A year ago, they were trading at $6.15.

GNC Holdings (GNC) reported earnings on Fri 9 Nov 2018 (a/h)

• Update June 2020: GNC Holdings filed bankruptcy on June 23, 2020.  Shares were delisted and moved to the "pink sheets" where value has slowly decayed awaiting bankruptcy settlement. The common is now trading below $0.15. 

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GNC Holdings misses by $0.07, reports revs in-line

• Reports Q3 (Sep) earnings of $0.02 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of $0.09; revenues fell 5.4% year/year to $580 mln vs the $580.45 mln two analyst estimate. 
• Same store sales decreased 2.1% in domestic company-owned stores (including GNC.com) in the third quarter of 2018. Excluding the impact of higher loyalty points redemption in the current quarter compared with the prior year quarter as the program matures, same store sales decreased 1.3%. In domestic franchise locations, same store sales decreased 4.1%.
• "During the third quarter, although our comparable same store sales were softer than Q2, we demonstrated our ability to respond to market dynamics and drive sales improvements progressively as we moved through the quarter," said Ken Martindale, GNC's chairman and CEO. "With the finalized terms of our partnership with Harbin, we have completed the first important step in strengthening our capital structure and accelerating our expansion in China.

-=Insys Therapeutics (INSY) reported earnings on Thur 8 March 2018 (a/h)

• UPDATE: Insys filed for bankruptcy in 2019. The filing came just 10 days after the company agreed to pay $225 million to settle separate criminal and civil cases brought by the U.S. Justice Department.
• On May 2, 2019, John Kapoor, the  CEO of Insys Therapeutics, was convicted of engaging in a racketeering conspiracy to increase the profits of his company's opiate painkiller, Subsys.  On January 23, 2020, he was sentenced to 5.5 years in prison; Federal prosecutors had asked for 15 years.

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• Drugmaker Insys loss widens on lower Subsys sales

March 8 (Reuters) - Insys Therapeutics Inc on Thursday posted a bigger fourth-quarter loss than a year ago, hurt by higher costs and soft demand for Subsys, an opioid cancer pain medication at the center of a U.S. investigation.

The Chandler, Arizona-based drugmaker said its net loss widened to $47 million, or 65 cents per share, in the quarter ended Dec. 31, from $3.7 million, or 5 cents per share, a year earlier.

Revenue fell 42.6 percent over that period to $31.5 million, a decline Insys Chief Executive Saeed Motahari attributed to a drop in prescriptions of medications like Subsys containing fentanyl, a synthetic opioid, used to treat pain in cancer patients.

"People are still reluctant to use this product even for appropriate patients that FDA has approved it," Motahari said on a conference call with analysts.

Insys has been embroiled in investigations related to Subsys, an under-the-tongue spray.

Federal prosecutors in Boston have accused seven former executives and managers at Insys, including billionaire founder John Kapoor, of participating in a scheme to bribe doctors to prescribe Subsys and to defraud insurers into paying for it.

They have pleaded not guilty. Several other former Insys employees, including sales representatives, and medical practitioners, have also faced criminal charges.

Following Kapoor's arrest in October, Insys said it expected to pay at least $150 million as part of a settlement with the U.S. Justice Department. No deal has been announced.

Motahari said he had no update on the timing of a settlement, though he was "cautiously optimistic" the company was moving in the right direction.

"We are committed to resolving our outstanding legal issues and look forward to putting those issues behind us as we are radically transforming this company," he said.

Net revenue included $30.7 million from Subsys and $800,000 from Syndros, a liquid dronabinol that Insys launched in mid-2017 to treat anorexia in people with AIDS who have lost weight, and vomiting associated with chemotherapy.

"While I'm not satisfied with our short-term results with either product, there remain opportunities to do better as we move forward," Motahari said.

He said Insys was focused on developing products in the pipeline and was also exploring licensing Subsys and Syndros to companies in Europe and South America.

=Uni-Pixel (UNXL) declares bankruptcy?

• Uni-Pixel, a touch-sensor technology maker, Friday night said it will file for Chapter 11 bankruptcy, seek to sell all its assets, and has let go all employees. 
• The company never managed to make very much if any money from its "UniBoss" sensor technology for mobile devices.
• Barron's Avi Salzman warned about the company in May of 2013.  He interviewed then-CEO Reed Killion, and other executives, when the share price was $34.48, and price targets were as high as $60.

=Energy XXI (EXXI) files for Chapter 11

Energy XXI confirms it voluntarily files for Chapter 11; to implement financial restructuring :

Co announced that it and certain of its subsidiaries have entered into a Restructuring Support Agreement with holders of more than 63% of the Company's secured second lien 11.0% notes on the material terms of a balance sheet restructuring plan that will strengthen the Company's financial position by reducing long-term debt and enhancing financial flexibility.

• In order to implement the terms of the RSA, the Company commenced cases under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
• Through the Chapter 11 restructuring, Energy XXI will eliminate more than $2.8 billion in debt from its balance sheet, substantially deleverage its capital structure and position the Company for long-term success.
• The RSA eliminates substantially all of the Company's prepetition funded indebtedness other than its first lien reserve based loan facility, resulting in a significantly deleveraged balance sheet upon the Company's emergence from the Chapter 11 bankruptcy process.

ANR — NR

The firm suffered 4 years of losses, laid off 4,000 workers, and closed all but 50 mines. Due to its "abnormally low" stock price ANR was delisted from the NYSE on July 16, 2015.

With debts of $3 billion dating from its acquisition of Massey Energy for $7.1 billion in 2011 the firm filed for Chapter 11 bankruptcy on August 3, 2015

Great long trade : Quiksilver (ZQK) +30%; reported earnings on 5 Sept 2013

• Update 9/9/15: Surfwear retailer Quiksilver Inc. put its U.S. business into bankruptcy Wednesday with a deal to hand control of the company to investment firm Oaktree Capital Management (OAK) in a $279 million debt-for-equity swap.
• Now trading at OTC  http://stockcharts.com/h-sc/ui?s=ZQKSQ&p=D&yr=0&mn=4&dy=0&id=p72193533118

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Quiksilver Inc. (ZQK) reported third quarter adjusted EPS of $0.10 after the bell Thursday, which was flat with the prior year result. The consensus estimate was for EPS of $0.04. Quiksilver gapped open sharply higher Friday and has continued to gain ground on the highest volume in 3 months. The stock has broken out to a month and a half high and has re-crossed both its 50 and 200-day moving averages.

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