/raid1/www/Hosts/bankrupt/TCR_Public/191128.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, November 28, 2019, Vol. 23, No. 331

                            Headlines

2015 BENNING ROAD: Santorini Objects to Disclosure Statement
3800 LUMBERYARD: Seeks to Hire Midtown Realty as Real Estate Broker
AAC HOLDINGS: S&P Lowers ICR to 'SD' on Missed Debt Payment
AERO-MARINE: Taps Moecker Auctions as Appraiser
ALGOMA STEEL: Moody's Alters Outlook on B3 CFR to Negative

AMERICAN AIRLINES: Fitch Affirms BB- LT IDR, Outlook Stable
ARR INVESTMENTS: Unsecured Creditors Unimpaired Under Plan
ARSENAL RESOURCES: Plan to be Funded by New RBL Facility Proceeds
AVATAR HOLDCO: S&P Alters Outlook to Stable, Affirms 'B-' ICR
AZUSA PACIFIC: Moody's Alters Outlook on Ba1 $60MM Bonds to Stable

B SQUARE BURGER: Won't File Disclosures for 100% Plan
BETHUNE-COOKMAN UNIV: Fitch Lowers Rating on 2010 Bonds to CCC
BIOSTAGE INC: Incurs $2.4 Million Net Loss in Third Quarter
BLACKRIDGE TECHNOLOGY: Incurs $7.8 Million Net Loss in Q3
BLUCORA INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+

BOISE CASCADE: Egan-Jones Lowers FC Sr. Unsecured Rating to B
BRIGHT MOUNTAIN: Reports $2.1 Million Net Loss for Third Quarter
BW NHHC: Moody's Reviews Caa1 Corp. Family Rating for Downgrade
CALPINE CORP: S&P Affirms 'BB' Ratings on Senior Secured Debt
CANDLEWOOD ESTATES: Unsecureds to Get $10,000 One-Time Distribution

CASABLANCA GLOBAL: S&P Cuts ICR to 'B-', Puts Rating on Watch Neg.
CASCADES OF GROVELAND: Unsecureds to Have 60% Recovery Under Plan
CATSKILL DISTILLING: Seeks to Hire Genova & Malin as Legal Counsel
CHICAGO EDUCATION BOARD: Moody's Hikes Rating on $3-Bil. Debt to B1
COGECO COMMUNICATIONS: Fitch Withdraws BB+ Issuer Credit Rating

COMMERCIAL BARGE: S&P Lowers ICR to 'CCC' on Upcoming Maturities
COMMUNITY REDEVELOPER: Taps M. Jones & Associates as Counsel
COMPASS GROUP: Moody's Reviews B1 CFR for Upgrade
CORALREEF PRODUCTIONS: Case Summary & 20 Top Unsecured Creditors
CORNERSTONE VALVE: Plan Confirmed; Tax Entities to Be Paid Monthly

COTT CORP: Egan-Jones Lowers FC Sr. Unsecured Rating to B
CP #1109: Continental Objects to Amended Disclosures
CT TECHNOLOGIES: S&P Raises ICR to 'CCC+' on Improving Performance
DAH UNIVERSITY: SBA Has Issues With Liquidation Analysis
DEAN FOODS: Egan-Jones Withdraws D Senior Unsecured Ratings

DEAN FOODS: U.S. Trustee Forms 7-Member Committee
DIRECTVIEW HOLDINGS: Reports $8.6 Million Net Loss for Q3
DPL INC: Moody's Reviews Ba1 Sr. Unsec. Ratings for Downgrade
EASTERN NIAGARA HOSP: U.S. Trustee Forms 5-Member Committee
EVERTEC GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive

FRUTTA BOWLS: Unsecureds to Receive $300,000 Under Plan
GABRIEL INVESTMENT: U.S. Trustee Forms 3-Member Committee
GAP INC: S&P Lowers ICR to 'BB' on Performance Challenges
GLOBALSTAR INC: Egan-Jones Hikes FC Rating to B
GULF AVIATION: Taps Sandra L. Charlton as Accountant

HARLAND CLARKE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
HARRISONBURG REDEV: Moody's Reviews Caa3 Rev. Bonds for Downgrade
HARVARD CIDER: U.S. Trustee Unable to Appoint Committee
HERITAGE GENERAL: U.S. Trustee Unable to Appoint Committee
HESS MIDSTREAM: Fitch to Rate New Unsec. Notes Due 2028 'BB+'

HESS MIDSTREAM: S&P Rates New $500MM Senior Unsecured Notes 'BB+'
HI-CRUSH INC: Moody's Lowers CFR to Caa1, Outlook Negative
HOLCOMB ACQUISITIONS: Administrator Unable to Appoint Committee
HOOK UP CELLULAR: U.S. Trustee Unable to Appoint Committee
HRI HOLDING: U.S. Trustee Forms 5-Member Committee

K & M SPRAYING: Case Summary & 20 Largest Unsecured Creditors
KJM CAPITAL: Santander Objects to Combined Hearing on Plan & DS
L BRANDS: S&P Lowers ICR to 'BB-' on Worsening Performance
L. G. STECK: U.S. Trustee Unable to Appoint Committee
LANNETT COMPANY: Moody's Affirms B3 CFR & Alters Outlook to Stable

LBJ HEALTHCARE: Unsecured Creditors to Get 10% in 15 Years
LIBBEY INC: S&P Lowers ICR to 'B- on Approaching Maturities
LIONS GATE: Egan-Jones Lowers FC Senior Unsecured Rating to B
MASON BUILDERS: Bankr. Administrator Unable to Appoint Committee
MILACRON LLC: Moody's Withdraws B2 CFR on Full Debt Repayment

NATIONAL RADIOLOGY: Court Confirms Second Amended Liquidation Plan
NEW ENGLAND MOTOR: Equity Holders Agrees to Resolve Claims
NN INC: S&P Puts 'B' ICR on Watch Negative on Liquidity Concerns
NTHRIVE INC: Moody's Lowers CFR to Caa1, Outlook Negative
NUVECTRA CORP: U.S. Trustee Forms 3-Member Committee

ONE CALL: Moody's Raises CFR to B3, Outlook Stable
PACIFIC CONSTRUCTION: Unsecureds to Have 32% Recovery Under Plan
PARKINSON SEED: Objects to SummitBridge's Disclosure Statement
PARTY CITY: Moody's Lowers CFR to B2, Outlook Stable
PERPETUAL ENERGY: S&P Withdraws 'CCC' Long-Term ICR

PRECIPIO INC: Incurs $1.9 Million Net Loss in Third Quarter
PUSHMATAHA COUNTY: Files Amended Chapter 9 Plan of Adjustment
RAIT FUNDING: Appointment of Equity Committee Sought
RENAISSANCE HEALTH: Unsecureds to Get Full Payment with 3% Interest
RENT RITE: Proposes to Sell Business to Fund Plan

RICH'S FOOD: Trustee Taps Richard D. Sparkman as Legal Counsel
RIVERBEND FOODS: Committee Taps Fox Rothschild as Legal Counsel
RP CROWN: S&P Affirms B ICR on Stable Transition to SaaS Solutions
RYERSON HOLDING: Moody's Hikes CFR to B2, Outlook Stable
SEQUA CORP: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR

SOTHEBY'S: Egan-Jones Withdraws BB Senior Unsecured Ratings
SOUTHCROSS ENERGY: Dec. 9 Plan Confirmation Hearing Set
SOUTHERN FOODS: Pillsbury, Paul Weiss Represent Sec. Bondholders
SOUTHERN GRAPHICS: S&P Lowers ICR to 'CCC+'; Outlook Negative
SOVOS BRANDS: S&P Alters Outlook to Stable, Affirms 'B-' ICR

SP PF BUYER: Moody's Lowers CFR to B3 & Alters Outlook to Negative
SPANISH BROADCASTING: Incurs $345,000 Net Loss in Third Quarter
SPRINGFIELD MEDICAL: Subsidiary Taps Sheehey Furlong as Counsel
SUNSHINE COACH: U.S. Trustee Unable to Appoint Committee
SUPER PROPERTY: Seeks to Hire M. Jones & Associates as Counsel

SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CCC
TALBOTS INC: S&P Affirms 'B-' Issuer Credit Rating; Outlook Stable
TEMPLE UNIVERSITY: Moody's Affirms Ba1 on $455MM Outstanding Bonds
TEMPUR SEALY: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
TENDERCARE PRESCHOOL: Jan. 14, 2020 Plan Confirmation Hearing Set

TIGER OAK MEDIA: D&J, Integrated Consulting Removed From Committee
TNS INC: S&P Lowers ICR to 'B' on Weak Operating Performance
TWIN RIVER: S&P Lowers ICR to 'B+' on Weak Performance
ULTIMATE MEDICAL ACADEMY: S&P Rates 2019AB Revenue Bonds 'BB'
US GC INVESTMENT: Disclosure Hearing Continued to July 23, 2020

US SILICA: Moody's Lowers CFR to B2, Outlook Negative
VASCULAR ACCESS: Hires Omni Agent Solutions as Claims Agent
VTR FINANCE: Moody's Affirms B1 CFR, Outlook Stable
WALKER COUNTY HOSPITAL: U.S. Trustee Forms 5-Member Committee
WARRIOR MET: S&P Alters Outlook to Positive, Affirms 'B+' ICR

WESTERN DIGITAL: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
WESTERN ROBIDOUX: U.S. Trustee Unable to Appoint Committee
WINDSTREAM HOLDINGS: Shearman 2nd Update on Midwest Noteholders
ZION TABERNACLE: Seeks to Hire Selwyn D. Whitehead as Legal Counsel
[*] Frank Scholz Joins AlixPartners as Managing Director

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

2015 BENNING ROAD: Santorini Objects to Disclosure Statement
------------------------------------------------------------
Santorini Capital, LLC, objects to the disclosure statement of
debtor 2015 Benning Road, LLC.

As of July 8, 2019 (Petition Date), the Debtor was indebted to
Santorini in an amount not less than $9,548,241.05.  Santorini is
by far the Debtor's largest creditor.  The Debtor asserts unsecured
claims of approximately $626,721.37, though no creditors have filed
claims in the case and the nature or validity of Debtor's scheduled
unsecured claims is unclear.

The Debtor has no income.  Other than the property which the Debtor
values at $4,000,000, the Debtor has no other assets.

In its objection, Santorini points out that:

  * Funding of the Debtor's plan is premised entirely on two
source.  First, the Debtor asserts that Allowed Claims will be
derived from a contribution in the amount of $150,000 by Warren
Williams. However, the disclosure statement does not describe the
source of such funding, or how Mr. Williams will be able to fund
when he himself is obligated to Santorini under the $9.5M judgment
and is subject of post-judgment collection actions by Santorini.

  * The Disclosure Statement is devoid of any information as to
whether monthly payments would be paid to Santorini, how much such
payments would be, how such payments will be funded, and how the
Debtor intends to satisfy the note on the fifth anniversary of the
confirmation date when the property is worth approximately half of
Santorini's claim.

A full-text copy of the Objection is available at
https://tinyurl.com/r6tnbk2 from PacerMonitor.com at no charge.

                    About 2015 Benning Road

2015 Benning Road LLC classifies itself as Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).  The company owns an
undeveloped real property located in 2015 Benning Road, Washington,
DC.  It has been in discussions with the District of Columbia to
obtain approval to build affordable senior housing units.   

2015 Benning Road LLC sought Chapter 11 protection (Bankr. D.C.
Case No. 19-00449) on July 8, 2019.  The Debtor disclosed total
assets of $4,000,000 and total liabilities of $9,543,085.  Elton
Feonard Norman, Esq., at THE NORMAN LAW FIRM, is the Debtor's
counsel.


3800 LUMBERYARD: Seeks to Hire Midtown Realty as Real Estate Broker
-------------------------------------------------------------------
3800 Lumberyard Development LLC seeks authority from the U.S.
Bankruptcy Court for the Northern District of California to hire
Midtown Realty, Inc. as its real estate broker.

Midtown Realty will market and sell the Debtor's real property
located at 3800 and 3801 Portola Drive, Santa Cruz, Calif.  The
firm will get 6 percent of the selling price as commission, and it
may be split with buyer's agent.

Midtown Realty does not represent any interest adverse to the
Debtor or the estate, according to court filings.

The firm can be reached at:

     Timothy Foy
     Midtown Realty, Inc.
     2775 Middlefield Rd.
     Palo Alto, CA 94306
     Phone: +1 650-321-1596

                 About 3800 Lumberyard Development

3800 Lumberyard Development LLC owns in fee simple two vacant land
parcels located in Santa Cruz, Calif., having a total current value
of $6.12 million (based on recent cost valuation).

3800 Lumberyard Development LLC  filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No.
19-51462) on July 22, 2019. In the petition signed by Franklin
Loffer, manager, the Debtor estimated $6,125,010 in assets and
$5,749,345 in liabilities. Stanley A. Zlotoff, Esq. at  Stanley A.
Zlotoff, a Professional Corporation, represents the Debtor as
counsel.


AAC HOLDINGS: S&P Lowers ICR to 'SD' on Missed Debt Payment
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on AAC Holdings
Inc. to 'SD' (selective default) from 'CCC' and its issue-level
rating on its senior secured debt to 'D' from 'CCC'.

The downgrade follows the release of AAC's third-quarter financial
statement, which indicated that the company failed to make the debt
amortization payment due Sept. 30, 2019, on its term loan.
Accordingly, S&P lowered its issue-level rating on the senior
secured facility to 'D'.



AERO-MARINE: Taps Moecker Auctions as Appraiser
-----------------------------------------------
Aero-Marine Technologies, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire Moecker
Auctions, Inc.

Moecker will conduct an inventory and appraisal of the personal
properties, which the Debtor used to operate its business located
at 8231 Burnt Store Rd., Punta Gorda, Fla.  The Debtor plans to
sell those properties.

The firm estimates that its fees will be in the range of $2,250 to
$2,925, depending upon the time required to complete the appraisal.


David Dybas, an appraiser employed with Moecker, assures the court
that the firm is disinterested as required by Section 327(a) of the
Bankruptcy Code.

The firm can be reached at:

     David D. Dybas
     Moecker Auctions, Inc.
     1883 Marina Mile Blvd., Suite 106
     Fort Lauderdale, FL 33315
     Phone: 954-252-2887
     Fax: 954-252-2791

                 About Aero-Marine Technologies

Aero-Marine Technologies, Inc. --
https://www.aero-marinetechnologies.com/ -- provides total support
for waste and water system components found on Boeing, Airbus and
Embraer aircraft.  Aero-Marine Technologies is a full-service
Maintenance, repair and overhaul (MRO) with a worldwide customer
base.

Aero-Marine Technologies sought bankruptcy protection under Chapter
11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-07547) on
Aug. 9, 2019.  The Debtor's case is jointly administered to that of
Joseph N. Vaughn and Theresa L. Vaughn.

In the petition signed by Joseph N. Vaughn, president,
Aero-Marine's assets are estimated at $500,000 to $1 million, and
its liabilities at $1 million to $10 million.

The Hon. Caryl E. Delano is the case judge.

The Debtor tapped Stitchler, Riedel, Blain & Postler, P.A. as its
legal counsel, and Skoda
Minotti & Co. as its accountant.


ALGOMA STEEL: Moody's Alters Outlook on B3 CFR to Negative
----------------------------------------------------------
Moody's Investors Service revised the rating outlook for Algoma
Steel Inc. to negative from stable. At the same time, Moody's
affirmed Algoma's B3 corporate family rating, B3-PD probability of
default rating, and B3 senior secured term loan rating.

"The negative outlook reflects continued weak debt protection
metrics because of lower steel prices, and the expectation that the
company will be cash flow consumptive." said Jamie Koutsoukis,
Moody's Vice-President, Senior Analyst.

Outlook Actions:

Issuer: Algoma Steel Inc.

Outlook, Changed To Negative From Stable

Affirmations:

Issuer: Algoma Steel Inc.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Bank Credit Facility, Affirmed B3 (LGD3 to LGD4)

RATINGS RATIONALE

Algoma's B3 CFR is constrained by 1) high leverage, and expected
negative free cash flow resulting from weak steel prices (20x
adjusted debt/EBITDA expected in fiscal year 2020 ending March 31,
2020), 2) its small size (2.4 million tons/year of steel
shipments), 3) a single production site, with a single operating
blast furnace, 4) cash flow volatility due to exposure to the
volatile steel market and lack of control over raw material prices,
5) higher capital spending for strategic investment following its
exit from bankruptcy proceedings and 6) a competitive disadvantage
relative to North American peers because of incremental freight
costs from Sault Saint Marie, Ontario. Algoma benefits from 1) raw
material pricing that is tied to various index prices, but with a
lag, 2) relatively low cost hot rolled steel making capabilities,
using its Direct Strip Production Complex, 3) government (combined
federal and provincial) debt financing to assist with needed
modernization, and 4) sufficient liquidity to fund its operations
over the next year despite expected cash consumption.

The steel industry globally is viewed as having elevated/emerging
environmental risks with air pollution and carbon regulations
categorized as high. Algoma, like all producers in the global steel
sector faces pressure to reduce greenhouse gas and air pollution
emissions, among a number of other sustainability issues and will
likely incur costs to meet increasingly stringent regulations.
Algoma and companies who produce steel using the blast furnace
process (using primarily coal and iron ore to produce steel) have
higher greenhouse gas emissions and face greater challenges than
producers who use the electric arc furnace (EAF), which have a
greater percentage of scrap (recycled steel) in the raw material
mix.

Algoma has adequate liquidity. Sources total about CAD300 million
compared to uses of CAD70 million in the next four quarters.
Liquidity sources consist of about CAD280 million available under
its US$250 million ABL credit facility (due in 2023), and cash on
the balance sheet of CAD16 million as of September 2019. Uses
include Moody's expectation of CAD70 million of cash consumption
over the next four quarters, which includes a 1% mandatory term
loan amortization in this timeframe. Algoma's credit facility is
subject to springing fixed charge coverage covenant if credit
facility's availability falls below an amount defined in the
agreement, but Moody's does not expect the covenant to be
applicable in the next four quarters.

The negative outlook reflects Moody's expectation that leverage
should improve dramatically in fiscal 2021 as raw material costs
decline in line with continuing lower steel prices, but there is
material execution risk in this improvement and opacity in raw
material pricing and timing. An unexpected continuation of negative
cash from operations into fiscal 2021 would cause a deterioration
in Algoma's liquidity.

The ratings could be upgraded if the company is able to generate
consistent positive free cash flow, adjusted debt/EBITDA is
maintained below 4.0x (expected to be 20x at fiscal year-end 2020
(March 2020), 5.5x in 2021) and (CFO-dividend)/debt is sustained
above 15% (expected to be 1.3% March 2020).

The ratings could be downgraded if the company experiences a
deterioration in liquidity or if adjusted debt/EBITDA is sustained
above 6.0x (expected to be 20x at March 2020, 5.5x in 2021 ) and
(CFO-dividend)/debt sustained below 5% (expected to be 1% March
2020, 10% in 2021).

The principal methodology used in these ratings was Steel Industry
published in September 2017.

Algoma Steel Inc., headquartered in Sault Saint Marie, Ontario, is
a privately-owned steel producer with one operating blast furnace,
which shipped 2.4 million tons during fiscal 2019. Algoma
manufactures sheet and plate, with sheet products accounting for
approximately 85% of its sales. Algoma's revenue for the fiscal
year 2019 ending March 31, 2019 was CAD2.7 billion.


AMERICAN AIRLINES: Fitch Affirms BB- LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed American Airlines Group Inc.'s Long-Term
Issuer Default Rating at 'BB-'. The ratings also apply to
American's primary operating subsidiary American Airlines, Inc.

American Airlines Group Inc.'s 'BB-' rating is supported by the
company's market position as one of the largest airlines in the
world, a dominant position in key hubs and prospects for improving
FCF and declining leverage over Fitch's forecast period. However,
Fitch considers some of American's credit metrics to be weak for
the rating. Credit metrics have been pressured over the past two
years by a combination of one-time events including labor issues
and the 737 MAX grounding, and by rising labor costs and by an
intensely competitive environment. Fitch expects metrics to improve
over the next 1-2 years as declining capital expenditures allow for
debt reduction and as various revenue initiatives continue to take
hold.

American's adjusted leverage at Sept. 30, 2019 was 5.1x, up from
4.9x at the same point in 2018, which Fitch considers high for the
rating. EBIT margins declined in the LTM period to 8.2% from 8.5%.
Fitch previously stated that American's metrics would need to
improve in order to avoid a negative rating action. The Stable
Rating Outlook reflects the one-time nature of some of American's
performance in 2019. However, failure to see material improvement
in leverage and profitability metrics in 2020 is likely to lead to
a negative rating action.

KEY RATING DRIVERS

FCF to Improve as Capex Moderates: American has now passed the peak
of what was an intense period of capital spending centered on the
company's fleet renewal process. With lower capital spending, Fitch
expects American to produce cumulative FCF of $5 billion or more
between 2020 and 2022. Higher FCF, lower capital requirements for
aircraft deliveries, and amortization of the company's existing
debt will allow total debt balances to come down over the next
several years from levels that Fitch considers to be high for the
'BB-' rating. The company aims to reduce its net debt by $3
billion-$4 billion over the next two years, and $8 billion-$10
billion (including pension obligations) over the next five. The
execution of that goal could lead to positive ratings actions in
time. The timing of some capex is dependent on 737 MAX deliveries,
which makes forecasting annual FCF less certain.

Aggressive Cash Deployment: American has pursued a more aggressive
financial policy than many of its peers, simultaneously borrowing
heavily to purchase aircraft while returning large amounts of
capital to shareholders. American's share return policy has led to
above average leverage, and the likelihood that credit metrics may
deteriorate quickly in a downturn. Capital deployment is one of the
main differentiators between American's ratings and its main
competitors. American paused its repurchase program in 2018 to
remain above its $7 billion liquidity target, but started buying
back shares again in the first quarter of 2019, and has spent $825
million on repurchases through the first three quarters of the
year. The pace of buybacks is well below peak levels seen in 2015
and 2016, but remains substantial. Fitch believes that American
will scale its repurchase program to remain above its stated
liquidity target, which is supportive of the rating.

Growth Opportunities: American will gain access to five new gates
at Charlotte in 2020 and 3 in 2021 that will allow it to operate 35
additional daily flights. It will gain access to 14 larger gates at
Washington National in 2021 that will allow it to operate 76-seat
regional aircraft where they are currently limited to 50-seat
aircraft. Charlotte and Washington National are two of American's
most profitable hubs, and growth in these cities is likely to be
margin accretive. This is on top of American's expansion in Dallas
in 2019, which has generated above system-average margins to date.
American is also in the process of standardizing and densifying
seating layouts on its narrowbody fleet, creating low-cost capacity
growth. These items support Fitch's forecast for growing revenues
and modestly expanding margins over the next two to three years.

Uncertain Unit Revenue Trajectory: Fitch's outlook for unit
revenues is clouded by the pending impact of returning capacity
from grounded 737 MAXs and by continued macroeconomic concerns.
Fitch's forecast includes flattish or slightly positive unit
revenues in 2020 as consumer demand remains robust at the moment.
However, the forecast may change as the impacts of these factors
start to be realized. American's unit revenues have trended
positive for the past 12 quarters driven by solid passenger demand
and manageable competitive capacity growth. Relative to its main
competitors, American has been able to grow unit revenues faster
than United, but has lost ground to Delta over the past year.

One-time Items: American has underperformed compared to Fitch's
forecast in 2019, but much of this can be attributed to items that
Fitch does not expect to repeat. The 737 MAX grounding is the most
notable item. American expects the loss of the MAX to hit pre-tax
income by $540 million equating to more than 1% in operating
margin. The mechanics disruption and overall troubled operating
performance were negative contributors. American has shown
improvement in these measures in recent months and Fitch expects
better operating performance to drive improved financial results in
2020. On an LTM basis, American's EBIT margins declined to 8.2%
from 8.5% a year ago while much of the rest of the industry has
shown improvement. United and Delta saw their EBIT margins increase
by 140 and 150 basis points respectively over the same time
period.

Unit Costs Improvement in 2020: The items mentioned above have all
contributed to rising unit costs in the first nine months of 2019.
As MAX re-enters service (Fitch assumes in the first quarter of
2020), operational performance improves, and capacity growth
increases due to the MAX re-entry, unit cost pressures should be
much lighter in 2020. American predicts that CASM ex-fuel will be
roughly flat in 2020 (excluding a potential deal with its mechanics
union), compared to the 4.1% growth in unit costs seen in the first
nine months of this year.

Mechanics Union Disruption: Over the course of 2019 the
relationship between AAL and the TWU-IAM Association deteriorated,
as American began to see an unprecedented amount of aircraft out of
service during peak travel times. On May 20th, AAL filed a lawsuit
claiming the mechanics' actions have resulted in 650 flight
cancellations and over 1,500 maintenance delays since February.
This dispute and the ongoing MAX grounding significantly hindered
American's operating performance through 2019's peak summer season.
American reports that maintenance disruptions have subsided in
recent months following a court injunction received against the
mechanics in August, and on-time performance has greatly improved.
Negotiations between AAL and the TWU-IAM Association are ongoing,
and remain a watch item for the company.

The labor dispute can be traced back to the 2013 merger between
American Airlines and US Airways, which created the world's largest
airline but failed to produce a joint contract for the 31,000
mechanics employed by the two airlines. American has been working
to resolve the collective bargaining agreement with the two unions,
TWU and IAM, since December 2015 with the National Mediations Board
serving as federal mediator. Talks were suspended in April after
negotiations stalled between the two sides; however, the two
parties resumed negotiations on September 19th. There is currently
no resolution to the contract talks.

MAX Grounding: The continued grounding of the 737 MAX caused
additional strains to the company's operating performance and
available capacity over the course of 2019. Although the company
only had 24 MAXs in their fleet at the time of the grounding, the
lost capacity coupled with the mechanics' union issues severely
affected American's performance during the peak travel season.
American expected to take delivery of 16 more MAXs in 2019 and
another 10 in 2020, meaning that by YE 2020, the MAX was scheduled
to make up roughly 5% of American's mainline narrowbody fleet.
Should the grounding carry on through next summer's peak travel
season, operational and cost impacts would be much more
meaningful.

Fitch's base case expectation is that the MAX will return to
service early next year. The grounding will likely mean that
American will not have all of its planned MAX deliveries by YE
2020. Nevertheless, Fitch expects that backlogged deliveries can
occur relatively quickly once the grounding is lifted, as Boeing
has continued to produce aircraft.

EETC Ratings:

Fitch has upgraded American's 2015-1 class B certificates to 'BBB'
from 'BBB-' and American's 2013-2 class A certificates to 'BBB+'
from 'BBB'. The 2015-1 upgrade is primarily based on improving
recovery prospects due to relatively stable asset values for the
underlying collateral (737-800s, 777-300ERs, A319s, E-175s, and 1
787-8), and continued principal amortization. Fitch expects the
certificates' recovery prospects to remain above 91% in a stress
scenario through the remainder of their tenor.

The 2013-2 class A certificate upgrade reflects expected
improvement in overcollateralization levels that will occur as the
777-200ERs in the transaction exit the collateral pool in early
2021. The 777-200ERs have experienced rapid value declines in
recent years, and Fitch stresses values for those aircraft harshly
because of their advanced age. Once the 777s leave the pool, this
transaction will primarily be secured by 2009-2010 vintage
737-800s, which Fitch considers to be solid collateral. Collateral
changes will allow the transaction to pass Fitch's 'A' level stress
scenario within two years, supporting the ratings upgrade.

Fitch has affirmed all other outstanding American Airlines EETC
ratings. Senior tranche affirmations are supported by levels of
overcollateralization that continue to allow the transactions to
pass Fitch's 'A' or 'AA' level stress scenarios, depending on the
transaction. In general, stress scenario LTVs for American's class
AA and A certificates are roughly in line with or in some cases
slightly improved from where they were a year ago. Loan-to-value
trends are primarily based on moderate asset depreciation for most
collateral types in American's EETCs and principal amortization.
Stress scenario LTVs also improved for several transactions based
on lower stress rates applied to A321-200s in its analyses. The
lower stress rate (20% instead of 25% in its 'A' level scenario)
reflects a re-evaluation of the aircraft type. Fitch believes that
the A321's success in garnering orders in recent years, popularity
among a wide base of users, and the broad trend in the airline
industry towards operating larger narrowbodies all support the
A321s liquidity and remarketability such that a lower stress rate
is appropriate.

Fitch notes that the AAL 2017-2 transaction has exposure to 737 MAX
8s (roughly 33% of the collateral pool). Fitch's current assumption
is that base values for the MAX will remain relatively steady based
on its strong backlog and high level of demand for narrow-body
aircraft. Values could be damaged if the grounding is prolonged for
longer than expected or if traveler acceptance is low. However,
current levels of overcollateralization in the 17-2 pool would
allow the transaction to absorb significant value declines for the
MAX's before triggering Fitch's negative rating sensitivities.

American's EETC portfolio has large exposures to Airbus A321s
(particularly the US Airways 2012-1, 2012-2 and 2013-1 deals),
777-300ERs (2015-1 and 2014-1), and 737-800s (various
transactions). 737-800 values have depreciated in line with Fitch's
expectations for several years. For the A321-200 recent vintage
aircraft values declined by just under 6% on average over the past
year and at a compound annual rate of about 6.5% over the past
three years. 777-300ER values stabilized recently after
experiencing more notable declines in recent years. There is some
concern around 777 values due to the pending entry of Boeing's
replacement aircraft, the 777x.

Modest aircraft value declines combined with principal amortization
has left most American EETCs with modest amounts of headroom within
Fitch's stress scenarios. American 2013-1 (A-) has more limited
headroom due to value declines for the 777s in the portfolio
meaning that the ratings are sensitive to further moves in aircraft
values.

The affirmations of the other subordinated tranches were based on
the affirmation of American's corporate rating and on Fitch's
unchanged opinion of the likelihood of affirmation and recovery
prospects for these pools of aircraft.

Subordinated Tranche Ratings: Fitch notches subordinated tranche
EETC ratings from the airline IDR based on three primary variables:
1) the affirmation factor (0-2 notches for airlines with 'BB'
category ratings), 2) the presence of a liquidity facility, (0-1
notch) and 3) recovery prospects (0-1 notch).

American's Class B certificates are rated at either between 'BB+'
and 'BBB'. Fitch considers the affirmation factor (likelihood the
aircraft would be affirmed in bankruptcy) to be high (+2 notches)
for all transactions except AAL 2013-1 and LCC 2012-1 which receive
a one notch uplift. Ratings on the AAL 2013-1 and 2013-2 class B's
are also lower due to weaker recovery prospects in Fitch's stress
scenarios compared to other transactions.

DERIVATION SUMMARY

American is rated lower than its major network competitors, Delta
(BBB-/Stable), and United (BB/Stable) primarily due to the
company's more aggressive financial policies. American's debt
balance has increased substantially since its exit from bankruptcy
and merger with US Airways in 2013 as it has spent heavily on
renewing its fleet and on share repurchases. As such American's
adjusted leverage metrics are at the high end of its peer group.
The risk of maintaining a high debt balance is partially offset by
American's substantial cash position. At Sept. 30, 2019, American
had a cash balance of $5.2 billion and full availability under its
$2.7 billion in revolving credit facilities. Total liquidity was
just over $7 billion for United and $4.4 billion for Delta.
American also has lower capital spending requirements compared with
peers over the next several years. American's ratings are also
supported by the breadth and depth of its route network, its
position as the largest airline in the world (as measured by
available seat miles) and by strong financial results since its
merger with US Airways. American's ratings are in line with LATAM
and Hawaiian Airlines. LATAM's credit metrics are roughly in line
with American's, though American's credit profile benefits from its
position in a more stable market. Hawaiian's key credit metrics are
stronger than American's, though its ratings incorporate its much
smaller size and geographic concentration.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:

  -- Capacity growth of ~5% in 2020 and in the low single-digit
range annually thereafter;

  -- Slower economic growth for the U.S. over the near term,
translating to slower growth in demand for air travel;

  -- Crude prices equating to $55-$60/barrel on average for 2019
and rising modestly thereafter;

  -- Low single-digit TRASM growth in 2020 followed by modest
annual growth thereafter;

  -- Unit cost growth at close to 4% in 2019, flat in 2020, and
below 2% thereafter;

  -- Material debt reduction over the forecast period;

  -- Annual share repurchases are assumed to be sized in such a way
to keep liquidity above a target of $7 billion.

RATING SENSITIVITIES

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

  -- Adjusted debt/EBITDAR sustained below 4.0x;

  -- FFO fixed-charge coverage sustained around 3.0x;

  -- FCF generation above Fitch's base case expectations;

  -- Moderating policies toward financial leverage and
shareholder-friendly cash deployment.

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

  -- Failure to reduce total adjusted debt/EBITDAR by mid-2021;

  -- EBITDAR margins deteriorating into the low double-digit
range;

  -- Shareholder-focused cash deployment at the expense of a
healthy balance sheet;

  -- Liquidity sustained below 15% of LTM revenue.

EETC rating sensitivities

The individual tranches that are rated at 'AA' or 'A' are primarily
based on a top-down analysis based on the value of the collateral.
Therefore, a negative rating action could be driven by an
unexpected decline in collateral values. Most of American's EETC
transactions retain significant amounts of overcollateralization
leading to a material amount of headroom for asset values to
decline without failing Fitch's stress tests. The 2015-1 and 2013-1
transactions have higher loan to value ratios and are somewhat more
sensitive to asset value movements compared to other transactions.
Senior tranche ratings could also be affected by a perceived change
in the affirmation factor or deterioration in the underlying
airline credit. The 'AA' rated tranches may also be downgraded to
below the 'AA' category if American's IDR were downgraded to 'B-'or
below as stipulated in Fitch's EETC criteria. Older US Airways
transactions that are secured by Airbus aircraft feature high
levels of overcollateralization and may be considered for an
upgrade to 'A+' over time if asset values remain stable or if
American's corporate credit profile were to improve.

Subordinated tranche ratings are based off of the underlying
airline IDR. As such, Fitch may upgrade subordinated tranches by a
notch if American were upgraded to 'BB'. However, certain tranches
may not be downgraded if American were downgraded to 'B+', as
Fitch's EETC criteria allows for a wider notching differential for
'BB' and 'B' category rated airlines. Subordinate tranche ratings
are also sensitive to Fitch's perception regarding affirmation
factors. Subordinate tranches currently rated at 'BBB' could be
downgraded if the underlying collateral pools are viewed as less
strategically important.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: American had total unrestricted cash and
short-term investments of $5.17 billion, and $2.84 billion in
undrawn revolver capacity, equal to 17.6% of LTM revenue, as of
Sept. 30, 2019. This is above the airline's long-term minimum
liquidity target of $7 billion, but the company aims to keep
liquidity high due to offset its high debt balances. Fitch views
liquidity, along with expected generation of significant cash flow
from operations (CFFO), to be more than adequate to cover upcoming
obligations, including debt maturities of $2.5 billion in 2019 and
$1.8 billion in 2020.

The company is an active debt issuer, having raised more than $3.5
billion of debt through the first nine months of 2019, including
the issuance of two enhanced equipment trust certificates (EETCs).
Fitch expects American to have less need to tap the capital markets
in the coming years as its aircraft purchase commitments decline
and FCF improves.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. ESG issues are credit neutral
or have only a minimal credit impact on the entity, either due to
their nature or the way in which they are being managed by the
entity.


ARR INVESTMENTS: Unsecured Creditors Unimpaired Under Plan
----------------------------------------------------------
Debtors ARR Investments, Inc., ARR Childcare, Inc., and Arista
Academy, Inc., filed with the U.S. Bankruptcy Court for the Middle
District of Florida, Orlando Division, an amended disclosure
statement describing a Chapter 11 Plan to restructure the Debtors'
liabilities in a manner designed to maximize recoveries to all
stakeholders.

The Debtors believe the Plan is reasonably calculated to lead to
the best outcome for all creditors in the shortest amount of time.

The Debtors' income is predominantly derived from operations of its
four Learning Centers.  2018 revenues for Pines Prep were $326,424
with an enrollment of 60 students.  2018 revenues for Plantation
Prep were $579,876 with an enrollment of 105 students.  Davie
Prep's 2018 revenue was $388,798 with an enrollment of 65 students
and Toddler Tech's 2018 revenue was $433,769 with an enrollment of
75 students. The Debtors anticipate total revenue to increase for
the 2019 calendar year.

Secured creditors in Classes 1 to 11 each will retain its lien and
will receive payment equal to  100% of its allowed secured claim,
over time, according to the terms set forth in the Plan.

Allowed unsecured creditors of the Debtors in Class 12 are
unimpaired and will be paid in full on the Effective Date or as
soon as reasonably practicable thereafter.

Holders of existing interests in Class 13 will retain their
respective ownership in the Debtors.

As of the Effective Date, the Debtors will continue to operate as
separate distinct entities and will not be substantively
consolidated.

The Plan contemplates that the Debtors will continue to operate
their business.  The Debtors believe that cash flow from the
Learning Centers and Rental Properties will be sufficient to meet
all Plan Payments.  Funds generated by the Debtors during the
Chapter 11 Cases will be used for operating expenses and Plan
Payments.

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

The Debtors are represented by:

         Jimmy D. Parrish
         BAKER & HOSTETLER, LLP
         200 S. Orange Avenue
         SunTrust Center, Suite 2300
         Orlando, Florida 32801
         Tel: (407) 649-4000
         Fax: (407)841-0168
         E-mail: jparrish@bakerlaw.com

                     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.


ARSENAL RESOURCES: Plan to be Funded by New RBL Facility Proceeds
-----------------------------------------------------------------
On Nov. 8, 2019, Arsenal Resources Development LLC and certain of
its affiliates filed with the U.S. Bankruptcy Court for the
District of Delaware a Joint Prepackaged Plan of Reorganization and
a proposed Disclosure Statement.

Holders of claims under the RBL Facility will be paid in full in
cash from proceeds of a new revolving credit facility-which New RBL
Facility includes an initial borrowing base of not less than $130
million and other terms set forth in the related commitment letter,
dated Nov. 6, 2019, between Arsenal Resources Development LLC and
the lenders under the New RBL Facility and the term sheet attached
thereto—and/or the New Equity Issuance.

The $100 million new capital commitment in Reorganized ARDH1 to be
provided on the Effective Date by (i) Chambers and/or certain of
its affiliated funds and/or their respective limited partners and
(ii) Mercuria and/or certain of its affiliated funds and/or their
respective limited partners will be consummated in accordance with
the RSA in exchange for New ARDH1 Class A Interests.

All allowed general unsecured claims against the OpCo Debtors shall
be Unimpaired and thus, holders of such Claims will (i) receive
cash equal to such allowed Claims on the later of the Effective
Date, (ii) receive payment on terms as the Reorganized OpCo Debtors
and the holder thereof may agree, (iii) have such allowed Claim
reinstated or (iv) receive such treatment so as to render such
allowed Claim unimpaired.

Claims arising under the $90 million debtor-in-possession financing
facility of the Debtors shall be paid in full in cash from proceeds
of the New RBL Facility and/or the New Equity Issuance. The
agreements to provide financing under the DIP Facility and the New
RBL Facility are pursuant to, and subject to the conditions set
forth in the New RBL Facility Commitment Letter.

A combined hearing to consider compliance with the Bankruptcy
Code's disclosure requirements, confirmation of the Plan, the
assumption of executory contracts and unexpired leases, any
objections to any of the foregoing and any other matter that may
properly come before the Court, will be held before the Honorable
Brendan L. Shannon, United States Bankruptcy Judge, in Courtroom
No. 1 of the United States Bankruptcy Court, 824 North Market
Street, 6th Floor, Wilmington, Delaware 19801, on Dec. 19, 2019 at
10:00 a.m. (ET).

A full-text copy of the Plan is available at
https://tinyurl.com/wyum7m4 from PacerMonitor.com at no charge.

                      About Arsenal Resources

Arsenal Resources -- http://www.arsenalresources.com/-- is an
independent exploration and production company headquartered in
Pittsburgh, Pennsylvania that is engaged in the acquisition,
exploration, development and production of natural gas in the
Appalachian Basin.  

Arsenal Resources Development LLC and 16 affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 19-12347) on Nov. 8,
2019 to implement terms of a prepackaged Chapter 11 plan of
reorganization.

Arsenal was estimated to have at least $500 million in assets and
liabilities as of the bankruptcy filing.

The Company is represented by Simpson Thacher & Bartlett LLP and
Young Conaway Stargatt & Taylor LLP, as legal counsel, PJT Partners
LP, as investment banker and Alvarez & Marsal North America, LLC,
as restructuring advisor.


AVATAR HOLDCO: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Avatar Holdco LLC (also
known as EAB) to stable from negative and affirmed all of its
ratings on the company, including its 'B-' issuer credit rating.

EAB's cash flow has increased following its spin-off from The
Advisory Board Company. S&P expects the company's credit metrics to
improve as it realizes cost-saving synergies and benefits from its
recent investments for new product launches.

FOCF generation will likely continue to improve over the next 12-24
months.  As EAB laps certain one-time expenses and deferred revenue
write-downs spurred by the ownership change, S&P expects the
company to generate at least $15 million of free operating cash
flow in fiscal 2020. S&P believes that the combination of sustained
mid- to high-single digit percent revenue growth with the roll-off
of certain one-time expenses and investment spending will improve
its EBITDA and free cash flow generation on a sustained basis.

The stable outlook on EAB reflects S&P's expectation that its
operating performance will continue to improve. The rating agency
expects the company to maintain adequate liquidity and generate at
least $15 million of FOCF over the next 12 months due to lower
one-time costs and investment spending for new product
development.

"We could lower our ratings on EAB if it is unable to improve its
revenue and profit margins such that its FOCF becomes negligible.
We could also lower our rating if the company is unable to maintain
adequate liquidity. This could occur if the company's revenue
growth substantially slows or contracts," S&P said.

"While unlikely over the next 12 months, we could raise our rating
on EAB if the company generates and sustains FOCF of at least $50
million while growing its revenue by the mid-to high-single digit
percent range. We would also expect the company to improve and
sustain EBITDA margins in the low-30% area," the rating agency
said.


AZUSA PACIFIC: Moody's Alters Outlook on Ba1 $60MM Bonds to Stable
------------------------------------------------------------------
Moody's Investors Service revised Azusa Pacific University, CA's
outlook to stable from negative. Moody's has also affirmed the Ba1
rating on approximately $60 million of outstanding bonds which were
issued through California Municipal Finance Authority.

RATINGS RATIONALE

The revision of the outlook to stable on Azusa Pacific University
(APU) reflects a material improvement in operating performance,
growth in liquidity, and stronger headroom over covenants. APU's
internal monitoring and reporting have improved significantly,
lessening the likelihood of additional covenant violations due to
budget overruns, but the university's debt structure continues to
add risk and constrain flexibility.

Retained operating cash flows should contribute to growth in
spendable cash and investments, improving reserve levels from
currently weak levels. To bolster liquidity, in the 4th quarter of
fiscal year 2019, management temporarily reduced its exposure to
market volatility by converting all investments in equities and
fixed income into cash and real estate. The allocation to real
estate is unusually high, and reflects investment in real estate
surrounding campus, including a condominium complex. However, the
university is in the midst of selling commercial real estate
property.

While enrollment stabilized in fall 2019 and APU is projecting
modest growth for next year, the university serves a niche market
as an evangelical Christian university and confronts increasing
competition in the online and adult markets, which is a material
share of enrollment. As a result, the university is forecasting a
modest decline in net tuition revenue for fiscal 2020. Highly
tuition dependent, at over 90% of revenue, the university's credit
profile is vulnerable to potential increases in market volatility,
contributing to a fair strategic position.

RATING OUTLOOK

The stable outlook reflects its expectation that APU will continue
to maintain its improved level of operating performance and
measured growth in its financial resource cushion relative to debt
and operations over time.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Material and sustained improvement in operating performance

  - Improved strategic position reflected in growth in enrollment
and net tuition per student and greater revenue diversity,
including increased philanthropy

  - Significant strengthening of liquidity and spendable cash and
investment cushion to debt and expenses

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Significant deterioration of operating cash flows

  - Violations of debt covenants increasing risk of potential
acceleration

  - Material increase in debt burden

LEGAL SECURITY

The Series 2015B Bonds are a general obligation of the university,
secured on a parity basis with the Series 2015A direct placement by
a gross revenue pledge, the East Campus (core campus of the
university) and personal property of the university.

PROFILE

Azusa Pacific University was founded in 1899 as an evangelical,
Christian university and is located 26 miles northeast of Los
Angeles in the City of Azusa in the San Gabriel Valley. The
university has two main campuses, an online entity and six regional
centers throughout the area. APU has nearly 9,000 full-time
equivalent students and total operating revenue of $270 million.

METHODOLOGY

The principal methodology used in this rating was Higher Education
published in May 2019.


B SQUARE BURGER: Won't File Disclosures for 100% Plan
-----------------------------------------------------
Debtor B Square Burger Co. LLC filed a motion to dispense with the
requirement of a Disclosure Statement and set on an expedited
matter the hearing to confirm the Debtor's Amended Plan of
Reorganization, and respectfully set forth and show:

The Plan provides for three Classes of prepetition claims.  Under
the Plan, Classes 1 and 2 are unimpaired.  As such, Classes 1 and 2
are conclusively presumed to have accepted the Plan, and
solicitation of acceptances with respect to these Classes is not
required, in accordance with Bankruptcy Code §1126(f).

As the Debtor believes it will not need solicitation of ballots for
acceptance of the Plan, this Court has the authority to dispense
with the requirement of a written Disclosure Statement. Sec. 1125
(b) of the Bankruptcy Code provides that a solicitation of
acceptance or rejection of a plan may not be made until such time
as the Bankruptcy Court approves a Disclosure Statement, which is
transmitted to the Creditors with the Plan. Since the Debtor is not
soliciting any ballots on its Plan, then Sec. 1125 (b) should not
apply.

Based on the foregoing, it's appropriate for this Court to enter an
Order dispensing with the requirement of a written Disclosure
Statement prior to the Court considering confirmation of the
Debtor's Plan.  

The Debtor is also requesting through this Motion that the Court
set confirmation of the Plan on an expedited basis. T he Plan, if
confirmed would benefit the general unsecured creditors of this
case because the Plan calls for a 100% distribution on the
Effective Date of the Plan.  Furthermore, the Debtor has a critical
interest in regaining possession in control of its business, along
with the respectful termination of the Operating Trustee.

A full-text copy of the Motion is available at
https://tinyurl.com/vgu5ygj from PacerMonitor.com at no charge.

The Debtor is represented by:

        BRIAN S. BEHAR
        ROBERT J. EDWARDS
        BEHAR, GUTT & GLAZER, P.A.
        DCOTA, 1855 Griffin Road, Suite A-350
        Ft. Lauderdale, Florida 33004
        Telephone: (954) 733-7030
        E-mail: bsb@bgglaw.com
                redwards@bgglaw.com      

                 About B Square Burger Co. LLC

B Square Burger Co. LLC operates a retail restaurant at 1021 E. Las
Olas Blvd, Ft. Lauderdale, Fla.

B Square Burger Co. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-10527) on Jan. 15,
2019.  At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of less than $100,000.
The case is assigned to Judge John K. Olson.  Behar, Gutt & Glazer,
P.A. is the Debtor's legal counsel.


BETHUNE-COOKMAN UNIV: Fitch Lowers Rating on 2010 Bonds to CCC
--------------------------------------------------------------
Fitch Ratings downgraded to 'CCC' from 'CCC+' the ratings on
approximately $16.6 million of Florida Higher Educational
Facilities Financing Authority, educational facilities revenue
bonds series 2010 issued on behalf of Bethune-Cookman University.
Fitch has also assigned an Issuer Default Rating of 'CCC' to BCU.

The ratings remain on Rating Watch Negative.

SECURITY

The bonds are an unsecured general obligation of BCU and have a
debt service reserve fund cash-funded to maximum annual debt
service.

ANALYTICAL CONCLUSION

The downgrade of the bond ratings to 'CCC' is driven by heightened
risk after a significant decline in fall 2019 enrollment. Fitch's
prior rating action had anticipated sizeable enrollment declines as
the university tightened collections of student charges and began
to work down bad debt; while lowering enrollment, these steps had a
limited effect on BCU's bottom line. However, the reported decline
in FTE enrollment exceeding 20% based on fall 2019 figures and the
notably smaller incoming class for fall 2019 were weaker results
than expected. Fitch believes public controversies and negative
press related to the university's various challenges drove the
additional drop in fall demand and total enrollment.

The 'CCC' IDR and bond ratings reflect substantial event-driven and
fundamental credit risk. Fitch believes default is a real
possibility if BCU is not successful in executing its corrective
plans on several fronts. However, BCU is on track to improve cash
flow and still has access to certain liquidity sources, including
further endowment borrowing. These factors support its continued
ability to operate and meet debt service obligations and are not
currently consistent with a 'CC' category rating. Key risk factors
include:

  -- Ongoing technical default and acceleration risk: BCU has made
all required payments on the series 2010 bonds but violated an
additional debt covenant incurably with a 2015 dormitory lease
financing. There is no forbearance agreement to date, and the
ongoing technical default allows for acceleration upon instruction
of 25% of holders. BCU does not have immediate unrestricted
liquidity to pay the $16.6 million of outstanding series 2010 bonds
in the event of acceleration.

  -- Accreditor probation: The university has been on probationary
status with its primary accreditor since June 2018. The
accreditor's June 2019 review left the university on probation for
another year as expected, indicating BCU has demonstrated some
improvement but had not fully resolved all of the accreditor's
governance and financial management concerns that drove the
sanction. The accreditor's next decision regarding the typically
two-year probation period will come in June 2020. Loss of
accreditation could be extremely disruptive and could cut off
access to federal student aid, upon which BCU is highly dependent.

  -- Complex litigation: The university is engaged in various legal
disputes, the largest of which is related to the 2015 dormitory
transaction. While BCU ultimately seeks to lower its liabilities
related to the dormitory project, the risks of damages if
unsuccessful and the mounting costs of protracted litigation add to
credit risk.

  -- Substantial fundamental credit risk: After several years of
steep cash losses, BCU's unrestricted liquidity is now weak,
requiring borrowing from endowment funds over the low-cash summer
period. Significantly tightened budgeting practices and financial
controls have improved previously very weak operating performance
to date in fiscal 2020 despite the large fall 2019 enrollment
decline, and the university expects significant cash flow
improvement to continue this fiscal year. However, the university
must begin to improve admissions and rebuild enrollment to achieve
a sustainably balanced budget. BCU has very high leverage for its
operating profile due to the large dormitory lease.

KEY RATING DRIVERS

Revenue Defensibility: 'bb' Larger than Expected Enrollment
Decline

Significant and larger than expected enrollment declines drive the
'bb' assessment, and failure to stabilize or improve future classes
could further stress the university's financial position. Given
weak demand and price-sensitivity of its student base, BCU has
limited additional tuition pricing flexibility. Fundraising, which
has historically been supportive but was depressed by the public
controversies in recent years, has started to recover as BCU
appeals to donors for help stabilizing the institution.

Operating Risk: 'bb' Losses Continued in 2019; Material Expense
Reductions in 2020

Cash losses continued through fiscal 2019, but cash flow is on
track to improve toward breakeven 2020. The current-year budget
incorporates significant enrollment-driven revenue declines and
large offsetting expense reductions, reflective of significantly
improved budgeting practices and financial controls. The 'bb'
assessment incorporates the risk of very weak cash flow, but BCU
likely has higher flexibility to continue significant cost cutting
in the near term due to limited historical control of expenses. The
university has no major capital plans, but limited investment in
capital maintenance due to cash flow constraints will build
deferred maintenance needs over time.

Financial Profile: 'bb' Weak Liquidity and Very High Leverage

The university has very high leverage in the context of its weak
operating profile, with available funds-to-adjusted debt around 31%
in 2018 and stressed liquidity that required borrowing from its
endowment over the low-cash summer period. Based on preliminary
fiscal 2019 statements, Fitch estimates that BCU had depleted most
of its fully unrestricted reserves at the June 30, 2019 low point,
consistent with the need for endowment borrowing. However, Fitch
estimates total available funds (cash and investments not
permanently restricted) around $24 million as of fiscal year-end
2019. A significant portion of these funds are purpose-restricted
for institutional support, student aid and other educational or
general purposes that may align with immediate operating needs, and
the university has some additional capacity to borrow from its
endowment.

Asymmetric Additional Risk Considerations

Technical default under the 2010 bonds, accreditor probation and
ongoing litigation are asymmetric risk factors that together
constrain the rating until resolved, even if fundamental credit
factors improve.

RATING SENSITIVITIES

Rating Watch Tied To Bondholder Actions: Execution of a forbearance
agreement that neutralizes the threat of acceleration would lead to
Fitch removing the Rating Watch Negative. However, this alone would
not improve the rating at this time due to remaining substantial
underlying credit risks from enrollment volatility, weak liquidity
and accreditation risk.

Accreditation Status: Loss of accreditation at the accreditor's
June 2020 review would likely trigger a downgrade to no higher than
'CC'.

Liquidity Management and Operating Improvement: Failure to continue
substantial progress toward breakeven cash flow in fiscal 2020 or
failure to improve the fall 2020 admissions cycle could drive
unsustainable liquidity stress and further pressure the rating.

CREDIT PROFILE

Founded in 1904, BCU is a private co-educational university in
Dayton Beach, FL and is one of the federally designated
historically black colleges and universities in the United States.
As of fall 2019, the university serves nearly 3,000 students at its
main campus, satellite location and online. The university has
brought on a new permanent president in July 2019 and a permanent
CFO in February 2019.


BIOSTAGE INC: Incurs $2.4 Million Net Loss in Third Quarter
-----------------------------------------------------------
Biostage, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q reporting a net loss of $2.38
million on $0 of revenues for the three months ended Sept. 30,
2019, compared to a net loss of $2.09 million on $0 of revenues for
the three months ended Sept. 30, 2018.  The $0.3 million
year-over-year increase in net loss was due primarily to a $0.3
million increase in research and development costs.  General and
administrative expenses and other income (expense) for the current
quarter were virtually unchanged compared to the same period last
year.  In addition, the Company recognized grant income for
qualified expenditures from the SBIR grant of $136,000 for the
current three-month period compared to $90,000 for the similar
three-month period in 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of $6.73 million on $0 of revenues compared to a net loss
of $5.69 million on $0 of revenues for the same period last year.
The $1.0 million year-over-year increase in net loss was due
primarily to a $1.2 million increase in research and development
costs and a $0.2 million increase in general and administrative
expenses, offset in part by a $0.2 million net decrease in expense
from change in the fair value of warrants.  In addition, the
Company recognized grant income for qualified expenditures from the
SBIR grant of $473,000 for the current nine-month period compared
to $225,000 for the similar nine-month period in 2018.

As of Sept. 30, 2019, the Company had $2.06 million in total
assets, $941,000 in total liabilities, and $1.12 million in total
stockholders' equity.

At Sept. 30, 2019, the Company had cash on-hand of $1.1 million and
no debt.  The Company used net cash in operations of $4.6 million
during the nine months ended Sept. 30, 2019.

During the nine months ended Sept. 30, 2019, the Company received
$4.5 million from financing activities, including approximately
$1.3 million from the issuance of 345,174 shares of common stock to
investors in private placement transactions, and $3.25 million from
the issuance of 1,625,000 shares of its common stock to a group of
investors in connection with the exercise of a portion of the
warrants that were issued on Dec. 27, 2017.

Subsequent to the end of the quarter, the Company issued an
additional 75,000 shares of common stock to Connecticut Children's
Medical Center (Connecticut Children's) in exchange for the
exercise of warrants, which were previously issued to Connecticut
Children's on Jan. 3, 2018.  Those warrants were exercised for
aggregate cash proceeds of $150,000.

During the third quarter, Biostage continued its focus to complete
the submission of its first Investigational New Drug (IND)
application.

On Oct. 29, 2019, Biostage submitted its IND application to the
U.S. Food and Drug Administration (FDA) for the Company's lead
product candidate, the Cellspan Esophageal Implant (CEI).

Biostage CEO James McGorry remarked, "This milestone marks the
start of Biostage's transition to a clinical stage company and,
subject to FDA approval, will allow Biostage to begin clinical
trials of our Cellspan Esophageal Implant.  Implantation of this
bioengineered tissue during surgical resection of a short segment
of the esophagus addresses important and unmet public health needs,
those of adults as well as children.  This initial clinical trial
will enroll adults and will enable a subsequent regulatory filing
for a pediatric-focused clinical trial. Biostage's technology has
the potential to enable patients to avoid multiple complex
surgeries, while also improving the patient's quality of life
compared to the current standard of care."

Mr. McGorry continued, "The CEI is innovative in its composition
and utility, while also providing surgeons with a new option that
holds the promise of reducing morbidity both short and near-term."

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/cRF5VO

                          About Biostage

Headquartered in Holliston, Massachusetts, Biostage, Inc., formerly
Harvard Apparatus Regenerative Technology, Inc. --
http://www.biostage.com-- is a biotechnology company developing
bioengineered organ implants based on its novel Cellframe
technology.  The Company's Cellframe technology is comprised of a
biocompatible scaffold that is seeded with the patient's own stem
cells.  The Company's platform technology is being developed to
treat life-threatening conditions of the esophagus, bronchus and
trachea.

Biostage reported a net loss of $7.52 million for the year ended
Dec. 31, 2018, compared to a net loss of $11.91 million for the
year ended Dec. 31, 2017.  As of June 30, 2019, the Company had
$2.63 million in total assets, $920,000 in total liabilities, and
$1.71 million in total stockholders' equity.

In its report dated March 29, 2019, RSM US LLP, in Boston,
Massachusetts, the Company's auditor since 2018, issued an opinion
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, expressing substantial doubt about the
Company's ability to continue as a going concern.  The auditor
stated that the Company has suffered recurring losses from
operations, has an accumulated deficit, uses cash flows in
operations, and will require additional financing to continue to
fund operations.


BLACKRIDGE TECHNOLOGY: Incurs $7.8 Million Net Loss in Q3
---------------------------------------------------------
Blackridge Technology International, Inc. filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q reporting
a net loss of $7.76 million on $108,811 of revenue for the three
months ended Sept. 30, 2019, compared to a net loss of $4.97
million on $74,102 of revenue for the three months ended Sept. 30,
2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of $23.37 million on $297,611 of revenue compared to a net
loss of $11.84 million on $144,116 of revenue for the nine months
ended Sept. 30, 2018.

As of Sept. 30, 2019, the Company had $11.36 million in total
assets, $25.43 million in total liabilities, and a total
stockholders' deficit of $14.07 million.

At Sept. 30, 2019, the Company had total current assets of
$861,036, including cash of $276,167, and current liabilities of
$25,437,146, resulting in working capital deficit of $24,576,110.
The Company's current assets and working capital included
receivables of $269,511, inventory of $95,013 and prepaid expenses
of $220,345.

In addition, as of Sept. 30, 2019, the Company had a total
stockholders' deficit of $14,072,090.  As the Company has worked
toward its acquisition and new product launches, it has primarily
financed recent operations, the development of technologies, and
the payment of expenses through the issuance of its debt, common
stock, preferred stock and warrants.

For the nine months ended Sept. 30, 2019, net cash used in
operating activities was $6,655,979, as a result of its net loss
from continued operations of $23,370,788 and increases in accounts
receivable of $167,219, inventory of $39,010, and prepaid expenses
of $97,632, partially offset by non-cash expenses totaling
$12,412,504 and increases in accounts payable and accrued expenses
of $3,226,051, accounts payable and accrued expenses – related
party of $388,610, accrued interest of $906,043, accrued interest -
related party of $15,919, deferred revenue of $31,289 and wages
payable of $963,606.

For the nine months ended Sept. 30, 2018, net cash used in
operating activities was $7,712,392, as a result of the Company's
net loss from continued operations of $11,841,419 and increases in
inventory of $15,595, and decreases in deferred revenue of $3,822,
accounts payable and accrued expenses – related party of $11,411,
partially offset by non-cash expenses totaling $2,683,899, and
increases in accrued interest of $380,104, accrued interest -
related party of $115,722, wages payable of $736,108, and a
decrease in accounts receivable of $48,859 and prepaid expenses of
$237,493.

Cash used in investing activities for the nine months ended Sept.
30, 2019 was $1,870,557 compared to $1,683,431 for the nine months
ended Sept. 30, 2018.  The increase in the current period is due
primarily to an increase in capitalized engineering costs related
to the Company's technology development as well as an approximate
$79,000 in purchases of property and equipment.  For the nine
months ended Sept. 30, 2019, net cash provided by financing
activities was $4,108,753, comprised of proceeds from sales of
equity in BlackRidge Research of $1,983,755, proceeds from short
term convertible notes of $1,500,000, proceeds from short term
notes – related party of $600,000 and proceeds from the sale of
preferred stock of $350,000, partially offset by the repayments of
short term notes of $25,000 and repayments of long-term notes of
$300,002.

For the nine months ended Sept. 30, 2018, net cash provided by
financing activities was $11,333,999, comprised of proceeds from
the sale short term notes – related party of $732,000, short term
notes of $10,832,000 and advances – related party of $75,000,
partially offset by repayments of short term notes of $5,000 and
repayments of long-term notes of $300,001.

Based on the Company's current business plan, the Company
anticipates that its operating activities will use approximately
$900,000 in cash per month over the next twelve months, or $10.8
million.  Currently the Company does not have enough cash on hand
to fully implement its business plan, and will require additional
funds within the next year.  The Company believes that its
operations will not begin to generate significant cash flows until
the first quarter of 2020 when it expects to begin new product
contracts.

"In order to remedy this liquidity deficiency, we are actively
seeking to raise additional funds through the sale of equity and
debt securities, and ultimately plan to generate substantial
positive operating cash flows," the Company said in the SEC filing.
"Our internal sources of funds will consist of cash flows from
operations, but not until we begin to realize substantial revenues
from sales.  If we are unable to raise additional funds in the near
term, we may not be able to fully implement our business plan, and
it is unlikely that we will be able to continue as a going
concern."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/vpPBE5
  
                  About BlackRidge Technology

Headquartered in Reno, Nevada, BlackRidge Technology, formerly
known as Grote Molen, Inc. -- http://www.blackridge.us-- develops
and markets next generation cyber defense solutions that enables
its customers to deliver more secure and resilient business
services in today's rapidly evolving technology and cyber threat
environments.  The Company's patented technology authenticates user
or device identity and enforces security policy on the first packet
of network sessions.  This new level of real-time protection blocks
or redirects unidentified and unauthorized traffic to stop port
scanning, cyber-attacks and unauthorized access.  BlackRidge was
founded in 2010 to commercialize its military grade and patented
network security technologies.

BlackRidge reported a net loss of $17.15 million for the year ended
Dec. 31, 2018, compared to a net loss of $15.34 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, Blackridge had
$10.68 million in total assets, $11.66 million in total
liabilities, and a total stockholders' deficit of $979,982.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 12, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, stating that the
Company has incurred losses since inception, has negative cash
flows from operations, and has negative working capital.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


BLUCORA INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
--------------------------------------------------------
Egan-Jones Ratings Company, on November 19, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Blucora Incorporated to BB+ from BBB-.

Irving, Texas, Blucora Incorporated is a provider of
Internet-related services, mostly search engines. InfoSpace changed
its name to Blucora and NASDAQ symbol from INSP to BCOR on June 7,
2012.


BOISE CASCADE: Egan-Jones Lowers FC Sr. Unsecured Rating to B
-------------------------------------------------------------
Egan-Jones Ratings Company, on November 18, 2019, downgraded the
foreign currency senior unsecured rating on debt issued by Boise
Cascade Company to B from BB-.

Boise Cascade Company, which uses the trade name Boise Cascade, is
a North American manufacturer of wood products and wholesale
distributor of building materials, headquartered in Boise, Idaho.



BRIGHT MOUNTAIN: Reports $2.1 Million Net Loss for Third Quarter
----------------------------------------------------------------
Bright Mountain Media, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
attributable to common shareholders of $2.09 million on $2.11
million of revenues for the three months ended Sept. 30, 2019,
compared to a net loss attributable to common shareholders of
$894,937 on $185,417 of revenues for the three months ended Sept.
30, 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss attributable to common shareholders of $3.65 million on
$3.91 million of revenues compared to a net loss attributable to
common shareholders of $2.81 million on $1.16 million of revenues
for the same period during the prior year.

As of Sept. 30, 2019, the Company had $28.36 million in total
assets, $7.23 million in total liabilities, and $21.13 million in
total shareholders' equity.

The Company said, "As we continue our efforts to grow our business,
we expect that our monthly cash operating overhead will continue to
increase as we add personnel, although at a lesser rate, and we are
not able at this time to quantify the amount of this expected
increase.  In 2019 we implemented policies and procedures around
cash collections to prevent the aging of accounts receivables that
was experienced in 2018.  Cash collection efforts have been
successful, and we feel that we have appropriately reserved for
uncollectible amounts at September 30, 2019."

During the nine months ended Sept. 30, 2019, the Company used cash
primarily to fund its net loss of $3,450,671 for the period,
decrease in prepaid items of $452,231 for the period, an increase
in accounts receivable of $808,812, and $1,078,205 of accounts
payable and accrued expenses of $1,070,498.  During the nine months
ended Sept. 30, 2018, the Company used cash primarily to fund its
net loss of $2,753,680 for the period, as well as an increase in
prepaid expenses of $688,101, offset by lower accounts payable of
$543,891.

The decrease in net cash used in investing activities in 2019 is
attributable to $1,156,887 of loans granted to News Distribution
Network, Inc., offset by $603,744 of cash acquired in the
acquisition of Slutzky & Winshman Ltd., $77,500 of loan repayments
from notes receivable, $16,036 paid for furniture and fixture
purchases, and $8,000 paid for the acquisition in 2019 of a
Facebook page.

During the nine months ended Sept. 30, 2019 the Company raised
$1,651,410 through the sale of equity securities in three private
placement memorandums and $250,000 of preferred stock.  During 2018
the Company raised $1,737,000, net for sale of common stock and
$255,000 of preferred shares.

A full-text copy of the Form 10-Q is available for free at:

                        https://is.gd/qTt8gw

                        About Bright Mountain

Based in Boca Raton, Fla., Bright Mountain Media, Inc. --
http://www.brightmountainmedia.com-- is a digital media holding
company whose primary focus is connecting brands with consumers as
a full advertising services platform.  Bright Mountain Media's
assets include an ad network, an ad exchange platform and 24
websites which are customized to provide its niche users, including
active, reserve and retired military, law enforcement, first
responders and other public safety employees with products,
information and news that the Company believes may be of interest
to them.

Bright Mountain reported a net loss attributable to common
shareholders of $5.33 million for the year ended Dec. 31, 2018,
compared to a net loss attributable to common shareholders of $3.01
million for the year ended Dec. 31, 2017.  As of Sept. 30, 2019,
Bright Mountain had $28.36 million in total assets, $7.23 million
in total liabilities, and $21.13 million in total shareholders'
equity.

EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
April 12, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, stating that the Company has
experienced recurring net losses, cash outflows from operating
activities, and has an accumulated deficit that raise substantial
doubt about its ability to continue as a going concern.


BW NHHC: Moody's Reviews Caa1 Corp. Family Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed the ratings of BW NHHC Holdco,
Inc. under review for downgrade. These include the Caa1 Corporate
Family Rating, the Caa1-PD Probability of Default Rating, B3 rating
on the first lien senior secured credit facility and the Caa3
rating on the second lien senior secured credit facility.

The review was prompted by the significant erosion of operating
performance and liquidity in the third quarter financial results.
The company has faced challenges integrating multiple legacy
businesses following an aggressive roll-up strategy and the large
merger of Great Lakes and Jordan Health in 2018. The company would
have been in violation of its financial covenant had it not entered
into an amendment agreement with its lenders.

The ratings review will focus on liquidity and the viability of the
capital structure in light of continued operating weakness. Moody's
believes that the company will obtain covenant relief through an
equity cure from its private equity owners, as allowed under the
credit agreement. The review will focus on the extent of equity
support that the company receives. The review will also focus on
the likelihood of loan modification, which could be deemed a
distressed exchange, and hence a default under Moody's definition.

Ratings placed on review for downgrade include:

Corporate Family Rating currently rated Caa1

Probability of Default Rating currently rated Caa1-PD

Senior secured first lien revolving credit facility expiring 2023
currently rated B3 (LGD3)

Senior secured first lien term loan due 2025 currently rated B3
(LGD3)

Senior secured second lien term loan due 2026 currently rated Caa3
(LGD5)

Outlook is changed to rating under review from stable.

RATINGS RATIONALE

Excluding the review, Elara's Caa1 Corporate Family Rating (on
review for downgrade) credit profile is constrained by the
continued integration and financial risk associated with the
mergers from last year. The company's financial leverage is high
even when making significant adjustments related to the
acquisitions. Adjusted debt/EBITDA has increased to 10.2 times due
to softness on the top line, higher overall costs and slower
realization of expected synergies from the mergers. The rating is
also constrained by the company's very high exposure to Medicare
and Medicaid and longer-term risks associated with changes to the
way that the government pays for post-acute and in-home services.
There is significant uncertainty around the impact of new
regulations coming in 2020 and Moody's believes there is a high
likelihood that there will be, at least temporarily, some
disruption to billing and collections across the home health
industry as a result of the changes.

The rating is supported by the good long-term demand outlook for
the company's services. Government and private insurance companies
will increasingly look for ways to manage patients in their home,
which is the lowest cost care setting. Further, the industry
benefits from very low capital requirements.

Elara Caring provides skilled home health, personal care and
hospice services, primarily to Medicare and Medicaid patients. The
company has revenue of just over $1 billion. The company is
privately owned by Blue Wolf Capital Partners LLC and Kelso &
Company.

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


CALPINE CORP: S&P Affirms 'BB' Ratings on Senior Secured Debt
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issue-level rating on Calpine
Corp.'s senior secured debt and its 'B' issue-level rating on the
senior unsecured debt following the company's announced $750
million distribution to its sponsors using cash on hand. The '1'
(95%) and '5' (25%) recovery ratings are unchanged. At the same
time, S&P notes Calpine has announced a leverage target of
4.0x-5.0x net debt to EBITDA. The 'B+' issuer credit rating is
unchanged and the outlook remains positive.  

"Our financial ratios differ from the company's, which uses net
debt in its calculations. Regardless, Calpine should generate
meaningful discretionary cash between 2019 and 2021 and we expect
Calpine's financial measures to be in the range for an aggressive
financial risk profile assessment," S&P said, adding that this
would be about 4.8x-5.0x debt to EBITDA and 14%-15% FFO to debt
even after the $750 million distribution.

S&P thinks the company will have to pay down incremental debt by
2022, given lower hedged levels beyond 2021 and backwardation in
the forward power curves. As a result, S&P's view of the company's
credit has less to do with the financial ratios and more to do with
its capital allocation decisions. Specifically, how financial
sponsor Energy Capital Partners (ECP) allocates the excess cash
flow that S&P expects Calpine to generate through 2021. Based on
cash flow generation, the rating agency believes Calpine has the
ability to achieve and maintain metrics commensurate with the 'BB'
category. However, any forward credit momentum will likely depend
on ECP's willingness to keep the company's leverage ratios below
5.0x, and around 15% on a gross debt to EBITDA, and FFO to debt
basis, respectively.


CANDLEWOOD ESTATES: Unsecureds to Get $10,000 One-Time Distribution
-------------------------------------------------------------------
Debtor Candlewood Estates of Jeanerette Phase II LP filed with the
U.S. Bankruptcy Court for the Western District of Louisiana,
Lafayette Division, a First Amended Combined Disclosure Statement
and Plan of Reorganization.

The Debtor intends to sell the Project to the Louisiana Housing
Corporation ("LHC").  LHC was created in 2011 when the Louisiana
Legislature merged the Louisiana Housing Finance Agency with
housing programs from other state agencies, including Louisiana's
Office of Community Development.  This move centralized Louisiana's
housing programs into one agency to streamline how the state
addresses its housing needs avoids duplication of efforts and
improves service to the general  public.  The LHC administers
federal and state funds through programs designed to advance the
development of energy efficient and affordable housing for low and
moderate income families, drives housing policy for Louisiana and
oversees the state's Disaster Housing Task Force.  The LHC and
Debtor representatives have been is very fruitful discussions
concerning the purchase of the Candlewood project by LHC for
$499,000.  Although no formal agreement has been reached, counsel
to the Debtor understand, that an agreement could be reached at any
time.  The final approval  requires some consideration by Louisiana
government officials and the approval process is time consuming.
The sale transaction will close within 90 days after the Effective
Date.  The funds paid by LHC to the Debtor will be paid to the CU.
Upon payment to the CU Dale Lancaster, the limited partner of the
Debtor and guarantor of the Debtor's loan from the CU, will be
released from any further liability to the CU relative to the
Candlewood loan only.  This sale will result in the  full
satisfaction of the CU debt.  Each allowed general unsecured claim
will receive its pro rata share of $10,000 which sum is being
contributed by Dale Lancaster or his designee and constitutes "new
value".  Neither the limited partnership nor any member of the
Candlewood limited partnership which owns the Project will retain
any interest in any property of the estate thereby satisfying any
potential objection based on the absolute priority rule.  Also
unsecured creditors are receiving more than each would in a case
under chapter 7.

Class 2 – Allowed claims of general unsecured creditors will
receive a one-time distribution after all senior claims are paid in
full including but not limited to administrative and priority
claims. Allowed claims of this class will be paid pro-rata from a
"pot" fund of $10,000.  Payments will be made within 60 days
following the Effective Date or after the Court enters an order in
aid of consummation of this Plan whichever is sooner.

Class 3 – Equity or partners of the Debtor or Reorganized Debtor
will not receive any distributions or payments under the Plan
unless all senior allowed claims are either paid in full or
satisfied.

The Debtor will not continue to operate. It will sell its principal
asset and what we believe is the only asset to LHC for $499,000.00.
It will prosecute any claims, causes of action, and matters in
litigation including avoidance actions under Chapter 5 of the
Bankruptcy Code if any.

After payment of the fees of professionals, the United States
Trustee, and administrative claims arising from post-petition trade
debt in that order, any remaining funds will be paid to satisfy the
claims of Class 2 in addition to that contributed by Equity. The
distribution will be pro-rata to Class 2.

Dale Lancaster or his designee will continue to be the managing
partner. He or his designee will act as the Disbursing Agent to
disburse all funds under the Plan. He will serve without any
compensation but will be entitled to be reimbursed for
out-of-pocket expenses for travel.

A full-text copy of the Combined Plan and Disclosure Statement is
available at https://tinyurl.com/vytdl3k from PacerMonitor.com at
no charge.

The Debtor is represented by:

      H. Kent Aguillard
      P.O. Box 391
      Eunice, LA 70535
      LA Bar Roll No. 2354
      Tel: 337.457.9331
      Fax: 337.457.2317
      E-mail: kaguillard@yhalaw.com

                    About Candlewood Estates

Candlewood Estates of Jeanerette Phase II LP was created to develop
immovable property located in Iberia Parish, Louisiana, and operate
it as a low-income housing development.  Hope Federal Credit Union
holds a first mortgage on the Property.  The general partner is
Candlewood Management Phase II, LLC. The limited partner is Dale
Lancaster.

HOPE Federal Credit Union ("CU") commenced foreclosure proceedings
against the Debtor. During the foreclosure, The Cartesian Company,
Inc., was appointed keeper by the state court.

Candlewood Estates of Jeanerette Phase II LP filed its voluntary
petition for relief pursuant to Chapter 11 of the Bankruptcy Code
(Bankr. W.D. La. Case No. 19-50821) on July 9, 2019.  H. Kent
Aguillard, in Eunice, Louisiana, and Steven T. Ramos, Lafayette,
Louisiana, serve as counsel to the Debtor.


CASABLANCA GLOBAL: S&P Cuts ICR to 'B-', Puts Rating on Watch Neg.
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Casablanca
Global Intermediate Holdings L.P. (d/b/a Apple Leisure Group, or
ALG) to 'B-' from 'B' and placed it on CreditWatch with negative
implications.  

The rating agency expects the company to report negative cash flow
generation in 2019 due to working capital uses primarily in its
vacation distribution business.

Meanwhile, S&P also lowered the issue-level rating on the company's
senior secured credit facility (consisting of a $175 million
revolver due 2022 and a $950 million term loan due 2024) to 'B-'
from 'B' and placed the rating on CreditWatch with negative
implications. The recovery rating on this debt remains '3'.

ALG will likely generate negative cash flow from operations in 2019
and begin 2020 with lower cash balances than in the previous year.
S&P lowered the rating because it expects the company to generate
negative cash flow from operations in 2019. This is due to slower
vacation bookings to the Dominican Republic, lower vacation
bookings from Thomas Cook following its bankruptcy and liquidation,
a change in the company's customer payment terms, the company'
decision to reduce its air charter capacity, and
higher-than-expected integration and other expenses. These
headwinds have caused cash outflows to finance working capital so
far in 2019, and have hurt revenue and profitability compared to
S&P's base-case forecast. S&P notes that the company expects to
generate sufficient cash flow in its seasonally strong fourth
quarter 2019 to fully repay the revolver and reestablish its full
availability leading into 2020. However, S&P placed the 'B-' rating
on CreditWatch with negative implications until the rating agency
assesses whether these negative cash flow drivers from 2019 are
temporary and the company can reverse working capital financing
needs and generate positive cash flow from operations in 2020. Even
if the company can reverse working capital cash outflows from 2019
and improve cash flow generation in 2020, S&P expects that its
leverage measure of cash flow from operations to debt will still be
below the rating agency's 10% downgrade threshold at the previous
'B' rating. If it concludes ALG's liquidity position has
deteriorated to the point where it is dependent upon favorable
business, financial, and economic conditions to finance its
operations and meet its financial commitments, the rating agency
could lower the ratings further.

"We will likely resolve the CreditWatch over the next several weeks
once we are able to reassess our forecast for ALG's working capital
needs and liquidity position in 2020. We could lower ratings
further if we conclude ALG's liquidity position could become
impaired if the company cannot reverse working capital financing
needs and return to positive cash flow from operations in 2020,"
S&P said.


CASCADES OF GROVELAND: Unsecureds to Have 60% Recovery Under Plan
-----------------------------------------------------------------
Debtor The Cascades of Groveland Homeowner's Association, Inc.,
filed with the U.S. Bankruptcy Court for the Middle District of
Florida, Orlando Division, a disclosure statement describing its
plan of reorganization.

In full satisfaction of all Allowed Unsecured Claims, each holder
of an Allowed Unsecured Claim will be paid 60% of its Allowed
Unsecured Claim.  Payments will be made and the balance amortized
over 120 months at 5.25% interest with a 60-month balloon and shall
commence on the first (1st) day of the next month following the
Effective Date if undisputed or, if a Disputed Claim, on the 30th
day after a final order is entered determining the claim.

All Homeowners will retain their interest the Debtor, however such
interest is defined, in the same proportions as provided in that
certain Declaration of Restrictions and Protective Covenants for
the Cascades of Groveland as recorded in the Official Records of
Lake County, Florida on April 15, 2005, Book 2808, Page 2344, et
seq., and as amended from time to time.

The Plan is premised on the continuing assessments and operations
income of the Debtor as sufficient to continue operations moving
forward. The cash flow received by the Reorganized Debtor’s
ongoing assessments and operations is sufficient to make payments
under the Plan, will allow the Reorganized Debtor to continue
operations, and to pay ordinary course expenses, including but not
limited to, payroll and administrative costs.

All cash in excess of operating expenses generated from operations
of the Debtor until the Effective Date will be used for Plan
Payments.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/vt7s32z from PacerMonitor.com at no charge.

The Debtor is represented by:

        Michael A. Nardella, Esq.
        Nardella & Nardella, PLLC
        135 W. Central Blvd., Suite 102
        Orlando, FL 32801
        Tel: (407) 966-2680
        E-mail: mnardella@nardellalaw.com
                service@nardellalaw.com

                About The Cascades of Groveland
                  Homeowners' Association

The Cascades of Groveland Homeowners' Association, Inc., is a
non-profit homeowner's association operating under Chapter 720,
Florida Statute's. The Association's homeowners constitute a
community known as "Trilogy Orlando" located in Groveland,
Florida.

The Association sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-04077) on June 21,
2019.  In the petition signed by Brian Feeney, president, the
Debtor estimated assets of between $1 million to $10 million and
liabilities of the same range.  Michael A. Nardella, Esq. at
Nardella & Nardella, PLLC serves as the Association's bankruptcy
counsel. Weiss Serota Helfman Cole & Bierman, P.L., is serving as
special appellate counsel, and Becker & Poliakoff, P.A., is special
association counsel.


CATSKILL DISTILLING: Seeks to Hire Genova & Malin as Legal Counsel
------------------------------------------------------------------
Catskill Distilling Company, Ltd. seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Genova & Malin, LLP as its legal counsel.

The firm will provide these services in connection with the
Debtor's Chapter 11 case:  

     a. advise the Debtor of its powers and duties in its financial
situation and management of its property;

     b. take necessary action to void liens against the Debtor's
property; and

     c. prepare or amend, on behalf of the Debtor, schedules,
orders, pleadings and other legal papers.

Michelle Trier, Esq., at Genova & Malin, attests that her firm is a
disinterested person within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Andrea B. Malin, Esq.
     Michelle L. Trier, Esq.
     Genova & Malin, LLP
     1136 Route 9
     Wappingers Falls, NY 12590
     Phone: (845) 298-1600

                 About Catskill Distilling Company

Catskill Distilling Company, Ltd. is a distillery in Bethel, N.Y.,
owned and run by Stacy Cohen.

Catskill Distilling Company filed a petition under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-36861) on Nov. 19,
2019. In the petition signed by Stacy Cohen, president, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Michelle L. Trier, Esq., at Genova & Malin, is the Debtor's legal
counsel.


CHICAGO EDUCATION BOARD: Moody's Hikes Rating on $3-Bil. Debt to B1
-------------------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the rating on the
Chicago Board of Education, IL's general obligation unlimited tax
debt and non-contingent lease revenue bonds backed by the
district's GOULT pledge. The outlook had been revised to positive
from stable at the B1 rating. The rating applies to $3 billion in
debt.

RATINGS RATIONALE

The upgrade to B1 on the GOULT debt is based on the district's
improved liquidity, which reflects a significant infusion of new
state and local revenue that will stave off material cash flow
pressures for at least the next two to three years. In fiscal 2018
the district began receiving increased property tax authority for
its pension contributions and support for pension normal costs from
the State of Illinois (Baa3 stable). The upgrade to B1 also
incorporates the district's large and diverse tax base that serves
as a regional economic center for the Midwest and tight governance
connections with the City of Chicago (Ba1 stable), where the mayor
appoints the members of the board.

Although revenue and cash have improved, the district's credit
profile remains constrained by several factors. The district will
face growing costs associated with long-term liabilities and the
recent five-year contract with the Chicago Teachers Union (CTU)
that will likely keep reserves thin compared to revenues. The B1
rating also considers very high direct and overlapping leverage
from bonded debt and post-retirement liabilities.

The B1 rating on the lease revenue bonds is the same as the rating
on the GOULT debt due to the district's GOULT pledge to make lease
payments, a pledge which is not subject to appropriation.

RATING OUTLOOK

The positive outlook reflects the possibility of continued revenue
growth and expenditure adjustments that will enable the district to
absorb increasing costs associated with pension contributions, debt
service, and the recently-ratified union contracts. It also
incorporates the expectation that the district will not materially
increase its reliance on short-term borrowing or other sources of
non-recurring revenue.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Continued and sustained growth in operating liquidity

  - Ongoing expenditure adjustments and continued growth in revenue
from state and local sources, including continuation of the state
to meet its funding targets under the new evidence based formula

FACTORS THAT COULD LEAD TO A DOWNGRADE (or revision of the outlook
to stable or negative)

  - Declines in operating liquidity or increased reliance on
short-term cash flow borrowing or other sources of non-recurring
revenue

  - Stagnant revenue trends that are outpaced by the district's
growing costs

LEGAL SECURITY

All of the district's rated debt is secured by its GOULT pledge.
The majority of the district's rated debt is GO alternate revenue
debt, which is secured primarily by pledged state aid revenues. An
unlimited tax levy is filed with the county at the time of
issuance. The property tax is abated only after sufficient
alternate revenues are deposited with the trustee into a debt
service fund. If the deposit is not made with the trustee, the levy
is extended.

The district's lease revenue bonds are paid by lease payments that
are secured by the district's GOULT pledge. Receipts from the
unlimited property tax levy are allocated by the county collectors
directly to the trustee. The district's pledge to make the lease
payments are non-contingent and are not subject to appropriation.

PROFILE

CPS is coterminous with the City of Chicago. As of 2019, the
district operates 642 schools with an enrollment of about 355,000
students. The Chicago Board of Education is responsible for the
governance, organizational and financial oversight of CPS.

METHODOLOGY

The principal methodology used in the general obligation ratings
was US Local Government General Obligation Debt published in
September 2019. The principal methodology used in the lease ratings
was Lease, Appropriation, Moral Obligation and Comparable Debt of
US State and Local Governments published in July 2018.


COGECO COMMUNICATIONS: Fitch Withdraws BB+ Issuer Credit Rating
---------------------------------------------------------------
Fitch Ratings affirmed and withdrawn Cogeco Communications Inc.'s
IDR at 'BB+'. The Long-Term IDR reflects expectations for continued
low-single digit revenue and EBITDA growth across Cogeco's Canadian
and U.S. segments, underpinned by its broadband operations.

Fitch expects Cogeco will maintain consistent capital allocation
policies with longer-term leverage of approximately 3x, a dividend
payout in the range of 25%-30% of FCF before dividends and working
capital, share repurchases that utilize a portion of excess cash
and additional U.S. bolt-on M&A.

Fitch has withdrawn Cogeco's ratings for commercial reasons. Fitch
reserves the right in its sole discretion to withdraw or maintain
any rating at any time for any reason it deems sufficient.

KEY RATING DRIVERS

Additional M&A Likely: Cogeco has materially increased geographic
diversification primarily through several acquisitions of U.S.
cable assets, which serves as a primary beachhead for additional
M&A. The sale of the Cogeco Peer 1 operations sharpens Cogeco's
focus on broadband assets in the U.S. and Canada and enhances
Cogeco's flexibility to pursue additional investment opportunities.
Over the longer term, the U.S. operations should demonstrate
stronger growth than the more mature Canadian operations, supported
by growth in broadband, sales bundling, business services and
Florida expansion that more than offsets video and telephony
pressures.

Long-term Leverage 3X: Cogeco accelerated debt repayment following
the CAD720 million sale of Cogeco Peer 1 in April 2019 and fully
repaid outstanding borrowings on Cogeco's corporate revolver. Fitch
expects leverage (total debt / EBITDA) of approximately 3x or less
over the longer-term absent bolt-on acquisitions.

Stable Canadian Core: Fitch believes Cogeco's strong business
profile is supported by the high-margin Canadian cable operations,
with a competitive position anchored by its high-speed internet and
triple-play offering. Cogeco's broadband systems are clustered in
less competitive, lower density suburban regions. Nevertheless,
ongoing cord cutting, wireless substitution and promotional
activity have pressured the operating profile. Following challenges
with the implementation of the new customer management system
during fiscal 2018 that affected both the top line and EBITDA
profile, recent results have shown stabilization following steps
taken to address operational issues.

Measured Financial Policy: Fitch expects Cogeco will maintain a
financial policy that is consistent with current ratings. This
includes a dividend payout expected in the range of 25%-30% of FCF
before dividends and working capital and a recently announced
Normal Course Issuer Bid (NCIB) that will utilize a portion of
excess cash to acquire up to 1.9 million subordinate voting shares
during the next year. Fitch does not expect dividends from Atlantic
Broadband dividends during the next several years given its growth
focus. Cogeco's agreement with Caisse de depot et placement du
Quebec, which has taken a 21% ownership interest in Atlantic
Broadband, is long term in nature.

DERIVATION SUMMARY

Cogeco's business profile is weaker than larger investment grade
telecom/cable peers like Rogers Communications (BBB+/Stable) and
TELUS Inc. (BBB+/ Stable) due to smaller scale and less service
diversification (no wireless). However, Fitch believes Cogeco has a
strong business profile, supported by the stable, high-margin
Canadian cable operations, with a competitive position anchored by
its high-speed internet.

Fitch views the U.S. business profile as well-positioned and
defensible given the strong management execution, strong
profitability and bundled service offerings anchored by the DOCSIS
3.1 broadband network despite the smaller scale relative to some of
ABB's competitors. The U.S. operations are generally clustered in
less competitive regions with direct broadcast satellite (DBS)
providers being the primary video competitor including DISH Network
Corp (unrated) and DirecTV (owned by AT&T, A-/ Stable) and various
wireline providers who offer slower DSL Internet speeds. Fitch
expects the U.S. operations will grow revenues and EBITDA on a
currency-neutral basis in the mid-single-digit range over the
forecast period, supported by broadband and commercial services
growth.

Fitch views Cogeco's financial profile as weaker than peers, Rogers
and TELUS, due to medium-to-long-term expectations for higher gross
leverage and modestly lower financial flexibility. The gross
leverage for TELUS and Rogers is modestly elevated due to the
strategic investments for 600MHz spectrum from the auction in April
2019. Cogeco's profitability metrics are similar to Rogers and
TELUS.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case in Fiscal 2020 for
the Issuer:

  -- Consolidated revenue growth in the low single digits, with
Cogeco Connexion increasing low-single digits and Atlantic
Broadband increasing mid-single digits;

  -- Stable EBITDA margins;

  -- Dividend payouts of approximately 25%-30% of cash flow;

  -- Annual FCF (defined as cash from operations less capital
spending less dividends) in excess of $300 million;

  -- Leverage of 3x or less.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Cogeco's main sources of liquidity are its credit
facilities, cash position and FCF. As of Aug. 31, 2019, Cogeco had
full availability under its term revolving facility of CAD800
million that matures in January 2024. In addition, two U.S.
subsidiaries of Cogeco benefit from a revolving facility of USD150
million maturing January 2023, with no drawings outstanding.
Consolidated cash was CAD556.5 million.

Expectations are that Cogeco will maintain a dividend policy
consistent with its current ratings. Cogeco's objective is to
generate shareholder returns through capital appreciation and
dividend growth. The quarterly dividend has increased to CAD0.58
per share from CAD0.525 per share, an increase of approximately
11%, from a year ago. Cogeco has raised dividends by ~10% in each
of the last 5 years. Fitch's forecast assumes Cogeco will increase
dividends in a similar range (25%-30% of FCF before dividends and
working capital) over the next couple of years as a result of
growth in excess cash flows. Fitch anticipates FCF (defined as cash
from operations less capital spending less dividends) in excess of
CAD 300 million.

The Company has no material maturities in fiscal 2020. In fiscal
2021, Cogeco has CAD200 million of 5.15% notes maturing. First-Lien
credit facility debt at Cogeco's U.S. subsidiaries is more than 60%
of Cogeco's capital structure. While the debt is nonrecourse to
Cogeco, Fitch has consolidated the U.S. subsidiary debt given the
strategic importance of the U.S. operations.

Fitch does not expect Atlantic Broadband to issue dividends during
the next several years given its growth focus. Cogeco's agreement
with Caisse de depot et placement du Quebec, which has taken a 21%
ownership interest in Atlantic Broadband, is long term in nature.
Cogeco does not expect to pay meaningful cash taxes from its U.S.
subsidiaries for the next couple of years due to a substantial tax
shield. Cogeco also receives material tax benefits in Canada from
deductibility related to Atlantic Broadband's interest payments.


COMMERCIAL BARGE: S&P Lowers ICR to 'CCC' on Upcoming Maturities
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Commercial
Barge Line Co. (CBL) to 'CCC' from 'CCC+' with negative outlook,
and lowered its issue-level rating on the company's term loan to
'CCC-' from 'CCC+'.

CBL faces upcoming maturities of its $640 million asset-backed
lending (ABL) revolver and the $949 million outstanding balance on
its term loan within the next 12 months along with high debt
leverage, which S&P does not expect to improve absent unforeseen
positive developments.

The company faces meaningful refinancing risk and high water levels
in the Ohio and Mississippi River systems have hurt operating
performance in the barge industry this year. The company reported
negative free operating cash flow (FOCF) over the last three
quarters and utilized capacity on its ABL revolver and asset sales
to preserve its liquidity position. Overall, S&P views CBL's
capital structure as unsustainable due the company's adjusted debt
leverage of around 10x this year and next.

The negative outlook reflects CBL's elevated leverage, which S&P
does not expect to improve absent an unforeseen positive
development, and the substantial upcoming debt maturities of its
ABL revolver and term loan in November 2020. It also notes that if
CBL does not refinance the term loan by August 2020, the ABL
revolver maturity springs forward.

“We could lower our ratings on CBL if a default, distressed
exchange, or redemption appears to be inevitable within six months,
absent unanticipated significantly favorable changes in CBL's
circumstances," S&P said.

"We could raise the rating on CBL if the company is able to extend
the maturities of its debt and improve its liquidity position
without entering into a distressed exchange," the rating agency
said.


COMMUNITY REDEVELOPER: Taps M. Jones & Associates as Counsel
------------------------------------------------------------
Community Redeveloper, LP seeks authority from the U.S. Bankruptcy
Court for the Central District of California employ M. Jones and
Associates, PC as its legal counsel.

The firm will provide these services in connection with the
Debtor's Chapter 11 case:  

     a. advise the Debtor concerning the administration of the
case;

     b. represent the Debtor before the bankruptcy court and advise
the Debtor on all pending litigations, hearings, motions and of the
decisions of the court;

     c. review and analyze all applications, orders and motions
filed with the court by third parties;

     d. attend meetings conducted pursuant to Section 341(a) of the
Bankruptcy Code and represent the Debtor at all examinations;

     e. communicate with creditors and all other parties;

     f. assist the Debtor in preparing legal papers;

     g. confer with all other professionals, including any
accountants and consultants retained by the Debtor and by any other
party;

     h. assist the Debtor in negotiations with creditors or third
parties concerning the terms of any proposed plan of
reorganization; and

     i. prepare, draft and execute the plan of reorganization and
disclosure statement.

M. Jones's hourly rates are:

     Michael Jones     $550
     Leslie Kauffman   $450
     Sara Tidd         $450
     Michael David     $350
     Paralegal         $100
     Law Clerk         $100

The firm received a $22,270 retainer from the Debtor.

Michael Jones, Esq., at M. Jones, attests that the firm is
"disinterested" as such term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

     Michael Jones, Esq.
     M. Jones and Associates, PC
     505 N Tustin Ave Ste 105
     Santa Ana, CA 92705
     Tel: 714-795-2346
     Fax: 888-341-5213
     Email: mike@mjthelawyer.com
            mike@MJonesOC.com

                   About Community Redeveloper

Community Redeveloper, LP, a real estate lessor in San Bernardino,
Calif., filed a voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-19494) on Oct.
28, 2019. At the time of the filing, the Debtor estimated $1
million to $10 million in assets and $50,000 in liabilities. Judge
Wayne E. Johnson presides over the case. M. Jones and Associates,
PC is the Debtor's counsel.


COMPASS GROUP: Moody's Reviews B1 CFR for Upgrade
-------------------------------------------------
Moody's Investors Service placed the ratings of Compass Group
Diversified Holdings LLC under review for upgrade, including the B1
Corporate Family Rating, the B1-PD Probability of Default Rating,
the Ba3 senior secured revolving credit facility rating and the B3
senior unsecured notes rating. The speculative grade liquidity
rating is maintained at SGL-1.

On November 21, Compass fully repaid its $299 million senior
secured term loan using the proceeds from the new $100 million
preferred equity issuance and cash from balance sheet. As a result
of this transaction, the Ba3 rating on the senior secured term loan
has been withdrawn.

On Review for Upgrade:

Issuer: Compass Group Diversified Holdings LLC

Corporate Family Rating, Placed on Review for Upgrade, currently
B1

Probability of Default Rating, Placed on Review for Upgrade,
currently B1-PD

Senior Secured 1st lien Revolving Credit Facility, Placed on Review
for Upgrade, currently Ba3 (LGD3)

Senior Unsecured Notes, Placed on Review for Upgrade, currently B3
(LGD5)

Outlook Actions:

Issuer: Compass Group Diversified Holdings LLC

Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review for upgrade reflects the fact that Compass' leverage
declined to about 2.4x from 3.8x debt-to-EBITDA as of September 30,
2019 and the company is expected to realize net positive impact on
its free cash flow of about $5 million of interest savings
annually.

The review will focus on the company's ability and willingness to
maintain leverage below 3.5x, generate positive free cash flow
after common and preferred equity distributions and its acquisition
and divestiture strategy over the next 12 to 24 months.

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

Compass Group Diversified Holdings LLC is a publicly traded company
(NYSE: CODI) that holds majority ownership interests in eight
distinct operating subsidiaries including 5.11 Tactical, Velocity
Outdoor (formerly Crosman), Advanced Circuits, Sterno Group, Arnold
Magnetics, Liberty Safe, Ergobaby, and Foam Fabricators. Pro-forma
for the divestitures of Clean Earth and Manitoba Harvest, the
company generated about $1.4 billion of revenue for the twelve
month period ending June 30, 2019.


CORALREEF PRODUCTIONS: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Coralreef Productions, Inc.
           dba Nine9
           dba Nine9 the Unagency
           dba One Source Talent
        30850 Telegraph Road, Suite 200
        Bingham Farms, MI 48025

Case No.: 19-56749

Business Description: Nine9 -- https://nine9.com -- is a
                      casting agency that helps models and actors
                      advance their careers in the entertainment
                      industry.  The opportunities range from
                      television, film, commercial, music video,
                      runway, print, and promotional castings and
                      gigs.

Chapter 11 Petition Date: November 26, 2019

Court: United States Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Hon. Thomas J. Tucker

Debtor's Counsel: Leon N. Mayer, Esq.
                  SCHAFER AND WEINER, PLLC
                  40950 Woodward Ave., Suite 100
                  Bloomfield Hills, MI 48304
                  Tel: (248) 540-3340
                  Email: lnmayer@schaferandweiner.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Anthony Toma, president.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at:
  
     http://bankrupt.com/misc/mieb19-56749_creditors.pdf

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

            http://bankrupt.com/misc/mieb19-56749.pdf


CORNERSTONE VALVE: Plan Confirmed; Tax Entities to Be Paid Monthly
------------------------------------------------------------------
Debtors Cornerstone Valve, LLC and Well Head Component, Inc. filed
with the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, a Second Amended Combined Plan and Disclosure
statement on or about Aug. 21, 2019.

On Nov. 7, 2019, Judge Marvin Isgur confirmed the Plan.

The judge also ordered that:

Fort Bend County, Fort Bend County WCID #02 and Harris County (Tax
Entities) are the holders of prepetition claims for ad valorem
property taxes owed on the Debtors' personal property for years
2017-2019.  Tax Entities will be treated as follows:

   (a) Each Tax Entity shall retain its liens securing the payment
of such allowed Secured Tax Claims with the same validity, extent,
and priority until all taxes and related interest, penalties, and
fees (if any) have been paid in full.

  (b) Each Texas Tax Entity shall be paid, on account of such
allowed Secured Tax Claim in equal monthly cash payments beginning
on the first day of the first month following the Effective Date.

  (c) In the event the Debtors sell, convey or transfer any of the
properties which are the collateral of a Tax Entity claim or
post-confirmation tax debt, the Debtors shall remit such sales
proceeds first to the affected Tax Entity to be applied to the
applicable tax debt incident to any such property/tax account sold,
conveyed or transferred and such proceeds shall be disbursed by the
closing agent at the time of closing prior to any disbursement of
the sale proceeds to any other person or entity.

  (d) Debtors shall pay all post-petition ad valorem tax
liabilities owing to the Tax Entities in the ordinary course of
business as such tax debt comes due and prior to said ad valorem
taxes becoming delinquent without the need of the Tax Entities to
file administrative expense claims and/or requests for payment.

A full-text copy of the Plan Confirmation Order is available at
https://tinyurl.com/quhgbb7 from PacerMonitor.com at no charge.

                About Cornerstone Valve and
                    Well Head Component

Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a
manufacturer of fabricated metal products. Well Head Component,
Inc., which conducts business under the name Avsco, provides supply
chain and project management services. It offers engineering,
designing, and manufacturing services, as well as modification and
logistics services. Well Head is an international OEM
representative and distributor of industrial products for the most
requested brands used by energy markets.  

Headquartered in Houston, Texas, Well Head has an in-country
presence in Nigeria, Libya, UAE and most recently in Brazil and
Italy.

Cornerstone Valve and Well Head sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-30869 and
19-30870) on Feb. 15, 2019. At the time of the filing, Cornerstone
Valve estimated assets and liabilities of between $1 million and
$10 million. Well Head estimated assets of between $1 million and
$10 million and liabilities of less than $1 million.  The cases are
assigned to Judge Marvin Isgur. Sartaj Bal, PC, is the Debtors'
bankruptcy counsel.

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


COTT CORP: Egan-Jones Lowers FC Sr. Unsecured Rating to B
---------------------------------------------------------
Egan-Jones Ratings Company, on November 19, 2019, downgraded the
foreign currency senior unsecured rating on debt issued by Cott
Corporation to B from B+. EJR also downgraded the rating on
commercial paper issued by the Company to B from A3.

Cott Corporation is an American beverage and food service company
based in the USA. Cott's platform across North America and Europe
is supported by sales and distribution facilities and fleets.



CP #1109: Continental Objects to Amended Disclosures
----------------------------------------------------
Continental Motors, Inc., an unsecured creditor, objects to debtor
CP #1109, LLC's Amended Disclosure Statement.

As grounds therefore, Continental states as follows:
  
  * The Amended Disclosure Statement fails to make mention,
discuss, account, or budget for Continental's (presently)
unliquidated administrative claim against CP #1109, which is based
upon CP #1109's conduct following the filing of its voluntary
Chapter 11 bankruptcy petition in December 2018.

  * Accordingly, as a direct result of CP#1109's postpetition
conduct, Continental has a (presently) unliquidated administrative
claim against CP#1109 that could easily exceed $42,000.

  * The Amended Disclosure Statement fails to even recognize that
this outstanding claim exists, much less make any attempt to budget
or account for this claim in its discussion of CP #1109's debts
and/or payments under the proposed plan.  The Amended Disclosure
Statement is therefore deficient in its discussion of the type(s)
and amount(s) of administrative expenses, as well as the funding
for payment of those of expenses under the plan of reorganization.


  * The Amended Disclosure Statement, however, fails to provide any
information whatsoever as to how those monthly payments will be
funded.  To the contrary, the Amended Disclosure Statement does not
contemplate any payments from revenues generated in the ordinary
course of CP #1109's business and the entire $74,831.54 to be
funded by CP #1109's affiliates is expressly earmarked for payment
of Class 2 (unsecured) claims.

  * The Schedule of Claims and Objections in Exhibit A to the
Disclosure Statement is also objectionable because it states that
the estimated allowed amount of Continental's claim is $0, without
providing sufficient explanation for this statement, and despite
the fact that CP #1109’s Summary of Assets and Liabilities
clearly indicates that Continental’s claim is not subject to
offset.

A full-text copy of the Objection is available at
https://tinyurl.com/vhzv9sg from PacerMonitor.com at no charge.

Continental Motors is represented by:

         GRIFFIN & SERRANO, P.A.
       Juan R. Serrano, Esq.
       Andres Millon, Esq.
       707 Southeast 3rd Avenue, Sixth Floor
       Fort Lauderdale, Florida 33316
       Tel: (954) 462-4002
       Fax: (954) 462-4009

                        About CP#1109 LLC

CP#1109, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 18-25821) on Dec. 20, 2018.  At the
time of the filing, the Debtor was estimated to have assets of less
than $1 million and liabilities of less than $500,000.  The case is
assigned to Judge Mindy A. Mora.  AM Law, LLC, is the Debtor's
counsel.


CT TECHNOLOGIES: S&P Raises ICR to 'CCC+' on Improving Performance
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CT
Technologies Intermediate Holdings Inc.'s (d/b/a CIOX Health) to
'CCC+' from 'CCC', its issue-level rating on its first-lien
facilities to 'CCC+' from 'CCC', and its issue-level rating on its
second-lien term loan to 'CCC-' from 'CC'. S&P's recovery ratings
on the company's debt remain unchanged.

The nearing conclusion of the roll-out of CIOX's HealthSource
platform and the subsiding of related costs should allow the
company to improve its operating performance and, in particular,
its cash flows in 2020.  Since the beginning of 2018, the company
has invested heavily in the in-house development and roll-out of
its new technology and workflow platform, which S&P expects to
yield productivity improvements and enhance its customer
experience. Because of this undertaking, CIOX's free operating cash
flow (FOCF) during the six quarters ended March 31, 2019, was about
-$70 million, which it funded with a number of equity injections
and cash on hand. As of mid-November 2019, the HealthSource
platform has been rolled out to 95% of the company's sites and it
expect to reach 100% by the end of the calendar year. Now that
CIOX's costs related to the roll-out of HealthSource have have
subsided significantly, S&P believes there is improved visibility
into the company's cost structure, EBITDA profile, and cash flow
generation such that it now forecasts its leverage will steadily
decline toward the mid-7x area by the end of 2020. However, the
company is currently entering the seasonal trough for its
processing volumes, which typically lasts through the latter stages
of the quarter ending March 31. In concert with its upcoming legal
liability settlement payments and volatile working capital needs,
this may lead the company to seek access to the capital markets.

The positive outlook on CIOX reflects S&P's view that the company
will likely begin to operate within its cash flows beginning in the
second quarter of fiscal year 2020 and return its leverage to the
mid-7x area -- which is a level S&P views as sustainable for the
business--following its seasonal liquidity trough and required
legal settlement payments over the next two quarters. The positive
outlook also reflects S&P's view that, despite its increased
liquidity needs over the next two quarters that could be difficult
to finance with internal sources of cash, given the current benign
economic environment, its improving financial performance, as well
as its track record of receiving equity injections from its
financial sponsor and outside investors, CIOX will be able to
finance potential cash deficits.

"We could raise our rating on CIOX if its performance and cash flow
generation improve such that we no longer see it as dependent on
access to outside capital to fund its operations," S&P said, adding
that this would likely occur if the company's performance tracks
the rating agency's forecast, with leverage declining toward the
mid-7x area by the end of 2020, and a lack of material cash
outflows starting in the second quarter of fiscal 2020 (other than
expected seasonal fluctuations or the timing of working capital).

"We could revise our outlook on CIOX to stable or downgrade the
company if a disruption in its operating performance prevented it
from returning to positive cash flow. Such disruptions could
involve changing dynamics in the health care market that disrupt
the release-of-information industry, adverse regulatory actions, or
unforeseen operational difficulties," the rating agency said,
adding that it would likely take a negative rating action on the
company if it fails to proactively address its upcoming 2021 debt
maturities.



DAH UNIVERSITY: SBA Has Issues With Liquidation Analysis
--------------------------------------------------------
The United States of America, on behalf of the U.S. Small Business
Administration (SBA), objects to the disclosure statement and
confirmation of chapter 11 plan of reorganization of Debtor DAH
University Hospitality, LLC, and states as follows:

On Oct. 8, 2019, the debtor filed its Plan and Disclosure
Statement.

On Aug.12, 2019, SBA filed Proof of Claim No. 6 asserting a secured
claim of $416,211.70.

The United States objects to confirmation of the Debtor's Chapter
11 Plan because the Plan and Disclosure Statement do not properly
provide for the SBA's Proof of Claim.

The United States argues, "The Liquidation Analysis contains only
two entries, including one entitled "All of Debtor's tangible
personal property."  The debtor values all of its personal property
at just $10,000.  It is unclear whether this alleged personal
property is located at the franchise that is still operating, the
one that closed, or both.  Moreover, the debtor fails to list or
describe the personal property, and fails to justify or provide
support for the $10,000 value estimate.  The debtor also fails to
provide an appraisal for the parties or the Court to use in
determining the value of the property or the secured status of the
various creditors."

The Disclosure Statement and Plan also improperly characterize SBA
as an unsecured creditor.  To the contrary, SBA is a secured
creditor with a lien that attaches to all property/business
equipment at the franchise location that is still operating, and
not just to property at the second, closed location.

                  About DAH University Hospitality

DAH University Hospitality, LLC's business, which opened in 2015,
is a Fuzzy's Taco Shop franchise restaurant and bar located at 2515
University Park Way, Sarasota, FL 34232.

DAH University Hospitality sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-05845) on June
20, 2019.  At the time of the filing, the Debtor was estimated to
have assets of less than $50,000 and liabilities of less than $1
million.  The Debtor is represented by Timothy W. Gensmer, PA.


DEAN FOODS: Egan-Jones Withdraws D Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on November 22, 2019, withdrew its 'D'
foreign currency and local currency senior unsecured ratings on
debt issued by Dean Foods Company.

Dean Foods is an American food and beverage company and the largest
dairy company in the United States. Headquartered in Dallas, Texas,
the company maintains plants and distributors in the United States.
Dean Foods has 66 manufacturing facilities in 32 U.S. states and
distributes its products across all 50.


DEAN FOODS: U.S. Trustee Forms 7-Member Committee
-------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee for Region 7, on Nov. 22
appointed seven creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Dean Foods Company
and its subsidiaries, including Southern Foods Group, LLC.
   
The committee members are:

     (1) Central States, Southeast and Southwest Areas
         Areas Pension Funds
         Brad R. Berliner Deputy General Counsel
         8647 W. Higgins Rd., 8th Floor
         Chicago, IL 60631
         Tel: 847-939-2478
         Fax 847-518-9797
         Email:  bberliner@centralstates.org

         Counsel: Andrew J. Herink, Assoc. Gen. Counsel
         8647 W. Higgins Rd., 8th Floor
         Chicago, IL  60631
         Tel: 847-939-2458
         Fax: 847-518-9797
         Email: aherink@centralstates.org

     (2) The Bank of New York Mellon Trust Company, N.A.
         Attn: Alison Kowalski
         240 Greenwich Street, 7th Floor
         New York, NY 10286
         Tel: 212-815-4066
         Email: alison.kowalski@bnymellon.com

         Counsel: Emmet, Marvin & Martin, LLP
         Thomas A. Pitta, Esq.
         120 Broadway, 32nd Floor
         New York, NY 10271
         Tel: 212-238-3148
         Email: tpitta@emmetmarvin.com

     (3) Pension Benefit Guaranty Corporation
         Attn: Thomas Taylor
         Corporate Finance and Restructuring Dept.
         1200 K Street N.W.
         Washington, D.C. 20005-4026
         Tel: 202-229-3303
         Fax 202-326-4114
         Email: taylor.thomas@pbgc.gov

         Counsel: C. Wayne Owen, Jr., Esq.
         Ralph L. Landy, Esq.
         Office of the General Counsel
         1200 K Street N.W.
         Washington, D.C. 20005-4026
         Tel: 202-229-3090
         Fax 202-326-4112
         Email: landy.ralph@pbgc.gov

     (4) Land O’Lakes, Inc.
         Attn: Bill Pieper
         4001 Lexington Avenue N.
         Arden Hills, MN 55126-2998
         Tel: 800-328-9680
         Email: wtpieper@landolakes.com      

         Counsel: K & L Gates LLP
         Beth Gilman, Esq.
         1000 Main Street, Suite 2550
         Houston, TX 77002
         Tel: 713-815-7327
         Fax: 713-815-7301
         Email: beth.gilman@klgates.com

     (5) California Dairies Inc.
         Attn: Ray Gutierrez
         2000 N. Plaza Drive
         Visalia, CA 93291
         Tel: 925-361-4434
         Fax: 925-551-8544
         Email: rgutierrez@californiadairies.com

     (6) Consolidated Container Company LP
         Attn: Patrick Lynch
         2500 Windy Ridge Parkway, Suite 1400
         Atlanta, GA 30339
         Tel: 678-742-4735
         Email: patrick.lynch@cccllc.com

         Counsel: Alston & Bird
         David Wender, Esq.
         One Atlantic Center
         1201 Peachtree St., Suite 4900
         Atlanta, GA 30309
         Tel: 404-881-7354
         Fax: 404-881-7000
         Email: david.wender@alston.com

     (7) Select Milk Producers, Inc.
         Attn: Rance C. Miles
         5151 Beltline Rd., Suite 455
         Dallas, TX  75254
         Tel: 214-568-9000 ext. 211
         Email: rancem@selectmilk.com

         Counsel: Jackson Walker LLP
         Matthew Cavenaugh, Esq.
         1401 McKinney, Suite 1900
         Houston, TX 77010
         Tel: 713-752-4284
         Email: mcavenaugh@jw.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Dean Foods Company

Dean Foods Company (NYSE: DF) -- http://www.deanfoods.com/-- is a
food and beverage company.  It is the largest processor and
direct-to-store distributor of fresh fluid milk and other dairy and
dairy case products in the United States.  

Headquartered in Dallas, Texas, Dean Foods portfolio includes
DairyPure(R), the country's first and largest fresh, national white
milk brand, and TruMoo(R), the leading national flavored milk
brand, along with well-known regional dairy brands such as Alta
Dena(R), Berkeley Farms(R), Country Fresh(R), Dean's(R),
Friendly's(R), Garelick Farms(R), LAND O LAKES(R)* milk and
cultured products, Lehigh Valley Dairy Farms(R), Mayfield(R),
McArthur(R), Meadow Gold(R), Oak Farms(R), PET(R)**, T.G. Lee(R),
Tuscan(R) and more.  

Dean Foods also has a joint venture with Organic Valley(R),
distributing fresh organic products to local retailers. In all,
Dean Foods has more than 50 national, regional and local dairy
brands as well as private labels.  Dean Foods also makes and
distributes ice cream, cultured products, juices, teas and bottled
water.  It has approximately 15,000 employees across the United
States.

Dean Foods and substantially all of its subsidiaries, including
Southern Foods Group, LLC, initiated voluntary Chapter 11
reorganization proceedings in the Southern District of Texas on
Nov. 12, 2019.  The lead case is In re Southern Foods Group, LLP
(Bankr. S.D. Tex. Case No. 19-36313).

Dean Foods was estimated to have at least $1 billion in assets and
liabilities as of the bankruptcy filing.

The companies tapped Davis Polk & Wardwell LLP and Norton Rose
Fulbright as legal advisors; Norton Rose Fulbright US LLP as local
counsel; Evercore Group LLC as investment banker; and Alvarez &
Marsal as financial advisor.  Epiq Corporate Restructuring LLC is
the claims agent.


DIRECTVIEW HOLDINGS: Reports $8.6 Million Net Loss for Q3
---------------------------------------------------------
Directview Holdings, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
attributable to the company of $8.57 million on $958,277 of total
net sales for the three months ended Sept. 30, 2019, compared to a
net loss attributable to the company of $13.52 million on $1.01
million of total net sales for the three months ended Sept. 30,
2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss attributable to the company of $10.83 million on $2.58
million of total net sales compared to a net loss attributable to
the company of $15.34 million on $3.32 million of total net sales
for the same period during the prior year.

As of Sept. 30, 2019, DirectView Holdings had $2.70 million in
total assets, $33.72 million in total liabilities, and a total
stockholders' deficit of $31.01 million.

At Sept. 30, 2019, the Company had a cash balance of $191,913 and a
working capital deficit of $31,582,116.

The Company reported a net increase in cash for the nine months
ended Sept. 30, 2019 of $90,797.  While the Company currently has
no material commitments for capital expenditures, at Sept. 30, 2019
the Company owed approximately $117,000 under various notes
payable.  During the nine months ended Sept. 30, 2019, the Company
raised $1,688,996 of proceeds through the issuance of convertible
notes payable.

"We do not anticipate we will be profitable in 2019," DirectView
Holdings said in the SEC filing.  "Therefore, our operations will
be dependent on our ability to secure additional financing.
Financing transactions may include the issuance of equity or debt
and convertible debt securities, obtaining credit facilities, or
other financing mechanisms.  The trading price of our common stock
and a downturn in the U.S. equity and debt markets could make it
more difficult to obtain financing through the issuance of equity
or debt securities.  Even if we are able to raise the funds
required, it is possible that we could incur unexpected costs and
expenses, fail to collect significant amounts owed to us, or
experience unexpected cash requirements that would force us to seek
alternative financing.  Furthermore, if we issue additional equity
or debt securities, stockholders may experience additional dilution
or the new equity securities may have rights, preferences or
privileges senior to those of existing holders of our common stock.
The inability to obtain additional capital may restrict our
ability to grow and may reduce our ability to continue to conduct
business operations.  If we are unable to obtain additional
financing, we will likely be required to curtail our marketing and
development plans and possibly cease our operations.  Furthermore,
we have debt obligations, which must be satisfied.  If we are
successful in securing additional working capital, we intend to
increase our marketing efforts to grow our revenues.  Other than
those disclosed above, we do not presently have any firm
commitments for any additional capital and our financial condition
as well as the uncertainty in the capital markets may make our
ability to secure this capital difficult.  There are no assurances
that we will be able to continue our business, and we may be forced
to cease operations in which event investors could lose their
entire investment in our company."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/VRlqtx

                    About Directview Holdings

DirectView Holdings, Inc., (DIRV) together with its subsidiaries,
provides video surveillance solutions and teleconferencing products
and services to businesses and organizations.  Based in Boca Raton,
Florida, the company operates in two divisions, Security (Video
Surveillance) and Video Conferencing.  The Security division offers
technologies in surveillance systems providing onsite and remote
video and audio surveillance, digital video recording, and
services. It also sells and installs surveillance systems; and
sells maintenance agreements.  The company sells its products and
services in the United States and internationally through direct
sales force, referrals, and its websites. The Video Conferencing
division offers teleconferencing products and services that enable
clients to conduct remote meetings by linking participants in
geographically dispersed locations.  It is involved in the sale of
conferencing services based upon usage, the sale and installation
of video equipment, and the sale of maintenance agreements.  This
division primarily provides conferencing products and services to
numerous organizations ranging from law firms, banks, high tech
companies and government organizations.  DirectView Holdings
maintains two websites at http://www.directview.com/and
http://www.directviewsecurity.com

Directview reported a net loss of $10.05 million for the year ended
Dec. 31, 2018, compared to a net loss of $1.54 million for the year
ended Dec. 31, 2017.  As of June 30, 2019, the Company had $2.33
million in total assets, $24.87 million in total liabilities, and a
total stockholders' deficit of $22.54 million.

Assurance Dimensions, the Company's auditor since 2017, issued a
"going concern" qualification in its report dated April 12, 2019,
on the Company's consolidated financial statements for the year
ended Dec. 31, 2018, stating that the Company had a net loss and
cash used from operations of approximately $10,058,000 and
$1,854,000, respectively for the year ended of Dec. 31, 2018 and a
working capital deficit of approximately $21,351,000 as of Dec. 31,
2018.  These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


DPL INC: Moody's Reviews Ba1 Sr. Unsec. Ratings for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of DPL Inc. (Ba1
senior unsecured) and Dayton Power & Light Company (Baa2 Issuer
rating, A3 first mortgage bond) under review for downgrade.

RATINGS RATIONALE

"The review of the ratings of DPL and DP&L is prompted by the
Public Utilities Commission of Ohio's (PUCO) order last week
directing DP&L to terminate the collection of its annual $105
million Distribution Modernization Rider (DMR)" said Nati Martel, a
VP-Senior Analyst. "The unexpected, immediate reduction in revenue
will negatively affect financial coverage metrics at both the
parent and the operating utility, pressuring credit quality" added
Martel. In 2017, the PUCO authorized the utility to collect these
charges until October 2020, with the possibility for the utility to
seek authorization to extend the collection for two more years. The
DMR was one of the key provisions of the utility's authorized third
Electric Security Plan (ESP-III) and underpinned the group's credit
quality.

Following the PUCO decision, Moody's expects DP&L to revert to the
first Electric Security Plan (ESP-I) which included an annual
Service Stability Rider (SSR) of $76 million, as well as file a new
rate case seeking new base rates to replace those previously
approved by PUCO in 2018.

The review of DPL and DP&L's ratings will focus on the impact that
the reduced revenue collections will have on financial performance,
the ability of the utility to upstream dividends to service high
parent company debt, and the credit supportiveness of the
regulatory relationship between DP&L and PUCO.

The review will assess the group's ability to meet its capital
requirements that include interest payments of around $45 million,
and any adjustments to its planned capital expenditures. Under
ESP-III DPL was not distributing any cash to its parent company,
The AES Corporation (Ba1 stable) in the form of dividends or under
the tax sharing agreement.

The review will also focus on the group's liquidity profile in
light of the loss of revenues, particularly considering the
companies' next debt maturities, including $140 million of DP&L
Notes due in 2020 and $380 million of DPL Notes due in 2021. The
review will assess the companies' ability to further borrow under
their separate revolving bank credit facilities. At the end of
September 2019, DPL and DP&L had $38 million and $60 million
outstanding under their respective bank credit facilities.
Borrowings under DPL's facility, and the possibility to increase
the committed size, are subject to representations and warranties,
including a material adverse change clause. The review will also
assess whether the terms of any new ESP will allow DPL to further
deleverage its capital structure and record credit metrics that are
appropriate for the rating.

Environmental considerations incorporated into its credit analysis
for DPL and DP&L factor in that the group exited most of its
coal-fired generation operations in 2018. Social risks are
primarily related to demographic and societal trends and customer
relations. Corporate governance considerations incorporate the
organization's financial policies and Moody's notes that a strong
financial position is an important characteristic for managing
environmental, social and governance risk.

Outlook Actions:

Issuer: Dayton Power & Light Company

Outlook, Changed To Rating Under Review From Stable

Issuer: DPL Inc.

Outlook, Changed To Rating Under Review From Stable

On Review for Downgrade:

Issuer: Dayton Power & Light Company

Issuer Rating, Placed on Review for Downgrade, currently Baa2

Senior Secured First Mortgage Bonds, Placed on Review for
Downgrade, currently A3

Issuer: DPL Inc.

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Ba1

Headquartered in Dayton, Ohio, DPL Inc. is the holding parent
company of the pure regulated T&D utility, The Dayton Power and
Light Company (DP&L). DP&L also holds a 4.9% equity interest in
Ohio Valley Electric Corp (OVEC, Ba1 stable). The group's only
unregulated operations consist of AES Ohio Generation LLC's
(unrated) 16.5% interest stake in the Conesville coal-fired
facility as well as the captive insurance company Miami Valley
Insurance Company. DPL is a subsidiary of The AES Corporation (AES:
Ba1 Corporate Family Rating, stable), a globally diversified power
holding company.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.


EASTERN NIAGARA HOSP: U.S. Trustee Forms 5-Member Committee
-----------------------------------------------------------
The U.S. Trustee for Region 2 on Nov. 22 appointed five creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Eastern Niagara Hospital, Inc.
  
The committee members are:

     (1) Pension Benefit Guaranty Corporation
         1200 K Street N.W.
         Washington, D.C. 20005-4026
         Attention: Michael Strollo
         Tel: (202) 229-4907
         Email: stroll.michael@pbgc.gov
   
     (2) 1199SEIU
         2421 Main Street, Suite 100
         Buffalo, New Yor 14214
         Attention:James Scordato
         Tel: (716) 913-4236
         Email: jim.scordato@1199.org

     (3) Musculoskeletal Transplant Foundation
         125 May Street
         Edison, New Jersey 08837
         Attention: Jennifer Birmingham
         Tel: (732) 661-0202
         Email: Jennifer_Birmingham@mtf.org

     (4) Keystone Medical Services of NY, P.C.
         Crescent Center
         6075 Poplar Avenue, Suite 401
         Memphis, Tennessee 38119
         Attention: Randy Wilson
         Tel: (972) 372-0388 ext. 102
         Email: RWilson@keystonehealthcare.com

     (5) CRS Nuclear Services, LLC
         840 Aero Drive, Suite 150
         Cheetowaga, New Yor 14225
         Attention: Emily Kosmoski
         Tel: (716) 810-0688
         Email: Kosmoski@crsnuclear.com

Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                  About Eastern Niagara Hospital

Eastern Niagara Hospital, Inc. -- http://www.enhs.org-- is a
not-for-profit organization, focused on providing general medical
and surgical services.  It offers radiology, surgical services,
rehabilitation services, cardiac services, respiratory therapy,
obstetrics and women's health, emergency services, acute and
intensive care, chemical dependency treatment, occupational
medicine services, DOT medical exams, dialysis, laboratory
services, child and adolescent psychiatry, and express care.

Eastern Niagara Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 19-12342) on Nov. 7,
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 Debtor tapped Jeffrey Austin Dove, Esq., at Barclay Damon LLP,
as its legal counsel.


EVERTEC GROUP: Moody's Affirms B2 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service affirmed EVERTEC Group, LLC's B2
Corporate Family Rating and B3-PD probability of default rating .
Concurrently, Moody's changed the outlook to positive from stable
and upgraded the company's speculative grade liquidity rating to
SGL-1 from SGL-3. Moody's also affirmed the B2 ratings on the
company's senior secured bank credit facilities.

Affirmations:

Issuer: EVERTEC Group, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B3-PD

Gtd Senior Secured Term Loan, Affirmed B2 (LGD3)

Gtd Senior Secured Revolving Credit Facility, Affirmed B2 (LGD3)

Upgrades:

Issuer: EVERTEC Group, LLC

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-3

Outlook Actions:

Issuer: EVERTEC Group, LLC

Outlook, changed to Positive from Stable

RATINGS RATIONALE

The B2 CFR reflects Evertec's limited operating scale and elevated
event risk related to economic and fiscal uncertainty in Puerto
Rico, which accounted for about 80% of the company's revenues.
Evertec's financial performance improved strongly over the course
of 2018 and into 2019 resulting from growing use of electronic
payments and increased spending stemming from recovery efforts
following Hurricane Maria in late 2017. However, emigration,
declining household income and the financially stressed government
of the Commonwealth of Puerto Rico (Ca, negative outlook) could
hinder the company's long-term growth prospects in its largest
market. Evertec also has substantial revenue concentration with
Banco Popular de Puerto Rico (ba3 BCA, stable outlook). Evertec's
business risks are mitigated, nonetheless, by the critical role it
plays in Puerto Rico's economy as the dominant payments processor
with the leading ATM and PIN debit network. Its payment processing
and merchant acquiring services continue to benefit from a secular
shift to electronic payments and generate recurring transaction
processing revenues. These services have high operating leverage
and drive strong adjusted EBITDA margins and free cash flows.
Evertec is expected to have moderate leverage over time but
maintain a balanced financial strategy.

The positive outlook reflects Moody's expectation that Evertec will
(i) continue to generate at least stable revenue and EBITDA in its
main market, Puerto Rico (ii) continue to grow both organically and
via M&A in its growth markets in South America and (iii) maintain a
robust liquidity profile and net leverage (per the credit
agreement) between 2-3x, with possible short term increases up to
4x for acquisition activity.

The ratings could be upgraded if Puerto Rico's economic outlook
improves significantly or if Evertec continues to diversify its
business geographically while maintaining a healthy growth profile
and relatively conservative credit metrics. Operating challenges
and/or aggressive financial policies causing total debt to EBITDA
to approach 5x on a Moody's adjusted basis could put downward
pressure on the ratings. Ratings could also be downgraded if
liquidity deteriorates or free cash flow is expected to be below 5%
of total debt.

The SGL-1 speculative grade liquidity rating reflects Evertec's
very good liquidity over the next 12 months. The company is
expected to have an unrestricted cash balance of about $100 million
and access to a $125 million revolving credit facility (currently
undrawn). Evertec is expected to use a combination of cash flow and
revolver drawings to fund potential M&A activity. The term loan A
and revolver include a financial maintenance covenant with a
maximum total secured net leverage test of 4.25x, which steps down
to 4x at December 31, 2020. The term loan B does not contain a
financial maintenance covenant. Moody's expects the company to
remain compliant with its covenants with substantial headroom over
the next year.

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

EVERTEC GROUP, LLC is the main operating subsidiary of EVERTEC,
Inc. (NYSE: EVTC). Evertec provides transaction and payment
processing, merchant acquiring and processing, and other business
process information technology services to financial institutions,
government agencies and merchants in Puerto Rico, the Caribbean and
Latin America. The company generated revenue of $478 million in the
LTM period ended September 30, 2019.


FRUTTA BOWLS: Unsecureds to Receive $300,000 Under Plan
-------------------------------------------------------
Debtor Frutta Bowls Franchising, LLC and the Official Committee of
Unsecured Creditors filed with the U.S. Bankruptcy Court for the
District of New Jersey a Combined Plan of Reorganization and
Disclosure Statement.

The Plan will be funded by the Debtor's operations, a lump sum to
be contributed by equity, monies  to be paid over time by equity,
the contribution of IP Rights and Distribution Rights, as well as
50% equity to be distributed amongst Class 1 claimants and parties
with assumed contracts.  The  Plan may also be funded by litigation
proceeds from assigned Franchise Claims and independent Debtor
claims.

   * Class 1 - Ongoing Business Claims.  Operating franchisee
agrees to assumption of franchise agreement and its terms or as
otherwise agreed to be modified by the Debtor, to become and remain
current on all outstanding fees due the Debtor for the period
during which such franchisee has operated or is operating, and
receipt of a set claim value of $500,000.  Non-Operating Franchisee
agrees to receive a set claim value of $25,000.

   * Class 2 - Other Unsecured Creditors.  Unsecured creditors will
receive pro rata distribution of $300,000 contributed by equity to
be ratably shared with Class 1, as well as pro rata distribution of
the net recoveries on account of prosecution of any independent
estate claim, with such sum also to fund liquidation of claims in
this class.

   * Class 3 - Equity Interest Holders.  Brooke Gagliano and
Patrick Gagliano will collectively receive 50% of FB Holdco based
on their respective prepetition equity interests (57% Brooke, 43%
Patrick) and they will also collectively: (i) make an additional
financial contribution of $300,000 (the "Old Equity
Contribution").

On Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, contract
rights, causes of action, furniture, fixtures and equipment, will
revert, free and clear of all Claims and Equitable Interests except
as provided in the Plan, to the Reorganized Debtor.  This will not
include any items specifically being transferred to FB Holdco, such
as the Franchise Claims or to the FB Holdco subsidiaries, such as
the IP Rights and Distribution Rights.

The Debtor did not provide an estimated percentage recovery for
creditors, saying that at present their projected recovery is
"unknown".

A full-text copy of the Combined Plan and Disclosure Statement is
available at https://tinyurl.com/srjn4qn from PacerMonitor.com at
no charge.

The Debtor is represented by:

      SPADEA LIGNANA
      Joel Schwartz, Esquire
      222 New Road, Suite 402
      Linwood, New Jersey 08221
      Tel: (609) 677-9454
      Fax: (609) 677-9455 Facsimile

               About Frutta Bowls Franchising

Frutta Bowls Franchising is in the business of franchising health
foods eateries specializing in  acai-pitaya-and kale-based bowls;
fruit smoothies; other health-centric snacks and related items.
It is a New Jersey Limited Liability Company with its principle
assets and main operations in Freehold, New Jersey.  It was formed
in February 2017.  The company is owed by Patrick and Brooke
Gagliano with Brooke holding 57% of the equity and Patrick holding
the remaining 43%.

Frutta Bowls filed a voluntary Chapter 11 petition (Bankr. D.N.J.
Case No. 19-13230) on Feb. 15, 2019, listing under $1 million in
both assets and liabilities.  The case is assigned to Judge Michael
B. Kaplan.  Spadea Lignana is the Debtor's counsel.  

A committee of unsecured creditors was appointed in the Debtor's
case.  Porzio, Bromberg & Newman, P.C., is the committee's counsel.


GABRIEL INVESTMENT: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee for Region 7, on Nov. 21
appointed three creditors to serve on the official committee of
unsecured creditors in the Chapter 11 cases of Gabriel Investment
Group, Inc. and its affiliates.
  
The committee members are:

     (1) Mexcor, Inc.  
         Contact: Scott Kliever  
         8950 Railwood Dr.  
         Houston, TX 77078  
         (713) 979-5093  
         Email: skliever@mexcor.com

     (2) Ezzell Fleet Service  
         Contact: Nancy Ezzell  
         11618 Nacodoches, Bldg. 2  
         San Antonio, TX 78217  
         (210) 655-3202  
         Email: ezzellfleet@yahoo.com

     (3) GIMA International  
         Contact: Tim Jacobi  
         2210 Oakland  
         San Antonio, TX  78258  
         (210) 745-0902  
         Email: tim@gimainternational.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                  About Gabriel Investment Group

Gabriel Investment Group, Inc., founded in 1948, operates a chain
of package stores that sell wines, liquors, and beers. As of the
Petition Date, Gabriel operates 15 package store locations as
Gabriel's Liquor and 30 package store locations as Don's & Ben's
Liquor.

Gabriel Investment Group sought relief under Chapter 11 of the
Bankruptcy Code (Bank. W.D. Tex. Lead Case No. 19-52298) on Sept.
27, 2019 in San Antonio Texas. The other debtor affiliates are:
Don's & Ben's Inc. (Bankr. W.D. Tex. 19-52299); Gabriel Holdings,
LLC (Bankr. W.D. Tex. 19-52300); SA Discount Liquors, Inc. (Bankr.
W.D. Tex. 19-52301); and Gabriel GP, Inc. (Bankr. W.D. Tex.
19-52302).  In the petitions signed by Inez Cindy Gabriel,
president, the Debtors were estimated to have assets at $1 million
to $10 million and liabilities within the same range.  Judge Ronald
B. King is assigned the Debtors' cases.  Pulman Cappuccio & Pullen,
LLP is the Debtors' counsel.


GAP INC: S&P Lowers ICR to 'BB' on Performance Challenges
---------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on U.S.-based
specialty apparel retailer Gap Inc. to 'BB' from 'BB+'.
Concurrently, S&P lowered the issue-level rating on the company's
notes to 'BB' from 'BB+'.

The downgrade reflects S&P's view that Gap Inc.'s performance
struggles will persist as it faces a torrent of competitive
headwinds and potential distractions from the planned separation of
its core Old Navy brand in mid-2020. Inconsistent execution,
fashion misses, and weak traffic trends have pressured results this
year, with consolidated comparable store sales declining 4% year to
date and gross margins down approximately 100 basis points. S&P
believes the company is losing market share to stronger operators
across the apparel sector, including fast fashion, off-price, and
mass-merchandisers. It expects the company's mall-based retail
concepts, including Gap and Banana Republic, will remain under
pressure from secular challenges and eroding margin trends will be
difficult to reverse.

The negative outlook reflects S&P's expectation that operating
results will remain challenged by ongoing intense competitive
pressures and execution risks will persist with all of the
company's key brands, including Old Navy. It also reflects the risk
that the rating agency could lower the rating based on how the
company will be funded following the planned spin-off of Old Navy.

"We could lower the rating if weak operating trends accelerate,
including sustained declines in comparable store sales and margin
erosion, causing credit metrics to deteriorate, including adjusted
leverage exceeding 3x. Under this scenario, persistent product
issues and negative traffic trends would result in heightened
inventory markdowns and weakening cash flow generation," S&P said,
adding that it could also lower the rating depending on the outcome
of the planned separation, based on its assessment of the
standalone group's competitive position and its capital structure.

"We are unlikely to take a positive rating action until we have
greater visibility into the company's prospective capital structure
and financial policy following the planned spin-off of Old Navy. We
could revise the outlook to stable if the company's efforts to
strengthen operational execution and restore relevance lead to
sustained improvement across all brands, including stabilizing
sales and profitability trends while maintaining leverage below
3x," the rating agency said.


GLOBALSTAR INC: Egan-Jones Hikes FC Rating to B
-----------------------------------------------
Egan-Jones Ratings Company, on November 19, 2019, upgraded the
foreign commercial rating on debt issued by Globalstar,
Incorporated to C from D.

Globalstar, Incorporated is an American satellite communications
company that operates a low Earth orbit satellite constellation for
satellite phone and low-speed data communications, somewhat similar
to the Iridium satellite constellation and Orbcomm satellite
systems.


GULF AVIATION: Taps Sandra L. Charlton as Accountant
----------------------------------------------------
Gulf Aviation, Inc. received approval from the U.S. Bankruptcy Code
for the Southern District of Texas to employ Sandra L. Charlton CPA
PLLC in the ordinary course of business.

The firm will provide accounting services related to:

     (i) bi-weekly payroll services;

    (ii) monthly profit and loss statements -- a compilation of
statements of assets, liabilities, and equity -- on a tax basis and
related statements of revenue and expenses and with substantially
all disclosures omitted;

   (iii) the quarterly reports prepared and filed with the Internal
Revenue Service;

    (iv) the quarterly reports prepared and filed with the Texas
Workforce Commission;

     (v) the annual franchise tax return; and

    (vi) preparation of the annual tax returns for the IRS, that
are necessary in the ordinary course of Debtor's business.

The firm has agreed to charge a flat fee of $3,300 for the
preparation of Debtor's 2018 annual IRS tax return, a flat fee of
$300 for the preparation of its 2018 franchise tax return and an
average monthly fee of $825 for the preparation of payroll
services, the IRS quarterly reports, the Texas Workforce quarterly
reports; and the monthly profit and loss statements.  

The fees will be capped at $7,500 for entire period in which the
Debtor's bankruptcy case is active.

Sandra Charlton, the firm's accountant who will be providing the
services, assures the court that she does not have any interest
adverse to the Debtor, creditors or other parties.

Ms. Charlton maintains an office at:

     Sandra L. Charlton, CPA
     Sandra L. Charlton CPA PLLC
     114 S. Westgate Weslaco TX 78596
     Phone: (956) 968-9568
     Fax: (956) 968-0702

                     About Gulf Aviation Inc.

Gulf Aviation, Inc. provides aviation services as a fixed based
operation at the Valley International Airport (Harlingen, Texas)
including aircraft fuel sales, aircraft maintenance and repairs,
and ground support equipment maintenance services.

Gulf Aviation filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-10384) on
Oct. 1, 2019, listing under $1 million in both assets and
liabilities. Jana Smith Whitworth, Esq., at JS Whitworth Law Firm,
PLLC, is the Debtor's legal counsel.


HARLAND CLARKE: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded Harland Clarke Holdings
Corp.'s Corporate Family Rating to Caa1 from B3 and its Probability
of Default Rating to Caa1-PD from B3-PD and revised the outlook to
negative. The ratings on the senior secured term loan and senior
secured notes were also downgraded to B3 from B2 and the senior
unsecured notes were downgraded to Caa3 from Caa2.

The downgrade of the CFR with a negative outlook reflects Harland
Clarke's imminent need to address the maturity of its $709 million
notes due March 2021 at a time when the company remains under
continued secular pressure and has generated negative free cash
flow for the last twelve months ended September 30, 2019. Should
Harland Clarke fail to refinance or extend the maturity of the $709
million notes, it faces a sizable wall of debt maturities. The
expiration of its asset based revolving credit facility and the
maturity of its $1.6 billion term loan springs to November 2020.
The $800 million senior secured notes are due in August 2022, but
also have an accelerated maturity date of November 2020 if more
than $50 million of senior unsecured notes are outstanding at that
time. The negative outlook acknowledges the risk that ratings could
be lowered should Harland Clarke fail to address these maturities
on economic terms and in a timely manner.

Moody's estimates that Harland Clark has enough liquidity to repay
the $175 million notes that mature in March 2020 using asset sale
proceeds, its Q4 2019 cash flow generation and an estimated $40
million incremental draw on the ABL facility. Given this, Moody's
does not expect this debt maturity to trigger the springing
maturity in the ABL related to this debt instrument.

The following is a summary of the actions:

Downgrades:

Issuer: Harland Clarke Holdings Corp.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured Term Loan, Downgraded to B3 (LGD3) from B2 (LGD3)

Senior Secured Notes, Downgraded to B3 (LGD3) from B2 (LGD3)

Senior Unsecured Notes, Downgraded to Caa3 (LGD6) from Caa2 (LGD6)

Outlook Actions:

Issuer: Harland Clarke Holdings Corp.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Harland Clarke's Caa1 CFR reflects its weak liquidity and high
refinancing risk as the company's capital structure approaches a
maturity wall due to the springing maturities in its secured debt
agreements. Harland Clarke operates with high leverage with Moody's
adjusted debt to EBITDA of 6.3x as of Q3 2019. Moody's believes
that the business model is in secular decline in both its check
printing and Valassis' print based advertising model. Check order
volumes face secular pressures due to new and evolving electronic
payment alternatives. The Valassis Communications, Inc.
("Valassis") division faces pressure from the secular demand shift
of advertisers' marketing spend to internet-based / digital media
channels, as well as the ensuing pricing pressure on traditional
print-based media. The acquisition of RetailMeNot, Inc.
("RetailMeNot") has continued to struggle as well, while management
has successfully undertaken cost management initiatives and reduced
EBITDA declines.

Harland Clarke social risks are consistent with the sector and are
low to medium. The company's products are secularly exposed to
digital substitution, with some revenue attrition. From a financial
strategy perspective, corporate governance risk is high. Harland
Clarke has a history of sponsor friendly and related party
transactions that have continued even as the company has
underperformed expectations. In prior periods, Harland Clarke
achieved significant cost savings to support EBITDA and it will be
important for the company to achieve additional cost savings to try
to offset negative top line pressure on its business lines.

Harland Clarke's liquidity position is weak and has the potential
to deteriorate further due to the maturity of the $709 million
unsecured notes in March 2021 and the springing maturities of its
entire capital structure should these notes fail to be repaid or
refinance. The ABL facility stated expiration date in February
2022, but is at risk to spring to November 2020 if the $709 million
of senior unsecured notes due 2021 are not repaid or refinanced by
that date. The facility had $111 million of availability as of Q3
2019 after giving consideration to $100 million of borrowings and
$11 million of letters of credits. However, Harland Clarke intends
to borrow an additional $40 million during the fourth quarter,
which would reduce availability to $61 million, which is modest for
a company of its size. Harland Clarke's free cash flow was negative
in 2018 and the LTM period ending Q3 2019 due in part to above
average tax payments made as part of its tax sharing agreement with
its parent company. Capex is expected to be in the $70 to $80
million range in 2020. The term loan balance is projected to
decline quarterly due to the above average amortization payments on
the term loan of $100 million a year. The required amortization
amount declines to $75 million a year if the secured leverage ratio
is less than 3x which is not expected in the near term.

An additional downgrade could occur if the company is unable to
address its debt maturities in the near term on economically
feasible terms. A decline in its liquidity position due to
continued negative free cash flow, (EBITDA-CAPEX)/(Interest
expense) below one time or inability to access its ABL facility
could result in a negative rating action. Sustained declines in the
check business, or further deterioration in demand for Valassis'
print-based marketing products could also result in a downgrade.

The outlook could be revised to stable if the company's debt
maturities are addressed on economically feasible terms and its
EBITDA remains stable or begins to improve. Ratings could be
upgraded if the company demonstrates stable organic revenue and
EBITDA trends and debt-to-EBITDA leverage decreases below 6x on a
sustained basis with no near term debt maturities. A positive free
cash flow to debt ratio in the low digit percentage range as well
as (EBITDA-CAPEX)/(Interest Expense) above 1.0 time would also be
required.

The principal methodology used in these ratings was Media Industry
published in June 2017.

Harland Clarke Holdings Corp., headquartered in San Antonio, TX, is
a provider of check and check related products, direct marketing
services and customized business and home office products to
financial services, retail and software providers as well as
consumers and small businesses, and through its Scantron division,
data collection, testing products, scanning equipment and tracking
services to educational, commercial, healthcare and government
entities. Its Valassis division offers clients mass delivered and
targeted programs to reach consumers primarily consisting of shared
mail, newspaper and digital delivery in addition to coupon clearing
and other marketing and analytical services. The RetailMeNot
division is an online and in-store consumer savings destination
that connects consumers with retailers, restaurants, and brands as
well as its operation of a discounted gift card marketplace.

M&F Worldwide Corp. acquired check and related product provider
Clarke American Corp. in December 2005 for $800 million and
subsequently acquired the John H. Harland Company in May 2007 for
$1.4 billion. M&F merged the two companies to form Harland Clarke.
M&F's remaining publicly traded shares were acquired by portfolio
company, MacAndrews & Forbes Holdings, Inc. on December 21, 2011.
MacAndrews is wholly owned by Ronald O. Perelman. Harland Clarke
acquired Valassis Communications, Inc. in February 2014 and
acquired RetailMeNot, Inc. in May 2017. Annual revenue was $3.4
billion as of the twelve months ended September 30, 2019.


HARRISONBURG REDEV: Moody's Reviews Caa3 Rev. Bonds for Downgrade
-----------------------------------------------------------------
Moody's Investors Service placed the Caa3 rating of Harrisonburg
Redevelopment and Housing Authority, VA, Taxable Multifamily
Housing Revenue Bonds (Huntington Village Apartments Project)
Series 2001B on review for downgrade.

RATINGS RATIONALE

This rating action is based on several unsuccessful attempts to
obtain information required for review from the trustee. As a
result, Moody's currently does not possess sufficient information
to maintain the existing ratings on the bonds. Over the next 30
days, Moody's will continue to attempt collection of information
from the appropriate parties, however, if sufficient information is
not received, the ratings may be downgraded or withdrawn.

FACTORS THAT COULD LEAD TO AN UPGRADE

  -- Not applicable

FACTORS THAT COULD LEAD TO A DOWNGRADE

  -- Receipt of disclosure from the trustee indicating a lower than
anticipated final bond recovery

LEGAL SECURITY

The bonds are limited obligations of the issuer, payable solely
from the revenues of the trust estate.

The principal methodology used in this rating was US Stand-alone
Housing Bond Programs Secured by Credit-Enhanced Mortgages
Methodology published in July 2019.


HARVARD CIDER: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Harvard Cider Company LLC as of Nov. 25,
according to a court docket.
  
                    About Harvard Cider Company

Creditor Winthrop Intelligence LLC filed an involuntary Chapter 11
petition against Harvard Cider Company LLC (Bankr. D. Colo. Case
No. 19-14834) on June 4, 2019.  Michael J. Davis, Esq., at DLG Law
Group, LLC represents the creditor.  The case is assigned to Judge
Elizabeth E. Brown.


HERITAGE GENERAL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on Nov. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Heritage General Building
Contractors, LLC.
  
            About Heritage General Building Contractors

Heritage General Building Contractors LLC --
http://www.heritagegbc.construction/-- is a full-service
construction company based in Whatcom County, Wash.  It specializes
in the new construction and remodeling of residential, commercial
and multi-family properties.

Heritage General Building Contractors sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
19-13880) on Oct. 22, 2019.  At the time of the filing, the Debtor
had estimated assets of between $100,000 and $500,000 and
liabilities of between $1 million and $10 million.  

The case is assigned to Judge Timothy W. Dore.  The Debtor tapped
Steven C. Hathaway, Esq., at the Law Office of Steven C. Hathaway
as its legal counsel.


HESS MIDSTREAM: Fitch to Rate New Unsec. Notes Due 2028 'BB+'
-------------------------------------------------------------
Fitch Ratings expects to rate Hess Midstream Partners LP's (HESM)
proposed senior unsecured notes due 2028 'BB+'/'RR4.' Proceeds from
the offering will be used to repay borrowings on the Hess
Infrastructure Partners LP credit facility, pay distributions to
its sponsors, and related expenses.

HESM and HESINF intend to reorganize and once it is effective, HESM
will change its name to Hess Midstream Operations LP and it will be
the obligor of the proposed notes. If for some reason the
reorganization does not occur, the notes have a special redemption
feature. If the reorganization does not occur by April 17, 2020,
the notes will be redeemed. The company expects the reorganization
to take place on or about Dec. 16, 2019. Fitch expects the
reorganization to occur as planned.

KEY RATING DRIVERS

HESM Is Acquiring HESINF: On Oct. 4, 2019, HESM announced that it
agreed to acquire HESINF. In addition, HESM will change its name to
Hess Midstream Operations LP (HESM OpCo), and be consolidated under
a newly formed Up-C entity, Hess Midstream LP (ticker: HESM). The
Up-C allows the partnership to be owned by a holding company, which
is taxed as a corporation. Once the reorganization closes in
mid-December 2019, HESM will complete the exchange of HESINF's $800
million unsecured notes for new HESM OpCo notes ($795 million of
notes were tendered for the exchange). Also upon the
reorganization, a distribution of $549 million will be paid to the
sponsors of HESINF, Hess Corporation (HES; BBB-/Stable) and Global
Infrastructure Partners (GIP). The company will also establish a $1
billion secured term revolver and $400 million secured term loan.

HES Bakken Operations Solid: Contractually, HES's (BBB-/Stable)
subsidiaries are the only recipients of all of HESM's services. HES
guarantees the obligations of these subsidiaries. The HES-HESM
contracts have fee mechanisms by which HES protects HESM from
volume downsides and other risks. One type of protection, minimum
volume commitments (MVCs), have, from time to time, been triggered
for some of HESM services. Fitch views HES as a strong performer
with a consistent track record of strong reserve growth at
economical costs. Within the Bakken formation region, which HES
states gets its first call on capital among operated properties,
the company continues to make progress moving down the cost curve.
Since 2017, HES's quarterly Bakken barrel of oil equivalent
production trend has been consistently upward. In July 2018, HES
added a fifth Bakken drilling rig, and in September 2018 the
company added a sixth one. Six rigs continue to run in 2019. Hess
projects that production in the Bakken should increase at a CAGR of
approximately 20% between 2018 and 2021.

HESM is in a joint venture for the Little Missouri 4 natural gas
processing plant, which went into service in the middle of 2019.
HESM OpCo expects to reach its share of full capacity of 100 mmcf/d
by YE 2019 (total capacity is 200 mmcf/d and 50% is HESM's). The
growth represented by the Little Missouri 4 plant is backstopped by
expected Bakken growth, which is contractually provided for under
the foundational HES/HESM contracts.

Expanding Capacity: HESM is increasing its natural gas processing
capacity from its current position of 350 mmcf/d to 500 mmcf/d by
the middle of 2021. Capacity recently increased to 350 mmcf/d when
Little Missouri 4 came into service. The company will expand the
Tioga gas plant by 150 mmcf/d to 400 mmcf/d by the middle of 2021.

Contracts Provide Two-Fold Revenue Protection: HESM is a 100%
fee-based business. Its fixed-fees are subject to annual
recalculation based HESM maintaining its targeted return on capital
through the end of 2023 and longer for the terminal and export
agreement as well as the water agreement. The calculation also
incorporates the production profile of HES. At the end of 2018, the
tariff was updated for 2019 and it incorporated factors from 2018
(such as the actual and forecast capex, operating expenses, and the
actual and forecast volumes). In addition to this re-calculation
structure, the suite of contracts provides that near-term total
revenues may be bolstered by MVCs.

In the 2018 10-K of HESM, it was disclosed that in 2018, minimum
volume shortfall fee payments were $47.5 million (versus of $61.6
million in 2017). The setting of MVCs is also an annual exercise.
MVCs are established each year for the current year and the two
thereafter. MVCs, once set, cannot be re-set lower. HES, as HESM
OpCo's counterparty, will bear high effective unit-costs in a
downside volume scenario, by operation of the two revenue
protection mechanisms.

DERIVATION SUMMARY

Size is an important differentiating factor for Fitch when rating
gathering and processing companies. Smaller gathering and
processing companies generally do not have a diverse portfolio of
assets from which a choice asset can be sold during challenging
times in their production regions and can restrict the rating. On a
pro forma basis, HESM generated approximately $500 million of
adjusted EBITDA in 2018. Higher rated EQT Midstream Partners, LP
(EQM; BBB-) generated nearly $1 billion of adjusted EBITDA during
the same year.

The basin served is also a factor in setting the rating for a
gathering and processing company. HES (BBB-/Stable) provides strong
revenue assurance terms in its subsidiaries' contracts with HESM.
HES is a global upstream producer and a key region for the company
is the Bakken. HES's production in the Bakken has proven to be
solid and HES is very optimistic about growth in the next few
years. Fitch recognizes that production in the Bakken can be
volatile and did fall for the industry from early 2015 until the
middle of 2017. For HESM's higher rated peer, EQM, its basin, the
Marcellus basin, showed strong growth throughout a period of low
natural gas prices that began in 2012.

KEY ASSUMPTIONS

  -- Gas processing capacity reaches 500 mmcf/d by mid-2021;

  -- Net production volumes in the Bakken from HES have a CAGR of
about 20% between 2018 and 2021;

  -- Capex in the 2019-2020 period is generally for gas processing
expansion, additional well-connects and related assets for
gathering.

RATING SENSITIVITIES

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

  -- Positive rating action for HES;

  -- A significant acquisition that diversifies the company's
business risk, provided that leverage (defined as total debt to
adjusted EBITDA) stays below 4.5x (although this may vary point
depending on the risk profile of the acquisition).

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

  -- Negative rating action for HES;

  -- Adverse changes in certain terms in the array of contracts
with Hess Corporation;

  -- Leverage (defined as total debt to adjusted EBITDA) rising
above 4.0x on a sustained basis in the context of HESM OpCo
maintaining its current size.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of Sept. 30, 2019, HESM had $11 million
drawn on its $300 million senior secured revolver. Once HESM has
completed the reorganization, Fitch expects liquidity to remain
sufficient. The company intends to establish a new $1 billion
senior secured revolver and a $400 million senior secured term
loan.


HESS MIDSTREAM: S&P Rates New $500MM Senior Unsecured Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '3'
recovery rating to Hess Midstream Partners L.P.'s (HESM) proposed
$500 million, senior unsecured notes due 2028. The '3' recovery
rating indicates S&P's expectation of meaningful (50%-70%; rounded
estimate: 65%) recovery in the event of a default.

The notes are being issued in connection with HESM's recently
announced reorganization. HESM intends to use the net proceeds from
the offering to finance the acquisition of Hess Infrastructure
Partners LP (HIP), including to repay borrowings under HIP's Credit
Facilities and to partially fund the distribution to HIP's
sponsors.

HESM is a master limited partnership and a joint venture between
Hess Corp. (Hess) and affiliates of Global Infrastructure Partners.
HESM provides services to Hess and third-party customers. It owns
midstream assets that are mainly located in the Bakken and Willison
basins in the U.S. S&P's 'BB+' issuer credit rating and stable
outlook on the company are unchanged.



HI-CRUSH INC: Moody's Lowers CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Hi-Crush Inc.'s Corporate
Family Rating to Caa1 from B2, Probability of Default rating to
Caa1-PD from B2-PD, and senior unsecured rating to Caa2 from B3.
The Speculative Grade Liquidity Rating was downgraded to SGL-4. The
outlook remains negative.

This downgrade reflects Moody's expectations that in 2020,
Hi-Crush's liquidity, profitability and key credit metrics will
deteriorate further due to on-going volatility in the oil and gas
end market and the persistent weakness in the frac sand industry.
Despite recent mine closures and production cuts, Moody's does not
expect significant price recovery anytime soon, as many miners have
committed to higher volume at lower prices. In addition, for 2020,
Moody's expects in-basin sand to completely displace Northern White
Sand in the Permian, Eagle Ford and Mid-Continent basins.

Downgrades:

Issuer: Hi-Crush Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B2-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Unsecured Rating, Downgraded to Caa2 (LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Hi-Crush Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Hi-Crush's Caa1 CFR reflects rapidly increasing leverage, lack of
free cash flow generation, weak liquidity and high exposure to
Northern White Sand. In addition, Moody's rating accounts for the
risk associated with the company's significant exposure to the
volatile oil & gas industry and its lack of diversification.
Finally, the rating reflects Moody's view that prolonged pressure
on the company's operating results jeopardizes the sustainability
of its capital structure and increases the likelihood of the need
to restructure. At the same time, Moody's credit rating takes into
consideration the company's market position as one of the four
largest producers of frac sand in the US by mining capacity, its
extensive logistics capabilities and no significant debt maturities
due until 2026, when its $450 million senior unsecured notes
mature. For year-end 2020, Moody's expects debt-to-EBITDA to
increase to 6.7x and EBIT-to-Interest expense to decline to 0.3x.

The negative outlook reflects the uncertainty surrounding the frac
sand industry and the difficulty in predicting the range and
volatility of earnings should the industry downturn persist longer
than anticipated. Under such a scenario, Moody's believes that
Hi-Crush may not have the necessary liquidity to run its business
effectively. Moody's indicated that the rating outlook could be
returned to stable if the company improves its liquidity profile
and the oil & gas end market returns to stability.

Hi-Crush's Speculative Grade Liquidity rating of SGL-4 reflects the
company's weak liquidity position due to on-going negative free
cash flow and its small cash position relative to the size of its
operations. As of September 30, 2019, Hi-Crush had $48 million in
cash and $47.5 million in availability under its ABL credit
facility expiring in 2023. Although Hi-Crush is currently in
compliance with covenants contained in the ABL credit facility, the
volatility of its earning may limit the amount it could access
further constraining is liquidity position. The ABL is governed by
a springing fixed charge ratio of 1.0x, tested only when excess
availability is less than (1) the greater of $12.5 million, or (2)
12.5% of the lesser of the borrowing base or commitment

The rating could be upgraded if (all ratios include Moody's
standard adjustments):

  -- The company improves its free cash flow generation and
maintains an adequate liquidity profile

  -- Debt-to-EBITDA is expected to be below 7.5x for a sustained
period of time

  -- EBIT-to-Interest expense is expected to be above 1.0x for a
sustained period of time

  -- Adjusted operating margin is sustained above 5%

The rating could be downgraded if:

  -- The company is unable to improve its liquidity profile

  -- The probability of restructuring increases

Governance risks Moody's considers in Hi-Crush's credit profile
include a more aggressive financial policy. Although unlikely given
management's primary focus is to de-lever the balance sheet,
Hi-Crush may choose to take on additional leverage to repurchase
its own shares. Separately, Hi-Crush's operations and those of its
clients are subject to extensive federal, state and local
environmental requirements relating to the protection of the
environment, natural resources and human health and safety.
Regulation relating to climate change, clean water and the emission
of greenhouse gasses could result in increased operating costs over
time.

The principal methodology used in these ratings was Building
Materials published in May 2019.

Based in Houston, Texas, Hi-Crush is a fully-integrated provider of
proppant and logistics services for hydraulic fracturing
operations, offering frac sand production, advanced wellsite
storage systems, flexible last mile services, and innovative
software for real-time visibility and management across the entire
supply chain.


HOLCOMB ACQUISITIONS: Administrator Unable to Appoint Committee
---------------------------------------------------------------
The U.S. bankruptcy administrator on Nov. 25 disclosed in a filing
with the U.S. Bankruptcy Court for the Middle District of North
Carolina that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Holcomb Acquisitions, Inc.

                    About Holcomb Acquisitions

Holcomb Acquisitions, Inc., which operates under the name Toys &
Co., is a retailer of toys, games, hobby, and craft kits.

Holcomb sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Case No. 19-11233) on Nov. 7, 2019.  In the
petition signed by its secretary, Marcus Holcomb, the Debtor
disclosed a total of $223,359 in assets and $2,372,587 in debt.  

Samantha K. Brumbaugh, Esq. at Ivey, McClellan, Gatton & Siegmund,
LLP, is the Debtor's counsel.


HOOK UP CELLULAR: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on Nov. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Hook Up Cellular, LLC.
  
                      About Hook Up Cellular

Hook Up Cellular, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 19-12995) on Oct. 10,
2019.  At the time of the filing, the Debtor had estimated assets
of between $50,001 and $100,000 and liabilities of between $100,001
and $500,000.  

The case is assigned to Judge Daniel P. Collins.  The Debtor tapped
Donald W. Powell, Esq., at Carmichael & Powell, P.C., as its legal
counsel.


HRI HOLDING: U.S. Trustee Forms 5-Member Committee
--------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on Nov. 22 appointed
five creditors to serve on the official committee of unsecured
creditors in the Chapter 11 cases of HRI Holding Corp. and its
affiliates.
  
The committee members are:

     (1) Edward Don & Company
         Attn: John Fahey
         9801 Adam Don Parkway
         Woodridge, IL 60517
         Phone: 708-883-8362
         Fax: 866-299-3038   

     (2) 1200 Harbor Boulevard, LLC
         Attn: Mark Leonard
         400 Plaza Dr.
         P.O. Box 1515
         Secaucus, NJ 07096-1515
         Phone: 201-272-5309
         Fax: 201-272-6130   

     (3) ADR Parc, LP
         c/o Allan Domb Real Estate
         Attn: Allan Domb
         1845 Walnut St., Suite 2200
         Philadelphia, PA 19103
         Phone: 215-545-1500
         Fax: 226-3662

     (4) Brookfield Property REIT Inc.
         Attn: Julie Minnick Bowden
         350 N. Orleans St., Suite 300
         Chicago, IL 60654
         Phone: 312-960-2707
         Fax: 312-442-6374

     (5) Washington Prime Group Inc.
         Attn: Stephen Ifeduba
         180 West Broad Street
         Columbus, OH 43215
         Phone: 614-621-9000
         Fax: 614-621-8863
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                      About HRI Holding Corp.

Formed in September 1992 under the name "Gilbert/Robinson, Inc.,"
and headquartered in Leawood, Kansas, HRI Holding Corp. and its
affiliated debtors own and operate 47 restaurants in 14 states
(Connecticut, Florida, Illinois, Indiana, Kansas, Michigan,
Missouri, Nebraska, New Jersey, New York, Ohio, Pennsylvania,
Texas, and Virginia).  The Debtors own Houlihan's Restaurant + Bar,
J. Gilbert's Wood-Fired Steak + Seafood, Bristol Seafood Grill, and
Devon Seafood Grill restaurants.  As of the petition date, the
Debtors have 3,450 employees.

HRI Holding and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12415) on
Nov. 14, 2019.  At the time of the filing, the Debtors disclosed
assets of between $50 million and $100 million and liabilities of
the same range.

The Debtors tapped Landis Rath & Cobb, LLP as legal counsel; Piper
Jaffray & Co. as investment banker; Hilco Real Estate, LLC as real
estate advisor; and Kurtzman Carson Consultants, LLC as claims and
noticing agent and administrative agent.


K & M SPRAYING: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: K & M Spraying, LLC
        762 Holdridge Road
        Almyra, AR 72003

Case No.: 19-16314

Business Description: K & M Spraying, LLC provides
                      crop spraying services.

Chapter 11 Petition Date: November 26, 2019

Court: United States Bankruptcy Court
       Eastern District of Arkansas (Pine Bluff)

Judge: Hon. Richard D. Taylor

Debtor's Counsel: William F Godbold, IV, Esq.
                  NATURAL STATE LAW, PLLC
                  900 S Shackleford Road, Ste 705
                  Little Rock, AR 72211
                  Tel: 501-916-2878
                  Fax: 855-415-8951
                  Email: william.godbold@natstatelaw.com

Total Assets: $1,439,202

Total Liabilities: $1,706,381

The petition was signed by Thomas M. Perry, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at:

       http://bankrupt.com/misc/areb19-16314.pdf


KJM CAPITAL: Santander Objects to Combined Hearing on Plan & DS
---------------------------------------------------------------
Santander Bank, N.A. objects to the Motion to Combine Hearing on
Disclosure Statement and Confirmation filed by KJM Capital
Transportation Fund, LLC and its affiliates.

Santander is the Debtors' largest creditor, currently owed in
excess of $23 million.  Santander is secured, in part, by all of
the Debtors' cash collateral and certain tractors and refrigerated
trailers.

Despite the Debtors' assertion that the relief requested in the
Motion "is in the best interest of all parties," Santander believes
the requested relief is not authorized by the Bankruptcy Code and
is actually prejudicial to all creditors.

According to Santander, the Disclosure Statement and Plan are
predicated on an unidentified, and apparently hypothetical,
investor making an equity investment and/or loan in an undetermined
amount.  It notes that the Disclosure Statement contains no
financial projections, no liquidation analysis, and no disclosure
of the amounts of the monthly payments the Debtors intends to make
to ten (10) separate classes of secured creditors.

The Debtors' Motion to consolidate the hearings on approval of the
disclosure statement and confirmation is, in reality, a request to
proceed to confirmation without first requiring the Debtors to file
a disclosure statement.  This should not be permitted and the
Motion should be denied, Santander tells the Court.

Santander Bank is represented by:

      SHUTTS & BOWEN LLP
      200 South Biscayne Blvd.
      Suite 4100
      Miami, FL 33131
      Tel: 305-358-6300
      Fax: 305-347-7888
      Harris J. Koroglu, Esq.
      Larry I. Glick, Esq.
      Lauren L. Stricker, Esq.
      E-mail: hkoroglu@shutts.com
              lglick@shutts.com
              lstricker@shutts.com

                       About KJM Capital

KJM Capital Transportation Fund, LLC, along with six debtor
affiliates which also operate in the general freight trucking
business, sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case
No. 19-06302) in Orlando, Florida, on Sept. 27, 2019.  In the
petition signed by Kenneth J. Meister, manager, KJM was estimated
to have assets at $10 million to $50 million and liabilities within
the same range.  SHUKER & DORRIS, P.A., represents the Debtors.


L BRANDS: S&P Lowers ICR to 'BB-' on Worsening Performance
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on L Brands
Inc. to 'BB-' from 'BB', and its issue-level ratings by one notch;
the recovery ratings are unchanged.

L Brands Inc.'s Victoria's Secret's decline has accelerated beyond
what S&P had previously anticipated, and the rating agency does not
expect significant improvement over the next 12 months or so.

S&P expects performance at L Brands' Victoria's Secret (VS) to
remain under pressure through fiscal 2020 as the company works to
improve merchandise and attract customers back to stores.  It views
the third quarter results at VS as further acceleration of a
downward revenue trend, with a comparable sales decline of 7%,
following declines of 5% and 6% in the first and second quarter.
The negative same-store sales number was partially due to a decline
in the segment's online sales of 5.6% year over year. S&P believes
this further illustrates the challenges the company is facing in
improving performance of the segment as a whole. In S&P's view,
customers are continuing to move away from purchasing at VS in
favor of other retailers that offer lower price points, greater
array of merchandise sizes, and marketing campaigns focused on
diversity and inclusivity. Although VS has taken steps to
reposition its brand (e.g., the cancellation of its fashion show),
S&P believes management has struggled to anticipate and react to
rapidly evolving customer preferences. Thus, the rating agency is
revising its management and governance score to fair from
satisfactory.

"The stable outlook reflects our expectation for VS' performance to
remain under substantial pressure, somewhat offset by ongoing
strong growth at BBW, leading to modestly declining revenue and
EBITDA on a consolidated basis. We expect that S&P Global Ratings'
adjusted debt to EBITDA will remain in the low-3x area and funds
from operations (FFO) to debt close to 20% over the next 12
months," the rating agency said.

"We could lower the rating if the decline at VS is compounded by
weakness at BBW, for instance, in a recessionary scenario, that
results in margins falling 400 basis points (bps) below our
forecast due to sales deleveraging and merchandise margin
pressures. Under this scenario, we would see leverage of around 4x,
with FFO/debt sustained below 20%," S&P said.

"We would raise the rating if we anticipate performance at VS to
improve significantly with sustained positive comparable-store
sales and improvement in merchandising margins, leading us to
believe that VS' competitive position has improved and the company
will no longer be a drag on overall performance," the rating agency
said.


L. G. STECK: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The Office of the U.S. Trustee on Nov. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of L. G. Steck Memorial Clinic
PS.
  
                About L. G. Steck Memorial Clinic

L. G. Steck Memorial Clinic, P.S. is a professional service
corporation that provides health care services.  It was
incorporated in 1977 and does business as The Steck Medical Group.

L. G. Steck Memorial Clinic sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-43334) on Oct.
17, 2019.  At the time of the filing, the Debtor had estimated
assets of between $500,000 and $1 million and liabilities of
between $1 million and $10 million.  

The case has been assigned to Judge Mary Jo Heston.  The Debtor
tapped J. Todd Tracy, Esq., at The Tracy Law Group PLLC, as its
legal counsel.


LANNETT COMPANY: Moody's Affirms B3 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Lannett Company, Inc.'s B3
Corporate Family Rating and revised the outlook to stable from
negative. At the same time, Moody's upgraded the existing senior
secured bank credit facilities to B2 from B3 and the Probability of
Default Rating (PDR) to B3-PD from Caa1-PD. The SGL-2 Speculative
Grade Liquidity rating is unchanged.

The rating upgrade to B2 on the senior secured bank credit
facilities reflects the addition of junior debt in the capital
structure from the issuance of $86 million of unsecured convertible
notes and the repayment of secured debt from net proceeds of the
notes and debt amortization.

The stable outlook reflects Moody's view that Lannett will be able
to mostly offset the earnings loss of levothyroxine sodium through
a combination of new product launches, in-licensed products, and
realized cost savings. Through these efforts, Lannett's liquidity
will be sufficient to cover its November 2020 term loan A maturity
(currently $69.5 million outstanding). However the company's
liquidity profile is also affected by the pending maturity of its
$125 million revolver in November 2020 and the need to refinance
its term loan B ahead of its November 2022 maturity.

Lannett Company, Inc.:

Rating affirmed:

Corporate Family Rating at B3

Ratings upgraded:

Senior secured bank credit facilities to B2 (LGD3) from B3 (LGD3)

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

Outlook Actions:

Outlook, revised to stable from negative

RATINGS RATIONALE

Lannett's B3 Corporate Family Rating is constrained by high
financial leverage which Moody's expects will increase to around 5x
by the end of calendar 2020 and its refinancing needs. The rating
is also constrained by Lannett's moderate size with revenues of
between $500-$550 million (pro forma for the loss of levothyroxine
sodium, "levo"), and concentration in the US generic drug market.
Earnings from recently approved products from Lannett's internal
and acquired pipeline, strategic in-licensing deals, and cost
savings, will be enough to minimize the earnings loss from levo.
Importantly, Moody's expects Lannett to generate positive free cash
flow even as the full effect of the earnings loss from levo is felt
in fiscal 2020.

The SGL-2 reflects Moody's expectation that liquidity will be good
over the next 12-15 months. Lannett had $101 million of cash at
September 30, 2019 and will generate more than $50 million of free
cash flow in calendar 2020. Lannett will have sufficient liquidity
from internal cash sources to cover its currently oustanding $69.5
million term loan A, which matures in November 2020. The term loan
B has debt amortization of approximately $40 million annually.
Moody's forecasts cash of around $50 million at the end of 2020.
Lannett also has an undrawn $125 million bank revolver that also
expires in November 2020, that if not refinanced, will reduce
Lannett's liquidity and make it increasingly reliant on its cash.
Moody's expects Lannett will remain in compliance with its
financial covenants over the next twelve months and that they will
fall away once the term loan A is fully repaid.

Lannett has social risk considerations, most notably, its exposure
to the expanded lawsuit into generic drug price fixing by State
Attorneys General in May 2019. Lannett is a defendant alongside 33
other pharmaceutical companies and individuals. There is no set
trial date, and Lannett's exposure to similar civil complaint
stemming from 2016 also remains unresolved. Lannett's financial
policy remains good as management has focused on debt paydown and
extending debt maturities with the convertible debt offering.

Lannett's ratings could be downgraded if its liquidity weakens
primarily due to weaker cash flow and lower cash balances. Negative
legal developments related to its exposure to investigations into
alleged generic drug price fixing could also result in a downgrade.
The ratings could be upgraded if the company successfully
refinances its capital structure and debt/EBITDA is expected to be
sustained below 5 times. Greater certainty related to generic drug
price fixing exposure would likely also be needed.

Lannett Company, Inc., headquartered in Philadelphia, Pennsylvania
is a generic drug manufacturer and distributor with capabilities in
difficult-to-manufacture products. Lannett reported revenues of
$628 million for the twelve months ended September 30, 2019.

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.


LBJ HEALTHCARE: Unsecured Creditors to Get 10% in 15 Years
----------------------------------------------------------
Debtor LBJ Healthcare Partners, Inc., filed with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division, a joint Disclosure Statement and Plan of
Reorganization.

The Debtor enters into this plan of reorganization in much better
position than when it entered bankruptcy. The following highlights
this improved position:

   1. The Debtor eliminated all sums due to the Yaps. The claim of
the Yaps was acquired by Crewe Street Acquisition ("CSA") who then
asserted that claim in the amount of $589,221.95.  The Yap/CSA
claim has been eliminated in its entirety by way of an approved
claims objection.

   2. The Debtor has also reduced the related claim of Charnetsky
from over $900,000 to $382,500 also by way of the claims objection
process.  

   3. The Debtor has also commenced litigation against both
Charnetsky and CSA for sanctions to recoup at least approximately
$280,000 in this case (and at least $412,000 overall in all of the
cases) in attorney's fees and other costs directly caused by
numerous and extensive unmeritorious complaints, motions, claims
and other pleadings filed by CSA and Charnetsky.  All of CSA's and
Charnetsky's filings have either been dismissed or materially
reduced.  Even so, such filings have drastically increased both the
time and expenses for the Debtor in this case.  The Debtor should
be compensated for both these delays and costs.  If the Debtor
prevails in its suit against CSA and Charnetsky, the proceeds will
be used as a source to fund the plan.  The Debtor expects to
receive proceeds or setoff or some combination of both.  Any
proceeds received will be made pursuant to the priorities set forth
in the Bankruptcy Code. Specifically, first toward administrative
and other priority claims, and then to unsecured claims.  Even if
the Debtor does not prevail, no payments will be made to Charnetsky
until an adjudication is made on this litigation.

   4. The Buenviajes through their plans of reorganization will
also be contributing toward the payment of certain of this Debtor's
obligations, specifically Business Lending Services and the
Charnetskys.

   5. The Debtor continues to operate at a profit.  The Debtor
projects increased annual net income.  This is key since this
Debtor will be acting as a "backstop" in terms of contributing any
monies needed to fund the plans for Brian Buenviaje and Rosalinda
Buenviaje.

   6. Moreover, the rents paid by this Debtor to Brian Buenviaje
for the business premises located at 13749 & 13805 Crewe Street,
Whittier, CA are $16,300/month.  That lease expires 12/31/2019, but
has now been extended and (and assumed by way of the Plan) to
12/31/2025.  In addition, there is an option to extend this lease
to 12/31/2030, which this Debtor intends to exercise when the time
comes.

Under the Plan, CLASS #2a Nominal Unsecured Claims -- comprised of
nominal claims of $800 or less, and any larger unsecured claims
whose claimant agreed to reduce its claim to this amount -- will be
paid the nominal amount on the Effective Date, or as soon as
practicable thereafter.  Estimated total payments are $791.22.

CLASS #2b General unsecured claims that are not included in CLASS
#2a will be paid 10% of their claims. They will be paid beginning
the first relevant date after the Effective Date over 15 years in
equal monthly installments with interest at the rate of 3% per
annum.

The Debtor has also commenced litigation against both Charnetsky
and CSA for sanctions to recoup at least approximately $280,000 in
this case in attorney's fees and other costs directly caused by
complaints, motions, claims and other pleadings filed by CSA and
Charnetsky.  All of CSA's and Charnetsky's filings have either been
dismissed or materially reduced.  The Debtor should be compensated
for both these delays and costs. If the Debtor prevails in its suit
against CSA and Charnetsky, the proceeds will be used as a source
to fund the plan.

The Debtor expects to receive proceeds or set-off or some
combination of both.  Any proceeds received will be made pursuant
to the priorities set forth in the Bankruptcy Code.  Specifically,
first toward administrative and other priority claims, and then to
unsecured claims.  Even if the Debtor does not prevail, no payments
will be made to Charnetsky until an adjudication is made on this
litigation.

A full-text copy of the Plan and Disclosure Statement is available
at https://tinyurl.com/wb6h22g from PacerMonitor.com at no charge.

The Debtor is represented by:

        Robert M. Aronson
        LAW OFFICE OF ROBERT M. ARONSON
        444 S. Flower St., Suite 1700
        Los Angeles, CA 90071
        Telephone: (213) 688-8945
        Facsimile: (213) 688-8948
        E-mail: robert@aronsonlawgroup.com

                  About LBJ Healthcare Partners

Headquartered in Whittier, Calif., LBJ Healthcare Partners Inc.,
formerly doing business as Bayshore Villa Healthcare Partners,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal.
Case No. 16-15197) on April 21, 2016, disclosing $49,370 in assets
and $1.27 million in liabilities. The petition was signed by Brian
Buenviaje, president and CEO.

Judge Vincent P. Zurzolo oversees the case.

Robert M. Aronson, Esq., at the Law Office of Robert M. Aronson,
serves as the Debtor's bankruptcy counsel.

Constance Doyle was appointed patient care ombudsman for the
Debtor. Subsequently, Tamar Terzian was appointed as the PCO on
February 21, 2018.


LIBBEY INC: S&P Lowers ICR to 'B- on Approaching Maturities
-----------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on U.S.–based
Libbey Inc. to 'B-' from 'B' as the April 9, 2021, term loan debt
maturity date is approaching, in conjunction with weak industry
dynamics, raising the risk of unfavorable refinancing terms.

S&P lowered its issue-level ratings on the company's senior secured
term loan to 'B-' from 'B' in accordance with the lowered issuer
credit rating. The recovery rating remains '3', indicating S&P's
expectation for meaningful (50%-70%, rounded estimate: 55%)
recovery in the event of a payment default.

Refinancing risk has heightened as the company's senior secured
term loan becomes current in early 2020 and industry dynamics
remain unfavorable.  The downgrade reflects S&P's view of the
refinancing risk on the senior secured term loan debt, which
matures on April 9, 2021, and the heightened risk of constrained
liquidity as the capital structure becoming current. This, coupled
with weak industry fundamentals, could result in a significantly
higher cost of borrowing, pressuring cash flows.

The negative outlook reflects the risk the company is unable to
complete a refinancing on its term loan by April 2020, when the
company's first-lien term loan will become current, or if the
refinancing terms result in an unsustainable capital structure.

"We could downgrade the company during the next six months if it is
unable to refinance its senior secured term loan by the end of the
first quarter of 2020 or if the refinancing terms are so onerous
such that we believe the capital structure may be unsustainable or
liquidity may become constrained," S&P said

"We could return the outlook to stable if the company successfully
completes a refinancing of its senior secured term loan while
generating positive free cash flow," the rating agency said.


LIONS GATE: Egan-Jones Lowers FC Senior Unsecured Rating to B
-------------------------------------------------------------
Egan-Jones Ratings Company, on November 18, 2019, downgraded the
foreign currency senior unsecured rating on debt issued by Lions
Gate Entertainment Corporation to BB from BB+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Lions Gate Entertainment Corporation doing business as Lionsgate is
an American entertainment company. It was formed on July 10, 1997,
in Vancouver, British Columbia, Canada and is currently
headquartered in Santa Monica, California, United States.


MASON BUILDERS: Bankr. Administrator Unable to Appoint Committee
----------------------------------------------------------------
The U.S. bankruptcy administrator on Nov. 21 disclosed in a filing
with the U.S. Bankruptcy Court for the Eastern District of North
Carolina that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Mason Builders, LLC.

                       About Mason Builders

Mason Builders, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.C. Case No. 19-04869) on Oct. 21,
2019.  At the time of the filing, the Debtor had estimated assets
of between $500,001 and $1 million and liabilities of between
$100,001 and $500,000.  

The case is assigned to Judge Joseph N. Callaway.  The Debtor
tapped Travis Sasser, Esq., at Sasser Law Firm, as its legal
counsel.


MILACRON LLC: Moody's Withdraws B2 CFR on Full Debt Repayment
-------------------------------------------------------------
Moody's Investors Service withdrawn the ratings of Milacron LLC,
including the B2 corporate family rating, B2 rating on its senior
secured (term loan) bank credit facility due September 2023 and
SGL-2 speculative grade liquidity rating. The positive outlook was
also withdrawn.

The ratings withdrawal follows the consummation of Milacron's
acquisition by Hillenbrand, Inc., which resulted in the full
repayment of the company's debt on November 21, 2019.

RATINGS RATIONALE

Ratings withdrawn on Milacron LLC:

Corporate Family Rating, B2;

Probability of Default Rating, B2-PD;

Senior secured bank credit facility, B2 (LGD4);

Speculative Grade Liquidity Rating, SGL-2.

Positive outlook withdrawn.

Milacron Holdings Corp., based in Cincinnati, Ohio, produces
equipment and supplies used in plastics-processing as well as
premium fluids used in metalworking through its wholly-owned
subsidiary, Milacron LLC. Revenues were approximately $1.15 billion
as of the last twelve months ended September 30, 2019.


NATIONAL RADIOLOGY: Court Confirms Second Amended Liquidation Plan
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, conducted a hearing to consider final approval of the
Amended Disclosure Statement in Connection with Amended Plan of
Liquidation of National Radiology Consultants, P.A. On November 12,
2019, Judge Catherine Peek McEwen ordered that:

   * The Modified Second Amended Plan is confirmed pursuant to
Section 1129(a) of the Bankruptcy Code.

   * John Patrick is appointed as the Disbursing Agent pursuant to
the terms and conditions contained in the Modified Second Amended
Plan. To the extent not already received, the Disbursing Agent
shall be entitled to receive compensation in the amount of up to
fifteen thousand dollars ($15,000.00) for the months of July,
August and September, 2019; and, thereafter, up to four thousand
dollars ($4,000.00) per month until his term is extinguished unless
otherwise agreed to in writing between the Disbursing Agent and
Chase.

   * Richard Dauval is appointed as the Chapter 5 Examiner pursuant
to the terms and conditions contained in the Modified Second
Amended Plan. The Chapter 5 Examiner shall utilize the Chapter 5
Examiner Fund to investigate and evaluate Chapter 5 Claims
utilizing his business judgment.

   * The Disclosure Statement complies with Section 1125 of the
Bankruptcy Code and is finally approved as containing adequate
information – including but not limited to adequately detailing
the risks involved - within the meaning of Section 1125 of the
Bankruptcy Code.

   * The Chase Objection was withdrawn in open court.  Objections
not specifically withdrawn in open court at the Confirmation
Hearing to the Modified Second Amended Plan are hereby overruled.
The UST Objection is hereby overruled as moot. The VRAD, Venkat and
Bibey Objections are hereby overruled.

A full-text copy of the Plan Confirmation Order is available at
https://tinyurl.com/uat6wml from PacerMonitor.com at no charge.

             About National Radiology Consultants

National Radiology Consultants, P.A., is healthcare practice
management provider, specializing in radiology, anesthesiology,
emergency, and hospital medicine solutions.  National Radiology
Consultants filed a Chapter 11 bankruptcy petition (Bankr. M.D.
Fla. Case No. 19-01274) on Feb. 15, 2019.  In the petition signed
by Jame Okoh, M.D., president and CEO, the Debtor disclosed
$18,709,234 in assets and $4,925,568 in liabilities.  The Debtor is
represented by Daniel E. Etlinger, Esq., at Jennis Law Firm.


NEW ENGLAND MOTOR: Equity Holders Agrees to Resolve Claims
----------------------------------------------------------
New England Motor Freight, Inc., et al., and the Official Committee
of Unsecured Creditors filed with the U.S. Bankruptcy Court for the
District of New Jersey a Second Amended Joint Combined Plan of
liquidation.

The extensive and protracted negotiations between the parties
resulted in the Committee, the Debtors, and the Equity Holders and
Affiliates reaching a global agreement and settlement for the
resolution of any and all asserted claims and causes of action, the
cash monetization of the Life Insurance Note Receivable,
relinquishment and waiver of claims, and other financial assistance
and contributions by the Equity Holders and Affiliates to the
Debtors and their Estates.

Accordingly, and without admitting any liability, but with the good
faith intention of assisting the Estates in enhancing distributions
to Creditors, the Equity Holders and Affiliates, the agreed to
resolve and settle fully any and all asserted and potential claims
and causes of action, and entered into a settlement agreement.

The Equity Holders and Affiliates will remit to the Debtors and the
Debtors' Estates cash and non-cash contributions and consideration
comprised of cash in the total sum of $6,100,000, relinquishment of
certain Lease Rejection Claims, the assumption of debt, and the
relinquishment of any and all other Claims.

Each Holder of an Allowed General Unsecured Claim Other than Lender
Deficiency Claim shall receive a pro rata share of funds available
for Distribution on account of such General Unsecured Claim.

Each Holder of an Allowed General Unsecured Claim Lender Deficiency
Claim shall receive a pro rata share of funds available for
Distribution on account of such General Unsecured Claim.

The Plan shall be funded by available Cash and other available
Estate Assets on the Effective Date, and funds available after the
Effective Date from, among other things, the liquidation of the
Liquidating Trust Assets, including the prosecution and resolution
of Causes of Action.

A full-text copy of the Amended Plan is available at
https://tinyurl.com/w44j23m from PacerMonitor.com at no charge.

The Debtors are represented by:

          GIBBONS P.C.
          Karen A. Giannelli, Esq.
          Mark B. Conlan, Esq.
          Brett S. Theisen, Esq.
          One Gateway Center
          Newark, NJ 07102
          Telephone: (973) 596-4500
          Facsimile: (973) 596-0545
          E-mail: kgiannelli@gibbonslaw.com
                  mconlan@gibbonslaw.com
                  btheisen@gibbonslaw.com

                   About New England Motor Freight

New England Motor Freight, Inc. -- http://www.nemf.com/-- provides
less-than-truckload (LTL) carrier services in the United States and
Canada.  Founded in 1977, the company is based in Elizabeth, N.J.,
and has terminals in the Northeast and Mid-Atlantic.

New England Motor Freight and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case
No. 19-12809) on Feb. 11, 2019.  At the time of the filing, New
England Motor was estimated to have assets of $100 million to $500
million and liabilities of $50 million to $100 million.

The cases are assigned to Judge John K. Sherwood.

The Debtors tapped Gibbons P.C. as legal counsel; Whiteford, Taylor
& Preston, LLP as special counsel; Phoenix Executive Services, LLC,
as restructuring advisor; and Donlin Recano as claims agent.

The Office of the U.S. trustee appointed an official committee of
unsecured creditors on Feb. 21, 2019.  The committee tapped
Lowenstein Sandler LLP and Elliott Greenleaf as its legal counsel.


NN INC: S&P Puts 'B' ICR on Watch Negative on Liquidity Concerns
----------------------------------------------------------------
S&P Global Ratings placed all of its ratings on NN Inc., including
its 'B' issuer credit rating and issue-level ratings, on
CreditWatch with negative implications following the company's
announcement that it did not complete the expected refinancing of
its capital structure.

The CreditWatch placement reflects S&P's view that NN will be
unable to meet its current obligations if it does not immediately
address its capital structure to extend its debt maturities. As of
Sept. 30, 2019, the company had $71 million outstanding under its
revolver due October 2020. Based on S&P's projections, the
company's cash flows will be insufficient to meet this obligation.
Therefore, the rating agency has revised its assessment of the
company's liquidity to less than adequate from adequate.

"We will be in regular contact with NN's management team to monitor
the situation. If we conclude the company is unable to
appropriately address its liquidity issues and current maturities,
we may lower our ratings on NN and its debt," S&P said.

"Alternatively, we could remove our ratings from CreditWatch if the
company successfully resolves its current liquidity needs by
obtaining maturity extensions, securing a refinancing, or
undertaking other similar actions," the rating agency said.


NTHRIVE INC: Moody's Lowers CFR to Caa1, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded nThrive, Inc.'s corporate
family rating to Caa1 from B3. Moody's also downgraded the
company's probability of default rating to Caa1-PD, the first-lien
credit ratings to B3 and the second-lien credit rating to Caa3. The
outlook is negative.

Downgrades:

Issuer: nThrive, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured 1st lien Term Loan, Downgraded to B3 (LGD3) from B2
(LGD3)

Senior Secured 1st lien Revolving Credit Facility, Downgraded to B3
(LGD3) from B2 (LGD3)

Senior Secured 2nd lien Term Loan , Downgraded to Caa3 (LGD5) from
Caa2 (LGD5)

Outlook Actions:

Issuer: nThrive, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade reflects the challenges of reducing leverage and
generating positive free cash flow, exacerbated by declining
revenue and financial strategies including a highly levered capital
structure. Moody's adjusted leverage (net of capitalized software
costs) as of September 2019 was very high at 10.3x excluding
restructuring charges and pro forma for cost initiatives. Without
expensing capitalized software costs, adjusted leverage is 7.6x, an
increase from 6.6x at September 2018. Free cash flow was negative
for the last 12-month period, with a deteriorating Moody's adjusted
FCF/debt ratio of -2.3%. nThrive's free cash flow has been hindered
by declining revenue, mainly driven by softness in back-office
services with large clients opting to insource more of their
collections and claims processes. An increase in costs related to
onboarding new full-service Patient-to-Payment customers and
significant restructuring charges have also reduced free cash flow.
Moody's expects the renegotiation of a large P2P contract in 4Q19
will result in a material drop in revenue in 2020, but margins will
stabilize due to the low profitability of the previous terms and
ongoing cost reduction initiatives. The addition of a $50 million
receivables securitization facility earlier in 1Q19 provided some
liquidity support but negative free cash flow trends continue to
weaken liquidity.

nThrive's Caa1 CFR is driven primarily by declining revenue trends,
very high leverage and negative free cash flow, offset to some
degree by the company's strong market position as a provider of
revenue cycle management software and related outsourced services
for the healthcare industry. The company also has a strong and
diverse customer base of over 2,700 clients, with no one customer
having over 5% of revenues (pro forma for the P2P renegotiation in
4Q19). Revenue, profitability and cash flow have faced headwinds
over the last 2 years as the legacy high margin coding business
declined and nThrive sought growth in the lower margin (initially)
P2P business. Moody's expects the company will continue to
experience revenue declines in the high single-digit range due to
the renegotiation of a large P2P contract and softness in
back-office services, partially offset by modest growth in the
technology segment.

The individual debt instrument ratings are based on nThrive's
probability of default, as reflected in the Caa1-PD probability of
default rating, and the loss given default expectations of the
individual debt instruments. The B3 ratings on the senior secured
first-lien revolver and term loan maturing 2021 and 2022,
respectively, reflect their priority position in the capital
structure, behind the $50 million account receivable securitization
facility maturing 2022 but ahead of the second-lien instrument. The
Caa3 rating on the senior secured second-lien term loan maturing
2023 reflects its junior position in the capital structure.

Liquidity is weak based on cash balances under $1.4 million as of
September 2019, a 62% drawn $50 million account receivable
securitization facility subject to borrowing-base limitations, and
an undrawn $50 million first-lien senior secured revolver with a
30% springing covenant that could restrict access if performance
deteriorates. Cash balances have been very low and are expected to
remain low in 2020. Free cash flow is negative on a trailing
12-month basis and is expected to remain negative over the next 12
months, but has the potential to improve as profitability benefits
from a higher margin revenue mix and cost-cutting initiatives,
offset by declining revenue trends. Moody's expects nThrive will
rely on the receivable securitization and revolver facilities for
liquidity over the next 12 months. If profitability and free cash
flow continue to deteriorate, access to the $50 million first-lien
senior secured revolver could be limited to 30% given the 6.25x
first-lien leverage springing covenant (as defined in the credit
agreement).

The negative outlook reflects Moody's expectation for revenue
declines in the high single-digits over the next 12 months, mainly
driven by a large P2P contract renegotiation, as well as the
continuing challenges of reducing leverage and generating positive
free cash flow. Margins are expected to stabilize and move upward,
which will partially offset negative free cash flow trends, due to
a higher revenue contribution from more profitable products and
ongoing cost reduction initiatives.

The ratings could be upgraded if 1) the company returns to organic
revenue growth; 2) FCF/debt becomes positive; and 3) leverage is
expected to be sustained below 7.5x (Moody's adjusted net of
capitalized software costs).

The ratings could be downgraded if 1) liquidity diminishes and the
senior secured first-lien revolver becomes current without a clear
sight to refinancing; 2) revenue declines accelerate or
profitability does not recover as expected; or 3) trailing 12-month
free cash flow decreases further and FCF/debt metrics deteriorate.

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

nThrive, a company formed from the combination of MedAssets, Inc.'s
revenue cycle management segment, Precyse Solutions, Inc. (a
provider of healthcare information management), Adreima, Inc. (a
provider of RCM) and e4e Healthcare, is a leading provider of
software and outsourced services in the healthcare industry.
nThrive, headquartered in Alpharetta, GA, is owned by private
equity firm Pamplona Capital Partners. The company generated about
$520 million of revenue for the 12-month period ending September
2019.


NUVECTRA CORP: U.S. Trustee Forms 3-Member Committee
----------------------------------------------------
The Office of the U.S. Trustee on Nov. 21 appointed three creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Nuvectra Corporation.

The committee members are:

     (1) Elissa Lindsoe
         Minnetronix Medical, Inc.
         1635 Energy Park Dr.
         St. Paul, MN 55108
         651 251 9444
         elindsoe@minnetronixmedical.com

     (2) Tom Goudreault
         BRIGHT Research Partners
         730 2nd. Ave. S., Ste. 500
         Minneapolis, MN 55402
         612 345 4544
         tom@brightresearchpartners.com

     (3) Ching-Meng Chew
         Libra Medical, Inc.
         8401 73rd Ave. N, Ste. 63
         Brooklyn Park, MN 55428
         763 478 7159
         Cmchew888@yahoo.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                           About Nuvectra

Nuvectra Corporation -- http://www.nuvectramed.com/-- operates as
a neurostimulation medical device company.  The Algovita Spinal
Cord Stimulation (SCS) System is the Company's first commercial
offering and is CE marked and FDA approved for the treatment of
chronic intractable pain of the trunk and/or limbs.  The Company's
innovative technology platform also has capabilities under
development to support other indications such as sacral
neuromodulation (SNM) for the treatment of overactive bladder, and
deep brain stimulation (DBS) for the treatment of Parkinson's
Disease.

Nuvectra filed for Chapter 11 bankruptcy protection (Bankr. E.D.
Tex. Case No. 19-43090) on November 12, 2019.  The Hon. Brenda T.
Rhoades oversees the case.

In its petition, the Debtor estimated $10 million to $50 million in
both assets and liabilities.  The petition was signed by Fred B.
Parks, chief executive officer.

The Debtor is represented by Ryan E. Manns, Esq. and Toby L.
Gerber, Esq. at Norton Rose Fulbright US LLP.


ONE CALL: Moody's Raises CFR to B3, Outlook Stable
--------------------------------------------------
Moody's Investors Service upgraded One Call Corporation's ratings,
including its Corporate Family Rating to B3 from Caa2 and its
Probability of Default Rating to B3-PD from Caa2-PD. Moody's also
affirmed One Call's senior secured first lien rating at B3. Moody's
upgraded the senior secured second lien rating to Caa2 from Caa3
and the senior unsecured rating to Caa2 from Ca. This resolves the
rating review initiated on October 31, 2019.

The upgrade of the CFR reflects a material improvement in One
Call's liquidity and reduction in leverage following the recent
completion of a recapitalization transaction that resulted in a
reduction of debt of about $1 billion. While the company continues
to face challenges to grow revenue and earnings, Moody's expects
that recent initiatives to reduce the cost base and improve
customer service levels will help stabilize operating profitability
and improve cash flow going forward. Moody's believes that the
recapitalization, which has meaningfully reduced cash interest,
will give the company time and flexibility to improve revenue,
operating earnings and cash generation.

Rating upgrades:

Issuer: One Call Corporation

Corporate Family Rating, to B3 from Caa2

Probability of Default Rating, to B3-PD from Caa2-PD

Senior Secured 2nd lien debt, to Caa2 (LGD5) from Caa3 (LGD5)

Senior Unsecured debt, to Caa2 (LGD6) from Ca (LGD6)

Ratings affirmed:

Senior Secured 1st lien debt, Affirmed at B3 (LGD3 from LGD2)

Outlook:

Revised to stable from rating under review

RATINGS RATIONALE

The B3 CFR reflects One Call's high financial leverage and recent
business challenges. Moody's expects debt/EBITDA to remain close to
7 times for the next 12-18 months. While the recent
recapitalization has significantly reduced leverage and improved
liquidity, the company continues to face challenges to grow revenue
and earnings. The company has been challenged by several customer
losses and cost overruns associated with integrating multiple
acquisitions. However, Moody's believes that recently implemented
cost savings initiatives and on-boarding of a new IT system should
lead to meaningful improvement in earnings over the next 12-18
months. The rating also reflects the company's considerable
concentration of revenues with its largest customers. However, the
rating is supported by One Call's leading market position in the
stable workers' compensation cost containment services industry and
good geographic and product diversity.

Moody's expects One Call to maintain good liquidity and generate at
least $30 million of free cash flow over the next 12 months,
assuming that it pays-in-kind the interest on its first lien PIK
notes. The company has an undrawn $57 million revolving credit
facility that expires in November 2022. Moody's considers this to
be small in size relative to its revenue and cash needs. Liquidity
is further supported by $35 million of cash and no meaningful debt
maturities until 2022.

The stable outlook reflects Moody's expectation that leverage will
remain high and the operating environment will remain challenging.
The outlook also incorporates Moody's expectation that the company
is making progress in stabilizing operating performance as it
transitions its clients to the new Polaris IT system and completes
its cost savings initiatives, which should have a beneficial impact
on its cost structure and cash generation.

The ratings could be downgraded if the company fails to grow
revenue and earnings from current levels, if it faces delays
related to the implementation of its Polaris IT system or fails to
realize meaningful cost savings. In particular, the ratings could
be downgraded if the company is unable to reduce adjusted debt to
EBITDA to below 7.5 times over the next 12-18 months, or if the
company fails to generate enough earnings to cover all of its fixed
charges, including all interest expense (including PIK interest).
The ratings could also be downgraded if liquidity weakens.

An upgrade is unlikely in the near-term, however, the ratings could
be upgraded if adjusted debt to EBITDA is sustained below 6.0
times. An upgrade would also require the company to demonstrate
sustained earnings and cash flow growth and an improvement in
liquidity.

One Call has no material exposure to environment and social risks.
However, the company regularly encounters elevated elements of
governance risk, including private equity ownership, and has
historically relied on debt exchanges and recapitalization to
strengthen its financial profile.

One Call Corporation provides cost containment services related to
workers' compensation claims. The company acts as an intermediary
between healthcare providers, payors and patients. Customers
include insurance carriers, third-party administrators,
self-insured employers, and state funds in the workers compensation
industry. Revenues are approximately $1.5 billion. Following the
recapitalization, the company is owned by affiliates of KKR and GSO
Capital Partners. One Call does not publicly disclose its financial
results.

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


PACIFIC CONSTRUCTION: Unsecureds to Have 32% Recovery Under Plan
----------------------------------------------------------------
Debtor Pacific Construction Group, LLC, filed with the U.S.
Bankruptcy Court for the District of Oregon a Plan of
Reorganization and a Disclosure Statement.

Under the Plan, general unsecured creditors in Class 5 will receive
a distribution of 32% of their allowed claims.  They will receive
quarterly payments beginning on the 5ist month after the Effective
Date until the 60th month after the Effective Date.

Any creditor may elect to have their claim paid under Class 4, the
Sec. 1122(b) administrative convenience class.  If the creditor
elects Class 4 treatment, then they will be paid without interest,
the lesser of their allowed claim or $500 within 60 days of the
effective date.

The Debtors will contribute $25,000 of new value over the life of
the plan to retain their equity interests.

Payments and distributions under the Plan will be funded by the
Collection of the Debtor's outstanding accounts receivable and
proceeds from future work.

There are two insiders of the Debtor, Christopher and Elizabeth
MacKenzie.  Both are members of the Debtor and are primarily
responsible for the day-to-day operation of the Debtor.  During the
pendency of this case, the insiders have been paid regular salaries
in the amount of $1,250 for Christopher and $850 per week for
Elizabeth.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/t4pp2ej from PacerMonitor.com at no charge.

             About Pacific Construction Group

Pacific Construction Group, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Oregon Case No. 19-31770) on May
14, 2019.  In the petition signed by Christopher Mackenzie, member,
the Debtor was estimated to have assets of less than $100,000 and
debt of less than $500,000.  The Debtor is represented by Nicholas
J. Henderson, Esq., at Motschenbacher & Blattner, LLP.


PARKINSON SEED: Objects to SummitBridge's Disclosure Statement
--------------------------------------------------------------
Debtor Parkinson Seed Farm, Inc., objects to the Disclosure
Statement for SummitBridge National Investments VI LLC's Chapter 11
Plan of Liquidation Dated October 11, 2019.

SummitBridge has filed its disclosure statement as a prelude to
seeking confirmation for a plan of liquidation.  Part of SB's
recommendation for its liquidation plan is the best alternative for
providing the maximum reasonable value for creditors without
undertaking unreasonable risk that the value of the Debtor’s
assets will deteriorate.

SB's disclosure statement puts forth the proposition that if the
debtor were to continue to operate, it would continue to lose
money.  However, SB's disclosure statement does not contain any
information regarding the now harvested 2019 crop, its associated
expenses, nor its projected revenue.  Nor does SB disclose how the
2019 crop year compares to what it characterizes as 10 years of
losses.

According to the Debtor, information pertaining to the 2019 crop
year and its profitability is crucial for creditors who must
consider between a liquidation of the debtor’s assets or a plan
of reorganization.  Without information about the 2019 crop,
creditors will lack adequate information to make an informed
judgment about the SB’s proposed liquidation plan.  Additionally,
this information is needed by the Chapter 11 Trustee so that he can
use his judgment to determine if it is in the creditor’s best
interest to file a plan of reorganization to continue the farming
operation or the file a liquidating plan.

A full-text copy of the Objection is available at
https://tinyurl.com/r7pefzc from PacerMonitor.com at no charge.

The Debtor is represented by:

         Brent T. Robinson, Esq.
         W. Reed Cotten, Esq.
         ROBINSON & ASSOCIATES
         615 H Street
         P.O. Box 396
         Rupert, ID 83350-0396
         Telephone No. (208) 436-4717
         Facsimile No. (208) 436-6804
         E-mail: btr@idlawfirm.com
                 wrc@idlawfirm.com

                   About Parkinson Seed Farm

Located in Saint Anthony, Idaho, Parkinson Seed Farm, Inc. --
http://www.parkinsonseedfarm.com/-- farms approximately 7,200
acres of potatoes.  It raises seed potatoes, hard red and hard
white wheat, as well as a small amount of alfalfa (mostly to feed
horses for recreational purposes). The company raises 11 of what it
considers to be more mainstream varieties such as the Russet
Burbank, Ranger, three different line selections of Russet
Norkotah, white varieties such as Cal Whites and Atlantics, and
reds like the Dark Red Norland. The company was founded in 1937.

Parkinson Seed Farm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Idaho Case No. 18-40412) on May 15,
2018.  In the petition signed by Dirk Parkinson, president, the
Debtor disclosed $6.11 million in assets and $26.92 million in
liabilities.  Judge Joseph M. Meier oversees the case. Parkinson
Seed Farm hired Robinson & Associates as its legal counsel.  Henri
LeMoyne of LeMoyne Realty & Appraisals is the Debtor's realtor.


PARTY CITY: Moody's Lowers CFR to B2, Outlook Stable
----------------------------------------------------
Moody's Investors Service downgraded Party City Holdings Inc.'s
Corporate Family Rating to B2 from Ba3 and Probability of Default
Rating to B2-PD from Ba3-PD. The company's senior secured term loan
was downgraded to B1 from Ba2 and its existing senior unsecured
notes due 2023 and unsecured notes due 2026 were downgraded to Caa1
from B1. The company's Speculative Grade Liquidity rating remains
SGL-2, and the rating outlook is stable.

"The downgrade of the CFR to B2 reflects the dramatically weaker
operating results of Party City compared to prior expectations,
including the impact of the helium shortage, increased freight
costs, lower same store comps and Halloween sales, which have
reduced operating profit expectations for 2019", said Moody's Vice
President, Adam McLaren. Leverage is expected to remain elevated in
the mid-5 times range, with interest coverage remaining below 2
times EBIT/interest, metrics more aligned with the B2 rating
category.

Downgrades:

Issuer: Party City Holdings Inc.

Probability of Default Rating, Downgraded to B2-PD from Ba3-PD

Corporate Family Rating, Downgraded to B2 from Ba3

Senior Secured Bank Credit Facility, Downgraded to B1 (LGD3) from
Ba2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD5)
from B1 (LGD5)

Outlook Actions:

Issuer: Party City Holdings Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Party City's B2 Corporate Family Rating reflects the weakened
operating performance of the company, with elevated leverage (in
the high 5 times Debt/EBITDA range at September 30, 2019) and
weakened interest coverage. Leverage is elevated, with the
expectation to improve seasonally to the low to mid 5 times level
for year-end 2019, as the company utilizes cash flow to reduce debt
levels. Party City is still facing a challenging operating
environment with weak comparable same store sales trends,
competition, elevated helium prices, and tariffs that will continue
to pressure the company's revenue and margins. As a retailer, Party
City is exposed to changing demographic and societal trends,
including the shift of consumers purchasing goods and accessories
online. The rating is supported by Party City's strong market
presence in both retail and wholesale, geographic diversification,
and historically more stable party goods and accessories segment.
The company also has a strong track record of integrating
acquisitions and achieving cost savings, although no acquisitions
are anticipated in the near term. The rating also considers that
Party City is no longer a 'controlled company', as private equity
ownership has been reduced by Thomas H. Lee Partners, L.P. ("THL").
Liquidity is good, as cash flow and revolver availability are
expected to be sufficient to cover cash flow needs over the next
12-18 months.

The stable outlook reflects Moody's expectation that the company
will seek to reduce debt with excess cash flow to reduce leverage
levels, while maintaining good liquidity.

Ratings could be upgraded through sustained growth in revenue and
profitability, leading to improved credit metrics. An upgrade would
require positive comparable same store sales and improved gross
margins, leading to lease-adjusted debt to EBITDA sustained below
5x and EBIT /interest expense approaching 2.25x.

Ratings could be downgraded if the company's operating performance
were to weaken due to further declines in consumer discretionary
spending, heightened competition or integration issues, more
aggressive financial policies or a material erosion in liquidity.
Metrics include debt/EBITDA sustained near 5.75x or if
EBIT/interest below 1.25x.

Party City Holdings Inc. is a designer, manufacturer, distributor
and retailer of party goods and related accessories. The company's
retail brands principally include Party City and Halloween City.
Total annual revenue is approximately $2.4 billion.

The principal methodology used in these ratings was Retail Industry
published in May 2018.


PERPETUAL ENERGY: S&P Withdraws 'CCC' Long-Term ICR
---------------------------------------------------
S&P Global Ratings affirmed its 'CCC' long-term issuer credit and
senior unsecured issue-level ratings on Perpetual Energy Inc., and
withdrew these ratings at the company's request. At the time of
withdrawal, the outlook on the long-term issuer credit rating was
developing.



PRECIPIO INC: Incurs $1.9 Million Net Loss in Third Quarter
-----------------------------------------------------------
Precipio, Inc. filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q reporting a net loss of $1.90
million on $784,000 of net sales for the three months ended Sept.
30, 2019, compared to a net loss of $3.85 million on $650,000 of
net sales for the three months ended Sept. 30, 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of $9.46 million on $2.44 million of net sales compared to
a net loss of $9.12 million on $2.18 million of net sales for the
nine months ended Sept. 30, 2018.

As of Sept. 30, 2019, the Company had $22.52 million in total
assets, $7.23 million in total liabilities, and $15.29 million in
toal stockholders' equity.

During the nine months ended Sept. 30, 2019 the Company received
gross proceeds of $5.2 million from sale of 2,088,076 shares of its
common stock, $1.6 million from the exercise of 310,200 warrants
and $2.1 million from the issuance of convertible notes. The
Company also converted $7.4 million of convertible notes, including
interest, into 2,439,173 shares of its common stock.

Cash increased by $1.3 million during the nine months ended Sept.
30, 2019 and decreased by $0.2 million during the nine months ended
Sept. 30, 2018.

The cash flows used in operating activities of approximately $7.0
million during the nine months ended Sept. 30, 2019 included a net
loss of $9.5 million, an increase in accounts receivable of $0.7
million, a decrease in accounts payable of $1.6 million and a
decrease in operating lease liabilities of $0.2 million.  These
were partially offset by a decrease in other assets of $0.3 million
and non-cash adjustments of $4.7 million.  The non-cash adjustments
to net loss include, among other things, depreciation and
amortization, changes in provision for losses on doubtful accounts,
warrant and derivative revaluations, stock based compensation,
gains on settlements of liabilities and losses on the issuance of
convertible notes.  The cash flows used in operating activities in
the nine months ended Sept. 30, 2018 included the net loss of $9.1
million and an increase in accounts receivable of $0.3 million.
These were partially offset by an increase in accounts payable,
accrued expenses and other liabilities of $1.1 million and non-cash
adjustments of $3.5 million.

Cash flows used in investing activities were approximately $0.1
million for the nine months ended Sept. 30, 2019 and 2018,
respectively, resulting from purchases of property and equipment.

Cash flows provided by financing activities totaled $8.4 million
for the nine months ended Sept. 30, 2019, which included proceeds
of $5.2 million from the issuance of common stock, $1.6 million
from the exercise of warrants and $2.1 million from the issuance of
convertible notes.  These proceeds were partially offset by
payments on the Company's long-term debt and convertible notes of
$0.4 million and payments for the Company's finance lease
obligations and deferred financing costs of $0.1 million.  Cash
flows provided by financing activities totaled $4.7 million for the
nine months ended Sept. 30, 2018, which included proceeds of $0.6
million from the issuance of common stock, $0.3 million from the
issuance of long-term debt, $3.0 million from the issuance of
convertible notes and proceeds of $1.3 million from the exercise of
warrants.  These were partially offset by payments on the Company's
long-term debt of $0.3 million and payments for its capital lease
obligations and deferred financing costs of $0.2 million.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/LRiA5Q

                         About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.

Precipio incurred a net loss of $15.69 million for the year ended
Dec. 31, 2018, compared to a net loss of $20.69 for the year ended
Dec. 31, 2017.  As of June 30, 2019, the Company had $22.20 million
in total assets, $7.97 million in total liabilities, and $14.22
million in total stockholders' equity.

The audit opinion included in the Company's annual report for the
year ended Dec. 31, 2018, contains a "going concern" explanatory
paragraph.  Marcum LLP, in Hartford, CT, the Company's auditor
since 2016, stated in its report dated April 16, 2019 that the
Company has a significant working capital deficiency, has incurred
significant losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


PUSHMATAHA COUNTY: Files Amended Chapter 9 Plan of Adjustment
-------------------------------------------------------------
Debtor Pushmataha County - City of Antlers Hospital Authority filed
with the U.S. Bankruptcy Court for the Eastern District of Oklahoma
a First Amended Chapter 9 Plan of Adjustment and a Disclosure
Statement on Nov. 12, 2019.

The Plan proposes to treat unsecured claims as follows:

  * Class 4: General Unsecured Convenience Claims.  Holders of
General Unsecured Claims against the Hospital that are equal to or
less than $1,000 will be paid 70% of their Class 4 allowed claims.

   * Class 5: General Unsecured Claims estimated to total
$3,690,908.  Holders of general Unsecured Claims against the
Hospital that are not Class 4 Claims or Class 6 Claims will receive
an annual pro rata share of one-time class payment in the sum of
$50,000 to be distributed within 60 days of the Effective Date, and
5 annual payments to be paid on or before June 1 of each year, the
first of which to be on or before June 1, 2021, and the final on or
before June 1, 2025.

  * Class 6: Tort Claims.  Tort Claims consist of the Holders of
any Tort Claims asserted against the Hospital for which there is
any General Liability Insurance Coverage and the Holders of any
Employment Claims asserted against the Hospital for which there is
any Insurance Coverage.  If there is no General Liability Insurance
Coverage for any aspect of the Tort Claim, the Tort Claim shall be
treated as a Class 5 Claim.  Class 6 is Impaired and therefore is
entitled to vote to accept or reject the Plan

As of the Petition Date, the Authority projected that its
non-priority unsecured prebankruptcy debts are in the approximate
amount of $3,690,907.66.

In the event that the Authority amends its List of Claims (a) to
designate a Claim as contingent, disputed, undetermined or
unliquidated, (b) to change the amount of any Claim reflected
therein, or (c) to add a Claim which was not disclosed in the
original list, then the Authority shall notify the affected holder
of such amendment and such affected holder shall have 20 days after
such notification within which to file a proof of claim.

The Authority shall pay or cause to be paid all Allowed Claims in
cash from Service Revenues, City Sales Tax proceeds, or County
Sales Tax proceeds, except for the Annual Payments. Each of the
five Annual Payments to be paid to the Allowed Class 5 Claims shall
be paid solely from net SHOPP funds received by the Authority, if
any, on account of the Hospital

A full-text copy of the Amended Disclosure Statement dated Nov. 12,
2019, is available at https://tinyurl.com/tcbkhfe from
PacerMonitor.com at no charge.

The Debtor is represented by:

         J. Clay Christensen
         Jeffrey E. Tate
         Christensen Law Group, P.L.L.C.
         The Parkway Building
         3401 N.W. 63rd Street, Suite 600
         Oklahoma City, Oklahoma 73116
         Tel: (405) 232-2020
         Fax: (405) 228-1113
         E-mail: clay@christensenlawgroup.com
                 jeffrey@christensenlawgroup.com

                    About Pushmataha County

Pushmataha County - City of Antlers Hospital Authority is a public
trust that operates Pushmataha Hospital located in Antlers,
Oklahoma.  The Hospital is a 25 bed, general medical hospital in
Antlers, Oklahoma. It provides a wide array of in-patient and
out-patient health care services. The Hospital's 24-hour emergency
department treats approximately 5,000 patients annually. The
emergency department has four beds, including one trauma room. It
is supported by 24-hour coverage of testing facilities, including
laboratory and radiology.

Pushmataha County - City of Antlers Hospital Authority filed a
Chapter 9 petition (Bankr. E.D. Okla. Case No. 16-81001) on Sept.
23, 2016.  The petition was signed by David Smith, chairman.  The
Debtor is represented by Jeffrey E. Tate, Esq., at Christensen Law
Group, P.L.L.C.  The Debtor was estimated to have assets of up to
$50,000 and liabilities at $1 million to $10 million at the time of
the filing.


RAIT FUNDING: Appointment of Equity Committee Sought
----------------------------------------------------
The ad hoc committee representing holders of preferred equity
issued by RAIT Financial Trust asked the U.S. Bankruptcy Court for
the District of Delaware to direct the Office of the U.S. Trustee
to appoint an official committee of equity security holders in the
Chapter 11 cases of RAIT Funding LLC and its affiliates.

In its motion, the ad hoc committee said equity holders have not
been adequately represented especially during negotiations
concerning RAIT Financial's Chapter 11 plan.

"There is no reason for this court to allow the debtors to proceed
on their plan of reorganization filed less than seven weeks after
the petition date, without there being an alternative, competing
plan providing different and better treatment for creditors and
equity holders  to consider," the ad hoc committee said.

"Doing so would in essence compel estate stakeholders to either
accept an unsatisfactory outcome or have no recovery at all,
clearly an unfair result," the ad hoc committee said.

The ad hoc committee is proposing an alternative structure for
paying claims in full to be consummated under a plan of
reorganization, which, the group claims, provides equity holders
with better treatment than that proposed by RAIT Financial and CF
RFP Holdings LLC.

The ad hoc committee is represented by:

     Joseph H. Huston, Jr., Esq.       
     Stevens & Lee, P.C.        
     919 North Market Street, Suite 1300       
     Wilmington, DE 19801       
     Phone: (302) 425-3310       
     Fax: (610) 371-7972       
     Email: jhh@stevenslee.com

                     About RAIT Funding

RAIT -- https://www.rait.com/ -- is an internally-managed real
estate investment trust focused on managing a portfolio of
commercial real estate loans and properties.

RAIT Funding, LLC and its affiliates, including RAIT Financial
Trust, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 19-11915) on Aug. 30, 2019.  At the
time of the filing, the Debtors were estimated to have assets of
between $100 million and $500 million, and liabilities of the same
range.  

The cases are assigned to Judge Brendan Linehan Shannon.

The Debtors tapped Drinker Biddle & Reath LLP as bankruptcy
counsel; UBS Securities LLC as investment banker; M-III Partners
L.P. as restructuring and financial advisor; Ledgewood PC as tax
counsel; and Epiq Corporate Restructuring, LLC as claims and
noticing agent.


RENAISSANCE HEALTH: Unsecureds to Get Full Payment with 3% Interest
-------------------------------------------------------------------
Debtor Renaissance Health Publishing, LLC d/b/a Renown Health
Products and Natural Health News Report filed with the U.S.
Bankruptcy Court for the Southern District of Florida, West Palm
Beach Division, a plan of reorganization and disclosure statement.

Class 4 consists of the allowed claims of the general unsecured
creditors of the Debtor.  The Debtor estimates the aggregate amount
of Class 4 general unsecured claims totals $28,662.  The Debtor
estimates that if this case were converted to a Chapter 7 case, the
holders of Class 4 Claims would not receive any distributions.  If
the Debtor's Plan is confirmed, each holder of an Allowed general
unsecured claim against the Debtor shall be paid in full, with 3%
interest.  The distributions to the Class 4 creditors will be made
within 180 days of the Effective Date.

Class 5 consists of the Debtor's equity interests in assets of the
Estate, which are retained under the Plan.  All property of the
Estate shall re-vest in the Reorganized Debtor.  Class 5 is
unimpaired and therefore the holders of the equity interests are
conclusively presumed to have accepted the Plan, pursuant to 11
U.S.C. Sec. 1126(f).

The Debtor believes that there is minimal risk to creditors as to
the completion of the Plan. The Plan will be funded primarily by
the Debtor's Cash on Hand, operating income, and any additional
Cash held by the Debtor as of the date of the Confirmation Hearing.
Based on the foregoing, the Debtor asserts that it is able to
perform all of its obligations under the Plan, and as such, the
Debtor’s Plan satisfies section 1129(a)(11) of the Code.

A full-text copy of the Disclosure Statement is available at
https://tinyurl.com/r5mj79t from PacerMonitor.com at no charge.

The Debtor is represented by:

        Furr & Cohen, P.A.
        Aaron A. Wernick, Esq.
        2255 Glades Road, Suite 301E
        Boca Raton, Florida 33431
        Tel: (561) 395-0500
        Fax: (561) 338-7532
        E-mail: awernick@furrcohen.com

              About Renaissance Health Publishing
                 d/b/a Renown Health Products

Renaissance Health Publishing, LLC, doing business as Renown Health
Products, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla.
Case No. 19-13729) on March 22, 2019, disclosing under $1 million
in both assets and liabilities.  The Debtor tapped Aaron A.
Wernick, Esq., at Furr Cohen, P.A., as bankruptcy counsel, and
Schneider Rothman IP Law Group, as special counsel.


RENT RITE: Proposes to Sell Business to Fund Plan
-------------------------------------------------
Debtor Rent Rite SuperKegs West, Ltd. filed with the U.S.
Bankruptcy Court for the District of Colorado an Amended Plan of
Reorganization.

The Debtor will attempt to sell its Business during the Sale
Period, if not previously sold prior to entry of the Confirmation
Order.  The Debtor will file a motion and provide notice to
creditors and parties in interest seeking approval of the sale with
the Bankruptcy Court.  Such motion shall include|detailed
information about the terms and conditions of such proposed sale,
including, but not limited to, a proposed sale to any insider of
the Debtor.  Following the closing of the sale of the Debtor's
Business, the Debtor will provide a Report of sale to creditors and
parties in interest.

Counsel for the Creditors' Committee has undertaken discovery from
the Debtor and related parties pursuant to a Rule 2004 examination
and document production.  The Debtor's repeated inquiry to the
Creditors ' Committee counsel concerning the discovery of any
avoidance claims has received no response.  The foregoing
notwithstanding, counsel for the Debtor has been advised of loans
and repayments made by and to Susan Wright during the pendency of
the Chapter 11 proceeding  without Court approval.  The Disclosure
Statement addresses this and a method for|resolution wherein Susan
Wright will forego salary for the remainder of the|case and the
Sale Period, which amount of salary approximately equals the loan
repayments which are subject to possible recovery by the Estate.

Thomas S. Wright and Susan L. Wright hold equitable interests in
the Debtor. Such retained equitable interests shall be subject to
the provisions of this Plan. Class 4 members shall receive payment
under this Plan, on account of their equitable interests, if at
all, only after all allowed Chapter 11 Administrative Expenses,
allowed secured claims, allowed unsecured priority claims, and
allowed general unsecured claims provided for in this Plan are paid
in full.

Holders of allowed unsecured claims in Class 3 shall be paid a pro
rata share of Net Proceeds, less payment in full of the Class 1
creditor's secured claim, allowed administrative expenses, and
allowed unsecured priority claims.  Pro rata distributions will be
made to Class 3 creditors no later than 30 days following the
latter of the Sale Date or the date of the Confirmation Order.  The
Debtor did not provide an estimated percentage recovery for
unsecured creditors

Net Proceeds from the sale of the Debtor's business will be used to
pay allowed Chapter 11 administrative claims, allowed secured
claims, allowed unsecured priority claims, and allowed unsecured
claims.

If at the end of the Sale Period, or as otherwise ordered by the
Court, a sale of the Debtor's Business has not closed, the Debtor
will liquidate its assets at an auction to be held by Dickensheet &
Associates, Inc., and continue to prosecute the Appeal and the
Connolly Adversary Proceeding. The Debtor will provide a Report of
Liquidation to creditors and parties in interest.

A full-text copy of the Amended Plan is available at
https://tinyurl.com/vpalsgj from PacerMonitor.com at no charge.

The Debtor is represented by:

         WEINMAN & ASSOCIATES, P.C.
         Jeffrey A. Weinman, #7605
         730 17th Street, Suite 240
         Denver, CO 80202-3506
         Telephone: (303) 572-1010
         Facsimile: (303) 572-1011
         E-mail: jweinman@weinmanpc.com

                  About Rent Rite SuperKegs

Headquartered in Denver, Colorado, Rent Rite SuperKegs West Ltd.
leases warehouse space to tenants. It owns a warehouse building
located at 3850 to 3900 E. 48th Ave., Denver, Colo.  

Rent Rite SuperKegs West sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 17-21236) on Dec. 11,
2017. Thomas S. Wright, president, signed the petition. The Debtor
first filed for Chapter 11 protection (Bankr. D. Colo. Case No.
12-31592) on Oct. 18, 2012.

At the time of the filing, the Debtor was estimated to have assets
and liabilities of $1 million to $10 million.

Judge Thomas B. McNamara presides over the case.  The Debtor hired
Weinman & Associates, P.C., as counsel, and Allen Vellone Wolf
Helfrich & Factor P.C., as special counsel.

The Office of the U.S Trustee appointed an official committee of
unsecured creditors on Feb. 2, 2018. The committee retained Appel,
Lucas & Christensen, P.C., as its legal counsel.


RICH'S FOOD: Trustee Taps Richard D. Sparkman as Legal Counsel
--------------------------------------------------------------
Richard Sparkman, the Chapter 11 trustee for Rich's Food Stores
LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern
District of North Carolina to employ his own firm, Richard D.
Sparkman & Associates, P.A., as his legal counsel.

The firm will provide these services in connection with the
Debtor's Chapter 11 case:  

     a. assist the trustee in identifying the legal problems which
may arise in the administration of the Debtor's bankruptcy estate;


     b. examine security agreements, deeds of trust and other
instruments, which may constitute liens upon the property of the
estate;

     c. identify and examine any statutory or judicial liens;

     d. determine the validity and priority of all security
agreements, liens and encumbrances, and investigate any additional
assets and any rights, which the trustee may have to property of
the estate;

     e. examine and research all legal problems, which may arise in
the administration of the estate and to generally advise the
trustee on legal matters, which may arise in the course of the
administration of the estate;

     f. examine the real estate records and tax records to
determine what property constitutes part of the estate; and

     g. examine the Debtor's books and records and investigate any
recent payments and transfers of property made by the Debtor.

Mr. Sparkman assures the court that the firm neither holds nor
represents any interest adverse to the estate and is a
disinterested person as contemplated under Section 327(a) of the
Bankruptcy Code.

The firm can be reached at:

     Richard D. Sparkman, Esq.
     Richard D. Sparkman & Associates, P.A.
     P. O. Box 1687
     Angier, N.C. 27501
     Tel: 919-639-6181

                     About Rich's Food Stores

Based in Wallace, N.C., Rich's Food Stores, LLC, which conducts
business under the names Hwy 55 Wallace, Hwy 55 Fayetteville, Hwy
55 Burgaw, and Hwy 55 Castle Hayne, is a franchisee of the Hwy 55
burgers restaurant.

Rich's Food Stores filed a voluntary Chapter 11 petition (Bankr.
E.D.N.C. Case No. 19-00504) on Feb. 5, 2019.  At the time of
filing, the Debtor had total assets of $755,009 and total
liabilities of $1,503,316.

The case is assigned to Hon. Joseph N. Callaway.

The Debtor's legal counsel is Richard Preston Cook, Esq., at
Richard P. Cook, PLLC, in Wilmington, N.C.

Richard DeWitte Sparkman was appointed as the Debtor's Chapter 11
trustee on Nov. 19, 2019.


RIVERBEND FOODS: Committee Taps Fox Rothschild as Legal Counsel
---------------------------------------------------------------
The official committee of unsecured creditors appointed in
Riverbend Foods, LLC's Chapter 11 case seeks authority from the
U.S. Bankruptcy Court for the Western District of Pennsylvania to
retain Fox Rothschild LLP as its legal counsel.

The firm will provide these services in connection with the
Debtor's Chapter 11 case:  

     a. advise and represent the committee with respect to the
administration of the case and the exercise of oversight with
respect to the Debtor's affairs;

     b. advise the committee of its powers and duties;

     c. assist the committee in maximizing the value of the
Debtor's assets for the benefit of all creditors;

     d. participate in the formulation and negotiation of a plan of
reorganization;

     e. conduct investigation of the assets, liabilities, financial
condition and operating issues of the Debtor and other matters
relevant to the case and the formulation of a plan;

     f. commence and prosecute actions and proceedings on behalf of
the committee;

     g. prepare motions, reports and other legal papers;

     h. communicate with the committee's constituents and other
parties; and

     i. appear in court and protect the interest of the committee.

The firm's hourly rates are:

     Partners    $410 - $1,005 (capped at $600)
     Associates  $215 - $625 (capped at $600)
     Paralegals  $105 - $420

Thomas Horan, Esq., a partner at Fox Rothschild , disclosed in a
court filing that he and other attorneys of the firm do not have
interest adverse to the committee and the Debtor's estate or
creditors.

Fox Rothschild can be reached through:

     John R. Gotaskie, Jr., Esq.
     Fox Rothschild LLP
     BNY Mellon Center
     500 Grant St., Suite 2500
     Pittsburgh PA 15219
     Tel: 412-391-1334
     Fax: 412-391-6984
     Email: jgotaskie@foxrothschild.com

                  About Riverbend Foods

Riverbend Foods, LLC is engaged in the business of fruit and
vegetable preserving and specialty food manufacturing.  It offers
baby food, soups, broths, gravies, sauces and cold brew coffee.

Riverbend Foods sought Chapter 11 protection (Bankr. W.D. Pa. Case
No. 19-24114) on Oct. 22, 2019.  In the petition signed by CRO
Dalton Edgecomb, the Debtor was estimated to have assets and
liabilities in the range of $10 million to $50 million.  Judge
Gregory L. Taddonio is assigned to the case.  The Debtor tapped
Frank J. Guadagnino, Esq., at McGuirewoods LLP as counsel, and
Winter Harbor, LLC as restructuring advisor.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of
unsecured creditors on Oct. 31, 2019.


RP CROWN: S&P Affirms B ICR on Stable Transition to SaaS Solutions
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on RP Crown Parent LLC
(d.b.a JDA Software), its 'B' issue-level rating on the company's
secured debt and its 'CCC+' issue-level rating on the company's
unsecured debt. The '3' and '6' recovery ratings, respectively,
remain unchanged.

S&P's rating on JDA reflects high leverage in the mid-9x range in
2019, which the rating agency expects to decrease to high-8x in
2020. JDA's leverage includes class B equity that S&P treats as
debt for its analytical purposes. S&P treats Blackstone's 80%
portion as debt because of the lack of credit protective terms,
such as stapling. It also believes that, despite no call provision,
New Mountain Capital has an incentive to negotiate a redemption of
Blackstone's stake in the absence of an IPO, and would likely fund
a redemption with additional debt. S&P also treats New Mountain's
20% portion as debt because of the lack of credit-protective
terms.

The stable outlook reflects S&P's view that JDA will continue its
transition to SaaS solutions with stable EBITDA margins in the
low-20% range on continued investments in SaaS solutions and good
organic revenue growth due to strong SaaS revenue, driving leverage
to the high-8x range and FFO cash interest coverage to the mid-2x
range over the next 12 months.

"We could lower the rating during the next 12 months if JDA
sustains FFO cash interest coverage below 2x or unadjusted FOCF in
the low tens of million dollars area per year. This could occur if
there was prolonged weakness in retail or manufacturing investment
spending or EBITDA margins decline due to higher than expected
investments in SaaS solutions," S&P said, adding that it could also
lower the rating if the threshold is breached due to debt funded
acquisitions and shareholder returns.

"Although unlikely over the next 12 months, we could look to raise
the rating if JDA indicates that it can sustain leverage below 5x
through the transition to SaaS, debt funded acquisitions and
shareholder returns. We expect that the financial sponsors will
want to continue to use their balance sheet to grow the company
through acquisitions or engage in shareholder returns," the rating
agency said.


RYERSON HOLDING: Moody's Hikes CFR to B2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded Ryerson Holding Corporation's
corporate family rating to B2 from B3 and its probability of
default rating to B2-PD from B3-PD. At the same time, the senior
secured rating for Ryerson Inc. was upgraded to B3 from Caa1.
Ryerson's speculative grade liquidity rating was changed to SGL-2
from SGL-3. The ratings outlook is stable.

"The upgrade of Ryerson's ratings reflect the significant
improvement in the company's operating performance and credit
metrics due to its use of free cash flow to pay down debt. The
upgrade incorporates the expectation the deleveraging trend will
continue over the next 12 to 18 months," said Michael Corelli,
Moody's Vice President -- Senior Credit Officer and lead analyst
for Ryerson Holding Corporation.

Upgrades:

Issuer: Ryerson Holding Corporation

Probability of Default Rating, Upgraded to B2-PD from B3-PD

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

Corporate Family Rating, Upgraded to B2 from B3

Issuer: Ryerson Inc.

Senior Secured Regular Bond/Debenture, Upgraded to B3 (LGD5) from
Caa1 (LGD4)

Outlook Actions:

Issuer: Ryerson Holding Corporation

Outlook, Remains Stable

Issuer: Ryerson Inc.

Outlook, Changed To Stable From No Outlook

RATINGS RATIONALE

Ryerson Holding Corporation's (Ryerson) B2 corporate family rating
reflects its exposure to the cyclical steel industry and overall
competitiveness of the metals distribution sector, as well as its
moderate leverage and low interest coverage. The rating is
supported by the company's modest capital spending requirements,
countercyclical working capital needs, good liquidity profile,
product and customer diversification and overall size and scale.

The company's operating performance has improved in 2019 driven by
higher LIFO income due to a steep decline in carbon steel product
prices after they reached a 10-year high in July 2018. LIFO income
was $62.6 million during the first nine months of 2019 compared to
LIFO expense of $89.3 million during the same period in 2018. As a
result, Ryerson's adjusted EBITDA increased significantly and its
cash flows also materially strengthened due to reduced working
capital investment. The company has utilized its free cash flow to
pay down a portion of the funds it borrowed to complete the $164
million acquisition of Central Steel & Wire (CS&W) in July 2018.
The improved operating performance combined with the debt paydown
has led to its adjusted leverage ratio (debt/EBITDA) declining to
4.0x in September 2019 from 10.4x in September 2018. Its interest
coverage (EBITA/interest) has improved to 2.4x from 1.3x.

Moody's expects Ryerson's credit profile will continue to improve
over the next 12-18 months as carbon steel prices remain relatively
stable with HRC prices in the range of $475 - $550 per ton due to
lackluster end market demand. Moody's expects the company to
experience lower average selling prices and lower sales volumes in
2020, but Moody's expects its EBIT margin to improve as metal
prices remain in a tighter range with less volatility than in 2018
and 2019. The company is expected to generate adjusted EBITDA in
the range of $225 - $250 million in 2020, and to use its free cash
flow to pay down debt, which will keep its adjusted leverage ratio
below 5.0x with interest coverage around 2.0x. While these metrics
support the B2 corporate family rating, the company's credit
profile remains constrained by its weak operating margins and its
dependence on the cyclical steel and aluminum products markets.

Ryerson has corporate governance risks due to the 56% equity
ownership stake of Platinum Equity, and it has historically pursued
debt funded acquisitions. However, since the acquisition of CS&W it
has shifted towards a more balanced capital allocation policy using
internally generated cash flows to reduce its debt by more than
$200 million.

Ryerson's SGL-2 speculative grade liquidity rating reflects it good
liquidity profile. The company had total liquidity of about $455
million as of September 30, 2019, including $22 million of cash,
availability of approximately $395 million on its $1 billion
revolving credit facility that covers the US and Canada and matures
in November 2021, and $38 million of availability under foreign
credit lines. The $1 billion credit facility had outstanding
borrowings of $440.6 million. The company generated positive free
cash flow of about $20 million in 2018 and will produce materially
stronger free cash in 2019 supported by reduced working capital
investments and its limited capital expenditure requirements.

The stable outlook reflects its expectation that Ryerson's
operating performance will be relatively stable in 2020 and its
credit metrics will continue to strengthen.

A rating upgrade could be considered if the company continues to
reduce its debt levels while maintaining a good liquidity profile.
Ryerson's rating could be favorably impacted should the company
sustain leverage below 4.0x and interest coverage above 2.5x.

The rating could be downgraded if Ryerson's operating performance,
profit margins and credit metrics substantially deteriorate.
Downgrade triggers would include the interest coverage ratio
sustained below 1.5x or the leverage ratio above 6.0x.

Ryerson Holding Corporation, through various operating
subsidiaries, is the second largest metals service center company
in North America, with 97 locations in the US, Canada and Mexico.
The company also has five locations in China. Ryerson provides a
full line of carbon steel, stainless steel and aluminum products to
approximately 45,000 customers in a broad range of end markets. The
company generated revenues of approximately $4.7 billion for the
12-month period ended September 30, 2019. Ryerson has been
controlled by Platinum Equity since 2007 and Platinum currently
owns about 56% of its outstanding common stock.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.


SEQUA CORP: S&P Alters Outlook to Positive, Affirms 'CCC+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' issuer credit rating on
Sequa Corp., and revised the outlook to positive from stable,
reflecting the better-than-expected improvement in the company's
credit metrics, though they remain weak.

Sequa's credit metrics were very weak in 2018 with adjusted debt to
EBITDA above 10x. Operational issues with the Chromalloy business
affected earnings, the company faced a continued decline in the
KC-10 program, and working capital and capital expenditure
investments in new programs required cash and revolver borrowings
to fund. These investments continued into 2019, but margins have
increased due to operational improvements, better pricing, and
exiting unprofitable facilities. This has resulted in S&P's
expectation that debt to EBITDA will be in the 7.8x-8.2x range for
2019, before improving in 2020 to below 7x. S&P excludes the
preferred shares issued by the company from the rating agency's
leverage calculations, despite their stated coupon, because these
shares have no maturity, can only be redeemed if the business is
sold or if the existing owners complete an initial public offering,
and the coupon does not imply a cash payment."

The positive outlook on Sequa reflects S&P's view that, while debt
leverage remains high, operational improvements in the business has
resulted in better margin performance. S&P expects lower
investments in new programs and there are no near-term debt
maturities or imminent liquidity issues. This is likely to result
in debt to EBITDA declining to about 8x in 2019 and below 8x in
2020.

"We could raise our rating on Sequa over the next 12 months if debt
to EBITDA improves to below 8x on a consistent basis while the
company maintains adequate liquidity, which would lead us to
believe the company's capital structure is sustainable. We expect
this could happen if earnings and cash flow continue to improve
because of better profitability and earnings contributions from
newer programs," S&P said, adding that the company would have to
refinance or extend its revolver and first-lien term loan for the
rating agency to raise the rating.

"We could revise the outlook back to stable over the next 12 months
if debt to EBITDA remains above 8x and we do not expect it to
improve. This would likely be because the company's investment
needs result in negative free cash flow, EBITDA margins do not
continue to improve, or the company is unable to refinance or
extend upcoming maturities," S&P said.  The rating agency further
said it would also have to believe that the company's capital
structure is unsustainable or that there could be a near-term
liquidity issue.


SOTHEBY'S: Egan-Jones Withdraws BB Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on November 20, 2019, withdrew its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Sotheby's.

Sotheby's is a British-founded American multinational corporation
headquartered in New York City. One of the world's largest brokers
of fine and decorative art, jewelry, real estate, and collectibles,
Sotheby's operation is divided into three segments: auction,
finance, and dealer.


SOUTHCROSS ENERGY: Dec. 9 Plan Confirmation Hearing Set
-------------------------------------------------------
Southcross Energy Partners, L.P. and its affiliated debtors filed
with the U.S. Bankruptcy Court for the District of Delaware a
motion for entry of an order approving the disclosure statement.

On Nov. 7, 2019, Judge Mary F. Walrath granted the motion and
approved the disclosure statement, and established the following
dates and deadlines:

  * Nov. 27, 2019, is the deadline to properly execute all ballots
in order to be counted as votes to accept or reject the plan.

  * Dec. 9, 2019, at 2:00 p.m. is the confirmation hearing.

  * Nov. 27, 2019, at 6:00 p.m. is the deadline to file objections
to confirmation of the plan.

  * Dec. 6, 2019, is the deadline for Debtors to file a
consolidated reply to any such objections.

A full-text copy of the Disclosure Statement Order is available at
https://tinyurl.com/tyvyp3s from PacerMonitor.com at no charge.

                About Southcross Energy Partners

Southcross Energy Partners, L.P. --http://www.southcrossenergy.com/
-- is a publicly traded company that provides midstream services to
natural gas producers and customers, including natural gas
gathering, processing, treatment and compression, and access to
natural gas liquid (NGL) fractionation and transportation services.
It also purchases and sells natural gas and NGLs. Its assets are
located in South Texas, Mississippi and Alabama, and include two
cryogenic gas processing plants, a fractionation facility and
approximately 3,100 miles of pipeline. The South Texas assets are
located in or near the Eagle Ford shale region. Southcross Energy
is headquartered in Dallas, Texas.

Southcross Energy Partners and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 19-10702) on April 1, 2019. The Debtors disclosed total assets
of $610.4 million and total liabilities of $614.3 million as of
April 1, 2019.

The cases are assigned to Judge Mary F. Walrath.

The Debtors tapped Davis Polk & Wardwell LLP as bankruptcy counsel;
Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel; Alvarez &
Marsal as financial advisor; Evercore Group LLC as investment
banker; and Kurtzman Carson Consultants LLC as notice and claims
agent and administrative advisor.


SOUTHERN FOODS: Pillsbury, Paul Weiss Represent Sec. Bondholders
----------------------------------------------------------------
In the Chapter 11 cases of Southern Foods Group, LLC, et al., the
law firms of Pillsbury Winthrop Shaw Pittman LLP and Paul, Weiss,
Rifkind, Wharton & Garrison LLP submitted a verified statement to
comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure
that they are representing the Ad Hoc Group of Bondholders of
6.500% Senior Notes due 2023.

In October 2019, the Ad Hoc Group of Bondholders retained Paul,
Weiss, to represent it as counsel in connection with a potential
restructuring involving the above-captioned debtors and
debtors-in-possession. In November 2019, the Ad Hoc Group of
Bondholders retained Pillsbury to serve as its Texas counsel with
respect to such matters.

As of Nov. 21, 2019, members of the Ad Hoc Group of Bondholders and
their disclosable economic interests are:

(1) Ascribe III Investments LLC
    299 Park Avenue, 34th Floor
    New York, NY 10171

    * Principal Amount of Senior Notes: $80,338,000
    * Percentage of Outstanding Senior Notes: 11.48%

(2) Ensign Peak Advisors, Inc.
    60 East South Temple, Suite 400
    Salt Lake City, UT 84111

    * Principal Amount of Senior Notes: $37,691,000
    * Percentage of Outstanding Senior Notes: 5.38%

(3) Kingsferry Capital LLC
    644 Wilshire Blvd., Suite 201
    Beverly Hills, CA 90211

    * Principal Amount of Senior Notes: $86,699,000
    * Percentage of Outstanding Senior Notes: 12.39%

(4) Knighthead Capital Management, LLC
    1140 Avenue of the Americas, 12th Floor
    New York, NY 10036

    * Principal Amount of Senior Notes: $38,206,000
    * Percentage of Outstanding Senior Notes: 5.46%

Counsel represents only those entities listed on Exhibit A in
connection with the Chapter 11 Cases. Counsel does not undertake to
represent the interests of, and are not a fiduciary for, any other
creditor, party in interest, or other entity. No member of the Ad
Hoc Group of Bondholders has or is a party to any agreement to act
as a group or in concert with respect to its interests in the
Debtors, and each member of the Ad Hoc Group of Bondholders has the
unrestricted right to act as it chooses in respect of such
interests without respect to the actions or interests of any other
party. In addition, neither the Ad Hoc Group of Bondholders nor any
member of the Ad Hoc Group of Bondholders (i) assumed any fiduciary
or other duties to any other holder of Senior Notes or person or
(ii) purports to act, represent, or speak on behalf of any other
entities in connection with the Chapter 11 Cases.

Counsel for the Ad Hoc Group of Bondholders can be reached at:

          PILLSBURY WINTHROP SHAW PITTMAN LLP
          Hugh M. Ray, III, Esq.
          Two Houston Center
          909 Fannin, Suite 2000
          Houston, TX 77010-1028
          Telephone: (713) 276-7600
          Facsimile: (713) 276-7673
          Email: hugh.ray@pillsburylaw.com

                      - and -

          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          Andrew N. Rosenberg, Esq.
          Robert A. Britton, Esq.
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          Facsimile: (212) 757-3990
          E-mail: arosenberg@paulweiss.com
                  rbritton@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/hlinF0

                    About Southern Foods

Southern Foods Group, LLC, dba Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.

The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer.  Judge David Jones presides over the
cases.

The Debtors posted estimated assets and liabilities of $1 billion
to $10 billion.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel.  Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corproate
Restructuring LLC is notice and claims agent.


SOUTHERN GRAPHICS: S&P Lowers ICR to 'CCC+'; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Southern
Graphics Inc. to 'CCC+' from 'B-'.

S&P also lowered its issue-level rating on the first-lien term loan
facility to 'CCC+' from 'B-' (with an unchanged '3' recovery
rating) and lowered the issue-level rating on the second-lien term
loan to 'CCC-' from 'CCC' (with an unchanged '6' recovery rating).

The downgrade reflects Southern Graphics' continued
underperformance, mainly driven by secular pressures within the
company's main client base—CPG companies. As marketing budgets at
these companies shrink or are reallocated, Southern Graphics is
experiencing volume and pricing pressures and S&P forecasts this
will continue over the next 12–24 months. These trends have
adversely affected the company's revenue, EBITDA margin, and cash
flow generation.

The negative outlook reflects S&P's view that the current operating
weakness, which is largely outside of the company's control, has
elevated the risk of a debt restructuring over the next 12 – 18
months. The outlook also reflects S&P's view that additional
borrowing, driven by capital expenditures and/or operational needs,
would tighten the covenant cushion of compliance and restrain
liquidity.

"We could lower our rating if we expect the company's liquidity
position to deteriorate if the company pursues a debt restructuring
over the next 12 months. This could occur if the company's revenue
declines further and it cannot generate sufficient cash flow
through operations, working capital improvements, or factoring of
its receivables to meet its fixed charges," S&P said, adding that
it could also lower its rating if the company's revolving credit
facility (due March 2022) becomes current without a firm
refinancing or maturity extension in place.

"We could raise our rating if revenue stabilizes or returns to
growth, driven by a sustained increase in CPG spending and/or
growth in the company's digital and adaptive design business
outpacing the traditional image carrier business declines," S&P
said. An upgrade scenario would also require free operating cash
flow (FOCF) to debt above 3% on a sustained basis, and no near-term
debt maturities that could present refinancing risks, according to
the rating agency.


SOVOS BRANDS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from positive and
affirmed all of its ratings on branded food company Sovos Brands
Intermediate Inc., including the 'B-' issuer credit rating.

The outlook revision to stable from positive is a result of
operating performance being below S&P's expectations for 2019, due
largely to one-time costs driving EBITDA below the rating agency's
forecast. Sovos' first-half decline was due to costs related to
slotting (product placement) fees for noosa and one-time
integration costs. In 2020, S&P expects the company to lap large
slotting costs and other one-time integration-related costs. Modest
sales growth at noosa and continued solid growth in Rao's will lead
to a rebound in operating performance in 2020, with margins of
15%-16% and positive free cash flow.

The stable outlook reflects S&P's expectation for continued good
organic operating performance in the company's underlying
businesses, positive free operating cash flows (FOCF) in fiscal
2020, and debt to EBITDA below 6.5x in 2020 and steadily improving
thereafter.

"We could raise the rating if the company successfully executes its
strategy and meets our expectations for sustained FOCF near or
above $15 million and debt to EBITDA well below 7x. We believe this
could occur if it continues to expand its brand into new retailer
channels, steadily expands its more niche Michael Angelo's brand,
and gains market share in, resulting in sustaining EBITDA margins
around 16%," S&P said.

"We could lower the rating if operating performance deteriorates
significantly below our expectations, resulting in a weakening of
the company's ability to service its debt and raising concerns
about the long-term sustainability of its capital structure. This
could occur if Sovos cannot gain further market share in the yogurt
category and stabilize while Rao's currently strong growth rates
stall. This would result in EBITDA margins below 12%," S&P said,
adding that it would lower the rating if the company sustains
negative free cash flow in fiscal 2020 and EBITDA interest coverage
erodes to less than 1.2x.


SP PF BUYER: Moody's Lowers CFR to B3 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded SP PF Buyer LLC's Corporate
Family Rating to B3 from B2 and revised the rating outlook to
negative from stable. The Probability of Default Rating was
downgraded to B3-PD from B2-PD and the rating on the secured first
lien term loan was downgraded to B2 from B1. These actions follow
weaker sales, earnings, and cash flow than Moody's had expected and
higher than expected transition costs the company experienced in
its separation from Newell Brands. The actions also reflect Moody's
expectation that neither revenue nor earnings will meaningfully
improve until 2021.

Revenue was down about 5% to roughly $500 million in the LTM period
ended September 2019 versus 2018 and EBITDA margins were around 170
basis points lower in the same period. Some of this shortfall is
due to poor weather in some key fishing markets during early 2019,
as well as reduced sales to one of Pure Fishing's largest customer
as that retailer reduced its inventory levels. Debt to EBITDA is
very high at around 8 times. Moody's projects debt to EBITDA to
approach 7.5 times in 2020 and 6.5 times in 2021 through a
combination of debt repayments with free cash flow, cash on hand,
and EBITDA growth.

The negative outlook reflects the uncertainty around the timing of
when the company's operating performance will improve and when debt
to EBITDA will decrease and be sustained below 7 times.

Issuer: SP PF Buyer LLC

Ratings downgraded:

Corporate Family Rating to B3 from B2;

Probability of Default Rating to B3-PD from B2-PD;

Senior Secured 1st lien term loan maturing 2025 to B2 (LGD 3) from
B1 (LGD 3)

The rating outlook is revised to negative from stable

RATINGS RATIONALE

The B3 CFR reflects Pure Fishing's very high financial leverage
with debt to EBITDA at around 8 times, moderate scale with revenue
about $500 million, and product concentration within fishing
related products. The rating also reflects the risks associated
with being owned by a private equity firm. Pure Fishing's solid
market presence, product diversification within fishing gear and
strong brand recognition among fishing enthusiasts supports the
rating,

The B2 rating on the first lien term loan is one notch higher than
the B3 CFR. This reflects the support provided by the unrated $180
million second lien term loan. Both the first lien term loan and
the second lien term loan have upstream guarantees from operating
subsidiaries.

Moody's views Pure Fishing as being moderately exposed to
environmental, social and governance risks. From a governance
standpoint, Pure Fishing has historically operated with high
leverage and with the risks associated with being owned by a
private equity firm. The company is close to completing its
separation from Newell Brands' financial processes and systems.

Ratings could be downgraded if the company's operating performance
or liquidity deteriorates for any reason, or if debt to EBITDA
remains above 7 times well into 2021.

Ratings could be upgraded if the company can meaningfully increase
its revenue and sustain debt to EBITDA around 6 times.

The principal methodology used in these ratings was that for the
Consumer Durables Industry published in April 2017.

Headquartered in Columbia, South Carolina, Pure Fishing primarily
designs, manufactures and sells fishing equipment, including rods,
reels, lures, artificial bait, and related fishing tackle, across
the globe. Revenues approximate $500 million.


SPANISH BROADCASTING: Incurs $345,000 Net Loss in Third Quarter
---------------------------------------------------------------
Spanish Broadcasting System, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
a net loss of $345,000 on $36.26 million of net revenue for the
three months ended Sept. 30, 2019, compared to net income of $8.66
million on $34.04 million of net revenue for the three months ended
Sept. 30, 2018.

For the nine months ended Sept. 30, 2019, the Company reported a
net loss of $6.05 million on $110.55 million of net revenue
compared to net income of $3.30 million on $102.72 million of net
revenue for the same period during the prior year.

As of Sept. 30, 2019, the Company had $455.18 million in total
assets, $540.59 million in total liabilities, and a total
stockholders' deficit of $85.42 million.

"During the third-quarter, our 10% revenue growth, excluding
political, was once again at or near the top of the announced
results for the radio industry," commented Raul Alarcon, chairman
and CEO.

"Our strong revenue growth and cost-controls helped drive our 40%
radio adjusted OIBDA margins in the quarter, which were likewise
among the highest in the radio industry."

"Our operating momentum continues, delivering consistent ratings
and audience growth for our brands, including 4 out of the 6
most-listened-to Hispanic stations in the nation, the Top 2
stations among Hispanic millennials and the global leader in
Spanish-language radio, WSKQ-FM in New York City."

"In addition, we have successfully transitioned our core audio
expertise into the digital sector with our LaMusica platform, which
was recently ranked the #1 Hispanic music streaming and radio site
with strong growth across all our digital media metrics.  Our Aire
radio network is on track to achieve one of the best years in its
history and our experiential platform continues to produce
successful Tier A live events in all of our major markets."

"Looking to Q4 and fiscal year 2019, we remain confident as to what
we believe will be, by all indications, an exceptional operating
performance that will extend into 2020."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/5MV44t

                   About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com-- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.

Spanish Broadcasting reported net income of $16.49 million for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
for the year ended Dec. 31, 2017.  As of June 30, 2019, the Company
had $454.09 million in total assets, $539.17 million in total
liabilities, and a total stockholders' deficit of $85.07 million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017.  Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due.  In addition, at Dec. 31, 2018 the Company had a
working capital deficiency.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.


SPRINGFIELD MEDICAL: Subsidiary Taps Sheehey Furlong as Counsel
---------------------------------------------------------------
Springfield Hospital Inc., a subsidiary of Springfield Medical Care
Systems, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Vermont to hire Sheehey Furlong & Behm P.C. as its
special counsel.

The firm will represent Springfield Hospital, which is a defendant
in several medical malpractice actions.

Springfield Hospital is covered under a medical malpractice policy
issued by Coverys, ProSelect Insurance Company. The fees and
expenses incurred by Sheehey Furlong in the course of its
representation are covered under the policy and will not be paid
directly by Springfield Hospital.

Heather Ross, Esq., at Sheehy Furlong, attests that the firm does
not and will not represent any interest adverse to the Debtor and
its estate.

The firm can be reached through:

     Heather E. Ross, Esq.
     Sheehey Furlong & Behm P.C.
     30 Main Street, 6th Floor, PO Box 66
     Burlington, VT 05402-0066
     Phone: 802-864-9891
     Fax: 802-864-6815

        About Springfield Medical and Springfield Hospital

Springfield Medical Care Systems, Inc. --
https://springfieldmed.org/ -- is a 501(c) non-profit corporation
founded in 2009.  It is the parent corporation to its nine-site
federally-qualified community health center network and Springfield
Hospital Inc.  The Company's healthcare system integrates primary
care, behavioral health, dental, vision, and hospital care with a
broad network of community-based services.

Springfield Hospital -- http://www.springfieldhospital.org/-- is a
not-for-profit, critical access hospital located in Springfield,
Vt.  As part of Springfield Medical Care Systems' integrated system
of care, including a network of 10 federally qualified community
health center sites, Springfield Hospital serves communities in
southeastern Vermont and southwestern New Hampshire.

Springfield Medical Care Systems and Springfield Hospital sought
Chapter 11 protection (Bankr. D. Vermont Case Nos. 19-10285 and
19-10283) on June 26, 2019.  

Springfield Medical estimated assets of $1 million to $10 million
and liabilities of $10 million to $50 million.  Springfield
Hospital estimated $10 million to $50 million in assets and
liabilities.  

The Hon. Colleen A. Brown is the case judge.

Springfield Medical tapped Bernstein Shur Sawyer & Nelson, P.A. as
bankruptcy counsel; Berry Dunn McNeil & Parker, LLC as accountant;
and Spinglass Management Group, LLC as financial advisor.

Springfield Hospital tapped Murray, Plumb & Murray as bankruptcy
counsel, and Spinglass Management Group, LLC as financial advisor.






SUNSHINE COACH: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
Sunshine Coach LLC, according to court dockets.

                      About Sunshine Coach

Santa Rosa Beach, Fla.-based Sunshine Coach, LLC is a privately
held company in the charter bus business.  Sunshine Coach LLC filed
a voluntary Chapter 11 petition (Bankr. N.D. Fla. Case No.
19-50140) on October 21, 2019, and is represented by Charles M.
Wynn, Esq. and Michael A. Wynn, Esq. at the law firm of Charles M.
Wynn Law Offices, P.A.  The Hon. Karen K. Specie presides over the
case.  In its petition, the Debtor estimated under $50,000 in
assets and $1 million to $10 million in liabilities.  The petition
was signed by John W. Finch, president.


SUPER PROPERTY: Seeks to Hire M. Jones & Associates as Counsel
--------------------------------------------------------------
Super Property Solution LLC seeks authority from the U.S.
Bankruptcy Court for the Central District of California employ M.
Jones and Associates, PC as its legal counsel.

     a. advise the Debtor concerning the administration of the
case;

     b. represent the Debtor before the bankruptcy court and advise
the Debtor on all pending litigations, hearings, motions and of the
decisions of the court;

     c. review and analyze all applications, orders and motions
filed with the court by third parties;

     d. attend meetings conducted pursuant to Section 341(a) of the
Bankruptcy Code and represent the Debtor at all examinations;

     e. communicate with creditors and all other parties;

     f. assist the Debtor in preparing legal papers;

     g. confer with all other professionals, including any
accountants and consultants retained by the Debtor and by any other
party;

     h. assist the Debtor in negotiations with creditors or third
parties concerning the terms of any proposed plan of
reorganization; and

     i. prepare, draft and execute the plan of reorganization and
disclosure statement.

M. Jones's hourly rates are:

     Michael Jones     $550
     Leslie Kauffman   $450
     Sara Tidd         $450
     Michael David     $350
     Paralegal         $100
     Law Clerk         $100

The firm received a $22,270 retainer from the Debtor.

Michael Jones, Esq., at M. Jones, attests that the firm is
"disinterested" as such term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached at:

     Michael Jones, Esq.
     M. Jones and Associates, PC
     505 N Tustin Ave Ste 105
     Santa Ana, CA 92705
     Tel: 714-795-2346
     Fax: 888-341-5213
     Email: mike@mjthelawyer.com
            mike@MJonesOC.com

                   About Super Property Solution

Super Property Solution LLC, a lessor of real estate based in San
Bernardino, Calif., filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-19-19496) on Oct. 28, 2019. At the time of the filing, the
Debtor estimated $1 million to $10 million in assets and $50,000 in
liabilities. Judge Scott C. Clarkson presides over the case.
Michael Jones, Esq. at M. Jones and Associates, PC, is the Debtor's
counsel.


SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on November 20, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Superior Energy Services Incorporated to CCC from B.
EJR also downgraded the rating on commercial paper issued by the
Company to C from B.

Headquartered in Houston, Texas, Superior Energy Services,
Incorporated is an oilfield services company. In 2014 it ranked 534
on the Fortune 1000.



TALBOTS INC: S&P Affirms 'B-' Issuer Credit Rating; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on The
Talbots Inc. based on its expectation for relatively stable
performance amid ongoing headwinds in the specialty apparel sector.
S&P also affirmed its 'B-' issue-level and '3' recovery ratings to
the company's $410 million first-lien term loan.

The rating affirmation reflects Talbots' participation as a small
player in the highly competitive specialty apparel industry.
Talbots competes with other specialty apparel retailers, department
stores, and internet-based retailers. S&P believes the specialty
apparel industry will remain challenged over the next 12-24 months
given intense competition, price transparency, and an increasingly
value-focused customer base. Moreover, S&P expects tariffs on
Chinese imports and economic uncertainty to further strain
retailers' prospects. It believes Talbots' limited scale amplifies
its exposure to these threats and any potential missteps could
prove detrimental to its business. However, S&P notes the company
has built some cushion in its credit metrics through a voluntary
$20 million prepayment of its term loan this year along with a
modestly improved EBITDA base. The rating agency also recognizes
the company's initiatives to manage expenses such as its
product-sourcing efforts to reduce exposure to tariffs, vendor
negotiations, and optimizing its supply chain. These initiatives
should allow the company to manage some of the headwinds the rating
agency anticipates better.

The stable outlook reflects S&P's expectation that industry
headwinds including increasing price transparency and intensifying
competition from off-price, discounters and e-tailers will pressure
performance. This would lead to EBITDA margin compression in fiscal
2020 of about 150 bps to the mid-18% area. The rating agency
projects scheduled debt amortization and expense-management
initiatives to partly offset the anticipated headwinds and result
in relatively stable credit metrics over the next 12 months,
including debt to EBITDA at around 3.5x.

"We could lower the rating if the company performs significantly
below our expectations and generates negative FOCF, leading us to
view its capital structure as unsustainable. This could occur if
profitability deteriorates with EBITDA margin further declining 350
bps from our projection while slowing traffic leads to negative
same-store sales growth. For example, such a scenario could be
driven by merchandise missteps that result in a weakening of the
brand's appeal and necessitate elevated promotional activity to
clear inventory," S&P said.

"We could raise the rating if we believe industrywide pressures
have substantially subsided such that it reduces execution risk.
This would lead to operating performance exceeding our
expectations, with the adjusted-EBITDA margin increasing to the 20%
area. For this to occur, we would expect moderated competitive
pressures in the specialty apparel industry. We would also need to
believe releveraging events remain unlikely," S&P said.


TEMPLE UNIVERSITY: Moody's Affirms Ba1 on $455MM Outstanding Bonds
------------------------------------------------------------------
Moody's Investors Service affirmed Temple University Health System,
PA's Ba1 on outstanding bonds issued through the Philadelphia
Hospital and Higher Education Facilities Authority, PA. The outlook
remains negative. The action affects approximately $455 million of
debt outstanding.

RATINGS RATIONALE

The Ba1 reflects Moody's view that TUHS will present a weak
financial profile in FY 2020 with thin operating results, stressed
balance sheet, and modest debt service coverage metrics. Margins
will remain constrained by the assumption of Temple University's
physician faculty practice plan (July 2019), a high governmental
payor mix, and labor expense pressures from a highly unionized
workforce amid an increasingly competitive and consolidating
marketplace. Also, a disproportionate reliance on supplemental
funding and 340B benefits will continue to leave TUHS vulnerable to
any potential cuts. Though a manageable pension obligation and an
all fixed rate debt structure will lower the risk of unexpected
demands on liquidity, considerable capital needs will require a
greater level of annual spend to address a high and rising age of
plant and will weigh on balance sheet measures. Favorable offsets
include the health system's large size, clinical diversification,
and essential role as the safety net provider for the City of
Philadelphia that will continue to be supported in the near term by
special funding from the Commonwealth. In addition, the System's
ownership by TU will continue to provide financial discipline and
oversight. Finally, Moody's acknowledges that TUHS's transition
management team has initiated several financial improvement
strategies, though Moody's expects them to take time and be
gradual. The potential divestiture of two business units would
lower leverage, increase reserves, and right size the clinical
enterprise platform. The rating does not reflect the potential
divestitures at this time.

RATING OUTLOOK

The negative outlook assumes margins will remain thin in 2020 given
the absorption of the clinical faculty practice plan revenues, with
no change in income, and absence of permanent management. Growing
capital needs will thwart material improvement in liquidity. TUHS
is also in a period of continued transition as it seeks to downsize
its enterprise.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Demonstration of fiscally sustainable business plan, evidenced
by material improvement in operating performance which is durable

  - Substantial growth of balance sheet cushion relative to debt,
operations and liquidity covenant

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Weakening of operating cashflow margin

  - Decline in absolute cash and investments or relative measures
of liquidity

  - Narrowing of headroom to covenants

  - Increase in financial leverage

  - Notable cuts to supplemental funding and inability to offset
  
  - Adverse change in relationship with TU

LEGAL SECURITY

The obligated group consists of Temple University Hospital, Inc.,
TUHS, Jeanes Hospital, the Fox Chase Entities, Temple Health System
Transport Team, Inc. and Temple Physicians, Inc. Each member of the
obligated group is jointly and severally liable for all obligations
issued under or secured by the Loan and Trust Agreement. The Bonds
are secured on parity basis with the obligations currently
outstanding issued under the Loan and Trust Agreement. As security
for the obligated group's obligations under the Loan and Trust
Agreement, each member of the obligated group has pledged its
respective gross receipts. The Bonds are also secured by mortgages
on certain real property of certain members of the obligated group.
Covenants are the following: liquidity covenant of 60 days
(consultant call-in) and 45 days for event of default; debt service
coverage ratio of 1.1 (consultant call-in) and 1.0 for event of
default.

PROFILE

TUHS is a $2.0 billion academic health system anchored in northern
Philadelphia. Temple University owns TUHS. The Health System
consists of TUH-Main Campus; TUH-Episcopal Campus; TUH-Northeastern
Campus; Fox Chase Cancer Center, an NCI designated comprehensive
cancer center; and Jeanes Hospital a community-based hospital
offering medical, surgical and emergency services. TUHS also has a
network of specialty and primary-care physician practices. TUHS is
the academic medical center for the Lewis Katz School of Medicine
at TU.

METHODOLOGY

The principal methodology used in these ratings was Not-For-Profit
Healthcare published in December 2018.


TEMPUR SEALY: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating and
'BB-' issue-level ratings on U.S.–based Tempur Sealy
International Inc.'s (Tempur) senior unsecured notes. The '3'
recovery rating remains unchanged, indicating S&P's expectation for
meaningful (50%-70%, rounded estimate: 65%) recovery in the event
of a payment default.

Given the improved operating performance, S&P revised Tempur Sealy
International's outlook to positive from stable.  Although
operating performance and leverage have improved, sustainability of
improvements are to be seen and the risk of a recession has
increased, according to the rating agency.

The positive outlook reflects the potential for higher ratings
given the company's ability to restore profitability and deleverage
after losing its top customer. For the 12 months ended Sept. 30,
2019, leverage declined to 3.4x as compared with 4.6x during the
same period in 2018. Leverage peaked around 5x in mid-2018 as the
company cycled off Mattress Firm and invested in its brands and new
channels. Tempur successfully recouped the majority of units it
lost when the Mattress Firm relationship terminated in January
2017. The company bolstered sales in the accretive direct channel
through online, its own stores, and regional and independent
channels. Notably, the company's direct revenue has grown 67%
organically over the past two years (excluding the Sleep Outfitters
acquisition).

The positive outlook reflects S&P's assumption that the risk of a
recession will not increase from its current base case and that
management will maintain its current financial policy and not
conduct share repurchases exceeding $200 million annually. It also
factors in S&P's expectation for leverage to be maintained in the
low-3x area over the next 12 months as the company's earnings
improve from distribution gains and better product mix. In
addition, the rating agency expects free operating cash flow
generation of at least $200 million over the next 12 months.

"We could raise the ratings if the company can grow earnings and
maintain base case run rate business at leverage around 3x, such
that we believe it has sufficient cushion to weather a recession
without leverage exceeding 4x. We believe this could occur if
Tempur can realize and sustain its improved revenues and EBITDA
from its market share and distribution gains, especially at
Mattress Firm and Big Lots," S&P said.

S&P said it could revise the outlook back to stable if the company
cannot maintain its improved profitability because of market share
losses, underperformance at Mattress Firm and Big Lots, or a
recession occurs, keeping debt leverage above 3.5x.

"We could lower the ratings if leverage remains around 5x. We
believe this could occur in a severe recession whereby EBITDA
margin declines by approximately 700 bps. We could also lower the
ratings if the company pursues large debt-financed share
repurchases or acquisitions, keeping leverage near 5x," the rating
agency said.



TENDERCARE PRESCHOOL: Jan. 14, 2020 Plan Confirmation Hearing Set
-----------------------------------------------------------------
On Sept. 11, 2019, debtor Tendercare Preschool and Daycare Academy,
LLC filed with the U.S. Bankruptcy Court for the Middle District of
Georgia a disclosure statement under Chapter 11 of the Bankruptcy
Code.  On Nov. 7, 2019, Judge James P. Smith approved the
disclosure statement and established the following dates and
deadlines:

  * Jan. 8, 2020, is the deadline for voting creditors and equity
security holders to file all ballots accepting or rejecting the
plan.

  * Jan. 8, 2020, is the deadline to file any objection to
confirmation of the plan.

  * Jan. 14, 2020, at 11:00 a.m. is the hearing for the
consideration of confirmation of the Plan to be held in the U.S.
Courtroom, U.S. Post Office Building, 115 E. Hancock Avenue, Athens
GA.

                About Tendercare Preschool and
                       Daycare Academy, LLC

Tendercare Preschool and Daycare Academy, LLC is a lessor of real
estate located in Greensboro, Georgia. It is a single asset real
estate debtor (as defined in 11 U.S.C. Section 101(51B)).

Tendercare Preschool and Daycare Academy filed a voluntary Chapter
11 petition (Bankr. M.D. Ga. Case No. 19-30316) on March 15, 2019.
In the petition signed by Lisa Brown, sole member, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  The case has been assigned to Judge James P. Smith.
Matthew S. Cathey, Esq., at Stone & Baxter, LLP, is the Debtor's
counsel.


TIGER OAK MEDIA: D&J, Integrated Consulting Removed From Committee
------------------------------------------------------------------
James Snyder, acting U.S. trustee for Region 12, announced that D&J
Printing, Inc. and Integrated Consulting Services, LLC have been
removed from the official committee of unsecured creditors
appointed in Tiger Oak Media, Inc.'s Chapter 11 case.

                    About Tiger Oak Media Inc

Tiger Oak Media, Incorporated, is a regional and national publisher
of books, magazines, media and events that appeal to targeted
audiences.  Tiger Oak Media sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Minn. Case No. 19-43029) on Oct. 7,
2019.  In the petition signed by its chief executive officer, Craig
Bednar, the Debtor was estimated to have assets of less than
$50,000 and liabilities of less than $10 million.  

The Hon. Michael E. Ridgway is the case judge.  

The Debtor tapped Steven Nosek, Esq., and Yvonne Doose, Esq., as
bankruptcy attorneys; Lurie, LLP as accountant; and Integrated
Consulting Services, LLC as financial consultant.

The U.S. Trustee for Region 12 appointed creditors to serve on the
official committee of unsecured creditors on Oct. 22, 2019.  The
committee tapped Bassford Remele, P.A. as its legal counsel, and
Platinum Management, LLC as its financial advisor.


TNS INC: S&P Lowers ICR to 'B' on Weak Operating Performance
------------------------------------------------------------
S&P Global Ratings lowered all ratings on Reston, Va.-based data
communications provider TNS Inc. by one notch, including its issuer
credit rating on the company to 'B' from 'B+', to reflect weaker
credit ratios and a financial policy that is inconsistent with the
'B+' rating category. The outlook is stable.

The downgrade reflects a modification to S&P's forecast to account
for lower-than-expected debt repayment and weaker profitability
over the last three quarters.

As a result, S&P-adjusted leverage (which includes items such as
restructuring and transaction expense) remains above 5x in 2019
compared with previous expectations of about 4.4x.
Lower-than-expected earnings, stemming primarily from
underperformance in Payment and Telecom Services segments,
transaction and integration costs associated with the acquisitions
of Advam, R2G, Link Solutions, and NetXpress, and unfavorable
foreign currency have resulted in weaker cash flow compared with
S&P's previous base-case forecast. Although S&P believes that
operating performance should improve in 2020 on a reduction in
one-time costs, the rating agency expects leverage will remain
around 5.0x. It expects organic revenue growth in the
low-single-digit percent area in 2020, compared with previous
expectations of mid-single-digit percent growth. The decrease is
due in part to the migration of a tier-one mobile operator off of
its services and the potential for high-single-digit to
low-double-digit percent declines in Dial, without market share
gains to offset the secular decline of the business.

The stable outlook reflects S&P's expectation that TNS will use the
majority of FOCF to repay debt or make strategic acquisitions over
the next 12 months, resulting in leverage around 5x in 2020.

"We could lower the ratings if the company made an additional
debt-funded acquisition or recapitalization such that leverage
increased to over 6x. Alternatively, we could lower the rating if
the company's credit metrics deteriorated due to weak operating
performance," S&P said. This would most likely be caused by revenue
declines stemming from lower-than-expected adoption of the
company's wireless caller ID product and greater-than-expected
declines in its legacy telecommunication services products because
of further consolidation among its CLEC and cable customers

"We could raise the rating if the company maintained leverage below
4.5x and we believed it would sustain it. However, even in that
scenario, the company's private equity ownership and the likelihood
for an additional recapitalization over the next few years limits
the prospects for an upgrade," the rating agency said.


TWIN RIVER: S&P Lowers ICR to 'B+' on Weak Performance
------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. gaming
operator Twin River Worldwide Holdings Inc. to 'B+' from 'BB-'. The
outlook is negative. S&P also lowered all issue-level ratings on
the company by one notch in line with the lowering of the issuer
credit rating.

The downgrade and negative outlook reflect S&P's expectation that
Twin River Worldwide Holdings Inc.'s credit measures will be
significantly weaker than the rating agency previously expected in
2019 and 2020. S&P now expects adjusted debt to EBITDA will be in
the high-4x area through 2020, about 1x higher than its previous
forecast and above the 4x downgrade threshold for the previous
'BB-' rating. The company is experiencing worse-than-expected
revenue declines and cost pressures resulting from heightened
competitive pressures at its flagship property in Rhode Island. In
addition, the company's two leveraging acquisitions and accelerated
share repurchases compared with S&P's previous forecast will result
in negative discretionary cash flow and hinder the company's
ability to improve leverage over the next 12 months through
permanent debt repayment. S&P expects competition will remain
intense through the first half of 2020 and limit the company's
operating flexibility and pressure margins.

The negative outlook reflects S&P's expectation for leverage to be
in the high-4x area and for negative discretionary cash flow
through 2020, reflecting heightened competitive pressures in Rhode
Island, leveraging acquisitions and potential integration risks,
and the company's ongoing capital returns to shareholders. Under
S&P's forecast, the company has limited cushion relative to the
rating agency's 5x leverage downgrade threshold to absorb
worse-than-expected cash flow declines from new competition or a
weaker economy, or additional leveraging acquisitions.

"We could lower the rating if we believed adjusted leverage would
stay above 5x. This could happen if the company underperformed our
base-case scenario in 2020 because of greater competitive pressures
than we are forecasting or if the economy weakened," S&P said,
adding that leverage could also increase above 5x if Twin River
announced additional leveraging acquisitions or adopted a more
aggressive financial policy than S&P is incorporating with regard
to growth spending or shareholder returns.

S&P said it could revise the outlook to stable once it believed
that its measure of total adjusted debt to EBITDA would stay under
5x, incorporating economic weakness and any further leveraging
acquisitions. The rating agency would also need to be confident
that the cash flow declines at the company's flagship Rhode Island
property because of new competition have abated.

"While unlikely, given our forecast for adjusted leverage through
at least 2020, we could consider a higher rating if we believed
Twin River would maintain adjusted leverage under 4x and funds from
operations (FFO) to debt exceeding 20% over the long term,
incorporating any operating volatility associated with a recession
or competitive changes. Such an occurrence would likely require a
combination of accelerated debt repayment and modestly stronger
EBITDA compared with our forecast," S&P said.


ULTIMATE MEDICAL ACADEMY: S&P Rates 2019AB Revenue Bonds 'BB'
-------------------------------------------------------------
S&P Global Ratings has assigned its 'BB' long-term rating to Public
Finance Authority, Wis.' approximately $168.9 million series 2019A
and approximately $73.9 million series 2019B taxable revenue bonds,
issued for Ultimate Medical Academy (UMA), Fla. The outlook is
stable.

"The rating reflects our view of the organization's unique
enterprise profile, characterized by successful development and
operations of niche health care-related online programming that has
driven enrollment growth and consistently positive operating
results during the past few years," said S&P Global Ratings credit
analyst Jessica Wood.

The 'BB' rating reflects S&P's assessment of UMA's:

-- Very weak available resources;
-- Weak available resources;
-- Minimal revenue diversity;
-- Increasing competitive pressure;
-- Lack of any fundraising record, and no strategic plans to
increase gift giving; and
-- High turnover rates for employees in certain departments.

Additional factors supporting the credit rating include:

-- History of solid operating performance above median levels;
Growing demand;

-- Sufficient experience and depth of senior management team; and

-- Moderate pro forma maximum annual debt service burden.

The stable outlook reflects S&P's expectation that during the
one-year outlook period, UMA will maintain its enrollment and
achieve positive operations on a full-accrual basis in fiscal years
2019 and 2020 as projected. At the same time, the rating agency
expects UMA to maintain or increase its financial resources, while
continuing to pursue its strategic goals.

"We could lower the rating if UMA experiences enrollment declines
such that it is unable to meet its financial projections, or if
financial resources weaken from current ratios. In our opinion, UMA
is at its debt capacity for the current rating and any additional
debt could cause downward pressure on the rating," S&P said.

"Although unlikely during the one-year outlook period, we would
view substantial growth in balance sheet ratios while maintaining
current credit characteristics over time positively," the rating
agency said.


US GC INVESTMENT: Disclosure Hearing Continued to July 23, 2020
---------------------------------------------------------------
The hearing on the adequacy of the disclosure statement of debtor
US GC Investment, L.P. will take place on July 23, 2020, at 11:00
a.m. in Courtroom 1368 of the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, at 255 E. Temple
Street, Los Angeles, California 90012.

June 1, 2020, is the deadline for the Debtor to file the disclosure
statement and chapter 11 plan of reorganization.

                  About US GC Investment L.P.

US GC Investment, L.P., owns a building which it constructed for
the operation of Golden Corral Restaurant.  The 11,548-square-foot
building is located on the land owned by the landlord, Fu & Sons
Investment LLC. The property has a liquidation value of $1.8
million.

US GC Investment sought for protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 18-23436) on Nov. 15,
2018.  At the time of the filing, the Debtor disclosed $1,880,390
in assets and $3,964,666 in liabilities.  The case has been
assigned to Judge Vincent P. Zurzolo.  The Debtor is represented by
Michael Jay Berger.



US SILICA: Moody's Lowers CFR to B2, Outlook Negative
-----------------------------------------------------
Moody's Investors Service downgraded US Silica Company, Inc.'s
Corporate Family Rating to B2 from B1, Probability of Default
rating to B2-PD from B1-PD, and senior secured credit facility
rating to B2 from B1. In addition, Moody's maintained US Silica's
Speculative Grade Liquidity of SGL-2. The outlook remains
negative.

The downgrade reflects Moody's expectation that revenues,
profitability and key credit metrics will deteriorate further
during 2020 due to on-going volatility in the oil and natural gas
end market and persistent weakness in the frac sand industry.
Despite, mine closures and production cuts, Moody's does not expect
any significant price recovery as many miners have committed to
higher volumes at lower prices. At year-end 2020, Moody's
(inclusive of Moody's adjustments) expects debt-to-EBITDA to
increase to 5.0x and EBIT-to-Interest expense to decline to 0.5x.

Downgrades:

Issuer: US Silica Company, Inc.

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

Corporate Family Rating (Local Currency), Downgraded to B2 from B1

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3)

Outlook Actions:

Issuer: US Silica Company, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

US Silica's B2 CFR reflects the persistent weakness in the frac
sand industry, declining profitability and deteriorating credit
metrics. At the same time, Moody's takes into consideration, the
company's market position as one of the largest producers of frac
and industrial / specialty sand in the US, its distribution
capability, its product mix and good liquidity profile.

The negative outlook reflects the uncertainty surrounding the frac
sand industry and the difficulty in predicting the range and
volatility of earnings should the industry downturn persist longer
than anticipated. The rating outlook could be returned to stable if
the company improves its liquidity profile and / or the oil & gas
end market returns to stability.

US Silica's SGL-2 Speculative Grade Liquidity Rating reflects the
company's good liquidity profile resulting from Moody's expectation
that the company will be able to fund its operations, service its
debt, deploy capital and pay a dividend to its investors with its
cash flow. Liquidity is also supported by $187 million in cash and
the lack of near-term debt maturities, as its $100 million revolver
expires in 2023 and its $1.28 billion term loan matures in 2025.
The principal financial covenant under the existing revolving
credit facility is a maximum leverage ratio covenant test of 3.75x
that is triggered whenever usage under the revolver exceeds 30% of
the revolving commitment.

The rating could be upgraded if (all ratios include Moody's
standard adjustments):

  -- Debt-to-EBITDA is expected to be below 4.5x for a sustained
period of time

  -- EBIT-to-Interest expense is expected to be above 2.0x for a
sustained period of time

  -- Adjusted operating margin is sustained above 10%

  -- The company improves its free cash flow generation and
maintains a solid liquidity profile

The rating could be downgraded if:

  -- Debt-to-EBITDA is expected to be above 6.0x for a sustained
period of time

  -- EBITA-to-Interest expense is expected to be below 1.0x for a
sustained period of time

  -- Adjusted operating margin is sustained below 5%

  -- Deterioration in the company's liquidity profile

Governance risks Moody's considers in US Silica's credit profile
include a more aggressive financial policy. Although unlikely given
management's current primary focus is to de-lever the balance sheet
to 3.0x (excluding Moody's adjustments) by 2021, US Silica may
choose to take on additional leverage in order to pursue inorganic
growth opportunities or repurchase its own shares. Separately, US
Silica's operations and those of its clients are subject to
extensive federal, state and local environmental requirements
relating to the protection of the environment, natural resources
and human health and safety. Regulation relating to climate change,
clean water and the emission of greenhouse gasses could result in
increased operating costs over time.

The principal methodology used in these ratings was Building
Materials published in May 2019.

Based in Katy, Texas, U.S. Silica operates 27 silica mining and
processing facilities. It is one of the largest producers of
commercial silica and engineered materials derived from minerals in
North America. The company holds approximately 554 million tons of
reserves, including 234 million tons of API spec frac sand and 59
million tons of reserves of diatomaceous earth, perlite, and clays.
US Silica is currently organized into two segments: (1) Oil & Gas
Proppants (oil & gas), which serves the oil & gas exploration and
production industry, and (2) Industrial & Specialty Products (ISP),
which serves the foundry, automotive, building products, sports and
recreation, glassmaking and filtration industries. For the LTM
period ended September 30, 2019, US Silica generated $1.5 billion
in revenues, of which approximately 68% was from the oil & gas
segment.


VASCULAR ACCESS: Hires Omni Agent Solutions as Claims Agent
-----------------------------------------------------------
Vascular Access Centers, L.P. received approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
Omni Agent Solutions, Inc. as its claims and noticing agent.

The firm will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtor's Chapter 11 case.

The services to be rendered by Omni will be billed at its standard
hourly rates ranging from $35 to $185 per hour.

Brian Osborne, chief executive officer and president of Omni,
attests that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Brian Osborne
     Omni Agent Solutions, Inc.
     1120 Avenue of the Americas, 4th Floor
     New York, NY 10036
     Tel: 212-302-3580
     Fax: 212-302-3820

                   About Vascular Access Centers

Vascular Access Centers -- https://www.vascularaccesscenters.com --
provides comprehensive dialysis access maintenance including
thrombectomy and thrombolysis, fistulagrams, fistula maturation
procedures, vessel mapping, central venous occlusion treatment and
complete catheter services.  Its centers offer an alternative
setting for a wide spectrum of vascular interventional procedures,
including central venous access for oncology, nutritional and
medication delivery, venous insufficiency (including venous ulcer
and non-healing ulcer treatments), peripheral arterial disease
(PAD), limb salvage, uterine fibroid embolization and pain
management.

On Nov. 12, 2019, an involuntary petition was filed against
Vascular Access Centers  under Chapter 11 of title 11 of the United
States Code (Bankr. E.D. Pa. Case Number. 19-17117).  The petition
was filed by creditors Philadelphia Vascular Institute, LLC, Metter
& Company and Crestwood Associates, LLC.  David Smith, Esq., at
Smith Kane Holman, LLC, is the petitioner's counsel.

On Nov. 13, 2019, the Debtor consented to the relief sought under
Chapter 11.  

Judge Ashely M. Chan presides over the case.  The Debtor tapped
Dilworth Paxson LLP as its legal counsel.


VTR FINANCE: Moody's Affirms B1 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed VTR Finance B.V.'s B1 corporate
family rating and B1 senior secured rating. The outlook is stable.

Outlook Actions:

Issuer: VTR Finance B.V.

Outlook, Remains Stable

Affirmations:

Issuer: VTR Finance B.V.

Corporate Family Rating, Affirmed B1

Senior Secured Regular Bond/Debenture, Affirmed B1

RATINGS RATIONALE

VTR's B1 CFR reflects a sustained growth in its subscriber base,
which is mainly driven by demand for broadband; its leading market
share in broadband and pay TV, supported by VTR's strategy of
offering services with the highest speed; and a strong and stable
EBITDA margin of around 40%.

Constraints to the rating are VTR's small scale and focus on one
market, Chile, and limited free cash flow generation because of
high capital intensity. The B1 rating also takes into consideration
VTR's leverage (gross debt to EBITDA, including Moody's
adjustments) of around 4.5x and a financial policy with regular
cash distributions to VTR's parent company, Liberty Latin America
Ltd., and risks related to LLA's acquisition strategy.

The stable outlook reflects Moody's assumption that VTR will
continue to record growth in its subscriber and revenue base, and
that its credit metrics will remain within its parameters for the
B1 on a sustained basis, along with at least an adequate
liquidity.

While VTR's revenue growth has been slowing down during 2019,
mainly due to more intense competition, Moody's still expects the
company to continue to grow in the low to mid-single-digits in
percentage terms in the next couple of years. Growth will be driven
by the still-low penetration levels in fixed broadband in Chile,
VTR's launch of innovative customer-premises equipment and its
continuing investments to upgrade its network to maintain the
highest speed and good network quality. The company's ongoing focus
on cost efficiencies and some hedging will also enable it to
maintain its strong profitability despite the large depreciation in
the Chilean peso recently.

VTR's liquidity is solid, supported by its CLP70 billion (about
USD90 million) cash balance as of 30 September 2019, annual FCF
generation of about CLP30 billion (USD40 million) and available
revolving credit facilities ("RCFs") totaling USD245 million. Its
maturity profile is comfortable, with few short-term maturities
(CLP70 billion vendor financing as of September 2019). The next
maturity is a required amortization of CLP70.5 billion in 2022 from
its CLP174 billion term loan which matures in 2023. VTR's $1.26
billion senior secured notes are due in 2024. Although there is no
formal policy to sweep excess cash flow to its parent company,
Moody's expects VTR to regularly distribute excess cash to LLA.

VTR's $1.26 billion bond is secured only by the equity of holding
companies, with no guarantees from operating subsidiaries and it is
therefore subordinated to VTR's CLP174 billion term loans and RCFs
(currently undrawn) raised at operating subsidiaries, as well as to
vendor financing. Although the bond's B1 rating has been in line
with VTR's CFR so far, any material increase in structural
subordination in the future could result in Moody's applying a
negative notching to the bond rating.

Moody's would consider a positive rating action if leverage
(Moody's-adjusted debt/EBITDA) is below 4.0x on a sustained basis,
and interest coverage (Moody's-adjusted EBITDA - capital
spending/interest) is above 2.5x on a sustained basis. An upgrade
would also be considered if key performance measures improve
materially, the scale of its business grows, or its geographic
diversification extends beyond the scope of Chile. A positive
rating action would also be conditional on maintenance of adequate
or better liquidity, sustained EBITDA growth and low probability of
near-term event risks or material unfavorable changes in
regulation, competition, financial policy and capital structure.

Moody's would consider a negative rating action if leverage
(Moody's-adjusted debt/EBITDA) rises above 5.0x, or interest
coverage (Moody's-adjusted EBITDA - capital spending/interest)
falls below 1.5x. A downgrade would also be considered if liquidity
or key performance measures (such as subscriber trends or market
share) deteriorate considerably. Moody's would view negatively
material unfavorable changes in regulations, competition, financial
policies, capital structure or the operating model, which lead to a
significant rise in credit risk.

The principal methodology used in these ratings was Pay TV
published in December 2018.

VTR provides broadband and wireless communications services in
Chile and is a wholly owned subsidiary of LLA. As of September
2019, VTR's network passed 3.66 million homes and served about 2.96
million revenue generating units. The company also served around
289,400 mobile subscribers as a mobile virtual network operator.
The company reported revenue of CLP658 billion (around $1 billion)
for the 12 months to September 2019.


WALKER COUNTY HOSPITAL: U.S. Trustee Forms 5-Member Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on Nov. 23 appointed five creditors
to serve on the official committee of unsecured creditors in the
Chapter 11 case of Walker County Hospital Corporation.
  
The committee members are:

     (1) Premier Anesthesia
         2655 Northwinds Parkway
         Alpharetta, GA 30009
         Randy Walker
         (678) 690-7812
         rwalker@premieranesthesia.com

     (2) Stroudwater Associates
         1685 Congress Street, Suite 202  
         Portland, ME 04102
         Jeffrey B. Sommer
         (207) 221-8255
         jsommer@stroudwater.com

     (3) Medline Industries, Inc.
         Three Lakes Drive
         Northfield, IL 60093
         Scott Smith
         (847) 643-4232
         scsmith@medline.com

     (4) Boston Scientific Corporation
         300 Scientific Way
         Marlborough, MA   
         Enrico Laurent
         (508) 382-0296  
         Enrico.stfortlaurent@bsci.com

     (5) Morrison Management Specialists, Inc.
         4721 Morrison Drive, Suite 300
         Mobile, AL 36609
         Jerry Carpenter
         (251) 461-3020
         jerrycarpenter@iammorrison.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

              About Walker County Hospital Corp.

Walker County Hospital Corporation --
https://www.huntsvillememorial.com -- d/b/a Huntsville Memorial
Hospital operates a community hospital located in Huntsville,
Texas.  It is the sole member of its non-debtor affiliate, HMH
Physician Organization.  Founded in 1927, the Facility provides
health care services to the residents of Walker County and its
surrounding communities.

Walker County Hospital Corporation sought Chapter 11 protection
(Bankr. S.D. Tex. Case No. 19-36300) on Nov. 11, 2019 in Houston,
Texas.  At the time of filing, the Debtor was estimated with assets
and liabilities both at $10 million to $50 million. The petition
was signed by Steven Smith, chief executive officer.  The Hon.
David R. Jones is the case judge.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP and Morgan
Lewis as legal counsel; Healthcare Management Partners, LLC as
financial and restructuring advisor; and Epiq Corporate
Restructuring, LLC as notice and claims agent.


WARRIOR MET: S&P Alters Outlook to Positive, Affirms 'B+' ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
U.S.–based coal producer Warrior Met Coal Inc. and revised its
outlook to positive. S&P's 'BB' issue-level rating on the company's
senior secured debt is unchanged.

S&P revised the rating outlook on Warrior based on its assessment
that the company has mitigated some of its exposure to declining
met coal prices by reducing debt and shareholder dividends, as well
as achieving strong financial performance during market downturn.
As a result, S&P believes that Warrior is better positioned to
withstand a low-price environment compared with some of its
diversified peers due to its high-quality assets and flexible cost
structure.

"The positive outlook reflects our view that Warrior has mitigated
some of the exposure to declining met coal prices through debt
repayment and reduction in shareholder distributions, while
maintaining strong leverage and cash flow metrics. We expect the
company to achieve EBITDA margins greater than 30%, superior than
most of its U.S. peers, within the next 12 months and a slight
increase in production compared with 2018. We also expect the
company to operate at adjusted EBITDA of 1x-1.5x for the next 12
months.

S&P said it could raise the rating on Warrior if it believed the
company could continue to mitigate risks related to the lack of
asset diversification and reliance on a two productive assets (mine
No. 7 and mine No. 4 and three independently working longwalls)
through ongoing balance sheet management, prudent capital
allocation policy, and ready access to the capital markets, even in
a severe downturn.

"These characteristics create a credit buffer and could support a
'BB-' credit rating. Under this scenario, we would expect Warrior
to maintain adjusted leverage below 3x and discretionary cash flow
to debt of at least 25%," S&P said.

"We could return the outlook to stable if we believed Warrior's
financial and capital allocation policy made it more vulnerable to
external market conditions such as slowdown in the demand for steel
due to declining global economic growth. Under this scenario, we
would expect increased distributions to shareholders that would
leave no discretionary cash flow or EBITDA margins weakening below
25%," the rating agency said.


WESTERN DIGITAL: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on
Western Digital Corp. and revised the outlook to negative from
stable.

S&P's outlook revision reflects its view that, despite signs of
price stabilization, oversupply in the flash memory market will
continue to pressure average selling prices (ASP) until early next
calendar year, and keep Western Digital's profitability below
historical levels. Given the amount of debt outstanding, S&P
expects Western Digital's leverage will remain high before
meaningful improvement in fiscal 2021. The company ended the Sept.
30 quarter with adjusted leverage at about 4.5x, up from about 1.5x
a year ago. S&P's rating reflects Western Digital's diverse storage
portfolio, including solid state drives (SSD) and hard disk drives
(HDD), and JV manufacturing arrangements in flash. Over the next
few years, varying storage demand in the cloud and data centers
will account for a larger portion of the company's total revenue
because of the proliferation of devices, autonomous driving, and
cloud buildouts.

The outlook on Western Digital is negative, reflecting adjusted
leverage remaining high before declining toward 3x over the next
year. Despite temporarily weaker credit metrics, S&P's rating
reflects the company's diverse data storage portfolio and
lower-than-industry capital intensity derived from long-term JV
flash manufacturing arrangements.

"Over the coming year, we could lower the rating if prolonged
demand weakness and persistent flash ASP erosion lead to further
revenue declines and EBITDA margin deterioration. In such case, we
would expect leverage to remain above 3x without the prospect of
declining below 3x in fiscal 2021. We would also consider a lower
rating if debt-financed acquisitions or aggressive shareholder
returns keep leverage above 3x," S&P said.

"Over the coming year, we could revise the outlook to stable if
leverage declines toward 3x with the prospect of reaching mid-2x by
the end of fiscal 2021. This could be met with a combination of
restoring pre-downturn EBITDA margins and continued debt
reduction," the rating agency said.


WESTERN ROBIDOUX: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee on Nov. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Western Robidoux Inc.
  
                   About Western Robidoux

Western Robidoux Inc. is a family-owned commercial printing and
fulfillment company in St. Joseph, Mo.

Western Robidoux sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mo. Case No. 19-50505) on Oct. 19,
2019.  At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.

The case is assigned to Judge Brian T. Fenimore.  The Debtor is
represented by Victor F. Weber, Esq., at Merrick, Baker & Strauss,
P.C.


WINDSTREAM HOLDINGS: Shearman 2nd Update on Midwest Noteholders
---------------------------------------------------------------
In the Chapter 11 cases of Windstream Holdings, Inc., et al., the
law firm Shearman & Sterling LLP filed a second amended verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose an updated list of Ad Hoc Group of Midwest
Noteholders that it is representing.

On or about August 8, 2018, the Ad Hoc Group of Midwest Noteholders
retained S&S to represent their common interests in connection with
restructuring discussions related to the Notes. From time to time
thereafter, certain holders of Notes have joined the Ad Hoc Group
of Midwest Noteholders.

S&S also separately represents Engineering Associates, LLC, Globe
Communications, LLC, Nichols Construction, LLC, Niels Fugal Sons
Company, LLC, Star Construction, LLC, TelCom Construction, Inc.,
Tesinc, LLC, Trawick Construction Company, LLC, Triple-D
Communications, LLC and UtiliQuest, LLC in connection with the
above- captioned cases. See ECF No. 137. Other than as disclosed
herein, S&S does not represent or purport to represent any other
entities with respect to the Chapter 11 cases. In addition, no
member of the Ad Hoc Group of Midwest Noteholders purports to act,
represent, or speak on behalf of any other entities in connection
with the Chapter 11 cases.

As of Nov. 25, 2019, members of the Ad Hoc Group of Midwest
Noteholders and their disclosable economic interests are:

(1) The Lincoln National Life Insurance Company
    c/o Macquarie Investment Management Advisers
    2005 Market Street
    Philadelphia, PA 19103-7094

    * 6.75% Notes: $9,985,000.00

(2) Continental Casualty Company
    151 N. Franklin Street
    Chicago, IL 60606-1821

    * 6.75% Notes: $8,766,000.00

(3) Whitebox Advisors LLC
    3033 Excelsior Boulevard, Suite 300
    Minneapolis, MN 55416

    * 6.75% Notes: $18,845,000.00
    * Windstream Equity (in shares): 432,833

(4) AIG Asset Management (U.S.), LLC
    80 Pine Street
    New York, NY 10005

    * 6.75% Notes: $8,000,000.00

(5) Diameter Capital Partners LP
    24 W 40th Street, 5th Fl.
    New York, NY 10018

    * 6.75% Notes: $10,082,000.00
    * First Lien Revolving Credit Facility: $24,000,000.00
    * Senior Secured Credit Facility, Tranche B6: $13,000,000.00

(6) Barclays Bank PLC
    745 7th Avenue
    New York, NY 10019

    * 6.75% Notes: $9,000,000.00
    * First Lien Revolving Credit Facility: $697,000.00
    * Senior Secured Credit Facility, Tranche B7: $4,600,225.69
    * Second Lien Notes: $121,000.00

(7) KLS Diversified Asset Management LP
    452 Fifth Avenue, 22nd Fl.
    New York, NY 10018

    * 6.75% Notes: $3,892,000.00
    * First Lien Notes: $5,000,000.00

Counsel to the Ad Hoc Group of Midwest Noteholders can be reached
at:

           SHEARMAN & STERLING LLP
           Joel Moss, Esq.
           Jordan A. Wishnew, Esq.
           599 Lexington Avenue
           New York, NY 10022
           Telephone: (212) 848-4000
           Facsimile: (212) 848-7179

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/V4cokI

                    About Windstream Holdings

Windstream Holdings, Inc. and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States.  They also offer broadband,
entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.

Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.

The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019.  The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP as
its financial advisor, and Perella Weinberg Partners LP as
investment banker.


ZION TABERNACLE: Seeks to Hire Selwyn D. Whitehead as Legal Counsel
-------------------------------------------------------------------
Zion Tabernacle Missionary Baptist Church has filed anew an
application with the U.S. Bankruptcy Court for the California
Northern Bankruptcy Court to employ the Law Offices of Selwyn D.
Whitehead as its legal counsel.

The court had previously issued an order finding the Debtor's
employment application moot following the dismissal of its Chapter
11 case on Nov. 1.  On Nov. 14, the Debtor filed a motion asking
the court to reconsider its dismissal order and setting the matter
for hearing on Dec. 19.

The Debtor needs the firm's legal services in connection with its
bankruptcy case.  These services include legal advice regarding the
Debtor's rights, powers and duties to operate and manage its
business and properties; negotiation of financing agreements and
related transactions; review of any liens asserted against the
Debtor's property; and the preparation of a plan of
reorganization.

Whitehead's billing rates are:

     Selwyn Whitehead       $500
     Paralegal              $175
     Bookkeeper/Accountant  $100

The firm received a $25,000 retainer from the Debtor in the form of
$2,500 in cash and a note for $22,500.

Selwyn Whitehead, Esq., disclosed in an affidavit that her firm
does not represent any interest adverse to the Debtor.

The firm can be reached at:

     Selwyn D. Whitehead
     Law Offices of Selwyn D. Whitehead
     4650 Scotia Ave.
     Oakland, CA 94605
     Phone: (510)632-7444
     Email: selwynwhitehead@yahoo.com

                About Zion Tabernacle
              Missionary Baptist Church

Zion Tabernacle Missionary Baptist Church in Oakland, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Cal. Case No. 19-42209) on Sept. 29, 2019, listing under $1
million in both assets and liabilities.  Selwyn D. Whitehead, Esq.,
at the Law Offices of Selwyn D. Whitehead, is the Debtor's legal
counsel.


[*] Frank Scholz Joins AlixPartners as Managing Director
--------------------------------------------------------
AlixPartners, the global consulting firm, on Nov. 21, 2019,
disclosed that life sciences expert Frank Scholz has joined as a
managing director and one of the key leaders in the firm's global
Healthcare and Life Sciences practice, focusing on helping lead
efforts in the pharmaceutical sector.  He will be based in
AlixPartners' Chicago office.   

Mr. Scholz brings more than 20 years of high-level industry
experience and broad-based consulting experience to his new
position, and has deep experience in generics and branded
pharmaceuticals, product commercialization, research & development,
supply chain operations, quality management, and international
M&A.

He joins AlixPartners from Mallinckrodt Pharmaceuticals, the
registered business name of Mallinckrodt PLC, where he spent over
six years, and most recently was executive vice president and chief
operations & digital innovation officer.  His responsibilities
included commercial and R&D oriented strategic alliances, digital
innovation, information technology, merger integration, strategic
programs, procurement, global quality, and global operations for
branded products.

Earlier in his career, Frank spent 16 years at consulting firm
McKinsey & Company, where he rose to the level of partner, served
clients globally in the pharmaceutical and medical devices
industries, as well as in select other industries, including high
technology.

Mr. Scholz holds a Ph.D. in economics and business management from
Bielefeld University in Bielefeld, Germany; an MBA from the
McDonough School of Business at Georgetown University in
Washington, D.C.; and a master's degree in economics from Leibniz
University Hannover in Hannover, Germany.

"We are extremely pleased to welcome Frank to AlixPartners," said
Simon Freakley, CEO of AlixPartners.  "Disruption is hitting
healthcare and life sciences companies like never before, and
Frank's broad experience and deep knowledge will prove invaluable
to clients looking to turn that disruption into advantage."

                       About AlixPartners

AlixPartners -- http://www.alixpartners.com/-- is a results-driven
global consulting firm that specializes in helping businesses
successfully address their most complex and critical challenges.
Our clients include companies, corporate boards, law firms,
investment banks, private equity firms, and others.  Founded in
1981, AlixPartners is headquartered in New York, and has offices in
more than 20 cities around the world.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Sergio Anthony Castaneda and Irene Alvarez-Castaneda
   Bankr. C.D. Calif. Case No. 19-12915
      Chapter 11 Petition filed November 19, 2019
         represented by: Matthew D. Resnik, Esq.
                         RESNIK HAYES MORADI LLP
                         E-mail: matt@rhmfirm.com

In re Suppertime, Inc.
   Bankr. S.D. Fla. Case No. 19-25666
      Chapter 11 Petition filed November 20, 2019
         See http://bankrupt.com/misc/flsb19-25666.pdf
         represented by: Craig I. Kelley, Esq.
                         KELLEY, FULTON & KAPLAN, P.L.
                         E-mail: craig@kelleylawoffice.com
                                 dana@kelleylawoffice.com

In re Mark Leeray Smolik
   Bankr. S.D. Iowa Case No. 19-02730
      Chapter 11 Petition filed November 20, 2019
         represented by: Brian J. Lalor, Esq.
                         E-mail: blalor@2501grand.com

In re Rex Archambault
   Bankr. N.D. Ill. Case No. 19-33083
      Chapter 11 Petition filed November 20, 2019
         represented by: Robert J. Ralis, Esq.
                         LAW OFFICES OF ROBERT J. RALIS
                         E-mail: r.ralis@att.net

In re 1191 Dolsontown Road, LLC
   Bankr. S.D.N.Y. Case No. 19-36870
      Chapter 11 Petition filed November 20, 2019
         See http://bankrupt.com/misc/nysb19-36870.pdf
         represented by: Michelle L. Trier, Esq.
                         GENOVA & MALIN
                         E-mail: michelle_genmal@optonline.net

In re Kamdek Properties, LLC
   Bankr. D. Ariz. Case No. 19-14829
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/azb19-14829.pdf
         represented by: K. Scott Reynolds, Esq.
                         SATTERLEE GIBBS PLLS
                         E-mail: scott@sgazlaw.com

In re Ryan S. O'Hara
   Bankr. C.D. Calif. Case No. 19-23679
      Chapter 11 Petition filed November 20, 2019
         represented by: Mark T. Young, Esq.
                         DONAHOE & YOUNG LLP
                         E-mail: myoung@donahoeyoung.com

In re Pablo Meza
   Bankr. C.D. Calif. Case No. 19-23688
      Chapter 11 Petition filed November 20, 2019
         Filed Pro Se

In re Kaycee Meeks
   Bankr. C.D. Calif. Case No. 19-23699
      Chapter 11 Petition filed November 20, 2019
         represented by: Nima S. Vokshori, Esq.
                         VOKSHORI LAW GROUP
                         E-mail: stephen@voklaw.com

In re Michael's Gourmet Coffee's, Inc.
   Bankr. S.D. Fla. Case No. 19-25705
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/flsb19-25705.pdf
         represented by: Chad T. Van Horn, Esq.
                         VAN HORN LAW GROUP, P.A.
                         E-mail: Chad@cvhlawgroup.com

In re Care For Life Home Health, Inc.
   Bankr. N.D. Ill. Case No. 19-33113
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/ilnb19-33113.pdf
         represented by: Ben L. Schneider, Esq.
                         SCHNEIDER & STONE
                         E-mail: ben@windycitylawgroup.com

In re 596 Meyersville Road, LLC
   Bankr. D. N.J. Case No. 19-31946
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/njb19-31946.pdf
         represented by: Bruce W. Radowitz, Esq.
                         BRUCE W. RADOWITZ, ESQ. PA
                         E-mail: torreso78@gmail.com
                                 bradowitz@comcast.net

In re Adil Siddique Lone
   Bankr. D. N.J. Case No. 19-31970
      Chapter 11 Petition filed November 21, 2019
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALL KACHAN P.C.
                         E-mail: alla@kachanlaw.com

In re Radio Cantico Nuevo, Inc.
   Bankr. E.D.N.Y. Case No. 19-47051
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/nyeb19-47051.pdf
         represented by: Alla Kachan, Esq.
                         LAW OFFICES OF ALLA KACHAN, P.C.
                         E-mail: alla@kachanlaw.com

In re Anthony R. Petito
   Bankr. E.D. Pa. Case No. 19-17308
      Chapter 11 Petition filed November 21, 2019
         represented by: David A. Scholl, Esq.
                         LAW OFFICE OF DAVID A. SCHOLL
                         E-mail: judgescholl@gmail.com

In re Robert E. Rhoads, Jr. and Carolann P. Rhoads
   Bankr. E.D. Pa. Case No. 19-17311
      Chapter 11 Petition filed November 21, 2019
         represented by: Kevin K. Kercher, Esq.
                         LAW OFFICE OF KEVIN K. KERCHER, ESQ, PC
                         E-mail: kevinkk@kercherlaw.com

In re Michael K. Herron
   Bankr. W.D. Pa. Case No. 19-24527
      Chapter 11 Petition filed November 21, 2019
         represented by: Aurelius P. Robleto, Esq.
                         ROBLETO KURUCE, PLLC
                         E-mail: apr@robletolaw.com

In re St. Lazarus Family Practice, P. A.
   Bankr. W.D. Tex. Case No. 19-52743
      Chapter 11 Petition filed November 21, 2019
         See http://bankrupt.com/misc/txwb19-52743.pdf
         represented by: Heidi McLeod, Esq.
                         HEIDI MCLEOD LAW OFFICE
                         E-mail: heidimcleodlaw@gmail.com

In re Lisa Linden Foley
   Bankr. N.D. Calif. Case No. 19-52397
      Chapter 11 Petition filed November 22, 2019
         represented by: Marc Voisenat, Esq.
                         LAW OFFICES OF MARC VOISENAT
                         E-mail: marcvoisenatlawoffice@gmail.com

In re S.W.R.D. Ltd
   Bankr. W.D. Ky. Case No. 19-33751
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/kywb19-33751.pdf
         represented by: Charity S. Bird, Esq.
                         Tyler R. Yeager, Esq.
                         KAPLAN JOHNSON ABATE & BIRD LLP
                         E-mail: cbird@kaplanjohnsonlaw.com
                                 tyeager@kaplanjohnsonlaw.com

In re Just Gas & Tobacco Only, Inc.
   Bankr. D. N.H. Case No. 19-11632
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/nhb19-11632.pdf
         represented by: Eleanor Wm Dahar, Esq.
                         VICTOR W. DAHAR PROFESSIONAL ASSOCIATION
                         E-mail: edahar@att.net
                                 vdaharpa@att.net

In re Trattoria Montese, Inc.
   Bankr. D. N.J. Case No. 19-32055
      Chapter 11 Petition filed November 22, 2019
         Filed Pro Se

In re 31 Rockaway Ave, LLC
   Bankr. D. N.J. Case No. 19-32062
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/njb19-32062.pdf
         represented by: David L. Stevens, Esq.
                         SCURA, WIGFIELD, HEYER, STEVENS
                         & CAMMAROTA, LLP
                         E-mail: dstevens@scuramealey.com
                                 ecfbkfilings@scuramealey.com

In re BrewSA Brewing Company LLC
   Bankr. E.D.N.Y. Case No. 19-77972
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/nyeb19-77972.pdf
         represented by: Marc A. Pergament, Esq.
                         WEINBERG, GROSS & PERGAMENT LLP
                         E-mail: mpergament@wgplaw.com

In re Mill Creek Taproom 12 South, LLC
   Bankr. M.D. Tenn. Case No. 19-07590
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/tnmb19-07590.pdf
         represented by: R. Alex Payne, Esq.
                         DUNHAM HILDEBRAND, PLLC
                         E-mail: alex@dhnashville.com

In re Mill Creek Brewing at Franklin, LLC
   Bankr. M.D. Tenn. Case No. 19-07591
      Chapter 11 Petition filed November 22, 2019
         See http://bankrupt.com/misc/tnmb19-07591.pdf
         represented by: R. Alex Payne, Esq.
                         DUNHAM HILDEBRAND, PLLC
                         E-mail: alex@dhnashville.com

In re Beverley Marecheau Mitchell
   Bankr. D.C. Case No. 19-00784
      Chapter 11 Petition filed November 25, 2019
         represented by: Jeffrey M. Orenstein, Esq.
                         WOLFF & ORENSTEIN, LLC
                         E-mail: jorenstein@wolawgroup.com

In re Johnny Franklin Chatman
   Bankr. M.D. Fla. Case No. 19-04512
      Chapter 11 Petition filed November 25, 2019
         represented by: Thomas C. Adam, Esq.
                         ADAM LAW GROUP, P.A.
                         E-mail: tadam@adamlawgroup.com

In re Hoopers Concrete & Block, LLC
   Bankr. M.D. Fla. Case No. 19-11198
      Chapter 11 Petition filed November 25, 2019
         See http://bankrupt.com/misc/flmb19-11198.pdf
         represented by: Mark F. Robens, Esq.
                         STICHTER, RIEDEL, BLAIN & POSTLER, PA
                         E-mail: mrobens.ecf@srbp.com

In re Amjed Faraj Hatu
   Bankr. E.D.N.C. Case No. 19-05428
      Chapter 11 Petition filed November 25, 2019
         represented by: William P. Janvier, Esq.
                         JANVIER LAW FIRM, PLLC
                         E-mail: bill@janvierlaw.com

In re Mc Cloud Trucking, LLC
   Bankr. E.D.N.C. Case No. 19-05436
      Chapter 11 Petition filed November 25, 2019
         See http://bankrupt.com/misc/nceb19-05436.pdf
         represented by: Jonathan E. Friesen, Esq.
                         GILLESPIE & MURPHY, PA
                         E-mail: jef@gillespieandmurphy.com
                                 gmpa@lawyersforchrist.com

In re Thomas Michael Perry
   Bankr. E.D. Ark. Case No. 19-16325
      Chapter 11 Petition filed November 26, 2019
         represented by: Brandon M. Haubert, Esq.
                         WH LAW
                         E-mail: bk@wh.Law

In re Borenstein & Associates, LLC
   Bankr. D. Colo. Case No. 19-20162
      Chapter 11 Petition filed November 26, 2019
         See http://bankrupt.com/misc/cob19-20162.pdf
         represented by: Aaron J. Conrardy, Esq.
                         David Warner, Esq.
                         WADSWORTH GARBER WARNER CONRARDY, P.C.
                         E-mail: aconrardy@wgwc-law.com
                                 dwarner@wgwc-law.com

In re T & A Mobile, LLC
   Bankr. D.C. Case No. 19-00787
      Chapter 11 Petition filed November 26, 2019
         See http://bankrupt.com/misc/dcb19-00787.pdf
         represented by: Bennie R. Brooks, Esq.
                         BENNIE R. BROOKS PC
                         E-mail: bbrookslaw@aol.com

In re Gregory A. Smarr
   Bankr. N.D. Ga. Case No. 19-69013
      Chapter 11 Petition filed November 26, 2019
         represented by: M. Denise Dotson, Esq.
                         M. DENISE DOTSON, LLC
                         E-mail: ddotsonlaw@me.com

In re Peter Plevrites
   Bankr. E.D.N.Y. Case No. 19-47139
      Chapter 11 Petition filed November 26, 2019
         represented by: Lawrence Morrison, Esq.
                         E-mail: lmorrison@m-t-law.com

In re Versai Activities & Events
   Bankr. E.D.N.Y. Case No. 19-78028
      Chapter 11 Petition filed November 26, 2019
         Filed Pro Se

In re Jody Clark
   Bankr. D. Utah Case No. 19-28749
      Chapter 11 Petition filed November 26, 2019
         represented by: Andres' Diaz, Esq.
                         DIAZ & LARSEN
                         E-mail: courtmail@adexpresslaw.com

In re McIntosh Motorsports Service & Recreation, LLC
   Bankr. W.D. Wisc. Case No. 19-13954
      Chapter 11 Petition filed November 26, 2019
         See http://bankrupt.com/misc/wiwb19-13954.pdf
         represented by: Evan M. Swenson, Esq.
                         SWENSON LAW GROUP, LLC
                         E-mail: evan@swensonlawgroup.com
                                 court@swensonlawgroup.com


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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
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2019.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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