/raid1/www/Hosts/bankrupt/TCR_Public/200304.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, March 4, 2020, Vol. 24, No. 63

                            Headlines

10827 STUDEBAKER: April 30 Hearing on Disclosure Statement
1400 NORTHSIDE: Pearson Buying Property for $3.5K Per Acre
1400 NORTHSIDE: Taps Atlanta Fine Homes as Listing Broker
4-S RANCH PARTNERS: Case Summary & 6 Unsecured Creditors
5019 PARTNERS: Hires Dana M. Douglas as Bankruptcy Counsel

A.C. FURNITURE: Seeks Court Approval to Hire Bankruptcy Attorney
A.P. BECK-ANDOVER: AHHC Buying Andover Property for $942K
ALL LINES EXPRESS: U.S. Trustee Unable to Appoint Committee
APPLIED BIOSCIENCES: Has $1.4M Net Loss for Quarter Ended Dec. 31
ASTERIA EDUCATION: U.S. Trustee Unable to Appoint Committee

AVADEL SPECIALTY: Disclosure Statement Has Interim Approval
AVALANCHE COMPANY: Voluntary Chapter 11 Case Summary
B&G FOODS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
BAY CIRCLE: Thakkars Have 100% Plan for Sugarloaf
BAY CIRCLE: Trustee Proposes 100% Plan for Sugarloaf Centre

BAYPORT CORPORATION: Hires John Blue Realty as Real Estate Broker
BOARDRIDERS INC: Moody's Cuts CFR to Caa1, Outlook Stable
BRETON L. MORGAN: Plan Hearing Reset to March 10
BSVH INC: Seeks to Hire Lancaster & Lancaster as Counsel
BUZZ TEAM: Court Confirms Chapter 11 Plan

C AND N TRANSPORT: May 2 Filing Deadline of Plan and Disclosures
CABRERA INVESTMENTS: Amended Plan Addresses Objections
CAH ACQUISITION 11: Selling All Assets to Lauderdale for $4.5M
CAPITAL RESTAURANT: Wants to Move Exclusivity Period to April 3
CAROLINA INTERNATIONAL: S&P Suspends 'BB+' Revenue Bond Rating

CASCADE ACQUISITION: Taps Will B. Geer as Legal Counsel
CENTRAL SECURITY: S&P Downgrades ICR to 'CCC-'; Outlook Negative
CLEVELAND-CLIFFS INC: S&P Lowers ICR to 'B' on AK Steel Merger
COLUMBIA NUTRITIONAL: Gets Approval to Hire Clyde A. Hamstreet
COLUMBIA NUTRITIONAL: Taps Sussman Shank as Legal Counsel

COOPER-STANDARD HOLDINGS: S&P Cuts ICR to 'B'; Outlook Negative
CRAFTWORKS PARENT: Case Summary & 75 Largest Unsecured Creditors
CRAZY CAT: Eiman Buying JR Produce's 2012 Nissan Van for $21K
CROWN CASTLE: To Restate 2018 and 2017 Financial Statements
DAVID & SUKI: March 10 Disclosure Statement Hearing Set

DESERT VALLEY STEAM: U.S. Trustee Unable to Appoint Committee
DISKSTEIN SHAPIRO: To Dispose Files of Former Clients
EL SAN JUAN CITY: Seeks to Hire Ortiz & Ortiz as Counsel
EQM MIDSTREAM: Fitch Affirms LT IDR & Sr. Unsec. Notes at 'BB'
EQM MIDSTREAM: S&P Cuts ICR to 'BB' on Equitrans Consolidation

FIVE STAR: Reports $20 Million Net Loss for 2019
FOSSIL GROUP: S&P Lowers ICR to 'B+' on Declining Profitability
FRIENDS OF CITRUS:Taps Saltmarsh Cleaveland as HeathCare Consultant
G.D.S. EXPRESS: Seek to Hire Alex Lyon & Son as Auctioneer
GULFPORT ENERGY: Moody's Cuts CFR to Caa1, Outlook Negative

HECLA MINING: S&P Raises ICR to 'B' After Senior Notes Refinancing
HOME CAPITAL: S&P Affirms 'BB-' ICR; Outlook Stable
HOPKINS COUNTY HOSP: Moody's Affirms Ba2 on $20.8MM Debt
J CREW GROUP: Amends Transaction Support Agreement with Creditors
J CREW GROUP: Posts Fourth Quarter Net Income of $1.5 Million

JEFFERY ARAMBEL: M3 Land Buying New Parcel for $534K
JOE'S PLACE: Unsecureds to Get 10% in 5 Years in Plan
JOHN C. FLEMING: Huizenga Buying Big Sky Property for $2.78M
JOHN FITZGIBBON: Fitch Affirms B on $8.2MM Series 2010 Health Bonds
KAISER GYPSUM: Seeks Court OK of Settlement With Insurers

KAR AUCTION: S&P Downgrades ICR to 'B+'; Outlook Stable
KINGMAN FARMS: Proposes 5212 Spanish Heights as New Equity Investor
LAKE ROAD WELDING: Seeks Court Approval to Hire Henderson Appraisal
LAROCHE CARRIER: US Trustee Objects to Disclosure Statement
LEMEN INC: Esquivel & Cantu Buying Fort Pierce Property for $409K

LENNAR CORP: Moody's Alters Outlook on Ba1 CFR to Positive
LEVEL SOLAR: To Issue Liquidating Trust Certificates to Unsecureds
LIDDLE & ROBINSON: Trustee Hires Golenbock Eiseman as Legal Counsel
LIDDLE & ROBINSON: Trustee Taps CBIZ as Financial Advisor
MAGNOLIA PARK: John Dratz Appointed as Ombudsman

MCCLATCHY CO: U.S. Trustee Forms 7-Member Committee
MCDERMOTT INTERNATIONAL: Hires Evercore as Investment Banker
MCDERMOTT INTERNATIONAL: Hires Kirkland & Ellis as Counsel
MCDERMOTT INTERNATIONAL: Hires KPMG LLP as Financial Advisor
MEDTAINER INC: Incurs $472K Net Loss for Quarter Ended March 31

MICHELLE G. AMENT: EDCL Buying Ruidoso Property for $596K
MISSISSIPPI PHOSPHATES: PathForward Eyed as Successor Trustee
MOUNTAIN VIEW: Seeks to Hire Cabot Christianson as Counsel
NAI CAPITAL: Seeks to Hire Levene Neale as Bankruptcy Counsel
NAI CAPITAL: Seeks to Hire McGarrigle Kenney as Special Counsel

ORIGIN AGRITECH: Reports RMB65.6M Net Loss for FY Ended Sept. 30
PAUL LOGSDON: Taps Danielle M. Fleer as Accountant
PIONEER ENERGY: Enters Into RSA With Stakeholders
PIONEER ENERGY: Files for Chapter 11 With Prepackaged Plan
PORTERS NECK COUNTRY: Sale of Club to Fund Plan Payments

PPV INC: Seeks to Hire Brown Armstrong as Accountant
PULTEGROUP INC: Moody's Alters Outlook on Ba1 CFR to Positive
PURDUE PHARMA: Committee Hires KPMG as Tax Consultant
PURDUE PHARMA: Deadline to File Claims Set for June 5, 2020
QUAD/GRAPHICS INC: Moody's Alters Outlook on B1 CFR to Negative

REDWOOD GREEN: Says Substantial Going Concern Doubt Exists
REGIONAL ECONOMIC: Case Trustee Seeks Chapter 7 Conversion
RJT REAL ESTATE: Seeks to Hire Utah Bankruptcy Law as Counsel
ROOFTOP GROUP: Debtor Questions Releases in Committee Plan
S&D LONGHORN: To Sell Property to Fund 100% Plan

SANAM CONYERS: Unsecureds to Have 25% in Aum Shri Plan
SANCHEZ ENERGY: Taps Richards Layton as Special Counsel
SHEET METAL WORKS: Selling 2017 Ford Fusion AWD 4C for $14.5K
SHERRITT INT'L: DBRS Cuts Issuer Rating to SD & Unsec. Rating to D
SILVER STATE: Seeks Court Approval to Hire Testifying Expert

SOULA INC: Sale/Refinancing to Fund 100% Plan
STANDARD BAKERY: Seeks to Hire Vortman & Feinstein as Counsel
STEM HOLDINGS: Reports $29 Million Net Loss for FY Ended Sept. 30
STERICYCLE INC: Fitch Cuts Senior Unsecured Notes to 'BB/RR4'
T-MOBILE US: Fitch Alters Outlook on 'BB+(EXP)' LT IDR to Positive

TATA CHEMICALS: Moody Rates $405MM Secured Loans 'Ba3'
TOLL BROTHERS: Moody's Alters Outlook on Ba1 CFR to Positive
TUPPERWARE BRANDS: Wins Covenant Relief from JPMorgan et al.
TWINS SPECIAL: Voluntary Chapter 11 Case Summary
VERITY HEALTH: Plan Solicitation Period Extended to April 30

VESTAVIA HILLS: U.S. Trustee Appoints Moore-Bell as PCO
W.P. MURPHY INC: U.S. Trustee Unable to Appoint Committee
WEIGHT WATCHERS: Moody's Alters Outlook on Ba3 CFR to Stable
WILLIAMSON MEMORIAL: Hearing Thursday on Ch.11 Trustee Appointment
WILLIAMSON MEMORIAL: PCO Files 1st Interim Report


                            *********

10827 STUDEBAKER: April 30 Hearing on Disclosure Statement
----------------------------------------------------------
On April 30, 2020, at 10:00 a.m. as the matter can be heard before
the Honorable Erithe A. Smith, United States Bankruptcy Judge,
presiding, in Courtroom 5A at 411 West 4th Street, Santa Ana, CA
92701, 10827 Studebaker LLC, will request an order (1) approving
the adequacy of its Disclosure Statement Describing Debtor's
Chapter 11 Plan Of Reorganization, and (2) establishing certain
voting procedures proposed by the Debtor in connection with the
Disclosure Statement.  Objection to approval of the Disclosure
Statement, if any, must be filed and served 14 days prior to the
Disclosure Statement Hearing.

                    About 10827 Studebaker

10827 Studebaker LLC, which is primarily engaged in renting and
leasing real estate properties, sought Chapter 11 protection
(Bankr. C.D. Cal. Case No. 19-13242) on Aug. 21, 2019.  The
petition was signed by Robert Clippinger, authorized
representative. The Debtor was estimated to have assets and
liabilities of $1 million to $10 million as of the bankruptcy
filing.  Judge Erithe A. Smith oversees the case.  SulmeyerKupetz
is the Debtor's legal counsel.


1400 NORTHSIDE: Pearson Buying Property for $3.5K Per Acre
----------------------------------------------------------
Cummins Beveridge Jones, II, an affiliate of 1400 Northside Drive,
Inc., asks the U.S. Bankruptcy Court for the Northern District of
Georgia, to authorize the sale of the real property located in
Fuller Mountain Rd., Fairmount, Pickens County, Georgia to John
Pearson and/or his assigns for $3,500 per acre, or for
approximately $280,000.

The Movant owns several pieces of real estate containing
significant equity, including but not limited to the Property.  He
desires to liquidate some or all of his properties in order to
general funds with which to pay his creditors.

With regard to the Motion, the Movant owns approximately 80 acres
located on Fuller Mountain Road, Fairmount, Pickens County,
Georgia.  The Debtor submits that the current fair market value of
the property is $3,500 per acre, or approximately $280,000.  There
are no mortgages on the Property.

The Sale Agreement is subject to Bankruptcy Court approval.  The
Movant has no prior relationship with the Buyer other than that he
previously sold acreage to the Buyer that is adjacent to the
Property the subject of the Motion.

The Movant submits that the following is an accurate summary of the
terms of the Sales Agreement although parties in interest are urged
to read the Sales Agreement so that they may fully understand its
terms.  The Buyer has contracted to purchase the Property from the
Movant for $3,500 per acre.  The final survey will determine actual
acreage and Purchase Price.  The closing attorney Marvin Rice is
holding Buyer's $4,000 Earnest Money deposit in escrow.  The
closing is to be held on March 9, 2020.  

The Purchase Price is payable cash at closing.  There is no
financing contingency to the Buyer's obligation to close.  The sale
is to be on an "as is" basis subject to a Due Diligence Period of
40 days from the Jan. 23, 2020 Binding Agreement Date.  A real
estate commission in the amount of 6% of the gross purchase price
is to be paid to the Movant's real estate broker Atlanta Fine Homes
Sotheby's International at Closing.  In addition, if there is a
cooperating broker, the cooperating broker will receive a 4%
commission.

The Movant asks entry of an Order authorizing him to consummate the
closing of the sale of the Property to the Buyer pursuant to the
terms of the Sales Agreement.  The sale is to be conducted free and
clear of all liens, claims, encumbrances and interests, with all
liens, claims, encumbrances and interests to attach to the proceeds
of the sale.

The Movant further requests authority to pay the Sales Proceeds at
Closing as follows:

     a. Pay all usual and customary closing costs and prorations at
Closing as reflected in the Sales Agreement;

     b. Pay a real estate commission in the amount of 6% of the
gross purchase price to the Seller's Broker, plus a 4% commission
to any cooperating broker;

     c. Pay any ad valorem property taxes that may be due to the
Pickens County Tax Commissioner; and

     d. The remaining net sales proceeds will be paid to the Movant
to be deposited into his debtor in possession checking account in
the bankruptcy case.

A copy of the Agreement is available for free at
https://tinyurl.com/yx3sgawk from PacerMonitor.com free of charge.

               About 1400 Northside Drive Inc.

1400 Northside Drive, Inc., owns and operates a male strip club
known as Swinging Richards.

1400 Northside Drive filed a voluntary Chapter 11 petition (Bankr.
N.D. Ga. Case No. 19-56846) on May 2, 2019.  The case is jointly
administered with the Chapter 11 case filed by Cummins Beveridge
Jones II (Bankr. N.D. Ga. Case No. 19-20853), the Debtor's chief
executive officer and chief financial officer.    

At the time of the filing, 1400 Northside Drive was estimated to
have $50,000 to $100,000 in assets and $1 million to $10 million in
liabilities.

Paul Reece Marr, P.C., is the Debtor's counsel.


1400 NORTHSIDE: Taps Atlanta Fine Homes as Listing Broker
---------------------------------------------------------
1400 Northside Drive Inc. received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to hire
Atlanta Fine Homes Sotheby's International Realty as its listing
broker.

The firm will assist in the sale of approximately 80 acres of land
located along Fuller Mountain Road in Fairmount, Ga.  The property
is owned by Cummins Beveridge Jones II, the Debtor's chief
executive officer.    

The firm will get a commission of 4 percent of the sales price.

Angela Beck, real estate agent at Atlanta Fine Homes, disclosed in
court filings that the firm and its employees are "disinterested"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Angela Beck
     Atlanta Fine Homes
     Sotheby's International Realty
     3290 Northside Parkway, Suite 200
     Atlanta, GA 30327
     Phone: 404-649-5653

                  About 1400 Northside Drive Inc.

1400 Northside Drive, Inc., owner of a male strip club known as
Swinging Richards, filed a voluntary Chapter 11 petition (Bankr.
N.D. Ga. Case No. 19-56846) on May 2, 2019.  The case is jointly
administered with the Chapter 11 case filed by Cummins Beveridge
Jones II (Bankr. N.D. Ga. Case No. 19-20853), the Debtor's chief
executive officer and chief financial officer.  

At the time of the filing, 1400 Northside Drive estimated $50,000
to $100,000 in assets and $1 million to $10 million in
liabilities.

Judge James R. Sacca oversees the case.  Paul Reece Marr, P.C., is
the Debtor's legal counsel.


4-S RANCH PARTNERS: Case Summary & 6 Unsecured Creditors
--------------------------------------------------------
Debtor: 4-S Ranch Partners, LLC
        264 | Street
        Los Banos, CA 93635-9363

Business Description: 4-S Ranch Partners, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: March 2, 2020

Court: United States Bankruptcy Court
       Eastern District of California

Case No.: 20-10800

Judge: Hon. Rene Lastreto II

Debtor's Counsel: Reno F.R. Fernandez III, Esq.
                  MACDONALD FERNANDEZ LLP
                  914 Thirteenth Street
                  Modesto, CA 95354
                  Tel: (415) 362-0449

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $50 million to $100 million

The petition was signed by Stephen W. Sloan, managing member.

A copy of the petition is available for free at PacerMonitor.com
at:

                        https://is.gd/D2upCq

List of Debtor's Six Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Merced County Tax Collector     Property Taxes         $367,884
2222 M Street, 1st Floor
Merced, CA 95340
Karen D. Adams, CPA
Tel: (209) 385-7592
Email: taxcollector@co.merced.ca.us

2. O'Laughlin & Paris LLP           Environmental          $31,800
2617 K Street, Suite 100              Attorneys
Sacramento, CA 95816                  Services
Valerie C. Kincaid
Tel: (916) 993-3962
Email: vkincaid@olaughlinparis.com

3. O. Ray Sheets                     Accounting             $6,139
Accountancy Corporation               Services
1120 W I Street, Suite A
Los Banos, CA 93635
O. Ray Sheets, CPA
Tel: (209) 826-3503
Email: or@orsac

4. PG&E                                                   $405,186
P.O. Box 997300
Sacramento, CA 95889-7300
Tel: (877) 311-3276

5. Rodarakis & Sousa, APC          Legal Services          $91,253
100 Sycamore Avenue, Suite 101
Modesto, CA 95354
George Rodarakis
Tel: (209) 554-5232
Email: GRodarakis@rodsoulaw.com

6. Shannon Pump Co.                 Well Service/          $11,325
275 S. Highway 59                       Repair
Merced, CA 953416
Christopher Shannon
Tel: (209) 723-3904


5019 PARTNERS: Hires Dana M. Douglas as Bankruptcy Counsel
----------------------------------------------------------
5019 Partners, LLC, seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ Dana M. Douglas,
Attorney at Law, as bankruptcy counsel to the Debtor.

5019 Partners requires Dana M. Douglas to:

   a. advice and assistance regarding compliance with the
      requirements of the U.S. Trustee;

   b. advice regarding matters of bankruptcy law, including the
      rights and remedies of the Debtor in regard to its assets
      and with respect to the claims of creditors;

   c. conduct examinations of witnesses, claimants or adverse
      parties and to prepare and assist in the preparation of
      reports, accounts and pleadings;

   d. advice concerning the requirements of the Bankruptcy Code
      and applicable rules;

   e. assist with the negotiation, formulation, confirmation and
      implementation of a Chapter 11 plan;

   f. make any appearances in the Bankruptcy Court on behalf of
      the debtor; and

   g. take such other action and to perform such other services
      as the Debtor may require.

Dana M. Douglas will be paid at the hourly rate of $200.

Dana M. Douglas will be paid a retainer in the amount of $7,500.

Dana M. Douglas will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Dana M. Douglas, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Dana M. Douglas can be reached at:

     Dana M. Douglas, Esq.
     ATTORNEY AT LAW
     11024 Balboa Blvd., No. 431
     Granda Hills, CA 91344
     Tel: (818) 360-8295
     E-mail: dana@danamdouglaslaw.com

                     About 5019 Partners

5019 Partners, LLC, is a privately held company engaged in
activities related to real estate.  5019 Partners owns a single
family residential rental property in Encino, CA, having a current
value of $700,000, based on actual condition of the property.

The Company previously sought bankruptcy protection on May 22, 2008
(Bankr. C.D. Cal. Case No. 08-13370).

5019 Partners, LLC, based in Encino, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-10320) on Feb. 11, 2020.  In
the petition signed by Tyler Murphy, managing member, the Debtor
disclosed $700,900 in assets and $1,035,236 in liabilities.  The
Hon. Martin R. Barash is the presiding judge.  Dana M. Douglas,
Esq., serves as bankruptcy counsel.



A.C. FURNITURE: Seeks Court Approval to Hire Bankruptcy Attorney
----------------------------------------------------------------
A.C. Furntiture Company, Inc. seeks authority from the U.S.
Bankruptcy Court for the Western District of Virginia to hire
Timothy McGary, Esq., an attorney based in Vienna, Va., to handle
its Chapter 11 case.

The Debtor will pay the attorney an hourly fee of $350 for his
services.  Paralegals and clerks assisting him will charge $150 per
hour and $50 per hour, respectively.  The attorney was paid a
retainer of $3,500 on Dec. 27 last year and $20,000 on Jan. 9.

Other than his employment with the Debtor, Mr. McGary has no
connection with the Debtor, creditors, Office of the U.S. Trustee
or any other "party in interest," according to court filings.

Mr. McGary holds an office at:

     Timothy J. McGary, Esq.
     8609 Westwood Center Drive, Suite 203
     Vienna, VA 22182-7521
     Phone: (703) 636-7107 or (888) 636-7107
     Fax: (703) 636-7108 or (888) 636-7108

                   About A.C. Furniture Company

A.C. Furniture Company, Inc. -- https://acfurniture.com/ --
manufactures seating for the hospitality, healthcare, and food
service industry.  It was founded in 1977.

A.C. Furniture Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Va. Case No. 20-60200) on Feb. 3,
2020.  At the time of the filing, the Debtor disclosed $23,295,208
in assets and $9,457,063 in liabilities.  Judge Paul M. Black
oversees the case.  Timothy McGary, Esq., is the Debtor's legal
counsel.


A.P. BECK-ANDOVER: AHHC Buying Andover Property for $942K
---------------------------------------------------------
A.P. Beck-Andover Realty, LLC, asks the U.S. Bankruptcy Court for
the District of Massachusetts to authorize the sale of the real
property located at 6-8 Windsor Street, Andover, Massachusetts, as
more fully described by Deed dated Sept. 29, 2009 recorded at Essex
Northern District Registry of Deeds, Book 11783, Page 65, to AHHC
Realty, LLC for $941,500.

A hearing on the Motion is set for March 13, 2020.  The objection
deadline is Feb. 22, 2020 at 12:00 p.m.  The original hearing was
scheduled for Jan. 31, 2020.

The Property is a commercial building currently used for a medical
practice.   

The Debtor filed a Motion to Sell on Dec. 27, 2019.  

On Jan. 29, 2020, the first mortgagee The Savings Bank submitted a
Pay Off Figure which was significantly higher than what was
originally estimated by the Debtor.

The result of said error in estimation is there was insufficient
net proceeds to pay the attaching creditor Citizens Bank now held
by NPA Associates, LLC, and the Administrative Claims of the
Debtor's attorney, Ann Brennan Law Offices, and the United States
Trustee's final quarter claim of $5,000.

The Savings Bank filed a Limited Objection to the Motion to Sell on
Jan. 29, 2020.  The Debtor filed a Response to the Limited
Objection on Jan. 30, 2020, in which it outlined the potential
objections it had to The Savings Bank's claim.  On Jan. 31, 2020
the Court held a hearing in which it ordered that the Debtor file a
Supplemental Motion to Sell based on the payoff figure issued by
The Savings Bank, and the payment for less than what is due NPA.
It also raised the issue as to what type of claim, if any, NPA
holds, given it did not file a Proof of Claim in the matter, the
Debtor listed NPA's claim as contingent on Schedule D, and that
NPA's claim is a prejudgment contingent claim rather than an
execution.

On Jan. 31, 2020 the Court held a hearing in which it ordered that
the Debtor file a Supplemental Motion to Sell, not a new Motion to
Sell, based on the payoff figure issued by The Savings Bank, and
the payment for less than what is due NPA.  The Debtor filed a
Supplemental Motion to Sell 6-8 Windsor Street, Andover, MA on Feb.
7, 2020.

The Court is demanding the payment of a new filing fee, but it is
the same sale.  The Debtor believes that it is not responsible for
an additional fee for the same sale to the same party, and for a
Supplemental Motion as opposed to a new Motion.  It asks an order
that the fee for filing the Supplemental Motion to Sell be waived.

The Debtor has entered into a Purchase and Sale Agreement dated
Dec. 20, 2019 with the Buyer under the terms of which the property
to be sold for the sum of $941,500.  The buyer has paid a deposit
of $40,000.  The closing date was scheduled for Feb. 12, 2020 and
extended until Feb. 28, 2020.   The sale will be free and clear of
liens, claims, encumbrances and interests with the same to attach
to the proceeds of sale.

From the proceeds of the sale, the Debtor asks the Court to
authorize it to pay the following creditors in the following order
based
on the proceeds available:

     a. first such other items from the proceeds of sale which will
be necessary to consummate the transaction as are usually paid in
the ordinary course including, but not limited to, revenue stamps
($3,648), recording and seller's fees (approximately $2,000)
(estimate);  real estate taxes if any; other municipal liens and
charges (water & sewer liens) if any;

     b. the Broker's fee (approximately $37,660) from the closing
proceeds;

     c. the allowed claim of The Savings Bank in full from the
closing proceeds.  The Savings Bank submitted an updated Pay Off
Figure in which they claimed approximately $796,453, once the
closing expenses and broker's fees have been paid.  Of said figure
$80,662 represents the prepetition and post petition legal fees.
The Debtor questions the reasonableness of said fees, and requests
that $25,000 of said pay off amount be placed in escrow until The
Savings Bank's allowed legal fees can be determined, with the
balance of the Bank Payoff to be paid at closing.

     d. the US Trustee's quarterly fee attributable to the expenses
related to this closing, including the mortgage and the attachment,
of $5,000 to be paid out of the proceeds of the closing;

     e. the Chapter 11 legal fees and expenses of the Debtor's
Counsel to date.  The Debtor's Counsel will file a Motion to
Approve Counsel Fees prior to the closing.  The Debtor anticipates
the outstanding fees will be $15,224 to be paid from the proceeds
of the closing subject to the Court's allowance of the Motion to
Approve; and

     f. NPA whatever is the remaining balance of the net proceeds
after the payments in Paragraphs 5-10, not to exceed $135,000 at
the time of the closing.

The Debtor believes that the sale is in the best interest of the
creditors and the Chapter 11 Bankruptcy Estate.  It believes, based
on the circumstances, that the sale will be more beneficial to the
estate than a public auction.

Finally, the Debtor asks the Court to waive the 14-day period of
FRBP 6004(h).

               About A.P. Beck-Andover Realty

A.P. Beck-Andover Realty, LLC, a single asset real estate as
defined in 11 U.S.C. Section 101(51B), filed a petition seeking
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass.
Case No. 18-41696) on Sept. 11, 2018.  In the petition signed by
Adam P. Beck, manager, the Debtor was estimated to have $1 million
to $10 million in assets and liabilities.  The Ann Brennan Law
Offices represents the Debtor.


ALL LINES EXPRESS: 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
All Lines Express, Inc., according to court dockets.
    
                      About All Lines Express

All Lines Express, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case No. 19-03604) on Sept. 23, 2019, disclosing
under $1 million in both assets and liabilities.  Judge Jerry A.
Funk oversees the case.  The Debtor tapped The Law Offices of Jason
A. Burgess, LLC as its legal counsel.


APPLIED BIOSCIENCES: Has $1.4M Net Loss for Quarter Ended Dec. 31
-----------------------------------------------------------------
Applied Biosciences Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,425,870 on $169,575 of net total
revenues for the three months ended Dec. 31, 2019, compared to a
net loss of $1,891,543 on $413,109 of net total revenues for the
same period in 2018.

At Dec. 31, 2019, the Company had total assets of $3,417,927, total
liabilities of $2,280,392, and $1,137,535 in total stockholders'
equity.

The Company said, "As reflected in the condensed consolidated
financial statements, the Company incurred a net loss of $2,789,028
and used $817,715 of cash in operating activities during the nine
months ended December 31, 2019.  Further, the Company's independent
auditor in their audit report for fiscal year ended March 31, 2019
expressed substantial doubt about the Company's ability to continue
as a going concern.  These and other factors raise substantial
doubt about the Company's ability to continue as a going concern
within one year after the date the financial statements are issued.
The financial statements do not include any adjustments that might
be necessary should the Company be unable to continue as a going
concern.

"The Company's ability to continue as a going concern is dependent
upon its ability to raise additional capital and to ultimately
achieve sustainable revenues and income from operations.  During
the nine months ended December 31, 2019, the Company issued
convertible notes for total proceeds of $791,939 in private
placements with accredited investors.  However, the Company will
need and is currently working on obtaining additional funds to
operate its business through and beyond the date of this Form 10-Q
filing.  There is no assurance that such funds will be available or
at terms acceptable to the Company.  Even if the Company is able to
obtain additional financing, it may contain undue restrictions and
covenants on its operations, in the case of debt financing or cause
substantial dilution for its stockholders in the case of
convertible debt and equity financing."

A copy of the Form 10-Q is available at:

                       https://is.gd/eviNo2

Applied Biosciences Corp. focuses on various areas of the medical,
bioceutical, and pet health industry.  The Company focuses on
select investment, consumer brands, and partnership opportunities
in the recreational, health and wellness, nutraceutical, and media
industries.  It offers medical and consumer products, including
creams, balms, tinctures, concentrates, and edibles under the
Applied BioSciences brand.  The Company also sells clothing,
apparel, and other branded products.  Applied Biosciences Corp. was
founded in 2016 and is based in Beverly Hills, California.



ASTERIA EDUCATION: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Asteria Education, Inc.
  
                      About Asteria Education

Founded in 1982 in San Antonio, Texas, Asteria Education, Inc.,
also known as ECS Learning Systems, Test Smart, LLC and Prepworks
-- https://www.staarmaster.ecslearn.com/ -- is an integrated
standards prep company and developer of STAAR MASTER.  Through its
brands, Staar Master, Testsmart, and Prepworks, Asteria Education
offers a diverse portfolio of supplementary educational products.

Asteria Education filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 20-50169) on Jan. 26, 2020.  The petition was signed by
David Cumberbatch, president and chief executive officer.  At the
time of the filing, the Debtor disclosed between $1 million and $10
million in both assets and liabilities.  Judge Craig A. Gargotta
oversees the case.  Rochelle Mccullough, LLP, is the Debtor's legal
counsel.


AVADEL SPECIALTY: Disclosure Statement Has Interim Approval
-----------------------------------------------------------
Judge Christopher S. Sontchi has ordered that the Disclosure
Statement filed by Avadel Specialty Pharmaceuticals, LLC, is
approved on an interim basis.

The Ballot substantially in the form and is approved.

Ballots shall be distributed to the holders of General Unsecured
Claims in Class 4 who are entitled to vote to accept or reject the
Plan.

In order to be counted as votes to accept or reject the Plan, all
Ballots must be properly executed, completed and delivered, by
either first class mail, overnight courier, or personal delivery,
to Epiq Corporate Restructuring, LLC (the "Balloting Agent") at one
of the addresses specified on the Ballots so that they are actually
received no later than 4:00 p.m. (prevailing Eastern Time) on April
20, 2020 (the “Voting Deadline”).

The hearing on final approval of the Disclosure Statement and
confirmation of the Plan is scheduled for April 29, 2020 at 10:00
a.m. (prevailing Eastern Time).

Objections to final approval of the Disclosure Statement and/or
confirmation of the Plan must be filed and served no later than
4:00 p.m. (prevailing Eastern Time) on April 17, 2020 (the
“Objection Deadline”).

                      About Avadel Specialty

Avadel Specialty Pharmaceuticals, LLC, is a pharmaceutical company
whose sole commercial product is the FDA-approved NOCTIVA(TM).
NOCTIVA(TM) is a prescription medicine nasal (nose) spray used in
adults who wake up two or more times during the night to urinate
due to a condition called nocturnal polyuria.  The company is a
special purpose entity and wholly owned subsidiary of Dublin,
Ireland-based Avadel Pharmaceuticals plc (Nasdaq: AVDL).

Avadel Specialty Pharmaceuticals sought Chapter 11 relief (Bankr.
D. Del. Case No. 19-10248) on Feb. 6, 2019.  The Debtor disclosed
total assets of $79.67 million and liabilities of $167.39 million
as of Dec. 31, 2018.

The Hon. Christopher S. Sontchi is the case judge.

The Debtor tapped Greenberg Traurig, LLP as counsel; MCA Financial
Group, Ltd., as investment banker; and Epiq Corporate
Restructuring, LLC, as claims and noticing agent.


AVALANCHE COMPANY: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Avalanche Company, LLC
          DBA Avalanche
          DBA Twins
          DBA Twins Special
          DBA Twins Fight Gear
          DBA King
          DBA King Professional
          DBA King Fight Gear
          FDBA International Self Defense
          FDBA All Fighting Arts
          FDBA Soft Judo
          FDBA American Street Combat
          FDBA Euro Karate
       2907 Shelter Island Dr., Ste. 105-701
       San Diego, CA 92106

Business Description: Avalanche Company, LLC owns and operates
                      sporting goods, hobby, and musical
                      instrument stores.

Chapter 11 Petition Date: March 3, 2020

Court: United States Bankruptcy Court
       Southern District of California

Case No.: 20-01229

Debtor's Counsel: Bruce R. Babcock, Esq.
                  BRUCE R. BABCOCK, ATTORNEY
                  4808 Santa Monica Ave.
                  San Diego, CA 92107
                  Tel: (619) 222-2661

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher Mechling, managing member.

The Debtor did not file together with the petition a list of its 20
largest unsecured creditors at the time of the filing.

A copy of the petition is available for free at PacerMonitor.com
at:

                      https://is.gd/dox1zH


B&G FOODS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Parsippany, N.J.-based
food brands company B&G Foods Inc. to negative from stable and
affirmed all of its ratings on the company, including its 'B+'
issuer credit rating, to reflect its elevated leverage and the
potential that it will fail to generate enough EBITDA growth and
free operating cash flow (FOCF) to materially reduce its leverage.

More-aggressive financial policies have led to weaker credit
metrics.  B&G's leverage remained elevated near 6.5x in 2019 and
its current business trends will likely lead to less than a half a
turn improvement in its leverage in 2020. New CEO Kenneth Romanzi
stated that acquisitions are still a big part of the company's
growth strategy and it will continue to prioritize shareholder
returns. In S&P's view, B&G's financial policy has become more
aggressive given its willingness to undertake additional mergers
and acquisitions (M&A) despite its high leverage. The company
previously had a track record of reducing its leverage below 5x
before completing another transaction. B&G's leverage remains
elevated because the company has undertaken consecutive
transactions without reducing its leverage below 5x and has chosen
not to issue equity to reduce its leverage due to the falling price
of its stock.

The negative outlook on B&G reflects its underperformance and S&P's
belief that the company may be unable to materially reduce its
leverage under its current business. S&P could lower its ratings on
the company over the next 12 months if the rating agency expects
the company's  leverage to remain above 6x.

"We could lower our ratings on B&G if we expect its leverage to
stay above 6x, which could occur if the company takes on debt to
fund shareholder-friendly activities, such as acquisitions,
dividends, or share repurchases, or its profitability weakens due
to a material top-line miss or higher commodity or marketing costs.
Over the medium term, we expect the company to maintain leverage of
less than 5.5x as it cycles through its recent divestitures and
acquisitions. Additionally, we could lower the ratings if the
demand for B&G's products, primarily Green Giant, declines, leading
to a reduced topline and a loss of market share," S&P said.

"We could revise our outlook on B&G to stable if we expect its
leverage to fall below 6x and remain at that level as the company
continues to pursue acquisitions," the rating agency said.


BAY CIRCLE: Thakkars Have 100% Plan for Sugarloaf
-------------------------------------------------
Chuck Thakkar, Niloy Thakkar and Rohan Thakkar have filed a Plan of
Reorganization and Disclosure Statement for Sugarloaf Centre, LLC.

A hearing on the Disclosure Statement will be held on March 24,
2020 at 9:30 a.m., Courtroom 1403, United States Courthouse,
Russell Federal Building, 75 Ted Turner Drive SW, Atlanta, Georgia.
Any objections to the proposed Disclosure Statement must be filed
with the Court on or before March 17, 2020.

The Thakkars are members of NRCT which is an owner of Sugarloaf
Center, Partners, which owns Sugarloaf.   

As of the Filing Date, the Debtor owned 13 pieces of improved and
unimproved real estate in the metro Atlanta area having a
cumulative value of approximately $40 million dollars.  The Debtor
developed real estate and commercial properties.

The Plan provides for an equitable distribution to Debtor's
creditors and preserves the Debtor's ongoing business operations.

The Plan provides for the payment of claims in accordance with the
priorities established under the Bankruptcy Code, the surrender of
the remaining real property to the secured creditor, and then
dissolution of Sugarloaf after implementation of the Plan by the
new members.

The Plan proposes to pay all allowed claim holders in full.

A full-text copy of the Thakkars' Disclosure Statement is available
at
https://tinyurl.com/uadfy5k from PacerMonitor.com free of charge.

The Plan Proponents' Counsel:

     M. Denise Dotson
     Georgia Bar No. 227230
     PO Box 435
     Avondale Estates, GA 30002
     E-mail: denise@mddotsonlaw.com
     Tel: (404) 210-0166

                About Bay Circle Properties, et al.

Bay Circle Properties, LLC, DCT Systems Group, LLC, Sugarloaf
Centre, LLC, Nilhan Developers, LLC, and NRCT, LLC, own 16
different real properties including significant undeveloped
acreage.  The properties also include office and warehouse
buildings, retail shopping centers and free standing single tenant
buildings.

Bay Circle Properties, et al., filed Chapter 11 bankruptcy
petitions (Bankr. N.D. Ga. Case Nos. 15-58440 to 15-58444) on May
4, 2015.  The Chapter 11 cases are jointly administered.  In the
petition signed by Chuck Thakkar, manager, Bay Circle estimated $1
million to $10 million in assets and liabilities.

The Debtors tapped John A. Christy, Esq., J. Carole Thompson
Hord,Esq., and Jonathan A. Akins, Esq., at Schreeder, Wheeler &
Flint, LLP, as bankruptcy attorneys.  The Debtors engaged RG Real
Estate, Inc., as real estate broker.

Ronald L. Glass was appointed as Chapter 11 trustee for the
Debtors.  The trustee tapped Morris, Manning & Martin, LLP as his
bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as
his financial advisor; and Nelson Mullins Riley & Scarborough LLP
as special counsel.


BAY CIRCLE: Trustee Proposes 100% Plan for Sugarloaf Centre
-----------------------------------------------------------
Chapter 11 Trustee Ronald L. Glass filed a proposed Plan of
Liquidation for Sugarloaf Centre, LLC, a debtor affiliate of Bay
Circle Properties, LLC, et al.

The Debtor's assets consist of cash in the approximate amount of
$1,664,031, and real property with a value of at least $3,850,000.


This is a liquidating plan whereby Debtor's assets will be sold by
the Liquidating Agent and Allowed Claims and Interests will be paid
pursuant to the terms of this Plan.  The Trustee believes that,
with the exception of Good Gateway LLC, all Holders of Equity
Interests are Insiders or Affiliates of the Thakkar Family.  The
Debtor's property will continue to be owned by Debtor and Holders
of Equity Interests in Debtor will retain those interests under the
Plan.  Liens securing the payment of Allowed Secured Claims will
remain intact.

The Plan proposes that the Trustee be appointed as Liquidating
Agent, to carry out the terms of the Plan.

Holders of Allowed Unsecured Claims in Class 3 will be paid in full
on the Effective Date together with interest between the Petition
Date and Distribution Date calculated at the post-judgment rate of
interest for the State of Georgia.

Holders of Allowed Equity Class Claims will retain their Equity
Interests in Sugarloaf and all associated rights in accordance with
Sugarloaf’s written operating agreements.  Provided that all
Allowed Administrative Claims, Allowed Priority Claims and all
Allowed Claims in Classes 1, 2 and 3 are paid in full, Holders of
Allowed Equity Class Claims and Allowed Equity Claims will receive
a pro rata distribution of any assets remaining in Sugarloaf's
Estate as and when Sugarloaf's Assets are sold and liquidated to
Cash.

The Plan Assets will be liquidated to Cash, and sold or otherwise
disposed of in accordance with the provisions of the Plan and any
orders approving the sale of any property of the Estates. All
proceeds of such dispositions shall be used for the performance of
the obligations set forth in the Plan, and shall not be subject to
any Claim by any entity except as provided in the Plan.

A full-text copy of the Trustee's Disclosure Statement dated
February 18, 2020, is available at https://tinyurl.com/uqpwoy4 from
PacerMonitor at no charge.

Attorneys for Ronald L. Glass:

      Frank W. DeBorde
      Lisa Wolgast
      MORRIS, MANNING & MARTIN, LLP
      3343 Peachtree Road, N.E., Suite 1600
      Atlanta, Georgia 30326
      Tel: (404) 233-7000

                About Bay Circle Properties, et al.

Bay Circle Properties, LLC, DCT Systems Group, LLC, Sugarloaf
Centre, LLC, Nilhan Developers, LLC, and NRCT, LLC, own 16
different real properties including significant undeveloped
acreage.  The properties also include office and warehouse
buildings, retail shopping centers and free standing single tenant
buildings.

Bay Circle Properties, et al., filed Chapter 11 bankruptcy
petitions (Bankr. N.D. Ga. Case Nos. 15-58440 to 15-58444) on May
4, 2015.  The Chapter 11 cases are jointly administered.  In the
petition signed by Chuck Thakkar, manager, Bay Circle estimated $1
million to $10 million in assets and liabilities.

The Debtors tapped John A. Christy, Esq., J. Carole Thompson
Hord,Esq., and Jonathan A. Akins, Esq., at Schreeder, Wheeler &
Flint, LLP, as bankruptcy attorneys.  The Debtors engaged RG Real
Estate, Inc., as real estate broker.

Ronald L. Glass was appointed as Chapter 11 trustee for the
Debtors.  The trustee tapped Morris, Manning & Martin, LLP as his
bankruptcy counsel; GlassRatner Advisory & Capital Group, LLC as
his financial advisor; and Nelson Mullins Riley & Scarborough LLP
as special counsel.


BAYPORT CORPORATION: Hires John Blue Realty as Real Estate Broker
-----------------------------------------------------------------
Bayport Corporation, Ltd., seeks authority from the U.S. Bankruptcy
Court for the Northern District of Alabama to employ John Blue
Realty, LLC, as real estate broker to the Debtor.

Bayport Corporation requires John Blue Realty to market and sell
the Debtor's real estate holdings in the Chapter 11 bankruptcy
proceedings.

John Blue Realty will be paid a commission of 8% of the sales
price.

To the best of the Debtor's knowledge the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

John Blue Realty can be reached at:

     John Blue Realty, LLC
     218 Randolph Ave SE
     Huntsville, AL 35801
     Tel: (256) 705-5475

                  About Bayport Corporation

Bayport Corporation Ltd., based in Decatur, AL, filed a Chapter 11
petition (Bankr. N.D. Ala. Case No. 20-80471) on Feb. 13, 2020.  In
the petition signed by Rex Rankin, owner, the Debtor was estimated
to have $1 million to $10 million in both assets and liabilities.
PARKMAN, SHEPARD & MORRIS, P.C., serves as bankruptcy counsel to
the Debtor.


BOARDRIDERS INC: Moody's Cuts CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded Boardriders, Inc.'s ratings,
including the corporate family rating to Caa1 from B3, probability
of default rating to Caa1-PD from B3-PD, and secured term loan
rating to Caa1 from B3. The outlook is stable.

"The downgrade reflects our expectation that free cash flow will
remain negative in fiscal 2020 due to ongoing acquisition synergy
spending as well as incremental investments in its new multi-year
growth agenda," stated Mike Zuccaro, Moody's Vice President and
Senior Analyst. "In addition, Boardriders net leverage financial
covenant is set to contractually tighten in its first and third
fiscal quarters, and with ongoing cash outflows, net debt will
likely not improve enough to keep pace, leading to a potential
covenant breach if not addressed over the very near term. The
company has the support of its sponsor, and is actively in
discussions with its bank group."

Over the past two years, Boardriders has made significant progress
integrating its acquisition of Billabong. Profitability and credit
metrics have improved largely through the realization of
significant synergies, with more expected to come in 2020. However,
the costs to obtain these savings have been high, as anticipated,
requiring significant uses of cash. Having achieved a large portion
of expected synergies, the company has now begun to reinvest back
into the business through a series of targeted growth initiatives,
which will likely result in a continued use of cash in 2020. Given
ongoing challenges in the global apparel market, execution risk
remains high.

Moody's took the following rating actions:

Downgrades:

Issuer: Boardriders, Inc.

Corporate Family Rating, downgraded to Caa1 from B3

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

Gtd Senior Secured Term Loan, downgraded to Caa1 (LGD3) from B3
(LGD3)

Outlook Actions:

Issuer: Boardriders, Inc.

Outlook, remains stable

RATINGS RATIONALE

Boardriders' Caa1 rating reflects continued execution and
integration risks associated with the April 24, 2018 acquisition of
Billabong International Limited. Having increased revenue by over
65%, the transaction was large; coming on the heels of its February
2016 exit from Chapter 11 bankruptcy and while both companies were
in the midst of implementing operational turnaround efforts. While
significant integration progress has been made over the past two
years, there still remains some level of execution risk in light of
ongoing challenges in the global apparel and footwear industry.
While potential synergies are significant, and have increased since
the transaction closed, the costs to obtain these savings have been
high. Continued synergy-related cash outlays, when combined with
increased investments related to its growth agenda, will require
ongoing uses of cash in fiscal 2020. Net debt will remain elevated
due to continued borrowing under its revolving credit facilities.

Positive consideration is given to the strategic benefits of the
Billabong acquisition, which combined the two premier companies in
the global action sports apparel industry with complementary
business philosophies, product offerings and geographic footprints.
The company benefits from larger combined scale that should
continue to drive significant cost savings. With a portfolio of
well-known brand names, the combined company holds a solid market
position in a highly fragmented global industry. Having implemented
its turnaround strategy after emerging from bankruptcy in February
2016, Boardriders has developed a track record of success. Moody's
expects continued synergy related gross margin improvement over the
next 12-18 months. Credit metrics have improved over the past year,
with interest coverage, as measured by EBITA/interest, improving to
around 1.5 times and lease-adjusted debt/EBITDA improving in to
below 4.5 times.

Liquidity is weak given the need to address a potential covenant
breach over the very near term. Outside of this, liquidity is
supported by Moody's expectation that balance sheet cash and excess
revolver availability, while heavily used, will sufficiently cover
cash flow needs over the next 12-18 months.

Consumers are also increasingly mindful of sustainability issues,
the treatment of work-force, data protection and the source of the
products. While various initiatives may not essentially translate
into direct credit implications, over time these factors can impact
brand image. Thus, like all retailers, the company will have to
continue to work towards sourcing transparency and investments in a
sustainable supply chain. To this end, as part of its multi-pillar
growth agenda, the company will launch a new centralized
sustainability platform to align and strengthen its corporate and
brand sustainability efforts.

The stable outlook reflects Moody's expectation that Boardrider's
leverage will remain moderate and, that the company will address
potential covenant issues and maintain adequate liquidity as it
implements its integration and growth plans.

Ratings could be downgraded if liquidity deteriorates due to an
inability to obtain longer term covenant relief with ample cushion,
or if negative free cash flow intensifies or persists beyond 2020
due to integration-related or other operational challenges.

Ratings could be upgraded if Boardriders is able to address
potential covenant issues and generate positive free cash flow.
Quantitatively, an upgrade would require EBITA/Interest maintained
in excess of 1.25 times.

Boardriders, Inc. designs and distributes branded apparel,
footwear, accessories, and related products under six primary
brands including Quiksilver, Billabong, ROXY, DC Shoes, RVCA and
Element. The company is majority owned by funds managed by Oaktree
Capital Management, L.P.

The principal methodology used in these ratings was Apparel
Methodology published in October 2019.


BRETON L. MORGAN: Plan Hearing Reset to March 10
------------------------------------------------
Breton L. Morgan, M.D., Inc., filed a motion to continue the Feb.
25, 2020 confirmation hearing on the Debtor's pending Chapter 11
Plan of Reorganization.

Judge Patrick M. Flatley has ordered that that a hearing will be
held on Tuesday, March 10, 2020, at 11:00 a.m., by telephone, to
consider and act upon confirmation of the Plan of Reorganization
and any objection thereto timely filed with the Court.

Counsel for the Debtor:

     Joe M. Supple
     SUPPLE LAW OFFICE, PLLC
     801 Viand Street
     Point Pleasant, WV 25550
     Tel: 304-675-6249
     E-mail: joe.supple@supplelawoffice.com

                 About Breton L Morgan Md Inc.

Breton L Morgan Md Inc is a Medical Group that has only one
practice medical office located in Point Pleasant WV.  There is
only one health care provider, specializing in General Practice,
Internal Medicine, being reported as a member of the medical group.
Medical taxonomies which are covered by Breton L Morgan Md Inc.
include Family Medicine.

Breton L Morgan Md Inc. filed a Chapter 11 petition (Bankr.
S.D.W.V. Case No. 18-30195) on April 27, 2018, estimating under $1
million in both assets and liabilities.  The case is assigned to
Judge Frank W. Volk.

Joe M. Supple, Esq., at Supple Law Office, PLLC, is the Debtor's
counsel.


BSVH INC: Seeks to Hire Lancaster & Lancaster as Counsel
--------------------------------------------------------
BSVH, Inc., seeks authority from the U.S. Bankruptcy Court for the
Western District of Arkansas to employ Lancaster & Lancaster Law
Firm, P.L.L.C., as counsel to the Debtor.

BSVH, Inc. requires Lancaster & Lancaster to:

   a. provide legal advice to the Debtor, as Debtor in
      Possession, with respect to its powers and duties as Debtor
      in Possession of its business and management of the
      estate’s property;

   b. provide legal advice and service to the Debtor, as Debtor
      in Possession with necessary applications, answers, orders,
      reports, complaints, motions and to appear before the
      Bankruptcy Court and any other court in reference thereto;
      and

   C. perform any and all other legal services for Debtor in
      Possession that may be necessary to effectuate a
      reorganization of the Debtor's financial affairs.

Lancaster & Lancaster will be paid at these hourly rates:

     Attorneys                $250
     Paralegals               $100
     Legal Assistants         $75

Lancaster & Lancaster will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jennifer M. Lancaster, a partner at Lancaster & Lancaster Law Firm,
P.L.L.C., assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Lancaster & Lancaster can be reached at:

     Jennifer M. Lancaster, Esq.
     LANCASTER & LANCASTER LAW FIRM, PLLC
     P.O. Box 1295
     Benton, AR 72018
     Tel: (501) 776-2224
     Fax: (501) 778-6186
     E-mail: jennifer@thelancasterlawfirm.com

                        About BSVH Inc.

BSVH, LLC, based in Hot Springs National, AR, filed a Chapter 11
petition (Bankr. W.D. Ark. Case No. 20-70365) on Feb. 7, 2020. In
the petition signed by Matthew Valentine, president, the Debtor was
estimated to have $1 million to $10 million in assets and up to
$50,000 in liabilities.  Jennifer M. Lancaster, Esq., at Lancaster
& Lancaster Law Firm, P.L.L.C., serves as bankruptcy counsel.


BUZZ TEAM: Court Confirms Chapter 11 Plan
-----------------------------------------
Judge Mindy A. Mora has ordered that the Plan is CONFIRMED as to
DEBTOR BUZZ TEAM MARKETING LLC.

Insofar as the Debtor prematurely commenced making plan payments to
Class 1 Creditor PNC Bank, N.A., all such payments will be applied
to the total distribution payable to the holder of the Class 1
claim.

Treatment of the claim in Class 1 is clarified to reflect that PNC
Bank, N.A. by agreement will forbear from collecting against the
guarantor provided that distributions to the holder of the Class 1
claim are timely made, and will waive further recourse against the
guarantor if all obligations to the holder of the Class 1 claim are
fulfilled, and in such event, PNC Bank N.A. will waive any
distribution on account of its unsecured claims.

On or before the effective date of the Plan, the Debtor shall pay
to the United States Trustee the appropriate sum required pursuant
to 28 U.S.C. § 1930(a)(6) for the periods prior to the
confirmation of the Plan and simultaneously provide to the United
States Trustee an appropriate affidavit indicating the cash
disbursements for the relevant period.

The Court shall conduct a post-confirmation status conference on
April 14, 2020 at 1:30 p.m. at the United States Bankruptcy Court
for the Southern District of Florida, West Palm Beach Division,
Courtroom A, Flagler Waterview Building, 1515 North Flagler Drive,
West Palm Beach, Florida 33401, to determine (i) whether the Debtor
has complied with the provisions of this Order, and (ii) whether
the disbursing agent and the Debtor have timely filed the required
Final Report of Estate and Motion for Final Decree Closing Case.

                    About Buzz Team Marketing

Buzz Team Marketing LLC, a marketing consultant in Riviera Beach,
Fla., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 19-16858) on May 23, 2019. In the
petition signed by Michael Basilicato, manager, the Debtor
disclosed $128,482 in assets and $3,086,690 in liabilities. The
case has been assigned to Judge Mindy A. Mora.  The Debtor tapped
Julianne Frank, P.A., as its legal counsel.  

The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case.


C AND N TRANSPORT: May 2 Filing Deadline of Plan and Disclosures
----------------------------------------------------------------
Judge Caryl E. Delano in Middle District of Florida, has entered an
order setting May 2, 2020 deadline for C and N Transport LLC, to
file a plan and disclosure statement.

If the Debtor fails to file a Plan and Disclosure Statement by the
Filing Deadline, the Court shall issue an Order to Show Cause why
the case should not be dismissed or converted to a Chapter 7 case
pursuant to section 1112(b)(1) of the Bankruptcy Code.

A full-text copy of the Order dated February 24, 2020, is available
at
https://tinyurl.com/we52hqe from PacerMonitor.com at no charge.

                   About C and N Transport

C and N Transport LLC, a transportation services provider based in
Cape Coral, Fla., sought bankruptcy protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00427) on Jan.
21, 2020.  In the petition signed by Cynthia Trayner, member, the
Debtor was estimated to have up to $50,000 in assets and $1 million
to $10 million in liabilities.  Michael R. Dal Lago, Esq. at Dal
Lago Law, serves as the Debtor's counsel.


CABRERA INVESTMENTS: Amended Plan Addresses Objections
------------------------------------------------------
Cabrera Investments, LLC, filed a First Amended Plan of
Reorganization and a First Amended Disclosure Statement on Feb. 24,
2020.

On November 19, 2019, the Debtor filed its initial Plan and
Disclosure Statement. Objections to the Disclosure Statement were
filed on January 8, 2020 by Readycap Lending and on Jan. 16, 2020
by Bank of America.  Since the date(s) of the Disclosure Statement
Objections, the Debtor, through counsel, has been working with
counsel for Readycap Lending and Bank of America, to resolve the
Disclosure Statement Objections and achieve a consensual plan of
reorganization.

The Debtor believes that the Amended Plan achieves that objective.

The Cash Flow Projections include historical information and
projected income information relating not only to the Debtor, but
to DLCPA, a well.

Readycap Lending, LLC, has a total claim of $547,503.  Pursuant to
the Plan, Readycap Lending's claim will be reclassified as an
allowed secured claim in the amount of $311,500, and as an allowed
unsecured claim for $236,003.

As to the Class 3 Secured Claim of Readycap Lending, any adequate
protection payments that the Debtor has made to Readycap Lending
prior to the date of the Confirmation Order shall be applied solely
to interest, and shall not in any way reduce the principal amount
of the secured claim in the amount of $311,500.  The secured claim
will be paid at the prime rate (fixed as of the date of the
Confirmation Order) over 15 years (180 months).  Monthly payments
shall begin on the first day of the month following the Effective
Date of the Plan, and shall continue on the first day of every
month thereafter.  For the first 5 years (60 months), the Readycap
Secured Claim amount will be amortized based upon a 30 year
amortization.  Starting in Month 61, the Adjusted Readycap Secured
Claim amount shall be paid over 10 years (120 months), fully
amortized at the Applicable Interest Rate.

The allowed undersecured claim, in the amount of $236,003, will be
paid in accordance with Class 6 unsecured creditors. In addition,
Ladys Cabrera and DLCPA agree that Readycap Lending may pursue and
be entitled to a Consent Final Judgment against them, for the
amount of any indebtedness on account of their guarantee of the
Debtor's obligation to Readycap Lending. Execution of the Consent
Final Judgment shall be withheld during the Readycap Payment
Period, so long as the Debtor remains in compliance with all of the
terms of the Plan and the Confirmation Order

General Unsecured Claims in Class 6 totaling $559,105 are impaired.
Such creditors will receive a distribution of 10% of the amount of
their claims, paid over 60 months from the Effective Date of the
Plan.  Payments shall be made in 20 equal quarterly payments
aggregating $2,796 each, with no interest, which will begin on the
first day of the month following the Effective Date of the Plan,
and continue on the first day of every quarter thereafter.

A full-text copy of the First Amended Disclosure Statement dated
February 24, 2020, is available at https://tinyurl.com/rwdcmlf
from PacerMonitor.com at no charge.

Co-Counsel for the Debtor:

     Zach B. Shelomith
     LEIDERMAN SHELOMITH ALEXANDER + SOMODEVILLA, PLLC
     2699 Stirling Road, Suite C401
     Fort Lauderdale, Florida 33312
     Tel: 954.920.5355
     Fax: 954.920.5371
     E-mail: zbs@lsaslaw.com

     Ricardo A. Rodriguez
     RODRIGUEZ LAW, P.L.
     900 W 49 Street, Suite 505
     Hialeah, Florida 33012
     Tel: 305.262.8226
     E-mail: ricardo@rdgzlaw.com

                 About Cabrera Investments

Based in Hialeah, Florida, Cabrera Investments, LLC, filed a
voluntary petition under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Case No. 18-19175) on June 30, 2018, estimating
$100,001 to $500,000 in total assets and $500,001 to $1 million in
total liabilities.

Ricardo A. Rodriguez, Esq., of the law firm of Rodriguez Law, P.L.,
is the Debtor's counsel.  Zach B. Shelomith, Esq. of the law firm
of Leiderman Shelomith Alexander + Somodevilla, PLLC, is the
Debtor's co-counsel.


CAH ACQUISITION 11: Selling All Assets to Lauderdale for $4.5M
--------------------------------------------------------------
CAH Acquisition Company 11, LLC, asks the U.S. Bankruptcy Court for
the District of Kansas to authorize the bidding procedures in
connection with the sale of substantially all assets to Lauderdale
Community Hospital, LLC for a cash purchase price of $4.5 million
at closing plus assumption of the Assumed Liabilities, subject to
overbid.

Prior to the Petition Date, the Debtor owned and operated the
Lauderdale Community Hospital, a critical access hospital located
in Ripley, Tennessee.  Since the Petition Date, the Debtor has
worked diligently toward providing continued healthcare treatment
and services by the Lauderdale Community Hospital to the citizens
of Lauderdale County, Tennessee and surrounding counties.  

Prior to filing the bankruptcy petition, Stone Bank filed a civil
action against the Debtor on Jan. 8, 2019 in the Chancery Court of
Lauderdale County, Tennessee (Case No. 15859).  Subsequently, on
Jan. 14, 2019, the Debtor removed the Civil Action to the U.S.
District Court for Western District of Tennessee (Case No.
19-02040).

At the time of removal, Stone Bank had pending requests in state
court for the appointment of a receiver and other injunctive
relief.  Stone Bank had been, at the time of removal, granted a
Temporary Restraining Order by the Chancery Court.  The District
Court extended the TRO until the entry of a subsequent order which
appointed Marianna Williams, Special Master, and as Special Master
she was directed to obtain, review and evaluate the financial
records and operations of the Debtor and make a report to the
District Court of her findings by the close of business on Feb. 18,
2019.

A final hearing was held on Feb. 21, 2019 to determine whether to
grant Stone Bank's request for the appointment of a receiver.  The
District Court found that there were sufficient grounds for the
appointment of a receiver for the Debtor, and the Court orally
granted the Motion for Appointment of Marianna Williams.  The Court
entered the Order Appointing Receiver and Granting Related
Injunctive Relief on Feb. 27, 2019.

With Receiver Order, the District Court issued a stay of all acts,
actions or proceedings to obtain possession of, exercise control
over, or enforce a judgment against receivership property and to
enforce a lien against receivership property to the extent the lien
secures a claim against Debtor. The stay applied to any judgment
creditor seeking to enforce a judgment against any funds in
Debtor's account(s).

On March 6, 2019, an Expedited Motion for Authority to File
Bankruptcy was filed with the District Court, seeking approval to
allow Ms. Williams to file a petition for relief under the
Bankruptcy Code.  On March 7, 2019, the District Court granted Ms.
Williams' Motion for Authority to file Bankruptcy, thereby giving
Ms. Williams the authority to file the instant case.  Subsequently,
on March 13, 2019, the District Court clarified its March 7, 2019
order and specifically granted Ms. Williams all rights, powers and
duties of DIP and that she be authorized to not only administer the
assets of the Debtor but also to act for and on behalf of the
Debtor.

Since her appointment over the Debtor's assets, Ms. Williams has
become familiar with the business of the Debtor.   As a part of
efforts to stabilize the operations of Lauderdale Community
Hospital, a management agreement was negotiated with Cohesive
Healthcare Management + Consulting, LLC.  Since the execution of
the management agreement, Cohesive has handled the day to day
management of the hospital.

With the assistance and support of Stone Bank, the Receiver
instituted a marketing campaign for the sale of the assets of the
Debtor.

The Debtor asserts that, given the nature of the hospital industry
and the status of current operations that it is imperative to
promptly seek a sale of substantially all of its assets.  It
proposes to effectuate a sale of the assets of Lauderdale Community
Hospital pursuant to certain bidding and sale procedures as
authorized by the Court.

The Debtor received the Stalking Horse Bid in the form of an Asset
Purchase and Sale Agreement from the Proposed Buyer to purchase
certain assets as that term is defined in the Proposed APA for a
cash purchase price of $4.5 million at closing plus assumption of
the Assumed Liabilities.  The Proposed Purchase Price will be
funded by the Proposed Buyer through a combination of cash funded
directly by the Proposed Buyer and the Buyer's Financing.  

The Proposed APA provides for, among other things, the Sale of the
Acquired Assets free and clear of any and all liens, claims,
encumbrances, and other interests, along with the assumption of
certain executory contracts and unexpired leases.  The Acquired
Assets constitute substantially all of the Debtor's assets, but do
not include estate causes of action.

In connection with maximizing the value of the Debtor's estate, the
Debtor asks to establish reasonable bid and sales procedures in
order to solicit higher and better cash offers for the Acquired
Assets and to provide for an auction, if necessary.  To that end,
the Debtor requests entry of an order establishing bidding
procedures and an order authorizing the Sale of the Purchased
Assets to Lauderdale Community Hospital, LLC or such other party
(or parties) that may submit a higher and better offer for the
Acquired Assets.  

Additionally, in connection with the Bidding Procedures, the Debtor
asks the Court's approval of the form and manner of notices to be
provided to counterparties to potentially assumed and assigned
executory contracts or unexpired leases, which will include the
amounts that the Debtor believes is necessary to cure any defaults
thereunder.  

The Debtor proposes the following timeline:

     a. Bid and Sale Procedures, Bid Protections Hearing - Feb. 18,
2020 at 11:00 a.m. (CT)

     b. Solicitations of Competing Bids - Commenced immediately
after entry of the Bidding Procedures Order

     c. Notice to Contract/Lease Parties of Potential Assignment or
Rejection - Commenced immediately after entry of the Bidding
Procedures Order

     d. Proposed Cure Schedule - March 1, 2020

     e. Competing Bid Deadline - March 13, 2020, at 10:00 a.m. (CT)


     f. Auction, if necessary, and Announce Results - March 16,
2020, at 1:00 p.m. (CT)

     g. Contract/Lease and Sale Hearing Objection Deadline - March
13, 2020, at 5:00 p.m. (CT)

     h. Sale Hearing - March 17, 2020, at 11:00 a.m. (CT)

     i. Closing Deadline - March 31, 2020

The Debtor notes the following important aspects of the Sale Motion
and Bidding Procedures:

     a) At this time, none of the assets are contemplated to be
sold to an "insider" within the meaning of 11 U.S.C. Section
101(31).  Neither the Proposed Buyer nor the members of the
Proposed Buyer are insiders of the Debtor.

     b) At this time, the Debtor does not anticipate any private
sale or elimination of competitive bidding.

     c) At this time, the Debtor anticipates that the only
deadlines that may effectively limit notice involve the potential
supplemental notice(s) to parties to executory contracts and
unexpired leases, after the Bid eadline and Auction, if any. These
limited notice circumstances are unavoidable under the
circumstances and mitigated by the general notice being provided to
all parties in interest.

     d) The Debtor is requesting to have the Sale declared exempt
from taxes under 11 U.S.C. Section 1146(a).  The Debtor will
provide notice of the Sale Motion to the relevant taxing
authorities.

     e) At this time, the Debtor anticipates transferring some of
the Debtor's business records relating to the ongoing operation of
the Lauderdale Community Hospital as part of the Sale process, but
also anticipates arranging to have adequate access to, such
business records as are needed to pursue any further activity in
the case after the Closing.

     f) At this time, the Debtor does not anticipate selling any
avoidance actions under Chapter 5 of the Bankruptcy Code.

     g) By the Sale Motion, the Debtor seeks relief from the 14-day
stay imposed by Fed. R. Bankr. P. 6004(h) and 6006(d) for the
reasons noted.

The other salient terms of the Bidding Procedures are:

     a. Initial Bid: The bid must offer a purchase price of at
least $200,000 more than the Proposed Purchase Price set out in the
Proposed APA of the Proposed Buyer and must contain terms and
conditions no less favorable to Debtor than the terms and
conditions of the Proposed APA.

     b. Deposit: 5% of the aggregate proposed purchase price in the
Overbid

     c. Bid Increments: $50,000

     d. The Debtor acknowledges that Stone Bank will be entitled to
credit bid at the Auction.  If and only to the extent that any
other creditor may claim a security interest in or lien on the
assets to be sold at Auction, such creditor will be permitted to
exercise its credit bid rights only if such creditor's bid includes
cash in an amount (a) necessary to pay the secured claims of Stone
Bank in full, or (b) otherwise satisfactory to Stone Bank.

     e. Bid Protection: $100,000 Break-Up Fee) and the Expenses
capped at $50,000

The Proposed APA includes provisions (Sections 3.2 and 3.3) whereby
the Proposed Buyer may ask the Debtor to assume and assign certain
executory contracts and unexpired leases.  The Debtor also
anticipates that, in the event of an Auction, a Successful Bid at
the Auction may include provisions requesting that the Debtor
assume and assign, or reject, certain unexpired leases or executory
contracts, which may or may not be the same as those requested by
the Proposed Buyer.

In addition, the Proposed Buyer may add or delete other proposed
Acquired Assets at or before the Auction.  The Debtor also
anticipates that, in the event of an Auction, a Successful Bid at
the Auction may add or delete Acquired Assets not specified in the
Proposed APA.  However, the Debtor does not know exactly which
tangible assets may be included or excluded at this time.

The Debtor also asks that the Sale Order provide that the Sale of
the Acquired Assets is free and clear of any interest held by any
third party in any of the assets to be sold.

Based on the results of analysis of the Debtor's ongoing and future
business prospects and the ownership status of the Debtor, it is
asserted that a Sale as a going concern in accordance with the
process set forth in the Bidding Procedures is the best method to
maximize recoveries and ensure that the value of the Debtor's
assets is maintained for the benefit of its creditors and estate.
Maximization of asset value is a sound business purpose, warranting
authorization of the Sale.

In light of the current circumstances and financial condition of
the Debtor and the Bankruptcy Estate, the Debtor asserts that in
order to maximize value and preserve jobs, the sale of the Acquired
Assets should be consummated as soon as practicable.  Accordingly,
the Debtor requests that the Sale Order be effective immediately
upon entry of such order and that the 14-day stay under Bankruptcy
Rules 6004(h) and 6006(d) be waived.

The Debtor respectfully asks that the notice be shortened and an
expedited hearing be set to take up the Debtor's requests in the
Sale Motion.

A copy of the Agreement and the Bidding Procedures is available at
https://tinyurl.com/t8p8xog from PacerMonitor.com free of charge.

              About CAH Acquisition Company 11

CAH Acquisition Company 11, LLC, which conducts business under the
name Lauderdale Community Hospital, is a provider of health care
services including diagnostic and therapeutic services, 24-hour
emergency care, convenient and specialized outpatient resources,
and pharmaceutical services and other services.

CAH Acquisition Company 11 sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 19-22020) on March
8, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $1 million and $10 million and liabilities
of the same range.

The case has been assigned to Judge Paulette J. Delk.  

Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, is the Debtor's
legal counsel.

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

On Feb. 27, 2019, Marianna Williams was appointed as receiver.


CAPITAL RESTAURANT: Wants to Move Exclusivity Period to April 3
---------------------------------------------------------------
Capital Restaurant Group, LLC asked the U.S. Bankruptcy Court for
the Northern District of Georgia to extend the time within which
the Debtor may file and solicit acceptances of a chapter 11 plan
through April 3 and May 31, respectively.

Since the Petition Date, the Debtor has taken significant steps
toward stabilizing its cash flow and reorganizing. Most notably,
the Debtor has closed seven of its locations and rejected the
leases and franchise agreements related thereto, thereby
eliminating related losses stemming from those locations and
reducing related administrative priority expenses for post-petition
rent and royalty payments, among other things.

The Debtor believes that the closure of the underperforming
locations should dramatically improve its cash flow and its ability
to fund ongoing operations and other expenses and ultimately to
achieve a successful outcome in the case. However, the Debtor's
business is extremely seasonal, and the effects of the Debtor's
steps to reorganize will not be fully realized until the Debtor
enters into its busy summer season.

In addition, the Debtor recently filed a motion for pre-petition
financing, which was denied. The Debtor asserts that without such
financing in place, it will need to explore alternatives to
achieving a successful reorganization, which it is currently doing,
but which takes time.

              About Capital Restaurant Group, LLC

Capital Restaurant Group, LLC owns and operates 17 restaurants in
South Carolina under franchise agreements with Burger King
Corporation.  It employs over 400 people in the greater Orangeburg,
Charleston, and Myrtle Beach communities, and employs up to 600
people during its peak season.

Capital Restaurant Group filed a voluntary Chapter 11 petition
(Bankr. N.D. Ga. Case No. 19-65910) on Oct. 10, 2019.  At the time
of the filing, the Debtor had estimated assets of between $10
million and $50 million and liabilities of between $1 million and
$10 million.  

The case is assigned to Judge Wendy L. Hagenau.  Benjamin Keck at
Rountree, Leitman & Klein, LLC, represents the Debtor as counsel.

The Office of the U.S. Trustee on Nov. 12, 2019, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Debtor's case.



CAROLINA INTERNATIONAL: S&P Suspends 'BB+' Revenue Bond Rating
--------------------------------------------------------------
S&P Global Ratings suspended its 'BB+' long-term rating on Public
Finance Authority, Wis.' series 2013 and series 2018 education
revenue bonds, issued for Carolina International School (CIS),
N.C.

"The rating action reflects our view of the school's delayed
release of its 2019 annual financial report and missing demand
information, which we view as necessary to maintain a rating in
accordance with our applicable criteria and policies," said S&P
Global Ratings credit analyst Robert Tu.

Based on a public filing, S&P understands the school's fiscal 2019
financial statement could be released by May 2020.

If CIS fails to provide the requested information within 90 days of
the rating suspension, this will result in S&P's withdrawal of the
affected rating, preceded, in accordance with its policies, by any
change to the rating that it considers appropriate given available
information. However, if S&P receives information that it considers
sufficient and of satisfactory quality, it will subsequently
conduct a review and take a rating action.


CASCADE ACQUISITION: Taps Will B. Geer as Legal Counsel
-------------------------------------------------------
Cascade Acquisition Partners LLC received approval from the U.S.
Bankruptcy Code for the Northern District of Georgia to hire The
Law Office of Will B. Geer, LLC as its legal counsel.

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

     (a) prepare pleadings and applications;

     (b) conduct examination;

     (c) advise the Debtor of its rights, duties and obligations;

     (d) consult with and represent the Debtor with respect to a
Chapter 11 plan; and

     (e) provide legal services incidental and necessary to the
day-to-day operations of the Debtor's business, including general
business and corporate legal advice and the prosecution of
necessary legal proceedings.

Will B. Geer will be paid at these hourly rates:

     Attorney                      $400
     Legal Assistants              $150

The firm received a post-petition retainer of $15,000 from an
affiliate of the Debtor.

Will Geer, Esq., assures the court that he and his firm neither
hold nor represent any interest adverse to the Debtor and its
bankruptcy estate.

The firm can be reached through:

     Will B. Geer, Esq.
     Wiggam & Geer, LLC
     50 Hurt Plaza, SE, Suite 1150
     Atlanta, GA 30303
     Tel: (678) 587-8740
     Fax: (404) 287-2767
     Email: wgeer@wiggamgeer.com

                 About Cascade Acquisition Partners

Cascade Acquisition Partners, LLC filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
20-60333) on Jan. 6, 2020, listing under $1 million in both assets
and liabilities.  Judge Sage M. Sigler oversees the case.  The
Debtor is represented by Will B. Geer, LLC.


CENTRAL SECURITY: S&P Downgrades ICR to 'CCC-'; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Tulsa,
Okla.-based home security and monitoring company Central Security
Group Inc. (d/b/a Alert 360 Home Security) to 'CCC-' from 'B-' with
negative outlook.

S&P also lowered its issue-level ratings on the first-lien term to
'CCC-' from 'B-' and on the second-lien term loan to 'C' from
'CCC'. The recovery ratings on the debt are unchanged.

The rating agency believes Alert 360 will find it challenging to
refinance its $50 million revolving facility by the October 2020
and the secured term loan B due October 2021 given the sharp
decline in the term loan B trading prices.

The risk of a distressed exchanged has increased as the company has
yet to make meaningful progress to improve its liquidity position.
The downgrade and negative outlook reflects the increased risk of a
payment default on Oct. 6, 2020 when the outstanding balance (about
$26.9 million as of Sept. 30, 2019) is due. The company also lacks
the capacity to repay the borrowings because it has modest cash
balances and is likely to realize ongoing cash flow deficits in the
$20 million to $25 million. The company has been engaged in
conversations with its lenders over the past five months but has
made modest progress. Moreover, the $346 million (outstanding)
first-lien term loan due October 2021 has seen a sharp decline in
trading prices which could prevent more comprehensive refinancing.
Although Alert 360 can reduce subscriber acquisition spending to
improve its cash flow position, attrition would affect revenue and
partially offset cash savings from lower investment spending.

The negative outlook reflects S&P's expectation for a payment
default over the next 6 to 12 months absent a refinancing, capital
infusion, or asset sale.

"We could lower the rating if the company defaults on its debt
obligations, distress debt exchange, or if it pursues an in- or
out-of-court restructuring," S&P said.

"We would raise our rating if we believe the company is unlikely to
default over the short term. In this scenario Alert 360 would
successfully address its near-term maturities and improve its
cushion under the financial maintenance covenants such that the
company would no longer faces near-term liquidity shortfalls," the
rating agency said.


CLEVELAND-CLIFFS INC: S&P Lowers ICR to 'B' on AK Steel Merger
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.–based
iron ore producer Cleveland-Cliffs Inc. (Cliffs) to 'B' from 'B+'
and removed it from CreditWatch with negative implications.

The downgrade follows Cliffs' entry into a definitive agreement to
acquire all shares of AK Steel Holding Corp. common stock. As part
of the transaction, Cliffs will be refinancing or exchanging
essentially all of AK Steel's debt (totaling approximately $2
billion) and consolidating it, with Cliffs as the borrower.  S&P
expects that Cliffs will have adjusted leverage above the rating
agency's current 4x downside trigger, due to a lower margin profile
and the increased debt.

Meanwhile, S&P lowered the issue-level ratings on Cliffs' senior
secured debt to 'BB-' from 'BB' and assigned a 'BB-' issue-level
rating to the new $550 million senior secured notes. In addition,
S&P lowered the issue-level ratings on Cliffs' senior unsecured
debt to 'B' from 'B+'. It also assigned a 'B' issue-level rating to
the new $400 million senior unsecured notes due 2028 and the new
senior unsecured notes due 2025 and 2027 (the exchange notes).
Finally, S&P lowered the issue-level ratings on Cliffs' senior
unsecured non-guaranteed notes to 'CCC+' from 'B-'.

S&P's assessment of Cliffs' competitive position remains
unchanged.

S&P is forecasting that the company's profitability will be notably
lower following the transaction, with adjusted EBITDA margins
falling to about 15% from 25%. Profitability may be further
weakened by moderating iron ore prices, which are returning to
average historical levels after reaching a five-year high this
summer. In addition, S&P expects restructuring and integration
costs to cut into immediate cost synergies, and anticipate the most
significant potential gains of the merger would be over a year
away. S&P expects Cliffs to remain focused on its hot briquette
iron (HBI) efforts over the next year, and estimate that the impact
of potential structural initiatives, such as restarting AK Steel's
Ashland facility and supplying it with additional pellets from
Cliffs as contracts roll off, would be beyond 2021. While this
merger dramatically improves AK Steel's cost position, this comes
at the expense of Cliffs' margins, and would likely further
increase concentration among iron ore customers. S&P considers
these factors, along with the surety of iron ore-related costs and
supply that Cliffs would provide, as better positioning AK Steel to
compete with integrated blast furnace operators in its space.
Furthermore, S&P expects the acquisition to reduce Cliffs' volatile
profitability due to AK Steel's sales agreements, particularly to
auto original equipment manufacturers. Ultimately, the new entity
will be competing against larger peers, but will benefit from
Cliffs' dominant domestic market position, controlling over 40% of
U.S. iron ore pellet capacity.

The stable outlook on Cliffs reflects S&P's expectation that
leverage will remain 5x-6x over the next year following its
acquisition of AK Steel. S&P expects this to be supported by iron
ore prices above $75 per dry metric ton and hot rolled coil (HRC)
prices around $600 per ton, while assuming limited cost overruns
associated with the construction and ramp up of Cliffs' new HBI
plant.

"We could lower our rating on Cliffs if adjusted debt to EBITDA
rises above 7x, or if EBITDA margins dip and we expect them to
remain below 10%. This could happen in the wake of sustained
weakness in steel iron ore end markets. This could also occur if
the company faces unexpected operational setbacks associated with
ongoing projects including the integration of AK Steel," S&P said.

"Given our expectations for elevated leverage due to the AK Steel
acquisition, increased capital spending, and declining iron ore and
stagnant HRC prices, an upgrade is less likely over the next year.
Nonetheless, we could raise our rating if Cliffs decreases its
adjusted leverage below 4x. Based on projected 2020 debt levels,
this could occur if adjusted EBITDA approaches $1.4 billion, or if
the company reduces its pro forma adjusted debt by at least $750
million," the rating agency said.


COLUMBIA NUTRITIONAL: Gets Approval to Hire Clyde A. Hamstreet
--------------------------------------------------------------
Columbia Nutritional, LLC received approval from the U.S.
Bankruptcy Court for the Western District of Washington to hire
Clyde A. Hamstreet & Associates, LLC to provide restructuring
services in connection with its Chapter 11 case.

Hamstreet & Associates will:

     a. prepare a financial and operational assessment of the
Debtor's viability, including findings, conclusions and
recommendations, and report such to the Debtor's managing member;

     b. implement the restructuring as approved by the Debtor's
managing member, including negotiations with the Debtor's lenders
and unsecured creditors, and assist in the preparation of documents
including cash flow projections, plan of reorganization, disclosure
statements, monthly and quarterly reports required by the court or
the U.S. trustee

     c. make all reasonable efforts to preserve the Debtor's going
concern value, effecting changes required to reach and maintain
positive cash flow.

     d. perform such other work as requested by the Debtor.

The firm's hourly rates are:

     Clyde Hamstreet   $560
     Maren Cohn        $400
     Hannah Schmidt    $400
     Jeff Anspach      $375
     Martha Cohn       $85

Clyde Hamstreet, managing member of Hamstreet & Associates, assured
the court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Clyde Hamstreet
     Hamstreet & Associates
     One SW Columbia St., Suite 1575
     Portland, OR 97204
     Tel: (503) 223-6222
     Fax: (503) 546-6579

                    About Columbia Nutritional

Columbia Nutritional, LLC -- https://www.columbianutritional.com --
is a contract manufacturer of dietary supplements based in the
Pacific Northwest.

Columbia Nutritional filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wa. Case No. 20-40353) on Feb. 6,
2020. The petition was signed by Brea Viratos, chief operating
officer. At the time of filing, the Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

Judge Brian D. Lynch oversees the case.  Thomas W. Stilley, Esq.,
at Sussman Shank LLP, serves as the Debtor's legal counsel.


COLUMBIA NUTRITIONAL: Taps Sussman Shank as Legal Counsel
---------------------------------------------------------
Columbia Nutritional, LLC received approval from the U.S.
Bankruptcy Court for the Western District of Washington to hire
Sussman Shank LLP as its legal counsel.

Sussman Shank will advise the Debtor of its duties and
responsibilities under the Bankruptcy Code; represent the Debtor in
negotiations with its creditors; analyze claims of creditors; and
assist the Debtor in the preparation of a bankruptcy plan.

The Debtor provided the firm with a retainer of $50,000, a portion
of which was applied to attorneys' fees and expenses incurred prior
to the filing of its bankruptcy case, leaving $15,228.53 as a
retainer to be applied to post-petition fees and expenses.

Thomas Stilley, Esq., a partner at Sussman Shank, assured the court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.

Sussman Shank can be reached at:

     Thomas W. Stilley, Esq.
     Jeffrey C. Misley, Esq.
     Sussman Shank LLP
     1000 S.W. Broadway, Suite 1400
     Portland, OR 97205-3089
     Tel: (503) 227-1111
     Fax: (503) 248-0130
     Email: tstilley@sussmanshank.com
             jmisley@sussmanshank.com

                    About Columbia Nutritional

Columbia Nutritional, LLC -- https://www.columbianutritional.com --
is a contract manufacturer of dietary supplements based in the
Pacific Northwest.

Columbia Nutritional filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wa. Case No. 20-40353) on Feb. 6,
2020. The petition was signed by Brea Viratos, chief operating
officer. At the time of filing, the Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

Judge Brian D. Lynch oversees the case.  Thomas W. Stilley, Esq.,
at Sussman Shank LLP, serves as the Debtor's legal counsel.        
            



COOPER-STANDARD HOLDINGS: S&P Cuts ICR to 'B'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Tier 1 auto
supplier Cooper-Standard Holdings Inc. to 'B' from 'B+', with
negative outlook.

Ongoing weakness in global light-vehicle production, wage
inflation, and commodity headwinds will prevent Cooper-Standard
from sustaining debt to EBITDA well below 5x and free operating
cash flow (FOCF) to debt approaching 5%, according to S&P.

Meanwhile, S&P lowered the rating on the company's senior secured
term loan to 'B+' from 'BB'. The recovery rating on this debt is
now '2' (rounded estimate: 75%). S&P lowered the issue-level rating
on the company's unsecured notes to 'CCC+' from 'B-' with a '6'
recovery rating (rounded estimate: 5%).

Softer volumes in key markets and ongoing profitability pressure
reduces cushion for medium-term variance in Cooper-Standard's
credit metrics before an industry downturn.  Volume weakness,
especially in Asia, and slower-than-expected ramp-up for certain
large SUV program launches in North America and ongoing pricing
pressure led to significant setbacks for Cooper-Standard in 2019,
and many of these will persist over the next two years. The company
also faces higher raw material costs and general inflation, the
combined effect of which will not be offset by cost-savings
initiatives and restructuring over the next two years.

This reduces the company's ability to withstand an economic
downturn compared to S&P's prior expectation. Debt to EBITDA at the
end of 2019 was 6.2x, higher than S&P's prior expectation mostly
due to ongoing restructuring costs, the impact of UAW strike at GM
and write-offs related to a discontinued customer relationship in
China. S&P now expects debt to EBITDA to remain around 6.0x in 2020
(almost one turn higher than the rating agency's prior forecast)
with negligible FOCF in 2020 and only a limited improvement in
2021. Cooper-Standard's volumes fared much worse than the overall
market in 2019 given its heavy customer concentration and exposure
to specific launches (Ford Explorer) and lost production from the
recent UAW strike at GM. As a midsize auto supplier, S&P believes
the company will remain susceptible to incremental pricing
pressure, which is endemic to the auto supply industry. Subpar
profitability, execution risks related to restructuring amid a
slowing macroenvironment (including rising odds of a recession in
the U.S.) and the potential reliance on its revolver to fund cash
outflows will weigh on credit quality the next 12 months.

Additionally, the coronavirus outbreak in China will further
constrain earnings in 2020 as the company will not be producing to
full capacity but will have to still support its cost base by
paying factory overheads and full-time wages to workers.

The negative outlook reflects at least a one-in-three chance for
another downgrade if ongoing softness in global auto demand leads
to credit metrics worsening beyond S&P's expectations such that
FOCF turns negative.

"We could downgrade Cooper-Standard if EBITDA margins appear
unlikely to recover toward 8%, it cannot achieve its planned
operational efficiencies, or global light-vehicle production
declines significantly over the next 12 to 18 months. A downgrade
could also occur if debt to EBITDA appeared unlikely to reduce
towards 5.0x by 2021 or if FOCF was likely to be negative," S&P
said.

"We could return the outlook to stable if Cooper-Standard appears
likely to sustain EBITDA margins approaching 8% by 2021 should
end-market volumes stabilize for its higher-margin platforms or the
company improves operating efficiencies at its manufacturing
facilities. In this scenario, despite its somewhat higher capital
expenditure (capex) requirements, Cooper-Standard would need to
maintain debt to EBITDA below 5.0x and FOCF to debt of at least
2%," the rating agency said.


CRAFTWORKS PARENT: Case Summary & 75 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: CraftWorks Parent, LLC
             3011 Armory Dr. #300
             Nashville TN 37204

Business Description: The Debtors are operators and franchisors of
                      steakhouses and craft beer brewery
                      restaurants in the U.S. with over 330
                      locations in 39 States and the District
                      of Columbia and abroad in Taiwan.  The
                      Debtors employ more than 18,000 team members

                      and corporate and other support staff,
                      including at its restaurants nationwide and
                      at offices located in Nashville, Tennessee
                      and Broomfield, Colorado.  The Debtors' four
                      largest "core" brands are (a) Logan's
                      Roadhouse, (b) Old Chicago Pizza & Taproom,
                      (c) Gordon Biersch Brewery Restaurant and
                      (d) Rock Bottom Restaurant and Brewery.  In
                      addition, the Debtors operate unique one-off
                      "specialty" restaurants such as Big River
                      Grille & Brewing Works and ChopHouse &
                      Brewery.

Chapter 11 Petition Date: March 3, 2020

Court: United States Bankruptcy Court
       District of Delaware

Thirty-eight affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                          Case No.
     ------                                          --------
     CraftWorks Parent, LLC (Lead Case)              20-10475
     Big River Breweries, Inc.                       20-10479
     Brew Moon Colorado, Inc.                        20-10480
     Chophouse License, LLC                          20-10481
     Craft Brewery Holding, Inc.                     20-10482
     CraftWorks Intermediate Co, LLC                 20-10474
     CraftWorks Restaurants & Breweries Group, Inc.  20-10483
     CraftWorks Restaurants & Breweries, Inc.        20-10484
     CraftWorks Restaurants & Breweries, LLC         20-10485
     GB Acquisition, Inc.                            20-10486
     GB Franchise, LLC                               20-10487
     GB Kansas, LLC                                  20-10488
     GB Maryland, Inc.                               20-10489
     GB Parent, Inc.                                 20-10490
     GBBR Texas, Inc.                                20-10491
     Gordon Biersch Brewery Restaurant Group, Inc.   20-10492
     Harbor East Brewery, LLC                        20-10493
     Logan's Restaurants, Inc.                       20-10476
     Logan's Roadhouse, Inc.                         20-10494
     Logan's Roadhouse of Kansas, Inc.               20-10477
     Logan's Roadhouse of Texas, Inc.                20-10478
     LRI Holdings, Inc.                              20-10495
     Old Chicago Franchising LLC                     20-10496
     Old Chicago of Colorado, Inc.                   20-10497
     Old Chicago of Kansas, Inc.                     20-10498
     Old Chicago Oregon, LLC                         20-10499
     Old Chicago Parker Crossing, Inc.               20-10500
     Old Chicago Taproom, LLC                        20-10501
     Old Chicago Westminster, Inc.                   20-10502
     Roadhouse Intermediate Inc.                     20-10503
     Roadhouse Midco Inc.                            20-10504
     Roadhouse Parent Inc.                           20-10472
     Rock Bottom Arizona, Inc.                       20-10505
     Rock Bottom License, LLC                        20-10506
     Rock Bottom of Minneapolis, Inc.                20-10507
     Wadsworth Old Chicago, Inc.                     20-10508
     Walnut Brewery, Inc.                            20-10509
     CraftWorks Holdings, LLC                        20-10473

Judge: Hon. Brendan L. Shannon

Debtors' Counsel:    Domenic E. Pacitti, Esq.
                     Michael W. Yurkewicz, Esq.
                     KLEHR HARRISON HARVEY BRANZBURG LLP
                     919 N. Market Street, Suite 1000
                     Wilmington, DE 19801
                     Tel: (302) 426-1189
                     Fax: (302) 426-9193
                     Email: dpacitti@klehr.com
                            myurkewicz@klehr.com

                        - and -

                     Morton R. Branzburg, Esq.
                     KLEHR HARRISON HARVEY BRANZBURG LLP
                     1835 Market Street, 14th Floor
                     Philadelphia, PA 19103
                     Tel: (215) 569-2700
                     Fax: (215) 568-6603
                     Email: mbranzburg@klehr.com

                        - and -

                     Steven J. Reisman, Esq.
                     Bryan M. Kotliar, Esq.
                     KATTEN MUCHIN ROSENMAN LLP
                     575 Madison Avenue
                     New York, NY 10022
                     Tel: (212) 940-8800
                     Fax: (212) 940-8876
                     Email: sreisman@katten.com


                       - and -

                     Peter A. Siddiqui, Esq.
                     KATTEN MUCHIN ROSENMAN LLP
                     525 W. Monroe Street
                     Chicago, IL 60661
                     Tel: (312) 902-5200
                     Fax: (312) 902-1061
                     Email: peter.siddiqui@katten.com

Debtors'
Investment
Banker:              CONFIGURE PARTNERS, LLC
                     3340 Peachtree Road NE
                     Suite 1010, Atlanta, GA 30326

Debtors'
Financial
Advisor:             M-III ADVISORY PARTNERS, LP
                     130 W. 42nd Street, 17th Floor
                     New York, New York 10036

Debtors'
Claims,
Noticing,
& Solicitation
Agent and
Administrative
Advisor:             PRIME CLERK LLC
                     60 E. 42nd Street, Suite 1440
                     New York, New York 10165
                     https://cases.primeclerk.com/craftworks

Debtors'
Real Estate
Advisor:             HILCO REAL ESTATE, LLC
                     5 Revere Drive, Suite 320
                     Northbrook, IL 60062

Debtors'
Strategic
Communications
Advisor:             KEKST CNC
                     437 Madison Avenue, 37th Floor
                     New York, New York 10022

Estimated Assets
(on a consolidated basis): $100 million to $500 million

Estimated Liabilities
(on a consolidated basis): $100 million to $500 million

The petition was signed by Hazem Ouf, chief executive officer.

A full-text copy of CraftWorks Parent's petition is available for
free at PacerMonitor.com at:

                      https://is.gd/Pgs6xT

List of Debtors' 75 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. National Retail Properties, LP     Landlord        Undetermined
450 S Orange Avenue, Suite 900
Orlando, FL 32801

2. NW 100 M Street LLC                Landlord        Undetermined
100 M Street SE
Washington, DC 20003

3. Harbor East-Office LLC             Landlord        Undetermined
650 South Exeter Street, Suite 200
Baltimore, MD 21202

4. Destiny USA Holdings, LLC          Landlord        Undetermined
The Clinton Exchange, 4 Clinton
Square
Syracuse, NY 13202

5. AD Investments, LLC                Landlord        Undetermined
c/o Nationwide Realty Investors,
375 North Front Street
Suite 200
Columbus, OH 43215

6. Shark Properties, LLC              Landlord        Undetermined
5109 80th Street
Lubbock, TX 79424

7. Kingyard Assets III, LLC           Landlord        Undetermined
c/o DiFalco & Fernandez, LLP, 777
Brickell Ave
Suite 360
Miami, FL 33131

8. Street Retail, Inc                 Landlord        Undetermined
1626 East Jefferson Street
Rockville, MD 20852-4041

9. PPG Shadow Real Estate LLC         Landlord        Undetermined
c/o PECO Real Estate Partners
LLC, 1790 Bonanza Drive,
Suite 201
Park City, UT 84060
Attn: Chief Operating Officer

10. Nashville West, LLC               Landlord        Undetermined
200 South Orange Ave, Suite 1375
Orlando, FL 32801

11. RDS LLC                           Landlord        Undetermined
7525 Tiffany Court
Lafayette, IN 47905

12. American Fund US Investments LP   Landlord        Undetermined
c/o Real Estate Capital Partners,
114 West 47th St
23rd Floor
New York, NY 10036

13. Greenbrier Technology Center II   Landlord        Undetermined
Associates, LLC
222 Central Park Avenue, Suite 2100
Virginia Beach, VA 23462

14. KBSIII Park Place Village, LLC    Landlord        Undetermined
800 Newport Center Drive, Suite 700
Newport Beach, CA 92660

15. AP 140 West Franklin LLC          Landlord        Undetermined
c/o RAM Realty Services, 4801
PGA Blvd.
Palm Beach Gardens, FL 33418
Attn: President

16. Cole LR Sanford FL, LLC           Landlord        Undetermined
2325 E Camelback Rd., #1100
Phoenix, AZ 85016

17. Cole LR Lancaster TX, LLC         Landlord        Undetermined
2325 E Camelback Rd., 4th Floor
Phoenix, AZ 85016

18. Madrona Morrison II, LLC          Landlord        Undetermined
210 SW Morrison Street, Suite 600
Portland, OR 97204

19. Bank of America, National         Landlord        Undetermined
Association
NC2-150-03-06, 13850 Ballantyne
Corporate Place
Charlotte, NC 28277

20. Broad Street Land Co. LLC         Landlord        Undetermined
201 W Main Street, #100
Chattanooga, TN 37408

21. Pyramid Walden Company, L.P.      Landlord        Undetermined
The Clinton Exchange, 4 Clinton
Square
Syracuse, NY 13202

22. Hawaii Lifestyle Retail           Landlord        Undetermined
Properties, LLC
c/o Aloha Tower Marketplace, 1
Aloha Tower Dr. STE 3000
Honolulu, HI 96813

23. Century Drive Investments, LLC    Landlord        Undetermined
6991 E Camelback Rd., Suite D-103
Scottsdale, AZ 95251

24. Joe Pinheiro & Sons Dairy         Landlord        Undetermined
13881 Road 120
Tipton, CA 93272

25. Levine Investments II, LLP        Landlord        Undetermined
Levine Investments
c/o Pacific Companies
1702 E Highland Ave
Suite 310
Phoenix, AZ 85016
Attn: William S. Levine

Masical, Weeks, McIntyre &
Friedlander, P.A.
2901 N Central Ave
Suite 200
Phoenix, AZ, 85012
Attn: David L. Lansky, Esq.

26. Westcor Santan Village LLC        Landlord        Undetermined
Westcor SanTan Village LLC
11411 North Tatum Blvd
Phoenix, AZ 85028

Westcor SanTan Village LLC
c/o Macerich Company
P.O. Box 2172
401 Wilshere Blvd.
Suite 700
Santa Monica, CA 90407
Attn: Legal Dept.

27. Azur Properties                   Landlord        Undetermined
115 N Elm Street, PO Box 216
West Liberty, IA 52776

28. Coronado Center LLC               Landlord        Undetermined
Coronado Center, 350 N Orleans St,
STE 300
Chicago, IL 60654-1607

29. EMC4, LLC                         Landlord        Undetermined
c/o Bluestone & Hockley, 9320 SW
Barbur Blvd.
Suite 300
Portland, OR 97219

30. Evin-Longmont, LLC                Landlord        Undetermined
c/o Shames-Makovsky Realty Co.,
1400 Glenarm Place
Suite 201
Denver, CO 80202

31. Speedway Properties and B and J   Landlord        Undetermined
Partnership
340 Victory Lane
Lincoln, NE 68528

32. Union Block Associates, LLC       Landlord        Undetermined
817 West Franklin St
Boise, ID 83702

33. Southlands TC, LLC                Landlord        Undetermined
c/o M & J Wiklow Properties LLC,
20 South Clark Street
Suite 3000
Chicago, IL 60603

34. Baruch Cedar Hill LLC             Landlord        Undetermined
587 Fifth Avenue
New York, NY 10017

35. WRI Ridgeway LLC                  Landlord        Undetermined
P.O Box 924133
Houston, TX 77292

36. Cole LR Opelike AL, LLC           Landlord        Undetermined
2325 E Camelback Rd., #1100
Phoenix, AZ 85016

37. P&M Investment Company 1, LLC     Landlord        Undetermined
2 Buckhead Abbey
Nashville, TN 37215

38. Haidar Estates, LLC               Landlord        Undetermined
1601 S Cage Blvd, Suite B
Pharr, TX 78577

39. Ohio County Development           Landlord        Undetermined
Authority
1500 Chapline Street, Room 215
Wheeling, WV 26003

40. JR Real Estate, LLC               Landlord        Undetermined
3309 Collins Lane
Louisville, KY 40245

41. Seritage SRC Finance LLC          Landlord        Undetermined
c/o Seritage Growth Properties, LP,
54 W 40th St, Suite 10N
New York, NY 10018

42. Paddock Center/Logan's LLC        Landlord        Undetermined
1700 SE 19th St, Suite 300
Orlando, FL 34471

43. Wells Fargo Bank, National     Unsecured Note      $34,000,000
Association
MAC D1109-019
1525 West W.T. Harris Blvd.
Charlotte, NC 28262
Email: agencyservices.requests@wellsfargo.com

44. Marblegate Special             Unsecured Note       $8,234,659
Opportunities Master Fund, L.P.
80 Field Point Road
Greenwich, CT 06830
Email: notices@marblegate.com

45. FS KKR Capital Corp (f/k/a FS  Unsecured Note       $7,305,209
Investment Corporation)
201 Rouse Boulevard
Philadelphia, PA 19112

KKR Credit Advisors (Ireland)
75 St. Stephen's Green
Dublin, Ireland

Ryan O'Hagan
Email: credit.notices@fsinvestments.com;
       kkrcreditlegal@kkr.com;
       FSIC_Team@fsinvestments.com;
       CreditMiddleOffice--AMER@kkr.com

46. US Foodservice                 Trade Creditor       $6,524,235
3682 Collection Center Dr
Chicago, IL 60693-0003
Cynthia Akines
Tel: (800) 323-1004
Email: cynthia.akines@usfood.com

47. FS Investment Corporation II   Unsecured Note       $4,907,081
201 Rouse Boulevard
Philadelphia, PA 19112

KKR Credit Advisors (Ireland)
75 St. Stephen's Green
Dublin, Ireland

Ryan O'Hagan
Email: credit.notices@fsinvestments.com;
       kkrcreditlegal@kkr.com;
       FSICII_Team@fsinvestments.com

48. Carl Marks Strategic           Unsecured Note       $2,943,295
Opportunities Fund II, L.P.
c/o Carl Marks Management
Company LLC
900 Third Avenue, 33rd Floor
New York, NY 10022
James F Wilson
Email: jwilson@carlmarks.com;

49. Carl Marks Strategic           Unsecured Note       $2,100,849
Investments, L.P.
c/o Carl Marks Management
Company LLC
900 Third Avenue, 33rd Floor
New York, NY 10022
James F Wilson
Email: jwilson@carlmarks.com;

50. FS Investment Corporation III  Unsecured Note       $1,317,154
201 Rouse Boulevard
Philadelphia, PA 19112

KKR Credit Advisors (Ireland)
75 St. Stephen's Green
Dublin, Ireland

Ryan O'Hagan
Email: credit.notices@fsinvestments.com;
kkrcreditlegal@kkr.com;
FSICIII_Team@fsinvestments.com

51. SHCO 56 SARL                   Unsecured Note       $1,294,484
c/o Kelso & Company
320 Park Avenue, 24th Floor
New York, NY 10022
William Woo
Email: wwoo@kelso.com

52. Kelso Investment               Unsecured Note       $1,195,787
Associates VIII, L.P.
c/o Kelso & Company
320 Park Avenue, 24th Floor
New York, NY 10022
William Woo
Email: wwoo@kelso.com

53. US Interactive Media           Trade Creditor       $1,120,363
3415 S Sepulveda Blvd, 8th Floor
Los Angeles, CA 90034
Email: ddamm@theusim.com

54. Produce Alliance               Trade Creditor         $991,410
100 Lexington Dr, Ste 201
Collinsville, IL 60089
Kara Ester
Email: Kara.Ester@ProduceAlliance.com

55. KEP VI, LLC                    Unsecured Note         $701,479
c/o Kelso & Company
320 Park Avenue, 24th Floor
New York, NY 10022
William Woo
Email: wwoo@kelso.com

56. Cintas Corporation             Trade Creditor         $481,717
4601 Creekstone Dr, Suite 200
Morrisville, NC 27703
Tel: 919-744-2230
Email: PatroniA@cintas.com

57. The Buntin Group Inc           Trade Creditor         $369,681
230 Willow Street
Nashville, TN 37210
Tel: 615-244-5720
Email: kchapin@buntingroup.com

58. Wasserstrom Company            Trade Creditor         $275,753
PO Box 182056
Columbus, OH 43218-2056
Renee Pennington
Tel: 800-999-9277 X8182
Email: reneepennington@wasserstrom.com

59. Dykes Restaurant Huntsville    Trade Creditor         $241,636
PO Box 5100
Huntsville, AL 35814
Tel: 812-422-2868
Email: swilhelm@dykesfoodservice.com

60. The William Thomas Group Inc   Trade Creditor         $239,337
PO Box 538703
Groesbeck, OH 45253-8703
Email: customerservice@william-
thomasgroup.com

61. Directv                        Trade Creditor         $236,109
PO Box 105249
Atlanta, GA 30348-5249
Tel: 888-200-4388
Email: nationalaccounts@directv.com

62. Datasource Inc                 Trade Creditor         $199,221
Dept 730023, PO Box 660919
Dallas, TX 75266-0919
Email: mbwheeler@data-source.com

63. Pro Forma                      Trade Creditor         $195,081
P.O. Box 640814
Cincinnati, OH 45264-0814
Mark McGill
Tel: 800-825-1525
Email: mark.mcgill@proforma.com

64. ALSCO INCORPORATED             Trade Creditor         $181,029
505 East 200 South
Salt Lake City, UT 84102
Email: bhoss@alsco.com

65. Grandstand Sportswear and      Trade Creditor         $174,022
Glassware
PO Box 3497
Wichita, KS 67201
Email: morganb@egrandstand.com

66. BankDirect Capital Finance     Trade Creditor         $172,014
150 North Field Dr, Suite 190
Lake Forest, IL 60045
Tel: 877-226-5456
Email: rborrelli@bankdirectcapital.com

67. Hockenbergs                    Trade Creditor         $160,417
PO Box 30156
Omaha, NE 68103-1256
Kyle Coury
Email: Kyle.Coury@trimarkusa.com

68. SHI International Corporation  Trade Creditor         $157,050
PO Box 952121
Dallas, TX 75395-2121
Jennifer Harrell
Tel: 888-235-3871
Email: Jennifer_Harrell@SHI.com

69. Corporate IT Solutions Inc     Trade Creditor         $150,840
1311 Calle Batido, Suite 150
San Clemente, CA 92673
Kayla Gonzalez
Email: kayla.gonzalez@cisvpn.com

70. Blue Bear Creative LLC         Trade Creditor         $142,869
2120 Market Street, Ste A
Denver, CO 80205
Email: alex@bluebearcreative.co

71. Bexar County Tax Office        Trade Creditor         $130,789
Bexar County Tax Assessor -
Collector, PO Box 2903
San Antonio, TX 78299-2903
Albert Uresti MPA PCC
Tel: 210-335-6524

72. REMCO                          Trade Creditor         $130,740
995 Yeager Parkway
Pelham, AL 35124
Tel: 205-942-7011

73. Tarrant County Tax Office      Trade Creditor         $127,854
Dallas, TX 75312-0301
Wendy Burgess

74. Liberty Mutual                 Trade Creditor         $122,663
Insurance Company
PO Box 1449
New York, NY 10116-1449
Tonya Honaker
Email: TONYA.HONAKER@LibertyMutual.com

75. Outdoor Nation                 Trade Creditor         $111,824
1807 Taft Highway Suite 1
Signal Mountain, TN 37377
Kim Clausen
Email: kclausen@odn.agency


CRAZY CAT: Eiman Buying JR Produce's 2012 Nissan Van for $21K
-------------------------------------------------------------
JR Produce, Inc., an affiliate of Crazy Cat Cyclery, LLC, asks the
U.S. Bankruptcy Court for the Western District of Texas to sell its
white 2012 Nissan Van to Walter Nathan Eiman for $21,000.

The Debtor has been approached about selling a white 2012 Nissan
Van.  The Buyer is from 4997 Waters Street, El Paso, Texas 79906.
The sales price for the Van is to be $21,000.  The 2012 Nissan 12
passenger van has 63,060 miles on it.  The Debtor valued the 2012
Nissan 12 passenger van at $20,000 on its schedules.

The Debtor believes that it is in the best interest of the
bankruptcy estate to sell the 2012 Nissan Van as it is obtaining
full value of the amount listed on the schedules.  It desires to
sell said 2012 Nissan 12 passenger van free and clear of any liens.
However, it believes the 2012 Nissan Van is already paid off and
free and clear of any liens.

The Debtor asks authority from the Court to pay the following
post-petition administrative expense claims from the sale
proceeds:

     (a) Texas Comptroller - November 2019 Sales Tax Deposit -
$5,688;

     (b) Texas Comptroller - December 2019 Sales Tax Deposit -
$4,401; and,

     (c) US. Treasury Internal Revenue Service - 10/26/19 thru 12/3
1/19 FICA/FUTA Deposits $10,910.

The Debtor asks that the Court waives the automatic stay provision
set forth in Bankruptcy Rule 6004(h).
  
                     About Crazy Cat Cyclery

Based in El Paso, Texas, Crazy Cat Cyclery, LLC filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex.
Case No. 19-31773) on Oct. 25, 2019.  At the time of the filing,
the Debtor had estimated assets of between $100,001 and $500,000
and liabilities of between $500,001 and $1 million.  Judge H.
Christopher Mott oversees the case.  The Debtor tapped James &
Haugland, P.C. as its legal counsel, and Phillips & Baca, P.C. as
its accountant.


CROWN CASTLE: To Restate 2018 and 2017 Financial Statements
-----------------------------------------------------------
Crown Castle International Corp. said Monday it requires additional
time to file its Annual Report on Form 10-K for the year ended
December 31, 2019, to finalize its consolidated financial
statements, including work by the Company's independent auditors,
PricewaterhouseCoopers LLP, in connection with the restatement of
previously issued financial statements, which indicates the
existence of one or more material weaknesses in the Company's
internal control over financial reporting.

The Company expects to file the 2019 10-K within the 15-day
extension period prescribed by Rule 12b-25 under the Securities
Exchange Act of 1934, as amended.

On February 26, Crown reported that following review of its
accounting policies for tower installation services, the Company
identified historical errors related to the timing of revenue
recognition for those services. Due to these errors, on February
25, the Audit Committee of the Company's Board of Directors, after
considering the recommendation of management and after discussion
with PwC, concluded that the following financial statements
previously issued by the Company should no longer be relied upon:

     (1) audited consolidated financial statements and related
disclosures for years ended December 31, 2016 through and including
2018; and

     (2) unaudited financial statements and related disclosures for
the quarterly and year-to-date periods during 2018 and for the
first three quarters of fiscal year 2019.

As a result, the Company is restating its financial statements for
the years ended December 31, 2018 and 2017 and unaudited financial
information for the quarterly and year-to-date periods in the year
ended December 31, 2018 and for the first three quarters in the
year ended December 31, 2019.

The restatement also affects periods prior to 2017, and the
cumulative effect of the errors is expected to be reflected in the
Company's Annual Report on Form 10-K for the year ended December
31, 2019, as an adjustment to opening "Dividends/distributions in
excess of earnings" as of January 1, 2017.

The restated financial statements and financial information will be
included in the 2019 10-K, which the Company expects to file by the
time period prescribed for such filing, including any available
extension if needed to finalize the consolidated financial
statements and disclosures and complete the associated audit work.
Specifically, the Company intends to include in its 2019 10‑K,
the restated 2018 and 2017 year-end financial statements in its
consolidated financial statements and include the restated
quarterly financial information in the unaudited quarterly
financial information note to the consolidated financial
statements. The Company does not intend to file amended Quarterly
Reports on Form 10-Q to reflect the restatement.

A full-text copy of Crown's press release announcing results for
the fourth quarter and full year ended December 31, 2019, and its
full year 2020 Outlook, is available at https://is.gd/HMbkGw

Houston-based Crown Castle International Corp. (NYSE: CCI) --
http://www.crowncastle.com/-- owns, operates and leases more than
40,000 cell towers and approximately 80,000 route miles of fiber
supporting small cells and fiber solutions across every major U.S.
market.



DAVID & SUKI: March 10 Disclosure Statement Hearing Set
-------------------------------------------------------
A hearing will be held on March 10, 2020, for an order to consider
Approving Disclosure Statement and Fixing Hearing on Confirmation
of the Plan filed by Debtor David & Suki, Inc.

A copy of the notice dated February 14, 2020, is available at
https://tinyurl.com/wb428nu from PacerMonitor at no charge.

The Debtor is represented by:

       Steven B. Ramsdell
       Tyler, Bartl & Ramsdell, P.L.C.
       300 N. Washington St., Suite 310
       Alexandria, VA 22314

                      About David & Suki

David & Suki, Inc. is a privately-held company whose principal
place of business is located at 5863 N. Washington Blvd. Arlington,
Virginia.

David & Suki sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Va. Case No. 18-11631) on May 4, 2018.  In the
petition signed by David A. Hicks, president, the Debtor was
estimated to have assets of less than $50,000 and liabilities of $1
million to $10 million. Judge Klinette H. Kindred presides over the
case.  The Debtor hired Tyler, Bartl & Ramsdell, PLC as its legal
counsel; and the Law Office of William B. Lawson, P.C., as special
counsel.


DESERT VALLEY STEAM: U.S. Trustee Unable to Appoint Committee
-------------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Desert Valley Steam Carpet Cleaning, LLC.
  
             About Desert Valley Steam Carpet Cleaning

Desert Valley Steam Carpet Cleaning, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-00570) on Jan. 16, 2020.  Judge Brenda K. Martin oversees the
case.  The Debtor is represented by Christel Brenner, Esq.


DISKSTEIN SHAPIRO: To Dispose Files of Former Clients
-----------------------------------------------------
Dickstein Shapiro LLP announced that it is no longer in the
practice of law as of February 2016.

As of Feb. 8, 2016, the firm maintained certain files of its former
client, which files were not transferred with the former partners
to their new firms.  The firm will no undertake to dispose of
certain retained client files remaining in its possession.  Parties
who believe that their files are in the possession of the firm and
desire to retrieve the files are asked to follow these file
disposition procedures.  There is not requirement by any such party
to retrieve the files it otherwise does not wish to obtain.  After
a certain period of time,  all unretrieved files may be destroyed.

To request an opportunity to claim and retrieve a client file:

   i) the former client on whose behalf services were rendered;

  ii) a qualified agent such client; or

iii) the attorney formerly or presently responsible for the file,
      will complete and return a file retrieval form, according to
      the instructions contained therein, which can be obtained by
      contacting the firm's chief liquidation officer at:

      Carroll Services LLC
      19680 Marino Lakes Cir.
      Unit 2403
      Miromar Lakes, FL 33913
      Attn: James P. Carroll
            Chief Liquidation Officer
      Tel: (617) 899-9007
      Email: jim.carroll@carrollservicesllc.com

The forms must be received no later than May 31, 2020.

Dickstein Shapiro LLP is located at 1825 Eye Street NW, Washington,
D.C. 20006.  The firm also had offices in New York, New York; Menlo
Park, California; and Los Angeles, California.


EL SAN JUAN CITY: Seeks to Hire Ortiz & Ortiz as Counsel
--------------------------------------------------------
El San Juan City Island on 5th Ave., LLC, seeks authority from the
U.S. Bankruptcy Court for the Southern District of New York to
employ Ortiz & Ortiz, L.L.P., as counsel to the Debtor.

El San Juan City requires Ortiz & Ortiz to:

   (a) perform all necessary services as Debtor's counsel that
       are related to the Debtor's reorganization and the
       bankruptcy estate;

   (b) assist the Debtor in protecting and preserving the estate
       assets during the pendency of the chapter 11 case,
       including the prosecution and defense of actions
       and claims arising from or related to the estate and
       the Debtor's reorganization;

   (c) prepare all documents and pleadings necessary to ensure
       the proper administration of its case; and

   (d) perform all other bankruptcy-related necessary legal
       services.

Ortiz & Ortiz will be paid at these hourly rates:

     Attorneys                 $375 to $450
     Paralegals                    $75

Ortiz & Ortiz will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Norma E. Ortiz, partner of Ortiz & Ortiz, L.L.P., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Ortiz & Ortiz can be reached at:

     Norma E. Ortiz, Esq.
     ORTIZ & ORTIZ, L.L.P.
     32-72 Steinway Street, Ste. 402
     Astoria, NY 11103
     Tel: (718) 522-1117
     Fax: (718) 596-1302
     E-mail: email@ortizandortiz.com

                 About El San Juan City Island

El San Juan City Island on 5th Ave LLC, filed a Chapter 11
bankruptcy petition (Bankr. S.D.N.Y. Case No. 20-10103) on Jan. 16,
2020, disclosing under $1 million in both assets and liabilities.
The Debtor hired Ortiz & Ortiz, L.L.P., as counsel.



EQM MIDSTREAM: Fitch Affirms LT IDR & Sr. Unsec. Notes at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed EQM Midstream Partners, LP's Long-Term
Issuer Default Rating and senior unsecured notes at 'BB'. The
senior unsecured notes have a Recovery Rating of 'RR4'. Fitch has
also affirmed Equitrans Midstream Corporation's Long-Term IDR at
'B+'. The senior secured term loan at ETRN is downgraded to
'B-'/'RR6' from 'B'/'RR5'.

The Rating Outlook for both entities is Negative.

Ratings at ETRN will be withdrawn upon the termination of its term
loan B.

The rating affirmation follows announcement of a series of
transactions by EQM, including a structural simplification by
"rolling up" EQM and ETRN, and the impending contract
renegotiations with its primary counterparty, EQT Corporation (EQT;
IDR: BB/Negative Outlook). EQM and EQT executed gas gathering
agreements with EQM to consolidate their legacy gathering contracts
into a new 15-year contract with higher MVCs in exchange for rate
relief over a three-year period commencing the in-service date of
MVP, as well as deferring roughly $250 million of credit assurance
posting requirement. The transactions also include repurchase of
50% of EQT's ETRN shares for approximately $46 million cash and the
remaining $196 million to be via rate relief over three-year
period. ETRN and EQM have also revised their distribution policy
with an approximately 67% dividend cut.

The ratings reflect Fitch's view that the transactions will allow
FCF to be directed toward spending, reducing reliance on outside
sources of funding. Additionally, growth capex is expected to
reduce materially subject to Mountain Valley Pipeline (MVP) coming
online in 2021. Nonetheless, Fitch expects leverage to be elevated
in 2020 between 5.9x-6.2x, and ranging between 4.7x-4.9x by end
2021 on a consolidated basis, subject to Mountain Valley Pipeline
coming online in 2021.

The ratings also take into account EQM's significant dependence on
EQT, EQM's primary counterparty. EQM derives approximately 70% of
its revenues from EQT and its performance is largely driven by
EQT's balance sheet. Fitch views the counterparty concentration and
its single-basin focus as a concern.

The Negative Outlook for EQM reflects Fitch's continued concerns
around near term challenges at EQT's credit profile in a weak
natural gas price environment, higher liquidity risks and execution
risks around its asset sales, and uncertainties around the Mountain
Valley Pipeline (MVP) project execution as it experiences
regulatory and environmental challenges with multiple delays and
cost overruns.

The ETRN Negative Outlook reflects the EQM Negative Outlook, as the
amount of standalone leverage at ETRN merits a two-notch separation
in the IDRs of EQM and ETRN.

KEY RATING DRIVERS

Contract Renegotiation with EQT: Under the renegotiated gathering
contracts with EQT, EQM will receive a new 15-year contract with
longer-term higher minimum volume commitments, a global MVC rate,
PA and WV acreage dedications and capex protections. Since EQM is
dependent on EQT for its cash flows and future growth, EQT's
operational and financial health have a strong bearing on the
credit profile of EQM. The renegotiations are intended to assist
EQT's drilling plans in an environment of prolonged low natural gas
prices. Fitch views that the contract renegotiations have a
marginal positive impact on EQM's credit profile given the higher
MVCs and contract extension.

"Roll up" Provides Modest Benefit: ETRN has announced that it will
acquire the outstanding publicly-held common units of EQM in an
all-stock transaction. Under the simplified structure, the entity
will be a single publicly traded C-Corp. The closing of the
transaction is expected in second-quarter 2020 (2Q20). The "roll
up" will provide ETRN with a broader investor base given the C-Corp
structure. Furthermore, the conversion to a C-Corp structure should
better align the management and ETRN shareholders and alleviate
some of the governance complexity that partnerships possess.

Counterparty Credit Risk: EQM derives roughly 70% of its revenues
from its EQT, its primary counterparty. EQT is expected to continue
being EQM's largest customer in the near to intermediate term.
Fitch typically views midstream service providers with large single
counterparty concentration as having exposure to outsized event
risk. Due to the combination of customer concentration and
reservation-based payment, EQM's credit risk is closely aligned
with that of EQT and the rating of EQT serves as a cap on the
rating of EQM. EQT's slowing production growth in a low natural gas
price environment. MVP will bring more customer credit risk, yet
this is diversified among EQT and affiliates of three highly rated
utilities.

Mountain Valley Pipeline Overhang: EQM's growth is dependent on the
completion of MVP and the projected volume associated with it. MVP
is a 300-mile interstate pipeline that extends from EQT's existing
transmission and storage system in Wetzel County, West Virginia to
Pittsylvania County, Virginia. This project has encountered large
schedule delays and cost overruns due to permitting and
environmental challenges. The revised in-service date is expected
to be end-2020 for higher total project costs in the range of $5.3
billion to $5.5 billion. With multiple delays and cost-overruns,
timely project completion continues to present an execution risk
for EQM. Fitch views this risk to be significant, as any further
delays and setbacks in completing and fully executing this project
can have a negative impact on the volumes that flow through. EQM's
earnings growth and strengthening its balance sheet metrics is
largely driven by this project.

Limited Geographic and Counterparty Diversification: EQM's business
lines and geographic diversity are limited with strong ties and
focus on EQT's production in the Appalachian region. Fitch
typically views single-basin operators with large customer
concentration like EQM as having exposure to outsized event risk,
which could be triggered by an operating issue at EQT or any
production difficulties in the Appalachian basin. Despite being in
one of the most prolific gas basins in the U.S., all-time low
natural gas prices have impacted EQT's drilling plans, which are
intended to be alleviated to an extent with the recently contract
renegotiations.

Revenues from Long-Term Capacity Reservation Payments: EQM's
operations are supported by long-term contracts with firm
reservation fees for both the gathering and transmission side of
the business. The new gathering contracts with EQT have a 15 year
contract life, and a weighted average remaining life of 14 years on
storage and transmission. More than 50% of the revenues generated
for the FYE December 2019 were generated from firm reservation fee,
which is expected to increase under the new contracts. EQM also
benefits from minimum volume commitments on some of its gathering
and water services, thereby providing some stability to cash flows
and protects from downside volume protection. Such contracts are
prevalent in the long-distance transmission side of the midstream
sector.

Potential Conflict of Interest: EQM's parent company, ETRN, which
is roughly 20% owned by EQT is required to act in good faith, but
is not held to the same fiduciary standards that it would otherwise
be held under state fiduciary law were EQM to be organized as a
standard C-Corp. As such, ETRN plays an important role in ongoing
stream of wide variety of actions at EQM, which may have a bearing
on the credit quality of EQM, whether positive, negative or
neutral.

ESG - Environmental/Governance: EQM has a relevance score of 4 for
Group Structure and Financial transparency as even with its
simplification; its group structure is still complex. This has a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors. EQM also has a relevance score
of 4 for Exposure to Environmental Impacts as it continues to face
environmental permitting challenges for MVP.

DERIVATION SUMMARY

A comparable for EQM is Antero Midstream Partners, LP (AM; BB-/
Negative). Both entities operate in the Appalachian basin with
performance dependent on a large counterparty. AM has a single
counterparty, AR (BB-/Negative), making up the substantially all of
its revenues and earnings. EQM has material, concentrated
counterparty exposure to EQT but in lesser amounts than AM. EQM
also has greater size, scale and asset/business line diversity
relative to AM and lower business risk gas-transportation assets in
its portfolio.

AM exhibits low leverage compared with EQM Midstream Partners, LP
which is an MLP with gathering and transmission operations. Fitch
expects AM to run leverage around 3.5x-4.0x in 2020, better than
most of its gathering and processing peers, and is better
positioned relative to EQM where Fitch expects leverage to be
elevated for the next 18 months. Leverage metrics are, however, not
the primary driver of rating difference between the two issuers
since AM's rating is directly linked to its sponsor.

KEY ASSUMPTIONS

  - Henry Hub prices flat at $2.50/mcf across the Fitch price deck
forecast;

  - WTI oil price of $57.50 in 2020, and $55 from 2021 onward;

  - Growth and maintenance capex in line with management guidance;

  - Distributions in line with management guidance. No distribution
growth expected in forecast period;

  - Mountain valley pipeline is in service January 2021;

  - No common equity issuance;

  - The simplification deal closes in 2Q20, when the preferreds at
EQM are extinguished (and new preferreds are with ETRN).

  - For the ETRN Recovery Rating, Fitch assumes a cessation of
payment by a large customer of EQM. Fitch assumes the payments are
negotiated at a lower rate and this causes EQM EBITDA and EQM
distributions to be materially reduced from pre-2020 levels. A 6.0x
EBITDA multiple is applied to ETRN's share of distributions.

Going-concern recovery leads to the highest enterprise value. After
deducting administrative claims, the Recovery Rating is found to be
'RR6'.

RATING SENSITIVITIES

EQM:

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

  - Fitch would seek to stabilize the Outlook if EQT's Outlook is
stabilized;

  - Other positive rating action is not currently viewed as likely
in the medium term.

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

  - Any Negative rating action at EQT. In the event that EQT raises
a significant amount of secured debt, a negative rating action
potentially might be taken at EQM;

  - At MVP, any further delays against the joint venture's revised
schedule, or significant cost increases to the current $5.3
billion-$5.5 billion budget (8/8ths basis, excluding interest
during construction);

  - Leverage (Total Debt to adjusted EBITDA) of over 5.0x for a
sustained period; when the EQM buy-in transaction closes, the 5.0x
leverage will be calculated by reference to ETRN consolidated
leverage, in accordance with the Consolidated Credit profile
treatment under Fitch parent Subsidiary Linkage (e.g. adding to EQM
debt the debt-credit portion of the new ETRN preferred shares);

  - Distribution coverage ratio below 1.0x on a sustained basis;

  - A change in operating profile such that EQM introduces a
material amount of non-fee-based contracts for its gathering
business;

  - Failure to proactively refinance the 2022 term Loan or any
other liquidity challenges;

  - A change in the financial policies set by ETRN that is
materially averse to EQM's credit quality.

ETRN:

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

  - Fitch would seek to stabilize the ETRN Outlook upon the EQM
Outlook being stabilized, as per above, except in the instance of a
distribution cut;

  - Fitch does not expect favorable rating actions given ETRN's
plans to repay the term loan. At that time, Fitch would withdraw
ratings at ETRN.

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

  - Negative rating action at EQM;

  - A further cut in distributions received from EQM such that
forecast stand-alone leverage rises above 4.5x;

  - Negative rating action at EQT Corporation;

  - At MVP, delays from the revised schedule or cost increases to
the current $5.3-5.5 billion budget (8/8ths basis, excluding
interest during construction);

  - EQM's leverage defined as total debt to adjusted EBITDA of over
5.0x for a sustained period;

  - EQM distribution coverage ratio below 1.0x on a sustained
basis;

  - Any change in operating profile such that EQM introduces a
material amount of non-fee-based contracts for its gathering
business;

  - Fitch does not expect negative rating actions given ETRN's
plans to repay the term loan. At that time, Fitch would withdraw
ratings at ETRN.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity in Near Term: As of Dec. 31, 2019, EQM had
approximately $2.4 billion in liquidity. Cash on balance sheet was
approximately $16 million, in addition to the $2.39 billion
available under the $3 billion revolver. The revolver may be
increased by up to $750 million under the Accordion feature,
subject to Lenders consent. The bank agreement restricts bank
defined leverage from exceeding 5.0x at the end of any calendar
quarter. With acquisitions, EQM's maximum permissible leverage is
5.5x on a temporary basis. As of Dec. 31, 2019, EQM was in
compliance with its covenants. Fitch notes that the definition of
leverage under the bank agreement is materially different than its
own definition of leverage and as such Fitch expects EQM to
maintain compliance with its covenants in the near to intermediate
term.

EQM also has a $ 1.4 billion Term loan facility executed in August
2019. This facility may be increased by up to $300 million, subject
to lenders consent. The facility carries the leverage covenants at
same level as defined in the $3.0 billion revolver.

Debt Maturity Profile: EQM does not have debt maturities until the
$1.4 billion term loan matures in August 2022. The revolver matures
in October 2023.

SUMMARY OF FINANCIAL ADJUSTMENTS

Regarding unconsolidated affiliates, Fitch calculates midstream
energy companies' EBITDA by use of cash distribution from those
affiliates, rather than, for example, ratable EBITDA from those
affiliates. The preferred units are given a deemed debt/deemed
equity breakdown of 50/50. Fitch uses multiple measures of leverage
to evaluate families of midstream entities. Among other measures,
ETRN is evaluated using stand-alone leverage, which is holdco-level
debt over distributions received from EQM.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EQM: EQM's default risk profile is significantly influenced EQT,
which is its primary customer/counterparty.

ESG CONSIDERATIONS

EQM's relevance score of 4 for Group Structure and Financial
transparency reflects its complex group structure. EQM's relevance
score of 4 for Exposure to Environmental Impacts reflects
continuing environmental permitting challenges for MVP.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3 - ESG issues are
credit neutral or have only a minimal credit impact on the
entity(ies), either due to their nature or the way in which they
are being managed by the entity(ies).


EQM MIDSTREAM: S&P Cuts ICR to 'BB' on Equitrans Consolidation
--------------------------------------------------------------
S&P Global Ratings lowered its rating on EQM Midstream Partners LP
(EQM) to 'BB' from 'BB+' and its ratings on the company's unsecured
debt to 'BB' from 'BB+'. The recovery rating remains '3', based on
S&P's expectation for meaningful (50%-70%; rounded estimate: 60%)
recovery in a payment default scenario.

At the same time, S&P raised its issuer credit rating on Equitrans
Midstream Corp. (ETRN) to 'BB' and lowered the rating on the term
loan B (TL B) to 'B+' from 'BB'. S&P revised its recovery rating on
the TL B to '6' based on its expectation of negligible (0%-10%;
rounded estimate: 0%) recovery in a payment default scenario due to
the structural subordination, from '2'.

The rating actions follow ETRN's announcement about a number of
transactions including a contract renegotiation and share
repurchase agreement with EQT Corp. and simplification of EQM
Midstream Partners LP (EQM) and ETRN. Additionally, the company
announced a 60% dividend cut.

The simplification transaction results in higher than previously
expected leverage at the consolidated entity. Going forward, S&P
will consolidate ETRN with EQM as it views them as a single
economic entity.

"Pro forma for the transaction we consolidate EQM into ETRN under
our corporate methodology, which immediately increases the
partnership's forecast leverage to between 5x and 6.5x over the
next two years. We expect the transaction to close in the second
quarter of 2020. The rating actions reflect improved dividend
coverage and a better path to free cash flow offset by high
consolidated leverage. Based on the currently proposed terms, we
expect consolidated leverage to be between 5x and 6.5x over the
next two years," S&P said.

The stable outlook reflects S&P's expectation of elevated leverage
in 2020 of 6.4x stepping down below 5.5x in 2021 as MVP comes
online.

"We could take a negative rating action on Equitrans if they are
unable to de-lever below 5.5x in 2021. This could occur due to
further delays and rising construction costs for MVP. Additionally,
we could take a negative rating action if EQT Corp.'s's credit
quality falls below that of ETRN's, given that EQT Corp. is ETRN's
primary counterparty," S&P said.

"We could take a positive rating action on Equitrans if MVP's
regulatory issues are fully resolved, leading to a firm in-service
date and a clear and reliable path to leverage below 5.0x. An
upgrade to Equitrans would require an improvement in the Northeast
production environment such that ETRN's counterparties are not
under pressure," the rating agency said.


FIVE STAR: Reports $20 Million Net Loss for 2019
------------------------------------------------
Five Star Senior Living Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$19.99 million on $1.41 billion of total revenues for the year
ended Dec. 31, 2019, compared to a net loss of $74.08 million on
$1.39 billion of total revenues for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $345.79 million in total
assets, $164.30 million in total current liabilities, $61.51
million in total long-term liabilities, and $119.98 million in
total shareholders' equity.

Financial and Operational Highlights for the Quarter Ended
Dec. 31, 2019:

   * Senior living revenue for the fourth quarter of 2019
     decreased 4.6% to $263.7 million from $276.3 million for the
     same period in 2018, primarily due to the sale of 18 skilled
     nursing facilities, or SNFs, during the second and third
     quarters of 2019.  Senior living revenue at communities the
     Company operated continuously since Oct. 1, 2018 for the
     fourth quarter of 2019 increased 1.4% to $260.4 million for
     the fourth quarter of 2019 from $257.0 million for the same
     period in 2018.  This increase is primarily due to the
     recognition of $4.2 million of deferred resident fees and
     deposits, or Deferred Resident Fees and Deposits, related to
     communities previously leased from Diversified Healthcare
     Trust (Nasdaq: DHC) that were recognized as revenue in
     December of 2019, as a result of those leases being
     terminated in connection with the closing of the
     restructuring transactions that Five Star and DHC completed
     on Ja. 1, 2020, or the Restructuring Transactions.

   * Net income for the fourth quarter of 2019 was $16.1 million,
     or $3.15 per diluted share, compared to a net loss of $23.7
     million, or $4.75 per diluted share, for the same period in
     2018.  The increase in net income is primarily due to a
     decrease of $19.4 million in rent expense attributable to
     the reduction in Five Star's minimum monthly rent payable to
     DHC pursuant to the transaction agreement, or the
     Transaction Agreement, that Five Star entered with DHC on
     April 1, 2019, or the Rent Reduction, and net benefits of
     $14.9 million, or $2.90 per diluted share, related to the
     Restructuring Transactions.

   * Earnings before interest, taxes, depreciation and
     amortization, or EBITDA, for the fourth quarter of 2019 was
     $18.8 million compared to $(13.7) million for the same
     period in 2018.  Adjusted EBITDA was $4.0 million for the
     fourth quarter of 2019 compared to $(12.9) million for the
     same period in 2018.

   * Occupancy at owned and leased senior living communities was
     82.9% for the fourth quarter of both 2019 and 2018.

   * The percentage of revenue derived from residents' private
     resources at owned and leased senior living communities for
     the fourth quarter of 2019 was 84.1% compared to 77.7% for
     the same period in 2018.

   * As of Dec. 31, 2019, Five Star had unrestricted cash and
     cash equivalents of $31.7 million and $7.5 million of
     outstanding mortgage debt.

Restructuring of Business Arrangements with DHC:

In connection with the completion of the Restructuring
Transactions, effective Jan. 1, 2020, the following occurred:

  * Five Star's then five existing master leases with DHC for all
    of DHC's senior living communities that Five Star leased, as
    well as Five Star's then existing management agreements and
    pooling agreements with DHC for DHC's senior living
    communities that Five Star managed, were terminated and
    replaced with new management agreements between Five Star and
    DHC for all of these senior living communities and a related
    omnibus agreement, or collectively, the New Management
    Agreements.

  * Five Star issued 10,268,158 Five Star common shares to DHC
    and an aggregate of 16,118,849 Five Star common shares to
    DHC's shareholders of record as of Dec. 13, 2019.

  * As consideration for the Share Issuances, DHC provided to
    Five Star $75.0 million of additional consideration by
    assuming certain of Five Star's working capital liabilities.

In connection with the Transaction Agreement, Five Star entered
into a credit agreement with DHC pursuant to which DHC extended to
Five Star a $25.0 million line of credit, which was secured by six
senior living communities Five Star owns.  This line of credit
matured and was terminated in connection with the completion of the
Restructuring Transactions.  There were no borrowings outstanding
under this line of credit at the time of such termination and Five
Star did not make any borrowings under this line of credit at any
time.

Other:

  * In February 2020, DHC entered into an agreement to sell to a
    third party one senior living community located in California

    that DHC owns and Five Star previously leased and currently
    manages for a sales price of approximately $2.0 million,
    excluding closing costs.

  * In January 2020, DHC entered into an agreement to sell to a
    third party nine SNFs located in Colorado and Wyoming that
    DHC owns and Five Star previously leased and currently
    manages for an aggregate sales price of approximately $74.0
    million, excluding closing costs.

  * In December 2019, Five Star and DHC entered into an agreement
    to sell to a third party one senior living community located
    in Nebraska that DHC owns and Five Star previously leased and
    currently manages for a sales price of approximately $5.6
    million, excluding closing costs.

  * In December 2019, Five Star began managing for DHC an active
    adult community located in Plano, Texas with 169 living units
    pursuant to a management agreement with DHC.

  * On Sept. 30, 2019, Five Star effected a one-for-ten reverse
    stock split of its common shares.

"The completion of the transformative restructuring of our business
arrangements with Diversified Healthcare Trust (formerly known as
Senior Housing Properties Trust) on January 1, 2020 marks the
beginning of a new era for Five Star," stated Katie Potter,
president and chief executive officer of Five Star Senior Living
Inc.  "Additionally, we are excited to announce pro forma fourth
quarter EBITDA and net income per share of $10.5 million and $0.18,
respectively, giving effect to the restructuring as if it had been
completed by October 1, 2019.  Having successfully completed this
restructuring, we believe we are well-positioned to leverage the
stability our new management agreements provide to grow as an
organization and increase Five Star's shareholder value."

A full-text copy of the Form 10-K is available for free at the
SEC's website at:

                       https://is.gd/BchGXl

                      About Five Star Senior

Headquartered in Newton, Massachusetts, Five Star Senior Living
Inc. -- http://www.fivestarseniorliving.com-- is a senior living
and healthcare services company.  As of Dec. 31, 2019, Five Star
operated 268 senior living communities with 31,285 living units
located in 32 states, including 190 communities (20,948 living
units) that it owned or leased and 78 communities (10,337 living
units) that it managed.  Effective Jan. 1, 2020, following the
completion of the Restructuring Transactions, Five Star now manages
166 previously leased communities.  Five Star's communities include
independent living, assisted living, continuing care retirement and
skilled nursing communities. Additionally, Ageility Physical
Therapy SolutionsTM, a division of Five Star, provides
rehabilitation and wellness services within Five Star communities
as well as to external customers.  As of Dec. 31, 2019, Five Star
operated through Ageility 231 rehabilitation clinics.  Five Star is
headquartered in Newton, Massachusetts.

RSM US LLP, in Boston, Massachusetts, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 6, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company has
suffered recurring losses from operations and has an accumulated
deficit of $292.6 million.  This raises substantial doubt about the
Company's ability to continue as a going concern.


FOSSIL GROUP: S&P Lowers ICR to 'B+' on Declining Profitability
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Fossil Group
Inc. to 'B+' from 'BB-'. S&P also lowered its issue-level rating on
the company's $200 million term loan to 'BB-' from 'BB'. S&P's '2'
recovery rating is unchanged.

The downgrade reflects S&P's revised performance expectations for
Fossil following significant operational missteps during the last
quarter of fiscal 2019, which led to a significant EBITDA drop,
increase in leverage, and negative free operating cash flow (FOCF).
The company recently amended covenants under its term loan
agreement.

The outlook is negative, reflecting S&P's expectations that the
company's performance will remain weak throughout 2020 and may not
meet the rating agency's base-case projection for the year if the
company faces steeper-than-expected sales declines in its
traditional watch product category or competitive pressures hurt
performance in the connected category during the 2020 holiday
quarter.

"We could lower the rating if we believe the company's performance
will remain weak such that we believe it will not generate FOCF of
at least $40 million or we believe FOCF will not improve in fiscal
2021. In addition, a lower rating could result if EBITDA coverage
of interest falls below 2x on sustained basis, or if Fossil's
liquidity position deteriorates," S&P said.

"An outlook revision to stable would be predicated on the company's
ability to strengthen its sales trends and our belief that the
decline in the traditional category is moderating and sales in the
connected device category will return to growth in the second half
of fiscal 2020 and into 2021. At the same time, we would expect the
company to maintain EBITDA coverage over 2x while generating FOCF
of over $40 million," the rating agency said.


FRIENDS OF CITRUS:Taps Saltmarsh Cleaveland as HeathCare Consultant
-------------------------------------------------------------------
Friends of Citrus and the Nature Coast, Inc. received approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ Saltmarsh, Cleaveland & Gund as health care consultant.
  
Saltmarsh will assist the Debtor with evaluating clinical records
and communicating with the Qualified Independent Contractor and the
Administrative Law Judge to pursue appeals of previously denied
claims for the Debtor.  Additionally, the firm will assist the
Debtor's legal counsel in negotiations with the Department of
Justice to settle final cost report reconciliations.

The Debtor will pay Claudia Reingruber, the firm's managing
director, an hourly fee of $365 for her services.  The hourly rates
for other members of the firm range from $100 to $200.

Ms. Reingruber disclosed in court filings that her firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

Saltmarsh may be reached through:

   Claudia Reingruber
   Saltmarsh Cleaveland & Gund
   201 N. Franklin Street, Suite 1625
   Tampa, FL 33602
   Email: claudia.reingruber@saltmarshcpa.com

            About Friends of Citrus and The Nature Coast

Friends of Citrus And The Nature Coast, Inc. --
https://friendsofcitrus.org/ -- is a charitable organization
providing community grief support workshop for anyone who has
experienced a loss; telephone support; grief support resources for
all ages; educational materials for parents and teachers; and
children's grief support camps.

Friends of Citrus filed a voluntary Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-03101) on Aug. 14, 2019.  On Aug. 15, 2019,
the case was transferred to Tampa Division and was assigned a new
case number (Case No. 19-07720).

In the petition signed by Bonnie L. Saylor, chief executive
officer, the Debtor estimated $7,510,918 in assets and $5,283,937
in liabilities.

Frank P. Terzo, Esq., at Nelson Mullins Broad and Cassel, is the
Debtor's legal counsel.

No official committee of unsecured creditors has been appointed in
the Debtor's case.


G.D.S. EXPRESS: Seek to Hire Alex Lyon & Son as Auctioneer
----------------------------------------------------------
G.D.S. Express, Inc. and its affiliates seek permission from the
U.S. Bankruptcy Court for the Northern District of Ohio to employ
Alex Lyon & Son Sales Managers and Auctioneers, Inc.

The firm will assist in the marketing and sale of the Debtors'
assets, most of which consist of trucks, trailers, and containers
used in their long-haul and waste haul transportation services.

Alex Lyon will be paid a commission of 8.5 percent of the sales
price, which would include the majority of expenses.  The firm will
also charge a buyer's premium of 5.9 percent on the assets sold and
will charge separately for transportation costs.

Alex Lyon and its principals and professionals are "disinterested
persons" within the meaning of Section 101(14) of the Bankruptcy
Code.

                       About G.D.S. Express

G.D.S. Express, Inc. -- http://www.gdsexpress.com/-- is a
family-owned trucking company that provides services in 48 states,
with general freight and garment-on-hangers service in both the
U.S. and Mexico. It operates with 75 owner operators and 60 company
trucks.  Headquartered in Akron, Ohio, G.D.S. Express was founded
in 1990 by Jack Delaney, a former Roadway Express executive.

G.D.S. Express and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 19-53034)
on Dec. 27, 2019.  At the time of the filing, G.D.S. Express had
estimated assets of less than $50,000 and liabilities of between $1
million and $10 million.  Judge Alan M. Koschik oversees the cases.
Brouse McDowell, LPA is the Debtors' legal counsel.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Jan. 15, 2020.  The committee is represented by
Levinson LLP.    


GULFPORT ENERGY: Moody's Cuts CFR to Caa1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Gulfport Energy Corporation's
Corporate Family Rating to Caa1 from B2, Probability of Default
Rating to Caa1-PD from B2-PD and senior unsecured notes to Caa2
from B3. The Speculative Grade Liquidity Rating was downgraded to
SGL-4 from SGL-3. The outlook remains negative.

"The downgrade reflects rising financial risks amid low natural gas
prices and limited hedging protection in place for Gulfport in
2020. This required the company to significantly reduce investment
and allow production to fall significantly in 2020 in order to
avoid new borrowings", commented Elena Nadtotchi, Moody's Vice
President - Senior Credit Officer.

Downgrades:

Issuer: Gulfport Energy Corporation

Corporate Family Rating, Downgraded to Caa1 from B2

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

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

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD4)
from B3 (LGD4)

Outlook Actions:

Issuer: Gulfport Energy Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Gulfport's Caa1 CFR reflects Moody's expectation of lower operating
cash flow generation in the medium term, given limited protection
provided by the company's existing hedging arrangements. Gulfport's
financial risks are rising and it has limited access to capital and
weak liquidity. Moody's sees increasing risk of transactions that
could be viewed as a distressed exchange.

Gulfport plans to reduce investment to match declining operating
cash flow which will cause its production to fall by around 15% in
2020. The company's cash flows will be supported by hedging in the
first part of 2020, as well as improved cash costs of production.
Gulfport's proved developed reserve life is low compared to its
direct peers and reduced level of investment will not allow
Gulfport to fully replace produced reserves. Moody's expects
returns on capital to be weak until investment is restored to
sustaining level.

Gulfport has weak liquidity which is reflected in the SGL-4 rating.
At the end of 2019, Gulfport reported about $6 million in cash
balances and had borrowing availability of $637 million under its
$1.0 billion revolving credit facility that matures in December
2021. The facility has a borrowing base of $1.2 billion and elected
commitment of $1 billion to be next confirmed in Q2 2020. Its terms
incorporate several financial covenants, including the requirement
to maintain net debt/EBITDA below 4x and EBITDAX/Interest above 3x.
Taking into account limited hedging of 2020 production volumes,
Moody's notes that the company may not be in compliance with
financial covenants if natural gas prices fail to recover from
$2/mcf level by the end of 2020. Gulfport's first senior notes
maturity is in 2023. In the low natural gas price environment, the
company will have limited capacity to generate significant
additional cash flows from divestment of assets to support
liquidity.

The negative outlook on the ratings reflects Moody's expectations
of declining production volumes, deteriorating credit metrics and
shrinking liquidity.

The Caa1 CFR may be downgraded amid weaker liquidity, lack of
proactive management of refinancing requirements or other measures
indicating an increased likelihood of a financial restructuring.

An upgrade to B3 could be considered if the company is able to
restore adequate liquidity, address its refinancing risks and is
able to internally fund sufficient capital investment to fully
replace reserves and sustain production levels.

Gulfport's senior unsecured notes are rated Caa2, one notch below
the Caa1 CFR, because of the significant size of the 2021 secured
revolving credit facility in the capital structure. The revolver
has priority claim over assets and cash flows of the company and is
secured by at least 85% of the value of the company's proved
mineral interest. The unsecured notes may be downgraded if the
amount or proportion of secured debt in the capital structure
increases.

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

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


HECLA MINING: S&P Raises ICR to 'B' After Senior Notes Refinancing
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
silver and gold producer Hecla Mining Co. to 'B' from 'B-'. Ratings
have been removed from CreditWatch.  

At the same time, S&P revised its liquidity assessment to adequate
from less than adequate.  It also assigned its 'B' issue-level
rating and '3' recovery rating to Hecla's new $475 million senior
notes.

The rating actions follow Hecla's refinancing of its $507 million
senior unsecured notes due May 2021 with new eight-year $475
million senior unsecured notes due in 2028. The refinancing
materially reduced the company's maturity risk, and solidifies the
company's liquidity position.

The refinancing of the senior notes has resolved a key ratings
constraint.  Prior to the refinancing, Hecla's $507 million senior
notes due May 2021, which constituted essentially all of the
company's long term debt, were on the verge of becoming current.
Now, Hecla's capital structure includes its recently upsized $250
million revolving credit facility due February 2023 (undrawn) and
new $475 million senior notes due February 2028. Given the recent
uncertainty in capital markets particularly for smaller companies
in the mining sector, the refinancing materially reduces Hecla's
maturity risk. S&P expects Hecla to increase cash flow generation
and project $30 million to $50 million of free operating cash flow
(FOCF [operating cash flow less capital spending]) in 2020 compared
to $6 million in 2019. However, S&P does not forecast material debt
reduction as the company prioritizes building cash as well as its
spending on its cost reduction and expansion efforts.

The stable outlook reflects that S&P expects Hecla to maintain
adjusted leverage in the 3.5x-4x range and generate positive free
cash flow over the next 12 months.

"We could lower our ratings on Hecla if leverage increased above 5x
and funds operating cash flow (FOCF) to debt deteriorated below 5%.
This could happen if gold prices decreased to below $1,300 per
ounce compared to our expectations of $1,400 or if Hecla's cash
costs increased higher than we anticipate above $1,100 versus our
expectations of $980," S&P said.

"We consider an upgrade unlikely in the next 12 months but we could
raise our ratings if Hecla demonstrated a track record of improved
cost management and we believed the company would maintain leverage
below 3x and improved its cash flow generation such that FOCF to
debt improved to above 10%," the rating agency said.


HOME CAPITAL: S&P Affirms 'BB-' ICR; Outlook Stable
---------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating (ICR) on holding company Home Capital Group Inc. (HCG) and
its 'BB+' long-term and 'B' short-term ICRs on Home Trust Co., the
operating company. The outlook is stable.

S&P's ratings on HCG are based on its expectations of the company's
sustained loan growth and improving profitability. It believes that
increased stability in HCG's senior leadership is supporting
business and earnings growth in a conservative and measured way.
Offsetting these positives are HCG's limited product suite and
business lines, lack of geographic diversification, and small
national market share.

"We expect capital will remain a strength. Our ratings reflect a
forecast S&P Global Ratings risk-adjusted capital (RAC) ratio above
15% supported by higher profitability, offset by elevated share
repurchases and the potential for dividend payouts," the rating
agency said.

"We believe that HCG benefits from a track record of good credit
quality metrics; however, its concentration in the Canadian
alternative mortgage sector, particularly within the Greater
Toronto Area, could expose HCG in the event of a severe downturn in
house prices. The company also originates mortgages through
third-party broker channels, which lends itself to a higher
possibility of negative occurrences vis-a-vis relationship-oriented
proprietary channels," S&P said.

Although the company is making headway in attracting longer-tenor
deposit funding, S&P believes the company's significant reliance on
a third-party broker network and limited meaningful funding
diversification remain a rating constraint. However, the company's
Oaken deposits (proprietary) are growing and could over time
provide some funding diversification.

The stable outlook reflects the rating agency's expectation that
HCG will continue to demonstrate sustained growth and improving
profitability, while maintaining good asset quality metrics and a
very strong forecast S&P Global Ratings RAC ratio of more than 15%
(the rating agency's threshold), within the one-year outlook
horizon.

Upside scenario

"We could consider raising the ICR if we were to believe the
company's operations have returned to more normalized levels of
earnings, and HCG is managing growth in its commercial and card
portfolios responsibly without any material increase in risk
appetite. An upgrade would be contingent on maintenance of strong
capital, stable asset quality metrics, and materially increased
financial flexibility," S&P said.

"We could lower the ICR if we were to expect the forecast RAC ratio
to fall below 15% and remain there for an extended period; if the
company's business aspirations were to lag below expectations; or
if funding metrics were to weaken substantially from current
levels, for example through substantially greater reliance on
brokered deposits and wholesale funding," the rating agency said.


HOPKINS COUNTY HOSP: Moody's Affirms Ba2 on $20.8MM Debt
--------------------------------------------------------
Moody's Investors Service has affirmed Hopkins County Hospital
District's (TX) B2 affecting approximately $20.8 million of debt.
The outlook is stable.

RATINGS RATIONALE

Hopkins County Hospital District's B2 reflects limited but
generally predictable and consistent cash flows, providing for
stable liquidity and predictable margins. Annual lease payments
from the CHRISTUS Hopkins Health Alliance will continue to be a
stabilizing factor, exceeding annual debt service payments.
Beginning in 2021, a reevaluation of the lease will occur and
presents heightened credit risk if unfavorable modifications to the
agreement reduce transfers to the District. Additional revenue
streams including tax revenue and upper payment limit program
receipts will also provide a steady source of inflows to the
District. Any changes also impacting these revenue streams will
expose the District to variability, further limiting headroom to
covenants that are already very narrow. Failure to meet the
covenants could terminate the lease agreement under the joint
venture arrangement, which is a steady source of revenue to the
HCHD, although revenue bonds cannot be accelerated.

RATING OUTLOOK

The stable outlook expects predictable financial performance and
cash flows will allow for near term liquidity growth.

FACTORS THAT COULD LEAD TO AN UPGRADE

  - Significant growth in operating revenues and diversification of
cash flows

  - Stronger financial support and legal commitment from CHRISTUS
Health

  - Material improvement in absolute liquidity

  - Materially improved headroom to financial covenants

FACTORS THAT COULD LEAD TO A DOWNGRADE

  - Unfavorable changes to lease agreement

  - Reduction in tax revenues or other revenue sources

  - Departure from expected levels of operating performance and
liquidity

  - Inability to meet financial covenants

LEGAL SECURITY

The bonds are secured by Pledged Revenues, as defined in the bond
documents, of HCHD and a debt service reserve fund. Tax revenues
are not pledged to the bonds. Bond covenants include a liquidity
pledge of not less than 60 days cash on hand and a rate covenant of
not less than 115% for the Obligated Group measured annually;
consultant required if covenants missed; event of default if rate
covenant less than 115% for two consecutive years or if liquidity
less than 60 days one year after consultant's report issued. Bonds
cannot be accelerated. Covenant calculations are measured to
include nursing home operations as part of numerous management
agreements the district maintains with various nursing facility
operators. Inclusion of the nursing homes in the covenant
calculation will continue to limit the headroom under covenants.

PROFILE

Hopkins County Hospital District is a political subdivision of the
State of Texas, governed by a 7-member Board of Directors. HCHD
maintains a joint venture with Christus Health (A1 stable) whereby
Christus is the majority 51% owner of hospital operations
(effective as of 2016). The balance sheet of the District is not
part of the joint venture and the debt remains solely secured by
the District.

METHODOLOGY

The principal methodology used in this rating was Not-For-Profit
Healthcare published in December 2018.


J CREW GROUP: Amends Transaction Support Agreement with Creditors
-----------------------------------------------------------------
On Dec. 2, 2019, Chinos Holdings, Inc. ("Parent"), the ultimate
parent of J.Crew Group, Inc., and certain of Parent's subsidiaries
entered into an agreement relating to a series of transactions with
(i) certain holders of over a majority of term loans under that
certain Amended and Restated Credit Agreement, dated March 5, 2014,
among certain J.Crew Parties, the lenders party thereto, and
Wilmington Savings Fund Society, FSB as successor administrative
agent and (ii) TPG Chinos, L.P., TPG Chinos Co-Invest, L.P., Green
Equity Investors V, L.P., Green Equity Investors Side V, L.P. and
LGP Chino Coinvest LLC, which was amended and restated on Dec. 8,
2019.  

On March 2, 2020, the Company announced that it had entered into an
amendment to the Transaction Support Agreement with the Ad Hoc
Creditors and the Sponsors.  The Amendment eliminates the
requirement that the Company commence the proposed initial public
offering of the Madewell business on or before March 2, 2020 and
extends the outside date by which the Transactions must be
completed from March 18, 2020 to April 30, 2020.

                      About J.Crew Group

J.Crew Group, Inc. -- http://www.jcrew.com/-- is an
internationally recognized omni-channel retailer of women's, men's
and children's apparel, shoes and accessories.  As of March 2,
2020, the Company operates 182 J.Crew retail stores, 140 Madewell
stores, jcrew.com, jcrewfactory.com, madewell.com, and 170 factory
stores.

J.Crew Group reported a net loss of $120.08 million for the year
ended Feb. 2, 2019, following a net loss of $123.20 million for the
year ended Feb. 3, 2018.  As of Nov. 2, 2019, J.Crew Group had
$1.76 billion in total assets, $3.11 billion in total liabilities,
and a total stockholders' deficit of $1.35 billion.

                          *    *    *

As reported by the TCR on Sept. 24, 2019, S&P Global Ratings
lowered the issuer credit rating on U.S.-based apparel retailer J.
Crew Group Inc. to 'CCC-' from 'CCC'.  The downgrade came after the
company announced it is pursuing an IPO of its Madewell concept and
disclosed details of prior proposals with its lenders related to
the recapitalization of its balance sheet, including proposed
exchanges of debt that S&P would likely view as a distressed.

Also in September 2019, Moody's Investors Service affirmed J.Crew's
Caa2 Corporate Family Rating.  The affirmations of the Caa2 CFR and
instrument ratings despite the PDR downgrade reflect a shift to an
above average enterprise recovery rate assessment in an event of
default, as a result of greater visibility into the operating
performance of the Madewell business and its potential valuation.


J CREW GROUP: Posts Fourth Quarter Net Income of $1.5 Million
-------------------------------------------------------------
J.Crew Group, Inc., announced financial results for the three
months and fiscal year ended Feb. 1, 2020.

Fourth Quarter highlights:

   * Total revenues increased 2% to $747.2 million.  Comparable
     company sales increased 3% following an increase of 9% in
     the fourth quarter last year.
   * J.Crew sales decreased 2% to $516.8 million.  J.Crew
     comparable sales increased 1% following an increase of 6% in
     the fourth quarter last year.

   * Madewell sales increased 13% to $178.1 million.  Madewell
     comparable sales increased 9% following an increase of 22%
     in the fourth quarter last year.

   * Gross margin increased to 38.3% from 22.4% in the fourth
     quarter last year.  During the fourth quarter of fiscal
     2018, the Company recorded a charge of $39.3 million for
     expected losses on the disposition of excess merchandise
     inventories.

   * Selling, general and administrative expenses were $246.2
     million, or 33.0% of revenues, compared to $227.7 million,
     or 31.0% of revenues, in the fourth quarter last year.  This
     year includes transaction, transformation and severance
     costs of $18.1 million and a benefit of $1.0 million related
     to the lease termination payment in connection with the
     Company's corporate headquarters relocation.  Last year
     includes severance, transformation and transaction costs of
     $10.8 million and a benefit of $6.6 million related to the
     aforementioned lease termination payment.  Excluding these
     items, selling, general and administrative expenses were
     $229.1 million, or 30.7% of revenues, compared to $223.5
     million, or 30.5% of revenues, in the fourth quarter last
     year.

   * Operating income was $39.4 million compared with an
     operating loss of $64.2 million in the fourth quarter last
     year.  The fourth quarter this year reflects the impact of
     transaction and transformation costs.  The fourth quarter
     last year reflects the impact of excess inventory write-
     downs.

   * Net income was $1.5 million compared with a net loss of
     $74.4 million in the fourth quarter last year.  The fourth
     quarter this year reflects the impact of transaction and
     transformation costs.  The fourth quarter last year reflects
     the impact of excess inventory write-downs.

   * Adjusted EBITDA increased $113.7 million to $81.8 million
     from an Adjusted EBITDA loss of $31.9 million in the fourth
     quarter last year.  

Michael J. Nicholson, president, chief operating officer,
commented, "Our fourth quarter and full year results reflect
exciting progress at J.Crew, driven by strong gross margin
performance and the accelerated benefits from our multi-year cost
optimization program, as well as continued growth at Madewell.  I
am proud of the team's accomplishments this year.  As a result of
this strong performance, we now have an opportunity to broaden our
exploration of strategic alternatives in support of our objectives
to maximize value, position the Company for long-term growth and
deleverage our balance sheet.  As such, we have reached an
agreement with certain term loan and security holders to amend the
previously announced transaction support agreement, which will
allow us additional time to thoroughly assess all alternatives,
including the separation of J.Crew and Madewell into two
independent companies and a potential IPO of Madewell."

Jan Singer, chief executive officer, commented, "I echo Mike's
sentiment on congratulating the team for executing our strategy
with discipline in 2019, which led to a significant increase in
profitability, and, importantly, a more efficient and stronger
operating platform from which to grow.  Since joining J.Crew, I
have been constantly impressed by the caliber of this talented team
and the passion they all possess for this iconic brand.  I am
enthusiastic about the opportunities that lie ahead for this
business, as I bring my perspective for developing product, brand
experiences, and teams towards evolving our brand strategy and
driving long-term profitable growth with the consumer at the
center."

Fiscal 2019 highlights:

   * Total revenues increased 2% to $2,540.1 million.  Comparable
     company sales increased 2% following an increase of 6% last
     year.

   * J.Crew sales decreased 4% to $1,707.7 million.  J.Crew
     comparable sales decreased 1% following an increase of 2%
     last year.

   * Madewell sales increased 14% to $602.4 million.  Madewell
     comparable sales increased 10% following an increase of 25%
     last year.

   * Gross margin increased to 38.0% from 33.6% last year.

   * Selling, general and administrative expenses were $879.0
     million, or 34.6% of revenues, compared to $824.0 million,
     or 33.2% of revenues, last year.  This year includes
     transaction, transformation and severance costs of $80.8
     million and a benefit of $10.3 million related to the lease
     termination payment in connection with the Company's
     corporate headquarters relocation.  Last year includes
     severance, transformation and transaction costs of $18.6
     million and a benefit of $20.7 million related to the  
     aforementioned lease termination payment.  Excluding these
     items, selling, general and administrative expenses were
     $808.5 million, or 31.8% of revenues, compared to $826.1
     million, or 33.3% of revenues last year.

   * Operating income was $71.5 million compared to $0.9 million
     last year.  This year reflects the impact of transaction
     costs and non-cash impairment charges.  Last year reflects
     the impact of excess inventory write-downs and the benefit
     related to the lease termination payment.

   * Net loss was $78.8 million compared to $120.1 million last
     year.  This year reflects the impact of transaction costs
     and non-cash impairment charges.  Last year reflects the
     impact of excess inventory write-downs and the benefit
     related to the lease termination payment.

   * Adjusted EBITDA increased $137.9 million to $250.7 million
     from $112.8 million last year.

Balance Sheet highlights:

   * Cash and cash equivalents were $26.1 million compared to
     $25.7 million at the end of the fourth quarter last year.

   * Inventories decreased 5% to $369.1 million from $390.5
     million at the end of the fourth quarter last year.

   * Total debt, net of discount and deferred financing costs,
     was $1,681.9 million compared to $1,705.4 million at the end
     of the fourth quarter last year.  Additionally, there were
     $126.2 million of outstanding borrowings under the ABL
     Facility, with excess availability of $94.6 million, at the
     end of the fourth quarter this year.  As of March 2, 2020
     there were outstanding borrowings of approximately $151
     million under the ABL Facility, with excess availability of
     approximately $112 million.

Transaction Support Agreement Update

The Company has entered into an amendment to the Transaction
Support Agreement with the other parties thereto to eliminate the
requirement that it commence the proposed Madewell IPO on or before
March 2, 2020 and to extend the outside date to complete the
transactions contemplated by the Transaction Support Agreement from
March 18, 2020 to April 30, 2020.  The Company continues to pursue
strategic alternatives to maximize value, including the separation
of J.Crew and Madewell into two independent companies and a
potential IPO of the Madewell business in the future depending on
market and other conditions, and the Company and such parties
continue to engage in further discussions in that regard.

Cost-Optimization Program

During the second quarter of fiscal 2019, the Company completed a
comprehensive review of its J.Crew business and launched a
multi-year cost-optimization program, which is expected to generate
savings of approximately $50 million over the next three years with
approximately $15 million realized in fiscal 2019.

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

                      https://is.gd/AOQ6tt

                       About J.Crew Group

J.Crew Group, Inc. -- http://www.jcrew.com/-- is an
internationally recognized omni-channel retailer of women's, men's
and children's apparel, shoes and accessories.  As of March 2,
2020, the Company operates 182 J.Crew retail stores, 140 Madewell
stores, jcrew.com, jcrewfactory.com, madewell.com, and 170 factory
stores.

J.Crew Group reported a net loss of $120.08 million for the year
ended Feb. 2, 2019, following a net loss of $123.20 million for the
year ended Feb. 3, 2018.  As of Nov. 2, 2019, J.Crew Group had
$1.76 billion in total assets, $3.11 billion in total liabilities,
and a total stockholders' deficit of $1.35 billion.

                           *    *    *

As reported by the TCR on Sept. 24, 2019, S&P Global Ratings
lowered the issuer credit rating on U.S.-based apparel retailer J.
Crew Group Inc. to 'CCC-' from 'CCC'.  The downgrade came after the
company announced it is pursuing an IPO of its Madewell concept and
disclosed details of prior proposals with its lenders related to
the recapitalization of its balance sheet, including proposed
exchanges of debt that S&P would likely view as a distressed.

Also in September 2019, Moody's Investors Service affirmed J.Crew's
Caa2 Corporate Family Rating.  The affirmations of the Caa2 CFR and
instrument ratings despite the PDR downgrade reflect a shift to an
above average enterprise recovery rate assessment in an event of
default, as a result of greater visibility into the operating
performance of the Madewell business and its potential valuation.


JEFFERY ARAMBEL: M3 Land Buying New Parcel for $534K
----------------------------------------------------
Focus Management Group USA, Inc., the Plan Administrator in the
case of Jeffery Edward Arambel, asks the U.S. Bankruptcy Court for
the Eastern District of California to authorize the private sale of
the New Parcel, comprised of approximately 31.62 acres of the
property referred to as the "Grayson Ranch," to M3 Land Co., LLC
for $534,446.

The Court has already approved the sale of approximately 20.65
acres, defined as the "Smaller Parcel" of the New Parcel to the
Buyer pursuant to an amended order entered on the motion filed as
docket control number MF-26 after hearing and overbidding.
However, that sale did not close within the time limits imposed by
the amended order because the lot line adjustments pending before
the County of Stanislaus had not yet been completed and the County
refused to approve them without knowing the buyer of the remaining
parcels.

Subject to the Court's approval without overbidding, Buyer has
agreed to purchase the River Bottom Parcel, together with the
Smaller Parcel, for a price of $5,500 per acre for the River Bottom
Parcel, or an additional purchase price of $60,335 for the 10.97
acres River Bottom Parcel in order to allow Buyer to close on the
Smaller Parcel, which Buyer has already contracted to purchase.
The purchase price of the Smaller Parcel remains unchanged.

Reorganizing Debtor has proposed a lot line adjustment and has
submitted an application to the County, under which the Smaller
Parcel and the River Bottom Parcel ("New Parcel") will be carved
off of the Storm Drain Parcel to allow the Sale and transfer of the
Smaller Parcel and the River Bottom Parcel to the Buyer.  While
separating the Storm Drain Parcel would create a new separate
parcel, this will be offset by the Buyer combining two of its
parcels so that the total number of parcels would not increase, as
required by the County.  The County has approved the lot line
adjustment subject only to approval by the lien holders.  

The close of escrow is scheduled to close on April 1, 2020.

The Plan Administrator supports the sale of the Smaller Parcel and
River Bottom Parcel to Buyer on the terms and conditions set forth
in the Addendum without overbidding based upon the unique and
special circumstances set forth.

The Plan Administrator now asks approval for the Reorganized
Debtor's proposed sale of the Smaller Parcel together with an
additional 10.97 acres referred to as the "River Bottom Parcel" as
one "New Parcel," in accordance with the proposed lot line
adjustments joining those two parcels as one, as now submitted for
approved by the County and tentatively approved.    

The Plan Administrator requests approval of the following:   

     a. The sale of the New Parcel to Buyer in exchange for the
Buyer's payment of the purchase price in the amount of $534,446 as
a private sale without overbidding in accordance with the terms and
conditions set forth in the Amended and Restated Real Estate
Purchase Contract and Receipt for Deposit previously approved by
the Court and as now amended by the First Addendum to the Amended
PSA, and any other addenda or amendments thereto.  The sale of the
New Parcel is on an "AS-IS" basis, subject to certain environmental
disclosures related to the New Parcel as set forth in the Addendum;
   

     b. The payment through escrow of (i) any real property taxes
and assessments due on the New Parcel, (ii) closing costs and other
expenses allocated to the Reorganizing Debtor as Seller in the
Addendum, (iii) U.S. Trustee fees, (iv) a lien in favor of the West
Stanislaus Irrigation District, (v) a holdback for estimated income
taxes, (vi) net proceeds from the sale of the New Parcel to
Brighthouse Life Insurance Co. until its lien is paid in full, and,
if any net proceeds remain, (vii) the remaining net proceeds to SBN
V Ag I, LLC ("Summit") subject to the allocation provisions of
Section 6.6 of the Plan;

     c. The sale of the New Parcel free and clear of the secured
interests of Brighthouse and Summit based on the consent of their
respective security interests in the New Parcel;

     d. The waiver of any applicable state and/or federal stay of
immediate enforceability of the order approving the Motion when
entered; and

     e. Such other relief as is just and appropriate in
circumstances of the case.

The New Parcel and the Storm Drain Parcel secure the following
estimated claims: (i) Tax - Stanislaus County Tax Collector -
$11,559 (est.); (ii) 1st - Brighthouse - $6,655,067; (iii) 2nd -
Summit - $45,491,297; and (iv) 3rd - West Stanislaus Irrigation
District - $11,000 (est.).

The West Stanislaus Irrigation District recorded a lien in
Stanislaus County that encumbers the New Parcel on February 22,
2016, as Recording No. 2016-0012768.  The Reorganizing Debtor seeks
to pay this lien from the proceeds of the sale of the New Parcel.

The Plan Administrator has sought and will continue to seek the
consent of Brighthouse and Summit to release their respective
liens, to the extent not paid in full, on the New Parcel.  The Plan
Administrator expects that Brighthouse and Summit will so consent.


The sale proceeds will first be applied from escrow to pay
reasonable and ordinary closing costs, prorated real property taxes
and assessments, U.S. Trustee fees, a reserve for income taxes (to
be held by the Plan Administrator) before payments are made to
Brighthouse and Summit pursuant to the Plan.

The Plan Administrator projects that the proceeds from the sale of
the New Parcel will be distributed as follows:

     Gross Proceeds:               $534,446

     LESS: Closing Costs (est.)      $4,072
     Real Estate Taxes (est.)       $11,559
     U.S. Trustee Fees               $5,344
     Income Tax Reserve (est.)      $74,000
     WS Irrigation Dist. (est.)     $11,000
                                   --------
     Net Proceeds                  $428,470

The Plan Administrator requests that the Court waives the 14-day
stay period under Bankruptcy Rule 6004(h) so that Reorganizing
Debtor may close on the sale of the New Parcel as expeditiously as
possible.   The Reorganizing Debtor anticipates that all
contingencies to the sale have been satisfied or lifted by the time
of the hearing on the Motion.  Delaying the sale will only increase
the risk of further expense or loss to the estate.  Moreover, the
Addendum provides for the closing to occur by April 1, 2020.

Jeffery Edward Arambel sought Chapter 11 protection (Bankr. E.D.
Cal. Case No. 18-90029) on Jan. 17, 2018.  The Debtor tapped Reno
F.R. Fernandez, III, Esq., as counsel.


JOE'S PLACE: Unsecureds to Get 10% in 5 Years in Plan
-----------------------------------------------------
Debtor Joe's Place of the Bronx NY, Inc., filed a Third Amended
Disclosure Statement describing its Amended Plan of Reorganization
on Feb. 14, 2020.

The unclassified priority and secured tax claim of the New York
State Department of Taxation and Finance ("NYSDTF") will be paid as
follows $4,500 a month for 72 months from the Effective Date of the
Plan.

The New York City Department of Finance (NYCDOF) holds a priority
tax claim in the amount of $26,444.  Unless otherwise agreed to
between NYCDOF and the Debtor, the Debtor will pay NYCDOF
approximately $980 a month for approximately 26 months commencing
on the Effective Date of the Plan, with applicable statutory
interest, in full satisfaction of its claim.

General Unsecured Claimants will receive payments of no less than
10% of the total claim amount of their allowed claims within 60
months of the Effective Date of the Plan.  The interests of the
shareholder, Jose Torres, will remain unimpaired.

A full-text copy of the Third Amended Disclosure Statement dated
Feb. 14, 2020, is available at https://tinyurl.com/v2utrad from
PacerMonitor at no charge.

Attorneys for the Debtor:

     Norma E. Ortiz
     ORTIZ & ORTIZ, L.L.P.
     32-72 Steinway Street
     Astoria, New York 11103
     Tel: (718) 522-1117
     Fax: (718) 596-1302

                 About Joe's Place of the Bronx

Joe's Place of the Bronx, NY, Inc. filed a Chapter 11 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 17-11542) on June 2, 2017.  In
the petition was signed by Jose L. Torres, president, the Debtor
was estimated to have $50,000 to $100,000 in assets and $1 million
to $10 million in liabilities.  The Hon. Martin Glenn is the
presiding judge.  Ortiz & Ortiz, LLP, represents the Debtor.


JOHN C. FLEMING: Huizenga Buying Big Sky Property for $2.78M
------------------------------------------------------------
John C. Fleming asks the U.S. Bankruptcy Court for the Southern
District of Florida to authorize him (i) to sell the real property
located at 170 Nighthawk Fork, Cabin 24, Big Sky, Montana to Peter
H. Huizenga, Jr. or his assigns for $2,735,000, cash; (ii) to lease
back the Real Property until April 12, 2020 for a $16,800 credit
toward the purchase price; and (iii) to sell all furnishings in the
Real Property to Huiznega for the purchase price of $50,000.

The Debtor is the 100% owner of Spanish Peaks Cabin 24, LLC, a
Montana limited liability company.   Spanish Peaks owns the Real
Property.

BMO Harris Bank, N.A. holds an undisputed claim (Claim No. 9) in
the amount of $1,716,970 secured by the Real Property.

Spanish Peaks Owners Association, Inc. is owed approximately $2,248
in undisputed association fees.

Gallatin County, Montana (or its assigns) is owed approximately
$11,097 for undisputed real estate taxes.

The Real Property has been market for sale by a broker since May
2019.  On Jan. 6, 2020, the Buyer offered to purchase the Real
Property for $2.4 million.  On that same date, Spanish Peaks made a
counteroffer for the Buyer to purchase the Real Property for
$2,735,000.  On Jan. 13, 2020, the Buyer accepted Spanish Peaks'
counteroffer.  

The salient terms of the Contract are:

     (1) Purchaser: Peter H. Huizenga, Jr. or his assigns, who is
not an insider of, or affiliated to, the Debtor and the Debtor's
wholly owned corporate entities.

     (2) Terms: The contract provides for (i) the sale of real
property located at 170 Nighthawk Fork, Cabin 24, Big Sky, Montana
59716 for the purchase price of $2,735,000; (ii) the Debtor to
lease back the real property until April 12, 2020 for a $16,800
credit toward the purchase price; (iii) the sale of all furnishings
in the real property for the purchase price of $50,000; and (iv) a
closing date of Feb. 28, 2020.  

     (3) Private Sale: Not subject to higher and better offers

     (4) Competing Bidders: Not applicable.  

     (5) Additional Purchaser Protection: Not applicable.

     (6) Transfer of Personal Identifiable Information: Not
applicable.

     (7) Lienholders: (i) BMO Harris Bank, N.A. holds an undisputed
claim (Claim No. 9) against the Debtor in the amount of $1,716,970
secured by the real property; (ii) Spanish Peaks Owners
Association, Inc. is owed approximately $2248 in undisputed
association fees; and (iii) Gallatin County, Montana is owed
approximately $11,097 for undisputed real estate taxes.  

     (8) Emergency Basis: Because the contract provides for a
closing date of Feb. 28, 2020 and the contract requires delivery of
clear title, the Debtor asks that the Court schedules the matter on
an expedited basis during the week of Feb. 10, 2020.   

The Contract includes a title contingency, requiring Spanish Peaks
to deliver clear title to the Real Property.  If Spanish Peaks is
unable to deliver clear title, the Buyer may legally rescind the
Contract.   

Because the Debtor has vacation rental commitments through and
including April 12, 2020, which will provide substantial cash flow
for the Debtor, the Contract provides that the Debtor will lease
back the Real Property until April 12, 2020 for a $16,800 credit
toward the purchase price.   

Finally, the Debtor directly owns all household furnishings in the
Real Property.  The Contract provides that the Real Property will
be sold fully furnished and that the furnishings will be
transferred by the Debtor to the Buyer for a purchase price of
$50,000.   

The Debtor believes that sale of the Real Property for the purchase
price of $2,735,000 will cause the estate to realize the highest
value.  He believes that the purchase price is fair and reasonable,
given the facts that Spanish Peaks has been marketing the Real
Property for months now without an offer and that the Debtor
scheduled the Real Property as having a value of $2.95 million.

Because the Contract provides for a closing date of Feb. 28, 2020,
the Debtor asks that the 14-day stay of the effectiveness of an
order granting the Motion be waived pursuant to Federal Rule of
Bankruptcy Procedure 6004(h).   

John C. Fleming sought Chapter 11 protection (Bankr. S.D. Fla. Case
No. 19-22244) on Sept. 13, 2019.  The Debtor tapped Bradley S.
Shraiberg, Esq., as counsel.



JOHN FITZGIBBON: Fitch Affirms B on $8.2MM Series 2010 Health Bonds
-------------------------------------------------------------------
Fitch Ratings has affirmed the 'B' Issuer Default Rating and
revenue bond rating on the following bonds issued by the Saline
County Industrial Development Authority, MO on behalf of John
Fitzgibbon Memorial Hospital:

  - $8.2 million health facilities refunding bonds, Series 2010.

The Rating Outlook is Negative.

SECURITY

The bonds are secured by a pledge on gross revenues, a mortgage on
certain hospital and nursing home property, and a debt service
reserve fund.

ANALYTICAL CONCLUSION

The affirmation of the 'B' rating reflects the fact that JFMH's
recent operating performance and liquidity position have stabilized
overall in line with Fitch's expectations. At FYE 2019 (ended April
30, 2019), JFMH had $6.4 million in unrestricted liquidity compared
with $6.3 million at Oct. 31, 2019. The Negative Outlook reflects
both continued limited financial flexibility and the wide range of
operational headwinds that may be difficult to rectify.
Furthermore, JFMH is still recovering from an information
technology conversion that caused material disruption to its
operating results and to accounts receivable (AR), with days in AR
above 90 at Oct. 31, 2019. The operational challenges led to a drop
of over 70% in JFMH's unrestricted cash and investments between
FY16 and FY19.

For a third consecutive year, JFMH will likely miss its 1.25x debt
service coverage covenant in FY20. Unaudited six-month financials
of FY20 (Oct. 31) shows JFMH's coverage at 0.9x. JFMH received a
waiver for the covenant default in FY19 and brought in a consultant
as required in the bond documents. To avoid an event of default,
bond documents indicate that JFMH has to follow the consultant's
recommendations and maintain coverage of at least 1x in FY20. If
the hospital doesn't achieve at least 1x by year-end 2020, it is
expected to be an event of default.

JFMH management is working closely with the consulting firm and has
identified its own cost-cutting initiatives, such as modifying its
self-insurance plan, closing unprofitable business lines, adding
telehealth to retain physicians, and reducing expensive agency
staff, to improve financial performance. However, the impact of
these efforts will take time to fully realize and Fitch believes
there is risk in JFMH effectively executing these initiatives as
planned. Fitch also believes that given JFMH's payor mix, lack of
population growth and sensitivity to physician turnover given its
small size, the hospital will be challenged in rebuilding its
balance sheet even if profitability improves from the current low
levels. JFMH had over $20 million in unrestricted liquidity in
FY16, highlighting the precipitous decline in cash over the last
few years.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Leading Market Share in Challenged Service Area

JFMH's revenue defensibility is midrange, primarily supported by a
market position that is nearly double that of its leading
competitor. As of FY19, the hospital secures a leading market share
of 42% with its nearest competitor at 22%. Payor mix is midrange as
Medicaid and self-pay accounted for 19% of gross revenues as of
Oct. 31, 2019. The service area is supported by weaker demographics
and economic factors, which has contributed to an increase in
self-pay and relatively flat volume growth.

Operating Risk: 'b'

Operating Performance Remains Weak

JFMH's operating risk profile is weak. The hospital generated
operating losses in the last four fiscal years and through six
months of FY20. Revenues have either decreased or remained flat due
to physician turnover, high costs from agency labor, expensive
insurance claims associated with self-funded health insurance
benefits, and continued challenges with the electronic accounting
(EA)/electronic medical record implementation process that caused a
considerable increase in AR.

Financial Profile: 'b'

Weak Financial Profile

JFMH's financial profile is assessed as weak. Fitch only utilizes
the base case as there is limited financial flexibility to navigate
adverse economic conditions at this time. Net leverage ratios were
negative in FY17-19 due to operational pressures and a challenging
EMR implementation process. However, unrestricted liquidity
balances have stabilized yoy, and Fitch's base case shows
liquidity, while thin, will remain steady and slightly increase
over the next few years.

ESG - Environmental/Social/Governance: John Fitzgibbon Memorial
Hospital has an ESG Relevance Score of 4 for Financial Transparency
due to recent failure to file certain financial disclosures. As a
result, JFMH had to post a Catch-Up Filing for the period 4/30/2015
- 4/30/2019 on EMMA JFMH's lack of timely public financial postings
indicates the hospital faces challenges with internal financial
reporting as a result of IT conversion disruptions. However, Fitch
believes management has taken steps to address these reporting
issues and is working with a consultant to improve internal systems
to effectively meet disclosure deadlines.

Asymmetric Additional Risk Considerations

No asymmetric factors were applied in this rating determination.

RATING SENSITIVITIES

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

  -- Improvements in operational performance resulting in operating
EBITDA and EBITDA margins increasing to levels closer to 4.5%;

  -- Cash flow growth that results in a notable increase in
unrestricted liquidity.

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

  -- A downgrade may be considered if there is a reversal in
operational performance and shrinking liquidity;

  -- Operating metrics and liquidity ratios deteriorate to levels
closer to, or below, FY19 results despite cost-cutting initiatives
and consultant recommendations;

  -- Failure to stay above 1x coverage in FY20 triggering an event
of default.

CREDIT PROFILE

JFMH is a 60-licensed-bed hospital located in Saline County,
Missouri, approximately 80 miles east of Kansas City. Operations
also include a 99-bed skilled nursing facility and several rural
health clinics. Total revenues in FY19 were $54.7 million. Fitch
reviews and cites consolidated financial data, and the consolidated
entity currently comprises the obligated group.

Revenue Defensibility

JFMH's payor mix consists of Medicaid and self-pay accounting for
19% of gross revenues as of Oct. 31, 2019. The payor mix reflects
modest service area characteristics. Self-pay has averaged
approximately 7% over the last four fiscal years as Missouri did
not expand Medicaid under the Affordable Care Act. In addition,
JFMH is relatively reliant on governmental payors with Medicare and
Medicaid accounting for 61% of gross revenue, while commercial and
managed care account for 30%. Blue Cross Blue Shield of Kansas City
accounted for 50% of JFMH's commercial and managed care revenue.

In October 2019, JFMH lost their disproportionate share hospital
(DSH) status for the 340(b)-pharmacy program, affecting the cost of
some cancer-specific drugs. DSH status is contingent upon the
hospital's payor mix having at least 12% Medicaid based on gross
revenues and thus was reinstated as of January 2020. However,
because JFMH's payor mix fluctuates close to that payor mix
requirement, qualifying DSH status varies year-to-year, causing
stress on operations and challenges for financial budgeting.

JFMH maintained a leading inpatient market share position of 42%
within its primary service area in FY19, which is nearly double its
nearest competitor. The hospital retains the area's lower acuity
services while higher acuity cases go to either of the two closest
competitors; Boone Hospital (rated A-/Negative by Fitch) and
University of Missouri Hospital; both are about 60 miles from
JFMH.

The primary service area for JFMH is within Saline County,
Missouri. The socioeconomic indicators are generally modest. The
PSA's unemployment rate is in-line with national and state
averages, while the population trends in the county have declined
over the last five years. Wealth levels as measured by median
household income are below state and national averages and poverty
rates are somewhat above the averages as well. Current service area
conditions have contributed to an increase in self-pay patient
volumes.

Operating Risk

JFMH has shown slight improvements in some areas of operations, but
overall performance remains stressed. Operating performance has
been pressured over the last three fiscal years as evidenced by
operating EBITDA and EBITDA margins averaging (0.9)% and (0.1)%,
respectively, compared with an average of 5.2% and 6.2% for fiscal
years 2015 through 2017.

Operations remained challenged in FY19 as JFMH suffered an
operating loss of approximately $7.5 million. Operating losses stem
from disruptions following an EMR conversion, higher agency costs
due to recruitment challenges, higher than budgeted self-insurance
claims, loss of DSH status for the 340(b)-pharmacy program, and an
increase in self-pay patients. However, through six months of FY20,
the loss from operations was $1.4 million, or approximately $2.8
million on an annualized basis, which would be an improvement
compared with FY19 if losses were to stay on track for the year.
Stronger operations at the hospital's long-term care facility
helped minimize losses after successfully addressing survey and
census issues, and hiring a new administrator.

JFMH breached its debt service coverage ratio covenant of 1.25x
again in FY19, falling below 1.0x to negative 1.4x. As a result,
the hospital engaged a consultant to conduct a revenue cycle
assessment focusing on its EMR implementation and post
implementation strategy to improve collections of outstanding
accounts receivable (95 days as of Oct. 2019), and to provide JFMH
with recommendations for increasing its DSCR to the required level.
As of January 2020, days in AR have fallen to 75, which is an
improvement, but still elevated compared with levels prior to the
EMR installation and implementation. In addition to revenue cycle
assessments, the hospital will change its collection agency vendor
hoping to decrease the amount of its self-pay patients and further
decrease AR days. Despite the DSCR covenant breach in FY19, JFMH
received a waiver from bondholders.

While operational challenges persist, operating EBITDA and EBITDA
margins have improved slightly to 3.0% and 3.3% through six months
of FY20 compared with (5.2)% and (4.9)% in FY19. Coverage has
improved to 0.9x through six months of FY20, but per management's
comments and Fitch's expectations, JFMH will not meet their DSCR
covenant by year-end for a third consecutive year. To avoid an
event of default, the hospital will need to achieve coverage of at
least 1.0x in FY20.

Fitch expects JFMH's capital spending to remain low over the near
future as no capital projects are planned and JFMH's main focus
will be to improve operations. As a result of lower spending,
average age of plant is relatively high at 13.8 years as of FY19.
In addition, FY18-19 capital expenditures averaged approximately
35% of depreciation and included some higher spending for equipment
replacements. The biggest near-term project is to replace a linear
accelerator, but this will be funded primarily by the hospital's
foundation. Deferring capital spending to address other core
operating challenges could present a credit concern in the
long-term as average age of plant remains elevated.

Financial Profile

Due to operational pressures, JFMH's cash-to-debt has declined over
the last three fiscal years to 39% as of Oct. 31, 2019, from 103.3%
in fiscal 2016. However, from FY18-19, JFMH's unrestricted cash
balance remained largely stable; at year-end FY19, JFMH had $6.4
million in unrestricted liquidity compared with $6.3 million as of
Oct. 31, 2019. Stabilizing liquidity is further demonstrated by
days cash on hand (DCOH) totaling 42 days as of Oct. 31 2019
compared with 40 at fiscal year-end 2019.

The base case shows operating EBITDA and EBITDA margins averaging
4.2% and 4.3% for FY20-24. Management projections indicate that the
hospital will achieve major cost savings by year one of the base
case, but Fitch believes these expectations are tempered due to the
range of complex operational challenges the hospital faces all at
once. Fitch gives credit to the hospital for most of the projected
expense reductions it shows in year one of the base case, with
incremental cost reductions in years two and three derived from
both consultant recommendations and management's renewed focus on
cost efficiency initiatives (i.e. modifying its self-insurance
plan, closing unprofitable business lines, adding telehealth to
retain physicians, and reducing expensive agency staff). Year one
of the base case thus demonstrates that JFMH will sustain an
operating EBITDA margin of nearly 3.0% (which is on par with the
level they reached through six months of FY20) and, if they execute
on their planned cost efficiencies spread across the next few
years, will reach EBITDA margins closer to 4.5% in the coming
years.

For FY20-24, Fitch assumes JFMH will maintain a modest capex budget
as it shifts its focus toward improving operations and also benefit
from Foundation contributions for equipment upgrades. Fitch
believes annual spending will thus average roughly $800k for the
remainder of the base case. By year five of the base case,
cash-to-adjusted debt and net adjusted debt to adjusted EBITDA
equate to 62% and 2.2x, respectively.

Asymmetric Additional Risk Considerations

No additional asymmetric additional risk considerations were
applied in this rating determination, given the current rating
revision to 'B'. JFMH has crossed several asymmetric risk
thresholds, including debt service coverage below what is required
by covenant, a days' cash on hand minimum level per Fitch criteria
of 75 days. In addition, Fitch has experienced qualitative data
issues in terms of timing and detail. Fitch feels that all of these
asymmetric risks are fully incorporated into the current rating
revision to 'B' at this time.

At April 30, 2019, JFMH had $19.4 million in total debt, which is
almost all fixed-rate. Total debt includes $8.2 million in 2010
bonds, $6.7 million in series 2016 bonds which are privately held
debt, a $1.7 million variable-rate loan (used to purchase a medical
office building) and $3.1 million in a fully collateralized note
payable (which is included in unrestricted cash and investments).
JFMH has no swaps and no defined benefit pension obligation.

ESG CONSIDERATIONS

John Fitzgibbon Memorial Hospital (MO): 4; Financial Transparency:
4.

John Fitzgibbon Memorial Hospital has an ESG Relevance Score of 4
for Financial Transparency due to recent failure to file certain
financial disclosures. As a result, JFMH had to post a Catch-Up
Filing for the period 4/30/2015 - 4/30/2019 on EMMA. JFMH's lack of
timely public financial postings indicates the hospital faces
challenges with internal financial reporting primarily because of
IT conversion disruptions. However, Fitch believes management has
taken steps to address these reporting issues and is working with a
consultant to improve internal systems to effectively meet
disclosure deadlines.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, 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.


KAISER GYPSUM: Seeks Court OK of Settlement With Insurers
---------------------------------------------------------
The Hon. Craig Whitley of the U.S. Bankruptcy Court for the Western
District of North Carolina will hold a hearing on March 12, 2020,
at 9:30 a.m. (Prevailing Eastern Time) in Courtroom 1-4, 401 West
Trade Street, Charlotte, North Carolina 28202, to consider approval
of Kaiser Gypsum Company Inc. and its debtor-affiliates settlement
agreements between Debtors and their insurers:

    -- London Market Insurers and Continental Insurance Company,
Columbia Casualty Company and National Fire Insurance Company of
Hartford;

    -- Insurance Company of the State of Pennsylvania and National
Union Fire Insurance Company of Pittsburgh, PA;

    -- Truck Insurance Exchange;

    -- Westchester Fire Insurance Company and Westchester Surplus
Lines Insurance Company;

    -- Hartford Fire Insurance Company;

    -- Munich Reinsurance Company, as successor in interest to
Northbrook Excess and Surplus Insurance Company f/k/a Northbrook
Insurance Company;

    -- Westport Insurance Corporation f/k/a Employers Reinsurance
Corporation; and

    -- Great Southwest Fire Insurance Company and Fireman's Fund
Insurance Company.

The agreements include the sale of the Debtors' rights to
environmental insurance coverage under their insurance policies to
the respective insurers free and clear of all liens, claims and
encumbrances.  In exchange for the sales, and for the additional
consideration provided in the agreements, including the extension
of an injunction to include the insurers, the Debtors will receive
cash consideration from respective insurers.

Objections to the sale, if any, must be filed no later than 4:00
p.m. (Prevailing Eastern Time) on March 6, 2020.

Parties interested in receiving more information regarding the
sale, may contact:

   Jones Day
   2727 N. Harwood Street
   Dallas, Texas 75201
   
   Gregory M. Gordon, Esq.
   Tel: + 1-214-969-=3759
   E-mail: gmgordon@jonesday.com

   Amanda Rush, Esq.
   Tel: + 1-214-969-4869
   E-mail: asrush@jonesday.com

        - or -

   Rayburn Cooper & Durham
   1200 Carillon, 227 W. Trade Street
   Charlotte, North Carolina 28202
   
   Jack R. Miller, Jr., Esq.
   Tel: 704-334-0891
   Fax: 704-377-1897
   E-mail: jmiller@rcdlaw.net

                     About Kaiser Gypsum

Kaiser Gypsum Company, Inc., and affiliate Hanson Permanente
Cement, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D.N.C. Case Nos. 16-31602 and 16-10414) on  Sept.
30, 2016.  The petitions were signed by Charles E. McChesney, II,
vice-president and secretary.

The companies are represented by Rayburn Cooper & Durham P.A. and
Jones Day.  Cook Law Firm, P.C. and K&L Gates LLP serve as special
insurance counsel; NERA Economic Consulting as consultant; Miller
Nash Graham & Dunn LLP as special environmental and insurance
counsel; and PricewaterhouseCoopers LLP as financial advisors.

At the time of the bankruptcy filing, Kaiser and Hanson each was
estimated to have assets and liabilities at $100 million to $500
million.

Kaiser's principal business consisted of manufacturing and
marketing gypsum plaster, gypsum lath and gypsum wallboard.  The
company has no current business operations other than managing its
legacy asbestos-related and environmental liabilities.  The company
has no material tangible assets.

HPCI's primary business was the manufacture and sale of Portland
cement products.  It is a wholly-owned, indirect subsidiary of
non-debtor Lehigh Hanson, Inc.

HPCI is the direct parent of Kaiser Gypsum as well as non-debtor
Hanson Micronesia Cement, Inc. and non-debtor Hanson Permanente
Cement of Guam, Inc., the operating subsidiaries.  Non-debtor
Permanente Cement Company, which has no assets or operations, is
also a wholly-owned subsidiary of HPCI.

The Office of the U.S. Trustee appointed three creditors to serve
on the official committee of unsecured creditors in the Chapter 11
case of Kaiser Gypsum Company, Inc.  The Creditors Committee hired
Blank Rome LLP as counsel, and Moon Wright & Houston, PLLC.

An Official Committee of Asbestos Personal Injury Claimants
retained Caplin & Drysdale, Chartered, as its counsel.

Lawrence Fitzpatrick, the Future Claimants' Representative, tapped
Ankura Consulting Group, LLC as his claims evaluation consultant;
Young Conaway Stargatt & Taylor, LLP as attorney; and Hull &
Chandler, P.A. as local counsel.


KAR AUCTION: S&P Downgrades ICR to 'B+'; Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on KAR Auction
Services Inc. to 'B+' from 'BB-'. At the same time, S&P lowered its
issue-level rating on the company's first-lien debt to 'B+' from
'BB-'. The '3' recovery rating remains unchanged. S&P also lowered
its issue-level rating on its unsecured debt to 'B' from 'B+'. The
'5' recovery rating remain unchanged.

KAR's 2020 credit metrics will likely be weaker than S&P previously
expected. S&P now expects the company's debt to EBITDA to be in the
5.8x-6.2x range in 2020 (compared with the rating agency's previous
estimate of 5.1x-5.5x) and its FOCF to debt to remain near 10% as
the volumes and profitability of its TradeRev business continue to
be weaker than its prior assumptions due to a sub-optimal cost
structure.

TradeRev volumes continue to fall well below targets as losses
exceed management's expectations. Management has changed its
go-to-market strategy and cost structure to a model that it
believes will be more sustainable in the long run. With a more
integrated approach to serving the dealer consignment market,
improved service levels, and the combination of its TradeRev and
ADESA sales teams, S&P expects the company to report reduced
losses. However, S&P's assumptions remain somewhat more
conservative than management's guidance given the uncertainties
tied to its digital marketplace and previous underperformance.

The stable outlook reflects S&P's view that, despite continued
headwinds with TradeRev and elevated leverage following the
completion of its partial refinancing, KAR should be able to
generate a FOCF-to-debt ratio of more than 5% and improve its debt
to EBITDA to the mid-5x area over the next 12 months.

"We could raise our rating on KAR over the next 12 months if we
believe its debt to EBITDA will improve and remain below 5x while
its FOCF-to-debt ratio remains well above 5%. This could occur if
the company's revised cost structure at ADESA leads to improved
profitability and it maintains a balanced financial policy that
avoids further increases in its leverage," S&P said.

"Although unlikely, we could lower our rating on KAR over the next
12 months if we expect its FOCF to debt to fall below 5% on a
sustained basis. This could occur if there are additional
challenges with TradeRev, unfavorable market conditions, or it
employs a more aggressive financial policy," the rating agency
said.


KINGMAN FARMS: Proposes 5212 Spanish Heights as New Equity Investor
-------------------------------------------------------------------
Debtor Kingman Farms Ventures, LLC. filed the Third Amended
Disclosure Statement in connection with its Third Amended Plan of
Reorganization dated February 14, 2020.

The Plan provides for Debtor's existing Old Equity Interests to be
cancelled and 100% of the new membership interests in the
Reorganized Debtor to be issued pro rata to the New Equity Investor
in exchange for  providing the New Capital Contribution of an
amount not less than $500,000, but not to exceed $650,000 which
will be used to satisfy Claims under the Plan.

The New Equity Investor is proposed to be 5212 Spanish Heights, LLC
who will provide the New Capital Contribution in exchange for the
New Equity Interests under this Plan. The sole member of 5212
Spanish Heights, LLC is 5212 Holding LLC. 5212 Holding LLC is owned
100% by The James M. Rhodes Irrevocable Children’s Education
Trust.  John Rhodes, brother of James M. Rhodes, is the trustee of
the trust.  James M. Rhodes is the manager of 5212 Holding LLC.

Class 5 General Unsecured Claims, owed $15,043, will each receive
cash in the allowed amount of the general unsecured claim on the
Effective Date.

A full-text copy of the Third Amended Disclosure Statement dated
Feb. 14, 2020, is available at https://tinyurl.com/tuztdmy from
PacerMonitor at no charge.

The Debtor is represented by:

         GHANDI DEETER BLACKHAM
         NEDDA GHANDI, ESQ.
         SHARA L. LARSON, ESQ.
         725 South 8th Street, Suite 100
         Las Vegas, Nevada 89101
         Telephone: (702) 878-1115
                    (702) 281-5163
         Facsimile: (702) 979-2485
         E-mail: nedda@ghandilaw.com
                 shara@ghandilaw.com

                 About Kingman Farms Ventures

Kingman Farms Ventures, LLC, is a privately-held company that
operates in the crop farms industry located in Las Vegas, Nevada.
Kingman Farms Ventures sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 18-10180) on Jan. 16,
2018.  In the petition signed by James R. Rhodes, president of
Truckee Springs Holdings, Inc., manager of the Debtor, the Debtor
was estimated to have assets and liabilities of $10 million to $50
million.  Judge Laurel E. Davis is the presiding judge. Deeter
Blackham is the Debtor's legal counsel.


LAKE ROAD WELDING: Seeks Court Approval to Hire Henderson Appraisal
-------------------------------------------------------------------
Lake Road Welding Co. seeks authority from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Henderson
Appraisal to conduct an appraisal of its property located at 5616
State Highway 79, Wichita Falls, Texas.

The firm will receive a flat fee in the amount of $4,500.

Henderson is a disinterested person within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

Henderson can be reached through:

     Jim Henderson
     Henderson Appraisal
     4302 Call Field Rd, Ste E
     Wichita Falls, TX 76308
     Hot 103.9 KQXC Wichita Falls
     Phone: +1 940-696-3045

                    About Lake Road Welding Co.

Lake Road Welding Co. provides structural steel fabrication and
industrial and commercial applications from Wichita Falls, Texas.


Lake Road Welding filed a voluntary Chapter 11 bankruptcy petition
(Bankr. N.D. Tex. Case No. 19-70239) on Aug. 22, 2019. In the
petition signed by Jerry Morgan, president, the Debtor estimated
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities.  Judge Harlin DeWayne Hale oversees the case.  Areya
Holder, Esq., at Holder Law is the Debtor's legal counsel.


LAROCHE CARRIER: US Trustee Objects to Disclosure Statement
-----------------------------------------------------------
Nancy J. Gargula, the United States Trustee, submitted an objection
to the Disclosure Statement explaining the Chapter 11 Plan filed by
Laroche Carrier LLC.

The U.S. Trustee points out that the Disclosure Statement, at pages
8-11, does not assign Class numbers for the claimants.

The U.S. Trustee asserts that the Disclosure Statement and the Plan
do not have the same or parallel information for the IRS.

The U.S. Trustee complains that the Disclosure Statement does not
list any claims or payments to general unsecured creditors even
though Schedules E/F and Amended Schedules E/F do list general
unsecured creditors.

According to U.S. Trustee, the Disclosure Statement, at page 11,
does not describe the source of funds for payments under the Plan
in Section D, Means of implementing the Plan.

The U.S. Trustee points out that the Disclosure Statement, at page
15, under "Discharge of Debtor," appears to incorrectly provide
that the Debtor will not receive a discharge under Sec. 1141(a)(3).


The U.S. Trustee asserts that the Disclosure Statement's historical
and current financial information is inadequate and does not permit
creditors to evaluate the feasibility of the plan under Sec.
1129(a)(11).

Laroche Carrier LLC sought Chapter 11 protection (Bankr. N.D. Ind.
Case No. 19-10532) on April 1, 2019.  Frederick W. Wehrwein, Esq.,
at FRED WEHRWEIN, P.C., is the Debtor's counsel.


LEMEN INC: Esquivel & Cantu Buying Fort Pierce Property for $409K
-----------------------------------------------------------------
Lemen, Inc. asks the U.S. Bankruptcy Court for the Southern
District of Florida to authorize the sale of the commercial
property located at 2739 S US Hwy 1, Fort Pierce, Florida to Victor
M. Esquivel and Damaris Cantu and/or assigns for $409,000.

The Debtor is the owner of the property.  As part of the confirmed
plan, the Debtor was to refinance the property by Jan. 31, 2020.
It has entered into a contract to sell the property for $409,000.
The proceeds will be sufficient to pay off the lien holder,
Velocity Commercial Capital.   

The title company is requiring Court approval of the sale of the
property.

A copy of the Contract is available at https://tinyurl.com/revyhwk
from PacerMonitor.com free of charge.

                        About Lemen Inc.

Lemen, Inc., based in Fort Pierce, FL, filed a Chapter 11 petition
(Bankr. S.D. Fla. Case No. 18-19540) on Aug. 4, 2018.  In the
petition signed by Elizabeth Mendez, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  

The Hon. Erik P. Kimball is the presiding judge.  

Brian K. McMahon, Esq., at Brian K. McMahon, P.A., serves as
bankruptcy counsel to the Debtor.

The Debtor's first amended plan was confirmed on April 22, 2019.


LENNAR CORP: Moody's Alters Outlook on Ba1 CFR to Positive
----------------------------------------------------------
Moody's Investors Service changed the outlook for Lennar
Corporation to positive from stable. In the same rating action
Moody's affirmed the company's Ba1 Corporate Family Rating, Ba1-PD
Probability of Default Rating, and the Ba1 rating on its senior
unsecured notes. The SGL-1 Speculative Grade Liquidity Rating is
maintained.

The change in the outlook to positive reflects Moody's expectations
that Lennar will operate with a conservative leverage profile and
maintain debt to capitalization below 35% having repaid $2.2
billion of senior notes with cash since its acquisition of
CalAtlantic two years ago. Moody's also expects the company to
continue shifting toward a land lighter strategy, which reduces
impairment risk and enhances cash flow generation, and see solid
gross margins due to its efficiencies as a large-scale operator and
through its technological advances. Moody's expects the company
will demonstrate disciplined financial policies with respect to
share repurchases and its liquidity profile, including during any
industry cycle.

Lennar's leverage reached 33.7% at fiscal 2019 ending November 30
and homebuilding interest coverage improved to 6.1x. These metrics
are likely to improve further given Moody's expectation that the
company will continue to repay debt with cash flow. Sustainability
of strong credit metrics along with good operating performance
during healthy industry conditions and weak, and conservative
financial strategies would be important considerations for an
upgrade.

The following rating actions were taken:

Affirmations:

Issuer: Lennar Corporation

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Unsecured Commercial Paper, Affirmed NP

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

Unchanged:

Speculative Grade Liquidity Rating, Unchanged at SGL-1

Outlook Actions:

Issuer: Lennar Corporation

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

The company's Ba1 Corporate Family Rating is supported by: 1) its
status as one of the two largest homebuilders in the US with the
largest revenue ($21 billion) and the largest tangible equity base
($12.5 billion), and the associated benefits of size and scale; 2)
Lennar's strong market position and broad reach across homebuilding
markets nationally and locally; 3) the capability to deliver
quickly through debt repayments with its strong cash flow
generation; 4) healthy gross margins and robust earnings
generation; and 5) governance considerations of financial strategy
that focuses on deleveraging.

At the same time, Lennar's credit quality is constrained by: 1)
high proportion of homes constructed on spec (about half of all
homes in production), and owned land supply of 4.1 years (or 67% of
total land supply) in 2019 exposed to a risk of impairments when
the cycle turns; 2) cost pressures faced by the industry that
impact gross margin; 3) shareholder friendly actions including
share repurchases and dividends; 4) a track record of a strong
propensity to invest in new and different asset classes and
structures and acquisitions; 5) exposure to cyclicality of the
industry and a possibility of protracted revenue declines and
meaningful impairments.

Lennar's SGL-1 Speculative Grade Liquidity Rating reflects Moody's
expectation that the company will maintain a very good liquidity
profile over the next 12 to 15 months. Liquidity is supported by
Lennar's $1.2 billion of unrestricted cash at November 30, 2019,
Moody's expectation of strong cash flow in fiscal 2020, maintenance
of substantial availability under the company's $2.5 billion senior
unsecured revolving credit facility expiring in April 2024, and
significant headroom under its financial maintenance covenants.

Factors that could lead to an upgrade include:

  - Maintenance of strong credit metrics, including homebuilding
debt to book capitalization below 35% and EBIT interest coverage in
the high single digits on a sustained basis.

  - Maintenance of a very good liquidity position, including strong
free cash flow generation

  - A demonstrated commitment to attaining and maintaining an
investment grade rating, both to Moody's and to the debt capital
markets.

  - A demonstrated ability to withstand a financial shock without
sinking to low speculative grade rating levels.

Factors that could lead to a downgrade include:

  - The company begins generating net losses

  - Major impairment charges were to loom

  - Free cash flow was to turn sharply negative

  - Debt leverage was to approach 50%

  - Liquidity weakens

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

Founded in 1954 and headquartered in Miami, Florida, Lennar is one
of the country's two largest homebuilders. The company builds
first-time, move-up, and active adult homes primarily under the
Lennar brand name. Lennar's Financial Services segment provides
mortgage financing, title insurance, and closing services primarily
for buyers of Lennar's homes. Lennar's Multifamily segment is a
nationwide developer of multifamily rental properties. Lennar's
Other segment includes fund investments retained upon sale of
Rialto asset and investment management platform, and strategic
investments in technology companies. For the fiscal year ended
November 30, 2019, Lennar generated homebuilding revenues of $21
billion and consolidated net income of $1.8 billion.


LEVEL SOLAR: To Issue Liquidating Trust Certificates to Unsecureds
------------------------------------------------------------------
On February 14, 2020, the Chapter 11 Trustee and Lisa V. Pell and
QED, LLC (Pell-QED Proponents) filed a Disclosure Statement for
Second Amended Joint Chapter 11 Plan of Reorganization for debtor
Level Solar Inc. (LSI).

The Plan generally provides for the payment in full on the
Effective Date of Administrative Expense Claims, Other Priority
Claims, and Priority Tax Claims that are Allowed as of the
Effective Date, with those types of Claims that are not then
Allowed to be paid by the LSI Liquidating Trustee on a Pro Rata
basis when other administrative expenses of the LSI Liquidating
Trust are paid; the assignment to New York Green Bank of the
Debtor's right to receive all distributions on account of the
Debtor’s Master Holdings Interest until the New York Green Bank
Debt is paid in full; the transfer of substantially all of the
Debtor's assets to the LSI Liquidating Trust; and the issuance of
LSI Liquidating Trust Certificates to holders of Allowed General
Unsecured Claims.

All existing Common Equity Interests in the Debtor will be
cancelled and their Holders will receive nothing of value under the
Plan. To enable the Debtor to pay the amounts that will be payable
on the Effective Date and to fund appropriate reserves for payments
that may become due thereafter, the Pell-QED Proponents will make
the Pell-QED Contribution, in exchange for which they will be
issued all of the Equity Interests in the Reorganized Debtor, and
will make the Pell-QED Advance, which will constitute an expense of
the LSI Liquidating Trust.

Class 4 General Unsecured Claims are anticipated to be
approximately $18,834,618 based on the currently filed claims as of
the Effective Date. Allowed General Unsecured Claims will receive
their Pro Rata share of LSI Liquidating Trust Certificates.

Lisa Pell and QED, LLC will deliver to the Trustee the Pell-QED
Contribution in exchange for 100% of the Equity Interests in the
Reorganized Debtor.  Lisa Pell and QED, LLC will deliver to the
Trustee the Pell-QED Advance, which will accrue interest at 4.0%
annually and be repaid as an expense of the LSI Liquidating Trust's
administration, as and when funds are available to the LSI
Liquidating Trust.

The Proponents are confident that Claimants will receive greater
recoveries under the Plan than they would if this case were
converted to one under chapter 7 of the Bankruptcy Code. The
Proponents are also confident that the LSI Liquidating Trust will
have sufficient funds on hand to satisfy the distributions required
and the Trustee’s obligations under the Plan, and to carry on its
purpose.

A full-text copy of the Disclosure Statement for the Second Amended
Joint Plan dated Feb. 14, 2020, is available at
https://tinyurl.com/u3mlvr8 from PacerMonitor at no charge.

Counsel for Ronald J. Friedman, Esq. Chapter 11 Trustee:

         SilvermanAcampora LLP
         Anthony C. Acampora
         100 Jericho Quadrangle, Suite 300
         Jericho, New York 11753
         Tel: (516) 479-6300
         Fax: (516) 937-7002
         E-mail: AAcampora@SilvermanAcampora.com

Counsel for Lisa V. Pell and QED, LLC:

         Wollmuth Maher & Deutsch LLP
         Paul R. DeFilippo
         Brad J. Axelrod
         500 Fifth Avenue
         New York, New York 10110
         Tel: (212) 382-3300
         Fax: (212) 382-0050
         E-mail: pdefilippo@wmd-law.com
                 baxelrod@wmd-law.com

                      About Level Solar

Based in New York, Level Solar Inc. operates under the solar-energy
installation industry. Incorporated in 2013, the company has
operations in Long Island, New York City and Massachusetts.  

Level Solar filed for bankruptcy protection (Bankr. S.D.N.Y. Case
No. 17-13469) on Dec. 4, 2017. At the time of the filing, the
Debtor was estimated to have assets of between $50 million and $100
million and debt of between $1 million and $10 million.  

Michael Conway, Esq., at Shipman & Goodwin LLP, is the Debtor's
bankruptcy counsel. Akin Gump Strauss Hauer & Feld LLP serves as
corporate counsel.

Ronald J. Friedman, Esq., was appointed Chapter 11 trustee for the
Debtor. The Trustee tapped SilvermanAcampora LLP as his legal
counsel.


LIDDLE & ROBINSON: Trustee Hires Golenbock Eiseman as Legal Counsel
-------------------------------------------------------------------
Jonathan Flaxer, the Chapter 11 trustee for Liddle & Robinson, LLP,
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to hire Golenbock Eiseman Assor Bell & Peskoe
LLP as his legal counsel.

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

     (i) assist the trustee in his efforts to wind down the
Debtor's affairs, maximize the value of the estate and investigate
the estate's assets and financial affairs;

    (ii) assist in the investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtor and its insiders,
and the operation of the Debtor's business;

   (iii) evaluate and pursue potential causes of action belonging
to the estate;

    (iv) prepare or review legal papers;

     (v) at the request of the trustee, take the necessary actions
to protect and preserve the estate, including the prosecution of
actions on the trustee's or Debtor's behalf, the defense of any
actions commenced against the Debtor or the trustee, and the filing
of objections to claims;

    (vi) assist the trustee in negotiating, drafting and obtaining
confirmation of a Chapter 11 plan for the Debtor; and

   (vii) provide tax advice.

The hourly rates range from $305 to $800 for attorneys and from
$190 to $200 for paralegals.  Michael Devorkin, Esq., and Michael
Weinstein, Esq., the firms attorneys who will be handling the case,
charge $800 per hour and $450 per hour, respectively.

Golenbock is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Michael S. Devorkin, Esq.
     Golenbock Eiseman Assor
     Bell & Peskoe LLP
     711 3rd Ave
     New York, NY 10017
     Phone: +1 212-907-7300

                      About Liddle & Robinson

Liddle & Robinson, LLP -- http://liddlerobinson.com/-- provides
legal representation primarily to individuals but also to financial
services firms, hedge funds and other businesses in high-stakes,
cutting-edge employment, securities and commercial litigation
matters.

Liddle & Robinson sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12346) on July 22,
2019.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.  Judge Sean H. Lane oversees the case.
Foley Hoag LLP is the Debtor's legal counsel.

Jonathan Flaxer was appointed as the Debtor's Chapter 11 trustee.
The trustee is represented by Golenbock Eiseman Assor Bell & Peskoe
LLP.


LIDDLE & ROBINSON: Trustee Taps CBIZ as Financial Advisor
---------------------------------------------------------
Jonathan Flaxer, the Chapter 11 trustee for Liddle & Robinson, LLP,
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to hire CBIZ Accounting, Tax & Advisory of NY
LLC and CBIZ Valuation Group, LLC as his financial advisor.

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

     (i) evaluate accounting records, time records and billing
systems;

    (ii) evaluate cash movements over time including payments to
employees, partners and owners;

   (iii) analyze account receivable, aging reports, contingent
fees, historical collections and ongoing collectability;

    (iv) evaluate assets, values and any potential recoveries;

     (v) evaluate transactions with lenders or third party capital
providers;

    (vi) evaluate partner capital accounts and loans;

   (vii) evaluate current liabilities;

  (viii) develop plans for the wind-down process and analyze
related costs;

    (ix) assist with financial record keeping and the production of
required financial reporting;

     (x) assist with tax return preparation and evaluate any tax
planning or issues;

    (xi) investigate potential litigation recoveries; and

   (xii) monitor ancillary proceedings.

The firm has agreed to a fixed blended hourly rate of $395 for all
professionals, except that for the first 20 hours, the fixed
blended hourly rate is $315.

John Sordillo, managing director of CBIZ Accounting, attests that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     John Sordillo
     CBIZ Accounting, Tax &
     Advisory of NY LLC
     1065 Avenue of the Americas, 11th Floor
     New York, NY 10018
     Phone: 212-790-5700

                      About Liddle & Robinson

Liddle & Robinson, LLP -- http://liddlerobinson.com/-- provides
legal representation primarily to individuals but also to financial
services firms, hedge funds and other businesses in high-stakes,
cutting-edge employment, securities and commercial litigation
matters.

Liddle & Robinson sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12346) on July 22,
2019.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.  Judge Sean H. Lane oversees the case.
Foley Hoag LLP is the Debtor's legal counsel.

Jonathan Flaxer was appointed as the Debtor's Chapter 11 trustee.
The trustee is represented by Golenbock Eiseman Assor Bell & Peskoe
LLP.


MAGNOLIA PARK: John Dratz Appointed as Ombudsman
------------------------------------------------
The United States Trustee has appointed as the patient care
ombudsman for Magnolia Park:

     John Dratz, Jr., Esq.
     LAW OFFICES OF JOHN DRATZ, JR.
     3278 Wilshire Blvd., Ste. 201
     Los Angeles, CA 90010

The U.S. Bankruptcy Court for the Eastern District of California,
noting that the docket and file in the bankruptcy case of Magnolia
Park indicate that the Debtor is a health care business, entered an
order directing the Debtor to show cause why the Court should not
order the appointment of a patient care ombudsman pursuant to
Bankruptcy Code.

Esperanza Hansen, the CEO and shareholder of Magnolia Park Assisted
Living located in Visalia, California, submitted to the Bankruptcy
Court a declaration to show cause why appointment of PCO is not
necessary.  Ms. Hansen cited these reasons:

     1. Magnolia Park Assisted Living is a licensed 40 eight-bed
assisted living facility that operates under the Community Care
Licensing Division of Department of Social Services in the State of
California.

     2. As of January 23, 2020, there are 26 residents with 3 staff
to handle 15 residents who suffered from some form of dementia.
Persons living in the facility are called residents rather than
patients.

     3. The CEO is a registered nurse and a medical doctor who
offer 24/7 service of on call basis.  The facility also has hired
additional skilled persons to administer residents care.

     4. The records for all residents are stored offsite at a
separate office in locked cabinets as required by HIPAA.

Ms. Hansen said the patient care ombudsman appointment is not
necessary because resident care is constantly monitored by existing
government health care agencies. The PCO appointment would only add
an unnecessary expense, and duplicate existing monitoring services
in this case.

In a January 28 decision, Judge Frederick E. Clement held the order
to show cause was "granted with appointment of an ombudsman."

                    About Magnolia Park
   
Magnolia Park owns the Magnolia Park Assisted Living, a 48-bed
facility in Visalia, California.  Magnolia Park filed for Chapter
11 bankruptcy protection (Bankr. E.D. Cal. Case No. 19-15279) on
December 19, 2019, listing under $50,000 in assets and under
$500,000 in liabilities.  It is represented by Justin D. Harris,
Esq., at Harris Law Firm, PC.



MCCLATCHY CO: U.S. Trustee Forms 7-Member Committee
---------------------------------------------------
The U.S. Trustee for Region 2 appointed seven creditors to serve on
the official committee of unsecured creditors in the Chapter 11
cases of The McClatchy Company and its affiliates.
  
The committee members are:

     (1) Dow Jones & Company, Inc.
         1211 Avenue of the Americas
         New York, New York 10036
         Attention: Joseph B. Vincent, Senior Vice President

     (2) Lorianne E. Sawin   
         c/o Michael J. Sachs, Esq.   
         Callahan & Blaine, APLC   
         3 Hutton Centre Drive, 9th Floor   
         Santa Ana, CA 92707

     (3) P. Anthony Ridder   
         c/o Israel Goldowitz, Esq.   
         The Wagner Law Group   
         800 Connecticut Avenue, N.W., Suite 810   
         Washington, D.C. 20006

     (4) Pension Benefit Guaranty Corporation   
         1200 K Street, N.W.   
         Washington, D.C. 20005   
         Attention: Jack Butler

     (5) The News Guild-CWA   
         Communications Worker of America   
         District One Office   
         821 Elk Street, Suite B   
         Buffalo, New York 14210   
         Attention: Marian Needham, Executive Vice-President

     (6) Wilmington Savings Fund Society, FSB   
         500 Delaware Avenue   
         Wilmington, Delaware 19801   
         Attention: Patrick J. Healy, Senior Vice President

     (7) Wipro Limited    
         c/o James S. Carr, Esq.   
         Kelley Drye & Warren LLP   
         101 Park Avenue    
         New York, New York 10178
  
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 McClatchy Co.

The McClatchy Co. -- https://www.mcclatchy.com/ -- operates 30
media companies in 14 states, providing each of its communities
local journalism in the public interest and advertising services in
a wide array of digital and print formats. McClatchy publishes
iconic local brands including the Miami Herald, The Kansas City
Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh)
News & Observer, and the Fort Worth Star-Telegram. McClatchy is
headquartered in Sacramento, Calif., and listed on the New York
Stock Exchange American under the symbol MNI.

On Feb. 13, 2020, The McClatchy Company and 53 affiliates sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-10418) with
a Plan of Reorganization that will cut $700 million of funded debt
in half.

McClatchy was estimated to have $500 million to $1 billion in
assets and debt of at least $1 billion as of the bankruptcy
filing.

The cases are pending before the Honorable Michael E. Wiles.

The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as
general bankruptcy counsel; Togut, Segal & Segal LLP as
co-bankruptcy counsel with Skadden; Groom Law Group as special
counsel; FTI Consulting, Inc. as financial advisor; and Evercore
Inc. as investment banker.  Kurtzman Carson Consultants LLC is the
claims agent.


MCDERMOTT INTERNATIONAL: Hires Evercore as Investment Banker
------------------------------------------------------------
McDermott International, Inc., and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Evercore Group L.L.C., and Evercore Partners
International LLP, as investment banker to the Debtors.

McDermott International requires Evercore to:

   a. review and analyze the business, assets, liabilities,
      operations, and financial projections of the Debtors and
      their subsidiaries;

   b. advise and assist the Debtors in a Restructuring, Sale,
      Financing, Amendment, and/or Exchange Offer transaction, if
      the Debtors determine to undertake or cause any of their
      subsidiaries to undertake such a transaction;

   c. if the Debtors pursue a Restructuring, providing financial
      advice in developing and implementing a Restructuring,
      which would include:

      i. assist the Debtors in developing a restructuring plan or
         plan of reorganization, including, if applicable, a plan
         of reorganization pursuant to the Bankruptcy Code;

      ii. advise the Debtors on tactics and strategies for
          negotiating with various stakeholders regarding the
          Plan;

      iii. provide testimony, as necessary, with respect to
           matters on which Evercore has been engaged to advise
           the Debtors in any proceedings under the Bankruptcy
           Code that are pending before a court exercising
           jurisdiction over the Debtors; and

      iv. provide the Debtors with other financial restructuring
          advice as Evercore and the Debtors may deem
          appropriate.

   d. if the Debtors pursue a Sale, assisting the Debtors in:

      i. structure and effect a Sale;

      ii. identify interested parties and/or potential acquirers
          and, at the Debtors' request, contacting such
          interested parties and/or potential acquirors;

      iii. assist the Debtors in the preparation of a descriptive
           memorandum concerning the business or assets to be
           included in the Sale transaction and in conducting a
           bidding process for the Sale transaction; and

      iv. advise the Debtors in connection with negotiations with
          potential interested parties and/or acquirors and
          aiding in the consummation of a Sale transaction.

   e. if the Debtors pursue or cause any of their subsidiaries to
      pursue a Financing, assisting the Debtors and/or their
       subsidiaries in:

      i. if Evercore does not serve as the placement agent or
         underwriter or serve in a similar function on such
         Financing:

            1. assisting in preparing marketing materials for
               such Financing;

            2. identifying potential placement agents or
               underwriters and assisting in negotiating the
               terms of the placement agents' and/or
               underwriters' engagements;

            3. evaluating the terms of a Financing;

            4. assisting the Debtors and the appointed placement
               agent(s) or underwriter(s) in negotiating and
               executing a Financing; and

            5. providing the Debtors with other financial advice
               as Evercore and the Debtors may deem appropriate.

      ii. In addition to the above, if Evercore serves as the
          placement agent or underwriter or serves in a similar
          function on such Financing:

            1. structuring and effecting a Financing;

            2. identifying potential Investors and, at the
               Debtors' request, contacting such Investors; and

            3. working with the Debtors in negotiating with
               potential Investors.

   f. If the Debtors pursue an Amendment, assisting the Debtors
      in:

      i. structuring and effecting an Amendment; and

      ii. working with the Debtors in negotiating with existing
          lenders.

   g. If the Debtors pursue or cause any of their subsidiaries to
      pursue an Exchange Offer, assisting the Debtors and/or
      their subsidiaries in:

      i. Structuring and effecting an Exchange Offer; and

      ii. Negotiating with existing bondholders.

   h. participate in presentations to the Debtors' Board of
      Directors (or any applicable committee thereof) in
      connection with any transaction contemplated by the
      Engagement Letter.

Evercore will be paid as follows:

   a. A monthly fee of $250,000 (a "Monthly Fee"), payable on the
      1st day of each month commencing November 1 st , 2019 until
      the termination of Evercore's engagement. All Monthly Fees
      actually paid under the Existing Agreement and $125,000
      per month of the Monthly Fees actually paid for the first
      four months under the Engagement Letter shall be credited
      (without duplication) against any Restructuring Fee, Sale
      Fee, Financing Advisory Fee, Financing Placement Fee,
      Amendment Fee or Exchange Offer Fee payable under the
      Engagement Letter; provided that in the event of a chapter
      11 filing, any such credit of fees contemplated by this
      sentence shall only apply to the extent that all such
      Monthly Fees and transaction fees are approved in their
      entirety by the Court pursuant to a final order not subject
      to appeal and which order is acceptable to Evercore.

   b. A fee (a "Restructuring Fee"), payable upon the
      consummation of any Restructuring, of $25,000,000.

   c. A fee (a "Sale Fee") equal to:

     i. For a Sale of all or a substantial portion of the
        Debtors' Lummus Technology business segment, the product
        of (a) the Transaction Value of a Sale and (b) 1%.

     ii. For any other Sale (including a Sale of all or
         substantially all of the assets or equity of the
         Debtors), the product of (a) the Transaction Value of a
         Sale and (b) 1.25%; provided, however, that the minimum
         Sale Fee payable on any individual Sale transaction
         pursuant to this clause will be $4,000,000.

      20% of any Sale Fee will be paid promptly upon the
      announcement of the associated Sale transaction, with the
      remaining 80% paid promptly upon consummation of the
      transaction, except for any Sale pursuant to proceedings
      under the Bankruptcy Code, for which the Sale Fee will be
      payable in full upon consummation of the Sale.

   d. A fee (a "Financing Advisory Fee"), payable upon
      consummation of any Financing (other than a DIP Financing)
      primarily led/syndicated by bank(s) other than Evercore,
      equal to the greater of (i) 50% of the total fees actually
      paid to such other bank(s) in connection with the Financing
      and (ii) the applicable percentagfe: Indebtedness Secured
      by a First Lien - 0.625%; Indebtedness Secured by a Second
      Lien or Unsecured - 1%; Subordinated Debt, Equity or
      Equity-linked Securities/Obligations - 1.625%;

   e. A fee (a "Financing Placement Fee"), payable upon
      consummation of any Financing (other than a DIP Financing)
      led/placed by Evercore, equal to the applicable
      percentage: Indebtedness Secured by a First Lien - 1.250%;
      Indebtedness Secured by a Second Lien or Unsecured –
      2%; Subordinated Debt, Equity or Equity-linked
      Securities/Obligations - 3.250%.

   f. A fee (a "DIP Financing Fee") in connection with any
      debtor-in-possession financing offered to the Debtors ("DIP
      Financing"), equal to 0.75% of the DIP Financing
      commitment, payable upon the execution of a commitment
      letter or other similar document in respect of such
      financing.

   g. A fee (an "Amendment Fee") of $4,000,000, payable upon the
      consummation of any Amendment; provided that only one
       Amendment Fee may be earned in any 12 month period.

   h. A fee (an "Exchange Offer Fee"), payable upon the
      consummation of any Exchange Offer, equal to:

          i. 0.5% of the principal amount of Unsecured Notes
             exchanged, redeemed or refinanced in such Exchange
             Offer, including any Notes repurchased
             contemporaneously as part of such exchange,
             redemption or refinancing, plus

          ii. Up to 0.5% of the principal amount of Unsecured
              Notes exchanged, redeemed or refinanced in such
              Exchange Offer, including any Notes repurchased
              contemporaneously as part of such exchange,
              redemption or refinancing, payable in whole or in
              part at the Debtors' sole discretion.

          Up to 50% of any Exchange Offer Fee actually paid shall
          be credited (without duplication) against any Financing
          Placement Fee or Financing Advisory Fee payable on
          capital raised from holders of Unsecured Notes in
          connection with an Exchange Offer.

   i. In addition to any fees that may be payable to Evercore and
      regardless of whether any transaction occurs, the Debtors
      shall reimburse to Evercore on a monthly basis, and upon
      termination of the Engagement Letter, all documented
      reasonable out-of-pocket expenses, including travel and
      lodging, data processing and communications charges,
      courier services and other appropriate expenditures,
      including expenses of counsel, if any; provided that
      Evercore shall provide notice to the Debtors when total
      expenses for which reimbursement is sought exceed $100,000,
      and at each interval of $100,000 additional expenses
      thereafter; provided, further, that such notice shall in no
      way affect or limit the Debtors' obligations set forth
      on Schedule I attached to the Engagement Letter.

Evercore received $43.1 million from the Debtors for fees and
expense reimbursements, which includes $100,000 paid on account of
anticipated expenses, in connection with the prepetition engagement
during the ninety days immediately preceding the Petition Date. In
total, within one year prior to the Petition Date, the Debtors paid
Evercore $59.9 million.

Evercore will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Roopesh Shah, partner of Evercore Group L.L.C., and Evercore
Partners International LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Evercore can be reached at:

     Roopesh Shah
     EVERCORE GROUP L.L.C.
     EVERCORE PARTNERS INTERNATIONAL LLP
     55 East 52 nd Street
     New York, NY 10055
     Tel: (212) 857-3100
     Fax: (212) 857-3101

           About McDermott International, Inc.

Headquartered in Houston, Texas, McDermott (NYSE: MDR) --
http://www.mcdermott.com/-- is a provider of engineering,
procurement, construction and installation and technology solutions
to the energy industry. Its common stock was/is listed on the New
York Stock Exchange under the trading symbol MDR.

As of Sept. 30, 2019, McDermott had $8.75 billion in total assets,
$9.86 billion in total liabilities, $271 million in redeemable
preferred stock, and a total stockholders' deficit of $1.38
billion.

On Jan. 21, 2020, McDermott International announced that it has the
support of more than two-thirds of all its funded debt creditors
for a restructuring transaction that will equitize nearly all the
Company's funded debt, eliminating over $4.6 billion of debt.

McDermott solicited votes from its lenders and bondholders in
support of a prepackaged Chapter 11 Plan of Reorganization and
commenced the prepackaged Chapter 11 later in the day, on Jan. 21,
2020 in the U.S. Bankruptcy Court for the Southern District of
Texas.

McDermott International and 224 affiliates on Jan. 21 and 22, 2020,
filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No.
20-303360).

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP (NEW YORK) as general
bankruptcy counsel; JACKSON WALKER L.L.P. as local counsel;
ALIXPARTNERS, LLP as restructuring advisor; AP SERVICES, LLC as
operational advisor; ARIAS, FABREGA & FABREGA as Panamanian
counsel; and BAKER BOTTS L.L.P. as corporate counsel. PRIME CLERK
is the claims agent, maintaining the page
https://cases.primeclerk.com/mcdermott



MCDERMOTT INTERNATIONAL: Hires Kirkland & Ellis as Counsel
----------------------------------------------------------
McDermott International, Inc., and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as attorney to the Debtors.

McDermott International requires Kirkland & Ellis to:

   a. advise the Debtors with respect to their powers and duties
      as debtors in possession in the continued management and
      operation of their businesses and properties;

   b. advise and consult on the conduct of these chapter 11
      cases, including all of the legal and administrative
      requirements of operating in chapter 11;

   c. attend meetings and negotiating with representatives of
      creditors and other parties in interest;

   d. take all necessary actions to protect and preserve the
      Debtors' estates, including prosecuting actions on the
      Debtors' behalf, defending any action commenced against the
      Debtors, and representing the Debtors in negotiations
      concerning litigation in which the Debtors are involved,
      including objections to claims filed against the Debtors'
      estates;

   e. prepare pleadings in connection with these chapter 11
      cases, including motions, applications, answers, orders,
      reports, and papers necessary or otherwise beneficial to
      the administration of the Debtors' estates;

   f. represent the Debtors in connection with obtaining
      authority to continue using cash collateral and
      postpetition financing;

   g. advise the Debtors in connection with any potential sale of
      assets;

   h. appear before the Court and any appellate courts to
      represent the interests of the Debtors' estates;

   i. advise the Debtors regarding tax matters;

   j. take any necessary action on behalf of the Debtors to
      negotiate, prepare, and obtain approval of a disclosure
      statement and confirmation of a chapter 11 plan and all
      documents related thereto; and

   k. perform all other necessary legal services for the Debtors
      in connection with the prosecution of these chapter 11
      cases, including: (i) analyzing the Debtors' leases and
      contracts and the assumption and assignment or rejection
      thereof; (ii) analyzing the validity of liens against the
      Debtors; and (iii) advising the Debtors on corporate and
      litigation matters.

Kirkland & Ellis will be paid at these hourly rates:

     Partners              $1,075 to $1,845
     Of Counsel              $625 to $1,845
     Associates              $610 to $1,165
     Paraprofessionals       $245 to $460

On September 30, 2019, the Debtors paid Kirkland & Ellis $1,000,000
as advance payment retainer. Subsequently, the Debtors paid
Kirkland & Ellis additional advance payment retainer totaling
$31,072,981.42 in the aggregate.

Kirkland & Ellis will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Kirkland & Ellis represented the Debtors during the
              five-month period before the Petition Date, using
              the hourly rates listed above.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Yes, for the period from the Petition Date through
              June, 2020.

Joshua A. Sussberg, the president of Joshua A. Sussberg, P.C., a
partner of Kirkland & Ellis LLP, and a partner of Kirkland & Ellis
International LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Kirkland & Ellis can be reached at:

     Chad J. Husnick, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4829
     E-mail: Joshua.sussberg@kirkland.com

                  About McDermott International

Headquartered in Houston, Texas, McDermott (NYSE: MDR) --
http://www.mcdermott.com/-- is a provider of engineering,
procurement, construction and installation and technology solutions
to the energy industry. Its common stock was/is listed on the New
York Stock Exchange under the trading symbol MDR.

As of Sept. 30, 2019, McDermott had $8.75 billion in total assets,
$9.86 billion in total liabilities, $271 million in redeemable
preferred stock, and a total stockholders' deficit of $1.38
billion.

On Jan. 21, 2020, McDermott International announced that it has the
support of more than two-thirds of all its funded debt creditors
for a restructuring transaction that will equitize nearly all the
Company's funded debt, eliminating over $4.6 billion of debt.

McDermott solicited votes from its lenders and bondholders in
support of a prepackaged Chapter 11 Plan of Reorganization and
commenced the prepackaged Chapter 11 later in the day, on Jan. 21,
2020 in the U.S. Bankruptcy Court for the Southern District of
Texas.

McDermott International and 224 affiliates on Jan. 21 and 22, 2020,
filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No.
20-303360).

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP (NEW YORK) as general
bankruptcy counsel; JACKSON WALKER L.L.P. as local counsel;
ALIXPARTNERS, LLP as restructuring advisor; AP SERVICES, LLC as
operational advisor; ARIAS, FABREGA & FABREGA as Panamanian
counsel; and BAKER BOTTS L.L.P. as corporate counsel. PRIME CLERK
is the claims agent, maintaining the page
https://cases.primeclerk.com/mcdermott


MCDERMOTT INTERNATIONAL: Hires KPMG LLP as Financial Advisor
------------------------------------------------------------
McDermott International, Inc., and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ KPMG LLP, as tax compliance, tax consultant, and
financial accountant and advisor, to the Debtors.

McDermott International requires KPMG LLP the following services:

   Tax Compliance Services

   (a) prepare annual host country and, if required, home
       country individual income tax returns (not including
       departure tax clearance compliance certificates or returns
       unless specifically listed in the attached fee schedule);

   (b) prepare state and local, provincial, communal, and
       cantonal tax returns;

   (c) prepare requests for extensions of time to file tax
       returns including the computations, where required;

   (d) calculate hypothetical tax to be withheld throughout the
       year, where required;

   (e) prepare annual tax reconciliation (equalization)
       calculations;

   (f) consult during pre‑departure and post-arrival tax
       orientation sessions;

   (g) assist in the preparation of U.S. estimated tax vouchers,
       where required;

   (h) prepare amended returns for foreign tax credit carryback,
       where required;

   (i) prepare gross‑up calculations, where required;

   (j) assist with routine correspondence with the tax
       authorities, including the review of tax assessments,
       where required; and

   (k) assist in the preparation of FinCEN (Financial Crimes
       Enforcement Network) Internal Revenue Service ("IRS") Form
       114; Statement of Specified Foreign Financial Assets (IRS
       Form 8938); and/or Information Return by a Shareholder of
       a Passive Foreign Investment Company ("PFIC") or
       Qualifying Electing Fund (IRS Form 8621) included for the
       Debtors' authorized assignees and officers and other
       employees who may also be authorized for this service.

   Numerical Analysis

   (a) provide analysis of any section 382 of the Internal
       Revenue Code ("IRC") issues, including a sensitivity
       analysis to reflect the section 382 impact of the
       proposed and/or hypothetical equity transactions pursuant
       to the restructuring and analysis of sections 382(1)(5)
       and (1)(6) of the IRC;

   (b) provide analysis of net unrealized built-in gains and
       losses and Notice 2003-65 as applied to the ownership
       change, if any, resulting from or in connection with the
       restructuring;

   (c) provide analysis of tax attributes including net operating
       losses, tax basis in assets, and tax basis in stock of
       subsidiaries;

   (d) provide analysis of cancellation of debt ("COD") income,
       including the application of section 108 of the IRC and
       consolidated tax return regulations relating to the
       restructuring of non-intercompany debt and the completed
       capitalization/settlement of intercompany debt;

   (e) nalyze the application of the attribute reduction rules
       under section 108(b) of the IRC and section 1.1502-28 of
       the Treasury Regulation, including a benefit analysis of
       elections pursuant to sections 108(b)(5) and 1017(b)(3)(D)
       of the IRC;

   (f) analyze the tax implications of any internal
       reorganizations and proposal of restructuring
       alternatives;

   (g) render cash tax modeling;

   (h) analyze the tax implications of any dispositions of assets
       and/or subsidiary stock pursuant to the restructuring;

   (i) analyze potential bad debt and retirement tax losses;

   (j) analyze any proof of claims from tax authorities, if the
       restructuring is pursuant to a bankruptcy reorganization;

   (k) provide analysis of the tax treatment of bankruptcy
       related costs, if the restructuring is pursuant to a
       bankruptcy reorganization;

   (l) provide any other tax consulting related to the
       restructuring; and

   (m) provide analysis of the state, local, and international
       tax implications of the foregoing.

   Tax Structuring

   (a) provide observations and recommendations on the tax
       profile of the intended resulting operating structure,
       including observations and recommendations in connection
       with the execution of the restructuring and any
       transaction documents, including intercompany agreements,
       financing agreements, etc.; and

   (b) evaluate structural alternatives and prepare a set of
       structure slides to outline the tax steps needed to be
       taken to meet the desired tax transaction end state in a
       variety of potential scenarios (in coordination with
       the Debtors' legal counsel).

KPMG LLP will be paid at these hourly rates:

     Partners                   $1,220
     Managing Directors         $1,180
     Senior Managers            $960
     Managers                   $720
     Senior Associates          $600
     Associates                 $420

During the 90-day period prior to the Petition Date, KPMG LLP
received $10,821,564 from the Debtors for professional services
performed and expenses incurred.
KPMG LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Olayinka Kukoyi, partner of KPMG LLP, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

KPMG LLP can be reached at:

     Olayinka Kukoyi
     KPMG LLP
     811 Main Street
     Houston, TX 77002
     Tel: (713) 319-2000
     Fax: (713) 319)-2041

                 About McDermott International

Headquartered in Houston, Texas, McDermott (NYSE: MDR) --
http://www.mcdermott.com/-- is a provider of engineering,
procurement, construction and installation and technology solutions
to the energy industry. Its common stock was/is listed on the New
York Stock Exchange under the trading symbol MDR.

As of Sept. 30, 2019, McDermott had $8.75 billion in total assets,
$9.86 billion in total liabilities, $271 million in redeemable
preferred stock, and a total stockholders' deficit of $1.38
billion.

On Jan. 21, 2020, McDermott International announced that it has the
support of more than two-thirds of all its funded debt creditors
for a restructuring transaction that will equitize nearly all the
Company's funded debt, eliminating over $4.6 billion of debt.

McDermott solicited votes from its lenders and bondholders in
support of a prepackaged Chapter 11 Plan of Reorganization and
commenced the prepackaged Chapter 11 later in the day, on Jan. 21,
2020 in the U.S. Bankruptcy Court for the Southern District of
Texas.

McDermott International and 224 affiliates on Jan. 21 and 22, 2020,
filed Chapter 11 bankruptcy petitions (Bankr. Lead Case No.
20-303360).

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP (NEW YORK) as general
bankruptcy counsel; JACKSON WALKER L.L.P. as local counsel;
ALIXPARTNERS, LLP as restructuring advisor; AP SERVICES, LLC as
operational advisor; ARIAS, FABREGA & FABREGA as Panamanian
counsel; and BAKER BOTTS L.L.P. as corporate counsel. PRIME CLERK
is the claims agent, maintaining the page
https://cases.primeclerk.com/mcdermott



MEDTAINER INC: Incurs $472K Net Loss for Quarter Ended March 31
---------------------------------------------------------------
Medtainer, Inc. filed its quarterly report on Form 10-Q, disclosing
a net loss of $471,558 on $604,437 of sales for the three months
ended March 31, 2019, compared to a net income of $12,988 on
$644,351 of sales for the same period in 2018.

At March 31, 2019, the Company had total assets of $2,923,974,
total liabilities of $1,466,612, and $1,457,362 in total
stockholders' equity.

At March 31, 2019, the Company had a working capital deficit of
$1,092,913.  In addition, the Company has generated operating
losses since inception and has notes payable that are currently in
default.  

The Company said, "These factors, among others, raise substantial
doubt about the ability of the Company to continue as a going
concern.  The ability of the Company to continue as a going concern
is dependent on the successful execution of its operating plan
which includes increasing sales of existing products while
introducing additional products and services, controlling operation
expenses, negotiating extensions of existing loans and raising
either debt or equity financing.  There is no assurance that the
Company will be able to increase sales or to obtain or extend
financing on terms acceptable to us or at all or successfully
execute any of the other measures set forth in the previous
sentence."

A copy of the Form 10-Q is available at:

                       https://is.gd/9USQHa

Medtainer, Inc., through its subsidiaries, designs, manufactures,
brands, and sells proprietary plastic medical grade containers in
the United States. The company offers Medtainer containers that
store pharmaceuticals, herbs and herbal remedies, teas, and other
solids or liquids, as well as coffee, wines and liquors, and food
products. It also provides private labeling and branding services
for purchasers of containers and other products. In addition, the
company sells and distributes humidity control inserts, lighters,
smell–proof bags, hydroponic grow towers, and other items. It
markets its products directly to end users; and retail public
through Internet, as well as wholesalers and other businesses. The
company was formerly known as Acology, Inc. and changed its name to
Medtainer, Inc. in October 2018. Medtainer, Inc. was incorporated
in 1997 and is based in Corona, California.



MICHELLE G. AMENT: EDCL Buying Ruidoso Property for $596K
---------------------------------------------------------
Michele Geraldine Ament asks the U.S. Bankruptcy Court for the
District of New Mexico to authorize the sale of the real property
loacted at 1074 Mechem, Ruidoso, New Mexico to EDCL, LLC for
$596,000.

The Debtor owns and operates a restaurant known as the Log Cabin.
The restaurant was first established by the Debtor's father in
1989.  The business was incorporated in 1995.  The Debtor and her
husband, Eric Ament, purchased the business from her father in
1999.  

The Debtor has always been involved in the operations of the
business. Mr. Ament has not.  Since the business was purchased
while the Debtor and Mr. Ament were married, the property is
considered to be community property.  Thus, each party currently
holds an undivided 50% interest, but the entirety of the community
interest is considered to be property of the bankruptcy estate.   

The Log Cabin restaurant was incorporated in 1995. Its legal
corporate name is Log Cabin, Inc.  The Log Cabin operates on the
property which is the subject of this Motion to Sell.   Log Cabin
has filed a separate Chapter 11 case (Case No. 20-10276 j11)
whereby a Motion to Sell the assets of Log Cabin will be filed
concurrently with the Motion.  

The Debtor proposes to sell the Real Property and Assets of Log
Cabin in order to resolve the claims held by creditor, City Bank.  
Because the Debtor was previously granted a discharge in her
previously filed bankruptcy case (Case No. 17-10314), there are no
general unsecured claims.

The Debtor and her spouse, Eric Ament, own the Real Property as
joint tenants with right of survivorship.  The Real Property is
property of the estate as it is community property of the Debtor.
The Debtor and Eric Ament are in the process of becoming divorced.


As used in the Motion, "City Bank" means first priority consensual
lienholder of the Real Property, City Bank Texas, Ruidoso, New
Mexico.  City Bank’s secured claim is estimated to be in the
amount of $1,802,834 and is a community obligation of both the
Debtor and Eric Ament.  Both the Debtor and Mr. Ament have received
discharges in separate chapter 7 proceedings which have eliminated
their in personam liability.  Property, in addition to the Real
Property, serves as collateral for the loan.  The Court has granted
relief of stay to City Bank on the other collateral.  

As used in the Motion, "Lincoln County means the Lincoln County Tax
Assessor which holds a superior statutory lien in the Real Property
for unpaid property taxes.  The debt to Lincoln County is a
community obligation of both Debtor and Eric Ament.  The Debtor,
Eric Ament, Lincoln County and City Bank are believed to be the
only parties with interests in or liens against the Real Property.


The transaction provides, in general, for the Purchaser to purchase
the Real Property for the value of $596,000.  The closing is to
take place at a time after which an Order Approving the transaction
is obtained from the Court but no later than March 6, 2020.  The
transaction will benefit both the Debtor and community interest
owner, Eric Ament, as the proceeds will be paid towards the
community debt.  No proceeds will be paid directly to Debtor.

The Debtor is informed and believes that Purchaser has the
financial ability to pay the purchase price at closing.  The
Purchaser will be a New Mexico Limited Liability Company of which
the members will be certain Debtor’s family members who wish to
remain anonymous.  She will not be a member of the LLC.  Her
counsel has been provided proof of funds.  

The Debtor asks approval of the sale as there exist sound business
reasons to support the sale; namely, that the Property is being
used for her primary business, Log Cabin restaurant and is
necessary for her welfare.  City Bank has initiated foreclosure
action against the Real Property.  The Debtor will be able to
extinguish a portion of the secured debt to City Bank.  The
Purchaser has agreed to allow Debtor to continue to operate the
business and the intention is to sell the business back to the
Debtor on a real estate contract.   

The $596,000 sales price for the Real and Personal Property is
commercially reasonable and fair.  The Debtor is aware of an
appraisal from 2017 which values the Real Property at $575,000.
The increase of $21,000 is for a release of lien on the Debtor's
vehicle.

Upon information and belief, the lienholders Lincoln County Tax
Assessor and City Bank consent to the sale as long as their claims,
liens and other interests against the Real Property, if any, attach
to the proceeds of the sale.
The Debtor asks an order approving the sale of the Real Property to
the Purchasers free and clear of all claims, liens and other
interests, and that the order contain appropriate language to
effectuate the same.  

The Debtor asks that Lincoln County and City Bank be required to
execute releases in recordable form for any lien held by them
against the Real Property.

The Debtor asks that the order approving the sale provide for the
distribution of the Property sale proceeds ($596,000) as follows:

     a. To pay all closing costs including but not limited to title
insurance and any other closing costs contemplated by the Purchase
Agreement or charged by the title company;  

     b. To pay Lincoln County the full amount owed for property
taxes due on the Real Property identified only (no other property
taxes owed on any other properties owned by the Debtor will be
paid); and

     c. To pay all remaining amounts over to City Bank.

Finally, the Debtor asks the Court that the order approving the
sale is not stayed for the 14-day period specified in Bankruptcy
Rule 6004(h).

A copy of the Agreement is available at https://tinyurl.com/qoknqcb
from PacerMonitor.com free of charge.

Michele Geraldine Ament sought Chapter 11 protection (Bankr. D.
N.M. Case No. 19-12187) on Sept. 23, 2019.  The Debtor tapped R.
Trey Arvizu, III, Esq., as counsel.



MISSISSIPPI PHOSPHATES: PathForward Eyed as Successor Trustee
-------------------------------------------------------------
Roberto Puga, Agent of Project Navigator Ltd., the Environmental
Trustee of the MPC Environmental Trust -- together with the
Mississippi Department of Environmental Quality on behalf of the
Mississippi Commission on Environmental Quality, the United States
of America on behalf of the Environmental Protection Agency, and
STUW LLC, the Administrative Agent for the Lender -- ask the U.S.
Bankruptcy Court for the Southern District of Mississippi to
appoint a Successor Trustee for Mississippi Phosphates Corporation
Environmental Trust.

The MPC Environmental Trust Agreement was entered into July 30,
2015 by and between the Debtors, the United States, MDEQ, STUW LLC
as the Administrative Agent for the Lenders, and Project Navigator,
Ltd., the Trustee.  The Debtors, the United States for and on
behalf of the EPA, the MDEQ, STUW LLC the Administrative Agent, the
Environmental Trustee and the Liquidation Trustee
entered into a Settlement Agreement filed with the Bankruptcy Court
on June 22, 2015, which provides, in part, for the creation of the
MPC Environmental Trust to assume ownership of certain Real and
Personal Property belonging to the Debtors and was to undertake
certain environmental actions to remediate the Real Property.  The
ET Agreement, in Section 4.10.12 and Section 4.113, provides that
the Court may approve a Successor Trustee that is proposed by the
EPA and MDEQ, and the Administrative Agent for the Lenders.

Puga notified the Government Agencies and the Administrative Agent
that he will be withdrawing as an agent of Project Navigator Ltd.,
and willing to continue his current responsibilities for the MPC
Environmental Trust under a new entity, PathForward Consulting,
Inc.

Puga has been the sole person responsible for all MPC Environmental
Trust actions and work conducted by Project Navigator Ltd. in its
capacity as the Environmental Trustee at the Mississippi Phosphates
Site.

Therefore, pursuant to Section 14.11 of the ERT Agreement, the EPA,
MDEQ and the Administrative Agent propose that PathForward
Consulting be designated as the Successor Trustee for the MPC
Environmental Trust for the best interest of the Trust and the
Debtors' Estate.

The parties ask the Court to:

     (a) approve a Deed transferring the Environmental Trust Real
Property from Project Navigator Ltd. to PathForward Consulting
Inc., as Successor Trustee;

     (b) approve the transfer of any and all personal property and
equipment, and any contracts owned by or entered into by Project
Navigator Ltd., as Trustee of the MPC Environmental Trust to
PathForward Consulting, as Successor Trustee; and

     (c) make PathForward Consulting bound by any and all
provisions, rights and obligations of the MPC Environmental Trust
Agreement dated July 30, 2015.

Counsel to the MPC Environmental Trustee:

     Tristan Russell Armer, Esq.
     HEIDELBERG STEINBERGER, PA
     711 Delmas Avenue
     Pascagoula, MS 35967
     Tel: 228-762-8021
     Fax: 228-762-7589

          - and -

     Mary W. Woks, Esq.
     MUNSCH HARDT KOPF & HARR, P.C.
     700 Milam, Suite 2700
     Houston, TX 77002
     Tel: 713-222-4030
     Fax:713-222-5830

A full-text copy of the parties' Agreed Motion is available at
https://tinyurl.com/t4lhwy6 from PacerMonitor.com at no charge.  

            About Mississippi Phosphates

Mississippi Phosphates Corporation was a major United States
producer and marketer of diammonium phosphate ("DAP"), one of the
most common types of phosphate fertilizer. MPC, which was formed as
a Delaware corporation in October 1990, owned a DAP facility in
Pascagoula, Mississippi, which was acquired from Nu-South, Inc., in
its 1990 bankruptcy. Phosphate rock, the primary raw material used
in the production of DAP, was supplied by OCP S.A., a corporation
owned by the Kingdom of Morocco.

The parent, Phosphate Holdings, Inc., was formed in December 2004
in connection with the bankruptcy reorganization of MPC and its
then-parent Mississippi Chemical Corporation, the first fertilizer
cooperative in the United States.

MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc., and
Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11 bankruptcy
protection (Bankr. S.D. Miss. Lead Case No. 14-51667) on Oct. 27,
2014. Judge Katharine M. Samson was assigned to the cases.

Mississippi Phosphates disclosed in its amended schedules, assets
of $98,949,677 and liabilities of $140,941,276 plus unknown
amounts. Affiliates Ammonia Tank and Sulfuric Acid Tanks each
estimated $1 million to $10 million in both assets and
liabilities.

The Debtors tapped Butler Snow LLP as counsel.

The U.S. Trustee for Region 5 appointed seven creditors of
Mississippi Phosphates Corp. to serve on the official committee of
unsecured creditors. The Committee tapped to retain Burr & Forman
LLP as its counsel.

A liquidating plan was confirmed in the case on Oct. 24, 2016.



MOUNTAIN VIEW: Seeks to Hire Cabot Christianson as Counsel
----------------------------------------------------------
Mountain View Sports Center, Inc., d/b/a Adventure Apparel, seeks
authority from the U.S. Bankruptcy Court for the District of Alaska
to employ the Law Office of Cabot Christianson, P.C., as counsel to
the Debtor.

Mountain View requires Cabot Christianson to:

   a. prepare the necessary schedules of assets and liabilities
      and related pleadings;

   b. attend creditor's meetings;

   c. resolve issues concerning the rights of secured, priority
      and unsecured creditors;

   d. pursue causes of action where appropriate;

   e. prepare and obtain court approval of a disclosure statement
      and plan of reorganization; and

   f. assist the Debtor on other matters relative to the
      administration of the estate.

Cabot Christianson will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Cabot Christianson, partner of the Law Office of Cabot
Christianson, P.C., assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Cabot Christianson can be reached at:

     Cabot Christianson, Esq.
     LAW OFFICES OF CABOT CHRISTIANSON
     911 West 8th Avenue, Suite 201
     Anchorage, AK 99501
     E-mail: cabot@cclawyers.net

                About Mountain View Sports Center

Mountain View Sports Center, Inc. -- https://www.mtviewsports.com/
-- is a full service fly shop and outdoor outfitter carrying a
unique combination of high end brands catered to Alaska including
Simms, Patagonia, Arcteryx, Filson, Pendleton, Sage Fly Rods, Hatch
Reels, and many more.

Mountain View Sports Center, Inc., based in Anchorage, AK, filed a
Chapter 11 petition (Bankr. D. Alaska Case No. 20-00053) on Feb.
19, 2020.  In the petition signed by John R. Staser, secretary, the
Debtor was estimated to have $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.  The Hon. Gary Spraker
presides over the case.  Cabot Christianson, Esq., at the Law
Office of Cabot Christianson, P.C., serves as bankruptcy counsel.


NAI CAPITAL: Seeks to Hire Levene Neale as Bankruptcy Counsel
-------------------------------------------------------------
NAI Capital, Inc., seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ Levene Neale
Bender Yoo & Brill L.L.P., as bankruptcy counsel to the Debtor.

NAI Capital requires Levene Neale to:

   a. advise the Debtor with regard to the requirements of the
      Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the
      Office of the United States Trustee as they pertain to
      the Debtor;

   b. advise the Debtor with regard to certain rights and
      remedies of its bankruptcy estate and the rights, claims
      and interests of creditors;

   c. represent the Debtor in any proceeding or hearing in the
      Bankruptcy Court involving its estate unless the Debtor is
      represented in such proceeding or hearing by other special
      counsel;

   d. conduct examinations of witnesses, claimants or adverse
      parties and represent the Debtor in any adversary
      proceeding except to the extent that any such adversary
      proceeding is in an area outside of Levene Neale's
      expertise or which is beyond Levene Neale's staffing
      capabilities;

   e. prepare and assist the Debtor in the preparation of
      reports, applications, pleadings and orders including, but
      not limited to, applications to employ professionals,
      interim statements and operating reports, initial filing
      requirements, schedules and statement of financial affairs,
      lease pleadings, cash collateral pleadings, financing
      pleadings, and pleadings with respect to the Debtor's use,
      sale or lease of property outside the ordinary course of
      business;

   f. represent the Debtor with regard to obtaining use of debtor
      in possession financing and/or cash collateral including,
      but not limited to, negotiating and seeking Bankruptcy
      Court approval of any debtor in possession financing and/or
      cash collateral pleading or stipulation and preparing any
      pleadings relating to obtaining use of debtor in possession
      financing and/or cash collateral;

   g. assist the Debtor in any asset sale process;

   h. assist the Debtor in the negotiation, formulation,
      preparation and confirmation of a plan of reorganization
      and the preparation and approval of a disclosure statement
      in respect of the plan; and

   i. perform any other services which may be appropriate in
      Levene Neale's representation of the Debtor during its
      bankruptcy case.

Levene Neale will be paid at these hourly rates:

     Attorneys                 $495 to $635
     Paralegals                $250

During the one-year period prior to the Petition Date, the Debtor
paid the total sum of $51,717 to Levene Neale.

Levene Neale will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ron Bender, partner of Levene Neale Bender Yoo & Brill L.L.P.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Levene Neale can be reached at:

     Ron Bender, Esq.
     LEVENE NEALE BENDER YOO & BRILL L.L.P.
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, CA 90067
     Tel: (310) 229-1234
     Fax: (310) 229-1244

                       About NAI Capital

NAI Capital, Inc. is a commercial real estate and property
management company based in Encino, California.  It specializes in
the leasing and sale of office, the sale of investments, land and
residential income, tenant representation, and corporate services.
The Company was founded in 1979.

NAI Capital, Inc., based in Encino, CA, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 20-10256) on Jan. 31, 2020.  In the
petition signed by Chris Jackson, executive managing director and
authorized agent, the Debtor was estimated to have up to $1 million
to $10 million in both assets and liabilities.  The Hon. Deborah J.
Saltzman oversees the case.  Levene Neale Bender, Yoo & Brill LLP
serves as bankruptcy counsel.  McGarrigle Kenney & Zampiello, APC,
as special litigation and special corporate counsel.


NAI CAPITAL: Seeks to Hire McGarrigle Kenney as Special Counsel
---------------------------------------------------------------
NAI Capital, Inc., seeks authority from the U.S. Bankruptcy Court
for the Central District of California to employ McGarrigle Kenney
& Zampiello, APC, as special litigation and special corporate
counsel to the Debtor.

NAI Capital requires McGarrigle Kenney to represent and provide
legal services to the Debtor in the following cases:

   -- 3700 Kyle Crossing, LLC v. NAI Capital, Inc. et al., San
      Bernardino Superior Court Case No. CIVDS1820570: broker
      defense litigation regarding commercial real estate
      purchase and sale transaction;

   -- Ranjbar v. MAACO; NAI Capital, Inc., et al., Los Angeles
      Superior Court Case No. 19STCV45841: broker defense
      litigation regarding a commercial real estate sublease
      transaction;

   -- Almas & Son v. NAI Capital, Inc., Los Angeles Superior
      Court Case No. 19VECV01611: broker defense litigation
      regarding a commercial leasing transaction;

   -- Duque v. NAI Capital, Inc. et al., Santa Clara Superior
      Court Case No. RG19002698: broker defense litigation
      regarding a business buy-sell transaction.

McGarrigle Kenney will be paid at these hourly rates:

     Patrick C. McGarrigle, Esq.              $495
     Philip A. Zampiello, Esq.                $400
     Michael J. Kenney, Esq.                  $400
     Vanessa Bravo, Paralegal                 $110

From and after January 1, 2019, Debtor directly paid McGarrigle
Kenney $136,987.85 for legal services. McGarrigle Kenney holds a
small pre-petition claim against the Debtor's estate in the amount
of $22,685.48. McGarrigle Kenney is a general unsecured creditor of
the Debtor.

McGarrigle Kenney will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Patrick C. McGarrigle, partner of McGarrigle Kenney & Zampiello,
APC, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.

McGarrigle Kenney can be reached at:

     Patrick C. McGarrigle, Esq.
     MCGARRIGLE KENNEY & ZAMPIELLO, APC
     9600 CA-27, Suite 200
     Chatsworth, CA 91311
     Tel: (818) 998-3300

                       About NAI Capital

NAI Capital, Inc. is a commercial real estate and property
management company based in Encino, California.  It specializes in
the leasing and sale of office, the sale of investments, land and
residential income, tenant representation, and corporate services.
The Company was founded in 1979.

NAI Capital, Inc., based in Encino, CA, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 20-10256) on Jan. 31, 2020.  In the
petition signed by Chris Jackson, executive managing director and
authorized agent, the Debtor was estimated to have up to $1 million
to $10 million in both assets and liabilities.  The Hon. Deborah J.
Saltzman oversees the case.  Levene Neale Bender, Yoo & Brill LLP
serves as bankruptcy counsel.  McGarrigle Kenney & Zampiello, APC,
as special litigation and special corporate counsel.


ORIGIN AGRITECH: Reports RMB65.6M Net Loss for FY Ended Sept. 30
----------------------------------------------------------------
Origin Agritech Limited filed with the Securities and Exchange
Commission its Annual Report on Form 20-F reporting a net loss of
RMB65.65 million on RMB92.44 million of revenues for the year ended
Sept. 30, 2019, compared to a net loss of RMB152.79 million on
RMB12.93 million of revenues for the year ended Sept. 30, 2018.

As of Sept. 30, 2019, the Company had RMB261.11 million in total
assets, RMB276.58 million in total liabilities, and a total deficit
of RMB15.47 million.

As of Sept. 30, 2019, and 2018, the Company had approximately
RMB3.2 million (US$0.45 million) and RMB2.0 million, respectively,
in cash and cash equivalents of continuing operations.  Total
borrowings as of Sept. 30, 2019 and 2018 were RMB78.6 million
(US$11.1 million) and RMB78.2 million, respectively.  During fiscal
year 2019, net cash used in operating activities was RMB60.1
million (US$8.8 million), compared with net cash used in operating
activities RMB 10.0 million for the fiscal year ended Sept. 30,
2018.  Net cash provided by investing activities was RMB9.4 million
(US$1.3 million) for the fiscal year ended Sept. 30, 2019 compared
with net cash provided by investing activities of RMB47.6 million
for the fiscal year ended Sept. 30, 2018.  Net cash provided by
financing activities was RMB53.6 for the fiscal year ended
Sept. 30, 2019 compared with net cash used in financing activities
of RMB35.4 million for the fiscal year ended Sept. 30, 2018.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated March 2, 2020, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

Origin said, "We are currently seeking to restructure the terms of
our liabilities by raising funds to pay off liabilities.  Our
ability to continue as a going concern is depend upon obtaining the
necessary financing or negotiating the terms of the existing
borrowing to meet our current and future liquidity need."

A full-text copy of the Form 20-F is available for free at the
SEC's website at:

                      https://is.gd/yg3sCe

                          About Origin

Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life
Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED)
-- http://www.originseed.com.cn/-- is an agricultural
biotechnology company, specializing in crop seed breeding and
genetic improvement, seed production, processing, distribution, and
related technical services.  Origin operates production centers,
processing centers and breeding stations nationwide with sales
centers located in key crop-planting regions.  Product lines are
vertically integrated for corn, rice and canola seeds.


PAUL LOGSDON: Taps Danielle M. Fleer as Accountant
--------------------------------------------------
Paul Logsdon, Inc. received approval from the U.S. Bankruptcy Court
for the Eastern District of Missouri to employ Danielle M. Fleer,
CPA, P.C. as its accountant.

The firm will assist in the preparation of:

  -- 2017, 2018 and 2019 tax returns;

  -- Balance sheets for the period ending Dec. 31, 2017, Dec. 31,
2018 and Dec. 31, 2019;

  -- Income statement with detailed explanation as to all revenues
and expenses for the years ending Dec. 31, 2017, Dec. 31, 2018 and
Dec. 31, 2019;

  -- A copy of all bank statements and legible checks written from
all of the Debtor's bank accounts for the period Jan. 1, 2017
through Dec. 31, 2019;

  -- A detailed revenue/expense breakdown for each of the cash rent
farms which the Debtor leased in 2017, 2018 and 2019; and

-- A detailed budget of all expenses forecasted for the year
2020.

Danielle Fleer, the firm's accountant who will be providing the
services, charges an hourly fee of $125.

The firm can be reached through:

     Danielle M. Fleer, CPA
     Danielle M Fleer, CPA, PC
     2327 North 12th St
     Quincy, IL 62305
     Phone: 217-222-0072

                         About Paul Logsdon

Paul Logsdon Inc. is a Missouri corporation that conducts crop
farming operations.  Incorporated on Feb. 3, 2003, PLI Inc. farms
over 1,000 acres of land owned by Paul A. Logsdon in Lewis and
Clark Counties in Northeastern Missouri.  Mr. Logsdon is the sole
shareholder.

Paul Logsdon, Inc. filed a Chapter 11 petition (Bankr. E.D. Mo.
Case No. 19-20081) on April 9, 2019.  At the time of the filing,
the Debtor estimated $695,400 in assets and $8,934,390 in
liabilities.  David M. Dare, Esq., at Herren Dare & Street, serves
as the Debtor's bankruptcy counsel.


PIONEER ENERGY: Enters Into RSA With Stakeholders
-------------------------------------------------
According to a filing with the Securities and Exchange Commission,
Pioneer Energy Services Corp. and its affiliates Pioneer Coiled
Tubing Services, LLC, Pioneer Drilling Services, Ltd., Pioneer
Fishing & Rental Services, LLC, Pioneer Global Holdings, Inc.,
Pioneer Production Services, Inc., Pioneer Services Holdings, LLC,
Pioneer Well Services, LLC, Pioneer Wireline Services Holdings,
Inc. and Pioneer Wireline Services, LLC on Feb. 28, 2020, entered
into a Restructuring Support Agreement with:

  * holders of approximately 99% in aggregate principal amount of
the Company's outstanding secured term loan facility; and

  * holders of approximately 75% in aggregate principal amount of
the Company's outstanding unsecured senior notes.

As set forth in the RSA, including in the term sheet attached
thereto, the Pioneer RSA Parties and Consenting Creditors have
agreed to the principal terms of a proposed financial restructuring
of the Company.

The Restructuring is contemplated to be implemented through a
prepackaged Chapter 11 plan of reorganization.

The RSA contemplates a comprehensive deleveraging of the Company's
balance sheet and an approximately $260 million reduction of the
Company's funded debt.  Specifically, the RSA and Term Sheet
provide, in pertinent part, for these terms:

   * The Company's general unsecured creditors (including trade
creditors) will be paid in full in the ordinary course of
business.

   * The Company's existing asset-based revolving credit facility
will be refinanced with a debtor-in-possession revolving credit
facility with a borrowing limit of $75 million and a $30 million
letter of credit facility.  The DIP Facility will mature on the
earliest of (i) 5 months from the date on which the Chapter 11
Cases are commenced, (ii) 45 days after the Petition Date if the
DIP Facility has not been approved on a final basis by the
bankruptcy court, (iii) the earlier of the "effective date" or date
of substantial consummation of the Plan, (iv) the sale of all or
substantially all of the collateral securing the DIP Facility, and
(v) the acceleration of the DIP Facility in accordance with its
terms.

   * The DIP Facility will "roll" into an asset-based revolving
credit facility upon the Company's emergence from the Chapter 11
Cases. The New Revolver will have a 5-year maturity and bear
interest at a rate between LIBOR + 175 basis points and LIBOR + 225
basis points, depending on utilization.

   * The Company will issue new senior secured notes to certain
Consenting Noteholders.  The aggregate principal amount of the New
Secured Notes will be $78.125 million upon issuance.  The New
Secured Notes will mature 5 years from issuance and bear cash
interest at LIBOR + 950 basis points, plus a 100 basis points
step-up if the New Secured Notes remains outstanding in year five.

   * The Company's existing senior unsecured notes will be
cancelled and exchanged for (a) 94.25% of the common stock of
reorganized Pioneer and (b) the right to participate in a rights
offering on a pro rata basis for the purchase of 94.25% of new
unsecured convertible bonds to be issued by reorganized Pioneer
along with stapled special voting stock pursuant to the Rights
Offering. The total principal amount of New Convertible Bonds to be
issued pursuant to the Rights Offering will be up to approximately
$123.2 million and the total number of shares of Stapled Special
Voting Stock issued pursuant to the Rights Offering will be up to
approximately 9.2 million.

   * The Company's existing secured term loan facility will be
refinanced with the proceeds of the New Convertible Bonds and the
New Secured Notes.

   * Pioneer's existing equity will be cancelled and exchanged for
(a) 5.75% of the New Equity, subject to the class of holders of
existing equity voting to accept the Plan, and (b) the right to
participate in the Rights Offering on a pro rata basis for the
purchase of 5.75% of the New Convertible Bonds and Stapled Special
Voting Stock to be issued pursuant to the Rights Offering in
accordance with the procedures governing the Rights Offering.

   * The Consenting Noteholders have committed to backstop
approximately $118 million of New Convertible Bonds (and the
corresponding shares of Stapled Special Voting Stock) to be issued
in the Rights Offering pursuant to a separate backstop commitment
agreement.

   * Certain members of Pioneer's senior management will purchase
approximately $1.795 million of New Convertible Bonds (and the
corresponding shares of Stapled Special Voting Stock) pursuant to
the Backstop Commitment Agreement.

   * The total outstanding principal amount of New Convertible
Bonds expected upon issuance will be up to $134,584,000 --
comprised of New Convertible Bond to be issued in the Rights
Offering, New Convertible Bond to be issued to the Consenting
Noteholders as a premium for their backstop commitment, New
Convertible Bond to be issued to management and New Convertible
Bond to be issued to management as a premium for their commitment.
The New Convertible Bonds will mature in 5 years and 6 months from
issuance and bear payable-in-kind interest at 5%. The total number
of shares of Stapled Special Voting Stock upon issuance will be up
to approximately 10.1 million.

   * The New Convertible Bonds will be convertible into 75 shares
of New Equity per $1,000 principal amount of the New Convertible
Bonds, subject to customary anti-dilution adjustments. The New
Convertible Bonds will be convertible at any time in whole or in
part at the option of the holder thereof, and mandatorily on the
maturity date.

The RSA includes certain milestones for the progress of the Chapter
11 Cases, which include the dates by which the Pioneer RSA Parties
are required to, among other things, obtain certain court orders
and consummate the Restructuring.  In addition, the RSA Parties
will have the right to terminate the RSA (and their support for the
Restructuring) under certain circumstances, including, in the case
of the Pioneer RSA Parties, if the board of directors of any
Pioneer RSA Party determines in good faith that performance under
the RSA would be inconsistent with its fiduciary duties.
Accordingly, no assurance can be given that the Restructuring
described in the RSA and the Term Sheet will be consummated.

A copy of the RSA is available at https://tinyurl.com/tq5sv7x

                  Backstop Commitment Agreement

On Feb. 28, 2020, Pioneer entered into the Backstop Commitment
Agreement with the Consenting Noteholders and certain members of
Pioneer's senior management.

Subject to the terms and conditions contained in the Backstop
Commitment Agreement, Noteholder Commitment Parties have committed
to purchase substantially all of the New Convertible Bonds (and the
corresponding Stapled Special Voting Stock) that are not duly
subscribed for pursuant to the Rights Offering at a price equal to
$1,000 per New Convertible Bond (and the corresponding Stapled
Special Voting Stock).  As consideration for the commitment by the
Noteholder Commitment Parties, Pioneer will make an aggregate
payment in an amount equal to $9.44 million in the form of
additional New Convertible Bonds (and the corresponding Stapled
Special Voting Stock) to the Noteholder Commitment Parties or in
cash if the Backstop Commitment Agreement is terminated under
certain circumstances as set forth therein. Subject to certain
termination rights set forth in the Backstop Commitment Agreement,
such payment is non-refundable, regardless of the principal amount
of unsubscribed New Convertible Bonds (and the corresponding
Stapled Special Voting Stock) (if any) purchased by the Noteholder
Commitment Parties.

In addition, Management Commitment Parties have committed to
purchase $1.795 million in aggregate of the New Convertible Bonds
(and the corresponding Stapled Special Voting Stock) at a price
equal to $1,000 per New Convertible Bond (and the corresponding
Stapled Special Voting Stock).  As consideration for this
commitment, Pioneer will make an aggregate payment in an amount
equal to $144,000 in the form of additional New Convertible Bonds
(and the corresponding Stapled Special Voting Stock) to such
Management Commitment Parties or in cash if the Backstop Commitment
Agreement is terminated under certain circumstances as set forth
therein.

The transactions contemplated by the Backstop Commitment Agreement
are conditioned upon the satisfaction or waiver of customary
conditions for transactions of this nature, including, without
limitation, that (i) the bankruptcy court will have approved the
Rights Offering, (ii) the bankruptcy court will have confirmed the
Plan, and (iii) the Rights Offering will have been conducted, in
all material respects, in accordance with the approval of the
bankruptcy court, the Plan and the Backstop Commitment Agreement.

A copy of the Backstop Commitment Agreement
https://tinyurl.com/ssgfuva

Counsel to Consenting Noteholders:

       Damian S. Schaible, Esq.
       Natasha Tsiouris, Esq.
       Erik Jerrard, Esq.
       Davis Polk & Wardwell LLP
       450 Lexington Avenue
       New York, NY 10017
       Fax: +1 212 701 5800
       E-mail: damian.schaible@davispolk.com
               natasha.tsiouris@davispolk.com
               erik.jerrard@davispolk.com

                   - and -

       Charles A. Beckham Jr., Esq.
       Haynes & Boone LLP
       1221 McKinney Street, Suite 2100
       Houston, TX 77010
       Fax: +1 713 236 5638
       E-mail: charles.beckham@haynesboone.com

Counsel to Consenting Term Loan Lenders:

       David S. Meyer, Esq.
       Paul Heath, Esq.
       Kevin Heverin, Esq.
       Vinson & Elkins LLP
       The Grace Building
       1114 Avenue of the Americas, 32nd Floor
       New York, NY 10036
       Fax: + 917-849-5358
       E-mail: pheath@velaw.com
               kheverin@velaw.com

                   About Pioneer Energy

Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/--
provides well servicing, wireline, and coiled tubing services to
producers primarily in Texas and the Mid-Continent and Rocky
Mountain regions.  Pioneer also provides contract land drilling
services to oil and gas operators in Texas, Appalachia and Rocky
Mountain regions and internationally in Colombia.  Pioneer is
headquartered in San Antonio, Texas.

Pioneer Energy Services Corp. and 9 related entities sought Chapter
11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) to
effectuate its prepackaged plan of reorganization that will cut
debt by $260 million.

Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in
liabilities as of Sept. 30, 2019.

The Hon. David R. Jones is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose
Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is
acting as financial advisor and Alvarez & Marsal is serving as
restructuring advisor.  Epiq Corporate Restructuring, LLC, is the
claims agent.

Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as
legal counsel for the ad hoc group of Senior Unsecured Noteholders
and Houlihan Lokey is acting as financial advisor.


PIONEER ENERGY: Files for Chapter 11 With Prepackaged Plan
----------------------------------------------------------
Pioneer Energy Services Corp. and nine affiliated companies filed
petitions in the United States Bankruptcy Court for the Southern
District of Texas seeking relief under chapter 11 of the United
States Bankruptcy Code on March 1, 2020.

Pioneer Energy and certain of its subsidiaries have reached an
agreement with its key stakeholders regarding the terms of a
comprehensive financial restructuring, including the elimination of
its existing notes through a debt-for-equity conversion.  

To implement the financial restructuring, Pioneer and its
subsidiaries sought bankruptcy protection to effectuate its
pre-packaged Plan of Reorganization.  This Chapter 11 process does
not include the Company's international entities, the majority of
which are located in Colombia.  As part of the process, Pioneer
began soliciting votes on its Plan of Reorganization from certain
of its creditors prior to the filing.

Pioneer expects to continue to operate in the normal course during
the court-supervised process and the terms of the restructuring
contemplate paying all customer, vendor, and other trade
obligations in full in the ordinary course of business.

Pioneer intends to use the Chapter 11 process to implement a
balance sheet restructuring by significantly reducing the Company's
long-term debt and related interest costs, providing access to
additional financing and establishing a strong capital structure.
In addition to equitizing approximately $300 million in aggregate
amount of existing notes, Pioneer will raise (i) up to $125 million
of new capital through a rights offering of new convertible debt
from eligible noteholders and shareholders, a substantial portion
of which will be backstopped by certain existing holders and (ii)
approximately $78 million of new senior secured notes to be
provided by certain existing noteholders.  Upon emergence, this new
capital will be used to refinance Pioneer's existing term loan
debt, make distributions under the plan and add cash to the balance
sheet.

The Company is focused on implementing its restructuring
expeditiously through the pre-packaged plan, which is
overwhelmingly supported by its secured lenders and noteholders.
Upon the consummation of its financial restructuring, Pioneer
expects to emerge in a stronger financial position, capable of
accelerating future growth and better able to serve our valued
customers.

"Over the course of the last several years, Pioneer has been
challenged by the difficult economics of the oil and gas industry.
We have continued to adapt to the challenging market environment in
which we operate, but our strong underlying business has continued
to labor under a heavy debt burden.  Our objective is to use the
restructuring process to implement a balance sheet restructuring
and set the Company on a path to succeed in the future with a
right-sized debt structure and ample liquidity going forward.  We
are confident that these are the right steps to deliver value for
the benefit of our stakeholders," said Wm. Stacy Locke, President
and Chief Executive Officer of Pioneer Energy Services Corp.

Locke continued, "We appreciate the ongoing hard work and
commitment of the entire Pioneer team.  I am confident our
employees will continue to focus on safety, the day-to-day
operations and provide our customers the quality of service they
have come to expect from Pioneer.  We are also grateful for the
ongoing support of our vendors, suppliers and other business
partners during the restructuring process."

Pioneer has received a commitment for $75 million in
debtor-in-possession ("DIP") financing from PNC Bank.  Upon Court
approval, the new financing and cash generated from the Company's
ongoing operations will be used to support the business during the
reorganization process.  PNC has also committed to "roll" the DIP
financing into an asset-based revolving credit facility at exit.

Pioneer has filed several customary motions with the U.S.
Bankruptcy Court seeking authorization to operate its business in
the normal course during the Chapter 11 process, including the
continued payment of employee wages and benefits without
interruption.  The Company intends to pay vendors and suppliers in
full under normal terms for goods and services provided on or after
the filing date in the ordinary course of business.  In addition,
Pioneer is requesting Court authority to pay for all goods and
services delivered in the normal course of business prior to the
filing.  Pioneer expects to receive Court approval for all of these
requests.

Additional information is available by calling (833) 991-0977 (toll
free) or (503) 597-7679 (international).  Court filings and other
information related to the court-supervised proceedings are
available at a website administered by the Company's claims agent,
Epiq Corporate Restructuring, LLC, at
https://dm.epiq11.com/pioneerenergy.

A copy of the Disclosure Statement explaining the terms of the
Prepackaged Plan is available at: https://tinyurl.com/sp8nm7d

                    $75M DIP Financing

According to a regulatory filing, on Feb. 28, 2020, the Company
received commitments from PNC Bank, N.A. for a $75 million
asset-based revolving loan debtor-in-possession financing facility.
The PNC DIP Facility will bear interest at a rate of LIBOR+200
basis points per annum.  Subject to approval by the Bankruptcy
Court, the proceeds of the PNC DIP Facility will be used to repay
amounts outstanding under the Prepetition ABL Facility and to pay
fees and expenses in connection with the Chapter 11 Cases and
transactional and professional fees related thereto.  The closing
of the PNC DIP Facility is contingent on the satisfaction of
customary conditions, including receipt of a Bankruptcy Court order
approving the borrowings under the PNC DIP Facility. The PNC DIP
Facility will "roll" into a new asset-based revolving credit
facility upon the Company's emergence from the Chapter 11 Cases.
The New Revolver will have a 5-year maturity and bear interest at a
rate between LIBOR + 175 basis points and LIBOR + 225 basis points,
depending on utilization.

                   About Pioneer Energy

Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/--
provides well servicing, wireline, and coiled tubing services to
producers primarily in Texas and the Mid-Continent and Rocky
Mountain regions.  Pioneer also provides contract land drilling
services to oil and gas operators in Texas, Appalachia and Rocky
Mountain regions and internationally in Colombia.  Pioneer is
headquartered in San Antonio, Texas.

Pioneer Energy Services Corp. and nine related entities sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) to
effectuate its prepackaged plan of reorganization that will cut
debt by $260 million.

Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in
liabilities as of Sept. 30, 2019.

The Hon. David R. Jones is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose
Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is
acting as financial advisor and Alvarez & Marsal is serving as
restructuring advisor.  Epiq Corporate Restructuring, LLC, is the
claims agent.

Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as
legal counsel for the ad hoc group of Senior Unsecured Noteholders
and Houlihan Lokey is acting as financial advisor.


PORTERS NECK COUNTRY: Sale of Club to Fund Plan Payments
--------------------------------------------------------
Debtor Porters Neck Country Club, Inc., filed with the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Wilmington Division, a a Plan of Reorganization and a Disclosure
Statement on Feb. 14, 2020.

In accordance with the terms of the Sale Motion, the Court shall
conduct a hearing to approve the Debtor's proposed purchaser,
Porters Neck Country Club Acquisition, LLC, who has made an opening
proposal to purchase substantially all of the Debtor's Property.
The stalking horse is an affiliate of McConnell Golf, LLC, a North
Carolina limited liability company who is currently managing the
Debtor's Club.

The marketing and sale of the Debtor's Property shall be conducted
in a manner that maximizes value for all creditors while ensuring
continued operations of the Property consistent with its current
use for the benefit of current members, as well as other affected
parties in interest such as Club Members and the members of the
Porters Neck Homeowners Association, Inc.

Until the Court approves and the Debtor closes upon a sale of
Debtor’s Property to a Purchaser submitting the highest and best
offer, the Debtor shall continue to fund operations and make
payments under the Plan from revenues generated by the continued
operation of the Debtor’s Club.

Following the closing of the proposed sale under the Plan, all
other Plan payments shall be funded from Liquidation Proceeds,
consisting of: cash on hand; accounts receivable available as of
the date of closing; insurance proceeds obtained by the Debtor from
hurricane-related damage and litigation; chapter 5 actions; and
residual sale proceeds from the liquidation of the Debtor's
Property following payments of all expenses of sale and liens of
record.

The Debtor's liabilities will be paid according to the priorities
of the Bankruptcy Code and the Orders of this Court.  

The Debtor will pay the administrative costs from the Liquidation
Proceeds.  Any and all priority taxes due and owing to the Internal
Revenue Service, N.C. Department of Revenue, or any county or city
taxing authority will be paid in full from the Liquidation
Proceeds.

The claims of First-Citizens Bank & Trust Company, Chambliss &
Rabil Contractors, Inc. and Key Equipment Finance will share pro
rata in the distribution of the remaining Liquidation Proceeds
following satisfaction of all senior classes of claims.

A full-text copy of the Disclosure Statement dated Feb. 14, 2020,
is available at https://tinyurl.com/r2anp9e from PacerMonitor at no
charge.

Attorneys for Debtor:

      HENDREN, REDWINE & MALONE, PLLC
      JASON L. HENDREN
      REBECCA F. REDWINE
      BENJAMIN E.F.B. WALLER
      4600 Marriott Drive, Suite 150
      Raleigh, NC 27612
      Telephone: (919) 420-7867
      Facsimile: (919) 420-0475
      E-mail: jhendren@hendrenmalone.com

              About Porters Neck Country Club

Porters Neck Country Club, Inc.
--https://www.portersneckcountryclub.com/ -- is a full-service
country club, boasting an 18-hole, Tom Fazio-designed golf course,
in Wilmington, North Carolina. The club, which promotes a
family-oriented environment, also has seven state-of-the-art
Har-Tru tennis courts, a swimming complex, a fitness center and
dining facilities.

Porters Neck Country Club sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 19-04309) on Sept. 19, 2019, in Wilmington, N.C.
The club was estimated to have $1 million to $10 million in assets
and liabilities as of the bankruptcy filing.  

Judge Joseph N. Callaway oversees the cases. Hendren Redwine &
Malone, PLLC serves as Porters Neck Country Club's legal counsel.

On Dec. 17, 2019, two special committees were formed to represent
current and former members of Porters Neck Country Club who hold
equity membership certificates.  Ayers & Haidt, PA represents the
committee comprised of current members of the club while Stubbs &
Perdue, P.A. represents the special committee of the club's former
members.


PPV INC: Seeks to Hire Brown Armstrong as Accountant
----------------------------------------------------
PPV, Inc., and its debtor-affiliates seek authority from the U.S.
Bankruptcy Court for the District of Oregon to employ Brown
Armstrong, A Professional Corporation, as accountant to the
Debtor.

PPV, Inc. requires Brown Armstrong to:

   a. prepare combined financial statements in accordance with
      accounting principles generally accepted in the U.S. based
      on information provided by you; and

   b. obtain limited assurance as a basis for reporting whether
      we are aware of any material modifications that should be
      made to the combined financial statements in order for them
      to be in accordance with accounting principles generally
      accepted in the U.S.

Brown Armstrong will be paid at these hourly rates:

     Brian A. Pape, Shareholder            $180
     Dede Pitts, CPA                       $180

Brown Armstrong will be paid a retainer in the amount of $7,500.

Brown Armstrong will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Brian A. Pape, a partner at Brown Armstrong, A Professional
Corporation, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Brown Armstrong can be reached at:

     Brian A. Pape
     BROWN ARMSTRONG,
     A PROFESSIONAL CORPORATION
     2177 S.W. Main Street
     Portland, OR 97205-1190
     Tel: (503) 221-1776
     Fax: (503) 223-6918

                       About PPV, Inc.

PPV, Inc. -- https://www.ppvnw.com/ -- is a waste management
services provider in Portland, Oregon.  The company offers
industrial cleaning, recycling, treatment, and technical waste
management services.

PPV, Inc. filed a petition under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ore. Lead Case No. 19-34517) on Dec 10, 2019.  In the
petition signed by Joseph J. Thuney, president, the Debtor was
estimated to have between $1 million and $10 million in both assets
and liabilities.  Judge Trish M. Brown oversees the case.  Douglas
R. Ricks, Esq. at Vanden Bos & Chapman, LLP, is the Debtor's
counsel.


PULTEGROUP INC: Moody's Alters Outlook on Ba1 CFR to Positive
-------------------------------------------------------------
Moody's Investors Service changed the outlook for PulteGroup, Inc.
to positive from stable. Moody's also affirmed the company's Ba1
Corporate Family Rating, Ba1-PD Probability of Default Rating, and
the Ba1 rating on its senior unsecured notes. Pulte's SGL-1
Speculative Grade Liquidity Rating is maintained.

The change in the outlook to positive reflects Moody's expectations
that Pulte will operate conservatively and will continue to make
strides towards deleveraging and improving its other key credit
metrics. Moody's also believes that the company will benefit from
modest growth amid stable homebuilding industry conditions and the
efficiencies of its large scale. Moody's believes that given its
strong cash flow generative capabilities, including during an
expansion phase, very good liquidity profile and significant
financial flexibility, Pulte has the ability to operate
conservatively under any industry cycle.

At December 31, 2019, Pulte reached 34.5% in total debt to
capitalization ratio, with its homebuilding interest coverage
standing at 8.6x. A track record of sustaining credit metrics at
strong levels, along with solid cash flow generation and strong
gross margins would lead to a consideration of a higher rating.
Maintenance of a disciplined capital structure approach during both
solid industry conditions and periods of weakening would also be an
important consideration.

The following rating actions were taken:

Affirmations:

Issuer: PulteGroup, Inc.

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

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

Outlook Actions:

Issuer: PulteGroup, Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Pulte's Ba1 Corporate Family Rating is supported by its: 1)
excellent gross margin that ranks among the strongest of the rated
homebuilders; 2) declining debt leverage despite an active share
repurchase program; 3) large scale and broad geographic footprint,
balanced product mix and price point diversity; 4) robust tangible
equity base, strong cash flow generation and very good liquidity
providing considerable financial flexibility; 5) governance
considerations of the company's conservative financial strategy.

Pulte's credit quality is constrained by: 1) the company's
shareholder-friendly activities including share repurchases and
dividends; 2) increasing costs of land, labor and building
materials that put pressure on gross margins; 3) owned land
position of about four years that is exposed to a risk of
impairment charges if the housing market were to turn down sharply;
and 4) industry cyclicality and sensitivity of operations to the
changes in the underlying demand.

Pulte's SGL-1 Speculative Grade Liquidity Rating reflects Moody's
expectation of a very good liquidity profile over the next 12 to 15
months. Liquidity is supported by the company's $1.2 billion of
unrestricted cash on hand at December 31, 2019, its strong cash
flow from operations, Moody's expectations of significant
availability under its $1.0 billion senior unsecured revolving
credit facility that matures in June 2023 and substantial headroom
under the revolver's financial maintenance covenants.

Factors that could lead to an upgrade include:

  - Demonstration of sustained strong credit metrics, including
homebuilding debt to book capitalization below 35% and EBIT
interest coverage in the high single digits

  - Maintenance of a very good liquidity profile, including
generating strong free cash flow

  - Demonstration of a commitment to attaining and maintaining an
investment grade rating, both to Moody's and to the debt capital
markets

  - An ability to withstand a serious financial shock without
having its key credit metrics sinking to low speculative grade
levels

Factors that could lead to a downgrade include:

  - Generation of bottom line net losses

  - Major impairment charges

  - Adjusted debt leverage approaching 50%

  - A weakening in the company's liquidity profile

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

Founded in 1950 and headquartered in Atlanta, Georgia, Pulte is the
country's third largest homebuilder by revenue and homes sold, with
operations in 42 markets and 23 states. Through its brand portfolio
that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, John
Wieland Homes and Neighborhoods, and American West, the company is
one of the industry's most diversified homebuilders. In 2019,
Pulte's homebuilding revenues and consolidated net income were $10
billion and $1 billion, respectively.


PURDUE PHARMA: Committee Hires KPMG as Tax Consultant
-----------------------------------------------------
The official committee of unsecured creditors of Purdue Pharma L.P.
and its affiliates received approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ KPMG LLP as its tax
consultant.

KPMG will provide these services:

     a. tax analysis and proposal of structuring alternatives with
respect to any disposition of assets of the Debtors and companies
owned or controlled by shareholders of the Debtors pursuant to any
plan proposed in their Chapter 11 cases;

      b. quantitative analysis, including the preparation or review
of cash tax models, regarding the projection of cash taxes arising
from operations, dispositions, reorganization and repatriation of
funds held by the Debtors and companies owned or controlled by
shareholders of the Debtors;

      c. diligence regarding the historical tax positions and tax
attributes of the Debtors and the companies owned or controlled by
shareholders of the Debtors;

      d. interacting with tax authorities;

      e. analysis of the tax implications of any payments made by
the Debtors to settle claims;

      f. analysis of any proofs of claims from tax authorities;

      g. analysis of the cancellation of debt income; and

      h. analysis and proposal of structuring alternatives with
respect to the post-emergence tax structure of the Debtors and the
companies owned or controlled by shareholders of the Debtors.

KPMG will charge these hourly fees:

     Partners, Principals, or
     Managing Directors         $765 – $985
     Senior Managers            $690 – $750
     Managers                   $650 – $730
     Senior Associates          $470 – $640
     Associates                 $350 – $380
     Para-Professionals         $200 – $295

Howard Steinberg, a partner at KPMG, assured the court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

KPMG LLP can be reached at:

     Howard Steinberg
     KPMG LLP
     560 Lexington Ave.
     New York, NY 10022
     Tel: (212) 758-9700

                      About Purdue Pharma L.P.

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain  medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation.  The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.  

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A. represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.


PURDUE PHARMA: Deadline to File Claims Set for June 5, 2020
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York set
June 5, 2020, at 5:00 p.m. (Prevailing Eastern Time) as date and
time for persons or entities to file their proofs of claim against
Purdue Pharma LLP and its debtor-affiliates.

All proofs of claim must be filed through:

a) if by U.S. postal service mail:

   Purdue Pharma Claims Processing Center
   c/o Prime Clerk LL
   Grand Central Station
   PO Box 4850
   New York, NY 10163-4850

b) if by overnight mail:

   Purdue Pharma Claims Processing Center
   c/o Prime Clerk LL
   850 Third Avenue, Suite 412
   Brooklyn, NY 11232

c) if delivered by hand:

   Purdue Pharma Claims Processing Center
   c/o Prime Clerk LL
   850 Third Avenue, Suite 412
   Brooklyn, NY 11232
  
   or

   United States Bankruptcy Court
   Southern District of New York
   300 Quarropas Street
   White Plains, NY 10601

d) if claims are filed electronically:
http://PurduePharmaClaims.com

                   About Purdue Pharma L.P.

Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.

Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain  medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.

Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.

OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.

On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation.  The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.

U.S. Bankruptcy Judge Robert Drain oversees the cases.

The Debtors tapped Davis Polk & Wardwell LLP and Dechert LLP as
legal counsel; PJT Partners as investment banker; AlixPartners as
financial advisor; and Prime Clerk LLC as claims agent.

Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.


QUAD/GRAPHICS INC: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Quad/Graphics, Inc.'s B1
corporate family rating, B1-PD probability of default rating, Ba3
ratings on its senior secured revolving credit facility and senior
secured term loan A, and B3 rating on its senior unsecured notes,
and changed the outlook to negative from stable. The speculative
grade liquidity rating was maintained at SGL-2.

"The outlook was changed to negative to reflect expectations for
continuing pressure on revenue and EBITDA in the next 12 to 18
months", said Peter Adu, Moody's Vice President and Senior
Analyst.

Ratings Affirmed:

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

$800 million Senior Secured Revolving Credit Facility due 2024,
Affirmed Ba3 (LGD3)

$825 million (face value) Senior Secured Delayed Draw Term Loan A
due 2024, Affirmed Ba3 (LGD3)

$243.5 million Senior Unsecured Notes due 2022, Affirmed B3 (LGD5)

Rating Unchanged:

Speculative Grade Liquidity, SGL-2

Outlook Action:

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Quad's B1 CFR is constrained by: (1) high business risk from
continuing decline in revenue and EBITDA; (2) execution risk as it
transforms itself from a commercial printer focused on retail
inserts, magazines and catalogues, into an integrated marketing
solutions provider; and (3) leverage (adjusted Debt/EBITDA) that is
expected to increase to about 4x in the next 12 to 18 months (3.5x
for 2019). The rating benefits from: (1) good market position and
scale in commercial printing; (2) a financial policy that is
focused on continued debt repayment; (3) flexible cost structure,
which allows for continued cost reduction; and (4) good liquidity,
including ability to generate positive free cash flow despite
ongoing pressures.

Quad's environmental risk is low. The company has exposure to
hazardous substances and although there have been no material
environmental liabilities in the past few years, it could face
material costs related to remediation of contaminated manufacturing
facilities should that occur.

Quad's social risk is elevated. Technological advancement is
impacting the way customers consume information. Due to electronic
substitution, the commercial printing industry is under pressure
and Quad is transforming its business model. The company's
evolution towards integrated marketing services exposes it to
increasing data security and customer privacy risk. The shift to
digital will require a continuing focus on cost reduction for
Quad.

Quad's governance risk is moderate. The company's financial policy
is conservative, characterized by management's attention to debt
repayment rather than shareholder-friendly actions. Quad's share
repurchases are minimal and its dividend payments were cut by 50%
after Q3/2019 to conserve liquidity.

Quad has good liquidity (SGL-2). Sources approximate $900 million
while uses in the form of debt payments total about $40 million
through the next 4 quarters. Liquidity is supported by $79 million
of cash at Q4/2019, expected free cash flow of about $50 million in
the next 12 months, and $764 million of availability under its $800
million revolving credit facility, which matures in January 2024.
The company is subject to total and senior leverage, and coverage
covenants and cushion should be at least 10% on the tightest
covenant (total leverage) through the next four quarters. Quad has
limited ability to generate liquidity from asset sales.

The negative outlook reflects the company's exposure to the
commercial printing industry's revenue and EBITDA pressures due to
excess capacity and as advertising dollars shift to digital and
social media platforms, together with challenges of reducing costs
in line with revenue declines in the next 12 to 18 months.

The rating could be upgraded if the company generates sustainable
positive organic growth in revenue and EBITDA and sustains leverage
below 3.5x (3.5x for 2019). The rating could be downgraded if
business fundamentals deteriorate, evidenced by accelerating
revenue and EBITDA decline or if leverage is sustained above 4.5x
(3.5x for 2019). Weakening liquidity, possibly due to negative free
cash flow generation on a consistent basis could also cause a
downgrade.

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

Headquartered in Sussex, Wisconsin, Quad/Graphics, Inc. is a
leading North American commercial printing company. Revenue for the
year ended December 31, 2019 was $3.9 billion.


REDWOOD GREEN: Says Substantial Going Concern Doubt Exists
----------------------------------------------------------
Redwood Green Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,292,517 on $1,605,476 of net sales for
the three months ended Sept. 30, 2019, compared to a net loss of
$157,433 on $0 of sales for the same period in 2018.

At Sept. 30, 2019, the Company had total assets of $16,907,723,
total liabilities of $1,825,584, and $15,082,139 in total
stockholders' equity.

As of September 30, 2019, the Company had an accumulated deficit of
$2,453,209.  During the nine months ended September 30, 2019, the
Company incurred a net loss of $1,592,086 and used $607,022 of net
cash in operating activities.  The Company expects to continue to
generate operating losses for the foreseeable future.  As of
September 30, 2019, the Company had cash of $4,702,901 and working
capital of $3,919,940.

Based on its current operating plan, the Company expects that its
cash on hand will not be sufficient to fund its operating expense
requirements for at least 12 months from the issuance date of these
interim condensed consolidated financial statements.  Based on
this, the Company has determined that there is a substantial doubt
about the Company's ability to continue as a going concern.

The Company said, "The future viability of the Company is dependent
on its ability to raise additional capital to finance its
operations.  Although the Company has been successful in raising
capital in the past, there is no assurance that it will be
successful in obtaining such additional financing on terms
acceptable to the Company, if at all."

A copy of the Form 10-Q is available at:

                       https://is.gd/ni2LGh

Redwood Green Corp. provides a range of cannabis products to
enhance health and wellness in the United States. The company was
formerly known as First Colombia Development Corp. and changed its
name to Redwood Green Corp. in November 2019. Redwood Green Corp.
was incorporated in 2011 and is based in Denver, Colorado.



REGIONAL ECONOMIC: Case Trustee Seeks Chapter 7 Conversion
----------------------------------------------------------
At the behest of Nancy J. Gargula, the U.S. Trustee for Region 21,
Bankruptcy Erik P. Kimball has approved the appointment of Nicole
Testa Mehdipour as Chapter 11 Trustee for debtor United States
Regional Economic Development Authority, Inc.

Judge Kimball, following a hearing January 16, 2020, on 160 Royal
Palm, LLC's Motion for Appointment of Chapter 11 Trustee, directed
the U.S. Trustee to make an appointment.

                          *     *     *

Mehdipour has asked the Bankruptcy Court to convert the case to a
Chapter 7 proceeding.  A hearing on her request is scheduled for
March 12, 2020.

     About United States Regional Economic
       Development Authority, LLC

South Atlantic Regional Center, LLC, is a Florida corporation owned
and managed by Joseph Wash, Sr.  SARC is a United States Citizen
and Immigration Services designated Regional Center.

South Atlantic Regional Center and its affiliates United States
Regional Economic Development Authority, LLC, United States
Regional Economic Development Authority, Inc., and Connect
Insurance Group, Inc., were subject to involuntary Chapter 11
petitions (Bankr. S.D. Fla. Case No. 19-25762, 19-25767, 19-25780,
and 19-25799) filed by 160 Royal Palm, LLC in November 2019.

The Petitioning Creditor is represented by Philip J. Landau, Esq.,
and Eric Pendergraft, Esq., at Shraiberg, Landau & Page, P.A.


RJT REAL ESTATE: Seeks to Hire Utah Bankruptcy Law as Counsel
-------------------------------------------------------------
RJT Real Estate Holdings, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Utah to hire Utah Bankruptcy
Law Center, PLLC, 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 rights, powers and duties;

     b. take all necessary actions to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of actions commenced against the Debtor, the
negotiation of disputes in which the Debtor is involved, and the
preparation of objections to claims filed against the estate;

     c. prepare legal papers; and

     d. assist in presenting the Debtor's proposed plan of
reorganization and all related transactions.

The firm received a $5,000 retainer.

Sarah Larsen, Esq., managing attorney of Utah Bankruptcy Law
Center, assures the court that the member, associates, employees,
and contractors of the firm do not have any connection with or any
interest adverse to the Debtor and its creditors and bankruptcy
professionals.

The firm can be reached through:

     Sarah Larsen, Esq.
     Utah Bankruptcy Law Center, PLLC
     10 E Exchange Pl Ste 200
     Salt Lake City, UT 84111-5106
     Phone: (800) 450-9441

                  About RJT Real Estate Holdings

RJT Real Estate Holdings, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Utah Case No. 18-29037) on Dec. 4,
2018.  At the time of the filing, the Debtor estimated assets of
less than $500,000 and liabilities of less than $100,000.  Judge R.
Kimball Mosier oversees the case.  The Debtor tapped Vannova Legal,
PLLC, as its legal counsel.


ROOFTOP GROUP: Debtor Questions Releases in Committee Plan
----------------------------------------------------------
Rooftop Group International Pte. Ltd., filed a limited objection to
the adequacy of the Disclosure Statement for the Plan of
Reorganization/ Liquidation proposed by the Official Committee of
Unsecured Creditors.

The Debtor objects to the scope of the third-party release
provisions proposed in Sec. 12.8 of the Plan (the "Release
Provision").  This Release Provision contains layers of releases of
claims by and against overlapping constituent groups that may
extend so far as to release prepetition claims held by the Debtor,
the bankruptcy estate, or the Reorganized Debtor.

The original versions of the Plan and the Disclosure Statement on
file with the Court required that the Debtor, the bankruptcy
estate, and the post-Confirmation Debtor, and "all Holders of
Claims and Interests" release all pre-petition claims against
members of the Committee relating to the Debtor and any of the
Debtor’s direct or indirect subsidiaries. In prior discussions
with the Committee, the Debtor expressed its strong concern that
such claims should not be released before they have been properly
investigated and their potential value to the estate and creditors
assessed.

According to the Debtor, the First Amended Plan and First Amended
Disclosure Statement rework this language and partially cull back
the broad releases of the Debtor's claims, but the new (and still
convoluted) language is still unclear in whether it would release
prepetition estate claims that might be pursued by the Debtor, its
estate, or the Reorganized Debtor.

Attorneys for the Debtor:

     Michael P. Cooley
     Lindsey L. Robin
     Devan J. Dal Col
     REED SMITH LLP
     2501 N. Hardwood Street, Suite 1700
     Dallas, Texas 75201
     Tel: 469.680.4200
     Fax: 469.680.4299
     E-mail: mpcooley@reedsmith.com
             lrobin@reedsmith.com
             ddalcol@reedsmith.com

                   About Rooftop Group Int'l

Rooftop Group International Pte. Ltd. is a private limited company
organized under the laws of Singapore.  It was formed to hold
certain intellectual property assets, including registered
trademarks and patents, relating to the manufacture and sale of
hobby-grade drones under the name Propel RC(R).  At present, it has
no operations and has no employees, and its remaining assets are
composed almost entirely of certain patents, trademarks, and other
intellectual property.  In addition, it licenses certain of its
trademarks to Amax Industrial Group China Co, Ltd., under a
nonexclusive license agreement.

Certain of Rooftop Group's prepetition secured creditors commenced
collection actions against the Debtor in Singapore courts
pertaining to prepetition debt obligations under which the Debtor
was either a primary obligor or guarantor.  The Debtor's
intellectual property assets are not encumbered by any lien or
security interest; however, a portion of the outstanding equity in
the Debtor is pledged to secure repayment of certain of the
Debtor's prepetition obligations and certain prepetition creditors
assert liens on certain asset classes other than intellectual
property.

To preserve the value of its intellectual property assets for the
benefit of all its unsecured creditors, on April 30, 2019, the
Debtor filed a voluntary petition for relief under chapter 11 of
the Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-31443).  In the
petition  signed by Darren Matloff, director, the Debtor was
estimated to have $1 million to $10 million in assets and $50
million to $100 million in liabilities.  

The Hon. Harlin DeWayne Hale oversees the case.  

The Debtor is represented by Reed Smith LLP.

The Office of the U.S. Trustee on June 13, 2019, appointed three
creditors to serve on an official committee of unsecured creditors
in the Chapter 11 case.  The committee is represented by Barnes &
Thornburg LLP.


S&D LONGHORN: To Sell Property to Fund 100% Plan
------------------------------------------------
S&D Longhorn Partners, LLC, owner of an entertainment venue in
Dallas, Texas, filed a Chapter 11 plan that contemplates the Debtor
selling its interest in the property for an amount sufficient to
pay all creditors who have asserted claims against the estate.

The Debtor shall sell the Property to T&T, in accordance with the
Contract attached to the Disclosure Statement. T&T is not related
to the Debtor and is prepared to fund the sale on or before the
Effective Date.

The Debtor owns a 100% interest in the Property.  The Debtor has
obtained a contract to sale in an amount the Debtor believes to be
sufficient to pay all creditors of the estate in full.  The Debtor
also has two claims which may have value.  The Debtor has sued its
insurance company Penn National for damages resulting from the
March 2019 storm. The Debtor is also entitled to certain grant
money from the City of Dallas for up to 25% of the amount spent by
the Debtor in renovating the property. Upon the sale of the
property, the Debtor is unsure whether it will be able to claim is
grant money.

The Reorganized Debtor will continue in business until the sale of
the Property.

Class 5 Unsecured Creditors Claims are not impaired. All creditors
holding allowed unsecured claims will be paid in full on the later
of the Effective Date or final determination of their Allowed
Unsecured Claim from the proceeds of the sale of the Property. The
Debtor believes the sales proceeds should pay all creditors in
full.

A full-text copy of the Amended Disclosure Statement dated February
17, 2020, is available at https://tinyurl.com/ud4qs9x from
PacerMonitor.com at no charge.

The Debtor's attorneys:

     Eric A. Liepins
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 1100
     Dallas, Texas 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788

                 About S&D Longhorn Partners

S&D Longhorn Partners, LLC, owns certain entertainment venue
located in Dallas, Texas more commonly known as the Longhorn
Ballroom.  It filed a voluntary Chapter 11 petition (Bankr. N.D.
Tex. Case No. 19-34149) on Dec. 17, 2019.  In the petition signed
by Jay LaFrance, managing member, the Debtor disclosed $5,000,000
in assets and $4,966,827 in liabilities.  Eric A. Liepins, Esq., at
Eric A. Liepins, P.C., is the Debtor's legal counsel.


SANAM CONYERS: Unsecureds to Have 25% in Aum Shri Plan
------------------------------------------------------
Debtor Aum Shri Ganeshay Namaha, LLC, d/b/a Baymont Inn Covington,
an affiliate of Sanam Conyers Lodging, LLC, et al., filed a Chapter
11 Plan and a Disclosure Statement on February 14, 2020.

Allowed claims of general unsecured claimants will be paid 25% of
their allowed claims over a period not to exceed 60 months after
the Effective Date. Distributions will be made quarterly from a
distribution pool of not less than $6,000.  Distributions to Class
E claimants will commence 90 days after the Effective Date and will
continue every calendar quarter until such time as each claimant
has received payment of 25% of their allowed claims.

Equity Security Interests will retain their equity interests, but
will not be entitled to receive any distributions until all Plan
payments to senior classes have been made.

The Debtor has entered into an agreement with Dukk, LLC whereby
Dukk, LLC is to purchase the Debtor's hotel located at 10111 Alcovy
Rd. in Covington, GA 30014 and conducting business as Baymont Inn
Covington.  The balance remaining from the proceeds from the sale
of the Hotel of approximately $200,000 will be applied for the
initial funding of the Plan. This amount is adequate to pay all
priority tax claims and all administrative claims in this Case.

Payment to unsecured creditors will come from future income
realized by the Reorganized Debtor from operating the Hotel.  The
Plan proposes to set aside no less than $2,000 per month, or $6,000
per quarter, to be distributed to general unsecured claimants on a
quarterly basis.

A full-text copy of Aum Shri's Disclosure Statement dated Feb. 14,
2020, is available at https://tinyurl.com/ruuxphd from PacerMonitor
at no charge.

Counsel for the Debtor:

        Edward F. Danowitz
        Danowitz Legal, P.C.
        300 Galleria Parkway, Suite 960
        Atlanta, Georgia 30339
        Tel: 770-933-0960
        E-mail: Edanowitz@danowitzlegal.com

                 About Aum Shri Ganeshay Namaha

Aum Shri Ganeshay Namaha, LLC, d/b/a Baymont Inn Covington, owns
and operates a single hotel having 50 guest rooms and located at
10111 Alcovy Rd. in Covington, Newton County, Georgia 30014.  The
Hotel offers 50 guest rooms and is located approximately 25 miles
east of downtown Atlanta, approximately 35 miles from Athens,
Georgia, and approximately 100 miles from Augusta, Georgia.  Aum
Shri operates the Hotel under a franchise agreement with Baymont
Franchise Systems, Inc. and transacts business as Baymont Inn
Covington.

Aum Shri acquired the Hotel in March of 2017, and the purchase
price was $2,650,000.  In order to purchase the Hotel, Aum Shri
financed $2,043,750 with Farmers and Merchants bank, a loan in the
amount of $375,000 from Bhavnita Patel and $300,000 capital
infusion by Sunita Patel.

Aum Shri, along with related debtor entities, sought Chapter 11
protection on March 26, 2019 in the U.S. Bankruptcy Court for the
Northern District of Georgia.  Their cases are jointly administered
In Re: Sanam Conyers Lodging, LLC (Bankr. Lead Case No. 19-54798).
Danowitz Legal, PC, is the Debtors' counsel.  Judge Wendy L.
Hagenau oversees the case.


SANCHEZ ENERGY: Taps Richards Layton as Special Counsel
-------------------------------------------------------
Sanchez Energy Corporation received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Richards, Layton & Finger, P.A. as special counsel to the audit
committee of its board of directors.

The Debtor and the audit committee believe that it is necessary for
the latter to employ attorneys independent from the Debtor's
counsel in order for it to execute faithfully its responsibilities
and duties.

Richards, Layton will provide these services:

     (a) advise the audit committee concerning issues of Delaware
state and U.S. federal bankruptcy law;

     (b) advise the audit committee in connection with various
litigation matters, including the unsecured creditors' committee's
investigation being conducted under Bankruptcy Rule 2004;

     (c) prepare pleadings and appear before the bankruptcy court
and any other courts.

The firm's hourly rates are:

     Directors                     $575 - $1,125
     Counsel                       $650 - $700
     Associates                    $370 - $665
     Document Review Attorneys     $250 - $300
     Paraprofessionals             $125 - $300

Mark Gentile, Esq., and Robert Stearn Jr., the firm's attorneys who
will be providing the services, charge $1,050 per hour and $975 per
hour, respectively.

Mr. Gentile assured the court that his firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

In accordance with Appendix B-Guidelines for reviewing applications
to compensate attorneys in larger Chapter 11 cases, Mr. Gentile
disclosed the following information:

     a. Richards Layton did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
its employment with the Debtor;

     b. No Richards Layton professional included in the engagement
has varied his rate based on the geographic location of the
Debtor's bankruptcy case;

     c. Richards Layton has represented the audit committee since
May 2013. During that period, the firm charged the audit committee
its standard rates in effect at that time, inclusive of periodic
firm-wide rate increases to account for, among other things,
general market conditions; and

     d. Richards Layton will prepare a budget and staffing plan for
a period to be determined by the audit committee.

Richards Layton can be reached at:

     Mark J. Gentile, Esq.
     Robert J. Stearn, Jr., Esq.
     Richards, Layton & Finger, P.A.
     One Rodney Square, 920 North King Street
     Wilmington, DE 19801
     Tel: (302) 651-7700
     Fax: (302) 651-7701

                    About Sanchez Energy Corp.

Sanchez Energy Corporation and its affiliates --
https://sanchezenergycorp.com/ -- are independent exploration and
production companies focused on the acquisition and development of
U.S. onshore oil and natural gas resources.  Sanchez Energy is
currently focused on the development of significant resource
potential from the Eagle Ford Shale in South Texas, and holds other
producing properties and undeveloped acreage, including in the
Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana.  

As of Dec. 31, 2018, the companies had approximately 325,000 net
acres of oil and natural gas properties with proved reserves of
approximately 380 million barrels of oil equivalent and interests
in approximately 2,400 gross producing wells.

Sanchez Energy and 10 affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508)
on Aug. 11, 2019.  As of June 30, 2019, the companies disclosed
$2,159,915,332 in assets and $2,854,673,930 in liabilities.    

The cases have been assigned to Judge Marvin Isgur.

The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson
Walker L.L.P. as bankruptcy counsel; Gibbs & Bruns LLP as special
counsel; Moelis & Company LLC as financial advisor; Alvarez &
Marsal North America LLC as restructuring advisor; and Prime Clerk
LLC as notice and claims agent.

Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee of unsecured creditors on Aug. 26, 2019.  The committee
tapped Milbank, LLP as lead counsel; Locke Lord LLP as Milbank's
co-counsel; Jefferies LLC as investment banker; FTI
Consulting, Inc. as financial advisor; and Epiq Corporate
Restructuring LLC as information agent.


SHEET METAL WORKS: Selling 2017 Ford Fusion AWD 4C for $14.5K
-------------------------------------------------------------
Sheet Metal Works, Inc., asks the U.S. Bankruptcy Court for the
District of Utah to authorize the sale of its 2017 Ford Fusion AWD
4C, VIN XXXX1464, to Tim Dahle Ford for $14,500.

The Debtor has not engaged in substantial marketing of the Vehicle.
It believes that the price offered is commensurate with the fair
market value of the Vehicle.  It does not believe that marketing of
the Vehicle would result in a substantially higher sales price.
The sale is subject to the receipt of higher and better offers
received on Feb. 24, 2020.

The Buyer a commercial dealer of Ford Motor Co. new and used
vehicles.  The Buyer has no connection with the Debtor, and the
Debtor is unaware of any connections between the Buyer and any
creditors of its estate.

The sale is proposed free and clear of liens and interest, with
liens to be paid out of the sale proceeds.  Ford Motor Credit is
owed $14,877 as of the petition date, Nov. 8, 3019.  The Debtor
proposes to pay the net sale proceeds to the Creditor in full
satisfaction of the Creditor's debt.  If the purchase price exceeds
the debt, extra proceeds in excess of the lien will be retained by
the Debtor.  By endorsement of the Motion, the Creditor agrees to
this treatment.

                   About Sheet Metal Works

Sheet Metal Works Inc. is a ventilating contractor in Salt Lake
City, Utah.

Sheet Metal Works Inc. filed for Chapter 11 bankruptcy protection
(Bankr. D. Utah Case No. 19-28320) on Nov. 8, 2019.  In the
petition signed by Ralph C. Montrone, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  The Hon. Joel T. Marker oversees the case.  The
Debtor is represented by Adam S. Affleck, Esq. and John E. Keiter,
Esq. at Richards Brandt Miller Nelson.


SHERRITT INT'L: DBRS Cuts Issuer Rating to SD & Unsec. Rating to D
------------------------------------------------------------------
DBRS Limited downgraded Sherritt International Corporation's Issuer
Rating to Selective Default (SD) and Senior Unsecured Debt rating
to Default (D). The downgrades follow Sherritt's announcement of a
proposed transaction that involves, among other things, (1)
exchanging Sherritt's existing note obligations in the aggregate
principal amount of approximately $588 million, along with all
accrued and unpaid interest, for a new issue of approximately $319
million 8.50% Second Lien Notes maturing in 2027 and (2) exchanging
Sherritt's Ambatovy Joint Venture partner loans of approximately
$145 million, plus accrued and unpaid interest, for either its
remaining 12% equity interest in the joint venture or amended loans
with no further recourse to Sherritt. This transaction would reduce
the Company's total outstanding principal debt obligations by
approximately $414 million, resulting in approximately $19 million
in lower annual cash interest payments.

The proposed transaction does not affect any other obligations of
the Company, and Sherritt will continue to satisfy its obligations
to employees, suppliers, customers, and governmental authorities in
the ordinary course of business. As a result, DBRS Morningstar
views the proposed transaction as SD based on the assumption of
approval and that the terms of the exchange are disadvantageous to
its existing noteholders, qualifying as a distressed exchange,
resulting in the downgrade to D for the Senior Unsecured Debt.
Additionally, DBRS Morningstar discontinued Sherritt's Recovery
Rating.

The proposed transaction will be implemented through a corporate
Plan of Arrangement in proceedings commencing February 26, 2020, by
Sherritt and its subsidiary, 11722573 Canada Ltd., under the Canada
Business Corporations Act. The Company is offering existing
noteholders a cash amount equal to 3% of the principal amount of
their notes based on early consent to the transaction by March 27,
2020. Noteholders consenting after the early consent date will not
receive the cash consideration. Subject to noteholder's approval,
the existing notes will be exchanged for Second Lien Notes as part
of the expected completion of the proposed transaction by the end
of April 2020. DBRS Morningstar will continue to monitor the
progress of the proposed transaction ahead of rating the new Second
Lien Notes if and when the proposed transaction is successfully
completed.

Notes: All figures are in Canadian dollars unless otherwise noted.


SILVER STATE: Seeks Court Approval to Hire Testifying Expert
------------------------------------------------------------
Silver State Holdings Assignee - 7901 Boulevard 26, LLC seeks
permission from the U.S. Bankruptcy Court for the Northern District
of Texas to employ an expert in connection with the adversary case
filed by Valley Ridge Roofing and Construction, LLC.

The Debtor proposes to employ Scott Seidel, Esq., an attorney based
in Texas, to provide an expert opinion on whether the foreclosure
of the real property it bought from an insider, 7901 Blvd. 26, LLC,
was an insider preference as alleged
by Valley Ridge.  Valley Ridge is a claimant of 7901 Blvd.

Mr. Seidel will be paid $400 per hour and will be reimbursed for
work-related expenses incurred.  

Mr. Seidel is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.
                                      
                    About Silver State Holdings

Silver State Holdings Assignee - 7901 Boulevard 26, LLC sought
Chapter 11 protection (Bankr. N.D. Tex. Case No. 19-41579) on April
18, 2019.  In the petition signed by Richard Morash, authorized
signatory, the Debtor was estimated to have assets and liabilities
of $1 million to $10 million.  Judge Mark X. Mullin oversees the
case.  The Debtor tapped Davor Rukavina, Esq., at Munsch, Hardt,
Kopf & Harr, P.C., as its legal counsel.


SOULA INC: Sale/Refinancing to Fund 100% Plan
---------------------------------------------
Debtor Soula, Inc., filed with the U.S. Bankruptcy Court for the
District of New Jersey a Liquidating Chapter 11 Plan and a
Disclosure Statement dated February 14, 2020.

George Fotakis is a lifelong New Jersey resident and owner of a
small business based in Hammonton, New Jersey named Soula, Inc.
Soula, Inc. was created in 1999 for the acquisition of the land and
real estate on which Mr. Fotakis operated a diner.  The diner was
operating profitably from 1999 until a fire that occurred on
November 23, 2013. The diner has been closed since the date of the
fire.

The insurance proceeds were first applied to the mortgage and
demolition costs.  There were insufficient funds to rebuild.  Soula
Inc. received recovery limited to approximately $45,000 after the
mortgage and demolition costs were satisfied.  In the event the
debtor has the ability to rebuild, there is approximately $180,000
in insurance available for this purpose. The land is valued between
$675,000 and $900,000.

The Debtor has assets of approximately $675,000 and liabilities of
$78,000.  The debtor has unsecured priority claims owed to the
Internal Revenue Service and State of New Jersey Division of
Taxation. The Debtor has no unsecured claims.

The Plan will be funded by capital contributions from the Debtor's
principal and the sale or refinance of the Debtor's principal's
sale or refinance of his personal residence.  At the conclusion of
the closing of the sale or refinance and on the effective date,
funds will be distributed once allowed claims have been submitted.
After the loan is fully funded and allowed creditor claims are
satisfied, George Fotakis will retain equity in his personal assets
including Wenonah, New Jersey property.

The Debtor is proposing a Plan that includes no impaired claims.
All classes of claims will be paid in full under the Plan as
proposed by Debtor. Because there are no impaired claims, no
creditors are entitled to vote on the Plan because they will all be
paid in full.  There will be no ballots or other documentation sent
to any creditor.

A full-text copy of the Disclosure Statement and Liquidating Plan
dated February 14, 2020, is available at
https://tinyurl.com/usalyb9 from PacerMonitor at no charge.

The Chapter 11 case is In re Soula, Inc. (Bankr. D.N.J. Case No.
19-14373).

The Debtor is represented by:

     LEE M. PERLMAN, ESQUIRE
     1926 Greentree Road, Suite 100
     Cherry Hill, NJ 08003
     Tel: (856) 751-4224


STANDARD BAKERY: Seeks to Hire Vortman & Feinstein as Counsel
-------------------------------------------------------------
Standard Bakery LLC seeks authority from the U.S. Bankruptcy Court
for the Western District of Washington to hire Vortman & Feinstein,
PS as its legal counsel.

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

     a. take all actions necessary to protect and preserve the
Debtor's bankruptcy estate, including the prosecution of actions on
the Debtor's behalf, the defense of any action commenced against
the Debtor, negotiations concerning litigation in which the Debtor
is involved, objections to claims, and the compromise or settlement
of claims;

     b. prepare legal papers; and

     c. negotiate with creditors, prepare a Chapter 11 plan and
take the steps necessary to confirm and implement the plan.

Larry Feinstein, Esq., the firm's attorney who will be handling the
case, will be paid at the hourly rate of $425 and will receive
reimbursement for work-related expenses incurred.

Mr. Feinstein assured the court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

Vortman & Feinstein can be reached at:

     Larry B Feinstein, Esq.
     Kathryn P Scordato, Esq.
     Vortman & Feinstein, PS
     929 108th Ave NE, Suite 105
     Bellevue, WA 98004
     Tel: (206) 223-9595
     Fax: (206) 386-5355

                       About Standard Bakery

Standard Bakery LLC, which conducts business under the name
Zylberschtein's Delicatessen and Bakery, filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No.
20-10361) on Feb. 4, 2020, listing under $1 million in both assets
and liabilities.  Judge Marc Barreca oversees the case.  Vortman &
Feinstein, PS is the Debtor's legal counsel.            


STEM HOLDINGS: Reports $29 Million Net Loss for FY Ended Sept. 30
-----------------------------------------------------------------
Stem Holdings, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$28.98 million on $2.45 million of revenues for the year ended
Sept. 30, 2019, compared to a net loss of $8.70 million on $1.29
million of revenues for the year ended Sept. 30, 2018.

As of Sept. 30, 2019, the Company had $31.09 million in total
assets, $7.50 million in total liabilities, and $23.59 million in
total shareholders' equity.

At Sept. 30, 2019, the Company had negative working capital of
approximately $2.6 million, which included cash and cash
equivalents of $3.3 million.  The Company's net cash used in
operating expenses totaled $6.5 million, its cash provided by
investing activities was $6.3 million and cash flows from financing
activities totaled $2.8 million.  The Company is currently
negotiating with certain mortgage lenders to extend the maturity of
their notes.

Subsequent to Sept. 30, 2019, the Company received gross proceeds
from the sale of promissory notes of $1.0 million.  In addition,
the Company believes it will be closing in the near future on a $10
million investment for the issuance of a new class of preferred
shares by the Company.


LJ Soldinger Associates, LLC, in Deer Park, IL, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated March 1, 2020, citing that the Company and its
affiliates reported net losses of $28.985 million and $8.698
million, negative working capital of $2.635 million and $2.273
million and accumulated deficits of $37.082 million and $11.533
million as of and for the year ended Sept. 30, 2019 and 2018,
respectively.  In addition, the Company has commenced operations in
the production and sale of cannabis and related products, an
activity that is illegal under United States Federal law for any
purpose, by way of Title II of the Comprehensive Drug Abuse
Prevention and Control Act of 1970, otherwise known as the
Controlled Substances Act of 1970.  These factors raise substantial
doubt as to the Company's ability to continue as a going concern.

A full-text copy of the Form 10-K is available for free at the
SEC's website at:

                       https://is.gd/3YihZ6

                       About Stem Holdings

Headquartered in Boca Raton, Florida, Stem Holdings, Inc. --
http://www.stemholdings.com/-- is a multi-state, vertically
integrated, cannabis company that purchases, improves, leases,
operates and invests in properties for use in the production,
distribution and sales of cannabis and cannabis-infused products
licensed under the laws of the states of Oregon, Nevada,
California, and Oklahoma.


STERICYCLE INC: Fitch Cuts Senior Unsecured Notes to 'BB/RR4'
-------------------------------------------------------------
Fitch Ratings has downgraded the ratings on Stericycle, Inc.'s
senior unsecured notes to 'BB'/'RR4' from 'BB+'/'RR2'. The action
follows SRCL's announcement that it has secured its credit
facility. Fitch currently rates SRCL's Long-Term Issuer Default
Rating 'BB' with a Negative Outlook.

KEY RATING DRIVERS

Senior Unsecured Notes Downgraded: Fitch has downgraded the senior
unsecured notes reflecting the high proportion of secured debt
following SRCL's credit agreement amendment to secure its bank
facility. The newly secured debt would lower recovery prospects for
the unsecured notes. By securing the facility, the company was
provided with additional headroom under its financial covenants.

Rating Considerations: Fitch's ratings on Stericycle reflect the
uncertainty around profitability, execution risks and high
leverage. While the recently announced divestiture of the
Environmental Solutions business will have a favorable impact, many
of the key risks to profitability remain. These risks include
recycled paper prices, small quantity pricing conditions, and
successful cost saving initiatives. The company will also continue
to run with high one-time costs in 2020, largely reflecting ERP
system implementation and other system redundancies. Assuming the
Environmental Solutions divestiture is completed, Fitch believes
adjusted debt/EBITDAR peaked in 2019 in the low-5x range. Prospects
for leverage improvement will be dependent on profitability
initiatives and the degree of FCF generation. Fitch may consider a
negative rating if the company fails to deleverage as projected
over the next 12-18 months.

The ratings also consider SRCL's established market position in its
core markets, which is supported by its complementary services,
regulatory know-how and established reputation. Fitch also
considers the cyclical stability of SRCL's core operations and the
benefits for steady demand dynamics from medical waste production.
The company's actions and intentions to divest of non-core
operations, which are relatively more volatile, should further
improve stability.

DERIVATION SUMMARY

SRCL's ratings consider the company's top market positions in most
of its core and non-core markets, and weak but improving
profitability and leverage. These considerations are weighed
against near- to intermediate-term execution risks that could
challenge improvement in these metrics. While SRCL does not have
substantial direct peers, Fitch compares the company to the large
municipal solid waste firms Waste Management (WM; BBB+), Waste
Connections (WCN; BBB+) and Republic Services (RSG; BBB). Compared
to these firms, SRCL carries notably higher leverage with adjusted
debt/EBITDAR in the low-5.0x range in 2019 versus RSG near low-3.0x
and mid-2.0x for WCN and WM (pro forma for the Advanced Disposal
acquisition). Fitch estimates FCF margins will improve though could
remain pressured for an extended period. WM and RSG generate FCF
margins in the mid-single-digits, while WCN leads with margins
above 10%.

KEY ASSUMPTIONS

  -- Low-single digit organic growth in the near term;

  -- EBITDA margin improves in 2020, reflecting the divestiture of
the Environmental Solutions business;

  -- FCF is primarily used for debt repayment in the next two
years;

  -- The divestiture of Environmental Solutions occurs in early
2020;

  -- No unfavorable and material legal developments.

RATING SENSITIVITIES

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

  -- Strong business transformation performance, deleveraging
divestitures and/or a dedicated financial policy leads to
maintaining adjusted debt/ EBITDAR sustained below 4.25x.

  -- FCF margin sustainably above the mid-single-digits.

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

  -- Beyond the near term, continued margin pressures or a less
conservative financial policy leads to maintaining adjusted
debt/EBITDAR above 5.0x.

  -- EBITDA and/or FCF margin sustained below the mid-teens and
below the mid-single-digits, respectively.

  -- Substantial strategic changes under the new leadership team
lead to a deterioration in its credit profile.

LIQUIDITY AND DEBT STRUCTURE

As of Sept. 30, 2019, SRCL's liquidity was approximately $463
million and consisted of $31 million of cash and $432 million of
availability under its $1.2 billion revolving credit facility,
after considering borrowings and letters of credit. Fitch estimates
FCF will be negatively impacted in 2020 primarily by high costs
associated with its ERP implementation. The company's revolver and
term loans mature first in 2022 with annual repayments of $66
million.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has made no material adjustments that are not disclosed
within the company's public filings.


T-MOBILE US: Fitch Alters Outlook on 'BB+(EXP)' LT IDR to Positive
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
T-Mobile US, Inc. and T-Mobile USA, Inc. at 'BB+(EXP)'. Fitch has
also affirmed T-Mobile's proposed secured revolving credit
facility, secured term loan, and senior secured notes at
'BBB-'/'RR1(EXP)' and outstanding senior unsecured notes at
'BB+'/'RR3(EXP)'. The Rating Outlook has been revised to Positive
from Stable.

On a consolidated basis, the combined company of T-Mobile and
Sprint is expected to have a materially improved business profile
with greater scale and improved network capabilities that should
enhance its long-term competitive position. The Positive Outlook
reflects materially lower debt compared with initial expectations
in 2018 that results in pro forma core telecom leverage (adjusted
debt/EBITDAR) in the mid 4x range (Fitch adjustments) compared with
leverage approaching 5x combined with Fitch's expectations for
deleveraging to less than 4x within 24 months of merger closing.

Based on Fitch assumptions, EBITDA is expected to increase to the
low $20 billion range over the forecast period (2023) from the
upper teen range on a pro forma basis, supported by expectations
for substantial cost synergies and continued good operating
momentum in T-Mobile's core business. Given the scope of the
transaction, execution risk with network decommissioning and
subscriber migration to T-Mobile's network is high. Partly
mitigating this risk, Fitch believes T-Mobile has a good
integration track record following past acquisitions.

The aforementioned expected ratings are for a merged
T-Mobile-Sprint entity that could close at the earliest, April 1.
The T-Mobile and Sprint merger remains subject to certain closing
conditions including possible additional court proceedings and
approval from the California Public Utilities Commission. The
expected ratings are contingent on the merger between T-Mobile and
Sprint closing and a final committee review by Fitch to assess any
change in assumptions.

KEY RATING DRIVERS

Combination Drives Scale Benefits: The combination of T-Mobile and
Sprint is expected to create significant scale, asset and synergy
benefits that should materially improve the combined entities'
long-term competitive position, particularly for 5G network
capabilities. T-Mobile is expected to target new and/or improved
growth opportunities across multiple segments including broadband
replacement, enterprise, rural, internet of things (IoT) and
over-the-top (OTT) video. The larger combined spectrum portfolio
and selective rationalization of Sprint's network should materially
enhance and further densify T-Mobile's existing network, resulting
in greater speed, capacity, capabilities and geographic reach.

Material Deleveraging Expected: Based on Fitch adjustments,
T-Mobile's pro forma core telecom leverage would be high at
transaction close in the mid-4x range although materially lower
compared with initial expectations in 2018 of leverage approaching
5x due to lower expected debt at closing. Fitch believes
significant deleveraging will occur due to debt reduction and
EBITDA growth supported by substantial cost synergies and
subscriber growth with core telecom leverage in the low 4x range at
the end of 2021 and less than 4x in 2022. Fitch anticipates FCF
will significantly ramp over the forecast period with excess cash
used to repay maturing and prepayable debt.

Synergies, Material Execution Risk: The combined company expects to
realize substantial synergies with an expected $6+ billion in run
rate cost synergies following completion of integration plans,
representing a net present value of approximately $43 billion.
Fitch believes these synergies are largely achievable due to good
line of sight on network-related cost reductions that constitute
the majority of cost benefits. Given the scope of the transaction,
execution risk with network decommissioning and subscriber
migration to T-Mobile's network is high. Partly mitigating this
risk, Fitch believes T-Mobile has a good integration track record
following past acquisitions.

Regulatory Risk Substantially Reduced: Fitch believes regulatory
risk with the merger has substantially reduced following the
favorable decision from the federal court judge concluding the
state attorney generals did not prove the merger is in violation of
section 7 of the antitrust act after considerations for regulatory
remedies. Additionally, the New York AG decided not to appeal the
verdict. The merger remains subject to certain closing conditions
including possible additional court proceedings and approval from
the California Public Utilities Commission. The other potential
hurdle was removed when the amended business combination agreement
was approved by all parties, wherein SoftBank reduced its ownership
percentage to 24% from 27% and agreed to indemnify T-Mobile and its
subsidiaries against certain specified matters.

Secured Debt Notching: The T-Mobile USA secured debt is expected to
be guaranteed on a secured basis by all wholly owned domestic
restricted subsidiaries of T-Mobile and Sprint except that at
Sprint Corp., Sprint Communications, Inc. and Sprint Capital Corp.,
the guarantees would be unsecured due to secured debt restrictions
in the Sprint senior notes indentures. For rated entities with IDRs
of 'BB‒' or above, Fitch does not perform a bespoke analysis of
recovery upon default for each issuance. Instead, Fitch uses
notching guidance whereby an issuer's secured debt can be notched
by up to two rating levels, but the notching is capped at 'BBB‒'
for IDRs between 'BB+' and 'BB‒'.

The expected secured debt (credit facility, term loan and notes) at
T-Mobile would receive a one-notch uplift from the IDR reflecting
superior recovery prospects at the senior secured level of the pro
forma capital structure incorporating the value of the combined
wireless network, subscriber base and spectrum portfolio.

Unsecured Debt Notching: T-Mobile USA unsecured Notes will be
guaranteed on an unsecured basis by all wholly owned domestic
restricted subsidiaries of T-Mobile as well as T-Mobile US, Inc. As
a result of the merger agreement, T-Mobile USA senior unsecured
notes will also receive unsecured guarantees from all wholly-owned
domestic restricted subsidiaries of Sprint subject to customary
exceptions. Fitch views the T-Mobile USA senior notes as having a
structurally superior position with respect to recovery value
compared with the Sprint senior notes due to the guarantee
structure, as Sprint senior notes do not benefit from a guarantee
from T-Mobile operating subsidiaries, only from T-Mobile USA Inc.
and T-Mobile US, Inc.

With T-Mobile's expected secured leverage materially less than 4x,
Fitch does not view structural subordination as being present to
where recovery prospects at the unsecured level are impaired.
Therefore, supported by the strong underlying asset value, the
T-Mobile USA senior notes would have a 'RR3' recovery.

Parent Support: According to Fitch views, a moderate parent
subsidiary linkage exists for the merged T-Mobile, resulting in a
one-notch uplift to the standalone IDR. The operational and
strategic linkages are strong combined with material benefits
derived from Deutsche Telekom AG ownership through combined global
purchasing scale that provides significant benefits for network,
handset and general procurement. DT is expected to consolidate
T-Mobile's financials and have perpetual voting proxy over
SoftBank's T-Mobile shares, subject to certain conditions. Both
parents will also be subject to four-year equity lockup agreements,
subject to certain exceptions. Legal linkages with T-Mobile are
weak given the lack of parent guarantees or cross default to parent
debt.

DERIVATION SUMMARY

On a consolidated basis, the combination of T-Mobile and Sprint is
expected to have a materially improved business profile that would
enhance its competitive position relative to Verizon Communications
Inc. (A-/Stable) and AT&T Inc. (A-/Stable) as on a standalone
basis, both Sprint and T-Mobile lack sufficient scale and resources
to compete across certain market segments. The combination would
enable T-Mobile to build a more expansive national 5G network
leveraging a materially larger spectrum portfolio and expand growth
opportunities into other sub-segments including video, broadband,
enterprise, rural and IoT. Verizon's rating reflects the relatively
strong wireless competitive position, as demonstrated by its high
EBITDA margins, low churn, extensive national coverage and lower
leverage. AT&T's ratings reflect its large-scale operations,
diversified revenue streams by customer and technology, and
relatively strong operating profitability.

T-Mobile has generated strong operating momentum during the past
several years due to a well-executed challenger strategy that has
taken material market share from the other three national operators
and caused both AT&T and Verizon to more aggressively adapt and
respond to these offerings (equipment installment and unlimited
data plans). On a merged basis, T-Mobile's postpaid wireless
business would have similar wireless scale as AT&T but would be
materially smaller than Verizon. Over time, given the strong
subscriber momentum underpinned by its Un-carrier branding
strategy, Fitch expects T-Mobile would continue to close the share
gap against its two larger peers. T-Mobile would have moderately
larger scale than Charter Communications Operating, LLC's
(BB+/Stable) with a relatively similar profile for gross leverage
(total adjusted debt/EBITDAR) and lower secured leverage.

KEY ASSUMPTIONS

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

  -- Total pro forma revenues in the upper $70 billion range,
growing over the forecast period (2023) in the low-single digits;

  -- Pro forma total debt (excluding tower obligations) expected in
the low $70 billion range including an expected secured debt mix in
the low-to-mid-$30 billion range;

  -- Pro forma EBITDA (less leasing revenue) in the upper teen
range, growing over the forecast period to the low $20 billion
range;

  -- FCF ramping over the forecast period to roughly $8 billion in
2023;

  -- Pro forma core telecom leverage in the mid 4x range in 2020,
deleveraging to the low-4x range by YE 2021 and less than 4x by YE
2022.

RATING SENSITIVITIES

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

  -- Strong execution and progress on Sprint integration plans
while limiting disruption in the company's overall operations that
materially reduces execution risk;

  -- A strengthening operating profile as the company captures
sustainable revenue and cash flow growth due to realized synergy
cost savings and continued strong operating momentum driven by
increased postpaid subscribers;

  -- Sustained core telecom leverage (total adjusted debt/EBITDAR)
below 4.0x.

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

  -- Additional leveraging transaction or adoption of a more
aggressive financial strategy that increases core telecom leverage
(adjusted debt/EBITDAR) beyond 5x on a sustained basis in the
absence of a credible deleveraging plan;

  -- Weakening of parent support that result in Fitch assessing a
moderate linkage no longer exists;

  -- Perceived weakening of its competitive position; lack of
execution on integration plans or failure of the current operating
strategy to produce sustainable revenue, strengthening of operating
margins and cash flow growth.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects the combined entity would have
substantial liquidity and diversified market access to
appropriately manage liquidity risks. Balance sheet cash is
expected to be material along with secured revolver availability of
$4 billion at transaction close. FCF generation is expected to
increase materially with company estimates in the $10 billion‒$11
billion range in the three or four years after the close, driven by
the realization of run-rate cost synergies and a moderation in
capital spending in year four. Fitch's forecast assumes FCF ramping
over the forecast period to approximately $8 billion in 2023.
T-Mobile's expected liquidity position greatly enhances financial
flexibility throughout the integration process given the
uncertainties around the level and timing of cash requirements and
the larger debt maturity towers due in part to legacy capital
structures, principally after 2020.

As of February 2020, T-Mobile's committed financing for the merger
includes a $19 billion 364-day secured bridge loan facility, $4
billion seven-year secured term loan facility and $4 billion
five-year secured revolving credit facility.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- To determine core telecom leverage of the pro forma company,
Fitch applied a 2:1 debt to equity ratio to the handset receivables
(leasing and EIP), after adding back off-balance sheet
securitizations. Operating EBITDA excludes leasing revenue;

  -- Tower Obligations: Fitch's treatment typically capitalizes the
annual operating lease charge using a standard 8x multiple to
create a debt-equivalent. The operating lease expense for
T-Mobile's tower obligation is included in the annual rent expense.
Therefore, Fitch excluded the tower obligations from the total debt
quantum as the analysis incorporates the obligation in total
adjusted debt metrics that includes capitalized operating lease
expense;

  -- Added back off-balance debt related to service receivables and
EIP receivables facilities at T-Mobile.


TATA CHEMICALS: Moody Rates $405MM Secured Loans 'Ba3'
------------------------------------------------------
Moody's Investors Service has affirmed Tata Chemicals North
America, Inc.'s Ba3 Corporate Family Rating and Ba3-PD Probability
of Default rating. At the same time, Moody's has assigned Ba3
ratings to TCNA's $380 million senior secured term loan and $25
million senior secured revolving credit facility. The outlook is
stable.

The proceeds of the $380 million term loan, together with TCNA's
available cash, will be used to repay the existing $225 million
term loan and a bridge loan used for Tata Chemicals Limited's (TCL,
Ba1 stable) acquisition of the remaining 25% equity stake in TCSAP
from Owens-Illinois Inc. (OI, Ba3 negative) for $195 million.

Rating affirmations:

Issuer: Tata Chemicals North America, Inc.

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Rating assignments:

Issuer: Tata Chemicals North America, Inc.

Senior Secured Term Loan, Assigned Ba3 (LGD3)

Senior Secured Revolving Credit Facility, Assigned Ba3 (LGD3)

Outlook:

Issuer: Tata Chemicals North America, Inc.

Outlook, Remains stable

RATINGS RATIONALE

The rating affirmation reflects TCNA's cost-advantaged natural soda
ash production, strong cash flows and its prudent financial policy.
TCNA's well established customer relations in North America,
low-cost base of trona-based soda ash production and discipline by
major producers in the US continue to lend stability to its annual
sales volumes and protect earnings against unfavorable pricing
developments in the export markets. TCNA's Ba3 CFR incorporates
one-notch uplift from its parent Tata Chemicals Limited (Ba1
stable).

Moody's expects TCNA's debt leverage to remain elevated following
the new term loan issuance, with about 5 times adjusted Net
debt/attributable EBITDA (after dividends paid to its joint venture
partner Church & Dwight). A quick deleveraging looks unlikely due
to the lower earnings expectation at least for 2020 primarily as a
result of weak demand and price erosions in the export markets,
particularly in Asia. A change in soda ash supply agreement with
Owens-Illinois could also hurt TCNA's earnings, after the former's
divesture of its 25% equity stake in TCSAP. Moody's expects a
decline in adjusted EBITDA margin to about 20% in 2020 from nearly
25% in the last two years.

However, management has the flexibility to use free cash flows to
reduce debt and there was a track record of debt reduction over the
last five years. Moody's expects TCNA to generate about $30 million
cash flow per annum (cash from operation less capital expenditure)
prior to distributions. Despite tougher export market conditions,
TCNA's North America businesses, which account for nearly half of
its sales, remain resilient with price increases offsetting
inflation. US soda ash producers such as TCNA have shown resilience
in their earnings, compared to producers of other commodity
chemicals, thanks to several structural advantages including the
cost competitiveness of trona-based production in Wyoming,
long-term customer relations in the US and the global distribution
of natural soda ash produced by major US producers through American
Natural Soda Ash Corp (ANSAC). A decline in Chinese exports and
global demand growth at about 2% per annum have absorbed the new
soda ash supplies from Ciner Group's Turkish facilities in the last
two years.

The significant capacity additions announced by Solvay, Genesis
Alkali and Ciner Wyoming in the US will risk tipping the soda ash
demand and supply balance in about three years. However, there is
uncertainty regarding the start-up of new soda ash facilities given
the large capital commitment, the need to improve logistics and
support services for export sales, as well as these producers'
vested interest in their existing operations in Wyoming.

TCNA's rating is also constrained by its limited product diversity
with soda ash being its only product, operational concentration
with Green River Basin in Wyoming as the only production site and
high customer concentration. TCNA plans to improve production
reliability, debottleneck its production with a modest increase in
capital spending in the coming years.

TCNA's Ba3 CFR has factored in one-notch uplift for the benefit of
being a wholly owned subsidiary of TCL which has a stronger credit
rating and intents to ensure sufficient liquidity and appropriate
leverage at TCNA prior to taking distributions, consistent with its
past practice. Additionally, TCNA and TCL operate under the
umbrella of Tata Sons which has a track record of lending support
to its investee companies to protect its brand reputation from the
consequences of an entity's distress.

TCNA's liquidity is supported by the maintenance of over $60
million cash balance and $25 million undrawn revolving credit
facility as of December 31, 2019. Operational cash flows will be
sufficient to cover interest expense and planned capital
expenditures. TCNA's new revolving credit facility will mature in
five years and has a financial covenant, Net Debt/EBITDA, with
ample headroom. Moody's expects the company to remain compliant
with the covenant in the next two years.

The new credit facilities (the $25 million revolver due 2025 and
the $380 million term loan due in 2027) are rated Ba3, at the same
level as the CFR, based on Moody's Loss Given Default (LGD)
methodology. The credit facilities, borrowed by TCNA which holds
100% of its operating subsidiary TCSAP, will be secured by
substantially all the tangible and intangible assets of its
restricted subsidiaries including TCSAP.

TCNA's rating has also considered environmental, social and
governance factors. While the company's trona-based soda ash
production poses an environmental advantage as compared to the
synthetic process, the underground mining of the trona reserves and
subsequent processing into sodium carbonate does expose the company
to environmental risk.

The stable outlook reflects its expectation TCNA will continue to
benefit from its low cost natural soda ash production capabilities
and generate solid cash flow to service its debt obligations.

TCNA's narrow product and operating diversity contribute to the
limited upward ratings potential. However, Moody's would consider
an upgrade if adjusted Net Debt/attributable EBITDA were to fall
sustainably below 4.0x, but not until the industry expansions in
natural soda ash are completed and absorbed by the industry.

Moody's would consider a downgrade if TCNA's profitability
deteriorates significantly or it makes large distributions to the
parent, such that adjusted net debt leverage stays above 5.0x
persistently. A substantial deterioration in TCNA's liquidity or
its parent's credit profile, though not expected, could also
pressure the rating.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Tata Chemicals North America, Inc. has a 100% interest in the
operating company Tata Chemicals Soda Ash Partnership (TCSAP),
which operates soda ash mining and production facilities located at
Green River Basin, Wyoming, US. TCSAP has an annual soda ash
production capacity of approximately 2.5 million tons
(approximately 4.5 million-ton trona per year). For the last 12
months ending December 2019, TCNA generated revenues of
approximately $489 million. TCNA is 100% owned by Tata Chemicals
Limited.


TOLL BROTHERS: Moody's Alters Outlook on Ba1 CFR to Positive
------------------------------------------------------------
Moody's Investors Service changed the outlook for Toll Brothers,
Inc. to positive from stable. At the same time, Moody's affirmed
Toll's Ba1 Corporate Family Rating and Ba1-PD Probability of
Default Rating, and the Ba1 rating on the senior unsecured notes of
Toll Brothers Finance Corp. The company's Speculative Grade
Liquidity Rating was upgraded to SGL-1 from SGL-2.

The positive outlook reflects Toll's significant operating scale,
the value of its brand, strong cash flow generation, and the
demonstrated ability to maintain leverage within a relatively
narrow band through different industry cycles. Moody's believes the
company's operating strategy, including its strong market position
as the sole homebuilder in the niche luxury market and its growing
diversification into lower price points (affordable luxury segment,
which demonstrates stronger growth), its largely build-to-order
approach, strong gross margins, strong cash flow and liquidity
position provide considerable financial flexibility despite
slightly higher leverage than some peers. Important considerations
for an upgrade to a higher rating would include conservative
financial policies resulting in an achievement of debt to book
capitalization below 40% on a sustained basis, demonstration of a
prudent approach to share repurchases, and strengthening of
interest coverage credit metrics.

The upgrade of Toll's Speculative Grade Liquidity Rating to SGL-1
from SGL-2 reflects Moody's expectation that the company will
maintain a very good liquidity position over the next 12 to 15
months given its strong cash flow generative capabilities,
significant availability under its $1.9 billion revolving credit
facility expiring in 2024, and substantial covenant compliance
headroom. As of January 31, 2020, Toll had $2.1 billion in
liquidity, consisting of $520 million of cash and $1.6 billion of
revolver availability.

The following rating actions were taken:

Upgrades:

Issuer: Toll Brothers, Inc.

Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2

Affirmations:

Issuer: Toll Brothers, Inc.

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Issuer: Toll Brothers Finance Corp.

Backed Senior Unsecured Shelf, Affirmed (P)Ba1

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

Outlook Actions:

Issuer: Toll Brothers Finance Corp.

Outlook, Changed to Positive from Stable

Issuer: Toll Brothers, Inc.

Outlook, Changed to Positive from Stable

RATINGS RATIONALE

The Ba1 Corporate Family Rating for Toll is supported by Moody's
consideration of: 1) the company's position as the sole national
homebuilder with a meaningful focus on the upper-end homebuilding
segment and a widely recognized brand name in the industry; 2)
management's ability to stay ahead of evolving demographics and
adapt to changing markets and the diversity of product categories;
3) a broad geographic reach nationwide; 4) largely build-to-order
operating strategy, and therefore the lowest cancellation rates in
the industry; and 5) governance considerations including
conservative financial profile and financial strategy that allows
for significant financial flexibility.

However, the rating also includes Moody's view of: 1) the company's
active share repurchase program, which limits its deleveraging; 2)
cost pressures faced by the industry with respect to land, labor
and building materials; 3) potential impairment risk on owned land,
which comprises about 4.5 years of land supply, if the end market
weakens; 4) risks associated with the more volatile and capital
intensive high-rise and high-density mid-rise business, although
this segment represents only 4% of revenue; and 5) exposure to
protracted declines in revenues and weakening in credit metrics
inherent to the significant industry cyclicality.

Factors that could lead to an upgrade include:

  - Achievement and maintenance of adjusted homebuilding debt to
book capitalization below 40% together with homebuilding EBIT
coverage of interest sustained in the high single digits

  - Maintenance of a very good liquidity position, including strong
free cash flow

  - Demonstration of a commitment to attaining and maintaining an
investment grade rating, both to Moody's and to the debt capital
markets

  - An ability to withstand a serious financial shock without
having its key credit metrics sinking to low speculative grade
levels

Factors that could lead to a downgrade include:

  - Debt leverage approaching 50%

  - Cash flow from operations becoming increasingly negative and
liquidity weakening

  - An economic downturn in which revenues and net income decline

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

Toll Brothers, Inc. is a national builder of luxury homes. Toll
serves move-up, empty-nester, active-adult, and second-home buyers
and operates in 50 markets across 24 states. The company builds an
array of luxury residential single-family detached, attached home,
master planned resort-style golf, and urban low-, mid-, and
high-rise communities, principally on land it develops and
improves. Toll also operates its own architectural, engineering,
mortgage, title, land development and land sale, golf course
development and management, home security, and landscape
subsidiaries. The company also operates its own lumber
distribution, house component assembly, and manufacturing
operations. The company develops commercial and apartment
properties through Toll Brothers Apartment Living, Toll Brothers
Campus Living, and develops urban low-, mid-, and high-rise
for-sale condominiums through Toll Brothers City Living. Revenues
and net income in the LTM period ended January 31, 2020 were $7.2
billion and $535 million, respectively.


TUPPERWARE BRANDS: Wins Covenant Relief from JPMorgan et al.
------------------------------------------------------------
Tupperware Brands Corporation and its wholly owned subsidiaries
Tupperware Nederland B.V., Administradora Dart, S. de R.L. de C.V.
and Tupperware Brands Asia Pacific Pte. Ltd. on February 28, 2020,
entered into Amendment No. 2 to the Second Amended and Restated
Credit Agreement, dated as of March 29, 2019, as amended by
Amendment No. 1, dated as of August 28, 2019, with JPMorgan Chase
Bank, N.A. as administrative agent, and the lenders party thereto.

Early last week, Tupperware revealed its needs financial covenant
relief related to its existing maximum debt to EBITDA leverage
ratio in its $650 million secured revolving credit facility.

"Based on the 2020 outlook, the Company is forecasting a need for
relief concerning its existing leverage ratio covenant in its $650
million Credit Agreement dated March 29, 2019, to avoid a potential
acceleration of the debt, which could have a material adverse
impact on the Company," Tupperware said as it unveiled select
preliminary financial results for the fiscal year ended December
28, 2019.

"Approvals have been received, pending completion of final
documentation, from participating banks to amend the maximum
consolidated leverage (debt-to-EBITDA) in the Credit Agreement for
the required relief. In connection with the amendment, the Company
and certain of its subsidiaries will provide additional collateral
and subsidiary guarantees."

The Company also said it will file a Form 12b-25 Notification of
Late Filing with the Securities and Exchange Commission to provide
a 15-calendar day extension within which to file its Form 10-K for
the fiscal year.  According to Tupperware, the extension will
provide the Company time to finalize additional procedures as part
of its investigation regarding the impact of certain financial
reporting matters in its Fuller Mexico beauty business and to
finalize its tax rate.

In a regulatory filing with the Securities and Exchange Commission
on March 2, Tupperware said, among other changes to the Credit
Agreement, Amendment No. 2 modifies the financial covenant in the
Credit Agreement that requires the Company to maintain at the end
of each measurement period a specified ratio of (i) Consolidated
Funded Indebtedness to (ii) Consolidated EBITDA.

Prior to Amendment No. 2, the Consolidated Leverage Ratio was not
greater than or equal to 3.75 to 1.00.

Following Amendment No. 2, the Company is required to maintain at
the last day of each measurement period a Consolidated Leverage
Ratio not greater than or equal to the ratio as set forth below
opposite the period that includes such day (or, if such day does
not end on the last day of the calendar quarter, that includes the
last day of the calendar quarter that is nearest to such day).

     Period                      Consolidated Leverage Ratio
     ------                      ---------------------------
     From the Amendment No. 2
     effective date to and
     including June 27, 2020             5.75 to 1.00

     September 26, 2020                  5.25 to 1.00

     December 26, 2020                   4.50 to 1.00

     March 27, 2021                      4.00 to 1.00

     June 26, 2021 and thereafter        3.75 to 1.00

Amendment No. 2 eliminates the requirement that a Non-Investment
Grade Ratings Event must occur before the Company is required to
cause the Additional Guarantee and Collateral Requirement to be
satisfied.

Pursuant to Amendment No. 2, the Company will now be required to
cause certain of its domestic subsidiaries to become guarantors and
to pledge, and to cause certain of its domestic subsidiaries to
pledge, additional collateral.

Members of the lending syndicate are:

     * JPMorgan Chase Bank, N.A., individually and as
Administrative Agent
     * Credit Agricole Corporate and Investment Bank;
     * HSBC Bank USA, National Association;
     * KeyBank National Association;
     * Mizuho Bank, Ltd.;
     * MUFG Bank, Ltd.;
     * Truist Bank, as successor by merger to SunTrust Bank;
     * U.S. Bank National Association; and
     * Wells Fargo Bank, N.A.

A full-text copy of the Amendment to the Credit Agreement is
available at https://is.gd/oeihrO

"While challenges in Brazil, China, and the U.S. & Canada
businesses persisted in the fourth quarter in line with our
expectations, our preliminary results were further affected by
financial reporting issues in Fuller Mexico. We are working rapidly
to address these Fuller Mexico issues in order to finalize our 2019
results. We are also focused on facing the clear headwinds in our
core markets and accelerating the pace at which we can achieve
meaningful improvement in the business," said Chris O'Leary, the
Company's Interim CEO, said last week.

O'Leary continued, "Our actions in the fourth quarter of 2019 and
year-to-date already show promising results in reducing expenses
across various payroll, promotional incentives and discretionary
spending activities, and we expect to realize associated cost
savings of approximately $50 million in 2020. Our team is focused
on making the Company a leaner and more agile organization that is
better able to compete in a growing direct-selling industry and
deliver long-term value to shareholders."

A full-text copy of Tupperware's statement on its 2019 preliminary
financial results is available at https://is.gd/SeHPOy

                   About Tupperware Brands

Orlando, Florida-based Tupperware Brands Corporation (NYSE: TUP) is
a global marketer of household, beauty and personal care products
across multiple brands utilizing social selling.  Product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the Tupperware
brand and beauty and personal care products through the Avroy
Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands.


TWINS SPECIAL: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Twins Special, LLC
        2907 Shelter Island Dr., Suite 105-701
        San Diego, CA 92106

Chapter 11 Petition Date: March 3, 2020

Court: United States Bankruptcy Court
       Southern District of California

Case No.: 20-01230

Debtor's Counsel: Bruce R. Babcock, Esq.
                  BRUCE R. BABCOCK, ATTORNEY
                  4808 Santa Monica Ave.
                  San Diego, CA 92107
                  Tel: (619) 222-2661

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Christopher Mechling, managing member.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors at the time of the filing.

A copy of the petition is available for free at PacerMonitor.com
at:

                      https://is.gd/uS6zCs


VERITY HEALTH: Plan Solicitation Period Extended to April 30
------------------------------------------------------------
Judge Ernest Robles of the U.S. Bankruptcy Court for the Central
District of California extended to April 30 the period during which
Verity Health System of California, Inc. and its affiliates can
solicit acceptances for their Chapter 11 plan.

                     About Verity Health System

Verity Health System -- https://www.verity.org/ -- operates as a
non-profit health care system in the state of California, with
approximately 1,680 inpatient beds, six active emergency rooms, a
trauma center, and a host of medical specialties, including
tertiary and quaternary care.  Verity's two Southern California
hospitals are St. Francis Medical Center in Lynwood and St. Vincent
Medical Center in Los Angeles.  In Northern California, O'Connor
Hospital in San Jose, St. Louise Regional Hospital in Gilroy, Seton
Medical Center in Daly City and Seton Coastside in Moss Beach are
part of Verity Health.  Verity Health also includes Verity Medical
Foundation.  

With more than 100 primary care and specialty physicians, VMF
offers medical, surgical and related healthcare services for people
of all ages at community-based, multi-specialty clinics
conveniently located in areas served by the Verity hospitals.
Verity Health System was created in a transaction approved by
California Attorney General Kamala Harris and completed in December
2015.

Verity Health System of California, Inc., and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Lead Case No. 18-20151) on Aug. 31, 2018.  In the petition
signed by CEO Richard Adcock, Verity Health estimated assets of
$500 million to $1 billion and liabilities of $500 million to $1
billion.  

Judge Ernest M. Robles oversees the cases.

The Debtors tapped Dentons US LLP as their bankruptcy counsel;
Berkeley Research Group, LLC, as financial advisor; Cain Brothers
as investment banker; and Kurtzman Carson Consultants as claims
agent.

The official committee of unsecured creditors formed in the case
retained Milbank, Tweed, Hadley & McCloy LLP as counsel.


VESTAVIA HILLS: U.S. Trustee Appoints Moore-Bell as PCO
-------------------------------------------------------
Tiffany L. Carroll, the Acting United States Trustee, has appointed
Virginia Moore-Bell to serve as the patient care ombudsman in the
bankruptcy proceeding of Vestavia Hills, Ltd d/b/a Mount Royal
Towers.

Judge Louise DeCarl Adler of the United States Bankruptcy Court for
the Southern District of California previously approved a
stipulation directing the U.S. Trustee to appoint a PCO for the
Debtor.

The Debtor had asked the Court to enter an Order Finding the
Appointment of a Patient Care Ombudsman in its bankruptcy
proceeding unnecessary.

                       About Vestavia Hills

Vestavia Hills, Ltd., which conducts business under the name Mount
Royal Towers, operates a continuing care retirement community and
assisted living facility for the elderly  in Vestavia Hills, Ala.
It offers individualized senior living options for a convenient
community lifestyle and provides personalized nursing care.

Vestavia Hills sought Chapter 11 protection (Bankr. S.D. Cal. Case
No. 20-00018-11) on Jan. 3, 2020.  The Debtor disclosed
$18,531,957
in assets and $29,742,790 in liabilities as of the bankruptcy
filing.  Judge Louise Decarl Adler oversees the case.  Sullivan
Hill Rez & Engel is the Debtor's legal counsel.



W.P. MURPHY INC: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of W.P. Murphy, Inc.
  
                     About W.P. Murphy

W.P. Murphy, Inc., which conducts business under the names Murphy
Readymix Concrete and William P. Murphy Inc., is a manufacturer of
ready-mixed concrete.

W.P. Murphy filed a Chapter 11 petition (Bankr. W.D. Tex. Case No.
20-50145) on Jan. 22, 2020.  In the the petition, signed by Kelly
T. Murphy Perez, president, the Debtor reported $1,736,050 in total
assets and $4,762,941 in total liabilities.  Judge Craig A.
Gargotta oversees the case.  The Law Offices of Dean W. Greer
represents the Debtor.


WEIGHT WATCHERS: Moody's Alters Outlook on Ba3 CFR to Stable
------------------------------------------------------------
Moody's Investors Service revised Weight Watchers International,
Inc.'s outlook to stable, from negative, given strong subscriber
metrics posted for year-end 2019 and a reduction in debt-to-EBITDA
leverage from voluntary debt prepayments. Moody's affirmed Weight
Watchers' Ba3 Corporate Family Rating, its Ba3-PD Probability of
Default rating, Ba2 senior secured credit facility ratings, and B2
senior unsecured notes rating. There is no change to the company's
Speculative Grade Liquidity rating of SGL-1.

Issuer: Weight Watchers International, Inc.

Ratings affirmed:

Corporate Family Rating, affirmed Ba3

Probability of Default Rating, affirmed Ba3-PD

Senior Secured Bank Credit Facility, affirmed Ba2 (LGD3)

Senior Unsecured Notes, affirmed B2 (LGD6)

Ratings Unchanged:

Speculative Grade Liquidity Rating, unchanged at SGL-1

Outlook:

Outlook, revised to stable, from negative

RATINGS RATIONALE

Moody's is changing Weight Watchers' outlook to stable, from
negative, on the strength of its early 2019-2020 peak diet season
subscriber metrics, improved free cash flow generation, and its
expectations for further reduction in debt leverage. The company's
calendar-year-end 2019 subscriber count was 4.2 million, up 8% from
the prior year-end, and a record for any year-end. Subscriber
sign-ups for the crucial first quarter are above 5 million thus far
in 2020, also a record for the company. Moreover, the decline in
subscribers during the year 2019, at 8%, was subdued relative to
earlier years. Moody's therefore expects an at least 10%
improvement in revenue in 2020, to better than $1.5 billion, while
EBITDA growth will be more restrained because of both ongoing high
marketing costs and a relatively less favorable mix of digital-only
versus studio-plus-digital subscribers. It expects Moody's-adjusted
debt-to-EBITDA to moderate below 4.0 times by the end of 2020,
roughly a full turn better than year-end 2019.

Moody's outlook for the company is tempered because the mix of less
profitable digital-only subscribers, at more 70% at year-end 2019
relative to the total pool of subscribers (digital-only and
studio-plus-digital), is much less favorable than it had been at
the beginning of 2018, when the ratio was almost the inverse.
Weight Watchers' avowed success with its marketing shift towards a
holistic, wellness-focused identity appears to have come at the
expense of customers' commitment to the important face-to-face
studio meetings. While the absolute number of subscribers early
this year is good news and will drive strong revenue growth,
they've been attained at significant cost. As a percentage of
sales, WW's marketing and SG&A expenses rose nearly 400 basis
points in 2019 relative to 2018. And while marketing expenses are
always heaviest in the first quarter, they were particularly so in
the first quarter of 2019 relative to the prior-year first quarter,
at ten percentage points higher. Moody's expects unusually heavy
marketing spend again in the current quarter, and it expects the
70/30 mix of digital-to-studio subscribers to hold through 2020.

The Ba3 CFR reflects Weight Watchers' market leading scale and
brand recognition, as well as its history of subscriber and revenue
volatility. The weight management services industry is competitive,
and Moody's anticipates consumer preferences will continue to
evolve. Moody's remains concerned that competition for weight loss
service customers, especially for so-called "trial" members who are
most likely to follow the newest trends or promotions, could make
operating and financial improvements difficult to sustain. Weight
Watchers has a history of boom and bust cycles. It has faced
technological and diet trends repeatedly in the past.

The SGL-1 rating reflects Weight Watchers' very good liquidity
profile. The company had cash balances of nearly $183 million at
December 31, 2019, even after prepaying $100 million of its
now-approximately $1.4 billion first-lien term loan during the
year. Moody's expects free cash flow in 2020 of $185 million to
$200 million, which as a percentage of Moody's-adjusted debt is
just above 10%. Moody's believes WW in 2020 will have both the
desire and the wherewithal to make additional term loan
prepayments. The fully available $150 million senior secured
revolver is subject to a financial covenant requiring first-lien
leverage (as defined in the facility agreement) of no more than 5
times, but only if at least $50 million is outstanding on the
quarter-end test date. Moody's does not expect the covenant to be
measured, although there would likely be modest cushion were it to
be measured.

Environmental and governance considerations are not important
factors in its ratings. However, social considerations are. Moody's
believes that the emerging coronavirus, were it to spread in the
US, could have a substantial negative impact on WTW's studio
business, absent customer-accepted alternatives. Moody's notes the
company has no business in Asia and none of its consumable products
have ingredients sourced from China, and it is too early to judge
the impact in Europe. The otherwise unfavorable statistic of
digital subscribers outnumbering studio subscribers by three to one
in 2020 could, under the circumstances, benefit Weight Watchers. If
the coronavirus were to impact the broader economy and cause a
decrease in discretionary spending, the outlook and ratings would
be pressured absent commensurate deleveraging by the company.

Weight Watchers ratings could be upgraded if Moody's expects: i)
sustained revenue growth with lower volatility; ii) debt to EBITDA
will remain below 3.5 times (Moody's adjusted); and iii) a
commitment to balanced financial policies, as evidenced by a stated
conservative financial policy coupled with financial flexibility
and willingness to sustain that policy.

A ratings downgrade is possible if: i) Moody's anticipates that
revenue in 2020 grows by only mid-single-digit percentages or
worse, leading to leverage sustained above 4.5 times (Moody's
adjusted), or; ii) if free cash flow falls below 10% as a
percentage of debt.

Weight Watchers is a provider of weight management services.
Moody's expects 2020 revenues of between $1.5 and $1.6 billion, an
at least 10% gain over 2019.

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


WILLIAMSON MEMORIAL: Hearing Thursday on Ch.11 Trustee Appointment
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Williamson
Memorial Hospital, LLC., filed with the U.S. Bankruptcy Court for
the Southern District of West Virginia a motion for entry of an
order appointing a Chapter 11 trustee for Williamson Memorial
Hospital pursuant to sections 105 and 1104 of the Bankruptcy Code
and Rule 2007.1 of the Federal Rules of Bankruptcy.

According to the Committee, Williamson Memorial filed three Insider
DIP Motions:

     -- On October 24, 2019, the Debtor filed the first Insider DIP
Motion for emergency secured financing in the amount of $350,000 to
cover payroll and operating expenses;

     -- On November 11, 2019, the Debtor filed the second Insider
DIP Motion for emergency secured financing in the amount of
$160,000 to cover payroll; and

     -- On January 1, 2020, the Debtor filed the third Insider DIP
Motion for emergency secured financing in the amount of $200,000 to
cover payroll.

The Court conducted an interim hearing on the third Insider DIP
Motion and approved the request an interim basis. However, the
Debtor has not filed a copy of the credit agreement related to the
third Insider DIP Motion as required by Bankruptcy Rule
4001(c)(1)(A) including the Initial Operating Report, the Monthly
Operating Reports, and the credit agreements related to the Insider
DIP Motions.

The Debtor filed the three Insider DIP Motions to obtain secured
post-petition financing from two of the three members of the Debtor
-- Douglas Reynolds and Sam Kapourales -- to make payroll and cover
basic operating expenses for an emergency basis, despite the fact
that the Debtor should have been well aware of the need for
financing long before filing the second and third Insider DIP
Motions.

The Committee believes that a Chapter 11 trustee should be
appointed because cause exists under Bankruptcy Code section
1104(a)(1) and appointment is in the interests of creditors and the
estate under section 1104(a)(2). The Committee does not have
confidence that the interests of creditors and the estate are being
protected.

Further, on November 14, 2019, counsel to the Committee sent
counsel to the Debtor an email requesting that the Debtor provide
the Committee with certain relevant and important information for
the Committee to perform its statutory duty, under section 1103 of
the Bankruptcy Code, to investigate the acts, conduct, assets,
liabilities, and financial condition of the Debtor, the operation
of its business and the desirability of the continuance of such
business, and any other matter relevant to the case or to the
formulation of a plan.

Despite the Committee's repeated requests for information, the
Debtor has not provided the information requested by the U.S.
Trustee at the 341 Meeting.

The Debtor's failure to provide information to the Committee and
the U.S. Trustee supports findings of incompetence and gross
mismanagement. An appointment of a Chapter 11 trustee is needed to
safeguard the interests of creditors and the Debtor's estate, and
to ensure that the Debtor complies with its duties under the
Bankruptcy Code, the Bankruptcy Rules, orders of this Court, and
other applicable law.

In connection with the final hearing on the third Insider DIP
Motion, the Committee said it is attempting to work with the U.S.
Trustee and the Debtor to develop an agreed discovery plan related
to the third Insider DIP Motion and Motion to appoint Chapter 11
Trustee.

A hearing is scheduled for March 5, 2020 at 10:00 a.m. to consider
the Committee's Motion to Appoint a Chapter 11 Trustee.

           About Williamson Memorial Hospital

Williamson Memorial Hospital, LLC, provides general medical and
surgical hospital services.

Williamson Memorial Hospital sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-20469) on Oct.
21, 2019.  At the time of the filing, the Debtor estimated assets
between $1 million and $10 million and liabilities of the same
range.  The case is assigned to Judge Frank W. Volk.  The Debtor is
represented by John F. Leaberry, Esq., at the Law Office of John
Leaberry.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by:

     Carrie Goodwin Fenwick, Esq.
     GOODWIN & GOODWIN, LLP
     300 Summers Street, Suite 1500
     Charleston, WV 25301-1678
     Tel: (304) 346-7000
     Fax: (304) 344-9692
     Email: cgf@goodwingoodwin.com

          - and -

     Jason W. Harbour, Esq.
     Henry P. (Toby) Long, III, Esq.
     HUNTON ANDREWS KURTH LLP
     Riverfront Plaza, East Tower
     951 East Byrd Street
     Richmond, VA 23219
     Tel: (804) 788-8200
     Fax: (804) 788-8218
     Email: jharbour@HuntonAK.com
            hlong@HuntonAK.com


WILLIAMSON MEMORIAL: PCO Files 1st Interim Report
-------------------------------------------------
Susan N. Goodman, the Patient Care Ombudsman of Williamson Memorial
Hospital, LLC, files a First Interim Report with the U.S.
Bankruptcy Court for the Southern District of West Virginia
pursuant to 11 U.S.C. Section 333 of the Bankruptcy Code.

Ms. Goodman prepared the report alongside Dr. Daniel Foster, a
retired general and vascular surgeon.

In compliance with the federal privacy requirements, the PCO Team
cannot disclose any individually identifiable health information
that could distinguish a patient directly or could provide a
reasonable basis to do so. Accordingly, specific site visit and
patient interview dates are not provided in the report although the
PCO's observations, audits and interviews occurred between the date
of appointment and the filing of the report.

The PCO Team's observations after completing an initial site
visit:

(A) Facility overview

     The Debtor's four-story, 76-licensed-bed facility sits on a
hill in Williamson, W.Va. on the former site of a school football
field, and the inpatient census was five, while reportedly
averaging between four to six. The first floor of the facility
included a 14-bed emergency department; the clinical laboratory,
including an outpatient lab draw station located in a separate area
that was formerly home to a cardiac catheterization laboratory and
outpatient nuclear medicine testing; the radiology department; and
the kitchen and cafeteria. The operating room area, the former ICU,
and medical/surgical beds were located on the second floor, with
additional inpatient M/S beds were being cared for on the 3rd floor
unit. The fourth floor is largely designated to administrative and
support services offices/space, and the physical therapy and
cardiac rehabilitation departments.

(B) Leadership and staffing

     Interim executive leadership has been in place on a contracted
basis since October 2019. This individual serves as both the chief
executive and chief financial officer, and assisted by a long-term
employee who rose to the role of chief nursing officer. The Chief
Nursing Officer also effectively functions as the chief operations
officer with most of the service line leads reporting through the
CNO. The CEO and CNO as the Executive Team appreciated the
transparency provided by the Executive Team regarding operational
dynamics precedent to the bankruptcy as well as events occurring
post-bankruptcy, including but not limited to the closure of
outpatient clinics and hospital departments, with an associated
reduction in force staff layoff. Further, insurance benefits were
eliminated for staff in the summer of 2019 prior to the bankruptcy
filing. At the time of the first site visit, continued financial
strain was reported along with continued recent clinical staff
resignations.

(C) Unit review

     The PCO Team, accompanied by the CNO, visited all clinical
(M/S, ED, OR, and PT/Cardiac Rehab) as well as ancillary
(Radiology, Lab, Respiratory Therapy) services departments along
with supporting departments (facilities, materials, housekeeping,
dietary, pharmacy, human resources). Staff reported having what
they needed to provide safe patient care yet acknowledged continued
limited supply levels relative to continued cash-flow challenges.
Current radiology equipment calibrations were confirmed. Annual
fire extinguisher tags were noted as overdue.

The ED was staffed with an emergency physician with additional
mid-shift coverage provided by an advanced practice professional
(nurse practitioner or physician assistant). On the date the PCO
Team visited, the ED reported seeing approximately 10 patients over
a 14-hour period. Typical daily ED volume was reported as between
12 and 30 visits per day.

The ED physician on duty denied having patient care concerns, while
acknowledging payment delays in post petition contract monies.
Physician coverage was reported as accomplished by a team of eight
physicians. Reported specialist availability included urology,
podiatry, and orthopedics.

Inpatient physician coverage was reported as provided by one of two
local community physicians. These physicians were not rounding at
the time of the PCO Team visit. The OR team reported case
consolidation to two-days per week, with no cases occurring on the
date of the site visit. A certified registered nurse anesthetist,
lead nurse, and scrub technician team members were noted in this
department.

The lab confirmed the continued availability of blood when needed
on a pre-pay basis. Chemistry, hematology, urine testing, INR
(coagulation), and blood gas testing equipment was all reported as
functional. An older, Microscan unit for bacterial identification
was also reported as functional with a back-up off site vendor in
place if needed. Histology was reported as outsourced when needed.
The lab denied running out of reagent or other lab supplies.

Prior to the bankruptcy, the central patient telemetry monitoring
system went down for approximately two months. This equipment lapse
became the subject of a complaint survey conducted by the Centers
for Medicare and Medicaid Services.  The Debtor reported that CMS
accepted the submitted corrective action plan related to critical
equipment functionality and other survey findings by October 2019.

The PCO Team did not tour the pharmacy and engaged in a discussion
with the lead pharmacist. The lead pharmacist works four days per
week with additional assistance from one staff and one PRN
pharmacist. The automated dispensing units were reported as owned
and medication challenges, outside of known national shortages,
were denied.

While the PCO Team did not observe care compromise as contemplated
by 11 U.S.C. Section 333(b), continued cash flow strain and
associated impacts was evident. In fact, in the time between the
initial site visit and the filing of this report, Debtor reported
the furlough of additional team members as a cost-saving measure
and a delayed payroll.

The PCO Team will engage remotely to review available quality and
infection prevention data. Continued staff departures, particularly
given the absence of insurance available to team members and
delayed payroll, will also be monitored. While the PCO Team will
attempt to maximize the timing between site visits, interim visits
will be conducted earlier than 60-days as necessary.

The PCO can be reached at:

      Susan N. Goodman,
      Pivot Health Law, LLC,
      P.O. Box 69734
      Oro Valley, AZ 85737
      Tel: (520-744-7061)

A full-text copy of the PCO's First Interim Report is available at
https://tinyurl.com/wr6bhr6 from PacerMonitor.com at no charge.
         
          About Williamson Memorial Hospital

Williamson Memorial Hospital, LLC, provides general medical and
surgical hospital services.

Williamson Memorial Hospital sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-20469) on Oct.
21, 2019.  At the time of the filing, the Debtor estimated assets
of between $1 million and $10 million and liabilities of the same
range.  The case is assigned to Judge Frank W. Volk.  The Debtor is
represented by John F. Leaberry, Esq., at the Law Office of John
Leaberry.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Carrie Goodwin Fenwick, Esq., at
Goodwin & Goodwin; and Jason W. Harbour, Esq. and Henry P. (Toby)
Long, III, Esq., at Hunton Andrews Kurth LLP.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***