/raid1/www/Hosts/bankrupt/TCR_Public/191023.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, October 23, 2019, Vol. 23, No. 295

                            Headlines

ABACO ENERGY: Moody's Withdraws B3 CFR on Fully Repaid Loans
ALLIANCE COUNSELING: US Trustee Objects to Plan & Disclosures
ALTERRA MOUNTAIN: Moody's Raises CFR to B1, Outlook Stable
AMERICAN WORKERS: Insurance Agencies Seek to Use Cash
ANTERO MIDSTREAM: Moody's Reviews Ba2 CFR for Downgrade

ANTERO RESOURCCES: Moody's Reviews Ba2 CFR for Downgrade
APG SUBS: Bid to Use Cash Collateral Has Final Approval
ARR INVESTMENTS: $1.4M Sale of Pembroke Pines Property Approved
AURORA HOME: U.S. Trustee Objects to Waiver of PCO Appointment
BANNER MATTRESS: Court Directs DOJ Watchdog to Appoint Trustee

BARKATH PROPERTIES: Gets Interim Approval to Use Cash Thru Nov. 2
BARLEY FORGE: Seeks to Use Cash Collateral Thru Dec. 31
BELK INC: S&P Rates Extended 1st-Lien Term Loan 'CCC'
BERNARD POULIN: Trustee's $1.33M Sale of Miami Condo Unit Approved
BIG DOG II: Nov. 1 Disclosure Statement Hearing Postponed

BVI MEDICAL: Moody's Affirms B3 CFR, Outlook Positive
CALAIS REGIONAL: Courts Deems PCO Not Necessary
CALPINE CORP: S&P Alters Outlook to Positive, Affirms 'B+' ICR
CAMELOT UK: Moody's Rates $1.35BB First Lien Loans 'B2'
CB VELOCITY: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable

CENOVUS ENERGY: Moody's Alters Outlook on Ba1 CFR to Positive
CHARLES RIVER: Moody's Rates Proposed $500MM Unsec. Notes Ba3
CHOICE BRANDS: To Seek Plan Confirmation on Dec. 18
CNX RESOURCES: Moody's Alters Outlook on B1 CFR to Stable
COLUMBUS OIL: Plan and Disclosure Statement Due Jan. 9

COMPASS PUBLIC CHARTER SCHOOL: S&P Affirms 'BB' Bond Rating
CONSOLIDATED LAND: Dec. 13 Auction for All Assets Set
COOPER'S HAWK: Moody's Affirms B3 CFR, Outlook Stable
COSTA CAFE: Seeks Permission to Utilize Cash Collateral
DANIEL LORINCZ: $129K Sale of 2000 SumerSet Colorado Houseboat OK'd

DHX MEDIA: Moody's Affirms B2 CFR & Alters Outlook to Stable
DONNA ARMSTEAD: $118.5K Sale of Property to Hayes Approved
DOVE REAL ESTATE: Has Interim Access to Cash Collateral Thru Nov. 7
DUNCAN MORGAN: Trustee Gets Plan Filing Extension
EAST COAST INVEST: D. Monette Appointed Chapter 11 Trustee

EAT HERE BRANDS: $3.62M Sale of All Assets to Balu Holdings OK'd
EAT HERE BRANDS: Babalu Atlanta #2's Sale of Assets to CPVR Okayed
ELLIE MAE: Fitch Affirms B+ LT IDR & Alters Outlook to Negative
EVERGREEN PALLET: Provides for U.S. Trustee Fees in Amended Budget
FC COMPASSUS: S&P Assigns 'B' ICR; Outlook Stable

FIZZICS GROUP: $81K Sale of Accounts Receivable to Balog Approved
FOURTEENTH AVENUE: Obtains Approval to Use Up to $1.37M Cash
GARDEN STATE DIAGNOSTIC: Case Summary & 5 Unsecured Creditors
GATE 3 LIQUIDATION: Sun Valley Joins in AB&J's Trustee Bid
GATE 3 LIQUIDATION: Wells Fargo Joins AB&J's Trustee Bid

GATEWAY RADIOLOGY: Seeks Cash Access to Pay for Legal Fees
GENWORTH HOLDINGS: Moody's Assigns (P)B2 Sr. Unsec. Shelf Rating
GLENVIEW HEALTH CARE: Nov. 21 Ombudsman Appointment Hearing 
GLENVIEW HEALTH CARE: Seeks Cash Access, Amendments to Cash Order
GN INVESTMENTS: DOJ Watchdog Seeks Ch. 11 Trustee Appointment 

GULFPORT ENERGY: Moody's Reviews Ba3 CFR for Downgrade
HADDINGTON FUND: Voluntary Chapter 11 Case Summary
HARRAH WHITES MEADOWS: U.S. Trustee Directed to Appoint PCO
HERITAGE HOTEL: Case Summary & 20 Largest Unsecured Creditors
HIGHWAY VENTURES: Moody's Assigns Ba3 CFR, Outlook Stable

HOUSTON GRANITE: Seeks Court OK to Use Cash Collateral Thru Nov. 2
ICON EYEWEAR: Case Summary & 20 Largest Unsecured Creditors
IFM COLONIAL 2: Fitch Affirms BB+ IDR, Outlook Stable
IRB HOLDING: Moody's Affirms B2 CFR, Outlook Stable
JACKIES COOKIE: $50K All Assets Sale to Restructuring Advisors OK'd

JANE STREET: Moody's Affirms Ba3 Issuer Rating, Outlook Stable
JB AND CO: Seeks Court Approval to Use Cash Thru Dec. 31
JOHN HOANG TRIEN: $130K Sale of El Paso Property to Callazos Okayed
JOSEPH HEATH: $391K Sale of Alexandria Property to Darling Approved
KAUMANA DRIVE: U.S. Trustee Files Motion to Appoint PCO 

KB HOME: Moody's Rates New $300MM Sr. Unsec. Notes 'Ba3'
KELLY GRAINGER: $485K Sale of Waxhaw Property to Schwiegers Okayed
LEXI DEVELOPMENT: $6.5M SAle of North Bay Village Property Approved
LION HOLDINGS: Voluntary Chapter 11 Case Summary
LIT'L PATCH: PCO Files 1st Report

LLCD, LLC: Disclosure Statement Hearing Continued to Nov. 20
LRB REALTY: Brian K. McMahon Hired as Bankruptcy Counsel
MAPLE AVENUE: Seeks to Use Cash Collateral to Continue Operations
MESEID MIKHEIL: Trustee's Sale of Clarksville Comml. Property OK'd
MGM RESORTS: Fitch Affirms BB LongTerm IDR, Outlook Stable

MIAMI METALS I: Disclosures Revised Following Oct. 7 Hearing
MICHAEL WORLEY: Trustee's $3.5M Sale of Zachary Property Approved
MMMT CORPORATION: Court Approves Appointment of PCO
NATALJA VILDZIUNIENE: Has Second Interim Approval to Use Rents
NEST EXTENDED: Seeks Interim OK to Use Cash Collateral

NETFLIX INC: Moody's Rates Proposed $2BB Unsec. Notes 'Ba3'
NN INC: Moody's Assigns B3 Rating on $875MM Sr. Sec. Debt
NUVIDORRA INC: Touts Lower Costs, Improved Income
PENNSYLVANIA ECONOMIC: Fitch Cuts Rating on $118.8MM Bonds to BB+
PLASKOLITE PPC: Moody's Lowers CFR to B3, Outlook Stable

RANGE RESOURCES: Moody's Reviews Ba2 CFR for Downgrade
RICHARD LEELAND: $800K Sale of Phoenix Property to Chavez Approved
RIDGEWOOD INN: Seeks Access to Cash Collateral
RITE AID: Moody's Lowers CFR to Caa1, Outlook Negative
RONALD CHAPMAN: $1M Sale of Beaumont Property to Dishman Approved

ROYAL EXPRESS: Nov. 7 Hearing on Amended Disclosure Statement
SANTA FE IMPORTS: Use of Cash Collateral Thru Dec. 2 Approved
SENIOR CARE CENTERS: May Assume Unexpired Real Property Leases
SMWS GROUP: G. Rosen Accepts Chapter 11 Trustee Appointment
SUNSHINE COACH: Case Summary & 7 Unsecured Creditors

TAG MOBILE: LainFaulkner Approved as Ch.11 Trustee's Accountants
TENCENT MUSIC: Gordon Hits Share Price Drop
TMX FINANCE: Moody's Raises CFR to B3, Outlook Stable
TOP CAT: Obtains Final Approval to Use Cash Collateral
TRANSMONTAIGNE PARTNERS: Fitch Affirms BB LT IDR, Outlook Stable

TSC DORSEY: DOJ Watchdog Appoints M. Cohen as Chapter 11 Trustee
U.S. STEEL CORP: S&P Rates New $300MM Sr. Unsec. Convertible Notes
UNIT CORP: Moody's Lowers Corp. Family Rating to B3
UNITED NATURAL FOODS: S&P Cuts ICR to 'B; Outlook Negative
UNITED RENTALS: Moody's Rates New 2nd Lien Sec. Notes Due 2027 Ba1

URBAN PHILANTHROPIES: Case Summary & 10 Unsecured Creditors
UTEX INDUSTRIES: S&P Lowers ICR to 'CCC' on Liquidity Concerns
VINSICK FOODS: Seeks to Use of Cash Collateral to Fund Operations
VYAIRE MEDICAL: S&P Affirms 'CCC+' ICR; Outlook Negative
WESCO AIRCRAFT: Moody's Assigns B3 CFR, Outlook Stable

WILLIAMS COMMUNICATIONS: Seeks Use of at Least $48,500 Cash Monthly
WILLIAMSON MEMORIAL: Case Summary & 20 Largest Unsecured Creditors
WORK & SON: $1.3M Sale of Improved Bradenton Real Property Approved
WSLD LLC: Seeks Leave to Use Cash Collateral
WYNDHAM DESTINATIONS: Fitch Affirms BB- LT IDR, Outlook Stable

YI GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR

                            *********

ABACO ENERGY: Moody's Withdraws B3 CFR on Fully Repaid Loans
------------------------------------------------------------
Moody's Investors Service withdrew all of Abaco Energy Technologies
LLC's ratings, including its B3 Corporate Family Rating, Caa1-PD
Probability of Default Rating, and B3 senior secured first lien
debt ratings.

Outlook Actions:

Issuer: Abaco Energy Technologies LLC

Outlook, Changed To Rating Withdrawn From Negative

Withdrawals:

Issuer: Abaco Energy Technologies LLC

Corporate Family Rating, Withdrawn , previously rated B3

Probability of Default Rating, Withdrawn , previously rated
Caa1-PD

Senior Secured Revolving Credit Facility, Withdrawn , previously
rated B3 (LGD3)

Senior Secured Term Loan, Withdrawn , previously rated B3 (LGD3)

RATINGS RATIONALE

Moody's withdrew the ratings because Abaco has fully repaid, and
terminated lender commitments of, its senior secured revolver due
2019 and senior secured term loan due 2020.


ALLIANCE COUNSELING: US Trustee Objects to Plan & Disclosures
-------------------------------------------------------------
Paul A. Randolph, the United States Trustee (UST) for Region 8,
filed an objection to Alliance Counseling Associates LLC's Plan and
Disclosure Statement.

The Debtor filed its Disclosure Statement along with a Plan of
Reorganization, which was conditionally approved for hearing on
Oct. 17, 2019, with a deadline for written objections on Oct. 10.

However, U.S. Trustee asserts that the Disclosure Statement does
not provide creditors adequate information, as follows:

   a) The Debtor failed to provide any estimate of its future
income or a Pro-forma projection. The Debtor has not provided any
information or projection for the Debtor and what it believes will
be its future income from which it can make its future payments.

   b) The Debtor has failed to provide any description in either
the Plan or Disclosure Statement on what it believes are the estate
assets available or what their value is or what if anything would
be received by the secured or unsecured creditors upon liquidation.
This inadequacy appears to lead to some of the issues noted below.

  c) The Debtor does not provide an estimate in the Plan for how
the administrative claims (estimated at $25,000) will be paid, only
that it will be paid in full upon confirmation.

As to the Plan, the U.S. Trustee says the proposed Plan should not
be confirmed due to:

  i) The Plan is not feasible under 11 U.S.C. Section 1129(a) (11).
The plan proponent cannot show concrete evidence of sufficient
cash flow to fund and maintain both its operations and obligations
under the plan.

ii) The proposed plan has not been shown to be in the best
interest of creditors. The Plan and/or Disclosure Statement does
not show creditors how it is in their best interest.  

iii) The Plan was not proposed in good faith and the math does not
appear to work. From the total plan payments of $72,000 ($60,000
monthly payments and $12,000 onetime infusion) the Debtor proposes
to pay its administrative claims, secured claims, and unsecured
claims.

                  About Alliance Counseling

Alliance Counseling Associates, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No.
19-10207) on March 7, 2019.  At the time of the filing, the Debtor
estimated assets of less than $50,000 and liabilities of less than
$500,000.  The case is assigned to Judge Joan A. Lloyd.  The Debtor
hired Mark H. Flener, Esq., as its legal counsel.


ALTERRA MOUNTAIN: Moody's Raises CFR to B1, Outlook Stable
----------------------------------------------------------
Moody's Investors Service upgraded Alterra Mountain Company's
Corporate Family Rating to B1 from B2, its Probability of Default
Rating to B1-PD from B2-PD, and the rating on its existing first
lien term loan and first lien revolving credit facilities to B1
from B2. The outlook is stable.

"The upgrade of Alterra's ratings reflects our expectation that
strong capital investments and the ongoing penetration of the IKON
pass will lead to earnings growth and continued gradual improvement
in credit metrics over the next 12-18 months," said Oliver
Alcantara, Moody's lead analyst for the company. "Alterra is
expected to grow its topline in the mid-single digits organically,
which will support good positive free cash flow and very good
liquidity. Also, Alterra is expected to continue executing its
acquisition strategy prudently with minimal disruption both
operationally and financially."

Upgrades:

Issuer: Alterra Mountain Company

Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Senior Secured First Lien Term Loan, Upgraded to B1 (LGD4) from B2
(LGD3)

Senior Secured First Lien Revolving Credit Facility, Upgraded to B1
(LGD4) from B2 (LGD3)

Outlook Actions:

Issuer: Alterra Mountain Company

Outlook, Remains Stable

RATINGS RATIONALE

Alterra's B1 CFR reflects the high degree of seasonality inherent
of a ski resorts operator, the potential for volatility of revenue
and earnings given its exposure to varying weather conditions and
consumer discretionary spending, its relatively aggressive
acquisition appetite and relatively short track record as a
consolidated company having only been created in July 2017. The
ratings also reflect Alterra's elevated though improving leverage
with debt/EBITDA of approximately 5.1x for the twelve months period
ending April 30, 2019 -- pro forma for recent acquisitions -- and
its majority ownership by the private equity sponsor KSL, which
leads to aggressive financial strategies over time.

Moody's projects debt-to-EBITDA leverage will decline to 4.7x in
the fiscal year ended July 2020 through earnings growth. Moody's
expects Alterra will continue to be acquisitive to build its
portfolio of ski resorts but execute the strategy and reinvestment
plans in a manner that maintains debt-to-EBITDA leverage below 5x.
Moody's expects the Henry Crown & Company to have a long-term
ownership orientation and more conservative financial views, and as
minority owners to have influence in operational and financial
decisions which provide a partial mitigant to the majority
ownership by KSL. Environmental considerations in addition to
exposure to adverse weather include the need to access large
quantities of water, which may be challenging following periods of
severe drought, and the vast amounts of forest land the company is
responsible to properly operate and protect.

However, Alterra's ratings also incorporate its position as one of
the largest operators in the North American ski industry, its good
geographic diversification, and the stable long-term fundamentals
in the North American snowsports industry characterized by high
barriers to entry and favorable long-term demand dynamics. Also,
the ratings reflect the robust sales growth of the IKON pass, which
helps mitigate exposure to weather and provides enhanced data on
consumers that can be used to deliver more differentiated services
and marketing. Investments to safeguard the growing amount of data
on consumers are necessary but manageable. The strong level of
capital reinvestment should also contribute to revenue growth, and
the company's very good liquidity provides flexibility to manage
the seasonal and cyclical operating volatility. Liquidity is
anchored by continued positive free cash flow generation and access
to an undrawn $450 million revolving credit facility.

The stable outlook reflects Moody's expectation that visitation
will grow, assuming normalized snow conditions, and that the
company will grow its topline in the mid-single digit range
organically while gradually improving its profit margin and credit
metrics over the next 12-18 months. The stable outlook also
reflects Moody's assumption that consumer discretionary spending
will not materially weaken and that the company will maintain a
disciplined approach to acquisitions such that credit metrics do
not materially deteriorate from current levels.

The ratings could be upgraded if the company increases its scale
and geographic diversification while debt/EBITDA is sustained below
4.0x, and retained cash flow/net debt exceeds 17.5%, and at least
good liquidity. In addition, a ratings upgrade will require
financial strategies that support credit metrics at the above
levels. Ratings could be downgraded should the company experience
prolonged weakness in its top line or earnings such that
debt/EBITDA is sustained above 5.0x, or retained cash flow/net debt
falls below 10.0%. Additionally, ratings could also be downgraded
if liquidity weakens or the company's financial strategies become
more aggressive, including undertaking a large debt-financed
acquisition or dividend distribution.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Denver, Colorado, Alterra Mountain Company is
owned and controlled by an investor group comprised of private
equity firm KSL Capital Partners and a minority position held by
family office/investment firm Henry Crown & Company. Through its
subsidiaries, Alterra is one of North America's premier mountain
resort and adventure companies, operating 14 destinations in the US
and Canada, including Mammoth and June Mountains, Big Bear Mountain
Resort, and Squaw Valley Alpine Meadows in California, Steamboat
and Winter Park in Colorado, Stratton in Vermont, Snowshoe in West
Virginia, Tremblant in Quebec, Deer Valley and Solitude in Utah,
Crystal Mountain in Washington, and Blue Mountain in Ontario. The
company also owns Canadian Mountain Holidays, a heli-skiing
operator and aviation business. Alterra is private and does not
publicly disclose its financials. During the twelve months ended
April 30, 2019, the company generated pro forma revenue in excess
of $1.0 billion.


AMERICAN WORKERS: Insurance Agencies Seek to Use Cash
-----------------------------------------------------
American Workers Insurance Services, Inc., and debtor affiliate,
Association Health Case Management, Inc., seek entry of interim and
final orders to use cash collateral in order to pay operating
expenses and other costs associated with their Chapter 11 cases.

AWIS and AHCM are affiliated entities that together market and sell
insurance products for Insurance Carriers (Vendors) and collect
premiums from customers and pass those premiums along to these
Insurance Carriers.  The Debtors also provide various services,
including training and support services to state licensed insurance
carriers, insurance agents, agencies, groups of agencies, field
marketing organizations, and others who actually market and sell
the Products to customers (the Producers).

Debtor AWIS has an Association Membership Agreement with the
National Association of Preferred Providers to market Products to
NAPP's members.  Debtor AHCM acts as the third-party administrator
for Debtor AWIS and NAPP, collecting premiums and other amounts due
for the Products from the Members and remits them to the parties to
whom they are owed—including the Vendors with respect to premiums
and the Producers with respect to commissions earned.  

Debtor AWIS arranged to provide advances on Commissions through
Insurety Capital LLC.  Insurety arbitrarily stopped making advances
and purchasing future commissions under the Agreements leaving the
Debtors in a cash flow crisis.  The Debtors were forced to spend
some of the Commissions purchased by Insurety (or some of
Insurety's collateral) in order for the business to survive.  

This crisis led to litigation in the 215th District Court of Harris
County, and to the filing of these Chapter 11 cases.  

The Debtors now seek Court approval to use cash collateral pursuant
to the budget.  

As to adequate protection, the Debtor says that Insurety is
adequately protected by virtue of the total Future Commissions
stream that will be paid into the Debtors on account of Purchased
Commissions, which the Debtors believe will be $75 million.
Insurety is owed approximately $22 million. Accordingly, the assets
available for payment of Insurety's claim far exceed the money it
has loaned.

The Debtors requests that the Court grant Insurety Capital LLC a
valid, perfected, and enforceable new liens and security interests
on its other assets to the extent of any diminution in value of the
Potential Cash Collateral and the Cash Collateral caused by the
Debtors' use of it.  

J. Robert Forshey, Esq., the Debtors' counsel at Forshey & Prostok
LLP, says that the Agreements do not clearly provide for a series
of sale transactions.  Rather, they look more like a series of
secured loans, since all of the risk of non-payment or default
rests with the Debtors.  As part of their final relief, the Debtors
seek to recharacterize Insurety's purchases as a secured loan.  

A copy of the Motion is available for free at:
http://bankrupt.com/misc/American_Workers_5_Cash_MO.pdf

              About American Workers Insurance Services
                and Association Health Care Management

American Workers Insurance Services, Inc., is a health insurance
agency in Rockwall, Texas.
Association Health Care Management, Inc., doing business as Family
Care, provides health care services.  AHCM offers assistance,
nursing, patient care, rehabilitation, and dental services.  

AWIS and AHCM sought Chapter 11 protection (Bankr. N.D. Tex. Case
No. 19-44208 and 19-44209) on Oct, 14, 2019 in Fort Worth, Texas.
The petitions were signed by Harold Lyndon Brock, Jr., president of
American Workers Insurance, and Landon Jordan, chief executive
officer of Association Health Care.
    
On the Petition Date, AWIS was estimated to have $50 million to
$100 million in assets, and $10 million to $50 million in
liabilities; AHCM was estimated to have between $50 million and
$100 million in assets, and between $10 million and $50 million in
liabilities.

The Hon. Mark X. Mullin is the case judge for Debtor AWIS' case,
and Hon. Edward L. Morris for Debtor AHCM's case.  FORSHEY &
PROSTOK, LLP, serves as counsel to both Debtors.



ANTERO MIDSTREAM: Moody's Reviews Ba2 CFR for Downgrade
-------------------------------------------------------
Moody's Investors Service placed all ratings of Antero Midstream
Partners LP on review for downgrade, including AM's Ba2 Corporate
Family Rating, Ba2-PD Probability of Default Rating and Ba3 senior
unsecured notes. The SGL-3 Speculative Grade Liquidity rating
remained unchanged.

"These actions are linked to our rating action on Antero Resources
Corporation (Antero), which was also placed under review for
downgrade on October 21, 2019," said Sajjad Alam, Moody's Senior
Analyst. "AM's counterparty risk has risen sharply due to a
deterioration in its primary customer's credit profile which is
facing significant serial debt maturities and weak commodity
prices."

Issuer: Antero Midstream Partners LP

Ratings under review for downgrade:

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba2-PD

Senior Unsecured Notes, Placed on Review for Downgrade, currently
Ba3 (LGD5)

Ratings Unchanged:

Speculative Grade Liquidity Rating, Unchanged SGL-3

Outlook Actions:

Outlook, Changed to Ratings Under Review from Positive

RATINGS RATIONALE

Antero needs to refinance $2.85 billion of debt maturities though
2023 in a restrictive capital market environment. Low natural gas
and NGLs prices have restrained Antero's ability to hedge,
accelerate growth, and delever the balance sheet. In light of these
challenges, Moody's believes Antero will continue to look for
opportunities to shed operating, midstream and capital costs.
Antero's recent decision to slow down production growth and
minimize fresh water costs had a negative impact on AM's near term
growth and earnings.

The review will focus on AM's standalone credit metrics as well as
developments in Antero's ratings. Given the strong operational and
strategic ties between AM and Antero, AM is unlikely to be rated
above Antero. While AM's standalone credit metrics, including
leverage and distribution coverage appear reasonable for the Ba2
CFR rating level, given AM's overriding reliance on Antero for
revenue generation, any downgrade to Antero's CFR will result in a
proportional adjustment to AM's CFR.

AM's CFR could be downgraded if Antero's CFR is downgraded, AM's
leverage approaches 4x, or AM's distribution coverage falls below
1x. An upgrade of AM's CFR will depend on Antero's CFR moving to a
higher rating level. Moody's will also look for the AM to maintain
its debt to EBITDA ratio below 3x and its distribution coverage
above 1.1x before considering an upgrade.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Antero Midstream Partners LP is a wholly owned subsidiary of Antero
Midstream Corporation, which is a Denver, Colorado based public
company having gathering, compression, processing, fractionation,
and water handling and treatment assets in northwest West Virginia
and southern Ohio.


ANTERO RESOURCCES: Moody's Reviews Ba2 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service placed all ratings of Antero Resources
Corporation on review for downgrade, including its Ba2 Corporate
Family Rating, Ba2-PD Probability of Default Rating , Ba3 senior
unsecured notes, as well as Antero Resources Finance Corporation's
senior unsecured notes. The Speculative Grade Liquidity Rating was
downgraded to SGL-3 from SGL-2.

"These actions were prompted by Antero's increased refinancing risk
and reduced cash flow generation prospects through 2020 as a result
of the general weakness in natural gas and NGLs prices," said
Sajjad Alam, Moody's Senior Analyst. "We believe Antero's
refinancing efforts will face challenges given the weak
fundamentals of the US natural gas industry and the lack of
investor participation in the speculative grade E&P space since
late-2018."

Outlook Actions:

Issuer: Antero Resources Corporation

Outlook, Changed to Ratings Under Review from Positive

Issuer: Antero Resources Finance Corporation

Outlook, Changed to Ratings Under Review from Positive

Ratings Downgraded:

Issuer: Antero Resources Corporation

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2

Ratings under review for downgrade:

Issuer: Antero Resources Corporation

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba2

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba2-PD

Senior Unsecured Notes, Placed on Review for Downgrade, currently
Ba3 (LGD4)

Issuer: Antero Resources Finance Corporation

Senior Unsecured Notes, Placed on Review for Downgrade, currently
Ba3 (LGD4)

RATINGS RATIONALE

The rating review will focus on Antero's plans and ability to
refinance its 2021 and 2022 notes in a timely manner; further
reduce operating and capital costs, including midstream costs; sell
assets; and reduce debt. The review will also consider Antero's
credit metrics more broadly and under stressed price scenarios
given the increased likelihood that low energy prices and tight
capital market conditions could prevail for an extended period of
time. The review may result in a multi-notch downgrade of Antero's
ratings.

Antero's growth has been slowing and the company's 2019 cash flow
performance has lagged Moody's expectations as a result of lower
commodity prices. Low natural gas and NGL prices have restrained
Antero's ability to hedge, accelerate growth and delever the
balance sheet. While the company has undertaken a series of cost
cutting measures, the loss in revenues due to lower NGLs prices has
been a key drag on performance. Additionally, the company will
likely have to pay over $200 million for unutilized firm
transportation commitments in 2020, which management is trying to
minimize by boosting production.

Antero has adequate liquidity, which is reflected in the SGL-3
rating. Moody's expects breakeven to slightly negative free cash
flow through 2020 with minimal incremental draws on the revolving
credit facility. At June 30, 2019, Antero had $175 million of
borrowings and $701 million in outstanding letters of credits
leaving $1.62 billion of availability under its $2.5 billion
committed revolving credit facility. The revolver has a $4.5
billion borrowing base which in redetermined annually, and Moody's
does not anticipate any material reduction to the borrowing base
next April. Antero's revolver will mature the earlier of: (i)
October 26, 2022, and (ii) the date that is 91 days to the earliest
stated redemption of any series of Antero's senior notes, unless
such series of notes is refinanced. Consequently, Antero will need
to push out the 2021 and 2022 note maturities to be able to extend
the revolver maturity beyond 2022. The credit agreement requires
that Antero maintain a minimum current ratio of 1x and a minimum
interest coverage ratio of 2.5x, parameters that can be met
comfortably. Given its sizeable land position in Appalachia and 31%
equity interest in the publicly traded Antero Midstream Partners
LP, Antero has the ability to raise alternate liquidity, if
needed.

Antero's ratings will likely be downgraded if the company is unable
to substantially reduce its refinancing risks, generates
significant negative free cash flow or fails to maintain the ratio
of retained cash flow to debt above 20%. A positive rating action
is unlikely over the near term and would be contingent on Antero's
ability to produce free cash flow on a consistent basis, eliminate
refinancing risk and reduce leverage leading to a sustainable
retained cash flow to debt ratio above 35%.

Antero Resources Corporation is a leading natural gas and natural
gas liquids producer in the Marcellus and Utica Shales in West
Virginia, Ohio and Pennsylvania.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


APG SUBS: Bid to Use Cash Collateral Has Final Approval
-------------------------------------------------------
Judge David E. Rice of the U.S. Bankruptcy Court for the District
of Maryland authorized the Debtors to use cash collateral, on a
final basis, based on a budget until the earlier of (i) Jan. 31,
2020, or (ii) the date the Lender serves a notice of default.

The Court Order was pursuant to an agreement reached between APG
Subs and debtor affiliates with Xenith Bank.

The Agreed Order provided that:

   (a) The Lender is granted an allowed secured claim of $205,000,
payable over five years, at 6.5% rate of interest, as part of any
plan of reorganization;

   (b) The Lender agrees to vote its Secured Claim for the
acceptance of any plan of reorganization incorporating the Secured
Claim treatment, subject to further deduction by the Shore Foods
Collateral.  The Lender reserves its right to vote its Unsecured
Claim to either accept or reject any reorganization plan or to
object to any plan that fails to satisfy the requirements for
confirmation as to its Unsecured Claim;

   (c) The Lender will be deemed to have an allowed unsecured claim
in the amount of the Debt minus the Secured Claim and minus the net
proceeds from the Foreclosure Sale, or approximately $195,000;

   (d) As adequate protection for the use of cash collateral, the
Debtors will make monthly payments to the Lender of $4,011.06 on or
before (i) Oct. 1, 2019; (ii) Nov. 1, 2019; (iii) Dec. 1, 2019 and
(iv) Jan. 2, 2020, subject to the conditional adjustment;

   (e) Any garnishments, charging orders or other collection
actions served by the Lenders as to any non-Debtors' accounts,
property, or wages is in no way affected by the terms of the Final
Order;

   (f) As additional adequate protection, the Lender is granted:

       * a replacement lien in the Debtors' postpetition cash
collateral and assets to the extent the Debtors' use of the cash
collateral results in a diminution in the value of the Lender's
position;

       * a super-priority claim to the extent of the diminution of
the Lender's interest in the cash collateral resulting from said
use.

   (g) The Lender is granted relief from the automatic stay solely
as to Debtor Shore Foods, Inc., to allow the Lender to recover and
liquidate its collateral with Shore Foods and to apply the net
proceeds from the Shore Foods liquidation to the Secured Claim,
after which the monthly payments will be adjusted accordingly.

A further hearing on the matter will be held on Jan. 27, 2020 at 2
p.m.  

                       About APG Subs Inc.

APG Subs, Inc., based in Edgewood, MD, and its affiliates sought
Chapter 11 protection (Bankr. M.D. Lead Case No. 19-18315) on June
19, 2019.  In the petition signed by Raymond Burrows, III,
president, the Debtor APG Subs. disclosed total assets of $28,177,
and estimated total liabilities of $1,268,112 in both assets and
liabilities.  The Hon. David E. Rice oversees the case.  Marc R.
Kivitz, Esq., at the Law Office of Marc R. Kivitz, serves as
bankruptcy counsel to the Debtors.


ARR INVESTMENTS: $1.4M Sale of Pembroke Pines Property Approved
---------------------------------------------------------------
Judge Cynthia C. Jackson of the U.S. Bankruptcy Court for the
Middle District of Florida authorized ARR Investments, Inc.'s sale
of the real property located at real property located at 1595 NW
89th Terrace, Pembroke Pines, Florida to BAA, LLC for $1,412,743.

A hearing on the Motion was held on Sept. 12, 2019.

The sale is free and clear of all liens, claims, and encumbrances.

At the closing of the sale of the Pembroke Pines Property, Pembroke
Finance will pay the Debtor the sum of $40,000.  Upon receipt of
the $40,000 from Pembroke Finance, the Debtor is directed to pay
$40,000 to the Internal Revenue Service in satisfaction of any tax
lien claim on the Pembroke Pines Property.

Notwithstanding approval of the sale free and clear of all liens,
claims, and encumbrances, Pembroke Finance will be responsible for
paying outstanding real property taxes owed to Broward County
related to the Pembroke Pines Property in the estimated amount of
$79,196.

Within 10 days of the closing on the sale of the Pembroke Pines
Property, the Debtors will file a statement confirming payment of
the $40,000 to the Internal Revenue Service and setting forth the
amount of the exact amount of the real estate taxes owed as of the
closing date (to be paid by Pembroke Finance) and list any other
payments made at closing.

Notwithstanding Rule 6004(h) of the Federal Rules of Bankruptcy
Procedure, the Order will not be stayed for 14 days and the Debtors
and the Buyer may close upon entry of the Order.

                     About ARR Investments

ARR Investments, Inc., and its subsidiaries --
http://www.arr-learningcenters.com/-- offer learning centers for  
infants, toddlers, preschoolers and Voluntary Pre-Kindergarten in
Orlando, Florida.  The Learning Centers provide computer labs;
dance, yoga, music classes; aerobics; foreign language instruction;
before/after school transportation; certified lifeguard and safety
instructor for swim lessons and play; and mini-camp breaks and
summer camp.
  
ARR Investments and three of its subsidiaries filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. M.D. Fla. Lead Case No. 19-01494) on March 8, 2019.  The
petitions were signed by Alejandrino Rodriguez, president.  At the
time of filing, the Debtors estimated under $10 million in both
assets and liabilities.  Jimmy D. Parrish, Esq., at Baker &
Hostetler LLP, serves as the Debtors' counsel.


AURORA HOME: U.S. Trustee Objects to Waiver of PCO Appointment
--------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, objects
to the Motion Seeking Entry of Order Waiving Appointment of a
Patient Care Ombudsman for Aurora Home Care, Inc.

The Debtor continues to operate its business and manage its
property as a debtor in possession pursuant to Bankruptcy Code and
the United States Trustee has not appointed an official committee
of unsecured creditors in this case. It is a corporation owned by
Michael Reda and provides private duty nursing to approximately 52
patients in the Western New York area.

The Debtor's website states its services are ordered by a physician
for medically fragile patients who require monitoring, medication
administration or treatments but are otherwise able to live at
home.  Accordingly, the Debtor's Motion requests that the Court
enter an Order pursuant to Bankruptcy Code and waiving the
appointment of a patient care ombudsman, based upon the specific
facts of this case.  In its first Chapter 11 bankruptcy case, the
Debtor moved for an order waiving the appointment of a patient care
ombudsman and following an hearing held by this Court on April 8,
2010, the Court entered an Interim Order finding that immediate
appointment of an ombudsman is not necessary but granting continued
leave to the Office of the United States Trustee to seek
appointment of a patient care ombudsman at any time on forty-eight
hours' notice to the Debtor.

Therefore, the Office of the United States Trustee submits that the
Debtor has failed to meet its burden to override the Bankruptcy
Code's requirement that the Court appoint an ombudsman in this
case. Section 333 plainly requires the appointment of an ombudsman,
unless a court finds that an ombudsman is unnecessary to protect
patients under the specific facts of a case: If the debtor in a
case under chapter 7, 9 or 11 is a health care business, the court
shall order, not later than 30 days after the commencement of the
case, the appointment of an ombudsman to monitor the quality of
patient care and to represent the interests of the patients of the
health care business unless the court finds that the appointment of
such ombudsman is not necessary for the protection of patients
under the specific facts of the case.  The United States Trustee
further asserts that the Debtor has failed to satisfy its burden of
demonstrating that the appointment of a patient care ombudsman is
not necessary to protect its patients, and requests that this Court
issue an order denying the Debtor's motion. 
             
           About Aurora Home Care, Inc.

Aurora Home Care, Inc. is a licensed home care services agency
specializing in the provision of excellent private duty nursing
services.

Aurora Home Care, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 12-11450) on May 8, 2012,
listing under $1 million in both assets and liabilities. Daniel F.
Brown, Esq. at Andreozzi, Bluestein, Fickess, Muhlbauer Weber,
Brown, LLP, represents the Debtor as counsel.


BANNER MATTRESS: Court Directs DOJ Watchdog to Appoint Trustee
--------------------------------------------------------------
The Official Committee of Creditors Holding Unsecured Claims and
Banner Mattress, Inc., have executed a Stipulation to Appoint a
Chapter 11 Trustee for Banner Mattress, Inc.

The Court, having reviewed the Stipulation, finds good cause to
enter the following order without a hearing and that in order to
preserve the ability to maximize the value of Debtor’s estate by
selling assets as a going concern or by conducting an orderly
wind-down.

Therefore, the Stipulation is approved and the appointment of a
Chapter 11 Trustee over the bankruptcy estate of the Debtor is
approved.  Further, the United States Trustee is directed to name
immediately a Chapter 11 Trustee.

               About Banner Mattress

Banner Mattress -- https://bannermattressonline.com/ -- is a family
owned and operated California mattress manufacturer and retailer.
The Company designs, manufactures, and delivers mattresses directly
to consumers. Every Banner mattress is designed and built fora
specific sleep comfort need. Banner Mattress sources most of its
raw materials from local Southern California manufacturers and
suppliers. The Company was founded in 1912 and has more than 15
retail locations.

Banner Mattress, Inc., based in Colton, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-13381) on April 22,2019. In
the petition signed by CEO Eugene Scorziell, the Debtor estimated
$1 million to $10 million in both assets and liabilities.

The Hon. Scott C. Clarkson oversees the case.

Weintrub & Selth, APC, serves as bankruptcy counsel to the Debtor.

On May 16, 2019, the Office of the U.S. Trustee appointed the
Official Committee of Unsecured Creditors of Banner
Mattress.  The Committee retained Buchalter, a Professional
Corporation, as counsel.


BARKATH PROPERTIES: Gets Interim Approval to Use Cash Thru Nov. 2
-----------------------------------------------------------------
Judge A. Benjamin Goldgar authorized Barkath Properties LLC to use
cash collateral of Byline Bank on an interim basis in order to pay
necessary and ordinary operating expenses pursuant to the budget,
through the earliest of (i) Nov. 2, 2019; (ii) the appointment of a
trustee; (iii) the conversion of the Debtor's Chapter 11 case to a
case under Chapter 7; (iv) the dismissal of the Debtor's Chapter 11
case; or (v) a Court determination of a material breach of this
Interim Order.

As adequate protection, Byline Bank is granted valid, binding,
enforceable and perfected lines on any of the Debtor's collateral
to the same extent, validity and priority held by Byline before the
Petition Date and to the extent of any post-petition diminution of
the collateral.  The Debtor will also pay Byline Bank $10,000 on
Oct. 15, 2019 to be applied to the principal, as additional
adequate protection.

The authority to use cash collateral will automatically expire
unless further extended by a Court order.

A copy of the Interim Order is available for free at:
http://bankrupt.com/misc/Barkath_Properties_19_Cash_2ndIntORD.pdf

                   About Barkath Properties

Barkath Properties is a privately held company engaged in
activities related to real estate. The Company owns in fee simple a
shopping mall unit in Libertyville, Illinois valued at $1.80
million and a commercial building in Waukegan, Illinois valued at
$150,000.

Barkath Properties sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 19-23544) on Aug. 21, 2019.  As of the Petition Date,
Debtor recorded $2,097,271 in total assets and $5,177,277 in total
liabilities.  The LAW OFFICE OF O. ALLAN FRIDMAN is serving as the
Debtor's counsel.


BARLEY FORGE: Seeks to Use Cash Collateral Thru Dec. 31
-------------------------------------------------------
Barley Forge Brewing Company, LLC, asks the Court to authorize use
of cash collateral through Dec. 31, 2019, pursuant to a budget, for
continued operation of its business.

The budget provides for $103,400 in total cost of goods sold and
$54,716.55 in total operating expenses for the month of Nov. 2019.
A copy of the Budget is available for free as Exhibit A at:
http://bankrupt.com/misc/Barley_Forge_5_Cash_MO.pdf

The Debtor proposes that Secured Creditors will receive replacement
liens in the post-petition cash and accounts receivables and the
proceeds thereof to the extent of cash collateral actually used by
the Debtor.

              About Barley Forge Brewing Company

Barley Forge Brewing Company, LLC is a privately held company in
the beverage manufacturing business.  It filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-13920) on Oct. 6, 2019 in
Santa Ana, California.  

On the date of filing, the Debtor has assets of between $500,000
and $1 million, and liabilities of between $1 million and $10
million.  The petition was signed by Joshua Teeple, chief
restructuring officer.  Judge Theodor Albert oversees the case.
ARENT FOX, LLP, is the Debtor's counsel.


BELK INC: S&P Rates Extended 1st-Lien Term Loan 'CCC'
-----------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue-level and '3' recovery
rating to Belk Inc.'s extended first-lien term loan due July 2025.

The rating action follows the N.C.-based department store
operator's announcement about the launch of an amendment to its
first-lien term loan, pushing out its maturity by about two years.
While the extended maturity improves Belk's capital structure, S&P
believes the likelihood of a distressed debt-exchange persists.

meanwhile, S&P affirmed the 'CCC' issuer credit rating on Belk and
its issue-level rating of 'CCC' and recovery rating of '3' on the
company's remaining first-lien stub debt that will not be
extended.

The affirmation reflects S&P's view that Belk remains likely to
engage in a debt exchange that the rating agency views as
distressed over the next 12 months.

The maturity extension of the company's first-lien term loan to
July 2025 follows the extensions of its asset-based lending (ABL)
revolver and second-lien term loan earlier this year to August 2024
and June 2025, respectively. S&P views the extension favorably, but
Belk remains likely to engage in a debt exchange such as a below
par open-market repurchase over the next 12 months, as it looks to
address the remaining first-lien debt that has not been extended
and the market price of the debt remains meaningfully below par.
The rating agency continues to view Belk's capital structure as
unsustainable in the long term.

S&P views the amendment and extension of its term loan as a fair
exchange between Belk and its lenders. In exchange for the extended
maturity, lenders will receive an upfront fee of 50 basis points
(bps), higher interest payments of about 200 bps, increased
amortization payments, and improved lender protection measures. S&P
views these concessions as a generally fair exchange relative to
the promise of the original securities. Therefore, the rating
agency does not consider the amendment and exchange offer as
tantamount to default. S&P anticipates a majority of lenders to opt
into the offer, and expect a stub piece of 5%-15% of the
outstanding term loan to remain.

The negative outlook reflects S&P's view that the company could
pursue a debt exchange that the rating agency would view as
distressed over the next 12 months. It also believes unfavorable
industry and macroeconomic trends affecting department store
operators, such as tariffs and a potential recession, could put
more pressure on Belk's cash flow and liquidity.

"We could lower the rating if we believe a default or de facto
restructuring becomes increasingly likely within six months. This
could include open market repurchases of debt below par," S&P
said.

"Although unlikely, we could raise our ratings if it strengthens
its performance and we believe its standing in the credit markets
is improving. We would also need to believe the prospects for
future below-par repurchases of debt are unlikely and the company
would refinance its maturing debt at par, including the remaining
stub first-lien debt," the rating agency said.


BERNARD POULIN: Trustee's $1.33M Sale of Miami Condo Unit Approved
------------------------------------------------------------------
Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the
Southern District of Florida authorized Raymond Chabot, Inc., the
duly appointed trustee for the estate of Bernard Poulin, to sell
the condominium unit located at 4779 Collins Avenue, Unit 3302,
Miami Beach, Florida to JJS RH Holdings, LLC and/or assigns for
$1.325 million, pursuant to their "As Is" Residential Contract for
Sale and Purchase, and addendum thereto.

The Sale Hearing was held on Oct. 2, 2019 at 10:30 a.m.

The parties are authorized to enter into non-material amendments or
modifications to the Contract without further order of the Court.

The Purchase Price will be paid in cash as follows: (i) the
Purchaser has paid an initial deposit of $132,500 toward the
Purchase Price, which sum has been paid to the Escrow Agent
identified in the Contract; and (ii) the remaining $1,192,500 will
be paid at closing.   

The sale is free and clear of any and all liens, claims, interests
and encumbrances in existence as of the date of closing.

At Closing, the Trustee is authorized to pay the following from the
proceeds of the sale:

     (a) usual and customary closings costs borne by the seller in
transactions of this type;  

     (b) real estate and personal property taxes, if any, prorated
between the Purchaser and the Trustee, as seller and in its
capacity as trustee in bankruptcy of the Debtor, through the date
of closing;

     (c)  the amount necessary to satisfy the obligations due to
Velocity Commercial Capital, LLC, and secured by the Velocity
Mortgage; and

     (d)  a commission to the brokers in the amount of $39,750 each
to Coldwell Banker Residential Real Estate and Dezer Platinum
Realty, the brokers in connection with the sale.

The secured claim asserted by Alternative Capital Group, Inc.
("ACG") is subject to a pending objection filed by the Trustee in
the Canadian Proceeding and is, therefore, subject to bona fide
dispute.  Following the making of the payments authorized, the
Trustee is authorized and directed to retain the remaining proceeds
of the sale in escrow as follows:  

     (a) first, the Trustee will retain an amount equal to 15% of
the gross proceeds of the sale in an interest-bearing account.  Any
liens, claims, interests and encumbrances of ACG on account of its
disputed secured claim and any liens, claims, interests and
encumbrances of the Internal Revenue Service on account of any tax
or withholding that may be due pursuant to the Foreign Investment
in Real Property Tax Act of 1980 ("FIRPTA") will attach exclusively
to the FIRPTA Reserve, with the same validity, priority and extent
as such liens,  claims, interests and encumbrances, if any, had
with respect to the Property prior to the sale; and

     (b) second, the Trustee will retain the remaining net proceeds
of the sale in an interest-bearing account.  Any liens, claims,
interests and encumbrances of ACG on account of its disputed
secured claim will attach to the Disputed Claims Reserve with the
same
validity, priority and extent as such liens, claims, interests and
encumbrances, if any, had with respect to the Property prior to the
sale.

The Canadian Court will adjudicate the Trustee's objection to the
ACG Claim.  The release and distribution from escrow of the
Disputed Claims Reserve will be triggered by a final order entered
by the Canadian Court on the Trustee's objection to the ACG Claim.


The Canadian Court will also adjudicate the IRS' claim, if any, to
capital gain income taxes that may be owing by the estate on the
sale of the Property, provided, however, that if the Canadian Court
determines that it lacks jurisdiction to do so or that such
adjudication is otherwise not appropriate by the Canadian Court,
the Court will adjudicate the IRS' claim upon motion by the
interested party or parties. The release and distribution from
escrow of the FIRPTA Reserve will be triggered by a final order
entered by the court that adjudicates the IRS' claim, if any.  The
Court therefore retains jurisdiction with respect to the FIRPTA
Reserve and to adjudicate the IRS claim, if any.

The IRS will have 14 days from the date of the Order within which
to file an objection to the terms of the Order.  If an objection is
filed, the Court will consider the Objections and the Sale Motion
de novo.  If no objection is timely filed, the Order will become
final for all purposes.

All liens, claims, interests and encumbrances not satisfied at
closing will attach solely to the proceeds of the sale, with the
same validity, priority, and extent as such liens, claims,
interests and encumbrances, if any, had with respect to the
Property prior to the sale.

Bernard Poulin sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 19-16421) on May 15, 2019.  The Debtor tapped Jordi Guso, Esq.,
as counsel.  On April 18, 2019 confirmed the appointment of Raymond
Chabot, Inc. as the duly appointed trustee.



BIG DOG II: Nov. 1 Disclosure Statement Hearing Postponed
---------------------------------------------------------
Big Dog II, LLC, asked the Court to continue the Nov. 1 hearing on
its Disclosure Statement to a later date.  The Debtor's counsel, J.
Steven Ford of Wilson, Harrell, Farrington, Ford, Wilson, Spain &
Parsons P.A., explained that counsel has a surgical procedure
scheduled for one week prior to the hearing date and he is
uncertain as to whether he will have returned to his office by the
date of the hearing.  At the behest of the Debtor, the hearing has
been rescheduled to Nov. 8, 2019 at 10:00 a.m. (Central Time).

                 About Big Dog II LLC

Big Dog II, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Fla. Case No. 19-30284) on March 15,
2019.  At the time of the filing, the Debtor had estimated assets
and liabilities of between $1 million and $10 million.  The case
has been assigned to Judge Jerry C. Oldshue Jr.  Wilson, Harrell,
Farrington, Ford, Wilson, Spain & Parsons P.A. is the Debtor's
bankruptcy counsel.




BVI MEDICAL: Moody's Affirms B3 CFR, Outlook Positive
-----------------------------------------------------
Moody's Investors Service affirmed BVI Medical, Inc.'s B3 Corporate
Family Rating and B3-PD Probability of Default Rating. At the same
time, Moody's downgraded BVI's existing first-lien senior secured
credit facilities ratings to B3 from B2. The ratings outlook
remains positive.

The rating actions follow the announcement that BVI will issue an
incremental €85.5 million of first-lien debt, which will be used
to fully repay the outstanding balance of second-lien debt
(unrated), and pay related fees and expenses. The refinancing is
beneficial for the company overall because it will provide modest
interest cost savings of approximately €3 million annually.
Moody's nevertheless affirmed the B3 CFR because the transaction
does not meaningfully affect debt or leverage and the cash interest
savings are modest relative to the company's free cash flow.

The downgrades of the first lien senior secured facility ratings to
B3 reflect the elimination of a layer of loss absorbing debt below
the senior secured first lien credit facilities, resulting from the
repayment of the second lien term loan in its entirety.

Following is a summary of Moody's rating actions:

BVI Medical, Inc.

Ratings Affirmed:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

Ratings Downgraded:

Senior secured first lien revolving credit facility, to B3 (LGD4)
from B2 (LGD3)

Senior secured first lien term loan (including proposed upsize), to
B3 (LGD4) from B2 (LGD3)

Outlook Actions:

Outlook, remains positive

RATINGS RATIONALE

The B3 CFR broadly reflects BVI's small absolute size based on
sales and earnings, and concentration within a growing albeit
competitive niche product area. The rating also reflects the
company's high debt-to-EBITDA leverage (pro forma for a full year
of PhysIOL operations and including synergies and Moody's
adjustments) of approximately 6.6 times for the LTM period ended
June 30, 2019. The high leverage somewhat limits BVI's financial
flexibility to withstand potential disruptive changes in the
competitive environment in which it operates. However, the rating
is supported by BVI's long-standing presence in the cataract
surgery materials, equipment and intraocular lens (IOL) market,
strong operating margins, and a diverse customer base. Moody's
expects BVI to benefit from solid earnings growth prospects
following the January 2019 acquisition of PhysIOL, which expanded
the product scope into higher margin IOL offerings and provided
cross-selling opportunities. The company's very good liquidity also
allows the company to invest in growth initiatives that will help
the company reduce leverage.

The positive outlook reflects Moody's expectation that BVI will be
able to successfully integrate PhysIOL and reap the associated
benefits of greater scale, more global presence and improved
profitability with a broader product offering in the rapidly
growing ophthalmic sector. Moody's projects these factors will help
drive earnings growth and a reduction in debt-to-EBITDA to a high
5x range by mid-2020.

Moody's could consider a rating upgrade if the company is able to
profitably increase its scale, and segment diversity, and maintain
financial and acquisition policies that support debt/EBITDA below
6.0 times on a sustained basis. An upgrade would also be dependent
upon company's ability to generate healthy organic revenue, EBITDA,
free cash flow growth and maintain very good liquidity.

Ratings could be downgraded if the company faces challenges in
integrating the PhysIOL acquisition, or if it pursues aggressive
financial policies including debt funded acquisitions or
shareholder distributions. The ratings could also be downgraded if
operating performance significantly weakens, free cash flow is
negative, or liquidity deteriorates.

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

Headquartered in Waltham, Massachusetts, BVI Medical, Inc. (BVI) is
a global manufacturer of products used in eye surgeries (primarily
cataract procedures). BVI was acquired by private equity firm TPG
Capital in August 2016. Pro forma for the acquisition of
intraocular lense manufacturer PhysIOL, revenue for the twelve
months ended June 30, 2019 was approximately $280 million.


CALAIS REGIONAL: Courts Deems PCO Not Necessary
-----------------------------------------------
Upon consideration of the Motion for finding that the Appointment
of a Patient Care Ombudsman is Unnecessary filed by Calais Regional
Hospital, the Court, after considering the factors set forth in In
re Alternate Family Care, 377B.R. 754 (Bankr. S.D. Fla. 2007),
overruled the objections filed by the United States Trustee and the
State of Maine Department of Health and Human Services and
concluded that appointment of a PCO is presently not necessary for
the protection of patients.

This Court will schedule a hearing on an emergency basis to
reconsider the question of whether a PCO is necessary in light of
the facts as they exist at that time. Therefore, parties in
interest may request the appointment of an ombudsman in the event
of any other material change in circumstances and notwithstanding
anything to the contrary in the Bankruptcy Code or Federal Rules of
Bankruptcy Procedure, this Order shall be effective when entered on
the docket.
  
     About Calais Regional Hospital

Based in Calais, Maine, Calais Regional Hospital, dba Calais
Regional Medical Services (CRMS) Family Medicine --
https://www.calaishospital.org-- which operates as a non-profit
organization offering cardiac rehabilitation, emergency, food and
nutrition, home health, inpatient care unit, laboratory, nursing,
radiology, respiratory care/stress testing, surgery, and social
services, filed a Chapter 11 Petition (Bankr. D. Maine Case No.
19-10486) on September 17, 2019.  The case is assigned to Hon.
Michael A. Fagone.

The Debtor's counsel is Sage M. Friedman, Esq., Andrew Helman,
Esq., Katherine Krakowka, Esq., Kelly McDonald, Esq., at Murray
Plumb & Murray, in Portland, Maine.

At the time of filing, the Debtor had estimated assets and
liabilities of $10 million to $50 million.


CALPINE CORP: S&P Alters Outlook to Positive, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit ratings on
Calpine Corp. (Calpine) and revised its ratings outlook to positive
from stable.

The rating actions follow the company's announcement of a $1.75
billion project debt financing of its Geyser Power Co. LLC assets
(The Geysers), a 725 MW geothermal portfolio that was until now
without leverage. S&P expects that Calpine will use the proceeds
for deleveraging at the corporate level, which the rating agency
estimates at about $1.35 billion. This is in addition to the $2.5
billion of debt eliminated since 2017.

"Our ratings reflect a business risk assessment at Calpine that
remains fair, despite the leveraging of the Geysers," S&P said.

S&P believes that Calpine's business risk weakens modestly because
of a reduction in geothermal cash flow. This is because Calpine's
corporate debt will now be subordinate to the project debt in
relation to the highest quality margins. The rating agency
estimates EBITDA margin at the Geysers at about $48-$50 per MWh,
compared to $20 per MWh for the aggregate portfolio. The Geysers
are also hedged 83% through 2021 and 40% through 2028. The
geothermal portfolio is, on average, 675 MW contracted since 2011,
which demonstrates its ability to recontract its output.

The outlook on Calpine reflects S&P's view that the company will
continue to grow in retail power, its wholesale core markets, and
will have modest new builds and expansions. S&P expects performance
to be buoyed through 2020 in ERCOT relative to the rating agency's
assumptions, and California could also witness some upside in
resource adequacy payments. In S&P's view, financial performance
will improve, with downside risk through 2022 contained by the high
level of hedging. The positive outlook factors a deleveraging of
corporate level debt from the leveraging of The Geysers and S&P's
expectation that adjusted debt to EBITDA will improve to less than
5x and moderate to about 4.75x through 2021.

While S&P expects Calpine's leverage to fall to less than below 5x
by year-end 2019, for the rating agency to upgrade the rating, the
rating agency would need to believe that such financial measures
would be maintained at levels consistent with an aggressive risk
profile. This would require a continuing commitment on the part of
financial sponsor ECP to support Calpine's adjusted FFO to debt of
more than 15.0% and debt to EBIDTA below 5x on a sustained basis.
Given the company's improved financial profile, a one-notch upgrade
is possible over the next six months.

The factors that would lead S&P to a negative rating action are
primarily financial, as the rating agency expects no adverse
changes in the company's business risk. These factors would
especially include a significant reduction in natural gas prices or
market heat rates. More specifically, a downgrade is likely if FFO
to debt in the forecast period falls to less than 8.0% or adjusted
debt to EBITDA exceeds 5.5x-6.0x for a prolonged period. This could
happen if the recent improvement in market fundamentals falters, or
if the company increases leverage to pay the financial sponsor a
dividend. S&P also notes that cash flows are backwardated
consistent with current forward curves. Should ECP use excess cash
through 2021 predominantly for distributions–and the forward
curve remains backwardated—debt to EBITDA could deteriorate and
again exceed 5x."


CAMELOT UK: Moody's Rates $1.35BB First Lien Loans 'B2'
-------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Camelot UK Holdco
Limited's proposed first-lien credit facilities consisting of a
$1.1 billion senior secured term loan and $250 million senior
secured revolving credit facility. In connection with this rating
action, Moody's affirmed Clarivate's B2 Corporate Family Rating and
B2-PD Probability of Default Rating. The rating outlook remains
stable.

Proceeds from the new credit facilities plus likely issuance of
additional secured debt that Moody's expects Clarivate to raise in
the near future will be used to refinance $1.346 billion of
existing outstanding debt (plus the existing $175 million undrawn
committed revolver), pay a $200 million fee to terminate the tax
receivable agreement previously established with Clarivate's
private equity sponsors and other shareholders prior to the
company's NYSE listing, fund transaction-related expenses and pay
unpaid interest and the call premium associated with early
redemption of the existing senior unsecured notes. The B2 rating on
the secured credit facilities incorporates Moody's expectation of a
higher proportion of secured debt in Clarivate's capital
structure.

Following is a summary of the rating actions:

Affirmations:

Issuer: Camelot UK Holdco Limited

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Assignments:

Issuer: Camelot Finance SA (Co-Borrowers: Camelot US Acquisition
LLC, Camelot US Acquisition 1 Co and Camelot US Acquisition 2 Co)

$1,100 Million Gtd Senior Secured 1st lien Term Loan B due 2026,
Assigned B2 (LGD3)

Issuer: Camelot US Acquisition LLC (Co-Borrower: Camelot UK Bidco
Limited)

$250 Million Gtd Senior Secured 1st lien Revolving Credit Facility
due 2024, Assigned B2 (LGD3)

Outlook Actions:

Issuer: Camelot UK Holdco Limited

Outlook, Remains Stable

The assigned ratings and outlook are subject to review of final
documentation and no material change to the terms and conditions of
the transaction as advised to Moody's. Ratings on the existing
credit facilities ($846 million outstanding senior secured term
loan and $175 million senior secured revolver) and 7.875% senior
unsecured notes ($500 million outstanding) remain unchanged as
these debt instrument ratings and their LGD assessments will be
withdrawn at transaction close.

RATINGS RATIONALE

While Moody's views favorably the proposed transaction's improved
weighted average debt maturity, which extends to 7 years from 4.4
years, it will increase Clarivate's pro forma financial leverage to
approximately 6.4x total gross debt to EBITDA (includes Moody's
estimate for a future debt raise and Moody's standard and
non-standard adjustments for one-time items) from 5.7x as of 30
June 2019. There is capacity at the B2 level to absorb the higher
debt load given Moody's expectation for improving EBITDA. However,
because the downgrade threshold is set at greater than 6.5x,
Clarivate will have no flexibility to incur additional debt prior
to higher EBITDA realization.

Clarivate's B2 CFR reflects Moody's expectation that the company
will de-lever over the rating horizon, albeit delayed as a result
of the higher debt quantum. This will be driven by improved
earnings quality and positive free cash flow generation, which
Moody's anticipates will be used in part for debt reduction. Free
cash flow will be positive this year and beyond as a result of
interest expense savings from the reduced weighted average cost of
debt and substantial reduction in one-time cash costs, despite
modestly higher capital expenditures.

Moody's expects earnings and cash flow quality will improve given
that separation-related cash costs will meaningfully decline this
year and Clarivate will benefit from run-rate cost savings. Moody's
EBITDA calculation uses non-GAAP EBITDA comprised of sizable
addback adjustments totaling around $108 million that Moody's
recognizes (or roughly 40% of Moody's adjusted EBITDA). These
EBITDA adjustments are primarily associated with one-time cash
costs for the Transition Services Agreement (TSA) and carve-out
expenses that were incurred to separate from Clarivate's former
parent, Thomson Reuters Corporation, and operate as a standalone
entity. However, these cash costs will diminish considerably this
year following the carve-out completion in Q1 2019, six months
ahead of schedule. Clarivate estimates that contractual TSA
expenses will decrease to roughly $10 million in 2019 and cease
entirely in 2020, while remaining modest carve-out costs were fully
expensed in the March 2019 quarter.

The B2 rating is supported by Clarivate's leading global market
positions across its core scientific/academic research and
intellectual property businesses. It also considers the high
proportion of subscription-based recurring revenue (>80% of
revenue) and high switching costs derived from Clarivate's
proprietary data extraction methodology, which facilitates
development of value-added databases that are considered the
"gold-standard" among its clients. Given that its mission-critical
subscription products are embedded in customers' core operations
and research workflows, customer renewals and weighted average
retention rates have remained above 90%. Clarivate also benefits
from good diversification across end markets, geography and
customers and relatively high EBITDA margins in the 30-35% range
(Moody's adjusted, excluding one-time cash items). With meaningful
reduction of one-time cash costs, the company's low net working
capital and "asset-lite" operating model should facilitate good
conversion of EBITDA to positive free cash flow.

Factors that constrain the rating include Clarivate's low
single-digit percentage organic growth rate, influenced by
transactional revenue declines partially offset by subscription
revenue growth. The rating also reflects competitive challenges
from industry players that are amassing scale as well as new
technology entrants, and regulatory changes that could restrict
Clarivate's access to data. Low single-digit percentage revenue
growth at North American universities coupled with consolidation
across the pharmaceutical industry could lead to customer budget
constraints in the future. While Moody's expects that Clarivate
will adhere to a disciplined financial strategy, which includes a
commitment to reduce leverage from current levels, the B2 rating
also considers the possibility of event risks related to private
equity ownership, such as sizable debt-financed cash distributions
to shareholders or growth-enhancing acquisitions, which could pose
integration challenges and lead to volatile credit metrics.

Over the next 12-18 months, Moody's expects Clarivate will pursue
small tuck-in acquisitions. To facilitate debt reduction from free
cash flow generation, Moody's anticipates the company will avoid
dividend recapitalizations and shareholder distributions. Moody's
projects Clarivate will maintain good liquidity. Moody's expects
the company will maintain a balanced financial strategy with the
bulk of free cash generation to be allocated for debt reduction
until target leverage is achieved.

Rating Outlook

The stable rating outlook reflects Moody's view that Clarivate will
capitalize on good industry growth prospects in the range of 3%-5%
per annum, realize cost savings and implement actions to improve
its product offerings and sales strategy with more customer-focused
investments to move up the value chain. Moody's also expects the
company to expand market share from new client wins and further
penetration into existing accounts. Barring another leveraging
event, this should allow Clarivate to sustain leverage in the 5x-6x
range (Moody's adjusted), generate solid free cash flow and
maintain good liquidity.

Factors That Could Lead to an Upgrade

  -- Organic revenue growth in the mid-single digit range.

  -- EBITDA expansion that leads to consistent and growing free
cash flow generation of at least 6% of total debt (Moody's
adjusted).

  -- Sustained reduction in total debt to EBITDA leverage below
4.5x (Moody's adjusted).

  -- Exhibit prudent financial policies and good liquidity.

Factors That Could Lead to a Downgrade

  -- Total debt to EBITDA leverage sustained above 6.5x (Moody's
adjusted).

  -- Free cash flow were to materially weaken below 2% of total
debt (Moody's adjusted).

  -- Market share erosion, liquidity deterioration, significant
client losses or if Clarivate engages in debt-financed acquisitions
or shareholder distributions resulting in leverage sustained above
Moody's downgrade threshold.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

With principal offices in Philadelphia, PA, Clarivate Analytics
provides comprehensive intellectual property and scientific
information, decision support tools and services that enable
academia, corporations, governments and the legal community to
discover, protect and commercialize content, ideas and brands. The
company's portfolio includes Web of Science, Derwent Innovation,
Cortellis, CompuMark Watch and MarkMonitor Domain Management.
Formerly the Intellectual Property & Science unit of Thomson
Reuters Corporation, Clarivate was a carve-out purchased by Onex
Corporation and Baring Asia for approximately $3.55 billion in
October 2016. Following the May 2019 merger with Churchill Capital
Corp., Clarivate operates as a publicly traded company and its
management and private equity sponsors retained 100% of their
investment and converted it to 74% of the combined entity's
outstanding shares with the remaining 26% held by public
shareholders and founders. GAAP revenue for the twelve months ended
30 June 2019 was $964.5 million (includes the deferred revenue
adjustment and excludes the sale of IPM).


CB VELOCITY: S&P Affirms 'B' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating (ICR) and
issue-level ratings on CB Velocity Midco Inc. (also known as
Vestcom).

The recovery rating on the company's senior secured $435 million
first-lien term loan due 2023 and $60 million revolving credit
facility due 2022 are also unchanged at '3'. The '3' recovery
rating indicates that lenders can expect meaningful (50%-70%;
rounded estimate: 65%) recovery in a default scenario.

Meanwhile, S&P revised its business risk profile to weak, mainly to
better align the company with its 'B' rated business services and
printing peers.

The rating affirmation reflects Vestcom's significant debt burden,
aggressive financial policy, narrow business and channel focus,
exposure to consolidation of retail and drug retailers and cyclical
consumer packaged goods (CPG) marketing spend, and its high
customer concentration. Factors that support S&P's rating is the
company's leading position in the outsourced shelf-edge information
and media solutions market, historically stable revenue streams,
intellectual property (IP) protected technology, regulatory
requirements of pricing information, and longstanding customer
relationships.

The stable outlook reflects S&P's expectation that the company will
continue cross-selling to existing customers, new business wins,
and a shift in sales mix toward higher-margin products will support
somewhat strong earnings growth over the next 12 months. It expects
leverage to be in the 6x area by the end of 2019.

"We could lower the rating if unforeseen circumstances such as
customer losses, significant declines in foot traffic to grocery
and drug stores, or CPG companies drastically reduce shopper
marketing budget, causing a material decline in operating
performance. Alternatively, we could also lower the rating if the
company undertakes more aggressive financial policy actions such as
large debt-financed acquisitions or dividends, resulting in S&P
Global Ratings' adjusted leverage to rise above 7x," S&P said.

"While unlikely over the next year, we could raise the rating if
leverage improves to below 5x on a sustained basis. This could
happen if the financial sponsor reduces control, the company
achieves greater-than-anticipated earnings from business wins,
higher prices, and lower costs, or if it prioritizes debt
reduction," S&P said.


CENOVUS ENERGY: Moody's Alters Outlook on Ba1 CFR to Positive
-------------------------------------------------------------
Moody's Investors Service changed Cenovus Energy Inc.'s outlook to
positive from stable. Moody's also affirmed Cenovus' Ba1 corporate
family rating, Ba1-PD probability of default rating and Ba1 senior
unsecured notes rating. The speculative grade liquidity rating
remains SGL-1.

"The change in outlook reflects the significant amount of debt
reduction that Cenovus has and should achieve leading to solid
credit metrics", said Paresh Chari Moody's analyst.

Affirmations:

Issuer: Cenovus Energy Inc.

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Senior Unsecured Commercial Paper, Affirmed NP

Senior Unsecured Regular Bond/Debenture, Affirmed Ba1 (LGD4)

Outlook Actions:

Issuer: Cenovus Energy Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Cenovus's Ba1 CFR benefits from 1) free cash flow generation (C$1.1
billion expected in 2020) that is driven by a low operating and
capital cost structure, with the free cash flow proceeds used to
reduce debt; 2) solid retained cash flow to debt metrics that
should remain at or above 40% in 2020 and 2021, but is dependent on
getting to Cenovus' C$5 billion net debt target which could be
delayed if Cenovus buybacks some of its shares owned by
ConocoPhillips (A3 stable); 3) a partially integrated business
model that helps mitigate wide and volatile Canadian light-heavy
oil differentials; and 4) a long-lived, low decline, and sizable
bitumen production and reserve base. Cenovus' CFR is challenged by
1) its concentration in largely one geographic location, the Foster
Creek and Christina Lake (FCCL) steam-assisted gravity drainage
(SAGD) projects; 2) the high proportion of production being
bitumen, which Moody's believes exposes the company to wide and
volatile Canadian light-heavy differentials for about 40% of its
blended bitumen; 3) material Canadian oil pipeline constraints,
requiring Cenovus to use higher cost rail for transportation; and
4) Deep Basin natural gas and liquids-rich natural gas assets that
provide low returns due to weak natural gas prices.

Environmental risks that Moody's considers  in Cenovus' credit
profile include the environmental opposition to new oil pipeline
construction that has resulted in a shortage of pipeline take-away
capacity that will widen the WCS price discount to WTI when the
Alberta production curtailment ceases at the end of 2020.
Governance aspects Moody's considers  in Cenovus' credit profile is
the high focus on reducing debt with positive free cash flow
proceeds, favoring creditors until the company reaches its C$5
billion net debt target.

Cenovus has excellent liquidity. At June 30, 2019, Cenovus has C$64
million of cash and an undrawn C$4.5 billion revolving credit
facility (C$1.2 billion matures November 2021 and C$3.3 billion
November 2022). Cenovus will produce C$1.5 billion of positive free
cash flow through Q3 2020. Cenovus will be well in compliance with
its sole financial covenant through this period. Cenovus has
significant non-core assets through which it could raise alternate
liquidity.

Cenovus' senior unsecured notes are rated Ba1, at the CFR, as all
the debt in the capital structure is unsecured.

The positive outlook reflects its expectation that retained cash
flow to debt will remain at or above 40% (32% LTM Jun-19) through
2021, but is only achievable if Cenovus can meet its net debt
target of C$5 billion.

The ratings could be upgraded if retained cash flow to debt appears
sustainable above 40% (32% LTM Jun-19), LFCR is above 1.5x (1.6x
LTM Jun-19) and if Cenovus maintains its operating and capital cost
structure at FCCL.

The ratings could be downgraded if retained cash flow to debt
appears likely to remain below 25% (32% LTM Jun-19), LFCR expected
to fall below 1x (1.6x LTM Jun-19), FCCL operating cost structure
deteriorates.

Cenovus is a Calgary, Alberta-based exploration and production
company with interests in downstream refinery assets. As of 2018,
Cenovus had approximately 3.9 billion barrels of oil equivalent of
net proved reserves, and produced about 376 thousand boe/d in Q2
2019.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


CHARLES RIVER: Moody's Rates Proposed $500MM Unsec. Notes Ba3
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Charles River
Laboratories International Inc.'s proposed $500 million senior
unsecured notes. At the same time, Moody's upgraded the existing
unsecured notes to Ba3 from B1 and affirmed Charles River's Ba1
senior secured credit facilities, Ba2 Corporate Family Rating, and
Ba2-PD Probability of Default Rating. The Speculative Grade
Liquidity Rating remains SGL-1. Proceeds from the unsecured bond
will be used to reduce term loan debt. The outlook is stable.

The rating upgrade to Ba3 on the unsecured notes reflects the
capital structure mix shift with less contractually senior debt
ahead of the unsecured notes. Secured debt will decline from around
75% of the total capital structure to about half of Charles River's
total debt.

Charles River Laboratories International, Inc.:

Rating assigned:

Senior unsecured notes at Ba3 (LGD5)

Rating upgraded:

Senior unsecured notes due 2026 to Ba3 (LGD5) from B1 (LGD6)

Ratings affirmed:

Corporate Family Rating at Ba2

Probability of Default Rating at Ba2-PD

Senior secured credit facilities (revolver and term loan) at Ba1
(LGD2 from LGD3)

Outlook Actions:

The outlook remains stable.

RATINGS RATIONALE

Charles River's Ba2 Corporate Family Rating reflects its leading
competitive position in its core markets as an early stage contract
research organization and its good geographic and customer
diversity. Charles River generates strong and stable free cash and
generally maintains moderate financial leverage. Despite strong
operating performance, the credit profile is constrained by Moody's
expectation that Charles River will continue to be very
acquisitive, a governance risk consideration. In addition, Charles
River remains vulnerable to reduced R&D budgets of its customers.
For example, a reduction in availability of funding for academic or
biotech research would have a negative impact on Charles River. The
company's focus on niche markets, some of which Moody's believes
will face headwinds due to reduced usage of research models (e.g.
rodents) in scientific research, is also a constraint.

The SGL-1 Speculative Grade Liquidity rating reflects Moody's
expectation for strong cash generation over the next 12 months.
Charles River reported cash of $201 million at June 29, 2019.
Charles River's liquidity is further supported by its revolver
which will be upsized up to $2.05 billion from $1.55 billion. In
Moody's view, Charles River will continue to use this facility for
debt-funded M&A. At June 29, 2019, the revolver had $839 million
drawn. Moody's expects ample cushion under Charles River's
financial maintenance covenants.

The stable outlook balances Charles River's good cash generation
and high single digit EBITDA growth over the next 12-18 months with
Moody's expectations for further leveraging M&A transactions.

Moody's could upgrade the ratings if the company demonstrates
sustained, organic revenue growth and if Moody's expects debt to
EBITDA to be sustained below 3.0x and free cash flow to debt above
20%.

The ratings could be downgraded if Charles River experiences
declining profits due to competitive pressures or a market
contraction. The ratings could be downgraded if adjusted debt to
EBITDA is sustained above 4.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Charles River Laboratories International, Inc. headquartered in
Wilmington, MA, is an early stage contract research organization.
The company provides discovery and safety assessment services used
in early-stage drug development, as well as research models (e.g.
rodents) for use in scientific research, and manufacturing support
products and services. The company reported revenues of
approximately $2.5 billion for the twelve months ended June 29,
2019.


CHOICE BRANDS: To Seek Plan Confirmation on Dec. 18
---------------------------------------------------
Chief Bankruptcy Judge Robert N. Opell, II, has approved the
disclosure statement in support of Choice Brands Group, Inc.'s
proposed Chapter 11 plan of liquidation.  Judge Opell ordered
that:

   * Nov. 21, 2019, is fixed as the last day for submitting written
acceptances or rejections of the plan to Choice Brands Group, Inc.
at the following address: Mark J. Conway, Esquire, Law Offices of
Mark J. Conway, PC, 502 South Blakely Street, Dunmore, PA, 18512.
Ballots must be received on or before the deadline in order to be
counted.

   * Dec. 11, 2019, is fixed as the last day for filing with the
Court a tabulation of ballots accepting or rejecting the plan.  

   * Dec. 18, 2019, at 9:30 am in the United States Bankruptcy
Court, Courtroom No. 2, Max Rosenn U.S. Courthouse, 197 South Main
Street, Wilkes-Barre, PA 18701, is fixed for the hearing on
confirmation of the plan

The Debtor says that secured creditors have been paid following the
sale of the Debtor's assets.

As reported in the TCR, the Debtor currently has $114,886.40, as of
June 30, 2019 for the payment of administrative claims and for
distribution to outstanding claims.  Funding for the plan will be
from Debtor's cash or hand.  Under the Plan, all Class 3 general
unsecured claims that are allowed will be paid pro-rata with the
funds on hand by the Debtor after payment of administrative claims
and U.S. Trustee fees.  John V. Moncada, Thomas J. Murphy and Ralph
Caldwell, IV -- the existing equity holders -- will retain their
interest in the Debtor.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/y6a8zou5 from PacerMonitor.com at no charge.

              About Choice Brands Group

Choice Brands Group, Inc., formerly known as Choice Brands
Equestrian, Inc., is a wholesale importer and distributor of
equestrian products.  The company, which also operates under the
name Horseloverz.com, is located in Hazleton, Pennsylvania.  It
offers discounted horse supplies, horse tack, saddles, clothing,
boots and breyer.

Choice Brands Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 18-01175) on March 23,
2018.  In the petition signed by John V. Moncada, president, the
Debtor disclosed $1.11 million in assets and $3.63 million in
liabilities.  

Judge Robert N. Opel II oversees the case.  The Debtor tapped the
Law Offices of Mark J. Conway, P.C., as its legal counsel.


CNX RESOURCES: Moody's Alters Outlook on B1 CFR to Stable
---------------------------------------------------------
Moody's Investors Service changed the rating outlook for CNX
Resources Corporation to stable from positive. Moody's also
affirmed CNX's B1 Corporate Family Rating, B1-PD Probability of
Default Rating and its B3 senior unsecured ratings. The Speculative
Liquidity Rating remains SGL-3. Moody's concurrently affirmed CNX
Midstream Partners LP B1 Corporate Family Rating and B1-PD
Probability of Default Rating and its B3 senior unsecured ratings.
The outlook on CNXM's ratings remains stable and its Speculative
Liquidity Rating remains SGL-3.

"CNX's financial profile benefits from extensive hedge protection
in 2020 and 2021 that support operating cash flow generation and
some growth in production amid this low natural gas price
environment," commented Elena Nadtotchi, Moody's Vice President -
Senior Credit Officer. "The company has adequate liquidity but
needs to take proactive steps to address bond maturities in April
2022."

Outlook Actions:

Issuer: CNX Midstream Partners LP

Outlook, Remains Stable

Issuer: CNX Resources Corporation

Outlook, Changed To Stable From Positive

Affirmations:

Issuer: CNX Midstream Partners LP

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Unsecured Notes, Affirmed B3 (LGD5)

Issuer: CNX Resources Corporation

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating , Affirmed B1

Senior Unsecured Notes, Affirmed B3 (LGD5)

RATINGS RATIONALE

The stable outlook reflects Moody's expectation that CNX will
continue to proactively address its medium term refinancing needs.
The company cut its funding requirements for the medium term by
scaling down the pace of growth in production and investment to
match its operating cash flow generation.

CNX's SGL-3 rating reflects its adequate liquidity supported by the
expectation that the company will turn free cash flow (FCF)
positive in 2020 as it plans to significantly reduce its capital
investment. Liquidity is supported by its committed secured
revolving credit facility that matures in April 2024, but also
includes a springing maturity clause bringing its maturity forward
to January 2022, if more than $500 million of CNX's senior
unsecured 2022 notes remain outstanding at that time. Moody's
expects CNX to remain well in compliance with the two financial
covenants (a maximum net leverage ratio of 4.0x and a minimum
current ratio of 1x) in its credit facility though 2020, as
operating cash flows are underpinned by CNX's hedging program.
Although CNX may raise additional liquidity from asset sales,
substantially all of its assets have been pledged to the revolver
lenders. The company's next maturity is $894 million in senior
unsecured notes in April 2022.

CNX's B1 CFR is defined by its plan to develop its substantial
natural gas reserves base and grow production over time, while
maintaining a solid leverage profile. In a lower natural gas price
environment, CNX proactively manages commodity price risk and
financial risks, by maintaining conservative hedging program, with
over 86% of production hedged in 2020 and substantially hedged in
2021. CNX has also reduced growth capex plans for 2020 and Moody's
expect the company to generate FCF while growing production by
around 12%. Moody's expects CNX to maintain a solid leverage
profile, with debt/production at around $10,000/ boe and RCF/debt
at or above 25% in 2020, underpinned by its hedging arrangements.

The B1 CFR also reflects CNX's single basin concentration in
Appalachia, subjecting its natural gas production to material basis
differentials and by CNX's relatively weak margins when compared to
sector averages. The company's share repurchase program will
continue to weigh on its credit profile in 2020.

CNX's ratings may be upgraded if the company maintains FCF
neutrality and lower leverage with RCF/debt above 30% and
debt/production below $10,000/boe. Sustainable improvement in
profitability and capital returns amid modest growth in production,
with LFCR maintained above 1.5x, and strong liquidity will be also
required to achieve an upgrade of the rating.

Weaker refinancing position, deteriorating cash margins, capital
returns and operating cash flow or a substantial increase in
leverage amid higher distributions to the shareholders may lead to
the downgrade of CNX's rating. Weaker leverage, with RCF/debt
declining below 20% and weaker liquidity may lead to the downgrade
of CNX's B1 rating.

The affirmation of CNXM's B1 CFR reflects its modest size and high
degree of geographical and counterparty concentration to its
sponsor, CNX. Long term fixed fee contracts between the sponsor and
its MLP limit commodity and commercial risks for CNXM, while it
retains some exposure to volume risks, mitigated in part under
CNX's minimum well drilling obligations that last through 2022.
CNXM is set to benefit from continued growth in natural gas
production, targeted by its sponsor in 2020. However, reduced pace
of growth means that the MLP will slow down borrowing and Moody's
expects its leverage to remain modestly below 3x in 2020.

CNXM's size and stand-alone credit profile supports the B1 CFR.
Taking into account the high degree of operational integration and
co-dependence with its sponsor, as well as joint executive
management of the two companies and that the substantial majority
of CNXM's EBITDA comes from CNX, CNXM's CFR is unlikely to be rated
higher than CNX.

CNXM's stable outlook reflects the expectation that the company's
operations will grow but will remain relatively small, when
measured by the size of assets or EBITDA.

CNXM's ratings may be upgraded if CNX ratings are upgraded and if
the MLP improves its business profile by achieving larger scale
including adding new third party business, while maintaining
conservative leverage with debt/EBITDA below 3.5x and distribution
coverage of 1.2x. CNXM's ratings may be downgraded if the company
accelerates its borrowing ahead of growth in earnings, leading to
debt/EBITDA above 5x and distribution coverage below 1x. The
downgrade of CNX's ratings would likely lead to the downgrade of
the CNXM.

CNXM maintains adequate liquidity backed by a separate $600 million
senior secured revolving facility that matures in April 2024. The
facility has several leverage covenants, including debt/EBITDA not
exceeding 5.25x, secured debt/EBITDA not exceeding 3.5x and minimum
interest coverage of at least 2.5x. Moody's expects the MLP company
will maintain good headroom for future compliance with these
covenants through 2020. The partnership has limited alternative
liquidity given its assets are encumbered. CNXM benefits from
extended maturity profile, its senior notes are due in 2026.

CNX's senior unsecured notes are rated B3, in accordance with
Moody's Loss Given Default Methodology. The rating is two notches
below the CFR level, given the significant size of the secured
credit facility in the capital structure that has a priority claim
and security over substantially all of the company's assets. The
senior notes are unsecured and guaranteed by subsidiaries (other
than CNXM) on a senior unsecured basis.

The B3 rating assigned to CNXM's senior notes is two notches below
the CFR, reflecting the high proportion of secured debt in the
corporate structure. The revolving credit facility is senior
secured and has a priority claim to substantially all of CNXM's
assets. The senior notes are unsecured and guaranteed by
subsidiaries on a senior unsecured basis.

CNX Resources Corp. is a publicly traded sizable independent
exploration and production company operating in the Appalachian
basin. It controls substantial resources of approximately 539,000
net acres and 627,000 net acres respectively in Marcellus and Utica
Shale. CNX's production as of June 30, 2019 stood at 245 mboe/d.

CNX Midstream Partners LP is a publicly traded growth orientated
MLP formed by CNX to own, operate and develop midstream facilities
in the Marcellus Shale and Utica Shale basins. Its assets include
natural gas gathering pipelines and compression, dehydration
facilities, as well as condensate gathering pipelines and
separation and stabilization facilities and are well integrated
with producing and developing assets of CNX. CNX owns 100% of
CNXM's general partner, CNX Midstream GP LLC, including all the
incentive distribution rights of the GP. CNX is also the majority
shareholder of the Additional Systems operating segment.

The principal methodology used in rating CNX Resources Corporation
was Independent Exploration and Production Industry published in
May 2017.


COLUMBUS OIL: Plan and Disclosure Statement Due Jan. 9
------------------------------------------------------
In the Chapter 11 case of Columbus Oil & Gas, LLC, after reviewing
of the schedules and statement of financial affairs and consulting
with the debtor and the other parties who appeared at the initial
status conference, Judge Maria L. Oxholm set these deadlines:

   a. For creditors who are required by law to file claims, the
deadline is January 15, 2020, except that for governmental units
the deadline to file claims April 14, 2020.

   b. The deadline for the debtor to file motions is November 11,
2019.  This is also the deadline to file all unfiled overdue tax
returns.  The case will not be delayed due to unfiled tax returns.


   c. The deadline for parties to request the debtor to include any
information in the disclosure statement is December 10, 2019.

   d. The deadline for the debtor to file a combined plan and
disclosure statement is January 9, 2020.

   e. The deadline to return ballots on the plan, as well as to
file objections to final approval of the disclosure statement and
objections to confirmation of the plan, is February 13, 2020.  The
completed ballot form shall be returned by mail to the debtor's
attorney: David R. Heyboer, Heyboer Law PLC, 3051 Commerce, Ste. 1,
Fort Gratiot, MI 48059.

   f. The hearing on objections to final approval of the disclosure
statement and confirmation of the plan shall be held on February
20, 2020 at 11:00 a.m., in Room 1875, 211 W. Fort Street, Detroit,
Michigan.

   g. The deadline for all professionals to file final fee
applications is 30 days after the confirmation order is entered.

   h. The deadline to file objections to this order is November 7,
2019.

   i. The deadline to file a motion to extend the deadline to file
a plan is December 10, 2019.

    j. The deadline to file a motion to extend the time to file a
motion to assume or reject a lease under 11 U.S.C. Sec. 365(d) is
December 20, 2019.  Counsel for the debtor will consult with the
courtroom deputy to assure that such a motion is set for hearing
before January 9, 2020.

A copy of the Court's Order Establishing Deadlines and Procedures
is available at https://is.gd/ieziNC from PacerMonitor.com free of
charge.

                 About Columbus Oil & Gas LLC

Columbus Oil & Gas, LLC, is an oil & energy company based out of
Port Huron, Michigan.

Columbus Oil & Gas, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Mich. Case No. 19-52994) on Sept. 11, 2019.  In the
petition signed by Charles U. Lawrence, manager, the Debtor was
estimated to have $0 to $50,000 in assets and $10 million to $50
million in liabilities.  The Hon. Maria L. Oxholm oversees the
case.  David R. Heyboer, Esq., at Heyboer Law PLC, serves as
bankruptcy counsel to the Debtor.




COMPASS PUBLIC CHARTER SCHOOL: S&P Affirms 'BB' Bond Rating
-----------------------------------------------------------
S&P Global Ratings revised its outlook to stable from negative and
affirmed its 'BB' rating on the Idaho Housing and Finance Assn.'s
outstanding 2010 and 2018 bonds issued for Compass Public Charter
School (Compass). The outlook is stable.

"The outlook revision to stable largely reflects our view that the
school was able to increase its enrollment and improve maximum
annual debt service coverage to levels beyond our pro forma
expectations and more in line with the rating medians and peers,"
said S&P credit analyst Natalie Fakelman.

The stable outlook reflects S&P's view that the school will meet
their enrollment targets and generate sufficient maximum annual
debt service coverage in fiscal 2020. It also expects the school to
continue to achieve full accrual surpluses, albeit small, and to at
least maintain its cash level over the next year.

S&P said it could lower the rating or outlook if the school fails
to manage expenses such that MADS coverage or operational margins
decline significantly. A substantial increase in debt or decrease
in days' cash on hand would also be viewed unfavorably, according
to the rating agency.

Although unlikely due to the school's high debt load, S&P said it
could consider a higher rating action if there were sustained
improvement in MADS coverage and liquidity, and margins moved to
levels more commensurate with a higher rating level.


CONSOLIDATED LAND: Dec. 13 Auction for All Assets Set
-----------------------------------------------------
Judge Karen S. Jenneman of the U.S. Bankruptcy Court for the Middle
District of Florida authorized the bidding procedures of CC STL
Holdings, LLC, an affiliate of Consolidated Land Holdings, LLC, in
connection with the sale of substantially all assets at auction.

The Procedures Hearing was held on Oct. 7, 2019.

As announced at the Procedures Hearing, the Sale Assets include the
fee simple of the Debtor's real property (not a 99-year lease).  
Additionally, DW Commercial Finance ("DW") is deemed to be a
Qualified Bidder with a credit bid up to $3,463,744 (assuming it
pays off the Acres debt, in the approximate amount of $17 million,
in full), and all net proceeds above the Acres debt will be paid to
DW up to the DW Credit Bid.  Finally, the net proceeds will first
be used to pay the secured personal property claim of Red Lion
Hotel Franchising, Inc. in the approximate amount of $16,000.

The Bid Deadline is Dec. 6, 2019 at 5:00 p.m. (prevailing Orlando,
Florida time).  If Qualified Bids are timely received by the Debtor
in accordance with the Bid Procedures, then the Debtor will conduct
an Auction on Dec. 13, 2019 at 10:00 a.m. (prevailing Orlando,
Florida time) at the offices of Shuker & Dorris, P.A., 121 S.
Orange Avenue, Suite 1120, Orlando, Florida 32801, or such other
place and time as the Debtor will notify all Qualified Bidders and
other invitees.  The Auction will be conducted in accordance with
the Bid Procedures.

The Sale Hearing is set for Dec. 17, 2019 at 10:00 a.m.
Objections, if any, must be filed no later than 4:00 p.m.
(prevailing Orlando, Florida time) on the same day.

The notice of sale is approved.  Three business days after the
entry of the Order, the Debtor will cause the Auction and Sale
Notice to all Auction and Sale Notice Parties.

If an Auction is conducted and a Successful Bid is selected and
advanced to the Court at the Sale Hearing, then the party with the
next highest and best Qualified Bid, as determined by the Debtor in
the exercise of his reasonable business judgment, will be
designated as the backup bidder.

Subject to the approval of the Successful Bid and the Back-Up Bid
(as applicable) by the Court at the Sale Hearing, the Debtor is
authorized to sell the Business free and clear of all liens,
claims, encumbrances and interests, with all such liens, claims,
encumbrances and interests to attach to the proceeds of such sale.

The stay provided for in Bankruptcy Rule 6004(h) is waived and the
Bid Procedures Order will be effective immediately upon its entry.


All time periods set forth in this Bid Procedures Order will be
calculated in accordance with Bankruptcy Rule 9006(a).

A copy of the Bidding Procedures attached to the Order is available
for free at:

     http://bankrupt.com/misc/Consolidated_Land_215_Order.pdf

                 About Consolidated Land Holdings

Consolidated Land Holdings and its subsidiaries are privately held
companies engaged in activities related to real estate.

Consolidated Land Holdings, LLC, and 21 affiliates concurrently
filed voluntary petitions seeking relief under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 19-04760) on July
22, 2019. The petitions were signed by Joseph G. Gillespie III,
manager. At the time of filing, the Debtors estimated $50 million
to $100 million in both assets and liabilities.

The Debtors are represented by R Scott Shuker, Esq. at Latham,
Shuker, Eden & Beaudine, LLP.


COOPER'S HAWK: Moody's Affirms B3 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
of Cooper's Hawk Intermediate Holding, LLC's, and the B3 rating of
its first lien credit facilities after the downsizing of its
proposed first lien term loan to $200 million from $225 million.
The proposed first lien revolving credit facility will remain $35
million. Concurrently, Moody's downgraded the company's Probability
of Default Rating to Caa1-PD from B3-PD. The outlook is stable.

The affirmation of the B3 CFR reflects that Cooper's Hawk's
leverage will remain very high despite the downsizing of its
proposed first lien term loan by $25 million. Moody's now estimates
pro forma debt-to-EBITDA to be approximately 7.6 times compared to
original estimates of 8.1 times for the twelve months period ending
3 July 2019. The affirmation also acknowledges that EBITA/interest
expense will remain unchanged at around 1.9 times and free cash
flow to debt will remain unchanged around 2% as the lower level of
debt is offset by a higher than expected cost of capital.

The company also revised certain terms of the proposed first lien
term loan, including the addition of a maintenance covenant in the
first lien term loan. The first lien term loan will now require
first lien leverage to be maintained below a threshold that will be
set with a 35% cushion to expected performance at close. In
accordance with Moody's Loss Given Default methodology, Moody's is
downgrading the company's PDR one notch to Caa1-PD to reflect the
modestly higher probability of default given the presence of a
protective financial maintenance covenant. The affirmation of the
B3 CFR also acknowledges that the addition of a protective
financial maintenance covenant also supports a higher expected
recovery rate.

Proceeds from the planned debt offering will be used to refinance
an existing bridge loan issued by private equity sponsor Ares
Management, which along with a sizable equity contribution, funded
the July 2019 acquisition of Cooper's Hawk. All ratings are subject
to Moody's review of the final documentation.

Affirmations:

Issuer: Cooper's Hawk Intermediate Holding, LLC

  Corporate Family Rating, Affirmed B3

  Senior Secured First Lien Revolving Credit Facility,
  Affirmed B3 (LGD3)

  Senior Secured First Lien Term Loan, Affirmed B3 (LGD3)

Downgrades:

Issuer: Cooper's Hawk Intermediate Holding, LLC

  Probability of Default Rating, Downgraded to Caa1-PD from
  B3-PD

Outlook Actions:

Issuer: Cooper's Hawk Intermediate Holding, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Cooper's Hawk's B3 CFR is supported by its small size relative to
its rated restaurant peers, with annual revenue of less than $350
million, its high financial leverage of approximately 7.6 times
Moody's-adjusted debt-to-EBITDA for the twelve months ended 3 July
2019, as well as Moody's expectation that leverage will decline to
around 6.75 times over the next 12-18 months. The company also has
limited geographic diversification, and its new restaurant openings
involve execution risk and material capital outlays that will
constrain free cash flow for the foreseeable future. Cooper's Hawk
is susceptible to discretionary consumer spending patterns and
regional economic factors, and the company's majority owner is a
private equity firm, which could lead to more aggressive financial
policy over time. The company also has an adequate liquidity
profile.

However, Cooper's Hawk benefits from its position as one of the
first movers with multiple locations in the nascent restaurant/wine
club space, and Moody's expectation for continued organic topline
and profitability growth over the next few years. Cooper's Hawk
also benefits from its wine club, which is the largest in the US
and accounts for about 25% of the company's total revenue. It also
enhances topline visibility and bolsters restaurant traffic
considerably due to the very high rate of customer in-store pickup.
The company has solid same store sales growth trends, and maintains
a diverse customer base and broad appeal among varying
demographics.

The stable outlook reflects Moody's view that Cooper's Hawk will
continue to grow its total revenue in excess of 10% over the next
12-18 months while same store sales are sustained in the
mid-to-high single digit range. As a result, the company is
expected to gradually deleverage by about half a turn a year,
largely from EBITDA growth.

The ratings could be upgraded if the company continues to increase
its size and scale, debt-to-EBITDA approaches 5.75 times,
EBIT-to-interest is sustained above 1.5 times, and free cash
flow-to-debt exceeds 2.5%. Alternatively, the ratings could be
downgraded if there is sustained weakness in same store sales, the
company fails to deleverage below 7 times debt-to-EBITDA over the
next 12-18 months, or EBIT-to-interest is sustained below 1 time.
Also, if the company exercises increasingly aggressive financial
policies or its liquidity profile weakens for any reason, the
ratings could be downgraded.

Cooper's Hawk Intermediate Holding, LLC is an experiential concept
restaurant chain that also features the largest wine club in the
US. The company currently operates 40 restaurants, which also serve
as the primary pickup location for recurring monthly wine purchases
by its wine club members. Cooper's Hawk was established in 2005 by
founder and CEO Tim McEnery, and was purchased by Ares Private
Equity Group in July 2019. Cooper's Hawk will have 2019 revenue of
approximately $350 million.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


COSTA CAFE: Seeks Permission to Utilize Cash Collateral
-------------------------------------------------------
Costa Café asks the Bankruptcy Court for permission to use cash
collateral necessary for the continued operation of its business.
Creditors who may assert a cash collateral lien include Hometown
Bank, Quickstone Capital, and Massachusetts Department of Revenue.

The Debtor requested an emergency hearing of the motion.

                       About Costa Cafe

Costa Cafe, Inc. and its affiliates, namely, Maple Avenue Donuts
Inc., Boston Donuts Inc. and W & E Trust, Inc., sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case Nos.
19-41139 to 19-41142) on July 11, 2019.  At the time of the filing,
each Debtor had estimated assets of between $100,000 and $500,000
and liabilities of between $1 million and $10 million.  Ehrhard &
Associates, P.C., is the Debtors' legal counsel.


DANIEL LORINCZ: $129K Sale of 2000 SumerSet Colorado Houseboat OK'd
-------------------------------------------------------------------
Judge Paul Sala of the U.S. Bankruptcy Court for the District of
Arizona authorized Darcy Michael Lorincz's sale of his 2000
SumerSet Colorado Houseboat, Identification Number 1116213,
IMO-SZJ02905J001, for a sum not less than $129,000.

The Houseboat is currently located at Scorpion Bay Marina, Lake
Pleasant, Arizona.

Upon the close of the sale, the Debtor will do the following:

     a. Tender sufficient funds to Bank of America, N.A. to obtain
the lien release by payment of the balance owed for its purchase
money security interest which is estimated at $117,385 plus any
accrued and/or accruing interest if applicable.

     b. All excess sale proceeds will be held in the Debtor's
Counsel's Trust Account for distribution under a Confirmed Chapter
11 Plan of Reorganization.

     c. File a Report of Sale with the Court.

Darcy Michael Lorincz sought Chapter 11 protection (Bankr. D. Ariz.
Case No. 19-04925) on April 24, 2019.  The Debtor tapped Allan D.
Newdelman, Esq., at Allan D. Newdelman PC as counsel.



DHX MEDIA: Moody's Affirms B2 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed DHX Media Ltd.'s B2 corporate
family rating, B2-PD probability of default rating, B2 senior
secured credit facilities ratings and upgraded the speculative
grade liquidity rating to SGL-2 from SGL-3. At the same time the
outlook was changed to stable from negative.

The actions follow the company's announcement on October 9, 2019
that it would issue CAD60 million in equity, with approximately
CAD50 million of the proceeds to be used to repay debt. Moody's
expects that the planned debt repayment, combined with modest
EBITDA growth, will lead to Moody's Adjusted Debt-to-EBITDA
declining to 5.8x by the end of fiscal year 2020.

"The stable outlook reflects an improved capital structure after
the equity issue and its belief that management will continue to
focus on debt reduction" said Moody's Analyst Jonathan Reid.

The following summarizes DHX's ratings and the actions:

Rating Affirmations:

Issuer: DHX Media Ltd.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Term Loan, Affirmed B2 (LGD3)

Senior Secured Revolving Credit Facility, Affirmed B2 (LGD3)

Rating Upgrades:

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Outlook Actions:

Issuer: DHX Media Ltd.

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

DHX's credit profile is supported by; 1) its extensive portfolio of
children's media content that includes well-known brands such as
Peanuts; 2) strong market demand for content from a growing number
of streaming services; and 3) its expectation that leverage will
decline to 5.8x by fiscal year end 2020 (Debt/EBITDA of 6.7x as of
30 Sept, 2019). The rating is constrained by; 1) management's focus
on developing new premium content which creates execution risks and
potentially diverts free cash flow away from debt reduction; and 2)
the company's small scale compared to other producers of children
content which makes it less capable in responding to rapid shifts
in viewing and distribution trends.

DHX's SGL-2 speculative grade liquidity reflects adequate
liquidity, based on the Library business generating free cash flow
of about CAD25 million in the next four quarters (Moody's expects
that Production-related deficits are project financed), CAD40
million of cash (30Jun19), and full availability under its US$30
million revolving credit facility (approximately CAD39 million)
which is committed to June 30, 2022. There are no debt maturities
in the next four quarters through calendar 2019 aside from $6
million of required annual term loan amortization. The term loan
and revolver feature a Total Net Leverage Ratio covenant which is
currently limited to 6.5x. Prospective ability to comply with
covenants is likely, with ample cushion to absorb some earnings
volatility.

DHX is exposed to social risks, as viewing patterns continue to
evolve and disrupt traditional methods of content distribution. The
shift in viewing patterns away from traditional linear TV has
impacted DHX's business model, however management is now pursuing a
model that places a greater emphasis on creating premium content
for direct-to-consumer platforms which Moody's believes is
appropriate. DHX's exposure to governance risks is minimal. DHX is
publicly traded, and 10 of the company's 12 board of directors are
independently named. Additionally, management has a track record of
prudent debt management, and the company publicly files its
financial statements and other corporate reports.

The stable outlook reflects its expectation that leverage will
continue to decline over the next 12-18 months.

The ratings could be upgraded if the company materially increased
its scale while maintaining positive free cash flow and Library
Business debt/EBITDA was sustained below 4.5x.

The ratings could be downgraded if free cash flow turned negative
for a sustained period of time or if Library Business debt/EBITDA
was sustained above 6x.

DHX Media Ltd. is headquartered in Halifax, Nova Scotia (corporate
offices in Toronto, Ontario) that generated CAD$440 million in
revenue in 2019. The company owns children's audiovisual content
and brands such as Peanuts, Strawberry Shortcake, Inspector Gadget,
Teletubbies and Cloudy with a Chance of Meatballs, and produces
content for consumption on traditional TV as well as internet based
streaming platforms.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


DONNA ARMSTEAD: $118.5K Sale of Property to Hayes Approved
----------------------------------------------------------
Judge Patrick M. Flatley of the U.S. Bankruptcy Court for the
Northern District of West Virginia authorized Donna Armstead and
Anthony Armstead to sell real estate to Shawn Hayes for $118,500.


The Debtor is authorized to make distributions to the real estate
broker, and for closing costs, including pro rata taxes.

Donna Armstead and Anthony Armstead filed Chapter 13 Petition on
July 29, 2019.  The case was converted to Chapter 11 (Bankr. N.D.
W.Va. Case No. 19-00615) on Aug. 30, 2019.  The Debtor tapped
Martin P. Sheehan, Esq., at Sheehan & Nugent, PLLC, as counsel.



DOVE REAL ESTATE: Has Interim Access to Cash Collateral Thru Nov. 7
-------------------------------------------------------------------
The Bankruptcy Court authorized Dove Real Estate & Association
Management LLC to use cash collateral on an interim basis from Oct.
8, 2019 through Nov. 7, 2019 to pay ordinary and necessary expenses
pursuant to a budget.  

The Court specified that the Debtor's use of cash collateral for
the interim period will not include any payment for legal and
professional fees.

As adequate protection, all Secured Creditors will be granted duly
perfected replacement liens on all post-petition assets of the
Debtor's estate, except any avoidance actions, to the same extent,
validity and priority of the Secured Creditors' pre-petition liens
and security interests in the Debtor's assets.

Final hearing is set for Nov. 7, 2019 at 10 a.m.  

Responses to the Debtor's Budget or Cash Collateral Motion must be
filed by Oct. 24, 2019 to which the Debtor must file a response by
Oct. 31, 2019.

                     About Dove Real Estate
                    & Association Management

Dove Real Estate & Association Management LLC filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-13770) on Sept. 27, 2019, in
Santa Ana, California.  WEINTRAUB & SELTH APC is the Debtor's
counsel.  




DUNCAN MORGAN: Trustee Gets Plan Filing Extension
-------------------------------------------------
In the chapter 11 case of Duncan Morgan, LLC, the Honorable Judge
David M. Warren from the U.S. Bankruptcy Court of the Eastern
District of North Carolina granted the Chapter 11 trustee's motion
to extend time within which to file Plan of Reorganization and
Disclosure Statement.  The Debtor's deadline is extended to Dec. 6,
2019.

Pursuant to an order entered on July 8, 2019, the Court set a
deadline of October 7, 2019 for the Debtor to file a Plan and
Disclosure Statement ("Plan Deadline").  

Since his appointment, the Trustee has actively been working to
administer the Chapter 11 estate and to determine the amount and
nature of claims against this Debtor.  The Trustee is also actively
working on plan formation.  Saying it needs an additional 60 days
to file its Plan and Disclosure Statement, the Trustee sought an
order extending the Plan Deadline until December 2019.

                      About Duncan Morgan

Duncan Morgan LLC is primarily engaged in renting and leasing real
estate properties.

Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case
No. 19-03113) on Oct. 10, 2019.  The Debtor was estimated to have
$1 million to $10 million in assets and liabilities as of the
bankruptcy filing.  

The Hon. David M. Warren is the case judge.  

J.M. Cook, Esq., is the Debtor's counsel.  

Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21, 2019.
The Chapter 11 Trustee can be reached at:

        Kevin L. Sink
        NICHOLLS & CRAMPTON, PA.
        P.O. Box 18237
        Raleigh, NC 27619
        Telephone: 919-781-1311
        Facsimile: 919-782-0465
        E-mail: ksink@nichollscrampton.com



EAST COAST INVEST: D. Monette Appointed Chapter 11 Trustee
----------------------------------------------------------
The Bankruptcy Court having considered the Application of the
United States Trustee for entry of an Order approving appointment
of Deborah C. Menotte as Chapter 11 Trustee for East Coast Invest,
LLC, ordered that the appointment is approved. 

          About East Coast Invest

East Coast Invest LLC is a privately held company whose principal
assets are located at 3195 W. hallandale Beach Blvd., Hollywood,
Fla.
  
East Coast Invest sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-20513) on Aug.6,
2019.

At the time of the filing, East Coast Invest had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.  
  
The case has been assigned to Judge John K. Olson.  

East Coast Invest tapped Markowitz, Ringel, Trusty & Hartog, P.A.
as its legal counsel, and Barry Makumal as its accountant and
financial advisor.


EAT HERE BRANDS: $3.62M Sale of All Assets to Balu Holdings OK'd
----------------------------------------------------------------
Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized Eat Here Brands, LLC and
its debtor-affiliates to sell substantially all assets to Balu
Holdings, LLC for $3.62 million.

The Sale Hearing was held on Oct. 18, 2019.

The sale is free and clear of all Encumbrances of any kind or
nature whatsoever.  Upon the Closing of the Sale, all obligations,
liabilities, and Encumbrances of any kind or nature whatsoever will
attach to the proceeds of the Sale.

Unless previously paid in full in accordance with the Budget or the
consent of Origin Bank, (i) the Debtors will segregate from the
proceeds of the sale at Closing the remaining amount necessary pay
all PACA claimants the amounts set forth in the PACA Notice in
full, and (ii) within five business days of Closing, the Debtors
will pay each such PACA claimant, from such proceeds of the Sale,
the amount necessary to pay such PACA claimant in full the amount
set forth for it in the PACA Notice.

Within five business days of Closing, the Debtors will pay origin
Bank the amount necessary to repay the DIP Loan Obligation in full.
Within two business days after the later of the Closing and the
expiration of the Challenge Period, the Debtors will pay all of the
remaining proceeds of the Sale toward the satisfaction of the
Pre-Petition Obligations less (1) the payments to PACA claimants
set forth in the preceding paragraph, (2) the payment of the DIP
Loan Obligation in (i) of this paragraph, (3) an amount equal to
all unpaid administrative expenses set forth in the Budget (but
only to the extent that the Debtors have insufficient cash on hand
to pay such expenses, and not to exceed $200,000), and (4)
$500,000.  

Any remaining funds not disbursed in accordance with the Order will
be held by Debtors and will only be disbursed in accordance with a
Subsequent Budget or pursuant to a plan or further order of the
Court.

Pursuant to Sections 105(a) and 365 of the Bankruptcy Code, and
subject to and conditioned upon the Closing of the Sale, the
Debtorsr assumption and assignment to the Purchaser, and the
Purchaser's assumption on the terms set forth in the APA, of the
Designated Contracts is approved, and the requirements of Section
365(b)(1) of the Bankruptcy Code with respect thereto are hereby
deemed satisfied.

The Designated Contracts and applicable Cure Amounts are set forth
on Exhibit A.  Notwithstanding anything in the Order, the landlord
for the Debtor's corporate office lease in Roswell, Georgia,
Pavilion Building LLC c/o Equitable Management Corp. will have
until Oct. 22, 2019 to file an objection, if any, with the Court to
the Cure Amount set forth on Exhibit A for that lease.

There are no brokers involved in consummating the Sale and no
brokers' commissions are due.

Within two business days of entry of the Order, the Debtors will
cause a copy of the Order to be served upon all the parties
identified on the Master Service List in these Bankruptcy Cases as
approved by the Court's Order Establishing Notice and
Administrative Procedures.

The Order constitutes a final order within the meaning of 28 U.S.C.
Section 158(a).

Notwithstanding the possible applicability of Rules 6004, 6006,
7062, or 9014 of the Bankruptcy Rules, or otherwise, the provisions
of the Order will be immediately effective and enforceable upon its
entry.

A copy of the Exhibit A attached to the Order is available for free
at:

      http://bankrupt.com/misc/Eat_Here_169_Order.pdf  

                      About Eat Here Brands

Eat Here Brands, LLC, a Delaware limited liability company that was
formed on or about May 23, 2012, owns the trademarks and other
intellectual property rights of the Babalu restaurant concept.  The
Babalu concept was named after the signature song of the television
character Ricky Ricardo, who was played by Desi Arnaz in the
television comedy series I Love Lucy.  The Babalu concept features
upscale Latin-inspired cuisine born out of the love and respect for
food and for music genres such as the guaracha, cha-cha, and Latin
jazz, which is a major component of the Babalu concept (the
restaurants commonly plays Cuban, Spanish, and Latin music of all
genres).  Eat Here Brands owns 100 percent of the membership
interests of its affiliated debtors and certain non-debtor
entities.

Eat Here Brands and its affiliated debtors sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No.
19-61688) on July 30, 2019.   At the time of the filing, Eat Here
Brands disclosed assets of between $1 million and $10 million and
liabilities of the same range.

The cases have been assigned to Judge Wendy L. Hagenau.

The Debtors tapped Arnall Golden Gregory LLP as bankruptcy counsel;
GGG Partners, LLC as financial advisor; and Omni Management Group,
Inc. as claims and noticing agent.

The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on Aug. 21, 2019.


EAT HERE BRANDS: Babalu Atlanta #2's Sale of Assets to CPVR Okayed
------------------------------------------------------------------
Judge Wendy L. Hagenau of the U.S. Bankruptcy Court for the
Northern District of Georgia authorized Eat Here Brands, LLC and
its debtor-affiliates to sell substantially all assets of Babalu
Atlanta #2, LLC, which assets are not the subject of the Asset
Purchase Agreement dated as of Sept. 9, 2019, to CPVR
Mid-Continent, LLC for , pursuant to their Asset Purchase Agreement
dated as of Oct. 10, 2019.

The Sale Hearing was held on Oct. 18, 2019.

The sale is free and clear of all Encumbrances of any kind or
nature whatsoever.  Upon the Closing of the Sale, all obligations,
liabilities, and Encumbrances of any kind or nature whatsoever will
attach to the proceeds of the Sale.

Within five business days of Closing, the Debtors will transfer all
of the proceeds of the Sale of the Acquired Assets to Origin Bank
toward the satisfaction of the Pre-Petition Obligations.

Pursuant to Sections 105(a) and 365 of the Bankruptcy Code, and
subject to and conditioned upon the Closing of the Sale, Babalu
Atlanta #2's assumption and assignment to the Purchaser, and the
Purchaser's assumption on the terms set forth in the APA, of the
Designated Contracts is approved, and the requirements of Section
365(b)(1) of the Bankruptcy Code with respect thereto are deemed
satisfied.

Eat Here Brands and Babalu Atlanta #2, in consultation with the
Purchaser, reserve the right to withdraw any request to assume and
assign a Designated Contract prior to Closing of the Sale, for any
reason, including if a non-Debtor party contests the Cure Amount or
the Cure Amount as established by the Court is unsatisfactory to
Eat Here Brands and Babalu Atlanta #2 and the Purchaser.  

There are no brokers involved in consummating the Sale and no
brokers' commissions are due.

Within two business days of entry of the Order, the Debtors will
cause a copy of the Order to be served upon all the parties
identified on the Master Service List in these Bankruptcy Cases as
approved by the Court's Order Establishing Notice and
Administrative Procedures.

The Order constitutes a final order within the meaning of 28 U.S.C.
Section 158(a).  Notwithstanding the possible applicability of
Rules 6004, 6006, 7062, or 9014 of the Bankruptcy Rules, or
otherwise, the provisions of the Order will be immediately
effective and enforceable upon its entry.

                      About Eat Here Brands

Eat Here Brands, LLC, a Delaware limited liability company that was
formed on or about May 23, 2012, owns the trademarks and other
intellectual property rights of the Babalu restaurant concept.  The
Babalu concept was named after the signature song of the television
character Ricky Ricardo, who was played by Desi Arnaz in the
television comedy series I Love Lucy.  The Babalu concept features
upscale Latin-inspired cuisine born out of the love and respect for
food and for music genres such as the guaracha, cha-cha, and Latin
jazz, which is a major component of the Babalu concept (the
restaurants commonly plays Cuban, Spanish, and Latin music of all
genres).  Eat Here Brands owns 100 percent of the membership
interests of its affiliated debtors and certain non-debtor
entities.

Eat Here Brands and its affiliated debtors sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Lead Case No.
19-61688) on July 30, 2019.   At the time of the filing, Eat Here
Brands disclosed assets of between $1 million and $10 million and
liabilities of the same range.

The cases have been assigned to Judge Wendy L. Hagenau.

The Debtors tapped Arnall Golden Gregory LLP as bankruptcy counsel;
GGG Partners, LLC as financial advisor; and Omni Management Group,
Inc. as claims and noticing agent.

The U.S. Trustee for Region 21 appointed a committee of unsecured
creditors on Aug. 21, 2019.


ELLIE MAE: Fitch Affirms B+ LT IDR & Alters Outlook to Negative
---------------------------------------------------------------
Fitch Ratings affirmed Ellie Mae's 'B+' Long-Term Issuer Default
Rating following the announcement to acquire a mortgage process
automation company. The Rating Outlook has been revised to Negative
from Stable. Fitch has also affirmed the 'BB'/'RR2' rating for the
$75 million secured revolving credit facility and the upsized
$1.315 billion first lien secured term loan. The $385 million
second lien secured term loan is not being rated. The acquisition
is being financed with an incremental $350 million first lien term
loan and cash on balance sheet.

On Oct. 18, 2019, Ellie Mae announced plan to acquire the target
company. This follows the acquisition of Ellie Mae by Thoma Bravo
on April 17, 2019. The target company offers a software platform
for mortgage document data recognition and extraction, automating a
manual and labor intensive document collection process. Fitch views
the acquisition as highly complementary as the technology can be
integrated into Ellie Mae's product suite and allows Ellie Mae to
provide further automation in the mortgage underwriting process.

The acquisition of the target company will result in gross leverage
remaining above Fitch's previously established negative sensitivity
threshold for the rating category. Fitch estimates Ellie Mae's
gross leverage to be approximately 6.4x in 2020 and below 6x in
2021, primarily driven by EBITDA growth. Deviations from the gross
leverage expectations could pressure the ratings. The Negative
Rating Outlook reflects the elevated gross leverage that leaves no
capacity for incremental debt in the near term.

KEY RATING DRIVERS

Strong Product Coverage Driving Customer Retention and Revenue
Growth: Ellie Mae's Encompass platform spans the entire mortgage
origination process from lead management through processing,
underwriting, closing, and post-closing. Increasing product
adoption by customers for various stages of the loan process
increases the number of touch points with customers, and results in
more resilient relationships while enabling Ellie Mae to capture
more value in the loan origination process. This is demonstrated by
its mid-90's customer retention rate and four-year revenue/loan
CAGR in the high-single-digits. The potential for growth in
revenue/loan provides Ellie Mae with sufficient buffer to mitigate
impact of industry cyclicality.

Continuing Market Share Gain Supported by Network Effect: Ellie
Mae's loan origination platform facilitates the efficient interface
and transactions among participants of the loan process through its
Ellie Mae Network, effectively forming an ecosystem around the
platform. This creates the network effect that should support
further market share gain as rising market share leads to
increasing efficiency for participants and becomes an increasingly
more critical component for mortgage loan processing. The existence
of the network effective creates a virtuous cycle for the dominant
platform. Fitch believes the addition of the target company would
further strengthen Ellie Mae's position within the mortgage
origination process.

Diversified Customer Base: Ellie Mae serves a diversified customer
base of over 2,500 customers with no single customer representing
more than 2% of revenues. Fitch believes this is largely reflective
of the mortgage loan industry and the diversity of customer base
should remain.

Resilient Business Model Supported by High Revenue Visibility: 66%
of Ellie Mae's 2018 revenues were recurring subscriptions, 27% were
generated from contracted transaction fees, and the remaining from
professional services. Fitch views the subscription revenues as
highly visible while the transaction fees are correlated to
mortgage origination volume. The aggregate of subscriptions and
transaction fees should provide over 85% visibility to revenue
generation. In conjunction with the strong FCF margins, Fitch views
the business model as highly resilient.

Industry Concentration and Cyclicality Risks: Ellie Mae's
end-market concentration makes it vulnerable to cyclicality to the
mortgage loan industry. Between 2008 and 2018, mortgage
originations fluctuated between 6 million and 10 million with
numerous peaks and troughs. Fitch believes such cyclicality is
inherent to the mortgage industry and will continue to serve as
underlying demand for participants in the mortgage loan industry.
The increasing adoption of Ellie Mae's products has enabled the
company to maintain consistent revenue growth through the mortgage
cycles.

Secular Growth Driven by Increasing Penetration: Ellie Mae has
managed to consistently grow its revenue from 2008-2018 with 30%
CAGR despite the industry cyclicality. The growth has been driven
by the increasing number of mortgage loans closed utilizing Ellie
Mae's platform and the rising revenue per loan Ellie Mae has been
able to generate. Ellie Mae's Encompass platform reduces cost for
the mortgage origination process by integrating and automating
workflow that has traditionally been labor intensive. The company
estimates that its product provides savings of $970 per closed loan
and reduces time to close. With the cost of loan production rising
by nearly 2.5x since 2008, there are greater incentives for
adoption of cost saving solutions.

Private Equity Ownership Could Limit Deleveraging: Pro forma for
the leverage buyout by Thoma Bravo and acquisition of the target
company, gross leverage will be elevated at 7.5x for 2019. Fitch
forecast gross leverage to decline to 6.4x in 2020 and below 6x in
2021 primarily through organic EBITDA growth and realization of
cost optimization. Fitch believes Ellie Mae's strong FCF generating
capability would provide capacity to further de-lever to below 5x
by 2022. However, the company is likely to de-lever at a more
moderate pace as the private equity ownership would optimize ROE
through optimal capital structure. Fitch also believes Thoma
Bravo's over 50% equity stake reflects its confidence in Ellie
Mae's resilient business model.

DERIVATION SUMMARY

Fitch's ratings are supported by Ellie Mae's solid position in the
mortgage loan origination industry driven by the value creation
through its products. Its industry leading position and continuing
growth in revenue/loan compounded by the network effect in its
platform should enable the company to maintain a strong growth
trajectory through Fitch's forecast period. The quantifiable value
creation and mission critical nature of Ellie Mae's product is
demonstrated by its high customer retention rate in the mid-90's
and four-year revenue/loan CAGR in the high-single-digits. In
conjunction with the company's strong profitability, Ellie Mae has
ample flexibility to manage through mortgage industry cyclicality.

Fitch believes the private equity ownership of Ellie Mae could
limit deleveraging. While Fitch believes Ellie Mae has significant
capacity for deleveraging over its forecast period, private equity
ownership is likely to result in some level of leverage on an
ongoing basis to optimize ROE. In the near term, Fitch anticipates
Ellie Mae to focus on its product modernization and cost
optimization over the next 12-24 months resulting in elevated
capital expenditure while expanding EBITDA margins. In the longer
term, Fitch expects large portion of FCF to be used for
acquisitions and dividend payments to the owners. The leverage
profile is high for the 'B+' rating category as reflected by the
Negative Rating Outlook. It is Fitch's expectation that Ellie Mae
would reduce its gross leverage to within the rating sensitivities
within 18-24 months after the acquisition of the target company.
Any deviation from this expectation could pressure the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Organic revenue growth of high single-digits primarily driven
by higher revenue/loan;

  -- EBITDA margins stable from 2020 benefiting from cost
optimization efforts;

  -- Capex intensity in the mid-teens through 2020 to support
ongoing product modernization efforts then normalizes to
mid-single-digits;

  -- Acquisitions averaging $50 million per year;

  -- No dividend payout through Fitch's forecast period.

In estimating a distressed EV for Ellie Mae, Fitch assumes a going
concern EBITDA of $164 million. This EBITDA level adjusts for
one-time costs. This assumes a material slowdown in mortgage
originations. Fitch applies a 7x multiple to arrive at EV of $1.15
billion. The multiple is higher than the median TMT enterprise
value multiple, but is in line with other similar software
companies that exhibit strong recurring revenue and FCF
characteristics. In the 21st edition of Fitch's Bankruptcy
Enterprise Value and Creditor Recoveries case studies, Fitch notes
nine past reorganizations in the Technology sector with recovery
multiples ranging from 2.6x to 10.8x. Of these companies, only
three were in the Software sector: Allen Systems Group, Inc.,
Avaya, Inc., and Aspect Software Parent, Inc., which received
recovery multiples of 8.4x, 8.1x, and 5.5x, respectively. Ellie
Mae's strong market position and operating profile is supportive of
a recovery multiple in the upper-end of this range.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  -- Fitch's expectation of gross leverage sustaining below 5.0x;

  -- FFO adjusted leverage sustaining below 5.5x;

  -- Revenue growth sustaining in the double digits with continuing
revenue/loan growth;

  -- FCF margins sustaining above 20%.

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  -- Fitch's expectation that gross leverage sustaining above
6.0x;

  -- FFO adjusted leverage sustaining above 6.5x;

  -- Revenue growth sustaining at mid-single-digits or below, or
declining revenue/loan;

  -- FCF margins sustaining below 10%.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: The company had $173 million of cash on its
balance sheet at the end of 3Q 2019 and full availability under its
$75 million revolving credit facility pro forma for the acquisition
of the target company. Fitch expects Ellie Mae to incur elevated
capex in the near term as the company invests in updated software
to meet the new mortgage application guidelines. The company also
maintains a positive working capital position driven by the higher
percentage of subscription revenues and related cash collections.
Fitch forecasts Ellie Mae's FCF margins to normalize at near 20% in
2021 after cost optimization efforts are fully executed and product
modernization efforts are completed.

Ellie Mae's debt maturities are manageable with maturity schedule
as follows:

  -- $75 million revolving credit facility (undrawn) due 2024;

  -- $1,315 billion first lien term loan due 2026;

  -- $385 million second lien term loan due 2027.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has made no material financial adjustments.


EVERGREEN PALLET: Provides for U.S. Trustee Fees in Amended Budget
------------------------------------------------------------------
Evergreen Pallet LLC filed with the Bankruptcy Court for the
District of Kansas an amended Motion for Authority to Use Cash
Collateral which included a line item for the U.S. Trustee's
quarterly fees amounting to $6,000.  

A copy of the Amended Budget is available for free at:
http://bankrupt.com/misc/Evergreen_Pallet_47(1)_Cash_Budget.pdf

                    About Evergreen Pallet

Evergreen Pallet LLC, a pallet supplier in Wichita, Kansas, filed a
petition seeking relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Kan. Case No. 19-21983) on Sept. 17, 2019.  In the
petition signed by Jeffrey Ralls, member, the Debtor listed assets
at $1,316,600 and liabilities at $6,624,679.  The Hon. Robert D.
Berger is the case judge.  KRIGEL &
KRIGEL, PC, is the Debtor's counsel.



FC COMPASSUS: S&P Assigns 'B' ICR; Outlook Stable
-------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to
Brentwood, Tenn.-based hospice health care provider FC Compassus
LLC and its 'B' issue-level rating and '3' recovery rating to the
company's senior secured credit facilities, consisting of a
revolver and term loan B.

S&P's rating reflects Compassus's small scale, the narrow focus on
hospice services, the fragmented and intensely competitive nature
of the hospice sector; the company's limited history of generating
material free cash flow, and aggressive pro forma debt leverage, in
the 4x-5x range for 2019.

Private equity investor TowerBrook Capital Partners L.P. will own
50% of the company and leading nonprofit health system Ascension
Health, owner of about 150 hospitals, will own the other 50%
through ATHO, a co-investment vehicle focused on strategic
healthcare investing opportunities, of which Ascension is the sole
limited partner. Towerbrook will have operational control and there
are no calls or puts between these owners.

The stable outlook reflects S&P's expectation for healthy revenue
growth, along with gradual improvement of EBITDA margins and free
cash flow generation over the coming years.

"We could consider a higher rating if the company demonstrates a
commitment to deleveraging, such that leverage generally remains
below 4.5x and the ratio of free cash flow to debt approaches 10%,"
S&P said.

"We could consider a lower rating if free cash flow generation
declines to below $10 million. This could result from unexpected
integration issues, loss of referral partners, operational issues
with acquisitions or de-novo expansion, or reputational issues,"
the rating agency said.


FIZZICS GROUP: $81K Sale of Accounts Receivable to Balog Approved
-----------------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware authorized Fzzics' sale and assignment all of its
rights, title and interest in one particular invoice, Invoice No.
AMZ325WQEGV, owed by Amazon to the Debtor in the amount of $88,192,

to Stephen J. Balog for $80,692, pursuant to their Sale Agreement.

The sale is free and clear of all liens, claims, encumbrances and
interests.

The 14-day stay imposed by Bankruptcy Rule 6004(h) is waived and
the Debtor may proceed immediately with the sale and assignment of
the Receivable to the Purchaser.

                   About Fizzics Group Inc.

Fizzics Group, Inc. -- http://www.fizzics.com-- is a technology
platform company that developed portable draft beer systems to
improve the flavor and taste of can, bottle or growler of beer to
brewery fresh.  It utilizes patented sonic wave technology to
deliver the fresh taste of draft from any can or bottle of beer.  

Fizzics Group sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 19-10545) on March 12, 2019.  At the
time of the filing, the Debtor had estimated assets of less than
$500,000 and liabilities of $1 million to $10 million.  David M.
Klauder, Esq., at Bielli & Klauder, LLC, is the Debtor's legal
counsel.


FOURTEENTH AVENUE: Obtains Approval to Use Up to $1.37M Cash
------------------------------------------------------------
The Hon. Marci B. McIvor authorized Fourteenth Avenue Cartage
Company, Inc., to use cash collateral of up to $1,372,000 to pay
its business expenses for the month of October and first week of
November 2019, on an interim basis, pending final hearing.

As adequate protection, the Court directed the Debtor to pay
Chemical Bank the amount of up to $17,500 per month, beginning Oct.
28, 2019 and continuing each month thereafter until the earlier to
occur of: (i) payment in full of the Debtor's obligation to the
Bank; (ii) the effective date of a confirmed reorganization plan;
(iii) waiver by the Bank of the requirement to make adequate
protection payments; (iv) an Order terminating the Debtor's
authority to use the cash collateral.

The Bank and any other secured creditor having interest in the cash
collateral are granted replacement liens in all of the Debtor's
post-petition assets.

Final hearing will be held on Nov. 5, 2019 at 10:30 a.m.  at 211 W.
Fort St., Courtroom 1875, Detroit, Michigan, to consider any timely
filed objections.

                  About Fourteenth Avenue Cartage Co.

Fourteenth Avenue Cartage Company, Inc. --
http://www.fourteenth.com/-- is a trucking company in Dearborn,
Michigan.  It provides intermodal, truck load, and cross-border
deliveries across Michigan, Ohio, Ontario, Indiana, Illinois and
Wisconsin.  The Company owns and operates fleet includes over 75
tractors and over 500 trailers, including a variety of intermodal
chassis and containers.

Fourteenth Avenue Cartage Company, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
19-54128) on Oct. 3, 2019.  In the petition signed by its chief
operating officer, James V. Ryan, the Debtor was estimated to have
assets and debt of less than $10 million.  The Hon. Marci B. McIvor
is the case judge.  The Debtor is represented by WERNETTE HEILMAN
PLLC.


GARDEN STATE DIAGNOSTIC: Case Summary & 5 Unsecured Creditors
-------------------------------------------------------------
Debtor: Garden State Diagnostic Imaging, LLC
        6 Earlin Avenue, Suite 160
        Browns Mills, NJ 08015

Business Description: Located in Browns Mills, New Jersey, Garden
                      State Diagnostic Imaging, LLC --
                      https://www.gsdimaging.com/ -- owns and
                      operates a new state-of-the-art imaging
                      center offering 1.2 T Open Magnetic
                      Resonance Imaging (MRI), Computed Tomography
                      (CT), Ultrasound (US Sonogram), 3D
                      Mammography (MG Breast Tomosynthesis), and
                      Digital X‐ray imaging services.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Case No.: 19-29852

Judge: Hon. Kathryn C. Ferguson

Debtor's Counsel: Andrew J. Kelly, Esq.
                  THE KELLY FIRM, P.C.
                  Coast Capital Building
                  1011 Highway 71, St. 200
                  Spring Lake, NJ 07762
                  Tel: 732-449-0525
                  Fax: 732-449-0592
                  E-mail: akelly@kbtlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Hiteshri Patel, managing member.

A full-text copy of the petition containing, among other items, a
list of the Debtor's five unsecured creditors is available for free
at:

          http://bankrupt.com/misc/njb19-29852.pdf


GATE 3 LIQUIDATION: Sun Valley Joins in AB&J's Trustee Bid
----------------------------------------------------------
Sun Valley Marina Development Corporation, a tribal corporation
chartered by the Gila River Indian Community, joins in the Motion
to Appoint a Trustee or Convert the Case filed by Gate 3
Liquidation, Inc.'s former counsel.

After the hearing on the removal of the CRO, Mrs. Bondurant filed a
$974,981.87 unsecured claim against the estate.

It is unclear from the proof of claim whether this borrowing was
contemporaneously recorded on the Debtor's books and records, and
it is also unclear whether there were any formal loan documents
evidencing these transactions. Indeed, as noted in Sun Valley's
Objection to the Debtor's Sixth Request to Extend Exclusivity,
before Mrs. Bondurant filed her claim there was approximately $1.2
million of sale proceeds available to pay approximately $700,000 of
administrative claims and $500,000 of unsecured claims. When her
unsecured claim is added to the other unsecured claims.

Sun Valley actively participated in this process and can attest to
the efforts that had, until recently, offered a good chance of a
90-100% payout to creditors. The conflicts of interest on the part
of management interfering with its ability to fulfill fiduciary
duties to the debtor may sustain a finding of cause to appoint a
Chapter 11 Trustee under the Bankruptcy Code. In the wake of their
failure to disclose the million-dollar unsecured claim, the
submission of affidavits that contradict the filed statements and
schedules, and the Bondurants' efforts to thwart the sale of the
company, Sun Valley has little confidence in the Bondurants'
ability to faithfully execute their fiduciary responsibility with
regard to such a plan. The Court should appoint a Chapter 11
Trustee who can, independently of all parties, submit a plan that
balances the estate’s duties to the creditors and to the
Bondurants. 

Therefore, Sun Valley asks that the Court grant the Trustee Motion
and appoint a Chapter 11 Trustee to take over the liquidation of
the debtor's estate. Sun Valley respectfully requests any further
relief that the Court deems appropriate.

Counsel for Sun Marina Development Corporation:

     Warren J. Stapleton, Esq.
     2929 North Central Avenue, 21st Floor
     Phoenix, Arizona 85012-2793

       About Gate 3 Liquidation, Inc.

Gate 3 Liquidation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-12041) on Oct 2,2018.
At the time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same
range.  The case has been assigned to Judge Brenda
K.Martin.  The Debtor is represented by D. Lamar Hawkins, PLLC.


GATE 3 LIQUIDATION: Wells Fargo Joins AB&J's Trustee Bid
--------------------------------------------------------
Wells Fargo Financial Leasing, Inc., and Wells Fargo Vendor
Financial Services, LLC, join in the Emergency Motion for Order
Directing Appointment of Chapter 11 Trustee or in the Alternative,
Converting Case to Chapter 7 filed by Allen Barnes & Jones, PLC, in
the Chapter 11 case of Gate 3 Liquidation, Inc.

The events and conflicts described in the Trustee Motion warrant
this case being put in the hands of an independent fiduciary.

Wells Fargo is one of the largest unsecured creditors in this case,
holding claims totaling approximately $150,000. The Bondurants
filed unsecured Claim 30-1 for nearly $1,000,000, completely
inconsistent with the statements of Hawkins and Keery just days
earlier, and apparently never asserted or mentioned in the public
records of this case for almost a year prior.

On September 16,2019, WF Leasing filed a straightforward motion for
approval of its administrative expense claim for the Debtor's
post-petition use of leased equipment through the closing of the
sale of substantially all of the Debtor's assets on May 17, 2019.
The sale did not include the equipment the Debtor leased from Wells
Fargo.  The Debtor's missing of deadlines and unfounded filings,
both easily avoided through even the most cursory review of the
publicly available docket in this case, casts serious doubt on the
ability of Hawkins and the Debtor to administer this estate
efficiently and competently.

When combined with the other grounds asserted in the Trustee
Motion, appointment of an independent fiduciary appears warranted.
Therefore, based on the reasons set forth in the Trustee Motion and
the foregoing reasons, Wells Fargo requests that the Court enter an
Order: (i) granting the Trustee Motion; and (ii) granting such
other and further relief as is appropriate under the circumstances
of this case.

Counsels for Wells Fargo Vendor Financial Services, LLC and Wells
Fargo Financial Leasing, Inc.:

     Robert J. Miller, Esq.
     Khaled Tarazi, Esq.
     Two North Central Avenue, Suite 2100
     Phoenix, Arizona 85004-4406

       About Gate 3 Liquidation, Inc.

Gate 3 Liquidation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 18-12041) on Oct 2,2018.
At the time of the filing, the Debtor disclosed assets of between
$1,000,001 and $10 million and liabilities of the same
range.  The case has been assigned to Judge Brenda
K.Martin.  The Debtor is represented by D. Lamar Hawkins, PLLC.


GATEWAY RADIOLOGY: Seeks Cash Access to Pay for Legal Fees
----------------------------------------------------------
Gateway Radiology Consultants P.A., moves the Bankruptcy Court to
authorize use of cash collateral in order to pay interim attorney's
fees to the Debtors, for adequate protection, or to surcharge
collateral.

Joey M. Aresty, Esq., at Joel M. Aresty, P.A., counsel to the
Debtor, asserts that the Debtor should be allowed use of cash
collateral in that (i)  Achieva Credit Union is over-secured -- its
replacement lien on pre-petition cash of $300,000 and other cash
collateral is adequately protected by equity cushion in $500,000
monthly receivables and the retention of other collateral, and that
(ii) the Debtor has alternatively offered Achieva $5,000 a month as
adequate protection payments on its cash collateral to hedge or
compensate for any diminution in its cash collateral.

Mr. Aresty relates that Achieva would not authorize a carve-out of
$5,000 per month toward payment of the interim fees awarded to the
Debtor's counsel, and that the Doctors and the equity holders have
paid attorneys' fees out of their own pocket.

The Debtor therefore asks that it be allowed to use cash collateral
to pay interim professional fees, or to surcharge collateral.  

                  About Gateway Radiology Consultants

Gateway Radiology Consultants P.A., based in Saint Petersburg,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-04971) on May 28, 2019.  In the petition signed by Gagandeep
Manget M.D., president, the Debtor disclosed $1,200,000 in assets
and $14,899,135 in liabilities as of the bankruptcy filing.  The
Hon. Michael G. Williamson oversees the case.  Joel M. Aresty,
P.A., serves as bankruptcy counsel to the Debtor.  Beighley Myrick
Udell and Lynne; and Paul C. Jensen, Attorney-At-Law, serve as
special counsel.



GENWORTH HOLDINGS: Moody's Assigns (P)B2 Sr. Unsec. Shelf Rating
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B2 BACKED
Senior Unsecured Shelf rating and a (P)B3 BACKED Junior Subordinate
Shelf rating to securities to be issued by Genworth Holdings',
Inc., an intermediate holding company owned by Genworth Financial
Inc. (unrated), under a multiple security shelf registration
statement filed by the company on April 13, 2018. Genworth
maintains its shelf registration statement for general corporate
purposes. The outlook for Genworth Holdings, Inc. is negative.

RATINGS RATIONALE

Moody's debt ratings on Genworth Holdings, Inc. reflects its
material holding company resources, including its stake in its
mortgage insurance operations and holding company cash. The company
is constrained by its modest dividend capacity in aggregate from
its insurance subsidiaries, relative to its debt load.

The negative outlook reflects the continued delay in the regulatory
review process and high level of uncertainty regarding the final
outcome of the planned acquisition of the company by China
Oceanwide Holding Group Ltd. (unrated) which could pressure the
need to evaluate potential refinancing alternatives, current
holding company cash, and / or potential asset sales.

Moody's said the resolution to resolve the negative outlook will
focus on progress towards closing the transaction, sources of
funding to repay the debt ladder, statutory capitalization and
capital adequacy targets of insurance subsidiaries, and Genworth's
ability to organically build additional liquidity at Holdings,
relative to its debt load in case the transaction with COH does not
close or is further delayed beyond the current merger end date.

RATINGS DRIVERS

Given the negative outlook at Genworth Holdings, if Genworth
demonstrates a path to reduce its debt ladder that may include
closing the transaction and the $1.5 billion capital investment
plan with COH, there would be upward pressure on the ratings of
Holdings. Capital support to repay all or a portion of the 2020 and
2021 debt maturities at deal closing would lead to a change in the
outlook to stable, and/or an upgrade of Genworth Holdings ratings.
Additionally, the following could place upward pressure on Genworth
Holdings ratings: 1) Improvement of holding company financial
flexibility including increased dividend capacity; and 2) reduction
in the amount outstanding in the debt ladder beyond 2021.

Conversely, the following could result in a downgrade of Genworth
Holdings ratings: 1) Lack of progress in developing alternative
arrangements for its upcoming debt maturing between 2020 and 2021;
and 2) if the planned acquisition by COH is terminated or further
delayed. Concurrently, Moody's will evaluate the financial
performance of the businesses, the company's financial flexibility
challenges and progress it has made in developing alternative
arrangements for addressing its upcoming debt maturities.

Moody's has assigned the following provisional ratings:

  Genworth Holdings, Inc.: backed senior unsecured shelf at (P)B2,
  backed junior subordinate shelf at (P)B3

The rating outlook for Genworth Holdings Inc. is negative

Genworth Holdings is the intermediate holding company of Genworth
Financial Inc, an insurance and financial services holding company
headquartered in Richmond, Virginia. Genworth Holdings also acts as
a holding company for its respective subsidiaries including
Genworth Life Insurance Company, Genworth Life and Annuity
Insurance Company, and the international mortgage businesses. In
addition, Genworth Holdings relies on the financial resources of
Genworth including the US mortgage business to meet its
obligations. The group reported GAAP net income available to
Genworth's common shareholders of $342 million through the first
six months of 2019. As of June 30, 2019, Genworth reported total
assets of $104.3 billion and shareholders' equity of $15.6
billion.

The methodologies used in these ratings were Life Insurers
published in May 2018, and Mortgage Insurers published in May 2018.


GLENVIEW HEALTH CARE: Nov. 21 Ombudsman Appointment Hearing 
-------------------------------------------------------------
The Court to will continue the hearing on Motion to Appoint
Ombudsman for Glenview Health Care Facility, Inc., filed by the
U.S. to Nov. 21, 2019 at 10:00 AM.

        About Glenview Health Care

Glenview Health Care Facility, Inc., owns and operates a small
health care facility with 60 beds that provides nursing home
services.  

Glenview Health Care Facility sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling
Green, Kentucky on Aug. 1, 2019.  As of the petition date, the
Debtor's assets are between $1 million and $10 million; and its
liabilities are estimated within the same range.  Judge Joan A.
Lloyd oversees the Debtor's case.  Mark H. Flener, Esq., is the
Debtor's counsel.


GLENVIEW HEALTH CARE: Seeks Cash Access, Amendments to Cash Order
-----------------------------------------------------------------
Glenview Health Care, jointly with the Unsecured Creditors'
Committee, ask the Bankruptcy Court to allow access to cash
collateral of Monticello Banking Company and CIT Bank, N.A., on an
interim basis, for working capital, general corporate purposes and
to pay for administrative costs and expenses of the Debtor in the
ordinary course of business through Dec. 31, 2019 based on a
budget.

The monthly budget provides for $329,083 in total expenses, a copy
of which is available for free at
http://bankrupt.com/misc/Glenview_Health_59(1)_Cash_Budget.pdf

The Debtor and the Committee also seek to amend the initial Cash
Collateral Order so that Monticello receives interest-only payments
on the Monticello Loan Documents.  The Initial Cash Collateral
Order provided for full loan payments under the Monticello Loan
Documents and a grant of post-petition liens on the Debtor's
accounts receivables.

Moreover, the Parties seek to establish a carve-out for U.S.
Trustee fees, professionals fees and expenses that is not subject
to the lien and other protections granted to Monticello or CIT
under the Second Interim Financing Order.

A copy of the Motion can be accessed for free at:
http://bankrupt.com/misc/Glenview_Health_59_Cash_MO.pdf

                     About Glenview Health Care

Glenview Health Care Facility, Inc., owns and operates a small
health care facility with 60 beds that provides nursing home
services.  

Glenview Health Care Facility sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-10795) in Bowling
Green, Kentucky on Aug. 1, 2019.  As of the petition date, the
Debtor's assets are between $1 million and $10 million; and its
liabilities are estimated within the same range.  Judge Joan A.
Lloyd oversees the Debtor's case.  Mark H. Flener, Esq., is the
Debtor's counsel.


GN INVESTMENTS: DOJ Watchdog Seeks Ch. 11 Trustee Appointment 
---------------------------------------------------------------
Daniel M. McDermott, United States Trustee for Region 9, with the
consent of GN Investments, LLC, asks the Court to issue an order
authorizing the U.S. Trustee to appoint a Chapter 11 trustee
pursuant to Bankruptcy Code.

On October 8, 2019, in addition to his individual chapter 11
petition (19-04258), Mr. Najeeb Khan signed petitions for six
entities in which he is the sole owner, namely, Inc. (19-04261), GN
Investments, LLC, (19-04262), KRW Investments,Inc. (19- 04264), NJ
Realty, LLC (19-04266), NAK Holdings, LLC (19-04267), and Sarah
Air, LLC (19- 04268).

In the cash collateral motion, the debtors recognize the potential
concern that creditors, the Court, and other parties in interest
may have regarding the Debtor's alleged of the mismanagement with
respect to the Debtor’s functioning as debtor-in-possession of
its estates.

Hence, the U.S. Trustee and the debtors have conferred and
determined that the appointment of a chapter 11 trustee would be in
the interests of creditors and other interests of the estate. 

Co-counsel for the Debtors:

     Robert F. Wardrop II, Esq.
     WARDROP &WARDROP P.C.
     300 Ottawa Avenue,NW, Suite 150
     Grand Rapids, MI49503
     Tel: (616) 459-1225
     Email: robb@wardroplaw.com


GULFPORT ENERGY: Moody's Reviews Ba3 CFR for Downgrade
------------------------------------------------------
Moody's Investors Service placed Gulfport Energy Corporation's Ba3
Corporate Family Rating, Ba3-PD Probability of Default Rating and
B1 senior unsecured rating on the notes under review for downgrade.
Moody's also downgraded the Speculative Grade Liquidity Rating to
SGL-3 from SGL-2.

"Gulfport's financial profile will weaken in the low natural gas
environment due to limited production hedging in 2020," commented
Elena Nadtotchi, Moody's Vice President - Senior Credit Officer.
"This will make refinancing Gulfport's upcoming debt maturities
much more challenging."

Downgrades:

Issuer: Gulfport Energy Corporation

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2

On Review for Downgrade:

Issuer: Gulfport Energy Corporation

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba3-PD

Corporate Family Rating, Placed on Review for Downgrade, currently
Ba3

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B1 (LGD4)

Outlook Actions:

Issuer: Gulfport Energy Corporation

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review for downgrade will focus on weaker business fundamentals
and rising financial risks amid the low natural gas environment, as
well as rising concerns about reduced market access and the
company's ability to refinance its debt. The review process will
examine options available to the company to handle these rising
risks. Moody's expects that the review may result in a multi-notch
downgrade of Gulfport's ratings.

Gulfport will be managing rising financial risks and a weakening
liquidity position, given limited protection allowed by the
company's existing hedging arrangements for 2020. The review will
also focus on rising refinancing risks as the company will need to
address its maturing bank facility in December 2021 and bond
maturing in 2023, adding to financial risks amid reduced market
access.

Gulfport has adequate liquidity which is reflected in the SGL-3
rating. At June 30, 2019, Gulfport reported $21 million in cash
balances and had further availability of $594 million under its
$1.0 billion revolving credit facility maturing in December 2021.
The facility has a borrowing base of $1.4 billion and elected
commitment of $1 billion confirmed in June 2019. Its terms
incorporate several financial covenants, including the requirement
to maintain net debt/EBITDA below 4x and EBITDAX/Interest above 3x.
Taking into account limited hedging of 2020 production volumes,
Moody's notes that the company will need to proactively manage
compliance with financial covenants amid low natural gas prices.

Gulfport is a publicly traded exploration and production company
with principal producing assets in the Utica Shale and SCOOP play
in Oklahoma, and is headquartered in Oklahoma City, Oklahoma.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


HADDINGTON FUND: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Haddington Fund, L.P.
        2805 Piersall Drive
        McKinney, TX 75072

Business Description: Pooled Investment Fund

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Case No.: 19-42853

Judge: Hon. Brenda T. Rhoades

Debtor's Counsel: Eric A. Liepins, Esq.
                  ERIC LIEPINS PC
                  12770 Coit Road, Suite 1100
                  Dallas, TX 75251
                  Tel: (972) 991-5591
                  E-mail: eric@ealpc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Bresnahan, managing member of
general partner.

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:

           http://bankrupt.com/misc/txeb19-42853.pdf


HARRAH WHITES MEADOWS: U.S. Trustee Directed to Appoint PCO
-----------------------------------------------------------
On September 27, 2019, Harrah Whites Meadows Nursing LLC filed
voluntary petition for Non-Individuals Filing for Bankruptcy and
indicated that it is a health care business pursuant to Bankruptcy
Code.

Because no motion or objection was filed pursuant to the Court's
Order of September 30, 2019, the Court finds that appointment of a
patient care ombudsman is necessary.  Accordingly, the Court orders
the United States Trustee to appoint a Patient Care Ombudsman.
      
     About Harrah Whites Meadows Nursing LLC

Harrah Whites Meadows Nursing LLC owns and operates a skilled
nursing facility in Harrah, Okla.

Harrah Whites Meadows Nursing LLC filed its voluntary petition
initiating this Chapter 11 case (Bankr. N.D. Ga. Case No.19-65376)
on September 27, 2019. In the petition signed by Chistopher F.
Brogdon, manager, the Debtor estimated  $100,000 to$500,000 in
assets and $1 million to $10 million in liabilities.


HERITAGE HOTEL: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Heritage Hotel Associates, LLC
           d/b/a Hotel Indigo - St. Pete Downtown
        4600 W Cypress Street #525
        Tampa, FL 33607

Business Description: Heritage Hotel Associates, LLC is a Single
                      Asset Real Estate debtor (as defined in 11
                      U.S.C. Section 101(51B)).

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Case No.: 19-09946

Debtor's Counsel: Michael C. Markham, Esq.
                  JOHNSON, POPE, BOKOR, RUPPEL & BURNS LLP
                  401 East Jackson Street, Suite 3100
                  Tampa, FL 33602
                  Tel: 813-225-2500
                  Fax: 813-223-7118
                  E-mail: mikem@jpfirm.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Norman J. Giovenco, manager.

A full-text copy of the petition is available for free at:

            http://bankrupt.com/misc/flmb19-09946.pdf

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. 717 Parking Service, Inc.                               $46,800
1523 North Franklin
Tampa, FL 33602

2. American Hotel Register                                  $3,040
16458 Collections Center Dr.
Chicago, IL 60693

3. Assa Abloy Hospitality, Inc.                             $3,679
Po Box 676947
Dallas, TX
75267-6947

4. City Of St. Petersburg                                   $2,854
Po Box 2842
St. Petersburg, FL 33731

5. Commercial Appliance Service                             $2,190
8416 Laurel Fair Cir., #114
Tampa, FL 33610

6. Duke Energy                                              $6,220
Po Box 33199
St. Petersburg, FL 33733

7. FL Dep of Revenue                Sales Taxes             $9,390
Collection Agency Section
5050 W Tennessee St.
Tallahassee, FL 32399

8. Guest Supply, LLC                                        $3,181
Po Box 6771
Somerset, NJ
08875-6771

9. Inovic, Inc.                                             $5,176
1971 W. Lumsden, Suite 250
Brandon, FL 33511

10. Intercontinental                                       $39,025
Hotels Group
PO Box 101074
Atlanta, GA
30392-1074

11. Oracle Elevator Company                                 $4,427
Po Box 636843
Cincinnati, OH
45263-6843

12. Ortel Technologies, Inc.                                $3,435
2596 Cumberland Trail
Clearwater, FL 33761

13. Pinellas County Tax Collect       County                $6,766
P.O. Box 6340                        Occupancy
Clearwater, FL                          Tax
33758

14. Spectrum Enterprise                                     $4,818
Po Box 31710
Tampa, FL
33631-3710

15. Sportstours, LLC                                        $3,455
Po Box 988
Dekalb, IL 60115

16. The Pool Doctor                                         $3,900
6995 90th Ave.
North, Unit B
Pinellas Park, FL 33782

17. US Foodservice, Inc.                                    $3,972
Po Box 281841
Atlanta, GA
30384-1841

18. Valley National Bank          Overdrawn Bank           $67,052
PO Box 17540                         Account
Clearwater, FL 33762

19. Valley National Bank          Overdrawn Bank           $19,565
PO Box 17540                         Account
Clearwater, FL 33762

20. Windstream                                              $2,935
Communications
P O Box 9001950
Louisville, KY
40290-1950


HIGHWAY VENTURES: Moody's Assigns Ba3 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Highway Ventures
Borrower LLC's proposed $300 million senior secured term loan B
currently being marketed. Concurrently, Moody's assigned a Ba3
corporate family rating to the entity. The new issue proceeds will
be used to finance a distribution to its parent company, Service
Properties Trust, formerly known as Hospitality Properties Trust.
In addition, Moody's assigned a speculative grade liquidity rating
of SGL-3. The rating outlook is stable.

The following ratings were assigned:

Highway Ventures Borrower LLC

  - Corporate Family Rating at Ba3

  - $300 million Senior Secured Term Loan B due 2026 at Ba3

Rating Outlook

Highway Ventures Borrower LLC

  - Outlook stable

RATINGS RATIONALE

Highway Ventures Borrower LLC's Ba3 corporate family rating
reflects the issuer's portfolio of travel center assets that is
well-diversified across top US freight markets with high barriers
to entry. The ratings also reflect the entity's strong leverage and
coverage metrics for the rating category as well as implicit
support from Service Properties Trust (Baa3 Stable)
post-transaction. Alternatively, the issuer maintains material
operator concentration, with all assets leased to and operated by
TravelCenters of America ("TA"). Moody's notes that the travel
center business has been vulnerable to volatility related to US
retail fuel prices and overall economic cycles, which could put
pressure on future cash flows in the event of a downturn.

The ratings also reflect the issuer's uncertain financial policy
driven by an external management structure that has the potential
to create conflict of interest between investors and management.
Highway Ventures will be managed by SVC and its manager, The RMR
Group LLC, the majority owned operating subsidiary of the RMR Group
Inc., an alternative asset manager with ~$31bn in assets under
management as of June 30, 2019.

Highway Ventures' portfolio of assets will be carved out into a
wholly-owned, non-recourse subsidiary of SVC. Initially, SVC will
own 100% of this entity; however, in the future it may sell a 49%
stake in the entity for a cash payment and retain 51% ownership as
a joint venture interest. Moody's notes that the issuer will be
mainly operated as a cash flow vehicle - to service debt and to
provide a dividend, which limits the company's long term growth
prospects and further constrains the rating.

The stable rating outlook reflects its view that Highway Ventures
will maintain its proposed capital structure and lease terms. It
also reflects its expectation that the portfolio of assets will
continue to generate consistent, positive cash flows and solid rent
coverage, through economic cycles.

Highway Ventures' SGL-3 liquidity rating reflects its adequate
liquidity supported by modest internal cash flows including
approximately $39 million of pro forma cash on hand as well as
implicit support from its sponsor partnership with SVC. Liquidity
is constrained by a lack of capital markets access and no committed
multiyear revolving credit facility. Additionally, Moody's
considers all debt to be secured and $300 million of assets
encumbered as any future debt issuance or asset sales would
necessitate mandatory prepayment of the proposed term loan.

Upward ratings movement is unlikely due to the finite-life nature
of the entity and management of the portfolio as a cash flow
vehicle - to service debt and to provide a dividend.

Downward ratings movement would be predicated upon a consistent
decline in portfolio EBITDAR coverage through economic cycles,
and/or any restructuring of or material change to the master lease
terms and/or capital structure.

Highway Ventures' portfolio is comprised of 35 travel center assets
currently wholly-owned by Service Properties Trust, branded under
the Petro Stopping Centers flag and operated by TravelCenters of
America Inc., under a long-term triple net Master Lease agreement
with SVC. Pro forma for the transaction, the portfolio will exist
as a separate legal entity - with gross assets of approximately
$850 million.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.


HOUSTON GRANITE: Seeks Court OK to Use Cash Collateral Thru Nov. 2
------------------------------------------------------------------
Houston Granite and Marble Center LLC seeks authorization from the
Bankruptcy Court to use cash collateral on an interim basis,
pursuant to a budget covering the period from Sept. 24 through Nov.
2, 2019.

The budget provides for $86,156 in total expenses for the period
from Oct. 9, 2019 through Nov. 2, 2019, which amount includes
$23,100 for contract payroll; $35,000 for contract labor; and
$8,000 for rent.

A copy of the budget is available for free at:
http://bankrupt.com/misc/Houston_Granite_26(1)_Cash_Budget.pdf

As adequate protection to secured creditors, the Debtor proposes to
grant Millenial Capital Management LLC, Quicksilver Capital LLC,
and Premier Capital Funding with replacement liens on post-petition
receivables.  Millennial has a first lien on substantially all of
the Debtor's assets and Quicksilver and Premier have liens on the
accounts receivable.  

The Debtor seeks a final hearing on its request.

               About Houston Granite and Marble Center

Houston Granite and Marble Center LLC, is a family owned and
operated company that supplies granite, marble, and other natural
stone products.  The Company previously filed a petition under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
16-31994) on April 16, 2016.

Recently, the Debtor sought Chapter 11 protection (Bankr. S.D. Tex
Case No. 19-35315) on Sept. 24, 2019.  In the petition signed by
John Sykoudis, member, the Debtor was estimated to have assets
between $1 million and $10 million, and liabilities of the same
range.  CAGE, HILL NIEHAUS LLP is the Debtor's counsel.  



ICON EYEWEAR: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Icon Eyewear, Inc.
        5 Empire Boulevard
        South Hackensack, NJ 07606

Business Description: Founded in 1987, Icon Eyewear, Inc. --
                      https://www.iconeyewear.com -- designs and
                      creates on-trend fashionable sunglasses and
                      reading glasses for men and women.  The
                      Company's wholesale distribution network
                      reaches more than 12,000 stores worldwide,
                      while partnering with nearly a dozen
                      factories in Asia, and establishing quality-
                      control and sourcing offices in Europe and
                      Asia.

Chapter 11 Petition Date: October 18, 2019

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Case No.: 19-29733

Judge: Hon. John K. Sherwood

Debtor's Counsel: Donald W. Clarke, Esq.
                  WASSERMAN, JURISTA & STOLZ, P.C.
                  110 Allen Road, Suite 304
                  Basking Ridge, NJ 07920
                  Tel: (973) 467-2700
                  Fax: (973) 467-8126
                  E-mail: dclarke@wjslaw.com

                    - and -

                  Daniel Stolz, Esq.
                  WASSERMAN, JURISTA & STOLZ, P.C.
                  110 Allen Road, Suite 304
                  Basking Ridge, NJ 07920
                  Tel: (973) 467-2700
                  E-mail: dstolz@wjslaw.com
                          attys@wjslaw.com

Total Assets: $7,709,816

Total Liabilities: $8,158,418

The petition was signed by Michael Chang, chief executive officer.

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:

              http://bankrupt.com/misc/njb19-29733.pdf


IFM COLONIAL 2: Fitch Affirms BB+ IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings affirmed IFM (US) Colonial Pipeline 2 LLC's Long-Term
Issuer Default Rating at 'BB+' and the senior secured notes rating
at 'BBB-'/'RR1'. The notes are secured by a first priority security
interest in a debt service reserve account which holds cash, the
receipt account which holds cash received from Colonial Pipeline
Company (Colonial), and all of IFM's shares in Colonial.

The rating action affects $250 million of long-term debt. The
'BBB-'/'RR1' rating for IFM's senior secured notes reflects its
substantial collateral coverage. The Rating Outlook remains
Stable.

The ratings are supported by dividends from Colonial's stable,
FERC-regulated operations that provide solid cash flows and
relatively predictable dividends to its owners, including IFM.
Furthermore, IFM's rating is supported by its debt service reserve
cash account, which currently holds six months of interest payments
to service the senior secured notes held at IFM.

Concerns include cash flow concentration from a non-controlling,
minority interest in Colonial, which is primarily a single-asset
pipeline company that is exposed to regulatory, economic,
environmental, legal and operational risk.

KEY RATING DRIVERS

Only One Seat at the Table: The primary rating concern for IFM is
that its sole source of cash flow is quarterly dividend payments
from a non-controlling, minority interest in Colonial. However,
some of this concern is lessened because each of Colonial's five
ultimate owners is entitled to appoint one of the five directors to
Colonial's board. A supermajority requirement of a 75% shareholder
vote (4/5 directors) for asset sales and the issuance of debt
greater than one year also lessens this concern. Shareholders also
have the right of first refusal on any stock sales to third
parties.

IFM's limited control of Colonial is further balanced by the nature
of Colonial's other owners, which are either long-term investment
companies or subsidiaries of major oil and gas companies. These
companies and their ownership interest in Colonial are as follows:

  -- Koch Capital Investments Co. LLC (28.09%);

  -- KKR-Keats Pipeline Investors LP (23.44%);

  -- Caisse de depot et placement du Quebec (16.55%);

  -- Shell and its affiliates. (16.12%);

  -- IFM (US) Colonial Pipeline 2 LLC (15.80%).

Consistent Dividend Track Record: The combination of adherence to
an informal dividend payout policy, supportive FERC-regulated
formula-based tariffs and stable volumes (high utilization) has
resulted in highly visible and reliable distributions from Colonial
to IFM. Looking back at the period 2010-2016 inclusive, Colonial
consistently generated between approximately $300 million and $350
million of net income and distributed 98%-102% of that. 2017 and
2018 showed some lumpiness but collectively greater than 96% of the
roughly $1.05 billion in net income generated over those two years
was distributed in the form of dividends. Fitch expects Colonial to
continue the payment of predictable quarterly dividends, supported
by the mentioned factors. Leverage at Colonial is expected to rise
in the near term driven by debt financed growth capex. While Fitch
does not view a slightly more aggressive capital structure at
Colonial as posing an imminent concern for IFM, Fitch notes that
Colonial's leverage uptick can pressure liquidity at times of
operational disruption, which in turn may impair cash flow to IFM.
Future growth projects are expected to generate incremental cash
flow for Colonial, offsetting some of the concerns associated with
higher near-term leverage.

Eggs in One Basket: Not only is IFM's only source of cash flow
distributions from Colonial, Colonial itself is primarily a
single-asset pipeline company which is exposed to a greater amount
of regulatory, economic, environmental, legal and operational risk
than a company that is more diverse in its scale of business. As
evidenced in 2016 and 2017, isolated incidents such as a pipeline
product release/fire and a weather-related event (hurricane)
prompted pipeline shutdowns, operational disruptions and
regulatory/legal repercussions, which negatively impacted Colonial
financially. Additionally, the National Transportation Safety Board
(NTSB) has an investigation open on Colonial related to a product
release/fire incident in 2016 and the parties impacted by this
incident have filed law suits, the outcomes of which are still
pending.

Vital U.S. Refined Products Artery: Colonial Pipeline is a vital
piece of the energy infrastructure system in the U.S. and maintains
a strong market position as the largest refined liquid petroleum
products pipeline in the U.S. The pipeline transports more than 50%
of all refined liquid petroleum products consumed along the U.S.
East Coast (PADD 1), stretching from the Gulf Coast to the
Northeast region. Additionally, because Colonial is the most direct
and economic form of transportation compared to alternative methods
such as KMI's Plantation or barge (Jones Act), Colonial's pipeline
utilization has been running at or near capacity for the past
number of years discounting periods of operational disruption due
to isolated incidents. Overall, as refinery production remains
limited in the Northeast, Fitch views market conditions continuing
to be favorable for Colonial over the forecast period supported by
stable refined products demand in key markets.

Debt Service Reserve Account: The senior secured notes have a debt
service reserve account (DSRA), which holds cash (but can also be
funded with letters of credit) to meet the next six months of
interest payments. Currently, the account has cash for six months
of debt service ($8 million) as the debt service coverage ratio is
above 2.0x. The account's reserves would increase to meet at least
the next 12 months and 24 months of interest expense if IFM's
interest coverage ratio drops below 2.0x and 1.25x, respectively.

DERIVATION SUMMARY

IFM has two rated peers within Fitch's midstream coverage universe,
Equitrans Midstream Corporation (ETRN; IDR BB/Negative) and the
co-borrower pair GIP III Stetson I, L.P. and GIP III Stetson II,
L.P. (collectively, Stetson; IDR BB-/Negative). These are
comparables insofar as all three companies face cash flow
subordination risk given the sole source of cash flow is quarterly
dividend payments from operating subsidiaries. However, IFM has a
non-controlling minority interest in its OpCo. where ETRN and
Stetson have controlling interests in their respective operating
subsidiaries.

IFM via Colonial is subject to different business risks compared to
ETRN via its subsidiary EQM Midstream Partners, LP (EQM; IDR
BBB-/Negative) and Stetson via its subsidiary EnLink Midstream, LLC
(ENLC; IDR BBB-/Negative). Fitch views Colonial's business risk as
lower versus the respective two peers. The lower business risk,
along with lower leverage and lack of customer concentration, are
major credit factors that would differentiate Colonial from the
respective comparable OpCos.

Lower business risk stems from Colonial's position as the largest
refined petroleum products pipeline in the U.S. with very
consistent volumes. Furthermore, over 2/3 of Colonial's volumes
receive FERC-regulated tariffs as the pipeline is deemed to have
significant market power over a large portion of its route and
would otherwise have complete control over the cost to ship a large
portion of the refined petroleum products produced in the Gulf
Coast to consumers in the Northeast. This is contrasted against the
relatively more volatile gathering & processing segment of the oil
and gas value chain (less volume and price certainty) where EQM and
ENLC operate, predominantly. EQM and ENLC benefit from a portion of
capacity locked in under minimum volume contracts but overall
volumes are still largely driven by commodity price-sensitive E&P
drilling budgets. Lastly, both EQM and ENLC rely on a single
counterparty for large portions of revenue where Colonial has a
very diverse shipper group. Collectively, these benefits provide
IFM via Colonial with more predictable and reliable distributions.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Stable and growing cash flows in forecast years at IFM driven
by increased dividend distributions from Colonial;

  -- Currently outstanding IFM senior secured notes are assumed to
be refinanced when due in 2021;

  -- Growth at Colonial is supported by increases in annual tariff
rates through mid-2021 consistent with recent FERC formula awards,
underpinned by stable throughput volume;

  -- Allowed increases in annual tariff rates at Colonial reduce by
roughly 50% following a new FERC formula put in place beginning
July 2021;

  -- Colonial's construction projects produce EBITDA reflecting
multiples observed in expansion projects in the long distance oil
and gas transportation sub-sector of the midstream sector;

  -- Colonial net income continues to be distributed as dividends,
consistent with its historical dividend payout policy.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- Positive rating action is not viewed as likely given the
structure of the issuer, which limits the current rating.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Changes in the structure of IFM Colonial which results in a
weakened credit profile;

  -- Significant operational issues at Colonial, which reduce
operating cash flow and cash available for shareholders;

  -- Dividends cut from Colonial, which would reduce the debt
service coverage ratio;

-- Debt service coverage ratio (defined as adjusted EBITDA interest
coverage) below 2.0x for a sustained period of time.

LIQUIDITY AND DEBT STRUCTURE

Liquidity is limited to the cash on the balance sheet. The debt
service coverage ratio determines how much cash is held in the debt
service reserve account. As of March 31, 2019, IFM had total cash
and cash equivalents of approximately $24 million, including
roughly $8 million of restricted cash for the debt service reserve
account. Its nearest debt maturity presently is the $250 million of
senior secured notes due in May 2021.

IFM is expected to have adequate liquidity to service its debt over
the next few years. No credit facility exists at IFM so sources of
liquidity are restricted to cash on the balance sheet.


IRB HOLDING: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed IRB Holding Corporation's B2
Corporate Family Rating and B2-PD Probability of Default Rating. In
addition, Moody's affirmed IRB's B2 senior secured bank ratings and
Caa2 senior unsecured notes rating. The ratings outlook is stable.

Inspire Brands, Inc. (parent holding company of IRB) recently
announced it is acquiring Jimmy John's LLC. Jimmy John's will
provide a guaranty supported only by the assets that are not
already pledged to existing securitization vehicles. After the
close of the acquisition, Jimmy John's will pay a management fee
and residual cash flow to IRB. Jimmy John's has been majority owned
by affiliates of Roark Capital since October 2016 and Jimmy John's
current shareholders will exchange their equity interests for an
equity interest in Inspire.

"The change in outlook to stable from negative reflects improved
operating trends at Buffalo Wild Wings, Inc. ("BWW") and Sonic
Holding Company (Sonic) as well as the additional scale and
material cash flows that will come from the residual and management
fee paid by Jimmy John's." stated Bill Fahy, Moody's Senior Credit
Officer. "Despite these benefits, pro forma leverage remains high
(around 7.0 times) but is expected to improve to under 6.0 over the
next 12 to 18 months as operating performance improves and excess
cash flows are used to repay restricted group debt over and above
required amortization. ", stated Fahy.

Affirmations:

Issuer: IRB Holding Corporation

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD6)

Outlook Actions:

Issuer: IRB Holding Corporation

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

IRB is constrained by its relatively high leverage and the cost
pressures associated with certain commodities and labor, some level
of geographic concentration by brand and high level of competition
particularly in the bar & grill segment. However, the ratings also
reflect IRB's material scale, multiple brands and franchised
focused business model that helps add stability to revenues and
earnings. The ratings also factor in the material amount of
contributed equity to partially finance acquisitions and very good
liquidity.

The stable outlook reflects its expectation that IRB will
successfully execute and integrate Jimmy John's and achieve the
targeted levels of operating improvements and costs synergies.
Moody's expects the company will maintain very good liquidity and a
balanced financial policy.

An inability to achieve a sustained improvement in operating
performance and credit metrics over the following 12 to 18 months
could result in a downgrade. Specifically, ratings could be
downgraded if debt to EBITDA does not decline towards 6.0 times.
Moreover, any deterioration in liquidity or the inability to
generate positive free cash flow could also result in a downgrade.

The ratings could be upgraded with a sustained improvement in
operating performance and stronger credit metrics with debt to
EBITDA approaching 5.0 times and interest coverage of around 2.0
times. A higher rating would also require maintaining very good
liquidity.

The B2 rating on the bank facilities reflect the material amount of
securitized debt that is contractually senior to these facilities.
The bank facilities do benefit from the material amount of
liabilities that are junior to these facilities, including $485
million of senior unsecured notes and other liabilities. The Caa2
rating on the senior unsecured notes reflect the notes junior
position to the significant amount of secured bank debt and
securitized debt.

IRB Holding Corp. is the parent holding company of Arby's
Restaurant Group, Inc., Buffalo Wild Wings, Sonic and Jimmy John's.
Annual revenues will be approximately $4.3 billion while systemwide
sales will exceed $14.0 billion.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


JACKIES COOKIE: $50K All Assets Sale to Restructuring Advisors OK'd
-------------------------------------------------------------------
Judge Neil W. Bason of the U.S. Bankruptcy Court for the Central
District of California authorized Jackie's Cookie Connection, LLC's
sale of substantially all assets to Restructuring Advisors, LLC for
$50,000 cash.

The Sale Hearing was held on Sept. 17, 2019 at 2:00 p.m.

On May 23, 2019, the Court entered an order approving the sale of
the Assets to the Debtor's CEO and owner, Rachel Galant for
$550,000.  Galant and/or her affiliated company duly closed the
Part 1 Sale with Seller, but failed to timely or at all close the
Part 2 Sale.   

The sale is free and clear of all liens, claims, interests, and
encumbrances.

As a result of Galant's failure to close on the Part 2 Sale,
pursuant to the First Sale Order, at a hearing conducted on Aug.
22, 2019, the Court ordered the Assets to be sold by public auction
in accordance with and scheduled by a notice of sale filed with the
Court setting forth the bidding procedures for the sale of the
Assets.  Such notice of sale was filed on Aug. 23, 2019.

Two bids were submitted for the Assets, one the Buyer in the amount
of $50,000 cash, pursuant to the terms and conditions set forth in
the Asset Purchase Agreement, and the other by Brian Haloossim,
Maurice Rasgon and Michael Jarvis in the amount of $20,000 cash.

The terms and conditions and transactions contemplated by the APA
are approved in all respects, and the sale of the Assets pursuant
to the APA is authorized and directed under section 363(b) of the
Bankruptcy Code.

The Closing will occur by the later of (a) Oct. 8, 2019 and (b) the
fifteenth day after the Order has been entered and has not been the
subject of any appeal or other challenge that has not been resolved
in favor of the Debtor.  Concurrently with Closing, the Debtor will
hold the Net Proceeds pending further order of the Court.  

The Backup Bidder's bid will remain open through the Closing
Deadline and beyond, as required by the Order, to close on the
Backup Bid should the Closing does not occur by the Closing
Deadline.  By no later than two days following the Closing
Deadline, the Debtor,
through Zolkin Talerico LLP ("ZT"), as its counsel of record, will
file with the Court a declaration disclosing whether the Buyer has
funded the entirety of the Purchase Price into ZT's client trust
account.

If the Closing does not occur at the Closing Deadline or the
Funding Declaration discloses that the full amount of the Purchase
Price has not been funded by the Closing Deadline, then (i) Backup
Bidder will be deemed to be the Successful Bidder for the amount of
the
Backup Bid, and the Debtor will promptly work with the Backup
Bidder to close the Backup Sale Agreement; (ii) the Debtor is
authorized and directed to consummate a sale transaction with
Backup Bidder pursuant to the Backup Sale Agreement and without
further notice, hearing, or order of the Court and (iii) Backup
Bidder will have fourteen (14) days to fund and close the purchase
price of its Backup Bid.  In the event Backup Bidder fails to close
on its Backup Bid, damages to the Debtor's estate, if any, will be
determined by the Court.

Any documents to be filed with the Court will also be served on the
Buyer, the Backup Bidder and the United States Trustee.  

Notwithstanding the provisions of Bankruptcy Rules 6004(h) and
6006(d) or any applicable provision of the Local Rules of the
Court, the Order will not be stayed after its entry, but will be
effective and enforceable immediately upon entry, and the 14-day
stay provided in Bankruptcy Rules 6004(h) and 6006(d) is expressly
waived and will not apply.

Unless the Closing already has closed, a status conference
regarding the status of the Closing will take place before the
Court on Oct. 15, 2019 at 2:00 p.m. (PT).  Notice of the status
conference will not be required.  If the Closing has occurred prior
to Oct. 15,
2019, the Debtor may contact the Court to take the status
conference off of its calendar.  

              About Jackie's Cookie Connection

Jackies Cookie Connection LLC is a baking company specializing in
cookies.  Jackie's cookies are available online at
https://www.jackiescookieconnection.com/ or at the company's four
Los Angeles locations: Century City Mall, Hollywood & Highland, The
Village at Topanga and its new bakery at 12109 Santa Monica
Boulevard in Santa Monica.

Jackies Cookie Connection filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 18-24571) on Dec. 17, 2018.  In the
petition signed by Rachel Galant, managing member and CEO, the
Debtor was estimated to have $100,000 to $500,000 in assets and $1
million to
$10 million in liabilities.  The case is assigned to Judge Neil W.
Bason.  Derrick Talerico, Esq. at Zolkin Talerico LLP is the
Debtor's counsel.


JANE STREET: Moody's Affirms Ba3 Issuer Rating, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Jane Street Group, LLC's Ba3
issuer rating and Ba3 senior secured first lien term loan rating.
Moody's also assigned a Ba3 rating to Jane Street's proposed new
$2.0 billion seven year senior secured first lien term loan. Jane
Street plans to use the net proceeds from the new $2.0 billion debt
issuance to refinance its existing $1.5 billion term loan and to
support its growing operations, its trading capital and for general
corporate purposes, said Moody's. The rating outlook remains
stable. The Ba3 rating of the existing secured bank credit facility
will be withdrawn upon its repayment.

Affirmations:

Issuer: Jane Street Group, LLC

Issuer Rating, Affirmed Ba3

Senior Secured 1st Lien Term Loan, Affirmed Ba3

Assignment:

Issuer: Jane Street Group, LLC

Senior Secured 1st Lien Term Loan, Assigned Ba3

Outlook Actions:

Issuer: Jane Street Group, LLC

Outlook, Remains Stable

RATINGS RATIONALE

Moody's said the ratings affirmation reflects Jane Street's highly
profitable credit profile and its strong level of retained capital.
Moody's said that Jane Street's partnership-like culture and key
executives' high level of involvement in control and management
oversight, provides an effective risk management framework. Moody's
said that the firm's growth trajectory may eventually pose
leadership challenges in maintaining Jane Street's strong culture,
and its risk management and control processes may have to evolve at
a faster rate in order to remain fully effective. The rating agency
noted that while the issuance will increase Jane Street's debt
levels, it also extends the maturity of its outstanding debt by
several years and is expected to strengthen the firm's funding
profile.

Moody's said that the firm's rapid growth into sectors like fixed
income trading and fixed income ETF market-making that are adjacent
to its historical areas of core competency require careful
management of incremental liquidity and market risks. Moody's said
Jane Street has an inherently high level of operational and market
risk in its relatively narrow market making activities, that in the
event of a risk management failure, could result in severe losses
and a deterioration in liquidity and funding. Jane Street is also
reliant on prime brokerage relationships to ensure the appropriate
functioning of some of its business activities, said Moody's.

The stable outlook is based on Moody's assessment that Jane
Street's credit profile will continue to benefit from the firm's
strong profitability. Moody's also expects that Jane Street's
leaders will continue to place a high emphasis on maintaining an
effective risk management and controls framework.

Moody's does not have any particular governance concerns for Jane
Street, and does not apply any corporate behavior adjustment in its
standalone assessment of Jane Street's creditworthiness.

FACTORS THAT COULD LEAD TO AN UPGRADE

  -- Improved quality and diversity of profitability and cash flows
from development of lower-risk business activities

  -- Reduced reliance on key prime brokerage relationships

FACTORS THAT COULD LEAD TO A DOWNGRADE

  -- Increased risk appetite or failure to effectively evolve the
risk management and controls environment to meet the challenges
posed by rapid growth

  -- Adverse changes in corporate culture or management quality

  -- Reduced profitability from changes in market or regulatory
environment

  -- Significant reduction in retained capital

The principal methodology used in these ratings was Securities
Industry Market Makers published in June 2018.


JB AND CO: Seeks Court Approval to Use Cash Thru Dec. 31
--------------------------------------------------------
JB and Company Chevron, LLC, asks the Bankruptcy Court for
permission to use cash collateral in order to operate its business,
pursuant to a budget through Dec. 31, 2019.

The budget provides for $219,354 in total expenses for Oct. 2019,
of which $8,500 is for payroll, and $4,000 each for gross receipts
taxes and utilities.  A copy of the budget is available for free
at:

        http://bankrupt.com/misc/JB_Company_51(1)_Cash_Budget.pdf

The Debtor proposes to grant replacement liens to Centinel Bank of
Taos and New Mexico Taxation & Revenue to maintain their cash
collateral position through the interim period.

                  About JB and Company Chevron

JB and Company Chevron, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.M. Case No. 19-11504) on June 24,
2019.  At the time of the filing, the Debtor was estimated to have
assets of less than $500,000 and liabilities of less than $1
million.  The case is assigned to Judge Robert H. Jacobvitz.
Michael K. Davis, Esq., is counsel to the Debtor.




JOHN HOANG TRIEN: $130K Sale of El Paso Property to Callazos Okayed
-------------------------------------------------------------------
Judge H. Christopher Mott of the U.S. Bankruptcy Court for the
Western District of Texas denied John Hoang Trien's sale of the
real property known as 120 Sylvia, El Paso, Texa, to Edgar Callazo
and Elvira Callazo, LLC, for $130,000.

The sale is free and clear of liens and interests.

From the title company closing of the sale there will be paid
transactional expenses, in this sequence:

     a. An owner's title policy, paid for by the seller;

     b. Escrow fees and tax certificates;

     c. Other routine closing expenses; including allocations of
expenses and credits as made in the earnest money contract; and

     d. Up to $2,000 to defray the fees and expenses of the
Debtor's attorney E.P. Bud Kirk for handling the sale, the exact
amount to be stated in an invoice sent to the title company.

Next there will be paid from the closing liens of record, in this
sequence:

     a. Ad valorem taxes owed to the City of El Paso Tax Collector.
These were in the amount of $11,748 as of July 1, 2019 and will be
pro-rated to date of closing; and

     b. $59,000 will be paid to EPT RR Notes, LLC.

Next, the balance of the proceeds will be placed into escrow by the
title company closing the sale, with the liens and claims of EPT
and James E. Galaway I, L.P. ("Galaway I") attaching to the balance
of the sale proceeds to same extent and in the same priority as
such liens and claims attached to the real property and
improvements situated at 120 Sylvia, El Paso, Texas.  There is a
lien priority dispute between EPT and Galaway I as to the extent
and priority of their liens upon the balance of the sale proceeds.
That dispute is to be resolved either according to a subsequent
written agreement between EPT and Galaway I, or by a subsequent
Order of the Court.  

Upon presentation to title company of either a written agreement
between EPT and Galaway regarding the distribution of the balance
of the sale proceeds or an Order of this Court providing for the
distribution of the said balance, the title company will disburse
and distribute the said balance according to the terms of such an
agreement or according to the terms of such an Order, as the case
may be.  The title company may charge its normal fee for handling
the escrow.

It will not be necessary for releases of liens to be obtained, to
enable the closing.  To the extent a lien or claim is not paid in
full through the closing, it will be extinguished as to the real
property and improvement situated at 120 Sylvia (but not as to the
proceeds) by the closing and by operation of the Order.

Following the closing, the Debtor will file with the Court and
provide to the United States Trustee the statements of sale
proceeds required by F. R. Bankr. P. 6004 (f) and will include in
the disbursements for the pertinent Monthly Operating Report the
liens and expenses paid from the closing.

The Order does not require the Buyers to close the sale transaction
if the Buyers choose not to close the sale transaction, and the
Order will not constitute an assumption of the sales contract as an
executory contract under Section 365 of the Bankruptcy Code.

If a Chapter 11 Trustee is appointed by the Court in the bankruptcy
case prior to the closing of the sale transaction contemplated by
the Order, then (1) the Debtor will no longer be authorized to
close the sale transaction; and (2) the Trustee may, if the Trustee
chooses, close the sale transaction on the terms set forth in the
Order.

The ad valorem tax lien for tax years 2018 and prior pertaining to
the subject property will attach to the sales proceeds and that the
closing agent will pay all ad valorem tax debt owed incident to the
subject property immediately upon closing and prior to any
disbursement of proceeds to any other person or entity.

The ad valorem taxes for year 2019 pertaining to the subject
property will be prorated in accordance with the Earnest Money
Contract and, if not paid in full at closing, will become the
responsibility of the Purchaser and the year 2019 ad valorem tax
lien will be retained against the subject property until said taxes
are paid in full.

                    About John Hoang Trien

The case is In re John Hoang Trien (Banks. W.D. Tex. Case No.
19-31300-hcm).



JOSEPH HEATH: $391K Sale of Alexandria Property to Darling Approved
-------------------------------------------------------------------
Judge Klinnette H. Kindred of the U.S. Bankruptcy Court for the
Eastern District of Virginia authorized Joseph F. Heath's sale of
the real property described as Lot 0.03, Village at Gum Springs,
Parking Space #2 as found among the land records of the Fairfax
County, Virginia, Tax Map ID #1021 42 0079, and otherwise known as
7802 Colonial Spring Blvd., Alexandria, Virginia, to Brittany Leigh
Darling for $391,000, pursuant to a contract dated Sept. 14, 2019,
with Addendums.

The sale is free and clear of all liens.

The proceeds of the sale will be disbursed at settlement in the
following order:

     (1) The ordinary and necessary costs of closing and
recordation, including all real estate commissions,

     (2) Real property taxes owed to the County of Fairfax (if
any),

     (3) The first trust secured claim of Mr. Cooper, which is to
be paid in full, and

     (4) The second trust secured claim held by Sandy Springs Bank,
which is to be paid in fulll.

Any surplus proceeds of sale after the payments as described are
made will be turned over to the Debtor.

The sale is free and clear of the Tax Lien identified in the IRS'
proof of claim, and that the Order will constitute good and
sufficient evidence.  The property will be sold free and clear of
the Tax Lien (which will continue to attach to all other property
and rights of the Debtor) and that neither the United States
Attorney's office, nor the IRS will be required to execute a
further discharge of the lien with respect to the property.

The only interest of the United States in the property that is
subject to the sale will be the Tax Lien identified, if any should
exist, is affected by the Order.

There is no seller's commission due on the sale.

The 14-day stay under Rule 6004(h) is waived.

Upon settlement, the Debtor will promptly prepare and file a Report
of Sale detailing the distribution of the sale proceeds as
described.

                     About Joseph F. Heath

Joseph F. Heath sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 07-14107) on Dec. 27, 2007.  The Debtor was estimated to have
assets in the range of $0 to $50,000 and $100,001 to $500,000 in
debt.  The Debtor tapped Bennett A. Brown, Esq., at The Law Office
of Bennett
A. Brown, as counsel.

On Dec. 22, 2017, the Court confirmed the Debtor's Second Amended
Plan.


KAUMANA DRIVE: U.S. Trustee Files Motion to Appoint PCO 
---------------------------------------------------------
The United States Trustee asks the Court to enter an Order
directing the United States Trustee to appoint a patient care
ombudsman for Kaumana Drive Partners, LLC.

On October 6, 2019, the Debtor filed a petition for relief under
Chapter 11 of Title 11 of the United States Bankruptcy Code
indicating it is a health care business. The United States Trustee
believes the early appointment of a patient care ombudsman in this
case would be beneficial.

Therefore, the United States Trustee requests that the Court enter
an early Order to Appoint Patient Care Ombudsman.

         About Kaumana Drive Partners

Kaumana Drive Partners, LLC, owner of a skilled nursing care
facility in Hilo, Hawaii, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Hawaii Case No. 19-01266) on Oct.6,
2019.  At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.  The case is assigned to Judge Robert J. Faris.


KB HOME: Moody's Rates New $300MM Sr. Unsec. Notes 'Ba3'
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to KB Home's
proposed $300 million senior unsecured notes due 2029. All other
ratings of the company remain unchanged. The stable outlook is also
unchanged.

The proceeds of the contemplated offering, along with approximately
$50 million of cash, will be used to retire $350 million of KB
Home's 8% senior unsecured notes maturing in March 2020.The company
will retire the existing notes through optional redemption,
repurchase, or repayment at maturity.

The transaction is modestly credit positive as it slightly reduces
KB Home's homebuilding debt to capitalization ratio to 44.9% (from
45.6% at August 31, 2019) on a Moody's-adjusted basis, extends the
company's debt maturity profile, and is anticipated to lower
interest expense.

The following rating actions were taken:

Issuer: KB Home:

Proposed $300 million senior unsecured notes due 2029, assigned
Ba3, (LGD4)

RATINGS RATIONALE

KB Home's Ba3 CFR is supported by: 1) a conservative financial
policy focused on improving the balance sheet in line with the
company's stated total debt to cap target of 35% to 45% and Moody's
expectation for continued deleveraging through earnings retention
and debt reduction; 2) KB Home's large scale with revenues of $4.3
billion and home deliveries of over 11,330 for the twelve months
ended August 31, 2019, and an equity balance of $2.3 billion at
August 31, 2019; 3) approximately half of sales generated by the
first-time home buyer segment, which Moody's expects will grow
faster than other segments over the next several years; and 4)
healthy underlying fundamentals for the homebuilding industry that
support Moody's stable sector outlook.

At the same time, the company's credit profile is constrained by:
1) concentration in California, from where it derives nearly half
of its total revenues and close to one third of deliveries; 2) KB
Home's supply of inactive land of 4% of total inventory as of
August 31, 2019, which tends to generate below company average
gross margins; 3) risks of shareholder-friendly actions; and 4)
risks associated with the company's KBHS mortgage financing joint
venture, which provides financing to KB Home's customers, given the
recent bankruptcy filing of its joint venture partner's parent.

The stable outlook reflects Moody's expectation that stable
conditions in the US homebuilding market will persist over the next
12 to 18 months and support KB Home's financial strength and
operating performance.

The Speculative Grade Liquidity Rating of SGL-2 reflects KB Home's
good liquidity profile, supported by its pro forma cash position of
about $130 million, Moody's expectations of positive cash flow and
substantive availability under the company's recently upsized $800
million unsecured revolving credit facility expiring in October
2023, as well as good cushion under financial covenants.

The ratings could be upgraded if KB Home's homebuilding debt to
book capitalization declined below 40%, homebuilding EBIT coverage
of interest increased above 5.0x, and gross margins approached 20%.
Maintenance of a good liquidity profile and conservative financial
policies, and solid conditions in the homebuilding industry would
also be important considerations for an upgrade.

The ratings could be downgraded if the company's homebuilding debt
to book capitalization reverses and starts trending toward 50%,
homebuilding EBIT coverage of interest is sustained below 4.0x,
gross margins decline to less than 18%, liquidity profile weakens,
or if homebuilding industry conditions were to deteriorate.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Headquartered in Los Angeles, KB Home is one of the country's
largest homebuilders, with a presence in 38 markets and four
geographic regions, including the West Coast, Southwest, Central,
and Southeast. The company builds attached and detached
single-family residential homes, townhomes and condominiums for
first-time, first move-up and active adult homebuyers. In the LTM
period ended August 31, 2019, KB Home's total revenues and
consolidated net income were $4.3 billion and $242 million,
respectively.


KELLY GRAINGER: $485K Sale of Waxhaw Property to Schwiegers Okayed
------------------------------------------------------------------
Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern
District of Florida authorized Kelly Grainger's sale of the real
property located at 332 Old Mill Road, Waxhaw, North Carolina to
Rick Allen Schwieger and wife, Kristina Schwieger, for $485,000.

The Debtor will pay all closing costs, including but not limited to
NC Excise Tax, pro-rated real estate taxes, document preparation,
courier and wire fees and real estate commissions (which commission
will not be greater than the aggregate sum of 6% of the sales
price) and the sum of $1,000 payable to Debtor to cover the cost of
moving personal property from the subject real estate.

The balance remaining after payment of the described expenses will
be applied first to the payment of the Wells Fargo indebtedness
secured by the subject real estate, and to the extent any sum(s)
remain thereafter and up to 20% of the gross sales price of the
real estate will be paid to Debtor who will escrow same in the DIP
account to be used for 2019 capital gains taxes generated from the
sale of the subject property.  In the event Wells Fargo Bank, NA
deed of trust (mortgage) has not satisfied its claim from the sale
of the subject property, funds from the sale of adjoining property
owned by Debtor will be paid to satisfy the Wells Fargo Bank, NA
indebtedness in full.  In the event the Wells Fargo Bank, NA deed
of trust (mortgage) has been satisfied, the closing agent shall,
after paying all items referenced, pay any remaining funds to
iPayment, Inc.

iPayment, Inc. will execute a partial release of lien solely and
exclusively with respect to the above described property, and for
no other purpose than to allow the above described property be sold
free and clear of its judgment liens and lis pendens.

The payment to Wells Fargo will be mailed to: Wells Fargo Home
Mortgage, Attention: Payment Processing, P.O. Box 14507, Des
Moines, Ia 50306.

Kelly Grainger sought Chapter 11 protection (Bankr. N.D. Fla. Case
No. 17-50193) on June 26, 2017.  Charles M. Wynn, Esq., at Charles
M. Wynn Law Offices, P.A., serves as counsel to the Debtor.


LEXI DEVELOPMENT: $6.5M SAle of North Bay Village Property Approved
-------------------------------------------------------------------
Bankruptcy Judge A. Jay Cristol of the U.S. Bankruptcy Court for
the Southern District of Florida authorized Lexi Development Co.,
Inc.'s sale of the commercial retail space at 1700 Kennedy
Causeway, North Bay Village, Florida, with folio number
23-3209-051-1650, to Ilmax, LLC for $6.5 million, pursuant to their
Purchase and Sale Agreement.

The sale is free and clear of any and all liens, claims,
encumbrances.

The Debtor will satisfy Marquis Bank's $3.6 million claim from the
closing proceeds at closing.

The Debtor will satisfy the following claims held by the
Association from the closing proceeds: secured claim of $184,187; a
special assessment claim that is approximated at $332,395 (minus
any payments made up to the date of closing); and the Buyer will
pay at closing, in addition to the purchase price, a working
capital deposit for $15,747.  

Before the closing, the Association will give Debtor the exact
amount that is due for special assessments.  The Debtor will
receive credit for any amount paid toward the special assessments,
and the Debtor will receive a refund for any amount paid in excess
of the exact amount due for the special assessments.

The Debtor is authorized to pay the 4% commission that is due to
the broker.

The Sale Order will take effect immediately and will not be stayed
pursuant to Bankruptcy Rules 6004(g), 6004(h), 6006(d), 7062, or
otherwise.

                    About Lexi Development

South Miami, Florida-based Lexi Development Company, Inc., owns and
is developing a 164 Unit, 19-story, mixed-use residential and
retail bay view condominium development at 1700 Kennedy Causeway,
North Bay Village, Florida, known as "The Lexi."  It filed for
Chapter 11 bankruptcy protection on June 23, 2010 (Bankr. S.D. Fla.
Case No. 10-27573).  Joshua W. Dobin, Esq., at Meland Russin &
Budwick, P.A., in Miami, Florida, serves as counsel.  In its
schedules, the Debtor disclosed $22,601,336 in total assets and
$21,558,876 in total liabilities as of the Petition Date.


LION HOLDINGS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: The Lion Holdings, LLC
        4068 Crenshaw Blvd.
        Los Angeles, CA 90008

Business Description: The Lion Holdings, LLC owns in fee simple a
                      property located at 5857 Willis Avenue
                      Van Nuys, CA 91411 having a comparable sale
                      value of $1 million.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Case No.: 19-22421

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: Onyinye N. Anyama, Esq.
                  ANYAMA LAW FIRM, A PROFESSIONAL CORPORATION
                  18000 Studebaker Road, Suite 325
                  Cerritos, CA 90703
                  Tel: 562-645-4500
                  Fax: 562-645-4494
                  E-mail: onyi@anyamalaw.com
                          info@anyamalaw.com

Total Assets: $1,015,000

Total Liabilities: $950,732

The petition was signed by Jordana Tambasco Soares, president/CEO.

The Debtor stated it has no unsecured creditors.

A full-text copy of the petition is available for free at:

            http://bankrupt.com/misc/cacb19-22421.pdf


LIT'L PATCH: PCO Files 1st Report
---------------------------------
On August 16, 2019, Jeremy Bell was appointed as the Patient Care
Ombudsman for Lit'l Patch of Heaven, Inc.

The Lit'l Patch of Heaven, Inc., is a licensed living facility by
the Colorado Department of Public Health and Environment with a
maximum of 15 residents that pay rent on a month to month basis. It
is located in a residential section of Thornton in Denver, Colorado
and founded in 2005.

During the Ombudsman visit, there were 3 of them who gathered all
the latest information about the Debtor's Facilities and Activities
in Colorado.

OMBUDSMAN OBSERVATION:

There are 13 residents living at home currently with 4 staffs
including Jeff Kraft the Operator and Owner. All residents spoken
with appeared to be clean, well groomed, and wearing comfortable
clothes.

Resident 1 - there is a shortage of staff at the facility and
reports that Jeff Kraft along with a resident are cooking the meals
and making sure the residents get their medications.

Resident 2 - there's not enough staff at the facility and the
laundry is not getting done. The amount of food is adequate but it
is lack of quality and variety.No activities and outings for the
residents.

Resident 3 - there are enough food and medications on time.

Resident 4 - there is a shortage of staff but enough supply of food
and medications.

Resident 5 - there is enough supply of food and medications.

Resident 6 - there is enough supply of food with snacks and
medications.

Resident 7 - there is enough supply of food and medications. The
residents are concerned about social security and monthly rental.

Resident 8 - there is no supply of medications.

For September 10, 2019

Resident 2 - new caregiver was hired in order to assist the
residents

Resident 9 - there is enough supply of food and medications and
Jeff is usually the overnight caregiver.

Resident 10 - no issues or concerns during the visit

Resident 11 - no issues or concerns during the visit

For October 15, 2019

Reported By:
Colorado Department of Public Health and Environment

There are 2 occurrences on record the following:

1. The abuse between two residents in February 2017
2. Unexpected death of a resident at the age of 70 in December
2017

At this time there is a problem in maintaining sufficient staffing
levels to meet the needs of Lit'l Patch of Heaven, Inc.

The PCO can be reached at:

Jeremy M. Bell
Disability Law Colorado
455 Sherman St., Suite 130
Denver, Co 80203

A full-text copy of PCO First Report is available at
https://tinyurl.com/yyv7jjow from PacerMonitor.com at no charge.

      About Lit'l Patch of Heaven Inc.

Lit'l Patch of Heaven Inc., based in Thornton, CO, filed a Chapter
11 petition (Bankr. Colo. Case No. 19-16119) on July 17, 2019.  In
the petition signed by Jeff Kraft, CEO, the Debtor estimated $1
million to $10 million in assets and $500,000 to $1 million in
liabilities.  The Hon. Michael E. Romero oversees the case.  Aaron
A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., serves
as bankruptcy counsel to the Debtor.

No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


LLCD, LLC: Disclosure Statement Hearing Continued to Nov. 20
------------------------------------------------------------
The Court granted LLCD, LLC, and LA4EVER, LLC's motion to continue
the hearing on the disclosure statement in support of their Chapter
11 Plan.  Judge Ann M. Nevins ordered that the hearing is continued
to November 20, 2019 at 11:30 a.m.

As reported in the TCR, LLCD, LLC, and LA4EVER, LLC, filed a
Chapter 11 plan and accompanying disclosure statement.  Unsecured
Nonpriority Claims are unimpaired.  Payments for this class will
total $16,000.  Payment shall be made on a monthly basis, without
interest over 24 months commencing 60 days after the Effective Date
of the Plan, with the balance in full over 24 months, from rental
proceeds generated by the operations of the Properties and the
refinance of the Properties.

The Debtors will continue in possession of the Properties and
propose to fund payment of the Plan with money earned from the
operation of their businesses.

A full-text copy of the Disclosure Statement dated June 26, 2019,
is available at http://tinyurl.com/yyg4mjdefrom PacerMonitor.com
at no charge.

              About LLCD, LLC and LA4EVER, LLC

LLCD, LLC and LA4EVER, LLC are privately held companies engaged in
activities related to real estate.  LLCD's principal assets are
located at 23 Brown Steet New Haven, Connecticut.  LA4EVER's
principal assets are located at 325-327 Saint John Street New
Haven, Connecticut.

LLCD and LA4EVER sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Conn. Case Nos. 19-30489 and 19-30490)
on March 29, 2019.  At the time of the filing, each company had
estimated assets of less than $1 million and liabilities of $1
million to $10 million.  The cases have been assigned to Judge Ann
M. Nevins.


LRB REALTY: Brian K. McMahon Hired as Bankruptcy Counsel
--------------------------------------------------------
LRB Realty, LLC sought and obtained permission from the U.S.
Bankruptcy Court of the Southern District of Florida to employ
Brian K. McMahon and his law firm as Chapter 11 counsel.

Brian K. McMahon is a qualified attorney to practice in this court
and is qualified to advise the Debtor on its relations with, and
responsibilities to, the creditors and other interested parties.

The attorney will render these professional services:

     (a) Give advice to the Debtor with respect to its powers and
duties as a debtor-in-possession;

     (b) Advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;

     (c) Prepare motions, pleadings, orders, applications,
adversary proceedings, and other legal documents necessary in the
administration of the case;

     (d) Protect the interest of the Debtor in all matters pending
before the court;

     (e) Represent the Debtor in negotiation with its creditors in
the preparation of a bankruptcy-exit plan.

The Debtor seeks to set aside $1,000 per month to cover
compensation of Brian K. McMahon and his law firm. Normal hourly
rates for Mr. McMahon is $400.

Mr. McMahon attests that neither he nor his law firm has any
connection with the creditors or other parties-in-interest or their
respective attorneys; nor do they represent any interest adverse to
the Debtor.

The firm may be reached at:

     Brian K. McMahon, Esq.
     BRIAN K. MCMAHON
     1401 Forum Way, 6th Floor
     West Palm Beach, FL 33401
     Tel: 561-478-2500
     Fax: 561-478-3111
     E-mail: briankmcmahon@gmail.com

                         About LRB Realty

LRB Realty, LLC, a privately held company based in Jupiter,
Florida, sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla.
Case No. 19-22206) on September 13, 2019, listing $1 million to $10
million in both assets and liabilities.  The Hon. Erik P. Kimball
oversees the case.  The petition was signed by Lori Bedoya,
managing member.  The Debtor stated it has no unsecured creditors.

The Company previously sought bankruptcy protection (Bankr. S.D.
Fla. Case No. 12-13754) on Feb. 6, 2012.



MAPLE AVENUE: Seeks to Use Cash Collateral to Continue Operations
-----------------------------------------------------------------
Maple Avenue Donuts, Inc., seeks the Bankruptcy Court's permission
to use cash collateral in order to pay expenses for payroll,
insurance, and supplies for the on-going operation of its business.


The Debtor relates that Hometown Bank, Quickstone Capital, and
Massachusetts Department of Revenue may assert liens on the cash
collateral.

The Debtor avers that it is in the best interests of all parties
that it be granted authority to use cash collateral in the ordinary
course of business.

                     About Maple Avenue Donuts

Maple Avenue Donuts, Inc., a company that sells donuts and coffee,
filed a voluntary petition for relief under Chapter 11 of Title 11
of the Bankruptcy Code (Bankr. D. Mass. Case No. 19-41140) on July
11, 2019.  James P. Ehrhard, Esq., at Ehrhard & Associates, P.C.,
is the Debtor's counsel.  


MESEID MIKHEIL: Trustee's Sale of Clarksville Comml. Property OK'd
------------------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee authorized John C. McLemore, the
Trustee of Meseid Mikheil, to sell the commercial building and lot
located at 4450 S. Hwy. 41A, Clarksville, Tennessee, Parcel ID
086-06105-000, together with the beverage coolers, ice machine,
merchandise gondolas and other furniture, fixtures and equipment
located in the market, at an auction to be conducted by Bill Colson
Auction & Realty Co.

The sale is free and clear of all liens with the liens that may
exist attaching to the proceeds of the sale.

The 14-day stay of the sale of the property following the entry of
the Order set out in FRBP 6004(h) is waived.

The Trustee will file a report of sale as required by FRBP
6004(f).

Meseid Mikheil sought Chapter 11 protection (Bankr. M.D. Tenn. Case
No. 19-04659) on July 23, 2019.  The Debtor tapped Lefkovitz and
Lefkovitz, PLLC as counsel.


MGM RESORTS: Fitch Affirms BB LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Ratings of MGM
Resorts International and MGM China Holding, Ltd at 'BB'. Fitch
also affirmed MGM's senior secured credit facility at 'BBB-'/'RR1'
and MGM's unsecured notes at 'BB', but revised the unsecured notes'
recovery rating to 'RR4' from 'RR3' due to the announced asset
sales. Fitch affirmed MGM China's unsecured notes at 'BB'/'RR4' and
assigned a 'BB'/'RR4' rating to MGM China's new unsecured
revolver.

On Oct. 15, MGM announced a series of transactions that included
the sale of Circus Circus to Phil Ruffin for $825 million
(inclusive of a $163 million sellers note) and the sale and
leaseback of Bellagio's real estate assets (PropCo) to a subsidiary
(Joint Venture, or JV) of Blackstone Real Estate Income Trust, Inc.
(BREIT) for approximately $4.25 billion. Consideration for
Bellagio's assets includes $4.2 billion gross cash proceeds and 5%
equity interest in the newly formed JV. Collective net cash
proceeds to MGM are expected to be $4.3 billion for both
transactions. MGM will lease Bellagio from PropCo for initial rent
of $245 million for a term of 30 years with two 10-year renewal
options. Rent will increase 2% annually for the first 10 years,
2%-3% for years 11-20, and 4% annually thereafter. MGM will
continue to be responsible for property capex. The JV will be
capitalized with approximately $3 billion of debt and MGM Resorts
will provide a collection guaranty of the JV debt.

MGM plans to use the proceeds to strengthen its balance sheet and
return capital to shareholders and mentioned in the release
supporting its sports betting and Japan development initiatives.
MGM stated that by the end of 2020 it intends to have "domestic net
financial leverage at its operating properties of approximately 1x"
although Fitch is unsure about the particulars behind this guidance
- most notably the calculation methodology and the mix between cash
and debt at YE 2020. In any case, the leverage target does imply
considerable amount of debt repayment and/or cash retention.

The affirmation reflects Fitch's view that pro forma consolidated
gross adjusted leverage, assuming a reasonable amount of
traditional debt paydown at the MGM Resorts level, will be
consistent with a 'BB' IDR. Consolidated EBITDAR adjusted for
minority distributions will decline by $62 million due to sale of
Circus Circus and total adjusted debt will increase by roughly $2
billion as a result of capitalizing Bellagio's rent at 8x. Assuming
$1 billion-$3 billion of traditional debt paydown, Fitch estimates
MGM's consolidated gross adjusted leverage will be roughly 5.0x to
5.5x, which is within its sensitivities for a 'BB' IDR.

The benefits of the potentially reduced leverage profile and the
increase in the near-term liquidity from the sale proceeds are in
part offset by MGM's reduced longer-term financial flexibility
related to the further monetization of its Las Vegas Strip assets,
the real assets of its marquee Bellagio in particular. The JV loan
guarantee is another negative financial flexibility, liquidity
consideration although a manageable one. With the guarantee being a
collection guarantee (i.e. MGM makes good on the guarantee only
after the creditors exhausted all other procedural avenues) and
Bellagio loan being well over-collateralized, the ultimate
commitment is a manageable one. Fitch will not consolidate the JV
debt.

Separately, Fitch has withdrawn the ratings on MGM China's senior
secured facility, which was repaid with the new unsecured revolver,
and withdrawn the 'BB' IDR on MGM Grand Paradise, which was a
co-issuer under the prior senior secured facility. The Rating
Outlook is Stable.


KEY RATING DRIVERS

Credit Metrics Mostly Improving: MGM's EBITDAR is set to grow as
MGM Cotai and Springfield ramp-up, Empire City's (acquired January
2019) EBITDAR starts to flow through and returns on the Park MGM
investment are realized. Phase 1 of MGM's 2020 initiative will also
provide some EBITDAR uplift as cost initiatives are realized. MGM's
FCF profile is also improving and set to exceed $1 billion annually
by 2020, although a majority is expected to be returned to
shareholders. MGM's leverage trajectory is less clear following the
Bellagio/Circus transactions as it remains to be seen how the
company allocates the cash proceeds. The $245 million Bellagio
lease increases total adjusted debt by nearly $2 billion per
Fitch's leverage calculation.

Favorable Asset Mix: Since 2016, MGM improved its overall
geographic diversification. This was achieved through acquisitions,
like Atlantic City's Borgata (2016), New York's Empire City Casino
(2019) and Ohio's Northfield Park (2018), and new developments in
Maryland and Massachusetts. MGM's portfolio of Las Vegas Strip
assets are mostly high quality and its regional assets are
typically market leaders. The regional portfolio's diversification
partially offsets the more cyclical nature of Las Vegas Strip
properties. MGM's two properties in Macau (about 20% of total
consolidated property EBITDA) provide global diversification
benefits and exposure to a market with favorable long-term growth
trends.

Positive on Las Vegas: Fitch is positive on the long-term prospects
of the Las Vegas Strip, which represents about 50% of MGM's total
property EBITDA (pro forma for recent transactions). The Strip
should benefit from continued strength in the convention business
and domestic gaming, as well as limited new lodging supply.
However, Fitch expects low single-digit gaming revenue and RevPAR
growth as the recovery is in its 10th year and a number of
indicators have reached or surpassed prior-cycle peaks.

Macau on Solid Footing: Fitch expects low single-digit declines in
Macau gross gaming revenues for 2019. MGM will gain market share as
MGM Cotai continues to ramp up, following the introduction of VIP
operations in late 2018. Fitch forecasts MGM Cotai will generate
nearly $250 million in incremental EBITDA once fully ramped.
Fitch's favorable long-term view on Macau is supported by an
expanding middle class in China and infrastructure development in
and around Macau. In early 2019, MGM China extended its concession
to 2022 from 2020. Fitch expects the Macau government, placing a
premium on stability, to take a pragmatic approach to extending
MGM's and others' concessions beyond 2022; however, there is risk
of adverse events or conditions such as a new concessionaire being
introduced or new fees, taxes or development requirements being
imposed.

MGM Growth Properties: MGP (BB+/Stable) is 68% owned and
effectively controlled by MGM. Therefore, Fitch analyzes MGM on a
consolidated basis and subtracts distributions to minorities from
EBITDA. MGM publically stated its desire to reduce its ownership
stake in MGP to under 50% by 2020. Its ownership of the sole MGP
Class B share and controlling voting power (intact until ownership
falls below 30%) will continue to support a consolidated analysis
with adjustments for the minority stake in MGP.

DERIVATION SUMMARY

MGM's 'BB' IDR reflects the issuer's gross debt/EBITDA of
5.0x-5.5x, estimated pro forma for annualized results of new
openings, acquired assets, and reasonable debt paydown from
Bellagio/Circus transaction. The IDR also considers MGM's improving
FCF profile following the completion of its development pipeline,
and its geographically diverse, high quality assets. There is some
headroom for funding of another large scale project or a moderate
operating downturn at the current 'BB' rating level given MGM's
liquidity profile and moderate leverage. MGM's liquidity is solid
with roughly $800 million in excess cash on hand as of June 30,
2019 (net of estimated cage cash), $3.1 billion in estimated
aggregate revolver availability (pro forma for MGM China credit
facility repayment), and an improving FCF profile.

Fitch links MGM China's IDR to MGM's. Fitch views MGM's and MGM
China's standalone credit profiles roughly on par with each other
but would not de-link the ratings if the stand-alone credit
profiles would moderately diverge. MGM China is strategically and
operationally important to MGM and MGM China does not have material
ring-fencing mechanisms in its financing documentation that would
limit MGM's access to MGM China's cash flows. Fitch analyzes MGM on
a consolidated basis after adjusting for distributions to minority
interests and distributions from unconsolidated entities.

KEY ASSUMPTIONS

  -- Same-store domestic revenues grow about 1%-2% per year on
average, with higher assumed growth at properties on the Las Vegas
Strip and still ramping regional properties (Springfield and Park
MGM). Macau revenue grows in the high single digits in 2019, as
declines at MGM Macau are offset by the still ramping MGM Cotai.

  -- EBITDA margins from wholly owned subsidiaries grow toward 31%,
supported by cost initiatives in MGM's 2020 plan.

  -- MGM China generating about $700 million of aggregate EBITDA in
2019, which factors in roughly $250 million EBITDA at MGM Cotai.

  -- Roughly $200 million of incremental EBITDA in 2019 from MGM
Springfield, Empire City, and Northfield Park;

  -- 5% annual growth for the parent level dividend and a majority
of cash flow from operations less capex at MGM China and MGM Growth
Properties is distributed.

  -- $1 billion of total capex in 2019, which includes close out
costs for MGM Springfield and MGM Cotai. Maintenance capex
thereafter around $600 million per year.

  -- $500 million‒$750 million in annual share repurchases (prior
to considering the allocation of Bellagio/Circus proceeds).

  -- Roughly $3 billion in note maturities from 2020-2022 are
refinanced.

  -- Fitch's base case forecast does not include any additional
developments in new jurisdictions (e.g. Japan).

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- MGM's IDR could be upgraded to 'BB+' as its adjusted
debt/EBITDAR after adjusting for distributions to minority holders
and from unconsolidated subsidiaries approaches 4.5x on gross basis
and 4.0x net basis, respectively. Fitch will consider the
continuation of the stable or positive trends in Las Vegas and
Macau, the renewal of the Macau concession, and MGM's commitment to
its balance sheet when contemplating positive rating actions.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- Fitch would consider a Negative Outlook or downgrade if
adjusted gross debt/EBITDAR remains above 6.0x for an extended
period of time, due to potentially weaker-than-expected operating
performance, debt-funding a new large-scale project or acquisition
or taking a more aggressive posture with respect to financial
policy.

LIQUIDITY AND DEBT STRUCTURE

MGM's liquidity is solid and is set to improve further as annual
discretionary FCF grows in excess of $1 billion by 2020. Per
Fitch's base case, the primary use of the FCF will be to support
continued ramp up in shareholder returns. MGM repurchased $1.3
billion in shares during 2018 and pays roughly $260 million in
annual parent dividends. Other uses of cash include $350 million of
close out costs in 2019 for MGM Cotai, Springfield, and Park MGM
(per company guidance). As of June 30, 2019, available sources of
liquidity include $811 million in consolidated excess cash (net of
estimated cage cash) and an estimated $3.1 billion in estimated
consolidated revolver availability. MGM's near-term maturity
schedule, which remains heavy for a non-investment grade company,
will be supported by the $4.3 billion in net cash proceeds MGM will
receive from the Bellagio and Circus transactions. MGM's maturity
schedule is largely a by-product of MGM's unsecured notes not
having call options, which is unique among its gaming peers.

SUMMARY OF FINANCIAL ADJUSTMENTS

Leverage: Fitch subtracts distributions to minority holders of
non-wholly owned consolidated subsidiaries from EBITDA for
calculating leverage. Fitch also adds recurring distributions from
unconsolidated JVs.


MIAMI METALS I: Disclosures Revised Following Oct. 7 Hearing
------------------------------------------------------------
Pursuant to the bankruptcy court's rulings on the record at the
hearings on Oct. 7, 2019, Miami Metals I, Inc., et al., submitted
revised their disclosure statement and plan.

On Oct. 11, 2019, the Debtors filed their (i) Second Amended Joint
Disclosure Statement for Amended Joint Chapter 11 Plan of
Liquidation, and (ii) Second Amended Joint Chapter 11 Plan of
Liquidation.

A red-lined copy of the Second Amended Disclosure Statement is
available at https://is.gd/AtRGLK from PacerMonitor.com at no
charge.

The Debtors, Secured Parties, Committee and Bayside Metal Exchange,
Coeur Rochester, Inc. c/o Coeur Mining, Inc., Cyber-Fox Trading,
Inc., Minera Real de Ora S.A. de C.V., Pyropure Inc., So Accurate
Group Inc. (the "Committee Members") previously entered into a Plan
Support Agreement dated May 22, 2019 (the "Prior PSA") which the
Bankruptcy Court declined to approve by written decision on Aug. 9,
2019.  The Bankruptcy Court declined to approve the Prior PSA
because, among other things (1) holders of significant Title
Property Claims did not participate in the negotiation of the Prior
PSA, (2) the Ownership Reserve established pursuant to the Prior
PSA was theoretically not sufficient to satisfy all Title Property
Claims; (3) the proposed timing of certain benefits under the
settlement agreement was unacceptable; and (4) a proposed provision
allowed the Litigation Trust to surcharge Customers under Section
506(c) of the Bankruptcy Code

On Sept. 26, 2019, the Debtors filed the PSA Motion with the
Secured Parties, the Committee, the Committee Members and the
Customer Parties[ECF No. 1413].5  The Plan Support Agreement agreed
to  certain Plan-related terms memorialized in the Joinder attached
to the Plan Support Agreement, which sets forth the principal terms
of an orderly liquidation of the remaining assets of the Debtors
and satisfaction of existing debt and other obligations of the
Debtors, which will be effected through the Plan.  The Debtors,
Secured Parties, Committee Members, and Customer Parties believe
the Plan Support Agreement, as amended, addresses and remedies each
of the Court's concerns regarding the Prior PSA.  The Court
approved the Plan Support Agreement on the record at the hearings
on Oct. 7, 2019.

The Plan Support Agreement allows a Secured Party, Committee
Member, or Customer Party to terminate its rights and obligations
thereunder upon the occurrence of  various events, including, inter
alia, (i) the entry of an order in the Chapter 11 Cases modifying,
staying, reversing or vacating the order approving the Plan Support
Agreement or the Final Cash Collateral Order, in each case without
the prior consent of such Secured Party, Committee Member, or
Customer Party or (ii) that the Bankruptcy Court has not entered a
Confirmation Order approving the Plan on or before Jan. 15, 2020,
provided that this date may be extended by mutual agreement of the
parties or orders of the Court.

Additional provisions added to the Disclosure Statement include:

   * In the event that the Debtors cannot substantively consolidate
for distribution purposes in accordance with the foregoing, the
Debtors may proceed to confirmation on a debtor-by-debtor basis.

   * As of Oct. 8, 2019, there are $39,566,800 in asserted
503(b)(9) Claims.  The Debtors anticipate this amount may decrease
prior to Confirmation.  Currently, $35.1 million of those asserted
503(b)(9) Claims support confirmation of the Plan.  The amount and
timing of the Litigation Recoveries are impossible to predict right
now, however, the underlying litigation will include Chapter 5
claims, claims against insiders of the Debtors, and the Assigned
Claims and the Assigned Proceeds of Auditor Claims.  If the Plan is
not confirmed and the Debtors' cases are converted to cases under
Chapter 7, nearly all of these benefits will not be available for
Holders of Allowed Section 503(b)(9) Claims, who would also be
subordinated to additional fees and expenses of the Chapter 7
trustee and his or her professionals.

   * The Debtors have concluded the RTMM Injunction is justified
because, inter alia, certain parties, including Fundacion Rafael
Donde, I.A.P., have sought to collect on pre-Petition Date claims
related to property of the bankruptcy estate through criminal and
other proceedings in Mexico, while at the same time participating
in the Uniform Procedures.  The RTMM Injunction prevents creditors
from effecting a double recovery on their ownership claims, in
violation of the Uniform Procedures, this Court's Order at ECF
1217, and other applicable law.  Fundacion Rafael Donde, I.A.P.
disputes the Debtors' entitlement to the RTMM Injunction.

   * The Plan does not provide for consensual third-party releases
of the Secured Party Releasees.

                       About Miami Metals I

Founded in 1980, Republic Metals Refining Corporation and its
affiliates are refiner of precious metals with a primary focus on
gold and silver.  They have the capacity to produce approximately
80 million ounces of silver and 350 tons of gold, along with over
55 million pieces of minted products per annum.  Suppliers ship
unrefined gold and silver to Republic for refining from all over
the United States and the Western Hemisphere.  They provide their
products and services to a diverse base of global mining
corporations, financial institutions and jewelry manufacturers.

Republic Metals Refining, Republic Metals Corporation and Republic
Carbon Company, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 18-13359 to 18-13361) on
Nov. 2, 2018.  Republic Metals Refining Corporation is now known as
Miami Metals I, Inc.; Republic Metals Corporation as Miami Metals
II, Inc.; and Republic Carbon Company as Miami Metals III LLC.

In the petition signed by CRO Scott Avila, Republic Metals Refining
was estimated to have assets of $1 million to $10 million and
liabilities of $100 million to $500 million.

The Debtors tapped Akerman LLP as their legal counsel; Paladin
Management Group, LLC, as financial advisor; and Donlin, Recano &
Company, Inc., as claims and noticing agent.



MICHAEL WORLEY: Trustee's $3.5M Sale of Zachary Property Approved
-----------------------------------------------------------------
Judge Douglas D. Dodd of the U.S. Bankruptcy Court for the Middle
District of Louisiana authorized Dwayne M. Murray, the Chapter 11
trustee for the estate of Michael Allen Worley, to enter into the
Purchase and Sale Agreement with Collis B. Temple, III, nunc pro
tunc to Sept. 24 2014, in connection with the sale of interest in
and to the real property located at 22784 Ligon Road, Zachary,
Louisiana, together with buildings, structures, improvements,
fixtures, appurtenances, rights, ways, and privileges, belonging or
appertaining solely thereto and is subject to all servitudes,
restrictions, and other matters of record, for $3.5 million.

The sale is free and clear of any liens, claims, encumbrances, or
other interests.

Kathy Cress is deemed to have consented to the signing and entry of
the Sale Order and waived her right of first refusal granted by
Bankruptcy Code section 363(i).

The Sale Order will be immediately effective and executory upon
entry on the Court's docket of the case, and that the 14-day stay
provided by Fed. R. Bankr. P. 6004(h) will be abrogated and waived
by the Sale Order, to allow the Trustee and Buyer to proceed
immediately to execute the Sale Agreement.

Michael Allen Worley filed for Chapter 11 bankruptcy protection
(Bankr. M.D. La. Case No. 18-10017) on Jan. 8, 2018.  Arthur A.
Vingiello, Esq., at Steffes, Vingiello & McKenzie, LLC, serves as
the Debtor's bankruptcy counsel.



MMMT CORPORATION: Court Approves Appointment of PCO
---------------------------------------------------
On October 17, 2019, Susan N. Goodman was appointed as Patient Care
Ombudsman for MMMT Corporation.

At the U.S. Trustee's behest, the Court ordered that the
Application is granted. The PCO will have access to and may review
confidential patient records as necessary and appropriate to
discharge her duties and responsibilities under the Bankruptcy
Code.

The PCO can be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, Arizona 85737
     Tel: 520.744.7061
     Email: sgoodman@pivothealthaz.com 

          About MMMT Corporation

MMMT Corporation, a company that operates a skilled nursing
facility in Las Vegas, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 19-16113) on Sept. 21,
2019. At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of between $10 million
and $50 million. The case is assigned to Judge Mike K.
Nakagawa.  Johnson & Gubler, P.C., is the Debtor's legal counsel.


NATALJA VILDZIUNIENE: Has Second Interim Approval to Use Rents
--------------------------------------------------------------
Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Natalja Vildziuniene, on
an interim basis and for the period from Oct. 1, 2019 through Oct.
31, 2019, to use rents to pay first mortgages for the properties at
(i) 208 N. Dee, 9ark Ridge, (ii) 3224 N. Ottawa, Chicago, (iii)
3543 N. Plainfield, Chicago, and (iv) 3659 N. Nordica, Chicago, and
to pay utilities for the property at N. Dee in the amount of $460.

The first mortgages are: (i) 208 N. Dee - $3,084; (ii) 3224 N.
Ottawa - $741; (iii) 3543 N. Plainfield - $795; and (iv) 3659 N.
Nordica - $749.

The Debtor will permit parties asserting mortgages upon or
interests in the properties at 208 N. Dee, Park Ridge, 3224 N.
Ottawa, Chicago, 3543 N. Plainfield, Chicago and 3659 N. Nordica,
Chicago to inspect, upon reasonable notice and the convenience of
respective tenants, and within reasonable business hours, such
properties.

Nothing in the order will constitute a waiver of Vito Montana's
interests in, or right to the distribution to him of his share of
the net proceeds of, the rents or properties pursuant to the Dec.
5, 2018 Judgment for Dissolution of Marriage entered by the
Domestic Relations Division of the Circuit Court of Cook County in
Case No. 2016-D-007721, nor will it constitute a waiver of any
claim by Montana that such interests or proceeds are not property
of the bankruptcy estate.  Nothing in the Order will constitute a
limitation or waiver of the Debtor's rights to challenge the
Divorce Decree through the pending appeal or otherwise.

Natalja Vildziuniene sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 19-22967) on Aug. 14, 2019.  The Debtor tapped Bruce E
de'Medici, Esq., as counsel.



NEST EXTENDED: Seeks Interim OK to Use Cash Collateral
------------------------------------------------------
Nest Extended Stay LLC seeks authority from the Bankruptcy Court to
use the cash collateral nunc pro tunc to the Petition Date to
continue operating the business and to manage its financial affairs
as set forth in the budget, on an interim basis, pending a final
hearing.

The budget provides for $12,302 in total expenses each month from
Oct. 2019 through March 2020, including $6,175 in utilities and
$3,000 for labor.  

A copy of the budget is available for free at:
http://bankrupt.com/misc/Nest_Extended_8(1)_Cash_Budget.pdf

The Debtor says that if it is allowed to use the cash collateral,
it can stabilize its business operations and maintain a
going-concern value. Otherwise, its business operations will cease
and the assets will have only limited liquidation value.

                    About Nest Extended Stay

Nest Extended Stay LLC owns a hotel property known as Nest Extended
Stay located at 12 E. Main Street Chanute, KS 66720 having a
current value of $1.15 million.  

Nest Extended Stay LLC filed a Chapter 11 petition (Bankr. M.D.
Fla. Case No. 19-09578) on Oct. 9, 2019, in Tampa, Florida.  TAMPA
LAW ADVOCATES, P.A., A PRIVATE LAW FIRM is the Debtor's counsel.
In the petition signed by Caleb Walsh, authorized representative,
the Debtor listed total assets at $1,293,500 and total liabilities
at $951,372.



NETFLIX INC: Moody's Rates Proposed $2BB Unsec. Notes 'Ba3'
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Netflix, Inc.'s
proposed $2 billion senior unsecured notes offering split between
dollar and Euro issuance and maturing in 2030. Proceeds from the
issuance will be used for general corporate purposes, which may
include content acquisitions, capital expenditures, investments,
working capital and potential acquisitions and strategic
transactions. Netflix's Ba3 corporate family rating and Ba2-PD
probability of default rating remain unchanged. The speculative
grade liquidity rating is maintained at SGL-1. The outlook remains
stable.

A summary of the action follows:

Assignments:

Issuer: Netflix, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

Pro forma for this debt issuance, Netflix's gross leverage will be
6.6x (including Moody's adjustments) for the last twelve months
ended September 30, 2019 (4.3x on a last quarter annualized (LQA)
basis and 4.0x on a pro forma net debt basis). However, despite the
continuing issuances of debt to fund the company's negative cash
flows, Moody's expects leverage to drop gradually over time with
subscriber growth, as the transition from licensed content to
produced original content levels off, and international markets
mature and begin to contribute to profits, all which Moody's
expects to contribute to margin improvement. Moody's anticipates
that gross leverage will fall to below 6.0x by the end of 2019 and
below 5.0x by the end of 2020, as the company's EBITDA growth
outpaces the growth in content spend and in debt. Further, Moody's
believes the company will easily surpass 200 million paid streaming
subscriber in fiscal year 2021, with an outside chance that it
reaches that number by the end of fiscal year 2020. However,
greater levels of SVOD competition from major traditional media
companies like Walt Disney Company (The) (A2), AT&T Inc.'s (Baa2)
Warner Media, LLC, and Comcast Corporation's (A3) NBCUniversal
Enterprise, Inc may temper subscriber and revenue growth at
Netflix. While the programming offered by each of the companies is
dissimilar, Moody's believes that increasing SVOD options could
impact pricing power for Netflix over the intermediate-term, but
Moody's expects Netflix to be a foundation for Tier 1 SVOD service
in many markets. Notwithstanding the increasing competition,
Moody's projects that the company has the ability to reach cash
flow breakeven by 2023 as they grow total margins to the low to mid
20% range. Moody's believes the company's strategy to procure its
own content has positive long-term implications as it builds its
owned library assets as compared to pure licensing of content which
has supply considerations. Moody's also believes owned content will
provide scale benefits for the company and increasingly provide
proprietary value to consumers, not to mention provide a valuable
asset base for investors. With distribution reaching across the
entire world, Netflix has the capability to create content at a
fixed cost and scale it across a near global footprint.

The stable outlook reflects its expectation that 2019 is a negative
cash flow trough year and Netflix's operating results will improve
gradually. Moody's forecasts that the company will de-lever through
revenue, EBITDA and margin growth. Moody's anticipates that credit
metrics should become less volatile over time since no new markets
are being launched, which have been a significant drag on margins
in the past.

Ratings could be upgraded if Netflix: 1) is expected to be able to
generate sustained free cash flows over a two to three year forward
period; 2) continues to expand subscriber numbers and margins,
helping to fund increases in content spend working capital such
that it can maintain its significant lead on its content offering
relative to competitors; and 3) deleverages over the next 12 to 24
months, sustaining debt-to-EBITDA leverage below 4.0x. Higher
profitability would be needed for a higher rating along with a
strong commitment from management to sustain stronger credit
metrics given the company's view that an optimized capital
structure for the company includes a ratio of 20 to 25% debt to
enterprise value.

Moody's would consider a downgrade to Netflix's ratings: 1) if
consistent and continuous margin improvements fail to be achieved
such that negative cash flows persist at high levels; 2) leverage
remains stubbornly high and are not on a trajectory to decline to
below 5.0x; 3) if there are expectations for deterioration in
subscriber numbers due to competitive pressures or operational
setbacks; and 4) if liquidity issues arise due to capital market
access issues and capital needs exceeded the company's cash balance
and revolving credit facility availability.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Netflix, Inc. is a public company with a financial policy that
allows for elevated leverage to fund negative cash flows. Netflix's
leverage profile is higher than most of its peer media companies,
and its willingness to operate with higher leverage represents an
aggressive financial policy. Social risks for Netflix can include a
data breach event, where intellectual property and sensitive
subscriber data could be subject to legal or reputational issues.
However, management monitors its social risks closely, including
data protection, and workforce resource planning.

Netflix, Inc., with its headquarters in Los Gatos, California, is
the world's leading subscription video on demand internet
television network with three operating segments: Domestic
streaming, International streaming and Domestic DVD. Domestic and
International streaming segments derive revenues from monthly
subscription services consisting of streaming content over the
internet, and the Domestic DVD division derives revenues from
monthly subscription services consisting solely of DVD-by-mail.
Revenue for the last twelve months ended September 30, 2019 was
approximately $18.9 billion.


NN INC: Moody's Assigns B3 Rating on $875MM Sr. Sec. Debt
---------------------------------------------------------
Moody's Investors Service assigned at B3 rating to NN, Inc.'s new
$875 million senior secured term loan; affirmed the Corporate
Family Rating at B3; upgraded the Probability of Default Rating to
B3-PD from Caa1-PD; and affirmed the rating on the existing senior
secured debt at B3. The Speculative Grade Liquidity (SGL) Rating
was upgraded to SGL-3 from SGL-4. The outlook is stable.

The new $875 million senior secured term loan will be used to
refinance NN's existing senior secured debt and reduce funded
amounts under the revolving credit facility. Concurrent with the
transaction, NN intends to arrange a new $120 million asset based
senior secured revolving credit facility, maturing in 2024, to
replace the existing $110 million first lien senior secured
revolver due October 2020.

Rating assigned:

  B3 (LGD4) to the $875 million senior secured term loan due 2026.

Ratings affirmed:

  Corporate Family Rating, at B3;

  $110 million (remaining amount) first lien senior secured
  revolver due 2020, at B3 (LGD4, from LGD3);

  $273 million (remaining amount) first lien senior secured term
  loan due 2021, at B3 (LGD4, from LGD3);

  $529 million (remaining amount) first lien senior secured term
  loan due 2022, at B3 (LGD4, from LGD3);

The ratings of the above existing senior secured bank credit
facilities will be withdrawn with the closing of the new senior
secured term loan and new asset based revolving credit facility.

Ratings upgraded:

Probability of Default Rating, to B3-PD from Caa1-PD;

  Speculative Grade Liquidity Rating, to SGL-3 from SGL-4.

Outlook: Stable

The new $120 million asset based senior secured revolver due 2024
is not rated by Moody's.

RATINGS RATIONALE

The affirmation of NN's ratings incorporates Moody's expectation
that NN's gradual pace of debt/EBITDA leverage reduction will
continue over the next several quarters, supported by the expected
increase in financial flexibility gained through the refinancing
transaction. NN's operating performance has lagged Moody's
expectations over the years as the company managed through a number
of acquisitions and continues to experience ongoing cash costs
while the company pursues acquisition related synergies. Further,
Moody's forecasts declining global automotive demand to continue
into 2020 which will likely result in weakening revenue trends for
the company's mobile solutions segment (about 28% of revenues). A
partial mitigant to this trend in automotive demand is the
company's product focus on fuel efficient technologies which are
experiencing increasing vehicle content.

Positively, the proposed transaction increases availability under
the company's liquidity facility and eliminates the financial
maintenance covenant under the existing revolving credit facility.
As such, the transaction provides additional flexibility for NN's
new management team to focus on cost reduction actions. About 42%
of NN's revenues are in sectors for which Moody's has a positive
Industry Sector Outlook (medical devices and aerospace & defense).
The company's medical devices segment also drives a higher
proportion of total segment profits. While NN's general industries
and electrical businesses (the power solutions segment) operate in
industries where Moody's has a Negative Industry Sector Outlook,
growth trends in these segment should remain nominally positive
over the intermediate-term. NN's competitive profile also benefits
from long-standing customer relationships and a strong mix of
highly engineered products which create meaningful market entry
barriers. Over the next year NN's LTM EBITA margins should improve
to above 10% (inclusive of Moody's adjustments) while Debt/EBITDA
leverage gradually declines to below 7x.

The Probability of Default Rating upgrade to B3-PD, equal to the
CFR, reflects Moody's view that the new capital structure
represents multiple classes of debt with more than one lending
group impacting the calling of a default. As a result, the
probability of default is lessened compared to when one lending
group with strong covenants comprises the capital structure.

The stable rating outlook reflects its expectation that NN's credit
metrics will gradually improve with run-rate integration and cost
saving actions and positive free cash flow generation on an LTM
basis by mid-2020.

The SGL-3 Speculative Grade Liquidity Rating reflects the
expectation of an adequate liquidity profile for the next 12-15
months, supported by modest cash, availability under the new $120
million asset based revolving credit facility, and expected
positive free cash flow generation on LTM basis by mid-2020. Cash
at June 30, 2019 was $22 million. A similar level is anticipated at
the closing of the transaction while availability under the new
asset based revolving credit facility at closing is estimated at
about $90 million. Moody's anticipates free cash flow on an LTM
basis over the next 12-15 months in the $40 million range as cost
savings take effect and costs related to the recent acquisitions
reduce. Yet, this amount is unlikely to be achieved until mid 2020.
The covenant under the new asset based revolving credit facility is
a fixed charge coverage ratio test of 1 to1, which is triggered
when availability under the facility is less than the greater of
$10 million and 10% of the borrowing base. The term loan facility
is not expected to have financial covenants.

The rating could be upgraded after achieving debt/EBITDA below 6.0x
and EBITA/interest expense, inclusive of restructuring charges,
above 2x supported by positive industry growth trends and positive
free cash flow generation. Other considerations include balanced
shareholder return policies along with a more moderate pace of
acquisition growth.

The ratings could be downgraded with the expectation that positive
free cash flow generation will not be achieved or sustained over
the coming quarters resulting in a weakening liquidity profile; the
inability to continue to implement cost savings actions and reduce
costs related to integration activities resulting in the weakening
of credit metrics; or further weakening in the company's major
end-markets. Consideration for a lower outlook or rating could
result from the expectation of debt/EBITDA remaining above 7x for a
prolonged period.

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

NN, headquartered in Charlotte, NC, is a diversified industrial
company that combines advanced engineering and production
capabilities with in-depth materials science expertise to design
and manufacture high-precision components and assemblies for a
variety of markets on a global basis. Revenues for the LTM period
ending June 30, 2019 were $840 million.


NUVIDORRA INC: Touts Lower Costs, Improved Income
-------------------------------------------------
Nuvidorra, Inc., filed a one-page supplement to its Disclosure
Statement enumerating the steps it has taken postpetition to
reorganized:

   a) Increase its income by focusing on purchasing a product with
the highest profit margin and sell fast; find more vendors with
different products to sell to customers; negotiate with current
vendors to sell their products; and, find new products to sell to
expand the customer base.

   b) Decrease expenses by having the Debtor's shareholder decrease
its wages; moving to another location to minimize rental expense;
and, restructuring its creditor payments.

The Debtor also disclosed that no federal tax consequences is
anticipated by the Debtor, under the Chapter 11 Plan, as proposed.

                       About Nuvidorra Inc.

Nuvidorra, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-05832) on June 20,
2019.  At the time of the filing, the Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
The case is assigned to Judge Catherine Peek Mcewen.  The Debtor is
represented by the Law Offices of Melody D. Genson.



PENNSYLVANIA ECONOMIC: Fitch Cuts Rating on $118.8MM Bonds to BB+
-----------------------------------------------------------------
Fitch Ratings downgraded the rating on the Pennsylvania Economic
Development Financing Authority's (PEDFA) $118.8 million of
outstanding senior parking revenue bonds to 'BB+' from 'BBB-' . The
Rating Outlook remains Negative.

RATING RATIONALE

The downgrade reflects the system's continued revenue
underperformance that has led to a rapid draw down of the capital
reserve fund and increased risk related to asset preservation.
Despite strong coverage levels on the senior lien, consolidated
coverage remains weak with limited funds available after debt
service for system reinvestment.

The maintenance of the Negative Outlook reflects the ongoing
concern that net parking system cash flows and current fund
balances provide limited internal resources for capital maintenance
expenditures as replenishment of the capital reserve account falls
low in priority in the payment waterfall. The rating could be
further lowered absent a demonstrated ability to generate debt
service coverage metrics in excess of covenanted levels, net cash
flow sufficient for asset preservation and maintenance of adequate
capital reserve balances.

The rating reflects the Capitol Region Parking System's strong
market share position and strong non-compete covenants within its
service territory, which encompasses the economically-important
central business district of Pennsylvania's capital. Key credit
strengths of the series 2013A bonds include its senior lien
position within PEDFA's capital structure as well as the
Commonwealth's coterminous parking lease of 70% of the system's
spaces, which provides at least 1.50x gross senior debt service
coverage on the series 2013A bonds through maturity. However, the
rating is constrained by high leverage and total cost obligations,
minimal liquidity, limited capital funding, and uncertain
willingness and rate-making flexibility to raise rates. Though
senior debt service coverage ratio (DSCR) remains at least 2.5x
over the 2019-2024 forecast period in Fitch's rating case, the
all-in coverage (inclusive of subordinated opex and capex) remains
weak and well below the rate covenant with an average DSCR of
0.9x.

KEY RATING DRIVERS

Dominant Position, Lagging Performance: Revenue Risk (Volume)-
Weaker

The system includes 11 parking facilities with a total of 7,694
spaces and 1,260 spaces of on-street metered parking covering
around 70% of public parking in Harrisburg. Strong non-compete
covenants are expected to provide adequate market share protection
and the high degree of governmental jobs in the area, along with
the commonwealth parking contract, should provide some degree of
demand stability. Still, future growth in parking revenues is
likely to mirror the tepid historical performance, but necessary to
meet ongoing capex needs.

Rate-Making Authority: Revenue Risk (Price)- Midrange

Contracted rate schedules provide for large increases in the
initial years, followed by annual escalators thereafter. Rates
currently remain competitive versus the national average but could
become uncompetitive to the extent greater than inflationary rate
increases were to be needed to support revenue underperformance or
increased lifecycle cost investments. Further, political risk may
serve to limit rate-making flexibility.

Structural Features Have Weaknesses: Debt Structure - Weaker

While the 2013A bonds are senior ranking in the project's debt
profile, structural features are lacking as shown through limited
requirements for liquidity and leverage protections, no established
operating reserves and debt service reserves funded through surety
policies. In addition, reserving for capital maintenance falls at
the bottom of the cash flow waterfall, which presents funding risks
for ongoing capital investments to the extent payments toward
subordinate obligations depend on county guarantee support. Senior
tenor is long with a 30-year final maturity and subject to some
capital appreciation. Projected debt service coverage at YE 2019 is
expected to fall below covenanted levels for the third time since
2013. Positively, the parking system debt is fixed rate and fully
amortizing.

Capital Plan Exhibits Risk: Infrastructure Development and Renewal
- Midrange

Existing facilities are represented to generally be in a state of
good repair, but vary greatly across assets. The authority's
40-year capital program totals approximately $115 million with an
additional $22 million budgeted for periodic meter replacement and
technology upgrades. In the medium term, $1.1 million to $1.7
million will be spent annually. Funded with bond proceeds, a $9.0
million capital reserve has been spent down to a projected fiscal
year end 2019 amount of $2.7 million and remains at risk of full
depletion in situations of modest revenue underperformance. Future
funding of capex may rely on additional leveraging as internal
funding is structurally dependent on excess cash flow following all
other required deposits and as the reserve is tapped.

Financial Profile

Senior leverage dropped to 6.9x for fiscal 2018from approximately
9.1x for fiscal 2016 and is projected to continue migrating
downward towards a modest 5.6x by 2024 in Fitch's rating case.
Total leverage is much higher at 16.8x for fiscal 2018 when
subordinated debt is taken into account. The system has an
escalating debt service profile, including capital appreciation,
which requires aggressive revenue growth to cover increasing debt
service obligations as well as ongoing capital needs. Fitch's
rating case forecasts senior lien coverage to average 2.6x and be
no less than 2.5x, based on a net revenue calculation. The average
coverage of total project costs, including subordinated obligations
and capital needs, is less than sum sufficient at 0.9x. Liquidity
also remains a concern with minimal unrestricted cash and no
operating reserve.

PEER GROUP

PEER GROUP

The closest publicly Fitch-rated peer is Miami Parking, rated
'A'/Outlook Stable. This parking credit represents a larger city
system in a very strong metropolitan statistical area and is
financially protected with significantly lower leverage, stronger
liquidity and stronger DSCR.

RATING SENSITIVITIES

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

  -- Reestablishment of healthy debt service coverage metrics in
excess of 1.25x covenanted levels over successive fiscal years.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

  -- Continued trend of narrow or insufficient cash flow generation
and/or depletion of the capital reserve;

  -- System condition report indicating deteriorating assets and/or
greater annual capital needs than those currently forecast.

CREDIT UPDATE

Performance Update

There have been nearly five full years of operations since the
Capitol Region Parking System lease inception. For fiscal 2018, the
system's all-in DSCR of 1.26x remained above the 1.25x DSCR rate
covenant (net revenues, inclusive of the series B&C debt service)
for a third consecutive year, but is forecasted to dip to 1.24x in
2019, which would trigger the hiring of a consultant to recommend
amended rates for the facilities. Senior DSCR for the series 2013A
bonds remains strong at 3.4x/2.7x (gross/net) in 2018 and is
expected to continue this trend.

CDM Smith conducted its triennial parking system condition report
in July 2016 noting that while conditions widely varied across
facilities, overall the system was found to generally be in a good
state of repair. They formulated a 10-year capital plan averaging
around $1.3 million per year, which has been incorporated into the
sponsor's 10-year cash flow projections. To the extent cash flow is
insufficient, the current capital reserve balance is approximately
$4 million for fiscal YE 2018. Capex in fiscal 2017 totalled nearly
$800,000 and focused on garage concrete repair, automated garage
entrances and exits, parking lot repavement, and miscellaneous
improvements. The fiscal 2018 capital budget totals approximately
$1.4 million and will be spent on improvements such as structural
repairs, water proofing, signage, safety,
electrical/mechanical/elevator fixes, and miscellaneous work. Fitch
will review the forthcoming November 2019 system condition report
and continue to monitor PEDFA's capex plan given its history of
deferred maintenance and reduced spending. Any additional
significant deferrals of capital improvements that result in
inadequate asset maintenance, depletion of the capital reserve
balance, or material additional leverage needed for capex
maintenance could pressure the rating.

FINANCIAL ANALYSIS

Fitch Cases

Fitch's cases take into account six months of year-to-date results
that are in line with budgeted 2019 performance as a starting
point.

Fitch's base case assumes an inflationary increase to garage
revenues as well as a rate increase to meters and enforcement rates
in 2020, as anticipated by the authority. Operating expenses grow
at a flat 3% per year. All subordinate expenses and capital
expenditures are based on what was provided by the authority.
Fitch's base case projects Fitch-defined senior net coverage to
average 2.8x through 2023 with coverage never falling below 2.6x.
The all-in average DSCR of 1.26x through 2023 is barely above the
rate covenant of 1.25x. This debt service coverage ratio includes
senior expenses pursuant to the trust indenture's flow of funds,
but does not include subordinate expenses or capital expenditures
needed to maintain the system. With the additional subordinate
expenses and capex, average DSCR through 2024 is slightly below sum
sufficient.

Fitch's rating case assumes flat enforcement revenues and reduced
garage and meter revenue growth coupled with higher expense growth
than in the base case. The meter and enforcement revenues are lower
because no rate increases are assumed in 2020. The rating case
assumes operating expenses grow at 3.5% per annum, 50 bps higher
than in the base case. All subordinate expenses and capex are the
same as the base case. Under the rating case, Fitch-defined senior
net coverage averages 2.6x through 2024 and never falls below 2.5x.
The all-in average DSCR (net of senior opex only) is 1.17x, below
the rate covenant, and the all-in average DSCR (net of sub opex and
capex) of 0.9x is less than sum sufficient. Total leverage remains
at 14.9x by 2024; however, senior leverage is more modest at 5.6x
in 2024, both including accreted interest.

SECURITY

SECURITY

The series 2013A senior bonds are secured by a senior in payment
gross pledge of the parking revenues (which are net of a 20%
off-street parking tax to the city) generated by the capitol region
parking system's facilities and meters.

Asset Description

The system is a project of the PEDFA. The operations of the system
were transferred under the terms of the asset transfer agreement to
PEDFA, a public body corporate and politic and an instrumentality
of the Commonwealth of Pennsylvania, from the Harrisburg Parking
Authority and the City of Harrisburg, Pennsylvania on Dec. 23,
2013. The system includes nine parking garages, two parking lots,
and approximately 1,260 metered on-street spaces located in
Harrisburg, PA.


PLASKOLITE PPC: Moody's Lowers CFR to B3, Outlook Stable
--------------------------------------------------------
Moody's Investors Service downgraded Plaskolite PPC Intermediate II
LLC's Corporate Family Rating to B3 from B2. At the same time,
Moody's has downgraded Plaskolite's first-lien term loan and
revolving credit facility to B3 from B2, and Probability of Default
rating to B3-PD from B2-PD. The rating outlook is stable.

Downgrades:

Issuer: Plaskolite PPC Intermediate II LLC

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Corporate Family Rating, Downgraded to B3 from B2

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: Plaskolite PPC Intermediate II LLC

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

The rating downgrade reflects Plaskolite's weak earnings and high
debt leverage, as well as a challenging operating environment in
the acrylic sheets market after a period of growth. Demand from
distributors, lighting, spa and bath customers have started to
soften since early 2019, resulting in lower sales volumes and
weaker profit margins for Plaskolite. Plaskolite's reported EBITDA
for the last twelve months was about $10 million lower than its
original expectation. While Moody's expects Plaskolite to benefit
from lower raw material costs going forward, the precipitous
decline in polycarbonate prices could potentially cannibalize the
company's high-margin acrylic sheets business. In addition, the
acquired businesses such as Covestro's polycarbonate sheets in 2018
are still in their early stage of converting standard products to
custom products in order to improve profitability.

Plaskolite was weakly positioned for a B2 rating at the onset of
its acquisition by PPC Partners, along with three acquisitions, in
2018. Moody's expects earnings weakness in 2019 will increase the
company's adjusted debt leverage to about mid-seven times by
yearend and about seven times by the end of 2020. Despite weaker
earnings, Plaskolite will continue to generate positive free cash
flow to gradually reduce debt leverage thanks to its low capital
intensity and good cash conversion.

Plaskolite's B3 CFR also factors in its relatively small business
scale with customer and supplier concentration, exposure to
propylene-based raw materials, including methyl methacrylate and
polycarbonate, as well as relatively modest organic growth
prospects.

The B3 CFR is supported by Plaskolite's leading market positions
and long-term customer relations in the acrylic sheets market in
North America. The acquisition of Covestro's polycarbonate sheets
business has broadened its transparent thermoplastic sheets
offerings and created synergies for the company. Its modest product
and end market diversity, combined with operational flexibility
demonstrated during the last economic downturn and a meaningful
proportion of contracts with quarterly raw material adjustment
mechanisms continue to support relatively stable earnings compared
to many rated peers in the chemical industry.

Plaskolite has a good liquidity profile. Its liquidity is supported
by available cash balance, expected positive free cash flow in the
next 12 months, and $100 million undrawn revolver credit facility
due December 2023. Plaskolite's revolver has a springing
maintenance covenant—first lien net leverage ratio, which is set
at 7.7x and will only be tested once the outstanding principal
amount exceeds 35% ($35 million) of the commitment. Moody's expects
the company to remain compliant with its financial covenant.

The stable outlook reflects potential synergies from the acquired
businesses to mitigate the impact of weak market fundamentals and
the company's free cash flow generation which will help reduce
leverage and support liquidity.

Moody's could upgrade the rating, if the company improves its
earnings and free cash flows after a successful integration of the
acquired businesses, and reduces its debt leverage, such that
adjusted debt/EBITDA falls below six times on a sustainable basis.

Moody's could downgrade the rating, if debt leverage exceeds 7.5x
for an extended period or the company fails to generate positive
free cash flow or shows a substantive deterioration in liquidity.
More aggressive financial strategy could also lead to a rating
downgrade.

Plaskolite's first-lien term loan and revolver are rated B3, in
line with its CFR, reflecting their preponderance in the company's
debt capital and effective seniority to the second-lien term loan.
The second-lien term loan is not rated by Moody's.

Plaskolite's ratings also factor in the environmental, social and
governance considerations. The company is also exposed to
procurement risk of its key raw materials such as MMA from Lucite
and polycarbonate from Covestro. Management has assumed substantial
cost savings from business acquisitions and raised a large amount
of debt under its private equity owner, which imply equity-focused
financial policy.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Plaskolite PPC Intermediate II LLC manufactures transparent
thermoplastic sheets such as acrylic and polycarbonate for
construction, retail, and other industrial end markets. Products
include consumer displays, kitchen and bath, lighting, museum
glass, signs, and windows/doors. The company operates manufacturing
facilities mainly in the US and has a distribution center in the
Netherlands. Plaskolite is headquartered in Columbus, Ohio. The
company was acquired by PPC Partners from Charlesbank in December
2018.


RANGE RESOURCES: Moody's Reviews Ba2 CFR for Downgrade
------------------------------------------------------
Moody's Investors Service placed Range Resources Corporation's Ba2
Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba3
senior unsecured notes rating and B1 senior subordinate notes
rating under review for downgrade. Range's SGL-2 Speculative Grade
Liquidity Rating is unchanged, and reflects the company's good
liquidity.

The ratings review was prompted by the heightened refinancing risks
for natural gas producers that have meaningful maturities over the
next several years, including Range. A weak commodity price
backdrop makes the company's need to proactively address
significant maturities coming due in 2021-2023 more urgent.

On Review for Possible Downgrade:

Issuer: Range Resources Corporation

  Probability of Default Rating, Placed on Review for Possible
  Downgrade, currently Ba2-PD

  Corporate Family Rating (Local Currency), Placed on Review
  for Possible Downgrade, currently Ba2

  Senior Subordinated Regular Bond/Debenture (Local Currency)
  Placed on Review for Possible Downgrade, currently B1(LGD 6)

  Senior Unsecured Regular Bond/Debenture (Local Currency) Placed
  on Review for Possible Downgrade, currently Ba3 (LGD 4)

Outlook Actions:

Issuer: Range Resources Corporation

  Outlook, Changed To Rating Under Review From Positive

RATINGS RATIONALE

The review for downgrade will examine the ongoing impact of low
natural gas and natural gas liquids prices, which could stymie
Range's growth in production and cash flow generation, as well as
on rising concerns resulting from difficult market access for
refinancing its debt maturities. The review will also focus on
understanding the company's plans and ability to address these
rising risks, further reduce operating and capital costs, and
reduce debt. The review will consider Range's credit metrics more
broadly and under stressed price scenarios given the increased
likelihood that low energy prices and tight capital market
conditions could prevail for an extended period of time. The review
may result in a one or two notch downgrade of Range's ratings.

Moody's expects Range to have a good liquidity profile through 2020
as reflected by the SGL-2 Speculative Grade Liquidity Rating.
Moody's expects modestly positive free cash flow through 2020. At
June 30, 2019, Range had about $1.9 billion in borrowing capacity
(pro forma for debt reduction from the Appalachian overriding
royalty sales totaling $750 million in July and September 2019)
under its $2.4 billion senior secured revolving credit facility,
which expires in April 2023. The borrowing base for the revolving
credit facility is subject to an annual redetermination next March
and is currently set at $3 billion. Range has good alternative
liquidity, and proceeds from asset sales are expected to be used to
reduce debt. The company's next maturities occur in June 2021 with
approximately $500 million of debt coming due and in the second
half of 2022 with over $900 million of debt coming due.

Range's ratings will likely be downgraded if the company is unable
to substantially reduce its refinancing risks, if it generates
negative free cash flow, if retained cash flow/debt appears likely
to fall below 20%, or if the leveraged full-cycle ratio drops
towards 1x. A positive rating action is unlikely over the near term
and would be contingent on Range's ability to produce meaningful
free cash flow on a consistent basis, substantially mitigate
refinancing risk, maintain leveraged full-cycle ratio above 2x and
reduce debt leading to a sustainable retained cash flow to debt
ratio above 30%. A more supportive commodity price environment will
also be needed for considering an upgrade.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


RICHARD LEELAND: $800K Sale of Phoenix Property to Chavez Approved
------------------------------------------------------------------
Judge Robert A. Gordon of the U.S. Bankruptcy Court for the
District of Maryland authorized Richard William Leeland and Sharon
Krieger Leeland to sell the real property and estate known as 14827
Hunting Way, Phoenix, Maryland to Walter Chavez for $800,000, in
accordance with the terms and conditions of their Contract of
Sale.

The sale is free and clear of all liens, claims, encumbrances,
interests, charges, and monetary encumbrances.

The proceeds from the sale of the Property set forth in the Motion
be, and is approved, for distribution to pay the estimated closing
costs and such other actual and ordinary closing costs as necessary
to consummate the sale.

After payment of closing costs, the following distribution from
sale proceeds is approved:

     (a) First, to pay the proportional share of unpaid real estate
taxes to the State and County;

     (b) Second, to pay all sums due to BB&T; and

     (c) Third, to pay all remaining sums to FNB Bank.

Upon the closing of the sale, all liens, interests, claims,
encumbrances, charges and monetary encumbrances on or in the
Property will be removed and released from the Property and will
attach to the net proceeds of sale (sales price less the closing
costs of sale).

The Debtors are authorized and directed to sign and deliver all
deeds, contracts, and other documents as are reasonably requested
or needed to effectuate the sale of the Property.

The holders of claims secured by the Property are directed to sign
and deliver such routine non-bankruptcy lien release documents in
order to effectuate the sale of the Property as may reasonably be
requested and prepared by the settlement attorneys or title
insurance company.

The recordation of a certified copy of the Order in the land
records of Baltimore County, Maryland, will constitute a release of
any and all liens, interests, claims, encumbrances, charges and
monetary encumbrances on or in the Property.

The recordation of a certified copy of the Order in the land
records of Baltimore County, Maryland with any deed of assignment
or other instrument of conveyance will conclusively establish for
chain-of-title purposes the right and authority of the Debtors to
convey valid legal title to the Property, free and clear of all
liens, claims, encumbrances, interests, charges, and monetary
encumbrances.

The sale of the Property under the Order will also be a sale under
the Plan and it may not be taxed under any law imposing a stamp tax
or similar tax pursuant to 11 U.S.C. Section 1146.

Richard William Leeland and Sharon Krieger Leeland sought Chapter
11 protection (Bankr. D. Md. Case No. 17-20032) on July 24, 2017.
The Debtor tapped Ronald J. Drescher, Esq., at Drescher &
Associates, as counsel.


RIDGEWOOD INN: Seeks Access to Cash Collateral
----------------------------------------------
Ridgewood Inn Inc. asks the Bankruptcy Court to authorize use of
cash collateral, comprising in whole or in part of cash on hand and
funds to be received as proceeds from rents and all accounts.  The
Debtor need the cash collateral during the pendency of this case
in-keeping with its expenditures, and to pay the initial filing
fee.

To successfully reorganize its business, the Debtor deems it is
essential to continue operations which will require the use of
funds.

The Debtor asks the Court to grant a preliminary hearing and a
final hearing on the motion.

                     About Ridgewood Inn Inc.

Ridgewood Inn Inc., a single asset real estate holding company,
filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-05746) on
Aug. 30, 2019 in Orlando, Florida.  The LAW OFFICES OF PATRICK J.
THOMPSON represents the Debtor as attorney.  




RITE AID: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------
Moody's Investors Service stated that if the tender offer announced
by Rite Aid Corporation on October 15, 2019 proceeds as outlined,
it will constitute a distressed exchange, which is an event of
default under Moody's definition of default. The Company announced
that it recently completed a privately negotiated purchase from a
noteholder and its affiliated funds of $84.1 million aggregate
principal amount of its senior unsecured notes maturing 2027 and
2028 at 61% of par. The company also announced that it has
commenced cash tender offers to purchase up to $100 million
aggregate principal amount of its senior unsecured notes due 2027
and 2028. The Company intends to fund this privately negotiated
repurchase and the tender offers with borrowings under its senior
secured revolving credit facility and other available cash.

As a result, Moody's downgraded the company's Probability of
Default rating to Caa3-PD from B3-PD. Moody's also downgraded the
company's Corporate Family Rating to Caa1 from B3. Additionally,
Moody's downgraded the rating of the company's senior secured
revolving credit facility to B2 from B1 and its senior secured FILO
term loan to Caa1 from B3. The company's guaranteed senior
unsecured notes were downgraded to Caa2 from Caa1 and senior
unsecured notes were downgraded to Caa3 from Caa2. Rite Aid's
speculative Grade Liquidity rating was downgraded to SGL-3. The
outlook remains negative. Moody's expects to upgrade the PDR to
Caa1-PD/LD upon the closing of the tender offer. Subsequently the
LD designation will be removed after three business days.

Downgrades:

Issuer: Rite Aid Corporation

  Probability of Default Rating, Downgraded to Caa3-PD from B3-PD

  Corporate Family Rating, Downgraded to Caa1 from B3

  Speculative Grade Liquidity Rating, Downgraded to SGL-3 from
  SGL-2

  Senior Secured Revolving Credit Facility, Downgraded to B2
(LGD2)
  from B1 (LGD2)

  Senior Secured Term Loan, Downgraded to Caa1 (LGD4) from B3
  (LGD3)

  Gtd. Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
  (LGD5) from Caa1 (LGD4)

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
(LGD6)
  from Caa2 (LGD5)

Outlook Actions:

Issuer: Rite Aid Corporation

  Outlook, Remains Negative

RATINGS RATIONALE

Rite Aid's Caa1 rating incorporates it's weak market position as it
lacks the scale or the balance sheet to compete effectively with
much larger and well capitalized competitors like CVS Health and
Walgreens Boots Alliance, Inc. in the changing pharmacy landscape
as scale has become increasingly more important in the competitive
environment within the pharmacy sector. Prior to October 2018, Rite
Aid's focus for about 3 years had been on its sale, first to
Walgreens which was scuttled by the FTC and then to Albertsons
which was terminated as majority of its shareholders were expected
to reject the deal. Rite Aid did sell about half its stores and a
couple of distribution centers to Walgreens for about $4.375
billion and used the proceeds to repay debt. However, in the midst
of all this deal making the operating performance of the company
faltered as customers had no incentive to sign new contracts with
Envision and the number of prescriptions filled at Rite-Aid
declined. The company was also unable to offset reimbursement rate
declines with generic purchasing efficiencies. Therefore EBITDA and
free cash flow has declined significantly resulting in
deteriorating credit metrics. The rating also incorporates the
possibility of further distressed exchanges.

Moody's expects Rite Aid's lease adjusted debt/EBITDA to be about
6.0x at the end of this fiscal year ending February 2020 and
Moody's expects only modest improvement in leverage in next 12
months. The rating also reflects the company's modest free cash
flow EBIT/interest at below 1.0 times in the next 12 months.
Positive ratings consideration is given to Moody's expectation that
new management will focus on cost reduction, inventory
rationalization, store remodels, growth in the Envision RX
traditional PBM business, increase the level of script growth
through increased traffic and file buys and strategically target
participation in limited and preferred networks to boost the top
line. Rite Aid's adequate liquidity, and the relative stability and
positive longer term trends of the prescription drug industry are
other positive rating considerations.

The negative outlook reflects the uncertainty in management's
ability to improve operating performance and credit metrics in the
next 12 months given the current competitive business environment
in the pharmacy sector and much larger and well capitalized peers
in this space.

An upgrade would require Rite Aid's, operating performance to
improve or absolute debt levels to fall such that the company
demonstrates that it can maintain debt/EBITDA below 6.0 times and
EBIT to interest expense above 1.0 times. In addition, a higher
rating would require Rite Aid to continue to maintain at least an
adequate liquidity profile.

Ratings could be downgraded should the likelihood of a default
increase for any reason or if Rite Aid experiences a decline in
revenues or earnings or increases debt such that debt/EBITDA is
likely to remain above 7.0 times and EBIT to interest expense is
likely to remain below 1.0 times. Ratings could also be downgraded
should liquidity weaken including free cash flow remaining negative
or the company does not get any traction on new PBM contracts or if
prescription volumes decline.

Rite Aid Corporation operates 2,464 drug stores in 18 states. It
also operates a full-service pharmacy benefit management company.
Revenues are about $22 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


RONALD CHAPMAN: $1M Sale of Beaumont Property to Dishman Approved
-----------------------------------------------------------------
Judge Bill Parker of the U.S. Bankruptcy Court for the Eastern
District of Texas authorized Robert Ronald Chapman and Dixie D.
Chapman to sell their interest in commercial real estate known as
4337, 4349, 4351 and 4353 Crow Road, Beaumont, Jefferson County,
Texas, together with all the improvements located thereon, to G.
Austin Dishman, III for $1.03 million, pursuant to their Agreement
of Purchase and Sale.

The sale is free and clear of all liens, encumbrances, claims or
interests.  All properly perfected liens and encumbrances existing
against such subject property will attach to the respective net
proceeds of sale in the same priority as was in existence against
the Subject Property.

The Debtors are authorized to pay all closing expenses incurred as
a result of the sale of the subject property.

The Debtors or any party acting at their direction, such as a
closing agent, title company or escrow agent are authorized to pay
from the sales proceeds at the closing all properly perfected
secured claims existing against such sales proceeds pursuant to the
Order.

Within seven days of the closing, the Debtors will file a Report of
Sale and Disposition of Proceeds with the Court which details the
sales proceeds received and the disposition of such proceeds.  

The Debtors will place all net proceeds into a segregated bank
account at the approved Debtor depository pending the further order
of the Court.

Since the Motion was unopposed by any party, the 14-day stay period
otherwise imposed by Fed. R. Bankr. P. 6004(h) will not be
applicable to the Order.

Robert Ronald Chapman and Dixie D. Chapman sought Chapter 11
protection (Bankr. E.D. Tex. Case No. 19-10257) on June 3, 2019.
The Debtors tapped Frank J. Maida, Esq., at Maida Clark Law Firm,
P.C., as counsel.



ROYAL EXPRESS: Nov. 7 Hearing on Amended Disclosure Statement
-------------------------------------------------------------
A hearing will be held on Nov. 7, 2019, at 10:30 a.m. to consider
approval of the amended disclosure statement in support of Royal
Express Processing's Chapter 11 Plan of reorganization.

According to the disclosure statement, the Debtor will sell the
Norwalk Property within 12 months of the effective date, and the
RES/Lanphier First Priority Claim will be satisfied from the
proceeds of the sale.  The Debtor will sell the Burchfield Property
within 12 months of the effective date, and the Lendinghome First
Priority Claim will be satisfied from the proceeds of the sale.

The first real estate acquired by the Debtor is located at 1210
Alta Vista Drive, Bakersfield, California.  The AltaVista Property
has an estimated fair market value of $90,000 based on comparable
sales within the area around the property.  The claim amount of
$90,000 due on the RES First Priority Alta Vista Loan will be paid
over 20 years, at 5% interest per annum, with monthly intervals of
one payment due per interval, beginning on effective date, starting
on the first day of the first full month following the effective
date, and ending on 240 months following the effective date,
resulting in the loan being paid in full during the payment term.

All three real estate holdings are used as rental properties by the
Debtor.  At the time of filing, the Debtor had a tenant in place
for the Norwalk property and the AltaVista property.

The funding of the Plan will be accomplished through available cash
on the effective date of the Plan, funds obtained through the
liquidation of the Norwalk Property and the Burchfield Property,
the added value from the equity holder of the Debtor, and future
disposable income obtained through the rental of the Alta Vista
Property.

A full-text copy of the First Amended Disclosure Statement dated
Sept. 26, 2019, is available at https://tinyurl.com/yyjyzvuy from
PacerMonitor.com at no charge.

                       About Royal Express

Royal Express Processing is a California Corporation that acts as a
holding company to own and manage real estate.  It is a California
C-Corporation that was formed on 4 January 2017 by the principal,
only director and officer, and only shareholder, Juliette Smith.

Royal Express Processing filed a voluntary Chapter 11 bankruptcy
petition (Bankr. C.D. Cal. Case No. 19-10933) on March 16, 2019,
and is represented by Michael Jones, Esq., at M Jones & Associates,
PC, in Santa Ana, California.


SANTA FE IMPORTS: Use of Cash Collateral Thru Dec. 2 Approved
-------------------------------------------------------------
Judge David T. Thuma of the the U.S. Bankruptcy Court for the
District of New Mexico authorized Santa Fe Imports Inc., to use
cash collateral beginning Aug. 29, 2019 through Dec. 2, 2019
pursuant to the budget.

The Court ruled that during the cash collateral period, the Debtor
will provide the cash collateral claimants:

   (a) a continued security interest in all assets in which the
Claimants had a lien or security interest as of the Petition Date;

   (b) valid and perfected replacement liens against property of
the same type as the prepetition collateral acquired by the Debtor
post-petition to the extent of the diminution in the value of cash
collateral;
  
   (c) that the Debtor's bank account balance at the end of each
calendar month during the cash collateral period, combined with the
value of the unfloored inventory, is no less than $122,853.77,
which is the aggregate bank account balance as of the Petition
Date;

   (d) that upon the sale of any of the Debtor's inventory the
purchase of which was financed directly or indirectly by Bank of
America N.A., or purchased using proceeds from the sales of
vehicles financed by Bank of America N.A., the Debtor will remit to
Bank of America the amount financed under the Bank of America Loan
Agreement;

   (e) that the Debtor will timely pay all postpetition taxes;
maintain insurance; and not conduct any sale out of the ordinary
course of business without Court approval.

A copy of the budget is available for free at:

   http://bankrupt.com/misc/SantaFe_Imports_62_Cash_Ord.pdf

                     About Santa Fe Imports

Santa Fe Imports Inc., which conducts business as Santa Fe Mazda
Volvo, is an automobile dealer in Santa Fe, N.M.  It offers new and
used cars, vans, trucks, sport utility vehicles, parts and
accessories.

Santa Fe Imports sought Chapter 11 protection (Bankr. D.N.M. Case
No. 19-11985) on Aug. 29, 2019 in Albuquerque, New Mexico.  In the
petition signed by Tersila Sanchez-Careswell, general manager, the
Debtor estimated both assets and liabilities at $1 million to $10
million.  The Hon. David T. Thuma oversees the Debtor's case.
Askew & Mazel, LLC is the Debtor's bankruptcy counsel.


SENIOR CARE CENTERS: May Assume Unexpired Real Property Leases
--------------------------------------------------------------
Bankruptcy Judge Stacey G. Jernigan grants Senior Care Centers, LLC
and its debtor-affiliates' omnibus motion for entry of an order
authorizing the Debtors to assume unexpired real property leases,
and authorizing the Debtors to pay attendant cure amounts.

The Debtors were once one of the largest operators of skilled
nursing facilities in the country. They operated more than 100
facilities in Texas and Louisiana. During the course of their
bankruptcy cases, the Debtors have trimmed operations
substantially, rejecting dozens of leases and transferring the
operation of many of these facilities to new operators. After some
false starts, the Debtors now desire to reorganize around just 22
facilities. To effectuate their business strategy, Debtors filed
the omnibus motion to assume.

Two landlords oppose the Motion to Assume at this juncture: TXMS
Real Estate Inc. and Annaly Healthcare Inv. LLC/CHI Javelin. TXMS
leases 11 facilities to the Debtors while Annaly is the landlord
for five facilities. Fundamentally, the Landlords believe the
Motion to Assume should be denied because the Debtors:

     1) did not meet their evidentiary burden of adequate assurance
of future performance;

     2) cannot fund their proposed cure payments to the Landlords;
and

     3) will not promptly cure their defaults, as required by the
Bankruptcy Code.

The Landlords also object to the cure amounts proposed by the
Debtors if the court were to grant the Motion to Assume.

The court concludes that the Debtors have exercised reasonable
business judgment in seeking to assume the leases. The
preponderance of the evidence, the court says, showed the leases
have a value of approximately $35 million.  The Debtors
conservatively and convincingly project that the leases will yield
more than $7 million of EBITDA every year from now through 2023.
The Debtors also reasonably anticipate earning more revenue at each
facility (or at least some facilities) through rehabilitation
services that they will provide at the facilities. Finally, while
there was some evidence of uncertainty in the market place,
including new rules going into effect on Oct. 1, 2019 -- Patient
Driven Payment Model" or "PDPM -- which will impact the Debtors'
revenue flow, there was also compelling testimony that as "baby
boomers" continue to come of age, the Debtors expect census levels
to increase in their facilities. Obviously, there is tremendous
difficulty in forecasting something like a "baby boomer" effect in
this industry, but the court believes the Debtors have been
conservative in their projections (appropriately so) and the
projections support the Debtors' business judgment in seeking to
assume the leases on the 22 facilities. Still, given certain
equivocal language used in the Motion to Assume, the court
recognizes the Landlords' concerns regarding whether the Debtors
are actually committing to assume their leases. Thus, as part of
the court's ruling, the leases will be deemed assumed effective
immediately upon entry of the Memorandum Opinion and Order.

Since there has been a default under the Master Leases, the court
must next determine the Landlords' cure claims. The purpose of the
cure requirement is to restore the lessor/lessee relationship to
the status it enjoyed prior to the default. A party may either cure
any defaults at the time of assumption or provide adequate
assurance that it will promptly cure them.  Prompt cure is
determined based upon the facts and circumstances of each case.
The Debtors have proposed to satisfy cure claims (to the extent
resolved) on the effective date of their plan of reorganization.
Understandably, the Landlords have balked at this suggestion,
considering the Debtors' numerous delays thus far in obtaining
approval of their disclosure statement. There is no exact certainty
regarding when the effective date of the plan will be. In
considering the facts and circumstances of this case and, in
particular, the delays since the Motion to Assume was filed on July
2, 2019, the court finds that it is appropriate to require the
Debtors to satisfy the Landlords' cure claims on the earlier of: 1)
the effective date of the Debtors' plan; or 2) Dec. 16, 2019.

The bankruptcy case is in re: Senior Care Centers, LLC, et al.,
Chapter 11, Debtors, Case No. 18-33967 (BJH) (Jointly
Administered)(Bankr. N.D. Tex.).

A copy of the Court's Memorandum Opinion and Order dated Oct. 4,
2019 is available at https://bit.ly/2MjLylZ from Leagle.com.

                    About Senior Care Centers

Senior Care Centers, LLC -- https://senior-care-centers.com/ -- is
a Dallas-based, skilled nursing and long-term care industry leader
in Texas and Louisiana. Senior Care Centers operates and manages
more than 100 skilled nursing and assisted/independent living
communities in the states of Texas and Louisiana.

On Dec. 4, 2018, Senior Care Centers and 120 of its subsidiaries
filed voluntary Chapter 11 petitions (Bankr. N.D. Tex. Lead Case
No. 18-33967).

The Debtors are represented by lawyers at Polsinelli PC as
bankruptcy counsel and Rochelle McCullough, LLP as conflicts
counsel.  Sitrik and Company serves as communications consultant;
and Omni Management Group, Inc. as claims, noticing, and
administrative agent of the Debtors.

On Dec. 14, 2018, the Office of the United States Trustee appointed
an official committee of unsecured creditors in the Chapter 11
cases.  The Committee retained Greenberg Traurig, LLP as counsel,
and FTI Consulting, Inc. as its financial advisor.



SMWS GROUP: G. Rosen Accepts Chapter 11 Trustee Appointment
-----------------------------------------------------------
Gary A. Rosen accepts his appointment as Chapter 11 Trustee for
SMWS Group LLC.

The Chapter 11 Trustee can be reached at:

     Gary A. Rosen, Esq.
     One Church Street, Suite 800
     Rockville, MD 20850
     Tel: 301-251-0202
     Email: trusteerosen@gmail.com 

                   About SMWS Group

SMWS Group LLC is a lessor of real estate based in Germantown,
Maryland. The company filed for chapter 11 bankruptcy protection
(Bankr. D. Md. Case No. 19-12941) on March 6, 2019, with estimated
assets of $1 million to $10 million and estimated liabilities at
$500,000 to $1 million. The petition was signed by Asia Shah,
managing member.

The Company previously sought bankruptcy protection on Dec. 13,
2018 (Bankr. D. Md. Case No. 18-26379).


SUNSHINE COACH: Case Summary & 7 Unsecured Creditors
----------------------------------------------------
Debtor: Sunshine Coach, LLC
        323 Lynn Drive
        Santa Rosa Beach, FL 32459

Business Description: Sunshine Coach, LLC is a privately held
                      company in the charter bus business.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Northern District of Florida (Panama City)

Case No.: 19-50140

Judge: Hon. Karen K. Specie

Debtor's Counsel: Charles M. Wynn, Esq.
                  CHARLES WYNN LAW OFFICES, P.A.
                  P.O. Box 146
                  Marianna, FL 32447
                  Tel: 850-526-3520
                  Fax: 850-526-5210
                  E-mail: candy@wynnlaw-fl.com
                          court@wynnlaw-fl.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by John W. Finch, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at:

           http://bankrupt.com/misc/flnb19-50140.pdf


TAG MOBILE: LainFaulkner Approved as Ch.11 Trustee's Accountants
----------------------------------------------------------------
Robert Yaquinto, Jr., as Chapter 11 Trustee of TAG Mobile, LLC,
sought and obtained approval from the U.S. Bankruptcy Court of the
Northern District of Texas to employ the firm of Lain, Faulkner &
Co. as accountants, for the purpose of:

     -- assisting the Trustee in filing Federal Income Tax Returns
to reflect the administration of assets during the case;

     -- assisting in the preparation of any other reports required
to be filed by the Trustee; and

     -- for such other services that may be requested by the
Trustee.

The professional services provided by LainFaulkner will be in a
consultant role. Should it be determined at a later date that the
Chapter 11 Trustee requires expert witness services in this matter
and desires LainFaulkner to provide those services, the Chapter 11
Trustee will amend his application to address those additional
services.

LainFaulkner has not served as examiner to the Debtor's estate.
LainFaulkner attests it is a disinterested person and has no
connection with the Debtor, the creditors, or any other party in
interest.

The firm may be reached at:

     D. Keith Enger
     Lain, Faulkner & Co. P.C.
     400 N. St. Paul Street, Suite 600,
     Dallas, TX 75201

                         About TAG Mobile

Founded in 2010, Tag Mobile, LLC's line of business includes
providing two-way radiotelephone communication services such as
cellular telephone services.

On Feb. 2, 2018, the U.S. Bankruptcy Court for the Northern
District of Texas issued an order converting Tag Mobile's case from
Chapter 7 to Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 17-33791).

Judge Stacey G. Jernigan oversees the case.

The Debtor hired Eric A. Liepins, P.C., as its bankruptcy counsel,
and The Gibson Law Group as its special counsel.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on April 11, 2018.  The creditors committee
tapped Nicoud Law as its legal counsel.

Robert Yaquinto Jr. was appointed as the Debtor's Chapter 11
trustee.  The trustee tapped Forshey & Prostok LLP as his legal
counsel.



TENCENT MUSIC: Gordon Hits Share Price Drop
-------------------------------------------
Theresa Gordon, individually and on behalf of all others similarly
situated, Plaintiff, v. Tencent Music Entertainment Group, Cussion
Kar Shun Pang and Min Hu, Defendants, Case No. 19-cv-18230 (D.
N.J., September 23, 2019), seeks to recover compensable damages
caused by violations of federal securities laws.

Tencent Music operates online music entertainment platforms that
provide music streaming, online karaoke and live streaming services
in the People's Republic of China. Tencent Music's American
Depository Shares (ADS) trade on the New York Stock Exchange under
the ticker symbol which sold for $13.00 per ADS during its December
2018 IPO.

Defendants failed to disclose that Tencent Music's exclusive
licensing arrangements with major record labels were
anticompetitive and were unreasonably expensive and resulted in
regulatory scrutiny. On this news, Tencent Music ADSs fell $0.92
per share or 6.8% to close at $12.57 per share on August 27, 2019,
damaging investors including Gordon. [BN]

Plaintiff is represented by:

      Laurence M. Rosen, Esq.
      Phillip Kim, Esq.
      THE ROSEN LAW FIRM, P.A.
      355 South Grand Avenue, Suite 2450
      Los Angeles, CA 90071
      Telephone: (213) 785-2610
      Facsimile: (213) 226-4684
      Email: lrosen@rosenlegal.com
             pkim@rosenlegal.com



TMX FINANCE: Moody's Raises CFR to B3, Outlook Stable
-----------------------------------------------------
Moody's Investors Service upgraded TMX Finance LLC's corporate
family and senior secured ratings to B3 from Caa1. The outlook
remains stable.

Moody's has also withdrawn the outlooks on TMX's corporate family
rating and senior secured debt rating for its own business
reasons.

Upgrades:

Issuer: TMX Finance LLC

  Corporate Family Rating, Upgraded to B3 from Caa1

  Senior Secured Regular Bond/Debenture, Upgraded to B3
  from Caa1

Outlook Actions:

Issuer: TMX Finance LLC

  Outlook, Remains Stable

RATINGS RATIONALE

The ratings upgrade reflects TMX's improved profitability, which is
supported by solid capital levels and no substantial debt
maturities until 2023, namely $450 million in senior secured notes
due in 2023. The company also has a $75 million secured revolving
credit facility that expires in 2022.

TMX reported strong profitability in the first six months of 2019,
evidenced by a net income to average managed assets ratio of 12.7%,
an increase from 7.0% during the same period in 2018. Higher loan
origination volumes have helped to improve profitability, as loan
volumes have increased in recent quarters, after a period of flat
originations resulting from industry-wide impacted availability of
non-prime auto credit, which has subsided and given way to
origination growth.

The B3 ratings also reflect TMX's weak asset quality, which has
been under pressure in the last several years. The company recently
experienced an uptick in the net charge-off rate, which rose to
31.8% in the first six months of 2019 from 29.4% during the same
period in 2018. Although some of the uptick was driven by a growth
in loan receivables, the company is still in the process of
transitioning to a new centralized underwriting model, which may
have contributed to this deterioration in asset quality metrics.
Finally, as a title lender, the company continues to experience
regulatory risks both at the federal and state level, which are
compounded by limited geographic diversification. The Final Small
Dollar Rule, which governs title lending, brings into question
whether TMX will be able to retain its historical portfolio size,
should the rule become effective.

Moderate exposure to environmental risks and high exposure to
social and governances risks also drive the assessment of TMX's
ratings. Environmental risks stem from TMX's indirect exposure to
the automotive sector as most of its loans are secured by vehicle
titles. Social risks arise, as for all payday and title lenders,
from societal perceptions of high-cost lending, which could lead to
restrictions on business activities. Similarly, governance risks
arise for many companies in this peer group as many of these firms
are privately held, a structure that allows for more limited
financial reporting and key person risk.

The outlook is stable, reflecting Moody's expectation that TMX will
maintain strong profitability and capital levels and that
regulatory risks will remain manageable over the next 12-18
months.

WHAT COULD CHANGE THE RATING UP

TMX's ratings could be upgraded if the company improves portfolio
credit quality and geographic diversification, while maintaining
solid capital, profitability and effectively transitions the
business to comply with the Final Small Dollar Rule, as required,
once effective.

WHAT COULD CHANGE THE RATING DOWN

The ratings for TMX could be downgraded if recently introduced
products exhibit negative performance, materially impacting
financial results as evidenced by sustained net losses and lower
capital levels. Negative rating pressure could also result from
changes in customer demand result leading to loss of customers for
TMX, or if a transition to comply with the Final Small Dollar Rule
negatively impacts the franchise as evidenced by a loss of
customers or weakened financial metrics.

The principal methodology used in these ratings was Finance
Companies published in December 2018.


TOP CAT: Obtains Final Approval to Use Cash Collateral
------------------------------------------------------
The Bankruptcy Court for the Northern District of Texas authorized
Top Cat Ready Mix, LLC, to use cash collateral on a final basis,
pursuant to a budget, a copy of which is available for free as
Exhibit 1 at: http://bankrupt.com/misc/Top_Cat_63_Cash_FinalOrd.pdf


The Court ruled that:

   * the Secured Lenders are granted valid, binding, enforceable,
and perfected liens co-extensive with their prepetition liens in
all of the Debtor's property and assets;  

   * the Secured Lenders are granted automatically perfected
replacement liens and security interests, co-extensive with their
prepetition liens, as adequate protection for the diminution in
value of their interests;

   * the Debtor will segregate the Texas sales tax trust funds
collected, and will deposit into the trust fund account all Texas
sales taxes (i) collected by the Debtor before the Petition Date
but not yet remitted to the Comptroller of Public Accounts, and
(ii) those collected postpetition, in the ordinary course of
business.  

   * the Debtor must timely file returns and pay all postpetition
taxes due to the Comptroller of Public Accounts;

   * the Debtor will also provide Newtek's counsel a proof of
insurance;

   * as adequate protection, the Debtor will pay Newtek Small
Business Finance, LLC, by Sept. 10, 2019, (and by the 10th day of
each month thereafter) the amounts of (i) $17,252; (ii) $34,748;
and (iii) $7,695 corresponding to three loan accounts.  

Application of the loan amounts is subject to further Court order.


                      About Top Cat Ready Mix

Top Cat Ready Mix, LLC, is a ready mix concrete supplier in Dallas,
Texas.  

Top Cat Ready Mix sought Chapter 11 protection (Bankr. N.D. Tex.
Case No. 19-32635) on Aug. 5, 2019.  In the petition signed by Rena
Huddleston, president, the Debtor estimated assets at $1 million to
$10 million, and liabilities within the same range.  Judge Harlin
DeWayne Hale is assigned the case.  Joyce W. Lindauer Attorney,
PLLC is the Debtor's counsel.



TRANSMONTAIGNE PARTNERS: Fitch Affirms BB LT IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings affirmed TransMontaigne Partners LLC's Long-Term
Issuer Default Rating at 'BB' and affirmed the senior unsecured
rating at 'BB'/'RR4'. The Rating Outlook is Stable.

TLP is a terminaling company operating in approximately 20 U.S.
states. Refined product terminaling companies receive, store, treat
and distribute foreign and domestic cargos to and from oil
refineries, wholesalers, retailers and ultimate end-users.
Revenue-assurance is high. Essentially all revenues come from
fee-based services while 75% of total revenue is obtained under
term contracts with fees earned from take-or-pay minimum volume
commitments. Thirty-nine percent of contracts (by revenue) have at
least three years in remaining duration. Twenty-four percent of
contracts (by revenue) are "evergreen" one-year contracts, so they
could be terminated in a year or less. However, of these
"evergreen" contracts, the weighted (by revenue) average life of
the contract for the interval from inception to the is 6.44 years.

Previously a master limited partnership with publicly traded common
units, TLP was taken private by an affiliate of ArcLight Energy
Partners Fund VI, L.P. in February 2019. The common units no longer
trade on the NYSE. The take-private transaction was funded in large
part by a $525 million senior secured credit facility issued at an
intermediate holdco, TLP Financing Holdings, LLC (Holdings), above
TLP. This credit facility is subordinated to TLP debt (both the
existing credit facility and unsecured notes outstanding) and will
be serviced by distributions up from TLP. The estimated debt
service required at Holdings, should those be the only
distributions up from TLP, is likely to be lower than previously
paid common unit dividends. However, Fitch views this transaction
as sacrificing some financial flexibility given the fixed nature of
debt service versus the discretionary nature of common dividend
payments. Should those annual cash savings materialize and EBITDA
expand due to recent growth spending as projected, Fitch would
expect leverage taken on to fund a large acquisition (West Coast
terminals, December 2017) and heightened growth capex over the past
couple years to reduce.

KEY RATING DRIVERS

Contracts Keep Gas in the Tank: Through 2018 and thus far in 2019,
TLP generated approximately 75% of its revenues from contract terms
where payment would have been made whether or not the customers had
used the related throughput and storage services. These multi-year
take-or-pay minimum volume commitment contracts form the backbone
of TransMontaigne's strategy to generate stable cash flows through
the use of long-term contracts. Total capacity of roughly 39
million barrels is approximately 95% contracted. Just under 40% of
TLP's contracts have three or more years of term remaining. TLP
earns the balance of its revenue from uncontracted ancillary
services including heating and mixing of stored products, product
transfer, pipeline tariffs, railcar handling, butane blending,
wharfage and vapor recovery.

Re-contracting Risk and Local Market Dynamics: The U.S. Gulf Coast
refinery complex is the main product source for TransMontaigne.
This refinery complex has no superior large competitor-region
anywhere in the world. End-users of the refined products that
migrate through TLP's systems exhibit very low price-elasticity of
demand. The competitive strength of the Gulf Coast refineries, and
the durability of end-user demand, combine to mitigate the risk
that contracts due to expire in the short- and medium-term might be
replaced by much lower-priced contracts. Fitch views positively the
following statistic about the "evergreen" one-year contracts that
by definition come due within 365 days, the average "life" (by
revenue) is 6.44 years. Fitch also notes that re-pricing of
expiring contracts has been a positive factor for EBITDA recently
and for the last few years.

Counterparties: TLP has a good track record avoiding losses due to
counterparty financial distress. Positively, the company is able to
place a lien on its customer's inventory that resides in TLP's
storage tanks. As to contract "cliffs," the company has a
well-diversified portfolio of contracts with respect to inception
date. As mentioned in the above Key Rating Driver, recent results
of re-pricing expiring contracts have been a boost to EBITDA. It is
possible that the evolution of the portfolio may exhibit some large
contract expiries. The Collins, Mississippi expansion was supported
by a contract expiring around 2021 with NGL Energy Partners
(B/Stable). Large customers such as NGL Energy Partners and
Castleton Commodities International LLC (NR) are
transaction-intensive firms, and such firms sometimes incur large
trading losses, which lead to financial distress.

Sponsor Relationship: ArcLight has been invested in TransMontaigne
since early 2016 and took TLP private in February 2019. ArcLight
has a wealth of expertise as to operational best practices and
financial structuring. The firm has invested or committed $22
billion in equity capital in the energy sector since 2001.

Growth, Acquisition and Leverage: The company completed its
acquisition of the West Coast terminals for $277 million in
December of 2017. The existing credit facility was used to finance
this transaction. Furthermore, roughly $200 million of capex from
2016 through the first half of 2019 were made without any equity
financings. The result is leverage (defined as total debt to
adjusted EBITDA) has increased from the 2.8x-3.4x range dating back
to 2013 to the 4.5x-5.4x range in 2017 and 2018. 2019 is slated to
be a heavy capital spending year as well. Beyond 2019, Fitch
forecasts leverage improvements as EBITDA is bolstered by the
completion of attractive growth projects as well as debt reduction
from lowered capex spending and reduced quarterly/annual
distributions.

DERIVATION SUMMARY

ITT Holdings LLC (ITT; BBB-/Negative) is the closest comparable
entity for TLP in the Fitch midstream coverage universe. Both
companies operate diverse networks of petroleum liquids storage
assets spread across the U.S., mostly (ITT has small operations in
Canada and TLP has assets in Mexico). Both have assets that make up
critical portions of the regional petroleum value chain where
operated. By storage capacity, ITT is roughly 20% larger than TLP.
However, ITT is approximately double the size of TLP, as measured
by EBITDA. Leverage is another factor. Fitch expects TLP's 2019
leverage (total debt to adjusted EBITDA) to be in the 5.0x area,
while Fitch expects ITT to be in mid-4.0x area for the same
period.

Zenith Energy U.S. Logistics Holdings, LLC (Zenith; B/Stable) is a
comparable in so far as it has liquids terminaling and storage
assets. Compared to TLP, Zenith is also similar in that it derives
a relatively high percentage of its revenues from take-or-pay
contracts (approximately 75% for TLP versus 66% for Zenith). The
companies are dissimilar in terms of size with TLP having four to
five times more storage capacity and generating roughly double the
annual EBITDA. From a credit perspective, TLP's 2019-2020 leverage
is expected to be in the 4.8x to 5.0x range, better than the range
of 5.2x to 5.7x expected at Zenith for 2019. TLP's near-term
leverage expectations are also better than another 'BB' midstream
issuer, NuStar Logistics, L.P. (BB/Stable), which is expected to
end 2019 with leverage around 5.5x.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  -- Two large expansion projects with fully contracted customer
commitments are completed and placed into service by the end of
2019, driving improved results in 2020. Future spending beyond
maintenance capex does not meaningfully benefit results within the
forecast period;

  -- Current year growth spending is funded by the company's
existing revolving credit facility. Beyond 2019, cash flow after
capex and distributions is used to reduce revolver borrowings;

  -- A portion of contracts that have terms remaining of less than
one year, and are "non-evergreen", are assumed to be renewed at
lower rates;

  -- Cash distributions insignificantly in excess of estimated
Holdings debt service.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- A geographic expansion, by a series of acquisitions, in the
terminaling business that amounted to a level where TLP was posting
$300 million to $350 million of EBITDA per annum;

  -- Total debt to adjusted EBITDA below 4.0x for a sustained
period of time and the company was growing at the percentage rate
that it has in the recent past.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- A significant reduction in the percent of revenues that are
from take-or-pay contract terms, or the adoption of a strategy to
sign new contracts that are two years or less. Given the breakdown
of total debt into a credit facility committed amount of $850
million and the senior unsecured notes, and given the impact of
recovery ratings on the senior unsecured rating, negative actions
may trigger multi-notch downgrades in the senior unsecured rating;

  -- Total debt to adjusted EBITDA above 4.8x for a sustained
period of time. As mentioned, multi-notch downgrades are possible;

  -- Cash distributions significantly in excess of estimated
Holdings debt service obligations.

LIQUIDITY AND DEBT STRUCTURE

Fitch views TLP's liquidity as adequate considering its size,
scale, and plans for growth capex. As of October 2019, the company
had financial debt outstanding in the form of a secured credit
facility (held at a TLP subsidiary) and $300 million in senior
unsecured notes due 2026. The borrower for the credit facility is
TransMontaigne Operating Company, L.P., which is also one of the
guarantors on an unsecured basis of the senior unsecured notes
outstanding at TLP. The company had $510 million of unused capacity
on its $850 million credit facility as of June 30, 2019, in
addition to a cash balance of $612,000. The revolving credit
facility matures on March 13, 2022. Growth capex is expected to be
funded by draws on the revolver, as well as cash flow from
operations, in the near term.

All else equal, the take-private transaction may improve TLP's cash
generating ability compared to recent historical years. However,
Fitch views this transaction as reducing TLP's financial
flexibility given that payments for debt service (on Holdings debt)
cannot be reduced in times of severe financial distress where
dividends to common unitholders can.


TSC DORSEY: DOJ Watchdog Appoints M. Cohen as Chapter 11 Trustee
----------------------------------------------------------------
The United States Trustee asks the Bankruptcy Code to approve the
appointment of Merrill Cohen as Chapter 11 Trustee in TSC Dorsey
Run Road - Jessup, LLC's Chapter 11 case.

Counsel for the U.S. Trustee has consulted with the all the
parties-in-interest regarding the appointment of the Chapter 11
Trustee and to the best of the U.S. Trustee's knowledge, the U.S.
Trustee's connections with the Debtor, creditors, any other parties
in interest, their respective attorneys and accountants, the United
States Trustee, and persons employed in the Office of the United
States Trustee, are limited to the connections set forth in the
Verified Statement of Cheryl E.Rose filed in support of this
Application.

              About TSC Dorsey Run Road-Jessup

TSC Dorsey Run Road - Jessup, LLC, is a privately held company
engaged in activities related to real estate. The Company is the
fee simple owner of a property located at 7869 Dorsey RunRoad in
Jessup, Maryland having a current value of $2.45 million.

TSC Dorsey Run Road - Jessup, LLC, based in Columbia, MD,filed a
Chapter 11 petition (Bankr. D. Md. Case No. 18-25597) on Nov.28,
2018.  The Hon. Michelle M. Harner oversees the case.  The Law
Offices of David W. Cohen, led by founding partner David W.Cohen,
serves as bankruptcy counsel.  In the petition signed by Bruce S.
Jaffe, manager, the Debtor disclosed $2,450,000 in assets and
$2,359,552 in liabilities.


U.S. STEEL CORP: S&P Rates New $300MM Sr. Unsec. Convertible Notes
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '4'
recovery rating to U.S. Steel Corp.'s proposed $300 million senior
unsecured convertible notes due 2026. The '4' recovery rating
indicates S&P's expectation for average recovery (30%-50%; rounded
estimate: 40%) in a hypothetical default scenario. The company
could upsize the transaction by up to $50 million in the next 30
days with a purchaser's option, though this would not effect S&P's
issue-level or recovery ratings on the proposed convertible notes.

U.S. Steel intends to use the proceeds from these notes for general
corporate purposes, including to replenish its cash ahead of
funding its approximately $700 million acquisition of 49.9% of Big
River Steel LLC and about $2.4 billion of planned capital
expenditure in the next few years. S&P views the transaction as
leverage neutral and expect it to boost the company's liquidity
amid the uncertainty in its cash flows due to volatile steel market
conditions.

S&P's long-term 'B' issuer credit rating on U.S. Steel reflects the
company's volatile earnings and cash flow, large debt load and
pension obligations, and adequate sources of funding for large,
strategically important capital expenditure over the next few
years."

The negative outlook reflects the risk that protracted weak market
conditions could exacerbate the company's negative cash flow from
the construction of several major projects. S&P could lower its
rating on U.S. Steel if the company's adjusted debt to EBITDA rises
above 5x in 2020, which the rating agency estimates could occur if
the company generates negative discretionary cash flow of over $500
million while its liquidity position tightens with about a year of
transformative growth capital spending remaining. S&P could revise
its outlook on U.S. Steel to stable if the company makes progress
on its Mon Valley investments amid better market conditions,
decreasing its debt to EBITDA below 4x with adequate liquidity to
complete its investments on time and on budget.

  Ratings List

  United States Steel Corp.
  Issuer Credit Rating                       B/Negative/--
  
  New Rating

  United States Steel Corp.
  
  Senior Unsecured
  US$300 mil convertible nts due 11/01/2026  B
  Recovery Rating                            4(40%)


UNIT CORP: Moody's Lowers Corp. Family Rating to B3
---------------------------------------------------
Moody's Investors Service downgraded Unit Corporation's Corporate
Family Rating to B3 from B2, Probability of Default Rating to B3-PD
from B2-PD, and senior subordinated notes to Caa1 from B3. The
Speculative Grade Liquidity rating was downgraded to SGL-4 from
SGL-2. Moody's concurrently placed all of Unit's ratings under
review for further downgrade.

"The downgrade and the review reflects Unit's elevated refinancing
risk, tightening liquidity and lower year-on-year earnings
prospects in 2020," said Sajjad Alam, Moody's Senior Analyst. "Unit
has to refinance $650 million of bonds (due May 2021) prior to
November 2020 because of a springing covenant in its revolver
credit agreement under challenging industry and capital market
conditions."

Issuer: Unit Corporation

Downgraded and Ratings Under Review for Downgrade:

  Corporate Family Rating, Downgraded to B3 from B2, Placed on
  Review for Downgrade

  Probability of Default Rating, Downgraded to B3-PD from B2-PD,
  Placed on Review for Downgrade

  Senior Subordinated Notes, Downgraded to Caa1 (LGD5) from B3
  (LGD4), Placed on Review for Downgrade

Downgraded

  Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
SGL-2

Outlook Actions:

  Outlook, Changed to Ratings Under Review from Positive

RATINGS RATIONALE

Unit faces an urgent and challenging task of refinancing a
substantial debt maturity amid difficult market conditions. Moody's
is concerned that rising financial risks and substantial
refinancing requirements raise the prospect of restructuring, even
as Unit's fundamental business model remains sustainable. Weak
commodity price backdrop makes the company's need to proactively
address significant maturities more urgent. If unit is unable to
quickly find a solution to its refinancing requirement, its ratings
are likely to be downgraded.

The review of the ratings will focus on assessing Unit's plans to
refinance its 2021 notes in a timely manner, reduce operating and
capital costs, sell assets, boost liquidity and reduce debt. The
review will also consider Unit's credit metrics more broadly and
under stressed price scenarios given the increased likelihood that
low energy prices and tight capital market conditions could prevail
for an extended period of time.

A downgrade of the B3 CFR is most likely to be triggered by
significant negative free cash flow generation, further erosion in
liquidity or if it appears that the company will not be able to
refinance its notes. The CFR could be upgraded if Unit manages to
refinance the 2021 notes while maintaining a substantial liquidity
buffer under its revolving credit facility.

Unit has weak liquidity reflecting its large debt maturity, which
is captured in the SGL-4 rating. Moody's expects management to live
within operating cash flow, limit incremental revolver borrowings
and look for asset sale opportunities to improve its refinancing
prospects. Unit had less than $1 million in cash and $104 million
drawn on the $425 million revolver as of June 30, 2019. Any
potential reduction in committed amount in the forthcoming
borrowing base redetermination would reduce available liquidity.
While the revolver has a scheduled termination date of October 18,
2023, the revolver will mature on November 16, 2020 if the company
is unable to refinance the subordinated notes before that date. The
notes mature on May 15, 2021. The revolver has two financial
covenants -- a current ratio of at least 1x and a maximum funded
debt to EBITDA ratio of 4x, and Unit should be able to meet those
required thresholds.

The $650 million 6.625% unsecured subordinated notes are rated
Caa1, one notch below the B3 CFR, indicating their subordinated
position in Unit's capital structure relative to the secured
revolving credit facility. The notes do not have any guarantee from
Unit's midstream or rig businesses. The $425 million borrowing base
revolver is secured by substantially all of Unit's E&P assets (80%
of proved developed producing properties) as well as by Unit's 50%
equity interest in the midstream business. While Unit also has a
$200 million revolving credit facility at the midstream entity,
that facility is non-recourse to Unit.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.


UNITED NATURAL FOODS: S&P Cuts ICR to 'B; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
wholesale food distributor United Natural Foods Inc. (UNFI) to 'B'
from 'B+' and revised its outlook to negative from stable. S&P also
lowered its issue-level rating on the company's senior secured term
loan to 'B' from 'B+'.

The downgrade reflects S&P's updated expectations for weaker credit
measures in light of UNFI's recent operating performance following
the largely debt-financed acquisition of SVU last year.

S&P adjusted debt-to-EBITDA ratio is expected to remain elevated in
the high 5x area in fiscal 2020 as UNFI continues to report sizable
one-time restructuring- and integration-related expenses -- but
still much worse than the rating agency's original expectations
last year. The company underperformed at both its SVU segment and
at the core UNFI business. Despite better than expected synergies,
the company suffered from softness in its supermarket and natural
independent customer base and generally from what S&P believes is
an increasingly competitive landscape. Finally, UNFI's already thin
profitability has deteriorated, largely due to the impact of lower
gross margin from SVU which was acquired in October 2018.

The negative outlook reflects an at least one in three risk of a
downgrade if operating prospects do not track toward S&P's
expectations, including leverage sustained at less than 6x and
prospects for significantly improving free operating cash flow
beyond fiscal 2020.

"We could lower the rating during the next 12 months if we expected
adjusted debt to EBITDA sustained above 6x or if our view of UNFI's
competitive standing in its addressable market deteriorated
further, notwithstanding its large scale. This could result, for
instance, from key customer losses (such as Whole Foods) margin
pressure cascading from the increasingly competitive U.S. grocery
market or higher restructuring costs beyond our expectations from
SVU," S&P said.

"We could revise the outlook to stable if operating performance
prospects improved and we expected the company would maintain
leverage of less than 6x and would generate meaningfully positive
free cash flow this year with prospects for further growth in
future years to at least $110 million on a sustained basis. This
could occur if we expected gross margins sustained at about 13%,
modest positive sales growth, and restructuring expenses in line
with our base case assumptions," the rating agency said.


UNITED RENTALS: Moody's Rates New 2nd Lien Sec. Notes Due 2027 Ba1
------------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to the new second
lien senior secured notes due November 15, 2027 that United Rentals
(North America), Inc. announced earlier. URNA's parent, United
Rentals, Inc. and URNA's domestic subsidiaries will guarantee the
notes on a senior secured 2nd lien basis. URNA intends to use the
proceeds plus about $282 million of revolver drawings to redeem the
$1 billion, 4.625% second lien senior secured notes due July 15,
2023. The Ba2 Corporate Family rating and stable rating outlook are
unaffected by this rating action.

RATINGS RATIONALE

URNA's Ba2 Corporate Family rating reflects its leading market
position in the North American equipment rental industry, its track
record of quickly integrating acquisitions and timely reducing debt
to restore its debt credit metrics following large transactions.
The rating is balanced by the highly competitive and fragmented
nature of the equipment rental market and ongoing event risk
related to further debt-funded growth of the franchise, including
to further broaden its rental offerings and / or to repurchase
shares. In June 2019, URNA announced a lowering of its leverage
target to a range of 2x to 3x, down from the prior management's
2.5x to 3.5x. With a modest lease liability and no pension, Debt to
EBITDA on a reported basis and on a Moody's adjusted basis are
similar. Moody's expects Debt to EBITDA to remain below 3x,
compared to 2.9x at September 30, 2019.

Earnings (up 14%) and free cash flow (up 87% to $1.2 billion)
expanded through the first nine months of 2019, with contributions
from the 2018 acquisitions of Baker Corp. and of BlueLine and
steady purchases of equipment. Revenues grew about 4% on a pro
forma basis for the acquisitions; construction market demand
supported this growth, offsetting slowing demand from the
industrial segment of the customer base. Operating margins are
facing modest pressure because of a changing rental mix. According
to URNA, its customer base remains optimistic about their
businesses in 2020. In the event of a downturn, Moody's expects
URNA to reduce equipment purchases and also to prune the rental
fleet to mitigate pressure on free cash flow.

The stable outlook reflects its expectations for ongoing EBITDA
growth and steady deleveraging following acquisitions that will
strengthen metrics to accommodate re-leveraging following future
acquisitions and mitigate pressure when demand cycles down.

The ratings could be upgraded with sustained Debt to EBITDA of
about 2.5x, EBITDA to Interest of better than 7x, and ongoing debt
repayment following debt-funded acquisitions. The ratings could be
downgraded if weaker credit metrics are sustained, such as Debt to
EBITDA above 3x or EBITDA to interest of about 4x. Sustaining
higher debt balances following debt-funded acquisitions or the
weakening of liquidity, such as free cash turns negative during a
recession could also lead to a ratings downgrade.

The principal methodology used in this rating was Equipment and
Transportation Rental Industry published in April 2017.

United Rentals (North America), Inc., headquartered in Stamford,
CT, is the largest US equipment rental company with 13% market
share in 2018 and a rental fleet of approximately 650,000 items.
Investment in rental equipment approximates $14 billion across the
company's about 1,200 rental locations across the US and Canada.
The company has two reportable segments: General Rentals and
Trench, Power and Pumps. While the primary source of revenue is
from renting equipment, the company also sells new and used
equipment and related parts and services. United Rentals reported
$8 billion of revenue for 2018.

Assignments:

Issuer: United Rentals (North America), Inc.

Senior Secured Regular Bond/Debenture, Assigned Ba1 (LGD3)


URBAN PHILANTHROPIES: Case Summary & 10 Unsecured Creditors
-----------------------------------------------------------
Debtor: Urban Philanthropies, Inc.
        1440 Coral Ridge Drive, Suite 297
        Pompano Beach, FL 33071

Business Description: Urban Philanthropies, Inc. is a tax-exempt
                      non-profit corporation based in Pompano
                      Beach, Florida.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Southern District of Florida (Fort Lauderdale)

Case No.: 19-24113

Judge: Hon. Scott M. Grossman

Debtor's Counsel: Robert P. Charbonneau, Esq.
                  AGENTIS PLLC
                  55 Alhambra Plaza, Suite 800
                  Coral Gables, FL 33134
                  Tel: (305) 722-2002
                  Fax: (305) 722-2001
                  E-mail: rpc@agentislaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Philip Bacon, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at:

         http://bankrupt.com/misc/flsb19-24113.pdf


UTEX INDUSTRIES: S&P Lowers ICR to 'CCC' on Liquidity Concerns
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on UTEX
Industries Inc. to 'CCC' from 'CCC+'. At the same time, S&P
lowered its issue-level rating on the company's first-lien term
loan to 'CCC' from 'CCC+' and its issue-level rating on the
company's second-lien term loan to 'CC' from 'CCC-'. S&P's recovery
ratings remain unchanged.

The downgrade reflects the company's weakening liquidity, the
refinancing risk related to the upcoming maturity of its revolving
credit facility in May 2020, as well as its deteriorating credit
measures. UTEX's business is highly correlated to the U.S. rig
count and the pace of completions activity, both of which have
faced significant headwinds in 2019 due to weaker-than-expected
crude oil prices and capital constraints in the E&P industry.
Therefore, S&P expects the company's results to be weaker than its
originally anticipated and forecast that its revenue will decline
by 15%-20% in 2019, leading to weaker cash flow generation despite
its strong EBITDA margins. In addition, the limited scale of UTEX's
operations and end-market diversity hinder its ability to adapt to
changing market conditions, though the company has a relatively
variable cost structure that can lessen the erosion of its
profitability during periods of weak demand.

S&P said, "The negative outlook on UTEX reflects the company's
weakening credit measures--which are reducing its liquidity during
a period of growing refinancing risk--and looming debt maturities
in May 2020 and 2021.

"We could downgrade UTEX if its liquidity weakens further, making
it more difficult for the company to meet its financial
obligations, including its amortization payments. We could also
downgrade the company if it buys back its debt in a manner we
consider distressed or if it fails to address its 2020 maturity,"
S&P said. Such a scenario could occur if UTEX's market conditions
don't materially strengthen over the next 6-9 months and the
company is unable to access additional capital resources, according
to the rating agency.

"We could revise our outlook on UTEX to stable if it addresses its
upcoming debt maturity or its liquidity and credit measures
improve. This could occur if the U.S. rig count and hydraulic
fracturing activity improve such that the company is able to
increase its cash flow and reduce its total debt load," S&P said.


VINSICK FOODS: Seeks to Use of Cash Collateral to Fund Operations
-----------------------------------------------------------------
Vinsick Foods, Inc., asks the Bankruptcy Court to authorize use of
cash collateral to fund operating costs.

The Debtor also seeks to begin adequate protection payments to
Parties-in-interest, consistent with the Chapter 11 plan to be
filed with the Court.

Parties-in-interest who may have an interest in the cash collateral
include (i) First National Bank of Pennsylvania; (ii) Corporation
Service Company, as Representative; (iii) Wide Merchant Group; (iv)
Amax Leasing Source; and (v) C T Corporation System, as
Representative.

Hearing on the request is set for Nov. 7, 2019 at 10:30 a.m.  

                           About Vinsick Foods

Vinsick Foods, Inc., d/b/a Fox's Pizza, is a business organized and
existing within the Commonwealth of Pennsylvania.  The Debtor filed
a Chapter 11 petition (Bankr. W.D. Pa. Case No. 19-23938) on Oct.
7, 2019.  THOMPSON LAW GROUP, P.C., serves as counsel to the
Debtor.



VYAIRE MEDICAL: S&P Affirms 'CCC+' ICR; Outlook Negative
--------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating and
issue-level rating on Vyaire Medical Inc.'s secured first-lien
credit facilities. The outlook is negative.

The affirmation of S&P's 'CCC+' issuer credit rating reflects 2019
leverage in excess of 10x. S&P believes absent significant
expansion of Vyaire's EBITDA margins, and a reversal of the
material negative working capital outflows and one-time costs, its
internal cash generation will remain negative, which would indicate
the capital structure is unsustainable. While the rating agency
expects a modestly improved operating performance in 2020, the
negative outlook reflects the risk that continued cash flow
deficits could increasingly constrain liquidity.The negative
outlook reflects S&P's view that in fiscal 2020 Vyaire has very
little room for underperformance beyond its base-case forecast and,
absent material performance improvement, elevated cash flow
deficits may constrain liquidity in 12-24 months.

"We could lower our rating if liquidity weakens further, such that
we envision a default within the subsequent 12 months. This could
happen if Vyaire fails to increase EBITDA and positive working
capital inflows, and faces higher than expected cash flow deficits
in the first and second quarters of 2020," S&P said, adding that it
could also take a negative rating action if the company pursues
credit agreement modifications that the rating agency views as a
distressed exchange.

"We could consider a positive rating action if the company
successfully implements its initiatives and demonstrates an
improving margin profile and positive working capital trend,
markedly reducing cash flow deficits over the next 18 months," S&P
said.


WESCO AIRCRAFT: Moody's Assigns B3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating and
a B3-PD Probability of Default Rating to Wesco Aircraft Holdings,
Inc. (New). Concurrently, Moody's assigned B3 ratings to the new
$600 million senior secured term loan and the new $1.0 billion
senior secured notes and assigned a Caa2 rating to the new $575
million senior unsecured notes. Proceeds from the transaction along
with equity proceeds and borrowings under an ABL facility will be
used to finance the recently announced acquisition of Wesco for
$1.9 billion by funds managed by Platinum Equity LLC as well as to
refinance existing debt. Upon close of the transaction, Wesco will
be combined with Platinum portfolio company Pattonair (B3, Stable),
a provider of supply chain management solutions to the aerospace
and defense industries. All ratings in connection with the existing
debt of Wesco Aircraft Hardware Corp. and Pioneer Holding LLC, will
be withdrawn upon payoff. The rating outlook is stable.

RATINGS RATIONALE

The B3 CFR balances Wesco's position as a leading services provider
and distributor to the aerospace and defense industries against the
company's high tolerance for financial risk and weak balance sheet
with a thin capitalization and limited liquidity cushion. The
large-sized combination of Wesco and Pattonair creates near-term
execution and integration risk in an industry where inventory
optimization and consistent on-time customer deliveries are of
paramount importance. This elevated risk is against a backdrop of a
highly leveraged balance sheet (debt-to-EBITDA above 8x) and modest
cash reserves on close that indicate an aggressive financial policy
to be undertaken under new private equity ownership, which leaves
little room for error in execution. Although Moody's assesses
liquidity to be adequate, the ability to generate strong free cash
flow as planned will be highly dependent on the company's success
in dramatically increasing Wesco's hardware inventory turns through
improved inventory forecasting.

With combined revenues of about $2.2 billion, Moody's recognizes
Wesco's large size and the resultant scale advantages, as well as
opportunities for margin enhancement over time through cost
synergies. Moody's expects a favorable operating environment with
strong demand in commercial aerospace and growing defense spending
levels to support healthy topline growth of at least the
mid-single-digits over the next few years. A well-established
global distribution network, long-standing customer contracts as
well as good momentum in business wins and renewals, particularly
for Pattonair, add further credit support.

The $600 million senior secured term loan due 2026 and the $1.0
billion senior secured notes due 2026 are rated B3, in-line with
the B3 CFR reflecting the preponderance of secured debt within the
capital structure and the large portion of secured debt relative to
unsecured debt. The Caa2 rating on the senior unsecured notes is
two notches below the CFR and reflects their subordination relative
to first lien indebtedness.

The stable outlook reflects Moody's expectations that a favorable
operating environment for commercial aerospace and defense markets
coupled with opportunities for realizing synergies should support
earnings growth over the next 12 to 18 months. Moody's anticipates
negative free cash flow during fiscal 2020, although Moody's
expects meaningful improvements in free cash generation during
fiscal 2021, with FCF-to-debt expected to be least in the
mid-single-digits.

The ratings could be upgraded if Moody's adjusted debt-to-EBITDA
was anticipated to be sustained below 6x. Any upgrade would be
predicated on Wesco maintaining a good liquidity profile with
expectations of FCF-to-debt consistently in the mid-single-digits
with only modest and short-term use of the revolving facility.
Strong execution on the Pattonair transaction that results in the
realization of targeted synergies and meaningful earnings growth
would also be necessary for any ratings upgrade.

The ratings could be downgraded due to an inability to increase
inventory turns in the legacy Wesco operations such that
FCF-to-debt was expected to remain at or below the low
single-digits. A weakening liquidity involving expectations of
negative free cash generation beyond fiscal 2020 or an increased
reliance on revolver borrowings would likely result in a downgrade.
An inability to realize targeted synergies and sustainably grow
earnings such that debt-to-EBITDA is expected to remain at or above
the low 7x range would also create downward rating pressure. The
loss of a large customer, poor execution on the Pattonair
transaction or operating issues that resulted in lower customer
service levels could also result in a downgrade.

The following summarizes the rating action:

Issuer: Wesco Aircraft Hardware Corp.

  Corporate Family Rating, currently B2, no action -- to be
  withdrawn at close

  Probability of Default Rating, currently B3-PD, no action --
  to be withdrawn at close

  Speculative Grade Liquidity Rating, currently SGL-3, no action
  -- to be withdrawn at close

  Senior Secured Bank Credit Facility, currently B2 (LGD3), no
  action -- to be withdrawn at close

  Outlook, currently Stable, no action -- to be withdrawn at close

Assignments:

Issuer: Wesco Aircraft Holdings, Inc. (New)

  Corporate Family Rating, Assigned B3

  Probability of Default Rating, Assigned B3-PD

  Senior Secured Bank Credit Facility, Assigned B3 (LGD3)

  Senior Secured Regular Bond/Debenture, Assigned B3 (LGD3)

  Senior Unsecured Regular Bond/Debenture, Assigned Caa2 (LGD5))

  Outlook, Assigned Stable

Wesco Aircraft Holdings, Inc., headquartered in Valencia, CA, is a
leading distributor and provider of supply chain management
services to the global aerospace industry. Services include the
distribution of C-class hardware, chemical and electrical products
as well as quality assurance, kitting, just-in-time delivery and
point-of-use inventory management. Pattonair, headquartered in
Derby, UK, is a leading supply chain management services provider
focusing on parts distribution as well as sourcing and procurement,
forecasting and inventory planning, supplier management, and
operations and quality assurance. The combined companies will offer
more than 640,000 active SKUs and are expected to have pro forma
revenues of about $2.2 billion for the twelve months ended
September 2019.

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.


WILLIAMS COMMUNICATIONS: Seeks Use of at Least $48,500 Cash Monthly
-------------------------------------------------------------------
Williams Communications asks the Bankruptcy Court for authority to
use cash collateral of up to $48,500 per month for operating
expenses plus the amount necessary to pay for administrative
expenses and adequate protection payments.

The monthly budget provides for $41,730 in total expenses,
including $7,760 in contract labor, $6,100 in commissions, and
$6,700 in rent, among others.  The Debtor also seeks to pay
quarterly fees due to the Bankruptcy Clerk of Court.  

As adequate protection, the Debtor proposes:

   (a) to grant secured creditors Citizens National Bank and the
Corporation Service Company, as representative, replacement
perfected security interest with the same priority in the Debtor's
postpetition collateral and proceeds thereof, which the Secured
Creditor held in the Debtor's prepetition collateral;

   (b) to maintain cash collateral levels;

   (c) to make adequate protection payments of $1,850 per month to
Citizens National Bank starting November 2019 pending further Court
orders.

                  About Williams Communications

Williams Communications, Inc., d/b/a WKLS-FM & FM Digital, Gadsden,
AL; d/b/a WFCT-FM Apalachicola, FL; d/b/a WHMA-AM & FM Anniston,
AL; is a privately held company in the radio and television
broadcasting business.  

The Company sought Chapter 11 protection (Bankr. N.D. Ala. Case No.
19-41720) on Oct. 11, 2019 in Birmingham, Alabama.  In the petition
signed by Walt Williams, Jr., president, the Debtor estimated to
have assets of not more than $50,000 and liabilities at $1 million
to $10 million.  Judge Tamara O. Mitchell oversees the case.  THE
LAW OFFICES OF HARRY P. LONG, LLC, is the Debtor's counsel.




WILLIAMSON MEMORIAL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Williamson Memorial Hospital, LLC
        859 Alderson Street
        Williamson, WV 25661

Business Description: Williamson Memorial Hospital, LLC provides
                      general medical and surgical hospital
                      services.

Chapter 11 Petition Date: October 21, 2019

Court: United States Bankruptcy Court
       Southern District of West Virginia (Charleston)

Case No.: 19-20469

Judge: Hon. Frank W. Volk

Debtor's Counsel: John F. Leaberry, Esq.
                  LAW OFFICE OF JOHN LEABERRY
                  167 Patrick Street
                  Lewisburg, WV 24901
                  Tel: (304) 645-2025
                  E-mail: leaberryjohn@gmail.com
                          leaberry01@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sam Kapourales, manager.

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:

         http://bankrupt.com/misc/wvsb19-20469.pdf


WORK & SON: $1.3M Sale of Improved Bradenton Real Property Approved
-------------------------------------------------------------------
Judge Caryl E.  Delano of the U.S. Bankruptcy Court for the Middle
District of Florida authorized Stanley A. Murphy, the Chapter 11
trustee of Work & Son, Inc. and affiliates, to sell the improved
real property located at 5827 14th Street, Bradenton, Florida to
Bradenton, LLC for $1.3 million, pursuant to the terms of the
Commercial Real Estate Contract as Amended.

A hearing on the Motion was held on Oct. 7, 2019 at 2:00 p.m.

The sale is free and clear of all liens, interests, claims, and
encumbrances.  The Purchase Price exceeds the aggregate amount of
all of the liens of record on the Real Property.  The FSAG Mortgage
is in bona fide dispute within the meaning of Section 363(f) of the
Bankruptcy Code.  All liens, claims, encumbrances, and interests
will attach to the proceeds of the sale of the Real Property.

Upon closing of the sale of the Real Property to the Buyer, the
Trustee is authorized to disburse from the sale proceeds:

     a. An amount to Dowd & Dowd, P.C. or its assigns sufficient to
satisfy the Dowd Mortgage upon receiving from Dowd & Dowd, P.C. a
valid payoff and executed satisfaction of mortgage of the Dowd
Mortgage in recordable form.  

     b. The sum relating to the Chapter 11 Case required to be paid
by the Trustee to the U.S. Trustee pursuant to 28 U.S.C. Section
1930 or any other applicable provision of the Bankruptcy Code.  

     c. The sum of $64,000 to Colliers Arnold, LLC, doing business
as Colliers International Tampa Bay Florida, the Court approved
broker for the sale of the Real Property, in full satisfaction of
all fees and expenses due the Broker in connection or in any way
related to the Real Property or the sale thereof.  

     d. All customary fees and costs associated with such a
transaction including without limitation: taxes, recording fees,
the settlement fee, owner's title insurance premium, title search
costs, title disbursement fees, title closing fees, title document
preparation/paraprofessional/notary fees, courier/FedEx fees,
recording fees, and other customary title and closing fees and
costs including fees and costs payable to McIntyre Thanasides
Bringgold Elliott Grimaldi Guito & Matthews, P.A. which represent
the fees and costs customarily charged by Escrow, Title, and
Closing Agents: the settlement fee, the Title Agents share of title
premium, title document preparation/paraprofessional/notary fees,
and courier/FedEx fees.  These fees and costs as Escrow, Title, and
Closing Agents do not include attorney's fees and costs of the Firm
associated with representing the Trustee in connection with the
sale of the Real Property or otherwise and the Order is without
prejudice to the Firm seeking by proper application to the Court
for such attorney's fees and costs.

                         About Work & Son

Work & Son Inc. and its affiliates, privately-held companies in the
funeral services industry, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 18-09917) on
Nov. 18, 2018.  At the time of the filing, Work & Son was
estimated
to have assets of less than $50,000 and liabilities in the same
range.  The Debtors tapped the Law Offices of Mary A. Joyner, PLLC
as their legal counsel.



WSLD LLC: Seeks Leave to Use Cash Collateral
--------------------------------------------
WSLD LLC asks the Bankruptcy Court to authorize use of cash
collateral nunc pro tunc to the Petition Date until a subsequent
final hearing can be conducted to consider the relief requested
under this motion.  The Debtor proposes to use cash collateral for
the continued operation of the business and for the care,
maintenance and preservation of the Debtor's assets.  

US Foods, Inc., has a perfected and enforceable security interest
in the Debtor's accounts, inventory and proceeds thereof.  The
Debtor says no cash collateral will be used to pay pre-petition
obligations.  

The budget for the period from Oct. 1, 2019 through March 31, 2020
provides for $123,621.93 in total operating expenses for Oct. 2019,
including $60,068.99 in total facilities expenses; $17,547.64 in
utilities expenses; and $23,560 in professional fees, among others.


A copy of the budget is available for free at:
http://bankrupt.com/misc/WSLD_26_(1)Cash_Budget.pdf

James W. Elliott, Esq., counsel to the Debtor at McIntyre
Thanasides Bringgold Elliott Grimaldi Guito & Matthews, P.A., says
that the interest of the Secured Creditors will be adequately
protected by the Debtor's continued operations.

                          About WSLD LLC

WSLD LLC, a privately held company in Tampa, Florida, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 19-08916) on Sept.
20, 2019, in Tampa, Florida.  In the petition signed by Jason
Mitow, authorized representative, the Debtor was estimated to have
assets of between  $50,000 and $100,000 and liabilities of between
$1 million and $10 million.  MCINTYRE THANASIDES BRINGGOLD, ET.
AL., represents the Debtor.  


WYNDHAM DESTINATIONS: Fitch Affirms BB- LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings affirmed Wyndham Destinations, Inc.'s (NYSE: WYND)
Long-Term Issuer Default Rating at 'BB-' and senior secured
revolving credit facility, term loan B, and notes at 'BB+'/'RR1'.
The Rating Outlook is Stable.

Wyndham's 'BB-' IDR reflects the company's strong competitive
position as the largest timeshare industry operator, as well as the
diversification benefits of its less capital intensive exchange
business. The discretionary nature of timeshare sales and Wyndham's
high financial leverage are factors that balance the ratings. The
latter is partially offset by strong profitability and cash flows
from the company's timeshare financing activities.

KEY RATING DRIVERS

High Leverage: Fitch expects Wyndham to operate with leverage
(Total Adjusted Debt/Operating EBITDAR) in the low- to mid-5.0x
through the cycle, which is appropriate for the low 'BB' rating
category. Fitch's leverage calculation excludes Wyndham's net
interest margin from timeshare financing and the related
non-recourse debt but includes an adjustment to ensure proper
capitalization of the company's captive finance operations. Wyndham
has an announced leverage target of 2.25x to 3.0x, based on a net
leverage calculation that includes net financing income but
excludes the non-recourse, securitized timeshare receivables
obligations held on the company's balance sheet. For the LTM period
ending June 30, 2019, company-measured net leverage was 2.9x.

Strong Cash Flows: Following the spin-off, Fitch expects Wyndham's
through-the-cycle cash flow volatility to increase as the company's
operational focus has narrowed to the less stable, more
capital-intensive timeshare business. Wyndham generates the
majority of its timeshare cash flows from interval sales and, to a
lesser extent, from the financing spread from timeshare loans and
recurring fees from long-term resort management contracts. Wyndham
also generates roughly a quarter of its revenues from the less
capital-intensive, fee-based timeshare exchange business. Wyndham
has modified its timeshare business since 2009 in an effort to
reduce cash flow volatility. Examples include emphasizing recurring
revenues such as property management fees, exchange fees, and
transitioning to more capital-efficient forms of inventory
sourcing, such as the "just-in-time" model, which allows Wyndham to
acquire completed inventory developed by a third-party close to the
time of the sale to the timeshare customer. Fitch expects the
company will continue to seek timeshare inventory sourcing
opportunities under its capital light business model, in addition
to modest timeshare inventory spending of roughly $250 million
annually.

Strong Position in Competitive Industry: Wyndham has a strong
market position in the timeshare industry. The company is the
largest timeshare operator based on owner families, which provides
some economies of scale and facilitates third-party marketing
relationships. Wyndham also operates one of the two largest
timeshare exchange networks through its RCI subsidiary. Fitch
expects the company to generate returns on invested capital at or
above its peer average through the cycle. The domestic timeshare
market is mature, with above average economic cyclical sensitivity
owing to the consumer discretionary nature of the product. Entry
barriers are limited, and there are a variety of competitive
alternatives, including rapid growth and adoption of alternative
lodging accommodation companies, such as Airbnb, Inc.

Speculative Grade Financial Flexibility: Wyndham's financial
flexibility is generally consistent with speculative grade ratings.
The company has financial policies in place, but Fitch expects the
company to show some flexibility around implementation that could
lead it to temporarily exceed downward rating sensitivities.
Wyndham has adequate liquidity but has some intermediate-term debt
maturity concentration, as well as reliance upon the timeshare ABS
market to fund its timeshare customer lending beyond its $800
million warehouse facility. A significant downturn accompanied by
tightened credit markets could pressure Wyndham's ratings by
limiting the company's access to stable capital sources and require
it to provide support to its finance subsidiary. Along with the
company's other financial obligations, Fitch is monitoring
Wyndham's total and maximum annual funding requirements related to
its timeshare inventory purchase commitments, emphasizing the
impact to leverage under weaker economic and industry conditions.
Wyndham has adequate flexibility to redirect discretionary capital
expenditures (i.e. share repurchases) to pay down debt and reduce
leverage in an economic downturn.

Growing Contingent Liabilities: Wyndham's off-balance-sheet
liabilities, including contractual and contingent obligations, have
increased in recent years, partly due to the company's less
capital-intensive timeshare inventory sourcing strategies. Fitch
incorporates these items into the ratings by analyzing Wyndham's
liquidity position and the potential impact to increased leverage
under various liability funding scenarios. Inventory purchase
commitments under its capital-light business model have increased
Wyndham's off-balance-sheet contractual obligations. Fitch
recognizes the financing elements associated with these
transactions, but does not consider them akin to debt.

Cyclicality of Timeshare Industry: The domestic timeshare market is
mature, with above average economic cyclical sensitivity owing to
the consumer discretionary nature of the product. Entry barriers
are limited, and there are a variety of competitive alternatives,
including rapid growth and adoption of alternative lodging
accommodation companies, such as Airbnb, Inc. Fitch generally views
the timeshare business less favorably than the lodging business due
to greater earnings volatility and capital intensity. The timeshare
industry is highly discretionary and vacation ownership interest
(VOI) sales are very sensitive to economic conditions. This
sensitivity was evidenced in the latest recession; over 2008 -
2009, U.S. VOI sales fell over 40% from the industry's $10.6
billion peak in 2007 to $6.3 billion in 2009. Since 2009, industry
sales have grown each year (6% CAGR), but 2018's sales of $10.2
billion are still below the 2007 peak of $10.6 billion.

DERIVATION SUMMARY

Wyndham's ratings reflect the company's dominant position in the
timeshare industry, as well as the diversification benefits of its
less capital-intensive exchange business. The discretionary nature
of timeshare sales and the company's high financial leverage
balance the ratings. Wyndham is the largest timeshare operator with
close to 900,000 owners in its system. Marriott Vacations is the
company's closest peer following completion of its acquisition of
ILG given the combined size (roughly 660,000 owner families),
followed by Hilton Grand Vacations at 315,000 and Bluegreen
Vacations with 217,000.

Wyndham's revenues are more diversified than Hilton Grand Vacations
due to the inclusion of its timeshare exchange network, RCI.
However, peer Marriott Vacations gained access to Interval's
network through its acquisition of ILG. Marriott Vacations also has
better brand diversification via its relationship with Marriott
International (BBB/Stable) and ILG's exclusive licenses to use the
Starwood and Hyatt timeshare brands. Fitch expects Wyndham's Total
Adjusted Debt/EBITDAR to sustain in the low- to mid-5.0x range
through the cycle.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Healthy tour and VPG growth in 2019, followed by weaker VPG in
a softer demand environment in the outer years;- Declines in the
Exchange & Rental segment in 2019 and 2020 as a result of the
divestiture of the rental business and weaker exchange revenue per
member; - Stable financing net interest margin through the forecast
period;- Total Adjusted Debt/Operating EBITDAR in the low- to
mid-5.0x range.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Total Adjusted Debt/Operating EBITDAR sustaining below 4.0x;-
Greater cash flow diversification by brand and/or business line.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Deterioration in the company's liquidity position, possibly due
to greater off-balance sheet timeshare inventory purchase
commitments, leading to EBITDAR/(Gross Interest + Rents) sustaining
below 2.0x;- Total Adjusted Debt/Operating EBITDAR sustaining above
5.5x;- Material decline in profitability, leading to EBITDAR
margins sustaining around or below 15%;- Consistently negative
FCF.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Wyndham's liquidity position is adequate
considering its $1 billion revolving credit facility and strong
cash flow generation; however, the company has some
intermediate-term concentration in its debt maturity ladder, as
well as reliance upon the ABS market to help fund its timeshare
customer lending activities beyond its $800 million warehouse
facility. A significant economic downturn resulting in tightened
credit markets could pressure Wyndham's securitization market
access and potentially require the company to provide support to
its finance subsidiary. This risk is mitigated by the company's
annual extension of its two-year $800 million receivable
securitization warehouse facility. Wyndham's financial flexibility
is generally consistent with high speculative grade ratings. The
company has financial policies in place, but Fitch expects the
company to show some flexibility around implementation that could
lead it to temporarily exceed downward rating sensitivities.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- Historical and projected EBITDA is adjusted to exclude
non-cash, stock-based compensation expense, restructuring costs,
executive departure costs and impairments.

  -- Fitch's adjusted leverage calculation excludes non-recourse
timeshare debt from total debt and excludes related financing
income from EBITDA.

  -- Fitch capitalized Wyndham's operating leases using an 8x
multiple for the purpose of calculating Total Adjusted
Debt/Operating EBITDAR.

  -- Fitch calculated an appropriate target debt-to-equity ratio of
2.0x for allocating consolidated debt to Wyndham's finance
subsidiary for the purpose of calculating Total Adjusted
Debt/Operating EBITDAR.


YI GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
--------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on U.S.
dental products manufacturer YI Group Holdings LLC and 'B-'
issue-level rating on its first-lien debt and revised the outlook
to stable from positive.

YI Group Holdings LLC's cash flows fell short of S&P's projections
in the first half of 2019 and leverage remains stubbornly high,
despite revenue growth and EBITDA margin for the rolling-12 months
as of June 30, 2019 largely meeting the rating agency's
expectations.

The outlook revision reflects S&P's expectation that the company
will generate around $5 million to $10 million of free operating
cash flow in 2019-2020, in contrast to the previously projected
cash flow in excess of $15 million per year, and that leverage will
remain in the mid-8x territory in 2019-2020, compared with the
previously projected leverage of around 7x. The revised forecast
and the resulting credit measures are more consistent with other
peers in the 'B-' category.

S&P's stable outlook reflects its expectation that YI's revenue
will grow at 9%-13% per annum in 2019 and 2020, aided by organic
growth from price increases, complemented by acquisitions. The
stable outlook also reflects the rating agency's expectation of
generally stable profitability margin in the 25% range in 2019 and
2020, resulting in adjusted leverage of about 8.5x. Annual free
cash flow generation will be modest, below $10 million each year in
2019 and 2020.

"We could consider a downgrade if competition intensifies, or the
company experiences higher-than-expected acquisition and
integration costs leading to EBITDA margin of about 450 basis
points lower than our base case for 2020. In this scenario, cash
flow would be negative and leverage would be about 10x," S&P said.

"We would consider raising the rating if we believe that YI can
simultaneously increase its free cash flow generation to above $15
million and decrease leverage to the mid-7x area on a sustained
basis," the rating agency said.


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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
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Monthly Operating Reports are summarized in every Saturday edition
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The Sunday TCR delivers securitization rating news from the week
then-ending.

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