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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, April 8, 2020, Vol. 24, No. 98

                            Headlines

1230 SOUTH ASSOCIATES: Says Bank Can Credit Bid on Sale
1230 SOUTH ASSOCIATES: United Bank Objects to Disclosure Statement
512 NORTH AVE: Unsecureds to Recover Up to 75% in Plan
A.J. MCDONALD: May 19 Disclosure Statement Hearing Set
ABC PM 652: Unsecured Creditors to Recover 5% in Plan

ABG INTERMEDIATE: Moody's Cuts Senior Secured Term Loan to B2
ABR BUILDERS: Court Approves Disclosure Statement
ABSOLUT FACILITIES: Unsecureds to Get 15% of Remaining Cash
ACASTI PHARMA: Submits Meeting Request with the FDA
ACCO BRANDS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable

ALTA MESA: Delays Filing of Plan Until Consummation of Asset Sale
ALTA MESA: Kodiak Asks to Clarify/Modify All Assets Sale Order
ALTAGAS LTD: Fitch Affirms BB+ Rating on Preferred Stock
AMAGAZI LLC: Exclusive Plan Filing Period Extend Until April 27
AMAZING ENERGY: Voluntary Chapter 11 Case Summary

AMERICAN CENTER: Ben-Rafael Claimants Object to Disc. Statement
AMG ADVANCED: Moody's Cuts CFR to B2 & Secured Loan Rating to B1
ANASTASIA INTERMEDIATE: Fitch Lowers LongTerm IDRs to 'CCC'
ANTERO MIDSTREAM: Fitch Cuts LT IDR to B; On Watch Negative
APELLIS PHARMACEUTICALS: Board Appoints Paul Fonteyne as Director

APPLE LAND: Court Approves Disclosure Statement
APPLIANCESMART INC: Needs More Time to Prepare Exit Plan
ARR INVESTMENTS: May 19 Plan & Disclosure Hearing Set
AVIS BUDGET: Moody's Places Ba3 CFR on Review for Downgrade
BDF ACQUISITION: Moody's Cuts CFR & Senior Secured Rating to B3

BED BATH: Moody's Alters Outlook on Ba2 CFR to Negative
BELK INC: Moody's Cuts CFR & Senior Secured Loan Rating to Caa1
BERRY PETROLEUM: Moody's Alters Outlook on B2 CFR to Negative
BLACKROCK CAPITAL: Fitch Cuts LT IDR to BB-, On Watch Negative
BLACKWOOD REDEVELOPMENT: Plan to be Funded by Asset Sale Proceeds

BOJANGLES INC: Moody's Alters Outlook on B3 CFR to Negative
BOWIE REAL ESTATE: Voluntary Chapter 11 Case Summary
BRINK'S COMPANY: Fitch Affirms BB+ IDR on Term Loan A Issuance
BURLINGTON COAT: Moody's Alters Outlook on Ba1 CFR to Negative
CAPSTONE OILFIELD: Selling Substantially All Assets

CARETRUST REIT: Moody's Alters Outlook on Ba2 CFR to Negative
CARVANA CO: To Webcast 2020 Annual Meeting of Stockholders
CEC ENTERTAINMENT: S&P Lowers ICR to 'CCC' on Note Maturities
CELESTIAL CHURCH: Has Until April 15 to File Plan & Disclosures
CELESTICA INC: S&P Lowers ICR to 'BB-' on Macroeconomic Weakness

CENTERPOINT ENERGY: Moody's Alters Outlook on Ba1 Rating to Neg.
CERENCE INC: Moody's Alters Outlook on B2 CFR to Negative
CIT GROUP: Moody's Alters Outlook on Ba2 Debt Ratings to Stable
CLICKAWAY CORP: Non-Insider Unsecureds to Get 100% With Interest
CLICKAWAY CORP: Wants Verizon Disclosures Objection Overruled

COHU INC: S&P Downgrades ICR to 'B-' on Weaker Credit Metrics
COLLEGIATE OF MADISON: U.S. Bank Objects to Amended Disclosure
COMMUNITY HEALTH: Withdraws Previously Issued Financial Guidance
CORNERSTONE BUILDING: S&P Affirms 'B+' ICR; Ratings on Watch Neg.
CPG INTERNATIONAL: S&P Puts 'B' ICR on CreditWatch Negative

DADDARIO INC: Has Until July 21 to File Plan & Disclosure
DIFFUSION PHARMACEUTICALS: Evaluating TSC vs ARDS in COVID-19 Cases
DIOCESE OF HARRISBURG: Gets Court Approval to Hire OCPs
DIOCESE OF HARRISBURG: Taps Keegan Linscott as Financial Advisor
DIOCESE OF HARRISBURG: Taps Kleinbard LLC as Special Counsel

DIOCESE OF HARRISBURG: Taps Waller Lansden as Legal Counsel
DISH NETWORK: Egan-Jones Cuts Local Curr. Unsecured Rating to B
DN ENTERPRISES: Selling Omaha Investment Properties for $185K
DOMINO'S PIZZA: Egan-Jones Cuts Local Curr. Unsecured Rating to B
DOVE REAL ESTATE: Unsecured Creditors to Recover 5% Over 3 Years

DPL INC: Fitch Lowers LongTerm IDR to BB, Outlook Negative
ELEVATE TEXTILES: Moody's Cuts CFR to B3, Outlook Negative
ENCOUNTER MEDICAL: First Amended Plan Confirmed by Judge
ENPRO INDUSTRIES: Egan-Jones Lowers Senior Unsecured Ratings to B+
EPIC CRUDE: Moody's Places B3 CFR on Review for Downgrade

EQT CORP: S&P Lowers ICR to 'BB-' on Difficult Market Conditions
EQUIFAX INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
EUROPEAN FOREIGN: Wants to Maintain Exclusivity Through July 22
EVERTEC GROUP: Moody's Alters Outlook on B2 CFR to Stable
FAIR ISAAC: Egan-Jones Cuts Local Curr. Unsecured Rating to BB

FIREBALL REALTY: Pine Island Buying Antrim Property for $141K
FISHING VESSEL: April 30 Plan Confirmation Hearing Set
FOOT LOCKER: Egan-Jones Lowers Local Curr. Unsecured Rating to BB
FORTVILLE APARTMENTS: June 15 Plan & Disclosure Hearing Set
FOSSIL GROUP: Egan-Jones Lowers Senior Unsecured Ratings to CCC

FURIE OPERATING: Judge Extends Exclusivity Period Until May 13
GAP INC: Egan-Jones Lowers Senior Unsecured Ratings to BB
GAUCHO GROUP: Extends CEO's Term Until December 2020
GAVILAN RESOURCES: Moody's Cuts CFR to Ca, Outlook Negative
GAVILAN RESOURCES: S&P Downgrades ICR to 'CCC-', Outlook Negative

GCX LIMITED: Exclusivity Period Extended Through August 11
GENCANNA GLOBAL: Sets Bidding Procedures for All Assets
GENUINE FINANCIAL: Moody's Cuts CFR to Caa1, Outlook Negative
GI DYNAMICS: Extends Note Maturity Date to May 2020
GLOBAL EAGLE: Moody's Cuts CFR to Caa2, Outlook Negative

GNC HOLDINGS: Implements Cost-Saving Measures Amid COVID-19 Crisis
GOODYEAR TIRE: Egan-Jones Lowers Senior Unsecured Ratings to B+
GRAPHIC TUFTING: Unsec. Creditors to Have 50% Recovery in 3 Years
GREEN FAMILY FUN ZONE: Exclusivity Period Extended Until June 20
GREIF INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+

GREIF INC: Moody's Alters Outlook on Ba2 CFR to Negative
H.R.H.C.C. INC: Exclusivity Period Extended to July 1
H.R.H.C.C. INC: Van Dykes Buying Horse Named Nevada for $4K
HAMTRAMCK MEDICAL: Liquidating Plan Confirmed by Judge
HASBRO INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+

HAWKEYE ENTERTAINMENT: Exclusivity Period Extended Until July 20
HENRY ANESTHESIA: Unsecured Creditors to Recover 19% Under Plan
HERC HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
HILL-ROM HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
HILLENBRAND INC: Fitch Cuts IDR to BB+, Outlook Negative

HOUSTON FOODS: Moody's Alters Outlook on B3 CFR to Negative
HUDBAY MINERALS: Moody's Alters Outlook on B2 CFR to Negative
HUNTSMAN CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
IDEANOMICS INC: Signs Deal to Sell up to $50-Mil. Common Shares
IFRESH INC: Disposable Face Masks Available for Sale

IFRESH INC: Receives $2.5 Million from Common Stock Sale
IHEARTMEDIA INC: S&P Lowers ICR to 'B' on Coronavirus Pressures
ION GEOPHYSICAL: Expects to Report Q1 Revenue of $56M to $57M
ION GEOPHYSICAL: Receives Noncompliance Notice from NYSE
J-H-J INC: Buying Lafayette PW's Remaining Retail Goods Inventory

J-H-J INC: Proposes Grafe Auction of Greenwell Store Equipment
J2 GLOBAL: Egan-Jones Lowers Senior Unsecured Ratings to B+
JAMES D. BOWIE: Selling Marysville Real Property for $250K
JAZZ ACQUISITION: Moody's Cuts CFR to Caa2, Outlook Negative
JELD-WEN INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR

JETBLUE AIRWAYS: Egan-Jones Lowers Senior Unsecured Ratings to BB
KC CULINARTE: S&P Downgrades ICR to 'CCC+' on Coronavirus Fallout
KHAN AVIATION: Trustee Selling Interest in Hangar 25 for $410K
KONTOOR BRANDS: S&P Lowers ICR to 'B+' Due to Coronavirus Fallout
LAREDO PETROLEUM: Egan-Jones Cuts Local Curr. Unsec. Rating to CCC+

LAS VEGAS SANDS: Egan-Jones Cuts Local Curr. Unsecured Rating to BB
LEAR CORP/OLD: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
LEAR CORP: Egan-Jones Cuts Local Curr. Unsecured Rating to BB+
LIBERTY INTERACTIVE: Moody's Alters Outlook on Ba3 CFR to Stable
LIFE TIME: Moody's Cuts CFR to B3, Outlook Revised to Negative

LOOT CRATE: Exclusive Plan Filing Period Extended Until June 8
MARTIN MIDSTREAM: Fitch Cuts LT IDR to CCC, On Watch Negative
MECHANICAL TECHNOLOGIES: Unsecureds to Get 100% With 2% Interest
MED PARENTCO: Moody's Alters Outlook on B3 CFR to Negative
MEG ENERGY: S&P Downgrades ICR to 'CCC+'; Outlook Negative

MERRICK COMPANY: Plan Confirmation Hearing Reset to April 23
MI WINDOWS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
MIAMI AIR: Kozyak Tropin Represents Avolon Aerospace, Engine Lease
MILLER'S ALE HOUSE: S&P Cuts ICR to 'CCC' on Covenant Pressure
MR. CAMPER: Disclosure Statement Hearing Continued to April 8

NABORS INDUSTRIES: S&P Downgrades ICR to 'B-'; Outlook Negative
NEW CITIES INVESTMENT: Proposes to Sell Real Property to Fund Plan
NILHAN FINANCIAL: Thakkar Lacks Standing to File Appeal
NORTHERN DYNASTY: Defers Annual Meeting Over COVID-19 Concerns
NOVABAY PHARMACEUTICALS: Gail Maderis Quits as Director

NUTRIBAND INC: Raises $515,113 in Units Offering
NXT ENERGY: Updates Release Date for Its 2019 Year-End Results
PARSLEY ENERGY: S&P Affirms 'BB' ICR; Outlook Stable
PEARL RESOURCES: Taps Ferguson, McElroy as Special Counsel
PENNRIVER COMMUNITY: June 15 Plan & Disclosure Hearing Set

PGT INNOVATIONS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
PIER 1 IMPORTS: U.S. Trustee Objects to Disclosure Statement
POWER SOLUTIONS: Secures up to $130 Million New Credit Facility
PRO-FIT DEVELOPMENT: Has Until June 17 to File Plan & Disclosures
PROGISTIC CARRIERS: Plan & Disclosure Hearing Reset to May 20

PULMATRIX INC: Will Hold Its Annual Meeting on June 17
PVM ELECTRIC: Exclusive Plan Filing Period Extended to May 1
QEP RESOURCES: S&P Downgrades ICR to 'B' on Weaker Credit Measures
QUIDDITCH ACQUISITION: Moody's Cuts CFR to Caa1, Outlook Negative
RAINBOW LAND: Wants Exclusivity Period Extended to July 23

REJUVI LABORATORY: PI Claimant Proposes Competing Plan
REVLON CONSUMER: Moody's Lowers CFR to Caa3, Outlook Negative
RIO PROPERTY: Creditors' Committee Members Disclose Deed of Trust
ROCKWOOD SERVICE: S&P Alters Outlook to Negative, Affirms 'B' ICR
RONALD L. JOHNSON: Shaw Trust Buying San Jose Property for $2.4M

S.A. SPECIALTIES: Seeks to Extend Exclusivity Period to April 30
SABRA HEALTH: Moody's Alters Outlook on Ba1 CFR to Negative
SAEXPLORATION HOLDINGS: Amends Employment Contract with CEO
SAMSON OIL: Terry Barr to Retire as CEO and Managing Director
SANUWAVE HEALTH: Reports Full Year 2019 Financial Results

SCULPTOR CAPITAL: Fitch Places B+ LT IDR on Watch Negative
SEANERGY MARITIME: Prices Upsized $6M Underwritten Public Offering
SERENTE SPA: Judge Denies Bid to Extend Exclusivity Period
SGR WINDDOWN: Candy Cube Objects to Disclosure Statement
SHAE MANAGEMENT: Unsec. Creditors to Have 50% Recovery Over 3 Years

SHERIDAN HOLDING: Joint Prepackaged Plan Confirmed by Judge
SIGNIFY HEALTH: Moody's Alters Outlook on B2 CFR to Negative
SM ENERGY: S&P Lowers ICR to 'B-' on Increased Refinancing Risk
SOUTHERN FOODS: Selling Substantially All Assets to DFA for $425K
STEAK N SHAKE: S&P Upgrades ICR to 'CCC-'; Outlook Negative

STERLING MIDCO: Moody's Cuts CFR to B3, Outlook Negative
STG-FAIRWAY HOLDINGS: Moody's Cuts CFR to B3, Outlook Negative
T-MOBILE US: S&P Downgrades ICR to 'BB' on Weaker Credit Metrics
TALBOTS INC: Moody's Alters Outlook on B2 CFR to Negative
THOMAS A. MARTIN: Proposes Sale of Paradise Valley Pottery

TWIN CARE HOME: PCO Files 1st Interim Report
US STEEL: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
VALLEY ECONOMIC: Parker Buying Interest in VCCC for $975K
VPR BRANDS: Delays Filing of 2019 Annual Report
WEST GARDEN: June 15 Plan & Disclosure Hearing Set

WEX INC: Moody's Alters Outlook on Ba2 CFR to Negative
WHITING PETROLEUM: S&P Cuts ICR to 'D' on Chapter 11 Filing
YIELD10 BIOSCIENCE: To Offer $25 Million Worth of Securities
[*] S&P Alters Outlook to Negative on U.S. Convention Centers

                            *********

1230 SOUTH ASSOCIATES: Says Bank Can Credit Bid on Sale
-------------------------------------------------------
1230 South Associates, LLC, responded to the objection of United
Bank to the pending Disclosure Statement.

The Debtor points out that the United Bank will be given the right
to credit bid or to object to any proposed sale.

The Debtor further points out that over the past four years, United
Bank has had performed three separate appraisals on the property.
The Bank has sufficient information regarding the real property.

According to the Debtor, questions regarding the accounting method;
the name of the accountant responsible for information is
disingenuous because the Bank has objected to the appointment of
Michelle Steele as accountant.

The Debtor asserts that issues regarding future risks; projected
value; the collectability of accounts receivable; etc. are not
relevant to this case because of the goal of a sale of the
property.  Moreover, because the Bank is vigorously seeking a
return of the property, this information will not be useful to the
Bank.

Counsel for the Debtor:

     Joseph W. Caldwell, Esquire
     CALDWELL & RIFFEE, PLLC
     WV Bar No. 0586
     P.O. Box 4427
     Charleston, WV 25364
     (304) 925-2100

                 About 1230 South Associates

1230 South Associates, LLC, a privately held company in
Parkersburg, W.Va., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-60158) on Nov. 6,
2019.  At the time of the filing, the Debtor had estimated assets
of between $500,000 and $1 million and liabilities of between $1
million and $10 million.  The case is assigned to Judge Frank W.
Volk Usdj.  Joseph W. Caldwell, Esq., at Caldwell & Riffee, is the
Debtor's legal counsel.


1230 SOUTH ASSOCIATES: United Bank Objects to Disclosure Statement
------------------------------------------------------------------
United Bank filed its Objection to 1230 South Associates LLC's
Combined Disclosure Statement and Plan of Reorganization.

United Bank asserts that the Debtor's Plan fails to satisfy the
requirements of Section 1125 of the Bankruptcy Code.

United points out that the Plan lacks most of the detailed
information required by Section 1125 of the Bankruptcy Code and
applicable case law.

United further points out that the Plan fails to address the
anticipated future of the Debtor, the value of Debtor's assets, the
estimated return to creditors under a chapter 7 liquidation, and
information related to accounts receivable, among others.

United complains that the Debtor has no income with which to make
adequate protection payments, therefore a reservation of this right
is meaningless.

According to United, the Plan is not feasible, and therefore not
confirmable.  As such, United asserts that the Disclosure Statement
should be denied approval and the Plan not submitted for
consideration.

Counsel for United Bank:

     Julia A. Chincheck
     Zachary J. Rosencrance
     BOWLES RICE LLP
     600 Quarrier Street
     Post Office Box 1386
     Charleston, West Virginia 25325-1386
     Telephone: (304) 347-1100
     Facsimile: (304) 343-3058
     E-mail: jchincheck@bowlesrice.com
     E-mail: zrosencrance@bowlesrice.com

                   About 1230 South Associates

1230 South Associates, LLC, a privately held company in
Parkersburg, W.Va., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-60158) on Nov. 6,
2019.  At the time of the filing, the Debtor had estimated assets
of between $500,000 and $1 million and liabilities of between $1
million and $10 million.  The case is assigned to Judge Frank W.
Volk Usdj.  Joseph W. Caldwell, Esq., at Caldwell & Riffee, is the
Debtor's legal counsel.


512 NORTH AVE: Unsecureds to Recover Up to 75% in Plan
------------------------------------------------------
512 North Ave LLC filed a Chapter 11 plan of reorganization.

The Company determined that the optimal way to develop the
Bridgeport Property would be through a sale leaseback transaction
in which the purchaser agreed to fund the capital expenses
necessary to improve the property for future rental use.  The
leaseback, with a long term right to sublease, assures the Company
of its right to sublease the premises.

The Class 4 allowed secured claim of Moutinho for its mortgage on
the Bridgeport Property, after application of post-petition
adequate protection payments, will be paid the sum of $720,000 in
full satisfaction of his claim, payment to be made from the Net
Proceeds of the sale of the Bridgeport Property and the balance
paid from the Debtor's estate within five business days of the
closing of the sale of the Bridgeport Property.

The Class 5 claim of Dekalb, which holds a second mortgage on the
Bridgeport Property, will be paid $50,000.  There will no Net
Proceeds available to pay DeKalb's mortgage from the sale of the
Bridgeport Property after payment of Class 1, 2 and 4 claimants.
The Debtor obtained title to the Bridgeport Property subject to the
Dekalb mortgage but has no liability with respect to DeKalb's note
with 500 North Avenue LLC. Notwithstanding the foregoing, Dekalb
shall be paid, in full satisfaction of its claims against the
estate, the sum of $50,000 within 10 days of the Effective Date of
the Plan.

Class 8 unsecured claims are impaired.  Commencing the third month
after the Subtenants commence paying rent to the Debtor under the
sub-leases, and continuing for a period of five years or until such
time as all allowed unsecured claims have received 75% of their
allowed unsecured claim, the Debtor shall make semi-annual payments
of $12,500, up to an aggregate amount of $125,000.00, for
distribution to Class 8 claimants on a pro-rata basis.   

The Company will, upon confirmation of the Plan, consummate the
sale of the Bridgeport Property to the Proposed Purchaser and enter
the lease agreement to lease back a portion of the Bridgeport
Property at $10,000 per month rent for a term of up to 20 years.
The Company has negotiated with the terms of subleases with the
Subtenants.  One proposed sub-lease would be with Keepers, Inc.,
which would sub-lease a portion of the premises at a monthly rental
of $16,000. The second would be with Calamity Jane Inc. for
operation of a liquor store at the premises with a monthly rental
of $1,500.  Neither entity is related to the Debtor or its
principal.  Keepers, Inc., is owned by Julia Kish Curcio, who is
married to Gus Curcio, Sr.  Mr. Curcio was a manager of 500 North
Avenue, LLC, the prior owner of the Bridgeport Property, and a
personal guarantor on the Moutinho mortgage.  The rental income
from the Subtenants will be used to fund payments due under the
Plan.  In addition, the Company's principal, James Barrett has
committed to contribute $270,000 to fund payments due under the
Plan.

A full-text copy of the Disclosure Statement dated March 23, 2020,
is available at https://tinyurl.com/vtn7lsj from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Douglas S. Skalka
     NEUBERT, PEPE & MONTEITH, P.C.
     195 Church Street
     New Haven, CT  06510
     Tel: (203) 821-2000
     E-mail: dskalka@npmlaw.com

                    About 512 North Ave

512 North Ave LLC, a privately held company in Rocky Hill, Conn.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Conn. Case No. 19-22139) on Dec. 24, 2019.  At the time of the
filing, the Debtor had estimated assets of between $500,000 and $1
million and liabilities of between $1 million and $10 million.
Neubert, Pepe & Monteith, P.C., is the Debtor's legal counsel.


A.J. MCDONALD: May 19 Disclosure Statement Hearing Set
------------------------------------------------------
Debtor A.J. McDonald Company, Inc., filed with the U.S. Bankruptcy
Court for the District of Maryland, at Baltimore, a Plan of
Reorganization and a Disclosure Statement on March 19, 2020.

On March 26, 2020, Judge Robert A. Gordon ordered that:

   * May 19, 2020, at 10:00 a.m. in Courtroom 1B of the U.S.
Bankruptcy Court, U.S. Courthouse, 101 West Lombard Street,
Baltimore, Maryland 21201 is the hearing to consider the approval
of the Disclosure Statement.

   * May 8, 2020, is fixed as the last day for filing and serving
written objections to the Disclosure Statement.

   * Within seven days after the entry of this Order, this Order
and the Disclosure Statement and Plan shall be distributed by the
Plan Sponsor.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/tmav58l from PacerMonitor at no charge.

Attorney for the Debtor:

         Jeffrey M. Sirody
         Jeffrey M. Sirody and Associates, P.A.
         1777 Reisterstown Road, Suite 360 E
         Baltimore, MD 21208

                 About A.J. McDonald Company

A.J. McDonald Company, Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Md. Case No. 18-25670) on Nov. 29,
2018. At the time of the filing, the Debtor was estimated to have
assets of less than $500,000 and liabilities of less than $500,000.
The case is assigned to Judge Robert A. Gordon.  The Debtor tapped
Jeffrey M. Sirody and Associates, P.A., as its legal counsel.


ABC PM 652: Unsecured Creditors to Recover 5% in Plan
-----------------------------------------------------
ABC PM 652 S Sunset LLC, sought Chapter 11 bankruptcy to pursue a
reorganization rather than a liquidation.

The Debtor has filed a reorganization plan that will be funded by
"available cash" on or about the Effective Date of the Plan,
personal cash contributions, and scheduled "future monthly
disposable income."

The Plan proposes to treat claims as follows:

   * Class 1: There is a single Impaired Secured Claim related to
the West Covina office property for the 1st loan with Bayview
Financial Services, LLC.  IMPAIRED.  The Creditor has a secured
claim of $1,283,812, comprised of $1,374,000 less $90,188, and
bearing an interest rate of 8%.  Creditor will get $9,420 per
month, with amortization of 30 years.  In the alternative, if the
Court rules that Debtor's impaired claim should be $1,374,000.  For
purposes of repayment (without deduction of $90,188), the monthly
payment will become $10,082, a payment which will assure a positive
cash flow.

   * Class 2: This General Unsecured Claim consists of the 2nd Loan
held by Dalubhai & Jeliben Patel which is cross-collateralized on
both the Debtor's West Covina rental property and the Cerritos
office property. IMPAIRED.  Total claim of $245,000
(approximpately, per Notice of Default, 2/19).  The claim will be
paid a total of 5% of claim or $12,250. Repayment period is five
years.  The creditor will receive monthly payments of $204.16 per
month or quarterly payments of $612.50.

   * Class 3: This Class consists of two general unsecured claims,
the first of which has been filed on behalf of ABS Loan Trust IV,
U.S. Bank National Association, as Trustee in amount of $62,972.
IMPAIRED.  ABS will be repaid 5% of its claim or $3,148.60.  It
will receive monthly payments of $52.47 for 60 months or $157.43
quarterly.  Bayview, owed $151,173, will recover 5% or $7,559 in
the form of monthly payments of $125.98 for 60 months.

A full-text copy of the Fourth Amended Disclosure Statement dated
March 18, 2020, is available at https://tinyurl.com/v6nqqyd from
PacerMonitor.com at no charge.

Attorney for the Debtor:

     John H. Bauer, Esq.
     Financial Relief Legal Advocates, Inc.
     56925 Yucca Trail, #512
     Yucca Valley, CA 92284
     Telephone (714) 319-3446

                  About ABC PM 652 S Sunset

ABC PM 652 S Sunset LLC is a privately held company that provides
property management services.  ABC PM 652 S Sunset, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 19-16004) on May 22, 2019.
In the petition signed by Juana M. Roman, managing member, the
Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.  Judge Barry Russell oversees the case.
John H. Bauer, Esq., at Financial Relief Legal Advocates, Inc., is
the Debtor's bankruptcy counsel.


ABG INTERMEDIATE: Moody's Cuts Senior Secured Term Loan to B2
-------------------------------------------------------------
Moody's Investors Service affirmed ABG Intermediate Holdings 2
LLC's B2 corporate family rating and B2-PD probability of default
rating. The rating on the company's first lien senior secured
credit facilities were downgraded to B2 from B1. The rating outlook
was changed to stable from positive.

The outlook change to stable reflects the disruptions caused by the
global spread of the coronavirus (COVID-19), including
unprecedented retail store closures and declines in discretionary
consumer spending, which will likely pressure Authentic Brands'
licensing revenue and earnings, limiting its ability to improve
credit metrics over the next 12-18 months. The downgrade of its
senior secured credit facilities reflects Moody's reduced recovery
estimates related to recent deterioration equity valuations. The
affirmation reflects Authentic Brands' typically steady operating
performance, strong margins and good liquidity, supported by
balance sheet cash that was boosted by recent revolver drawdowns,
and typically solid free cash flow generation.

Downgrades:

Issuer: ABG Intermediate Holdings 2 LLC

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3)

Affirmations:

Issuer: ABG Intermediate Holdings 2 LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Outlook Actions:

Issuer: ABG Intermediate Holdings 2 LLC

Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The retail and
apparel sector have been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Authentic Brands'
credit profile, including its exposure to discretionary consumer
spending have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Authentic Brands
remains vulnerable to the outbreak continuing to spread. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety. Its action reflects the impact on Authentic Brands of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The rating reflects governance risks, including financial and M&A
strategies that have led to high leverage driven by both its
acquisitive nature and financial sponsor ownership. With pro forma
Moody's-adjusted debt-to-EBITDA approximating 4.9 times as of
September 31, 2019, financial leverage is high but has improved
over the past year through earnings growth and acquisitions funded
with cash. The rating also considers the company's moderate brand
and licensee concentrations, and potential for execution challenges
associated with its acquisition-based growth strategy.

The rating also reflects Authentic Brands' relatively stable and
predictable revenue and cash flow streams it receives in the form
of royalty payments from its licensees, which include significant
contractually guaranteed minimums which augment potential overages
(payments made in excess of those amounts). Also, its inherently
asset-light licensor business model carries low fixed overhead
costs and supports the company's strong operating margins and
associated free cash flow generation.

Factors that would lead to an upgrade or downgrade of the ratings:

The ratings could be downgraded if the company experiences weaker
than anticipated operating performance resulting from challenges in
integrating acquired brands, the non-renewal of licenses, or
renewals of its licenses at materially lower revenue streams.
Specific metrics include debt-to-EBITDA sustained above 6.5 times
or EBITA-to-interest sustained below 2.25 times.

The ratings could be upgraded if the company maintains its
operating performance and more conservative financial policies
through a demonstrated willingness to sustain debt-to-EBITDA below
5.0 times and EBITA-to-interest expense above 2.75 times.

Headquartered in New York, NY, ABG Intermediate Holdings 2 LLC is
the borrowing entity for holding company Authentic Brands Group LLC
(dba "Authentic Brands"). Authentic Brands is a brand management
company with a portfolio of over 50 brands. The company also has
control over the use of the name, image and likeness of several
celebrities. The company is majority owned by private equity firms,
with affiliates of BlackRock being the largest shareholders,
followed by General Atlantic, Leonard Green, Lion Capital, Simon
Property Group, management and other co-investors. Authentic Brands
is privately owned and does not publicly disclose its financial
information.


ABR BUILDERS: Court Approves Disclosure Statement
-------------------------------------------------
Judge Sean H. Lane has ordered that the Disclosure Statement
explaining the Chapter 11 Plan of ABR Builders LLC is approved as
having adequate Information pursuant to Sec. 1125 of the Bankruptcy
Code.

A hearing to consider confirmation of the Debtor's Plan and on any
objections to confirmation of the Plan will be held on April 29,
2020 (for Legal Argument) and April 30, 2020 (for Evidentiary
Matters) if necessary at 10:00 a.m. or as soon thereafter as
counsel may be heard, in the Courtroom of the Honorable Sean H.
Lane, United States Bankruptcy Judge, United States Bankruptcy
Court, Old Customs House, One Bowling Green, New York, New York.

Any initial objection to the Plan or confirmation of the Plan must
be filed and served on or before April 13, 2020.

For these parties who have already filed objections, they must file
any supplemental objection to the Plan or confirmation of the Plan
must be filed by April 24, 2020,

The form of ballot attached to the Disclosure Statement is
approved.

Acceptance or rejection, of the Plan shall be in writing on the
Ballot, shall conform with Federal Rule of Bankruptcy Procedure
Rule 3018 and shall be returned by the holders of all claims and
interests entitled to vote and received by the Debtor's attorney at
the address provided on the Ballot not later than April 13, 2020
(the "Voting Deadline").

On or before April 17, 2020, the Debtor will file its Confirmation
Brief bearing on the legal issues which have been raised in
connection with the Plan and Confirmation Hearings.

                      About ABR Builders

ABR Builders -- http://www.abrbuilders.com/-- is a general
contractor serving New York City and the adjoining areas.  Since
its founding in 1995, the Company has constructed high-end
residential houses and commercial projects such as private medical
clinics.  ABR manufactures all custom architectural, structural,
and interior components through its in-house resources.  At the
time of filing, the estimated assets and debts are $1 million to
$10 million.

ABR Builders LLC sought Chapter 11 protection (Bankr. S.D.N.Y. Case
No. 19-11041) on April 4, 2019.  The Debtor was estimated to have
$1 million to $10 million in assets and liabilities as of the
bankruptcy filing.  Leo Fox, Esq., in New York, serves as counsel
to the Debtor.


ABSOLUT FACILITIES: Unsecureds to Get 15% of Remaining Cash
-----------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
chapter 11 cases of Absolut Facilities Management, LLC, et al., as
debtors and debtors in possession, filed an Amended Joint Chapter
11 Plan and a Disclosure Statement on March 23, 2020.

Subject to the terms of the Chapter 11 Plan Term Sheet annexed to
the Sale Order, the Landlord Group will, upon the Plan Effective
Date, have an Allowed Landlord Cure Claim in the amount of
$2,385,000, on account of the Landlord Group’s leases being
assigned to the Purchaser in connection with the Sale, that is
subordinated in right to payment to Allowed Secured, Administrative
Expense, and Priority Claims.  Holders of the Class 4 Landlord Cure
Claims will receive 85% of Net Available Cash after payment of
Classes 1 to 3 claims.

Class 5 General Unsecured Claims pool is principally comprised of
trade claims, tort claims, the Orchard Park lease rejection damages
Claim under Section 502(b)(6) of the Bankruptcy Code and unpaid
rent Claim, a promissory note executed in favor of the Debtors'
pharmacist Specialty RX Inc. and Specialty RX NY Inc., and claims
filed by Israel Sherman, Samuel Sherman, and Nahum Sherman.  The
Debtors projected allowed trade claims total not less than $13
million.  Approximately 20% of the Claims filed are tort claims,
and of those filed approximately 90% were filed by the same law
firm, Brown Chiari LLP.  Class 4 general unsecured creditors will
receive 15% of Net Available Cash after payment of Class 1
Prepetition Loan Claims, Class 2 Other Secured Claims, and Class 3
Priority Non-Tax Claims, and 100% thereafter.

The Healthcare Receivables are constantly being converted to cash
and applied to operating expenses, with new Healthcare Receivables
constantly being generated from the operation of the Debtors'
business.  As of the ASA Effective Date, the Debtors ceased
generating Healthcare Receivables for their own benefit.  As of the
ASA Effective date, the Debtors had over $19 million in Healthcare
Receivables.  The Debtors have advised that they project at least
two-thirds are collectible based on historic collection rates.

Pursuant to the Plan, cash available for distribution shall,
subject to the funding of the Wind Down Budget from the collection
of Healthcare Receivables, be paid to holders of Allowed Claims or
allocated to the Reserves in the following order or priority:
first, to the holders of the Allowed Prepetition Loan Claims on
account thereof; second, to the DIP Lender on account of the
Allowed DIP Loan Claim; third, to holders of Allowed Administrative
Expense Claims; fourth, to holders of Allowed Priority Non-Tax
Claims; fifth, to holders of Allowed Priority Tax Claims; and
sixth, to the Reserves.  Thereafter, all Net Available Cash shall
be paid to holders of Allowed Landlord Cure Claims and Allowed
General Unsecured Claims in accordance with the Plan.

A full-text copy of the Amended Disclosure Statement dated March
23, 2020, is available at https://tinyurl.com/t3c4wb3 from
PacerMonitor.com at no charge.

Attorneys for the Creditors' Committee:

     Avery Samet
     Jeffrey Chubak
     AMINI LLC
     131 West 35th Street, 12th Floor
     New York, New York 10001
     Tel: (212) 490-4700
     E-mail: asamet@aminillc.com
             jchubak@aminillc.com  

              About Absolut Facilities Management

Absolut Facilities Management, LLC, through its subsidiaries, owns
six skilled nursing facilities and one assisted living facility in
the state of New York.

Absolut Facilities Management, LLC and seven related entities each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-76260) on Sept. 10, 2019, listing between $1 million to $10
million in both assets and liabilities.

Loeb & Loeb LLP is the Debtors' counsel.  Prime Clerk LLC is the
claims and noticing agent.

The Office of the U.S. Trustee on Oct. 3, 2019, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 cases.  The Committee has retained Amini LLC as
counsel.


ACASTI PHARMA: Submits Meeting Request with the FDA
---------------------------------------------------
Acasti Pharma Inc. has filed its meeting request with the Food and
Drug Administration (FDA).  The meeting is intended to discuss
TRILOGY 1 data, and gain alignment with the FDA on the
interpretation of the results.  The Company will also seek the
FDA's input on Acasti's proposed revisions to the pre-specified
TRILOGY 2 statistical analysis plan (SAP), and explore and agree on
a plan for pooling the data from TRILOGY 1 and TRILOGY 2 in support
of an NDA filing.  Acasti remains blinded to the TRILOGY2 results,
and intends to update the statistical analysis plan (SAP) with
these revisions if the FDA agrees.  As previously noted, upon
submission of the meeting request, Acasti anticipates meeting with
the FDA in the second half of June.

Jan D'Alvise, president and CEO of Acasti Pharma, commented, "We
are pleased to have completed the TRILOGY 1 clinical site and
central lab audits as planned, including additional post-hoc
analyses, and to have submitted our meeting request to the FDA on
schedule.  We believe the FDA meeting will provide essential
guidance as we prepare to unblind and conduct the topline analysis
of the TRILOGY 2 data.  We look forward to meeting with the FDA and
providing further updates as they unfold."

                  Annual Stock Option Grants

Acasti also announced the annual grant of stock options to its
employees, executives and directors, and the amendment of its stock
option plan.  The stock options were granted by the Board of
Directors as part of the Company's annual performance review in
accordance with the Company's Long-Term Incentive Program (LTIP).
On March 31, 2020, an aggregate of 3,836,000 stock options were
granted to certain employees, executives and directors of the
Company under the Company's Stock Option Plan. Subject to the terms
and conditions of the Stock Option Plan, options granted to
directors will vest in equal monthly installments over a period of
12 months and options granted to executives and employees will vest
in equal quarterly installments over a period of 36 months.  Each
option will entitle the holder to purchase one common share of
Acasti at a price of CDN$0.53, until March 31, 2030.

Subject to the approvals of the TSX Venture Exchange and of
shareholders at the Company's next annual and special meeting, on
March 31, 2020, the Board of Directors amended the Stock Option
Plan in order to reduce the minimum vesting period applicable for
grants to directors from 18 months on a quarterly basis to 12
months on a monthly basis.

                      About Acasti Pharma

Acasti is a biopharmaceutical innovator advancing a potentially
best-in-class cardiovascular drug, CaPre (omega-3 phospholipid),
for the treatment of hypertriglyceridemia, a chronic condition
affecting an estimated one third of the U.S. population.  Since its
founding in 2008, Acasti has focused on addressing a critical
market need for an effective, safe and well-absorbing omega-3
therapeutic that can make a positive impact on the major blood
lipids associated with cardiovascular disease risk.  The Company is
developing CaPre in a Phase 3 clinical program in patients with
severe hypertriglyceridemia, a market that includes 3 to 4 million
patients in the U.S.  The addressable market may expand
significantly if omega-3s demonstrate long-term cardiovascular
benefits in on-going outcomes studies (REDUCE-IT and STRENGTH).
Acasti may need to conduct at least one additional clinical trial
to expand CaPre's indications to this segment.  Acasti's strategy
is to commercialize CaPre in the U.S. and the Company is pursuing
development and distribution partnerships to market CaPre in major
countries around the world.  For more information, visit
www.acastipharma.com.

KPMG LLP, in Montreal, Canada, the Company's auditor since 2009,
issued a "going concern" qualification in its report dated June 26,
2019, citing that the Company has incurred operating losses and
negative cash flows from operations since inception, and additional
funds will be needed in the future for activities necessary to
prepare for commercial launch.  These events or conditions, along
with other matters, indicate that a material uncertainty exists
that casts substantial doubt on the Company's ability to continue
as a going concern.


ACCO BRANDS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating of
ACCO Brands Corporation at 'BB'. The Rating Outlook is Stable.

ACCO's ratings reflect the company's consistent FCF and reasonable
gross leverage around 3x gross debt to EBITDA. The ratings are
constrained by secular challenges in the office products industry
and channel shifts within the company's customer mix, as well as
the risk of further debt-financed acquisitions into faster-growing
geographies and product categories. The company has taken actions
over the last few years to manage costs given pressures on U.S.
organic growth and has executed well on diversifying its customer
base toward higher growth channels, as well as international
markets. Given the near-term coronavirus pandemic and expectations
of a medium-term economic downturn, Fitch expects EBITDA to decline
to the $200 million-$250 million range in 2020, down from $290
million in 2019, absent further acquisitions and a prolonged and/or
deeper period of major business disruption from the coronavirus
pandemic. Despite near-term pressures, Fitch expects FCF after
dividends of at least $75 million annually.

KEY RATING DRIVERS

Limited Organic Industry Growth: The office products industry is
experiencing a slow secular decline in mature markets due to a
shift toward digital technologies, partially offset by growth in
emerging markets. Growth in private label penetration has further
pressured sales of branded products in many categories.

In addition, ACCO is managing a continued shift in channel revenue
away from traditional office product retailers, such as office
super stores (OSS), e.g., Staples and Office Depot, and traditional
office supply wholesalers. Growth of sales to discounters (e.g.,
Walmart and Target in the U.S.), e-retailers, and the independent
channel has required ACCO to optimize channel management to
maintain share. Within the stationery and office products industry,
ACCO is also subject to competition from retailers and e-commerce
companies that import products directly from foreign sources and
resell under their own private brands, typically at lower price
points.

While ACCO benefits from its market-leading position, the company
has not been immune to secular industry pressures. ACCO's U.S.
revenue (43.0% of net revenue in 2019) declined 1.6% on five-year
CAGR basis from 2014-2019. Fitch expects this trend to continue
going forward, irrespective of near-term trends around the
coronavirus pandemic.

As a result of international acquisitions, ACCO's percentage of
total revenue derived from outside the U.S. increased to 57% in
2019 compared with 40% in 2015. ACCO's top 10 customers accounted
for 42% of total revenue in 2019 compared with 56% in 2016, with
the merged Staples (office supply superstore retailer) and
Essendant (office products distributor) entity in the U.S.
accounting for approximately 10% of the consolidated total. Fitch
expects this relationship to decrease in relative importance going
forward as ACCO focuses on serving higher-margin independent
retailers (which tend to focus on ACCO's more premium products) as
well as the faster-growing mass and online retailers.

North America Profitability Pressures: In 2019, North American
operations (the U.S. and Canada) contributed 49.0% of ACCO's
operating profit before corporate expense, with segment margins of
13.5% above the corporate average of 12.2% (before unallocated
corporate expense). Sales and operating profit in ACCO's core North
American business declined at compound average annual rates of 1.5%
and 3.6%, respectively, over the 2015-2019 period. ACCO was able to
take price in advance of tariff implementation in 2019, while
moving production of paper supplies to Vietnam from China, avoiding
tariffs and helping to drive 110 bps of segment operating margin
improvement in 2019.

Acquisitions Drive Growth and Diversification: ACCO intends to
strengthen its leadership position in the industry, which is
consolidating due to strong competition and declining organic
growth prospects. Fitch expects the company to focus on accretive
acquisitions to increase exposure to higher growth markets and
diversify its business with respect to customers and geographic
regions served. Demand for school supplies continues to grow
worldwide, with a shift to premium offerings that has allowed ACCO
to gain share.

The company has offset declines in its core businesses through
periodic strategic acquisitions to broaden its geographic reach. In
August 2019, ACCO acquired Foroni, a Brazilian manufacturer and
marketer of notebooks and other paper products for schools and
offices, for $42 million plus the assumption of $8 million of debt.
In July 2018, ACCO purchased GOBA, a producer of school and craft
products sold under the Barrilito brand in Mexico, for $37 million.
These transactions were financed with cash on hand. In February
2017, ACCO acquired Esselte, a predominantly European-focused
seller of office machines and organizational products, for $333
million. Annual cost savings from this acquisition exceeded $30
million and this business line contributed $50 million of
incremental FCF (of the consolidated total of $147 million) in
2019. In May 2016, ACCO closed the acquisition of the remaining 50%
of Pelikan Artline Pty Limited, its joint venture company serving
the Australian and New Zealand markets, as well as a buyout of a
minority interest in a subsidiary of the joint venture. Prior to
the closing of the transaction, the business operated independently
from ACCO's existing Australian business. The cash purchase price
was $103.8 million. The acquisitions contributed to ACCO's revenue
growth, margin expansion due to greater scale and improved
geographic and customer diversity.

While ACCO's acquisitions in Europe, Latin America, and Australia
have reduced North America's relative importance, these regions
operate with lower margins. On a consolidated basis, Fitch
therefore expects continued secular pressure on corporate operating
margins from a mix shift to less profitable regional businesses in
the EMEA and International segments.

Overall, ACCO has maintained EBITDA in the $250 million-$300
million range over the past two years, as acquisitions have offset
declines in the company's base business.

Strong Expense Management: ACCO maintains a tight focus on its cost
structure, which has enabled the company to improve profitability
in a difficult operating environment experiencing limited organic
growth, particularly in mature markets. In the U.S., the company
continues to reallocate sales efforts to higher-margin independent
retailers (who tend to sell higher price-point, higher-margin
products but have a higher cost to serve as well) away from the
declining, lower-margin office superstore channel. The company
exited unprofitable businesses in China and substantially completed
its restructuring program in 2019. Lastly, the company decreased
management incentive compensation to approximately $11 million-$12
million in 2018 (a $19.8 million reduction); incentive compensation
rose in 2019 on better financial results last year.

Disruption from Coronavirus: Fitch expects a significant decline in
demand for office supplies for in 2020 due to office closures,
partially offset by consumer purchases of consumable and
semi-durable office supplies. Over the rating case horizon, Fitch
notes that ACCO's leverage, as measured by total debt to EBITDA, is
expected to remain in or below mid-3x, within rating sensitivities
at less than 4x. ACCO manages to 2.5x net debt to EBITDA and has
historically applied a meaningful portion of FCF after dividends,
which Fitch projects at $75 million to $125 million annually,
toward debt reduction.

DERIVATION SUMMARY

ACCO is the only pure-play, public office supply company in Fitch's
coverage universe. ACCO's IDR of 'BB' reflects the company's
leverage around 3.0x gross debt to EBITDA. The ratings are
constrained by secular challenges in the office products industry
in North America, Europe, and Australia. The company has taken
steps over the last few years to manage costs given pressures on
U.S. organic growth and has executed well on diversifying its
customer base toward higher growth, higher-margin channels in North
America as well as acquisitions in international markets. This has
led to EBITDA in the $250 million-$300 million range and FCF
generation of $100 million-$150 million annually over the 2016-2019
period.

Hasbro's 'BBB-' ratings reflect the company's elevated leverage
profile following the acquisition of Entertainment One Ltd. (eOne)
for $4 billion plus transaction expenses. At YE 2019, pro forma
gross debt/EBITDA was approximately 4.7x and is expected to trend
to the mid-3x range within 24 months post acquisition close on
synergy achievement. The Negative Outlook reflects concerns that
gross debt/EBITDA could be sustained above 3.5x; and therefore,
ratings could be stabilized with greater confidence that a
combination of good organic growth, synergy achievement and debt
reduction could yield gross debt/EBITDA below 3.5x, as appropriate
for the 'BBB-' rating.

Spectrum's 'BB' IDR reflects the company's diversified portfolio
across products and categories, strong brand portfolio, financial
discipline as evidenced by its public commitment to maintain net
leverage (net debt/EBITDA) at or below 3.5x over the long term,
expectations for stable to low-single-digit organic revenue growth,
solid profitability with EBITDA margin of approximately 15% pro
forma for the divestitures of the Global Batteries and Global
Autocare divisions and historically consistent FCF. These positive
factors are offset by strong competition, profit margin pressures
across three of its four core segments, the company's acquisitive
nature historically and potentially greater overall business
cyclicality due to the increased contribution of Hardware and Home
Improvement to total company EBITDA post divestitures.

Mattel's 'B-' IDR reflects execution risk in stabilizing revenue
and growing EBITDA from depressed levels. Mattel continues to face
revenue pressures at Fisher-Price, Thomas and Friends and American
Girl, which collectively generated approximately $1.4 billion or
around 30% of total gross revenue in 2019. EBITDA in 2019 was
approximately $450 million, up materially from 2017-2018 but around
half of the $900 million range reported as recently as 2015-2016.
FCF turned materially negative in 2016 and continued EBITDA
declines led gross leverage (debt/EBITDA) to peak around 11x in
2017-2018. The Positive Outlook reflects increasing confidence that
Mattel's cost reduction program and sales initiatives could yield
stabilizing topline results and EBITDA improving above $500
million, at which point Mattel could generate sustainably positive
FCF as cash restructuring expenses subside.

KEY ASSUMPTIONS

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

  -- Revenues decline 10% in 2020 (2Q20 -24%) due to the
coronavirus pandemic and Fitch's assumptions around a related
economic downturn, recover2%-3% in 2021, then resume their prior
trend of flat to down 1%, absent any acquisitions.

  -- EBITDA margin declines to approximately 12.8% in 2020 from
14.9% in 2019, then remains stable thereafter, with the negative
effect of revenue declines and negative country mix on margin
roughly balanced by continued expense management. EBITDA could
therefore trend around $225 million beginning 2020, compared with
nearly $300 million in 2019.

  -- FCF after dividends of $75 million-$125 million could be used
for share repurchase and debt reduction.

  -- Leverage, as measured by gross debt to EBITDA, rises to the
mid-3x range in 2020 on the coronavirus pandemic, then trends
towards the low 3x range over time, assuming some debt reduction.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:
  
  -- An upgrade beyond 'BB' is possible if the company makes
favorable acquisitions that change its business mix towards less
cyclical or higher growth prospects while maintaining total
debt/EBITDA below 3x. However, an upgrade is not anticipated in the
near term given existing business model and industry issues.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Sustained gross leverage at or above 4x, generating annual FCF
of less than $25 million, or a large debt-financed acquisition
without a concrete plan to reduce leverage to 4x in a 24-month time
frame could lead to a negative rating action.

  -- An acceleration of revenue declines in North America.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity is ample, and is supported by the
company's consistent FCF generation, though seasonally skewed to
the second half of the year. As of Dec. 31, 2019, ACCO had $28.0
million of cash on hand and $566.6 million of revolver
availability, net of $11.2 million outstanding letters of credit
and $22.2 million of revolver borrowings.

On May 23, 2019, ACCO entered into a second amendment to its credit
agreement, which increased revolver commitments by $100 million to
$600 million to allow greater availability for acquisitions, stock
repurchases and redemption of higher yielding unsecured debt. The
facility also includes a new $100 million term loan. These
facilities mature on May 23, 2024.

ACCO had $810.4 million of debt outstanding on the balance sheet as
of Dec. 31, 2019, consisting of a $275.9 million Euro Senior
Secured Term Loan A, $97.5 million outstanding on the USD Senior
Secured Term Loan A, $41.6 million under Australian Dollar Senior
Secured Term Loan A and $22.2 million of revolver borrowings (all
of which mature in May 2024), and $375 million of unsecured notes
due in December of 2024.

Financial covenants include maintenance of funded indebtedness (net
of cash) to EBITDA less than 3.75x (increasing to 4.25x for up to
three quarters following an acquisition) and interest coverage
(EBITDA divided by interest expense) greater than 3.0x.

Debt maturities are manageable at less than $35 million of annual
amortization over the 2020 through 2023 period based on YE 2019
outstanding debt. ACCO manages to 2.5x net debt to EBITDA and has
historically applied a portion of FCF toward debt reduction, which
Fitch expects will continue.

The company initiated its first quarterly dividend of $0.06 per
share in 1Q18 and currently pays $0.065 quarterly ($0.26 on an
annual basis) or $25 million per year. Historically, the company
has repurchased approximately $75 million of shares annually.
Cessation of both of these activities (e.g., in a period of
financial distress) would result in $100 million of incremental
FCF.

Recovery Considerations

Fitch has assigned Recovery Ratings (RRs) to the various debt
tranches in accordance with Fitch criteria, which allows for the
assignment of RRs for issuers with IDRs in the 'BB' category. Given
the distance to default, RRs in the 'BB' category are not computed
by bespoke analysis. Instead, they serve as a label to reflect an
estimate of the risk of these instruments relative to other
instruments in the entity's capital structure. Fitch rates ACCO's
first-lien secured debt one notch above the IDR, reflecting
outstanding recovery prospects (91%-100%) given default (RR1).
Unsecured debt will typically achieve average recovery, and thus
was assigned an 'RR4', or 31%-50% recovery.

SUMMARY OF FINANCIAL ADJUSTMENTS

Stock-based compensation, transaction expenses and integration
expenses.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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).  


ALTA MESA: Delays Filing of Plan Until Consummation of Asset Sale
-----------------------------------------------------------------
Alta Mesa Resources, Inc. asked the U.S. Bankruptcy Court for the
Southern District of Texas to extend the periods during which the
company and its affiliates have the exclusive right to file a
Chapter 11 plan and to solicit acceptances for the plan to July 7
and Sept. 3, respectively.

Since the petition date, the companies have made significant
progress toward the consummation of the sale of their assets and
the orderly wind-down of their estates.  After the conclusion of
the mediation on March 3, the companies believed they would be in a
position to consummate the sale and file a plan of liquidation
within a matter of weeks.  Unfortunately, the sale has still not
closed due to the buyer's alleged breaches of the sale agreements.
Consequently, the companies have now shifted their efforts to a
dual track strategy in which they are both pursuing their rights
and remedies against the buyer while simultaneously working with
their secured lenders and other key constituents to explore
alternative transactions.

The companies also continue to discuss the potential liquidating
plan with their stakeholders in the hope that they will be able to
file such plan immediately once the sale to the buyer or another
transaction is consummated.  The companies said they should be
afforded an opportunity to continue these efforts without the
threat of competing plans being filed in their Chapter 11 cases.

                     About Alta Mesa Resources

Alta Mesa Resources, Inc. is an independent energy company focused
on the development and acquisition of unconventional oil and
natural gas reserves in the Anadarko Basin in Oklahoma, and through
Kingfisher Midstream, LLC, provides best-in-class midstream energy
services, including crude oil and gas gathering, processing and
marketing and produced water disposal to producers in the STACK
play.

Alta Mesa reported $1.4 billion in assets and $864 million in
liabilities as of Dec. 31, 2018.

Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as
attorneys; and Perella Weinberg Partners LP and its affiliate Tudor
Pickering Holt & Co Advisors LP as investment banker.  Prime Clerk
LLC is the claims agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Sept. 27, 2019.  The committee tapped Brown Rudnick
LLP and Snow Spence Green LLP as its legal counsel, and Conway
McKenzie as its financial advisor.


ALTA MESA: Kodiak Asks to Clarify/Modify All Assets Sale Order
--------------------------------------------------------------
Kodiak Gas Services, LLC, creditor of Alta Mesa Resources, Inc. and
affiliates, asks the U.S. Bankruptcy Court for the Southern
District of Texas to clarify and/or modify the Sale Order
authorizing Kingfisher Midstream, LLC and its subsidiaries to sell
substantially all assets to BCE-Mach III, LLC for 85.25 million,
cash, subject to certain purchase price adjustments, to reflect
that: (1) Kodiak's executory contracts will be deemed rejected as
of the date of closing, if not expressly assumed and assigned to
BCE; and, (2) the Debtors will provide notice to Kodiak of their
intent to close the transactions at least five business days prior
to such date of closing.   

On Sept. 16, 2019, the Debtors filed their Sale Motion.  On Oct.
11, 2019, the Court entered its Bidding Procedures Order, which was
subsequently amended on Dec. 10, 2019 and then again on Dec. 19,
2020.  The Bidding Procedures, Order, among other things,
established procedures for the assumption and assignment of certain
executory contracts and unexpired leases that the Debtors would
likely ask to assume and assign to a purchaser in connection with a
sale and the determination of related cure costs.

Pursuant to the Bidding Procedures Order, on Nov. 8, 2019 the
Debtors filed their Initial Assumption Notice.  All of Kodiak's
contracts are listed thereon, with an associated cure cost of
$405,339. Notably, this figure is incorrect.  The counsel for
Kodiak raised this issue with the Debtors' counsel, and after
reviewing their records, the Debtors agreed that the correct figure
was $415,004 and would be reflected as such going forward.

On Jan. 15, 2020, pursuant to the Bidding Procedures Order, the
Debtors conducted the Auction with respect to the Assets.  The
following day, the Debtors filed a notice of Successful and Backup
Bidders with respect to the Auction, naming BCE as the Successful
Bidder.  On Jan. 20, 2020, the Debtors filed their Assumption
Schedule.  Kodiak's contracts were again listed as contracts to be
assumed and assigned; however, the cure cost was updated to reflect
the parties' agreement.  

The Court then held a three-day hearing on the Sale Motion
beginning Jan. 21, 2019.  Following the hearing the Court entered
the Sale Order.  Per the terms of the Sale Order, the Debtors and
the buyer are free to close on the transaction at any time after
Feb. 12, 2020 at 10:00 a.m.

Kodiak is a creditor and party in interest and has provided gas
compression services to the Debtors both prior to and during these
bankruptcy proceedings.  It has a total of 171 gas compression
units spread over various well site locations of the Debtors and
continues to provide technical and mechanical support services at
these well sites, per the terms of the parties' executory
contracts.  In sum, the monthly total for Kodiak’s services is
$1,157,250, or, said differently, a little over $38,000/day.  In
addition to these monthly service payments, the Debtors are also
contractually obligated for the costs associated with
decommissioning and retrieving the Compressors, if and when these
contracts are rejected.   

Although at all times prior to the Sale Hearing Kodiak was led to
believe that its executory contracts were going to be assumed and
assigned to BCE, on Feb. 4, 2020, a representative from BCE
indicated to Kodiak that BCE would be rejecting their contracts
across the board.  In follow up correspondence with counsel for
both BCE and the Debtors since that time, their respective
positions as to whether Kodiak's contracts will be assumed or
rejected has oscillated.  As of the writing of the Motion, the
Debtors and BCE have both indicated that BCE will not be accepting
assignment of Kodiak's contracts at closing.   

The Purchase and Sale Agreement, incorporated into the Sale Order,
gives BCE up until the date of closing to decide which contracts
are to be assumed and assigned, without providing any time-specific
advance notice to the counterparties to those contracts (of the
assumption/rejection of the contracts or the closing date itself).
The Sale Order only requires that the Debtors to provide
"sufficient notice" to the counterparties as to whether their
contracts are to be assumed or rejected.  Further, although a
reasonable reading of the PSA would suggest that any executory
contracts not otherwise assumed and assigned at closing are deemed
rejected, it is not clear.  It is also unclear as to what date the
contract(s) would be deemed rejected.

Pursuant to sections 105(a) and 365 of the Bankruptcy Code, Kodiak
respectfully asks that the Court enters an order, clarifying and/or
modifying the Sale Order to reflect that: (1) Kodiak's executory
contracts will be deemed rejected as of the date of closing, if not
expressly assumed and assigned to BCE; and, (2) the Debtors' will
provide notice to Kodiak of their intent to close the transactions
at least five business days prior to such date of closing.   

                    About Alta Mesa Resources

Alta Mesa Resources, Inc., is an independent energy company focused
on the development and acquisition of unconventional oil and
natural gas reserves in the Anadarko Basin in Oklahoma, and through
Kingfisher Midstream, LLC, provides best-in-class midstream energy
services, including crude oil and gas gathering, processing and
marketing and produced water disposal to producers in the STACK
play.

Alta Mesa reported $1.4 billion in assets and $864 million in
liabilities as of Dec. 31, 2018.

Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as
attorneys; and Perella Weinberg Partners LP and its affiliate Tudor
Pickering Holt & Co Advisors LP as investment banker.  Prime Clerk
LLC is the claims agent.


ALTAGAS LTD: Fitch Affirms BB+ Rating on Preferred Stock
--------------------------------------------------------
Fitch Ratings has affirmed AltaGas Ltd.'s and wholly owned
subsidiary WGL Holdings, Inc.'s Long- and Short-Term Issuer Default
Ratings at 'BBB'/'F2' with a Stable Outlook. Fitch has also
affirmed the Long- and Short-Term IDRs of Washington Gas Light
Company at 'A-'/'F2' with a Stable Outlook. The ratings and
Outlooks consider uncertainty regarding the impact of the
coronavirus on AltaGas' midstream and U.S. gas utility business.
While future adverse rating actions due to the economic fallout
from the virus cannot be ruled out, Fitch believes AltaGas is
reasonably well-positioned to weather the economic effects of the
virus within its current rating category.

The ratings consider the completion of AltaGas' acquisition of WGLH
and subsequent business rationalization, strategic focus on core,
highly contracted or hedged Canadian midstream and U.S. gas utility
operations, debt reduction from assets sales of approximately CAD3
billion in 2019 and solid projected credit metrics. Fitch estimates
2020-2024 FFO-adjusted leverage ratios for AltaGas of 4.5x-5.1x and
3.9x-4.7x for WGL. WGLH's ratings are the same as AltaGas',
reflecting strong strategic and operational linkage.

KEY RATING DRIVERS

Key Rating Drivers for AltaGas and WGLH

Strategic U.S. Utility/Canadian Midstream Focus: AltaGas closed the
acquisition of WGLH in July 2018, meaningfully increasing the size
and scope of its U.S. natural gas distribution business. As a
result of the acquisition and subsequent growth, AltaGas increased
the number of customers served to 1.7 million in 2019 across five
jurisdictions, from 448,000 in Michigan and Alaska at YE 2018.
Since taking the helm at the company, President and CEO Randall
Crawford has articulated and implemented a strategy focused on
measured expansion of its U.S. gas utility and Canadian midstream
business in the Montney shale, while divesting noncore midstream,
power and utility assets.

Asset Rationalization/Deleveraging Completed: AltaGas announced the
sale of its 30% ownership interest in the Stonewall Gas Gathering
System to a subsidiary of DTE Energy Company (BBB+/Rating Watch
Negative) for USD280 million and U.S. distributed generation assets
(322-MW) to TerraForm Power, Inc. for USD735 million. Sale of the
Stonewall Gas Gathering System closed May 31, 2019 and the
distributed generation asset sale closed in 3Q19, providing in
total CAD1.3 billion of proceeds to AltaGas. Total 2019 asset sale
proceeds approximated CAD2.2 billion, exceeding the company's
targeted asset divestiture range of CAD1.5 billion-CAD2.0 billion
and were used to reduce debt by approximately CAD3.0 billion in
2019.

The 2019 asset rationalization and divestitures follow CAD3.8
billion of announced or completed divestitures in 2018, and a
meaningful reduction in AltaGas' common dividend.
Post-restructuring, Fitch expects AltaGas management to implement a
more focused, strategic approach to capex.

Solid Projected Credit Metrics: Incorporating its assumptions
regarding the strategic positioning of AltaGas, Fitch
conservatively estimates 2020-2024 FFO-adjusted leverage at AltaGas
of 4.5x5.1x in its rating case. FFO-based leverage and AltaGas'
relatively high-quality, low risk stable of regulated gas
distribution utilities and highly contracted and hedged, strongly
positioned midstream assets in Western Canada support the 'BBB' IDR
and Stable Outlook.

Low Risk Business Profile: Fitch expects the majority of future
consolidated AltaGas EBITDA to be contributed by its U.S. gas
utilities, with the vast majority of the remainder coming from its
Canadian midstream operation. AltaGas' utility operations are
expected to represent approximately 55% of normalized 2020 EBITDA
and its midstream business approximately 40%. The remaining
contribution to AltaGas' 2020 EBITDA is expected from its Power
segment.

AltaGas' diversified group of relatively low-risk U.S. gas
distribution utilities serve 1.7 million customers in five states
with generally credit-supportive economic regulation, customer
growth of approximately 1% and significant potential rate base
growth driven by infrastructure investment. The company's midstream
operations are highly contracted or hedged, integrated assets that
provide value to customers across the energy value chain in the
prolific Montney shale play.

Propane Export Terminal Completed: The Ridley Island Propane Export
Terminal (RIPET), Canada's first marine propane export facility,
was completed and placed into service in 2Q19. RIPET's first
shipment to Asia departed the facility in May and two more followed
in June. RIPET is able to ship propane to Japan in 10 days,
compared with 25 days for propane shipped from alternative U.S.
locations, while providing enhanced netbacks to producers. Fitch
expects RIPET to ramp up volumes from 40,000 barrels per day
(bbl/d) run rate in 2019 to 50,000 bbl/d around YE 2020. The export
facility is expected to be a catalyst for further growth across
AltaGas' Montney midstream business.

AltaGas is exposed to price differentials between North American
Indices and the Far East Index (FEI) for RIPET capacity that is not
under tolling arrangements and expects to negotiate tolling
agreements for the majority of the plant's output. Recently,
approximately 85% of expected 2020 RIPET volumes were hedged,
including tolling arrangements and 22,300 bbls/d hedged at
USD11/bbl FEI-Mt. Belvieu.

Selective Midstream Expansion: AltaGas' strongly positioned
midstream asset base in western Canada provides value to customers
across the energy value chain. In addition to RIPET, AltaGas
completed the 50 million cubic feet per day (mmcf/d) net Nig Creek
Gas Plant in 3Q19. In 1Q20, AltaGas completed construction of the
198 mmcf/d Townsend 2B Expansion Project, and the 10,000 bbls/d
North Pine Expansion Project and, the Northeast B.C. Pipeline
Projects were completed and placed into commercial operation. These
projects are expected to attract additional natural gas liquids to
AltaGas' integrated system, increase utilization of AltaGas'
existing liquids pipelines and provide additional propane for
RIPET.

In addition, AltaGas is expanding its ownership interest in
Petrogas Energy Corporation. A 50/50 joint venture formed by
AltaGas and Idemitsu Kosan Co., Ltd. currently owns two-thirds of
Petrogas and is in negotiations to bring the ownership interest to
100%. Petrogas, among other things, operates the Ferndale export
terminal, which ships liquid petroleum gas to Asian markets.

Constructive Utility Price Regulation: Fitch believes price
regulation across AltaGas' combined local gas distribution service
territories in the U.S. is generally constructive from a credit
perspective, providing its local gas distribution utilities with a
reasonable opportunity to earn their authorized returns on equity.
Michigan and Virginia have adopted forward-looking test years and
other credit-supportive regulatory practices.

While Maryland has been a somewhat challenging jurisdiction
historically, Fitch believes significant changes in the composition
of the state utility commission and approval of WGL's 2019 base
rate case settlement bode well for a more balanced regulatory
environment from a credit perspective. In Fitch's opinion, rate
regulation in the District of Columbia and Alaska tend to be
somewhat more challenging. More favorably, cost-recovery mechanisms
are in place for pipe replacement programs in Michigan, Virginia,
Maryland and the District of Columbia. Infrastructure replacement
capex designed to enhance system safety and reliability is
uncontroversial and a key driver of pro forma AltaGas' utility
capex program.

While not currently anticipated, any meaningful deterioration in
jurisdictional price regulation could trigger credit rating
downgrades.

Michigan Rate Case Decision: AltaGas' indirect utility operating
subsidiary SEMCO Gas filed a request with the Michigan Public
Service Commission (PSC) for a base rate increase of USD38 million
annually, based on a forecast 2020 test year. The request includes
recovery of SEMCO Gas' investment in the Marquette Connector
Pipeline, which was completed in November 2019, and higher
operating costs since its last base rate case in 2010.

In December 2019, the PSC approved a settlement agreement reached
by SEMCO Gas with intervenors and PSC staff in November 2019. The
PSC-approved settlement authorizes a USD19.9 million rate increase
based on a 9.87% allowed ROE and resolves tax benefit issues
associated with the Tax Cut and Jobs Act of 2017. Fitch believes
PSC approval of the settlement is a constructive development from a
credit perspective. Under the terms of the settlement, SEMCO Gas
agrees not to seek to increase general rates before Jan. 1, 2023.

Focused Capex: Fitch expects AltaGas' future capex will primarily
focus on its core utility and midstream segments. Capex in 2020 is
expected to approximate CAD900 million, 30% lower than 2019's
CAD1.3 billion. The utility segment is expected to account for 75%-
80% of total capex in 2020 and the midstream segment 15%-20%, with
the Power segment accounting for any remainder. Among other things,
the sharp yoy decline in capex reflects completion of RIPET and the
Nig Creek gas plant in 2019.

Utility spend is primarily driven by pipeline replacement programs
in Virginia, Maryland, the District of Columbia and Michigan,
system betterment and customer growth. In the midstream segment,
2020 capex is expected to be driven by several projects, including
the Townsend and North Pine expansion projects, the B.C. Northeast
pipelines projects and the Mountain Valley Pipeline.

Rating Linkages: AltaGas and WGLH's ratings are equalized in
accordance with Fitch criteria, reflecting close strategic,
operational and legal linkages. Prior to the completion of its
acquisition of WGLH, AltaGas generally funded its operating
subsidiaries, with the exception of SEMCO, at the corporate parent
and Fitch does not anticipate WGLH will access long-term debt
capital markets directly. Fitch expects maturing WGLH debt will be
refinanced at the AltaGas parent level as it matures.

Due to strong ring fence provisions adopted at WGL as a condition
of merger approval, Fitch rates the utility on a standalone basis,
consistent with the agency's parent-subsidiary criteria. The
ring-fence provisions are designed to preserve and protect WGL's
standalone credit profile and WGL is expected to continue to
directly access debt capital markets.

Key Rating Drivers for Washington Gas Light Company

Stable Cash Flow: WGL's ratings reflect its relatively predictable
earnings and cash flows and solid credit metrics, supported by
constructive rate design across its jurisdictional service
territory (Washington, D.C., Virginia and Maryland). WGL benefits
from purchased gas cost recovery, revenue decoupling and
infrastructure cost-recovery mechanisms that help stabilize the
utility's earnings and cash flows. In Maryland, a full revenue
decoupling mechanism eliminates sales volume volatility due to
weather and customer conservation. Similarly, in Virginia, a
decoupling and weather normalization mechanism allows WGL to
recover costs related to customer conservation, energy efficiency
and extreme weather.

Regulatory Overview: Fitch expects WGL's rate regulation to remain
relatively balanced across its jurisdictional service territory.
The regulatory framework in Virginia allows the use of fully
forecast test years and authorized ROEs that are generally at or
modestly above industry averages. In contrast, Washington, D.C.
regulators rely on historic test years in base rate cases and
authorized ROEs tend to be below industry averages.

While regulation in Maryland has been somewhat challenging
historically, in Fitch's view, rate case decisions in Maryland have
been more constructive in recent years and the state is considering
alternative ratemaking methodologies. WGL's large capex program
underscores the continuing importance of balanced rate regulation.
Meaningful, unanticipated deterioration in WGL's jurisdictional
rate regulation could result in future adverse rating actions.

D.C. Rate Case Filed: In January 2020, WGL filed a rate case with
the Public Service Commission of the District of Columbia (DCPSC)
requesting a USD35.2 million (14.7%) rate increase based on 10.4%
ROE. The filing includes USD9.2 million being collected through
WGL's PROJECTpipes surcharge. PROJECTpipes is an accelerated
pipe-replacement program that provides a mechanism for recovery of
eligible infrastructure replacement cost in the District of
Columbia. Fitch expects a final decision in the rate proceeding
around YE 2020.

Maryland Regulatory Update: In a constructive development from a
credit perspective, the Maryland Public Service Commission issued a
final order adopting a proposed settlement agreement in October
2019. The settlement agreement was filed with the commission in
August 2019 by WGL and key intervenors, including the Office of
People's Council and the PSC's technical staff. The
commission-approved settlement increases base rates USD27 million
and transfer amounts from WGL's Strategic Infrastructure and
Development Enhancement plan, or STRIDE, surcharge to base rates.
New rates authorized under the settlement were effective Oct. 15,
2019 and based on a 9.7% authorized ROE and a 53.5% equity ratio.
WGL filed the base rate case with the commission on April 23, 2019,
requesting a USD35.9 million rate increase based on 10.4%
authorized ROE.

In WGL's previous base rate, the PSC authorized a USD28.6 million
(5.6%) base rate increase in December 2018, representing
approximately 50% of the utility's requested USD56.8 million (11%)
rate increase.

Virginia Regulatory Update: In December 2019, the Commonwealth of
Virginia State Corporation Commission (SCC) approved a base rate
increase of USD13.2 million, representing just 35% of WGL's
original base rate increase request of USD37.6 million (7.8%). The
rate increase reflects transfer of USD101.9 million of Steps to
Advance Virginia's Energy Plan (SAVE) investment and from the SAVE
rider with no incremental increase in rates. The final order
resolves all Tax Cuts and Jobs Act of 2017 issues, amortizing
unprotected excess deferred income tax over eight years. The rate
increase is based on a 9.2% authorized ROE and a 53.5% equity
ratio. Fitch believes the final SCC order is a modestly negative
development from a credit perspective.

DERIVATION SUMMARY

AltaGas Ltd., with total assets of approximately CAD20 billion at
YE 2019, is smaller than diversified peers CenterPoint Energy, Inc.
(CNP: BBB/Negative), Dominion Energy, Inc. (DEI: BBB+/Stable) and
TC Energy Corp., -formerly known as TransCanada, (IDR:
A-/Negative), which have total assets of CAD47 billion, CAD138
billion (both based on an exchange rate of 1.3305 per U.S. dollar,
and CAD99 billion, respectively. CNP, DEI and TC Energy are large,
diversified energy companies with significant, regulated and
unregulated operations, including large midstream operations. While
smaller in size, AltaGas has a diversified assets base comprised
primarily of U.S. utility and Canadian midstream operations. Like
CNP and Dominion, AltaGas' operations include significant, low
risk, gas utility operations. Both CNP and AltaGas' utility
operations are well diversified, serving parts of six and five
states in the U.S. AltaGas', through WGL, serves affluent
populations in parts of Virginia, Maryland and D.C. with
prospective customer growth estimated at 1 percent per year. CNP
and DEI, unlike AltaGas, also have meaningful electric utility
operations. Fitch estimates FFO-adjusted leverage for AltaGas of
approximately 5.0x or better in 2020, which compares to
FFO-adjusted leverage estimates of 4.7x for DEI in 2020 and 5.3x
for CNP.

TC Energy's diverse operating base encompasses a wide-range of
regulated and highly contracted unregulated assets that span the
energy value chain across North America, including Mexico. Fitch
believes AltaGas' competitive profile in the midstream is weaker
than TC Energy's. However, in Fitch's view, AltaGas has carved out
a reasonably competitive, highly contracted, integrated business in
Western Canada's Montney shale formation that includes gathering,
processing, extraction, fractionation and transportation of natural
gas and natural gas liquids and highly competitive export
capabilities to Asian markets.

KEY ASSUMPTIONS

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

  - Continuation of reasonable economic regulation across AltaGas'
jurisdictional service territory;

  - Compound annual customer growth of 1% at AltaGas' U.S. gas
utility segment on average;

  - RIPET achieves a 50,000 bbl/d annual run rate around YE 2020;

  - Mountain Valley Pipeline Project is completed by the end of
2020;

  - WGL sales decline of 1% due to the impact of the coronavirus.

RATING SENSITIVITIES

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

For AltaGas and WGLH

  - Continuation of credit-supportive regulatory trends and better
than expected final decisions at AltaGas' and WGLH's U.S. utility
subsidiaries compared to Fitch's base rating case;

  - Stronger than expected performance at AltaGas' Canadian
midstream businesses;

  - Sustained FFO-adjusted leverage of 4.5x or better on a
consistent basis.

For WGLH

  - An upgrade at AtaGas would result in an upgrade at WGLH;

For WGL

  - Continued balanced economic regulation across its
jurisdictional service territory;

  - Better than expected outcomes in pending rate cases;

  - Sustained FFO-adjusted leverage of 3.5x or better.

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

For AltaGas and WGLH

  - Significant deterioration in regulatory environments across
AltaGas' jurisdictional service territory;

  - Greater than expected impact on utility and midstream
operations due to coronavirus effects;

  - Unexpected delay to capacity expansion targets at RIPET;

  - Material delays and cost overruns associated with the
construction of the Mountain Valley Pipeline project;

  - FFO-adjusted leverage above 5.5x on a sustained basis.

For WGLH

  - A downgrade of AltaGas would result in a downgrade at WGLH.

For WGL

  - Significant deterioration in WGL's currently balanced
jurisdictional service territory;

  - Greater than expected impact on utility sales and bad debt
expense from adverse economic effects of the coronavirus;

  - Sustained FFO-adjusted leverage of worse than 4.5x;

  - Unexpected catastrophic events that could result in prolonged
outages and/or large third-party liabilities.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

In Fitch's opinion, AltaGas Ltd.'s liquidity is adequate. AltaGas
has negotiated consolidated credit facilities with total borrowing
capacity of USD5.7 billion. As of Dec. 31, 2019, AltaGas had drawn
USD950 million and had remaining borrowing capacity of USD4.8
billion. AltaGas had cash and cash equivalents of USD57 million on
its balance sheet as of Dec. 31, 2019.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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).  

AltaGas Ltd.

  - LT IDR; BBB; Affirmed

  - ST IDR; F2; Affirmed

  - Senior unsecured LT; BBB; Affirmed

  - Preferred LT; BB+; Affirmed

WGL Holdings, Inc.

  - LT IDR; BBB; Affirmed

  - ST IDR; F2; Affirmed

  - Senior unsecured LT; BBB; Affirmed

  - Senior unsecured ST; F2; Affirmed

Washington Gas Light Company

  - LT IDR; A-; Affirmed

  - ST IDR; F2; Affirmed

  - Senior unsecured LT; A; Affirmed

  - Preferred LT; BBB+; Affirmed

  - Senior unsecured ST; F2; Affirmed


AMAGAZI LLC: Exclusive Plan Filing Period Extend Until April 27
---------------------------------------------------------------
Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern
District of Texas extended to April 27 the exclusivity period
during which Amagazi, LLC can file its Chapter 11 plan of
reorganization.

                         About Amagazi LLC

Amagazi LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Tex. Case No. 19-35476) on Sept. 30, 2019.  At
the time of the filing, the Debtor disclosed assets of between
$100,001 and $500,000 and liabilities of the same range.  The case
is assigned to Judge Jeffrey P. Norman.  The Debtor tapped the Law
Office of Margaret M. McClure as its legal counsel.

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


AMAZING ENERGY: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                             Case No.
     ------                                             --------
     Amazing Energy MS, LLC                             20-01243
     270 Trace Colony Park
     Suite B
     Ridgeland, MS 39157

     Amazing Energy Holdings, LLC                       20-01245
     5700 W. Plano Parkway, Ste. 3600
     Plano, TX 75093

     Amazing Energy, LLC                                20-01244
     5700 W. Plano Parkway, Ste. 3600
     Plano, TX 75093

Business Description: Amazing Energy -- https://amazingenergy.com
                      -- is an independent oil and gas exploration

                      and production company headquartered in
                      Plano, Texas.  The Company's primary
                      leasehold is in the Permian Basin of West
                      Texas.  The Company primarily engages in the
                      exploration, development, production and
                      acquisition of oil and natural gas
                      properties.

Chapter 11 Petition Date: April 6, 2020

Court: United States Bankruptcy Court
       Southern District of Mississippi

Judge: Hon. Neil P. Olack

Debtors' Counsel: David A. Wheeler, Esq.
                  WHEELER & WHEELER, PLLC
                  185 Main Street
                  Biloxi, MS 39530
                  Tel: 228-374-6720
                  E-mail: david@wheelerattys.com

                     - and -

                  Douglas S. Draper, Esq.
                  HELLER, DRAPER, PATRICK, HORN & MANTHEY, LLC
                  650 Poydras Street, Suite 2500
                  New Orleans, LA 70130
                  Tel: 504-299-3300
                  E-mail: ddraper@hellerdraper.com

Amazing Energy MS'
Estimated Assets: $1 million to $10 million

Amazing Energy MS'
Estimated Liabilities: $1 million to $10 million

Amazing Energy Holdings'
Estimated Assets: $1 million to $10 million

Amazing Energy Holdings'
Estimated Liabilities: $1 million to $10 million

Amazing Energy, LLC's
Estimated Assets: $10 million to $50 million

Amazing Energy, LLC's
Estimated Liabilities: $1 million to $10 million  

The petitions were signed by Willard G. McAndrew III, chief
executive officer.

The Debtors failed to include in the petitions lists of their 20
largest unsecured creditors at the time of the filings.

Copies of the petitions are available for free at PacerMonitor.com
at:

                     https://is.gd/E47usT
                     https://is.gd/epfQSn
                     https://is.gd/YJhHET


AMERICAN CENTER: Ben-Rafael Claimants Object to Disc. Statement
---------------------------------------------------------------
The Ben-Rafael Claimants filed an objection and reservation of
rights with respect to approval of the Disclosure Statement
Describing Chapter 11 Plan filed by Debtor American Center for
Civil Justice, Inc. (ACCJ).

The Ben-Rafael Claimants object to the Court's approval of the
Disclosure Statement because it fails to provide adequate
information sufficient to enable parties to make an informed
judgment on whether to vote to accept or reject the Plan.

The Ben-Rafael Claimants note that:

   * The underlying structure of the Plan is based upon the merger
of the ACCJ Debtor into the RLT Debtor. The Disclosure Statement
fails, however, to provide adequate information to allow
parties-in-interest to understand what this means or what its
effect will be.

   * If the proposed merger will result in the combining of both
the ACCJ Debtor and the RLT Debtor, the Disclosure Statement must
provide full financial disclosure for both entities, as well as a
description of the projected financial makeup of the company
post-merger.

   * If creditors of the RLT Debtor are being paid under the Plan,
the Plan and Disclosure Statement should explain when, by whom, in
what amount and from what source(s).  The Disclosure Statement also
should describe how the concept of claim allowance would work with
respect to claims against the RLT Debtor.

The Ben-Rafael Claimants suggest that approval of the Disclosure
Statement at this time is premature, given the uncertainty
resulting from the Debtors' failure to resolve the Joint Motion and
the pending RLT Motion to Dismiss.  The ultimate resolution of such
pending matters will necessarily impact the terms of the Plan and
how it is implemented, and those matters should be addressed to
provide additional information and clarity so parties-in-interest
can make an informed decision with respect to the Plan.

A full-text copy of Ben-Rafael Claimants' objection to disclosure
statement dated March 24, 2020, is available at
https://tinyurl.com/v3fk3sq from PacerMonitor at no charge.

Counsel for the Ben-Rafael Claimants:

         SAUL EWING ARNSTEIN & LEHR LLP
         Adam H. Isenberg, Esquire
         Aaron S. Applebaum, Esquire
         Centre Square West
         1500 Market Street, 38th Floor
         Philadelphia, PA 19102-2186
         Telephone: (215) 972-8662/8582
         E-mail: adam.isenberg@saul.com
                 aaron.applebaum@saul.com

           About American Center for Civil Justice

American Center for Civil Justice, Inc., is a tax-exempt
organization that provides legal services.  The organization
defends human and civil rights by advocating and aiding lawsuits by
victims of oppression, acts of violence and other injustices.

American Center for Civil Justice filed voluntary petitions for
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J.
Lead Case No. 18-15691) on March 23, 2018.  In the petition signed
by Elie Perr, president, the company was estimated to have $10
million to $50 million in assets and liabilities.  The Honorable
Christine M. Gravelle oversees the case.  Timothy P. Neumann, Esq.,
of Broege, Neumann, Fischer & Shaver LLC, is the Debtors' counsel.


AMG ADVANCED: Moody's Cuts CFR to B2 & Secured Loan Rating to B1
----------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
AMG Advanced Metallurgical Group N.V. to B2 from B1, the
probability of default rating to B2-PD from B1-PD and the ratings
of the senior secured revolving credit facility and the senior
secured term loan to B1 from Ba3. Moody's also affirmed the B3
senior unsecured rating of the $307 million Ohio Air Quality
Development Authority 30-year tax-exempt revenue bonds (State of
Ohio Exempt Facilities Revenue Bonds) which are guaranteed by AMG
Advanced Metallurgical Group N.V., the parent company of AMG
Vanadium LLC. The Speculative Grade Liquidity Rating remains SGL-2.
The ratings outlook is stable.

"The ratings downgrade reflects a material deterioration in AMG's
financial performance in 2019 and Moody's view that AMG's credit
metrics will remain weak over next 12-18 months due to the impact
of the coronavirus outbreak, high leverage and high capex
spending," said Botir Sharipov, Vice President and lead analyst for
AMG.

Downgrades:

Issuer: AMG Advanced Metallurgical Group N.V.

Corporate Family Rating, Downgraded to B2 from B1

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

Senior Secured Revolving Credit Facility, Downgraded to B1 (LGD3)
from Ba3 (LGD3)

Senior Secured Term Loan, Downgraded to B1 (LGD3) from Ba3 (LGD3)

Affirmations:

Issuer: Ohio Air Quality Development Authority

Senior Unsecured Revenue Bonds Affirmed B3 (LGD5)

Outlook Actions:

Issuer: AMG Advanced Metallurgical Group N.V.

Outlook, Remains Stable

RATINGS RATIONALE

AMG entered 2020 with a credit profile that was already weakened by
a precipitous decline in prices of ferrovanadium (FeV), spodumene,
tantalum, silicon metal and other critical materials it produces.
Moody's had expected that the combination of high capex, the
issuance of $307 million of tax-exempt bonds to fund the Cambridge
II project, negative free cash flow and lower commodity prices
would result in weakly positioned credit metrics during the current
growth phase. However, slower economic growth in 2019, trade
tensions and the excess global capacity for some of the metals have
led to lower than previously estimated revenues and earnings. For
example, a persistent decline in FeV price throughout 2019 had
manifested in a $88 million inventory write-down that contributed
to a sharp fall in AMG's EBITDA from $219 million in 2018 to $34
million in 2019 including the write-down, and the increase in
Moody's debt/EBITDA to about 28x. Adjusting for the write-down
would indicate the 2019 EBITDA of $122 million and the year-end
leverage of 7.8x, still notably higher than 6.5x Moody's expectsed
previously.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. Moody's has
recently revised the global real GDP forecasts downward for 2020
due to the rising economic costs of the coronavirus shock, now
expecting the global economy to contract by 0.5% in 2020, followed
by a pickup to 3.2% in 2021. AMG's high leverage and negative free
cash flow as well as the company's significant presence in regions
severely impacted by the coronavirus outbreak, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects
AMG's already weakened credit profile, the breadth and severity of
the economic shock and the expected deterioration in credit quality
the coronavirus outbreak has triggered.

Moody's believes that depressed metal prices, challenging steel
industry conditions in Europe and the US, the near-term uncertainty
surrounding Boeing 737 MAX situation notwithstanding a significant
order backlog at the company's AMG Technologies segment, and
overall, sharp contraction in global demand will lead to lower
y-o-y volumes, prices and revenues in 2020 and will negatively
impact AMG's profitability. These factors, high capex spending and
negative free cash flow will further weaken AMG's credit profile in
2020 before improving moderately in 2021 and more meaningfully in
2022 after the company completes the construction of the Cambridge
II project in the U.S. and the battery grade hydroxide plant in
Germany and returns to positive free cash flow generation. Moody's
expects the cost-saving initiatives and lower costs for some of the
raw materials to partially offset the expected decline in
profitability. Moody's expects AMG to generate about $100 million
in Moody's adjusted EBITDA in 2020. Adjusted leverage is expected
to be around 9.5x in 2020, before declining to below 7x in 2021.
Credit metrics are expected to return to levels appropriate for the
rating by 2022.

AMG's B2 corporate family rating is supported by its good
liquidity, good geographic and end market diversity and the
importance of its products in light weighting, energy efficiency
and carbon emissions reduction which should lead to relatively
steady customer demand over the long term. The company also has a
strong market position with only a few major competitors for most
of the critical materials it produces and sells those materials to
a number of blue-chip customers with whom it has established long
term relationships. The company is expected to benefit from the
recently restructured vanadium supply contracts intended to reduce
its exposure to the FeV price volatility and improve the
profitability, reaching an agreement with Glencore for the sale of
the FeV that effectively removes the market volume risk as well as
securing a large portion of the spent catalyst supply required for
Cambridge I and II plants.

The stable outlook reflects Moody's view that fiscal and monetary
policy measures being implemented by many countries will likely
support the global economic recovery in 2021 and will lead to the
AMG's EBITDA growth from 2021 onwards and result in improved credit
metrics that support its rating. The stable outlook also presumes
that free cash flow burn in 2020-2021 will be close to Moody's
expectations, that AMG will carefully manage its liquidity through
the likely economic downturn and that the company will not
experience any significant issues related to its growth projects.

AMG overall faces elevated environmental social and governance
risks given the nature of the company's operations which include
mining and high heat metallurgical processes and the location of
some of its mines and facilities in emerging markets such as China
and Brazil. The governance risk is also above average due to the
management's high tolerance for elevated leverage during the
current growth phase at the time of weakened macro environment.

AMG is expected to maintain good liquidity and will have no
meaningful debt maturities prior to the maturity date of the
revolver in 2023 and the term loan B in 2025. As of December 31,
2019, the company had $226 million in cash and cash equivalents,
$309 million in restricted cash for the Cambridge II project and
$170 million available under its $200 million revolver, which is
undrawn but has a reduced borrowing capacity due to the outstanding
debt at the Brazilian subsidiary. Moody's expects the revolving
facility to remain undrawn over the rating horizon. Moody's also
expects the company to have ample headroom under its 3.5x first
lien leverage covenant despite higher leverage.

The B1 rating of the senior secured revolving credit facility and
senior secured term loan B reflects their priority position in the
company's capital structure. The credit facilities are secured by a
first priority lien on substantially all of the assets of several
of the company's operating subsidiaries and a first priority lien
on 100% of the capital stock (limited to 65% of voting stock for
foreign subsidiaries) of each subsidiary borrower and each material
wholly-owned subsidiary. However, the security package excludes the
assets of a number of key foreign subsidiaries that account for
about 50-60% of the overall assets of the company. The B3 rating of
the tax-exempt unsecured bonds reflects a relatively high
proportion of secured debt and the bonds' effective subordination
to the secured debt. The bonds are issued by the Ohio Air Quality
Development Authority and guaranteed by AMG Advanced Metallurgical
Group N.V.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company is able to reduce and
sustain a leverage ratio below 5.0x, an interest coverage ratio
above 2.0x and return to free cash flow generation. However, AMG's
moderate scale and increased product concentration will limit its
upside ratings potential.

Negative rating pressure could develop if the company experiences
any significant issues related to its growth projects. Any material
operating disruptions, weaker than expected financial and operating
performance, or the pursuit of other debt financed growth projects
that result in further deterioration of debt protection metrics
would negatively impact the company's rating. Quantitatively, the
ratings could be downgraded if the leverage is expected to be
sustained above 6.0x or the interest coverage ratio sustained below
1.5x. A significant reduction in borrowing availability or
liquidity could also result in a downgrade.

AMG Advanced Metallurgical Group N.V., headquartered in Wayne,
Pennsylvania, produces engineered specialty metals and mineral
products through its AMG Critical Materials division. This segment
produces aluminum master alloys and powders, titanium alloys and
coatings, ferrovanadium, natural graphite, chromium metal,
antimony, tantalum, niobium and silicon metal. Its AMG Engineering
division designs and produces vacuum furnace equipment and systems
used to produce and upgrade specialty metals and alloys. The
company sells its products to the transportation, infrastructure,
energy, and specialty metals & chemicals end markets from
production facilities in Germany, the United Kingdom, France, Czech
Republic, United States, China, Mexico, Brazil and Sri Lanka. The
company produced revenues of $1.19 billion during the twelve months
ended December 31, 2019.


ANASTASIA INTERMEDIATE: Fitch Lowers LongTerm IDRs to 'CCC'
-----------------------------------------------------------
Fitch has downgraded Anastasia Intermediate Holdings, LLC and
Anastasia Parent, LLC's Long-Term Issuer Default Ratings to 'CCC'
from 'B'. Fitch also downgraded ABH's senior secured revolving
credit facility and senior secured Term Loan B to 'CCC-'/'RR5' from
'B+'/'RR3' based on Fitch's updated recovery analysis.

The downgrade reflects the ongoing deterioration in ABH's operating
trends and Fitch's view that the company's capital structure is
unsustainable. After many years of strong growth, revenue turned
flat in 2018 and Fitch believes this could represent ABH's peak
volume. EBITDA, which peaked at around $175 million, could moderate
toward $40 million over the next few years, yielding leverage
(gross debt to EBITDA) in the mid-teens. These projections raise
significant questions regarding the long-term health of the brand
and the ability of management to successfully execute new product
launches and expense management. Given these questions and the
weakening financial profile, ABH's capital structure appears
increasingly unsustainable.

KEY RATING DRIVERS

Long-Term Expectations Reset: Through 2017, ABH showed strong
growth in topline, EBITDA and pre-dividend cash flow. While Fitch
expected ABH's trajectory to moderate, continued growth was
expected, particularly given its potential to tap new product
categories and international markets.

Results post-2017 materially missed expectations, with Fitch now
expecting EBITDA to moderate toward $40 million over time from the
$175 million peak in 2017. Fitch believes ABH's reversal of fortune
is largely due to the ebb and flow of brands and intensifying
newness in the cosmetics space, which has shortened product and
brand lifecycles.

Fitch recognizes that other factors have conspired to challenge
ABH's recent results, including poor execution of a warehouse move
in 2017 and 2018 and some recent weakness in the color cosmetics
category, which could be temporary. Results in 2020 and into 2021
are likely to be affected by the coronavirus, as well as ABH's
near-term supply chain and medium-term consumer discretionary
spending. However, ABH's difficulty in reversing its operating
trajectory through stabilizing market share in key categories and
entering adjacent categories suggests eroding longer term prospects
for the ABH brand.

Capital Structure Unsustainable: ABH's capital structure appears
increasingly unsustainable, given expectations of materially rising
leverage and declining cash flow, both the result of a challenged
operating trajectory.

When ABH issued $650 million in term loans, which provided company
founders a dividend alongside a reported $700 million minority
equity investment from TPG Capital, leverage was mid-3x and Fitch
forecast leverage to moderate on both EBITDA growth and debt
reduction. Instead, leverage climbed to the mid-4x range in 2018,
and Fitch now projects leverage could trend in the mid-teens,
assuming EBITDA trends toward $40 million.

Fitch's view of the company's once strong cash flow generation has
similarly changed, due largely to a more conservative viewpoint on
EBITDA trajectory. Historically, ABH generated ample cash flow due
to limited leakage, and cash generation was expected to continue
despite the addition of interest expense in 2017. However, given
around $40 million of EBITDA, ABH's cash flow prospects are
limited, prohibiting the company from proactively deleveraging its
balance sheet.

Exposure to Dynamic Industry with Accelerating Share Shifts: The
color cosmetics industry fundamentally has some positive long-term
characteristics, including historical recession resistance, high
margins and historically limited irrational price competition.
However, recent years have seen the industry - and some of its most
venerable brands - disrupted by new marketing and retail channels.
The traditional model of marketing cosmetics through magazine and
TV ads and selling through department store counters has markedly
changed.

The introduction of social media, combined with declines in
magazine and network television consumption, has changed marketing
philosophies across the industry. Consumers are building brand
awareness and affinity and product knowledge through preferred
online sites and social influencers. ABH pioneered the use of
social media to offer product tutorials and directly interact with
customers on product options and optimal usage. The low cost of
social media relative to traditional advertising channels has
allowed smaller upstart brands to quickly build a presence and
customer following online. Celebrities such as Kylie Jenner,
Rihanna and Lady Gaga are using their social platforms to introduce
new lines and products.

Simultaneously, consumer shopping habits have altered cosmetics
purchasing trends. Declines in department store traffic have been a
partial cause in the rise of the specialty retail channel in
cosmetics, including Sephora (owned by LVMH Moët Hennessy - Louis
Vuitton SE) and Ulta Beauty as prominent players. Unlike department
stores with limited brand-sponsored counters, the specialty players
offer far greater options and a brand-discovery model to generate
customer excitement and repeat visits. Prestige brands
traditionally sold as department store brands, many of which were
or have been resistant to growth in the specialty channel, have
seen share loss to upstart brands featured in and promoted by these
growing retailers.

Broader trends around health and wellness have been felt in
cosmetics, with brands increasingly employing and advertising
natural and organic ingredients, chemical-free compounds and
earth-friendly packaging. Retailers like drug stores have shifted
their cosmetic portfolios to emphasize this trend, reallocating
shelf space and promotional focus.

These trends have led to market share shifts within the beauty
industry. New brands have seen rapid sales ramps through social
media exposure and shelf space wins at places like Ulta, Sephora
and drug retailers. Some established brands that rely on
traditional retail and marketing channels have been unable to shift
their strategies commensurate with these trends. Shifting market
share has led to M&A activity as larger companies seek to improve
their portfolio's growth potential. For example, in the last few
years, Estée Lauder purchased upstart brands Becca and Too Faced,
while Unilever NV/Unilever PLC (A/Stable) bought Sundial Brands LLC
and Dollar Shave Club, Coty Inc. bought a majority stake in Kylie
Cosmetics, and Edgewell Personal Care bought the Jack Black brand.

Fitch expects the retail and marketing landscape will continue to
evolve and affect industry share. Upstart brands may continue to
benefit from faster access to customers due to the increased
importance of social media and growth in the specialty cosmetics
channel. Conversely, larger brands have deployed capital and
intensified efforts to stem market share declines and could pose
challenges for further market share gains by younger brands, if
strategies are successfully implemented. Consumer shopping and
brand interaction habits could sharply change, disrupting current
norms which brands like ABH have enjoyed.

DERIVATION SUMMARY

ABH's 'CCC' rating reflects Fitch's view that its capital structure
is unsustainable following ongoing deterioration in ABH's operating
trends. After many years of strong growth, revenue turned flat in
2018, and Fitch expects this could represent ABH's peak volume.
EBITDA, which peaked at around $175 million, could moderate toward
$40 million over the next few years, yielding leverage (gross debt
to EBITDA) in the mid-teens. These projections raise significant
questions regarding the long-term health of the brand and the
ability of management to successfully execute new product launches
and expense management. The rating also considers the company's
narrow product and brand profile, and risk that continued beauty
industry market share shifts could further weaken ABH's projected
growth through new entrants and brand extensions from existing
large players.

ABH has limited consumer products peers in the 'CCC' category.
Mattel, Inc.'s 'B-' IDR reflects execution risk in stabilizing
revenue and growing EBITDA from depressed levels. Mattel continues
to face revenue pressures at Fisher-Price, Thomas & Friends and
American Girl, which collectively generated approximately $1.4
billion or around 30% of total gross revenue in 2019. EBITDA in
2019 was approximately $450 million, up materially from 2017-2018
but around half of the $900 million range reported as recently as
2015-2016. FCF turned materially negative in 2016, and continued
EBITDA declines led gross leverage (debt/EBITDA) to peak around 11x
in 2017-2018. The Positive Outlook reflects increasing confidence
that Mattel's cost reduction program and sales initiatives could
yield stabilizing topline results and EBITDA improving above $500
million, at which point Mattel could generate sustainably positive
FCF as cash restructuring expenses subside.

Retailer J.C. Penney Company, Inc. is rated 'CCC-'. Fitch believes
J.C. Penney's EBITDA could turn materially negative in 2020 in the
range of negative-$400 million due to the coronavirus pandemic and
its impact on consumer discretionary spending patterns. While the
company ended 2019 with over $1.6 billion in liquidity (cash and
revolver), the significant disruption from coronavirus has led to
heightened liquidity concerns. J.C. Penney's rating reflects
continued market share losses and declining EBITDA, with lack of
visibility for a material turnaround. The company's long-term
direction and strategy have been somewhat uncertain, although near
term it focused on adding key positions to its management team,
exiting out of low gross margin businesses such as appliances and
in-store furniture, and cutting back significantly on inventory to
improve gross margins.

KEY ASSUMPTIONS

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

  -- Fitch expects ABH's revenue to decline around 30% in 2020,
reflecting both consumer discretionary spending concerns as well as
Fitch's expectation that ABH could fail to stabilize market share
within the cosmetics industry. Revenue growth could grow modestly
in 2021 against a difficult year, but Fitch has declining
confidence in the company's ability to drive sustainable growth
longer term;

  -- EBITDA is projected to trend toward $40 million in 2020,
compared with the 2017 peak of $175 million, on sales declines and
selling investments. Sales stabilization beginning 2021 could allow
EBITDA to stabilize near 2020 levels;

  -- Discretionary cash flow, after owner distributions for tax
payments, is now expected to be moderately negative beginning
2020;

  -- Leverage (gross debt/EBITDA), could trend in the mid-teens
beginning 2020 given Fitch's forecast and around $640 million of
term loan debt.

RATING SENSITIVITIES

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

-- Fitch could upgrade ABH's ratings if revenue growth resumed on a
sustained basis, yielding EBITDA trending toward $100 million,
positive discretionary cash flow, and leverage below 7.0x.

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

-- Fitch could downgrade ABH's ratings if EBITDA fails to improve
beyond Fitch's expected $40 million level, yielding sustained
mid-teens leverage and increased refinancing and liquidity risk as
ABH approaches its 2023 and 2025 maturities.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of fits notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

As of Sept. 30, 2019, ABH had no borrowings on its $150 million
revolving credit facility, which matures in 2023. The amount
outstanding on the Term Loan B due 2025, which is ABH's sole debt
issuance, was $643.5 million. Fitch expects limited cash flow could
to be moderately negative beginning 2020; as such, revolver
borrowings could be used to support operations and seasonal working
capital needs.

Recovery Considerations: Fitch's recovery analysis is based on a
$200 million going-concern value, higher than the approximately $95
million that Fitch estimates could be generated by an orderly
liquidation of the business. Fitch's going-concern value resembles
its current base case forecast, with EBITDA expected to trend
around $40 million. Fitch assumes the business could fetch a 5x
multiple, at the lower end of averages seen in consumer products
bankruptcies given the uncertainty of a turnaround in the company's
prospects. This going-concern value is lower than Fitch's prior
$525 million estimate, which assumed EBITDA of $75 million and a 7x
multiple. The lower value is due to Fitch's reduced longer-term
expectations of ABH's trajectory and its view that Fitch's current
base case forecast could represent a post-restructuring scenario.

After deducting 10% for administrative claims, the remaining $180
million of value would lead to below average recovery prospects —
11%-30% — for the company's secured revolver (assumed to be fully
drawn) and term loan, which are pari passu. Consequently, both the
revolver and term loan are notched -1 to 'CCC-'/'RR5'.

ESG CONSIDERATIONS

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

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch deducted approximately $11 million from cost of goods sold
for an inventory write-down in 2018.


ANTERO MIDSTREAM: Fitch Cuts LT IDR to B; On Watch Negative
-----------------------------------------------------------
Fitch Ratings downgrades the Long-Term Issuer Default Rating of
Antero Midstream Partners LP by two notches to 'B' from 'BB-'.
Fitch downgrades AM's senior secured revolving credit facility by
one notch to 'BB'/'RR1' from 'BB+'/'RR1', implying outstanding
recovery in the event of default. Fitch also downgrades AM's senior
unsecured ratings to 'B+'/'RR3' from 'BB-'/'RR4', implying good
recovery in the event of default. Fitch also downgrades Antero
Midstream Finance Corporation's (AMFC) senior unsecured rating to
'B+'/'RR3' from 'BB-'/'RR4'. AMFC is a co-issuer of AM's senior
unsecured notes.

The Ratings have been placed on Rating Watch Negative (RWN).

The downgrade of AM and the RWN reflect the negative rating actions
at AM's only material counterparty, Antero Resources Corporation
(AR). Fitch previously stated that a downgrade at AR would result
in a downgrade at AM. Fitch downgraded AR's IDR to 'B'/RWN to
reflect the company's limited capital markets access against the
backdrop of the coronavirus pandemic and the OPEC+ fracturing.
Although AR is well hedged for natural gas over the next two years,
it is significantly exposed to spot natural gas liquids (NGL)
pricing. The spot price of each NGL has collapsed, along with the
prospects for an upturn in prices for most of the NGLs, except
possibly ethane. The volatility in energy markets due to the
coronavirus pandemic has increased execution risk around the
company's refinancing plans and narrowed external options such as
asset sales.

The rating actions for AM reflect its strong credit linkage with
AR, AM's associate and primary counterparty. AM derives
substantially all of its revenues from AR. The ratings also reflect
higher than historical leverage at AM, although supported by
fee-based and fixed-priced contracts that limit commodity price
exposure and provide some volume protection in the form of minimum
volume commitments. Counterparty concentration and its single-basin
gathering and processing focus are Fitch's key concerns, which
raise the possibility of an outsized event risk should there be an
operating, production or financial issue at AR.

The RWN at AM will be resolved in conjunction with that of AR.

KEY RATING DRIVERS

Counterparty Credit Risk: AM's ratings are the same as AR's
ratings, given AR is its primary counterparty. AM derives
substantially all of its revenues and EBITDA from AR, and is
expected to continue to do so over Fitch's forecast horizon. AR has
dedicated the rights for gathering, compression and processing, and
water delivery and handling services to AM on a long-term,
fixed-fee basis with material minimum volume commitments. Fitch
believes AM's major business risk is operational or financial
distress at AR. The equalization of ratings reflects this.

Long-Term Contracts; Consistent Cash flow: AM's operations are
supported by long-term contracts with AR. AM has committed to
long-term, fixed-fee agreements to provide gathering, compression
and processing services and water services to AR through 2034 and
2035, respectively. AM will provide AR these services at fixed
fees, limiting AM's commodity price sensitivity. AR has provided AM
with minimum volume commitments for some of these services, which
provides AM some downside protection.

In December 2019, AM and AR agreed for a growth incentive program
whereby AM will provide fee reductions to AR from 2020 through
2023, subject to AR achieving volumetric growth targets on low
pressure gathering. The agreement also includes the extension of
the gathering and compression contract for four additional years,
from 2034 to 2038. The high pressure gathering and fresh water
delivery fees remain unchanged.

AR also dedicated all of its current and future acreage in West
Virginia, Ohio and Pennsylvania to AM with an option to gather,
compress and provide water service to any future acreage acquired
by AR. AR has agreed to provide AM the right of first offer (ROFO)
for any gas processing or NGL fractionation, transportation or
marketing services needed by AR. AR has provided a similar ROFO for
freshwater delivery services. AM also currently provides processing
and fractionation services under fixed-fee agreements to AR through
its 50/50 joint venture (JV) with MPLX LP (BBB/Stable). The ROFO
for processing and fractionation is for acreage outside that
dedicated to the current processing and fractionation JV. AM's
fixed-fee contracts along with Fitch's expectations for production
growth at AR will result in continued consistent cash flow and
earnings growth for AM over the next several years.

Leverage Trending Higher: AM has historically maintained low
leverage and strong interest and distribution coverage relative to
midstream peers. Leverage is expected to tick up to 3.5x-4.0x over
2020-2021. Distribution coverage is expected to decline to 1.1x
through 2021 assuming flat annual distribution growth. Fitch
believes leverage is critical to AM's credit profile due to the
company's limited counterparty and geographic diversity.

Limited Geographic Diversity/Customer Concentration: AM's business
line and geographic diversity are limited with a strong focus on
AR's production in the Marcellus region. Fitch expects AR's volumes
to increase over the next several years, which will directly
benefit AM. Fitch typically views single-basin, single-counterparty
midstream service providers like AM as being exposed to outsized
event risk, which could be triggered by an operating issue at AR or
any production difficulties in the Marcellus and Utica region.

Simplification Provides Modest Benefit: In March 2019, the owner of
AM's general partner Antero Midstream GP LP (AMGP) and sponsor AR
completed simplification of its midstream structure and conversion
to a C-corp structure for the combined partnerships. Under the
terms of the simplification agreement, AMGP has acquired 100% of AM
for a combination of units and cash and converted to a corporate
structure with a majority of its Board of Directors being
independent directors. Following the share repurchase in 2019, AR
now owns 28% of the new AM.

Fitch's ratings for AM consider the transaction's modest financial
benefits, as the simplification has done away with AM's incentive
distribution rights, which had inflated its cost of equity capital.
The transaction opens the partnership to more institutional
investors for its equity as a C-corp. Fitch also expects AR to
remain AM's main customer and primary provider of revenue and cash
flow.

ESG Considerations: AM has a relevance score of '4' for Group
Structure and Financial transparency as even with its
simplification, it still possesses complex group structure, with
significant related party transactions and ownership
concentration.

DERIVATION SUMMARY

AM's ratings reflect its strong strategic and operating ties to its
primary counterparty AR. AR controls the activities that most
significantly affect AM's economic performance, and Fitch expects
AR to provide the majority of AM's revenues and EBITDA, thereby
remaining the primary driver behind AM's ability to service its
obligations.

AM exhibits low leverage compared to its peer EQM Midstream
Partners, LP (BB/Negative), which is an MLP with gathering and
transmission operations in the Appalachian basin. Fitch expects AM
to run leverage around 3.5x-4.0x in 2020-2021, better than many of
its gathering and processing peers. AM is also well positioned
relative to peers EnLink Midstream, LLC (ENLC; BB+/Negative) and
Western Midstream Operating, LP (WES; BB+/RWN), where Fitch expects
leverage for 2020 around 5.0x or above and above 4.5x,
respectively.

Size, scale and asset/business line diversity are more limited at
AM relative to peers WES, ENLC and EQM. WES and ENLC operate in
multiple basins, and EQM has lower business risk gas-transportation
assets in its portfolio. AM has a single counterparty, AR, making
up substantially all of its revenues and earnings and linking its
credit quality very closely to that of its main counterparty. EQM,
ENLC and WES all have material concentrated counterparty exposure
to their producer sponsors but in lesser amounts than AM.

KEY ASSUMPTIONS

Volumes consistent with Fitch's AR base case forecasts:

  -- Reduction in capital spending in 2020-2022 on a cumulative
basis, consistent with management's revised guidance in March
2020;

  -- Maintenance capex in the range of $65-75 million per annum
through forecast period;

  -- Distribution growth consistent with management guidance for
2019; flat distribution growth in 2020 and 2021.

In its recovery analysis, Fitch assumed that AM is reorganized as a
going-concern rather than liquidated. Fitch used a going-concern
EBITDA of $650 million for AM, which reflects a repricing of its
gathering and processing contracts and lower volumes. Fitch
utilized a 6x EBITDA multiple to arrive at AM's going-concern
enterprise value. The multiple is in line with recent
reorganization multiples in the energy sector. There have been a
limited number of bankruptcies and reorganizations within the
midstream space, but the Azure Midstream's and Southcross Holdings'
bankruptcies had multiples between 5x and 7x by Fitch's best
estimates. In Fitch's bankruptcy case study report "Energy, Power
and Commodities Bankruptcies Enterprise Value and Creditor
Recoveries" published in April 2019, the median enterprise
valuation exit multiplies for 35 energy cases for which this was
available was 6.1x, with a wide range of multiples observed. Fitch
has assumed a standard 10% allowance for administrative claims from
the going-concern enterprise value. Assuming a full draw on the
revolver, the recovery rating corresponds to 'RR1' for the senior
secured revolver and 'RR3' for the senior unsecured notes.

RATING SENSITIVITIES

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

  -- Fitch does not view positive rating action as likely in the
near term, but a positive rating action at AR could lead to a
positive rating action at AM, provided AM operates at leverage and
coverage levels consistent with a higher rating. If AR were to be
upgraded and AM were to manage leverage to below 4.0x on a
sustained basis, Fitch would likely take a positive rating action
on AM.

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

  -- A negative rating action at AR; Fitch outlined a timeline of
August 2020 to see progress in addressing debt maturities for AR;

  -- Leverage (total debt/adjusted EBITDA) at or above 4.5x on a
sustained basis, absent any change to basin or customer diversity;
distribution coverage below 1.1x on a sustained basis;

  -- Significant change to contractual arrangements or operating
practices with AR that negatively affects AM's cash flow or
earnings profile;

  -- Increased revenue or cash flow exposure to third parties that
does not increase or improve geographic diversity, counterparty
credit profile exposure, and/or cash flow stability or revenue
profile;

  -- Significant operational difficulties at AM;

  -- Reduced liquidity at AM and/or inability to refinance the
secured revolver due 2022 proactively.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate: AM's liquidity is adequate, supported by
adequate distribution coverage and strong availability under its
$2.1 billion senior secured revolver. As of Dec. 31, 2019, AM had
approximately $960 million drawn on its $2.13 billion revolver and
no letters of credit outstanding. Maturities are limited with none
scheduled until October 2022, when the revolver matures. The
revolver is ratably secured by mortgages on substantially all of
AM's properties, including the properties of its subsidiaries and
guarantees from its subsidiaries.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

AM's default risk profile is significantly influenced by its
affiliate company AR, which is its primary customer/counterparty.

ESG CONSIDERATIONS

AM has a relevance score of '4' for Group Structure and Financial
transparency, as even with its simplification it still possesses
complex group structure, with significant related party
transactions and ownership concentration.

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


APELLIS PHARMACEUTICALS: Board Appoints Paul Fonteyne as Director
-----------------------------------------------------------------
The Board of Directors of Apellis Pharmaceuticals, Inc., upon
recommendation from the Nominating and Corporate Governance
Committee of the Board, elected Paul Fonteyne to the Board as a
Class I director to serve until the Annual Meeting of Stockholders
to be held in 2021 or until his successor has been duly elected and
qualified or until his earlier death, resignation or removal.  Mr.
Fonteyne has not yet been appointed to any committee of the Board.
The Board has determined that Mr. Fonteyne is "independent" as
contemplated by the Nasdaq Stock Market rules.

Mr. Fonteyne will be entitled to receive compensation under the
Company's non-employee director compensation program.  In
accordance with this program, upon his election to the Board, Mr.
Fonteyne received under the Company's 2017 Stock Incentive Plan an
option to purchase 37,500 shares of the Company's common stock at
an exercise price equal to $26.13 per share, the closing price of
the Company's common stock on the date of grant, which option will
vest with respect to one-third of the shares on each of the first,
second and third anniversaries of the grant date, subject to his
continued service.  In the event of a change in control of the
Company, the vesting schedule of the option will accelerate in
full.  In addition, Mr. Fonteyne will receive annual cash
compensation of $40,000 as a member of the Board and reimbursement
for reasonable travel and out-of-pocket expenses incurred in
connection with attending Board meetings.  The Company also has
entered into an indemnification agreement with Mr. Fonteyne.

                          About Apellis

Headquartered in Crestwood, Kentucky, Apellis Pharmaceuticals,
Inc., is a clinical-stage biopharmaceutical company focused on the
development of novel therapeutic compounds for the treatment of a
broad range of life-threatening or debilitating autoimmune diseases
based upon complement immunotherapy through the inhibition of the
complement system at the level of C3.  By pioneering targeted C3
therapies, the Company aims to develop best-in-class and
first-in-class therapies for a broad range of debilitating diseases
that are driven by uncontrolled or excessive activation of the
complement cascade, including those within hematology,
ophthalmology, and nephrology.

Apellis incurred net losses of $304.71 million in 2019, $127.50
million in 2018, and $51 million in 2017.  As of Dec. 31, 2019, the
Company had $389.24 million in total assets, $355.01 million in
total liabilities, and $34.23 million in total stockholders'
equity.


APPLE LAND: Court Approves Disclosure Statement
-----------------------------------------------
Judge Catherine J. Furay has ordered that the disclosure statement
filed by Apple Land Sports Supply, Inc., in this case is
conditionally approved.

The final hearing on approval of the Disclosure Statement and
confirmation of the Plan will be held on April 29, 2020 at 10:00
a.m., at the U.S. Bankruptcy Court 120 N. Henry St., Madison, WI
53703, Room 350.

Objections to final approval of the Disclosure Statement and/or
confirmation of the Plan must be filed and served no later than
April 22, 2020, at 4:00 p.m.

April 22, 2020 is fixed as the last day for filing written
acceptances or rejections of the plan.

                About Apple Land Sports Supply

Apple Land Sports Supply Inc., a wholesaler of sporting goods,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Wis. Case No. 19-12609) on Aug. 1, 2019.  At the time of the
filing, Apple Land Sports Supply disclosed assets of between $1
million and $10 million and liabilities of the same range.  The
case has been assigned to Judge Catherine J. Furay.  Apple Land
Sports Supply is represented by Pittman & Pittman Law Offices, LLC.


APPLIANCESMART INC: Needs More Time to Prepare Exit Plan
--------------------------------------------------------
ApplianceSmart, Inc. asked the U.S. Bankruptcy Court for the
Southern District of New York to extend the exclusive period to
file a Chapter plan of reorganization to July 6 and to have the
plan accepted by Sept. 4.

ApplianceSmart said it needs more time to analyze and negotiate
payment terms of the claims filed by its creditors, which could
affect the terms and conditions of any proposed reorganization
plan.  The company also needs to assess its lease obligations and
general unsecured creditor claims.

                     About ApplianceSmart Inc.

ApplianceSmart, Inc. -- https://appliancesmart.com -- is a retailer
of household appliances.  ApplianceSmart offers white-glove
delivery within each store's service area for those customers that
prefer to have appliances delivered directly.

ApplianceSmart filed its voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13887) on Dec. 9,
2019. The petition was signed by Virland Johnson, chief financial
officer. At the time of the filing, the Debtor estimated $1 million
to $10 million in both assets and liabilities.  Kenneth A.
Reynolds, Esq., at The Law Offices of Kenneth A. Reynolds, Esq.,
P.C. is the Debtor's legal counsel.


ARR INVESTMENTS: May 19 Plan & Disclosure Hearing Set
-----------------------------------------------------
ARR Investments, Inc. and its debtor affiliates filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Orlando
Division, a Disclosure Statement and a Plan of Reorganization.

On March 20, 2020, Judge Karen S. Jennemann conditionally approved
the Disclosure Statement and established the following dates and
deadlines:

  * May 19, 2020, at 02:45 p.m. in Courtroom 6A, 6th Floor, George
C. Young Courthouse, 400 West Washington Street, Orlando, FL 32801
is the hearing to consider and rule on the disclosure statement and
to conduct a confirmation hearing.

  * Creditors and other parties in interest shall file with the
clerk their written acceptances or rejections of the plan (ballots)
no later than seven days before the date of the Confirmation
Hearing.

  * Any party desiring to object to the disclosure statement or to
confirmation shall file its objection no later than seven days
before the date of the Confirmation Hearing.

A full-text copy of the Disclosure Statement Approval Order dated
March 20, 2020, is available at https://tinyurl.com/tkzx42l from
PacerMonitor at no charge.

                     About ARR Investments

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


AVIS BUDGET: Moody's Places Ba3 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service placed the ratings of Avis Budget Car
Rental, LLC and its guaranteed subsidiaries on review for downgrade
including: Avis Budget Car Rental LLC -- Corporate Family Rating at
Ba3; secured bank facility at Baa3; senior unsecured notes at B1;
and, Avis Budget Finance PLC -- senior unsecured at B1. The
Speculative Grade Liquidity rating is unchanged at SGL-3.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The transportation
sector is one of the sectors that will be significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the challenges in Avis's credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Avis remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial credit implications of public health and safety. Its
action reflects the expected impact on Avis of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

As a result of the coronavirus impact on air travel and ground
transportation, the entire car rental industry will have to contend
with challenges that include: a rapid drop in rental car
utilization rates; a resulting need to liquidate vehicles in order
to right-size fleets; and, potentially large drops in vehicle
residual values. Moreover, there could be a protracted time frame
for the rental industry to collectively match fleet size with
demand and restore pricing and returns to pre-coronavirus levels.

Avis's Ba3 CFR reflects its position as one of the three principal
competitors in the oligopolistic North American on-airport car
rental sector, with a share position of approximately 25%. The
rating also reflects the company's ongoing initiates to lower
operating costs and increase ancillary revenues.

Moody's review is focusing on Avis' ability to moderate the degree
of deterioration in its credit metrics as a result of rapidly
decline in demand. The review will also assess the pace at which
the company can strengthen its metrics as demand begins to
stabilize, and industry fleet levels are adjusted. The rating could
be lowered unless Avis can establish a recovery trajectory that is
likely to sustain metrics of the following levels: pre-tax
income/sales sustained above 2.5%; EBITA/average assets above the
mid-single-digits; EBIT/interest approximating 2.0x; or debt/EBITDA
below 4.5x. This recovery may prove challenging as Avis is entering
this period of stress with credit metrics that have been marginal
relative to the Ba3 rating level and the metrics generated by car
rental peers globally.

Moody's recognizes the car rental industry's practice of owning
vehicles for periods ranging from about seven to twenty months.
This regular liquidation/turnover of the fleet affords the car
rental industry greater flexibility than most other corporate
sectors to right-size its core asset base in response to
contracting demand. Nevertheless, the industry will be challenged
by the rapidity of the decline in demand, and by the difficulties
that will accompany adjusting fleet size and pricing to the
uncertain demand levels that will emerge following the initial drop
in demand.

Avis' Speculative Grade Liquidity rating of SGL-3 reflects an
adequate liquidity profile, principally from its available credit
facilities and its record of disposing of used vehicles. Given its
significant reliance on debt to fund its annual fleet purchases and
the high degree of seasonality in the business, it is critical for
the company to maintain sound liquidity. As of December, 2019, Avis
had $686 million in cash and cash equivalents, $719 million
available under a $1.8 billion revolving credit facility maturing
in 2023, and approximately $2 billion available under its various
vehicle financing programs. These resources, along with cash flow
from operations, to repay all maturing debt and fund any fleet
purchases that periodically exceed the proceeds from vehicle
dispositions.

Avis has minimal environmental risk associated with the ownership
and operation of its vehicle fleet. The company also maintains
adequate relationships with its employees, regulatory bodies and
the communities in which it operates. The company's financial
strategy reflects an adequate degree of prudence.

Avis Budget Group, Inc. is one of the world's leading car rental
companies through its Avis and Budget brands. The company's Zipcar
brand, is the world's leading car sharing network. The company's
2019 revenues were $9.2 billion.

The following rating actions were taken:

On Review for Downgrade:

Issuer: Avis Budget Car Rental, LLC

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

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

  Senior Secured Bank Credit Facility, Placed on Review for
   Downgrade, currently Baa3 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B1 (LGD5)

Issuer: Avis Budget Finance PLC

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently B1 (LGD5)

Outlook Actions:

Issuer: Avis Budget Car Rental, LLC

  Outlook, Changed To Rating Under Review From Stable

Issuer: Avis Budget Finance PLC

  Outlook, Changed To Rating Under Review From Stable


BDF ACQUISITION: Moody's Cuts CFR & Senior Secured Rating to B3
---------------------------------------------------------------
Moody's Investors Service downgraded BDF Acquisition Corp.'s
corporate family rating to B3 from B2, probability of default
rating to B3-PD from B2-PD and senior secured term loan rating to
B3 from B2. The outlook remains negative.

The downgrades reflect the company's weakened liquidity as a result
of store closures, and Moody's expectations that earnings will
decline significantly in 2020 as a result of both COVID-19-related
temporary store closures and weak consumer spending.

The negative outlook reflects the risk of greater than anticipated
liquidity pressure as a result of extended store closures, limited
ability to reduce and defer spending, or a steeper than expected
decline in demand once stores reopen.

Moody's took the following rating actions for BDF Acquisition
Corp.:

Corporate family rating, downgraded to B3 from B2

Probability of default rating, downgraded to B3-PD from B2-PD

Senior secured first lien term loan due 2023, downgraded to B3
(LGD3) from B2 (LGD3)

Outlook, remains negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The retail sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Bob's credit profile, including its
exposure to widespread store closures and US discretionary consumer
spending have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Bob's remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Bob's of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

Bob's B3 CFR is constrained by Moody's expectations that liquidity
and credit metrics will weaken significantly in 2020 as a result of
COVID-19-related temporary store closures, lower consumer spending
particularly on large ticket items, and high promotional activity.
Moody's expects a significant increase in leverage in 2020 from 4.6
times at year-end 2019, as a result of steep EBITDA declines. The
furniture category is highly cyclical, however the impact of the
expected economic downturn on Bob's will be partly mitigated by its
position as an everyday low-price retailer, which allows it to
benefit from consumers trading down. As a result, Moody's expects
that the company's earnings will recover moderately in 2021 as
discounting activity in the sector normalizes and consumer
confidence gradually improves. The rating also reflects Bob's
relatively small size, limited geographic presence and narrow
product focus on the furniture category. The rating also reflects
governance risks, specifically the potential for debt-financed
dividend distributions over time given private equity ownership. In
addition, as a retailer, Bob's needs to make ongoing investments in
its brand and infrastructure, as well as in social and
environmental drivers including responsible sourcing, product and
supply sustainability, privacy and data protection.

The rating is supported by Moody's expectations that Bob's will
have adequate liquidity to support its operations during a limited
period of store closures, assuming significant reductions and
deferrals of expenses and capital spending. The credit profile also
reflects the strength of the company's brand in the regions where
it operates, and its value product positioning. Moody's believes
that Bob's everyday low-price offering provides a differentiating
value proposition in a fragmented and increasingly competitive
market.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if liquidity or earnings decline
more than anticipated. Quantitatively, the ratings could be
downgraded with debt/EBITDA expected to be sustained above 6.5
times, or EBIT/interest expense below 1.1 time.

The ratings could be upgraded if the company returns to stable
earnings performance and maintains good liquidity. Quantitatively,
the earnings could be upgraded if Moody's-adjusted debt/EBITDA is
maintained below 5.75 times and EBIT/interest expense above 1.5
times.

BDF Acquisition Corp., based in Manchester, Connecticut, was
created to acquire a majority stake in Bob's Discount Furniture, a
retailer of value-priced furniture with 122 stores located
primarily in the Northeast, Mid-Atlantic, and Midwest states as of
December 29, 2019. Revenue for the fiscal year ended December 29,
2019 was approximately $1.6 billion. The company has been
majority-owned by private equity firm Bain Capital since 2014.


BED BATH: Moody's Alters Outlook on Ba2 CFR to Negative
-------------------------------------------------------
Moody's Investors Service affirmed Bed Bath & Beyond Inc.'s Ba2
corporate family rating, its Ba2-PD probability of default rating
and its Ba2 senior unsecured notes rating. The Speculative
Liquidity Rating is unchanged at SGL-1. The outlook was changed to
negative from stable.

"The negative outlook reflects uncertainty around the duration of
store closures, impact on liquidity and credit metrics as well as
the pace of rebound in consumer demand once the pandemic begins to
subside", said Moody's analyst, Peggy Holloway. Due to the
anticipated decline in EBITDA, debt/EBITDA could increase close to
its 4x downgrade trigger. The affirmation reflects the company's
good liquidity to support the cash burn for several months, cost
reduction efforts, and the ability to also fund strategic capex in
omni-channel capabilities that will support operations once stores
begin to re-open. Bed Bath's current cash balance is estimated at
$1.4 billion and its nearest note maturity is 2024 and the $250
million revolver expires in November 2022.

Affirmations:

Issuer: Bed Bath & Beyond Inc.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD4)

Outlook Actions:

Issuer: Bed Bath & Beyond Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The non-food
retail sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Bed Bath's credit
profile, including its exposure to widespread store closures have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Bed Bath remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Bed Bath of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Bed Bath (Ba2 negative) is constrained by declining same store
sales and above average expenses (to support key initiatives) that
will continue to negatively impact operating income. The company is
fighting competition from e-commerce and other value players,
including Home Goods and Wayfair, as well as traditional players
such as Target, Walmart and Amazon. While the company's investments
targeted at improving product assortment, marketing, inventory,
supply chain optimization and omni-channel capabilities are
necessary, concern remains whether or not the turnaround will
happen swiftly enough for Bed Bath to retain relevance with its
customers in light of stiff competition. The company benefits from
scale as the largest dedicated retailer of domestic's merchandise
and home furnishing, its national footprint supported by a good
distribution network, and financial flexibility to support its
transformation effort. Additionally, leases on approximately 500
stores (33% of total stores as of FQ319) come up for renewal over
the next two years which affords Bed Bath the opportunity to exit
lower performing stores, move the business to nearby stores and
lower occupancy costs.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded if the duration of store closures
lingers, the company's strong liquidity position deteriorates for
any reason or if it is unable to gain traction with respect to key
initiatives, including the roll-out of improved omni-channel
capabilities, resetting the cost structure and strengthening the
management team. Quantitatively, ratings could be downgraded if
debt/EBITDA is sustained above 4.0x or EBIT/ interest falls below
1.75x. Given the negative outlook an upgrade over the next 12-18
months is unlikely. However, a ratings upgrade would be considered
after the COVID-19 crisis subsides, the transformation has taken
hold evidenced by increasing comparable sales and rising margins
with debt/EBITDA below 3.25x and EBIT/interest above 2.0x.

Headquartered in Union, NJ, Bed Bath & Beyond Inc is a onmi-channel
retailer selling a wide assortment of domestics merchandise and
home furnishings which operates under the names Bed Bath & Beyond,
Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!,
Harmon, Harmon Face Values or Face Values, buybuyBABY and World
Market, CostPlus World Market or Cost Plus, One Kings Lane,
PersonalizationMall.com, and Decorist. The company also operates
Linen Holdings, a provider of institutional textiles. LTM revenues
were approximately $11.3 billion.


BELK INC: Moody's Cuts CFR & Senior Secured Loan Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service downgraded Belk, Inc.'s Corporate Family
to Caa1 from B2 and its Probability of Default Rating to Caa1-PD
from B2-PD. Moody's also downgraded the company's senior secured
first lien term loan to Caa1 from B2. The outlook remains
negative.

"The, anticipated disruption of store closures and suppressed
consumer demand from COVID-19 leaves Belk with weak liquidity and
will further elevate its already high leverage," Moody's Vice
President Christina Boni stated." The company's $361 million of
revolver availability at the end of Q319 could be utilized quickly
in the event that stores remain closed for a protracted period of
time, despite the offset of its online business," Boni added.

Downgrades:

Issuer: Belk, Inc.

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

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD4) from
B2 (LGD3)

Outlook Actions:

Issuer: Belk, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The department
store sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Belk's credit
profile, including its exposure to store closures and consumer
spending have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Belk remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Belk of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

Belk's Caa1 corporate family rating reflects the cash drain the
company will face from the unprecedented closure of its store base
as a result of COVID-19 as well the risk on ongoing protracted
consumer demand. Governance risk is also a key credit constraint
given Belk's ownership by a private equity firm who typically
supports aggressive financial strategies. The company's profile is
supported by the lack of material near dated debt maturities as the
company successfully extended the majority of its capital structure
in late 2019. The credit profile is also supported by company's
long history of engaging its loyal customer base, its store
footprint which is 50% off-mall, and its historical ability to
maintain relatively stable operating results in the face of secular
changes. Nonetheless, access to significant alternative funds
beyond its $25 million of cash and $361 million of availability at
November 2, 2019 leaves the company vulnerable to needing
additional liquidity to weather a period of protracted store
closures. Its credit profile is also constrained by the company's
regional concentration in the southeastern US and modest scale in
the US department store sector.

The negative outlook reflects the risk the company will not have
sufficient liquidity to withstand a prolonged duration of store
closures. Belk's operating performance is at risk to deteriorate
meaningfully based on the disruption of COVID-19 and a protracted
slowdown in consumer demand.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded to the extent Belk's had good
liquidity and same store sales and operating margins were to
stabilize. Quantitatively, ratings could be upgraded if
debt-to-EBITDA is sustained below 6 times. An upgrade would also
require demonstrated commitment to debt reduction.

The ratings could be downgraded if Belk's liquidity deteriorates
further or a distressed exchange is pursued.

Headquartered in Charlotte, North Carolina, Belk, Inc. operates 292
stores in 16 states primarily in Southeastern states. The company
generated revenue of approximately $3.8 billion during the LTM
period ending November 2, 2019. The company was acquired by
Sycamore Partners in a transaction valued at approximately $3
billion in December 2015.


BERRY PETROLEUM: Moody's Alters Outlook on B2 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service affirmed Berry Petroleum Company, LLC's
B2 Corporate Family Rating, its B2-PD Probability of Default
Rating, and the B3 rating on Berry's unsecured notes. The outlook
was revised to negative from stable.

The rating action reflects Moody's expectation that Berry should be
able to limit its production decline in 2020 to a modest amount,
despite cutting capital spending by about 70% from the 2019 level.
However, production declines would likely accelerate in 2021 if
prices and capital spending remain low, further pressuring cash
flow. Berry's financial metrics could deteriorate significantly if
very low oil prices extend into 2021, when the company's hedge
position weakens considerably.

Affirmations:

Issuer: Berry Petroleum Company, LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Unsecured Notes, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: Berry Petroleum Company, LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Berry's B2 CFR reflects its modest size, limited asset
diversification, and relatively high cost production using thermal
oil recovery. The company benefits from low absolute debt levels
and leverage, and a steady production profile in its low-decline
oil assets in California's San Joaquin Basin. A severe decline in
oil prices in March, likely to persist through much of 2020, has
led Berry to cut capital spending to very low levels, which should
lead to modest production declines. The company benefits from a
strong commodity price hedging program, which will allow it to
maintain its good liquidity position into 2021. Leverage is low and
should remain so, supported by management's conservative financial
policies (the company targets a long-term, through the cycle
leverage ratio between 1.0x and 2.0x) and positive free cash flow
generation.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The E&P sector has
been one of the sectors most significantly affected by the shock
given its sensitivity to demand and oil prices. More specifically,
the weaknesses in Berry's credit profile have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Berry remains vulnerable to the outbreak continuing
to spread and oil prices remaining weak. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Berry of the breadth and severity
of the oil demand and supply shocks, and the broad deterioration in
credit quality it has triggered.

Moody's expects Berry will maintain good liquidity into early 2021.
Liquidity is supported by an excellent oil price hedge position for
the remainder of 2020 which will deliver significant free cash flow
given the companies substantially reduced 2020 capital program.
Berry also benefits from an essentially undrawn $400 million
revolving credit facility. The company has taken several measures
to preserve liquidity in the face of very weak oil prices,
including suspending its dividend (an annual cash saving of almost
$40 million), cutting capital spending by about 70% year over year
and aggressively reducing G&A.

The revolving credit facility expires in July 2022 and has two
maintenance financial covenants -- a maximum leverage ratio of 4.0x
and minimum current ratio of 1.0x. Moody's expects Berry to remain
well within the stated covenant limits into early 2021. After the
revolver, the company's next debt maturity is on its senior
unsecured notes in 2026.

The $400 million senior unsecured notes due 2026 are rated B3, one
notch below the B2 CFR, reflecting the notes' more junior priority
of claim on assets relative to borrowings under the secured
revolving credit facility.

The negative outlook reflects the potential Berry's financial
metrics could deteriorate materially if low oil prices persist into
2021.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded if RCF/debt falls below 15%, capital
efficiency deteriorates, or the company begins purchasing its
unsecured notes at deeply discounted prices.

Although unlikely in the near term, ratings could be upgraded if
the company can grow production to in excess of 40 Mboe/d while
maintaining strong financial metrics.

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

Berry Petroleum Company, LLC, based in Dallas, Texas, a
wholly-owned subsidiary of Berry Petroleum Corporation (NASDAQ:
BRY) is an independent oil & gas exploration and production company
with operations focused in California's San Joaquin Basin.


BLACKROCK CAPITAL: Fitch Cuts LT IDR to BB-, On Watch Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating,
senior secured debt and senior unsecured debt ratings of BlackRock
Capital Investment Corporation to 'BB-' from 'BB+'. BKCC's ratings
remain on Rating Watch Negative.

BlackRock Capital Investment Corporation

  - LT IDR; BB-; Downgrade; previously at BB+

  - Senior unsecured; LT BB-; Downgrade; previously at BB+

  - Senior secured; LT BB-; Downgrade; previously at BB+

KEY RATING DRIVERS

The downgrade of BKCC's ratings and maintenance of the Negative
Rating Watch follow the company obtaining waivers from its lenders
for its minimum shareholder's equity covenant and reduction of the
asset coverage requirement on its revolving credit facility
agreement, effective from March 31, 2020 through May 10, 2020.
Fitch believes these actions represent only a temporary solution to
what is likely to be a longer-term issue facing BKCC, as the
magnitude of portfolio credit deterioration is expected to evolve
over several quarters. Fitch believes BKCC's cushion to its asset
coverage requirement could fall meaningfully with valuation
declines, particularly given its outsized exposure to legacy
investments, resulting from credit spread widening and market
movements associated with the global coronavirus pandemic. While
valuation inputs could improve in the coming months, as social
distancing requirements soften, portfolio credit issues will
continue to emerge as underlying portfolio companies grapple with
the economic headwinds.

The Negative Watch also reflects the reduction in borrowing
capacity on the revolver, which Fitch believes reduces BKCC's
operating flexibility. While new originations are expected to be
minimal, the reduced funding capacity limits its ability to support
existing portfolio companies as they manage through liquidity
shortfalls. Additionally, Fitch believes that if BKCC were to
receive a permanent amendment to its facility covenants, the
company would likely incur a permanent reduction in the total
borrowing capacity of the revolver, which has already been reduced
twice since March 2018. In short, Fitch believes the company has
increasingly limited financial flexibility, which has the potential
to translate into a highly speculative credit profile.

The key terms of the waiver include a suspension of the minimum
shareholders' equity covenant, a reduction in the asset coverage
requirement on the credit agreement to 150% from 200%, and a
reduction in revolver capacity to $228 million from $340 million.
Fitch acknowledges that the waiver offers BKCC near-term relief,
but the agency expects the company's portfolio to continue to
experience valuation declines after May 10, 2020, and does not view
the waiver as a sufficient long-term solution.

In March 2018, BKCC amended its revolving credit facility to reduce
the minimum shareholder's equity covenant to $450 million from $500
million, while agreeing to reduce facility commitments by $40
million, to $400 million. In August 2019, BKCC amended its facility
again, reducing the equity covenant to $375 million, while facility
commitments declined another $60 million, to $340 million. At Dec.
31, 2019, prior to receipt of the waiver, BKCC's cushion on its
minimum shareholder's equity covenant was $60.6 million, which
represented 8.1% of the portfolio at value, which could be breached
by a combination of portfolio valuation marks and credit
deterioration after the waiver expires. While the equity covenant
could potentially be amended, again, Fitch believes that
commitments under the credit facility could be further reduced. As
of Dec. 31, 2019, and March 31, 2020, BKCC had outstanding
approximately $174.4 million and $168.4 million under the revolving
credit facility, respectively.

At Dec. 31, 2019, BKCC's leverage, as measured by par debt to
equity, was 0.73x, which implied an asset coverage cushion of
15.6%. BKCC may seek to take measures to improve its asset coverage
cushion, including utilizing portfolio cash flows to repay debt,
but uncertainty about the magnitude of valuation declines, combined
with the challenging and rapidly evolving economic backdrop limit
the likelihood of improved leverage metrics.

BKCC's asset quality trends have been weak in recent years,
continuing a trend of elevated losses driven by ongoing challenges
in the legacy portfolio. Fitch believes that, in addition to
coronavirus-related markdowns, there is the potential for
incremental portfolio losses on legacy, non-core investments. While
there is uncertainty around valuation marks in first-quarter 2020
(1Q20), since BDC valuation procedures have a high degree of
subjectivity given the illiquid nature of middle-market loans,
Fitch believes there is a possibility that BKCC's portfolio
markdowns could approach or be in excess of 8%, given credit spread
widening and economic weakening.

BKCC's ratings remain supported by the firm's affiliation with
global investment manager BlackRock Inc. (BlackRock), which Fitch
believes provides BKCC with enhanced risk management and
back-office capabilities, Wall Street relationships and broader
industry and market insights.

Rating constraints specific to BKCC include weaker-than-peer credit
performance since inception, above-average exposure to equity
investments relative to peers, inconsistent operating performance,
weak dividend coverage, elevated portfolio concentrations, and
turnover in the management team in recent years, which yields more
limited experience running a BDC.

Rating constraints for the BDC sector more broadly include the
market impact on leverage, given the need to fair-value the
portfolio each quarter, dependence on access to the capital markets
to fund portfolio growth and a limited ability to retain capital
due to dividend distribution requirements. Additionally, the
competitive underwriting environment has yielded deterioration in
terms in the middle market, including fewer and/or looser covenants
and higher underlying leverage. Fitch believes a sustained slowdown
in the economy, which could result from the coronavirus pandemic,
is likely to translate to asset quality issues more quickly given
the limited embedded financial cushion in most portfolio credits
and weaker lender flexibility in credit documentation. Recently
relaxed regulatory limits on leverage are an evolving sector
headwind, which could contribute to increased risk profiles for
individual BDCs and elevated competition amongst BDCs.

The equalization of the secured and unsecured debt ratings with the
Long-Term IDR reflects solid collateral coverage for all classes of
debt given that BKCC is currently subject to a 200% asset coverage
limitation and will be subject to a 150% asset coverage limitation
following the 12-month waiting period on Oct. 29, 2020 (unless the
company receives earlier stockholder approval).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action include an inability to negotiate a long-term
solution on its credit facility agreement, which provides covenant
relief sufficient to account for incremental valuation volatility
and credit deterioration in the portfolio over the medium-term.
Additionally, Fitch could downgrade BKCC if the asset coverage
cushion falls meaningfully below 5.5% or is sustained modestly
below 5.5% for two quarters.

Negative rating action could also result from a material increase
in leverage without a commensurate decline in the portfolio risk
profile, material asset quality deterioration in investments
originated by the current management team, incremental outsized
realized losses in the legacy portfolio, and/or an inability to
improve operating performance and dividend coverage for a sustained
period. Longer term, should BKCC fail to maintain economic access
to the unsecured funding markets, ratings could also be pressured.

Factors that could, individually or collectively, lead to positive
rating action, including removal of the Negative Rating Watch,
include a more permanent credit facility amendment, which provides
sufficient covenant relief to account for incremental valuation
volatility and credit deterioration in the portfolio without a
material reduction in liquidity. However, the Rating Outlook could
still be pressured, reflecting Fitch's expectation for continued
declines in portfolio valuations and/or credit deterioration, which
could continue to adversely affect the asset coverage cushion over
the medium-term.

The secured and unsecured debt ratings are primarily linked to the
Long-Term IDR and are expected to move in tandem. However, a
sustained reduction in unsecured debt as a proportion of total debt
could result in the unsecured debt rating being notched down from
the IDR.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

BlackRock Capital Investment Corporation has an ESG Relevance Score
of 4 for Management Strategy due to the execution risk associated
with the portfolio rotation out of legacy underperforming
investments and the redeployment of proceeds into yielding senior
debt investments, which is relevant to the rating in conjunction
with other factors.


BLACKWOOD REDEVELOPMENT: Plan to be Funded by Asset Sale Proceeds
-----------------------------------------------------------------
Debtor Blackwood Redevelopment Co., Inc., filed with the U.S.
Bankruptcy Court for the District of New Jersey a Chapter 11 Plan
of Liquidation and a Disclosure Statement filed March 24, 2020.

The Debtor seeks to accomplish payments under the plan from the
sale of its asset, the real property located at 109 N. Blackhorse
Pike, Blackwood, NJ along with a liquor license owned by an
associated but distinct entity J.A.L.C., LLC (JALC).  This is a
liquidating plan and the Debtor does not plan to operate following
the liquidation of its assets.  The Debtor proposes to pay as much
debt as possible from the liquidation of assets.

General unsecured claims are uncollateralized claims not entitled
to priority. The Debtor estimated general unsecured claims to total
$68,970. The general unsecured creditors will be paid in the event
that the collateral yields sale proceeds greater than the sums
needed to pay the secured creditors, the priority creditors and the
administrative claims.

In the alternative, the unsecured creditors may receive a
distribution in the event a carve-out for unsecured creditors is
agreed upon between the Debtor and Prinsbank.

Class 4 Interest Holders are Daniel Riiff, Joseph D. Riiff, and
Louis Riiff.  Any proceeds remaining after (i) the liquidation of
the Debtor's assets (including the liquor license owned by
J.A.L.C.) and (ii) the payment of all of the allowed claims against
the Debtor, will be held in trust for distribution to the Equity
Interest Holders.

The Debtor will dissolve post-confirmation upon the completion of
the liquidation.  Until the Debtor dissolves, it will continue to
be managed by Daniel and Joseph Riiff.

A full-text copy of the Disclosure Statement and Liquidating Plan
dated March 24, 2020, is available at https://tinyurl.com/yx4xvrm9
from PacerMonitor at no charge.

The Debtor is represented by:

        Carrie J. Boyle, Esq.
        Boyle & Valenti Law, P.C.
        10 Grove Street, 2nd Floor
        Haddonfield, NJ 08033
        Tel: (856) 499-3335
        E-mail: cboyle@b-vlaw.com

                 About Blackwood Redevelopment

Blackwood Redevelopment Co. Inc., based in Blackwood, NJ, filed a
Chapter 11 petition (Bankr. D.N.J. Case No. 19-15937) on March 25,
2019.  In the petition signed by Daniel Riiff, president, the
Debtor disclosed $1,400,000 in assets and $4,342,768 in
liabilities.  Scott H. Marcus, Esq., at Nehmad Perrillo Davis &
Goldstein, PC, serves as bankruptcy counsel to the Debtor.


BOJANGLES INC: Moody's Alters Outlook on B3 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service affirmed Bojangles, Inc. B3 Corporate
Family Rating, B3-PD Probability of Default Rating, B2 1st lien
secured bank facility and Caa2 2nd lien secured bank facility. The
outlook was changed to negative from stable.

"The negative outlook reflects the significant uncertainty
surrounding the potential length and severity of restaurant
closures as a result of the coronavirus pandemic and the ultimate
impact that these closures will have on Bojangles' revenues,
earnings and liquidity." stated Bill Fahy, Moody's Senior Credit
Officer. "The outlook also takes into account the negative impact
on consumers ability and willingness to spend on eating out until
the crisis materially subsides," Fahy added.

The affirmation of the B3 CFR reflects Bojangles' operations as a
quick service restaurant which historically have had a high
reliance on drive-through and pick up and the continuation of
Bojangle's drive-through, pick-up and curbside operations. The
affirmation also reflects Bojangles' adequate liquidity with about
$80 million of cash, following the full drawing of its revolving
credit facilit. This level of cash will allow the company to manage
through several months of significant revenue decline.Moody's
expectation that Bojangles will manage the business to preserve
liquidity and then use cash flow to reduce debt once the crisis
subsides.

Affirmations:

Issuer: Bojangles, Inc.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Affirmed Caa2 (LGD5)

Outlook Actions:

Issuer: Bojangles, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Bojangles credit profile,
including its exposure to widespread location restrictions and
closures have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Bojangles remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Bojangles is constrained by its high leverage and modest interest
coverage, as well as difficult traffic trends, relatively small
scale and geographic concentration. In addition, a high level of
competition focused on value and cost pressures related to labor
and commodities will make it difficult to materially improve
traffic and earnings over the intermediate term. Bojangles benefits
from strong brand awareness, above average sales per restaurant in
its core markets, good day-part distribution and stable earnings
contribution from franchised restaurants.

Governance is another rating constraint as Bojangles is owned by a
private equity firm. Financial strategies are always a key concern
of private equity companies given their higher leverage and
potential for debt financed returns to shareholders or more
aggressive growth strategies. Restaurants by their nature and
relationship with sourcing food and packaging, as well as an
extensive labor force and constant consumer interaction are deeply
entwined with sustainability, social and environmental concerns.
With Bojangles product offering concentrated towards chicken the
company maintains a strict policy and procedural standards for
ensuring the quality and safety of its products. As part of that
commitment, Bojangles requires that all of its suppliers adhere to
specific guidelines related to how they source and deliver fresh
high-quality ingredients to its restaurants. While these factors
may not directly impact the credit, they impact brand image and
result in a more positive view of the brand overall.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that could result in a stable outlook include a clear plan
and time line for the lifting of restrictions on restaurants that
result in a sustained improvement in operating performance,
liquidity and credit metrics. Given the negative outlook an upgrade
is unlikely at the present time. However, a higher rating would
require debt to EBITDA below 5.5 times and EBIT coverage of gross
interest of about 1.75 and good liquidity.

Factors that could result in a downgrade include a longer than
currently anticipated period of restaurant restrictions or closures
or a material deterioration in liquidity. Ratings could also be
downgraded in the event that credit metrics remained weak despite a
lifting of restrictions on restaurants and a subsequent recovery in
earnings and liquidity. Specifically, ratings could be downgraded
in the event debt to EBITDA was over 6.5 times or EBIT to interest
coverage was below 1.25 times on a sustained basis or if liquidity
deteriorated for any reason.

Bojangles, with headquarters in Charlotte, NC, owns and operates
about 320 and franchises around 442 restaurants in 11 states under
the Bojangles brand name. Annual revenues are about $570 million,
although systemwide sales are about $1.3 billion. The company is
owned by private equity firms Durational Capital Management and The
Jordan Company.


BOWIE REAL ESTATE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Bowie Real Estate Holdings, LP
        705 E. Greenwood Ave.
        Bowie, TX 76230

Business Description: Bowie Real Estate Holdings, LP is
                      primarily engaged in renting and leasing
                      real estate properties.

Chapter 11 Petition Date: April 6, 2020

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 20-70115

Judge: Hon. Harlin Dewayne Hale

Debtor's Counsel: John Paul Stanford, Esq.
                  QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER,
P.C.
                  2001 Bryan Street, Suite 1800
                  Dallas, TX 75201
                  Tel: (214) 871-2100
                  E-mail: jstanford@qslwm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Faraz Hashmi, managing member of General
Partner, Bowie Real Estate Holdings GP, LLC.

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

                    https://is.gd/3AGByF


BRINK'S COMPANY: Fitch Affirms BB+ IDR on Term Loan A Issuance
--------------------------------------------------------------
Following the company's $590 million incremental Term Loan A
issuance, Fitch affirms The Brink's Company's IDR of 'BB+' with a
Stable Rating Outlook. Fitch has also affirmed the company's Senior
Secured credit rating at 'BBB-'/'RR1' and Senior Unsecured rating
at 'BB+'/'RR4'.

KEY RATING DRIVERS

Coronavirus impact through 2020-21: To date, BCO has implemented
enhanced hygiene procedures, and all branches remain fully
operational. The company expects revenue from banks (about half of
the company's total) to be more stable than revenue from retailers.
While overall activity levels are down, some segments are up (for
example, ATM replenishment). In Asia, the company experienced a
period of suppressed activity, which is now on its way to
recovery.

The majority of Brink's contracts are 3-5 years and not volume
dependent (i.e. scheduled pickup frequency and rate for
cash-in-transit clients, monthly service fees for CompuSafe
clients). Fitch expects the company will allow some leniency for
some clients in stressed sectors and may not be able to collect
from other customers (particularly in the most affected retail and
hospitality sectors). That said, Fitch believes the company is well
positioned to manage through a period of reduced revenue and
margins given its mostly variable cost structure and sufficient
liquidity (which remains ample even under a stressed case).

G4Si Acquisition: The company reports that the G4Si acquisition
remains on track, with slight delays due to auditing complications.
A final vault inventory is required to be completed prior to
closing on each country operation to be acquired. Fitch views the
acquisition as credit neutral, with benefits in larger size/scale
being partly offset in the short term by the increased leverage
taken on to fund it. Even at a higher leverage level, the company
remains comfortably within its rating sensitivities, and the
company has already demonstrated an ability to acquire and
integrate large entities (most recently Dunbar in 2018 for $520
million, and Rodoban in 2019 for $130 million). BCO expects
relatively minor synergies and is already active in the regions
where the G4Si assets are located. On a post-synergy basis, the
transaction is accretive to margin. The company increased its TLA
by $590 million on April 1/20; the proceeds, along with FCF and a
revolver draw, to fund the acquisition.

Aggressive Financial Policy: Fitch views BCO as having increased
integration risk and weaker financial flexibility following its
shift in financial policy. In 2017, BCO shifted its financial
strategy to an operating plan that involves managing at a higher
leverage than historical levels and pursuing a significant amount
of debt funded acquisitions - most recently G4Si, Dunbar, and
Rodoban. Fitch expects annual acquisition spending in the range of
$150 million to $200 million beyond 2020.

Increased Financial Leverage: Following BCO's shift in financial
strategy, the company's leverage has remained elevated. As at Dec.
31 2019, FFO adjusted leverage and total debt/EBITDA were 4.0x and
2.9, respectively, up significantly over the past three years.
Fitch expected post-transaction leverage to be 3.5x; due to the
impact of coronavirus, it now expects leverage to exceed 4.0x
through 2021 before returning to the mid-3x range in 2020. The
company has indicated it expects to be at pre-acquisition leverage
levels within 3 years of closing; Fitch expects the impact of
coronavirus will delay the deleveraging by a further 12 months.

Moderate FX Risk: BCO has significant currency exposure as less
than one-third of the firm's revenue was generated in the U.S., and
all of the company's debt is U.S. denominated. The company has had
to deal with large swings in foreign exchange rates periodically,
specifically in South America, where recent large swings in foreign
exchange put pressure on margins in the short-term. Fitch notes
though that most of BCO's FX exposure is through translation risk.
The company estimates currency headwinds had a $81 million effect
on its full-year 2019 results.

Continued Profitability Growth: EBITDA margins have improved from
~12% to ~16% over the past 4 years driven by organic growth,
restructuring initiatives, and positive labor cost and
productivity. Fitch expects slowing margin growth beyond 2020
driven by fleet-related and branch network optimization
initiatives. Further, margins should benefit from small synergies
as BCO integrates acquisitions.

Strong Competitive and Market Position: BCO is a leading global
provider of cash management with a good competitive position and
limited customer concentration. Recent acquisitions, namely Dunbar
and G4Si, have bolstered BCO's leading position in the face of
strong competition globally from several large multinational
competitors.

Stable Cash Management Sector: BCO benefits from the relatively
stable historical performance of the cash management industry. Core
services such as cash-in-transit (CIT) and ATM services provide
recurring revenue under contracts and help to mitigate revenue
volatility. Furthermore, high-value services such as BCO's
CompuSafe service increase the switching costs for BCO's customers
and add to the company's recurring revenues.

Improved Diversification: Post-G4Si acquisition active in 53
countries, BCO has strong geographic diversification and average
product/service diversification. The company has a good mix of
revenues from growth and mature markets, which will improve with
the G4Si acquisition, adding 14 new countries predominantly in
Eastern Europe and Asia. While the company offers a variety of
services including check imaging and other security services, the
majority of services are directly correlated to cash use. If cash
use declines in favor of electronic payment methods, BCO could
potentially be materially impacted. Fitch views this as a long-term
risk that is mitigated by the current health of the cash industry.

DERIVATION SUMMARY

BCO is the global leader in cash management, with a diversified
geographic footprint, and a track record of materially improving
margins through operational improvement initiatives. At the same
time, the company has pursued a strategy of increasing its scale
through debt-funded acquisitions, which have driven debt/EBITDA
leverage to 3.5x on a PF basis (including the G4Si acquisition).
Fitch expects the coronavirus impact will temporarily affect
performance during 2020, pushing leverage beyond its negative
sensitivities, before coming back onside in 2021. Over the
medium-term Fitch expects the company to profitably integrate the
G4Si acquisition and return to pre-acquisition credit metrics in
3-4 years.

KEY ASSUMPTIONS

G4Si Acquisition closes during 2020.

  - Realization of the $20 million synergies are delayed to 2022.

  - Revenue tailwind in 2020 driven by the G4Si acquisition, with
$150 million-$200 million in annual acquisition activity following
thereafter.

  - Revenue and EBITDA are sharply affected by coronavirus in 2020
before substantially recovering in 2021, with further growth over
the forecast period due to operational improvements.

  - The company's leverage elevates beyond the negative rating
sensitivity in 2021, before declining to ~4x in 2021 and the mid-3x
range by 2022. Fitch anticipates the company's target to deleverage
within 3 years of the G4Si acquisition will be delayed by 1 year.

RATING SENSITIVITIES

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

  - Given the company's strategy of pursuing debt-funded
acquisitions, it views an upgrade as unlikely at this time.

  - Total Debt with Equity Credit / EBITDA below 2.75x for a
sustained period;

  - Maintain FCF margin materially above 6% for a sustained
period;

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

  - An increase in Total Debt with Equity Credit / EBITDA to above
4.0x for an extended period;

  - Producing consistently negative FCF;

  - Inability to repatriate cash flows in a timely and effective
manner;

  - Large debt funded acquisition, above expected spending, or
shareholder friendly activities.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios Non-Financial Corporate:

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Dec. 31st, 2019, BCO's liquidity of $1.2
billion consisting of ~$885 million of revolver availability and
~$300 million in available cash. The company does not have any
significant maturity until 2024 when the company's senior secured
term loan matures. Additionally, BCO's liquidity should be
supported by strong FCF beyond 2020.

Fitch expects the company will fund the G4Si acquisition from its
new $590 million incremental TLA, as well as a draw on its
revolver. Under its stressed rating case scenario, which also
includes impact of coronavirus, the company maintains adequate
liquidity of over $300 million cash balance as well as $330 million
excess revolver availability.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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).


BURLINGTON COAT: Moody's Alters Outlook on Ba1 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Burlington Coat Factory
Warehouse Corp's Corporate Family Rating at Ba1, its Probability of
Default Rating at Ba1-PD, and the company's senior secured term
loan at Ba1. In addition, Moody's downgraded its Speculative Grade
Liquidity rating to SGL-2 from SGL-1. The outlook was changed to
negative from stable.

"The negative outlook reflects the potential for a protracted
weakness in credit metrics as a result of the store closures
related to COVID-19 and the potential for continuing suppression of
consumer demand despite its participation in the healthy off-price
segment," stated Vice President Christina Boni. "Burlington's
liquidity remains good given its roughly $800 million of cash
inclusive of a $400 million draw on its $600 million revolver and
the lack of term debt maturities. However, extended store closures
pose a significant cash drain as the company does not sell online,"
Boni added.

Downgrades:

Issuer: Burlington Coat Factory Warehouse Corp

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1

Affirmations:

Issuer: Burlington Coat Factory Warehouse Corp

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD3)

Outlook Actions:

Issuer: Burlington Coat Factory Warehouse Corp

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The non-food
retail sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Burlington's credit
profile, including its exposure widespread store closure and to
China have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Burlington remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Burlington of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Burlington's Ba1 Corporate Family Rating is supported by governance
considerations which include its suspension of share repurchases in
response to COVID-19 and its moderate financial leverage with
debt/EBITDA at 2.9x and EBIT/interest expense at 4.0x as of LTM
February 2, 2020. Burlington, the third largest off-price operator
based on revenues has continued to post improving operating
performance. Nonetheless, the disruption from COVID-19 and the
continuing suppression of consumer demand pose a risk to its credit
profile. The company's participation in the off-price retail
segment which had continued to grow faster than other apparel
related sub-sectors and has fared relatively well during economic
downturns also supports its rating. Its improved merchandising
initiatives and its real estate expansion through smaller stores
have supported sustainable improvement in operating margins. The
company still has a relatively weaker competitive position, as it
is still significantly smaller than its largest peers -- TJX and
Ross Stores - and with lower operating margins. The rating also
reflects the company's good liquidity.

The negative rating outlook reflects the risk that the disruption
caused by Covid-19 and weakening consumer demand could lead to a
sustained weakening of credit metrics. Financial strategy is
expected to remain conservative with any reinstatement of share
repurchases only following a return to sales and operating income
growth.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if operating performance improves such
that debt/EBITDA is sustained below 3.0x and EBITA/interest expense
is sustained above 4.0x. A ratings upgrade will also require
maintaining very good liquidity as well as financial policies and a
capital structure consistent with an investment grade rating.

Ratings could be downgraded in the event Burlington's financial
strategy was to become more aggressive prior to a return to sales
and operating income growth or its liquidity profile weakens.
Quantitatively, ratings could be downgraded if debt/EBITDA was
sustained above 3.75x and EBITA/interest expense was sustained
below 3.25x.

Headquartered in Florence, NJ, Burlington Stores operates a
national chain of off-price retail stores, operating 727 stores as
of February 1, 2020 primarily under the Burlington Stores name.


CAPSTONE OILFIELD: Selling Substantially All Assets
---------------------------------------------------
Capstone Oilfield Disposal Services, LLC, asks the U.S. Bankruptcy
Court for the Western District of Oklahoma to authorize the auction
sale of substantially all assets, free and clear of all liens,
claims or encumbrances.

Objections, if any, must be filed 21 days from the date of filing
of the request for relief.

The Debtor owns and operates 10 saltwater disposal wells located in
Kingfisher, Major and Woodward Counties, Oklahoma.  The Debtor and
21 other distinct legal entities are all co-makers on certain
obligations to InterBank.  The total amount due to Interbank is
approximately $13 million.  Substantially all of the assets of the
InterBank Debtors are pledged as collateral to secure repayment of
the InterBank Debt.  Tom and Randy Holder are also personal
guarantors of the InterBank Debt.  

An immediate and critical need exists for the Debtor to use cash in
order to continue the operation and management of the Estate's
businesses and assets.  Without the use of such cash, it will not
be able to pay post-petition direct operating expenses and obtain
goods and services needed to carry on the Estates' businesses in a
manner that will avoid irreparable harm to the Estate.  The ability
of the Debtor to use cash collateral is necessary to preserve and
maintain the going concern value of the Estate.

At some point cash collateral will not be sufficient to operate the
Estate.

By the Sale Motion, the Debtor respectfully asks, upon the
conclusion of the Sale Hearing, entry of the Sale Order (a)
approving the Sale of the Purchased Assets free and clear of all
liens, claims, encumbrances, and interests of any kind to the
Winning Bidder and (b) authorizing the assumption and assignment of
certain executory contracts and unexpired leases of the Debtor that
are to be assumed and assigned to the Winning Bidder in connection
with the Sale.

The Debtor proposes to conduct an auction for the Assets of the
Debtor to the highest bidder/bidders.  While it has not received a
Stalking Horse Bid as of the filing of the Motion, the Debtor
reserves the right to continue his efforts to negotiate and submit
a Stalking Horse Bid that would serve as the Baseline Bid for the
Auction.  

Under the terms of the APA, executory contracts and unexpired
leases that are to be assumed and assigned to the Bidder as set
forth on schedules to the APA.  Further, the Bidder may from time
to time, in its sole discretion, add or remove any Assumed
Executory Contract from the schedule of Assumed Executory
Contracts.  At the Sale Hearing, the Debtor will ask to assume and
assign to the Winning Bidder the Assumed Executory Contracts.

The Debtor submits that the proposed sale of the Purchased Assets
is a reasonable business decision in light of the circumstances and
is in the best interest of the estate and its creditors.

The Debtor asks authority to pay customary closing costs and cure
claims as provided in the APA and in the Motion.  The balance of
the sale proceeds will be held in escrow by the Debtor pending
further order of the Court.

Due to the necessity to facilitate the orderly and more
importantly, timely sale of the Purchased Assets, the Debtor asks
that the Court lifts the stay provided by Federal Rule of
Bankruptcy Procedure 6004(h) which provides that an order
authorizing the sale of property is stayed for 14 days after the
entry of such order, unless the Court orders otherwise.  Given the
sufficiency of notice to all parties in interest, the Debtor asks
that the Court relieve them of the stay provided by the rule.

The Debtor has filed, in conjunction with the Sale Motion, a Motion
for an Order Establishing Bidding Procedures in Connection With the
Sale of Substantially All of the Debtor's Assets, (B) Approving the
Form and Manner of Notices, (C) Scheduling Dates for An Auction and
Sale Hearing, (D) Authorizing and Approving the Form of Asset
Purchase Agreement; and (E) Approving Procedures to Determine Cure
Amounts Related to the Assumption and Assignment of Certain
Executory Contracts and Unexpired Leases.  The Bid Procedures
Motion specifies the manner and means of conducting the sale of the
Purchased Assets and asks the Court's approval of said bid
procedures and the form of the APA.

           About Capstone Oilfield Disposal Services

Capstone Oilfield Disposal Services, LLC sought Chapter 11
protection (Bankr. W.D. Okla. Case No. 20-10461) on Feb. 14, 2020.
In the petition signed by Randy Holder, owner/managing member, the
Debtor disclosed total assets at $10,058,603 and $14,158,390 in
debt.  The Debtor tapped Stephen J. Moriarty, Esq., at Fellers,
Snider et al., as counsel.




CARETRUST REIT: Moody's Alters Outlook on Ba2 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of CareTrust
REIT, Inc., including its Ba2 corporate family rating. The ratings
outlook has been revised to negative from stable.

The ratings affirmation reflects CareTrust's portfolio of long-term
triple-net leases as well as its strong credit metrics for the
rating category and sound liquidity, which provide the company with
cushion to absorb declines in operating cash flow. The outlook
revision to negative reflects the risks CareTrust's tenant
operators face as the coronavirus outbreak is expected to pressure
profitability across the SNF industry. Moody's expects CareTrust's
credit profile to deteriorate modestly over the near-term because
of these operating challenges. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Affirmations:

Issuer: CareTrust REIT, Inc.

Corporate family rating, Affirmed at Ba2

Issuer: CTR Partnership, L.P.

Senior unsecured debt, Affirmed at Ba2

Rating Unchanged:

Issuer: CareTrust REIT, Inc.

Speculative grade liquidity rating, Maintained at SGL-2

Outlook Actions:

Issuer: CareTrust REIT, Inc.

Outlook, Changed to Negative from Stable

Issuer: CTR Partnership, L.P.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

CareTrust's Ba2 corporate family rating reflects the structural
protection from its long-term triple-net leases which provide
stability to operating cash flows. Other key credit strengths
include its strong credit metrics and sound liquidity for the
rating category and a fully unencumbered asset base, which can
increase financial flexibility in a challenging economic and
operating environment. The REIT's challenges, including its small
size and tenant concentration, have grown more significant due to
implications of the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The skilled
nursing industry is expected to be significantly affected due to
rising expenses and the population's vulnerability to medical
complications arising from the spread of the coronavirus. More
specifically, weaknesses in CareTrust's credit profile, including
its direct exposure to the skilled nursing sector have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
in part reflects the impact on CareTrust, the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

Prior to the coronavirus outbreak, CareTrust's skilled nursing
operators had already been under pressure due to industry
challenges such as shortening length of stay and rising labor
costs. Recent reimbursement changes, including the implementation
of the Patient Driven Payment Model (PDPM) and a 2.4% net increase
in Medicare payments, have been positive for the industry and were
expected to provide some relief for operators. However, their
challenges are now growing more acute due to implications of the
coronavirus. Elective surgeries have declined sharply across the
U.S., which translates into fewer higher-margin Medicare patients
seeking post-acute care. Moreover, expenses have increased
substantially due to higher staffing and supply costs, as well as
more intensive disease containment protocols. There is also the
potential for an increase in deaths among the higher-risk
population, adding further pressure to occupancy.

Moody's expects that pressure on CareTrust's tenants' cash flows
will lead many to seek various forms of rent relief at least on a
temporary basis. Positively, Moody's notes the numerous statutory
relief measures at the federal and state levels may offer
meaningful support to operators, although the ultimate impact
remains uncertain.

CareTrust's liquidity position is sound and provides cushion to
absorb unexpected declines in operating cash flow. As of December
31, 2019, the REIT had $540 million in availability on its $600
million unsecured revolving credit facility due in 2023, with two
six-month extension options. The company has no debt maturities
until 2023, when amounts outstanding on the credit facility come
due. Leverage was strong for the rating category at 3.8x as of 4Q
2019, and below its target range of 4-5x, though with potential for
deterioration due to effects of the coronavirus pandemic. The
REIT's liquidity position could weaken however, if the effects of
the pandemic persist into 2021 and access to and cost of capital
remain challenged.

The negative outlook reflects the increased risk of material
revenue and earnings loss, as the spread of the coronavirus
pandemic is expected to pressure profitability and occupancy across
the SNF industry.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded should earnings decline meaningfully
over the next several quarters, with Net Debt/EBITDA above 5.0x on
a sustained basis, an increase in tenant operator exposure above
current levels, a sustained deterioration in property coverage
levels, and/or a large leveraged acquisition. Significant operating
challenges, as demonstrated by occupancy declines or earnings
deterioration, or failure to maintain adequate liquidity could lead
to downward ratings pressure. A ratings upgrade is unlikely and
would require material improvement in the overall healthcare
outlook. Additionally, maintenance of Net Debt/EBITDA within its
target range of 4-5x, growth in gross assets to above $2.0 billion,
a reduction in tenant concentration such that no tenant represents
greater than 20% of revenues, and stable rent coverage trends would
be needed for an upgrade.

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

CareTrust REIT, Inc. is a real estate investment trust,
headquartered in San Clemente, California, that specializes in the
ownership of triple-net leased healthcare facilities throughout the
United States. The company's owned and leased assets include a
portfolio of skilled nursing, senior housing, independent living,
and multi-service campus real estate properties.


CARVANA CO: To Webcast 2020 Annual Meeting of Stockholders
----------------------------------------------------------
Carvana Co. will hold its Annual Meeting of Stockholders on
Tuesday, April 21, 2020 at 8:00 a.m. Pacific Time.  The Annual
Meeting, which will be held in a virtual format only, will be
webcast, including closed captioning, and can be accessed at:
http://www.proxydocs.com/CVNA.

Only stockholders as of the close of business on Feb. 25, 2020,
will be permitted to access the Annual Meeting.  All stockholders
that wish to access the Annual Meeting webcast must pre-register by
2:00 p.m. Pacific Time on Friday, April 17, 2020 by going to
http://www.proxydocs.com/CVNAand following the instructions.  The
pre-registration instructions will require stockholders to enter
the control number found on their proxy card, voting instruction
form, or notice they previously received.

As described in the proxy materials for the Annual Meeting,
stockholders are entitled to vote in the Annual Meeting if they
were stockholders as of the close of business on the Record Date,
or hold a legal proxy for the meeting provided by their bank,
broker, or nominee.  Stockholders can cast votes prior to the
Annual Meeting webcast without pre-registering or accessing the
webcast via the methods explained on page 2 of the Company's proxy
materials under "Q: How do I cast my vote?".  Only stockholders
that have pre-registered for the webcast will be permitted to
attend and vote during the Annual Meeting.  To vote in the Annual
Meeting webcast, stockholders must enter the control number found
on their proxy card, voting instruction form, or notice previously
received.

                         About Carvana

Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com/-- is a holding company that was formed as
a Delaware corporation on Nov. 29, 2016.  Carvana is an e-commerce
platform for buying and selling used cars.

Carvana reported a net loss of $364.64 million in 2019, a net loss
of $254.74 million in 2018, and a net loss of $164.32 million in
2017.  As of Dec. 31, 2019, the Company had $2.05 billion in total
assets, $1.86 billion in total liabilities, and $191.94 million in
total stockholders' equity.

                           *   *   *

As reported by the TCR on May 24, 2019, S&P Global Ratings affirmed
its 'CCC+' issuer credit rating on Carvana Co. to reflect the
company's improved liquidity after it raised $480 million by
issuing about $230 million of common stock and a $250 million
add-on to its existing senior unsecured notes due 2023.


CEC ENTERTAINMENT: S&P Lowers ICR to 'CCC' on Note Maturities
-------------------------------------------------------------
S&P Global Ratings lowered its ratings on Texas-based CEC
Entertainment Inc. (CEC), including the issuer credit rating, to
'CCC' from 'B-'. S&P also removed all of the ratings from
CreditWatch negative, where they had been placed on March 19,
2020.

CEC faces significant operational headwinds due to the coronavirus
pandemic and has about $215 million of 8% senior unsecured notes
maturing in less than two years.

"We anticipate a significant near-term impact on CEC's business due
to the coronavirus and that the longer-term implications of the
recession will compound risks for the company. The downgrade
reflects our view that the company's capital structure is
unsustainable and a default could occur in the next 12 months. In
the near-term, we expect the company to burn cash and believe CEC
has limited time to refinance its senior unsecured notes, which
mature in February 2022. If these notes are not repaid or
refinanced, the maturity of the credit facility (revolver and term
loan) will accelerate to 91 days before the notes' maturity date.
We believe a restructuring or distressed exchange is increasingly
likely in the next 12 months," S&P said.

CEC currently suspended nationwide in-store dining and
entertainment rooms and S&P expects many locations will remain
closed for the next several weeks. The length and depth of the
near-term shock is uncertain, but S&P's current expectation is that
it will lead to negative same-store sales, lower EBITDA, and cash
burn for an already highly leveraged capital structure. CEC has
drawn down about $105 million under its $114 million revolving
credit facility during the coronavirus outbreak, which S&P thinks
will provide it with liquidity to manage through the near term.

The negative outlook on CEC reflects S&P's view that it could
pursue a distressed buyback or debt exchange in the next 12 months.
The outlook also incorporates the challenges the company faces in
turning around its weak operating performance amid an intensively
competitive environment.

"We could lower our rating on CEC if its operating performance
worsens such that we expect it to undertake a distressed
transaction in the next six months. We could also lower the rating
if the company proactively announces a debt restructuring," S&P
said.

"We could raise our rating on CEC if it strengthens its performance
and we believe its standing in the credit markets is improving such
that refinancing the February 2022 unsecured notes at par is
likely," the rating agency said.


CELESTIAL CHURCH: Has Until April 15 to File Plan & Disclosures
---------------------------------------------------------------
Judge Lori S. Simpson has ordered that Celestial Church of Christ
"Luli Parish", the debtor in this case, will file a Plan and
Disclosure Statement, reasonably susceptible of confirmation, on or
before April 15, 2020.

If the debtor should fail to file a Plan and Disclosure Statement
by the time set forth in this Order, or as extended by this court
upon timely motion, this case may be dismissed without further
notice or hearing.

                About Celestial Church of Christ

Celestial Church of Christ "Luli Parish", based in Capital Heights,
MD, filed a Chapter 11 petition (Bankr. D. Md. Case No. 19-13690)
on March 20, 2019.  The Hon. Lori S. Simpson oversees the case.  In
the petition signed by Rev. Charles Agbaza, JP, pastor, the Debtor
was estimated to have $1 million to $10 million in assets and
$500,000 to $1 million in liabilities.  Charles M. Maynard, Esq.,
at the Law Offices of Charles M. Maynard, L.L.C., serves as
bankruptcy counsel to the Debtor.


CELESTICA INC: S&P Lowers ICR to 'BB-' on Macroeconomic Weakness
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Toronto-based electronic manufacturing service (EMS) company
Celestica Inc. to 'BB-' from 'BB'. At the same time, S&P lowered
its issue-level rating on the company's senior secured debt to
'BB-' from 'BB'. The '3' recovery rating on the debt is unchanged.

A delay in improved demand trends pressures EBITDA generation
leading to elevated leverage levels.

"The downgrade reflects our view of a weakened global
macro-economic environment triggered by the global outbreak of
COVID-19 that we believe will hurt enterprise and consumer IT
spending. We expect global IT spending to decline by about 3% in
fiscal 2020 compared with our previous expectation of 2%-3% growth
because the spread of coronavirus could lead to demand destruction
or deferral, affecting enterprise and consumer IT spending. Hence,
we forecast declining demand trends for Celestica's ATS (Advanced
Technology Solutions) and CCS (Connectivity & Cloud Solutions)
product divisions, pressuring the company's EBITDA generation. As a
result, we expect the company to generate lower EBITDA, thereby
keeping leverage levels above our downside threshold of 3.0x for
the next 12 months," S&P said.

The stable outlook reflects S&P's expectation that Celestica's
substantial debt repayments, in spite of lower EBITDA generation,
will lead to adjusted debt-to-EBITDA to about the mid-3.0x area for
the next 12 months. In S&P's view, the company's conservative
financial policy creates some flexibility to accommodate any
operational underperformance as it navigates through the impacts of
COVID-19 on global supply chains and demand trends across its
various end segments.

"We could consider a downgrade in the next 12 months if adjusted
debt-to-EBITDA approaches 4.0x driven by soft demand environment
for the company's product segments, stemming from the impact of a
spread of coronavirus, leading to declining EBITDA levels. We could
also consider lowering the rating if the company adopts a
significantly more aggressive financial policy in terms of
debt-funded shareholder returns and acquisitions further pressuring
leverage measures," S&P said.

"We could upgrade the company over the next 12 months if adjusted
debt-to-EBITDA reduces and is sustained below 2.5x. Such a scenario
could occur if the operational performances of the company's ATS
and CCS segments improve, which could spur higher EBITDA
generation. At the same time, we would expect the company to adopt
a prudent financial strategy to maintain balance-sheet capacity, by
using free cash flow for further debt repayment to support credit
measures on a sustained basis," the  rating agency said.


CENTERPOINT ENERGY: Moody's Alters Outlook on Ba1 Rating to Neg.
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of CenterPoint
Energy, Inc., including its Baa2 senior unsecured rating and
Prime-2 short-term rating for commercial paper, and changed the
rating outlook to negative from stable.

Affirmations:

Issuer: CenterPoint Energy, Inc.

  LT Issuer Rating, Affirmed Baa2

  ST Issuer Rating, Affirmed P-2

  Preferred Stock, Affirmed Ba1

  Subordinate, Affirmed Baa3

  Senior Unsecured Revolving Credit Facility, Affirmed Baa2

  Senior Unsecured Commercial Paper, Affirmed P-2

  Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

Outlook Actions:

Issuer: CenterPoint Energy, Inc.

  Outlook, Changed To Negative From Stable

RATINGS RATIONALE

"CenterPoint's loss of $155 million of cash flow from its Enable
Midstream investment results in less cash flow serving the same
debt load" said Robert Petrosino, Vice President -- Senior Analyst.
"This is coupled with uncertainty over its ability to strengthen
its balance sheet by issuing equity in 2020 is expected to result
in weakened credit measures", added Petrosino. Moreover,
CenterPoint carries a high level of parent debt, about 33% of its
consolidated debt, adding to pressure on consolidated credit
metrics and structural subordination risk.

On April 1, Enable Midstream Partners, LP (Enable, Baa3 stable),
which is 53.7%% owned by CenterPoint, announced that it was cutting
its annual distributions by 50% as a result of declining commodity
prices and business uncertainty related to the coronavirus,
reducing cash flow to CenterPoint to $154.5 million from $309
million annually. CenterPoint has announced mitigating actions to
offset the loss of cash flow from Enable, including a reduction in
its common stock dividend, deferring $300 million of 2020 planned
capital expenditures and making additional expense reductions.
However, the combination of these actions is unlikely to avert a
weakening of credit measures, including a CFO pre-working capital
to debt ratio that Moody's expects will be around 14%.

Moody's sees high execution risk in CenterPoint attaining the
additional expense reductions in its revised financial plan,
particularly considering the economic and other pressures created
by the coronavirus. This execution risk is exacerbated with the
recent resignation of its CEO earlier this year and its CFO
announced on 2 April 2020. CenterPoint's pending non-regulated
business asset sales, which are expected to generate about $1.0
billion in net proceeds to repay parent debt, may be slightly
delayed due to market conditions, with both transactions expected
to close before end of the second quarter.

Rating outlook

The negative outlook reflects its expectation of weakened credit
measures from the loss of cash flow from its equity investment in
Enable. While CenterPoint has announced mitigating initiatives, it
projects little to no financial cushion in its credit measures even
with these efforts. In addition, the company's planned 2020 equity
issuances that were meant to strengthen its balance sheet are much
more uncertain in the current market environment. The negative
outlook also considers the execution risk around the company's
ability to achieve the additional expense reductions as well as
completing its announced divestitures in the near term.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade

An upgrade of CenterPoint is unlikely given the negative outlook
and the elevated execution risk associated with its financial plan.
Nevertheless, ratings could be upgraded with an improvement in its
key credit measures, including CFO pre-W/C to debt above 18% on a
sustained basis and a ratio of parent company debt to consolidated
debt below 20%.

Factors that could lead to a downgrade

CenterPoint's rating could be downgraded if the company isn't able
to successfully execute its financial plan and credit measures
continue to decline. Moreover, ratings could be downgraded if its
overall regulatory construct deteriorates resulting in increased
regulatory lag, increased risk or lower returns. Ratings could also
be downgraded with increased leverage or reduced cash flow, where
the ratio of CFO pre-W/ C to debt remains below 15% for a sustained
period, or below 14% for a sustained period upon completion of its
announced non-regulated business sales.

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

Profile

CenterPoint Energy, Inc. (CenterPoint) headquartered in Houston,
Texas, is a primarily regulated electric and natural gas
distribution company with a joint venture interest in a midstream
master limited partnership (MLP). CenterPoint operates its
predominantly regulated businesses through three wholly owned
subsidiaries, CEHE, CERC and VUHI. CEHE is a regulated electric
transmission and distribution (T&D) utility serving the greater
Houston area. CERC is a natural gas LDC with divisions in six
states. VUHI is an intermediate holding company for its three
public utilities: Indiana Gas Company, Inc. (IGC not rated),
Southern Indiana Gas & Electric Company (SIGECO, A3 stable), and
Vectren Energy Delivery of Ohio, Inc. (VEDO not rated).

CenterPoint's intermediate holding company, CenterPoint Energy
Midstream, Inc., (CNP Midstream, not rated) holds the company's
53.7% limited partner (LP) economic interest and general partner
interest in Enable Midstream Partners, LP (Enable, Baa3 stable).
Enable's operations include interstate and intrastate gas pipelines
and gathering and processing assets in the Anadarko, Arkoma,
ArkLa-Tex and Williston basins. The remaining LP units are held by
OGE Energy Corp. (OGE, Baa1 stable) and by the public. Enable was
formed on May 1, 2013 and completed its initial public offering on
April 16, 2014.


CERENCE INC: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed Cerence Inc.'s B2 Corporate
Family Rating and B2-PD Probability of Default Rating and changed
the outlook to negative from positive. Moody's also affirmed the B2
ratings on the company's senior secured bank credit facilities and
downgraded the Speculative Grade Liquidity Rating to SGL-2 from
SGL-1.

The negative outlook reflects Moody's expectation that Cerence will
report operating results below initial expectations in 2020 due to
the negatives effect of the COVID-19 pandemic on the global economy
and the automotive industry. The negative outlook also considers
the uncertainty over the depth and duration of the outbreak. Though
Cerence currently has a strong liquidity position, cash flow
generation will weaken in coming months as automotive unit
shipments decline. Moody's expects that Cerence's services segment
will largely remain stable and produce cash flow. However,
Cerence's license sales will face strong near-term headwinds to
revenues and cash flow while its connected segment sees challenges
to cash flow but will continue to recognize revenues over time.
Moody's currently expects global auto unit sales to decline by 14%
in 2020, which will reduce Cerence's software license sales that
are recognized upon unit shipment and make up over 50% of the
company's revenue.

The risks associated with the rapid and widening spread of the
coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. Cerence's primary end-market, the automotive sector,
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer and business demand and
sentiment. More specifically, the weaknesses in Cerence's credit
profile, including its exposure to the automotive supply chain have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Cerence remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the potential impact on Cerence from the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Affirmations:

Issuer: Cerence Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3) from
(LGD4)

Downgrades:

Issuer: Cerence Inc.

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1

Outlook Actions:

Issuer: Cerence Inc.

Outlook, Changed to Negative from Positive

RATINGS RATIONALE

The B2 CFR reflects Cerence's moderate leverage following its
spin-off from Nuance Communications and subsequent capitalization
as well as remaining risks associated with setting up the company
as a standalone business. These risks are offset to some degree by
Cerence's leading market position and customer relationships with
nearly all major global automotive OEM's and/or their tier 1
suppliers and the resulting geographic diversification these
relationships provide. Cerence has historically exhibited very
strong profitability and free cash flow generation, and currently
has a strong liquidity profile.

The negative outlook reflects Moody's expectation that global
automotive unit shipments will decline by 14% in 2020 presenting a
strong revenue and cash flow headwind to Cerence's largest revenue
line. Though the automotive market will experience weakness in
2020, Cerence benefits from broad customer and geographic
diversification as well as increasing technology penetration in new
vehicle platforms which will mitigate the impact of market weakness
on revenue and EBITDA. Cerence is entering this turbulent economic
period with a solid liquidity position which should enable the
company to manage through several quarters of demand weakness.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if Cerence continues to grow organically
and increase in scale as well as sustain leverage below 4.5x and
FCF / debt above 15%. Ratings could be downgraded if leverage were
sustained above 6x, if FCF/debt were to decline below 5% on other
than a temporary basis or if the company experienced material
deterioration in liquidity.

Cerence's liquidity is considered good, as reflected by the
speculative grade liquidity (SGL) rating of SGL-2. Liquidity is
supported by a cash balance of $113 million at December 31, 2019,
which will support operations and ongoing efforts to separate the
business from Nuance, even in the face of expected reduction in
free cash flow generation as a result of the global automotive
industry slowdown. Cerence's liquidity is also supported by an
undrawn $75 million revolving credit facility. Moody's expects that
Cerence will maintain a moderate financial strategy over time. The
company is publicly traded and has a diverse and largely
independent board of directors.

The principal methodology used in these ratings was Software
Industry published in August 2018.

Cerence is a provider of embedded and connected in-vehicle driver
assistance technologies powered by the company's speech recognition
and natural language understanding software capabilities. GAAP
revenue was about $303 million for the fiscal year ended September
30, 2019. Cerence is headquartered in Burlington, MA.


CIT GROUP: Moody's Alters Outlook on Ba2 Debt Ratings to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of CIT Group
Inc. and its bank subsidiary, CIT Bank, N.A., following the
affirmation of CIT Bank's baa3 standalone Baseline Credit
Assessment. CIT has a long-term senior unsecured debt rating of Ba1
and CIT Bank is rated Baa1/Prime-2 for deposits. The
Baa2(cr)/Prime-2(cr) Counterparty Risk Assessments and the
Baa3/Prime-3 Counterparty Risk Ratings of CIT Bank were also
affirmed.

The outlooks on both CIT and CIT Bank were changed to stable from
positive, reflecting Moody's assessment that the US economy will
contract in 2020 as a result of the coronavirus outbreak, which
will likely have a direct negative impact on CIT's and other US
banks' asset quality and profitability. Moody's regards the
coronavirus outbreak as a social risk under its environmental,
social and governance (ESG) framework, given the substantial
implications for public health and safety.

Affirmations:

Issuer: CIT Group Inc.

  Senior Unsecured Regular Bond/Debenture, Affirmed Ba1, Stable
  from Positive

  Senior Unsecured Bank Credit Facility, Affirmed Ba1, Stable
  from Positive

  Senior Unsecured Shelf, Affirmed (P)Ba1

  Subordinate Regular Bond/Debenture, Affirmed Ba1

  Subordinate Shelf, Affirmed (P)Ba1

  Pref. Shelf, Affirmed (P)Ba2

  Pref. Stock Non-cumulative, Affirmed Ba3(hyb)

  Pref. Shelf Non-cumulative, Affirmed (P)Ba3

Issuer: CIT Bank, N.A.

  Adjusted Baseline Credit Assessment, Affirmed baa3

  Baseline Credit Assessment, Affirmed baa3

  ST Counterparty Risk Assessment, Affirmed P-2(cr)

  LT Counterparty Risk Assessment, Affirmed Baa2(cr)

  ST Counterparty Risk Rating (Foreign Currency), Affirmed P-3

  ST Counterparty Risk Rating (Local Currency), Affirmed P-3

  LT Counterparty Risk Rating (Foreign Currency), Affirmed Baa3

  LT Counterparty Risk Rating (Local Currency), Affirmed Baa3

  LT Bank Deposits, Affirmed Baa1, Stable from Positive

  ST Bank Deposits, Affirmed P-2

  LT Issuer Rating, Affirmed Ba1, Stable from Positive

  Senior Unsecured Regular Bond/Debenture, Affirmed Ba1, Stable
  from Positive

  Senior Unsecured Bank Note Program, Affirmed (P)Ba1

  Subordinate Bank Note Program, Affirmed (P)Ba1

Issuer: CIT Group Inc. (Old)

  Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba1,
  Stable from Positive

Outlook Actions:

Issuer: CIT Group Inc.

  Outlook, Changed To Stable From Positive

Issuer: CIT Bank, N.A.

  Outlook, Changed To Stable From Positive

RATINGS RATIONALE

The affirmation of CIT's BCA and ratings reflects the company's
ongoing financial transformation, including the reduced use of
market funds, improved predictability of operating earnings, and
increased emphasis on less risky secured lending. CIT's recent
acquisition of Mutual of Omaha Bank further advances the company's
transformation. The lending portfolios CIT has acquired are
complimentary to its well-established competitive positioning in
multiple commercial finance businesses. In addition, the
acquisition further expands and diversifies CIT's deposit franchise
and adds to its treasury management capabilities.

CIT expects its Common Equity Tier 1 (CET1) capital ratio to fall
to 10% following the acquisition from 12.0% as of 31 December 2020,
weakening the bank's capitalization. However, CIT has suspended
share repurchases and stated its intention to rebuild its CET1
ratio toward 10.5%. Moody's believes the company's CET1 ratio
target range of 10%-11% is reasonable given CIT's asset risk
profile.

CIT's ratings also reflect the company's continued efforts to
refine its deposit strategy and improve deposit quality, which the
Mutual of Omaha Bank acquisition further strengthened. However,
despite the improvements, the quality and diversity of CIT's
deposits are not yet as fully developed as many traditional
competitor banks, and its funding costs are not as low.
Additionally, certain of CIT's earning assets have a higher risk
profile compared to other banks, reflecting the company's finance
company heritage.

In changing the rating outlook to stable from positive, Moody's
cited the rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. CIT and other US
banks have been affected by the shock given their direct lending
exposures to consumer and commercial clients and the likelihood of
asset quality and profitability deterioration in 2020.

Moody's believes that CIT is particularly at risk of asset quality
deterioration in its oil and gas extraction/services portfolio
(loans and railcar leases), which accounted for 4.4% of total loans
and leases or 31% of Moody's adjusted tangible common equity (TCE),
as of 31 December 2019. CIT also has some exposure to the oil and
gas sector through its energy and utilities portfolio. The energy
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to demand and oil prices. Moody's
expects the rapid and abrupt decline in demand resulting from the
broad global shutdown of economic activity will create stress
conditions for the world oil market, peaking in the second or third
quarters of 2020. Without knowing the severity or duration of the
shortfall in demand, Moody's expects low oil prices to persist in
2020 followed by a more meaningful recovery in 2021 as economic
activity, international trade and supply-chain disruptions
normalize over time.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade CITs ratings if the company: 1) is likely to
sustain a ratio of net income to tangible assets of 1% (annualized)
while demonstrating improved earnings stability based on effective
management of credit and cyclical business challenges, and
achieving targeted reductions in operating costs; 2) continues to
strengthen the stability and quality of deposits; and 3) maintains
a TCE to risk-weighted assets ratio at or above 10.5%, given the
anticipated composition of business risks.

Moody's could downgrade CITs ratings if the company's net finance
margin or net income weaken materially, asset quality declines
materially, or the TCE to risk-weighted assets ratio declines to
less than 10%. In addition, indications of an increase in risk
appetite could lead to a downgrade of the ratings.


CLICKAWAY CORP: Non-Insider Unsecureds to Get 100% With Interest
----------------------------------------------------------------
Debtor Clickaway Corporation filed with the U.S. Bankruptcy Court
for the Northern District of California - Division 5, a Plan of
Reorganization and a Disclosure Statement on March 20, 2020.

Clickaway proposes to pay the holders of all allowed general
unsecured claims the full, face amount of their claims, without
interest, 60 days after confirmation.  Holders of disputed claims
will be paid in cash as soon thereafter as their claims is allowed.
To make this possible (a) Clickaway's founder, Rick Sutherland,
has agreed not to receive payments on his secured or unsecured
claims until all other allowed claims in this case have been paid,
and (b) Thomas Hexner, will agree not to receive payment on his
secured or unsecured claims for 5 years after the Effective Date.

Class 3A Non-Insider General Unsecured Claims will receive 100% of
allowed amounts of claims with interest at the federal judgment
rate in cash on the Effective Date which is expected to be 60 days
after confirmation.

Class 3B Insider General Unsecured Claims will receive payment of
100% of their allowed claims without interest on the Effective Date
which is expected to be 60 days after confirmation.

Class 3C Thomas Hexner will receive a single payment five years
after the Effective Date equal to his allowed claim of $757,200
without interest.  Mr. Hexner shall have the option to accept, in
lieu of payment on his secured and unsecured claims, a 20% share of
the equity in the Reorganized Debtor.

Class 4 Sutherland will retain his equity without impairment and
after confirmation will own 100%of the Reorganized Debtor.  

Rather than rely on revenues from operations to fund the Plan, Mr.
Sutherland has elected to wait until all other claims have been
paid to receive payment on his secured and unsecured claims so he
can pay all allowed claims in full, in cash, in the Effective Date.
To allow confirmation of a Plan paying the full, face amount of
each allowed claim in cash on the Effective Date, Thomas Hexner
will agree to wait to be paid on his secured and unsecured claims
for 5 years after the Effective Date.

A full-text copy of the Disclosure Statement dated March 20, 2020,
is available at https://tinyurl.com/uadsqwj from PacerMonitor at no
charge.

Attorneys for Debtor:

          MICHAEL W. MALTER
          ROBERT G. HARRIS
          JULIE H. ROME-BANKS
          Binder & Malter, LLP
          2775 Park Avenue
          Santa Clara, CA 95050
          Tel: (408) 295-1700
          Fax: (408) 295-1531
          E-mail: michael@bindermalter.com
          E-mail: rob@bindermalter.com
          E-mail: julie@bindermalter.com

                  About Clickaway Corporation

Clickaway Corporation, a computer repair, service, sales and
networking company, has been headquartered in Campbell and serving
more than 50,000 customers in Bay Area since 2002.  

Clickaway filed a voluntary Chapter 11 petition (Bankr. N.D. Cal.
Case No. 18-51662) on July 27, 2018, estimating $1 million to $10
million in assets and liabilities.  The Debtor tapped The Law
Offices of Binder and Malter as its bankruptcy counsel; Willoughby
Stuart Bening & Cook as special counsel; and Crawford Pimentel
Corporation as accountant.


CLICKAWAY CORP: Wants Verizon Disclosures Objection Overruled
-------------------------------------------------------------
Debtor Clickaway Corporation responded to Verizon's objection to
approval of the Disclosure Statement for Debtor's Plan of
Reorganization.

Verizon objects that its secured claim, claim number 44, is
impaired (and somehow misclassified) as it does not receive
post-petition interest at the federal judgment rate.  Verizon's
claim is disputed both as to security and amount.

While the Plan treatment follows the definition of impairment,
Clickaway has nevertheless amended the Plan and Disclosure
Statement, adding the following language to the treatment of Class
2D: "Verizon Wireless shall receive full payment of its secured
claim, if and to the extent it is allowed, with interest at the
federal judgment rate from the Petition Date, within 3 business
days after entry of a final order on Debtor's objection thereto."
With this clarification, the Objection as to the mis-classification
and impairment of Verizon's Class 2D secured claim should be
overruled.

Verizon accuses the Debtor of trying to "... invent impaired,
accepting classes for purposes of 11 U.S.C. Sec. 1129(a)(10) that
are not truly impaired or are artificially impaired to render them
technically eligible to vote.”  The five-year deferment of
payment by Class 2A secured and Class 3B unsecured creditor Thomas
Hexner and his consensual waiver of interest as to one class of his
claims is anything but artificial. Clickaway looks forward to
litigating this as a confirmation issue under Section 1129(a)(3) of
the Bankruptcy Code should Verizon decide to raise it again.  It
should otherwise be overruled as a disclosure objection.

Verizon asserts that the Plan does not describe or provide for
Verizon's highly contested administrative claim.  Clickway has
amended the Plan and Disclosure Statement to describe the new,
amended claim Verizon has filed, the basis for Clickaway's
objection to it, and the amount reserved to pay it pending entry of
an order of the Court disallowing it or estimating it for purposes
of distribution.

Verizon objects on the ground that, because there is an avoidance
action pending, it will, should Clickaway be successful, be able to
file a resulting claim under Section 502(h).  Verizon is incorrect.
Clickaway's Second Amended Complaint eliminated the allegation of
preference liability.  Verizon can have no resulting claim, and its
Objection should be overruled on this point.

Verizon wishes to add the statement "... that Verizon disputes each
statement made about those topics, that they have not been
established in this Court, and are not matters on which creditors
should inform their view on acceptance or rejection of the Plan."
Clickaway once again invites Verizon to meet and confer and advise
where it would like this language.  Clickaway disputes the need to
add the last clause.

Attorneys for the Debtor:

     MICHAEL W. MALTER
     ROBERT G. HARRIS
     JULIE H. ROME-BANKS
     Binder & Malter, LLP
     2775 Park Avenue
     Santa Clara, CA 95050
     Tel: (408) 295-1700
     Fax: (408) 295-1531
     E-mail: michael@bindermalter.com
     E-mail: rob@bindermalter.com
     E-mail: julie@bindermalter.com

                  About Clickaway Corporation

Clickaway Corporation, a computer repair, service, sales and
networking company, has been headquartered in Campbell and serving
more than 50,000 customers in Bay Area since 2002.  

Clickaway filed a voluntary Chapter 11 petition (Bankr. N.D. Cal.
Case No. 18-51662) on July 27, 2018, estimating $1 million to $10
million in
assets and liabilities.  The Debtor tapped The Law Offices of
Binder and Malter as its bankruptcy counsel; Willoughby Stuart
Bening & Cook as special counsel; and Crawford Pimentel Corporation
as accountant.


COHU INC: S&P Downgrades ICR to 'B-' on Weaker Credit Metrics
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Cohu Inc. to
'B-' from 'B' and its issue-level rating on the company's secured
term loan to 'B-' from 'B'. The recovery rating remains '3'.

"The negative outlook reflects our view that Cohu's operating
performance and liquidity position will be challenged by the
uncertain duration and severity of the supply chain and
manufacturing disruptions this year," S&P said.

"Our 'B-' rating on Cohu Inc. reflects its small scale, customer
concentration, modest cash on hand, and substantial near-term
uncertainty regarding supply chain and manufacturing disruptions
brought by the COVID-19 pandemic. Cohu ended 2019 with leverage at
about 8.2x and free cash flow of $5.6 million due to costs
associated with the consolidation and restructuring of its
business. Due to disruptions currently faced by many manufacturing
sites of semiconductor equipment suppliers, we expect Cohu's
revenue will decline in second-quarter 2020 and potentially extend
into the third quarter because of its reliance on the operations of
its suppliers and the temporarily reduced utilization of its own
production sites. Cohu may need to rely on working capital
management and capital expenditure reduction to preserve cash. The
company ended 2019 with about $156 million of cash on hand, and it
does not have a revolving credit facility," the rating agency
said.

The negative outlook reflects S&P's view that Cohu's operating
performance and liquidity position will be challenged by the
uncertain duration and severity of the supply chain and
manufacturing disruptions this year.

"We could lower the rating if prolonged business disruptions or a
continued decline in earnings cause Cohu's liquidity position to
weaken further. We could also lower the rating if we believe these
conditions would lead to a higher risk of a payment default or debt
restructuring within the following 12 months," S&P said.

"We could revise the outlook to stable if Cohu's manufacturing
resumes operation and its supply chain dynamic recovers such that
we expect Cohu to return to profitability and positive free cash
flows," the rating agency said.


COLLEGIATE OF MADISON: U.S. Bank Objects to Amended Disclosure
--------------------------------------------------------------
U.S. Bank National Association, as Trustee on behalf of the
Registered Holders of Citigroup Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series
2014-GC21 (the Lender), objects to approval of the Amended
Disclosure Statement Dated February 25, 2020 filed by Debtor The
Collegiate of Madison, LLC.

In support of its objection, the Lender raises these points:

  * Under the Plan, the Lender's claim is classified as a Class 2
Claim. Neither the Plan nor the Disclosure Statement indicate
whether the Lender's Class 2 Claim is impaired or whether the
Lender is entitled to vote, even though the treatment impairs the
Lender.

  * While the Plan proposes to pay the Lender's claim in regular
monthly payments of principal and interest at the non-default rate
in the amount of $42,951, the proposed treatment does not provide
for any payment, let alone cure, of the four missed postpetition
principal payments, unpaid and accrued prepetition and default
interest at the rate of $1,072.82 per day (which is in addition to
the $1,095.14 non-default per diem interest), payment of the
Lender's attorneys' fees, or payment of other expenses and fees
incurred by the Lender.

  * The Plan and Disclosure Statement offers no detail as to how
the Lender's rights in such an escrow would be protected and remove
a critical source of funds intended to protect Lender from tax
liens from the Lender's control.  The Plan also does not provide
for escrowing for insurance premiums.

  * The Lender and other creditors are entitled to know whether the
Lender's claim is impaired and whether the Lender is entitled to
vote.  The Lender is entitled to disclosure of the effect, if any,
on the term of the Loan.  Further, if the Debtor believes there is
a valid legal or factual basis for the proposed treatment of
Lender's claim, the Disclosure Statement should be revised to
explain the basis, disclose the effect on cash flow and the
Debtor's projections if the Lender prevails, and disclose the risks
if the Lender prevails.  This explanation should include the
amounts currently at issue.

  * The Disclosure Statement also fails to identify the individual
or entities that will provide the capital contributions, provide
any assurance of the ability of those individuals or entities to
provide the capital contribution, or describe any contractual
obligation of those individuals or entities to provide the capital
contribution.

A full-text copy of the U.S. Bank's objection to Disclosure
Statement dated March 20, 2020, is available at
https://tinyurl.com/vfc28py from PacerMonitor at no charge.

Attorneys for U.S. Bank National:

        BALLARD SPAHR LLP
        James A. Lodoen
        2000 IDS Center
        80 South Eighth Street
        Minneapolis, MN 55402
        Tel: (612) 371-3234
        Fax: (612) 371-3207
        E-mail: lodoenj@ballardspahr.com

             - and -

        Matthew G. Summers
        919 N. Market Street, 11th Floor
        Wilmington, Delaware 19801
        Tel: (302) 252-4428
        Fax: (410) 361-8930
        E-mail: summersm@ballardspahr.com

                  About Collegiate of Madison

The Collegiate of Madison, LLC is primarily engaged in renting and
leasing real estate properties.
  
The Collegiate of Madison sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wis. Case No. 19-13930) on Nov. 23,
2019. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Kristin J. Sederholm, Esq., Krekeler Strother, S.C., is the
Debtor's legal counsel.


COMMUNITY HEALTH: Withdraws Previously Issued Financial Guidance
----------------------------------------------------------------
Community Health Systems, Inc. provided an update regarding the
ongoing impact of the COVID-19 coronavirus pandemic ("COVID-19") on
the Company.  Community Health said the safety of its patients,
physicians, nurses, and employees in the communities in which it
serves remains a primary focus of the Company.

The Company stated, "As an essential business, the Company's 99
hospitals, hundreds of medical clinics, access points, medical
personnel, and employees have been actively preparing for COVID-19
and caring for COVID-19 patients.  We are working with federal,
state and local health authorities to respond to COVID-19 cases in
the communities we serve and are taking or supporting measures to
try to limit the spread of the virus and to mitigate the burden on
the healthcare system.  Certain of the measures we are taking (such
as rescheduling or cancelling elective procedures at our hospitals
and other healthcare facilities) will adversely affect our
financial results.  The Company hopes that federal, state, and
local government policies along with social distancing measures
will decrease the continued spread of COVID-19.

"The ultimate impact from COVID-19 on the Company's operations and
financial results during 2020 will depend on, among other things,
the length of time and severity at which the pandemic continues to
spread, the volume of canceled or rescheduled procedures and the
volume of COVID-19 patients cared for across our health systems,
and the impact of government and administrative regulation and
stimulus on the hospital industry. Changes in net revenue due to
patient volumes, payor mix and deteriorating macroeconomic
conditions (including increases in uninsured and underinsured
patients as the result of business closings and layoffs), as well
as potential increased expenses related to labor, supply chain or
other expenditures, also could have a material impact on the
Company's results.  In addition, the Company is continuing to
assess the impact the CARES Act could have on 2020 results.  We are
not able to fully quantify the impact that these factors will have
on our financial results during 2020, but expect developments
related to COVID-19 to materially affect the Company's financial
performance in 2020.

"As a result of these factors along with the continuously changing
and unpredictable environment related to COVID-19, the Company is
withdrawing its 2020 financial guidance previously issued in its
earnings release dated February 19, 2020."

                    About Community Health

Community Health Systems, Inc. -- www.chs.net -- is a publicly
traded hospital company and an operator of general acute care
hospitals in communities across the country.  The Company, through
its subsidiaries, owns, leases or operates 99 affiliated hospitals
in 17 states with an aggregate of approximately 16,000 licensed
beds.  The Company's headquarters are located in Franklin,
Tennessee, a suburb south of Nashville.  Shares in Community Health
Systems, Inc. are traded on the New York Stock Exchange under the
symbol "CYH."

Community Health reported a net loss attributable to the Company's
stockholders of $675 million for the year ended Dec. 31, 2019,
following a net loss attributable to the Company's stockholders of
$788 million for the year ended Dec. 31, 2018.  As of Dec. 31,
2019, the Company had $15.61 billion in total assets, $17.25
billion in total liabilities, $502 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and a total stockholders' deficit of $2.14 billion.

                          *    *    *

As reported by the TCR on Nov. 29, 2019, S&P Global Ratings raised
its issuer credit rating on U.S.-based hospital operator Community
Health Systems Inc. to 'CCC+' from 'SD' (selective default).   The
upgrade to 'CCC+' reflects the company's longer-dated debt maturity
schedule, and S&P's view that Community's efforts to rationalize
its hospital portfolio as well as improve financial performance and
cash flow should strengthen credit measures over the next couple of
years.

In November 2019, Fitch Ratings downgraded Community Health
Systems, Inc.'s Issuer Default Rating to 'C' from 'CCC' following
the company's announcement of an offer to exchange a series of
senior unsecured notes due 2022.


CORNERSTONE BUILDING: S&P Affirms 'B+' ICR; Ratings on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' rating on Cornerstone Building
Brands Inc. and placed all the ratings on the company on
CreditWatch with negative implications.

Reduced residential and commercial spending will limit
Cornerstone's revenue growth and EBITDA generation, which will keep
leverage elevated.  

"We expect residential and commercial construction activity, as
well as repair and remodel activity, to decline in 2020 as a result
of deep recessionary pressures (unemployment, business shutdowns,
reduced economic activity) caused by the coronavirus pandemic and
resulting "shelter-in-place" initiatives. Therefore, we anticipate
Cornerstone's sales will decline by at least the mid- to
high-single-digit percent area in 2020. We expect adjusted debt to
EBITDA in the 6.5x-7x range and funds from operations (FFO) to debt
in the 5%-10% range at the end of 2020. We believe Cornerstone's
EBITDA interest coverage will remain 2x-3x over this timeframe,"
S&P said.

The CreditWatch placement reflects at least a 1-in-2 likelihood we
will lower our issuer credit rating on Cornerstone.

"We expect to resolve the CreditWatch when we learn more about the
coronavirus' effect on Cornerstone's end-market demand and
subsequent ability to continue its deleveraging trend. We would
likely lower our ratings if we expect debt to EBITDA to trend
toward 7x with little prospect for a rapid recovery and
deleveraging," S&P said.


CPG INTERNATIONAL: S&P Puts 'B' ICR on CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings placed its ratings on Illinois-based building
products manufacturer CPG International LLC d/b/a The Azek Company,
including the 'B' issuer credit rating, on CreditWatch with
negative implications.

Unfavorable capital market conditions pose refinancing risks. The
CreditWatch on CPG is driven by the heightened refinancing risk on
its $315 million senior unsecured notes coming due on Oct. 1, 2021.
S&P believes the recessionary conditions in the U.S. coupled with
the challenging capital market conditions following the COVID-19
outbreak could be impediments in the successful refinancing of
these notes, which will become a current obligation in October of
this year.

"We expect to resolve the CreditWatch by the end of June 2020,
based on our assessment of the refinancing risk and the impact on
earnings from the economic slowdown caused by COVID-19. We may
lower the rating if the company is unable to refinance the maturity
of the unsecured senior notes or if business conditions weaken such
that credit measures significantly worsen. We may affirm the rating
if the company addresses the maturity and business conditions
improve," S&P said.


DADDARIO INC: Has Until July 21 to File Plan & Disclosure
---------------------------------------------------------
On March 24, 2020, Judge Magdeline D. Coleman of the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania has
ordered that debtor Daddario Inc. must file a Plan and Disclosure
Statement by July 21, 2020.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/sczfpo4 from PacerMonitor at no charge.

                        About Daddario

Daddario, Inc., filed a voluntary Chapter 11 petition (Bankr. E.D.
Penn. Case No. 19-16565) on Nov. 12, 2019.  The Debtor was
estimated to have $100,000 to $500,000 in assets and debt.  The
Debtor tapped Mark S. Danek, Esq., at Danek Law Firm, Inc., as
counsel.


DIFFUSION PHARMACEUTICALS: Evaluating TSC vs ARDS in COVID-19 Cases
-------------------------------------------------------------------
Diffusion Pharmaceuticals Inc. has begun a cooperative research
effort with University of Virginia Health (UVA) and the Integrated
Translational Research Institute of Virginia (iTHRIV), to evaluate
the Company's novel small molecule Trans Sodium Crocetinate (TSC)
in patients with Acute Respiratory Distress Syndrome (ARDS)
associated with COVID-19 infection.  iTHRIV is a National
Institutes of Health (NIH)-funded Clinical and Translational Awards
(CTSA) program.  Dr. Andrew Southerland, Associate Professor of
Neurology and Public Health Sciences at UVA, will serve as lead
Principal Investigator, working with co-investigators in the UVA
Division of Pulmonary & Critical Care Medicine.

Patients with COVID-19 infections are at risk for developing ARDS,
which can lead to death from systemic hypoxemia (general lack of
oxygen to body tissue and vital organs).  Diffusion, and
researchers affiliated with UVA and iTHRIV, believe the
oxygen-enhancing mechanism of action of TSC could benefit COVID-19
patients by mitigating the multiple organ failure that often
accompanies systemic hypoxemia, and are, together, exploring
avenues to advance TSC's development as quickly as possible for
this use.

TSC is currently under clinical development by the Company for
other enhanced-oxygen-related uses including the treatment of acute
stroke and glioblastoma multiforme (GBM) brain cancer. Preclinical
data indicate TSC increases oxygen availability in animal models of
acute lung injury, mitigating the negative effects of systemic
hypoxemia.  Preclinical publications also indicate TSC's ability to
mitigate systemic hypoxemia in other animal models, including
hemorrhagic shock.  Clinical data from 150 patients receiving TSC
for other indications demonstrate that the drug has an acceptable
safety profile in both healthy and critically ill patients.

The Company and UVA/iTHRIV have together begun discussions with the
U.S. Food and Drug Administration (FDA) to assess possible
regulatory pathways for the evaluation of TSC in ARDS-related
COVID-19 patients.

"We are in desperate need of novel therapies to help combat the
morbidity and mortality associated with COVID-19 infection," said
Dr. Southerland.  "Given our experience partnering with Diffusion
Pharmaceuticals to study TSC in clinical trials for other
conditions, we believe there is strong biological plausibility that
the drug could help COVID-19 patients suffering from ARDS. Our
robust infrastructure of research and clinical expertise at UVA
positions us well to help bring TSC to COVID-19 trials as soon as
possible to determine if it can help patients."

"TSC's oxygen-enhancing mechanism may help address the often-fatal
multiple organ failure from ARDS in COVID-19 patients," said
Diffusion's CEO, David Kalergis, JD/MBA.  "In addition to
UVA/iTHRIV, the Company has begun coordination with researchers
from other institutions who have asked to participate in this new
program.  We have also begun discussions with the FDA.  We will
issue public updates as warranted by this fast-moving situation."

                About Diffusion Pharmaceuticals

Diffusion Pharmaceuticals Inc. is an innovative biotechnology
company developing new treatments that improve the body's ability
to bring oxygen to the areas where it is needed most, offering new
hope for the treatment of life-threatening medical conditions.
Diffusion's lead drug TSC was originally developed in conjunction
with the Office of Naval Research, which was seeking a way to treat
hemorrhagic shock caused by massive blood loss on the battlefield.

Diffusion reported a net loss of $11.80 million for the year ended
Dec. 31, 2019, compared to a net loss of $18.37 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$24.11 million in total assets, $3.97 million in total liabilities,
and $20.13 million in total stockholders' equity.

KPMG LLP, in McLean, Virginia, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
17, 2020 citing that the Company has suffered recurring losses from
operations, has limited resources available to fund current
research and development activities, and will require substantial
additional financing to continue to fund its research and
development activities that raise substantial doubt about its
ability to continue as a going concern.


DIOCESE OF HARRISBURG: Gets Court Approval to Hire OCPs
-------------------------------------------------------
The Roman Catholic Diocese of Harrisburg received approval from the
U.S. Bankruptcy Court for the Middle District of Pennsylvania to
hire professionals used in the ordinary course of its business.

The court order authorized the Debtor to hire "ordinary course
professionals" without the need to file separate employment
applications.

The OCPs expected to be utilized in the Debtor's Chapter 11 case
are:

     (1) Kerwin & Kerwin, LLP (General Counsel)
         2601 North Front Street, Ste. 101
         Harrisburg, PA 17110

     (2) McKonly & Asbury (Internal Audit)
         415 Fallowfield Road
         Camp Hill, PA 17011

     (3) Riverview Communications, LLC (Public Relations)
         121 State Street
         Harrisburg, PA 17101

     (4) Conrad Segal (Actuary)
         501 Corporate Cir.
         Harrisburg, PA 17110

The monthly fee cap for each OCP is $15,000.

            About Roman Catholic Diocese of Harrisburg

Roman Catholic Diocese of Harrisburg sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
20-00599) on Feb. 19, 2020.  At the time of the filing, the Debtor
had estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.  Judge Henry
W. Van Eck oversees the case.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP as legal
counsel; Kleinbard, LLC as special counsel; Keegan Linscott &
Associates, PC as financial advisor; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent tort claimants in the Chapter 11 case of the Roman
Catholic Diocese of Harrisburg.  The tort claimants' committee is
represented by Stinson LLP.


DIOCESE OF HARRISBURG: Taps Keegan Linscott as Financial Advisor
----------------------------------------------------------------
The Roman Catholic Diocese of Harrisburg filed an application with
the U.S. Bankruptcy Court for the Middle District of Pennsylvania
to hire Keegan Linscott & Associates, PC as its financial advisor.
   
The firm will provide these services:

     (a) review the Debtor's information, including historical
audited and internal financial statements, budgets and forecasts,
operating reports, other pertinent materials, and auditors'
management letters;

     (b) prepare required financial reports and analyses for the
Debtor's management and other professionals, creditors and other
stakeholders;

     (c) assist in the development of financial strategies with
respect to the restructuring and reorganization of the Debtor or
other strategic alternatives;  

     (d) assist in reviewing and analyzing proposals for the
restructuring and reorganization of the Debtor; and

     (e) provide other financial advisory services requested by the
Debtor and its management and other professionals.

The firm will be paid at these rates:

     Chris Linscott   Director                $335 per hour
     John Gordon      Consulting Manager      $225 per hour
     Stacy Thompson   Manager                 $225 per hour
     Conan Bardwell   Consulting Supervisor   $185 per hour
     Laura Carrera    Paraprofessional         $95 per hour

In the 90 days prior to the petition date, Keegan Linscott received
retainer fees and payments totaling $53,645.

Keegan Linscott is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Christopher G. Linscott
     Keegan Linscott & Associates, PC
     3443 N Campbell Ave., Suite 115
     Tucson, AZ 85719
     Phone: 520-884-0176
     Fax: 520-884-8767
     Email: mail@seak.com
            info@keeganlinscott.com

            About Roman Catholic Diocese of Harrisburg

Roman Catholic Diocese of Harrisburg sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
20-00599) on Feb. 19, 2020.  At the time of the filing, the Debtor
had estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.  Judge Henry
W. Van Eck oversees the case.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP as legal
counsel; Kleinbard, LLC as special counsel; Keegan Linscott &
Associates, PC as financial advisor; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent tort claimants in the Chapter 11 case of the Roman
Catholic Diocese of Harrisburg.  The tort claimants' committee is
represented by Stinson LLP.


DIOCESE OF HARRISBURG: Taps Kleinbard LLC as Special Counsel
------------------------------------------------------------
Roman Catholic Diocese of Harrisburg received approval from the
U.S. Bankruptcy Court for the Middle District of Pennsylvania to
hire Kleinbard, LLC as its special counsel.
   
Kleinbard will provide legal advice and support in connection with
the Debtor's Chapter 11 case, any ongoing and newly arising
criminal or regulatory investigations, internal investigations,
claims and litigation arising from childhood sexual abuse, and
insurance coverage, including through litigation in the course of
the Debtor's bankruptcy proceeding.

The firm will be paid at these rates:

     Partner       $400 to $425
     Counsel           $400
     Associate         $295
     Paralegal         $195

Kleinbard received from the Debtor the sum of $60,000 as an advance
payment retainer.
  
Matthew Haverstick, managing partner at Kleinbard, disclosed in
court filings that the firm is "disinterested" within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Matthew H. Haverstick, Esq.
     Joshua J. Voss, Esq.
     Kleinbard, LLC
     Three Logan Square
     1717 Arch Street, 5th Floor
     Philadelphia, Pennsylvania 19103
     Telephone: (215) 568-2000  
     Facsimile: (215) 568-0140  
     E-mail: mhaverstick@kleinbard.com   
             jvoss@kleinbard.com

            About Roman Catholic Diocese of Harrisburg

Roman Catholic Diocese of Harrisburg sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
20-00599) on Feb. 19, 2020.  At the time of the filing, the Debtor
had estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.  Judge Henry
W. Van Eck oversees the case.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP as legal
counsel; Kleinbard, LLC as special counsel; Keegan Linscott &
Associates, PC as financial advisor; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent tort claimants in the Chapter 11 case of the Roman
Catholic Diocese of Harrisburg.  The tort claimants' committee is
represented by Stinson LLP.


DIOCESE OF HARRISBURG: Taps Waller Lansden as Legal Counsel
-----------------------------------------------------------
The Roman Catholic Diocese of Harrisburg filed an application with
the U.S. Bankruptcy Court for the Middle District of Pennsyvania to
employ Waller Lansden Dortch & Davis, LLP as its legal counsel.
   
The services to be provided by the firm include advising the Debtor
of its powers and duties under the Bankruptcy Code; negotiating
with creditors; assisting the Debtor in connection with any
potential sale of its assets; and preparing a Chapter 11 plan.

Waller's hourly rates are as follows:

     Partner              $395 - $765
     Senior Counsel       $475 - $665
     Counsel              $385 - $610
     Senior Associate     $335 - $410
     Associate            $280 - $335
     Staff Attorney       $210 - $350
     Paralegal            $180 - $270
     Staff                 $20 - $285

The firm received a retainer in the amount of $200,000.

Blake Roth, Esq., a partner at Waller, disclosed in court filings
that the firm is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code.

Waller can be reached through:

     Blake D. Roth, Esq.
     Tyler N. Layne, Esq.
     Waller Lansden Dortch & Davis, LLP
     511 Union Street, Suite 2700
     Nashville, TN 37219
     Telephone: (615) 244-6380
     Facsimile: (615) 244-6804
     Email: blake.roth@wallerlaw.com   
            tyler.layne@wallerlaw.com

            About Roman Catholic Diocese of Harrisburg

Roman Catholic Diocese of Harrisburg sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
20-00599) on Feb. 19, 2020.  At the time of the filing, the Debtor
had estimated assets of between $1 million and $10 million and
liabilities of between $50 million and $100 million.  Judge Henry
W. Van Eck oversees the case.  

The Debtor tapped Waller Lansden Dortch & Davis, LLP as legal
counsel; Kleinbard, LLC as special counsel; Keegan Linscott &
Associates, PC as financial advisor; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent tort claimants in the Chapter 11 case of the Roman
Catholic Diocese of Harrisburg.  The tort claimants' committee is
represented by Stinson LLP.


DISH NETWORK: Egan-Jones Cuts Local Curr. Unsecured Rating to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by DISH Network
Corporation to B from B+. EJR also downgraded the rating on LC
commercial paper issued by the Company to B from A3.

DISH Network Corporation is a U.S. television provider based in
Englewood, Colorado. It is the owner of the direct-broadcast
satellite provider DISH, also still commonly known as DISH Network,
and the over-the-top IPTV service Sling TV. The company has
approximately 16,000 employees.


DN ENTERPRISES: Selling Omaha Investment Properties for $185K
-------------------------------------------------------------
DN Enterprises, Inc., asks the U.S. Bankruptcy Court for the
District of Nebraska to authorize the sale of its investment
properties located at: (i) 1723 South 19th St, Omaha, NE 68108;
(ii)1726 South 18th St, Omaha, NE 68108; (iii) 1725 and 1725 1/2
South 19th St Omaha, NE 681081; and (iv) 1731 S. 19th Street,
Omaha, NE 68108 to Tarzahn Inc. or is successors or assigns for
$185,000.

The Debtor is an owner of approximately 35 residential investment
properties located across Omaha, Nebraska, that it offers for rent
to the general public.  Its operations date back to the mid-2000's.


As part of the Debtor's overall reorganization plan, it intends to
sell several its investment properties for the purpose of reducing
its debts.   To that end, it sought and obtained the employment of
Colleen Mason and P.J. Morgan Real Estate Group as its Real Estate
Broker in June of 2019.  The Debtor desires to sell the Properties
described pursuant to the terms of the Purchase Agreement.  It has
conferred with its Real Estate Broker and submits that the Purchase
Agreement represents a fair market purchase price for the Property.


To the best of the Debtor's knowledge, the Buyer has no direct or
indirect relation to Debtor or the case.  The Buyer has agreed to
pay Debtor the sum of $185,000, in the aggregate, for the
Properties on an "as-is" basis without property inspections for the
Properties.  On a per property basis the purchase price will be
allocated as follows: (i) $66,000 for 1723 South 19th St, Omaha, NE
68108; (ii) $37,000 for 1726 South 18th St, Omaha, NE 68108; (iii)
$76,000 for 1725 and 1725 ½ South 19th St Omaha, NE 68108; and
(iv) $6,000 for 1731 S. 19th Street, Omaha, NE 68108.   

The Debtor can project that there will be closing costs, real
estate commissions, and other administrative expense claims
associated with the Sale of the Property and the Debtor's
bankruptcy case.  At this time, and by the Motion, the Debtor asks
approval and authority to deduct from the gross proceeds received
by the estate at closing: (i) the Debtor's share of necessary
closing costs; (ii) the Real Estate Broker's commission and fees
pursuant to Debtor’s listing agreement; and (iii) the sum of
$3,500 for administrative expenses incurred or to be incurred by
the estate.  The balance of the proceeds received by the Debtor
will be paid to First State Bank, as first lien holder, to reduce
the principal balance of the Debtor's outstanding obligations owed
to the bank.

At this time, the Debtor cannot reasonably determine the amount of
taxable income it may realize from the Sale.  However, it is
possible that it will incur taxable income as a result of the Sale.
The Debtor submits the Proposed sale does not constitute a sale of
all or substantially all of its assets.

The Debtor obtained limited title reports on the Property from DRI
Title (Exhibit C).  

The Debtor asks authority to convey the Property to the Buyer free
and clear of all liens, claims, interests, and encumbrances.

In order to permit the Sale to proceed as expeditiously as possible
and to avoid further degradation or loss of value to the Property,
good cause exists to waive the 14-day stay provided in Rule
6004(h).

A copy of the Agreement is available at https://tinyurl.com/utv2vpa
from PacerMonitor.com free of charge.

                  About DN Enterprises Inc.

DN Enterprises, Inc., owns and operates approximately 35
residential properties as rental investments.  DN Enterprises
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Neb. Case No. 18-81526) on Oct. 20, 2018.  At the time of the
filing, the Debtor was estimated to have assets of $1 million to
$10 million and liabilities of $1 million to $10 million.  The case
is assigned to Judge Thomas L. Saladino.  Dvorak Law Group, LLC, is
the Debtor's counsel.


DOMINO'S PIZZA: Egan-Jones Cuts Local Curr. Unsecured Rating to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured ratings on debt issued by Domino's Pizza,
Incorporated to B from BB. EJR also downgraded the rating on LC
commercial paper issued by the Company to B from A2.

Domino's Pizza, Incorporated, branded as Domino's, is an American
multinational pizza restaurant chain founded in 1960. The
corporation is headquartered at the Domino's Farms Office Park in
Ann Arbor, Michigan, and incorporated in Delaware.



DOVE REAL ESTATE: Unsecured Creditors to Recover 5% Over 3 Years
----------------------------------------------------------------
Debtor Dove Real Estate & Association Management LLC filed the
First Amended Disclosure Statement describing Chapter 11 Plan of
Reorganization dated March 24, 2020.

The Debtor and MacArthur have reached a consensual agreement on the
treatment of MacArthur Village Homeowners Association
(MacArthur’s) claim in the Debtor's Plan pursuant to which
MacArthur will not object to and shall vote in favor of the Plan
saving the estate the significant costs and delay which would be
associated with a contested plan process. MacArthur shall have an
allowed secured claim in the amount of $130,000 and an allowed
general unsecured claim in the amount of $227,505. These clams
shall be paid pursuant to the Plan Treatment Stipulation. As
provided for in the Stipulation, MacArthur has also agreed to
withdraw its Proof of Claim No. 3 in the amount of $100,000.00.

The Plan provides that allowed claims shall be paid as follows: the
secured claim of JP Morgan Chase Bank, N.A. shall be paid over
seven (7) years at seven percent (7%) interest; the secured claim
of Brooker Associates shall be paid over three (3) years at seven
percent (7%) interest; the secured claim of MacArthur shall be paid
over four (4) years at seven percent (7%) interest; administrative
claims shall be paid in full on the later of the Effective Date or
the date such claims are allowed by the Court unless such parties
agree to different treatment, which is expected to occur; the
priority tax claim of the Franchise Tax Board shall be paid in
twelve (12) equal installments at six percent (6%) interest; and
general unsecured creditors shall be paid an amount equal to five
percent (5%) of their allowed claims in quarterly installments over
a three (3) year term following Plan confirmation. The Debtor shall
assume and continue to perform its real property lease.

The Plan will be funded from two sources consisting of the Debtor's
cash on hand on the Effective Date and the revenue generated from
the Debtor's business operations.

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

The Debtor is represented by:

         Daniel J. Weintraub
         James R. Selth
         Crystle J. Lindsey
         WEINTRAUB & SELTH, APC
         11766 Wilshire Boulevard, Suite 1170
         Los Angeles, CA 90025
         Telephone: (310) 207-1494
         Facsimile: (310) 442-0660
         E-mail: crystle@wsrlaw.net

                     About Dove Real Estate

Dove Real Estate & Association Management LLC filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 19-13770) on Sept. 27, 2019, in
Santa Ana, California.  In the petition signed by its CEO, Kevin
Shelton, the Debtor was estimated to have assets of less than
$100,000 and debt under $1 million.  WEINTRAUB & SELTH APC is the
Debtor's counsel.


DPL INC: Fitch Lowers LongTerm IDR to BB, Outlook Negative
----------------------------------------------------------
Fitch Ratings had downgraded DPL Inc.'s Long-Term Issuer Default
Rating to 'BB' from 'BB+'. Fitch has also affirmed Dayton Power and
Light's LT IDR at 'BBB-'. The Rating Outlooks for both entities are
Negative.

Fitch expects DPL's FFO-adjusted leverage to exceed 7.5x for three
years, longer than expected. Additionally, DPL's covenants under
the revolver are likely to be breached in 2020. The Negative
Outlooks can be stabilized if DPL renegotiates the covenants and
receives reasonable order from several regulatory proceedings.
DP&L's ratings are upward constrained as DPL relies on DP&L for
debt service.

KEY RATING DRIVERS

Pending Regulatory Proceedings:

Historically, Ohio's regulatory environment has been constructive.
Things took a negative turn when Public Utility Commission of Ohio
(PUCO) ordered DP&L to remove the $105 million distribution
modernization rider (DMR) authorized under Electric Security Plan 3
(ESP 3) in November 2019. Subsequently, DP&L withdrew ESP 3.

On Dec. 18, PUCO granted DP&L's request to revert to the provisions
and terms under ESP 1. As a result, a Rate Stabilization Charge
(RSC) is reinstated, which provides approximately $79 million of
rate relief. However, DP&L lost certain riders under ESP 3
including a Distribution Investment Rider (DIR), a Reconciliation
Rider (RR) and a Distribution Decoupling Rider (DDR). The DIR ($25
million) can potentially be recovered through a distribution rate
case. Fitch expects DP&L to file the rate case in late 2020 or
early 2021 and receive recovery in 2022 if approved. RR was
replaced by a separate order on Dec. 18, authorizing a Legacy
Generation Resources Rider (LGRR). The DDR can potentially be
reinstated. In the first quarter of 2020, DP&L filed a petition to
continue to accrue the impacts of decoupling for recovery through a
future rate proceeding.

On April 1, 2020, DP&L submitted an application to PUCO requesting
that the commission find that the current ESP passes the MFA test
('more favorable in aggregate' test) and a prospective SEET test
(Significant Excessive Earnings Test). The MFA test will compare
ESP with a Market Rate Offer (MRO) and determine which one provides
more aggregate benefit for rate payers. The SEET test will
determine whether the ESP produces significantly excessive earnings
for the utility. The decision is expected at end of the year or
early 2021.

Additionally, on March 3, 2020, DP&L requested FERC to change its
fixed transmission rate to a formula-based rate in order to support
its plan to invest approximately $170 million in new or upgraded
transmission infrastructure over the next five years.

AES Investment Credit Positive:

In the MFA and SEET test filing, DP&L indicated that AES
Corporation (BBB-/Stable), parent company of DPL, will inject $150
million by June 30, 2020 to support DP&L's approximately $210
million capital investment in 2020. Fitch believes that AES's
investment will be viewed favorably by the commission and will
improve DP&L's equity ratio to approximately 50%. The equity
injection will also establish an approximate 50% equity layer for
DP&L. Additionally, AES will invest additional $150 million in 2021
with the assumption that the smart grid program will be approved
under the Infrastructure Investment Rider under ESP 1 or other
mechanisms. The equity injection will boost DP&L's earnings, in
turn improving DPL's financial flexibility.

Low Business Risk:

DPL has become a nearly 100% regulated T&D utility holding company
in the last two years. The transformation has meaningfully reduced
operating risks as it eliminates exposure to competitive generation
in a deregulated and stressed energy market in Ohio. DPL and AES
Ohio Generation completed the sale transaction of the six peakers
to Kimura Power, LLC for $240 million in March 2018. The portfolio
comprises 973MW natural gas and oil-fired peaking facilities
located in Ohio and Indiana. DPL and AES Ohio Generation retired
the Stuart coal-fired and diesel-fired generating units and the
Killen coal-fired generating unit and combustion turbine on May 31,
2018. With these transactions, DPL and DP&L have removed nearly all
of the exposure from unregulated merchant generation.

The only unregulated assets include DPL's Conesville Unit 4, which
is co-owned with and operated by American Electric Power (AEP).
DPL's share is 129MW or 16.4% of total capacity. AEP announced it
will close the plant by May 2020. DP&L has 4.9% equity interest in
Ohio Valley Electric Corporation (OVEC), a wholesale power
generator. DP&L is permitted under LGRR to defer, recover or credit
the net of proceeds from selling energy and capacity received as
part of its investment in OVEC and its OVEC-related costs,
effectively eliminating the risk associated with the power price
fluctuation from the OVEC ownership. As a result, these remaining
assets do not have a meaningful impact on DPL and DP&L's operating
risks.

Supportive Regulation:

Notwithstanding the unexpected termination of DMR, many aspects of
Ohio regulation are constructive. Utilities are allowed a partial
forward test year, meaning that test year can conclude nine months
after filing date. PUCO is authorized to approve CWIP recovery if
the project is 75% complete. HB6 was signed into law in July 2019
authorizing utilities to apply for a decoupling mechanism that
allows recovery of lost distribution revenues in connection with
energy efficiency programs. 75% of the rate cases in the past 10
years were settled. DP&L's September 2018 distribution rate case
had a 9.999% ROE, modestly higher than sector average, in Fitch's
view. However, the authorized equity capitalization ratio was
47.52%, below industry average.

DP&L's transmission rate base (20% of the total rate case) is
subject to supportive regulation by Federal Energy Regulatory
Commission (FERC). In March 2020, DP&L requested FERC to change its
fixed transmission rate to a formula-based rate, which is
transparent and allows for automatic true-ups. The filing also
requested a 10.39% base ROE with a 50-bps incentive adder for
participating in PJM. The ROE is higher than state-regulated ROEs
and largely consistent with FERC-approved ROEs. Additionally, DP&L
also requested recovery for prudently incurred costs for canceled
or abandoned projects and 100% CWIP recovery. These mechanisms are
commonly adopted by FERC-regulated utilities.

Credit Metrics Will Weaken:

Prior to the termination of the DMR, DPL's FFO-adjusted leverage
has improved. FFO-adjusted leverage in 2019 was 5.5x compared with
7.3x in 2016. Fitch estimates that DPL's FFO-adjusted leverage
could heighten to high 7x in the next three years and decline to
below 7x by 2023. The credit metrics assumes capex plan of over
$200 million per year and AES's investment. DP&L's FFO-adjusted
leverage will likely average 4x in the next three years. However,
DP&L's rating is upward constrained by DPL due to its dependence on
DP&L for debt service.

Tightening Covenants:

The removal of DMR under ESP 3 and the extended period to receive a
distribution rate order will pressure financial covenants under the
revolver in 2020. DPL is required to maintain total debt to EBITDA
ratio of below 7x and consolidated EBITDA to interest charge below
2.25x. As of YE 2019, DPL's debt to EBITDA ratio as defined under
the revolver was approximately 5.83x and the consolidated EBITDA
interest charge was 3.2x. Failure to renegotiate the covenants will
severely impair DPL's financial flexibility.

Evolving Capex Plan:

DP&L currently plans to invest over $200 million capex per year
assuming growth capex is expected to receive reasonable recovery.
Current capex plan includes projects outlined in the Distribution
Modernization Plan (DMP) filed in 2018 as well as the incremental
FERC regulated transmission capex. Smart grid was part of DMP which
can be approved outside of the distribution rate case. ESP 1 has an
infrastructure investment rider which the smart grid program can
utilize. Remaining capex is expected to be recovered in the
upcoming distribution rate case. Fitch understands that maintenance
capex between $90 million to $100 million which indicates some
flexibility in the capex plan.

Parent and Subsidiary Linkage:

The notching differential between DPL and DP&L's IDRs reflects
DPL's weaker credit profile due to a high level of parent-only debt
(60%). DP&L's rating is constrained as DPL relies solely on DP&L
for debt service.

DPL and DP&L's ratings are not linked to the ratings of AES
Corporation (BBB-/Stable). The absence of guarantees,
cross-defaults among other factors render weak legal ties between
AES, DPL and DP&L. AES agreed to forgo any dividends and convert
the tax-sharing payment into equity during the DMR period as a part
of the ESP stipulation in 2017. Fitch considers AES' planned
investment a normal parent and sub relationship and is not
sufficient to link the ratings of AES with those of DPL and DP&L.

Coronavirus:

The coronavirus exacerbates the financial stress at DPL. DP&L's
residential revenue as a % of the total is relatively high, a
positive. In 2019, residential customers represented 70% of total
revenue and commercial and industrial customers were 26%. Fitch has
incorporated some reduction the variable margin in Fitch's base
case. Since reverting to ESP 1, DP&L no longer has a bad debt
tracker. DP&L could request for recovery for uncollected expenses
in the next rate case. There are no significant operational
concerns at this time. Other than the covenant issue at DPL,
maturities are manageable. The next maturities are DP&L's $140
million first mortgage bonds due in August 2020 and DPL's $380
million senior notes due October 2021. The current capex plan has
some flexibility if the crisis prolongs.

DERIVATION SUMMARY

DPL is a nearly 100% regulated transmission and distribution (T&D)
utility holding company after retiring and selling the majority of
its merchant assets. DPL operates a single-state regulated utility,
similar to Cleco Corporate Holdings, LLC (Cleco; BBB-/Stable) and
IPALCO Enterprises (IPALCO; BBB-/Stable). DPL's parent-only debt is
approximately 60% of the consolidated debt, similar to that of
Cleco, but much higher than IPALCO's 33%. DPL's regulated T&D
utility carries lower operating risks than Cleco's and IPALCO's
utilities, which are exposed to coal generation. Cleco's newly
acquired generating capacity in 2019 increased its footprint in the
unregulated segment. Generally, Ohio has constructive regulation
but the remove of DMR signals some unpredictability. Fitch expects
DPL's FFO-adjusted leverage to exceed 7x in the next three years,
weaker than that of Cleco and IPALCO.

As a regulated T&D operating in Ohio, DP&L is comparable with Ohio
Power Co. (A-/Stable), Ohio Edison Co. (OE, BBB+/Stable), Toledo
Edison Co. (TE, BBB+/Stable), and Cleveland Electric Illuminating
Company (CEIC, BBB+/Stable). Similar to DP&L, OE, TE and CEIC's DMR
were removed as a result of order from Ohio Supreme Court in 2019.
The impact of the DMR removal is relatively more manageable for OE,
TE and CEIC, as the DMR is a relatively small portion of their
revenue and that the removal occurred near the end of the ESP
period. Fitch estimates that DP&L's FFO-adjusted leverage will
average 4x in the next three years, similar to TE (approximately
4.0x), but weaker than OE (3x) and OP (A-/Stable; 2.6x). DP&L's
ratings are upward constrained by DPL, whereas its Ohio peers
benefit from being a part of large ad diversified corporate
families.

KEY ASSUMPTIONS

  - ESP 1 implemented in 2020 ($79 million);

  - Distribution rate case filed in September 2020 and implemented
    in 2022;

  - LGRR implemented in 2020;

  - Decoupling (energy efficiency) implemented in 2022;

  - Over $200 million capex per year in the next three years,
    including FERC transmission, smart grid and DMP;

  - AES injects equity to support growth capex, in the amount of
    $150 million in 2020; additional $150 million in 2021 assuming
    the smart grid program is approved;

  - Certain amount of variable margin reduction related to the
    coronavirus.

RATING SENSITIVITIES

DPL Inc.:

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

  - DPL's Outlook can be stabilized if it successfully
    renegotiates the covenants with lenders;

  - DPL's Outlook can be stabilized if the regulatory proceedings
    yield reasonable outcomes or regulatory relationship is more
    cooperative;

  - DPL can be upgraded if consolidated FFO-adjusted leverage
    sustains below 7.3x.

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

  - FFO-adjusted leverage above 8.3x on a sustained basis;

  - Breach of financial covenants without cure or failure to
    secure concession from lenders;

  - Unfavorable outcomes from the MFA, SEET proceedings and
    distribution rate case;

  - If ring-fencing measures are proposed and strictly enforced,
    such that the dividend from DP&L will be materially reduced
    from current expectations, negative actions could occur;

  - Deteriorating regulatory relationship or successful challenges
    from stakeholders over approved rate plans in the future will
    result in negative rating actions.

DP&L:

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

  - If DPL's rating Outlook is stabilized;

  - If strong ring-fencing measures are put in place such that
    upstream dividend will be reduced substantially from current
    expectations, positive rating action could occur.

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

  - On the standalone basis, if DP&L's FFO-adjusted leverage
    sustains above 6.3x;

  - Unfavorable outcomes from the MFA, SEET proceedings and
    distribution rate case;

  - Signs of further deterioration of regulatory relationship;

  - Successful challenges against future rate case proceedings.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.


ELEVATE TEXTILES: Moody's Cuts CFR to B3, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Elevate Textiles, Inc.'s
ratings, including its corporate family rating to B3 from B2,
probability of default rating to B3-PD from B2-PD, first lien
senior secured term loan to B3 from B2, and second lien senior
secured term loan to Caa2 from Caa1. The rating outlook was changed
to negative from stable.

"The downgrade and negative outlook reflect the unprecedented
disruption caused by the rapid global spread of the coronavirus on
several of Elevate's key end markets, including fashion apparel,
footwear and automotive," stated Moody's Vice President, Mike
Zuccaro. "Elevate's operating performance has not met expectations
since the May 2018 acquisition of American & Efird Global Holdings
LLC ("A&E"). When coupled with the high acquisition debt, credit
metrics are weak entering into this challenging environment. The
company is implementing operational improvement and cost savings
plans, and is seeing growth in other areas such as protective
fabrics and barriers. Nevertheless, Moody's believes the current
environment will challenge the company's ability to improve credit
metrics over the next 12-18 months." Elevate's liquidity is
adequate, supported by balance sheet cash, excess availability
under its US and foreign credit facilities and lack of financial
maintenance covenants in its term loan.

Downgrades:

Issuer: Elevate Textiles, Inc.

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured First Lien Term Loan, Downgraded to B3 (LGD4) from
B2 (LGD4)

Senior Secured Second Lien Term Loan, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)

Outlook Actions:

Issuer: Elevate Textiles, Inc.

Outlook, changed to negative from stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The global textile
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment,
particularly for products used in apparel and automobiles. More
specifically, the weaknesses in Elevate's credit profile, including
its exposure to global discretionary consumer spending have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Elevate remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
impact on Elevate of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Elevate's B3 CFR reflects its high debt load stemming from the May
1, 2018 acquisition of American & Efird Global Holdings LLC
("A&E"); a large, transformative transaction that more than doubled
the Company's size. When combined with weaker-than-expected
operating performance, financial leverage is high, with
lease-adjusted debt/EBITDAR around 6.5 times and EBITA/Interest
around 1.25 times. Current challenges notwithstanding, the rating
reflects governance risks such as private equity ownership,
particularly M&A strategy and dividend and capital allocation
policies which could negatively impact the company's de-leveraging
capability over the longer term. The rating also reflects exposure
to volatile commodity prices such as cotton and oil-based synthetic
fibers.

The rating also reflects the strategic benefits of the A&E
acquisition, which combined a leading producer of denim, worsted
wool, automotive safety and other industrial fabrics with a leading
manufacturer and distributor of premium sewing threads. With larger
combined scale, the combined Company holds a solid market position
in the fragmented global textile and threads producing markets,
with diverse product offerings, end markets and geographical sales
channels. When combined with established long-term key customer
relationships, this should lead to improved revenue stability over
time. Over the near term, declines in markets such as fashion
apparel, footwear and automobiles could be partially offset by
continued strong sales in other end markets such as protective
fabrics, which are more essential in nature.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded if the Company's liquidity deteriorates
through weaker free cash flow, operating performance sustainably
weakens, or more aggressive financial policies, such as material
debt funded acquisitions or dividends. Specific metrics include
lease-adjusted debt/EBITDAR sustained above 6.5 times or
EBITA/interest below 1.25 times.

An upgrade would require sustained revenue and earnings growth,
maintaining good liquidity with positive free cash flow, and
demonstrating conservative financial policies, including the use of
free cash flow for debt reduction. Quantitative metrics include
lease-adjusted debt/EBITDA sustained below 6.0 times or
EBITA/interest expense above 1.5 times.

Elevate Textiles, Inc., headquartered in Charlotte, North Carolina,
is a global textiles company serving diverse end markets,
including, apparel, denim, military, fire, auto and industrials,
through its product offering of denim, wool, performance and
technical textiles. Elevate is a direct subsidiary of Elevate
Textiles Holding Corporation. Through an indirect parent, the
company is owned by private equity firm Platinum Equity, LLC
("Platinum" or the "Sponsor").


ENCOUNTER MEDICAL: First Amended Plan Confirmed by Judge
--------------------------------------------------------
Judge James R. Sacca of the U.S. Bankruptcy Court for the Northern
District of Georgia, Gainsville Division, has entered an order
approving the First Amended Disclosure Statement for Plan of
Reorganization and confirming the First Amended Plan of
Reorganization filed by debtor Encounter Medical Associates, LLC,
f/k/a Encounter Medical Associates, PC, f/k/a Encounter Medial
Associates Ltd. d/b/a Medical Associates.

The Court, having considered the pleadings in the case, the
representation and proffers of Debtor's counsel, and the lack of
objection from the United States Trustee and any creditors or
parties in interest, finds that the Disclosure Statement satisfies
the requirements of 11 U.S.C. Sec. 1125.

The Court also ruled that the First Amended Plan of Reorganization
under chapter 11 of the Bankruptcy Code is confirmed.

The Debtor announced that an agreement had been reached with
Harkins/Barrett Property Partnership and Douglas Pediatrics
Associates, Inc. concerning the treatment of said claims, which
treatment varies from the treatment provided in the Plan.
Accordingly, the provisions in the Plan for the treatment of the
Class D Allowed Claim of Douglas Pediatric Associates, Inc. and the
treatment of the Class E Claim of Harkins/Barrett Property
Partnership contained in the Plan shall be modified.

LiftForward, Inc., filed an objection to the Chapter 11 Plan, and
the parties announced that an agreement had been reached concerning
the terms and conditions for the payment of the LiftForward claim
which resolved the objection filed by LiftForward.  Accordingly,
the Class F claimant and the treatment of the Class F Claim of
LifForward, Inc. contained in the Plan will be modified.

A full-text copy of the Order Confirming the Plan entered March 20,
2020, is available at https://tinyurl.com/yx83pgub from
PacerMonitor at no charge.

The Debtor is represented by:

         Edward F. Danowitz
         Danowitz Legal, P.C.
         300 Galleria Parkway NW, Suite 960
         Atlanta, Georgia 30339
         Tel: 770-933-0960
         E-mail: EDanowitz@DanowitzLegal.com

               About Encounter Medical Associates

Encounter Medical Associates, LLC, a medical group in Cumming,
Georgia, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 19-20009) on Jan. 3, 2019. The petition
was signed by Alfred Ifarinde, managing member. At the time of the
filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of $1 million to $10 million. Danowitz
Legal, P.C., serves as its legal counsel.


ENPRO INDUSTRIES: Egan-Jones Lowers Senior Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by EnPro Industries, Incorporated to B+ from BB-.

EnPro Industries, Incorporated is an American industrial
conglomerate, through its various divisions and subsidiaries it
provides engineered industrial products for critical applications
in a wide range of industries. Its businesses manufacture sealing
and other high-performance products, plain bearings and diesel
engines.



EPIC CRUDE: Moody's Places B3 CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service placed the ratings of EPIC Crude
Services, LP and EPIC Y-Grade Services, LP under review for
downgrade.

On Review for Downgrade:

Issuer: EPIC Crude Services, LP

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Senior Secured 1st Lien Term Loan, Placed on Review for Downgrade,
currently B3 (LGD4)

Senior Secured Revolving Credit Facility, Placed on Review for
Downgrade, currently Ba3 (LGD1)

Issuer: EPIC Y-Grade Services, LP

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Corporate Family Rating, Placed on Review for Downgrade, currently
B3

Senior Secured 1st Lien Term Loan, Placed on Review for Downgrade,
currently B3 (LGD4)

Senior Secured Revolving Credit Facility, Placed on Review for
Downgrade, currently Ba3 (LGD1)

Outlook Actions:

Issuer: EPIC Crude Services, LP

Outlook, Changed To Rating Under Review From Stable

Issuer: EPIC Y-Grade Services, LP

Outlook, Changed To Rating Under Review From Positive

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Both EPIC Crude and EPIC Y-Grade have elevated leverage and Moody's
expects that deleveraging will be drawn out and negatively affected
by significant reductions in upstream capital expenditures
including in the Permian Basin. Also, both companies have taken on
incremental debt this year and Moody's expects that the companies
will need further capital to fund negative free cash flow in 2020.

Most recently, EPIC Y-Grade issued a $60 million Term Loan C to
certain of its equity sponsors to supplement liquidity (under a
separate credit agreement from the Term Loan B). This Term Loan C
comes at a high cost, carrying an interest rate of L+1400 (or
L+1600 if PIK which the company has the option to do for one year).
EPIC Y-Grade's term loans rank pari passu but the Term Loan C
matures in December 2023 while the Term Loan B matures in June
2024. EPIC Y-Grade plans to start commissioning its first
fractionator in May but this could be delayed due to equipment
delays or contractors being unable to work because of the impact of
coronavirus. EPIC Y-Grade is considering a delay in construction of
the second fractionator. The company is evaluating ways to delay
capital spending and vendor payments.

In February, EPIC Crude increased its term loans to fund capital
spending for construction that was higher than anticipated. In the
meantime, EPIC Crude has leased capacity from EPIC Y-Grade to
provide interim crude services (begun in August 2019). Due to the
weak oil price environment, volumes are likely to be lower in 2020
than anticipated leading to lower EBITDA and correspondingly higher
leverage. In turn, this situation could lead to constrained
liquidity. As a result, the ability of EPIC crude to delay capital
spending and vendor payments will be important as in the case of
EPIC Y-Grade.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The energy sector
has been affected by the shock given its sensitivity to consumer
demand and sentiment. More specifically, the weaknesses in EPIC
Crude's and EPIC Y-Grade's credit profiles and liquidity have left
them vulnerable to shifts in market sentiment in these
unprecedented operating conditions and EPIC Crude and EPIC Y-Grade
remain vulnerable to the outbreak continuing to spread and oil
prices remaining weak. Moody's regards the coronavirus outbreak as
a social risk under its ESG framework, given the substantial
implications for public health and safety. EPIC Crude and EPIC
Y-Grade are impacted by the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.
Governance considerations include financial policies and strategies
that have resulted in incremental debt and high leverage.

The reviews will focus on the companies' plans for funding any
capital shortfalls, preserving liquidity and their ability to delay
capital spending and vendor payments, and deleveraging. Moody's
expects to complete these reviews by the middle of the second
quarter.

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

EPIC Crude (a subsidiary of EPIC Crude Holdings, LP) and EPIC
Y-Grade (a subsidiary of EPIC Y-Grade, LP) are privately-owned
midstream energy companies. EPIC Crude and EPIC Y-Grade have oil
and NGL pipelines, respectively, running in parallel from the
Permian and Eagle Ford Basins to Corpus Christi.


EQT CORP: S&P Lowers ICR to 'BB-' on Difficult Market Conditions
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on EQT Corp. to
'BB-' from 'BB+'. S&P also lowered its issue-level ratings on the
company's unsecured debt to 'BB-' from 'BB+' (recovery rating:
'3').

Low natural gas prices will hurt EQT's profitability and cash
flows. While the company's natural gas production is well hedged in
2020, S&P's forecast the company's credit measures will be weak for
its expectations for the rating, with funds from operations (FFO)
to debt and debt to EBITDA below 20% and above 3x, respectively, in
2021 based on S&P's revised oil and natural gas price deck

The negative outlook reflects S&P's expectation that EQT's credit
measures will be weak for the rating over the next two years due to
low natural gas and natural gas liquids (NGL) prices with funds
from operations (FFO) to debt falling below 20% in 2021. The
company is seeking to raise funds through asset sales, which S&P
views as difficult due to low commodity prices and capital market
disruption.

"We could lower the ratings on EQT if the company's financial
performance weakens such that expected FFO to debt declines below
20% with no near-term remedy. Such an event could occur if natural
gas prices or regional price differentials deteriorate without a
compensating reduction in capital spending, or if we believe that
the company is unlikely to be able to repay or refinance its
upcoming debt maturities," S&P said.

"An upgrade over the next year is unlikely under our commodity
prices assumptions. We could consider a positive rating action if
EQT's leverage measures improve such that FFO to total debt
exceeded 20% on a sustained basis, and addresses its upcoming debt
maturities. This would most likely occur if the company executes
asset sales successfully," S&P said.


EQUIFAX INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Equifax Incorporated to BB from BB+.

Equifax Incorporated is one of the three largest consumer credit
reporting agencies, along with Experian and TransUnion. Equifax
collects and aggregates information on over 800 million individual
consumers and more than 88 million businesses worldwide.



EUROPEAN FOREIGN: Wants to Maintain Exclusivity Through July 22
---------------------------------------------------------------
European Foreign Domestic Auto Repair Centre, Inc. and Ask
Ventures, Inc. asked the U.S. Bankruptcy Court for the Southern
District of Florida to extend the periods during which the
companies have the exclusive right to file a Chapter 11 plan and to
solicit acceptances for the plan to July 22 and Sept. 21,
respectively.

The companies also proposed to extend to June 22 the deadline for
"single asset real estate debtor" to file a plan of
reorganization.

The companies need additional time to establish a clearer track
record of income and expenses and to resolve issues with their
creditors in order to formulate a feasible plan.

               About European Foreign Domestic Auto
                  Repair Centre and ASK Ventures

European Foreign Domestic Auto Repair Centre, Inc. is a company
that provides automotive repair and maintenance services.  ASK
Ventures Inc. is a company primarily engaged in renting and leasing
real estate properties.

European Foreign Domestic and ASK Ventures sought Chapter 11
protection (Bankr. S.D. Fla. Case Nos. 19-22870 and 19-22872) on
Sept. 26, 2019. At the time of the filing, European Foreign
Domestic was estimated to have assets of at least $50,000 and
liabilities of between $1 million and $10 million.  ASK Ventures
was estimated to have assets of between $1 million and $10 million
and liabilities of the same range.

Judge Erik P. Kimball oversees the cases.  FurrCohen P.A. is the
Debtors' legal counsel.


EVERTEC GROUP: Moody's Alters Outlook on B2 CFR to Stable
---------------------------------------------------------
Moody's Investors Service affirmed EVERTEC Group, LLC's B2
Corporate Family Rating and B3-PD Probability of Default Rating and
changed the outlook to stable from positive. Moody's also affirmed
the B2 ratings on the company's senior secured bank credit
facilities. The SGL-1 speculative grade liquidity rating is
unchanged.

The change of the outlook to stable from positive reflects Moody's
expectation that Evertec will report somewhat depressed operating
results in 2020 depending on the depth and duration of economic
impacts resulting from the COVID-19 pandemic. Though business and
consumer spending are expected to decline broadly resulting from
the measures in place to combat the spread of COVID-19, Evertec
enters this period of economic turmoil with a very good liquidity
position. Evertec's services revenue is expected to remain stable
and while payments volume and average ticket size will decline, the
company's processing network is a critical payments mechanism in
Puerto Rico and will continue to generate cash flow. Further,
Evertec has demonstrated impressive business resilience in the face
of numerous exogenous demand shocks in recent years.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The payment
processing sector has been one of the sectors significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Evertec's credit
profile, including its exposure to Puerto Rico have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Evertec remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
potential impact on Evertec from the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Affirmations:

Issuer: EVERTEC Group, LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: EVERTEC Group, LLC

Outlook, Changed to Stable from Positive

RATINGS RATIONALE

The B2 CFR reflects Evertec's limited operating scale and elevated
risk related to economic and fiscal uncertainty in Puerto Rico, a
region which accounted for about 80% of the company's revenues.
These risks are offset by the company's moderate leverage levels,
solid free cash flow generation and strong position within its
largest market. Emigration, declining household income and the
financially stressed government of the Commonwealth of Puerto Rico
could represent headwinds to the company's long-term growth
prospects. Evertec also has substantial revenue concentration with
Banco Popular de Puerto Rico.

Evertec's business risks are mitigated, nonetheless by the critical
role it plays in Puerto Rico's economy as the dominant payment's
processor with the leading ATM and PIN debit network. The company's
payment processing and merchant acquiring services continue to
benefit from a secular shift to electronic payments and generate
recurring transaction processing revenues. These services have high
operating leverage and drive strong adjusted EBITDA margins and
free cash flow generation. Evertec is publicly traded and widely
held with a largely independent board of directors. The company is
expected to have moderate leverage over time and maintain a
balanced financial strategy.

The stable outlook reflects Evertec's very good liquidity position
and Moody's expectation that Evertec will (i) manage through the
coronavirus threat and continue to generate relatively stable
revenue and EBITDA in its main market, Puerto Rico, after the
outbreak abates and outperform the Commonwealth's GDP (ii) maintain
ample liquidity and net leverage (per the credit agreement) between
2-3x, with possible temporary increases up to 4x for acquisition
activity or economic cycles.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

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

The SGL-1 speculative grade liquidity rating reflects Evertec's
very good liquidity over the next 12 months. The company had an
unrestricted cash balance of about $111 million and access to a
$125 million revolving credit facility (currently undrawn) as of
December 31, 2019. Evertec is expected to use a combination of cash
flow and revolver drawings to fund potential M&A activity although
Moody's expects minimal activity with the economic downturn. The
term loan A and revolver include a financial maintenance covenant
with a maximum total secured net leverage test of 4.25x, which
steps down to 4x at December 31, 2020. The term loan B does not
contain a financial maintenance covenant. Moody's expects the
company to remain compliant with its financial covenants over the
next year.

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

EVERTEC GROUP, LLC is the main operating subsidiary of EVERTEC,
Inc. (taken together "Evertec", NYSE: EVTC). Evertec provides
transaction and payment processing, merchant acquiring and
processing, and other business process information technology
services to financial institutions, government agencies and
merchants in Puerto Rico, the Caribbean and Latin America. The
company generated revenue of $487 million in 2019.


FAIR ISAAC: Egan-Jones Cuts Local Curr. Unsecured Rating to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Fair Isaac
Corporation to BB from BBB-.

FICO, originally Fair, Isaac and Company, is a data analytics
company based in San Jose, California focused on credit scoring
services. It was founded by Bill Fair and Earl Isaac in 1956. Its
FICO score, a measure of consumer credit risk, has become a fixture
of consumer lending in the United States.



FIREBALL REALTY: Pine Island Buying Antrim Property for $141K
-------------------------------------------------------------
Fireball Realty, LLC, asks the U.S. Bankruptcy Court for the
District of New Hampshire to authorize the private sale of Lot
103-10, 11, 12, 13, 14, 16, 17, Antrim, New Hampshire to Pine
Island Realty, LLC and/or assigns for $141,000, pursuant to the
terms of Purchase and Sale Agreement.

The Property consists of seven raw, undeveloped lots in a
subdivision in the Town of Antrim, as recorded in the Hillsborough
County Registry of Deeds in Book 8978, Page 2221.  The Debtor
believes that the Property is worth approximately $141,000 in its
current state.  Provident had the properties appraised in October,
2019 and the appraised value was $131,000.

The Debtor owes Provident approximately $260,000 on account of the
land acquisition and construction loans made to the Debtor.
Provident has agreed to accept $141,000 in exchange for releasing
the Subject Property from the mortgage that secures the payment of
the land acquisition loan.   

The Debtor valued all of its real estate at $2,337,101 on a gross,
Current Market Value basis without deduction for secured
liabilities.  These seven lots in the Antrim subdivision are the
final remaining lots in Antrim, New Hampshire owned by the Debtor.
The Town of Antrim values the unimproved lots at $25,000 each.  The
Lender's appraiser reduced the value to $131,000 for the
developer's profit, broker commission, legal/accounting, closing,
etc.  As a result, the Sale of the Subject Property does not
constitute a sale of all or substantially all of the property of
the estate.  More importantly, the Debtor always intended to sell
the Subject Property in the ordinary course of its business.

The Debtor's title to the Property is encumbered by a real estate
tax lien held by the Town of Antrim, New Hampshire for unpaid real
estate taxes in the estimated amount of $5,206 and the real estate
taxes for the current year.  On information and belief, the
following creditors hold liens of record on the Property: (a)
Provident Bank, which claims to hold mortgages as security for the
payment of approximately $260,000.  Flare Investments, LLC has
stipulated to the avoidance of its attachment.  Benson recorded a
Notice of Lis Pendens, but the Lis Pendens did not create a lien on
the Subject Property and the attachment lien is the subject of a
pending avoidance action filed by the Debtor.  Benson has
discharged the Notice of Lis Pendens.

Provident Bank, N.A. consents to the proposed Transaction.  Except
for Provident Bank and the Town of Antrim, New Hampshire which
holds a lien for the payment of real estate taxes, no other
creditor claims to hold a mortgage or any other lien on the Subject
Property.

The fact that the Sale will be a private transaction without
advertising or competitive bidding, except for any credit bid
submitted by a Record Lienholder.  

The Contract is a standard New Hampshire Realtor form.  The
purchase price for the Property is $141,000.  It has no
contingencies other than (a) good, clear record and marketable
title and (b) the approval of the Court.  In the opinion of the
Debtor and the Proposed Broker, Nicole Howley and Coldwell Banker
Residential Brokerage, the Purchase Price is reasonably equivalent
to the fair market value of the Property as it sits and the other
terms of the Contract are fair, reasonable and generally consistent
those prevailing in the marketplace.

The sale will be free and clear of all liens and other
encumbrances, claims and interests, all of which will attach to the
net proceeds of the sale.

Subject to the approval of the Court, the Debtor will pay the
$5,000 commission due the Broker or reserve that amount to pay the
commission when approved for payment.  The Debtor will also pay the
real estate taxes due Antrim and recording fees and expenses
estimated to be less than $250.  Following payment of real estate
taxes and closing costs, the balance of the sale proceeds will be
remitted to Provident Bank for application to the Provident Loan.

The Sale will let the estate reap the fair value of the Subject
Property and avoid the cost of carrying property which is not
necessary for an effective reorganization.  In the Debtor's
business judgment, losing the opportunity to sell the Subject
Property for the Contract Price under the current circumstances
would be imprudent.

A copy of the Agreement is available at https://tinyurl.com/thmualt
from PacerMonitor.com free of charge.  
          
                   About Fireball Realty

Fireball Realty LLC is a real estate agency in Manchester, New
Hampshire.

Fireball Realty sought Chapter 11 protection (Bankr. D.N.H. Case
No. 19-10922) on June 28, 2019.  In the petition signed by Charles
R. Sargent, Jr., member, the Debtor was estimated to have assets
and liabilities in the range of $1 million to $10 million.  The
Debtor tapped William S. Gannon, Esq., at William S. Gannon PLLC,
as counsel.


FISHING VESSEL: April 30 Plan Confirmation Hearing Set
------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
conducted a hearing to consider the adequacy of the Joint
Disclosure Statement filed jointly by debtors Fishing Vessel Owners
Marine Ways, Inc., and Seattle Machine Works, Inc.

On March 20, 2020, Judge Marc Barreca approved the Disclosure
Statement and established the following dates and deadlines:

    * The Debtors will cause to be placed in the mail to all
creditors and other parties in interest indicated on the official
mailing matrix maintained by the Clerk of the Court a copy of the
Plan and the Disclosure Statement, along with a ballot on which
creditors may indicate acceptance or rejection of the Plan.

    * April 23, 2020, is fixed as the last day to file all
acceptances or rejections of the Plan.

    * April 23, 2020, is fixed as the last day to file any
objections to confirmation of the Plan.

    * April 30, 2020, at 9:30 a.m. is the hearing to consider
confirmation of the Plan.

A full-text copy of the order dated March 20, 2020, is available at
https://tinyurl.com/yx2cdpav from PacerMonitor at no charge.

The Debtors are represented by:

        BUSH KORNFELD LLP
        601 Union St., Suite 5000
        Seattle, Washington 98101-2373
        Telephone (206) 292-2110
        Facsimile (206) 292-2104

           About Fishing Vessel Owners Marine Ways
                  and Seattle Machine Works

Fishing Vessel Owners Marine Ways, Inc. --
https://www.fishingvesselowners.com/ -- and affiliate Seattle
Machine Works, Inc., are a full-service shipyard and machine shop
located in the heart of Ballard's Fishermen's Terminal. They
specialize in working with steel and wood fishing vessels,
tugboats, house boats, cruise boats and yachts.

Fishing Vessel Owners Marine Ways, Inc., and affiliate Seattle
Machine Works, Inc., sought Chapter 11 protection (Bankr. W.D.
Wash. Case Nos. 19-13502 and 19-13504) in Seattle, Washington, on
Sept. 23, 2019.  In the petitions signed by Dan Payne, president
and CEO, Fishing Vessel reported $1,238,197 in total assets and
$1,459,312 in total liabilities; and Seattle Machine reported
$339,544 in total assets and $238,234 in total liabilities.  Judge
Marc Barreca is assigned the Debtors' cases. Bush Kornfeld LLP
represents the Debtors.


FOOT LOCKER: Egan-Jones Lowers Local Curr. Unsecured Rating to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Foot Locker
Retail, Incorporated to BB from BBB-.

Foot Locker Retail, Incorporated is an American sportswear and
footwear retailer, with its headquarters in Midtown Manhattan, New
York City, and operating in 28 countries.



FORTVILLE APARTMENTS: June 15 Plan & Disclosure Hearing Set
-----------------------------------------------------------
Judge Mark A. Randon of the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division (Detroit), has established
the following dates and deadlines for Debtor Fortville Apartments
LLC:

  * April 27, 2020, is the deadline for the Debtor to file a
combined plan and disclosure statement.

  * June 8, 2020, is the deadline to return ballots on the plan, as
well as to file objections to final approval of the disclosure
statement and objections to confirmation of the plan.

  * June 15, 2020, at 11:00 a.m., before the Honorable Mark A.
Randon, in Courtroom 1825, 211 West Fort Street, Detroit, Michigan
48226 is the hearing on objections to final approval of the
disclosure statement and confirmation of the plan.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/v7bg7sq from PacerMonitor at no charge.  

                   About Fortville Apartments

Fortville Apartments, LLC is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)). Fortville Apartments sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Mich. Case No. 20-41081) on Jan. 26, 2020.  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.  Judge
Thomas J. Tucker oversees the case. Zousmer Law Group, PLC, is the
Debtor's legal counsel.


FOSSIL GROUP: Egan-Jones Lowers Senior Unsecured Ratings to CCC
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Fossil Group, Incorporated to CCC from B-. EJR also
downgraded the rating on LC commercial paper issued by the Company
to C from B.

Fossil Group, Incorporated is an American fashion designer and
manufacturer founded in 1984 by Tom Kartsotis and based in
Richardson, Texas. Their brands include Fossil, Relic, BMW, Michele
Watch, Skagen Denmark, Misfit, WSI, and Zodiac Watches.



FURIE OPERATING: Judge Extends Exclusivity Period Until May 13
--------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware extended to May 13 the period during which
only Furie Operating Alaska, LLC and its affiliates can file a
Chapter 11 plan.

The company has the exclusive right to solicit acceptances of its
plan until June 29.

                   About Furie Operating Alaska

Headquartered in Anchorage Alaska, Furie Operating Alaska LLC and
its affiliates operate as independent energy companies primarily
focused on the acquisition, exploration, production, and
development of offshore oil and gas properties in the State of
Alaska's Cook Inlet region. They hold a majority working nterest in
35 competitive oil and gas leases in the Cook Inlet. Additionally,
they wholly own and operate an offshore production platform in the
middle of the Cook Inlet to extract natural gas under the oil and
gas leases.

Furie Operating Alaska and its affiliates, Cornucopia Oil & Gas
Company LLC, and Corsair Oil & Gas LLC, filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case Nos. 19-11781 to 19-11783) on Aug. 9, 2019.  In the petitions
signed by Scott M. Pinsonnault, interim COO, the Debtors were
estimated to have $10 million to $50 million in assets and $100
million to $500 million in liabilities.

The Debtors tapped Womble Bond Dickinson (US) LLP and McDermott
Will & Emery LLP as legal counsel; Seaport Global Securities LLC as
investment banker; and Ankura Consulting Group as financial
advisor.  Prime Clerk LLC is the claims and noticing agent, and
administrative advisor.


GAP INC: Egan-Jones Lowers Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Gap, Incorporated to BB from BBB-.

The Gap, Incorporated, commonly known as Gap Incorporated or Gap,
is an American worldwide clothing and accessories retailer. Gap was
founded in 1969 by Donald Fisher and Doris F. Fisher and is
headquartered in San Francisco, California.



GAUCHO GROUP: Extends CEO's Term Until December 2020
----------------------------------------------------
The Board of Directors of Gaucho Group Holdings, Inc. unanimously
approved an extension to Mr. Scott L. Mathis' employment agreement
with the Company, dated Sept. 28, 2015 to expire on Dec. 31, 2020.
Mr. Mathis is the Company's chairman, president and chief executive
officer.  All other terms of the Employment Agreement remain the
same.  The Board of Directors also approved the payment of Mr.
Mathis' cost of living salary adjustment of 3% for the years 2019
and 2020 to be paid in equal monthly installments beginning Jan. 1,
2021, provided the Company has uplisted to a national stock
exchange.  The Board of Directors granted a retention bonus to Mr.
Mathis that consists of the real estate lot on which Mr. Mathis has
been constructing a home at Algodon Wine Estates, to vest in
one-third increments over the next three years, provided Mr.
Mathis's performance as an employee with the Company continues to
be satisfactory, as deemed by the Board of Directors.  The current
market value of the lot is $115,000, and before ownership of the
lot can be transferred to Mr. Mathis, the Company must be legally
permitted to issue a deed for the property.  Mr. Mathis is eligible
to receive a pro-rata portion of the bonus if his employment is
terminated before the end of the Retention Period.

               Certificate of Designation Amendment

On March 27, 2020, holders of a majority of the issued and
outstanding shares of Series B Convertible Preferred Stock of
Gaucho Group Holdings, Inc. approved an amendment to the
Certificate of Designation of the Series B Convertible Preferred
Stock and on March 29, 2020, the Board of Directors of the Company
unanimously approved the Third Amendment, which extended the period
in which holders of the Series B Shares may voluntarily elect to
convert such shares into shares of common stock of the Company to
Dec. 31, 2020.  In addition, the Third Amendment extends the date
upon which the Company shall redeem all then-outstanding Series B
Shares and all unpaid accrued and accumulated dividends to Dec. 31,
2020.  The Third Amendment was filed with the Secretary of State of
the State of Delaware on March 30, 2020.

                        About Gaucho Group

Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com/-- was incorporated on April 5, 1999.

Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc.  Through its
wholly-owned ubsidiaries, GGH invests in, develops and operates
real estate projects in Argentina.  GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort.  In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories.  The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.

Gaucho Group reported a net loss attributable to common
stockholders of $7.38 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common stockholders of $6.40
million for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the
Company had $5.92 million in total assets, $5.92 million in total
liabilities, $9.03 million in series B convertible redeemable
preferred stock, and a total stockholders' deficiency of $9.03
million.

Marcum LLP, in New York, NY, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


GAVILAN RESOURCES: Moody's Cuts CFR to Ca, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Gavilan Resources, LLC's
Corporate Family Rating to Ca from B3, Probability of Default
Rating to Ca-PD from B3-PD and senior secured second lien term loan
rating to C from Caa1. The outlook remains negative.

"The downgrade of Gavilan's ratings reflects weak liquidity and
elevated risk of default," said Jonathan Teitel, a Moody's
analyst.

Downgrades:

Issuer: Gavilan Resources, LLC

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

Corporate Family Rating, Downgraded to Ca from B3

Senior Secured Term Loan, Downgraded to C (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Gavilan Resources, LLC

Outlook, Remains Negative

RATINGS RATIONALE

Gavilan's Ca CFR reflects Gavilan's elevated default risk,
including a distressed exchange which could be deemed a default by
Moody's. On March 30, Gavilan delivered notices of default pursuant
to its revolver and term loan credit agreements because its audited
annual financials contained a "going concern" qualification. [1]
The company has 30 days to cure these defaults or obtain waivers.
The company expects to be overdrawn on its revolver when the
borrowing base (currently $200 million) is redetermined in April
2020. The company does not expect to be able to repay the deficit
while continuing to fund minimum operations. It also expects to
exceed its maximum first lien net leverage ratio covenant.

The company is pursuing several options to cure the default.
However, Gavilan faces restricted access to capital markets and its
operations are challenged by weak commodity prices. Moody's views
Gavilan's liquidity as weak and estimates high likelihood of a
resolution involving a default, including distressed exchanges.
Gavilan's RBL revolver is fully drawn and expires in March 2022. In
March 2020, the company increased cash balance by monetizing some
hedges for $29 million.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The E&P sector has
been one of the sectors most significantly affected by the shock
given its sensitivity to demand and oil prices. More specifically,
the weaknesses in Gavilan's credit profile have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and Gavilan remains vulnerable to the outbreak
continuing to spread and oil prices remaining weak. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Gavilan of the breadth and
severity of the oil demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

Environmental considerations for Gavilan include heightened
societal concerns regarding climate change and other environmental
air quality and safety issues. These lead to increasing
environmental regulations on exploration and production company
operations, as well as limitations on where these companies can
explore for new resources. Gavilan's private equity ownership by
Blackstone is among governance considerations because it affects
financial policies and asset development strategies.

The negative outlook reflects heightening risk of default,
including a distressed exchange, and weak liquidity position.

The $450 million senior secured second lien term loan maturing in
2024 is rated C one notch below the CFR and ranks behind the
company's revolver. The C rating reflects Moody's views on recovery
to the lenders.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to a downgrade include increasing default
risk including distressed exchanges or if Moody's view on expected
recoveries is lowered.

Factors that could lead to an upgrade include a tenable capital
structure with less debt and improved liquidity.

Gavilan, headquartered in Houston, Texas, is a privately-owned
independent exploration and production company in the Eagle Ford
Shale.

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


GAVILAN RESOURCES: S&P Downgrades ICR to 'CCC-', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Gavilan
Resources LLC to 'CCC-' from 'CCC+', and the issue-level rating on
its term loan to 'CCC-' (recovery rating: '4') from 'CCC+'
(recovery rating: '3').

Gavilan faces a material liquidity deficit when its borrowing base
is redetermined in April. Due to the sharp drop in oil and natural
gas prices driven by the the Saudi-Russia price war and the drop in
demand related to COVID-19, as well as the ongoing bankruptcy
proceeding of its joint venture partner Sanchez Energy, Gavilan
Resources faces a material liquidity deficit when the borrowing
base on its RBL facility is redetermined in April.

"The company drew down the full $200 million available on its RBL,
and we expect the borrowing base to be redetermined lower,
resulting in a deficiency. Although Gavilan would technically then
have 10 days to elect to either (1) pay the deficiency amount in
full within 30 days, or (2) pay the deficiency in equal
installments over a six-month period starting 30 days after the
election, we believe the company's most likely path will be to file
Chapter 11 or restructure," S&P said.

The negative outlook reflects the likelihood that Gavilan will
default or restructure within the next three months.

S&P could raise the rating if it no longer expected Gavilan to
default or restructure, which would most likely occur in the highly
unlikely event the company received an equity injection or other
capital from its financial sponsor.


GCX LIMITED: Exclusivity Period Extended Through August 11
----------------------------------------------------------
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware extended to Aug. 11 the period during which
GCX Limited and its affiliates have the exclusive right to propose
a Chapter 11 plan of reorganization.

The GCX affiliates have the exclusive right to solicit acceptances
for the plan until Oct. 9.

                    About Global Cloud Xchange

Global Cloud Xchange (GCX), a subsidiary of India-based Reliance
Communications, offers a comprehensive portfolio of solutions
customized for carriers, enterprises and new media companies. GCX
-- http://www.globalcloudxchange.com/-- owns the world's largest
private undersea cable system spanning more than 68,000 route kms
which, seamlessly integrated with Reliance Communications' 200,000
route kms of domestic optic fiber backbone, provides a robust
Global Service Delivery Platform.  With connections to 40 key
business markets worldwide spanning Asia, North America, Europe and
the Middle East, GCX delivers leading edge next generation
Enterprise solutions to more than 160 countries globally across its
Cloud Delivery Network.

GCX Limited and 15 subsidiaries filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 19-12031) on Sept. 15,
2019, to seek confirmation of a pre-packaged Plan of
Reorganization.

The Restructuring Support Agreement, and the Plan implementing the
same, contemplates (a) a debt-to-equity recapitalization
transaction, whereby the Senior Secured Noteholders will receive a
pro rata share of (i) 100% of the new equity interests of
reorganized GCX and (ii) second lien term loans in an aggregate
principal amount of $200 million and (b) a simultaneous "go-shop"
process in which the Debtors will solicit bids for the potential
sale of all or a portion of their business pursuant to the Plan.

The Debtors are estimated to have $1 billion to $10 billion in
assets and liabilities, according to the petitions signed by CRO
Michael Katzenstein.

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

The Debtors tapped Paul Hastings LLP as general bankruptcy counsel;
Young Conaway Stargatt & Taylor, LLP as local bankruptcy counsel;
FTI Consulting, Inc. as financial advisor; and Lazard & Co.,
Limited as investment banker.  Prime Clerk LLC is the claims
agent.

The bankruptcy court confirmed the Debtors' Chapter 11 plan of
reorganization on Dec. 4, 2019, clearing the way for the Debtors to
complete their financial restructuring.


GENCANNA GLOBAL: Sets Bidding Procedures for All Assets
-------------------------------------------------------
GenCanna Global USA, Inc. and affiliates ask the U.S. Bankruptcy
Court for the Eastern District of Kentucky to authorize the bidding
procedures in connection with the auction sale of substantially all
assets.

One of the primary goals of the Chapter 11 cases is to conduct a
fulsome process to investigate all available strategic alternatives
to maximize the value of the Debtors' assets, which the Debtors
have already begun to do with the assistance of their proposed
investment banker, Jefferies, LLC, and their other advisors.
Indeed, specific milestones for conducting a prompt bidding process
were included in the Interim DIP Order.

In consultation with Jefferies, the DIP Secured Parties and the
Prepetition Secured Parties, the Debtors developed the bidding
procedures in order to facilitate a prompt and fulsome Bidding
Process that will enable the Debtors to identify and select an
appropriate transaction to maximize value.  Such transaction may
include a sale of all or substantially all of the Debtors' assets
free and clear of all liens, claims and interests, and the
assumption and assignment of contracts and leases in connection
with such a sale. Other possible transaction structures may include
a refinancing, restructuring, recapitalization or other form of
transaction structure identified through the Bidding Process that
is deemed to be the highest and best alternative available under
the circumstances.   

Initially, the Motion asks only the entry of an order approving the
Bidding Procedures and related relief, including the approval of
the form and manner of notice the Debtors intend to provide in
respect of the bidding process and the various dates and deadlines
established by the Bidding Procedures in accordance with the
Milestones, and the scheduling of a final hearing at which the
Court will consider authorizing and approving the transaction that
is ultimately selected through the bidding process.  In accordance
with the Milestones, a hearing on the proposed Bid Procedures is to
be held on March 11, 2020.   

As the Bidding Process progresses, the Debtors will determine the
highest and best transaction alternative available, in consultation
with the DIP Secured Parties, the Prepetition Secured Parties and
the creditors committee, will disclose the details of such
transaction to the Court in a subsequent filing, and will ask
approval of such transaction at the final hearing.   

On Feb. 6, 2020, the Court entered the Interim DIP Order.  Among
other things, the Interim DIP Order set forth the Milestones that
would govern the Bidding Process.

The Milestones are summarized as follows:

     a. Feb. 18, 2020 - Deadline to file a motion to approve the
Bidding Procedures

     b. Feb. 24, 2020 - Deadline to receive Proposals from
Potential Transaction Counterparties  

     c. March 11, 2020 - Deadline to hold a hearing on the proposed
Bidding Procedures

     d. March 13, 2020 - Deadline to obtain an order approving the
Bidding Procedures

     e. April 17, 2020 - Deadline to receive Qualified Bids

     f. April 20, 2020 - Deadline to conduct an auction if more
than one Qualified Bid is received

     g. April 23, 2020 - Deadline to hold a hearing to approve the
transaction ultimately selected as the highest and best alternative


     h. April 24, 2020 - Deadline to obtain an order approving the
selected transaction

     i. May 1, 2020 - Deadline to consummate the selected
transaction

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: April 17, 2020 at 5:00 p.m. (EST)

     b. Initial Bid: TBD

     c. Deposit: 10% of the total purchase price

     d. Auction: If more than one Qualified Bid is received, an
auction may be conducted on April 20, 2020 at 10:00 a.m. (EST) at
the offices of Debtors’ counsel, or such other location as may be
determined by the Debtors and communicated to Qualified Bidders.   
Qualified Bidders at the Auction will be informed of the terms of
the previous Bids made by other Qualified Bidders, including the
identity of the Qualified Bid that the Debtors determine is the
highest or best Bid received by the Bid Deadline.

     e. Bid Increments: $250,000

     f. Sale Hearing: April TBD, 2020 at TBD (EST)

     g. Sale Objection Deadline: April 21, 2020 at 11:59 p.m. (ET)

     h. Closing: No later than May 1, 2020

     i.  The proposed transfer of any of the Debtors' assets will
be on an "as is, where is" basis and without representations or
warranties of any kind, nature, or description.

     j.Any Qualified Bidder who has a valid and perfected lien on
any of the Debtors' assets will have the right to credit bid all or
a portion of such Secured Creditor’s allowed secured claims.

The Debtors initially ask the entry of an order approving the
proposed Bidding Procedures, scheduling a final hearing by no later
than April 23, 2020 to approve the transaction ultimately selected
through the Bidding Process as the highest and best alternative,
approving the form and manner of notice in respect of the same, and
granting related relief.

The Debtors also respectfully ask that the Bidding Procedures Order
authorizes the Debtors to designate, in consultation with the
Consultation Parties, a stalking horse purchaser or bidder and to
offer such Stalking Horse customary protections in exchange for
agreeing to serve as a stalking horse, including a breakup fee in
an amount to be negotiated (but in no event greater than 3% of the
total purchase price or other consideration to be paid, exclusive
of any value associated with assumed liabilities, leases or
contracts), expense reimbursement up to 1% of the total purchase
price or other consideration to be paid, exclusive of any value
associated with assumed liabilities, leases or contracts (not to
exceed $1 million), and a minimum initial bidding increment of at
least $250,000 to be used at any auction.  Such designation could
be made by the Debtors at any time during the Bidding Process in
their business judgment, but in no event later than April 18, 2020
at 5:00 p.m.  The Debtors will file a notice of any such
designation with the Court by the Stalking Horse Designation
Deadline.    

Second, the Motion also asks the entry of an order following the
Transaction Hearing approving the transaction that is ultimately
selected as the highest and best alternative through the Bidding
Process and presented to the Court for approval, and authorization
to consummate the same.

In the event the transaction involves the sale of all or
substantially all of the Debtors' assets, the Debtors will ask
approval of such a sale free and clear of all liens, claims and
encumbrances, and may also ask the approval of the assumption
and/or assignment of executory contracts and unexpired leases in
connection therewith.  The Debtors intend to file a proposed form
of order at least seven days in advance of the Transaction Hearing.


Within seven business days of entry of the Bidding Procedures
Order, the Debtors will send a notice of the entry of the Bidding
Procedures Order.  

The Debtors also ask authority to designate a Stalking Horse and
offer customary Stalking Horse Protections, including a Breakup
Fee, an Expense Reimbursement and a minimum Bid Increment.  The
Debtors will file a notice of any such designation by the Stalking
Horse Designation Deadline, and believe that having the flexibility
and authority to do so will benefit the overall Bidding Process,
and motivate bidders to provide their highest and best offers.   

                    About GenCanna Global USA

GenCanna Global USA, Inc. -- https://www.gencanna.com/ -- is a
vertically-integrated producer of hemp and hemp-derived CBD
products with a focus on delivering social, economic and
environmental impact through seed-to-scale agricultural
production.

GenCanna Global USA was the subject of an involuntary Chapter 11
proceeding (Bankr. E.D. Ky. Case No. 20-50133) filed on Jan. 24,
2020.  The involuntary petition was signed by alleged creditors
Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture,
PLLC.  

On Feb. 6, 2020, GenCanna Global USA consented to the involuntary
petition and on Feb. 5, 2020, two affiliates, GenCanna Global Inc.
and Hemp Kentucky LLC, filed their own voluntary Chapter 11
petitions.

Laura Day DelCotto, Esq., at DelCotto Law Group PLLC, represents
the petitioners.

The Debtors tapped Benesch Friedlander Coplan & Aronoff, LLP and
Dentons Bingham Greenebaum, LLP as legal counsel; Huron Consulting
Services, LLC as operational advisor; and Jefferies, LLC, as
financial advisor.  Epig is the claims agent, which maintains the
page https://dm.epiq11.com/GenCanna.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Feb. 18, 2020.  The committee tapped Foley & Lardner
LLP as its bankruptcy counsel, and DelCotto Law Group PLLC as its
local counsel.


GENUINE FINANCIAL: Moody's Cuts CFR to Caa1, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded Genuine Financial Holdings,
LLC Corporate Family Rating to Caa1 from B3, Probability of Default
Rating to Caa1-PD from B3-PD. At the same time, Moody's downgraded
the company's first lien senior secured credit facility (term loan
and revolver) rating to B3 from B2 and its senior secured second
lien term loan to Caa3 from Caa2. The outlook was changed to
negative from stable.

The downgrade to Caa1 CFR and negative outlook reflects Moody's
expectation for sharp deterioration in HireRight's revenue and
earnings due to the Coronavirus (COVID-19) pandemic at least over
the next several quarters that will meaningfully elevate the
company's debt-to-EBITDA leverage and weaken its liquidity. Given
the COVID-19 has yet to be contained, there are downside risks that
global employment trends will remain weak for the remainder of
2020. Nonetheless, Moody's acknowledges that HireRight has
meaningful cash sources, including access to the $100 million
revolving credit facility due 2023. The company has highly variable
cost structure and can adjust its operating and capital expenses in
response to diminished demand for screening services.

Downgrades:

Issuer: Genuine Financial Holdings, LLC

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B3
(LGD3) from B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa3
(LGD5) from Caa2 (LGD5)

Outlook Actions:

Issuer: Genuine Financial Holdings, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The background
screening and verifications industry has been one of the sectors
most significantly affected given the high exposure to economic
cycles and employment trends. More specifically, the weaknesses in
HireRight's credit profile, including its exposure to financial
services, education, manufacturing, and certain retailers in the US
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company remains
vulnerable to the outbreak continuing to spread. However,
HireRight's client portfolio includes numerous sectors expected to
be resilient in the current environment such as grocery,
transportation, government, certain healthcare and technology
providers. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. Its action reflects the impact on
HireRight of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The negative outlook reflects Moody's expectation for weakening
operating performance and liquidity stemming from the COVID-19
pandemic. The negative outlook also reflects uncertainty
surrounding the duration of weak employment trends and HireRight's
ability to quickly adjust cost, realize planned acquisition
synergies and maintain at least adequate liquidity.

Moody's expects HireRight to maintain adequate liquidity over the
next 12-15 months, but liquidity is at risk for deterioration
depending on the duration of the pandemic and the pace of recovery.
Sources of liquidity consist of projected balance sheet cash of
$60-70 million at March 31, 2020, including the company's
pro-active significant draw under its $100 million revolving credit
facility due 2023, to insulate itself against any bank liquidity
concerns. The potential for negative free cash flow over the next
several quarters is heightened given the current economic
conditions. There are no financial maintenance covenants under the
first lien term loan but the revolving credit facility is subject
to a springing first lien leverage ratio of 7.3x when the amount
drawn exceeds 35% of the revolving credit facility. Moody's expects
that projected EBITDA deterioration will increase the risk of the
potential covenant breach over the near term. The agreement also
provides for covenant cure rights. HireRight may exercise the
option to cure the breach with an incremental equity contribution
for up to 5 times prior to the maturity and up to two instances
over four consecutive quarters.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The ratings could be downgraded if HireRight's revenue and earnings
decline more severely than expected and do not begin to recover in
the second half of 2020, free cash flow remains largely negative,
or probability of default increases.

The ratings could be upgraded if HireRight demonstrates return to
organic growth, sustainably decreases in debt-to-EBITDA (Moody's
adjusted), improves free cash flow meaningfully and maintains at
least adequate liquidity.

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

Headquartered in Irvine, California, Genuine Financial Holdings LLC
is the parent company of GIS and HireRight. GFH is the largest
global provider, based on revenue, of background screening and
compliance solutions, including criminal background checks,
credential verification, employee drug testing, and
fingerprint-based screening for enterprise clients The company is
majority owned by General Atlantic and Stone Point Capital, with
remaining shares held by Ray Conrad (the founder of GIS). The
company generated annual revenue of approximately $650 million in
the fiscal year ended December 31, 2019.


GI DYNAMICS: Extends Note Maturity Date to May 2020
---------------------------------------------------
GI Dynamics, Inc., entered into a Sixth Amendment to the Senior
Secured Convertible Promissory Note, by and between the Company, as
borrower, and Crystal Amber Fund Limited, as holder, pursuant to
which the Company and Crystal Amber amended the Senior Secured
Convertible Promissory Note issued by the Company to Crystal Amber
on June 15, 2017 and amended on Dec. 31, 2018, March 29, 2019,
April 30, 2019, June 30, 2019 and Aug. 21, 2019, in the aggregate
principal amount of US$5,000,000 by extending the maturity date
(and associated final conversion date) of the Note from March 31,
2020 to May 1, 2020.

In addition, on March 31, 2020, the Company entered into a Sixth
Amendment to the Note Purchase Agreement by and between the Company
and Crystal Amber, which NPA Amendment amended the Note Purchase
Agreement, dated as of June 15, 2017, as amended on Dec. 31, 2018,
March 29, 2019, April 30, 2019, June 30, 2019 and Aug. 21, 2019, by
and between the Company and Crystal Amber to provide for the
amendment of the Note in the form of the Note Amendment.

                       About GI Dynamics

Founded in 2003 and headquartered in Boston, Massachusetts, GI
Dynamics, Inc. (ASX:GID) is a developer of EndoBarrier, an
endoscopically-delivered medical device for the treatment of type 2
diabetes and the reduction of obesity.  EndoBarrier is not approved
for sale and is limited by federal law to investigational use only.
EndoBarrier is subject to an Investigational Device Exemption by
the FDA in the United States and is entering concurrent pivotal
trials in the United States and India.

GI Dynamics reported a net loss of $17.33 million for the year
ended Dec. 31, 2019, compared to a net loss of $8.04 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$4.18 million in total assets, $7.38 million in total liabilities,
and a total stockholders' deficit of $3.20 million.

Moody, Famiglietti & Andronico, LLP, in Tewksbury, Massachusetts,
the Company's auditor since 2016, issued a "going concern"
qualification in its report dated March 12, 2020 citing that the
Company has incurred operating losses since inception and at Dec.
31, 2018, has an accumulated deficit and working capital
deficiency.  These matters raise substantial doubt about the
Company's ability to continue as a going concern.


GLOBAL EAGLE: Moody's Cuts CFR to Caa2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Global Eagle Entertainment, Inc. to Caa2 from B3, the probability
of default rating to Caa2-PD from B3-PD and the rating on the
company's senior secured bank credit facilities to B3 from B1.
Moody's also downgraded Global Eagle's speculative grade liquidity
rating to SGL-4 from SGL-2. The outlook is negative.

Downgrades:

Issuer: Global Eagle Entertainment, Inc.

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

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-2

Corporate Family Rating, Downgraded to Caa2 from B3

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B1 (LGD3)

Outlook Actions:

Issuer: Global Eagle Entertainment, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The downgrade of Global Eagle's CFR to Caa2 reflects Moody's
expectations that the company's revenue and EBITDA will experience
declines in the double-digit percentage range in 2020 leading to
very high leverage (Moody's adjusted debt to EBITDA) and weak
liquidity. This revision in expected performance is due to Global
Eagle's heavy exposure to the airline and cruise ship industries
which are both facing unprecedented levels of reduced operations
due to the coronavirus pandemic. Moody's regards the current
pandemic as a social risk under its ESG framework, given the
substantial implications for health and safety. The Caa2 rating
reflects Moody's concerns over the sustainability of the capital
structure given high debt levels, uncertainty about the timing of a
recovery in operating performance and weak liquidity.

The global response to the coronavirus outbreak has meant that
regional and international air-travel have experienced extreme cuts
in demand and capacity and there is very little visibility as to
when restrictions will ease and travelers feel safe enough to
travel again. More than half of Global Eagle's revenue and EBITDA
is directly linked to the number of airline passengers. The company
has in the past shown a strong track record of reducing costs and
Moody's expects it to implement measures to partially mitigate the
resulting EBITDA impact. This said, any further disruption to the
airline industry -- already reeling from the Boeing 737 MAX
groundings -- could lead to increases in bad debt or delayed
payments which could lead to a potential liquidity shortfall. The
downgrade of the company's speculative grade liquidity rating to
SGL-4 from SGL-2 reflects this risk.

Should the downturn accentuate, or should recovery be slower and
demand not bounce back to pre-coronavirus levels, Global Eagle's
compliance with its financial maintenance covenants (Net Debt to
company adjusted EBITDA of 6.5x or lower) could be jeopardized.

The negative outlook reflects Moody's concerns that Global Eagle's
capital structure might become untenable in the next few quarters
as a result of either a liquidity shortfall or a more protracted
decline in airline passenger numbers.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the ongoing disruption caused by the coronavirus pandemic an
upgrade is unlikely in the medium term. Ultimately, any ratings
upgrade would require Global Eagle to return to revenue and EBITDA
growth as well as at path to a breakeven free cash flow
generation.

Further downgrade of the ratings could follow should the risk of a
potential distressed exchange or restructuring of the capital
structure increase or should the company's liquidity deteriorate
further.

With headquarters in Los Angeles, California, Global Eagle
Entertainment Inc. is a provider of connectivity and content to the
worldwide travel industry. The company operates through two
segments Connectivity and Media & Content. The company generated
revenue of $657 million in 2019.

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


GNC HOLDINGS: Implements Cost-Saving Measures Amid COVID-19 Crisis
------------------------------------------------------------------
GNC Holdings, Inc., announced that as a result of the COVID-19
pandemic, the Company has had to make some difficult decisions in
order to protect the long-term prospects for the business.

Given the unprecedented economic disruption caused by this health
crisis, management has implemented measures to reduce expenses and
maintain flexibility to manage through these challenging times
including:

  * A reduction in operating expenses including a hiring freeze,
    eliminating corporate merit increases and other cost saving
    initiatives

  * A decrease in the number of field leadership roles as the
    company continues to optimize the store fleet

  * Reducing costs across the business with the exception of
    digital capabilities

  * Temporary furloughs for a significant portion of its store
    and corporate associates across all levels of the  
    organization

Furloughed associates will maintain health benefits in GNC
sponsored plans with 100% of the premium funded by GNC throughout
at least the month of April.

"These decisions were extremely difficult but necessary as we
navigate the challenges ahead of us.  We are focused on our people
and our business, and because of that we had to take decisive
action," said Ken Martindale, chairman and chief executive officer.
"We expect these measures will give us the footing to continue to
provide solutions to help others live well."

                       About GNC Holdings

GNC Holdings, Inc., headquartered in Pittsburgh, PA, is a global
health and wellness brand with a diversified, multi-channel
business.  The Company's assortment of performance and nutritional
supplements, vitamins, herbs and greens, health and beauty, food
and drink and other general merchandise features innovative
private-label products as well as nationally recognized third-party
brands, many of which are exclusive to GNC.  The Company serves
consumers worldwide through company-owned retail locations,
domestic and international franchise activities, and e-commerce.

As of Dec. 31, 2019, GNC had approximately 7,500 locations, of
which approximately 5,400 retail locations are in the United States
(including approximately 1,800 Rite Aid licensed
store-within-a-store locations) and the remainder are locations in
approximately 50 countries.

GNC Holdings reported a net loss of $35.11 million for the year
ended Dec. 31, 2019, compared to net income of $69.78 million  for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$1.65 billion in total assets, $1.64 billion in total liabilities,
$211.39 million in series A convertible preferred stock, and a
total stockholders' deficit of $207.26 million.

PricewaterhouseCoopers LLP, in Pittsburgh, Pennsylvania, the
Company's auditor since 2003, issued a "going concern"
qualification in its report dated March 25, 2020 citing that the
Company has significant debt (specifically the Convertible Notes
and the Tranche B-2 Term Loan) maturing at the latest in March
2021.  The Company has insufficient cash flows from operations to
repay these debt obligations as they come due, which raises
substantial doubt about its ability to continue as a going
concern.


GOODYEAR TIRE: Egan-Jones Lowers Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Goodyear Tire & Rubber Company to B+ from BB-.

The Goodyear Tire & Rubber Company is an American multinational
tire manufacturing company founded in 1898 by Frank Seiberling and
based in Akron, Ohio. Goodyear manufactures tires for automobiles,
commercial trucks, light trucks, motorcycles, SUVs, race cars,
airplanes, farm equipment and heavy earth-mover machinery.



GRAPHIC TUFTING: Unsec. Creditors to Have 50% Recovery in 3 Years
-----------------------------------------------------------------
Debtor Graphic Tufting Center Inc. filed with the U.S. Bankruptcy
Court for the Northern District of Georgia, Rome Division, a Plan
of Reorganization and a Disclosure Statement on March 24, 2020.

Class 6 general unsecured claims, including deficiency claims, will
recover 50 percent of their allowed claims paid in 6 semi-annual
payments, commencing on the 1st day of the 1st quarter following
the Effective Date and continuing on or by the 1st day of each
six-month anniversary of such date for a total of 6 payments.

Class 7 convenience Claims, comprised of unsecured claims of less
than $1,000, will receive payment of 25% of their claims on the
Effective Date.

Class 9 consists of Interest Claims. If the Class 6 General
Unsecured Creditors and Class 7 Convenience Claims vote to accept
the Plan as a class, then Mark Dyer shall retain 51% of the
interest in the Debtor and Bruce Jeffrey Dyer shall retain 49% of
the interest in the Debtor.

The Debtor shall pay all claims from Debtor's postpetition income.
The Debtor shows that he will pay administrative expense claims
from the new value included in Class 9 of the Plan or from some
other source if no new value contribution under Class 9 is
required.

A full-text copy of the Disclosure Statement dated March 24, 2020,
is available at https://tinyurl.com/vz7svwb from PacerMonitor at no
charge.

The Debtor is represented by:

         Cameron M. McCord
         Jones & Walden, LLC
         21 Eighth Street, NE
         Atlanta, Georgia 30309
         Tel: (404) 564-9300

                  About Graphic Tufting Center

Graphic Tufting Center Inc., a privately held company that
manufactures carpets and rugs, filed a petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case
No.20-40033) on Jan. 7, 2020.  In the petition signed by Bruce
Jeffery Dyer, owner, the Debtor estimated under $50,000 in assets
and $1 million to $10 million in liabilities. Cameron M. McCord,
Esq., at Jones & Walden, LLC, represents the Debtor as counsel.


GREEN FAMILY FUN ZONE: Exclusivity Period Extended Until June 20
----------------------------------------------------------------
Judge Alan Koschik of the U.S. Bankruptcy Court for the Northern
District of Ohio extended to June 20 the exclusivity period during
which Green Family Fun Zone can file a Chapter 11 plan of
reorganization.  

                    About Green Family Fun Zone

Green Family Fun Zone, LLC -- https://gotothezone.com/ -- owns and
operates an amusement complex in North Canton, Ohio.  The amusement
center features a go-cart track, bumper cars, and a miniature golf
course, and has facilities to accommodate small and large parties.

Green Family Fun Zone filed a Chapter 11 petition (Bankr. N.D. Ohio
Case No. 19-52276) on Sept. 20, 2019, in Akron, Ohio.  Judge Alan
M. Koschik oversees the case.  In the petition signed by Scott
Plummer, manager, the Debtor disclosed $698,550 in total assets and
$1,699,086 in total liabilities.  Michael J. Moran, Esq., at Gibson
& Moran, is the Debtor's legal counsel.


GREIF INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Greif, Incorporated to B+ from BB-.

Greif, Incorporated is an American manufacturing company based in
Delaware, Ohio. Originally a manufacturer of barrels, the company
is now focused on producing industrial packaging and containers. In
2018, the company ranked 642 on the Fortune 1000.



GREIF INC: Moody's Alters Outlook on Ba2 CFR to Negative
--------------------------------------------------------
Moody's Investors Service affirmed Greif, Inc.'s Ba2 corporate
family rating, its Ba2-PD probability of default rating, various
instrument ratings and revised the rating outlook to negative from
stable. The Speculative Grade Liquidity Rating remains SGL-2. The
negative outlook reflects Moody's view that credit metrics may
weaken despite planned deleveraging due to the expected impact of
the coronavirus pandemic on the global economy.

Affirmations:

Issuer: Greif, Inc.

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5) from
(LGD6)

Issuer: Greif Luxembourg Finance SCA

Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5)

Outlook Actions:

Issuer: Greif, Inc.

Outlook, Changed To Negative From Stable

Issuer: Greif Luxembourg Finance SCA

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The industrial
packaging sector will be affected by the shock given its
sensitivity to industrial demand and sentiment. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety, as
well as the associated economic impact.

The change in outlook is prompted by substantive deterioration in
global macroeconomic conditions that will result in weaker earnings
in 2020 and possibly beyond. Before the global spread of the
coronavirus and substantial downward revisions to its macroeconomic
forecast, Moody's already expected ongoing weakness in the
company's legacy industrial packaging business that sells steel,
plastic, fiber and other containers to various cyclical end markets
and additional pressures from lower containerboard and paperboard
prices. Although performance in the first calendar quarter
(company's second fiscal quarter) has been in line with
expectations and supported by a near-term surge in demand for some
consumer staples and bulk shipments, such as hand sanitizer,
Moody's expects performance to weaken as global macroeconomic
conditions worsen, which may delay deleveraging below the 4.2 times
set in its downgrade trigger. At the same time, Greif's management
could offset lower projected sales volumes with cost management
actions, projected improvement in working capital, reductions in
capex and proceeds from the sale of its consumer paperboard
converting facilities. Nevertheless, the negative outlook also
reflects a potential for a slow recovery to pre-recession levels of
global trade.

Greif's Ba2 rating is constrained by high leverage following
Caraustar acquisition in February 2019 with Moody's adjusted
debt/EBITDA at 4.4x in the twelve months ended January 2020. The
rating is also constrained by the cyclicality in its end markets,
low rate of growth, commoditized product line and lengthy
pass-throughs for raw material price increases. Greif's credit
profile benefits from the company's size, leadership market
positions in most of its products, as well as its geographic,
customer and end market diversity and some exposure to consumer or
agricultural end markets which are less cyclical. Greif's business
operations are closely embedded into customer's operations and
Greif has long-term relationships with many of its customers.

Greif's SGL-2 speculative grade liquidity rating indicates a good
liquidity profile with the expectation that obligations over the
next 12 months will be met through internal sources of liquidity,
as it projects positive free cash flow after a dividend of over
$100 million. The company maintains a modest amount of cash on hand
which is primarily held overseas. Greif's liquidity is supported by
an $800 million revolving multi-currency senior secured credit
facility which expires on February 11, 2024, of which approximately
$150 million was drawn as of January 31, 2020. Greif also maintains
a $275 million domestic trade accounts receivable securitization
facility and trade receivables securitization facilities in Europe
(EUR 100 million). Both facilities expire in 2020 but are expected
to be renewed, while its Singapore facility (15.0 million Singapore
Dollars) will not be renewed after it expires in 2020. The next
significant debt maturity is the EUR 200 million senior unsecured
notes due July 2021. Moody's expects the company to be able to use
its revolver to repay debt if it cannot access markets to
refinance. Headroom under the leverage covenant may tighten if
there is deterioration in earnings. The 4.75x leverage covenant
steps down to 4.5 in July 2020. The credit facilities are not
secured by Greif's timberland (over 251,000 acres), so the company
has a meaningful source of alternate liquidity.

The negative outlook reflects an expectation of weaker operating
performance that may delay deleveraging expected after the company
acquired Caraustar in February 2019. Moody's could stabilize the
outlook if operating environment and performance improve and the
company uses free cash flow to deliver.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if Greif fails to improve credit
metrics over the intermediate term, there is a deterioration in the
cushion under existing financial covenants, and/or a deterioration
in the competitive or operating environment. Specifically, the
rating could be downgraded if funds from operations to debt decline
to below 16.5%, debt to EBITDA remains over 4.2 times, and/or
EBITDA to interest declines below 4.8 times.

An upgrade is unlikely at this time. The rating could be upgraded
if the company sustainably improves credit metrics with the context
of a stable operating and competitive environment. An upgrade would
be contingent upon the maintenance of sound financial policies.
Specifically, the rating could be upgraded if funds from operations
to debt increases to over 21%, debt to EBITDA is below 3.5 times,
and/or EBITDA to interest improves to over 5.8 times.

Moody's views companies that manufacture packaging materials as
having moderate environmental risk, that is broadly manageable.
Moody's believes the company has established expertise in complying
with these risks, and has incorporated procedures to address them
in their operational planning and business models. Governance risks
compared to other publicly-traded companies are heightened by a
concentrated family ownership and control of the board.

Greif, Inc. ("Greif"), headquartered in Delaware, Ohio, is one of
the leading global industrial packaging products and services
companies. Greif produces steel, plastic, fiber and corrugated and
multi-wall containers for a wide range of industries. Greif also
provides services, such as container lifecycle management and
blending, produces containerboard and uncoated recycled board and
manages timber properties in North America. For the 12 months ended
January 31, 2020, the company generated approximately $4.8 billion
in revenue.


H.R.H.C.C. INC: Exclusivity Period Extended to July 1
-----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas
extended to July 1 the period during which only H.R.H.C.C., Inc.
can file a Chapter 11 plan.

H.R.H.C.C. is currently involved in an adversary case (Case No.
19-5070), which is set for trial for June 8.  The company intends
to file its disclosure statement after the conclusion of the
trial.

                      About H.R.H.C.C., Inc.

H.R.H.C.C., Inc., which conducts business under the name H.R.H.
Carriage Company, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-52673) on Nov. 6,
2019, disclosing assets of less than $50,000 and debts under
$500,000. Judge Ronald B. King is assigned to the case. The Debtor
tapped James Samuel Wilkins, Esq., at Willis & Wilkins, LLP, as its
legal counsel.


H.R.H.C.C. INC: Van Dykes Buying Horse Named Nevada for $4K
-----------------------------------------------------------
H.R.H.C.C., Inc., doing business as Carriage Co., asks the U.S.
Bankruptcy Court for the Western District of Texas to authorize the
sale of its horse named Nevada to Liesl Moody for $4,000.

The horse is old and can longer meet the needs of the Debtor.
Under the present circumstances, the Debtor believes and asserts
that the proposed sale price of $4,000 is reasonable and the best
that can be attained.

The personal property, to wit, the horse, is purportedly subject to
a lien held by Richard van Dyke and Ann van Dyke, that is described
in a Security Agreement executed on Nov. 29,2017, but has never
been perfected.

The Debtor is asking that the sale to the Buyer, who is located in
Waco, Texas, to be free and clear of all liens, claims and
encumbrances.  The alleged lien of the van Dykes will automatically
attach to the net sales proceeds and then thereafter attach to the
white Percheron horse named "Baby" that the Debtor desires to
purchase for $4,000.

The Debtor asks that the Court grants the relief sought.

                  About H.R.H.C.C., Inc.
               d/b/a H.R.H. Carriage Company

H.R.H.C.C., Inc., doing business as H.R.H. Carriage Company,
sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Tex. Case No. 19-52673) on Nov. 6, 2019, disclosing assets of less
than $50,000 and debts under $500,000. Judge Ronald B. King is
assigned to the case. The Debtor tapped James Samuel Wilkins,
Esq.,
at Willis & Wilkins, LLP, as its legal counsel.



HAMTRAMCK MEDICAL: Liquidating Plan Confirmed by Judge
------------------------------------------------------
Judge Phillip J. Shefferly has entered an order confirming the
Combined Plan and Disclosure Statement of debtor Hamtramck Medical
Pharmacy, LLC.

Section 2.1 of the PLan is modified as follows:

    GROUP I.  The Claims of Group I Administrative Claims will be
paid the full amount of their Claims on such date as may be
mutually agreed upon between the Debtor and the particular
claimant, or, if no such date is agreed upon, the later of (i) the
Effective Date, (ii) the date by which payment would be due in the
ordinary course of business between the Debtor and such
Administrative Creditor, or (iii) the date on which the Bankruptcy
Court enters its order, if necessary, approving the Debtor's
payment of such expenses.

Section 10.1 of the Plan is modified as follows:

   10.1 The Debtor will pay to the Office  of the United  States
Trustee the appropriate sum pursuant to 28 U.S.C. § 1930(a)(6) for
all quarters completed for which payment is due.  The Debtor will
pay all quarters due as required by the United States Trustee and
shall continue to remit quarterly  fee  payments  based  on  all
disbursements  until  the  Case  is closed or dismissed by Order of
the Court.  The fees due to the United States Trustee are charges
assessed against the Bankruptcy Estate under Chapter 123 of Title
28, are entitled to priority under § 507(a)(2) of the Bankruptcy
Code, and are payable until such time as the case has been
converted, dismissed, or closed by the Bankruptcy Court.  

Section 12.1 of the Plan is modified as follows:

   12.1 The Debtor and Liquidating Debtor and all of their members,
shareholders, directors, officers and agents, including their
counsel, accountants, consultants and/or employees will not be
liable to any Creditor or Interest Holder of the Debtor or of the
Liquidating Debtor, or  any other entity for any action taken or
omitted to be taken in connection with their actions or duties in
the Case or under this Plan.  The Bankruptcy Court shall have
exclusive jurisdiction to resolve any questions concerning any such
liability.

In the event of a post-confirmation conversion of this Chapter 11
case to a case under Chapter 7 of the Bankruptcy Code, all property
of the Debtor and Liquidating Debtor, including any property that
will re-vest in the Liquidating Debtor, and all property acquired
by the Liquidating Debtor post-confirmation of the Plan, will
re-vest in the estate and shall become property of the Chapter 7
estate.

All amounts due to the Office of the United States Trustee for
quarterly payments pursuant to 28 U.S.C. Sec. 1930(a)(6) are
entitled to priority under Sec. 507 of the Bankruptcy Code.

A full-text copy of the Order Confirming the Plan entered March 20,
2020, is available at https://tinyurl.com/qtt4jg3 from PacerMonitor
at no charge.

              About Hamtramck Medical Pharmacy

Organized in 2008, Hamtramck Medical Pharmacy, LLC, is an
independent, community-based pharmacy located in Hamtramck,
Michigan. Hamtramck Medical Pharmacy sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case
No.19-44033) on March 19, 2019.  At the time of the filing, the
Debtor was estimated to have assets of less than $50,000 and
liabilities of less than $1 million.  The case is assigned to Judge
Marci B. Mcivor. Stevenson & Bullock, PLC, is the Debtor's counsel.


HASBRO INC: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
-------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hasbro, Incorporated to BB+ from BBB-.

Hasbro, Incorporated is an American worldwide toy, board game, and
entertainment company. It is the largest toymaker in the world in
terms of stock market value, and third largest with revenues of
approximately $5.12 billion.



HAWKEYE ENTERTAINMENT: Exclusivity Period Extended Until July 20
----------------------------------------------------------------
Judge Maureen Tighe of the U.S. Bankruptcy Court for the Central
District of California extended to July 20 the period during which
only Hawkeye Entertainment, LLC can file a Chapter 11 plan.

The company has the exclusive right to solicit acceptances for its
plan until Sept. 21.

Hawkeye's reorganization depends upon the assumption of the lease
and sublease for the premises commonly known as the Pacific Stock
Exchange Building in Los Angeles. To that end, the company filed a
motion to assume the lease and sublease, which was opposed by the
landlord who requested time to conduct discovery.  The court held a
status conference in December last year for this contested matter
during which the parties agreed to extend the deadline for Hawkeye
to assume and assign or reject the lease and sublease to July 17.
The court has reserved June 25, 26, 29 and 30 for the evidentiary
hearing on the issues related to the assumption of the lease and
sublease.

                    About Hawkeye Entertainment

Hawkeye Entertainment, LLC's most valuable asset is a written lease
agreement, along with its First Amendment, for the first four
floors and basement of the real property commonly known as the
Pacific Stock Exchange Building located at 618 S. Spring Street, in
Los Angeles, California.  Hawkeye is a holding  company for the
Lease, which is sublet to a related entity.  The business of the
related sublessee operates an event venue in downtown Los Angeles
for private parties, corporate events, live entertainment, fashion
shows and more. Hawkeye previously filed a Chapter 11 petition on
Sept. 30, 2013 (Bankr. C.D. Calif. Case No. 13-16307) due to
disputes with its landlord.

Hawkeye sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 19-12102) on Aug. 21, 2019.  At the time
of the filing, the Debtor disclosed assets ranging between $1
million to $10 million and liabilities of the same range. The
petition was signed by Adi McAbian, president of Saybian Gourmet,
Inc., member of Hawkeye Ent.

Judge Victoria S. Kaufman is assigned to the case.  Sandford L.
Frey, Esq., at Leech Tishman Fuscaldo & Lampl, Inc., is the
Debtor's legal counsel.


HENRY ANESTHESIA: Unsecured Creditors to Recover 19% Under Plan
---------------------------------------------------------------
Debtor filed with the U.S. Bankruptcy Court for the Northern
District of Georgia, Atlanta Division, a Plan of Reorganization and
a Disclosure Statement on March 20, 2020.

Class 6 General Unsecured Claims will receive a pro rata share of
$300,000.  The Debtor will pay each holder a pro rata share of
$30,000 semi-annually for a total of 10 semi-annual payments.  If
the Debtor sells or refinances its business or assets, the Debtor
will use any net proceeds after payment of higher priority claims
and costs to fund the Total Class 6 Distribution to the General
Unsecured Claims pursuant to this Class 6. The amount paid to each
Unsecured Claim Holder from a semi-annual payment, sale proceeds or
otherwise will be based on the pro rata amount of such Holders
Allowed Class 6 Claim as compared to the Total Allowed Class 6
Claims.  The class is estimated to have an 18.8% recovery under the
Plan.

Class 7 consists of unsecured claims owed to customers for refunds
due to said customers (Unsecured Customer Refund Claims).  The
Debtor will pay the Allowed Class 7 Claims in full (with interest
accruing at the annual rate of 4.25%) at the rate of $4,000 per
month, shared pro-rata, until paid in full, with the first payment
commencing on Jan. 15, 2021, and continuing on the 15th day of each
subsequent month until paid in full.

Class 9 consists of the Interest Claims. In the event the Unsecured
Class 6 General Unsecured Creditors do not vote to accept the Plan,
then all pre-petition interests in the Debtor shall be cancelled.
In this event, JMIMS, PC and KeithRCarringer, PC will each purchase
50% of the shares in Debtor on the Effective Date to fund any
administrative expense claims, or otherwise fund claims in
accordance with the priorities set forth in the Bankruptcy Code,
for the greater of: (i) $15,000 each; or (ii) such other amount as
shall be approved at the Confirmation Hearing.  Any Effective Date
contribution by the principals of Debtor shall constitute new
value.

Upon confirmation, Debtor will retain all of the property of the
estate free and clear of liens, claims, and encumbrances not
expressly retained by Creditors under the Plan. Debtor will have
the rights and powers to assert any and all Causes of Action.

The source of funds for the payments pursuant to the Plan is (1)
the continued operation of the Debtor's anesthesia practice, and
(2) future sale or refinancing of the Debtor's anesthesia practice.
Debtor anticipates recovering on the amounts owed to Debtor by Pain
Consultants at Piedmont, LLC, which along with Debtor's ongoing
operation, will assist the Debtor with funding growth, operating
expenses, administrative expense claims and plan obligations.

A full-text copy of the Disclosure Statement entered March 20,
2020, is available at https://tinyurl.com/rpttfq7 from PacerMonitor
at no charge.

The Debtor is represented by:

        Leslie M. Pineyro
        Jones & Walden, LLC
        699 Piedmont Avenue, NE
        Atlanta, Georgia 30308
        Tel: (404) 564-9300

              About Henry Anesthesia Associates   

Henry Anesthesia Associates LLC is a medical practice in
Stockbridge, Georgia specializing in anesthesiology.  Henry
Anesthesia filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
19-64159) on Sept. 6, 2019.  In the petition signed by Keith R.
Carringer, M.D., manager, the Debtor was estimated to have assets
of at least $50,000, and liabilities between $1 million and $10
million.  Jones & Walden, LLC, represents the Debtor.


HERC HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Herc Holdings Incorporated to CCC+ from B-.

Herc Holdings, Incorporated operates as a holding company. The
Company, through its subsidiaries, provides equipment rental
services in key markets, including construction, industrial and
manufacturing, refineries, petrochemicals, civil infrastructure,
automotive, government, municipalities, energy, remediation, and
emergency response.



HILL-ROM HOLDINGS: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hill-Rom Holdings, Incorporated to BB- from BB.

Hill-Rom Holdings, Incorporated manufactures equipment for the
healthcare industry and provides wound care, pulmonary, and trauma
management services. The Company produces hospital beds,
mattresses, stretchers, furniture, and hospital information
technology systems, as well as offers wound, circulatory, and
pulmonary therapies.



HILLENBRAND INC: Fitch Cuts IDR to BB+, Outlook Negative
--------------------------------------------------------
Fitch Ratings downgraded the Issuer Default Rating of Hillenbrand,
Inc. to 'BB+' from 'BBB-'. Fitch also downgraded HI's senior
unsecured revolver, term loans and notes to 'BB+'/'RR4' from
'BBB-'. The Rating Outlook is Negative. HI had $1.9 billion of
outstanding debt as of Dec. 31, 2019.

KEY RATING DRIVERS

Rating Downgrade: The downgrade reflects Fitch's expectation for a
slower pace of deleveraging following HI's November 2019
acquisition of Milacron due to the coronavirus-related economic
slowdown. The effect of coronavirus is expected to be felt in the
final three quarters of fiscal 2020 (to end in September 2020),
when sales and margins are expected to contract materially,
followed by a sales and margin recovery beginning in fiscal 2021.

Negative Outlook: The Negative Outlook reflects heightened risk
levels over this period, the potential for challenges in
integrating Milacron given its size and recently soft operating
results, and the risk of an extended downturn in plastic equipment
markets. The ratings could be downgraded if financial results or
leverage are slower to improve than anticipated. The Outlook could
be changed to stable if HI integrates Milacron effectively and
returns to stronger FCF after 2020.

Higher Financial Leverage: HI's financial leverage is elevated, and
Fitch projects gross debt/EBITDA in the high-3x range at the end of
fiscal 2020, from initial pro forma leverage of over 4x. This
includes debt repayment from the proceeds from the sale of the
Cimcool business during March 2020 for $224 million. This compares
with Fitch's initial expectation that leverage would improve to the
low-3x range in fiscal 2020. HI obtained an amendment to its credit
agreement in January 2020 to increase the maximum permitted net
leverage ratio to 4.5x, trending down to 3.5x in 2021, providing
additional covenant headroom during this period.

Slower Pace of Deleveraging: Fitch expects leverage to improve to
around 3.0x in fiscal 2021 and to the mid-2.0x range in fiscal
2022, assuming end markets begin to recover in fiscal 2021, the
company captures synergies from the integration, and dedicates FCF
after dividends of $100-$200 million to debt reduction. HI has a
track record of reducing leverage relatively quickly following
acquisitions, and Fitch believes the company will refrain from
additional acquisitions and share repurchases over the medium
term.

Stronger Presence in Plastics: HI acquired Milacron for $1.9
billion including assumed debt, financing the acquisition with a
combination of debt and HI shares. The acquisition of Milacron,
which generates sales of around $1 billion and EBITDA margins of
around 18% excluding its fluids business, will significantly
enhance HI's presence in the plastics forming equipment sector.
Milacron's strong position in downstream melt delivery and control
systems and injection molding and extrusion equipment complement
HI's presence in compounding and extruding machines and material
handling equipment. The transaction should be modestly accretive to
margins, and HI expects to generate cost synergies of $50 million
over three years.

Higher Cyclicality: The acquisition increases HI's exposure to the
cyclical plastics industry, which Fitch estimates will represent
63% of HI's sales pro forma for the acquisition, up from 42%, while
reducing the proportion of its sales of caskets, which are
noncyclical but in a gradual secular decline, to 20% from 31%.
Integrating an acquisition of this size could present challenges,
while a downturn in plastic equipment markets could slow the pace
of deleveraging.

Strengths and Concerns: The ratings incorporate HI's positive FCF,
relatively conservative financial strategy notwithstanding the
recent acquisition, and broad customer and geographic base. Rating
concerns include the company's modest scale in certain sectors,
cyclical end markets, operating risks associated with diversifying
into adjacent product markets and geographies, and declining
industry trends at Batesville.

Growth Potential at PEG: The ratings take into account the
cyclicality and long-term growth potential within the Process
Equipment Group (PEG). The segment serves a variety of end markets
and has significant and growing exposure to the plastics segment.
This segment has generated healthy growth since 2017, though Fitch
assumes sales growth will turn negative in fiscal 2020.

Declining Trends at Batesville: The Batesville segment serves the
death-care industry and is contending with a long-term secular
decline in the number of burials. The segment is addressing this
market decline by restructuring its business, supporting EBITDA
margins of around 20% even as revenues decline at a gradual rate.
Margins have been pressured by high fixed costs and customer
incentives, though the segment generates strong FCF that has helped
finance the growth of the PEG.

DERIVATION SUMMARY

HI is a diversified manufacturer that participates in a variety of
end markets, each of which has a different set of competitors. The
Timken Company (BBB/Stable) and Kennametal Inc. (BBB/Stable) are
other diversified manufacturers. Timken is moderately larger than
HI, pro forma for the acquisition of Milacron, while Kennametal is
smaller, and both generate EBITDA margins that are broadly in line
with HI's industrial operations. HI's financial leverage is higher
than that of Kennametal and Timken, which is also in a deleveraging
mode following acquisitions.

HI's Batesville segment serves the niche death-care market and is
in a long-term secular decline, though it provides an element of
stability to the company's results and a boost to its consolidated
margins. No Country Ceiling, parent-subsidiary or operating
environment aspects impact the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer are
as Follows:

  -- The acquisition of Milacron and the sale of Cimcool are
     assumed to have taken place as of the beginning of the fiscal
     year;

  -- The effect of coronavirus is expected to be felt in the final
     three quarters of fiscal 2020, when organic sales and margins
     are expected to contract materially, followed by a sales and
     margin recovery in fiscal 2021;

  -- HI's revenues increase by 44% in fiscal 2020 due to the
     acquisition of Milacron, offsetting organic sales declines
     in the high single digits at the PEG and at Milacron, and
     in the low single digits at Batesville;

  -- Sales grow by 6% in fiscal 2021 due to high single-digit
     organic sales growth at the PEG and Milacron, and a low
     single-digit decline at Batesville;

  -- The EBITDA margin narrows by 60bps in fiscal 2020 and
     recovers by 80bps in fiscal 2021, with further gradual
      improvement beyond 2021 due to expected synergies and
      operating leverage;

  -- FCF after dividends of $100-$200 million annually in fiscal
     2020-2021, used primarily for debt reduction;

  -- Debt/EBITDA increases to the high-3x range at YE 2020, and
     then improves to around 3.0x in fiscal 2021 and the mid-2x
     range in fiscal 2022

  -- FFO-adjusted leverage increases to the mid-4x range in
     fiscal 2020 and then improves to around 4.0x in fiscal 2021
     and the mid-3.0x range in fiscal 2022.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- HI achieves more scale and diversity within its industrial
     business offsetting ongoing declines at Batesville;

  -- Gross debt/EBITDA and FFO-Adjusted Leverage improve to below
     2.25x and 3.25x, respectively, on average over time.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  -- Goss debt/EBITDA and FFO-adjusted leverage remaining above
     2.75x and 3.75x, respectively, on average over time;

  -- FCF margin below 4-6%;

  -- A sustained decline in the EBITDA margin to below 15%;

  -- Deterioration in Batesville's revenue and cash flow.

BEST/WORST CASE RATING SCENARIO

Best/Worst Case Rating Scenarios Non-Financial Corporate:

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity was adequate at Dec. 31, 2019 and
included $142 million of cash plus $362 million in borrowing
capacity under HI's $900 million revolving credit facility maturing
in August 2024. Liquidity is further supported by the recent sale
of the Cimcool business for $224 million and projected FCF of
$100-$200 million annually. The nearest maturity is the $150
million of 5.5% notes due July 2020, which Fitch expects will be
repaid with cash and revolver borrowings. This, together with
existing leverage covenant-driven limits on revolver availability,
will reduce borrowing capacity over the balance of the year.

The company had $1.9 billion of debt outstanding as of Dec. 31,
2019, composed of $525 million drawn on the revolver, $620 million
of senior unsecured notes, $222 million outstanding on a term due
in 2022 and $492 million outstanding on a term loan due in 2024.
All of the debt is senior unsecured and benefits from upstream
guarantees by material domestic subsidiaries.


HOUSTON FOODS: Moody's Alters Outlook on B3 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and B3-PD Probability of Default Rating of Houston Foods, Inc.,
borrower and subsidiary of holding company Dhanani Group Inc. In
addition, Moody's affirmed Houston's B2 senior secured bank
facility ratings. The outlook was changed to negative from stable.

"The negative outlook reflects the significant uncertainty
surrounding the potential length and severity of restaurant
restrictions and closures and the ultimate impact that these will
have on Dhanani's revenues, earnings and liquidity." stated Bill
Fahy, Moody's Senior Credit Officer. "The outlook also takes into
account the negative impact on consumers ability and willingness to
spend on eating out until the crisis materially subsides," Fahy
added.

The affirmation of the B3 CFR reflects the continuation of
drive-through, delivery, and pick-up operations, adequate liquidity
to manage through several months of significant revenue decline,
and Moody's expectation that Dhanani will manage the business to
preserve liquidity and then use cash flow to reduce debt once the
crisis subsides.

Affirmations:

Issuer: Houston Foods, Inc.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Houston Foods, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Dhanani's credit profile,
including its exposure to widespread location restrictions and
closures have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and Dhanani remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Houston's B3 CFR is constrained by its high leverage, concentration
in Texas and Illinois, elevated capital expenditure requirements to
fund remodel and growth initiatives, and acquisitive nature of the
company. The rating is supported by Dhanani's multiple brand
concepts, with meaningful scale in the Burger King and Popeyes
franchise system, and adequate liquidity.

From a governance perspective, Dhanani is wholly owned by members
of the Dhanani family. The family structure of ownership, decision
making, and governance is a rating factor given the potential
implications from both a capital structure and operating
perspective. In the case of Dhanani, Moody's believes the risks are
the potential for a more aggressive growth strategy including
acquisitions of new units and/or concepts, high leverage levels,
and extractions of cash flow via dividends in the absence of
acquisitions to finance family ventures outside the borrower
group.

Social considerations for restaurant operators include product
quality and food safety risks, including those related to external
suppliers of product and resulting related issues, such as food
borne illnesses. Additionally, social risk related to demographic
and societal trends, including changing consumer preferences remain
a factor for restaurant issuers, although it is viewed as
manageable for the company.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could result in a stable outlook include a clear plan
and time line for the lifting of restrictions on restaurants that
result in a sustained improvement in operating performance,
liquidity and credit metrics. Given the negative outlook an upgrade
is unlikely at the present time. However, a higher rating would
require debt to EBITDA under 5.5 times and EBIT coverage of gross
interest of near 1.75 and good liquidity.

Factors that could result in a downgrade include a longer than
currently anticipated period of restaurant restrictions or closures
or a material deterioration in liquidity. Ratings could also be
downgraded in the event that credit metrics remained weak despite a
lifting of restrictions on restaurants and a subsequent recovery in
earnings and liquidity. Specifically, ratings could be downgraded
in the event debt to EBITDA was over 7.0 times or EBIT to interest
coverage was below 1.1 times on a sustained basis or if liquidity
deteriorated for any reason.

Dhanani, headquartered in Sugarland, Texas, owns and operates 516
Burger King, 294 Popeyes, and 42 La Madeleine franchised
restaurants throughout the United States. The company is wholly
owned by members of the Dhanani family. Annual revenues are
approximately $1.1 billion.


HUDBAY MINERALS: Moody's Alters Outlook on B2 CFR to Negative
-------------------------------------------------------------
Moody's Investors Service changed the rating outlook for HudBay
Minerals, Inc. to negative from stable. At the same time, Moody's
affirmed Hudbay's Corporate Family Rating at B2, its senior
unsecured rating at B3 and Probability of Default Rating at B2-PD.
Hudbay' Speculative Grade Liquidity Rating was downgraded to SGL-3
from SGL-2.

"The negative outlook is driven by the expectation that Hudbay's
leverage could exceed 6x in 2020 because of weak copper pricing and
the temporary closure of its Constancia mine in Peru", said Jamie
Koutsoukis, Moody's Vice-President, Senior Analyst.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The mining sector
has been one of the sectors affected by the shock. More
specifically, the weaknesses in Hudbay's credit profile, including
its exposure to copper prices, has left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Affirmations:

Issuer: HudBay Minerals, Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B3 to (LGD4) from
(LGD5)

Downgrades:

Issuer: HudBay Minerals, Inc.

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

Outlook Actions:

Issuer: HudBay Minerals, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Hudbay's credit profile (B2 CFR) is constrained by its modest
scale, mine concentration, commodity price risk, leverage expected
to be above 6x in 2020 (3.6x at Q4/19), and the risk of extended
mine closures due to the coronavirus. Its Constancia copper mine in
Peru accounted for over half of the company's revenues and over 85%
of the company's gross profit in 2019 but has temporarily shut down
operations following the Peruvian government's March 15th
declaration of a state of emergency, now through April 12th. This
may be extended due to the coronavirus, and in any event limited
availability of certain critical mining supplies led to Hudbay's
shutdown of Constancia.

Hudbay benefits from its mine locations in favorable mining
jurisdiction (Canada and Peru), product diversity which allows for
competitive costs, net of by-product credits and a long reserve
life (17-year mine life) at its Constancia mine.

Hudbay is exposed to environmental risks typical for a company in
the mining industry. This includes, but is not limited to
wastewater discharges, site remediation and mine closure, waste
rock and tailings management, and air emissions. The company is
subject to environmental laws and regulations in the areas in which
it operates.

Hudbay's liquidity is adequate (SGL-3) with over $800 million in
sources compared to about $200 million of uses. The company's
liquidity sources include $396 million of cash at Dec 31, 2019 and
about $420 million of availability under its US$350 million
Canadian credit facility and its US$200 million Peru credit
facility, both maturing July 14, 2022, which are secured by all of
the company's assets except for those related to the Rosemont
project. Liquidity uses include its expectation of negative free
cash flow of about $200 million. In February, 2020, Hudbay amended
its credit facility agreements primarily to revise the financial
maintenance covenants. However, the company has limited cushion to
remain in compliance with its covenants in the current copper price
environment and could be in breach of its net total debt covenant
(must be less than 4.5x) in the fourth quarter of 2020.

The negative outlook reflects the risk that Hudbay's performance
and credit metrics will continue to be weak unless the price of
copper improves. It also incorporates the risk that an extended
suspension of its operations at Constancia will increase cash
consumption beyond its expectations.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if it becomes more likely that
Hudbay will breach one of its covenants, cash consumption will be
in excess of its expectations, or the company's adjusted
debt/EBITDA is expected to be maintained above 4x (3.6x at Q4/19).

Hudbay's ratings could be upgraded if there is a sustained recovery
in commodity prices that improve the company's profitability,
adjusted debt/EBITDA is sustained under 3.0x (3.6x at Q4/19) and
(CFO- dividends)/ adjusted debt is sustained above 15% (22% at
Q4/19).

The principal methodology used in these ratings was Mining
published in September 2018.

Headquartered in Toronto, Ontario, Canada, HudBay Minerals, Inc. is
a mining company mainly focused on copper through its Lalor mine in
Manitoba, Canada and its Constancia mine in Peru. Revenues in 2019
totaled $1.2 billion.


HUNTSMAN CORP: Egan-Jones Lowers Sr. Unsec. Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Huntsman Corporation to BB+ from BBB-.

Huntsman Corporation is an American multinational manufacturer and
marketer of chemical products for consumers and industrial
customers. Huntsman manufactures assorted polyurethanes,
performance products, and adhesives for customers like BMW, GE,
Chevron, Procter & Gamble, and Unilever.



IDEANOMICS INC: Signs Deal to Sell up to $50-Mil. Common Shares
---------------------------------------------------------------
Ideanomics, Inc. entered into a Standby Equity Distribution
Agreement with YA II PN, Ltd. on April 3, 2020.  Pursuant to the
SEDA, the Company will be able to sell up to $50,000,000 of its
common stock at the Company's request any time during the 36 months
following the date of the SEDA's entrance into force.  The shares
would be purchased at 90% of the market price, which is defined as
the lowest daily volume weighted average price of the Company's
common stock during the five consecutive trading days commencing on
the trading day immediately following the Company's delivery of an
advance notice to YA, and would be subject to certain limitations,
including that YA could not purchase any shares that would result
in it owning more than 4.99% of the Company's common stock.

Pursuant to the SEDA, the Company is required to register all
shares which YA may acquire.  The Company shall file with the
Securities and Exchange Commission a prospectus supplement to the
Company's prospectus, dated March 18, 2020, filed as part of the
Company's effective shelf registration statement on Form S-3, File
No. 333- 237251, registering all of the shares of Common Stock that
are to be offered and sold to YA pursuant to the SEDA.

Pursuant to the SEDA, the Company shall use the net proceeds from
any sale of the shares for working capital purposes, including the
repayment of outstanding debt.  There are no other restrictions on
future financing transactions.  The SEDA does not contain any right
of first refusal, participation rights, penalties or liquidated
damages.  The Company did not pay any additional amounts to
reimburse or otherwise compensate YA in connection with the
transaction, except for a commitment fee equivalent to 1,000,000
shares of its common stock to be issued and offered to a subsidiary
of YA, and which shares are also registered pursuant to the
Company's effective shelf registration statement on Form S-3, File
No. 333- 237251.

YA has agreed that neither it nor any of its affiliates shall
engage in any short-selling or hedging of the Company's common
stock during any time prior to the public disclosure of the SEDA.

                        About Ideanomics

Ideanomics -- http://www.ideanomics.com/-- is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products.  Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings.  Ideanomics Capital includes
DBOT ATS and Intelligenta which provide innovative financial
services solutions powered by AI and blockchain.  MEG and
Ideanomics Capital provide our global customers and partners with
better efficiencies and technologies and greater access to global
markets.  The company is headquartered in New York, NY, and has
offices in Beijing, China.

Ideanomics reported a net loss attributable to common stockholders
of $97.66 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $28.42 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$126.94 million in total assets, $66.95 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $58.73 million in total
equity.

B F Borgers CPA PC, in Lakewood, Colorado, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated March 16, 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.

Ideanomics received a letter from the Listing Qualifications Staff
of The Nasdaq Stock Market LLC on Jan. 10, 2020, indicating that
the bid price for the Company's common stock for the last 30
consecutive business days had closed below the minimum $1.00 per
share required for continued listing under Nasdaq Listing Rule
5550(a)(2).  Under Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been granted a 180 calendar day grace period, or until July 8,
2020, to regain compliance with the minimum bid price requirement.


IFRESH INC: Disposable Face Masks Available for Sale
----------------------------------------------------
iFresh, Inc. has launched sales of 3-ply disposable face masks at
an affordable price to customers in iFresh chain stores, the iFresh
online store at www.onlineifresh.com, and via the Amazon
marketplace.  The first shipment of 200,000 disposable face masks
arrived in New York last week, produced by Xiamen DL Medical
Technology Co. Ltd., a 70% owned subsidiary of the Company.  Ximen
DL is ramping up production of N95 face masks in response to the
New York and nationwide shortage of face masks as a result of the
Covid-19 outbreak.

Mr. Long Deng, chief executive officer and chairman of iFresh
commented: "We continue to execute on our business strategy and
demonstrate our ability to drive sales through online and offline
stores despite the challenging market situation due to the Covid-19
pandemic.  An increase in face mask production has been rolled out
in an effort to optimize the Company's manufacturing abilities to
increase our supply of face masks for iFresh customers, as well as
other Asian supermarkets.  Most importantly, iFresh's online
grocery delivery service is now available and has become one of the
most popular options in our communities during this special period.
The management team remains confident about the Company's steady
growth in 2020 and beyond."

                         About iFresh Inc.

Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets.  With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.

iFresh reported a net loss of $12 million for the year ended March
31, 2019, compared to a net loss of $791,293 for the year ended
March 31, 2018.  As of Dec. 31, 2019, the Company had $103.37
million in total assets, $104.38 million in total liabilities, and
a total shareholders' deficiency of $1 million.

Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated June 28, 2019,
citing that the Company incurred operating losses and did not meet
the financial covenant required in its credit agreement.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


IFRESH INC: Receives $2.5 Million from Common Stock Sale
--------------------------------------------------------
iFresh Inc. issued an aggregate of 1,783,167 shares of the
Company's common stock on April 6, 2020, to two investors for a
purchase price of $1.402 per share and gross proceeds of
approximately $2.5 million pursuant to a purchase agreement entered
into by and among the Company and the investors on March 25, 2020.
The Shares were issued pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended, as the transaction did not
involve a public offering.

                       About iFresh Inc.

Headquartered in Long Island City, New York, iFresh Inc. --
http://www.ifreshmarket.com/-- is an Asian American grocery
supermarket chain and online grocer on the east coast of U.S. With
nine retail supermarkets along the US eastern seaboard (with
additional stores in Glen Cove, Miami and Connecticut opening
soon), and two in-house wholesale businesses strategically located
in cities with a highly concentrated Asian population, iFresh aims
to satisfy the increasing demands of Asian Americans (whose
purchasing power has been growing rapidly) for fresh and culturally
unique produce, seafood and other groceries that are not found in
mainstream supermarkets.  With an in-house proprietary delivery
network, online sales channel and strong relations with farms that
produce Chinese specialty vegetables and fruits, iFresh is able to
offer fresh, high-quality specialty produce at competitive prices
to a growing base of customers.

iFresh reported a net loss of $12 million for the year ended March
31, 2019, compared to a net loss of $791,293 for the year ended
March 31, 2018.  As of Dec. 31, 2019, the Company had $103.37
million in total assets, $104.38 million in total liabilities, and
a total shareholders' deficiency of $1 million.

Friedman LLP, in New York, the Company's auditor since 2016, issued
a "going concern" qualification in its report dated June 28, 2019,
citing that the Company incurred operating losses and did not meet
the financial covenant required in its credit agreement.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


IHEARTMEDIA INC: S&P Lowers ICR to 'B' on Coronavirus Pressures
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on iHeartMedia
Inc. to 'B' from 'B+' because it expects declines in radio
advertising will keep leverage above its 5.5x downgrade threshold
over the next year, and it expects lower, but still positive, free
operating cash flow (FOCF) will somewhat diminish the company's
liquidity.

iHeartMedia's leverage is currently elevated. iHeartMedia's
leverage was 5.8x at the end of 2019, which is above its 5.5x
downgrade threshold for the 'B+' rating. S&P previously expected
leverage would decline to around 5x in 2020 (primarily due to
voluntary debt repayment). However, S&P now expects declines in
radio advertising and event revenue stemming from the coronavirus
pandemic will keep leverage above 5.5x over the next year. While
S&P believes the company can reduce some costs (such as with
executive pay cuts, furloughs, and eliminating travel and
entertainment expenses), the rating agency believes this will be
insufficient to offset a material revenue decline.

The negative outlook reflects uncertainty around the extent of the
coronavirus pandemic's impact on iHeartMedia's performance and the
potential that steeper-than-expected declines or a delayed recovery
in radio advertising could cause FOCF to debt to decline below 5%
and remain there over the next year.

"We could lower the rating if FOCF to debt declines below 5% and we
expect it to remain there over the next year. This could occur if a
severe advertising recession in 2020 reduces EBITDA by more than
25% from 2019," S&P said.

S&P could revise the outlook to stable if it expects FOCF to debt
to remain above 5% over the next year. The rating agency believes
this would occur under its base-case forecast, which contemplates a
healthy recovery in radio advertising in the fourth quarter of 2020
and the beginning of 2021, such that EBITDA does not decline in
excess of 25% from 2019.


ION GEOPHYSICAL: Expects to Report Q1 Revenue of $56M to $57M
-------------------------------------------------------------
ION Geophysical Corporation expects first quarter 2020 revenues to
be in the range of $56-57 million, over 50% greater than the first
quarter 2019 and over 30% greater than the fourth quarter 2019.

"Given the unprecedented market uncertainty from a convolution of
demand and supply-side events, from both the COVID-19 pandemic and
geopolitical oil price impact, we felt it was prudent to provide a
preliminary update on our revenues," said Chris Usher, ION's
president and chief executive officer.  "We had been successful in
implementing our refined asset light strategies in early 2020.  Our
team worked to creatively close a number of large multi-client
contracts, even after the E&P market dynamics altered during the
quarter.  The deals reflect the value of our diversified
offshore-focused data library and our ability to cost-effectively
support exploration in this lower-for-longer environment."

"In January 2020, ION took action to reduce SG&A costs and
restructured our E&P Technology and Services segment to streamline
execution of our multi-client business.  Preliminary first quarter
results validate the combined effectiveness of our strategic
refocus and over $20 million annualized cost reductions.  Given the
significant macroeconomic events now impacting the E&P sector, ION
successfully moved 95% of our global workforce to remote working,
with 5% exempted operations working under best-practice CDC
protocols, with the priority being employee wellbeing and the
health of the communities in which we operate.  The company rapidly
moved to new digital engagement models with customers and deployed
technology solutions for customers to remotely support offshore
operations. For example, Marlin SmartPort is being used by port
staff to control port operations from home, and our Software group
launched a fully remote "smart operations" navigation and
simultaneous operations offering for E&P customers to remotely
oversee their offshore operations.

The company is now finalizing further cost mitigations to address
these uncertain times and position ION to remain agile while
continuing to uniquely support customer needs.

                            About ION

Headquartered in Houston, Texas, ION -- http://www.iongeo.com/--
is an innovative, asset light global technology company that
delivers powerful data-driven decision-making offerings to offshore
energy, ports and defense industries.  The Company is entering a
fourth industrial revolution where technology is fundamentally
changing how decisions are made.  Decision-making is shifting from
what was historically an art to a science.

ION incurred net losses of $47.21 million in 2019, $70.40 million
in 2018, and $29.38 million in 2017.  As of Dec. 31, 2019, the
Company had $233.19 million in total assets, $267.83 million in
total liabilities, and a total deficit of $34.63 million.

                          *    *    *

As reported by the TCR on March 2, 2020, S&P Global Ratings
affirmed the 'CCC+' issuer credit rating on ION Geophysical.  The
rating agency revised the outlook to negative from stable.  "Our
outlook revision to negative reflects the company's need to
refinance its second-lien notes due in December 2021 as capital
markets for oil and gas service companies remain challenging," S&P
said.


ION GEOPHYSICAL: Receives Noncompliance Notice from NYSE
--------------------------------------------------------
ION Geophysical Corporation received a written notice from the New
York Stock Exchange that the Company is not in compliance with the
continued listing standards set forth in Section 802.01B of the
NYSE Listed Company Manual.  ION is considered below criteria
established by the NYSE for continued listing because its average
market capitalization has been less than $50 million over a
consecutive 30 trading-day period, and at the same time its last
reported stockholders' equity was below $50 million.  The Company's
market capitalization was above $50 million prior to the
precipitous stock market decline that was triggered by the COVID-19
pandemic.

The Company intends to submit a plan that demonstrates its ability
to bring the Company into conformity with the continued listing
standards within 18 months.  During the 18-month period, the
Company's shares will continue to be listed and traded on the NYSE,
subject to its continued compliance with the plan and other NYSE
continued listing standards.
"As our first quarter performance will validate, our team was
making good process executing the refined strategies and cost
restructuring we rolled out in January," said Chris Usher, ION's
president and chief executive officer.  "While we captured some
early successes, our industry is now facing the double impact of
demand-side and supply-side effects from the COVID-19 pandemic and
geopolitical decisions respectively.  Our immediate actions were to
address the COVID-19 threat and rapidly adjust working practices to
protect our employees and communities.  We have now also assessed
the related impact of E&P budget reductions to our business and
believe our forward momentum will be temporarily paused near-term.

"We are acting quickly to protect cash, continue servicing
customers, apply new approaches with digital engagement and
reallocate resources to maximize near-term financial impact.  We
are developing our plan and will work cooperatively with the NYSE
in an effort to restore compliance.  It is important to note that
the COVID-19 pandemic was the major driver in the erosion of our
market cap.  While we are certainly not relying on the amelioration
of the pandemic to fix the problem, we do believe that the
normalization of markets should cause our market cap to rebound."

                            About ION

Headquartered in Houston, Texas, ION -- www.iongeo.com -- is an
innovative, asset light global technology company that delivers
powerful data-driven decision-making offerings to offshore energy,
ports and defense industries.  The Company is entering a fourth
industrial revolution where technology is fundamentally changing
how decisions are made.  Decision-making is shifting from what was
historically an art to a science.

ION incurred net losses of $47.21 million in 2019, $70.40 million
in 2018, and $29.38 million in 2017.  As of Dec. 31, 2019, the
Company had $233.19 million in total assets, $267.83 million in
total liabilities, and a total deficit of $34.63 million.

                        *   *    *

As reported by the TCR on March 2, 2020, S&P Global Ratings
affirmed the 'CCC+' issuer credit rating on ION Geophysical.
The rating agency revised the outlook to negative from stable.
"Our outlook revision to negative reflects the company's need to
refinance its second-lien notes due in December 2021 as capital
markets for oil and gas service companies remain challenging," S&P
said.


J-H-J INC: Buying Lafayette PW's Remaining Retail Goods Inventory
-----------------------------------------------------------------
J-H-J, Inc.,T.H.G. Enterprises, LLC, SVFoods Old Hammond, LLC,
SVFoods Jefferson, LLC, T&S Markets, LLC, TSD Markets, LLC, Baker
Piggly Wiggly, LLC, and BR Pig, LLC, ask the U.S. Bankruptcy Court
for the Western District of Louisiana to authorize the sale of
approximately 75% of Lafayette PW's inventory of retail goods
remaining in and upon closure of the University Store, to TSD and
JHJ.

Lafayette PW currently owns and operates two grocery stores in
Lafayette, Louisiana: one store on Moss Street and one store at
2017 West University Avenue.  Both stores operate under the name
Shopper's Value.    

In 2018, University Store operations resulted in losses for
Lafayette PW of nearly $65,000; and, in 2019, such losses totaled
over $202,000.  Lafayette PW's losses from operation of the
University Store have continued to grow as the store and shopping
center, in which it is housed, continues to age and show signs of
wear.  Nevertheless, based on its analysis of revenue history and
the market area of the University Store, Lafayette PW does not
believe that renovating the University Store would generate
increased revenues sufficient to justify the costs projected for
the substantial store renovations needed.  Accordingly, Lafayette
PW has determined that permanent closure of the University Store on
or before March 1, 2020 is necessary to eliminate future losses,
improve its financial viability and preserve estate assets.

The Debtors ask authority to transfer and convey approximately 75%
of Lafayette PW's inventory of retail goods, remaining at the time
of the University Store Closure, to the following Debtors: TSD and
JHJ ("Purchasing Debtors").  Through its Motion for Authority to
Reject Four Corners Shopping Center Lease Pursuant to 11 U.S.C.
Section 365, Lafayette PW has asked the Court's authority to
reject, effective March 31, 2020, the lease of the commercial
property at which the University Store operates.  That motion is
currently scheduled for hearing before the Court on March 10, 2020
at 10:00 a.m.    

In addition, through the Auction Motion, JHJ and Lafayette PW have
also sought approval of, among other things, the sale of the
University Store furniture, fixtures and equipment ("FF&E") through
an auction process.  As set forth in the Auction Motion, subject to
Court approval, Lafayette PW intends to proceed with the sale of
all of its FF&E, located at the University Store, through an
auction tentatively scheduled for March 11, 2020.

Prior to the Auction, the proposed auctioneer, Grafe Auction Co.,
must perform a number of tasks at the University Store to
adequately prepare for the Auction.  To accomplish these tasks, all
retail goods must be removed from the University Store prior to the
Auction.  

JHJ provides administrative support for all of the Debtors as well
as other related chapter 11 debtors, whose cases are pending before
the Court and are being jointly administered in In re SVFoods
Avondale, LLC, Case No. 19-51526 ("Avondale Debtors").  Through the
administrative role, JHJ has gained experience in store closing
procedures, including the associated liquidation of retail goods.


At the end of each quarter of the Debtors' fiscal year, they engage
a third-party service to inventory all retail goods at each of
their respective grocery stores.  The most recent inventory
indicates that the cost of retail goods on hand at the University
Store as of Dec. 26, 2019 was $181,282.  Of the total retail goods
projected to be on hand at the time of the University Closure, the
Debtors estimate that the total cost of retail goods to be
transferred to the Purchasing Debtors will be approximately
$135,962.  

The vast majority of the Debtors' retail goods, including those
located at the University Store, are purchased from SuperValu,
Inc., and/or other Supervalu entities.  As a result, a significant
amount of the Debtors' retail goods are packaged under SuperValu
brands, which brands are sold primarily through SuperValu-supplied
grocery stores.  Due to the limited market for such inventory of
goods, the Debtors maintain that a timely sale of the Inventory to
a non-Debtor party is highly improbable and is impractical under
the circumstances.

Accordingly, through the Motion, the Debtors propose to transfer
and convey 75% of the Inventory on hand at the time of the
University Closure to the Purchasing Debtors under these
conditions:

     a) TSD will acquire approximately 65% of the Inventory for
resale in its grocery store;

     b) JHJ will acquire approximately 10% of the Inventory for
resale at its grocery store located at 5963 Plank Road;  

     c) As consideration for the Inventory acquired from Lafayette
PW, each of the Purchasing Debtors will pay 50% of the cost of
Inventory acquired; and,  

     d) The remaining Inventory not acquired by the Purchasing
Debtors (estimated to be 25% of the Inventory) will be transferred
to Lafayette PW's store on Moss Street in Lafayette, Louisiana for
sale in said store.   

Through various agreements between SuperValu and T&S, SuperValu
asserts a first lien on all of Lafayette PW's retail goods,
including the Inventory.  In addition, on Dec. 5, 2019, SuperValu
filed a Reclamation Demand, in the amount of $3,069,765, against
all the Debtors in connection with pre-Petition Date purchases.
The Debtors, thus, propose to pay to SuperValu the total proceeds
from the Inventory sale received from the Purchasing Debtors, which
amount will be applied to reduce the priority claim asserted by
SuperValu through the Reclamation Demand.  All Inventory conveyed
to the Purchasing Debtors will remain subject to existing liens of
SuperValu.

To permit the Purchasing Debtors to proceed immediately to initiate
and complete the transfers of Inventory described and commence
resale of the Inventory in their respective stores, the Debtors ask
that the stay provided for by Bankruptcy Rule 6004(h) be waived.  

A copy of the Auction Contract is available at
https://tinyurl.com/qwqs239 from PacerMonitor.com free of charge.

                         About J-H-J Inc.

J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.   

JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area.  Currently, JHJ owns and operates two such
stores.  Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value.  All
general administrative duties for the Debtors are handled by JHJ.

The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.  

As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million. The petition was signed
by Garnett C. Jones, Jr., president.  Judge John W. Kolwe is
assigned the cases.  The Steffes Firm, LLC serves as counsel to the
Debtors.


J-H-J INC: Proposes Grafe Auction of Greenwell Store Equipment
--------------------------------------------------------------
J-H-J, Inc., and T&S Markets, LLC, ask the U.S. Bankruptcy Court
for the Western District of Louisiana to authorize the sale of all
of Greenwell Springs Store furniture, fixtures and equipment at
public auction free and clear of all liens, interests, claims and
encumbrances, at public auction.

JHJ currently owns and operates two retail grocery stores in the
Baton Rouge metropolitan area: one store on Plank Road and one
store at 9702 Greenwell Springs Road, Baton Rouge, Louisiana.  Both
stores operate under the name Shopper's Value.  In addition, JHJ
owns a shopping center, also located in Baton Rouge, Louisiana.   

In August 2016, Baton Rouge experienced historic flooding, which
severely impacted several areas throughout the city, including
areas surrounding and in which the Leased Premises is located.  As
a result thereof, the Greenwell Springs Store sustained a
significant amount of damage and was forced to close and undergo
renovations until its reopening on May 23, 2018.  Since reopening,
the Greenwell Springs Store has been unable to recover all of the
pre-flood market share it once possessed; and, it continues to
suffer losses.

JHJ seeks authority to sell all of its furniture, fixtures and
equipment, located at the Greenwell Springs Store, free and clear
of all liens, interests, claims and encumbrances to the highest
bidder at a public auction on March 12, 2020.  In connection
therewith, JHJ asks authorization to enter into the contract, with
an auctioneer to conduct the proposed Auction.  Finally, JHJ asks
authority to pay the net proceeds from the Auction to SuperValu,
lienholder of the furniture, fixtures and equipment at issue.

Through its Motion for Authority to Reject Cobalt Realty Lease
Pursuant to 11 USC Section 365, JHJ has asked Court's authority to
reject, effective March 31, 2020, the lease of the commercial
property at which the Greenwell Springs Store operates.  That
motion is
currently scheduled for hearing on March 10, 2020 at 10:00 a.m.   


In addition, contemporaneously with the filing of the Motion, the
Debtors filed their Motion to Approve Transfer of JHJ Store
Inventory Pursuant to Section 363 of the Bankruptcy Code and
Waiving Requirements of Bankruptcy Rule 6004(h), through which the
Debtors have sought authority to transfer and convey substantially
all of JHJ's inventory of retail goods, remaining at the time of
the Greenwell Springs Closure, to the following Debtors: T.H.G.
Enterprises, LLC, SVFoods Old Hammond, LLC, Baker Piggly Wiggly,
LLC and BR Pig, LLC.  

In connection with the Greenwell Springs Closure, JHJ proposes to
sell all of its furniture, fixtures and equipment located at the
Greenwell Springs Store ("FF&E") to the highest bidder at a public
auction. The proposed auctioneer, Grafe Auction Co. has agreed to
conduct the Auction on March 12, 2020.  Such date will allow
sufficient time to finalize the FF&E sales, remove all FF&E and
timely return the leased premises to the lessor in the condition
required under the associated Lease.  The Auction will take place
at the Greenwell Springs Store; however, only internet bidding on
Grafe's website will be permitted.  Grafe will arrange for the
public to preview the FF&E at the Greenwell Springs Store and/or
online prior to the Auction.  

JHJ asks authority to engage Grafe to conduct an auction of the
FF&E on the terms set forth in the contract.  Grafe was established
in 1959 and specializes in auctions of grocery store equipment as
well as industrial and commercial equipment.  The Grafe Contract
provides for compensation of Grafe in the form of a commission in
the amount of 15% of the total sale proceeds collected from the
sale of FF&E.  In addition, Grafe will also be entitled to collect
and retain from third party buyers a 15% buyer's premium/fee.

After the Auction, Grafe proposes to follow the settlement
procedures outlined in the Grafe Contract, including: within 12
banking days (holidays and weekends are excluded), Grafe will: (i)
deduct from the Sales Proceeds the Commission on Property Sold, and
Sale Expenses due to Grafe Auction; (ii) remit, to Seller pursuant
to the instructions to be provided by Seller, the remaining
collected Sales Proceeds; and (iii) provide to Seller a Final
Report of Sale and an itemization of all Sale Expenses.

All Sale Expenses are identified in the Auction Contract; however,
the primary Sale Expenses associated with the Auction are: (i)
Advertising - Not exceed $2,500; (ii) Pre-auction Setup Fee - Grafe
Auction will receive, and the Seller will pay $1,200 total for
pre-auction setup fees; and (iii) Post-auction Removal and Rigging
Fee - Grafe Auction will receive, and the Seller will pay $4,000
total for post-auction removal and rigging fees.

As set forth in the Third Interim Cash Collateral Order, SuperValu
asserts that JHJ and all other captioned debtors are solidarily
liable to SuperValu for various amounts which exceed at least $7
million.  Through a security agreement dated Nov. 20, 2009 and a
related UCC-1 filing, SuperValu holds a perfected security interest
in all FF&E of JHJ and proceeds thereof.  Based on the estimated
value of the FF&E, JHJ proposes to pay all net proceeds from the
Auction of the FF&E to SuperValu to be applied to the
aforementioned claim.   

For the reasons set forth above, JHJ proposes to sell the FF&E to
the highest bidder at the public Auction to be conducted on March
12, 2020 by third-party auctioneer, Grafe.

To permit JHJ, Grafe, and the purchasers of the FF&E at Auction to
proceed immediately to closing, JHJ asks that the stay provided by
Bankruptcy Rule 6004(h) be waived.

A copy of the Auction Contract is available at
https://tinyurl.com/ufe9djq from PacerMonitor.com free of charge.

                         About J-H-J Inc.

J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.   

JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area.  Currently, JHJ owns and operates two such
stores.  Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value.  All
general administrative duties for the Debtors are handled by JHJ.

The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.

As of the petition date, J-H-J was estimated to have both assets
and liabilities at $10 million to $50 million. The petition was
signed by Garnett C. Jones, Jr., president.  Judge John W. Kolwe is
assigned the cases.  The Steffes Firm, LLC serves as counsel to the
Debtors.


J2 GLOBAL: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by J2 Global, Incorporated to B+ from BBB-.

J2 Global, Incorporated is an American publicly traded technology
company based in Los Angeles, California. The company provides
Internet services through two divisions: Business Cloud Services
and Digital Media.



JAMES D. BOWIE: Selling Marysville Real Property for $250K
----------------------------------------------------------
James Dunlop Bowie asks the U.S. Bankruptcy Court for the Northern
District of California to authorize the sale of the real property
located at 425 5th Street, Marysville, California, APN
010-175-009-000, for $250,000.

The Debtor is the owner of the Real Property.  The value of the
Real Property is $250,000.  

The Real Property is encumbered as follows:   

     a. Yuba Co. Tax Collector: approx. $1,300

     b. Fletcher/Kalcic Deed of Trust: approx. $100,000

There is an additional Deed of Trust of record held by Carol M.
Alberigi aka Carol McConnell which is subject to the Order
Determining Secured Claim which values the lien at $0 for purposes
of the Chapter 11 Plan.  The Chapter 11 Plan at Section 7.04
contemplates sale of the Real Property and, at Section 7.11,
contemplates a sale free and clear of liens.  

On Jan. 22, 2020, the Debtor entered into a contract for sale of
the Real Property.  He asks an order authorizing sale of the Real
Property pursuant to Exhibit A for $250,000.  

The Debtor moves the Court for an order waiving the stay provided
in Bankruptcy Rule 6004(h).  

The Plan contemplates sale of the Real Property.  Such sale is
necessary to the Debtor's reorganization and will pay creditor
claims.  The proposed sale is in the best interests of the estate.


The case is In re James D. Bowie (Bankr. N.D. Cal. Case No.
15-10144).

James Dunlop Bowie is represented by David N. Chandler, Jr.,  Esq.,
at Law Offices of David N. Chandler.

The Court confirmed the Chapter 11 Plan on Nov. 16, 2015.


JAZZ ACQUISITION: Moody's Cuts CFR to Caa2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Jazz
Acquisition, Inc., including the company's corporate family rating
(CFR, to Caa2 from B3) and probability of default rating (to
Caa2-PD from B3-PD), as well as the ratings for its first lien
senior secured credit facilities (to Caa1 from B2) and second lien
senior secured term loan (to Ca from Caa2). The ratings outlook is
negative.

RATINGS RATIONALE

The downgrades reflect Moody's expectation of a challenging
operating environment for Wencor's commercial aerospace
aftermarkets, which are likely to face meaningfully lower business
volumes due to disruptions from the coronavirus crisis. Moody's
anticipates sales and earnings pressures through at least the
balance of 2020 and a resultant weakening of key credit metrics
with a financial and business risk profile that is better reflected
at the Caa2 rating level.

The Caa2 CFR reflects Wencor's modest size and aggressive
governance as evidenced by its highly leveraged balance sheet and
tolerance for financial risk. Wencor's levered balance sheet
(estimated on a Moody's-adjusted debt-to-EBITDA basis at about 6.5x
as of December 2019) leaves little room for error in execution for
a company that has in the past encountered operational challenges
and mixed financial results. Even so, Moody's recognizes the
value-proposition of the company's business model that provides
cost savings opportunities to its airline customer base as well as
the complementary nature of its PMA, repair and distribution
businesses.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The aerospace
sector has been adversely affected by the shock given its indirect
sensitivity via the airline industry to consumer demand and market
sentiment. More specifically, Wencor's weakening financial
flexibility and exposure to commercial aerospace leave it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions, and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its actions
reflect the impact on Wencor of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook incorporates Moody's expectation of a
difficult operating environment and earnings headwinds for at least
the balance of 2020.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade include if debt-to-EBITDA was
anticipated to be sustained below 7x. Any upgrade would be
predicated on the expectation that the company would not pursue
leveraging transactions such as dividend distributions or
debt-financed acquisitions. Strong execution across the company's
three business lines, along with maintenance of FCF-to-Debt at
least in the low-single-digits and some availability on the
revolver, would also be prerequisites for consideration of any
prospective upgrade. Expectations of a recovery in commercial air
traffic volumes that would be supportive of sales and earnings
growth would also create upward rating pressure.

Factors that could lead to a downgrade include if Wencor's free
cash flow were expected to be negative or if a breach of financial
covenants appeared likely. Significant execution issues or weaker
operating performance would also result in downward ratings
pressure. In the event that there was litigation that was expected
to have a materially negative impact on Wencor's liquidity and/or
credit profile, ratings would likely face downward pressure.

The following summarizes its rating actions:

Issuer: Jazz Acquisition, Inc.

Corporate Family Rating, downgraded to Caa2 from B3

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

First lien senior secured credit facility, downgraded to Caa1
(LGD3) from B2 (LGD3)

Second lien term loan, downgraded to Ca (LGD5) from Caa2 (LGD5)

Outlook, Changed to Negative from Stable

Jazz Acquisition, Inc. ("Wencor") designs, repairs and distributes
highly-engineered aftermarket components primarily for commercial
airline and maintenance, repair and overhaul (MRO) customers.
Headquartered in Peachtree City, Georgia and majority-owned by
private equity firm Warburg Pincus, the company generated about
$467 million of revenue for the twelve months ended September 2019.


JELD-WEN INC: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on JELD-WEN Inc. (JELD) to
negative from stable and affirmed the 'BB-' issuer credit rating.

"We believe measures to contain COVID-19 have pushed the global
economy into recession.   Our economists now forecast U.S. real GDP
will drop by 1.3% in 2020, down from our December forecast of a
1.9% gain. We now see the toll on GDP will be far more severe than
once thought--with the contraction showing up in the first quarter
figure and worsening substantially in the April-June period. We
forecast a decline in real GDP of 2.1% (annualized) in the first
three months of the year and of 12.7% (annualized) in the second
quarter, translating to a decline of 3.8% peak to trough."
Additionally, JELD announced March 30, 2020 that due to COVID-19
related restrictions, the company temporarily has suspended
production at locations that cumulatively represent less than 10%
of its 2019 consolidated net revenues. Although as a mitigating
factor, many of the company's products and services fall into the
"essential business" designation by government agencies at this
time," S&P said.

"The negative outlook reflects the potential that we could lower
our rating on JELD if a material pull back in new housing
construction in the U.S. occurs and decreases and/or weakens the
company's profitability. This would cause us to believe JELD's S&P
Global Ratings'-adjusted debt to EBITDA will remain above 4x over
the next 12 to 24 months," S&P said.

S&P could lower the rating on JELD if leverage increases and
remains above 5x over the next 12 months. This could occur if
activity meaningfully slows or if the company faces increased
competitive pressures that depress margins further. In addition,
S&P expects the appeal process regarding the federal court ruling
requiring JELD to divest its Towanda, Pa. facility will take more
than 12 months to resolve and the outcome is still uncertain.
However, the rating agency could lower the rating if a forced
divestiture of that plant or monetary damages occurs sooner than
expected and results in materially lower profitability.

"We could revise the outlook to stable over the next 24 months if
JELD reduces its debt to EBITDA near 4x and we expect it will be
able to maintain leverage at this level. This could occur if
construction activity resumes quickly and demand for JELD's
products remains healthy," the rating agency said.


JETBLUE AIRWAYS: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by JetBlue Airways Corporation to BB from BBB.

JetBlue Airways, stylized as jetBlue, is a major American low cost
airline, and the sixth largest in the United States by passengers
carried. JetBlue Airways is headquartered in the Long Island City
neighborhood of the New York City borough of Queens; it also
maintains corporate offices in Utah and Florida.



KC CULINARTE: S&P Downgrades ICR to 'CCC+' on Coronavirus Fallout
-----------------------------------------------------------------
S&P Global Ratings lowered its  issuer credit rating on U.S.-based
KC Culinarte Holding L.P. (KC) to 'CCC+' from 'B-' to reflect its
view that the company's capital structure is unsustainable and
liquidity will be constrained due to repercussions from the
pandemic in the U.S., on top of already weak performance.
Concurrent with the downgrade of the issuer credit rating, S&P
lowered its issue-level rating on the company's first-lien facility
to 'CCC+' from 'B-'. The recovery rating remains '3'.

"Our downgrade reflects our view that the company's capital
structure is unsustainable due to recent major foodservice
disruption stemming from COVID-19 in the U.S.   In our view, the
company's capital structure will be unsustainable as
COVID-19-related mandated store and restaurant closures will impact
the company's foodservice business, which makes up about one-third
of the company's total revenues. Additionally, we believe the
impact on the foodservice sector could hurt its retail business
because the company may temporarily close plants to eliminate costs
and conserve cash until there is more certainty about future
operations. The company's soup retail products have seen higher
demand in recent weeks due to consumer pantry-loading in the U.S.,
but not to the levels of shelf-stable competitors. Given the
declines we expect in the foodservice business, we do not expect
the company will generate free operating cash flow and will likely
draw additional cash from its revolver to manage its liquidity
needs. We believe that liquidity could become very tight ahead of
its seasonal peak working capital build in the summer months. If
the company is unable to perform during the next soup season, this
could further weaken the company's liquidity position," S&P said.

S&P's negative outlook reflects that it could lower the ratings
within the next 12 months if default scenarios are likely.

"We could lower the ratings if the company's profitability, cash
flow, and overall liquidity deteriorate to the point the company is
unable to meet its fixed costs, including debt service and capital
spending, resulting in a near-term default scenario such as a
balance sheet restructuring or chapter 11 filing," S&P said.

"We could raise the ratings if foodservice operations return to a
normal state and we no longer expect the company's operations to
decline as steeply, leading to a sustainable capital structure. A
higher rating also depends on the company's liquidity position and
its ability to cover uses of cash by at least 1.2x," the rating
agency said.


KHAN AVIATION: Trustee Selling Interest in Hangar 25 for $410K
--------------------------------------------------------------
Kelly M. Hagan, the Chapter 11 trustee for Khan Aviation, Inc. and
its affiliates, asks the U.S. Bankruptcy Court for the Western
District of Michigan to authorize the sale of its leasehold
interest for real estate commonly known as Hangar 25, 2228 Airport
Drive, H#25, Elkhart Municipal Airport, 46514, and all the
improvements located on the Premises, more fully described in the
Purchase Agreement, to Aerobat Ventures, LLC for $410,000.

Among the assets of the estate is the Property.  The Trustee
proposes approval to sell the Property free and clear of all liens,
interests and encumbrances with liens and encumbrances attaching to
the proceeds of the sale.

The Property is allegedly encumbered by a security interest granted
to KeyBank National Association dated July 19, 2019 securing
obligations in excess of $100 million.  The KeyBank Security
Agreement is in dispute and is subject to an adversary proceeding
being prosecuted by the Trustee, being Adversary Proceeding 19-801
19-swd.  The Adversary Proceeding asserts that the Security
Agreement should be voided on various grounds including 11 U.S.C.
Sections 547 and 548.  The Granting of the Security Agreement was
done within the 90 days of the Petition Date to secure obligations
of separate entities referred to as the Interlogic Borrowers.

The Trustee does not believe that the Property is encumbered by any
other obligation except the obligation to KeyBank, if not avoided.

Any transfer taxes or other taxes or fees imposed upon the Seller
as the result of the sale of the Property will be paid fomr the
sale proceeds.  As part of the sale, the Trustee asks the
assignment of the ground lease for Hangar 25 entered into with the
Debtor and the Elkhart Municipal Airport Board of Aviation
Commissioners ("BOAC" or "Lessor").

The Trustee filed a motion to assume the Lease on Jan. 16, 2020,
which was granted by an order of the Court on Feb. 14, 2020.

As part of the Purchase Agreement, the Trustee has agreed to assign
the Lease to the Buyer. The Trustee believes that cause exists to
approve the assignment of the Lease pursuant to sections 363 and
365(f) of the Bankruptcy Code. As set forth in the Motion, the
Trustee has determined, in the exercise of her sound business
judgment, that the assignment ofthe Lease is in the best interest
of the bankruptcy estate.

The Trustee has hired Cressy Commercial Real Estate, to assist in
the sale of the Property.  The Broker has been very active in
obtaining offers for the Trustee on the Property and was
instrumental in bringing the accepted offer to the Trustee.

The Trustee has accepted an offer for the Property in the amount of
$410,000 pursuant to the Purchase Agreement.

The Trustee asks approval for the payment of ordinary closing costs
including fees and taxes imposed upon the sale of the Property, and
customary closing costs charged the Seller.  All valid liens,
interests and encumbrances attaching to the Property will attach to
the net proceeds from the sale.  The Trustee will not utilize the
net proceeds from the sale without the consent of KeyBank or
further order of the Court.  The transfer ofthe Property will be
"as is, where is" and free and clear of all liens, interests and
encumbrances.

The Trustee also asks the approval of the Broker's commission.  The
Broker's employment has been approved by the Court.  The Broker's
commission is 6% of the gross sales price.  The Trustee asks the
Court's approval to pay the Broker's commission at closing.

Finally, the Trustee asks the Court to waive the 14-day stay period
set forth in Federal Rules of Bankruptcy Procedure, Rule 6004(h).

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

                      About Khan Aviation

Khan Aviation, Inc. and its affiliates, GN Investments LLC, KRW
Investments Inc., NJ Realty LLC, NAK Holdings LLC, and Sarah Air
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Mich. Case Nos. 19-04261, 19-04262, 19-04264,
19-04266, 19-04267 and 19-04268) on Oct. 8, 2019.

The cases are jointly administered with that of Najeeb Ahmed Khan
(Bankr. W.D. Mich. Case No. 19-04258), which is the lead case.
Judge Scott W. Dales oversees the cases.   

The Debtors are represented by Robert F. Wardrop, II, Esq., at
Wardrop & Wardrop, P.C.

Kelly Hagan was appointed as Chapter 11 trustee for the Debtors'
bankruptcy estates.  The Trustee is represented by Hagan Law
Offices, PLC.

At the time of the filing, the Debtors' estimated assets and
liabilities are as follows:

  Debtors                 Assets               Liabilities
  -------           --------------------   ----------------------

  Khan Aviation      $1-mil. to $10-mil.      $1-mil. to $10-mil.
  GN Investments     $1-mil. to $10-mil.   $100-mil. to $500-mil.
  KRW Investments   $10-mil. to $50-mil.   $100-mil. to $500-mil.
  NJ Realty          $1-mil. to $10-mil.   $100-mil. to $500-mil.
  NAK Holdings       $1-mil. to $10-mil.   $100-mil. to $500-mil.
  Sarah Air          $500,000 to $1-mil.   $100-mil. to $500-mil.


KONTOOR BRANDS: S&P Lowers ICR to 'B+' Due to Coronavirus Fallout
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Kontoor
Brands Inc. to 'B+' from 'BB-'. At the same time, S&P lowered its
issue-level rating on the company's credit facility to 'B+'. The
recovery rating remains a '3', indicating its expectation for
meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in
the event of a default.

The unprecedented store closures because of the coronavirus
pandemic will significantly hurt the U.S. apparel sector and
Kontoor's operating profits and credit metrics.   

"Despite the company's sales concentration in mass and big box
stores such as Walmart and Target, which continue to be open, we
believe the company's revenue and profits will be materially
diminished for at least the next few months because it is likely a
massive amount of stores in the U.S. will remain closed. In
addition, we believe consumer demand for nonessential products will
be weak because of the economic fallout from the coronavirus. We
forecast Kontoor's credit metrics will significantly deteriorate as
we expect materially lower profits because of the demand shock. The
company ended 2019 with adjusted leverage at around 3.5x, a 15%
cushion to our downgrade trigger of 4x. While during ordinary
times, this would be sufficient cushion for the company to navigate
its infrastructure investment and reposition its brands for future
growth, we believe during this volatile environment, the company's
leverage will likely exceed 4x." Additionally, Kontoor sources 38%
of its products from its owned supply chain, which would have being
advantageous as the company looks to shorten its product cycle to
become more nimble and better services its North American markets.
However, in the near term, its profitability will be more volatile
than peers that source 100% of its products due to plants idling
amid the disruption in demand," S&P said.

The negative outlook reflects the heightened uncertainty regarding
the impact of the coronavirus pandemic and the impending recession
on Kontoor's credit metrics and cash flow generations. Prolonged
store closure in North America, coupled with a slowdown in consumer
spending could affect the company's ability to recover
operationally to historical levels.

"We could lower our ratings if Kontoor's operating performance is
impacted for a prolonged period by store closures or a recession
and adjusted leverage increases above 5.5x on a sustained basis,"
S&P said.

"We could revise the outlook to stable if Kontoor can weather the
pandemic and we believe the company can return to growth with
leverage below 5x area in 2021," the rating agency said.


LAREDO PETROLEUM: Egan-Jones Cuts Local Curr. Unsec. Rating to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Laredo Petroleum
Incorporated to CCC+ from B-. EJR also downgraded the rating on LC
commercial paper issued by the Company to C from B.

Laredo Petroleum, Incorporated is a company engaged in hydrocarbon
exploration organized in Delaware and headquartered in Tulsa,
Oklahoma. Laredo Petroleum has no connection or association with
Laredo Oil, traded on the over-the-counter market.



LAS VEGAS SANDS: Egan-Jones Cuts Local Curr. Unsecured Rating to BB
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Las Vegas Sands
Corporation to BB from BBB-.

Las Vegas Sands Corporation is an American casino and resort
company based in Paradise, Nevada, United States. Its resorts
feature accommodations, gaming and entertainment, convention and
exhibition facilities, restaurants and clubs, as well as an art and
science museum in Singapore.



LEAR CORP/OLD: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Lear Corporation/Old to BB+ from BBB.

Lear Corporation/Old provides seating systems, electrical
distribution systems, and electronic products. The Company also
offers customers design, engineering, validation, and project
management support.



LEAR CORP: Egan-Jones Cuts Local Curr. Unsecured Rating to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Lear Corporation
to BB+ from BBB+.

Lear Corporation is an American company that manufactures
automotive seating and automotive electrical systems.


LIBERTY INTERACTIVE: Moody's Alters Outlook on Ba3 CFR to Stable
----------------------------------------------------------------
Moody's Investors Service affirmed Liberty Interactive LLC's
Corporate Family Rating at Ba3. Moody's also affirmed all other
ratings including QVC, Inc.'s debt ratings at Ba2. The SGL rating
remains at SGL-2. The outlook for Liberty was changed to stable
from positive.

"Although Liberty's combined operations of QVC and HSN continue to
operate through this period of disruption from COVID-19, we
anticipate that weakness in consumer spending and changing
purchasing patterns will still reduce demand at both entities" said
Moody's Vice President, Christina Boni. "Moody's expects Liberty to
maintain a conservative financial strategy as its works to return
to more consistent operating performance."

Outlook Actions:

Issuer: Liberty Interactive LLC

Outlook, Changed To Stable From Positive

Issuer: QVC, Inc.

Outlook, Changed To Stable From No Outlook

Affirmations:

Issuer: Liberty Interactive LLC

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5)

Issuer: QVC, Inc.

Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD3)

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The non-food
retail sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment.More specifically, the weaknesses in Liberty's credit
profile, including its exposure to consumer spending and China have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Liberty remains vulnerable
to the outbreak continuing to spread. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Liberty of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Liberty's Ba3 corporate family rating reflects its solid operating
margins and cash flow generation from its portfolio of operating
assets, as it continues to have moderate leverage with Moody's
adjusted debt/EBITDA estimated at 4.3x. The parent company of
Liberty Interactive, LLC, Qurate Retail, Inc. "Qurate", continues
to integrate its acquisition of HSN, Inc. The combined operations
of QVC and HSN ("QxH") focuses on differentiating its offering
through its ability to entertain, inform, and provide exclusive
product. QxH must contend with secular trends that include a
growing number of consumers who are cancelling their cable
subscriptions, increased price transparency and shorter product
life cycles.

The company has significant scale and solid free cash flow
generation of which a major portion has been historically returned
to shareholders. The company's Speculative Grade Liquidity rating
of SGL-2 takes into account the company's good liquidity profile
with its significant cash flow generation and long-term debt
maturity profile.

The stable outlook reflects its expectation that Qurate with its
online presence will continue to be able to service customer demand
albeit at lower levels during the period of disruption caused by
COVID-19. Moody's also expects financial strategies will remain
conservative with a moratorium on share repurchases until sales and
operating performance stabilizes.

Factors that would lead to an upgrade or downgrade of the ratings:

Positive consistency in sales and operating performance while
maintaining balanced financial strategy, and continued meaningful
debt reductions could lead to an upgrade. Quantitatively, the
company could be upgraded if debt/EBITDA was sustained below
4.25x.

The ratings could be downgraded if liquidity weakens, the asset
composition or its financial strategy meaningfully changes, or
operating performance deteriorates, or debt-to-EBITDA is sustained
above 5.25x.

Liberty Interactive LLC, a wholly owned subsidiary of its parent
Qurate Retail Inc., formerly named Liberty Interactive Corporation,
is headquartered in Englewood, Colorado. Qurate operates QxH, and
holds equity interests in other smaller assets. QVC, Inc. was
founded in 1986 and has operations in the U.S., United Kingdom,
Germany, Japan, Italy, and China.


LIFE TIME: Moody's Cuts CFR to B3, Outlook Revised to Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Life Time, Inc.'s ratings
including its Corporate Family Rating to B3 from B2, Probability of
Default Rating to B3-PD from B2-PD, and senior unsecured notes to
Caa2 from Caa1. In addition, Moody's affirmed the B2 rating for
Life Time's senior secured first lien bank credit facilities. The
outlook is negative.

The downgrade reflects Moody's expectations for a significant
revenue and earnings decline in 2020 due to coronavirus related
facility closures as well as the negative effect on consumer income
and wealth stemming from job losses and asset price declines, which
will diminish discretionary resources to spend on leisure
activities and potentially reduce Life Time's membership through
attrition and lower new recruitment. As a result, Moody's expects
debt-to-EBITDA to rise to above 7.0x in 2020 with high cash burn
during facility closures. The facility closures began in mid-March.
Moody's expects efforts to contain the coronavirus will restrict
Life Time's ability to reopen for an unknown period. A high cash
burn during facility closures will weaken liquidity.

Issuer: Life Time, Inc.

Corporate Family Rating, downgraded to B3 from B2

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

Senior Secured First Lien Revolving Credit Facility, affirmed at B2
(LGD3)

Senior Secured First Lien Term Loan, affirmed at B2 (LGD3)

Senior Unsecured Notes, downgraded to Caa2 (LGD6) from Caa1 (LGD6)

Outlook Actions:

Issuer: Life Time, Inc.

Outlook, revised to Negative from Stable

RATINGS RATIONALE

Life Time's B3 CFR reflects its high leverage with Moody's adjusted
debt-to-EBITDA expected to rise to above 7.0x in 2020. The rating
is constrained by the company's historical high reliance on
external financing to support its new club openings including
sale-leaseback transactions, landlord incentives and revolver
borrowings. The rating also reflects Life Time's moderate
geographic concentration and the business risks associated with the
highly fragmented fitness club industry including high membership
attrition rates, heavy competition from multiple formats, and
exposure to shifts in consumer spending and economic cycles.
However, Life Time benefits from its focus on a more affluent
member base and expanded service offerings relative to most fitness
clubs that make it less susceptible to increasing competition from
the value priced fitness clubs. The rating is also supported by the
company's solid asset base from owning nearly half of its clubs of
which 29 are pledged to the bank credit facilities. Monetization of
real estate provides an additional option to bolster liquidity if
needed, and distinguishes Life Time from most other fitness clubs
where facilities are primarily leased.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The fitness sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Life Time's credit profile,
including its exposure to US quarantines have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Life Time remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
impact on Life Time of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The negative outlook reflects Moody's view that Life Time remains
vulnerable to covid-19 disruptions and unfavorable shifts in
discretionary consumer spending and the uncertainty regarding the
timing of facility re-openings and the pace at which consumer
spending at the company's properties will recover.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded should operating metrics improve with
Moody's adjusted leverage sustained below 6.5x as well as good
liquidity.

The ratings could be downgraded if there is further deterioration
of operating performance, credit metrics and liquidity profile.

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

Headquartered in Chanhassen, MN, Life Time, Inc. operates 148 large
format fitness clubs in 28 states and one Canadian province mostly
in suburban locations. Life Time has over 845,000 members. Revenue
was $1.9 billion in 2019. The company is owned by a group of
private investors.


LOOT CRATE: Exclusive Plan Filing Period Extended Until June 8
--------------------------------------------------------------
Judge Brendan Shannon of the U.S. Bankruptcy Court for the District
of Delaware extended to June 8 the period during which only Old LC,
Inc., formerly known as Loot Crate Inc., can file a Chapter 11
plan. The company has the exclusive right to solicit acceptances
for its plan until Aug. 10.

                       About Loot Crate Inc.

Founded in 2012, Loot Crate, Inc. is a worldwide leader in fan
subscription boxes. It partners with industry leaders in
entertainment, gaming, sports and pop culture to deliver monthly
themed crates; produces interactive experiences and digital
content; and films original video productions. Since 2012, the
company has delivered more than 32 million crates to fans in 35
territories across the globe.

Loot Crate and three affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 19-11791) on Aug. 11, 2019.  Loot
Crate was estimated to have less than $50 million in assets and $50
million to $100 million in liabilities as of the bankruptcy
filing.

The Debtors tapped Bryan Cave Leighton Paisner LLP as lead counsel;
Robinson & Cole LLP as Delaware and conflicts counsel; FocalPoint
Securities, LLC as investment banker; WithumSmith+Brown, PC as tax
consultant; Sitrick Group, LLC as communications consultant; Mark
Palmer of Theseus Strategy Group as chief transformation officer;
and Portage Point Partners as financial advisor.  Stuart Kaufman of
Portage Point serves as the Debtors' chief restructuring officer.

The Debtors also tapped Bankruptcy Management Solutions, Inc.,
which conducts business under the name Stretto, as claims agent.
The firm maintains the site https://case.stretto.com/lootcrate.

The U.S. trustee for Region 3 appointed a committee of unsecured
creditors on Aug. 22, 2019.  The committee retained Morris James
LLP as counsel; Dundon Advisers LLC as financial advisor; and
FocalPoint Securities, LLC as investment banker.


MARTIN MIDSTREAM: Fitch Cuts LT IDR to CCC, On Watch Negative
-------------------------------------------------------------
Fitch Ratings has downgraded Martin Midstream Partners LP's
Long-term Issuer Default Rating to 'CCC' from 'B-'. Fitch has
downgraded MMLP's and co-issuer Martin Midstream Finance Corp.'s
senior unsecured debt rating to 'CCC-' from 'B-'. The Recovery
Rating has also been revised to 'RR5' from 'RR4'. The ratings have
been placed on Rating Watch Negative because of refinancing risk.

KEY RATING DRIVERS

Ratings Downgraded: Fitch has lowered MMLP's IDR to 'CCC'
reflecting concerns about refinancing risk in the near term,
liquidity and the ability for the partnership to meet its 2020
EBITDA guidance of $117 million. Fitch's base case assumption for
MMLP's EBITDA is below management's forecast and leverage (defined
as total debt-to-adjusted EBITDA) at YE 2020 is expected to be in
the range of 5.8x to 6.2x. This is above YE 2019 leverage of 5.3x.

Heightened Refinancing Risk: MMLP has $374 million of senior
unsecured notes due Feb. 15, 2021 (2021s). With the ninth amendment
of the bank agreement effective July 18, 2019, the $400 million
secured revolver extends until August 31, 2023. However, that is
the case only if the 2021s are financed on or before August 19,
2020. If they are not refinanced by that date, the revolver matures
on the same date, August 19, 2020. Fitch has concerns about Martin
Midstream's ability to refinance the notes in the near term given
the financial and operating environment.

Distribution Cuts: MMLP once again cut its distribution paid out in
1Q20. It now pays out $0.0625/unit per quarter, down from $0.25
paid out in 2Q19, 3Q19 and 4Q19 and $0.50 paid out prior to that.
Distributions were as high as $0.8125 in 2017. Annualized
distributions are now $9.8 million versus a high of $118 million in
2017 allowing the company to retain cash for its liquidity needs.

Covenants Are a Concern: At the end of 2019, MMLP was in compliance
with its bank covenants. Fitch has concerned that head room may
diminish over the next few quarters as certain adjustments for
calculations roll off and the MMLP's ability to generate EBITDA may
face significant headwinds in its financial and operating
environment. Furthermore, as of YE 2019, MMLP's covenants
restricted its ability to borrow on its $400 million revolver and
only $52 million was available for borrowings based on the bank
covenants.

Rating Concerns: Concerns include MMLP's high leverage, its small
size, and while not expected, the possibility for cross default
with its parent, Martin Resource Management Corp. (MRMC). MMLP's
bank agreement contains an event of default clause that states that
if MRMC has an event of default that could have a material adverse
effect on MMLP's operations or finances, it is an event of default
for MMLP. Fitch notes that there is no automatic event of default
at MMLP if MRMC defaults.

Parent Subsidiary Linkage: Fitch views MMLP as the strong
subsidiary compared to the weaker parent, MRMC. Fitch views the
linkages as not strong, nor even moderately strong. The legal
linkages are deemed to be weak since there are no upstream
guarantees, and the distribution has been cut indicating that the
MMLP board is able to restrict distributions. Importantly, Fitch
acknowledges that there is the potential for a declaration of an
event of default at the MMLP level that relates to MRMC. However,
Fitch does not anticipate such an event as likely in the near term,
given both the powerful "material adverse effect" qualifier, and
MRMC's capital structure. For operational links, each entity has
its own source of liquidity. Accordingly, the overall linkage is
not strong, and MMLP's ratings reflect its standalone credit
profile.

ESG Factors: MMLP has an ESG Relevance Score of 4 under for
Governance Issues for its Group Structure. MMLP operates under a
complex group structure with exposure to financial issues arising
elsewhere in the group. This has a negative impact on its credit
profile and is relevant to the rating in conjunction with other
factors.

DERIVATION SUMMARY

MMLP is somewhat unique and is the only 'CCC' rating in Fitch's
midstream universe with limited direct peers. MMLP is also
different than other high yield midstream issuers since there is
the potential for a cross default with its parent MRMC as
previously discussed. MRMC is a privately held company that Fitch
does not rate.

MMLP is a master limited partnership with diverse segments, yet it
is rated below 'B-' single basin gatherers and processors such as
Navitas Midstream Midland Basin, LLC and BCP Raptor, LLC (dba
EalgeClaw). MMLP's leverage is lower yet its rating is below
Navitas and BCP Raptor since it has near-term refinancing risk and
limited liquidity.

KEY ASSUMPTIONS

  -- Fitch assumes that 2020 EBITDA is below MMLP's guidance of
     $117 million and notes that many of MMLP's business segments
     have fairly unpredictable results;

  -- In the Base Case, it is assumed that MMLP can refinance the
     2021s before August 19, 2020 and inability to do so would
     trigger negative rating action;

  -- Distributions remain flat at $0.0625/quarter per unit and
     total $9.8 million per year;

  -- Fitch assumes leverage be in the range of 5.8x to 6.2x at
     the end of 2020.

For the Recovery Rating, Fitch used a going-concern (GC) approach
with a 6x EBITDA multiple which is an approximation of the multiple
seen in recent reorganizations in the energy sector. There have
been a limited number of bankruptcies and reorganizations within
the midstream sector. Two recent gathering and processing
bankruptcies of companies indicate an EBITDA multiple between 5.0x
and 7.0x, by Fitch's best estimates. In its recent Bankruptcy Case
Study Report, "Energy, Power and Commodities Bankruptcies
Enterprise Value and Creditor Recoveries" published in April 2019,
the median enterprise valuation exit multiplies for 35 energy cases
for which this was available was 6.1x, with a wide range.

The recovery rating for Martin Midstream senior unsecured notes was
revised to 'RR5' from 'RR4.' Fitch assumed a mid-cycle going
concern EBITDA of roughly $90 million. In the previous recovery
rating exercise (August 2019), Fitch used a going concern EBITDA of
$100 million. Fitch calculated administrative claims to be 10%,
which is a standard assumption.

RATING SENSITIVITIES

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

  -- Successful refinancing of the senior unsecured notes due 2021
     before August 19, 2020 would lead to the removal of the
     Rating Watch Negative;

  -- Improved liquidity which may result from further distribution
     cuts, capex reduction or asset sales;

  -- FFO fixed charge ratio above 2.0x on a sustained basis.

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

  -- Reduced liquidity at either MRMC or MMLP and/or an inability
     for MMLP to refinance the 2021s;

  -- An event of default at MRMC;

  -- Fitch would expect to downgrade the rating if the FFO fixed
     charge ratio was below 1.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: As of Dec. 31, 2019, there was $3 million of cash
on the balance sheet. Borrowings on the revolver were $196.4
million. The revolver has a total commitment of $400 million, of
which $203.6 million was undrawn. Covenants restricted MMLP's to
borrow the full undrawn amount. It only had the ability to draw
another $51.5 million based on the bank covenants at yearend 2019.
The revolver's maturity date is contingent on the refinancing of
the $400 million senior unsecured notes due Feb. 2021 on or before
August 19, 2020. If the 2021s are not refinanced by that date, then
the revolver matures on the same date, August 19, 2020.

The company has a 10th amendment allows for second-lien
indebtedness that would refinance the unsecured notes and reduce
the revolver capacity to $350 million. This agreement runs until
May 31, at which point, if no second-lien debt is issued, the
amendment expires and does not become effective.

Prior credit agreement amendments tightened up some of the
financial covenants which reduced headroom. The senior secured
leverage ratio may not exceed 2.75x (vs. prior terms of 3.25x). The
leverage ratio as of the end of 3Q19 must not exceed 5.5x (vs
5.75x). As of YE19, 1Q20, 2Q10 and 3Q20 it cannot exceed 5.25x.
Thereafter it cannot exceed 5x (vs 5.25x). The interest coverage
ratio remains a minimum of 2.5x. The partnership was in compliance
with its covenants as of Dec. 31, 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch applied a multiple of 8x for operating leases. This is the
standard at Fitch for U.S. midstream companies.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

MMLP has an ESG Relevance Score of 4 for Governance Issues for its
Group Structure. MMLP operates under a complex group structure with
exposure to financial issues arising elsewhere in the group. This
has a negative impact on its credit profile and is relevant to the
rating in conjunction with other factors.

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


MECHANICAL TECHNOLOGIES: Unsecureds to Get 100% With 2% Interest
----------------------------------------------------------------
Debtor Mechanical Technologies Corp., d/b/a Alpine Air, filed with
the U.S. Bankruptcy Court for the District of Nevada a Plan of
Reorganization and a Disclosure Statement on March 24, 2020.

The Class 2 Allowed General Non-Insider Unsecured Claims,
calculated in the total amount of $1,355,031, will be paid in full
no later than Dec. 31, 2026, with interest accruing at 2% per annum
from the Effective Date, with said principal and interest payable
in equal installments of $30,000 per calendar quarter on pro-rata
basis, commencing approximately 24 months after the Effective Date
of the Plan.  The Class 2 Allowed General Non-Insider Unsecured
claims are impaired under the Plan.

The Class 3 disputed general insider unsecured claims of Michael
and Mary Donovan/ADVNC Air Technologies will be litigated between
the parties and shall remain unpaid until a resolution or Court
decision is reached.  Any allowance of these disputed general
unsecured claims shall be treated and paid as Class  2 creditors.

The equity interests of the shareholders of Mechanical Technologies
Corp. d/b/a Alpine Air existing on the Petition Date shall remain
unchanged.

The Debtor will fund the proposed Plan payments through monies
collected from collection actions for accounts receivables owed to
the Debtor from ADVNC Air Technologies/Michael and Mary Donovan,
and J.W. McClenahan, in addition to the Debtor pursuing assets
owned by the Debtor that are now in possession of ADVNC Air
Technologies/Michael and Mary Donovan, for which assets no monies
were paid the Debtor for retention.

Based on Debtor's revenue and budget projections, the Debtor
believes that it will collect sufficient assets to fund the Plan as
proposed.

A full-text copy of the Disclosure Statement dated March 24, 2020,
is available at https://tinyurl.com/twhy2b2 from PacerMonitor at no
charge.

Attorneys for Debtor:

         Stephen R. Harris, Esq.
         HARRIS LAW PRACTICE LLC
         6151 Lakeside Drive, Suite 2100
         Reno, NV 89511
         Tel: (775)786-7600
         E-mail: steve@harrislawreno.com

                About Mechanical Technologies

Mechanical Technologies d/b/a Alpine Air --
http://alpineheatingandair.com/-- specializes in offering single
source contracting for all residential and commercial design/build
needs.  The Company services and installs residential heating and
air conditioners. Alpine Air has designed, installed and serviced
projects including computer rooms, environmental chambers,
manufacturing facilities, biotech laboratories, burn-in rooms, and
dry rooms. Alpine Air was established in 1987.

Mechanical Technologies Corp. d/b/a Alpine Air, based in Reno, NV,
filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19-51146) on
Sept. 26, 2019. In the petition signed by John Donovan, president,
the Debtor was estimated to have $1 million to $10 million in both
assets and liabilities.  The Hon. Bruce T. Beesley oversees the
case.  Stephen R. Harris, Esq., at Harris Law Practice LLC, serves
as bankruptcy counsel and  Robison Sharp Sullivan & Brust, is
special counsel.


MED PARENTCO: Moody's Alters Outlook on B3 CFR to Negative
----------------------------------------------------------
Moody's Investors Service changed MED ParentCo., LP.'s ratings
outlook to negative from stable. Concurrently, Moody's affirmed the
company's ratings, including the B3 corporate family rating, B3-PD
probability of default rating, B2 first lien credit facilities
rating, and Caa2 second lien credit facility rating.

The change in outlook to negative from stable reflects the
company's weakened but in Moody's view still sufficient liquidity
as a result of COVID-19-related temporary store closures, and the
risk that earnings and liquidity would decline more than
anticipated if stores are closed for an extended period.

The ratings affirmations reflect Moody's expectations that MyEyeDr
will have sufficient liquidity to support its operations during a
limited period of closures, as a result of cost reductions and
deferrals.

Moody's took the following rating actions for MED ParentCo., LP.:

Corporate family rating, affirmed B3

Probability of default rating, affirmed B3-PD

$125 million Gtd. sr. secured 1st lien revolving credit
facility, affirmed B2 (LGD3)

$845 million Gtd. sr. secured 1st lien term loan, affirmed
  B2 (LGD3)

  $211 million Gtd. sr. secured 1st lien delayed draw term loan,
  affirmed B2 (LGD3)

  $360 million Gtd. sr. secured 2nd lien term loan, affirmed
  Caa2 (LGD5)

Outlook, changed to negative from stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The retail sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in MyEyeDr's credit profile, including
its exposure to widespread store closures have left it vulnerable
to these unprecedented operating conditions, and MyEyeDr remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on MyEyeDr of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

MyEyeDr's B3 CFR is constrained by the company's small scale and
high leverage. The ratings also incorporate governance risks,
specifically the company's debt-financed growth strategy that is
expected to result in high leverage on an ongoing basis. Moody's
lease-adjusted debt/EBITDA is estimated at 8.7 times for the year
ended December 31, 2019, including pro-forma adjustments for
acquisitions. Temporary store closures as a result of the
coronavirus outbreak will result in material earnings declines and
further increases in leverage in 2020. The ratings also reflect
Moody's view that while e-commerce penetration in the optical
retail sector will remain low, traditional retailers will face
margin and market share pressure over time from growing online
competition. The current period of physical store closures is
likely to accelerate the customer shift to e-commerce. In addition,
as a retailer, MyEyeDr needs to make ongoing investments in its
brand and infrastructure, as well as in social and environmental
drivers including responsible sourcing, product and supply
sustainability, privacy and data protection.

Nevertheless, the credit profile is supported by the
recession-resilient and growing demand for optometrist services and
eyewear products due to aging demographics and the growing
prevalence of myopia. Further, the company's track record of
profitable growth through its roll-up strategy partially mitigates
the execution risk associated with acquisition-driven expansion.
Moody's expects MyEyeDr's liquidity to be weaker but still adequate
over the next 12-18 months.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if liquidity or earnings
deteriorate more than anticipated. More aggressive financial
strategies, declines in comparable sales performance or lower
returns on acquisition spending compared to prior years could also
lead to a downgrade. Quantitatively, the ratings could be
downgraded if Moody's expects EBITA/interest expense (including
pro-forma acquisition adjustments) to be maintained at or below 1
time/s.

The ratings could be upgraded if financial policies become less
aggressive, while the company maintains consistent organic revenue
growth, solid EBITDA margins and good liquidity. Quantitatively,
the ratings could be upgraded if Moody's-adjusted debt/EBITDA
trends towards 7 times including adjustments for the impact of
acquisitions, EBITA/interest expense is maintained above 1.5 times,
and FCF/debt is maintained above 5%.

MED ParentCo., LP. provides management services to MyEyeDr. O.D.
optometrists and their practices. MyEyeDr practices offer vision
care services, prescription eyeglasses and sunglasses, and contact
lenses. As of December 31, 2019, the company operated 569 offices
and generated approximately $772 million of trailing twelve months
revenue. MyEyeDr has been controlled by affiliates of Goldman Sachs
Merchant Banking Division since August 2019.



MEG ENERGY: S&P Downgrades ICR to 'CCC+'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
MEG Energy Corp. to 'CCC+' from 'B+'. At the same time, S&P also
lowered its issue-level ratings on the company's senior secured
debt to 'B' from 'BB' ('1' recovery rating unchanged) and senior
unsecured debt to 'B-' from 'BB-' ('2' recovery rating unchanged).


The collapse in oil prices will materially reduce MEG's cash flow
and leverage metrics. S&P estimates MEG's revenues and cash flows
to be significantly constrained under the rating agency's recently
revised hydrocarbon price assumptions. S&P's lowered West Texas
Intermediate (WTI) price combined with the discounted Western
Canadian Select (WCS) price realized for bitumen crude oil
primarily drives the rating agency's reduced cash flow forecast.

"At our price assumptions, we believe MEG will generate credit
metrics that are materially weaker than our previous expectations.
We now estimate an average adjusted FFO-to-debt below 6% for
2020-2021, compared with our previous expectations of 15%-18%. Our
estimates takes into account the company's current hedge position,
rail commitments, and crude oil volumes sold into the U.S. Gulf
Coast market. In addition, we believe any production cuts as a
result of persistent weakness in commodity prices would materially
affect profitability and cash flows because of the company's
relatively high fixed cost structure," S&P said.

The negative outlook reflects S&P's expectation that MEG's leverage
measures are unsustainable because of low commodity prices.
However, the rating agency expects the company will maintain at
least adequate liquidity over the next 12 months given MEG's
absence of near-term debt maturities and reduced capital spending
plan.

"We could lower the rating if MEG's liquidity erodes materially as
a result of higher-than-expected free cash flow deficits stemming
from continued weak commodity prices that are below our
assumptions. This would significantly constrain the company's
ability to fund its financing and sustaining capital spending
requirements," S&P said.

"We could raise the rating if MEG's cash flow generation increases
to a level that would fully fund its operating and financing
obligations. Furthermore, we would expect MEG to maintain at least
adequate liquidity, generate at least neutral free cash flows, and
sustain FFO to debt above 12%. We could envision this scenario if
commodity prices rebound and sustain well above our expectations,"
the rating agency said.


MERRICK COMPANY: Plan Confirmation Hearing Reset to April 23
------------------------------------------------------------
Judge Thomas H. Fulton of the U.S. Bankruptcy Court for the Western
District of Kentucky has entered an order rescheduling confirmation
hearing set for March 26, 2020, regarding approval of the Chapter
11 Plan filed by Debtor Merrick Company LLC to April 23, 2020, at
10:00 a.m. at Courtroom #2, 5th Fl. (7th St. Elevators), 601 West
Broadway, Louisville, KY 40202.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/yx3p2ah4 from PacerMonitor at no charge.

                     About Merrick Company

Merrick Company, LLC -- http://www.merrickco.com/-- is a
mechanical contractor in Louisville, Ky., that repairs, upgrades,
designs, and installs piping and HVAC systems.

Merrick Company sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ky. Case No. 19-31201) on April 15,
2019.  In the petition signed by Michelle Merrick, member, the
Debtor disclosed $824,992 in assets and $3,656,559 in liabilities.
The case is assigned to Judge Thomas H. Fulton.


MI WINDOWS: S&P Alters Outlook to Negative, Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings revised the outlook on MI Windows and Doors LLC
(MIWD) to negative from stable and affirmed the 'B+' issuer credit
rating.

Reduced remodeling spending and homebuilding activity over the next
one to two quarters will likely reduce MIWD's revenue and EBITDA
generation, causing debt leverage to increase to 6x or higher by
the end of 2020.  

"We expect both new residential construction activity and
remodeling spending to decline in the U.S. in 2020 as a result of
deep recessionary pressures (unemployment, business shutdowns,
reduced economic activity) caused by the coronavirus. We anticipate
that MIWD's annual sales could potentially decline by at least 10%
for 2020, with greater declines in the second quarter before
recovering in the latter half of the year. This could lead to
adjusted debt to EBITDA levels in the 6x range (up from our
previous forecast of about 4.7x by year-end) and its funds from
operations (FFO) to debt to be in the 10% range at the end of 2020.
We expect MIWD's EBITDA to cash interest coverage will be in the
higher end of the 2.0x-3x range under such a scenario, which
assumes a gradual recovery in demand takes place in the second half
of the year," S&P said.

The negative outlook reflects S&P's expectation for MIWD's revenue
and EBITDA to contract in mid-2020 as demand falls due to reduced
homebuilding activity and remodeling spending on recessionary
pressures and increased unemployment activity resulting from the
coronavirus pandemic. The rating agency expects leverage could
increase to 6x by year-end.

"We could lower the issuer credit rating to 'B' in the event
recessionary pressures from the coronavirus pandemic continue into
the second half of 2020, reducing sales and EBITDA such that debt
leverage approaches 7x and cash interest coverage reduces to 2x or
below with little prospect for improvement," S&P said.

An upgrade of MIWD is unlikely over the next year as an upgrade
would require significant growth in EBITDA such that debt leverage
could be sustained below 4x. To achieve these levels EBITDA would
have nearly doubled from year-end 2019 pro forma pre-synergy
levels," the rating agency said.


MIAMI AIR: Kozyak Tropin Represents Avolon Aerospace, Engine Lease
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Kozyak Tropin & Throckmorton, LLP submitted a
verified statement that it is representing Avolon Aerospace Leasing
Limited and Engine Lease Finance Corporation in the Chapter 11
cases of Miami Air International, Inc.

On or about March 27, 2020, KTT was retained as counsel to
represent Avolon Aerospace Leasing Limited, as servicer for Wells
Fargo Trust Company, NA, not in its individual capacity, but solely
as owner trustee for Sapphire Finance I Holding Designated Activity
Company, in the Chapter 11 Case.

On or about March 30, 2020, KTT was retained as counsel to
represent Engine Lease Finance Corporation in the Chapter 11 Case.

KTT only represents the above- referenced creditors in the Chapter
11 Case.

As of April 2, 2020, lists of each creditor and their disclosable
economic interests are:

Avolon Aerospace Leasing Limited
900 South Pine Island Rd. Suite 200
Plantation, FL 33324

* Claims and damages relating to an aircraft lease
* Amount of Claim or Interest: Undetermined

Engine Lease Finance Corporation
Building 156 - Shannon Free Zone
Shannon, Co. Clare, Ireland

* Claims and damages relating to an aircraft lease
* Amount of Claim or Interest: Undetermined

Nothing contained in this Verified Statement is intended or shall
be construed to constitute (i) a waiver or release of the rights of
the Creditors to have any final order entered by, or other exercise
of the judicial power of the United States performed by, an Article
III court; (ii) a waiver or release of the rights of the Creditors
to have any and all final orders in any and all noncore matters
entered only after de novo review by a United States District
Judge; (iii) consent to the jurisdiction of the Court over any
matter; (iv) an election of remedy; (v) a waiver or release of any
rights the Creditors may have to a jury trial; (vi) a waiver or
release of the right to move to withdraw the reference with respect
to any matter or proceeding that may be commenced in the Chapter 11
Case against or otherwise involving the Creditors; or (vii) a
waiver or release of any other rights, claims, actions, defenses,
setoffs or recoupments to which the Creditors may be entitled, in
law or in equity, under any agreement or otherwise, against the
debtor or third parties, with all of which rights, claims, actions,
defenses, setoffs or recoupments being expressly reserved.

KTT reserves the right to amend or supplement this Verified
Statement in accordance with the requirements of Bankruptcy Rule
2019.

Counsel for Avolon Aerospace Leasing Limited and Engine Lease
Finance Corporation can be reached at:

          KOZYAK TROPIN & THROCKMORTON, LLP
          Corali Lopez-Castro, Esq.
          2525 Ponce de Leon, 9th Floor
          Coral Gables, FL 33134
          Telephone: (305) 372-1800
          Facsimile: (305) 372-3508
          E-mail: clc@kttlaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/E1Nfj9

Th Chapter 11 case is In re Miami Air International, Inc. (Banks.
S.D. Fla. Case No. 20-13924-AJC)


MILLER'S ALE HOUSE: S&P Cuts ICR to 'CCC' on Covenant Pressure
--------------------------------------------------------------
S&P Global Ratings lowered its ratings on Florida-based casual
dining restaurant chain operator Miller's Ale House Inc., including
the issuer credit rating on the company, to 'CCC' from 'B-'. The
outlook is negative. S&P also removed all ratings from CreditWatch,
where they had been placed with negative implications on March 19,
2020.

"The downgrade reflects weak operating prospects and a potential
covenant violation that we believe could impair Miller's ability to
service its financial obligations in full in the next 12 months,"
S&P said.

The negative outlook reflects S&P's view that Millers could pursue
a loan modification or distressed exchange in the next 12 months.
The outlook also incorporates the macro-headwinds that could weigh
on results beyond the initial impacts from coronavirus.

"We could lower our ratings on Millers if operating conditions
worsened such that we expected it would not meet its financial
obligations in full in the next six months. We could also lower the
rating if the company proactively announced a debt restructuring,"
S&P said.

"We could raise our ratings on Millers if it strengthened its
performance, covenant pressures were alleviated, and we believed
the risk of a below-par restructuring of its debt in the next year
were remote," the rating agency said.


MR. CAMPER: Disclosure Statement Hearing Continued to April 8
-------------------------------------------------------------
On March 11, 2020, the U.S. Bankruptcy Court for the Eastern
District of Louisiana held a hearing to consider the adequacy of
the Disclosure Statement filed by Debtor Mr. Camper, LLC.

On March 20, 2020, Judge Meredith S. Grabill ordered that:

  * The Debtor will file a modified disclosure statement and plan,
in both clean and redline formats, not later than Friday, March 27,
2020.

  * April 3, 2020, is the deadline to file any written objections
or responses to the modified disclosure statement.

  * The hearing to consider the Debtor's Disclosure Statement, as
modified, is continued from March 11, 2020, at 3:00 p.m. to April
8, 2020, at 3:00 p.m.

A full-text copy of the order dated March 20, 2020, is available at
https://tinyurl.com/st74rcj from PacerMonitor at no charge.

                       About Mr. Camper

Mr. Camper, LLC -- https://www.jellystonela.com/ -- owns and
operates the Yogi Bear's Jellystone Camp Resort. The facility
features more than 450 wooded campsites, 75 cabins, swimming pools,
fishing ponds, game room, mini golf, canoe, kayak and paddle boat
rentals, RV storage, playground, wet "spray" ground, basketball
court, baseball field, laundry facilities, store, and propane
filling station.

Mr. Camper sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. La. Case No. 19-11775) on July 1, 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 is assigned to Judge Elizabeth W. Magner.
Richmond Law Firm, LLC, is the Debtor's counsel.


NABORS INDUSTRIES: S&P Downgrades ICR to 'B-'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and issue-level
ratings on Nabors Industries Ltd.'s guaranteed unsecured debt to
'B-' from 'BB-'. S&P lowered the unsecured debt without guarantees
to 'CCC+' from 'B+'.

The exploration and production (E&P) industry is cutting spending
sharply due to the drop in oil prices. E&P companies, particularly
those in North America, are drastically reducing activity in an
attempt to spend within internally generated cash flows at low
prices. S&P expects that upstream companies have limited ability to
achieve large additional efficiency gains and that investors have
minimal tolerance for outspending in the current commodity
environment.

The negative outlook reflects forecasted credit measures that S&P
views as weak for the rating though 2021 due to a decline in demand
for drilling rigs, particularly in North America under the rating
agency's commodity price assumptions. The outlook also reflects
sizable debt maturities over the next two years and S&P's view that
Nabors has negligible access to capital markets under current
conditions.

"We could lower ratings if our expectation for discretionary cash
flow weakens such that we no longer expect significant funds
available for debt repayment over the next 12 months. This could
occur if operating conditions weaken materially from current
conditions, likely due to current oil prices persisting longer than
currently envisioned, and a commensurate pullback in spending by
the E&P industry. Additionally, we could lower ratings if Nabors's
liquidity becomes constrained or our view of its ability to address
maturities deteriorates," S&P said.

"We could return the outlook to stable if Nabors is able to address
upcoming maturities while maintaining FFO to debt comfortably above
12% and debt to EBITDA below 5x. Over the next 12 months Nabors,
must generate significant discretionary cash flow in order to repay
debt without compromising liquidity," the rating agency said.


NEW CITIES INVESTMENT: Proposes to Sell Real Property to Fund Plan
------------------------------------------------------------------
Debtor New Cities Investment Partners, LLC (NCIP), filed with the
U.S. Bankruptcy Court for the Northern District of California a
Disclosure Statement for Plan of Reorganization dated March 20,
2020.

The Debtor's principal asset is real property commonly known as
74351 Hovely Lane East Palm Desert, Riverside County, California
92260, located on the south side of Hovely Lane East, east of
Portola Avenue and west of Cook Street, and specifically consisting
of the property corresponding to Assessor's Parcel Numbers
624-040-019 and 624-060-089.  The Property is intended for
residential uses and is planned for a 2- to 3-story multifamily
project.  The Property is planned for 388 units, with a total
residential rentable area of 390,772 square feet.  The planned
improvements will be situated on 18.13 acres, or 789,654 square
feet.  The property has an as-is market value of $5,600,000, as
appraised by National Property Valuation Advisors, Inc, with a
value as of Feb. 17, 2020.

NCIP’s Plan centers upon the disposition of the Property for the
benefit creditors, other parties in interest, NCIP, and others that
may benefit from certain dispositions of the Property.  The Plan
requires NCIP to secure new capital or new financing, or to sell
the Property, all subject to the approval of the United States
Bankruptcy Court for the Northern District of California.  If NCIP
can secure new capital or new financing to satisfy the claims of
holders of claims in Class 1, Class 2, Class 3, and Class 4 within
one year of the effective date of the plan, then NCIP need not sell
the Property.

On the first anniversary of the Plan's Effective Date, NCIP will
fund all payments required to be made on the Effective Date through
new capital, new financing or the proceeds of a sale of the
Property, all of which are subject to approval of the Bankruptcy
Court.

The claims of general unsecured creditors are assigned to Class 3
under the Plan.  Under the Plan, the claims will receive a ratable
distribution of the net proceeds from the sale of the Property one
year after the Liquidity Event after, of course, the claims of
Class 1 and 2 are satisfied.  The Plan also provides that NCIP need
not sell the Property if it can otherwise provide for the
satisfaction of claims in Class 3 prior to the first anniversary of
the Effective Date.  The Debtor notes that its schedules of assets
and liabilities show that the value of its assets exceed its
liabilities.

Class 4 is composed of the equity interest holders of NCIP.  New
Cities Land Company, Inc. holds 75% interest in NCIP, and Miramonte
Development, Inc holds a 25% interest in NCIP. The Plan provides
that the holders of interests in Class 4 will neither receive nor
retain anything on account of their Interests in the Debtor unless
all of the Allowed Claims from Classes 1, 2, and 3 have been paid
in full, with interest.

A full-text copy of the Disclosure Statement dated March 20, 2020,
is available at https://tinyurl.com/tcgldw3 from PacerMonitor at no
charge.

The Debtor is represented by:

         MACDONALD | FERNANDEZ LLP
         RENO F.R. FERNANDEZ III
         DANIEL E. VAKNIN
         221 Sansome Street, Third Floor
         San Francisco, CA 94104
         Telephone: (415) 362-0449
         Facsimile: (415) 394-5544

             About New Cities Investment Partners

New Cities Investment Partners, LLC, is engaged in activities
related to real estate.  The company owns a vacant real property
located in Palm Desert, Calif.

New Cities Investment Partners sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-52584) on Dec.
23, 2019.  The petition was signed by Lee E. Newell, CEO of New
Cities Land Company, Inc., the Debtor's manager.  At the time of
the filing, the Debtor disclosed assets of between $1 million and
$10 million and liabilities of the same range.  Judge M. Elaine
Hammond oversees the case.  MacDonald Fernandez LLP is the Debtor's
legal counsel.


NILHAN FINANCIAL: Thakkar Lacks Standing to File Appeal
-------------------------------------------------------
In the appeals case captioned CHITTRANJAN THAKKAR, Appellant, v.
GREENSPOON MARDER, P.A., Appellee, No. 8:17-bk-3597-MGW (M.D.
Fla.),  Appellant Chittranjan Thakkar appeals the Bankruptcy
Court's Orders Denying Motion to Reconsider Order Overruling
Objection to Proof of Claim Number 2 filed by Greenspoon Marder,
P.A. and the Order Overruling Objection to Proof of Claim Number 2
filed by Greenspoon Marder P.A.

Because Thakkar lacks standing, District Judge Virginia M.
Hernandez Covington dismisses the appeal.

Debtor Nilhan Financial, LLC is a limited liability company whose
corporate representative, at all relevant times, was Thakkar, who
is a member of the Debtor LLC.

Beginning in February 2013, the law firm Greenspoon represented
Thakkar, the Debtor, and several related entities in two state
court complex commercial lawsuits in which the Thakkar Defendants
faced the possibility of multi-million-dollar judgments. Greenspoon
filed its notice of appearance in the state court cases on February
13, 2013. After a significant amount of legal work was done for
which Greenspoon was not paid, Greenspoon moved to withdraw as
counsel of record for the Thakkar Defendants on March 25, 2013. The
Circuit Judge granted Greenspoon's motion to withdraw on April 2,
2013.

Facing judgments against it, the Debtor was placed into an
involuntary Chapter 7 bankruptcy on March 20, 2017. On July 26,
2017, the case was converted to a Chapter 11, and on Dec. 15, 2017,
the case was reconverted to a Chapter 7.

On Sept. 26, 2017, Greenspoon filed a proof of claim number 2 in
the Debtor's bankruptcy case reflecting an unsecured claim in the
amount of $166,200.47, representing pre-petition unpaid attorneys'
fees and costs due and owing to Greenspoon by the Debtor. On Oct.
2, 2017, Greenspoon filed an amended claim.

Greenspoon's claim asserted in the bankruptcy court represents the
balance of the fees and costs owed by Debtor to Greenspoon for
prepetition legal representation in the state court cases.

On August 15, 2018, Niloy Thakkar filed an objection to the
Greenspoon claim. On Sept. 13, 2018, Greenspoon filed its response
in opposition to the objection, arguing that Niloy Thakkar failed
to provide evidence or factual allegations sufficient to rebut the
presumption of validity the claim enjoys. Additionally, Greenspoon
filed a legal memorandum supporting its opposition to the Thakkar
objections.

A full-day trial was held on June 18, 2019, before Chief Bankruptcy
Judge Michael G. Williamson on Thakkar and Thakkar's objections to
Greenspoon's claim.  At the end of the trial, the Bankruptcy Court
overruled Thakkar's objections and approved Greenspoon's claim in
full. In reaching this conclusion, the Bankruptcy Court first found
that a written signed letter of engagement was not required for a
client to have liability for attorneys' fees under a quantum meruit
theory or oral contract law. The Bankruptcy Court found that
Greenspoon provided its clients with the hourly rates and the way
the work would be billed. The Bankruptcy Judge further noted the
massive undertaking of the law firm to jump into the middle of the
complex litigation with upcoming deadlines and sanction motions
that required immediate attention. He also found the fact that
Greenspoon wrote off the debt did not absolve the liability of the
Debtor for the fees owed. The Bankruptcy Judge rejected Thakkar's
statute of limitations argument, explaining that a creditor has two
years from the date of the petition in which to file a claim, and
thus the claim was well within the statute of limitations. Lastly,
the Bankruptcy Court observed that Thakkar introduced no expert
testimony or other competent substantial evidence challenging the
reasonableness of the fees. On June 25, 2019, the Bankruptcy Court
issued an Order overruling the objections to Greenspoon's claim and
allowing Greenspoon an unsecured claim in the amount of
$166,200.47. Thakkar filed a motion for reconsideration. A hearing
on the motion was held on August 22, 2019. After hearing argument,
the Bankruptcy Court denied the motion for reconsideration. This
appeal followed.

In this appeal, Thakkar seeks reversal of the Bankruptcy Court's
order overruling his objections to the Greenspoon claim. In its
answer brief, Greenspoon first challenges Thakkar's standing to
pursue the appeal and then raises multiple arguments on the merits.
As the party invoking the court's jurisdiction, Thakkar bears the
burden of demonstrating he has standing to pursue this appeal.  To
demonstrate standing, a plaintiff (or, as in this case, an
appellant) bears the burden of showing "(1) an injury in fact,
meaning that an injury is concrete and particularized, and actual
or imminent, (2) a causal connection between the injury and the
causal conduct, and (3) a likelihood that the injury will be
redressed by a favorable decision."

Thakkar has filed no reply to Greenspoon's standing challenge, nor
has he proffered any evidence to demonstrate he is a "person
aggrieved." As a member of a limited liability company, Thakkar
owns no interest in the LLC's property under Florida law. Although
Thakkar was able to establish standing to assert an objection in
the bankruptcy proceedings, that fact alone does not give him
standing to appeal an order of the Bankruptcy Court.  For purposes
of this appeal, Thakkar fails to establish that he is a person
aggrieved, that is, that he has suffered a direct, adverse,
pecuniary impact from the order.

Greenspoon argues that Thakkar fails to meet the "person aggrieved"
standard endorsed by the Eleventh Circuit because he fails to have
the requisite pecuniary interest in the order on appeal. The Court
agrees. The order on appeal does not affect Thakkar directly. While
the order might affect the value of the equity in the Debtor LLC,
there is no evidence before the Court that such surplus, if any,
would inure to Thakkar's benefit. As a member of the LLC, he has no
ownership interest in the property of the LLC under Florida law.
Thus, even if a surplus existed, the surplus would belong to the
Debtor limited liability company, not Thakkar, and there is no
evidence before the Court by way of by-laws or member agreements to
demonstrate otherwise.

The Court finds that Thakkar does not have standing to pursue this
appeal. Specifically, the Court finds that Thakkar is not a person
aggrieved, in that he has not shown that he is directly, adversely,
and pecuniarily affected by the Bankruptcy Court's order from which
this appeal is taken. The Court therefore does not reach the merits
of the case. Accordingly, the Court orders that this appeal is
dismissed for lack of standing by Appellant Thakkar.

A copy of the Court's Order dated March 3, 2020 is available at
https://bit.ly/3dChvl6 from Leagle.com.

Chittranjan Thakkar, Appellant, pro se.

Greenspoon Marder, P.A., Appellee, represented by R. Scott Shuker ,
Latham, Shuker, Eden & Beaudine, LLP.

                 About Nilhan Financial, LLC

An involuntary Chapter 7 bankruptcy petition (Bankr. S.D. Fla. Case
No. 17-13320) was filed against Nilhan Financial, LLC, by
petitioning creditor Moffa & Breuer, PLLC on March 20, 2017.

The Petitioning Creditor is represented by:

     John A. Moffa, Esq.
     Stephen C Breuer, Esq.
     Moffa & Breuer, PLLC
     1776 N Pine Island Road, Suite #102
     Plantation, FL 33322
     Tel: (954) 634-4733
     Fax: (954) 337-0637
     E-mail: John@moffa.law
             stephen@moffa.law

On April 27, venue of the case was transferred to the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, and assigned Case No. 17-03597, before Chief Judge
Michael G. Williamson.

The Alleged Debtor filed an Answer to the Petition and a hearing
was held on July 10, 2017, on whether the case would proceed.  The
Debtor made an ore tenus motion on July 10 to convert the Chapter
7
case to a case under Chapter 11. The Court entered a Chapter 11
conversion order on July 26.


NORTHERN DYNASTY: Defers Annual Meeting Over COVID-19 Concerns
--------------------------------------------------------------
Northern Dynasty Minerals Ltd. has elected to defer its 2020 Annual
General Meeting of Shareholders normally held in mid June due to
COVID-19 concerns, and plans to hold it later in the year.

The Company also advised that consistent with previous years its
audited consolidated financial statements for the fiscal year ended
Dec. 31, 2019, included in the Company's Annual Report on Form
40-F, contained an audit report from its independent registered
public accounting firm with a going concern emphasis of matter.
Release of this information is required by Section 610(b) of the
NYSE American Company Guide.  It does not represent any change or
amendment to any of the Company's filings for the fiscal year ended
Dec. 31, 2019.

                  About Northern Dynasty Minerals

Northern Dynasty -- http://www.northerndynastyminerals.com-- is a
mineral exploration and development company based in Vancouver,
Canada.  Northern Dynasty's principal asset, owned through its
wholly-owned Alaska-based US subsidiary Pebble Limited Partnership,
is a 100% interest in a contiguous block of 2,402 mineral claims in
southwest Alaska, including the Pebble deposit. The Company is
listed on the Toronto Stock Exchange under the symbol "NDM" and on
the NYSE American Exchange under the symbol "NAK".

Northern Dynasty reported a net loss of C$69.19 million for the
year ended Dec. 31, 2019, compared to a net loss of C$15.96 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $154.62 million in total assets, C$16.12 million in total
liabilities, and C$138.50 million.

Deloitte LLP, in Vancouver, Canada, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
March 30, 2020, citing that the Company incurred a consolidated net
loss of $69 million during the year ended Dec. 31, 2019 and, as of
that date, the Company had a working capital deficit of $0.2
million and the consolidated deficit was $556 million.  These
conditions, along with other matters, raise substantial doubt about
its ability to continue as a going concern.


NOVABAY PHARMACEUTICALS: Gail Maderis Quits as Director
-------------------------------------------------------
Ms. Gail Maderis informed NovaBay Pharmaceuticals, Inc. of her
resignation as a member of the Company's Board of Directors, with
such resignation to be effective immediately.  The Board appointed
an existing independent Board member, Ms. Swan Sit, to fulfill the
vacancies left on the Audit Committee, Compensation Committee and
Nominating and Corporate Governance Committee as a result of Ms.
Maderis' resignation.  Further, the Board appointed Dr. Yenyou
(Jeff) Zheng to serve as both the Chairman of the Audit Committee
and as the Audit Committee Financial Expert, also resulting from
Ms. Maderis' resignation from those roles.

The Company said Ms. Maderis did not resign as a result of any
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.  The Board accepted
the resignation of Ms. Maderis and reduced the size of the Board
from seven to six members effective with her resignation.

                          About Novabay

Heaquartered in , Emeryville, California, NovaBay Pharmaceuticals,
Inc. -- http://www.novabay.com/-- is a medical device company
predominately focused on eye care.  For the past four years, the
Company has been focused primarily on commercializing Avenova, an
FDA cleared product sold in the United States for cleansing and
removing foreign material including microorganisms and debris from
skin around the eye, including the eyelid.

Novabay reported a net loss and comprehensive loss of $9.66 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $6.54 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $11.22 million in total
assets, $10.25 million in total liabilities, and $973,000 in total
stockholders' equity.

OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated March 26, 2020 citing that the Company has experienced
operating losses for most of its history and expects expenses to
exceed revenues in 2020.  The Company also has recurring negative
cash flows from operations and an accumulated deficit.  All of
these matters raise substantial doubt about its ability to continue
as a going concern.


NUTRIBAND INC: Raises $515,113 in Units Offering
------------------------------------------------
Nutriband Inc. issued in a private placement 46,828 units at a
price of $11 per unit.  Each unit consisted of one share of common
stock and a warrant to purchase one share of common stock at an
exercise price of $14 per share.  The warrants expire April 30,
2023.  The Company issued a total of 46,828 shares of common stock
and warrants to purchase 46,828 shares of common stock.  The
Company received proceeds of $515,113.  The issuance of the shares
of common stock and warrants was exempt from registration under the
Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of
the Securities Act and/or Rule 506(b).

In March 2020, a minority stockholder of the Company, who had
previously made loans to the Company in the total amount of
$215,000, made an additional loan to the Company in the amount of
$60,000, increasing the total loans from the stockholder to
$275,000.  On March 31, 2020, the Company issued 25,000 shares of
Common Stock upon conversion of the notes.  The issuance of the
shares was exempt from registration under the Securities Act
pursuant to Section 4(a)(2) of the Securities Act.

No underwriter was involved, and no brokerage commission was paid,
in connection with the foregoing stock issuances.

On March 21, 2020, the Company prepaid the convertible notes in the
principal amount of $270,000 from the proceeds of the private
placement.  The total payments, including the prepayment penalty
and accrued interest, was $345,565.  As a result of the payment of
the notes, the derivative liability, which was $478,852 at October,
2019, was reduced to zero.  As a result of the terms of the private
placement, the warrants, which were issued to the holders of the
convertible debt, to purchase 50,000 shares of common stock at the
lesser of (a) $20.90 or (b) if the Company completes a private
offering, 110% of the initial offering price of the common stock in
the public offering, became warrant to purchase 95,000 shares at
$11 per share, subject to adjustment pursuant to the antidilution
provisions of the warrant.

                       About Nutriband Inc.

Nutriband Inc. -- http://www.nutriband.com/-- is primarily engaged
in the development of a portfolio of transdermal pharmaceutical
products.  Its lead product under development is its abuse
deterrent fentanyl transdermal system which the Company is
developing to provide clinicians and patients with an
extended-release transdermal fentanyl product for use in managing
chronic pain requiring around the clock opioid therapy combined
with properties designed to help combat the opioid crisis by
deterring the abuse and misuse of fentanyl patches.

Nutriband reported a net loss of $3.33 million for the year ended
Jan. 31, 2019, compared to a net loss of $2.67 million for the year
ended Jan. 31, 2018.  As of Oct. 31, 2019, the Company had $2.44
million in total assets, $1.37 million in total current
liabilities, and $1.07 million in total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the
Company's auditor since 2016, issued a "going concern"
qualification in its report dated April 19, 2019, citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency which raises substantial doubt about its ability
to continue as a going concern.


NXT ENERGY: Updates Release Date for Its 2019 Year-End Results
--------------------------------------------------------------
NXT Energy Solutions Inc.'s Annual Information Form and Annual
Financial Statements, including Management's Discussion and
Analysis for the year ended Dec. 31, 2019 will now be filed on
Monday, April 13, 2020 after market close, and the Company will
hold a conference call to discuss the 2019 Results on Tuesday,
April 14, 2020 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time).


The 2019 Results would ordinarily have been filed on or before the
March 30, 2020 deadline as required under the Canadian Securities
Administrators National Instrument 51-102 Continuous Disclosure
Obligations.  However, as NXT and its external service providers
continue to divert resources and have directed employees to work
from home in response to the novel coronavirus (2019-nCoV/COVID-19)
pandemic, NXT is taking sufficient time, in this period of crisis,
to deliver a proper professional product as permitted by Alberta
Securities Commission Blanket Order 51-517 Temporary Exemption from
Certain Corporate Finance Requirements (2020 ABASC 33).

During the extension period, management and other insiders of the
Company will continue to be subject to an insider trading black-out
policy.  Please see the Company's press release dated
March 30, 2020 for an update as to material business developments
since Nov. 14, 2019, being the date of the Company filed its most
recent interim financial report for the three and nine month
periods ended Sept. 30, 2019.

The Company's conference call to discuss the 2019 Results will be
held on Tuesday, April 14, 2020 at 4:30 p.m. Eastern Time (2:30
p.m. Mountain Time).

Details of the conference call are as follows:

Date: Tuesday, April 14, 2020
Time: 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time)
Participants call: 1-855-783-0506
Conference ID 5388865

The 2019 Results will be filed on SEDAR at www.sedar.com and EDGAR
at www.sec.gov/edgar, and will also available on NXT's website at
www.nxtenergy.com.

                       About NXT Energy

NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs.  The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential.  SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc.  NXT Energy
Solutions Inc. provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.

NXT Energy reported a net loss and comprehensive loss of C$6.96
million for the year ended Dec. 31, 2018, compared to a net loss
and comprehensive loss of C$8.97 million for the year ended Dec.
31, 2017.  As of Sept. 30, 2019, the Company had C$33.99 million in
total assets, C$4.16 million in total liabilities, C$29.83 million
in shareholders' equity.

The Company's independent accounting firm KPMG LLP, in Calgary,
Canada, issued a "going concern" qualification in its report dated
April 1, 2019, on the Company's consolidated financial statements
for the year ended Dec. 31, 2018, citing that the Company's current
and forecasted cash position is not expected to be sufficient to
meet its obligations for the 12 months period beyond the date that
these financial statements have been issued. These conditions,
along with other matters, indicate the existence of a material
uncertainty that casts substantial doubt about the Company's
ability to continue as a going concern.


PARSLEY ENERGY: S&P Affirms 'BB' ICR; Outlook Stable
----------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on
U.S.-based oil and gas exploration and production company Parsley
Energy LLC.

"We expect credit measures to remain in line for the rating under
our revised price deck assumptions.   We are projecting FFO to debt
will fall to approximately 45% on the back of our latest revision
to our oil and gas price assumptions, which are underpinned by
Saudi-Russian tensions as well as an unprecedented drop in demand
due to the coronavirus pandemic. We forecast credit metrics will
strengthen in 2022, as our price deck incorporates a more balanced
supply/demand picture over the next two years," S&P said.

The stable outlook reflects S&P's expectations that Parsley will
maintain a conservative financial policy that helps maintain
average FFO/debt above 45%. Parsley's ratings are supported by its
expectation that the company will generate significant free cash
flow over the next two years. S&P expects Parsley's spring
redetermination to result in an elected commitment amount similar
to its current structure while extending its maturity date.

"We could lower our rating on Parsley if a period of lower
commodity prices leads to a decline in profitability or if
management pursues a more aggressive spending plan, resulting in
weaker credit measures, including FFO to debt significantly below
45% on an ongoing basis," S&P said.

"We could raise our rating on Parsley if the company increases its
proved reserves and production to levels more comparable with
higher-rated peers, while maintaining moderate credit measures and
at least adequate liquidity. Additionally, we would want to see
Parsley generate free cash flow and establish a track record as a
larger company," the rating agency said.


PEARL RESOURCES: Taps Ferguson, McElroy as Special Counsel
----------------------------------------------------------
Pearl Resources LLC and Pearl Resources Operating Co. LLC received
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Ferguson Braswell Fraser Kubasta, PC and
McElroy, Sullivan, Miller & Weber, LLP as special counsel.

Ferguson will represent the Debtors in a number of lawsuits pending
as of the date of their bankruptcy filing while McElroy will
provide special legal services with respect to the Texas General
Land Office's notice of partial termination of lease acreage.

Ferguson charges $300 per hour for its services.  McElroy Sullivan
holds a $9,914 for post-petition services.

Both firms are "disinterested persons" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court
filings.

The firms can be reached through:

     Joe W. Beverly, Esq.
     Ferguson Braswell Fraser Kubasta PC
     9 Greenway Plaza, Suite 500
     Houston, TX 77046
     Phone: 713-403-4200  

     Dan Miller, Esq.
     McElroy, Sullivan, Miller & Weber L.L.P
     1201 Spyglass Drive, Suite 200
     Austin, TX 78746
     Phone:  512-327-8111
     Fax: 512-327-6566

                       About Pearl Resources

Pearl Resources, LLC is a privately held company in the oil and gas
extraction industry.

Pearl Resources and Pearl Resources Operating Co., LLC filed their
voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 20-31585) on March 3, 2020. The petitions
were signed by Myra Dria, manager and sole member of Pearl
Resources Operating and manager of Pearl Resources.

At the time of the filing, each Debtor disclosed assets of between
$10 million and $50 million and liabilities of the same range.  

The Debtors are represented by Walter J. Cicack, Esq., at Hawash
Cicack & Gaston, LLP.


PENNRIVER COMMUNITY: June 15 Plan & Disclosure Hearing Set
----------------------------------------------------------
Judge Mark A. Randon of the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division (Detroit), has established
the following dates and deadlines for debtor Pennriver Community
LLC:

  * June 1, 2020, is the deadline for creditors to file claims.

  * April 27, 2020, is the deadline for the debtor to file a
combined plan and disclosure statement.

  * June 8, 2020, is the deadline to return ballots on the plan, as
well as to file objections to final approval of the disclosure
statement and objections to confirmation of the plan.

  * June 15, 2020, at 11:00 a.m., before the Honorable Mark A.
Randon, in Courtroom 1825, 211 West Fort Street, Detroit, Michigan
48226 is the hearing on objections to final approval of the
disclosure statement and confirmation of the plan.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/ss8fqe7 from PacerMonitor at no charge.

                    About Pennriver Community

Pennriver Community, LLC, is a single asset real estate debtor (as
defined in 11 U.S.C. Section 101(51B)).

Pennriver Community sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41082) on Jan. 26,
2020.  At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Mark A. Randon oversees the case.  Zousmer Law Group,
PLC is the Debtor's legal counsel.


PGT INNOVATIONS: S&P Alters Outlook to Stable, Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook to stable from positive and
affirmed its 'B+' issuer credit rating on PGT Innovations Inc.

"We are revising our outlook on PGT Innovations Inc. to stable from
positive. Upside in the rating depended on earnings growth in 2020,
which now appears highly improbable--and more likely the
opposite--given the probable impact that the coronavirus will have
on GDP and consumer spending, particularly for high-ticket windows
and more discretionary items such as impact-resistant windows and
doors. We expect a decline in the level of U.S. housing starts,
which is expected in this climate, to also hurt the company's
sales," S&P said.

The stable outlook reflects S&P's belief that earnings growth in
2020 is improbable and its expectation of a pullback in consumer
discretionary spending in that results in leverage above 3x. It
also reflects S&P's expectation that PGT has sufficient cushion in
the current rating to withstand a moderate and relatively short
downturn. However, the length and depth of the economic contraction
that the coronavirus will cause is largely unknown. S&P sees a
potential risk of further negative rating actions if macroeconomic
performance trails its economists' latest forecast.

"We could lower the rating over the next 12 months if the fallout
from the pandemic continues and there is a prolonged reduction in
economic activity including continued pullback in discretionary
consumer spending or housing starts falling from current levels
such that EBITDA generation declines about 20%. Such a decline, in
our view, would result in debt to EBITDA trending above 4x and
reduced interest coverage," S&P said.

"Although unlikely, we could raise the rating over the next 12
months if PGT can sustain debt to EBITDA of 3x by the end of fiscal
year 2020, while maintaining sufficient liquidity cushion.
Additionally, we could raise the rating if PGT significantly
expands outside Florida or broadens its product focus, in which
case it would increase its size, moderate earnings swings, and
reduce risk for volatility," the rating agency said.


PIER 1 IMPORTS: U.S. Trustee Objects to Disclosure Statement
------------------------------------------------------------
John P. Fitzgerald, III, Acting United States Trustee for Region
Four (the UST), objects to the motion for entry of an order
approving the adequacy of the Disclosure Statement filed by Pier 1
Imports, Inc. and its debtor-affiliates.

In its objection, the U.S. Trustee raises these issues:

   * The Solicitation Procedures Motion is objectionable because it
provides for a shortened notice period that violates due process,
Bankruptcy Rules 2002(b)(1) and 3017(a) and Local Rule 3016-1.

   * The Disclosure Statement fails to provide all the relevant
financial information and documents for creditors to decide whether
to vote to accept or reject the plan and contemplates filing some
of the crucial information only eight days before the voting and
confirmation objection deadline.

   * The release of non-debtor third parties and exculpation
provisions are overly broad and do not satisfy the Behrmann
factors.

   * The Plan and Disclosure Statement contemplate the assumption,
modification or creation of management agreements which could
provide for bonus or severance payments to insiders and further
contemplate the implementation of a Management Incentive Plan
without satisfying the requirements of section 503(c) of the
Bankruptcy Code.

   * The Disclosure Statement should be denied because the Plan is
not confirmable.

A full-text copy of the U.S. Trustee's objection to disclosure
statement, which objection was filed March 20, 2020, is available
at https://tinyurl.com/w8oovkj from PacerMonitor at no charge.

                       About Pier 1 Imports

Founded with a single store in 1962, Pier 1 Imports, Inc. --
http://www.pier1.com/-- is a leading omni-channel retailer of
unique home decor and accessories. Its products are available
through approximately 930 Pier 1 stores in the U.S. and online at
pier1.com.

Pier 1 Imports and seven affiliates sought Chapter 11 protection
(Bankr. E.D. Va. Lead Case No. 20-30805) on Feb. 17, 2020, to
pursue a sale of the assets.

Pier 1 Imports disclosed $426.6 million in assets and $258.3
million in debt as of Jan. 2, 2020.

Judge Kevin R. Huennekens oversees the cases.

A&G Realty Partners is assisting Pier 1 Imports with its previously
announced store closures and lease modifications. Pier 1 Imports
landlords are encouraged to contact A&G Realty Partners through its
website, http://www.agrep.com/

Kirkland & Ellis LLP and Osler, Hoskin & Harcourt LLP serve as
legal advisors to Pier 1 Imports and its affiliated debtors in the
U.S. and Canada, respectively. The Debtors tapped AlixPartners LLP
as restructuring advisor; Guggenheim Securities, LLC as investment
banker; and Epiq Bankruptcy Solutions as claims agent.


POWER SOLUTIONS: Secures up to $130 Million New Credit Facility
---------------------------------------------------------------
Power Solutions International, Inc. has closed on its new senior
secured revolving credit facility under a credit agreement, dated
as of March 27, 2020, between the Company and Standard Chartered
Bank, as administrative agent for the lenders thereunder.  As part
of the closing of the new Credit Facility, the Company made an
initial draw in the amount of $95 million.  Under the Credit
Agreement, the Company can borrow up to $130 million in the
aggregate secured by substantially all of the assets of the Company
and its wholly-owned subsidiaries with certain customary
exceptions.  The obligations under the Credit Agreement are
unconditionally guaranteed by certain wholly-owned subsidiaries of
the Company.  The Credit Agreement matures on March 26, 2021 and
has an optional 60-day extension.  Borrowings under the Credit
Facility bear interest at the option of the Company, at an annual
rate equal to either the London Interbank Offered Rate ("LIBOR")
plus 2.00% per annum or the Base Rate (as defined in the Credit
Agreement).  The Credit Agreement is subject to customary events of
default and covenants, including requiring the Company to maintain
minimum adjusted EBITDA levels and a minimum interest coverage
ratio, as set forth in the Credit Agreement.  The Company utilized
amounts drawn under the Credit Facility to fully redeem and
discharge its $55 million Senior Notes and pay related interest,
fully repay and terminate its existing revolving credit facility,
and for general corporate purposes.  After this utilization, on
April 2, 2020, the Company had availability under the Credit
Facility of $35 million and a cash balance of approximately $16
million.  These amounts reflect a net positive cash impact from
customer prepayments of approximately $17 million.

Management Comments

John Miller, chief executive officer, commented, "We are pleased to
close on this new credit agreement with Standard Chartered Bank,
which lowers our overall borrowing costs and provides us with
greater financial flexibility going forward.  In concert with
Weichai, our strategic partner, we look forward to partnering with
Standard Chartered as we develop a long term plan for our capital
structure."

                      About Power Solutions

Headquartered in Wood Dale, Illinois, Power Solutions
International, Inc., designs, engineers, and manufactures
emissions-certified, alternative-fuel power systems.  PSI provides
integrated turnkey solutions to global original equipment
manufacturers in the industrial and on-road markets. The Company's
unique in-house design, prototyping, engineering and testing
capacities allow PSI to customize clean, high-performance engines
that run on a wide variety of fuels, including natural gas,
propane, biogas, gasoline and diesel.

Power Solutions reported a net loss available to common
stockholders of $54.73 million for the year ended Dec. 31, 2018,
compared to a net loss available to common stockholders of $85.47
million for the year ended Dec. 31, 2017.  As of Dec. 31, 2018, the
Company had $289.9 million in total assets, $308.5 million in total
liabilities, and a total stockholders' deficit of $18.58 million.

BDO USA, LLP, in Chicago, Illinois, the Company's auditor since
2018, issued a "going concern" qualification in its report dated
Dec. 27, 2019, citing that the Company has suffered recurring
losses from operations and significant uncertainties exist about
the Company's ability to refinance, extend, or repay outstanding
indebtedness, the circumstances of which raise substantial doubt
about the Company's ability to continue as a going concern.


PRO-FIT DEVELOPMENT: Has Until June 17 to File Plan & Disclosures
-----------------------------------------------------------------
Judge Michael G. Williamson of the U.S. Bankruptcy Court for the
Middle District of Florida, Tampa Division, ordered that debtor
Pro−Fit Development, Inc. will file a Plan and Disclosure
Statement on or before June 17, 2020.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/wkjnd4f from PacerMonitor at no charge.

                 About Pro-Fit Development

Pro-Fit Development, Inc. filed a Chapter 11 petition (Bankr. M.D.
Fla. Case No. 16-06717) on Aug. 4, 2016.  The Debtor listed total
assets of $1.53 million and total liabilities of $1.41 million.
The Debtor is represented by Buddy D. Ford, Esq., Jonathan A.
Semach, Esq., and J. Ryan Yant, Esq., at Buddy D. Ford, P.A.  The
case is assigned to Judge Rodney K. May.  No official committee of
unsecured creditors has been appointed in the case.


PROGISTIC CARRIERS: Plan & Disclosure Hearing Reset to May 20
-------------------------------------------------------------
Judge Eduardo V. Rodriguez entered an order that the final hearing
on approval of the Disclosure Statement and the Confirmation
Hearing on Chapter 11 Plan of Reorganization filed by debtor
Progistic Carriers, LLC are rescheduled from March 25, 2020, to May
20, 2020, at 10:00 a.m. in the United States Bankruptcy Court, 10th
Floor, 1701 W. Business Hwy 83, McAllen, Texas 78501.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/s338kww from PacerMonitor at no charge.

                   About Progistic Carriers

Progistic Carriers is a privately held company in the general
freight trucking business.

Progistic Carriers filed a voluntary petition for relief under
Chapter 11 of Title 11 of the United States Code (Bankr. S.D. Tex.
Case No. 19-70327) on Aug. 16, 2019.  In the petition signed by
Benjamin Cavazos, member, the Debtor disclosed $3,322,681 in assets
and $7,302,264 in liabilities. The case is assigned to Judge
Eduardo V Rodriguez.  Jana Smith Whitworth, Esq. at JS Whitworth
Law Firm, PLLC, is the Debtor's counsel.


PULMATRIX INC: Will Hold Its Annual Meeting on June 17
------------------------------------------------------
The board of directors of Pulmatrix, Inc., established June 17,
2020, as the date for the Company's 2020 Annual Meeting of
Stockholders and set April 20, 2020, as the record date for the
Annual Meeting.  Due to the fact that the date of the Annual
Meeting has been changed by more than 30 days from the anniversary
date of the 2019 Annual Meeting of Stockholders, the Company is
providing the due date for submission of any qualified stockholder
proposal or qualified stockholder nominations.

In accordance with Rule 14a-5(f) and Rule 14a-8(e) under the
Securities Exchange Act of 1934, as amended, and the Company's
amended and restated bylaws, the deadline for receipt of
stockholder proposals or nominations for inclusion in the Company's
proxy statement for the Annual Meeting pursuant to Rule 14a-8 will
be no later than 5:00 p.m., Eastern Time, April 20, 2020.
Stockholder proposals must comply with all of the applicable
requirements set forth in the rules and regulations of the
Securities and Exchange Commission, including Rule 14a-8 under the
Exchange Act and the Company's amended and restated bylaws.

                        About Pulmatrix

Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biotechnology company focused on the discovery and development of
novel inhaled therapeutic products intended to prevent and treat
respiratory diseases and infections with significant unmet medical
needs.  The Company's proprietary product pipeline is focused on
advancing treatments for serious lung diseases, including
Pulmazole, inhaled anti-fungal itraconazole for patients with ABPA,
and PUR1800, a narrow spectrum kinase inhibitor for patients with
obstructive lung diseases including asthma and chronic obstructive
pulmonary disease.  Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
maximizing local concentrations and reducing systemic side effects
to improve patient outcomes.

Pulmatrix reported a net loss of $20.59 million for the year ended
Dec. 31, 2019, compared to a net loss of $20.56 million for the
year ended Dec. 31, 2018.  The net loss in 2019 was primarily
attributable to spend on the Pulmazole project as the Company
advances its Phase 2b clinical study and PUR1800 manufacturing
costs for the upcoming Phase 1b clinical study.
As of Dec. 31, 2019, the Company had $36.10 million in total
assets, $25.08 million in total liabilities, and $11.02 million in
total stockholders' equity.


PVM ELECTRIC: Exclusive Plan Filing Period Extended to May 1
------------------------------------------------------------
Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida extended to May 1 the exclusive period during
which PVM Electric, LLC can file a Chapter 11 plan and disclosure
statement.

The company has the exclusive right to solicit acceptances for the
plan until June 26.

                       About PVM Electric LLC

PVM Electric LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-15977) on May 3,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $1 million and liabilities of less than $1 million.
The case has been assigned to Judge Erik P. Kimball.  The Debtor is
represented by Aaron A. Wernick, Esq., at Furrcohen P.A.

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

PVM Electric filed its plan and disclosure statement on Jan. 28,
2020.


QEP RESOURCES: S&P Downgrades ICR to 'B' on Weaker Credit Measures
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production company QEP Resources Inc.
to 'B' from 'B+'.

The recent fall in commodity prices will cause QEP's credit
measures and profitability to deteriorate. S&P projects QEP's funds
from operations (FFO) to debt is about 25% and debt to EBITDA is
3.3x. However, QEP has more than 70% of oil production hedged for
2020, which provides it with some security from additional declines
in commodity prices.

The negative outlook reflects S&P's view that in the current
commodity price environment QEP will find it challenging to
refinance its debt on favorable terms. Furthermore, QEP has a
leverage covenant of 3.75x associated with its revolving credit
facility. While S&P does not expect the company to breach the
covenant at this time, QEP may face issues in the coming years if
commodity prices do not materially improve.

"We could lower the rating on QEP if the company is not able to
successfully address its upcoming debt maturities during the next
two years. Moreover, we could also lower the rating if QEP breaches
the 3.75x covenant under its RCF," S&P said.

"A revision to stable is predicated on the company being able to
adequately address its upcoming maturities and our view that QEP no
longer faces any issues of breaching the leverage covenants. This
would most likely occur if commodity prices materially increased
over the next two years," the rating agency said.


QUIDDITCH ACQUISITION: Moody's Cuts CFR to Caa1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Quidditch Acquisition, Inc.
Corporate Family Rating to Caa1 from B3 and Probability of Default
Rating to Caa1-PD from B3-PD. Moody's also downgraded Quidditch's
senior secured bank credit facility to Caa1 from B3. The ratings
outlook is negative.

"The downgrade reflects its expectation for a material
deterioration in Quidditch's earnings and credit metrics that are
driven by the restrictions and closures across the company's
restaurant base due to efforts to contain the spread of the
coronavirus" stated Bill Fahy, Moody's Senior Credit Officer. In
response to these operating challenges and to strengthen liquidity,
Quidditch is focusing on reducing all non-essential operating
expenses and discretionary capex.

Downgrades:

Issuer: Quidditch Acquisition, Inc.

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

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD3) from
B3 (LGD3)

Outlook Actions:

Issuer: Quidditch Acquisition, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Quidditch's credit profile,
including its exposure to widespread location closures have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Quidditch remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
reflects the impact of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

Quidditch's Caa1 reflects its high leverage and modest interest
coverage and Moody's expectation that these metrics are set to
materially weaken as a result of the widespread restaurant closures
in response to the coronavirus pandemic. Quidditch does not have
any drive-throughs which Moody's believes will result in a harder
hit to revenues during the period of restaurant closures. In
addition, the Caa1 acknowledges that during the period of
restaurant closures Quidditch is facing significant free cash flow
deficits that will be supported by its cash balances. Quidditch has
fully drawn its $35 million revolving credit facility in order to
bolster its cash balances. Governance is also a credit constraint
for Quidditch as it is owned by a financial sponsor. Financial
strategies are always a key concern of sponsor-owned companies with
regards to the potential for higher leverage, extractions of cash
flow via dividends, or more aggressive growth strategies.

Quidditch benefits from its material scale with about 730
restaurants, reasonable level of brand awareness, good day-part mix
(split between lunch and dinner) and adequate liquidity.
Additionally, the company's meaningful franchise component provides
some earnings stability to offset company owned operations that are
exposed to expense pressure.

The negative outlook reflects the uncertainty with regards to the
potential length and severity of restrictions and closures and the
ultimate impact these restrictions and closures will have on
Quidditch's revenues, earnings and liquidity. The outlook also
takes into account the negative impact on consumers ability and
willingness to spend on eating out until the crisis materially
subsides.

Restaurants by their nature and relationship with sourcing food and
packaging, as well as an extensive labor force and constant
consumer interaction are deeply entwined with sustainability,
social and environmental concerns. While these factors may not
directly impact the credit, they impact brand image and result in a
more positive view of the brand overall.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could result in a stable outlook include a clear plan
and time line for the lifting of restrictions on restaurants that
result in a sustained improvement in operating performance,
liquidity and credit metrics. A stable outlook would also require
leverage of under 6.5 times and good liquidity.

Factors that could result in a downgrade include a sustained
deterioration in liquidity driven by a prolonged period of
restaurant closures. Ratings could also be downgraded in the event
that credit metrics remained weak despite a lifting of restrictions
on restaurants and a subsequent recovery in earnings and liquidity.
Specifically, ratings could be downgraded in the event debt to
EBITDA exceeded 6.5 times on a sustained basis.

Qdoba is one of the largest Mexican fast-casual dining chains in
the US. Qdoba is a wholly-owned subsidiary of Quidditch which is
owned by affiliates of Apollo Global Management, LLC. Annual
revenues are over $470 million.


RAINBOW LAND: Wants Exclusivity Period Extended to July 23
----------------------------------------------------------
Rainbow Land & Cattle Company, LLC asked the U.S. Bankruptcy Court
for the District of Nevada to extend its exclusivity period to file
a Chapter 11 plan of reorganization to July 23 and the period to
obtain confirmation of the plan to Sept. 21.

The company said it needs more time to prepare a plan of
reorganization amid the COVID-19 pandemic, economic shutdown and
impending economic crisis, which will have an effect on any plan it
will propose.
   
               About Rainbow Land & Cattle Company

Rainbow Land & Cattle Company, LLC, a privately held company
engaged in activities related to real estate, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
19-50627) on May 30, 2019.  The Debtor previously sought bankruptcy
protection (Bankr. D. Nev. Case No. 12-14009) on April 4, 2012.

At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range.

The case has been assigned to Judge Bruce T. Beesley.  The Debtor
is represented by Holly E. Estes, Esq., at Estes Law, P.C.


REJUVI LABORATORY: PI Claimant Proposes Competing Plan
------------------------------------------------------
Judgment creditor Maria Corso filed her competing Combined Chapter
11 Plan of Reorganization and Disclosure Statement for debtor
Rejuvi Laboratory, Inc. dated March 26, 2020.

Class 2(a) consists of the personal injury claims asserted by
Ashley Warwick and Summer Olson in Case No. 18-02701 pending in the
U.S. District Court for the Northern District of California.  Upon
the Effective Date, Warwick and Olson may proceed with the
litigation. Once the amount of Ashley Warwick and Summer Olson's
claims are determined by a court of competent jurisdiction and that
determination is final for all purposes, and to the extent that any
insurance policy proceeds are insufficient to satisfy their claims
in full, Rejuvi shall pay the balance (if any) of such claims in
full within thirty (30) days of the claim being allowed and any
such ruling becoming final.

Class 2(b)consists of the personal injury claim of Maria Corso.
The claim is based upon a default judgment entered by the District
Court of South Australia.  Rejuvi challenged the jurisdiction of
the South Australian state court to enter the default judgment.
The District Court recently denied Rejuvi's motion, thereby
delaying the appeal from proceeding.  Rejuvi estimates that once it
appeals, it will take approximately six to nine months for the
District Court to resolve the appeal.  The Debtor disputes Corso's
claim, but the Debtor cannot raise its substantive dispute to the
Corso claim until and unless it successfully challenges the South
Australian state court's jurisdiction to enter the default
judgment.

Once the amount of Corso's claim is determined by a court of
competent jurisdiction and that determination is final for all
purposes, Rejuvi shall pay the claim in full pursuant to the
following schedule: $400,000 within five business days of the claim
being allowed and any such ruling becoming final; with the balance
to be paid in full in equal quarterly installments over a five-year
period which commences upon payment of the $400,000, interest to
accrue on Corso's claim at 6 percent.  Corso's claim will be
secured by a perfected senior first deed of trust on the Debtor's
real property located at 360 Swift, Units 37 and 38, South San
Francisco, CA 94108.  The deed of trust shall contain customary
terms and protections.

Holders of Class 2(c) General Unsecured Claims, including Wei
"Wade" Cheng, will receive payment of their claims in full on the
Effective Date without any interest accruing on the claim unless
such claim is in dispute, in which case the claim will be paid once
it is allowed and the determination of such allowance is final.

The holders of equity interest in the Debtor will not receive any
distributions under the Creditor Plan on account of their
interests.  Their stock will be held in escrow by Debtor’s
counsel until such time as Corso's claim has been paid in full or
has otherwise been disposed of by final order of a court of
competent jurisdiction, after which time holders will then retain
their interest and will otherwise retain the legal, equitable and
contractual rights provided by their interests.

On the Effective Date, all property of the estate and interests of
the Debtor will vest in the reorganized Debtor free and clear of
all claims and interests except as provided in this Creditor Plan,
subject to revesting upon conversion to Chapter 7.

A full-text copy of the Creditor's Combined Plan and Disclosure
Statement dated March 26, 2020, is available at
https://tinyurl.com/vjtl7or from PacerMonitor at no charge.

                  About Rejuvi Laboratory

Founded in 1988 by Dr. Wade Cheng, Rejuvi Laboratory, Inc. --
http://www.rejuvilab.com/-- is an integrated cosmetic laboratory
with ongoing research, development and production capability.

Rejuvi Laboratory sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-31069) on Sept. 27,
2018. In the petition signed by Wei Cheng, president, the Debtor
disclosed $2,870,211 in assets and $1,357,213 in liabilities.
Judge Dennis Montali presides over the case.

Attorneys for the Debtor:

         Stephen D. Finestone
         Jennifer C. Hayes
         FINESTONE HAYES LLP
         456 Montgomery Street, 20th Floor
         San Francisco, California 94104
         Tel: (415) 421-2624
         Fax: (415) 398-2820
         E-mail: sfinestone@fhlawllp.com


REVLON CONSUMER: Moody's Lowers CFR to Caa3, Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded Revlon Consumer Products
Corporation's Corporate Family Rating to Caa3 from Caa1 and
Probability of Default Rating to Caa3-PD from Caa1-PD. Moody's also
downgraded Revlon's senior secured term loan to Caa2 from B3 and
its unsecured global notes to Ca from Caa3. The Speculative Grade
Liquidity rating remains unchanged at SGL-4. The rating outlook is
negative.

The downgrades reflect Revlon's unsustainably high financial
leverage that Moody's estimates at about 11x debt-to-EBITDA,
negative free cash flow and high reliance on discretionary
spending, Revlon's largest categories include mass color cosmetics
and celebrity fragrances (about 60% of sales). Revlon also has high
refinancing risk related to $500 million of senior unsecured notes
maturing in February 2021 and the remaining $82 million term loan
balance maturing July 2021. The company has experienced meaningful
erosion in earnings and cash flow due to ongoing competitive
pressures from large well capitalized competitors and a high number
of independent brands. Revlon's operating performance will be
further pressured as efforts to contain the coronavirus are
weakening economic growth globally. Revlon has been working to
restore growth and operating performance in order to strengthen its
credit profile from current weak levels. The company recently
announced a new aggressive restructuring plan to cut about
$200-$230 million in costs by 2022. Roughly 60% of costs will be
generated from headcount reductions in 2020. Thus, execution risk
is high given that the company continues to address the issues
related to its consumer business. In addition, demand for the
company's premium Elizabeth Arden products (21% of sales) will be
negatively impacted by department store closures. This reflects
government recommended social distancing in Europe and the United
States reflecting efforts to contain the coronavirus.

The following ratings were downgraded:

Revlon Consumer Products Corporation

  Corporate Family Rating to Caa3 from Caa1;

  Probability of Default Rating to Caa3-PD from Caa1-PD;

  Senior secured bank term loan to Caa2 (LGD3) from B3 (LGD3);

  Senior Unsecured global notes to Ca (LGD5) from Caa3 (LGD5)

Revlon Escrow Corporation

  Senior Unsecured global notes to Ca (LGD5) from Caa3 (LGD5)

Outlook:

Revlon Consumer Products Corporation

The rating outlook is negative.

RATINGS RATIONALE

Revlon's Caa3 CFR reflects its very high financial leverage of
about 11x debt-to-EBITDA and Moody's belief that high leverage
remaining over the next year elevates risk of a debt restructuring.
This very high leverage is in part due to earnings and cash flow
weakness reflecting lackluster demand for the company's domestic
consumer and professional products. In addition, Moody's recognizes
the company's high exposure to acquisition event risk related to
the controlling 87% stake held by the Ron Perelman-owned investment
firm MacAndrews & Forbes Incorporated (M&F). There is potential
that M&F would provide assistance to alleviate pressure on the
capital structure given their long ownership of the company, but
such transactions could be structured in ways that constitute a
distressed exchange default. The rating is supported Revlon's
strong global brand name recognition, as well as its product and
geographic diversification.

The SGL-4 Speculative Grade Liquidity Rating reflects Moody's view
of Revlon's weak liquidity given the refinancing associated with
2021 maturities that includes $500 million of unsecured notes due
in February. Revlon operations and restructurings have consumed a
large amount of cash (over $150 Million) over the past year, and
Moody's expects the company to be free cash flow negative in the
year ahead. The company relies on its $400 million of bank ABL
unrated to fund the projected free cash flow deficit and the
required $18 million per annum term loan amortization. The term
loan has no financial covenants. Moody's projects the company fixed
charge covenant on its ABL will remain untested over the next 12
months.

Revlon recently disclosed that it executed a commitment letter with
an underwriter for new facilities that would be used to refinance
the 2021 note and term loan maturities. The agreement is subject to
certain closing conditions and certain terms such as pricing are
not known. Completion of the financing would alleviate refinancing
pressure, but Moody's believes the potential for higher interest
expense and other restrictive covenants could also create liquidity
constraints.

In terms of Environmental, Social and Governance (ESG)
considerations, the most important factor for Revlon's ratings are
governance considerations related to its financial policies and
board independence. Moody's views Revlon's financial policies as
aggressive given its appetite for debt financed acquisitions.
Social considerations also impact Revlon in several ways. First,
Revlon is a "beauty" company. It sells products that appeal to
customers almost entirely due to "social" considerations. That is,
products such as makeup and fragrance that help individuals fit in
to society and comply with social mores and customs. Hence social
factors are the primary driver of Revlon's sales, and hence the
primary reason it exists. To the extent such social customs and
mores change, it could have an impact -- positive or negative -- on
the company's sales and earnings.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
products sector has been one of the sectors affected by the shock
given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Revlon's credit profile, including
its exposure to multiple affected countries have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and the company remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action in part
reflects the impact on Revlon of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects Moody's belief that Revlon financial
leverage will remain unsustainably high. Moody's also has growing
concerns related to the sustainability of the company's capital
structure given Revlon's very high financial leverage, negative
free cash flow, and the risk that earnings will continue to fall
over the next year.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgrade further if Revlon's liquidity or
recovery values weaken, or should Moody's feel the company's
capital structure is becoming increasingly unsustainable, this
would include an increased probability that Revlon will pursue a
restructuring or other transaction that Moody's would consider a
distressed exchange, and hence a default.

Before Moody's would consider an upgrade, Revlon would need to
materially improve its operating performance and reduce its
financial leverage. Moody's would also need to gain greater comfort
that Revlon's capital structure is sustainable before considering
an upgrade.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

Revlon, headquartered in New York, NY is a worldwide personal care
products company. It specializes in skin care, cosmetics, hair
color, hair care, men's grooming products, beauty tools, and
fragrances. The company is a wholly-owned subsidiary of
publicly-traded Revlon, Inc., which is majority-owned by MacAndrews
& Forbes Incorporated (M&F). M&F is wholly-owned by Ronald O.
Perelman. Revlon generates annual revenues of about $2.4 billion.


RIO PROPERTY: Creditors' Committee Members Disclose Deed of Trust
-----------------------------------------------------------------
In the Chapter 11 cases of Rio Property Rentals, LLC, an Arizona
limited liability company, the Law Offices of Larry W. Suciu, PLC
submitted a verified statement under Rule 2019 of the Federal Rules
of Bankruptcy Procedure.

Barry L. Olsen, Esq. as counsel for the following Secured Creditors
Group who collectively hold the beneficial interest under that
certain Deed of Trust and Assignment of Rents executed by Debtor
and recorded on March 5, 2019, at Fee No. 2019-05518, Official
Records of Yuma County, Arizona.

The names addresses and percentage interest held by each of the
Secured Creditors under the Deed of Trust is as follows:

     a. Ezra Bayda and Elizabeth Hamilton, Trustees of the
Bayda-Hamilton Trust Agreement dated March 25, 2010, as to an
undivided 1.0914% interest, 7450 Olivetas Avenue, #118, San Diego,
CA 92037.

     b. Lawrence Bethel Blankenship, Trustee of the Lawrence B. and
Bertha N. Blankenship Living Trust dated May 15, 2000, as to an
undivided 0.4073% interest, c/o Nancy Christy, 8915 Juniper Valley
Drive, Weed, CA 96094.

     c. Equity Trust Co Custodian FBO Healthcare Procedures
Insurance Agency, Inc. Money Purchase Plan and Trust, John Enright,
Trustee, as to an undivided 14.6176% interest, 5580 La Jolla Blvd.,
Suite 300, La Jolla, CA 92037.

     d. Michael J. Hall and Linda D. Hall, Trustees of the Hall
Family Trust dated June 14, 1989, as to an undivided 20.4062%
interest, 740 Lomas Santa Fe Drive, #204, Solana Beach, CA 92075.

     e. Jodie Kay French and William Mitchell Lewis, Trustees of
the Carolyn Mae Lewis Family Trust dated April 13, 1994, as to an
undivided 9.7451% interest, 723 Van Nuys Street, San Diego, CA
92109.

     f. MS Mortgage & Realty Investments, Inc., a California
corporation DBA Salas Financial, as to an undivided 3.2528%
interest, 9320 Chesapeake Drive, Suite 116, San Diego, CA 92123.

     g. L&R Topete Family Limited Partnership, as to an undivided
21.8777% interest, c/o Rey & Lupe Topete, 1025 Camino Aldea, Chula
Visa, CA 91913.

     h. Reyes A. Topete and Lupe S. Topete, Trustees of the Topete
Family Trust Dated January 27, 1998, as to an undivided 9.1117%
interest, 1025 Camino Aldea, Chula Visa, CA 91913.

     i. Thomas J. Van Vechten, Successor Trustee of the Van Vechten
Family Survivor’s Trust dated January 24, 1975, as to an
undivided 9.7451% interest, 11146 Dover Hill Road, San Diego, CA
92131.

     j. Thomas J. Van Vechten, Trustee of the Thomas J. Van Vechten
Trust dated January 13, 2000, as to an undivided 9.7451% interest,
11146 Dover Hill Road, San Diego, CA 92131.

The Secured Creditors have designated either Jodie Kay French or
William Mitchell Lewis to serve as the contact persons for the
Group.

Counsel for Secured Creditors Bayda-Hamilton Trust, et al., can be
reached at:

         LAW OFFICES OF LARRY W. SUCIU, PLC
         Barry L. Olsen, Esq.
         101 E. Second Street
         Yuma, AZ 85364
         Tel: (928) 783-6887
         Fax: (928) 783-7086
         E-mail: bolsen@lwslaw.net

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/iBpsco

                  About Rio Property Rentals

Rio Property Rentals LLC, based in Yuma, AZ, filed a Chapter 11
petition (Bankr. D. Ariz. Case No. 20-02315) on March 5, 2020.  In
the petition signed by Terry Gibbs, manager, the Debtor was
estimated to have $500,000 to $1 million in assets and $1 million
to $10 million in liabilities.  The Hon. Brenda Moody Whinery
oversees the case.  Cody J. Jess, Esq., at Moyes Sellers &
Hendricks Ltd., serves as bankruptcy counsel to the Debtor.


ROCKWOOD SERVICE: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B' issuer credit rating on Rockwood Service Corp. and
'B' issue-level rating on the company's credit facility.

Uncertainties created by the COVID-19 pandemic coupled with low oil
prices could cause new project work (about 15% of revenue) to be
canceled or delayed.   

"Additionally, we believe the company's revenues could decline if
refinery and chemical customers delay some discretionary
maintenance services on industrial assets. However, we view much of
the company's service revenue as relatively stable since the
majority of testing is mandated either directly by regulatory
requirements or indirectly through risk-based inspection programs
at the facility level. In addition, we assume EBITDA margins will
remain relatively stable given the company's variable cost
structure," S&P said.

The negative outlook on Rockwood reflects that pro forma for the
revolver borrowings, debt to EBITDA could exceed 6x, with
heightened uncertainty regarding the impact of low oil prices and a
U.S. recession along with the risk that credit metrics could
deteriorate further.

"We could lower our rating on Rockwood during the next 12 months if
adjusted debt to EBITDA remains above 6x or if free operating cash
flow (FOCF) declines toward breakeven or below. This could occur if
EBITDA margins deteriorate beyond our expectations due to prolonged
weak market conditions in the company's refinery and chemical
business. This could also occur if the company's $75 million
revolver balance is not repaid in the near term," S&P said.

"We could revise our outlook to stable in the next 12 months if
adjusted debt to EBITDA improves to around 5x along with FOCF to
adjusted debt approaching 5%. This could occur if the company
successfully reduces costs in light of lower than previously
expected demand for its services, or if delayed capital project
work resumes sooner than we anticipate," the rating agency said.


RONALD L. JOHNSON: Shaw Trust Buying San Jose Property for $2.4M
----------------------------------------------------------------
Ronald Leon Johnson and Michele Joanne Johnson ask the U.S.
Bankruptcy Court for the Northern District of California to
authorize the sale of the residential real property at 20691 View
Oaks Way, San Jose, California, APN 701-26-026, to Julia Mulkiewicz
Shaw Trust for $2,375,000 cash.

The Property consists of a 4 bedrooms, 2.5 baths home of 2.73-acre
lot.

On March 15, 2004, the Debtors executed a note in favor of
Washington Mutual Bank in the original amount of $1.2 million
secured by a first trust deed on the Property.  The first trust
deed was recorded on March 24, 2004 as Document No. 17679686.

After various assignments, the beneficial interest in the trust
deed is held by Deutsche Bank National Trust Co. as Trustee for
WAMU Mortgage Pass Through Certificates Series 2004-AR3.  Pursuant
to Proof of Claim 3 filed in the herein case, the Debtor is
informed and believes that the balance of the 1st Note was $872,183
as of the petition date inclusive of $74,600 in arrears. The
current monthly payments are $6,599.  The Debtors have made one
post-petition payment.  

The Property is further encumbered by a note secured by a second
trust deed on the Property in favor of J.P. Morgan Chase Bank
recorded on Jan. 25, 2005 as Document No. 18203140.  Pursuant to
Proof of Claim No. 10 filed in the hcase, the balance of the
petition date was $359,669 inclusive of prepetition arrears of
$31,420.  The post-petition payments are $3,156.  The Debtors have
not made any post-petition payments.

The Property is further encumbered by delinquent property taxes of
$9,747 for fiscal year 2019-2020.

In Schedule A, the Debtors opined that the Property had a value of
$2.2 million.  They listed the Property for sale with PHP Group,
Inc.  On consulting with their agent, debtors elected to list the
Property for $2.4 million.

Louis Fong of Compass brought Julia Mulkiewicz Shaw Trust as a
buyer ready and willing to purchase the Property for $2,375,000
cash payable as a $72,000 deposit with the balance due on closing
in cash.  Further, to accommodate the Debtors relocation, the Buyer
will allow them to rent back the Property for a period not to
exceed 60 days at a rate of $100/month.  The Escrow has been opened
at Chicago Title Company, 675 1st St., Ste. 300 San Jose, CA 95112
408 292-4212.  The escrow officer is Ann Dinh.  The escrow number
is FWPS-2996200215.  

The Closing Costs are as follows: (i) Transfer Taxes - $6,531; (ii)
Commissions (Listing) - $71,250; (iii)  Commissions (Selling) -
$59,375; (iv) Escrow Charges - $1,900; (v) Title - $3,947; (vi)
Notary fees - $150; (vii) Recording fees - $650; (viii) NHDS - $99;
(ix) Home warranty - $800; and (x) CALFIRPTA Processing Fee - $45.
The estimated net proceed of sale is $1,000,529.

The Debtors' total unsecured debt is $447,479.  They will hold the
net proceeds of sale in their Debtor in Possession account pending
confirmation or dismissal of the case.

Counsel for the Debtors:

         Lars T. Fuller, Esq.
         Sam Taerian, Esq.
         Joyce K. Lau
         THE FULLER LAW FIRM, P.C.
         60 No. Keeble Ave.
         San Jose, CA 95126
         Telephone: (408)295-5595
         Facsimile: (408) 295-9852

Ronald Leon Johnson and Michele Joanne Johnson sought Chapter 11
protection (Bankr. N.D. Cal. Case No. 19-52488) on Dec. 11, 2019.



S.A. SPECIALTIES: Seeks to Extend Exclusivity Period to April 30
----------------------------------------------------------------
S.A. Specialties San Antonio, LLC asked the U.S. Bankruptcy Court
for the Western District of Texas to extend the period during which
it has the exclusive right to file its Chapter 11 plan and obtain
confirmation of the plan to April 30 and June 30, respectively.

Since the government's declaration of national emergency in
connection with the COVID-19 pandemic, communities throughout the
United States have restricted the capacity for most meeting places,
including restaurants and bars. In relation to the said
declaration, San Antonio Mayor Ron Nirenberg issued the Third
Declaration of Public Health Emergency Regarding COVID-19 that
prohibited mass gatherings of 50 people or more.  These events have
left S.A. Specialties unable to assist its legal counsel with
completing its plan.  Moreover, the company needs more time to
resolve issues with creditors before it files a plan.

                About S.A. Specialties San Antonio

Founded in 2004, S.A. Specialties San Antonio --
https://saspecialties.com/ -- is an air conditioning, heating, and
insulation company.  It installs and repairs air conditioning and
heating systems; inspects ductwork systems; and installs and
repairs gas, electric, and heat pumps.  S.A. Specialties is based
in San Antonio, Texas.

S.A. Specialties San Antonio filed a Chapter 11 petition (Bankr.
W.D. Tex. Case No. 19-52405) on Oct. 1, 2019.  In its petition, the
Debtor was estimated to have $500,000 to $1 million in assets and
$1 million to $10 million in liabilities. The petition was signed
by Jason A. Roberds, managing member.  Judge Craig A. Gargotta
oversees the case.  William R. Davis Jr., Esq., at Langley &
Banack, Inc., is the Debtor's bankruptcy counsel.


SABRA HEALTH: Moody's Alters Outlook on Ba1 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Sabra Health
Care REIT, Inc., including its Ba1 corporate family rating. The
ratings outlook has been revised to negative from stable. In the
same rating action, Moody's assigned a speculative grade liquidity
rating of SGL-2 to the company.

The ratings affirmation reflects Sabra's strong balance sheet and
portfolio quality, as well as its sound liquidity with minimal
near-term debt maturities and ample revolver capacity, which
provide the company with cushion to absorb declines in operating
cash flow. The outlook revision to negative reflects the risks
Sabra's tenant operators face as the coronavirus outbreak is
expected to pressure profitability across the SNF industry. Moody's
expects Sabra's credit profile to deteriorate modestly over the
near-term because of these operating challenges. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Affirmations:

Issuer: Sabra Health Care REIT, Inc.

Corporate family rating, Affirmed at Ba1

Issuer: Sabra Health Care Limited Partnership

Senior unsecured debt, Affirmed at Ba1

Senior unsecured debt shelf, Affirmed at (P)Ba1

The following ratings were assigned:

Issuer: Sabra Health Care REIT, Inc.

Speculative grade liquidity rating at SGL-2

Outlook Actions:

Issuer: Sabra Health Care REIT, Inc.

Outlook, Changed to Negative from Stable

Issuer: Sabra Health Care Limited Partnership

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Sabra's Ba1 corporate family rating reflects the REIT's
well-diversified portfolio of net lease skilled nursing and senior
housing facilities across tenant operators and geography. Other key
credit strengths include its conservative balance sheet and sound
liquidity, which provide the company with flexibility to absorb
declines in operating cash flow due to the coronavirus pandemic.
The REIT's challenges, including its direct exposure to skilled
nursing facilities and moderate property level rent coverage, have
grown more significant due to implications of the coronavirus.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The skilled
nursing industry is expected to be significantly affected due to
rising expenses and the population's vulnerability to medical
complications arising from the spread of the coronavirus. More
specifically, weaknesses in Sabra's credit profile, including its
direct exposure to the skilled nursing sector have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
in part reflects the impact on Sabra, the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

Prior to the coronavirus outbreak, Sabra's skilled nursing
operators had already been under pressure due to industry
challenges such as shortening length of stay and rising labor
costs. Recent reimbursement changes, including the implementation
of the Patient Driven Payment Model (PDPM) and a 2.4% net increase
in Medicare payments, have been positive for the industry and were
expected to provide some relief for operators. However, their
challenges are now growing more acute due to implications of the
coronavirus. Elective surgeries have declined sharply across the
U.S., which translates into fewer higher-margin Medicare patients
seeking post-acute care. Moreover, expenses have increased
substantially due to higher staffing and supply costs, as well as
more intensive disease containment protocols. There is also the
potential for an increase in deaths among the higher-risk
population, adding further pressure to occupancy.

Moody's expects that pressure on Sabra's tenants' cash flows will
lead many to seek various forms of rent relief at least on a
temporary basis. Positively, Moody's notes the numerous statutory
relief measures at the federal and state levels may offer
meaningful support to operators, although the ultimate impact
remains uncertain.

Sabra's liquidity position is sound and provides ample cushion to
absorb unexpected declines in operating cash flow. The REIT
maintains total borrowing capacity of $895 million on its $1.0
billion unsecured revolving credit facility due August 2023, with
two six-month extension options. The credit facility contains an
accordion feature to increase total availability up to $2.75
billion, if additional liquidity is needed. The company has no
substantial debt maturities until 2023, when amounts outstanding on
the credit facility and its $350 million term loan come due. The
REIT's liquidity position could weaken however, if the effects of
the pandemic persist into 2021 and access to and cost of capital
remain challenged. Positively however, Sabra's portfolio is largely
unencumbered, which can provide increased financial flexibility in
a challenging operating environment or economic downturn.
Furthermore, the company has introduced several cost reduction
initiatives to preserve liquidity and cash flow, including reducing
its quarterly dividend and deferring near-term material
acquisitions or other investments.

The negative outlook reflects the increased risk of material
revenue and earnings loss, as the spread of the coronavirus
pandemic is expected to pressure profitability and occupancy across
the SNF industry.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be downgraded should earnings decline meaningfully
over the next several quarters, with Net Debt/EBITDA above 6.0x and
fixed charge coverage falling below 2.5x on a sustained basis.
Significant operating challenges, as demonstrated by sustained
deterioration in property level coverage ratios, particularly from
major tenants or a failure to maintain adequate liquidity could
also lead to downward ratings pressure. A ratings upgrade is
unlikely and would require material improvement in the overall
healthcare outlook. Additionally, continued profitable growth while
reducing tenant concentration such that the top three operators
represent closer to 20% of total cash NOI, maintenance of Net Debt/
EBITDA below 5.0x and fixed charge coverage approaching 4.0x, as
well as an improvement in tenant operating performance closer to
1.40x EBITDAR coverage would be needed for an upgrade.

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

Sabra Health Care REIT, Inc. is a real estate investment trust,
headquartered in Irvine, California, that owns and invests in
triple-net leased senior housing facilities throughout the US and
Canada. The company's portfolio includes skilled
nursing/transitional care facilities, leased senior housing
communities, third-party managed senior housing communities, and
specialty hospitals and other facilities.


SAEXPLORATION HOLDINGS: Amends Employment Contract with CEO
-----------------------------------------------------------
SAExploration Holdings, Inc. entered into an amended and restated
employment agreement with Michael Faust, the Company's president
and chief executive officer and chairman of the Board of Directors.
The Employment Agreement has an initial term ending on Dec. 31,
2020, subject to earlier termination in certain circumstances, with
subsequent automatic annual renewals for one year terms unless
notice to terminate is provided at least 90 days prior to the
expiration of any such term.  The Employment Agreement provides for
an initial base salary of $750,000 per year, which may be increased
annually in the discretion of the Board of Directors.  The
Employment Agreement also provides for participation in the
Company's management incentive programs or arrangements, including
(i) an annual performance cash award at a target percentage of 100%
of base salary if certain performance goals are reached as
identified and approved by the Compensation Committee of the Board
of Directors, and (ii) equity incentive programs and arrangements.

The Employment Agreement provides that, in the event of a
termination of the executive's employment by the Company without
cause (as defined in the Employment Agreement), by the executive
for good reason (as defined in the Employment Agreement), or by the
Company on account of its failure to renew the Agreement within 12
months following a Change of Control (as defined in the Employment
Agreement), the Company will pay the executive: (i) all accrued but
unpaid base salary and vacation, (ii) a severance amount equal to
the sum of (A) 12 months of base salary plus (b) the amount of the
annual performance cash award that the executive would have earned
at the Target Percentage for the calendar year in which the
termination occurs, which severance amount will be paid in a single
lump sum payment, and (iii) reimbursement of premiums associated
with continuation of coverage through COBRA for a period of up to
12 months, subject, in the case of the payments to be made pursuant
to clauses (ii) and (iii), to the execution of a full and final
release in favor of the Company.

The Employment Agreement, as more fully provided in a nondisclosure
agreement between the Company and the executive, restricts the
executive from using or disclosing confidential information for
purposes other than advancing the Company's interests.  Under the
Employment Agreement, during its term and for one year following
termination thereof, the executive will not directly or indirectly
solicit or accept business from any of the Company's customers (as
defined in the Employment Agreement), or solicit or induce any
employee to leave the Company.

     Appoints Additional Member to Special Committee

On March 30, 2020, the Board of Directors of the Company appointed
Jacob Mercer as an additional member of the Special Committee of
the Board established in August 2019 which has overseen an internal
review and investigation with respect to the previously disclosed
Securities and Exchange Commission investigation and any related
matters.  The Special Committee of the Board will continue to
supervise the Securities and Exchange Commission investigation as
well as the parallel investigation by the Department of Justice.

                 About SAExploration Holdings

SAExploration Holdings -- http://www.saexploration.com-- is a
full-service global provider of seismic data acquisition,
logistical support, processing and integrated reservoir geosciences
services to its customers in the oil and natural gas industry.  In
addition to the acquisition of 2D, 3D, time-lapse 4D and
multi-component seismic data on land, in transition zones between
land and water, and offshore in depths reaching 3,000 meters, the
Company offers a full-suite of logistical support and data
processing and interpretation services utilizing its proprietary,
patent-protected software.  The Company operates crews around the
world that are supported by over 135,000 owned land and marine
channels of seismic data acquisition equipment and other leased
equipment as needed to complete particular projects.

SAExploration reported a net loss attributable to the company of
$83.60 million in 2018 following a net loss attributable to the
company of $40.75 million in 2017.  As of Sept. 30, 2019,
SAExploration had $106.77 million in total assets, $30.08 million
in total current liabilities, $103.36 million in long-term debt and
finance leases, $4.32 million in other long-term liabilities, and a
total stockholders' deficit of $30.99 million.


SAMSON OIL: Terry Barr to Retire as CEO and Managing Director
-------------------------------------------------------------
Samson Oil and Gas Limited had advised that, effective March 31,
2020, there will be a number of changes to its Board of Directors
and management structure.

Mr. Terry Barr is retiring from his position as Samson's CEO and
managing director but will remain on the Board of Directors.  He
will be replaced as CEO by Mr. Tristan Farel, Samson's current CFO.
Mr. Farel will also join the Samson Board of Directors as managing
director.

Mr. Barr will assume the position of chairman of the Board,
replacing Dr. Peter Hill, who is retiring from the Samson Board.

Mr. Farel stated, "We are grateful to Dr. Hill for his years of
service, with distinction, as our Chairman in these unusually
challenging times for the company and our industry.  And while we
regret the loss of Mr. Barr's services on a day to day basis, we
are pleased that he will continue to be closely involved with the
company as Chairman and that he will remain available for
assistance and guidance throughout this transition."

Tristan Farel, in his new role as CEO, has entered into an
employment contract for a period of three years at an annual salary
of $250,000.

As Chairman, Terry Barr will be paid a Chairman's fee of $60,000
and the non-executive directors Greg Channon and Nicholas Ong will
be paid an annual fee of $45,000.  These Board fees represent a
further 25% reduction on the prior fee structure.

                      About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of Dec. 31, 2019, the
Company had $35.68 million in total assets, $52.90 million in total
liabilities, and a total stockholders' deficit of $17.22 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SANUWAVE HEALTH: Reports Full Year 2019 Financial Results
---------------------------------------------------------
SANUWAVE Health, Inc., reported financial results for the year
ended Dec. 31, 2019 with the SEC on Monday, March 30, 2020.

Highlights from the fourth quarter:

   * Added Dr. Tom Price to the Board of Directors.

   * Brazil Joint Venture signed and funded, although not
     recognized in 2019 revenue.

   * Raised $5 million in capital through an institutional equity
     raise completed in December 2019 with a follow on completed
     in February of this year.

   * Finished calendar year 2019 with 110 shipped devices, and
     currently have placed over 130.

   * Over 450 patients treated and over 3,000 treatments    
     performed.

   * Over 250 clinicians certified to use and treat with the
     dermaPACE System.

   * Ametus sales force trained and initial roll out began.

   * GCC roll out initiated with first shipments and treatments
     in Oman.

   * 5 additional US patents and 1 European patent (8 countries)
     issued or pending since July 1, 2019.

"SANUWAVE's focus during 2019 remained on placing devices with
qualified clinicians in fifteen target states.  The buzz around our
device is growing through our expanded presence at tradeshows, the
addition of new hires, multiple published articles, and an
increased social media footprint.  Our most important expansion is
through word of mouth from industry professionals to each other
about how great and successful the device is in treating DFU's.  We
were set for 2020 to be our year of revenue break out, and
ultimately reaching profitability.  Due to the impact from the
COVID-19 virus, we will continue to treat patients and build our
backlog of future installations.  Revenue fell short of our stated
goal in the fourth quarter due to how we recognized exclusivity
fees from the Brazil Joint Venture and from a conservative approach
to payments based on claims data from our dermaPACE customers.  We
will discuss this in further detail during our conference call, but
the cash from Brazil did come in and is non-refundable, we just
could not recognize it in the quarter," stated Kevin Richardson,
CEO.

COVID-19 Business Update

SANUWAVE said, "Our top priority is the safety and well being of
our employees, along with the clinicians and medical communities
they serve.  We have implemented a work from home schedule for all
employees, unless asked to participate at a client site for
training, install or treatment assistance.  Many hospitals are not
allowing sales representatives to enter the premises and many
patients are being asked to stay home.  This is having an impact on
our procedures and placements in 2020 and is expected to continue
until restrictions at the hospital level begin to open up again.
In the meantime, our team is supporting their clinics with training
and evaluation over video platforms and other forms of distance
interactions.  Our team is also continuing to build the back log of
future placements, as unfortunately, DFU's will continue to grow as
a medical condition in the US and abroad.

"Beginning last week, we began working with a number of home health
organizations to bring the dermaPACE System into the patients' home
for treatments.  There have been waivers granted in many states
which allow home health care to bill for treatments in the home
which otherwise would have been treated in a hospital wound clinic
setting.  Luckily our device can be mobile, is easy to set up and
use, and will allow advanced wound care to be on site for the
patients which can not or are not allowed into a hospital for
treatment.  We will also be offering our dermaPACE System for use
in the nursing home and assisted living settings if clinicians feel
that is the best way to treat patients who are not mobile during
this trying time.  We do not have an estimate of the number of
placements or how much revenue will be generated through this home
health initiative.  Nonetheless it is important to focus on patient
health and safety by leveraging the ability of dermaPACE System to
be a mobile treatment.

"SANUWAVE is also working with our partners in pursuing business
opportunities where our technology and patents are proven to be
beneficial to be used during the COVID-19 crisis.  We have very
strong research data that could allow us to capitalize on assisting
in the crisis generated by COVID-19 pandemic.  We are pursuing two
very specific areas which build upon extensive scientific knowledge
and leverages some of our existing and potentially future patents.
We will update shareholders as these opportunities take shape in
the coming weeks.

"Lastly, SANUWAVE is exploring all potential from the CARES Act.
Where we deem it beneficial to our employees, customers, community
and shareholders we will pursue the benefits from this act.  As
capital is freed up or payments expedited, we will inform
shareholders on a monthly basis."

"This past year set the stage for SANUWAVE to shift from a clinical
research company to a rapidly growing commercialization company.
The process involves placing devices, training clinicians, gaining
reimbursement, and supporting the infrastructure with more clinical
research, published articles, and case studies.  This process will
allow SANUWAVE to achieve the goal of delivering a dermaPACE System
anywhere and everywhere a DFU is treated.  This allows SANUWAVE to
accomplish the vision of providing a positive impact on life and
the environment, one shock at a time.  The coming year was poised
to be one filled with strong revenue growth and a company achieving
break even. The underlying trends in the wound care industry are
even more favorable for dermaPACE than ever before.  The product
acceptance continues to grow, globally.  We continue to work on
reimbursement and claims processing to drive revenues.  Reaching
break-even is a matter of when not if.  When we are in more normal
times, we will provide detailed guidance on what shareholders can
expect.  Our long term goals remain unchanged, which is to have a
dermaPACE System anywhere and everywhere a wound is treated to save
limbs and save lives," concluded Kevin Richardson.

2019 Financial Results

Revenues for the year ended Dec. 31, 2019 were $1,028,730, compared
to $1,850,060 for the same period in 2018, a decrease of $821,330,
or 44%.  Revenue resulted primarily from sales in Europe and
Asia/Pacific of the Company's orthoPACE devices and related
applicators and sales in the United States and Asia/Pacific of the
Company's dermaPACE devices and related applicators.  The decrease
in revenue for 2019 a decrease in sales of orthoPACE devices, new
applicators and refurbishment of applicators in Asia/Pacific and
the European Community, as compared to the prior year.

Operating expenses for the year ended Dec. 31, 2019 were
$9,284,155, compared to $8,336,654 for the same period in 2018, an
increase of $947,501, or 11%.  Research and development expenses
increased by $200,238.  The increase was due to increased
contracting expenses for temporary services, increased services
related to the dosage study in Poland and increased expenses
related to electrical testing for the device.  Selling and
marketing expenses for the year ended Dec. 31, 2019 increased by
$1,069,544, or 205%.  The increase in sales and marketing expenses
was due to an increase in hiring of trainers and salespeople,
increased travel expenses for placement and training related to the
commercialization of dermaPACE and increased participation in
domestic and international tradeshows.

General and administrative expenses decreased $371,162, or 5%. The
decrease was due to lower stock based compensation expense, lower
lease expense related to pay off of lease agreement for devices in
2018 and lower travel and entertainment costs.

Net loss for the year ended Dec. 31, 2019 was $10,429,839, or
($0.05) per basic and diluted share, compared to a net loss of
$11,631,394, or ($0.08) per basic and diluted share, for the same
period in 2018, a decrease in the net loss of $1,201,555, or 10%.
The decrease in the net loss was primarily a result of increase in
operating expenses, as explained above and offset by a decrease in
interest expense.

                     About SANUWAVE Health

Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com/-- is a shockwave
technology company initially focused on the development and
commercialization of patented noninvasive, biological response
activating devices for the repair and regeneration of skin,
musculoskeletal tissue and vascular structures.  SANUWAVE's
portfolio of regenerative medicine products and product candidates
activate biologic signaling and angiogenic responses, producing new
vascularization and microcirculatory improvement, which helps
restore the body's normal healing processes and regeneration.
SANUWAVE applies its patented PACE technology in wound healing,
orthopedic/spine, plastic/cosmetic and cardiac conditions.  Its
lead product candidate for the global wound care market, dermaPACE,
is US FDA cleared for the treatment of Diabetic Foot Ulcers.  The
device is also CE Marked throughout Europe and has device license
approval for the treatment of the skin and subcutaneous soft tissue
in Canada, South Korea, Australia and New Zealand.  SANUWAVE
researches, designs, manufactures, markets and services its
products worldwide, and believes it has demonstrated that its
technology is safe and effective in stimulating healing in chronic
conditions of the foot (plantar fasciitis) and the elbow (lateral
epicondylitis) through its U.S. Class III PMA approved OssaTron
device, as well as stimulating bone and chronic tendonitis
regeneration in the musculoskeletal environment through the
utilization of its OssaTron, Evotron and orthoPACE devices in
Europe, Asia and Asia/Pacific.  In addition, there are
license/partnership opportunities for SANUWAVE's shockwave
technology for non-medical uses, including energy, water, food and
industrial markets.

SANUWAVE reported a net loss of $10.43 million for the year ended
Dec. 31, 2019, compared to a net loss of $11.63 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.38 million in total assets, $13.44 million in total liabilities,
and a total stockholders' deficit of $10.06 million.

Marcum LLP, in New York, NY, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


SCULPTOR CAPITAL: Fitch Places B+ LT IDR on Watch Negative
----------------------------------------------------------
Fitch Ratings has placed Sculptor Capital Management, Inc. and its
related entities' 'B+' Long-Term Issuer Default Rating and
'BB-'/'RR3' senior secured debt rating on Rating Watch Negative.

Sculptor Capital Advisors II LP

  - B+ LT IDR; On Rating Watch Negative

Sculptor Capital Advisors LP

  - B+ LT IDR; On Rating Watch Negative

Sculptor Capital Management, Inc.

  - B+ LT IDR; On Rating Watch Negative

Sculptor Capital LP

  - B+ LT IDR; On Rating Watch Negative

  - BB- senior secured; On Rating Watch Negative

KEY RATING DRIVERS

IDRs AND SENIOR DEBT

The Negative Rating Watch reflects Fitch's expectation that the
current market turmoil could negatively affect the performance and
flows of the funds managed by Sculptor over the near term, which
could delay the expected deleveraging and margin and interest
coverage improvement that is supporting the current ratings of
Sculptor. The company also continues to face the risk of any
adverse outcome from a ruling in a U.S. District court in August
2019 with respect to a restitution claim brought by certain parties
related to the activities of Oz Africa. Current ratings incorporate
the expectation that any legal expenses and/or settlement will be
manageable in the context of the firm's liquidity profile and will
not impair Sculptor's deleveraging path or fundraising
capabilities.

Sculptor has seen significant declines in assets under management
(AUM) and management fees in the last few years as the firm moved
through a leadership transition and legal issues. AUM and
management fees seemed to have stabilized in 2019, but an improved
fee outlook for 2020 is dependent on inflows, especially into the
master fund and other higher fee strategies. Fitch believes the
fundraising outlook for the master fund has weakened for the near
term due to the unprecedented market turmoil.

Sculptor's leverage, as defined by gross debt/fee-related EBITDA
(FEBITDA) was over 32x for the year ended Dec 31, 2019, which is
well above the peer group and the firm's historical metrics. Based
on Sculptor's expense guidance for 2020, its AUM as of April 1,
2020 and the existing management fee rates, Fitch expects
Sculptor's leverage could fall within a range of 16x-18x by YE20,
assuming full pay down of the term loan and subsequent partial pay
down of the outstanding preferred units. However, an increase in
outflows from here could further slow the recovery in FEBITDA and
keep the leverage ratio elevated, despite the planned debt pay
down.

As part of the recapitalization, the company instituted a cash flow
sweep and a distribution holiday for private partnership units,
under the terms of which Sculptor is required to pay down the
senior secured term loan and the 2019 preferred units using 100% of
all economic income, after a distribution to the public
shareholders and after maintaining a free cash balance of $200
million at the company. Accelerated pay downs are possible to the
extent the firm is able to generate meaningful incentive income in
the coming years, although this revenue stream is highly
unpredictable.

Interest coverage was 1.3x for the year ended Dec. 31, 2019. Based
on Sculptor's expense guidance for 2020, its AUM as of April 1,
2020 and existing management fee rates, Fitch expects interest
coverage to approach 1.0x in 2020, even with a pay down of the term
loan and additional payments on the preferred units, as interest
payments on the preferred units and the subordinated debt started
accruing since February 2020.

Sculptor's FEBITDA margin was 5.4% for the year ended Dec. 31,
2019, which is well below Sculptor's longer-term historical range
of 35% to 45%, although in line with Fitch's 'b' category
quantitative earnings and profitability benchmark range of 10% or
below. Using Sculptor's expense guidance for 2020, its AUM as of
April 1, 2020 and the existing management fee rates, Fitch
estimates that Sculptor's FEBITDA margin could recover to high
single digits in 2020, which would still be weak relative to the
peer group and historical performance. Elevated outflows as a
result of recent market events or performance drawdowns will
further delay the recovery in profitability margins.

In its analysis of Sculptor, Fitch uses FEBITDA as a proxy for cash
flow, which consists of management fees, less compensation expenses
(including salary and a minimum level of bonus assumed to be the
higher of 25% of management fees or management guidance), less
operating expenses, plus depreciation and amortization. The
calculation excludes incentive income and incentive-related
compensation, which is approximated based on historical expense
patterns.

Liquidity is expected to remain adequate. At Dec. 31, 2019, the
company had $240.9 million in unrestricted cash and equivalents and
$146.6 million in long-term U.S. Government obligations. The
company terminated its $100.0 million revolving credit facility
during the recapitalization in February 2019.

Sculptor's ratings remain supported by its long-term performance
track record, particularly in its core multi-strategy hedge fund
business, continued expansion into credit and real estate products,
which have committed capital structures and generate more
consistent fee revenue, and the modest debt reduction achieved
since the last review, combined with Fitch's expectation that the
firm's leverage and interest coverage could improve over time given
continued expense reductions and mandatory debt repayments related
to the excess cash flow sweep.

Key rating constraints include the business model's sensitivity to
market risk due to the still meaningful amount of net asset
value-based management fees, weak FEBITDA margins, leverage and
interest coverage metrics, and less diversified, albeit improving,
AUM relative to higher-rated alternative investment managers.
Reduced investor appetite for hedge funds as an asset class,
combined with challenged performance relative to benchmarks more
recently, has pressured fund flows and fees for the hedge fund
industry as a whole.

The affirmation of the existing senior secured debt rating at
'BB-'/'RR3' reflects Fitch's expectation for good recovery
prospects for the instrument in a stressed scenario given that term
loan holders benefit from a first-priority security interest in
Sculptor's assets.

SUBSIDIARIES AND AFFILIATED COMPANIES

Sculptor is a publicly traded holding company, and its primary
assets are ownership interests in the operating group entities
(Sculptor Capital LP, Sculptor Capital Advisors LP and Sculptor
Capital Advisors II LP), which earn management and incentive fees
and are directly held through an intermediate holding company.
Sculptor conducts substantially all of its business through the
operating group entities. The IDRs assigned to Sculptor Capital LP,
Sculptor Capital Advisors LP and Sculptor Capital Advisors II LP
are equalized with the ratings assigned to Sculptor, reflecting the
joint and several guarantees among the entities.

Sculptor Capital LP serves as the debt-issuing entity for
Sculptor's secured debt and benefits from joint and several
guarantees from the management and incentive-fee generating
operating group entities.

RATING SENSITIVITIES

IDRs AND SENIOR DEBT

Factors that could, individually or collectively, lead to a
negative rating action/downgrade include a material increase in
outflows out of the master fund or performance deterioration over
the next one to two quarters, leading to a decline in AUM and
FEBITDA from current levels, which, without any offsetting actions,
would prevent the firm from improving margins, interest coverage
and leverage toward Fitch's previous expectations. A reduction in
the firm's liquidity position or impairment of the firm's
fundraising capabilities, resulting from significant reputational
damage, could also yield negative rating action. Any material
adverse impact on the company's franchise or financial profile
arising from the restitution claim related to the activities of Oz
Africa could also have a negative rating impact.

The ratings could be removed from Negative Rating Watch if there is
no significant deterioration in performance and flows over the next
two quarters and Fitch believes that the deleveraging and margin
improvement path is maintained so that Sculptor is able to achieve
the rating category benchmarks within the Rating Outlook horizon.

Factors that could, individually or collectively, lead to a
positive rating action/upgrade include leverage declining below
5.0x and interest coverage exceeding 3.0x on a sustained basis.
Positive ratings momentum would also be predicated on improved
fundraising, enhanced AUM diversity, maintenance of investment
performance and continued fee generation, along with expense
reduction, which yields improvement in the FEBITDA margin above
15%.

The senior secured debt ratings are primarily sensitive to changes
in Sculptor's IDR and recovery prospects on the debt.

SUBSIDIARIES AND AFFILIATED COMPANIES

The ratings of Sculptor Capital LP, Sculptor Capital Advisors LP
and Sculptor Capital Advisors II LP are linked to the IDR of
Sculptor and are, therefore, expected to move in tandem.

BEST/WORST CASE RATING SCENARIO

Ratings of Financial Institutions issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

ESG CONSIDERATIONS

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


SEANERGY MARITIME: Prices Upsized $6M Underwritten Public Offering
------------------------------------------------------------------
Seanergy Maritime Holdings Corp. has priced an underwritten public
offering of 35,290,000 units at a price of $0.17 per unit. Each
unit consists of one common share (or pre-funded warrant in lieu of
one common share) and one Class D warrant to purchase one common
share, and will immediately separate upon issuance.  The gross
proceeds of the offering to the Company, before underwriting
discounts and commissions as well as estimated offering expenses,
are expected to be approximately $6.0 million. The Company intends
to use the net proceeds of the offering for general corporate
purposes.

Each Class D warrant is immediately exercisable for one common
share at an exercise price of $0.17 per share and will expire five
years from issuance.  The offering is expected to close on or about
April 2, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager in
connection with the offering.

The Company intends to apply to list the Class D Warrants on the
Nasdaq Capital Market.  The Company has also granted the
underwriter a 45-day option to purchase up to an additional
5,293,500 shares of common stock or pre-funded warrants and/or
5,293,500 Class D warrants, at the public offering price, less
discounts and commissions.

The offering is being conducted pursuant to the Company's
registration statement on Form F-1 (File No. 333-237328) previously
filed with and declared effective by the Securities and Exchange
Commission on March 31, 2020.  A final prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC's website at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering, when available, may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174, at (212) 895-3745.

                     About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels.  Seanergy
provides marine dry bulk transportation services through a modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 11 years.  The Company is incorporated in the
Marshall Islands and has executive offices in Athens, Greece and an
office in Hong Kong.

Seanergy Maritime reported a net loss of US$11.70 million for the
Dec. 31, 2019, a net loss of US$21.06 million for the year ended
Dec. 31, 2018, and a net loss of US$3.23 million for the year ended
Dec. 31, 2017.  As of Dec. 31, 2019, the Company had US$282.55
million in total assets, US$252.69 million in total liabilities,
and US$29.86 million in total stockholders' equity.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, the Company's auditor since 2012, issued a "going
concern" qualification in its report dated March 5, 2020 citing
that the Company has a working capital deficiency and has stated
that substantial doubt exists about the Company's ability to
continue as a going concern.  In addition, the Company has not
complied with a certain covenant of a loan agreement with a bank.


SERENTE SPA: Judge Denies Bid to Extend Exclusivity Period
----------------------------------------------------------
Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern
District of Texas denied Serente Spa LLC's motion to extend the
exclusivity period to file its Chapter 11 plan.

In his order, Judge Norman noted that the company did not file a
plan and disclosure statement despite granting a previous
extension.

"Denial of [Serente Spa's] motion does not preclude [Serente Spa's]
filing and confirming a plan. However, granting the motion would
deny the rights of any party in interest except the U.S. Trustee to
file a competing plan," the bankruptcy judge wrote in his order.

                        About Serente Spa
  
Serente Spa, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-35078) on Sept. 9,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $100,000 and liabilities of less than $1 million.  The
case is assigned to Judge Jeffrey P. Norman.  Margaret Maxwell
McClure, Esq., at the Law Office of Margaret M. McClure is the
Debtor's legal counsel.

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


SGR WINDDOWN: Candy Cube Objects to Disclosure Statement
--------------------------------------------------------
Candy Cube Holdings LLC objects to the Disclosure Statement for the
Plan of Reorganization for SGR Winddown, Inc. and Affiliated
Debtors dated Feb. 24, 2020.

Candy Cube notes that:

   * The Disclosure Statement was filed on Feb. 24, 2020.  At that
time, Candy Cube, the Creditors' Committee and the Debtors had not
yet filed pleadings related to Candy Cube's Substantial
Contribution Claim or Candy Cube's Lender Expenses.

   * The Disclosure Statement does not disclose relevant
information that is now available and should be included for
purposes of soliciting votes on the Plan.

   * Given the dispute pending before the Bankruptcy Court, Candy
Cube submits that the Debtors must revise the Disclosure Statement
so that it adequately discloses information related to those claims
and other facts, including the potential for litigation.  Moreover,
the Disclosure Statement and the Plan must explain how these issues
will get resolved and the effect, if any, such resolution may have
on creditor recoveries. Without further revisions and supplemental
disclosure, the Disclosure Statement does not provide adequate
information.

A full-text copy of Candy Cube's objection to Disclosure Statement,
which objection was filed March 24, 2020, is available at
https://tinyurl.com/wy39r2k from PacerMonitor at no charge.

Counsel for Candy Cube Holdings:

         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         M. Blake Cleary
         Andrew L. Magaziner
         Rodney Square
         1000 North King Street
         Wilmington, Delaware 19801
         Telephone: (302) 571-6600
         Facsimile: (302) 571-1253

             - and -

         McDONALD HOPKINS LLC
         Marc J. Carmel
         300 North LaSalle Street, Suite 1400
         Chicago, Illinois 60654
         Telephone: (312) 280-0111
         Facsimile: (312) 280-8232

                        SGR Winddown, Inc.

Sugarfina Inc. -- https://www.sugarfina.com/ -- operates an
"omnichannel" business involving design, assembly, marketing and
sale of confectionary items through a retail fleet of 44 "Candy
Boutiques", including 11 "shop in shops" within Nordstrom's
department stores, a wholesale channel, e-commerce, international
franchise, and a corporate and custom channel. Its offerings are
sourced from the finest candy makers in the world and include such
iconic varieties as Champagne Bears, Peach Bellini, Sugar Lips,
Green Juice Bears and Cold Brew Bears. The Debtors employ 335
people, including 71 individuals at their headquarters in El
Segundo, Calif.

Sugarfina, Inc. and two affiliates sought Chapter 11
protection(Bankr. D. Del. Lead Case No.19-11973) on Sept. 6, 2019.
At the time of the filing, the Debtor disclosed assets of between
$10 million and $50 million and liabilities of the same range.

The Hon. Mary F. Walrath is the case judge.

The Debtors tapped Morris James LLP as counsel, and Force Ten
Partners, LLC as financial advisor. BMC Group Inc. is the claims
agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Sept. 17, 2019. The committee
tapped Bayard, P.A. as its legal counsel, and Province, Inc. as its
financial advisor.

On Oct. 31, 2019, Sugarfina Inc., et al., consummated the sale of
substantially all their assets to Sugarfina Acquisition Corp.  The
Debtors changed their names to SGR Winddown, Inc., et al.,
following the sale.


SHAE MANAGEMENT: Unsec. Creditors to Have 50% Recovery Over 3 Years
-------------------------------------------------------------------
Debtor Shae Management, Inc., filed with the U.S. Bankruptcy Court
for the Northern District of Georgia, Rome Division, a Plan of
Reorganization and a Disclosure Statement on March 24, 2020.

Class 5 will consist of the general unsecured claims including
deficiency claims.  The Debtor will pay the General Unsecured
creditors 50% of the total claims paid in 6 semi-annual payments,
commencing on the 1st day of the 1st quarter following the
Effective Date and continuing on or by the 1st day of each
six-month anniversary of such date for a total of 6 payments.

Class 6 consists of Interest Claims.  If the Class 5 General
Unsecured Creditors vote to accept the Plan as a class, then Mark
Dyer will retain 70% of the interest in the Debtor and Bruce
Jeffrey Dyer will retain 30% of the interest in the Debtor.

The Debtor will pay all claims from the Debtor's postpetition
rental income from its affiliate, Graphic Tufting Center, Inc., and
the sale of Debtor's real property and equipment.  The Debtor shows
that it will pay administrative expense claims from the new value
included in Class 7 of the Plan or from some other source if no new
value contribution under Class 7 is required.  The Debtor intends
to sell property located at 1690 Waring Road, Dalton, Georgia
Debtor is currently interviewing brokers to list and sell the 1690
Property and believes that the Real Property will sell in the next
12 months for $550,000.  The Debtor will also sell its Colortec and
LCL Equipment.  The Debtor is currently interviewing equipment
brokers to market and sell the Equipment and believes the Equipment
will sell in the next 12 months for a combined value of $1,450,000
including $850,000 from the ColorTec Equipment and $600,000 for the
LCL Equipment.

A full-text copy of the Disclosure Statement dated March 24, 2020,
is available at https://tinyurl.com/u7p5q5s from PacerMonitor at no
charge.

The Debtor is represented by:

         JONES & WALDEN, LLC
         Cameron McCord
         21 Eighth Street, NE
         Atlanta, Georgia 30309
         Tel: (404) 564-9300

                     About Shae Management

Shae Management, Inc., a property management company in Dalton,
Ga., filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-42833) on Dec. 2, 2019.  In the
petition was signed by Mark A. Dyer, president, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  Cameron M. McCord, Esq., at Jones & Walden, LLC,
represents the Debtor.


SHERIDAN HOLDING: Joint Prepackaged Plan Confirmed by Judge
-----------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas, Houston Division, entered findings of fact,
conclusion of law, and order confirming the Disclosure Statement
and the Amended Joint Prepackaged Chapter 11 Plan of Sheridan
Holding Company I, LLC and its debtor affiliates.

All provisions and transactions contemplated by the Plan were
negotiated and consummated in good faith, at arm's length, and
without collusion.  In determining that the Plan has been proposed
in good faith, the Court has examined the totality of the
circumstances surrounding the formulation of the  Plan and the
solicitation of the Plan.  

Hedge Claims, as defined in the Plan, will include all claims
arising under or related to the Debtors' prepetition hedging and/or
swaps transactions entered into between any Debtor and ABN AMRO
Bank, N.V.

All actions contemplated by the Plan, including all actions in
connection with the RSA, the Plan Supplement, and the Plan, as the
same may be modified from time to time prior to the Effective Date,
are effective and authorized to be taken on, prior to, or after the
Effective Date.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/vjsz2vt from PacerMonitor at no charge.

                   About Sheridan Holding

Sheridan Holding Company I, LLC and its Debtor affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming. The
Debtors comprise the first of three series of private placement oil
and gas investment funds in the Sheridan group, all under the
common management of non-debtor Sheridan Production Partners
Manager, LLC. Established in 2006 and headquartered in Houston,
Texas, the Debtors have focused on acquiring "unloved" oil and gas
properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas. The Debtors assets are primarily mature producing
properties with long-lived production, relatively shallow decline
curves, and lower-risk development opportunities.

Sheridan Holding sought Chapter 11 protection (Bankr. S.D. Tex.
Case No.20-31884) on March 23, 2020.  The case is assigned to Hon.
David R. Jones.

Debtors' General Bankruptcy Counsel:           

          Joshua A. Sussberg, P.C.
          Steven N. Serajeddini, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          601 Lexington Avenue
          New York, New York 10022
          Tel: (212) 446-4800
          Fax: (212) 446-4900
          E-mail: joshua.sussberg@kirkland.com
                  steven.serajeddini@kirkland.com

                     - and -

          Spencer A. Winters, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          300 North LaSalle Street
          Chicago, Illinois 60654
          Tel: (312) 862-2000
          Fax: (312) 862-2200
          E-mail: spencer.winters@kirkland.com


SIGNIFY HEALTH: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service affirmed Signify Health, LLC's credit
ratings, including the B2 corporate family rating, B2-PD
probability of default rating, and B2 instrument ratings on the
health risk assessment provider's $80 million first-lien revolving
credit facility and $276 million first-lien term loan. Moody's
changed Signify's outlook to negative, from stable.

Affirmations:

Issuer: Signify Health, LLC:

Corporate family rating, affirmed B2

Probability of default rating, affirmed B2-PD

Senior secured revolving credit facility expiring 2022, affirmed B2
(LGD3)

Senior secured first-lien term loan due 2024, affirmed B2 (LGD3)

Outlook action:

Outlook changed to negative, from stable

RATINGS RATIONALE

The change in Signify's outlook to negative, from stable, reflects
Moody's expectation for revenue headwinds in 2020 as the company's
nurse practitioners face challenges, due to COVID-19-related social
distancing restrictions, in their ability to conduct in-house HRAs.
Lost revenue may be partly restored, over time, by telemedicine
services and redeploying NPs to perform coronavirus testing and
other services for non-traditional customers such as manufacturers.
If the healthcare epidemic begins to abate by late second quarter,
revenues could hold flat in 2020, at about $570 million. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. Moody's expects that credit quality
around the world will continue to deteriorate, especially for those
companies in the most vulnerable sectors that are most affected by
prospectively reduced revenues, margins and disrupted supply
chains. At this time, the sectors most exposed to the shock are
those that, like Signify's, are most sensitive to consumer demand
and sentiment. Lower-rated issuers are most vulnerable to these
unprecedented operating conditions and to shifts in market
sentiment that curtail credit availability. Moody's will take
rating actions as warranted to reflect the breadth and severity of
the shock, and the broad deterioration in credit quality that it
has triggered.

The suddenly challenging operating environment comes on the heels
of Signify's November 2019 merger with Remedy Partners which,
although it diversified Signify's revenues, resulted in a less
profitable entity. Revenue and margin challenges will strain
Signify's free cash flow generation. However, heavy preemptive
borrowings under the company's $80 million revolver allow for ample
liquidity to sustain it through the expected 2020 downturn.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could downgrade the ratings if revenue drops significantly,
indicative, perhaps, of a longer than expected coronavirus crisis;
if Moody's adjusted debt-to-EBITDA leverage holds above 5.0 times;
if Moody's expects free cash flow to be negative for a sustained
period; or if there is a legislatively imposed change to the scope
of the HRA model.

Moody's could upgrade the ratings if free cash flow as a percentage
of debt holds above 5.0%; if the company maintains good revenue
growth while diversifying revenue sources across business lines and
away from CMS-associated (Centers for Medicaid and Medicare)
sources, and; Moody's expects it will adhere to a conservative
financial policy.

Signify Health, domiciled in both Dallas, TX and Norwalk, CT, is a
leading provider of home-based care management services on behalf
of Medicare Advantage health plans in the U.S., including health
risk assessments ("HRAs") and chronic and post-acute-care
management. The company was formed by the late-2017 acquisition by
New Mountain Capital of both Censeo Health and Advance Health. In
November 2019, New Mountain contributed to the Signify Health
entity another of its portfolio companies, Connecticut-based Remedy
Partners, a provider of software and analytics that facilitate
large-scale bundled payment programs. Moody's expects the combined
Signify-Remedy to generate 2020 revenue of roughly $570 million, a
slight increase over pro-forma-combined 2019 Moody's expected
revenues. (The company does not publicly disclose financial
information.)


SM ENERGY: S&P Lowers ICR to 'B-' on Increased Refinancing Risk
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production company SM Energy Co. to
'B-' from 'BB-'.

The recent decline in commodity prices will significantly weaken SM
Energy's credit measures and profitability.

"In our updated price deck we expect average funds from operations
(FFO) to debt and debt to EBITDA to soften to around 19% and 3.75x,
respectively. Furthermore, we believe capital market conditions
will make it challenging for SM Energy to refinance its upcoming
maturities on favorable terms. As of Dec. 31, 2019, SM had $172.5
million in senior convertible notes due 2021 and $476 million in
senior unsecured notes due 2022. Moreover, its unsecured notes are
trading between 30 and 40 cents on the dollar, which in our view
heightens the risk of a debt exchange that we would consider as
distressed rather than opportunistic," S&P said.

The negative outlook reflects S&P's view that SM Energy will have
difficulty maintaining leverage below its 4x covenant over the next
couple years given the current commodity price environment.
Furthermore, S&P expects negative free cash flow during this period
and flat production year-over-year relative to 2019. Moreover, the
rating agency believes it may have trouble refinancing its upcoming
maturities in 2022 and beyond given current capital market
conditions.

"We could lower the rating if SM Energy breaches the 4x leverage
covenant associated with its reserve based lending facility. We
could also lower the ratings if SM cannot make progress toward
refinancing its upcoming maturities," S&P said.

"We could revise the outlook to stable if commodity prices
materially increasea such that we no longer believed SM Energy was
in danger of breaching any of its covenants and that the company
can address its upcoming debt maturities without restricting
liquidity," the rating agency said.


SOUTHERN FOODS: Selling Substantially All Assets to DFA for $425K
-----------------------------------------------------------------
Southern Foods Group, LLC, and its debtor-affiliates, ask the U.S.
Bankruptcy Court for the Southern District of Texas to authorize
the bidding procedures in connection with the sale of substantially
all assets to Dairy Farmers of America, Inc. for $425 million,
subject to adjustments, subject to overbid.

The Debtors currently operate 57 manufacturing facilities in 29
states located largely based on customer needs and other market
factors, with distribution capabilities across all 50 states.  Due
to the perishable nature of the Debtors' products, they deliver the
majority of their products directly to their customers' locations
in a fleet of approximately 5,000 refrigerated trucks or trailers
that they own or lease.  The form of delivery is called a
"direct-to-store delivery" or "DSD" system.  The Debtors have one
of the most extensive refrigerated DSD systems in the United
States.  

Evercore Group L.L.C. has been engaged as investment banker to the
Debtors since February 2019.  The Debtors initially retained
Evercore to assist with a broad evaluation of potential strategic
alternatives.  It was ultimately determined that these options
could not be pursued for a variety of reasons.  Such potential
liabilities significantly impaired the Debtors' ability to pursue
any strategic transactions with third parties outside of a
bankruptcy proceeding.

By early October 2019, the Debtors saw a sharp decline in their
third quarter 2019 results and realized that they faced a financial
outlook that was deteriorating more rapidly than prior forecasts.
Evercore explored a variety of potential out-of-court financing
transactions, which led to discussions with a number of potential
lenders.  Ultimately, however, the Debtors concluded, in
consultation with Evercore and other advisors, that such an
out-of-court transaction was not actionable under the
circumstances.  Accordingly, the Debtors commenced the Chapter 11
Cases in order to manage liquidity, prevent potentially ruinous
customer and vendor fights, and pursue the consummation of one or
more sale transactions or a plan of reorganization through a
court-supervised process.

To finance their businesses as they pursue such transactions, the
Debtors sought and obtained senior secured superpriority
post-petition financing in the amount of $425 million and an
amendment and restatement of the receivables securitization
facility in the amount of $425 million.  After considering a
wide-range of potential strategic alternatives and negotiating with
all relevant stakeholders and counterparties, Evercore and the
Debtors ultimately determined that a sale of all or substantially
all of the Debtors' assets would be a potential path to maximize
and preserve value for the benefit of their stakeholders.

To that end, in October 2019, Evercore and the Debtors engaged in
negotiations and discussions with DFA.  As the Debtors' long-time
commercial partner and raw milk vendor, DFA was considered likely
to be able to contribute significant value to the Debtors'
businesses and negotiate and reach a sale agreement with the
Debtors prior to the Petition Date.  

After the Petition Date, Evercore considerably expanded the
marketing process for the Bid Assets.  It began communicating with
additional potential strategic and financial buyers while it
continued to engage with DFA to explore a sale of the Bid Assets
through the Chapter 11 Cases.

Following a competitive process and arms'-length negotiations, the
Debtors secured the Stalking Horse Bid from DFA, pursuant to which
DFA will serve as the Stalking Horse Bidder in a transaction to
purchase substantially all of the Bid Assets for an aggregate
purchase price (subject to certain adjustments) of $425 million
along with the assumption of certain liabilities on the terms and
conditions set forth in the Asset Purchase Agreement, dated as of
Feb. 16, 2020, by and among the Debtors and the Stalking Horse
Bidder.

The Stalking Horse Assets consist of (a) 44 of the Debtors 57
manufacturing facilities, including real estate, inventory,
equipment and all other assets necessary to operate such
facilities, (b) all fluid and frozen assets associated with such
facilities, (c) certain real estate and equipment relating to one
previously closed manufacturing facility, (d) certain intangible
assets, and (e) ownership interest in certain joint ventures, each,
as further specified in the Stalking Horse Agreement.

The Debtors ask authority to provide the Stalking Horse Bidder with
standard stalking horse protections, in particular (a) the payment
of a break-up fee in an amount equal to $15 million and (b)
reimbursement of up to $8 million for reasonable and documented
costs and expenses incurred by the Stalking Horse bidder in
connection with the negotiation and execution of, and the carrying
out of its obligations under, the Stalking Horse Agreement.

The Stalking Horse Agreement includes various customary
representations, warranties, and covenants by and from the Debtors
and the Stalking Horse Bidder.  In addition, the Stalking Horse
Agreement includes certain conditions to closing the contemplated
Sale Transaction and rights of termination related to the Chapter
11 Cases.  

To ensure that the Stalking Horse Bid is in fact the highest or
otherwise best offer for the purchase of the Stalking Horse Assets,
and to provide for the potential sale of additional Bid Assets that
are not included in the Stalking Horse Assets, the Debtors have
developed Bidding Procedures to govern the sale of the Stalking
Horse Assets and all other Bid Assets.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: March 31, 2020 at 3:00 p.m. (CT)

     b. Initial Bid: If the bid seeks to purchase all or
substantially all of the Stalking Horse Assets (and not a lot
thereof), such Bid provides for a purchase price payable in cash at
Closing in an amount at least equal to $453 million, which is the
sum of (i) $425 million (i.e. the purchase price under the Stalking
Horse Agreement); plus (ii) the aggregate amount of the Bid
Protections; plus (iii) $5 million.

     c. Deposit: 10% of the proposed purchase price

     d. Auction: The Auction will be conducted at the offices of
Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York
10017 on April 20, 2020 at 10:00 a.m. (ET) or such later time on
such day or such other place as the Debtors will notify all
Qualified Bidders.

     e. Bid Increments: TBD

     f. Sale Hearing: April 27, 2020 at TBD (CT)

     g. Sale Objection Deadline: April 22, 2020 at 4:00 p.m. (CT)

As soon as reasonably practicable after entry of the Bidding
Procedures Order, but not later than three business days after
entry of the Bidding Procedures Order, the Debtors will serve the
Sale Notice, the Bidding Procedures Order, upon all the Sale Notice
Parties.

The Debtors also approval of the proposed Assumption and Assignment
Procedures.  As soon as reasonably practicable following entry of
the Bidding Procedures Order, the Debtors will file with the Court,
and cause to be published on the Case Information Website, the
Potential Assumption and Assignment Notice and a list of the
Potential Assumed Contracts.  The Assumption and Assignment
Objection Deadline is April 6, 2020 at 4:00 p.m. (CT).

Astrong business justification exists for the sale of the Bid
Assets.  An orderly but expeditious sale of the Bid Assets is
critical to maximizing the value of the Debtors' estates and
recoveries for the Debtors’ economic stakeholders.  Additionally,
the Debtors believe that a consummated Sale Transaction will
produce fair and reasonable purchase prices for the Bid Assets.
The Stalking
Horse Bid is an offer to purchase the Stalking Horse Assets for a
price that the Debtors, with the advice of their advisors, already
have determined to be fair and reasonable.   

The Debtors ask that the Court authorizes the sale of the Bid
Assets free and clear of any liens, claims, interests, and
encumbrances, subject to such liens, claims, interests, and
encumbrances attaching to the proceeds thereof.

To implement successfully the relief sought, the Debtors ask that
the Court finds that notice of the Motion is adequate under
Bankruptcy Rule 6004(a) under the circumstances.  They also ask
that the Court waives the stay imposed by Bankruptcy Rule 6004(h).
They further ask that the Court waives the stay imposed by
Bankruptcy Rule 6006(d).

A hearing on the Motion is set for March 12, 2020 at 2:00 p.m.

              About Southern Foods Group, LLC

Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.

The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Texas, Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer. Judge David Jones presides over the
cases.

The Debtors posted estimated assets and liabilities of $1 billion
to $10 billion.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


STEAK N SHAKE: S&P Upgrades ICR to 'CCC-'; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.
hamburger restaurant chain Steak n Shake Inc. (SnS) to 'CCC-' from
'SD' to reflect the risk of a conventional default, which
incorporates its view of ongoing risks to the company's business
and the impending maturity of its term loan due March 19, 2021.

The rating on the term loan remains 'D', as S&P believes the
company could execute additional below-par debt repurchases.

"The rating action reflects our view that a conventional default or
a restructuring of SnS capital structure over the next six months
is likely. Our view considers the company's still significant debt
burden following the recent repurchase, massive near-term
disruption in the restaurant industry due to the coronavirus
pandemic, and ongoing challenges in turning around operations to
support its long-term business model. The rating also reflects our
view that the recent coronavirus outbreak in the U.S. will limit
conventional refinancing prospects," S&P said.

The negative outlook reflects S&P's view that the company could
pursue a restructuring in the next six months. The outlook also
incorporates the immense challenges the company faces in reversing
years of weak operating performance in a very difficult operating
environment.

"We could downgrade the company if it announces a restructuring or
it is unable to service its debt payment requirements," S&P said.

"We would raise the rating if operating performance improves and we
think it is likely that the company will address its capital
structure at par," the rating agency said.


STERLING MIDCO: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Sterling Midco Holdings,
Inc.'s Corporate Family Rating to B3 from B2, Probability of
Default Rating to B3-PD from B2-PD, and its first lien senior
secured credit facility (revolver and term loan) rating to B3 from
B2. The outlook remains negative.

The downgrade to B3 CFR and negative outlook reflects Moody's
expectation for sharp deterioration in Sterling's revenue and
earnings due to the Coronavirus (COVID-19) pandemic at least over
the next several quarters that will meaningfully elevate the
company's debt-to-EBITDA leverage and weaken its liquidity. Given
the COVID-19 has yet to be contained, there are downside risks that
global employment trends will remain weak for the remainder of
2020. Sterling expected to have $125-130 million of balance sheet
cash at March 31, 2020, incorporating the full draw on the $85
million revolving credit facility due 2022. Moody's believes the
company has already put in place a plan to reduce operating
expenses and lower growth capital spending to preserve near-term
liquidity.

Downgrades:

Issuer: Sterling Midco Holdings, Inc.

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: Sterling Midco Holdings, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The background
screening and verifications industry has been one of the sectors
most significantly affected given the high exposure to economic
cycles and employment trends. More specifically, the weaknesses in
Sterling's credit profile, including its exposure to the
small-medium size businesses, staffing companies, and certain
retailers in the US have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and the
company remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Sterling of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The negative outlook reflects Moody's expectation for weakening
operating performance and liquidity stemming from the COVID-19
pandemic. The negative outlook also reflects uncertainty
surrounding the duration of weak employment trends and Sterling's
ability to quickly adjust cost and maintain at least adequate
liquidity.

Moody's expects Sterling to maintain adequate liquidity over the
next 12-15 months, but liquidity is at risk for deterioration
depending on the duration of the pandemic and the pace of recovery.
Sources of liquidity consist of projected balance sheet cash of
$125-130 million at March 31, 2020, including the full drawn under
its $85 million revolving credit facility due 2022. The potential
for negative free cash flow over the next several quarters is
heightened given the current economic conditions. There are no
financial maintenance covenants under the first lien term loan but
the revolving credit facility is subject to a springing first lien
leverage ratio of 6.75x when the amount drawn exceeds 35% of the
revolving credit facility. Moody's expects that projected EBITDA
deterioration will increase the risk of the potential covenant
breach over the near term. The agreement also provides for covenant
cure rights. Sterling may exercise the option to cure the breach
with an incremental equity contribution for up to 5 times prior to
the maturity and up to two instances over four consecutive
quarters.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The ratings could be downgraded if Sterling's revenue and earnings
decline more severely than expected leading to further increases in
debt-to-EBITDA (Moody's adjusted and expensing all capitalized
software costs), free cash flow remains negative, or if there is a
deterioration in liquidity.

The ratings could be upgraded is Sterling demonstrates good organic
growth, sustainably decreases in debt-to-EBITDA (Moody's adjusted
and expensing all capitalized software costs) sustainably below
6.0x, improves free cash flow meaningfully and maintains sufficient
liquidity with balanced financial policies.

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

Sterling Midco Holdings, Inc. through its operating subsidiary
Sterling Infosystems, Inc., provides pre- and postemployment
verification services including criminal background checks,
credential verification and employee drug testing. Sterling is
majority owned by affiliates of private equity sponsor Broad Street
Principal Investments (a subsidiary of Goldman Sachs). The company
generated revenue of approximately $500 million in revenue in 2019.


STG-FAIRWAY HOLDINGS: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded STG-Fairway Holdings, LLC's
Corporate Family Rating to B3 from B2 and Probability of Default
Rating to B3-PD from B2-PD. At the same time, Moody's downgraded
the company's first lien senior secured credit facility (term loan
and revolver) rating to B2 from B1 and its senior secured second
lien term loan to Caa2 from Caa1. The outlook was changed to
negative from stable.

The downgrade to B3 CFR and negative outlook reflects Moody's
expectation for sharp deterioration in FADV's revenue and earnings
due to the Coronavirus (COVID-19) pandemic at least through June,
that will meaningfully elevate the company's debt-to-EBITDA
leverage and dampen its cash flows. Given the COVID-19 has yet to
be contained, there are downside risks that global employment
trends will remain weak for the remainder of 2020. Nonetheless,
Moody's acknowledges that FADV has significant cash sources from
the January 2020 leveraged-buyout transaction. Moody's expects the
company to adjust its cost structure in response to lower volumes,
allowing the company to manage its liquidity needs, including the
potential for negative free cash flow.

Downgrades:

Issuer: STG-Fairway Holdings, LLC

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured 1st lien Bank Credit Facility, Downgraded to B2
(LGD3) from B1 (LGD3)

Senior Secured 2nd lien Bank Credit Facility, Downgraded to Caa2
(LGD6) from Caa1 (LGD5)

Outlook Actions:

Issuer: STG-Fairway Holdings, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The background
screening and verifications industry may be one of the sectors
significantly affected given the high exposure to economic cycles
and employment trends. More specifically, the weaknesses in FADV's
credit profile, including its exposure to staffing companies,
financial services, small-medium size businesses, and certain
retailers in the US have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and the
company remains vulnerable to the outbreak continuing to spread.
However, FADV's client portfolio includes numerous sectors expected
to be resilient in the current environment such as discount retail,
home delivery, grocery, pharmacy, home improvement and certain
healthcare and healthcare staffing providers. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on FADV of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects Moody's expectation for weakening
operating performance and liquidity stemming from the COVID-19
pandemic. The negative outlook also reflects uncertainty
surrounding the duration of weak employment trends and FADV's
ability to quickly adjust its cost structure and maintain at least
adequate liquidity.

Moody's expects FADV to maintain adequate liquidity over the next
12-15 months, but liquidity is at risk for deterioration depending
on the duration of the pandemic and the pace of recovery. Sources
of liquidity consist of projected cash reserves of $130-135 million
at March 31, 2020, including the company's pro-active draw of $25
million under its $75 million revolving credit facility due 2025,
to insulate itself against any bank liquidity concerns. The
potential for negative free cash flow over the next several
quarters is heightened given the current economic conditions. There
are no financial maintenance covenants under the first and second
lien term loans, but the revolving credit facility is subject to a
springing maximum first lien leverage ratio of 7.75x if the amount
drawn exceeds 35% ($26.25 million) of the revolving credit
facility. The first and second lien term loans do not mature until
2027 and 2028, respectively. The company is expected to maintain
covenant compliance over the next 12-15 months.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The ratings could be downgraded if FADV's revenue and earnings
decline more severely than expected leading to further increases in
debt-to-EBITDA (Moody's adjusted and expensing all capitalized
software costs), free cash flow remains negative, or if there is a
deterioration in liquidity.

The ratings could be upgraded is FADV demonstrates good organic
growth, sustainably decreases in debt-to-EBITDA (Moody's adjusted
and expensing all capitalized software costs) sustainably below
6.0x, improves free cash flow meaningfully and maintains sufficient
liquidity with balanced financial policies.

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

FADV, headquartered in Atlanta, GA, provides screening and
background-check services to a variety of industries, including
retail, industrial, professional services, finance, staffing, and
healthcare. Services include criminal record checks, education and
employment verification, credit score standings, drug testing and
fingerprinting. FADV also generates revenue from other services
such as tax-credit screening for federal- and state-related tax
incentive programs, fleet vehicle services, driver qualification
services and multi-family housing applicant screening. Following
the completion of the 2020 leveraged buyout, FADV is majority owned
by Silver Lake Partners, with management also rolling over a
significant portion of their ownership in the transaction.


T-MOBILE US: S&P Downgrades ICR to 'BB' on Weaker Credit Metrics
----------------------------------------------------------------
S&P Global Ratings lowered its issuer-credit rating and rating on
T-Mobile US Inc.'s senior unsecured debt rating to 'BB' from 'BB+'.
The recovery rating on this debt is '3', which indicates its
expectation for meaningful (50%-70%; point estimate: 65%) recovery
in the event of payment default. S&P has removed all ratings from
CreditWatch, where they were placed with negative implications on
April 30, 2018.

S&P is also assigning a 'BBB-' rating and '1' recovery rating to
T-Mobile's $4 billion senior secured term loan B due 2027, the $4
billion revolving credit facility due 2025, and senior secured
notes (amount and maturities to be determined). The '1' recovery
rating indicates S&P's expectation for very high (90%-100%; point
estimate: 95%) recovery in the event of payment default.

At the same time, S&P is raising the issuer-credit rating and
rating on Sprint's senior unsecured debt to 'BB' from 'B' and
revising the recovery rating to '3' (50%-70%; point estimate: 65%)
from '4'. It has removed all ratings from CreditWatch, where they
were placed with positive implications on Feb. 14, 2020.

"The downgrade reflects T-Mobile's weaker credit metrics following
the close of its acquisition of Sprint. We expect adjusted pro
forma leverage for T-Mobile to increase to about 4x in 2020 from
2.6x on a stand-alone basis as of Dec. 31, 2019. Furthermore, we
assume only modest leverage improvement in the near term as
substantial one-time integration expenses and higher churn on the
legacy Sprint network are offset by growth on the legacy T-Mobile
network. We also expect the T-Mobile will generate only modest
levels of FOCF in 2020 and 2021, which is a driving factor in our
financial risk assessment and ratings," S&P said.

The stable outlook reflects S&P's expectation that cost synergies
will be offset by near-term integration expense and higher churn on
the legacy Sprint network, resulting in limited EBITDA growth and
FOCF generation. These factors will likely constrain leverage
improvement over the next year.

"We could lower the rating if T-Mobile experiences execution
missteps during the integration, which results in higher churn,
lower revenue, margin compression, negative FOCF, and leverage
rising to the 5x area," S&P said.

"We believe an upgrade is very unlikely over the next 12 months
because of the substantial integration risk associated with a
merger of this size. Longer term, we could raise the ratings if the
company completes the integration with minimal impact on churn and
margins. At that point, T-Mobile would need to maintain adjusted
leverage below 4x and FOCF to debt trending toward 10%. T-Mobile
would also need to commit to a financial policy that keeps leverage
below 4x longer term," the rating agency said.


TALBOTS INC: Moody's Alters Outlook on B2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service changed The Talbots, Inc.'s ratings
outlook to negative from stable. At the same time, Moody's affirmed
the company's B2 corporate family rating, B2-PD probability of
default rating and B2 senior secured term loan rating.

The change in outlook to negative from stable reflects the risk
that credit metrics could weaken for a prolonged period as a result
of lower discretionary consumer spending and high promotional
activity in the apparel sector as a result of the COVID-19
outbreak. The negative outlook also reflects the risk of extended
store closures, which would result in weaker than anticipated
liquidity.

The ratings affirmations reflect Moody's expectations that Talbots
will have sufficient liquidity to sustain operations for a limited
period of store closures.

Moody's took the following rating actions for Talbots, Inc. (The):

  Corporate family rating, affirmed B2

  Probability of default rating, affirmed B2-PD

  $410 million senior secured first lien term loan, affirmed
   B2 (LGD3)

Outlook, changed to negative from stable

RATINGS RATIONALE

Talbots' B2 CFR reflects the company's relatively small scale,
narrow customer demographic and product focus on apparel for women
aged 45-65. The inherent fashion risk and growing competition in
the specialty women's apparel category also increases volatility
particularly during economic downturns. The credit profile also
reflects the company's high leverage and expectations for near-term
earnings declines. Moody's expects that earnings will decline by
30-40% in 2020, with the company's online channel partly mitigating
store closures and promotional pressure throughout 2020, and then
recover moderately in 2021. The shift in consumer spending online
requires investment to continually improve the overall omnichannel
shopping experience and to shorten product development cycles in
order to sustain its competitive positioning. The company's
ownership by a private equity sponsor also constrains the rating
because of the elevated risk of shareholder friendly financial
strategies.

Nevertheless, Talbots' rating benefits from its well-established
brand name and loyal customer base, with a history of over 70 years
operating in the women's apparel sector. The rating also reflects
the company's multi-channel strategy with its sizable ecommerce
business and good geographic diversification in its brick and
mortar segment.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The retail sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Talbots' credit profile, including
its exposure to US discretionary consumer spending have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Talbots remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
impact on Talbots of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if liquidity or operating
performance deteriorates more than anticipated Ratings could also
be downgraded if financial strategies become more aggressive, or
debt/EBITDA is above 5.0 times, or EBIT/interest is below 1.5
times.

The ratings could be upgraded if debt/EBITDA is sustained below 4.0
times, EBIT/interest maintained above 2.25 times, and free cash
flow/debt increases to 10%, while maintaining at least good
liquidity and financial policies that support credit metrics around
these levels.

Headquartered in Hingham, Massachusetts, The Talbots, Inc. is a
multi-channel retailer of women's apparel, focusing on the
45-65-year-old demographic. Talbots was acquired by Sycamore
Partners in August 2012. The company is private and does not
publicly disclose its financials. Talbots operated about 544 stores
and reported revenue for the twelve-months ended November 2, 2019
of approximately $1.3 billion.


THOMAS A. MARTIN: Proposes Sale of Paradise Valley Pottery
----------------------------------------------------------
Thomas Aquinas Martin asks the U.S. Bankruptcy Court for the
District of Kansas to authorize the private sale of his pottery
located at his former residence at 4901 East Tomahawk Trail,
Paradise Valley, Arizona

The Debtor currently has three creditors that are not voluntarily
secured in any real property or personal property of the Debtor --
Intrust Bank, who has a judgment lien against Debtor, Carson Bank
and Mid-Kansas Wound Specialists, P.A. and Emergency Services, P.A.


Intrust Bank has filed a Claim for $409,681 (Claim 2-1) as a
judgment creditor.  Carson Bank has yet to file a claim but it is
estimated Carson is owed approximately $400,000.  The Doctors have
yet to file a Proof of Claim with the Court.  On his Schedules, the
Debtor listed the Doctors with an Unknown claim.

As the case has been pending for over a year, the Debtor is asking
authority from the Court liquidate certain personal property in an
effort to raise the necessary capital to pay his creditors in a
lump sum payment.  The primary asset Debtor seeks to liquidate by
way of the Motion is his Pottery.  As the Court is aware, there
have been several attempts to sell the Arizona Property that have
been stymied by the actions of the creditors in the case.  The
Property is still listed and it is hopeful that the sale will
occur.   

Once the sale of the Arizona Property is complete, the Debtor will
obviously have to move himself and his personal property out of the
Property.  When Debtor moves, he will not have the ability to move
and store the pottery.  The Debtor has decided it is best to
liquidate it for use to pay Creditors in the Bankruptcy.

The Pottery has substantial value and should raise several hundreds
of thousands of dollars to pay towards creditors.  The Debtor's
Counsel has spoken to Jill Ford, a Chapter 7 Trustee in the Phoenix
Area to locate a suitable third party to use to sell the Pottery.  
Ms. Ford recommend two companies -- Cunningham and Associates and
BK Assets.  The Debtor and his Counsel are discussing the potential
sale with these companies in an effort to maximize a potential
return.

Once sold, the Debtor will file a report with the Court detailing
the amount received.  The funds will be transferred into Debtor’s
DIP Account and US Trustee fees can be assessed from it.   

No creditors will be harmed by granting the relief sought in this
Motion. Approving the liquidation will allow for faster payment to
creditors and provides the Court a path to a final resolution of
the case.   

Cause exists to depose of the Debtor's Pottery through private
sale.  The Debtor believes this proposed sale procedure enables the
Debtor to obtain the highest possible value for the Pottery.  He
asks that the Pottery be transferred free and clear of all liens,
claim, interests and encumbrances, with such liens, claims,
interests and encumbrances to attach to the proceeds of the sale of
the assets.

The sale of the Pottery would impact the Debtor's proposed Plan of
Reorganization as it would provide immediate liquidity for payments
to creditors.  Should the Court grant the relief requested in the
Motion, the Debtor proposes filing a new Disclosure Statement and
Plan no later than April 30, 2020.  It will allow the Bar Date to
pass and all claims to be reviewed.

The Debtor intends the new Plan of Reorganization to pay all
legitimate creditors 100% of their claims, but the projections and
explanations contained in the Disclosure Statement must be amended
to reflect the Debtor's new financial situation.

                  About Thomas Aquinas Martin

Thomas Aquinas Martin sought Chapter 11 protection (Bankr. D. Kan.
Case No. 19-10205) on Feb. 13, 2019.  The Debtor was estimated to
have assets in the range of $10,000,001 to $50 million and
$1,000,001 to $10 million in debt.  The Debtor tapped William H.
Zimmerman, Jr., Esq., at Eron Law, P.A., as counsel.


TWIN CARE HOME: PCO Files 1st Interim Report
--------------------------------------------
Tamar Terzian, the duly appointed Patient Care Ombudsman for Twin
Care Home, Inc., filed with the U.S. Bankruptcy Court for the
Central District of California her first interim report.

The Ombudsman was appointed to monitor the quality of patient care
provided by the Debtors.  This includes the interview of
patients/clients, administration, staff, and other interested
parties.

Twin Care Home, Inc., is a 24/7 residential care unit to four
developmentally disabled adult individuals, age range 18-59, but
currently only four beds are used by patients and located at 419 W.
Renwick Street, Glendora, California. The Residence has 12
employees, all of which have their Direct Support Professional
Training Certification. Two staff members are assigned during the
three various shifts -- mornings, day and night, and alternates
during the weekends.  The Residence is a Level 4 facility licensed
by the State of California, Department of Social Services. 

The PCO finds that all care provided to the patients by
Debtors/Vendors, is well within the standard of care.  The PCO's
Observations:

     - Large living area shared with the dining area;

     - Three bedrooms, two baths, small kitchen, staff room,
laundry room and an outdoor garden area;

     - The garage has been remodeled and converted into a work
area for the staff;

     - The Residence also has a shed used for storing household
goods and other products;

     - The residents are routinely picked up from the residential
care facility between 8:00 a.m. or 8:30 a.m. and will return 3:00
p.m. or 4:00 p.m. depending on the program they each attend; and

     - Each patient has there day program that has been placed by
a resource developer (most likely a vendor through the San
Gabriel/Pomona Regional Center). 

The San Gabriel/Pomona Regional Center visits the Residence twice a
year -- one that is scheduled and one that is unannounced to
conduct the annual quality assurance visits. Each patient's medical
records and information is well maintained and accessible for
staff.

The patients in case of emergency are transferred to the closest
hospital. The patients are nonverbal and receive no speech therapy.
The patients are dependent on a wheelchair and are provided with
puree foods provided by staff. The Medication (multi-dose) is
appropriately dated and stored in a locked storage area, only
accessible by staff.

The PCO may be reached at:

     Tamar Terzian, Esq.
     1122 E. Green Street
     Pasadena, Ca 91106
     Telephone: (818) 242-1100
     Facsimile: (818) 242-1012
     Email: tamar@terzlaw.com

A full-text copy of the PCO's First Interim Report is available at
https://tinyurl.com/veoxdft from PacerMonitor.com at no charge.

                About Twin Care Home

Twin Care Home, Inc., is a privately held corporation operating a
residential facility for adults with special need. It is licensed
by the State of California and provides round the clock care for
its residents.  Based in Los Angeles, Twin Care sought Chapter 11
protection (Bankr. C.D. Cal. Case No. 19-22666) on Oct.
28,2019.  Dana M. Douglas, Esq., is the Debtor's counsel.


US STEEL: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative
-------------------------------------------------------------
Fitch Ratings has downgraded United States Steel Corporation's
Long-Term Issuer Default Rating to 'B-' from 'B+'. The Rating
Outlook is Negative.

The ratings reflect Fitch's expectation that key steel end markets,
particularly automotive and energy will be materially weaker in
2020 in addition to the uncertainty associated with the coronavirus
global pandemic's longer-term impact on the economy. In response to
the coronavirus pandemic, U. S. Steel announced a number of
strategic decisions including the decision to idle a number of
facilities, draw an additional $800 million under its asset-backed
loan (ABL) and to defer capex. Although Fitch views the decisions
as prudent to preserve liquidity, the significant reduction in
earnings, increase in debt and uncertain timing of an economic
recovery results in total debt/EBITDA expected to be highly
elevated in the near-term to medium-term.

The Negative Outlook reflects the uncertain ultimate economic
impact of the coronavirus pandemic, the uncertain timing and
magnitude of a recovery in the economy which could lead to weakened
liquidity and the possibility total debt/EBITDA will be sustained
above 7.5x.

KEY RATING DRIVERS

Operational Footprint Decisions: In December 2019, U. S. Steel
announced its intention to indefinitely idle a significant portion
of its iron and steelmaking facilities at Great Lakes Works. In
response to the coronavirus developments, U. S. Steel recently
announced it will idle the #4 blast furnace at Gary Works
immediately and expects the furnace to remain idled until market
conditions improve. U. S. Steel also announced it will temporarily
idle the blast furnace "A" at Granite City Works. Fitch believes
shipments could be more than 30% lower in 2020 due to operational
footprint decisions in combination with the erosion of demand due
to the coronavirus.

Oil Price Collapse: Declining demand in addition to Saudi Arabia's
intention to increase production led to a sharp and significant
drop in oil prices and North American rig count in Q1 2020. In
response to weak tubular demand, U. S. Steel intends to idle all or
most of its Lone Star Tubular operations and Lorain Tubular
operations beginning in late May for an indefinite period of time.
Operational tubular capacity is expected to be primarily
represented by Fairfield tubular operations, which has annual
capacity of approximately 750,000 tons and will benefit from
completion of the Fairfield EAF. However, Fitch expects Tubular
operations will realize losses over the next few years and
believes, barring an oil price recovery, and that it may be a
significant amount of time before Lone Star and Lorain operations
are restarted.

Auto and Energy Exposure: Approximately 30% of North American
shipments in 2019 were to automotive, transportation and energy
markets. Additionally, roughly 20% of USSE shipments were to
automotive and transportation markets. Fitch believes these markets
represent some of the most negatively impacted markets by
coronavirus. Fitch expects weaker market conditions to lead to
significantly lower EBITDA in 2020. The timing and magnitude of a
recovery in demand is currently highly uncertain leading to the
possibility EBITDA may be depressed beyond 2020.

Project Spending Deferral: Weak market conditions in Europe led to
the announcement in 4Q 2019 to delay Dynamo line spending. U. S.
Steel also plans to delay construction of its endless casting and
rolling line and cogeneration facility at its Mon Valley Works.
Fitch views the decision to prioritize cash and liquidity as
prudent in the currently volatile market environment. However,
postponed projects were focused on improving the company's cost
position and capabilities and therefore previously expected
benefits from these investments are now also delayed in what may be
a challenging steel price environment.

Elevated Leverage: As of Dec. 31, 2019, U. S. steel had outstanding
borrowings of $600 million under its credit facility drawn to fund
its acquisition of a 49.9% stake in Big River Steel. As a
precautionary measure due in response to coronavirus developments,
U. S. Steel increased its borrowings under its credit facility by
$800 million in 1Q 2020 in order to increase its cash position and
preserve financial flexibility. Total debt/EBITDA was 7.4x as of
Dec. 31, 2019, driven by increased borrowings and significantly
weaker profitability. Fitch expects leverage to increase
significantly in 2020 driven primarily by the coronavirus' impact
on the economy and decisions taken to idle capacity. Fitch expects
leverage to improve thereafter with a rebound in the economy
although the timing and magnitude of a recovery currently remains
uncertain.

Negative FCF Expectations: Fitch expects domestic and European
steel markets to be significantly weaker in 2020 compared with 2019
driven by demand erosion in key steel end markets due to the
coronavirus. Despite decisions to delay capital spending on
strategic projects, Fitch expects cash burn of approximately $400
million annually on average through the ratings horizon.

DERIVATION SUMMARY

U. S. Steel is larger in terms of annual shipments compared with
EAF steel producer Commercial Metals Company (BB+/Stable) and
smaller and less diversified than majority EAF producer Gerdau S.A.
(BBB-/Stable) and global diversified steel producer ArcelorMittal
S.A. (BBB-/Negative). U. S. Steel has higher product and end-market
diversification compared with CMC, although CMC has favorable
leverage metrics and its profitability is less volatile resulting
in more stable margins and leverage metrics through the cycle. U.
S. Steel is larger in terms of total shipments, although is less
profitable and has weaker credit metrics compared with EAF producer
Steel Dynamics (BBB/Stable). U. S. Steel is also smaller and has
weaker credit metrics compared with domestic EAF producer Nucor.

KEY ASSUMPTIONS

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

  -- Flat-rolled steel prices decline significantly and bottom in
2020 before improving with a rebound in the economy;

  -- Great Lakes Works remains idle through the ratings horizon,
Granite City Works furnace "A" remains idled until 2022 and one
USSK furnace remains idle throughout the forecast period;

  -- Flat-rolled shipments decline significantly to roughly seven
million tons in 2020, improve to slightly less than nine million
tons in 2021 and improve to roughly 10.5 million tons per year
thereafter;

  -- USSK Dynamo line project spending is delayed beyond the
ratings horizon and only modest spending on the endless casting and
rolling investment at Mon Valley Works.

RATING SENSITIVITIES

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

  -- Total debt/EBITDA sustained below 6.0x;

  -- EBITDA margins sustained above 6%.

The Outlook could be stabilized with increased visibility into a
more normalized operating environment.

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

  -- Total debt/EBITDA sustained above 7.5x;

  -- FFO fixed charge coverage ratio sustained below 2.0x;

  -- A material weakening of domestic steel market conditions
leading to significantly larger than expected negative FCF;

  -- Significant deterioration in liquidity.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of Dec. 31, 2019, U. S. Steel had cash
and cash equivalents of $749 million and $1.38 billion available
under its $2 billion ABL credit facility due 2024. U. S. Steel also
had roughly $155 million available under its USSK credit
facilities. The company has no near-term maturities but has drawn
an additional $800 million under its ABL credit facility in an
effort to prioritize liquidity in response to the coronavirus.
Fitch estimates U. S. Steel has approximately $1.5 billion
outstanding under its ABL credit facility after its Mar. 27, 2020
announcement of an additional draw.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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).


VALLEY ECONOMIC: Parker Buying Interest in VCCC for $975K
---------------------------------------------------------
Valley Economic Development Center, Inc., asks the U.S. Bankruptcy
Court for the Central District of California to authorize the sale
of its 33 and 1/3% ownership interest in an entity known as Valley
Corporate Community Center, LLC ("VCCC") to John Parker for
$975,000, free and clear of all liens, claims and interests.

The primary business and asset of VCCC is the ownership and
management of an office building located at 5121 Van Nuys
Boulevard, Sherman Oaks, California.  The Debtor occupies a
significant portion of the Property as its primary business
premises.  However, the Debtor's lease of the Property has been
rejected as a matter of law.  It has requested VCCC to permit the
Debtor to remain in the Property through May 31, 2020 by which time
the Debtor expects to have confirmed its plan of liquidation and to
have vacated the Property unless the Debtor and VCCC reach an
agreement for the Debtor to continue to occupy a portion of the
Property while the Debtor continues with its wind down and
liquidation process.

The Debtor is not and has never been in charge of managing the
Property.  As the Debtor is in a wind down mode, no purpose would
be served by its continued ownership of its interest in VCCC.
Rather, the Debtor is attempting to sell all of its remaining
assets for the benefit of its creditors in order to maximize
creditor recovery.  It made significant efforts to attempt to sell
its Membership Interest in VCCC prior to its bankruptcy filing, but
between the fact that its Membership Interest in VCCC is a minority
interest and the severe sale restrictions contained in the VCCC
operating agreements make consummating a sale of the Membership
Interest extremely difficult.  

The Debtor's proposed sale of its Membership Interest in VCCC is
not subject to overbid.  The VCCC operating agreements (i) contain
an entire right of first refusal process with the other members of
VCCC; (ii) prohibit the sale of any membership interest in VCCC
without the unanimous consent of the other members; and (iii)
provide that in the event any member sells its interest in VCCC
without the unanimous consent of the other members, the buyer of
that interest will have no right to participate in the management
of the business and affairs of the VCCC or to become a member of
VCCC.  The Debtor went through great efforts to obtain the
unanimous consent of the other VCCC members to its proposed sale of
its Membership Interest to Mr. Parker, as all of the other VCCC
members are familiar with Mr. Parker.  Mr. Parker accepted the
Debtor's offer to sell the Membership Interest to him for $975,000
without negotiating the price.  Mr. Parker is not an insider of the
Debtor and has no connection with the Debtor.

The Debtor believes that consummating a sale of its Membership
Interest to Mr. Parker for $975,000 is in the best interests of the
estate.  It does not believe that it would be possible or realistic
for the Debtor to realize greater value than this $975,000 for its
Membership Interest in VCCC unless, possibly, if the Debtor could
force a sale of the entire Property.

However, a significant number of the other VCCC members have made
clear that they would vigorously oppose any such effort by the
Debtor to force a sale of the entire Property, which means that any
such effort by the Debtor would necessarily entail expensive and
time consuming litigation with an uncertain outcome.  Moreover,
even if the Debtor was successful in forcing a sale of the entire
Property, the ultimate sale price that would be achieved and the
Debtor's portion of it would also be uncertain, particularly since
the Debtor is in the process of vacating a significant portion of
the Property.

Finally, the Debtor asks that the Court waives the 14-day stay
period set forth in Bankruptcy Rule 6004(h).

Counsel for the Debtor:

          Ron Bender, Esq.
          Eve. H. Karasik, Esq.
          Krikor J. Meshefejian, Esq.
          Jeffrey S. Kwong, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310) 229-1234
          Facsimile: (310) 229-1244
          E-mail: RB@LNBYB.com
                  EHK@LNBYB.com
                  KJM@LNBYB.com
                  JSK@LNBYB.com

Valley Economic Development Center, Inc., sought Chapter 11
protection (Bankr. C.D. Cal. Case 19-11629).  David K. Gottlieb
serves as the Debtor's Chief Restructuring Officer.


VPR BRANDS: Delays Filing of 2019 Annual Report
-----------------------------------------------
VPR Brands, LP filed a Form 12b-25 with the Securities and Exchange
Commission notifying the delay in the filing of its Annual Report
on Form 10-K for the year ended Dec. 31, 2019.  The Company said
additional time is needed for it to compile and analyze supporting
documentation in order to complete the Form 10-K and in order to
permit the Company's independent registered public accounting firm
to complete its review.

                        About VPR Brands

Headquartered in Ft. Lauderdale, FL, VPR Brands --
http://www.VPRBrands.com/-- is a technology company whose assets
include issued U.S. and Chinese patents for atomization-related
products, including technology for medical marijuana vaporizers and
electronic cigarette products and components.  The Company is also
engaged in product development for the vapor or vaping market,
including e-liquids, vaporizers and electronic cigarettes (also
known as e-cigarettes) which are devices which deliver nicotine and
or cannabis and cannabidiol (CBD) through atomization or vaping,
and without smoke and other chemical constituents typically found
in traditional products.

VPR Brands reported a net loss of $973,740 for the year ended Dec.
31, 2018, compared to a net loss of $1.61 million for the year
ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had $1.24
million in total assets, $2.22 million in total liabilities, and a
total partners' deficit of $979,238.

Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated May 6, 2019, citing that the Company has a net loss of
$973,740 for the year ended Dec. 31, 2018 and has an accumulated
deficit of $8,599,384 and a working capital deficit of $601,617 at
Dec. 31, 2018.  These factors, among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.


WEST GARDEN: June 15 Plan & Disclosure Hearing Set
--------------------------------------------------
Judge Mark A. Randon of the U.S. Bankruptcy Court for the Eastern
District of Michigan, Southern Division (Detroit), has established
the following dates and deadlines for debtor West Garden Club LLC:

   * April 27, 2020, is the deadline for the Debtor to file a
combined plan and disclosure statement.

   * June 8, 2020, is the deadline to return ballots on the plan,
as well as to file objections to final approval of the disclosure
statement and objections to confirmation of the plan.

   * June 15, 2020, at 11:00 a.m., before the Honorable Mark A.
Randon, in Courtroom 1825, 211 West Fort Street, Detroit, Michigan
48226 is the hearing on objections to final approval of the
disclosure statement and confirmation of the plan.

A full-text copy of the order dated March 24, 2020, is available at
https://tinyurl.com/sjcg5zs from PacerMonitor at no charge.

                   About West Garden Club

West Garden Club, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-41080) on Jan. 26,
2020.  At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Mark A. Randon oversees the case.  Zousmer Law Group,
PLC, is the Debtor's legal counsel.


WEX INC: Moody's Alters Outlook on Ba2 CFR to Negative
------------------------------------------------------
Moody's Investors Service has affirmed WEX Inc.'s Ba2 corporate
family, long-term senior secured debt, and senior secured bank
credit facility ratings. Moody's has also revised the issuer
outlook to negative from stable.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. Moody's regards the coronavirus outbreak as a
social risk under its environmental, social and governance (ESG)
framework, given the substantial implications for public health and
safety. Its actions reflect the impact on WEX of the breadth and
severity of the shock on WEX's earnings, leverage and cash flow.

Affirmations:

Issuer: WEX Inc.

Corporate Family Rating, Affirmed Ba2

Senior Secured Bank Credit Facility, Affirmed Ba2

Senior Secured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: WEX Inc.

Outlook, Change to Negative from Stable

RATINGS RATIONALE

The ratings affirmation reflects Moody's unchanged assessment of
the company's Ba2 standalone assessment, supported by its
diversified business profile, which comprises payments processing
and account servicing businesses across three verticals: commercial
and government fleet fuel cards, corporate and travel payments, and
health and employee benefits. WEX also maintains a strong liquidity
profile, with $370 million in corporate cash and $769 million in
capacity under the company's revolving credit facility as of 31
December 2019, which comfortably exceeds the firm's recourse
corporate debt obligations in the next 12 months.

The outlook revision to negative from stable reflects Moody's
expectation that WEX's earnings and cash flow will decline and
leverage increase due to lower fuel prices and lower fuel and
travel payments volumes over the next 12-18 months, as economic
activity diminishes due to measures taken to contain the
coronavirus pandemic outbreak in the US, where the company
primarily operates. These pressures are compounded by WEX's pending
acquisition of eNett International (Jersey) Limited (eNett) and
Optal Limited (Optal) (collectively, the eNett acquisition), which
management expects to close in the middle of 2020. eNett is a
provider of business-to-business (B2B) payments solutions to the
travel industry and Optal optimizes B2B transactions. Currently,
the large majority of Optal's revenues comes from services provided
to eNett. eNett and Optal's businesses are also negatively impacted
by the substantial challenges facing the global travel industry.

Moody's recognizes that some of these pressures are modestly offset
by WEX's health and employee benefits business, which is likely to
be more resilient against the economic stresses than WEX's other
businesses, however, that segment only accounted for approximately
18% of revenues in the 2019 fiscal year. Moody's also expects the
corporate payments side of the corporate and travel segment to
yield more stable results in this environment.

WEX is subject to a 5.0x net debt to adjusted EBITDA covenant with
respect to its 2016 credit agreement, which will increase to 5.75x
upon the closing of the eNett and Optal acquisition. By contrast,
the company reported leverage of 3.5x as of 31 December 2019 and
has also communicated that leverage would rise as a result of the
eNett acquisition, but not beyond 4.5x. Moody's expects that given
continued deep economic disruption in the second and third quarter
of 2020, WEX will likely exceed 4.5x net debt to adjusted EBITDA if
the eNett acquisition is executed as planned in the middle of 2020.
However, the extent to which WEX will exceed its leverage target
will depend on the length and depth of the disruption to economic
activity caused by the coronavirus pandemic outbreak. Moody's does
not expect WEX to undertake any other debt-financed acquisitions
that would further increase leverage in the present challenging
operating environment.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, a ratings upgrade is unlikely over the
next 12-18 months. However, the rating could be upgraded if WEX
were to improve profitability to a level whereby net income to
assets exceeded 3% on a sustainable basis. Increased business scale
and diversification, and consistent demonstration of conservative
financial policies, such as managing to a company-reported bank
covenant net debt/EBITDA to remain between 2.5x to 3.5x absent an
acquisition, would also be positive for the ratings.

The ratings could be downgraded if the company were to increase
materially its leverage, evidenced by the company-reported bank
covenant net debt / EBITDA above 5.0x that Moody's expects to
persist for three or more quarters, or if the company-reported bank
covenant net debt / EBITDA were to rise above 5.5x. In addition, a
ratings downgrade could be prompted if the company took any actions
that would increase leverage or harm its liquidity, such as
undertake any further debt-financed acquisitions.


WHITING PETROLEUM: S&P Cuts ICR to 'D' on Chapter 11 Filing
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
crude oil and natural gas exploration and production (E&P) company
Whiting Petroleum Corp. to 'D' from 'CCC+'.

At the same time, S&P is lowering its issue-level rating on the
company's senior secured debt to 'D' from 'B' and its issue-level
rating on the company's senior unsecured notes to 'D' from 'CCC+'.

Whiting Petroleum Corp. announced that it had commenced voluntary
Chapter 11 bankruptcy proceedings with the U.S. Bankruptcy Court
for the Southern District of Texas.

Whiting has reached an agreement in principle with certain
debtholders through which it expects to eliminate about $2.2
billion of debt by exchanging its existing debt for about 97% of
its new equity following the restructuring. The company expects to
refinance or repay its reserve-based lending facility in full and
anticipates that its existing shareholders will receive 3% of the
new equity and warrants.

The recent collapse in oil prices, due to the Saudi-Russian price
war that is being amplified by the plummeting demand for oil and
elevated uncertainty stemming from the coronavirus pandemic, has
had an outsized effect on Whiting because of its high weighting to
oil and approximately $1 billion of debt scheduled to mature over
the coming 12 months.

S&P expects to withdraw all of its ratings on the company after 30
days.


YIELD10 BIOSCIENCE: To Offer $25 Million Worth of Securities
------------------------------------------------------------
Yield10 Bioscience, Inc., filed a Form S-3 registration statement
with the Securities and Exchange Commission relating to the
offering of common stock, preferred stock, warrants, units, and
subscription rights that it may sell from time to time in one or
more offerings up to a total public offering price of $25,000,000
on terms to be determined at the time of sale, which securities may
be sold either individually or in units.  The Company will provide
specific terms of these securities in supplements to this
prospectus.  The Company's common stock is traded on The Nasdaq
Capital Market under the symbol "YTEN."  A full-text copy of the
prospectus is available for free at:

                      https://is.gd/SQ9OUK

                          About Yield10

Yield10 Bioscience, Inc. -- http://www.yield10bio.com/-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries.  Yield10
is headquartered in Woburn, Massachusetts and has an Oilseed Center
of Excellence in Saskatoon, Saskatchewan, Canada.

Yield10 reported a net loss of $12.96 million for the year ended
Dec. 31, 2019, compared to a net loss of $9.18 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $16.72
million in total assets, $20.80 million in total liabilities, and a
total stockholders' deficit of $4.08 million.


[*] S&P Alters Outlook to Negative on U.S. Convention Centers
-------------------------------------------------------------
S&P Global Ratings revised the ratings outlook to negative from
stable on certain U.S. convention center and sports authorities in
the wake of the COVID-19 pandemic. The negative outlooks provide
notification to market participants that the affected entities face
at least a one-in-three likelihood of a negative rating action over
the medium term (generally up to two years). At the same time, S&P
Global Ratings affirmed its ratings on the entities.

"The negative outlook reflects our belief that the advent of
"social distancing" and subsequent cancellations of major events,
as well as material declines in travel and closing of businesses in
response to the global spread of COVID-19, have affected, and will
negatively affect convention center and sports authorities' revenue
streams," said S&P Global Ratings credit analyst Andy Hobbs.

The current negative outlooks are reflective of entities where the
operating risk is associated with the particular convention center
or sports authority. S&P Global Ratings recognizes that with almost
200 million Americans either under shelter-in-place orders or being
urged to stay at home in a concerted effort to contain the spread
of the new coronavirus, the longest economic expansion in U.S.
history has come to an abrupt end. The toll on GDP will be far more
severe than S&P once thought -- with the contraction showing up in
the first-quarter figure and worsening substantially in the
April-June period.

Although the closure decisions are prudent, the health and safety
"social distancing" aspect of this action will materially affect
coverage, financial results, and liquidity in the near term, which
S&P believes might deteriorate further from the onset of a global
recession, and is reflective of S&P's analysis of environmental,
social, and governance (ESG) related risks The entities generally
have strong fiscal metrics and liquidity positions, which are
capable of providing cushion for such disruptions. However, a
prolonged environment of limited to no operations will greatly
hamper the entities' ability to meet debt obligations, as they do
not have other significant stable revenue streams to rely on and
generally have limited local authority to raise new revenues.
Although S&P expects convention center authorities will do
everything in their power to create environments that are conducive
to hosting large gatherings and using their facilities, including
contingency planning, altering operations and budgets projections,
and working with local, state, and federal officials, their ability
to do so may be largely out of their control if the current crisis
persists.

S&P expects that sales, lodging, food and beverage, car rental, and
other special tax revenues will become strained with prolonged
weakness in spending and travel, which could lead to weakness in
credit quality over time, including revenue loss and a decline in
debt service coverage. This unprecedented uncertainty will make
long-term planning and budget projections very challenging, and
proactive management will be key to guiding it through.

The outlook revision encompasses various convention centers.

Key Takeaways

-- Revenues of convention center authorities, including those that
support debt service, will be dampened due to limited to no
operations as well as a decline in tax revenues;

-- Likelihood of debt service coverage will decline;

-- Liquidity positions generally remain strong and capable of
counterbalancing short-term losses;

-- A prolonged environment of restricted movement in the U.S. will
have a significant impact on convention center authorities and will
likely lead to negative rating actions.

As Events Are Cancelled Or Pushed Off To Later Dates, Revenue
Streams Suffer

The entities were created specifically to support and promote local
culture, entertainment, and civic engagement, while at the same
time spurring tourism and economic development. The debt the
authorities have issued helps fund the construction of new
facilities and updates to existing ones. That debt is typically
secured by special taxes, such as hotel or lodging taxes, sales
taxes, or car rental fees. While most governments and many
industries are still able to operate in the world of "social
distancing", this practice fundamentally stunts the ability for the
authorities to provide their service, similar to the situation that
bars, restaurants, and other gathering spaces across the world are
experiencing.

Convention center authorities and governing bodies across the U.S.
have experienced major cancellations of events that would be housed
in their facilities. Professional sports seasons have been stopped
indefinitely or put on hold. Subsequent travel of participants,
event goers, and patrons is not occurring. Many hotels have already
reduced staff in response to cancellations as local, state, and
federal governments are urging citizens to stay at home and not
travel. Bars and restaurants in certain locations have either
closed or moved strictly to carry-out or drive-through operations
only. S&P expects the cancellation of events, facilities' limited
operations, and the significant reduction in spending, hotel stays,
and rental car purchases will drastically affect convention center
revenues, which will negatively hinder debt service coverage.

The convention center or sports authorities receive taxes two to
three months following the transaction. Therefore, many authorities
have yet to experience the significant decline in revenues that is
anticipated. In addition, it is not yet clear who will bear the
financial burden of contract cancellation fees, which could hinge
on the party initiating the cancellation. However, S&P would
anticipate the contracts between the authorities managing the
facilities and the tenants to be unique and carry an individual set
of provisions, which could include base payments or other
guaranteed payments. Although S&P would not expect total income to
drop to zero, including sales, hotel, and car rental taxes, major
revenue streams are anticipated to be impaired.

Length And Severity Of Impact Are Largely Out Of Authorities'
Control

In recent cases, sports leagues, concert promoters, and convention
organizers voluntarily made the decisions to cancel or postpone
recent events. Nevertheless, in emergency declarations and public
health emergencies such as this, state and federal governments have
exercised their power to place moratoriums on large gatherings or
restrict movements of citizens in some form or fashion. Uncertainty
exists around the confidence some governments or governing bodies
would have to quickly release such moratoriums if situations
change. In addition, consumer confidence may lag well behind a
return to more normalized circumstances. Travelers and
ticket-buying customers might be weary of booking flights and
tickets, and attending large events even after the virus cedes,
further adding to uncertainty and delays in revenue rebound.

In any case, the convention center and sports authorities do not
downplay the severity of the current crisis and S&P expects they
will take every available step within their control to ensure
financial stability. Given the uniqueness of the organizations, the
current situation, while negative, will affect obligors and
revenues in varying degrees.

A list of Affected Ratings can be viewed at:

            https://bit.ly/3aCMmfo


                            *********

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.
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Each Tuesday edition of the TCR contains a list of companies with
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then-ending.

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                            *********

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Troubled Company Reporter is a daily newsletter co-published
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