/raid1/www/Hosts/bankrupt/TCR_Public/200409.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, April 9, 2020, Vol. 24, No. 99

                            Headlines

ADAIR MECHANICAL: Unsecureds Owed $600K to Split $300K in Plan
AKORN INC: Present Bids Unable to Pay Term Loans
ALLIANCE HEALTHCARE: Moody's Cuts CFR to Caa2, Outlook Negative
ANCESTRY.COM OPERATIONS: Moody's Withdraws B2 CFR, Outlook Stable
ANTERO MIDSTREAM: S&P Lowers ICR to 'B-' on Parent Rating Action

ATHLETICO HOLDINGS: Moody's Alters Outlook on B2 CFR to Negative
AVIS BUDGET: DBRS Lowers LongTerm Issuer Rating to BB(low)
BAY CIRCLE: Unsecureds to Get 100% Thakkars' Plan for Sugarloaf
BIG RIVER: Moody's Cuts CFR to Caa1, Outlook Remains Stable
BIOLASE INC: Receives Noncompliance Notice from Nasdaq

BMC ACQUISITION: S&P Cuts ICR to CCC+; Ratings on Watch Developing
BRAZOS PERMIAN II: S&P Downgrades ICR to 'CCC+'; Outlook Stable
CALAIS REGIONAL: Court Narrows Claims in Clawback Suit vs Anthem
CALLON PETROLEUM: S&P Lowers ICR to 'B-' on Weakening Financials
CANNTRUST HOLDINGS: Obtains Initial Order Under CCAA

CARBO CERAMICS: Files Chapter 11 Petition to Facilitate Sale
CARESTREAM DENTAL: Moody's Alters Outlook on B3 CFR to Stable
CEDAR FAIR: Moody's Cuts CFR to B2 & Sr. Unsecured Rating to B3
CHAPARRAL ENERGY: Moody's Cuts CFR to Ca & Unsec. Notes Rating to C
CHG PPC: S&P Downgrades ICR to 'B-'; Outlook Negative

CITY HOMES: Court Narrows Claims in Savon Johnson Suit
CJ AUTO: Unsecured Creditors to Get $12,000 Under Plan
CLINTON NURSERIES: Court Closes Chapter 11 Cases
CNX RESOURCES: Moody's Alters Outlook on B1 CFR to Negative
COMPASS CAYMAN: Moody's Withdraws B2 CFR on Debt Repayment

COOPER-STANDARD HOLDINGS: S&P Lowers ICR to 'B-'; Outlook Negative
CROWNROCK LP: S&P Affirms 'B+' ICR; Outlook Stable
CYTODYN INC: Raises $15 Million Through Securities Offering
DCG ACQUISITION: S&P Downgrades ICR to 'CCC+'; Outlook Negative
DEAN FOODS: DFA Named Winning Bidder to Acquire Assets

DEAN FOODS: Reaches Agreement in Principle With Industrial Realty
DENTALCORP HEALTH: Moody's Alters Outlook on B3 CFR to Negative
DOUBLE L FARMS: Intermountain Farmers Objects to Disc. Statement
EDWARD DON: Moody's Cuts CFR to B3 & Sr. Secured Rating to Caa1
ELO TOUCH: Moody's Alters Outlook on B2 CFR to Negative

ELO TOUCH: S&P Lowers ICR to 'B'; Outlook Negative
ENDEAVOR ENERGY: S&P Alters Outlook to Negative, Affirms BB- ICR
ENTERCOM COMMUNICATIONS: S&P Lowers ICR to 'B'; Outlook Negative
ENVISION HEALTHCARE: Moody's Cuts CFR to Caa2, Outlook Negative
ESSEX REAL ESTATE: Has Plan Based on $50M Equity in Property

EXTRACTION OIL: Moody's Cuts CFR to Caa2 & Unsec. Rating to Caa3
EYEPOINT PHARMACEUTICALS: Plans to Reorganize Commercial Operations
FAIRWAY MARKET: Announces Winning Bids for 6 Going-Concern Stores
FERRELLGAS LP: Proposes to Offer $575-Mil. Secured Notes due 2025
FT. MYERS ALF: Voluntary Chapter 11 Case Summary

GOODRICH QUALITY: U.S. Trustee Appoints Creditors' Committee
GREAT WESTERN: Moody's Cuts CFR to Caa1 & Unsecured Rating to Caa3
GREEN GROWTH: Board Opts for Receiver for CBD Business
GVM INC: Files Plan Based on Sale, Leaseback Transaction
H.R.P. II: Has Until April 24 to File Amended Plan & Disclosures

HARD ROCK: Liquidating Plan Confirmed by Judge
HORNBECK OFFSHORE: Moody's Alters PDR to Caa3-PD/LD, Outlook Neg.
IMAGEWARE SYSTEMS: John Cronin Quits as Director
INDIGO NATURAL: Moody's Alters Outlook on B2 CFR to Stable
INNOVATION PHARMA: In Talks to Advance Brilacidin Into Human Trials

INVENSURE INSURANCE: ERM Not Entitled to Post-Judgment Interest
JAGUAR HEALTH: Reports 2019 Financial Results & Business Updates
KUEHG CORP: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
LIGHTHOUSE PLUMBING: May 26 Plan & Disclosure Hearing Set
LIGHTHOUSE PLUMBING: Unsecureds to Get Full Payment Over 7.5 Years

LNB-002-2013: Unsecureds Will be Paid 100% in Plan
LTMT INC: Unsecured Creditors to Recover 10% Under Plan
LUNA DEVELOPMENTS: Disc. Statement Conditionally Approved
MARTIN MIDSTREAM: Hires Financial Advisor to Explore Alternatives
MELINTA THERAPEUTICS: SEC Still Has Issues With Exculpation in Plan

MELINTA THERAPEUTICS: Unsecureds to 23% Under Plan
MLW LLC: Court Approves Disclosure Statement
MOHAJER12 CORP: Proposes Reorganization Plan
MOUNTAIN STATES: U.S. Trustee Appoints Creditors' Committee
MURRAY METALLURGICAL: Baker Hughes Resigns as Committee Member

NATIONAL VISION: Moody's Alters Outlook on Ba3 CFR to Negative
NCR CORP: Moody's Lowers CFR to B2, Outlook Stable
NEW RESIDENTIAL: Moody's Cuts CFR to B1, On Review for Downgrade
NEW WAY INVESTMENTS: May 5 Plan & Disclosure Hearing Set
O'LINN SECURITY: Unsecureds to Receive $135,000 Over 5 Years

OWENS & MINOR: Will Hold Its Annual Meeting Virtually
PEM FAMILY: April 28 Plan & Disclosure Hearing Set
PG&E CORP: Karen Gowins Resigns From Tort Claimants' Committee
PRECIPIO INC: Implements 5-25% Pay Cuts Amid COVID-19 Pandemic
QUALITY REIMBURSEMENT: Eastpoint/Gancman Object to Disc. Statement

QUANTUM CORP: B. Riley Financial Reports 20.4% Stake as of March 25
QUANTUM CORP: Provides Updated Revenue Guidance for Fiscal Q4
QUORUM HEALTH: Case Summary & 50 Largest Unsecured Creditors
QUORUM HEALTH: Files Chapter 11 to Facilitate Restructuring
RESIDENTIAL CAPITAL: Writ Against Wyoming Circuit Court Tossed

RIDER UNIVERSITY: Moody's Cuts Rating on $73MM Bonds to Ba1
RODAN & FIELDS: Moody's Cuts CFR to Caa2, Outlook Negative
SAEXPLORATION HOLDINGS: Operator Cancels Contracts Valued at $42M
SCOOBEEZ INC: Amazon Objects to Disclosure Statement
SEAWORLD PARKS: Moody's Cuts CFR to B3 & Alters Outlook to Negative

SIX FLAGS: Moody's Cuts CFR to B2 & Sr. Unsec. Notes Rating to B3
TARONIS TECHNOLOGIES: Signs $1.8M Securities Settlement Agreements
TARONIS TECHNOLOGIES: Will Issue $1.4M Shares to Settle Debt
TEAM HEALTH: Moody's Cuts CFR to Caa2 & Senior Sec. Rating to Caa1
THL CREDIT: DBRS Lowers LongTerm Issuer Rating to BB(High)

TMK HAWK: Moody's Cuts CFR to Caa2, Outlook Remains Negative
TRI-STATE ENTERPRISES: Unsecureds to Get Paid from Operating Profit
VCHP WICHITA: Case Summary & 3 Unsecured Creditors
VETERINARY CARE: Successfully Closes $47M Sale to Destination Pet
VOYAGER AVIATION: DBRS Places 'BB' LongTerm Issuer Rating on Review

VT TOPCO: Moody's Cuts CFR to Caa1, Outlook Negative
WESCO AIRCRAFT: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
WHITING PETROLEUM: Reaches Agreement with Supporting Noteholders
WINE VALLEY: April 29 Plan & Disclosure Hearing Set
YI LLC: Moody's Alters Outlook on B3 CFR to Negative

ZEST ACQUISITION: Moody's Alters Outlook on B3 CFR to Negative
[*] Baker McKenzie Hires Cross-Border Restructuring Team
[*] MACCO's Drew McManigle Appointed as Chapter 11 Trustee
[*] S&P Takes Various Rating Actions on Business Services Sector
[^] Recent Small-Dollar & Individual Chapter 11 Filings


                            *********

ADAIR MECHANICAL: Unsecureds Owed $600K to Split $300K in Plan
--------------------------------------------------------------
Adair Mechanical Services, LLC, filed with the U.S. Bankruptcy
Court for the Eastern District of Texas, Sherman Division, on March
20, 2020, a Plan of Reorganization and on March 23, 2020, filed a
Disclosure Statement.

The Debtor believes it has a solid business core and can continue
operations while repaying its current debts to the creditors.  It
is anticipated that after confirmation, the Debtor will continue in
business. Based upon the projections, the Debtor believes it can
service the debt to the creditors.

The Debtor operates an mechanical contracting company.  The
Debtor's assets consist primarily of office furniture and equipment
located in the office.  The Debtor also has some accounts
receivable.  The value of the Debtor's assets, if liquidated, would
not cover the administrative claims and priority creditors debt.
The Debtor believes there is very little likelihood of any dividend
to the unsecured creditors in the event of a liquidation of the
assets of the Debtor.

Class 4 Claimants (Allowed Secured Claims of Ally Bank) are
impaired and will be satisfied as follows: The Debtor and Ally
entered into an Agreed Order whereby the Debtor surrendered 7 of
the vehicles and agreed to make payments on the remaining two
vehicles ("Agreed Order").  The terms of that Agreed Order shall
survive confirmation of this Plan, and the debtor will make
payments to Ally pursuant to the terms of the Agreement Order.

Class 5 Claimant (Allowed Secured Claims of Simmons Bank) are
impaired and shall be satisfied as follows: Bank has filed a Proof
of Claim asserting a secured claim in the amount of $501,986.  The
Bank will have an Allowed Secured Claim in the amount of
$501,986.11 which will be paid in 120 equal monthly installments
with interest at the rate of 5% per annum commencing on the
Effective Date.  The Bank will retain its lien on the Collateral
until paid in full under this Plan.

Class 6 Claimants (Allowed Unsecured Creditors) are impaired and
will be satisfied as follows:  All allowed unsecured creditors will
share pro rata in the unsecured creditors pool.  The Debtor will
make monthly payments commencing on the Effective Date of $5,000
into the unsecured creditors' pool.  The Debtor will make a total
of 60 payments into the unsecured creditors pool with the first
payment being made on the Effective Date.  

The liquidation analysis says that unsecured claims total $600,000,
and unsecured creditors will recover 0% in a liquidation scenario.

The Debtor anticipates the continued operations of the business to
fund the Plan.

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

Proposed attorneys for the Debtor:

     Eric A. Liepins
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 1100
     Dallas, Texas 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788

               About Adair Mechanical Services

Adair Mechanical Services, Inc., is a commercial and industrial
HVAC, refrigeration, and plumbing contractor with 27 combined years
of experience working with a variety of brands and systems in the
DFW Metroplex.

Based in Argyle, Texas, Adair Mechanical Services filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Tex. Case No. 19-41928) on July 19, 2019.  The Hon.
Brenda T. Rhoades is assigned the Debtor's case.  Eric A. Liepins,
Esq. at the law firm of Eric A. Liepins, P.C., is the Debtor's
counsel.


AKORN INC: Present Bids Unable to Pay Term Loans
------------------------------------------------
Akorn, Inc., on April 1, 2020, disclosed that it no longer has any
bids in the Sale Process that are sufficient to pay all obligations
under its term loan agreement.  Accordingly, the Company now
toggles to the alternative milestones that were detailed in the
Second Amended Standstill Agreement and are summarized in the 8-K
filed earlier on April 1.

Doug Boothe, Akorn's President and Chief Executive Officer,
commented, "Unfortunately, our sale process has been negatively
impacted by the broader market uncertainties related to the
COVID-19 crisis.  However, we are working closely with our lenders
to determine the best path forward to ensure that the Company is
positioned for long-term success."

"We remain confident in the fundamental strength of Akorn's
business.  Our commitment to patients, customers and communities is
unwavering as we work to fulfill our mission which, now more than
ever, is critical for those we serve.  We continue to work
tirelessly to improve patients' lives through the quality,
availability and affordability of our products."

The Company plans to continue to operate as usual, including
delivering safe and effective pharmaceutical products to customers
and fulfilling contractual obligations, including payments to
vendors.

                            About Akorn

Headquartered in Lake Forest, Illinois, Akorn, Inc. --
http://www.akorn.com/-- is a specialty pharmaceutical company
engaged in the development, manufacture and marketing of
multi-source and branded pharmaceuticals.  Akorn has manufacturing
facilities located in Decatur, Illinois; Somerset, New Jersey;
Amityville, New York; Hettlingen, Switzerland and Paonta Sahib,
India that manufacture ophthalmic, injectable and specialty sterile
and non-sterile pharmaceuticals.

Akorn reported a net loss of $226.8 million for the year ended Dec.
31, 2019, compared to a net loss of $401.91 million on $694.02
million for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the
Company had $1.28 billion in total assets, $1.05 billion in total
liabilities, and $234.29 million in total shareholders' equity.

BDO USA, LLP, in Chicago, Illinois, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
Feb. 26, 2020, citing that the Company has suffered recurring
losses from operations and has a net working capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.

                         *     *     *

As reported by the TCR on Feb. 24, 2020, Moody's Investors Service
downgraded the ratings of Akorn, Inc. including the Corporate
Family Rating to Caa3 from Caa1.  The downgrade reflects the high
risk of a near-term bankruptcy filing by Akorn, given its ongoing
litigation and $845 million term loan maturity in April 2021.  

Also in February 2020, S&P Global Ratings lowered its issuer credit
rating on Akorn Inc. to 'CCC-' from 'B-' with negative outlook. The
negative outlook reflects the increasing possibility that Akorn
will file for Chapter 11 protection under the U.S. Bankruptcy Code
in the next six months to facilitate repayment of its outstanding
debt.


ALLIANCE HEALTHCARE: Moody's Cuts CFR to Caa2, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Alliance Healthcare Services,
Inc.'s Corporate Family Rating to Caa2 from B3 and Probability of
Default Rating to Caa2-PD from B3-PD. Moody's also downgraded the
ratings of the senior secured first lien credit facilities to Caa1
from B2 and rating on the secured second lien term loan to Ca from
Caa2. The outlook remains negative.

The downgrade reflects the company's weak liquidity and increased
cash needs at a time when the operating conditions will deteriorate
significantly in the near term due to the worsening COVID-19
outbreak. Moody's expects that Alliance will see an overall decline
in diagnostic service volume, primarily as elective procedures are
deferred. As a result, the probability of default, including by way
of a transaction that Moody's considers to be a distressed
exchange, has risen significantly.

Alliance's liquidity is weak because the company's cash flow after
basic obligations including capital expenditures and debt repayment
will be negative in the next 12 months and its access to revolving
credit will be restricted by the maximum consolidated leverage
covenant. The company's consolidated leverage covenant stepped down
to 4.75 times from 5.0 times on December 31, 2019. At the end of
September 2019, Alliance had very little covenant headroom with its
consolidated leverage ratio at 4.69 times.

The negative outlook reflects the uncertainties surrounding the
extent and timing of recovery of the lost business as a result of
the COVID-19 outbreak.

The following ratings were downgraded:

Issuer: Alliance Healthcare Services, Inc.

  Corporate Family Rating downgraded to Caa2 from B3

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

  $125 million senior secured 1st lien revolving credit facility
  expiring 2022 downgraded to Caa1 (LGD3) from B2 (LGD3)

  $405 million senior secured 1st lien term loan due 2023
  downgraded to Caa1 (LGD3) from B2 (LGD3)

  $120 million senior secured 2nd lien term loan due 2024
  downgraded to Ca (LGD5) from Caa2 (LGD5)

Outlook Actions:

  The outlook remains negative.

RATINGS RATIONALE

Alliance's Caa2 CFR reflects the company's weak liquidity,
challenging business operating environment, and high financial
leverage. The rating also reflects Moody's expectations that the
company's weak liquidity will constrain the company's ability to
make long-term investments into the business, potentially resulting
in competitive pressures over time. The company's debt/EBITDA will
spike in the next 12 months as COVID-19 impact flows into the
calculation. However, Moody's estimates that the company will
operate with debt/EBITDA between 6.0 to 7.0 times assuming
procedure volumes recover to historical levels. The pace and timing
of recovery remains uncertain though. The rating benefits from a
unique business model of partnering with hospitals in long term
contracts and joint venture relationships, which provide durability
to revenue and cash flow.

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 healthcare
services 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 Alliance's credit
profile, including its exposure to reductions in procedure volumes
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Alliance 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 Alliance of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook reflects the uncertainties surrounding the
extent and timing of recovery of the lost business as a result of
the COVID-19 outbreak. It also reflects an increased likelihood
that the company will not maintain compliance with its maximum
leverage covenant, which stepped down to 4.75 times on December 31,
2019, and will further step down to 4.5 times on December 31,
2020.

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

The ratings could be downgraded if Alliance's liquidity weakens
further or the probability of default, including by way of a
transaction that Moody's would deem a distressed exchange rises.

Ratings could be upgraded if Moody's expected the company's free
cash flow to approach break-even levels while maintaining adequate
access to external liquidity and improved covenant cushion.

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

Alliance is a national provider of freestanding, outsourced and
joint venture healthcare services that include outpatient
radiology, oncology and interventional clinics, and ambulatory
surgical centers. As of September 30, 2019, Alliance operated 648
diagnostic imaging and radiation therapy systems, including 70
fixed-site radiology centers across the country. Additionally, the
company operated 40 radiation therapy centers and stereotactic
radiosurgery (SRS) facilities. With a strategy of partnering with
hospitals, health systems and physician practices, Alliance
provides healthcare services to over 1,100 hospitals and healthcare
partners in 47 states of the United States of America. Alliance is
owned by Tahoe Investment Group Co., Ltd. ("Tahoe").


ANCESTRY.COM OPERATIONS: Moody's Withdraws B2 CFR, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Ancestry.com Operations Inc.'s
credit facility ratings at B2. Concurrently, Moody's has withdrawn
the B2 Corporate Family Rating and B2-PD Probability of Default
Rating at Ancestry.com Inc. and assigned these ratings at the
company's operating subsidiary Ancestry.com Operations Inc., the
obligor under the secured credit facility. The rating outlook on
Ancestry.com has been withdrawn. The outlook on Ancestry.com
Operations Inc. remains stable.

Moody's took the following rating actions:

Affirmations:

Issuer: Ancestry.com Operations Inc.

Senior Secured First Lien Revolving Credit Facility due 2024,
Affirmed at B2 (LGD4)

Senior Secured First Lien Term Loan due 2026, Affirmed at B2
(LGD4)

Senior Secured First Lien Term Loan due 2023, Affirmed at B2
(LGD4)

Assignments:

Issuer: Ancestry.com Operations Inc.

Corporate Family Rating, Assigned at B2

Probability of Default Rating, Assigned at B2-PD

Withdrawals:

Issuer: Ancestry.com Inc.

Corporate Family Rating, Withdrawn, previously B2

Probability of Default Rating, Withdrawn, previously B2-PD

Outlook Actions:

Issuer: Ancestry.com Inc.

Outlook, Changed To Rating Withdrawn From Stable

Issuer: Ancestry.com Operations Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Ancestry's credit profile reflects the company's strong and
predictable cash flows supported by its subscription service
business, and strong liquidity. Moody's expects Ancestry will
continue implementing the necessary changes to align its cost basis
with an expected sustained decline in demand for DNA kits.
Ancestry's total revenue declined 1.2% in 2019 reflecting 5%
subscriber growth but a 48% DNA unit sales drop compared with 2018,
underscoring continued headwinds in the DNA category, which Moody's
expects will persist in the next 12-18 months. Ancestry is taking
steps to realign its DNA business to reflect the lower level of
consumer demand by reducing costs, as demonstrated by the company's
move in February to reduce its workforce by 6% and cut marketing
and software development spending, resulting in annual operating
expense reduction of approximately $75 million. Moody's anticipates
that the company's efforts to right-size the cost base to the
declining DNA kits demand will lead to improved earnings in the
next 12-18 months, as Family History, the larger and more
profitable part of Ancestry's business, remains strong.

While Ancestry's products and services are discretionary, Moody's
believes that the company's earnings will not be materially
negatively impacted by the coronavirus outbreak. In the short run,
demand for Ancestry's products and services may experience a
temporary spike in demand as people turn to their hobbies while on
lockdowns due to social distancing guidelines. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Ancestry's credit profile continues to reflect the company's strong
market position in its family history research niche and its solid
cash flow, balanced by its very high leverage and recently
weakening demand for DNA kits. Ancestry operates the largest family
history website and has sold more genealogical DNA kits to
consumers than its closest competitor, 23andMe (unrated).
Ancestry's family history website, which has roughly 3.4 million
subscribers, provides a relatively steady and robust stream of cash
flow with which it can service its very high debt burden
(Moody's-adjusted debt-to-EBITDA of 6.7x as of December 31, 2019)
and invest in its DNA kit business. Moody's expects recently weak
demand for DNA kits to persist, leading to total revenue declines
over the next 12 to 18 months. However, Moody's believes that
upcoming product launches, potentially including a health and
wellness offering, should support mid-single digit percentage range
subscriber growth in the company's Family History business, the
company's largest and more profitable segment.

The rating considers governance risks, specifically the high
likelihood of periodic re-leveraging given private equity
ownership. The current ownership group completed two sizeable
dividend recapitalizations in a less than 3-year period (November
2016 and August 2019). The aggressive financial strategy
characterized by tolerance for high leverage will continue to limit
the company's credit profile. This is balanced by the expectation
that the company will not proceed with the previously contemplated
dividend payments to the sponsors and other shareholders in 2020
given the soft operating environment or if it would cause
debt-to-EBITDA based on the company's calculation to exceed 5.0x.

Ancestry has good liquidity, with a full access to a $100 million
revolver and $128 million of cash as of December 31, 2019.
Ancestry's good external liquidity and operating cash flows in the
$160-$180 million range position it strongly to meet the company's
cash needs in 2020, including $21 million in term loan
amortization, $40 million in capex and content purchases, $35-$40
million in working capital needs and return of capital
distributions combined, without borrowing on the revolver.

The stable outlook reflects its expectation for low- to mid-single
digit percentage EBITDA growth on declining revenues, with growth
in subscription revenues more than offset by DNA kit sales
declines. Profitability growth will be supported by the company's
cost saving efforts, and Moody's expects FCF-to-debt in the
mid-single digit percentage range and modest delivering to low 6x
range (including Moody's standard adjustments) in the next 12-18
months.

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

The ratings could be lowered if business fundamentals weaken as
evidenced by slowing subscriber or revenue growth, declining
profitability, or if the company is unable to timely and in
sufficient manner reduce its cost base to offset declining revenues
in its DNA business. A deterioration in liquidity or lack of
meaningful progress in deleveraging such that debt-to-EBITDA is
sustained above 6.5x, or internally generated cash flows soften
such that FCF-to-debt is sustained below 3%, could also lead to a
downgrade.

The ratings could be upgraded if Ancestry sustains mid-single digit
percentage revenue growth, debt-to-EBITDA below 4.5x, and
FCF-to-debt in the high single-digits. A commitment by the
ownership group to maintain conservative financial policies would
also be needed.

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

Headquartered in Lehi, UT, Ancestry.com Inc. is the market leader
in the family history and consumer genomics industries. The company
is privately held by Silver Lake, GIC, Spectrum Equity Investors,
LP, Permira Advisers and Ancestry's management. Ancestry generated
$1.3 billion in revenues in 2019.


ANTERO MIDSTREAM: S&P Lowers ICR to 'B-' on Parent Rating Action
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Antero
Midstream Partners L.P. (AM) to 'B-' from 'B+. S&P also lowered the
issue credit rating on AM's senior unsecured debt to 'B-', which
reflects the recovery rating of '3'.

"The rating on Antero Midstream is capped by the rating on its
parent, Antero Resources Corp. (AR), which we lowered to 'B-' with
a negative outlook on March 27, 2020.  We view AM as strategically
important to AR, so the issuer credit rating on AM is capped at the
rating on the parent, now 'B-'. We lowered the rating on the parent
based on forecasted credit measures that are weaker than previous
expectations over the next two years under our revised oil and gas
price assumptions, and a challenging debt maturity schedule," S&P
said.

"We now consider AM's business risk to be elevated due primarily to
increased counterparty risk.  We consider that AM is reliant on AR
to service its debt and fund other obligations from a business
standpoint given that it's AM's sole customer and provides about
100% of AM's volumes and revenues. As a result, we wouldn't rate AM
higher than AR given its dependency on AR as a counterparty.
Counterparty risk is significantly elevated due to its reliance on
what is now a 'B-' company, indicating the contract profile is
weaker compared to previous expectations. We now assess its
business risk to be weak," the rating agency said.

The negative outlook on Antero Midstream reflects the negative
outlook on Antero Resources. The negative outlook on Antero
Resources reflects the refinancing risk that the parent faces as it
confronts large debt maturities beginning in 2021.

At the same time, S&P expects volumes on Antero Midstream's
gathering and processing systems to increase at a lower growth rate
in 2020 based on its parent's budget. The rating agency anticipates
the partnership will sustain adjusted debt to EBITDA of over 4x
over the next two years while maintaining adequate liquidity.

"We could lower our ratings on Antero Midstream if we lowered our
ratings on Antero Resources. We could lower the rating on both
companies if the parent does not execute its plans to address
upcoming debt maturities this year. We could also lower the rating
if the parent's liquidity becomes constrained or credit measures
weaken to the point that we view the capital structure as
unsustainable. Such a scenario could occur if commodity prices, in
particular prices for NGLs, weaken further, or if the gap between
capital spending and internal cash flow widens," S&P said.

"We could stabilize the outlook on Antero Midstream if we stabilize
the outlook on Antero Resources. We could revise the outlook on the
parent to stable if it addresses its upcoming debt maturities.
Improving credit measures, such as funds from operations (FFO) to
debt above 20% at the parent, would also support a stable outlook.
This could occur if commodity prices, in particular prices for
NGLs, strengthen, or if gains in capital efficiency narrow the gap
between spending and internal cash flow," the rating agency said.


ATHLETICO HOLDINGS: Moody's Alters Outlook on B2 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service changed Athletico Holdings, LLC's outlook
to negative from stable and affirmed its B2 Corporate Family Rating
and B2-PD Probability of Default Rating. At the same time, Moody's
affirmed the B1 ratings on Athletico's senior secured first lien
credit facilities at a subsidiary level.

The change of outlook reflects the combined credit effects of the
rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines. These developments are having unprecedented
effects and are creating a severe and extensive credit shock across
many sectors, regions and markets. Physical therapy has been
designated as an essential healthcare service by the Centers for
Disease Control and Prevention (CDC). However, Moody's believes
that physical therapy companies like Athletico will experience a
significant drop in volumes over the coming weeks due to declines
in demand and appointments.

The affirmation of the B2 CFR reflects Moody's view that Athletico
can reduce variable costs and growth capital expenditures to
maintain adequate liquidity through the public health emergency.
Moody's expects that there will be significant erosion of operating
performance in the second quarter, and perhaps beyond, depending on
the duration of the coronavirus crisis. That said, Moody's believes
that Athletico will continue to be able to serve a portion of
patients through telehealth visits and that demand for physical
therapy services will return to more normalized levels in the
second half of 2020.

Moody's took the following rating actions:

Issuer: Athletico Holdings, LLC

Corporate Family Rating, affirmed at B2

Probability of Default Rating, affirmed at B2-PD

Issuer: Athletico Management, LLC and Accelerated Health Systems,
LLC as co-borrowers

Secured 1st lien revolving credit facility expiring 2023, affirmed
at B1 (LGD3)

Secured 1st lien term loan due 2025, affirmed at B1 (LGD3)

Outlook Actions:

Issuer: Athletico Holdings, LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Athletico's B2 Corporate Family Rating reflects its high financial
leverage and geographic concentration in the mid-western region of
the US. The rating also reflects the relatively low barriers to
entry in the physical therapy business and the risk of market
oversaturation given the rapid expansion of Athletico and many of
its competitors. The rating also incorporates risks associated with
the company's rapid expansion strategy as it grows, both
organically and through acquisitions. The rating is supported
Athletico's track record of growth and solid free cash flow
generation given low capital expenditure needs. Additionally,
Athletico has some ability to conserve liquidity by reducing new
clinic openings. Moody's expects that demand for physical therapy
will continue to grow given it is relatively low-cost and can
prevent the need for more expensive treatments.

Moody's considers Athletico to have adequate liquidity. The company
has historically had positive free cash flow, though limited by
growth and acquisition spending. While the company can reduce these
expenditures, Moody's expects revenue and earnings to decline
significantly in the coming weeks, likely resulting in negative
free cash flow. Liquidity is supported by the company's
approximately $14 million of cash as of September 30, 2019, $30
million of additional cash drawn from the revolver as well as
another $70 million of cash of availability on the company's
revolver, assuming there remains capacity under the covenant.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, Athletico faces
other social risks such as the rising concerns around the access
and affordability of healthcare services. However, Moody's does not
consider the physical therapy providers to face the same level of
social risk as many other healthcare providers. Further, Athletico
benefits from positive social considerations, as physical therapy
can be a less expensive and a safer alternative to surgery or
opioid usage. From a governance perspective, Moody's expects
Athletico's financial policies to remain aggressive due to its
private equity ownership.

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

Ratings could be downgraded if the company's liquidity weakens or
if the company is not able to reduce variable costs and capital
expenditures in the coming weeks to mitigate the negative impact of
coronavirus on volumes. Moody's anticipates that leverage will
increase in the near-term due to coronavirus. If Moody's believes
that adjusted debt/EBITDA will remain above 6.0x once operations
normalize, the ratings could be downgraded. Beyond coronavirus, if
the company fails to effectively manage its rapid growth or the
company pursues more aggressive financial policies, the ratings
could be downgraded.

Although not likely in the near-term, an upgrade is possible if
Athletico materially increases its size and scale and demonstrates
stable organic growth at the same time it effectively executes on
its expansion strategy. Additionally, adjusted debt/EBITDA
sustained below 4.5 times could support an upgrade.

Athletico Holdings, LLC, headquartered in Oak Brook, IL, is a
provider of outpatient rehabilitation services - primarily physical
therapy. Through its subsidiaries, it operates 525 clinics in 12
states, with a strong presence in the mid-western US. The company
also has 36 management service agreements with large physician
groups or hospitals to provide physical therapy services. Revenues
are approximately $440 million. Athletico is owned by BDT Capital
Partners, LLC.

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


AVIS BUDGET: DBRS Lowers LongTerm Issuer Rating to BB(low)
----------------------------------------------------------
DBRS, Inc. has downgraded the ratings of Avis Budget Group, Inc.,
and its related subsidiary Avis Budget Car Rental, LLC, including
the Company's Long-Term Issuer Rating to BB (low) from BB. At the
same time, Avis Budget's ratings were placed on Under Review with
Negative Implications. The rating actions reflect DBRS
Morningstar's view that the evolving Coronavirus Disease (COVID-19)
outbreak will negatively impact the Company's credit fundamentals,
especially revenues and its bottom line.

KEY RATING CONSIDERATIONS

The downgrade and Under Review with Negative Implications considers
the significant coronavirus related headwinds facing Avis Budget.
Global and local governments have enacted travel restrictions to
reduce the spread of the coronavirus, resulting in a significant
drop in aviation and automotive travel, pressuring vehicle rental
volumes and utilization rates at the Company's on-airport and
off-airport businesses. Reflective of the severity of the impact of
the travel restrictions, the Company's reservations in April are
down by approximately 60%. DBRS Morningstar notes that the impact
of these headwinds on the Company's bottom line will be significant
and exacerbate if travel restrictions remain in place for a long
period of time. Of note, the second and third quarters are
critically important operating periods with a majority of the
industry's earnings generated in these quarters. DBRS Morningstar
notes that the full impact of the coronavirus is still unclear,
including the severity of the disease, as well as its duration
before it runs its course. As such, the overall impact on Avis
Budget's long-term credit profile is dependent on the length and
depth of the current downturn on the travel industry from the
coronavirus pandemic.

To counter pressured revenues, Avis Budget is reducing staff levels
to match demand, cutting operational costs, stopping capital
expenditures, and evaluating compensation expense. As with its
peers, Avis Budget is in the process of reducing vehicle levels to
match demand.

Avis Budget's funding profile is heavily reliant on secured
wholesale funding, including rental car backed securitizations.
This results in a high level of encumbered assets, which reduces
the Company's financial flexibility, especially in periods of
stress. This high level of balance sheet encumbrance is factored in
the one-notch differential between the Long-Term Issuer Rating and
the Senior Unsecured Debt rating of Avis Budget.

Given the current environment, liquidity management is a key
function of the Company. Currently, Avis Budget has approximately
$1.1 billion in cash and approximately $750 million in credit under
its undrawn revolving credit facility. The Company sees liquidity
as sufficient to fund its operations through the remainder of
2020.

During the review, DBRS Morningstar will focus on Avis Budget's
capacity to offset the impact of the coronavirus pandemic and its
impact on the Company's future financial performance and credit
fundamentals. DBRS Morningstar will consider the Company's actions,
including downsizing its fleet, reducing its staff, cutting
operational costs, and pausing capital spending, which the Company
expects to aggregate to more than $400 million in annualized cost
reductions. Additionally, DBRS Morningstar will consider the impact
of any U.S. or European governmental support for the rental car
industry.

The Under Review with Negative Implications status is generally
resolved with a rating action within three months. However, if
heightened market uncertainty and volatility persists, DBRS
Morningstar may extend the Under Review status for a longer period
of time.

RATING DRIVERS

Given the Under Review with Negative Implications, an upgrade in
the near term is unlikely. However, if solid progress is made
globally, particularly in the United States, in controlling the
coronavirus pandemic, and Avis Budget's vehicle rental volumes and
utilization were to approach pre-pandemic levels, ratings could
return to a Stable trend. However, if the coronavirus pandemic is
sustained longer than anticipated keeping rental volumes and
vehicle utilization rates low, ratings would likely be downgraded.
Ratings would also likely be lowered should liquidity materially
weaken.

Notes: All figures are in U.S. dollars unless otherwise noted.


BAY CIRCLE: Unsecureds to Get 100% Thakkars' Plan for Sugarloaf
---------------------------------------------------------------
Chuck Thakkar, Niloy Thakkar and Rohan Thakkar submitted a proposed
Chapter 11 Plan for Sugarloaf Centre, LLC.  

The Plan Proponents are members of NRCT which is an owner of
Sugarloaf Centre Partners, LLC, which owns debtor Sugarloaf .   

As of the Filing Date, Sugarloaf's assets totaled approximately
$4,087,353 and included the following:

   (i) land located at 1930 Satellite Boulevard valued at $932,790;


  (ii) retail shopping center located at 1950 Satellite Boulevard
valued at $1,530,000;

(iii) single story building valued at $1,362,000;

  (iv) checking account with available funds in the amount of
$59,783;

  (vi) Georgia Power security deposit totaling $2,724; and

(vii) accounts receivable valued at $200,056.

As of the Filing Date, Sugarloaf's liabilities totaled
approximately $21,448,755 and included the following:(i) secured
claim due and owing to Wells Fargo totaling approximately
$21,300,000; (ii) unsecured claims totaling approximately $148,755
including the following:

    1. AT&T in the amount of $122.98;

    2. Georgia Power in the amount of $461.53;

    3. Gwinnett Water Resources in the amount of $1,644;

    4. a disputed and unliquidated claimto LIT Industrial Texas, LP
in the amount of $15,000;

    5. Nilhan Financial, LLC in the amount of $146,367; and

    6. Russell Landscape, LLC in the amount of $160.

The loan due and owing to Wells Fargo as of the Filing Date was
secured by Sugarloaf's real property.  The Wells Fargo loan was
also guaranteed by  Nilroy, Inc., Nilhan financial, LLC, Chuck
Thakkar and Saloni C. Thakkar.

Sugarloaf is 100% owned by Sugarloaf Centre Partners, LLC.  As of
the Filing Date, Sugarloaf Centre Partners, LLC was owned by NRCT
and NCT Systems, Inc..  Gateway asserts that, in accordance with a
postpetition assignment by Chuck Thakker with respect to his
ownership interest in NCT Systems, Inc., it now owns NCT Systems,
Inc.  The Thakkars dispute the ownership interest in Sugarloaf
Centre Partners, LLC, and contend that Gateway does not have any
ownership interest in Sugarloaf Centre Partners, LLC

The Debtor will pay all claims from the funds on hand and surrender
of the real property to the secured creditor.

The Plan treats claims as follows:

    * Class 2.  Class 2 Consists of Holders of Allowed Unsecured
Claims Less than $1,000.  Impaired.  The Debtor believes that
BellSouth and Russell Landscape, LLC, claims were satisfied in the
ordinary course of business.  If the Claims have not been paid,
holders of allowed unsecured claims will be paid in full on the
Effective Date or within 14 days after entry of a final
non-appealable order resolving any objection to claim.

    * Class 3.  The Debtor believes that the Class 3 Unsecured
Trade Claims were paid in the ordinary course of business.  If the
Class 3 Claims have not been paid, the Holders of Allowed Unsecured
Trade Claims will receive a one time lump sum distribution
equivalent to 100% of their allowed claim within sixty (60) days
after entry of a final non-appealable order, if the amount is still
due and owing.

    * Class 4.  Class 4 Interest Holders will vest with the Niloy
and Rohan Thakkar and appropriate actions will be taken to
implement the Plan, surrender collateral, take all actions required
to implement the Plan and dissolve the company.

   * Class 6.  Class 6 will consist of the Claim of the Holder of
the Post-Petition SIMBA Note.  Impaired.  The total indebtedness
due and owing under the SIMBA Note is approximately $9,797,500 and
is comprised of outstanding principal in the amount of $7,500,000
and outstanding, accrued and unpaid interest totaling approximately
accordance with the postpetition financing agreement approved by
the Court any and all outstanding interest due and owing under the
post-petition loan obligations shall be paid from the funds on
hand.  The postpetition interest will be treated as a secured claim
and/or a super-priority post-petition administrative expense claim
as determined by the post-petition loan documents as approved by
the Court and the postpetition interest shall be paid in accordance
with the priorities established by the Bankruptcy Code.  Any unpaid
interest shall be paid on the Effective Date.  Any and all real
property securing the remaining obligation due and owing to the
Holder of the Class 6 Claim shall be surrendered to the Allowed
Class 6 Claim Holder.

   * Class 7.  Class 7 shall consist of  the claim of Nilhan
Financial, Inc. which is asserted by the Chapter 7 trustee for the
bankruptcy estate of Nilhan Financial, Inc. Impaired. Any remaining
funds will be disbursed to the Holder of the Allowed Class 7 Claim.


A full-text copy of the Amended Disclosure Statement dated March
23, 2020, is available at https://tinyurl.com/wwyxs7q from
PacerMonitor.com at no charge.

Counsel for Plan Proponents:

     M. Denise Dotson
     M. Denise Dotson, LLC
     PO Box 435 Avondale Estates, GA 30002
     (404) 210-0166 Telephone
     denise@mddotsonlaw.com

              About Bay Circle Properties, et al.

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

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

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

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


BIG RIVER: Moody's Cuts CFR to Caa1, Outlook Remains Stable
-----------------------------------------------------------
Moody's Investors Service downgraded Big River Steel LLC's
corporate family rating to Caa1 from B3 and its probability of
default rating to Caa1-PD from B3-PD. At the same time, Moody's
downgraded the rating on its $395 million term loan B, $600 million
senior secured notes and the $487 million Arkansas Development
Finance Authority tax-exempt bonds to Caa1 from B3. The ratings
outlook remains stable.

"The downgrade of Big River's ratings reflects the recent
deterioration in its operating results and credit metrics and the
expectation these trends will continue as the company starts up its
Phase II expansion." said Michael Corelli, Moody's Senior Vice
President and lead analyst for Big River Steel LLC.

The following rating actions were taken:

Downgrades:

Issuer: Big River Steel LLC

  Corporate Family Rating, Downgraded to Caa1 from B3

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

  Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD4)
from B3 (LGD4)

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

Issuer: ARKANSAS DEVELOPMENT FINANCE AUTHORITY

  Senior Secured Revenue Bonds, Downgraded to Caa1 (LGD4) from B3
(LGD4)

Outlook Actions:

Issuer: Big River Steel LLC

  Outlook, Remains Stable

RATINGS RATIONALE

Big River Steel's Caa1 corporate family rating reflects its small
size and limited scale with a single production facility in
Osceola, Arkansas, and its reliance on the volatile steel sector
which has very weak near-term prospects. The rating also reflects
the risk it is not able to capture share when it ramps up its
expanded production capacity in 2021, especially considering the
capacity expansions planned by its major electric arc furnace (EAF)
competitors. It's very weak near-term credit metrics resulting from
softening operating results combined with increased borrowings to
fund its expansion project, are also factored in the rating. The
rating is supported by the successful ramp-up of Big River's steel
mill and the likelihood it will have the same success with its
Phase II expansion. It is also supported by its very low-cost
structure and the operating flexibility it has as an EAF mini-mill
steel producer.

The rapid and widening spread of the coronavirus outbreak and the
mandated social distancing measures have led to a deteriorating
global economic outlook, falling oil prices, and asset price
declines which 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 regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Its rating action partly reflects the impact on Big River Steel of
the breadth and severity of the coronavirus shock on the domestic
steel sector, which has led to weaker demand and lower prices. Hot
rolled coil prices have declined to around $530 per ton and are
likely to approach the 3.5 year low of about $465 per ton reached
in October 2019. Production curtailments in certain industrial
sectors, work stoppages and delays in the construction sector and a
significant reduction in oil & gas sector exploration and
production spending due to significantly lower oil prices is
leading to substantially reduced steel demand. These are key
sectors for Big River Steel and these issues will result in a
second consecutive year of weak operating results for the company.

Big River produced very weak operating results in 2019 due to
declining steel prices and contracting metal spreads, and its
credit metrics also materially deteriorated due to the issuance of
$487 million of tax-exempt bonds. Its adjusted leverage ratio
(debt/EBITDA) rose to 13.4x while its interest coverage
(EBIT/Interest) declined to -0.3x. The leverage ratio would have
been very weak at about 9.0x even excluding the tax-exempt debt
which is funding its Phase II expansion. Moody's expects the
company's operating results and credit metrics to deteriorate even
further in 2020 before potentially strengthening in 2021 if steel
market conditions improve as it ramps up the output from its Phase
II expansion. However, it is unlikely to produce credit metrics
that are commensurate with a higher rating considering the
increased competitive intensity anticipated from the capacity
additions planned by its major low cost EAF steel making
competitors. The combined capacity additions planned by Nucor
Corporation (Baa1 stable), Steel Dynamics, Inc. (Baa3 stable) and
Big River will increase flat rolled capacity by about 6.0 million
tons in a market that is typically around 65 million tons. There
have been recent capacity closures of a similar magnitude, but they
were higher cost basic oxygen furnace (BOF) steel plants.

Big River is expected to maintain adequate liquidity and has no
meaningful debt maturities prior to the maturity of its term loan B
in 2023. The company had $250 of unrestricted cash and $194 million
of restricted cash, most of which is committed to fund its
expansion project, and $176 million of availability on its unused
$225 million ABL revolver as of December 31, 2019. The company
still had about $400 million left to spend on the Phase II
expansion and may not generate free cash flow from its existing
operations in 2020 if difficult market conditions persist. The
borrowing capacity on its ABL revolver could also contract if its
receivables and inventories decline due to weaker steel prices and
demand. Therefore, its liquidity could become somewhat weak later
in the year.

The stable ratings outlook presumes the company's liquidity will
remain adequate and its operating results and credit metrics will
weaken in the near term, but will substantially improve when it
ramps up its expanded capacity in 2021.

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

The ratings are not likely to be upgraded in the near term
considering the company's modest size, lack of end market diversity
and the expectation for weaker operating results and credit
metrics. The company would need to maintain a leverage ratio below
5.5x, an interest coverage ratio above 2.0x and consistently
generate free cash flow for an upgrade to be considered.

Negative rating pressure could develop if the company experiences
any significant cost overruns, delays or production issues
associated with its expansion project or its credit metrics fail to
materially strengthen in 2021. The leverage ratio remaining above
7.0x or the interest coverage ratio persisting below 1.0x could
lead to a downgrade. A significant reduction in borrowing
availability or liquidity could also result in a downgrade.

Big River Steel LLC, headquartered in Osceola, Arkansas, operates a
flex steel mill with 1.65 million tons of capacity. The mill began
commercial production in December 2016 and produces hot rolled,
cold rolled and galvanized steel products and higher quality API
and motor lamination steels and advanced high strength steels. The
company serves the transportation, construction, oil & gas, energy
and electric power sectors. Big River generated $1.1 billion in
revenues for the twelve months ended December 31, 2019.


BIOLASE INC: Receives Noncompliance Notice from Nasdaq
------------------------------------------------------
Biolase, Inc. received on March 31, 2020, a deficiency letter from
the Listing Qualifications Department of the Nasdaq Stock Market
notifying the Company that, based on the Company's stockholders'
equity of $377,000 as of Dec. 31, 2019, as reported in the
Company's Annual Report on Form 10-K for the year ended Dec. 31,
2019, it is no longer in compliance with the minimum stockholders'
equity requirement for continued listing on the Nasdaq Capital
Market under Nasdaq Listing Rule 5550(b)(1), which requires listed
companies to maintain stockholders' equity of at least $2.5
million.  The Company has until May 15, 2020 to provide Nasdaq with
a specific plan to achieve and sustain compliance with the
foregoing listing requirement.  If the Company's plan to regain
compliance is accepted, Nasdaq may grant an extension of up to 180
calendar days from the date of the letter for the Company to
evidence compliance.

The Company is presently evaluating various courses of action to
regain compliance and intends to timely submit a plan to Nasdaq to
regain compliance with the Nasdaq Listing Rules.  However, there
can be no assurance that the Company's plan will be accepted or
that if it is, the Company will be able to regain compliance and
maintain its listing on the Nasdaq Capital Market. If the Company's
plan to regain compliance is not accepted or if Nasdaq does not
grant an extension and the Company does not regain compliance
within the requisite time period, or if the Company fails to
satisfy another Nasdaq requirement for continued listing, Nasdaq
could provide notice that the Company's securities will become
subject to delisting.

                          About BIOLASE

BIOLASE -- http://www.biolase.com/-- is a medical device company
that develops, manufactures, markets, and sells laser systems in
dentistry, and medicine.  BIOLASE's products advance the practice
of dentistry and medicine for patients and healthcare
professionals.  BIOLASE's proprietary laser products incorporate
approximately patented 208 and 56 patent-pending technologies
designed to provide biologically clinically superior performance
with less pain and faster recovery times.  BIOLASE's innovative
products provide cutting-edge technology at competitive prices to
deliver superior results for dentists and patients.  BIOLASE's
principal products are revolutionary dental laser systems that
perform a broad range of dental procedures, including cosmetic and
complex surgical applications, and a full line of dental imaging
equipment.  BIOLASE has sold over 41,000 laser systems to date in
over 80 countries around the world.  Laser products under
development address BIOLASE's core dental market and other adjacent
medical and consumer applications.

Biolase reported a net loss of $17.85 million for the year ended
Dec. 31, 2019, compared to a net loss of $21.52 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$31.85 million in total assets, $27.51 million in total
liabilities, $3.96 million in total redeemable preferred stock, and
$377,000 in total stockholders' equity.

BDO USA, LLP, in Costa Mesa, California, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated March 27, 2020 citing that the Company has suffered recurring
losses from operations, has negative cash flows from operations and
has uncertainties regarding the Company's ability to meet its debt
covenants and service its debt.  These factors, among others, raise
substantial doubt about its ability to continue as a going concern.


BMC ACQUISITION: S&P Cuts ICR to CCC+; Ratings on Watch Developing
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on BMC
Acquisition Inc. to 'CCC+' from 'B-' and placed all of its ratings
on the company on CreditWatch with developing implications,
reflecting the uncertainty surrounding the company's ability to
withstand potential pressures on its liquidity in the near term.

The downgrade reflects BMC's weakening liquidity position as
ongoing free operating cash flow deficits and COVID-19 induced
revenue declines lead to increasing cash burn amid limited revolver
availability.   Elevated levels of capital investments in 2019,
pressured BMC's liquidity position by straining free operating cash
flow and resulting in revolver borrowings. As of Sept. 30, 2019,
the company had $8 million of availability under its revolving
credit facility, a free operating cash flow deficit of $8 million,
$1.2 million of cash on hand, and $11.2 million of earn-out
obligations due over the next 12 months. While capex is expected to
somewhat normalize in 2020, earn out obligations and COVID-19
related cash burn is expected to encourage persistent free
operating cash flow deficits. Considering BMC's limited liquidity
sources at this time, S&P views the company's long-term financial
commitments as unsustainable unless the company's plan to improve
its liquidity are successful.

"The CreditWatch placement reflects our view that BMC's ability to
service its financial commitments could be further constrained if
liquidity weakens, increasing the risk of a distressed exchange or
a conventional default. We could also raise the rating if the
company is able to remediate its weak liquidity position in the
next 90 days and/or we have better visibility of the impact of
COVID-19 on the business," S&P said.


BRAZOS PERMIAN II: S&P Downgrades ICR to 'CCC+'; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Brazos
Permian II LLC to 'CCC+' from 'B-'. At the same time S&P lowered
its issue-level rating on Brazos' $900 million senior secured term
loan B to 'CCC+' from 'B-'. S&P's recovery rating on the company's
debt remains '3', which indicates a meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of default.

"The downgrade reflects our expectation that Brazos' leverage
metrics will remain elevated over the next 12 to 18 months. We view
the company's capital structure as unsustainable as indicated by
our forecast adjusted debt-to-EBITDA ratio of 9.5x - 10x in 2020
with limited prospects for deleveraging. Our assessment reflects
lower-than-anticipated volume growth exacerbated by the current
negative market conditions, which we expect to continue through
2020 and 2021," S&P said.

The stable outlook reflects S&P's expectation that the company will
maintain adequate liquidity and have sufficient headroom over its
1.1x debt service coverage ratio covenant over the next 12 month.
It forecasts an adjusted debt-to-EBITDA ratio at 9.5x-10x in 2020,
resulting from lower expected natural gas volumes in Brazos'
dedicated acreage.

"We could lower our rating on Brazos if we expect the company to
restructure its debt or miss an interest or amortization payment
over the next 12 months," S&P said.

"We could consider a positive rating action if we see a trend of
deleveraging towards the 7x range and view Brazos capital structure
as sustainable," S&P said.


CALAIS REGIONAL: Court Narrows Claims in Clawback Suit vs Anthem
----------------------------------------------------------------
Bankruptcy Judge Michael A. Fagone grants, in substantial part, the
defendant's motion to dismiss the case captioned Calais Regional
Hospital, Plaintiff, v. Anthem Health Plans of Maine, Inc., d/b/a
Anthem Blue Cross Blue Shield, Defendant, Adv. Proc. No. 19-1015
(Bankr. D. Me.).

The plaintiff asserts that the defendant, an insurance company, did
not pay reasonably equivalent value for the healthcare services
that the plaintiff provided to insured patients. The plaintiff
seeks to recover amounts in excess of the amounts that the
defendant agreed to pay for those services.

The defendant contends that the complaint fails to state a claim
upon which relief may be granted and must therefore be dismissed.

CRH alleges that it had a right to payment from Anthem for Medical
Services provided to Insureds, and that it entered into Contracts
with Anthem regarding the rates Anthem agreed to pay for Medical
Services provided to Insureds. CRH also alleges that it provided
Medical Services to Insureds (not to Anthem). That is the extent of
the pertinent allegations, however. CRH did not, for example,
allege that it billed Anthem at the rates specified in the
Contracts, that Anthem paid some amounts less than those rates, and
that CRH wrote off the unpaid receivables which were otherwise due
and payable under the terms of the Contracts.

According to the Court, the complaint is entirely lacking in
factual detail regarding the relationship, if any, between the
amounts specified in the Contracts, the amounts billed by CRH, and
the amounts actually paid by Anthem.

The Court says CRH fails to articulate the basis of any claims that
its creditors might have against Anthem not arising out of the
Contracts. In the absence of any suggestion to the contrary, it is
reasonable to infer that CRH's right to payment from Anthem was
limited to the amounts specified in the Contracts and that Anthem
in fact paid CRH at the rates specified in the Contracts. When
those inferences are drawn, the fraudulent transfer theory
crumbles. If Anthem paid CRH at the rates specified in the
Contracts, CRH would not have had any claims for further payment
from Anthem under the Contracts and would have had no additional
accounts receivable to part with, write off, or release.

CRH contends that a transfer made pursuant to a contract can be
avoided as a fraudulent transfer. True enough. If an insolvent
debtor enters into a contract to sell an asset worth $1,000,000 for
$5,000 and then performs under that contract, the purchaser cannot
defend a fraudulent transfer action solely by pointing to the
contract. But this truism does not help CRH identify the existence
of the asset allegedly transferred. The cases cited by CRH are
readily distinguishable: each features a debtor who unquestionably
transferred an asset.

Given the dearth of any plausible allegations that CRH had a
property interest in any claims for further payment from Anthem,
CRH fails to state a claim that such an interest was fraudulently
transferred, the Court says.

In sum, Counts I-IV is dismissed for failure to state a claim under
Rule 12(b)(6). Given the dismissal of the claims to avoid
fraudulent transfers and obligations, the related claim for
recovery of those avoided transfers and obligations in Count V will
be dismissed as well. This disposition also applies to Count VI,
which would permit disallowance of Anthem's claim against the
estate only if property was recoverable from Anthem or Anthem was
otherwise a transferee of an avoidable transfer. With respect to
Count VII, the motion is denied.

A copy of the Court's Memorandum of Decision dated March 4, 2020 is
available at https://bit.ly/3brQYFj from Leagle.com.

Calais Regional Hospital, Plaintiff, represented by Sage M.
Friedman, Esq. -- sfriedman@mpmlaw.com -- Murray Plumb & Murray,
Andrew Helman, Esq. -- ahelman@mpmlaw.com -- Murray, Plumb &
Murray, Katherine Krakowka -- kkrakowka@mpmlaw.com -- Murray, Plumb
& Murray & Kelly McDonald, Esq. -- kmcdonald@mpmlaw.com -- Murray,
Plumb & Murray.

Anthem Health Plans of Maine, Inc., d/b/a Anthem Blue Cross Blue
Shield, Defendant, represented by Christopher R. Drury, Esq. --
cdrury@goodwin.com -- Shipman & Goodwin LLP.

                About Calais Regional Hospital

Based in Calais, Maine, Calais Regional Hospital --
https://www.calaishospital.org/ -- operates as a non-profit
organization offering cardiac rehabilitation, emergency, food and
nutrition, home health, inpatient care unit, laboratory, nursing,
radiology, respiratory care and stress testing, surgery, and
social
services.

Calais Regional Hospital filed a Chapter 11 petition (Bankr. D.
Maine Case No. 19-10486) on Sept. 17, 2019.  At the time of
filing,
the Debtor had estimated assets and liabilities of $10 million to
$50 million.  Judge Michael A. Fagone oversees the case.  The
Debtor is represented by Murray Plumb & Murray.


CALLON PETROLEUM: S&P Lowers ICR to 'B-' on Weakening Financials
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Callon
Petroleum Co. to 'B-' from 'B+'. S&P also lowered the rating on the
unsecured notes to 'B' from 'BB-'. The '2' recovery rating is
unchanged.

The collapse in oil prices will hurt Callon Petroleum Co.'s cash
flow and leverage metrics. The company has approximately 75% of its
oil production hedged in 2020 at an average price of over $40 per
barrel (bbl). S&P now projects the company's funds from operations
(FFO) to debt will average about 15%-20% over the next two years,
and that free cash flow and related debt repayment will be below
expectations. The company stated that it expects forecast free cash
flow generation of $75 million-$100 million for the rest of the
year (second quarter through year end) assuming no service cost
deflation and flat NYMEX prices of $35/bbl and $2.00 per million
British thermal unit (mmBtu) for the balance of the year. Given
current commodity prices and S&P's price deck of $25/bbl for West
Texas Intermediate (WTI) for 2020, S&P forecasts free cash flow to
be lower than management's assumptions.

The negative outlook reflects the current weak and volatile
commodity price environment and its potential impact on Callon's
financial performance and liquidity. Callon has a significant draw
on its revolving credit facility, about 65%, and S&P believes the
borrowing base could be lowered due to the combination of lower
bank price decks and limited reserve additions due to lower
drilling levels in 2020. This is compounded by lower free cash flow
and slower-than-expected repayment of outstanding borrowings.

"We could lower the issuer credit rating if Callon's liquidity
weakens more than our current expectations or if its leverage
measures approach unsustainable levels. Such a scenario is possible
if the company's credit facility is reduced more than our current
expectations or Callon outspends its cash flow," S&P said.

"We could revise the outlook to stable if the Callon's liquidity
improves, it reduces its debt on its credit facility, and it
integrates its acquired assets from Carrizo while realizing
additional cost synergies. Both would likely occur in conjunction
with increasing commodity prices," the rating agency said.


CANNTRUST HOLDINGS: Obtains Initial Order Under CCAA
----------------------------------------------------
CannTrust Holdings Inc. (TSX: TRST,NYSE: CTST) on March 31, 2020,
disclosed that the Company has obtained an order (the "Initial
Order") from the Ontario Superior Court of Justice (Commercial
List) (the "Court") granting protection under the Companies'
Creditors Arrangement Act (Canada) ("CCAA").  In accordance with
the Initial Order, all creditors of CannTrust, CannTrust Inc., CTI
Holdings (Osoyoos) Inc., and Elmcliffe Investments Inc. (the
"Applicants"), as well as the plaintiffs in the putative class
actions and other litigation brought against the Applicants, will
be stayed from enforcing their claims.  The Initial Order provides
for a stay of proceedings in favour of the Applicants for an
initial period of 10 days, subject to such extensions as the Court
may subsequently order, and the appointment of Ernst & Young Inc.
as Monitor in the CCAA proceedings.

After reviewing a number of options, CannTrust's Board of Directors
determined that commencing CCAA proceedings is in the Company's
best interests.  The Company hopes to exit CCAA protection
well-positioned to rebuild its stakeholders' trust and deliver
high-quality, innovative products to its patients and customers.

Pursuant to the Initial Order, the Court has granted a stay of
proceedings that will allow CannTrust to, among other things:

   -- Complete the remainder of CannTrust's remediation plan for
its Vaughan Facility without disruption and submit the related
evidence package to Health Canada;

   -- Continue to work with Health Canada to resolve any remaining
Cannabis Act compliance issues, with a view towards reinstating
CannTrust's licenses for its Niagara and Vaughan facilities and
restoring operations;

   -- Explore a CCAA plan of compromise or arrangement as a means
for addressing the multiple putative class actions and other
litigation brought against CannTrust in several jurisdictions,
seeking to resolve all of the claims and contingent claims against
the Company in a single forum; and

   -- Facilitate the completion of the Board of Directors' review
of strategic alternatives (the "Strategic Process"), including the
solicitation, development and execution of any potential sale or
other strategic transaction involving CannTrust, whether in
addition to, or as an alternative to, a CCAA plan of compromise or
arrangement.

Despite the efforts by CannTrust's management and Board of
Directors to preserve the Company's cash liquidity while seeking to
restore the Company to operations and resolve the multiple
litigations and other contingent claims facing the Company, the
Company's future remains uncertain.  Without its cannabis licenses,
the Company has been unable to generate any meaningful revenue
since June 2019.  The Company has not filed any financial
statements subsequent to its interim unaudited comparative
financial statements for the three months ended March 31, 2019,
which, together with its financial statements for the year ended
December 31, 2018, are subject to restatement.  Furthermore, the
effects of the COVID-19 pandemic have exacerbated what were already
difficult circumstances, introducing potential delays in Health
Canada's ability to review the Company's applications for
reinstatement of its Niagara and Vaughan licenses and making it
even more challenging for CannTrust to attract new financing or a
strategic partner.

CannTrust is expending significant time and money pursuing the
completion of its remediation plan and defending the putative class
actions against the Company in multiple jurisdictions.  There can
be no assurance that Health Canada will reinstate CannTrust's
licenses or that the Company's litigation will be resolved in the
near term or on a basis that will leave the Company with sufficient
financial resources to resume operations.  At present, and in light
of seeking CCAA protection, its reduced liquidity position and the
contingent claims it is facing, the Company does not intend to
devote additional time or money towards curing its public
disclosure defaults by completing and resuming the filing of
required reports under Canadian and United States securities laws.
As of March 20, 2020, CannTrust had a cash balance of approximately
$145 million.  If Health Canada elects to reinstate CannTrust's
cannabis licenses, it would take several months for the Company to
begin earning revenue and the Company would require significant
working capital to restore its operations and return to
profitability.  Similarly, there can be no assurance that the
Strategic Process will result in any transaction, and there can be
no assurance that the Strategic Process or the outcome of the CCAA
proceeding will provide any residual value for the benefit of
holders of the Company's Common Shares.

Trading in CannTrust's common shares (the "Common Shares") on the
Toronto Stock Exchange (the "TSX") and New York Stock Exchange (the
"NYSE") has been halted and the Company expects that, as a result
of having filed for protection under the CCAA, the Common Shares
will soon be delisted from trading on the TSX and NYSE.  In
addition, CannTrust anticipates that, as a result of the Company's
filing for protection under the CCAA, its pending delisting by the
TSX and NYSE, and its continuing default of its disclosure
obligations under applicable securities laws, provincial securities
regulators in Canada will issue a cease trade order to prevent any
trading in the Common Shares in Canada.

A comeback hearing in respect of the relief granted pursuant to the
Initial Order will be scheduled within ten days (the "Comeback
Hearing").  Interested parties that wish to bring a motion at the
Comeback Hearing are required to provide notice to the affected
parties prior to the Comeback Hearing pursuant to the requirements
set forth in the Initial Order.

A copy of the Initial Order and other information will be available
on the Monitor's website at http://www.ey.com/ca/canntrust.

                       About CannTrust

CannTrust (TSX: TRST, NYSE: CTST) is a federally regulated licensed
producer of medical and recreational cannabis in Canada.  Founded
by pharmacists, CannTrust brings years of pharmaceutical and
healthcare experience to the medical cannabis industry and serves
medical patients with its dried, extract and capsule products.  The
Company operates its Niagara Perpetual Harvest Facility in Pelham,
Ontario, and prepares and packages its product portfolio at its
manufacturing centre in Vaughan, Ontario.  The Company has also
purchased 81 acres of land in British Columbia and expects to
secure over 240 acres of land in total for low-cost outdoor
cultivation which it will use for its extraction-based products.


CARBO CERAMICS: Files Chapter 11 Petition to Facilitate Sale
------------------------------------------------------------
CARBO Ceramics Inc. on March 29, 2020, disclosed that it has
reached an agreement with Wilks Brothers, LLC and Equify Financial,
LLC (together, the "Wilks Brothers") under which the Wilks Brothers
will acquire the Company through a debt-for-equity exchange
pursuant to a plan of reorganization in a Chapter 11 bankruptcy
case.  To facilitate the agreement and effectuate the transaction,
the Company initiated a voluntary Chapter 11 process in the U.S.
Bankruptcy Court for the Southern District of Texas, Houston
Division.  CARBO expects to continue to operate in the ordinary
course throughout the Chapter 11 process.

"Like many companies with a significant concentration in the oil
and gas industry, we have felt the impact of the challenging
business environment and, in response, have worked diligently to
strengthen our overall financial foundation," said Gary Kolstad,
Chairman and Chief Executive Officer.  "While CARBO has undoubtedly
made progress in our transformation strategy, we ultimately expect
these headwinds to persist.  Accordingly, we are pleased to reach
an agreement with the Wilks Brothers; we are excited by their
belief in the promise of CARBO's business and their commitment to
our future.  We are confident that, under their ownership and
investment, we will be better positioned to maximize value, realize
the potential of CARBO and serve our customers as we move
forward."

The Wilks Brothers have committed to providing $15 million in
debtor-in-possession ("DIP") financing and consented to the use of
its cash collateral to bolster CARBO's financial position and
finance its operations through the process.  This financing,
combined with CARBO's usual operating cash flows, will allow CARBO
to continue to operate in the ordinary course through the
restructuring process.

"We have long believed in the underlying strength of CARBO's
business, as exemplified by our multi-year relationship with the
Company," said Matt Wilks for Wilks Brothers, LLC.  "This
transaction will allow us to invest in the future of CARBO as we
pursue opportunities to unlock value and support growth."

Consummation of the plan and the restructuring is subject to the
approval of the bankruptcy court.  Additional information about
CARBO's Chapter 11 cases can be found at http://dm.epiq11.com/Carbo
or by calling (866) 977-0978 in the U.S. or +1 (503) 520-4410
internationally.

CARBO is advised in this matter by Vinson & Elkins L.L.P., Perella
Weinberg Partners L.P. (together with its corporate advisory
affiliates including Tudor Pickering Holt & Co.), and FTI
Consulting, Inc.

                       About CARBO Ceramics

CARBO Ceramics Inc. -- https://carboceramics.com/ -- is a global
technology company providing products and services to the oil and
gas, industrial, and environmental markets.  CARBO offers oilfield
ceramic technology products, base ceramic proppant, and frac sand
proppant for use in the hydraulic fracturing of oil and natural gas
wells.  Asset Guard Products Inc., a subsidiary of CARBO, offers
products intended to protect operators' assets, minimize
environmental risks, and lower lease operating expenses through
spill prevention, containment, and countermeasure systems for the
oil and gas industry.  StrataGen, Inc., a subsidiary of CARBO,
offers fracture consulting and data services and provides a suite
of stimulation software solutions used for designing fracture
treatments and for on-site real-time analysis to assist E&P
companies in the efficient completion of wells and enhancement of
oil and natural gas production.



CARESTREAM DENTAL: Moody's Alters Outlook on B3 CFR to Stable
-------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Carestream Dental
Equipment, Inc., including the B3 Corporate Family Rating, the
B3-PD Probability of Default Rating and the B2 rating on the senior
secured first lien credit facility. The outlook was revised to
stable from positive.

The change of outlook reflects Moody's expectations that dental
procedure volumes will decline materially over the near term, and
the pace and timing of a recovery is highly uncertain. Moody's no
longer expect Carestream Dental's debt/EBITDA to be sustained below
5.5x, its threshold for a higher rating.

The affirmation of the B3 CFR reflects Moody's expectations that
Carestream Dental will maintain a good liquidity profile, with
total liquidity (cash and undrawn credit facilities) in excess of
$100 million. The affirmation also considers that the company's
practice management software business, which is a
subscription-based services, will remain largely unaffected even as
dental offices may remain closed for a protracted period. While the
demand for dental digital equipment will likely be impacted over
the near term, Moody's expects Carestream Dental will maintain
market share when procedure volumes recover.

Rating Actions:

The following ratings were affirmed:

Carestream Dental Equipment, Inc.

  Corporate Family Rating at B3

  Probability of Default Rating at B3-PD

  Senior Secured First Lien credit facilities at B2
  (LGD3)

  The outlook is revised to stable from positive

RATINGS RATIONALE

Carestream Dental's B3 Corporate Family Rating reflects Moody's
expectations that leverage will remain above 5.5 times for the next
12 to 18 months. Debt/EBITDA was approximately 5.4 times for the
LTM period ended September 30, 2019. The rating also reflects the
company's limited scale and significant competition from larger
firms, many of which have substantially greater resources. The
company has a somewhat limited track record as a standalone company
following separation from its former parent company. The company
benefits from its good market position in the digital dental
equipment business, and the positive longer-term trends for dental
services. Carestream Dental's credit profile is also bolstered by
its dental practice management software segment, which provides
stable earnings and cash flows given the essential nature of the
product and high switching costs for its clients. The rating also
reflects the company's good liquidity profile with total liquidity
(cash and undrawn revolving credit capacity) in excess of $100
million.

Moody's regards the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety. 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. Although the medical device sector is less exposed
from a demand standpoint than other sectors, the diversion of
healthcare resources to treating the outbreak will reduce demand
for some medical device products. In addition, global supply chains
in the medical device are complex, and it is possible that supply
disruptions will cause product delays and affect revenue of some
products. Its rating actions reflects the impact on Carestream
Dental 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

Ratings could be upgraded if the company is able to return to
growth after navigating near term headwinds while maintaining its
high margins, Quantitatively, ratings could be upgraded if
debt/EBITDA fell below 5.5 times while maintaining a good liquidity
profile.

Ratings could be downgraded if the company's liquidity were to
erode, or free cash flow is negative for a sustained period.
Ratings could be downgraded if the impact of the coronavirus
outbreak and recessionary economic conditions leads to a steeper or
longer downturn in the demand for dental digital equipment.

Headquartered in Atlanta, GA, Carestream Dental is a manufacturer
of dental imaging systems and a provider of dental practice
management software. The company is owned by affiliates of Clayton,
Dubilier & Rice and CareCapital Advisors. Revenues exceed $410
million.


CEDAR FAIR: Moody's Cuts CFR to B2 & Sr. Unsecured Rating to B3
---------------------------------------------------------------
Moody's Investors Service downgraded Cedar Fair, L.P.'s corporate
family rating to B2 from B1, probability of default rating to B2-PD
from B1-PD, senior unsecured notes to B3 from B2, and senior
secured credit facility rating to Ba2 from Ba1. The ratings remain
on review for downgrade.

The ratings downgrade reflects the impact of the coronavirus
outbreak which has limited Cedar Fair's ability to operate its
amusement parks as scheduled. Leverage levels are projected to
increase materially, and the liquidity position may deteriorate
substantially if the parks remain closed for a prolonged period of
time. In Moody's scenario analysis, Cedar Fair would need
additional sources of funding to manage through to the start of the
2021 season if the parks remain closed until the end of September
2020. If the parks remain closed for the rest of 2020, Moody's
projects that Cedar Fair would need even higher amounts of
liquidity.

If the parks open earlier in the summer season, Cedar Fair is
projected to have sufficient liquidity despite Moody's projections
for attendance levels to be modest given the time required to
recover to levels more typical for the summer season. Cedar Fair's
large portfolio of regional amusement parks in the US and one in
Canada are less likely to be impacted by reduced travel activity
and offer the possibility that some of the parks may be able to
open earlier than others and provide a source of cash flow.

Downgrades:

Issuer: Cedar Fair, L.P.

  Corporate Family Rating, downgraded to B2 from B1, remains on
  review for downgrade

  Probability of Default Rating, downgraded to B2-PD from B1-PD,
  remains on review for downgrade

  Senior Secured Term Loan B, downgraded to Ba2 (LGD2) from Ba1
  (LGD2), remains on review for downgrade

  Senior Secured Revolving Credit Facility, downgraded to Ba2
  (LGD2) from Ba1 (LGD2), remains on review for downgrade

  Gtd Senior Unsecured Regular Bond/Debentures, downgraded to
  B3 (LGD5) from B2 (LGD5), remains on review for downgrade

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

Issuer: Canada's Wonderland Company

  Senior Secured Revolving Credit Facility, downgraded to Ba2
  (LGD2) from Ba1 (LGD2), remains on review for downgrade

  Outlook, remains Ratings Under Review

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

The ratings downgrade and review for further downgrade reflect the
coronavirus outbreak's impact on Cedar Fair's ability to open their
amusement parks and the overall economy. The review will focus on
the depth and duration of the park closures, quarterly cash usage,
and Cedar Fair's liquidity position over the remainder of 2020 and
beyond as well as the company's plans for improving liquidity.

Attendance levels are projected to be negatively impacted if the
parks open in the near term as consumers may maintain a degree of
social distancing and avoid large crowds in addition to a weak
overall economic environment. Recent cost saving efforts to support
liquidity while the parks are closed may also slow the rate of
improvement in performance. Cedar Fair had $182 million of cash on
the balance sheet and an undrawn $275 million revolving credit
facility at the end of 2019, but Q1 2020 was projected to use a
material amount of cash due to capex, distributions to partnership
holders and negative EBITDA which typically occurs in Q1 each year.
As a result, Moody's projects Cedar Fair's cash balance to be much
lower at the end of Q1 2020. Moody's expects quarterly cash usage
to be approximately $90 million in both Q2 and Q3 if the parks are
unable to open, but the rate of cash use could decline if the parks
are unable to open for the season as additional park management
expenses could be reduced. Moody's projects that Cedar Fair would
need additional sources of funding if the parks remain closed
through the end of September 2020 and a larger amount of liquidity
would be needed if the parks stay closed for the rest of 2020 in
order to manage to the start of the 2021 season. Moody's expects
that Cedar Fair may need to obtain an amendment for its financial
maintenance covenant in the near term if the parks are unable to
open.

Cedar Fair competes for discretionary consumer spending from an
increasingly wide variety of other leisure and entertainment
activities. The parks are highly seasonal and sensitive to weather
conditions, changes in fuel prices, public health issues (such as
the coronavirus) as well as other disruptions outside of the
company's control. Debt to EBITDA leverage, which was 4.5x as of Q4
2019 (including Moody's standard adjustments), is expected to
increase materially if Cedar Fair is unable to operate its parks in
the near term.

Cedar Fair benefits from its portfolio of regional amusement parks
that have generated good EBITDA margins and operating cash flow
historically. The parks typically have substantial attendance (27.9
million in 2019) and are supported by experienced park management
teams with high entry barriers. While Cedar Fair has historically
pursued an aggressive financial strategy that resulted in
substantial distributions to equity investors and minimal or
negative free cash flow, the company is expected to remain focused
on improving liquidity and are projected to adopt a more moderate
financial strategy going forward. Following the acquisition of the
land at its park in northern California for $150 million in 2019,
Cedar Fair owns the land under almost all of its parks. Significant
expenditures on new rides, attractions, and hotel accommodations
are expected to support performance when the parks resume
operations, which lessens the need for capital expenditures in the
near future. If Cedar Fair is able to obtain adequate liquidity,
Moody's expects leverage levels to be in the 5x range by the end of
2021, absent any lingering effects on 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 amusement park
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 Cedar Fair's credit profile
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Cedar Fair 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 Cedar Fair of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

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

Cedar Fair, L.P., headquartered in Sandusky, Ohio, is a publicly
traded Delaware master limited partnership (MLP) formed in 1987
that owns and operates amusement parks, water parks, and hotels in
the U.S. and Canada. Properties include Cedar Point (OH), Knott's
Berry Farm (CA), Kings Island (OH), and Canada's Wonderland
(Toronto). In June 2006, Cedar Fair acquired Paramount Parks, Inc.
from CBS Corporation for a purchase price of $1.24 billion. In
2019, Cedar Fair bought two water parks in Texas for approximately
$261 million. Revenue for the LTM ending Q4 2019 was approximately
$1.5 billion.


CHAPARRAL ENERGY: Moody's Cuts CFR to Ca & Unsec. Notes Rating to C
-------------------------------------------------------------------
Moody's Investors Service downgraded Chaparral Energy, Inc.'s
Corporate Family Rating to Ca from B3, Probability of Default
Rating to Ca-PD from B3-PD and senior unsecured notes rating to C
from Caa1. Chaparral's Speculative Grade Liquidity Rating was
downgraded to SGL-4 from SGL-3. The outlook was changed to negative
from stable.

"The downgrade of Chaparral's ratings reflects weak liquidity and
elevated risk of default," said Jonathan Teitel, Moody's Analyst.

Downgrades:

Issuer: Chaparral Energy, Inc.

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

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

Corporate Family Rating, Downgraded to Ca from B3

Senior Unsecured Notes, Downgraded to C (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Chaparral Energy, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Chaparral's Ca CFR reflects elevated default risk, including a
distressed exchange which could be deemed a default by Moody's. On
April 2, Chaparral borrowed $90 million on its revolver bringing
borrowings on the facility to $250 million. Later that day, the
company's borrowing base was redetermined, decreasing from $325
million to $175 million effective April 3. As a result, the company
has a $75 million borrowing base deficiency. Factoring in the
additional borrowings on the revolver, cash increased to $110
million. Chaparral's hedges provide additional value with a
mark-to-market value of $47 million as of April 3. The company will
be required to notify the administrative agent for the credit
facility on or before April 16, 2020 of the action the company
proposes to take to eliminate such borrowing base deficiency, which
action may include repaying the amount of the borrowing base
deficiency in six equal monthly installments, with the first
payment of $12.5 million expected to occur on or before May 2,
2020. The SGL-4 rating reflects Moody's view that Chaparral's
liquidity is weak. The RBL revolver expires in December 2022.

Chaparral has small scale and production is likely to decline in
2020. Growing production and reserves would require significant
capital investment just as the company is contending with a
borrowing base deficiency and as the company's long-term cost of
capital is elevated as reflected by weak bond levels.

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 Chaparral's credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Chaparral 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 Chaparral 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 exploration and production
companies 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.

The negative outlook reflects heightening risk of default,
including a distressed exchange, and weak liquidity.

Chaparral's $300 million of senior unsecured notes maturing in 2023
are rated C, one notch below the CFR. The C rating reflects Moody's
view 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, further weakening of liquidity
or 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.

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

Chaparral, headquartered in Oklahoma City, Oklahoma, is a
publicly-traded independent exploration and production company
operating in Oklahoma. Average daily production in 2019 was 26
Mboe/d.


CHG PPC: S&P Downgrades ICR to 'B-'; Outlook Negative
-----------------------------------------------------
S&P Global Ratings downgraded U.S.-based CHG PPC Intermediate II
LLC (CHG) to 'B-' from 'B' to reflect its expectations of a
substantial drop in foodservice revenues and EBITDA.  The rating
agency also lowered its issue-level rating on the company's senior
secured debt to 'B-' commensurate with the downgrade. The recovery
rating remains '3', reflecting its expectation for a meaningful
recovery.

"We are downgrading the company due to at least double-digit
declines in foodservice revenues and EBITDA margins, resulting in
elevated leverage.   The company generates roughly 70% of its
revenues through foodservice channels, which are currently
suffering from restaurant closures across both North America and
Europe due to the spread of the coronavirus. While some
quick-service restaurants (QSRs) have continued to operate their
drive-thru and takeout businesses, we do not expect this to offset
the lost sales from normal operations. Additionally, restaurants
that rely on dine-in customers will have to close altogether. In
most countries across Europe restaurants are closing stores
entirely, even those with drive-thru and take-out capabilities. We
expect this to result in double-digit revenue declines for the
fiscal year 2021. Even if restaurant closures are lifted and social
distancing measures are relaxed, consumers may be hesitant to
immediately return to dine-in locations. The impact of the
recession could also result in less eating out as consumers reduce
discretionary spending, though we believe this could be largely
offset as consumers trade down to the lower-priced national chains
the company also services. Additionally, we anticipate a greater
rate of restaurant bankruptcies due to the shutdowns, resulting in
lower run rate profitability after the virus risk subsides. While
the company has ample liquidity, our negative outlook reflects the
unknown magnitude of the decline and the timing of the recovery,"
S&P said.

The negative outlook indicates S&P's expectation that the rating
could be lowered over the next 12 months if shelter-in-place
requirements last longer and foodservice revenues deteriorate
further than expected, leading to a prolonged recovery.

"We could lower the rating if we believe the company's capital
structure will become unsustainable or if liquidity will become
constrained. We believe this could happen if restaurants remain
closed, restaurant bankruptcies rise, and a recession persists,
leading to substantially weaker operating run rate profitability.
As a result, EBITDA drops to the point where debt leverage rises to
double-digit levels, the company does not continue to generate
positive free operating cash flow, or it can barely cover its
fixed-charges," S&P said.

"We could revise the outlook to stable if conditions improve with
the virus, such that consumers can resume dining out, discretionary
spending recovers, and overall profitability improves," the rating
agency said.


CITY HOMES: Court Narrows Claims in Savon Johnson Suit
------------------------------------------------------
The case captioned Savon Johnson, v. Pennsylvania National Mutual
Casualty Insurance Company, et al., Civil Action No. 19-2190 (D.
Md.) case arises out of Savon Johnson's $1,615,000 judgment against
City Homes Inc., City Homes III, LP, and Barry Mankowitz in the
Circuit Court for Baltimore City for exposure to lead-based paint
between January 1996 and August 1996 at a property owned by the
City Homes defendants. The City Homes defendants were insured by
Pennsylvania National Mutual Casualty Insurance Company for the
time period at issue. Pending before the court are Penn National's
motion to strike the jury demand and motion to dismiss the
complaint; its motion to strike the first amended complaint or, in
the alternative, motion to dismiss; and Johnson's motion for leave
to file a second amended complaint.

Upon analysis, District Judge Catherine C. Blake grants in part and
denies in part Penn National's motion to strike or dismiss the
first amended complaint and Johnson's motion for leave to file a
second amended complaint. The court grants Penn National's motion
to dismiss as to the bad faith failure to settle claim (Count I of
the first amended complaint), and otherwise denies the motion. The
court denies Johnson's motion for leave to amend as to the claim
for breach of contract (Count I of the proposed second amended
complaint) and the claim for bad faith failure to settle, and
otherwise grants the motion. The court denies as moot Penn
National's first motion to dismiss and denies without prejudice its
motion to strike the jury demand.

Johnson brought five counts in his proposed second amended
complaint, two of which are newly added. The newly added counts are
for breach of contract (Count I), against Penn National; and
violation of the Md. Insurance Code Sec. 19-102(b)(2) (Count II),
against Penn National. Johnson also brought a tort claim for bad
faith failure to settle (Count III), against Penn National; a claim
for reformation based on mutual mistake (Count IV), against all
defendants; and a request for declaratory judgment that the general
liability policy for 1995-1996 includes a per location endorsement
(Count V). All counts except Count II appear to be brought based on
City Homes' assignment of their causes of action against Penn
National to Johnson.

Johnson argues that Penn National breached the umbrella policy by
not paying Johnson's judgment against the City Homes defendants on
March 17, 2019, when Johnson gained the ability to execute on his
judgment through the legal process, and before the umbrella policy
had been exhausted, and by failing "to protect the funds necessary
to provide coverage for [Johnson's] judgment."

Johnson has not adequately pled that Penn National had a
contractual obligation to pay Johnson before the judgment amount
was certain, or to preserve money under the umbrella policy to pay
Johnson's judgment. Section 1 of the umbrella policy obligates Penn
National to "pay on behalf of the insured the 'ultimate net loss'
in excess of the 'applicable underlying limit' which the insured
becomes legally obligated to pay as damages. . . ." Penn National
has the right to "investigate and settle any claim" which is
payable under the umbrella policy. Additionally, Penn National may
appeal a judgment which exceeds the applicable underlying limit.

Penn National contested the amount of the judgment, and the
judgment was subsequently reduced on or about August 22, 2019. This
is after the umbrella policy became exhausted on August 5, 2019.
According to the Court, because the judgment amount was not certain
until at least August 22, 2019, Johnson has not plausibly alleged
that Penn National had a contractual obligation to pay the judgment
before then. Further, Johnson has not sufficiently alleged that
Penn National had an obligation to preserve the money under the
umbrella policy to pay Johnson's judgment even before Penn National
had an actual obligation to pay. Rather, it appears that Penn
National's right to settle claims gave it the right to settle other
claims between when Johnson gained the ability to execute on his
judgment and when the judgment amount became certain. By the time
Johnson's judgment amount became certain, Penn National had already
paid up to the applicable limit of insurance, and no longer had a
contractual obligation to pay Johnson's judgment against the City
Homes defendants. Accordingly, Johnson has not plausibly alleged a
contractual obligation that Penn National breached, and the court
will deny leave to amend to add the breach of contract claim.

Johnson argues that the City Homes defendants and Penn National
intended for the per location endorsement to be included in the
95-96 policy, and its inadvertent omission is a mutual mistake that
the court should correct through the equitable doctrine of
reformation. Penn National argues that the claim is barred by
either laches or waiver.

The court will not find that laches bars Johnson's reformation
claim at this time. "[S]ince laches implies negligence in not
asserting a right within a reasonable time after its discovery, a
party must have had knowledge, or the means of knowledge, of the
facts which created his cause of action in order for him to be
guilty of laches." Taking the allegations in the complaint as true,
and drawing all inferences in favor of Johnson, it appears that,
although the broker informed City Homes (through Mankowitz) that
the per location endorsement was not initially included, that same
letter informed Mankowitz that the broker would fix the error, and
Mankowitz, therefore, did not know the per location endorsement was
not included until March 2019, when informed by Penn National.
Further, the 95-96 policy was a renewal of the already-issued
general liability policy, and each of the previous policies for
1991 through 1995 included the per location endorsement.

The court also finds that Johnson has adequately pled a claim for
reformation. At this stage, Johnson has adequately alleged that the
failure to include the per location endorsement was a mutual
mistake, even under the heightened pleading standard of Federal
Rule of Civil Procedure 9(b), which states that "[i]n alleging
fraud or mistake, a party must state with particularity the
circumstances constituting fraud or mistake. Malice, intent,
knowledge, and other conditions of a person's mind may be alleged
generally."

A copy of the Court's Memorandum dated March 4, 2020 is available
at https://bit.ly/3a96RQw from Leagle.com.

Savon Johnson, Plaintiff, represented by Matthew Brian Thompson,
Law Offices of Evan K. Thalenberg, P.A., Stephan Y. Brennan --
Steve@ilimer.com -- Iliff Meredith Wildberger and Brennan PC &
Patrice Meredith Clarke -- Patrice@ilimer.com -- Iliff, Meredith,
Wildberger & Brennan, P.C.

Pennsylvania National Mutual Casualty Insurance Company, Defendant,
represented by Mark D. Maneche, Pessin Katz Law PA, Patricia McHugh
Lambert -- plambert@pklaw.com -- Pessin Katz Law PA, Robert S.
Campbell -- rcampbell@pklaw.com -- Pessin Katz Law, P.A. & Kathryn
D. Jackson -- kjackson@pklaw.com -- Pessin Katz Law.

City Homes, Inc. & City Homes III Limited Partnership, Defendants,
represented by Zvi Guttman, The Law Offices of Zvi Guttman PA.

Barry Mankowitz, Defendant, represented by John Marks Moore, III --
mmoore@semmes.com  --Semmes, Bowen & Semmes.

Based in Baltimore, Maryland City Homes III, LLC and affiliates
filed for chapter 11 bankruptcy protection (Bankr. D. Md. Case No.
13-25370-83) on Sept. 10, 2013, listing its estimated assets and
liabilities at $1,000,001 to $10,000,000 respectively. The
petitions were signed by Barry Mankowitz, president of City Homes,
Inc., sole member.


CJ AUTO: Unsecured Creditors to Get $12,000 Under Plan
------------------------------------------------------
CJ Auto Used Parts, LLC, filed a Plan of Reorganization and a
Disclosure Statement.

The Debtor anticipates restructuring the secured debt and paying
unsecured creditors a dividend over time.

Unsecured priority claims will be paid over a period not to exceed
five years after the date of the order for relief.  The payments
will be made in equal quarterly installments beginning July 2020
and shall continue quarterly thereafter, with interest at the
statutory rate as of the Effective Date.  The last payment shall be
made October 1, 2024.

Classes 3 through 8 consists of the claims of the secured
creditors.  The secured claim of the Internal Revenue Service is
set forth in Class 2, along with its unsecured priority claim.  The
treatment for these creditors is set forth in the Plan.  

Class 10 unsecured creditors will be paid the sum of $12,000 over a
period of 2 years, without interest.  Payments will be made on a
quarterly basis to the unsecured creditors, beginning Nov. 1, 2020
and will continue until July 2022.  Each quarterly payment shall be
in the amount of $1,500.

A full-text copy of the Disclosure Statement dated March 23, 2020,
is available at https://tinyurl.com/ug8db3d from PacerMonitor.com
at no charge.

Debtor's attorney:

         JOHN G. RHYNE
         2801-E Nash St.,
         P.O. Box 8327
         Wilson, NC 27893

                  About CJ Auto Used Parts

CJ Auto Used Parts, LLC, sought Chapter 11 protection (Bankr.
E.D.N.C. Case No. 19-04737) on Oct. 14, 2019, estimating less than
$1 million in assets and liabilities.  The case has been assigned
to Judge Stephani W. Humrickhouse.  John G. Rhyne, Esq., is the
Debtor's legal counsel.


CLINTON NURSERIES: Court Closes Chapter 11 Cases
------------------------------------------------
Bankruptcy Judge James J. Tancredi granted Reorganized Debtors
Clinton Nurseries, Inc.; Clinton Nurseries of Maryland, Inc.;
Clinton Nurseries of Florida, Inc.; and Triem LLC's motion for
entry of a final decree and order closing their chapter 11 cases.

The Reorganized Debtors proffered that their bankruptcy-exit plan
has been substantially consummated and that any "required
distributions have been made in accordance with the Plan and all
documents and agreements necessary to implement the Plan were
[duly] executed in accordance with the terms thereof" and,
therefore, entry of a final decree is appropriate. Critically, the
Reorganized Debtors also assert that, as of "the Effective Date[,]
the bankruptcy estates in these cases have no property [to
administer] and the Reorganized Debtors have no duties to perform
with respect to the bankruptcy estates . . . [a]ll deposits
required by the Plan have been made . . . [and] [a]ny property
proposed to be transferred pursuant to the Plan has been
transferred."

The United State Trustee objects to the entry of a final decree
closing the Debtors' Chapter 11 cases because they are not "fully"
administered "as evidenced by the unresolved Quarterly UST Fee
Appeal and the Active Adversary Proceedings that are currently
being prosecuted" by the CN Trust before the Bankruptcy Court.

After a hearing on Jan. 3, 2020, the Bankruptcy Court confirmed the
Reorganized Debtors' Second Amended Chapter 11 Plan on Jan. 9.
During the Confirmation Hearing, the Court heard lengthy argument
as to the contemplated post-confirmation status of numerous pending
adversary proceedings and the Debtors' pending appeal regarding the
constitutionality of Quarterly UST Fees. In tandem with the Order
confirming the Plan, the Court issued a second, supplemental Order
wherein it approved the creation of a special litigation trust (the
"CN Trust") as outlined by the Plan. The CN Trust, which would
assume and pursue all outstanding adversary proceedings previously
held by the Debtors' estates, was critical to the recoveries and
Plan acceptance by unsecured creditors. Through an initial
disbursement and subsequent annual funding by the Reorganized
Debtors, that would be supplemented by any recoveries achieved in
these adversary proceedings, the unsecured creditors will achieve a
modest dividend from the Plan. Under the Plan, the CN Trust is the
transferee of all rights, title and interest as to all avoidance
actions and would, thereafter, be responsible for any claim
objections and/or payments of dividends to unsecured creditors
under the Plan, thus, distancing the Reorganized Debtors and the
Debtors' estates from any further administrative obligations
thereunder.

While "fully administered" is not defined in the Bankruptcy Code or
by the Federal Rules of Bankruptcy Procedure, the 1991 Advisory
Committee Note accompanying Rule 3022 provides the following
guidance: "Entry of a final decree closing a chapter 11 case should
not be delayed solely because the payments required by the plan
have not been completed. Factors that the court should consider in
determining whether the estate has been fully administered include
(1) whether the order confirming the plan has become final, (2)
whether deposits required by the plan have been distributed, (3)
whether the property proposed by the plan to be transferred has
been transferred, (4) whether the debtor or successor of the debtor
under the plan has assumed the business or the management of the
property dealt with by the plan, (5) whether payments under the
plan have commenced, and (6) whether all motions, contested
matters, and adversary proceedings have been finally resolved."

Judge Tancredi says the court should not keep the case open only
because of the possibility that the court's jurisdiction may be
invoked in the future. A final decree closing the case after the
estate is fully administered does not deprive the court of
jurisdiction to enforce or interpret its own orders and does not
prevent the court from reopening the case for cause pursuant to
section 350(b) of the Code.

After reviewing the record, weighing the factors in the Advisory
Committee Note and considering the credible and unchallenged
representations made by the Debtors' counsel during argument before
this Court, the Court finds that:

     1. The Debtors have taken all the necessary steps to
consummate their Plan and have made all payments that were due by
the Effective Date.

     2. All property of the Debtors' estates either re-vested in
the Reorganized Debtors or was transferred to the CN Trust upon the
Effective Date, thus, leaving the Debtors' estates with no property
to administer thereafter.

     3. The CN Trust, and not the Debtors' estates, is now solely
responsible for any future claims objections, adversary proceedings
and/or distributions to unsecured creditors under the Plan.

     4. Pursuant to the Plan, any proceeds recovered from pending
adversary proceedings will not pass through or in any way involve
the Reorganized Debtors or the Debtors' estates, but rather will be
handled entirely by the CN Trust.

     5. The Reorganized Debtors made the initial disbursement,
thereby funding the CN Trust.

     6. The Reorganized Debtors have signed and closed upon the
amended loan documents with their principal lender, Bank of the
West.

     7. The Debtors established and fully funded an escrow account
pursuant to this Court's Order addressing the payment of disputed
Quarterly UST Fees during the pendency of their appeal.

     8. Proceeds, if any, recovered from that appeal will go
directly to the Reorganized Debtors. If they prevail, the proceeds
will not pass through the Debtors' estates, nor will they impact
creditor dividends. If they do not prevail, the escrowed funds will
promptly be paid over to the US Trustee's Office.

     9. The totality of the circumstances herein justifies and
supports a determination that the Debtors' estates are fully,
substantively, and sufficiently administered in accordance with the
Plan.

The Court, therefore, finds that the first five factors listed in
the Advisory Committee Note accompanying Rule 3022 have been
unequivocally satisfied. With respect to the sixth factor, i.e.,
whether all motions, contested matters, and adversary proceedings
have been finally resolved, the Court concludes that, at least as
it relates to the Debtors' estates, the presence of trailing
adversary proceedings to be prosecuted by the CN Trust is not
determinative of whether the Debtors' estates can be considered
fully administered.

Because of the totality of the circumstances surrounding the
Reorganized Debtors' appeal, the particular effects of closure in
this case and the reasons already stated, the Court is satisfied
that the Debtors' estates have been fully administered.

The bankruptcy case are in re: CLINTON NURSERIES, INC.; CLINTON
NURSERIES OF MARYLAND, INC.; CLINTON NURSERIES OF FLORIDA, INC.;
and TRIEM LLC, CHAPTER 11, Debtors, Case Nos. 17-31897 (JJT),
17-31898 (JJT), 17-31899 (JJT), 17-31900 (JJT) (Bankr. D. Conn.).

A copy of the Court's Amended Memorandum Decision dated March 4,
2020 is available at https://bit.ly/2Jd4e4y from Leagle.com.

Clinton Nurseries, Inc., Clinton Nurseries of Maryland, Inc.,
Clinton Nurseries of Florida, Inc. & Triem LLC, Debtors, are
represented by Christopher H. Blau -- cblau@zeislaw.com -- Zeisler
& Zeisler, P.C., Eric A. Henzy -- ehenzy@zeislaw.com -- Zeisler &
Zeisler, P.C., Patrick R. Linsey -- plinsey@zeislaw.com -- Zeisler
& Zeisler PC, James M. Moriarty -- jmoriarty@zeislaw.com -- Zeisler
& Zeisler, P.C. & Jeffrey M. Sklarz -- jsklarz@gs-lawfirm.com --
Green & Sklarz LLC.

U. S. Trustee, U.S. Trustee, represented by Steven E. Mackey,
Office of the U.S. Trustee, Kim L. McCabe, Office of the U.S.
Trustee, Kari A. Mitchell, Office of the United States Trustee &
Robert J. Schneider, Jr., Dept of Justice, Ofc of the US Trustee.

Official Committee of Unsecured Creditors, Creditor Committee,
represented by Robert M. Fleischer, Green & Sklarz LLC, Lawrence S.
Grossman, Green & Sklarz LLC & Jeffrey M. Sklarz , Green & Sklarz
LLC.

Green & Sklarz, LLC, Creditor Committee, represented by Jeffrey M.
Sklarz , Green & Sklarz LLC.

                   About Clinton Nurseries

Founded in 1921, Clinton Nurseries, Inc., operates nurseries that
produce ornamental plants and other nursery products. The company
grows trees, flowering shrubs, roses, ornamental grasses & ground
covers, perennials, annuals, herbs and vegetables.  Clinton
Nurseries is based in Westbrook, Connecticut.

Clinton Nurseries and its affiliates sought Chapter 11 protection
(Bankr. D. Conn. Case No. 17-31897) on Dec. 18, 2017.  David
Richards, president, signed the petition.  The cases are jointly
administered under Case No. 17-31897.  At the time of filing,
Clinton Nurseries has estimated assets and liabilities at $10
million to $50 million.

Judge James J. Tancredi oversees the cases.  

Zeisler & Zeisler, P.C., is the Debtors' legal counsel.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors. The committee tapped Green & Sklarz LLC as
its
legal counsel.


CNX RESOURCES: Moody's Alters Outlook on B1 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service affirmed CNX Resources Corporation's B1
Corporate Family Rating, its B1-PD Probability of Default Rating
and B3 ratings on the company's senior unsecured notes. The
company's Speculative Grade Liquidity Rating was unchanged at
SGL-3. The rating outlook was changed to negative from stable.

Moody's also affirmed CNX Midstream Partners LP' B1 Corporate
Family Rating, its B1-PD Probability of Default Rating and B3
ratings on the company's senior unsecured notes. The company's
Speculative Grade Liquidity Rating was unchanged at SGL-3. The
rating outlook was changed to negative from stable.

"CNX demonstrates high resilience of its operating model and is
well positioned to withstand a period of low natural gas prices,
with built-in capital investment flexibility and extensive hedging
that will support solid credit metrics and FCF generation, while
the company is taking measures to address its significant 2022
maturities," said Elena Nadtotchi, VP-Senior Credit Officer at
Moody's.

Outlook Actions:

Issuer: CNX Midstream Partners LP

Outlook, Changed to Negative from Stable

Issuer: CNX Resources Corporation

Outlook, Changed to Negative from Stable

Affirmations:

Issuer: CNX Midstream Partners LP

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Unsecured Notes, Affirmed B3 (LGD5)

Issuer: CNX Resources Corporation

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Senior Unsecured Notes, Affirmed B3 (LGD5)

RATINGS RATIONALE

The change of outlook on CNX's ratings to negative reflects
elevated refinancing risks in 2021-22. CNX is taking proactive
measures to manage its sizable 2022 maturity and will rely on
generating sufficient positive FCF in 2020-2021. The negative
outlook on the ratings of CNXM mirrors the negative outlook on the
ratings of its sponsor.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil and natural gas
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 and midstream sectors have been some of the
sectors most significantly affected by the shock given their
sensitivity to demand and oil prices. 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 limited impact on credit quality of CNX and
CNXM of the breadth and severity of the natural gas demand and
supply shocks, and the companies' resilience to a period of low
natural gas prices.

CNX maintains adequate liquidity reflected in SGL-3 rating. The
liquidity position is underpinned by Moody's expectation that the
E&P business will generate sizable positive FCF in 2020-21 as it
cut its capital investment and benefits from extensive hedging.
Liquidity is also supported by its committed secured revolving
credit facility that matures in April 2024 and which, as of the
date of this release, had a borrowing base of $2.1 billion.

The terms of the facility include the springing maturity clause
bringing its maturity forward to January 2022, if more than $500
million of CNX's senior unsecured 2022 notes remain outstanding at
that time. At the end of 2019, CNX reported $895 million in
outstanding 2022 notes. The company raised $175 million from an
asset-based borrowing. Moody's expects that CNX will use proceeds
from the borrowing and most of its FCF to proactively manage its
2022 maturities.

At the end of 2019, CNX reported $1.2 billion availability under
its secured credit facility and full compliance under covenants.
The facility includes two financial covenants (a maximum net
leverage ratio of 4.0x and a minimum current ratio of 1x) and
Moody's expects CNX to remain in compliance with covenants though
2020.

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

CNX's B1 CFR is supported by its proactive management of commodity
price risks in advance of the decline in natural gas prices. CNX
maintains an extensive hedging program with minimal commodity price
risk in 2020 and high coverage in 2021-22 and beyond. In response
to declining natural gas prices, CNX reduced capital investment to
keep production level flat in 2020-2021 and should generate sizable
positive FCF, supported by its hedging revenues. Moody's expects
CNX to maintain solid leverage metrics underpinned by its hedging
arrangements.

The B1 rating further reflects CNX's single basin concentration in
Appalachia, subjecting its natural gas production to material basis
differentials, that the company hedges.

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

CNXM's B1 CFR reflects its modest size and high degree of
geographical and counterparty concentration with CNX. Long term
fixed fee contracts between the sponsor and its MLP limit commodity
and commercial risks for CNXM, while it retains some exposure to
volume risks, mitigated in part under CNX's minimum well drilling
obligations that last through 2023. CNXM is set to reduce its
capital investment because its sponsor E&P company has scaled back
production growth plans in 2020-21 amid decline in natural gas
prices. Moody's expects CNXM to increase its distributions to unit
holders and to generate negative FCF that will drive its leverage
moderately higher towards 3.6x in 2021 and within the expectations
of its B1 CFR.

CNX's senior unsecured notes are rated B3, two notches below the
CFR level, given the significant size of the secured credit
facility in the capital structure that has a priority claim and
security over substantially all of the company's assets. The senior
notes are unsecured and guaranteed by subsidiaries (other than
CNXM, its majority owned midstream MLP) on a senior unsecured
basis.

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

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

For CNX, weaker refinancing position, deteriorating cash margins,
capital returns and operating cash flow or a substantial increase
in leverage with RCF/debt declining below 20% could result in a
downgrade of the ratings. While unlikely in the environment of low
natural gas prices, the ratings may be upgraded if CNX demonstrates
replacement of reserves and production amid modest growth in
production and broader recovery in natural gas sector and maintains
lower leverage with RCF/debt above 30% and debt/production below
$10,000/boe, with sustained solid profitability and capital
returns, with LFCR maintained above 1.5x.

CNXM's ratings could be downgraded if it accelerates its leverage
with Debt/EBITDA above 5x and distribution coverage below 1x. The
downgrade of CNX's ratings would likely lead to the downgrade of
CNXM. The upgrade of CNXM's ratings would require an upgrade of
ratings of CNX. CNXM's ratings may also be upgraded if its business
profile improves by achieving larger scale and adding new third
party business. An upgrade would require the company to maintain
conservative credit metrics with debt/EBITDA below 3.5x and
distribution coverage of 1.2x.

CNX Resources Corp. is a sizable publicly traded independent
exploration and production company operating in the Appalachian
Basin. It controls substantial resources in Marcellus and Utica
Shale.

CNX Midstream Partners LP is a publicly traded MLP formed by CNX
Resources Corporation (CNX) to own, operate and develop midstream
facilities in the Marcellus Shale and Utica Shale basins. Its
assets include natural gas gathering pipelines and compression,
dehydration facilities, as well as condensate gathering pipelines
and separation and stabilization facilities and are well integrated
with producing and developing assets of CNX.


COMPASS CAYMAN: Moody's Withdraws B2 CFR on Debt Repayment
----------------------------------------------------------
Moody's Investors Service has withdrawn Compass Cayman SPV, Ltd.'s
B2 corporate family rating, the B2-PD probability of default rating
and the B1 ratings on 1st lien revolving credit facility expiring
2022, the 1st lien term loan A maturing 2022 and the 1st lien term
loan B maturing 2024 and Stable Outlook. The rating action follows
the full repayment and cancelation of these credit facilities.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because Compass
Cayman's debt previously rated by Moody's has been fully repaid.

COMPANY PROFILE

Headquartered in Boston, Massachusetts, Compass Cayman SPV, Ltd. is
a designer of electric appliances marketed under the Shark and
Ninja brands primarily to consumers in the US. The company is
principally owned by Chinese firm Lihong and private equity firm
CDH Investments. Revenue approximates $1.7 billion.


COOPER-STANDARD HOLDINGS: S&P Lowers ICR to 'B-'; Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating Cooper-Standard
Holdings Inc. to 'B-' from 'B'.

The company's profitability will weaken significantly in 2020 and
it will have limited headroom for additional downside risk amid the
economic slowdown.  The global coronavirus pandemic will further
constrain Cooper-Standard's earnings and cash flow in 2020 because
the company will not be producing at full capacity in most regions,
but will still have to support its cost base by paying its factory
overhead and full-time wages to its workers. Prior to the pandemic,
the company experienced significant setbacks in 2019 due to volume
weakness (especially in Asia), a slower-than-expected ramp-up for
certain large SUV program launches in North America, and ongoing
pricing pressure, and S&P expects that many of these headwinds will
persist over the next two years. Cooper-Standard's volumes fared
much worse than the overall market in 2019 given its heavy customer
concentration, exposure to specific launches (Ford Explorer), and
its lost production due to the United Auto Workers (UAW) strike at
General Motors in late 2019. As a midsize auto supplier, S&P
believes the company will remain susceptible to incremental pricing
pressure, which is common in the auto supply industry. However, it
appears unlikely that its EBITDA margins will approach 2018 levels
(which were in line with the low end of the auto supplier industry
average of about 10.5%) unless the company fixes or exits its
unprofitable operations. Management initiated a strategic review
process last quarter and is exploring alternatives for a number of
the company's operations.

The negative outlook reflects the at least one-in-three chance S&P
will downgrade Cooper-Standard in 2020 if the recovery in demand
following the end of the pandemic is weaker than it expects,
leading the rating agency to believe that the company's financial
commitments are unsustainable.

"We could downgrade Cooper-Standard if its cash burn in 2020 will
likely exceed $150 million and its reliance on its credit facility
increases and if EBITDA margins are unlikely to improve in 2021,"
S&P said.

"We could revise our outlook on Cooper-Standard to stable if its
end-market conditions appear to recover in late 2020 and early
2021, enabling it to increase its EBITDA margins toward 7% and
improve the operating efficiency of its manufacturing facilities.
Under this scenario, Cooper-Standard would need to maintain debt to
EBITDA of less than 6x and generate FOCF approaching breakeven
despite its somewhat higher capital expenditure (capex)
requirements," the rating agency said.


CROWNROCK LP: S&P Affirms 'B+' ICR; Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Midland, Texas-based oil and gas exploration and production company
CrownRock L.P.

The affirmation reflects CrownRock's commodity price hedges, ample
liquidity, absence of near-term debt maturities and S&P's
expectation for meaningful free cash flow generation.

At the same time, based on its updated recovery analysis, S&P is
affirming its 'BB-' issue-level rating on the company's unsecured
debt. The '2' recovery rating remains unchanged, indicating S&P's
expectation for substantial (70%-90%; rounded estimate: capped at
85%) recovery in the event of a payment default.

The rating affirmation incorporates CrownRock L.P.'s strong hedge
book for 2020, substantial liquidity, no upcoming bond maturities,
and S&P's forecast for meaningful free cash flow generation in the
next two years. The company has over 90% of estimated 2020 oil
production and 85% of natural gas production hedged at premium
pricing, which should offset lower market commodity prices and keep
financial metrics generally in line with S&P's prior estimates. S&P
does anticipate leverage ratios will weaken in 2021 due to minimal
hedging for that year; however, it expects the metrics will
gradually improve thereafter. S&P is forecasting considerable free
cash flow of more than $170 million in 2020 to be used along with
existing cash to pare down outstanding borrowings of $255 million
on the reserve-based lending (RBL) facility (as of year-end 2019)
to almost zero by the end of this year. Redetermination risk
appears inconsequential since the $700 million RBL commitment is
well below the current $1.1 billion borrowing base. Moreover, the
next bond maturity is not until 2025 and the revolver matures in
2024. Management has responded to market conditions by reducing
capital expenditures (capex) approximately 40% from 2019, with this
year's all-in budget in the $500 million-$550 million range and
possibly less than $500 million in 2021-2022. The company expects
to maintain production above 77 thousand barrels of oil equivalent
per day (Mboe/d) with four drilling rigs and two active frac
fleets

The stable outlook on CrownRock reflects S&P's expectation that the
company will continue to develop its asset base while sustaining
production and costs in line with the rating agency's current
projections. Therefore, S&P forecasts that the company will
maintain adequate liquidity and funds from operations (FFO) to debt
of at least 30% over the next two years.

"We could lower our rating on CrownRock if its liquidity decreases
significantly or its FFO to debt declines below 20% and we see no
clear path for improvement. This could occur if commodity prices
fall and the company relies predominantly on its revolving credit
facility to fund its capital spending or if its production and
costs are weaker than we currently project," S&P said.

"We could raise our rating on CrownRock if it continues to develop
its asset base and increase its reserve and production profile,
such that they are commensurate with those of its higher-rated
peers, while operating within internally generated cash flow. The
company would also need to maintain adequate liquidity and FFO to
debt of at least 30%. This scenario could occur if commodity prices
remain in line with our expectations and the company increases its
production and further develops its acreage," S&P said.


CYTODYN INC: Raises $15 Million Through Securities Offering
-----------------------------------------------------------
CytoDyn Inc. entered into a securities purchase agreement on March
31, 2020, pursuant to which the Company issued a secured
convertible promissory note, as amended, with a two-year maturity
to an institutional accredited investor in the initial principal
amount of $17.1 million.  The Note is secured by all of the assets
of the Company, excluding the Company's intellectual property.  The
Investor gave consideration of $15.0 million, reflecting original
issue discount of $2.1 million.  The Company anticipates using the
proceeds for general working capital purposes.

In connection with the investment in the Note, the Company entered
into a Security Agreement, pursuant to which all obligations owing
to the Investor by the Company, are secured by a first-position
security interest in all the assets of the Company, excluding the
Company's intellectual property.

Interest accrues on the outstanding balance of the Note at 10% per
annum.  Upon the occurrence of an Event of Default, interest
accrues at the lesser of 22% per annum or the maximum rate
permitted by applicable law.  In addition, upon any Event of
Default, the Investor may accelerate the outstanding balance
payable under the Note, which will increase automatically upon such
acceleration by 15%, 10% or 5%, depending on the nature of the
Event of Default.

The Investor may convert all or any part the outstanding balance of
the Note into shares of Common Stock at an initial conversion price
of $4.50 per share upon five trading days' notice, subject to
certain adjustments and volume and ownership limitations specified
in the Note.  In addition to standard anti-dilution adjustments,
the conversion price of the Note is subject to full-ratchet
anti-dilution protection, pursuant to which the conversion price
will be automatically reduced to equal the effective price per
share in any new offering by the Company of equity securities that
have registration rights, are registered or become registered under
the Securities Act of 1933, as amended.  The Note provides for
liquidated damages upon failure to deliver Common Stock within
specified timeframes.

The Investor may redeem any portion of the Note, at any time after
six months from the issue date upon three trading days' notice,
subject to a Maximum Monthly Redemption Amount of $950,000.  The
Note requires the Company to satisfy its redemption obligations in
cash within three trading days of the Company's receipt of such
notice.  The Company may prepay the outstanding balance of the
Note, in part or in full, at a 15% premium to par value, at any
time upon fifteen trading days' notice.

Investor may sell Conversion Shares pursuant to a registration
statement prior to the date that is six months from the issue date
and will be limited to 1,000,000 shares per calendar month;
provided, however, in the event any intra-day trading price of the
Common Stock during the applicable time period meets or exceeds
$4.50 per share then the Volume Limitation shall not apply for the
remainder of the calendar month or the five trading days
thereafter, whichever is longer.

Pursuant to the terms of the Agreement and the Note, the Company
must obtain the Investor's consent before assuming additional debt
with aggregate net proceeds to the Company of less than $15
million.  Upon any such approval, the outstanding principal balance
of the Notes shall increase automatically by 5% upon the issuance
of such additional debt.

The Company agreed to use commercially reasonable efforts to file a
Registration Statement on Form S-3 with the SEC by April 30, 2020
registering a number of shares of Common Stock sufficient to
convert the entire Outstanding Balance of the Note plus, if legally
permissible, 1,666,668 shares of Common Stock from Investor's Feb.
12, 2020 warrant exercise plus 833,332 shares of Common Stock from
Investor's Feb. 4, 2020 warrant exercise.

                        About CytoDyn Inc.

Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com/-- is a late-stage biotechnology company
focused on the clinical development and potential commercialization
of leronlimab (PRO 140), a CCR5 antagonist to treat HIV infection,
with the potential for multiple therapeutic indications.  

Cytodyn reported a net loss of $56.18 million for the year ended
May 31, 2019, compared to a net loss of $50.14 million for the year
ended May 31, 2018.  As of Nov. 30, 2019, CytoDyn had $17.92
million in total assets, $31.55 million in total liabilities, and a
total stockholders' deficit of $13.63 million.

Warren Averett, LLC, in Birmingham, Alabama, the Company's auditor
since 2007, issued a "going concern" qualification in its report
dated Aug. 14, 2019, on the Company's consolidated financial
statements for the year ended May 31, 2019, citing that the Company
incurred a net loss of approximately $56,187,000 for the year ended
May 31, 2019 and has an accumulated deficit of approximately
$229,363,000 through May 31, 2019, which raises substantial doubt
about its ability to continue as a going concern.


DCG ACQUISITION: S&P Downgrades ICR to 'CCC+'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
DCG Acquisition Corp. (DuBois Chemicals) to 'CCC+' from 'B-'. At
the same time, S&P lowered its issue-level rating on the company's
first-lien credit facility to 'CCC+' from 'B-', with the '3'
recovery rating remaining unchanged. S&P also lowered the
issue-level rating on the company's second-lien term loan to 'CCC-'
from 'CCC', with the '6' recovery rating remaining unchanged.

The downgrade follows DuBois Chemicals' weaker-than-expected
performance in 2019 due to softness in end markets relating to
early manufacturing stages such as metalworking, and the increase
in debt on the company's balance sheet. The company partially drew
down on its delayed-draw term loan to fund acquisitions in
fourth-quarter 2019. The company saw some margin uplift due to
higher prices and higher-margin products from acquisitions, but not
enough to offset the leverage increase and top-line decline. This
raised debt to EBITDA beyond S&P's expectations to between9x and
10x.

The negative outlook reflects S&P's view that DuBois could
experience significantly weaker demand and growth in 2020 due to
the global economic slowdown, causing credit metrics to deteriorate
and constrain liquidity. Additionally, if the company were to use
proceeds from its revolver to fund an acquisition, its covenant
would spring with limited cushion. In its base case, S&P expects
negative organic revenue growth in 2020 due to the weak macro
environment in the U.S. but positive overall revenue growth due to
recent acquisitions. S&P expects modest margin expansion as the
company benefits from lower raw material costs, cost savings, and
synergies achieved during acquisitions. It expects the company to
remain highly leveraged, with weighted average debt to EBITDA
nearing double-digits. S&P does not expect significant refinancing
risk because the company's nearest maturity is its revolver in
2024.

"We could consider a negative rating action over the next 12 months
if DuBois experiences weaker-than-expected end-market demand due to
the global recession that increases total pro forma leverage. We
could also consider a downgrade if liquidity sources over uses
materially weakens to less than 1.2x or, against our current
expectations, if the company completes a large debt-funded
acquisition or dividend recapitalization. In such a scenario, the
company could use proceeds from the revolver for funding, leading
to a potential breach in covenants," S&P said.

"We could revise the outlook to stable within the next 12 months if
it appears evident that the company will weather the recession
without significant deterioration in its credit measures or
liquidity position. We could take a positive rating action within
the next 12 months if the company's operating performance is
stronger than we expect, such that pro forma debt leverage remains
below 8.0x on a sustained basis by improving EBITDA margins 400
basis points beyond our expectations. This could happen if we see a
more favorable economic environment and DuBois grows through a mix
of more profitable end markets and demand growth of higher-margin
products from acquisitions. We would also need clarity that the
company's financial policies would support credit measures at these
levels after factoring in its growth initiatives," the rating
agency said.


DEAN FOODS: DFA Named Winning Bidder to Acquire Assets
------------------------------------------------------
Dean Foods Company on March 31, 2020, disclosed that, following a
comprehensive sale process and a competitive auction as part of its
Chapter 11 process, Dairy Farmers of America ("DFA") has been named
the winning bidder to acquire a substantial portion of Dean
Foods’ business operations. Pursuant to the agreement, which is
subject to final approval by the Bankruptcy Court, DFA will acquire
the assets, rights, interests, and properties relating to 44 of the
Company’s fluid and frozen facilities for $433 million.

In addition, as part of the court-supervised sale process, Dean
Foods has designated Prairie Farms Dairy as the winner of the
assets, rights, interests, and properties relating to 8 additional
facilities, 2 distribution branches and certain other assets for
$75 million in cash.  Dean Foods has designated Mana Saves
McArthur, LLC, and Producers Dairy Foods as winning bidders for the
sale of the facilities located in Miami, Florida and Reno, Nevada,
respectively.  Harmoni, Inc. has been designated as the winning
bidder for the Uncle Matt’s business.

"We ran a competitive auction process and are pleased to have
reached these agreements, which we believe represent the best path
forward for our stakeholders," said Eric Beringause, President and
Chief Executive Officer of Dean Foods.  "Dean Foods has strong and
long-standing relationships with DFA and Prairie Farms Dairy.  We
are pleased that through these transactions, substantially all of
our processing assets will continue to operate as dairies and will
be owned by our dairy farmer partners with the resources,
experience and industry expertise to continue to succeed in the
current market environment.  We are committed to completing these
transactions as quickly as possible, and to ensuring a smooth
transition for our customers.  I want to thank all Dean Foods
employees for their continued commitment to our customers and our
company throughout this process.  I know we can count on them to
continue to deliver the high-quality dairy products our customers
rely on as we work to close these transactions."

The agreements were reached following an auction conducted under
the supervision of the U.S. Bankruptcy Court for the Southern
District of Texas.  All agreements are subject to court approval
and certain other closing conditions.  A hearing to seek required
court approvals was scheduled for April 3, 2020.  Subject to
Bankruptcy Court approval, the transactions are expected to close
at the end of April 2020.

Additional information is available on the restructuring page of
the Company’s website, DeanFoodsRestructuring.com.  In addition,
Court filings and other information related to the proceedings are
available on a separate website administered by the Company’s
claims agent, Epiq Bankruptcy Solutions LLC, at
https://dm.epiq11.com/case/southernfoods/dockets, or by calling
Epiq representatives toll-free at 1-833-935-1362 or 1-503-597-7660
for calls originating outside of the U.S.

A list of entities included in each transaction is available at
DeanFoodsRestructuring.com.

                      About Southern Foods

Southern Foods Group, LLC, dba Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.

The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Tex. Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer.  The Debtors were estimated to have assets
and liabilities of $1 billion to $10 billion.

Judge David Jones presides over the cases.

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.


DEAN FOODS: Reaches Agreement in Principle With Industrial Realty
-----------------------------------------------------------------
Dean Foods Company on April 1 disclosed that it has reached an
agreement in principle under which Industrial Realty Group, LLC
will buy Dean Foods' Meadow Gold Hawaii operations as an ongoing
business.  Pursuant to the agreement, which is subject to final
approval by the Bankruptcy Court, Industrial Realty Group will
acquire the assets, rights, interests, and properties relating to
Dean Foods' Hilo and Honolulu facilities.  Industrial Realty Group
will be partnering with 8 Cow Dairies, a Hawaii-based company, to
manage operations.

"We are pleased to have reached an agreement in principle for our
Meadow Gold Hawaii facilities and that Industrial Realty Group
intends to continue these facilities on an ongoing basis," said
Eric Beringause, President and Chief Executive Officer of Dean
Foods.  "We are committed to completing this transaction, and our
previously announced sales, as quickly as possible, and we thank
all of our employees for their continued patience, hard work and
dedication."

As previously announced on March 31, 2020, Dairy Farmers of America
was named the winning bidder to acquire the assets, rights,
interests, and properties relating to 44 of Dean Foods' fluid and
frozen facilities.  In addition, Dean Foods designated Prairie
Farms Dairy as the winner of the assets, rights, interests, and
properties relating to eight additional facilities, two
distribution branches and certain other assets.  Mana Saves
McArthur, LLC, and Producers Dairy Foods were designated as winning
bidders for the sale of the facilities located in Miami, Florida
and Reno, Nevada, respectively.  Harmoni, Inc. was designated as
the winning bidder for the Uncle Matt's business. All agreements
are subject to court approval and certain other closing conditions.
Subject to Bankruptcy Court approval, the transactions are
expected to close at the end of April 2020.

Additional information is available on the restructuring page of
the Company's website, DeanFoodsRestructuring.com.  In addition,
Court filings and other information related to the proceedings are
available on a separate website administered by the Company's
claims agent, Epiq Bankruptcy Solutions LLC, at
https://dm.epiq11.com/case/southernfoods/dockets, or by calling
Epiq representatives toll-free at 1-833-935-1362 or 1-503-597-7660
for calls originating outside of the U.S.

Davis Polk & Wardwell LLP and Norton Rose Fulbright are serving as
legal advisors to the Company, Evercore is serving as its
investment banker and Alvarez & Marsal is serving as its financial
advisor.

                      About Southern Foods

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. Tex. Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer.  The Debtors were estimated to have assets
and liabilities of $1 billion to $10 billion.

Judge David Jones presides over the cases.

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.


DENTALCORP HEALTH: Moody's Alters Outlook on B3 CFR to Negative
---------------------------------------------------------------
Moody's Investors Service affirmed Dentalcorp Health Services ULC's
B3 corporate family rating, B3-PD probability of default rating, B2
senior secured rating on its first lien facilities and Caa2 senior
secured rating its second lien facilities. The outlook was changed
to negative from stable.

The negative outlook reflects Moody's expectation of a material
erosion in earnings through the second quarter followed by weaker
business prospects in a challenging economic environment during
2020. The freeze on non-essential dental services due to the
coronavirus outbreak mandated by provincial and health authorities
and resulting temporary closure of practices will drive an
excessive increase in leverage in 2020 before falling back towards
8x in 2021. The ratings affirmation reflects that dentalcorp will
maintain adequate liquidity during 2020, supported by a robust cash
position and reduction in variable costs and discretionary
investments.

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. Service sectors
have been significantly affected by the shock given sensitivity to
consumer demand and mandatory business closures. The coronavirus
outbreak is a social risk under its ESG framework given the
substantial implications for public health and safety and its
action reflects the direct impact on dentalcorp's operations.

Affirmations:

Issuer: Dentalcorp Health Services ULC

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

  Senior Secured Second Lien Term Loan, Affirmed Caa2 (LGD5)

  Senior Secured Second Lien Delayed Draw Term Loan, Affirmed
  Caa2 (LGD5)

  Senior Secured First Lien Term Loan, Affirmed B2 (LGD3)

  Senior Secured First Lien Revolving Credit Facility,
  Affirmed B2 (LGD3)

  Senior Secured First Lien Delayed Draw Term Loan, Affirmed
  B2 (LGD3)

Outlook Actions:

Issuer: Dentalcorp Health Services ULC

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Dentalcorp (B3 CFR) is constrained by (1) leverage sustained above
8x (8.5x estimated at year end 2019); (2) weak interest coverage
and cash flow relative to debt (EBITA/interest around 1x and
RCF/net debt at 5% estimated for year end 2019); and (3) risks
inherent to its aggressive acquisition strategy and private equity
ownership. The company benefits from (1) its position as a leading
dental support organization (DSO) in Canada, which is in the early
stage of market consolidation; (2) a domestic dental industry
characterized by a cash-based pay model and stable pricing
dynamics; (3) an established track record integrating 385 acquired
dental practices as of March 2020; and (4) adequate liquidity
through 2020.

Dentalcorp has adequate liquidity. As of March 31, 2020, Moody's
estimates sources totaled about C$300 million, consisting of cash
on hand of close to C$250 million and full availability under the
$33 million (C$45 million) committed revolver due 2023. Moody's
estimates use over the next twelve months will total C$50 million,
including negative free cash flow of C$40 million and C$10 million
in scheduled debt amortizations. Once growth resumes, remaining
excess cash will be earmarked for further acquisitions. The
revolver is subject to a springing first lien net leverage covenant
when at least 35% drawn. Moody's does not expect dentalcorp to draw
on the facility.

The coronavirus outbreak is a social risk under its ESG framework
given the substantial implications for public health and safety.
The mandated freeze on non-essential dental services by provincial
and health authorities will pressure earnings and drive the
temporary closure of dental practices across Canada. Governance
risks associated with dentalcorp are high given private equity
ownership and a lack of formal financial policies combined with an
aggressive growth strategy. Although leverage has remained elevated
under the current shareholder track record, the recent equity
injection of $75 million supports deleveraging and moderates risks
associated with rapid debt-funded growth. Given this precedent,
Moody's expects shareholders will continue to contribute equity to
the extent necessary to maintain a tenable capital structure. While
aggressive growth elevates event risk, dentalcorp has also
established a proven track record of integrating acquired
practices, with 385 practices on board since the founding of the
business in 2011.

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

The ratings could be upgraded if the company continues to
demonstrate a successful track record of integrating acquisitions,
and adjusted debt to EBITDA is sustained below 6x (8.5x estimated
LTM Dec- 2019).

The ratings could be downgraded if adjusted EBITA to interest falls
below 1.0x (0.9x estimated LTM Dec-19), if the company generates
negative free cash flow before acquisitions, or if operating
performance or liquidity weakens.

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

Dentalcorp is a Toronto-based dental support organization (DSO)
which owns 385 practices in Canada as of March 2020. Moody's
estimates dentalcorp's pro-forma annualized revenue was over C$850
million for the twelve months ended December 2019.


DOUBLE L FARMS: Intermountain Farmers Objects to Disc. Statement
----------------------------------------------------------------
Intermountain Farmers Association (IFA), a party-in-interest of
debtor Double L. Farms, Inc., objects to the Second Amended
Disclosure Statement filed on March 3, 2020.

IFA argues that:

  * The Debtors' Second Amended Disclosure Statement contains
inaccuracies, inconsistencies, and insufficient information which
is both material and significant in nature. As a result, thereof, a
hypothetical, reasonable investor typical of holders of claims or
interests of the relevant classes cannot make an informed judgment
about whether or not to accept or reject the proposed Second
Amended Chapter 11 Plan of Liquidation.

  * The claims of IFA are strictly against the pre-petition entity
known as Double L Dairy, LLC and the guarantors. IFA has no
contractual relationship with either Double L Farms, Inc. nor 3 L
Land and Cattle, LLC.

  * The Second Amended Disclosure Statement fails to segregate out
and delineate the various and specific claims of the separate
creditors of the three (3) separate legal entities, which now
comprise the Surviving Entity, i.e. Double L Farms, Inc.

  * The Second Amended Disclosure Statement attempts to consolidate
all of the claims against the three (3) separate legal entities
into one set of claims and to treat all of the creditors equally,
which inappropriately impairs the separate legal claims of the
creditors.

  * The Second Amended Disclosure Statement fails to disclose
financial information of how not separating out the assets and
liabilities of the separate entities will be in the best interest
of the creditors of the pending liquidation proceeding.

A full-text copy of IFA's objection dated March 26, 2020, is
available at https://tinyurl.com/vqoevez from PacerMonitor at no
charge.

Attorney for IFA:

         Craig W. Christensen
         RACINE OLSON, PLLP
         P.O. Box 1391
         Pocatello, Idaho 83204-1391
         Tel: (208) 232-6101
         Fax: (208) 232-6109
         E-mail: craig@racineolson.com

                      About Double L Farms

Double L Farms, Inc.'s farm operation consists of 3,200 acres in
Eastern Idaho. It owns approximately 1,777 acres and leases the
difference. The farm ground is located primarily in Roberts and
Rigby, Idaho. Double L operates a dairy, raises beef cattle, and
grows potatoes, barley, wheat, corn and hay.

Double L Farms sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Idaho Case No. 18-40910) on Oct. 9, 2018.  In the
petition signed by Jared Keith Lewis, president, the Debtor was
estimated to have assets of $1 million to $10 million and
liabilities of $10 million to $50 million.  Judge Joseph M. Meier
is the presiding judge.  The Debtor tapped Maynes Taggart PLLC as
its legal counsel.


EDWARD DON: Moody's Cuts CFR to B3 & Sr. Secured Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service downgraded Edward Don & Company, LLC's
Corporate Family Rating to B3 from B2, its Probability of Default
Rating to B3-PD from B2-PD, and its senior secured first lien term
loan to Caa1 from B3. The outlook is negative.

Its downgrades and negative outlook reflect Edward Don's high
financial leverage, negative free cash flow generation, and Moody's
expectations that headwinds stemming from the coronavirus outbreak
will pressure earnings and cash flow generation over the next 12-18
months. Edward Don's foodservice and lodging customers are
experiencing unit closures and materially reduced operations in
response to the COVID-19 pandemic, which will negatively impact
demand for the company's products in 2020, resulting in financial
leverage to increase beyond Moody's downgrade factors. Given the
anticipated decline in the company's earnings, debt/EBITDA
financial leverage is expected to increase to over 6.5x and free
cash flow will continue to be pressured.

Downgrades:

Issuer: Edward Don & Company, LLC

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

  Corporate Family Rating, Downgraded to B3 from B2

  Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD4)
  from B3 (LGD4)

Outlook Actions:

Issuer: Edward Don & Company, LLC

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Edward Don's B3 CFR reflects its high financial leverage and
negative free cash flow generation. The company has end market
concentration in the foodservice/restaurant and lodging sectors,
which are susceptible to discretionary consumer spending, and the
deteriorating operating environment as a result of the coronavirus
outbreak which will negatively impact demand in 2020. As a result,
Moody's expects debt/EBITDA financial leverage to increase to over
6.5x from 5.5x as of the twelve months period ended September 27,
2019, and for free cash flow to continue to be pressured over the
next 12-18 months. However, the rating also reflects the company's
strong market position in the foodservice supplies and equipment
distribution industry, its relatively recurring revenue stream from
supply replenishment and equipment replacement, and low capital
expenditure requirements. Edward Don has adequate liquidity
reflecting access to its $100 million revolver due 2023, and no
near-term maturities until its revolver matures, which provides
financial flexibility to fund working capital needs.

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 foodservice
equipment and supply distribution 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 Edward Don's credit profile, including its
exposure to restaurant closure and decline in consumer traffic,
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Edward Don 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 Edward Don 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 that headwinds
related to the coronavirus outbreak will pressure Edward Don's
profitability and cash flows because of closures related to the
COVID-19 outbreak, and the uncertainty around the duration of unit
closures and pace of the rebound once the pandemic begins to
subside.

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

The ratings could be upgraded if the company's operating results
and free cash flow generation improve driven by sustained organic
revenue growth and EBITDA margin expansion, if debt/EBITDA is
sustained below 6.0x and at least adequate liquidity with less
reliance on revolver borrowings. The ratings could be downgraded if
operating results deteriorate beyond Moody's expectations with
debt/EBITDA sustained above 7.5x, if there is a deterioration in
liquidity for any reason, highlighted by increasing revolver
reliance.

Headquartered in Woodridge, Illinois, Edward Don & Company, LLC
("Edward Don"), is a distributor of supplies and equipment to
foodservice providers. In March 2017, Vestar Capital Partners
acquired a majority ownership interest in Edward Don. The company
subsequently acquired Atlanta Fixture and Sales Corp. in November
2017, Smith & Greene Company in January 2018, and Myers Restaurant
Supply in May 2019. Edward Don & Company, LLC is private and does
not publicly disclose its financials. Pro forma for the acquisition
of Myers Restaurant Supply as if it had been owned over the last
year, Edward Don generated revenue of nearly $1.1 billion for the
twelve-month period ended September 27, 2019.


ELO TOUCH: Moody's Alters Outlook on B2 CFR to Negative
-------------------------------------------------------
Moody's Investors Service affirmed Elo Touch Solutions, Inc.'s B2
Corporate Family Rating, B2-PD Probability of Default Rating and B2
senior secured credit facilities rating. The outlook was changed to
negative from stable.

The negative outlook reflects the risk of an abrupt weakening in
Elo's credit metrics as a result of the coronavirus outbreak on its
restaurant and retail customers. Representing over 50% of Elo's
revenue, restaurants and retail businesses are deeply affected by
the mandated closures due to COVID-19. In response to these
operating challenges and to preserve liquidity, Moody's expects
that the majority of Elo's clients in the retail and restaurant
industry will postpone discretionary capex in the next several
quarters, including purchasing of touchscreen products. As a
result, Moody's anticipates Elo's EBITDA will decline, increasing
leverage to around 5.5x-6x debt-to-EBITDA by the end of fiscal 2020
(September 30, 2020), which is above the current downgrade trigger
of 5x.

The affirmation of the ratings reflects the relative stability of
medical and industrial automation end markets for Elo's products
and Moody's expectation that the company will have sufficient
liquidity to manage through several quarters of significant revenue
and earnings decline. The affirmation also reflects expectations
that as the restaurant and retail sectors recover, Elo will be able
to reduce debt-to-EBITDA below 5x over the course of 2021.

Moody's took the following actions:

Affirmations:

Issuer: Elo Touch Solutions, Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facilities, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Elo Touch Solutions, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Elo's B2 CFR is constrained by relatively small business scale and
projected elevated leverage of 5.5x-6x debt-to-EBITDA in fiscal
2020 arising from the economic downturn. 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 and retail sectors have been two of
the sectors most significantly affected by the shock given their
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in Elo's credit profile, including its exposure to
these sectors have left it vulnerable to shifts in market sentiment
in these unprecedented operating conditions and Elo 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.

Elo's ratings also consider the evolving business and technology
landscape, limited growth prospects in some of the company's more
mature product categories and a competitive environment. Elo
benefits from its strong niche position in attractive areas of the
commercial touchscreen market, a high degree of customer and
product diversification, growth potential in newer product
categories such as self-service kiosks and digital signage, and the
expectation for positive free cash flow over the long term.

The negative outlook considers the uncertainty over the depth and
duration of the coronavirus outbreak which will pressure Elo's
credit metrics due in large part to its high exposure to the
restaurant and retail sectors. Moody's expects Elo's revenue will
decline in a mid to high teens range and leverage will increase to
about 5.5x-6x debt-to-EBITDA by the end of fiscal 2020 (September
30, 2020), which is above the current downgrade trigger of 5x.
However, Moody's expects leverage will return to below 5x by the
end of fiscal 2021 in conjunction with an economic recovery.

Moody's expects that Elo will manage the business to preserve
liquidity. Elo's liquidity is expected to remain adequate over the
next 12 months, supported by around $13 million of cash and
moderately positive free cash flow. As the company optionally
prepaid about $10 million of the term loan, to preserve cash, Elo
can defer $4.5 million of mandatory quarterly amortization payment
until fiscal Q4 2020. In addition, the liquidity is supported by a
$35 million revolving credit facility due December 2023. The
revolving credit facility contains a net first lien debt-to-EBITDA
covenant of 6x, which is applicable if outstanding revolver balance
exceeds 40% of the commitment. Even with the prospects of elevated
leverage, Moody's expects the company to remain in compliance with
the covenant over the next 12 months. There is no financial
maintenance covenant on the company's term loan.

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

The ratings could be upgraded if Elo were to grow revenues and
margins on a sustained basis, expand its business scale and adhere
to conservative financial policies.

The ratings could be downgraded if Moody's expects business
conditions will remain weak for longer than currently anticipated
and Elo's revenue and margins will continue to decline such that
debt-to-EBITDA is expected to remain above 5x over an extended
period of time.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.

Headquartered in Milpitas, California, Elo produces touchscreen
panels and computers for diverse applications including
point-of-sale, self-service kiosks, interactive digital signage,
and medical and industrial automation applications. Elo reported
revenue of $383 million in the LTM period ended December 31, 2019.
Elo was acquired by Crestview Partners in 2018.


ELO TOUCH: S&P Lowers ICR to 'B'; Outlook Negative
--------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Elo Touch
Solutions Inc. to 'B' from 'B+'. At the same time S&P lowered its
rating on the company's first-lien debt to 'B' from 'B+'.

"We expect Elo's end market exposure and ongoing macroeconomic
conditions to cause leverage to rise above the mid-4x area. Elo's
end markets are concentrated in restaurants (40%) and retail (20%).
As unemployment rises and consumer discretionary spending declines,
we believe this will directly impact this sub-set of Elo's customer
base, and ultimately its ability to generate sufficient EBITDA to
maintain leverage below the mid-4x area downside trigger. However,
Elo is optimistic around opportunities that may arise in its
healthcare and industrial automation end markets, segments somewhat
less impacted by direct consumer spend," S&P said.

The negative outlook reflects S&P's view that deteriorating
macroeconomic conditions will lead to revenue declines at Elo with
leverage near 5x and negative cash flow after debt amortization,
with potential for further deterioration in credit metrics should
scale and timing of the pandemic exceed the rating agency's
expectations.

"We could lower the rating if impacts from the pandemic contribute
to significantly lower product implementations by customers and
revenue growth below our base case expectation, or funded debt
rises from current levels (through draws on the revolving credit
facility), leading to leverage exceeding the mid-5x area, or total
liquidity declines to less than $25 million area," S&P said.

"We could return the rating outlook to stable if Elo is able to
return to sustained revenue and EBITDA growth, such that we believe
leverage can be managed below 5x while generating at least $30
million of annual FOCF which would allow the company to comfortably
meet its debt amortization obligations," the rating agency said.


ENDEAVOR ENERGY: S&P Alters Outlook to Negative, Affirms BB- ICR
----------------------------------------------------------------
S&P Global Ratings affirmed the issuer credit rating on Endeavor
Energy Resources L.P. at 'BB-' with negative outlook, and affirmed
the 'BB-' issue-level rating on the company's unsecured debt. The
recovery rating remains '3'; reflecting S&P's expectation of
meaningful (50%-70%; rounded estimate: 65%) recovery in the event
of a payment default.

The negative outlook on Endeavor Energy Resources L.P. primarily
reflects its unwillingness to hedge production, which leaves cash
flows highly exposed to commodity price volatility at an
inopportune time.

"Consequently, we forecast a substantial cash outspend of about
$500 million in 2020, which could temporarily elevate leverage
above 3x this year and reduce funds from operations (FFO) to debt
to an average of approximately 40% in the next two years. However,
based on our commodity price deck, we expect financial metrics will
revert to more modest levels on the back of higher forecasted oil
and gas prices in 2021 and 2022. The company has sought to mitigate
the impact of lower commodity prices by cutting 2020 capital
expenditure guidance to $1.05 billion-$1.1 billion (nearly 40%
lower than 2019 spend), which should keep production relatively
flat at around 140-150 thousand barrels of oil equivalent per day
(Mboe/d) with a marginally lower oil mix. There appears to be some
flexibility to further reduce the budget if necessary, which may
result in a slight production decline. In our view, liquidity
remains adequate, with more than $67 million of balance sheet cash
and $1.4 billion of revolver availability at year-end 2019.
Endeavor does not have meaningful debt maturities before its credit
facility expires in 2023 and its earliest bond maturity in 2026. We
also believe borrowing base redetermination risk is mitigated by a
much lower commitment of $1.5 billion relative to the current
$2.275 billion borrowing base." Finally, the company's sizable
asset base of over 375,000 net acres in the Midland Basin (95% HBP)
and 656 million Boe of proved reserves (65% oil, 55% developed)
provide comparative optionality," S&P said.

The negative outlook on Endeavor reflects S&P's expectations for
significantly weaker leverage metrics, lack of a hedging program,
and substantial cash outflows over the next 12 months.

"We could lower the rating if liquidity deteriorates while the
company continues to generate outsized negative free cash flow. A
downgrade could also occur if FFO to debt falls below 30% on a
sustained basis. This would most likely occur if commodity prices
fell below our price deck assumptions or if the company did not
meet our production expectations," S&P said.

"We could revise the outlook to stable if the company achieves and
maintains FFO to debt comfortably above 45% while maintaining
adequate liquidity and significantly reducing cash outflows," the
rating agency said.


ENTERCOM COMMUNICATIONS: S&P Lowers ICR to 'B'; Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Entercom
Communications Corp. to 'B' from 'B+' because it expects declines
in radio advertising revenue will keep leverage above its 5x
downgrade threshold over the next year.

Entercom Communications Corp.'s leverage is elevated. Entercom's
leverage was 5.4x at the end of 2019, above S&P's 5x downgrade
threshold for the 'B+' rating. S&P had previously expected leverage
would decline to the mid-4x area in 2020 due to a combination of
EBITDA growth from lower restructuring costs and cost-saving
initiatives (completed in 2019), as well as voluntary debt
repayment. However, S&P now expects declines in radio advertising
revenue stemming from the impact of the coronavirus will keep
leverage above 5x over the next year. While S&P believes Entercom
has some ability to reduce costs, this will likely be insufficient
to offset a material decline in revenue. In particular, Entercom
can reduce its sports rights fees due to the suspended NBA and NHL
seasons and delayed MLB season.

The negative outlook reflects uncertainty around the extent of the
pandemic's impact on Entercom'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. Additionally, Entercom's covenant cushion
could decline below 10% over the next year if it does not use cash
in excess of $150 million to repay debt as S&P expects.

"We could lower the rating if declines in radio advertising are
more severe than we expect or if its recovery is prolonged, such
that we believe Entercom's covenant cushion could decline below 10%
in the second half of 2020 or that there will be a covenant breach.
We could also 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 reduces the company's
EBITDA by more than 25% from 2019," S&P said.

"We could revise the outlook to stable if we expect FOCF to debt to
remain above 5% over the next year and we believe covenant
compliance will remain above 15%. We believe this would occur under
our base-case forecast, which contemplates a healthy recovery in
radio advertising in the fourth quarter of 2020 and beginning of
2021, such that EBITDA does not decline in excess of 20% from
2019," the rating agency said.


ENVISION HEALTHCARE: Moody's Cuts CFR to Caa2, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings on Envision
Healthcare Corporation, including the corporate family rating to
Caa2 from B3 and probability of default rating to Caa2-PD from
B3-PD. The rating agency also downgraded Envision's instrument
ratings, including the ABL facility rating to B1 from Ba2, the
ratings on the senior secured revolving credit facility and term
loan to Caa1 from B2, and the rating on the unsecured notes to Ca
from Caa2. The outlook, previously stable, was changed to
negative.

The downgrade of the CFR to Caa2 reflects significant volume
declines across Envision's physician staffing subspecialties and
ambulatory surgery centers (ASCs) that will weaken earnings and
liquidity. "Volume declines in anesthesiology and ASCs relate
principally to the cancellation/postponement of non-essential
elective surgical procedures across the US as government officials
implore hospitals to prepare for a surge in patients infected by
the coronavirus," stated Moody's Vice President/Senior Credit
Officer Jonathan Kanarek. "Volume declines in emergency medicine
have been driven by shelter at home directives given by roughly
two-thirds of US state governors, effectively comprising the vast
majority of the population, and to a lesser extent, a tendency to
avoid emergency rooms if possible," Kanarek continued. The
downgrade also reflects Moody's expectation that the ongoing spread
of the coronavirus will make it increasingly challenging for
Envision to manage its labor costs, sustain consistent revenue
cycle management, and maintain subsidies that it receives from
hospitals. Moody's expects that these numerous pressures will be
partly offset by various cost containment initiatives and financial
relief provided by the CARES Act that was signed on March 27,
2020.

Given the extraordinary pressures that the spread of the
coronavirus is placing on the earnings of physician staffing
companies, Envision will exchange its existing privately placed
notes (not rated) and senior unsecured notes for new term loan
borrowings. Moody's will likely consider this transaction as a
distressed exchange and this is also reflected in the downgrade of
the CFR.

The negative outlook reflects Moody's view that Envision's earnings
and liquidity will weaken significantly in 2020. Further, it
underscores that the potential for additional distressed exchanges
will be directly correlated with the duration and severity of
ongoing coronavirus spread.

Ratings downgraded:

Envision Healthcare Corporation

  - Corporate Family Rating to Caa2 from B3

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

  - Gtd. ABL facility expiring 2023 to B1 (LGD1) from Ba2 (LGD2)

  - Gtd. senior secured revolving credit facility expiring 2023
    to Caa1 (LGD3) from B2 (LGD3)

  - Gtd. senior secured term loan due 2025 to Caa1 (LGD3) from
    B2 (LGD3)

  - Gtd. senior unsecured global notes due 2026 to Ca (LGD6)
    from Caa2 (LGD6)

The outlook, previously stable, has been changed to negative.

RATINGS RATIONALE

Envision's Caa2 Corporate Family Rating reflects significant
earnings headwinds and future strains on liquidity as the spread of
the coronavirus continues across the US. It also reflects
Envision's very high pro forma financial leverage and aggressive
financial policies. Pro forma for ongoing cost saving initiatives,
adjusted debt to EBITDA was approximately 7.4 times as of December
31, 2019. Moody's expects Envision's financial leverage to rise
significantly over the next several months given the significant
aforementioned earnings headwinds described above. Further, it is
unclear how long it will take for the US to reduce the level of
coronavirus infections to a negligible level and thereafter, how
quickly the pace of elective procedures ramps. Finally, the Caa2
CFR is constrained by the increasing possibility that legislation
designed to address surprise medical bills, or more broadly,
out-of-network billing, will be passed into law.

The Caa2 rating is supported by Envision's considerable scale and
market position as the largest physician staffing outsourcer. It is
also supported by the firm's strong geographic and product
diversification within its physician staffing and ambulatory
surgery center segments.

The negative outlook reflects Moody's view that Envision's earnings
and liquidity will weaken significantly in 2020. Further, it
underscores that the potential for additional distressed exchanges
will be directly correlated with the duration and severity of
ongoing coronavirus spread.

Envision faces significant social risk. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety. To
prepare for a surge of coronavirus patients, acute care hospitals
are postponing or cancelling non-essential elective surgical
procedures. Further, alternative care settings for such elective
procedures, such as ambulatory surgery centers (ASCs), are having
to do the same in an effort to conserve valuable surgical supplies
(e.g., personal protective equipment). Losing these procedures,
which tend to be more profitable than treating sick patients, will
result in significant headwinds for physician staffing companies'
earnings. Aside from coronavirus, the company has experienced
significant negative publicity relating to the patients its
physicians treat receiving surprise medical bills (i.e., when they
are treated by out of network physicians despite receiving care
inside an in-network facility). Legislative proposals currently
being considered, if passed, could reduce reimbursement that
Envision collects on out-of-network claims and negatively impact
firm profitability. Along these lines, UnitedHealth chose to
publicize its contract dispute with Envision prior to the two
companies negotiating an in-network relationship for 2019. With
respect to governance, Envision Healthcare has an aggressive
financial strategy characterized by high financial leverage,
shareholder-friendly policies, and the pursuit of acquisitive
growth. This is largely due to its private-equity ownership by KKR
since its leveraged buyout in 2018.

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

The ratings could be downgraded if Moody's expects a greater
likelihood than not of future defaults or transactions that the
rating agency would consider a distressed exchange.

The ratings could be upgraded if Moody's views Envision's capital
structure as being increasingly tenable, for example, as a
consequence of a smaller, more manageable debt burden following the
distressed exchange. An upgrade could also occur if Moody's expects
Envision's operating performance to improve and liquidity to
stabilize.

Envision Healthcare Corporation is a leading provider of emergency
medical services in the U.S. Envision operates an extensive
emergency department, hospital, anesthesiology, radiology, and
neonatology physician outsourcing segment. The company also
operates 261 ambulatory surgery centers (ASCs). The company is
owned by private equity firm ("KKR"). Revenues for the LTM period
ended June 30, 2019 were $8.2 billion.

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


ESSEX REAL ESTATE: Has Plan Based on $50M Equity in Property
------------------------------------------------------------
Debtor Essex Real Estate Partners, LLC, filed with the U.S.
Bankruptcy Court for the District of Nevada a Plan of
Reorganization and a Disclosure Statement on March 26, 2020.

Essex Real Estate was formed in November 2007 for the purpose of
purchasing, completing the entitlements and selling five parcels of
unimproved real property.  Essex filed its Chapter 11 voluntary
petition on Dec. 27, 2019, in order to protect and preserve the
Property for the benefit of Essex's allowed creditors and equity
holders.

The Class 1 Secured Claim of the Clark County Treasurer will retain
its existing security interest consisting of a statutory tax lien
recorded against the Debtor's Property.  The Class 1 secured claim
will accrue interest at the statutory rate from the Petition Date
until paid in full, and the entire principal balance and unpaid
accrued interest shall be all due and payable in 18 months from the
effective date of the Plan, upon sale or refinance of the
Property.

Class 2 Claims are disputed claims of Nexbank, SSB and IFA.  The
disputed Class 2 claim will not be paid until an allowed claim is
mutually agreed upon or adjudicated by the Court through the
pending adversary proceeding. In the event any claim is allowed for
Class 2, the claim will be paid pursuant to the parties' agreement
to be determined at a later date.

The equity interests of the members of Essex Real Estate existing
on the petition date shall remain unchanged and unaltered.
Accordingly, the Class 3 equity interests of the Debtor are
unimpaired under the Plan.

The Disclosure Statement did not identify any general unsecured
claims.

The Debtor will fund the proposed Plan payments through proceeds
from refinance, joint venture or sale of the Property.  The
Debtor's representatives are currently negotiating a sale of the
Property, subject to Court approval, after notice and hearing.

From the Petition Date through the date that the Debtor's Property
is sold or refinanced, Royal Essex, LLC, will fund any ongoing
administrative and operational expenses of the Debtor, including
but not limited to insurance premiums and United States Trustee's
quarterly fees.

The Debtor believes that the Plan is feasible based upon the
significant equity in the Property that exceeds $50,000,000, which
sum, more or less, will be available to pay allowed creditors and
equity holders under the Plan.

A full-text copy of the Disclosure Statement dated March 26, 2020,
is available at https://tinyurl.com/wffu3cj from PacerMonitor at no
charge.

Attorney for the 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 Essex Real Estate Partners

Essex Real Estate Partners, LLC, based in Reno, NV, filed a Chapter
11 petition (Bankr. D. Nev. Case No. 19-51486) on Dec. 27, 2019.
In the petition signed by Jeri Coppa-Knudson, manager, the Debtor
was estimated to have $10 million to $50 million in assets and $1
million to $10 million in liabilities. The Hon. Bruce T. Beesley
oversees the case.  Stephen R. Harris, Esq., a Harris Law Practice,
LLC, serves as bankruptcy counsel to the Debtor.


EXTRACTION OIL: Moody's Cuts CFR to Caa2 & Unsec. Rating to Caa3
----------------------------------------------------------------
Moody's Investors Service downgraded Extraction Oil and Gas, Inc.'s
Corporate Family Rating to Caa2 from B2 and Probability of Default
Rating to Caa2-PD from B2-PD. The ratings on the unsecured notes
were downgraded to Caa3 from B3. The Speculative Grade Liquidity
Rating was downgraded to SGL-4 from SGL-3. The outlook has been
revised to negative from stable.

The rating action reflects Moody's concern about Extraction's
ability to redeem its $190 million preferred stock issue in 2021 at
a time when exploration and production companies have limited
capital market access. Refinancing risk is exacerbated by the
likelihood of a significant borrowing base reduction in the
upcoming redetermination due to a severe drop in commodity prices
and Moody's expectation that Extraction will face production
declines given its substantially reduced 2020 capital budget. The
downgrade also encompasses Moody's' concern that the distressed
trading levels of Extraction's unsecured may motivate it to
repurchase its notes at deeply discounted prices in a volume
Moody's would deem a distressed exchange.

Downgrades:

Issuer: Extraction Oil and Gas, Inc.

Probability of Default Rating, Downgraded to Caa2-PD from B2-PD

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

Corporate Family Rating, Downgraded to Caa2 from B2

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from B3 (LGD4)

Outlook Actions:

Issuer: Extraction Oil and Gas, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Extraction's Caa2 CFR reflects heightened restructuring risk given
the distressed levels at which its debt trades and weak commodity
prices expected to persist into 2021, as well as the prospect for a
significant erosion in liquidity due to a likely borrowing base
contraction and the October 2021 redemption date of its $190
million preferred stock issue. Extraction's decision to cut its
2020 capital budget by about 40% from its initial guidance (and
about 60% from 2019 levels) will likely lead to a meaningful drop
in production, given the company's steep initial decline rates of
its shale assets. The rating is further constrained by the
company's single basin focus and ongoing regulatory uncertainty in
Colorado. Extraction benefits from its large inventory of drilling
locations with favorable economics, ownership Elevation Midstream,
LLC (Elevation) and a strong hedge position that provides
meaningful cash flow protection in 2020 and, to a lesser extent, in
2021.

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 Extraction's credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Extraction 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 Extraction of the
breadth and severity of the oil demand and supply shocks, and the
broad deterioration in credit quality it has triggered.

Extraction's SGL-4 rating is based on its expectation that the
company will have weak liquidity through early 2021. Extraction had
$32 million of cash on its balance sheet and $480 million available
under its revolving credit facility at December 31, 2019. However,
Moody's expects the company's $950 million borrowing base to be
substantially reduced in the upcoming May redetermination due to
very weak commodity prices and the likelihood production will fall
noticeably due to a capital budget that is expected to be about 60%
lower than 2019 levels. Extraction's $190 million preferred stock
issue has an October 2021 redemption date. The maturity date of the
company's revolver accelerates from August 2022 to April 15, 2021
if the preferred remains outstanding as of that date.

Cash flow is buttressed by the company's commodity hedging program,
with more than 80% of expected oil production for the remainder of
2020 locked in at or above $55/bbl; however, Extraction's 's hedge
position weakens in 2021. Elevation, the company's unrestricted
midstream subsidiary, has considerable value and could be partially
or fully monetized as a source of liquidity. Still, in the event
Extraction is able to redeem or extend the maturity of its
preferred stock, the company will be challenged to extend its
revolver in 2022 given the large balance likely to be drawn and
looming notes maturities in 2024 and 2026. The revolver has two
financial covenants -- a maximum leverage (net debt to EBITDAX) of
4.0x and a minimum current ratio of 1.0x. Moody's forecasts
Extraction will have difficulty maintaining compliance with its
leverage covenant in early 2021.

Extraction's debt is comprised of $400 million of senior unsecured
notes due 2024, $700 million of senior unsecured notes due 2026 and
the secured revolving credit facility due August 2022. The
unsecured notes, which are contractually subordinated to the
secured revolver debt, are rated Caa3, one notch below the Caa2
CFR. The notes and revolver are guaranteed by Extraction's existing
and future subsidiaries.

The negative outlook reflects Moody's expectation that Extraction's
liquidity will weaken considerably over the next twelve months when
the company will be challenged to address its preferred stock
redemption.

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

Ratings could be downgraded if the company is unable to address the
preferred stock redemption prior to the maturity of the revolver
accelerating or if RCF/debt falls below 10%. An upgrade is unlikely
in the near term and dependent on the company satisfactorily
addressing the 2021 maturity and improving its liquidity.

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

Extraction Oil and Gas, Inc., headquartered in Denver, Colorado, is
a public oil and gas exploration and production (E&P) company with
approximately 159,000 net acres in its focus area of the
Denver-Julesburg (DJ) Basin and a total of approximately 289,000
net acres.


EYEPOINT PHARMACEUTICALS: Plans to Reorganize Commercial Operations
-------------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. has taken proactive measures in
response to changing market conditions caused by the novel
coronavirus (COVID-19) global pandemic.  These measures are
intended to ensure the safety of its patients and employees and
maintain the sustainability of its business operations and
operating capital as this unprecedented situation continues to
evolve.  These measures also include a reorganization of its
commercial operations and the cancellation or deferral of planned
spending to conserve cash in response to a significant decline in
product demand associated with shut-downs of customer facilities
and postponements of elective surgical procedures in response to
COVID-19.

"COVID-19 driven closures have significantly impacted our customer
base and this commercial reorganization is necessary to focus the
Company's resources on continuing to serve patients who are still
being treated with YUTIQ and DEXYCU.  We have prioritized our
overall spending to focus on a more targeted commercial footprint,
conserve cash and to continue advancing EYP-1901, a six-month
potential treatment for wet age-related macular degeneration,
toward clinical development," said Nancy Lurker, president and
chief executive officer of EyePoint Pharmaceuticals.  "Our
patients, employees, shareholders and the ocular disease community
remain our top priorities as we navigate through the COVID-19
pandemic.  We want to recognize and thank those affected by this
reorganization for their dedication to EyePoint and our patients,
and we will work to make their transitions to other opportunities
as smooth as possible."

Dedicated to Delivering Our Innovative Ocular Disease Treatments to
Patients

"EyePoint is committed to providing uninterrupted access to our
products during the COVID-19 pandemic for those patients who are in
essential need of treatment.  Our supply chains for YUTIQ and
DEXYCU are robust and have not been interrupted during the
pandemic.  The Company has ample supply of API and other raw
materials for YUTIQ and DEXYCU, and EyePoint continues to produce
finished product for commercial sale.  Our commercial team is
providing ongoing support services for patients and physician
offices on an as-needed basis, while respecting the need to
maintain social distancing.
  
Focusing of Commercial Operations in Response to COVID-19 Impact on
Commercial Markets

"The Company will downsize its current workforce, with reductions
coming primarily from the external DEXYCU sales force and
supporting commercial operations as cataract surgery is considered
a non-essential procedure due to the pandemic.  The Company plans
to allocate its remaining DEXYCU commercial resources to
high-volume ambulatory surgery centers (ASCs) in key U.S. regions,
subject to the availability of such ASCs to perform elective
cataract surgery upon the lifting of restrictions associated with
the COVID-19 pandemic.  The Company will continue to invest in its
YUTIQ commercial operations, as treatments for patients suffering
from non-infectious uveitis affecting the posterior segment of the
eye continue to be deemed essential during the COVID-19 pandemic,
given that irreversible blindness is a potential consequence of
delaying treatment.

"The reorganization is expected to result in annual savings of
approximately $7 million from workforce reductions and one-time
savings of approximately $10 million from other planned expenditure
cancellations and deferrals.  Based on these actions, coupled with
cash conservation activities, the Company is able to reconfirm its
expected cash runway into 2021 under current assumptions for the
duration of the COVID-19-related closures across the U.S.

"The Company estimates that it will record approximately $0.6
million for severance and other costs related to the workforce
reduction in the second quarter of 2020.  Further details on the
financial implications of the corporate restructuring will be
included in the Company's 10-Q for the first quarter of 2020 and
other filings to be made with the Securities and Exchange
Commission.

Business Continuity Plan to Protect Employees and Advance
Development Pipeline

"In early March 2020, the Company mandated a work from home policy
for all employees who are not deemed essential to our manufacturing
operations and suspended all non-essential travel. The Company has
maintained a rotating, limited schedule to ensure continued
production of YUTIQ and DEXYCU with heightened safety precautions
for our employees.

"Research and development initiatives remain on schedule.  In
March, the Company initiated a good laboratory practice (GLP)
toxicology study for EYP-1901, a six-month sustained release
anti-VEGF potential treatment for wet age-related macular
degeneration.  We expect to file an investigational new drug (IND)
application for this program in the fourth quarter of 2020 with a
Phase 1 clinical trial to commence shortly thereafter.

"The Company continues to assess its policies, business continuity
plans and employee support needs during the COVID-19 pandemic."

                  About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA,
is a specialty biopharmaceutical company committed to developing
and commercializing innovative ophthalmic products in indications
with high unmet medical need to help improve the lives of patients
with serious eye disorders.  The Company currently has two
commercial products: DEXYCU, the first approved intraocular product
for the treatment of postoperative inflammation, and YUTIQ, a
three-year treatment of chronic non-infectious uveitis affecting
the posterior segment of the eye.

Eyepoint reported a net loss of $56.79 million for the year ended
Dec. 31, 2019.  For the six months ended Dec. 31, 2018, the Company
reported a net loss of $44.72 million.  As of Dec. 31, 2019, the
Company had $72.97 million in total assets, $64.64 million in total
liabilities, and $8.33 million in total stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated March 13, 2020, citing that the combination of the
Company's limited currently available cash, cash equivalents and
available borrowings, together with its history of losses, and the
uncertainty in timing of cash receipts from its newly launched
products raise substantial doubt about the Company's ability to
continue as a going concern.


FAIRWAY MARKET: Announces Winning Bids for 6 Going-Concern Stores
-----------------------------------------------------------------
Fairway Market, together with its debtor affiliates in their
Chapter 11 cases in the U.S. Bankruptcy Court for the Southern
District of New York (Case No. 20-10161) has announced winning bids
for 6 Fairway stores on a going concern basis (five New York stores
to Village Supermarket, Inc., a Wakefern member, and one store to
Seven Seas Georgetowne, LLC, a Key Food member) and the sale of two
real estate leases to Amazon Retail LLC.

Village's winning bid includes four of Fairway's Manhattan stores
as well as Fairway's production and distribution center for a
purchase price of approximately $76 million.  Seven Seas' winning
bid is for the Georgetowne store in Brooklyn for a purchase price
of approximately $5 million.  Amazon's winning bid is for the
leases in Paramus and Woodland Park in New Jersey for a purchase
price of $1.5 million.

Fairway Market continues to serve its communities by operating all
of its stores, including stores not sold during the
Court-supervised auction, and intends to do so for the foreseeable
future to accommodate the current public need for our products.

"We are pleased with the outcome of the auction and are grateful
for our dedicated and hard-working employees, suppliers and
distributors during this process which has taken place in these
unprecedented times," said Abel Porter, Chief Executive Officer at
Fairway Market.  "Serving our community has always been our top
priority and we remain committed to providing quality items and a
safe shopping environment for our customers and our employees
during this global health crisis."

Fairway Market is a unique food retailer offering customers a
differentiated one-stop shopping experience as "The Place To Go
Fooding."  Fairway has established itself as a leading food retail
destination in the greater New York City metropolitan area.
Fairway offers an extensive selection of fresh, natural and organic
products, prepared foods and hard-to-find specialty and gourmet
offerings, along with a full assortment of conventional groceries.

Fairway Market's legal counsel is Weil, Gotshal & Manges, LLP, its
M&A investment banker is PJ Solomon and its financial advisor is
Mackinac Partners.

The Ad Hoc Group of senior lenders is represented by King &
Spalding, LLP.

For more information about Fairway Market's Court-supervised sale
process, please visit: http://www.omniagentsolutions.com/fairway


FERRELLGAS LP: Proposes to Offer $575-Mil. Secured Notes due 2025
-----------------------------------------------------------------
Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance
Corp. announced that they intend to offer $575 million aggregate
principal amount of senior secured first lien notes due 2025 in a
private offering to eligible purchasers.  The Notes will be senior
secured first lien obligations of the Issuers and will be
guaranteed on a senior secured first lien basis by Ferrellgas
Partners, L.P., Ferrellgas, Inc. and each existing and future
subsidiary of the Company, subject to certain exceptions. The
Issuers intend to use a portion of the net proceeds received from
the offering of the Notes to repay all of the outstanding
indebtedness under the Company's existing senior secured credit
facility, which will be terminated upon completion of the offering,
and to cash collateralize all of the letters of credit outstanding
under the existing senior secured credit facility, and the
remainder for general corporate purposes.

The Notes have not been and will not be registered under the
Securities Act of 1933, as amended, or any state securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state laws.  The
Notes are being offered and sold only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act and to certain non-U.S. persons outside
the United States in compliance with Regulation S under the
Securities Act.  

                       About Ferrellgas

Ferrellgas Partners, L.P. (www.ferrellgas.com), through its
operating partnership, Ferrellgas, L.P., and subsidiaries, serves
propane customers in all 50 states, the District of Columbia, and
Puerto Rico.

Ferrellgas reported net loss of $64.54 million for the year ended
July 31, 2019, a net loss of $256.8 million for the year ended July
31, 2018, and a net loss of $54.50 million for the year ended July
31, 2017.  As of Jan. 31, 2020, the Company had $1.47 billion in
total assets, $754.9 million in total current liabilities, $1.73
billion in long-term debt, $84.55 million in operating lease
liabilities, $45.26 million in other liabilities, and a total
partners' deficit of $1.14 billion.

                           *   *   *

As reported by the TCR on Oct. 22, 2019, S&P Global Ratings lowered
its issuer credit rating on Ferrellgas Partners L.P. (Ferrellgas)
to 'CCC-' from 'CCC'.  The downgrade is based on S&P's assessment
that Ferrellgas' capital structure is unsustainable given the
upcoming maturity of its $357 million notes due June 2020.


FT. MYERS ALF: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Ft. Myers ALF, Inc.
        17 N. State Street
        Chicago, IL 60602

Business Description: Ft. Myers ALF, Inc. is engaged in activities
                      related to real estate.

Chapter 11 Petition Date: April 7, 2020

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 20-08952

Judge: Hon. Donald R. Cassling

Debtor's Counsel: Paul M. Bauch, Esq.
                  LAKELAW
                  53 West Jackson Boulevard Suite 1115
                  Chicago, IL 60604
                  Tel: 312-588-5000
                  E-mail: pbauch@lakelaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Taher Kameli, president.

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

                     https://is.gd/z0B07Y


GOODRICH QUALITY: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed a committee to
represent unsecured creditors in the Chapter 11 case of Goodrich
Quality Theaters, Inc.

The committee members are:

     1. IMAX Corp.
        Attn: James Skinner, Esq.
        2525 Speakman Dr., Sheridan Park
        Mississauga, Ontario
        Canada L5K 1B1
        Email: jskinner@imax.com
        Phone: (905) 4036577

     2. Performance Food Group, Inc.
        d/b/a Vistar Corp.
        Attn: Brad Boe
        188 Inverness Dr. W
        Englewood, CO 80112
        Email: brad.boe@pfgc.com
        Phone: (303) 898-8137  

     3. Audio Imaging Specialists, Inc.
        Attn: Ken Angst
        57018 Juliann Ct.
        Washington, MI 48094
        Email: ken@audioimagingspecialists.com
        Phone: (810) 343-0770.

     4. Spirit Master Funding X, LLC
        Attn: Danny Rosenberg
        2727 N. Harwood St., Ste. 300
        Dallas, TX 75201
        Email: drosenberg@spiritrealty.com
        Phone: (972) 476-1958

     5. Christie Digital Systems USA, Inc.
        Attn: Michael Phipps
        10550 Camden Dr.
        Cypress, CA 90630
        Email: michael.phipps@christiedigital.com
        Phone: (714) 229-2707

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

                  About Goodrich Quality Theaters

Goodrich Quality Theaters, Inc. -- http://www.gqti.com/-- owns and
operates 30 theaters with 281 screens in cities throughout
Michigan, Indiana, Illinois, Florida and Missouri.  

Goodrich Quality Theaters sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mich. Case No. 20-00759) on Feb. 25,
2020.  At the time of the filing, the Debtor had estimated assets
of between $50 million and $100 million and liabilities of between
$10 million and $50 million.  Judge Scott W. Dales oversees the
case.  The Debtor tapped Keller & Almassian, PLC as legal counsel;
Stout Risius Ross Advisors, LLC as investment banker and Novo
Advisors as financial advisor.


GREAT WESTERN: Moody's Cuts CFR to Caa1 & Unsecured Rating to Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded Great Western Petroleum, LLC's
Corporate Family Rating to Caa1 from B2 and Probability of Default
Rating to Caa1-PD from B2-PD. The ratings on the unsecured notes
were downgraded to Caa3 from Caa1. The outlook was revised to
negative.

The rating action reflects Great Western's high refinancing risk
associated with its 2021 notes maturity at a time when the
exploration and production sector is deeply out of favor with
capital markets. Great Western's unsecured notes trade at
distressed levels which, when coupled with the company's limited
ability to generate meaningful free cash flow, point to the
potential the company will pursue a distressed exchange to address
the maturity.

Downgrades:

Issuer: Great Western Petroleum, LLC

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

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Unsecured Notes, Downgraded to Caa3 (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Great Western Petroleum, LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Great Western's Caa1 CFR reflects high refinancing risk for its
2021 maturity, the company's limited capital market access and the
rising potential for a distressed exchange, and the high capital
intensity and steep initial decline rates of its shale assets which
limit the company's ability to make deep capital spending cuts. The
rating is constrained by the company's single basin focus, a high
proportion of proved undeveloped reserves, and ongoing regulatory
uncertainty in Colorado. The company benefits from a liquids-rich
production mix, its low-cost acreage in the DJ Basin that supports
healthy cash margins, and improved netbacks as basin takeaway
options for oil and gas expand. Great Western's production is well
hedged in 2020 and 2021, garnering attractive realized prices that
provides good support to liquidity. A reduced 2020 capital spending
plan should allow the company to approach free cash flow generation
after years of material outspending.

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 Great Western's credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Great Western 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 Great Western 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 Great Western to maintain adequate liquidity
through 2021 primarily due to sufficient availability under its
revolving credit facility, which was $306 million at December 31,
2019. The revolver has a $630 million elected commitment and a $700
million borrowing base; although Moody's expects the borrowing base
to decrease considerably in the April redetermination, the company
will likely retain ample excess availability after funding fixed
charges and any capital outspending. The revolver has two financial
maintenance covenants, a minimum current ratio of 1x, and a maximum
debt to EBITDAX ratio of 3.5x. Moody's expects the company will
have substantial cushion for ongoing compliance under the financial
covenants through at least early 2021. Great Western's next debt
maturity is in September 2021; however, the revolver (which expires
June 2024) may be accelerated to March 30, 2021 if the 2021 Notes
are not refinanced or repaid in full by March 30, 2021.

Cash flow is buttressed by the company's commodity hedging program,
with about 90% of expected oil production for the second, third and
fourth quarters of 2020 locked in at or above $53/bbl. The hedge
position has a cash value in excess of $300 million, however if it
was liquidated the company would be exposed to very low current
commodity prices, a likely substantial reduction to its borrowing
base, and potential covenant breaches.

Great Western's debt structure is comprised of $300 million of
senior unsecured notes due 2021, a privately placed (unrated) $75
million notes issue due 2025 and a secured revolver expiring in
June 2024 with a $630 million commitment. The notes are rated Caa3,
two notches below the Caa1 CFR, reflecting the size and priority
claim the secured revolver has on substantially all of the assets
of the company.

The negative outlook reflects Great Western's heightened
refinancing risk during a period of very low commodity prices and
limited capital market access, and the potential the company may
pursue a distressed exchange in order to address its 2021
maturity.

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

Ratings could be downgraded if Moody's view of Great Western's
asset valuation diminishes.

An upgrade is unlikely until the company satisfactorily addresses
the 2021 maturity.

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

Denver, CO-based Great Western Petroleum, LLC is a private,
independent exploration and production company operating
exclusively in the Wattenberg field of Colorado's DJ Basin.


GREEN GROWTH: Board Opts for Receiver for CBD Business
------------------------------------------------------
Green Growth Brands Inc. on April 3, 2020, disclosed that a special
committee of the Board of Directors has concluded the previously
announced strategic review process related to the Company's
cannabidiol business (the "CBD Business").  As a result of the
Process, the Company has determined that appointment of a receiver
is in the best interest of the Company and the creditors of the CBD
Business.  The CBD Business is operated by six of the Company's
subsidiaries: Green Growth Brands LLC, GGB Beauty LLC, GGB Licenses
LLC, Green Growth Brands Realty LLC, GGB Kiosks LLC, and GGB GN LLC
(collectively, the "CBD Subsidiaries").  Each of the CBD
Subsidiaries will be subject to the receivership order.

The conclusion of the Strategic Review Process follows the
Company's announcement on March 19, 2020 that it would be
indefinitely suspending its CBD Business operations in light of the
ongoing COVID-19 pandemic.  The consent to appointment of the
receiver was filed on April 2, 2020 with the Franklin County Court
of Common Pleas, in Franklin County, Ohio.  Materials related to
the filing can be accessed via the Franklin County Clerk of Courts
electronic docket, which can be found at
https://fcdcfcjs.co.franklin.oh.us/CaseInformationOnline/.

The Company will continue to operate its cannabis business in
Florida, Massachusetts, and Nevada (the "MSO Business") through its
subsidiaries Nevada Organic Remedies LLC ("NOR"), Henderson Organic
Remedies LLC ("Henderson"), Wellness Orchards of Nevada LLC, Just
Healthy LLC, and Spring Oaks Greenhouses Inc. (collectively, the
"MSO Subsidiaries").  NOR and Henderson operate the Company's
The+Source dispensaries in the Las Vegas, Nevada region, and have
recently commenced delivery service in response to Nevada Governor
Stephen Sisolak's March 20, 2020 order limiting dispensary
operations in the state.  None of the MSO subsidiaries nor any of
their respective assets will be subject to the receivership order.


                   About Green Growth Brands

Green Growth Brands Inc. (CSE: GGB) (OTCQB: GGBXF) --
http://www.GreenGrowthBrands.com/-- creates remarkable experiences
in cannabis.  The company's brands include CAMP, The+Source, and 8
Fold.  GGB is expanding its cannabis operations throughout the
U.S., via dispensaries in Nevada, Massachusetts and Florida.



GVM INC: Files Plan Based on Sale, Leaseback Transaction
--------------------------------------------------------
GVM, Inc., Independent AG Equipment, Inc., and GVM West, Ltd.,
filed a Joint Plan of Reorganization and a Disclosure Statement.

Griffin Financial Group, LLC has been engaged by GVM and its wholly
owned subsidiaries IAE and GVM West, as its exclusive investment
banker to assist GVM in soliciting proposals for either the
purchase of all or substantially all of its assets, or to refinance
the Debtor's debt in order to facilitate an exit from Chapter 11.
From this marketing process, GVM received an offer from Liquid
Finance Company, LLC, or its designee to purchase substantially all
of the Debtors' real property and personal  property assets
(collectively, the "Debtors Assets").  The Debtors seek to sell
substantially all of the Debtors' Assets to Buyer.  In addition,
the Debtors seek to include the Anderson Assets (the Anderson
Assets together with the Debtors' Sale Assets are collectively, the
"Assets").  The consummation of the Debtors'  Assets Sale is
subject to the continuing due diligence of the Buyer and the
Purchase Price is subject to adjustment as Buyer is still
conducting its due diligence.  The Purchase Price will be allocated
between the Debtors and Anderson in accordance with the sale and
purchase agreements with each of the Debtors and Anderson, as
applicable

After the Sale Motion is approved, the Debtors intend to lease back
the Assets and continue operations.  The Plan will be funded by the
sale of the Assets, the disposition of stock in AgJunction, Inc.
owned by GVM, and ongoing operations of the Debtor, carried out by
existing management, and the continued efforts of the Debtors and
their management to maximize the Debtors' presence in its
marketplace while striving to keep overhead low.

The Plan treats claims as follows:

   * Class 1 Secured Claim of PeopleBank, A Codorus Valley
Corporation. Impaired.  The Bank has three outstanding loans to GVM
which includes two term loans with outstanding balances of $327,000
and $350,000 and a line of credit, which revolved until the chapter
11 filing, of which approximately $3,000,000 remains outstanding.
The Class 1 Claim shall be paid from the proceeds from the sale of
the Debtors’ Sale Assets and the Anderson Assets to the Buyer for
a purchase price of $6,000,000 subject to adjustment (the "Purchase
Price").

   * Class 9 Secured Claim of Jack Anderson.  Impaired.  The Class
9 Creditor is owed a total of $2,200,000 and is secured on
2,723,705 shares of AGX Stock (the "Anderson AGX Stock").  Jack
Anderson will retain a lien on all of his collateral.  The
Reorganized Debtor will release the Anderson AGX Stock to Class 9.

   * Class 12 Allowed Unsecured Claims of GVM.  Impaired.  The
Reorganized Debtor proposes to pay a pro-rata distribution of
$50,000 to the holders of Allowed Unsecured Claim, excluding the
Bank, over a period of 24 months starting on the Effective Date.

   * Class 20 Allowed Unsecured Claims of IAE.  Impaired.  The
Reorganized Debtor proposes to pay a pro-rata distribution $50,000
to the holders of Allowed Unsecured Claim, excluding the Bank, over
a period of 24 months starting on the Effective Date.

   * Class 23 Allowed Unsecured Claims of GVM West.  Impaired.  The
Bank is believed to be the only holder of an Allowed Unsecured
Claim against GVM West.  The Bank shall receive no distribution on
account of its  Class 23 claim.  

The Plan will be funded by the Debtors' Asset Sale, the sale of the
Anderson Real Estate, the disposition of GVM's stock in AGX, and
the ongoing operations of the Reorganized Debtor.  The Debtors seek
to sell substantially all of the Debtors' Assets to Buyer.  In
addition, the Debtors seek to include the Anderson Assets.

A full-text copy of the Joint Disclosure Statement dated March 23,
2020, is available at https://tinyurl.com/w2x8bct from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Albert A. Ciardi, III, Esquire
     Nicole M. Nigrelli, Esquire       
     Jennifer C. McEntee, Esquire         
     CIARDI CIARDI & ASTIN
     One Commerce Square
     2005 Market Street, Suite 3500
     Philadelphia, PA  19103
     Tel: (215) 557-3550
     Fax: (215)557-3551
     E-mail: aciardi@ciardilaw.com  
     E-mail: nnigrelli@ciardilaw.com  
     E-mail: jcranston@ciardilaw.com

                       About GVM Inc.

GVM Inc. -- https://www.gvminc.com/ -- is a manufacturer of
agricultural application and snow equipment.  Its affiliate
Independent AG Equipment, Inc. is a distributor of multiple
equipment lines and acts as separate entity from manufacturing.
GVM West, LTD is a supplier of farm equipment parts.

GVM and its affiliates sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Lead Case No. 19-03013) on July
13, 2019. The petitions were signed by Mark W. Anderson,
president.

At the time of the filing, GVM disclosed assets of between $10
million and $50 million and liabilities of the same range.

Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C.,
represents the Debtors.


H.R.P. II: Has Until April 24 to File Amended Plan & Disclosures
----------------------------------------------------------------
Judge James R. Ahler granted the agreed motion of debtor H.R.P. II
LLC for extension of time to file Third Amended Plan and Disclosure
Statement and the deadline for the Debtor to file a Third Amended
Plan and Disclosure is extended to April 24, 2020.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/r3va25g from PacerMonitor at no charge.

                      About H.R.P. II LLC

H.R.P. II LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ind. Case No. 17-21695) on June 15, 2017.  At the
time of the filing, the Debtor was estimated assets of less than $1
million and liabilities of less than $500,000.  Judge James R.
Ahler oversees the case. Fox Rothschild LLP is the Debtor's
bankruptcy counsel.


HARD ROCK: Liquidating Plan Confirmed by Judge
----------------------------------------------
Judge Frank W. Volk has entered an order confirming the Liquidating
Chapter 11 Plan of Hard Rock Exploration, Inc. and its debtor
affiliates.

The Plan complies fully with the requirements of Section 1123(a)(4)
of the Bankruptcy Code.  Specifically, HNB has agreed that its
Class 3 unsecured deficiency claim shall be treated less favorably
than other unsecured Class 2 claims in that it will not receive a
pro rata share of the General Unsecured Carve Out.

The Plan complies fully with the requirements of section 1123(a)(5)
of the Bankruptcy Code.  The Plan provides adequate means for
implementation of the Plan through, among other means, creation of
the Liquidating Trust and appointment of the Liquidating Trustee,
effective as of the Effective Date.

The Plan is the result of extensive arm's-length discussions,
debate and/or negotiations among the Trustee and key stakeholders
and is overwhelmingly supported by the creditors and other
parties-in-interest in the Case. The Plan promotes the objectives
and purposes of the Bankruptcy Code.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/r3keg95 from PacerMonitor at no charge.

                  About Hard Rock Exploration

Founded in 2003, Hard Rock Exploration, Inc., and its affiliates
provide oil and gas exploration and production services in Virginia
and West Virginia. Hard Rock focuses on drilling horizontal wells.

Hard Rock Exploration and its affiliates sought Chapter 11
protection (Bankr. S.D. W.Va. Lead Case No. 17-20459) on Sept. 5,
2017. In the petitions signed by James L. Stephens, the Debtors'
president, Hard Rock was estimated to have assets of $10 million to
$50 million and liabilities of the same range.

The Hon. Frank W. Volk oversees the cases.

The Debtors are represented by Christopher S. Smith, Esq., at
Hoyer, Hoyer & Smith, PLLC, and Taft A. McKinstry, Esq., at Fowler
Bell PLLC.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on October 18, 2017. The committee tapped
Whiteford, Taylor & Preston LLP as its legal counsel.

Robert W. Leasure Jr. was appointed as Chapter 11 trustee for the
Debtors on Jan. 3, 2018.  The Trustee tapped Jackson Kelly PLLC as
his legal counsel, and LS Associates, LLC as his consultant.


HORNBECK OFFSHORE: Moody's Alters PDR to Caa3-PD/LD, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service appended Hornbeck Offshore Services,
Inc.'s Probability of Default Rating with a "/LD" designation to
indicate the limited default in response to the company entering
into a forbearance agreement with its lenders. Concurrently,
Moody's affirmed Hornbeck's Caa3 Corporate Family Rating and Ca
senior unsecured notes rating. The Speculative Grade Liquidity
Rating remains SGL-4. The rating outlook remains negative. The Caa3
PDR rating was affirmed and was appended with the /LD designation.

Affirmations:

Issuer: Hornbeck Offshore Services, Inc.

  Corporate Family Rating, Affirmed Caa3

  Probability of Default Rating, Affirmed Caa3-PD/LD
  (/LD appended)

  Senior Unsecured Notes, Affirmed Ca (LGD5)

Outlook Actions:

Issuer: Hornbeck Offshore Services, Inc.

  Outlook, Remains Negative

RATINGS RATIONALE

On March 31, 2020, Hornbeck announced that it entered into
forbearance agreements with first lien lenders, second lien lenders
and holders of senior unsecured notes, for these creditors to
forbear until April 20, 2020, from exercising certain of their
rights and remedies with respect to certain defaults by the
company. The company is in the process of negotiating and
finalizing a restructuring support agreement with the forbearing
creditors on the terms of a consensual balance sheet restructuring
during this forbearance period, to be implemented through a
prepackaged chapter 11 filing in the Southern District of
Texas.[1]

On February 14, 2020, Hornbeck had commenced an offer to exchange
its 2020 and 2021 outstanding senior notes into 2023 and 2025 notes
at par. On March 23, 2020 Hornbeck announced that it terminated its
exchange offers.

Moody's considers Hornbeck's entering into forbearance agreement a
default. As noted above, Moody's appended the Caa3-PD PDR with a
"/LD" designation indicating limited default. Although, the company
entered into a forbearance agreement with the noteholders, Moody's
deems this event an avoidance of default.

Hornbeck's Caa3 CFR reflects the company's extremely tight
liquidity situation, high likelihood of default and Moody's view on
the potential overall recovery. The senior unsecured notes rating
of Ca reflects Moody's view of potential recovery on the notes.

The negative outlook reflects the company's plan to file for
chapter 11 bankruptcy.

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

Hornbeck's ratings will be downgraded D-PD if the company files for
bankruptcy.

The ratings are unlikely to be upgraded given the company's plan to
file for chapter 11 bankruptcy.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Hornbeck Offshore Services, Inc. (Hornbeck) is a Covington,
Louisiana based marine transportation service provider that serves
customers in the offshore oil and gas and construction industries,
as well as the US military.


IMAGEWARE SYSTEMS: John Cronin Quits as Director
------------------------------------------------
John Cronin resigned from his position as a member of the Board of
Directors of ImageWare Systems, Inc.  Mr. Cronin indicated that his
resignation from the Board of Directors was not the result of any
disagreements with respect to the Company's operations, policies,
or practices.  Mr. Cronin will continue his work with the Company
on intellectual property matters, including intellectual property
monetization.

                    About ImageWare Systems

Headquartered in San Diego, CA, ImageWare Systems, Inc. --
http://www.iwsinc.com/-- is a developer of mobile and cloud-based
identity management solutions, providing two-factor, biometric and
multi-factor cloud-based authentication solutions for the
enterprise.  The company delivers next-generation biometrics as an
interactive and scalable cloud-based solution.  ImageWare brings
together cloud and mobile technology to offer two-factor,
biometric, and multi-factor authentication for smartphone users,
for the enterprise, and across industries.

ImageWare reported a net loss available to common shareholders of
$16.46 million for the year ended Dec. 31, 2018, compared to a net
loss available to common shareholders of $13.71 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had
$11.76 million in total assets, $8.66 million in total liabilities,
$8.71 million in series C convertible redeemable preferred stock,
and a total shareholders' deficit of $5.61 million.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated March 27, 2019, citing that the Company has incurred
recurring operating losses and is dependent on additional financing
to fund operations.  These conditions raise substantial doubt about
the Company's ability to continue as a going concern.


INDIGO NATURAL: Moody's Alters Outlook on B2 CFR to Stable
----------------------------------------------------------
Moody's Investors Service affirmed Indigo Natural Resources LLC's
Corporate Family Rating at B2, Probability of Default Rating
changed to stable from positive.

"Indigo's outlook change reflects continued constraints from weak
natural gas prices," said Jonathan Teitel, Moody's Analyst. "Credit
quality is supported by existing hedges as well as good liquidity
and the flexibility it affords."

Outlook Actions:

Issuer: Indigo Natural Resources LLC

Outlook, Changed to Stable from Positive

Affirmations:

Issuer: Indigo Natural Resources LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Unsecured Notes, Affirmed B3 (LGD5)

RATINGS RATIONALE

The stable outlook reflects Moody's expectation that Indigo will
grow production while maintaining good liquidity in 2020 enabling
the company to contend with the weak natural gas price
environment.

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 Indigo's credit profile have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and Indigo 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 Indigo of the breadth and
severity of the oil demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

Moody's anticipates that Indigo will maintain good liquidity in
2020. Indigo's revolver expires in 2023, has $800 million of
elected commitments and a $900 million borrowing base. Reduction in
the borrowing base during spring redetermination is possible though
good liquidity is likely maintained. In December 2019, Indigo
received $855 million from the sale of midstream asset sale to DTE
Energy Company. Indigo repaid its revolver which was undrawn at the
end of 2019. In January, Indigo borrowed $145 million on the
revolver to fund a portion of the $275 million distribution for tax
payment to LLC owners relating to gains on the midstream asset
sale. It used $130 million of cash on the balance sheet as well. As
of December 31, 2019, and pro forma for the distribution, the
company would have had $57 million of cash. Indigo expects to
receive $240 million of additional asset sale proceeds in the
second half of 2020 upon completion of the LEAP midstream system
and release of funds from escrow. These proceeds will be used to
repay amounts outstanding under the revolver and potentially add to
the cash on the balance sheet. Indigo currently plans to fully
redeem the preferred equity in late 2020 with any excess cash on
its balance sheet and borrowings under the revolver.

Indigo's B2 CFR reflects weak natural gas prices offset by existing
hedges and flexibility from the company's balance sheet and
liquidity. Indigo is concentrated in the Haynesville/Bossier
Shales. Indigo's credit quality benefits from debt reduction with
proceeds from the sale of midstream assets. Indigo garners critical
cash flow support from forward sale agreements and hedges, but the
ability to enter into new hedges at similar prices is hindered by
weak natural gas prices. Indigo's production benefits from relative
proximity to Henry Hub, which drives low basis differentials.
Indigo increased its minimum volume commitments on the midstream
system through 2022 as part of the sale, but these are likely to
only result in small deficiency fees.

Indigo's private equity ownership is among governance
considerations incorporated into Moody's analysis, although the
company to date has followed relatively conservative financial
policies. Environmental considerations for Indigo 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.

Indigo's senior unsecured notes maturing in 2026 are rated B3, one
notch below the CFR, reflecting effective subordination to the
company's revolver due 2023.

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

Factors that could lead to a downgrade include an expectation for
declining production, higher leverage or retained cash flow to debt
below 20%, deterioration of liquidity or negative free cash flow
that leads to a significant rise in debt.

The weak natural gas price environment constrains the potential for
an upgrade in the near-term. However, in addition to a more
supportive pricing environment, prospective factors that could lead
to an upgrade include consistent positive free cash flow while
growing production and reserves, retained cash flow to debt
sustained above 35% and a leveraged full cycle ratio above 1.5x.

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

Indigo, headquartered in Houston, Texas, is a privately-owned
independent exploration and production company focused on natural
gas production in North Louisiana, particularly in the
Haynesville/Bossier Shales. The company is owned by Yorktown Energy
Partners; Martin Sustainable Resources L.L.C.; Ridgemont Equity
Partners; GSO Capital Partners; Beland Energy, LLC; Trilantic
Capital Partners; company management; and others.


INNOVATION PHARMA: In Talks to Advance Brilacidin Into Human Trials
-------------------------------------------------------------------
Innovation Pharmaceuticals is engaged in discussions with health
care provider networks and hospitals both in the United States and
Europe regarding options to rapidly advance Brilacidin testing into
human trials to evaluate its potential as a novel coronavirus
(COVID-19) therapeutic.

Their interest in Brilacidin as a treatment for COVID-19 and
associated complications is based on the drug's promising antiviral
activity against SARS-CoV-2, as supported in preliminary testing
conducted in a monkey epithelial cell line and its established
anti-inflammatory and antimicrobial properties—a potential 3-in-1
treatment combination.  In advance of potential clinical testing,
the Company is investigating procurement of appropriate drug supply
(i.e., manufacture of intravenous drug product), and preparing for
engagement with regulatory authorities.  There can be no assurance
that any Brilacidin for COVID-19 clinical trial will commence.

Concurrently, laboratory testing of Brilacidin against SARS-CoV-2,
the novel coronavirus responsible for COVID-19, will continue. This
is based on recommendations made by the lead researcher at one of
the U.S. Regional Biocontainment Laboratories (RBLs) who performed
preliminary testing of Brilacidin.  Results were characterized as
"extremely encouraging."  Immediate next steps include conducting
studies in human lung cells, exploring dosing and evaluating the
drug's effect on the viral envelope.

                 About Innovation Pharmaceuticals

Innovation Pharmaceuticals Inc. (IPIX) -- www.IPharmInc.com -- is a
clinical stage biopharmaceutical company developing a portfolio of
innovative therapies addressing multiple areas of unmet medical
need, including inflammatory diseases, cancer, infectious disease,
and dermatologic diseases.

Innovation Pharmaceuticals reported a net loss of $8.68 million for
the year ended June 30, 2019, compared to a net loss of $16.36
million for the year ended June 30, 2018.  As of Dec. 31, 2019, the
Company had $3.49 million in total assets, $9.11 million in total
liabilities, and a total stockholders' deficiency of $5.61
million.

Pinnacle Accountancy Group of Utah, in Farmington, UT, the
Company's auditor since 2018, issued a "going concern"
qualification in its report dated Sept. 30, 2019, citing that the
Company has incurred losses since inception, has accumulated a
significant deficit, has negative cash flows from operations, and
currently has no revenues.  These factors raise substantial doubt
about its ability to continue as a going concern.


INVENSURE INSURANCE: ERM Not Entitled to Post-Judgment Interest
---------------------------------------------------------------
Bankruptcy Judge Scott C. Clarkson sustains Debtor Invensure
Insurance Brokers, Inc.'s objection to claim #5 filed by Duncan E.
Prince and ERM Insurance Brokers, Inc. for $824,710.93, an amount
which is comprised of two components: 1) a pre-petition,
post-judgment order entered in State Court on May 14, 2019 of
$578,847.58 for expert and attorney's fees, and 2) post-judgment
interest on that order of $245,863.35.

On July 1, 2013, Claimants initiated a civil action against Debtor
in Superior Court for the State of California for the County of
Orange, captioned Prince v. Invensure Insurance Brokers. A judgment
in favor of Claimants was entered on Feb. 6, 2015.

On Feb. 26, 2015, Claimants submitted their memorandum of costs,
which included a request for $134,682.53 in expert witness fees.
Debtor filed a motion to tax or strike costs, which sought a
complete reduction of the requested expert fees. Claimants filed an
opposition, and Debtor subsequently filed a reply. In its minute
order dated April 28, 2015, the State Court reduced the requested
expert fees by $129,409.58, awarding only $5,272.95 in requested
expert fees.

On April 10, 2015, Claimants filed a motion seeking $445,843 in
attorney's fees. Debtor objected, and Claimants filed an
opposition. The State Court ultimately decided the issue of
attorney's fees in its May 20, 2015 minute order, denying
Claimants' motion.

Claimants appealed the State Court's orders on attorney's and
expert fees, filing a Notice of Appeal on June 18, 2015. The Court
of Appeal for the State of California issued an opinion dated May
18, 2018, which reversed and remanded both issues. Back in State
Court, Claimants filed a motion for reconsideration which sought
reversal of the reduction of $129,409.58 in expert fees and
$815,729 in attorney's fees. The parties fully briefed the matters,
and the State Court conducted a hearing on May 6, 2019. The State
Court took the matter under submission and, in its minute order
dated May 14, 2019, awarded Claimants $129,409.58 in requested
expert fees (which amount was in addition to the originally awarded
$5,272.95) and $449,438 in requested attorney's fees (which amount
was the $445,843 previously requested and denied and the $3,595
incurred in prosecuting the motion for reconsideration).

The issue presently before the Bankruptcy Court is whether
Claimants are entitled to $245,863.35 in post-judgment interest on
the May 14, 2019 award of attorney's and expert fees accruing from
the dates specified in POC No. 5.

The State Court judgment entered on Feb. 6, 2015 left a blank space
for costs. Claimants sought expert fees through a memorandum of
cost and attorney's fees through a separate motion to be
incorporated into the judgment. The foregoing case law would
indicate that Claimants are entitled to statutory interest running
from the date of the original entry of judgment, Feb. 6, 2015.
However, the issue becomes more complicated when, as is the case
here, Claimants execute an acknowledgment of full satisfaction of
the original judgment and are subsequently awarded additional costs
and fees after appeal.

On June 2, 2015, Claimants executed an acknowledgement of
satisfaction, indicating that the Feb. 6, 2015 judgment was
satisfied in full. Debtor argues that the acknowledgement of full
satisfaction of the Feb. 6, 2015 judgment bars the Claimants from
accruing any interest. While Debtor cited limited authority, the
Court conducted further independent research to obtain a full
appreciation of the relevant law and legislative history.

According to the Bankruptcy Court, it is well settled, subject to
certain exceptions, that a "satisfaction of judgment is the last
act and end of the proceedings," and a parties' acknowledgment of
satisfaction can terminate their right to recover additional awards
made by the court.  Further, pursuant to Cal. Civ. Proc. Code
section 685.030, "if a money judgment is satisfied in full other
than pursuant to a writ under this title, interest ceases to accrue
on the date the judgment is satisfied in full." A trial court may
order restitution, upon appropriate motion, where a judgment was
paid during a pending appeal, and then the judgment was reversed.
However, that is not the circumstance before the Court in this
instance. Claimants did not file a notice of appeal until June 18,
2015, several weeks after executing a full satisfaction of
judgment. Further, there is no evidence to indicate that the
satisfaction of judgment has been set aside by appropriate
proceedings for proper cause or otherwise vacated.

Pursuant to the plain language of Cal. Civ. Proc. Code section
685.030, and California decisional authority, the Bankruptcy Court
finds that Claimants' execution of the full satisfaction of
judgment stopped any accrual of interest on the post-judgment
award. Thus, Claimants are not entitled to any post-judgment
interest on the award of attorney's and expert fees entered on May
14, 2019.

The Bankruptcy case is in re: In re INVENSURE INSURANCE BROKERS,
INC., Chapter 11, Debtor, Case No. 8:19-bk-11889-SC (Bankr. C.D.
Cal.).

A copy of the Court's Order and Memorandum Decision dated March 4,
2020 is available at https://bit.ly/2J8XQLk from Leagle.com.

Invensure Insurance Brokers, Inc., Debtor, represented by Carol
Chow -- Carol.Chow@ffslaw.com -- Freeman, Freeman & Smiley, LLP.

United States Trustee, U.S. Trustee, represented by Michael J.
Hauser.

                About Invensure Insurance Brokers

Invensure Insurance Brokers -- http://www.invensure.com/-- is an
insurance brokerage firm in Irvine, Calif., that offers business
insurance, personal insurance and employee benefits insurance.

Invensure Insurance Brokers filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-11889) on May 16, 2019. In the petition signed by Robert
Parent,
chief executive officer, the Debtor estimated $1 million to $10
million in both assets and liabilities. Freeman, Freeman & Smiley,
LLP represents the Debtor as counsel.


JAGUAR HEALTH: Reports 2019 Financial Results & Business Updates
----------------------------------------------------------------
Jaguar Health, Inc., reported consolidated financial results for
the year ended Dec. 31, 2019 and provided business updates.

"We are very pleased to see strong Mytesi (crofelemer) sales growth
in 2019 over 2018," Lisa Conte, Jaguar's president and CEO,
commented.  "Looking forward, we believe 2020 has the potential to
be a transformative year for the Company.  Our core goals for the
year include forging a regional, ex-US business development deal to
bring in non-dilutive dollars to support efforts to move key
potential Mytesi pipeline indications into development,
commercialization, and access outside the U.S., and completing the
roll-out of our new, recently announced patient support program for
Mytesi.  Subject to additional financing, we are also planning to
initiate three clinical trials in the second half of 2020 - a
pivotal trial for the indication of prevention and treatment of
cancer therapy-related diarrhea (CTD) in adult cancer patients, and
two studies for the rare pediatric disease indications of
congenital diarrheal disease and short bowel syndrome.  For the
adult CTD study, we've been in active discussions with the FDA, and
in meetings with key opinion leaders, and have received their input
on the clinical trial and statistical analysis plan.  We are
revising the clinical protocol to accommodate their input and
preparing the requisite documents including the statistical
analysis plan, the informed consent and other requirements to
initiate this pivotal adult CTD trial under a new IND.  The
principal investigator is at a major cancer institution in the US.
Finally, at a time when the world is grappling with a pandemic, we
are pleased to announce that our wholly owned subsidiary, Napo
Pharmaceuticals, will receive additional preclinical services from
the National Institute of Allergy and Infectious Diseases ("NIAID")
to support development of lechlemer, Napo's second generation,
plant-based anti-secretory drug candidate for treatment of diarrhea
associated with the enduring scourge of cholera.  Under NIAID's
suite of preclinical services, NIAID-funded contractors will
conduct toxicology testing for a 28-day rat study. NIAID is part of
the National Institutes of Health."

2019 Company Financial Results:

   * Mytesi Net Product Revenue: 2019 Mytesi net sales were
     approximately $5.7 million, and Mytesi gross (non-GAAP)
     sales were approximately $8.2 million, an increase of 38%
     and 44%, respectively, year over year.  In 2019, the
     Company's animal product research and development efforts
     were intentionally minimal, and Jaguar's animal-related
     sales were also minimal.

   * Total Mytesi Prescription Volume: Total Mytesi prescription
     volume increased 62% in the year 2019 over the year 2018.

   * Operating Expenses: The total operating expense for the year
     2019 was $34.7 million as compared to $35.2 million for the
     year 2018, a 1%, or $0.5 million, decrease year over year.
     The decrease in total operating expenses was primarily due
     to the write-off of goodwill of $5.2 million in the year
     2018, offset by an impairment of long-lived intangible
     assets of $4.0 million and $0.6 million in the settlement of
     the Tempesta royalty license agreement.

   * Cost of Product Revenue: Total cost of product revenue for
     the year ended Dec. 31, 2019 and Dec. 31, 2018 was $3.8
     million compared to $2.8 million, respectively, a 38%, or
     $1.0 million, increase year over year.  The increase in cost
     of product revenue was due to increased sales of Mytesi,
     including non-recurring charges of material costs for a
     campaign batch cancellation fee of $0.1 million and the
     write-off of $0.4 million non-conforming inventory, and
     distribution fees of $0.2 million from the Company's former
     distributor, offset by the reversal of $0.2 million of
     accrued royalties related to the termination of a royalty
     agreement.

   * Research and Development: The R&D expense was $5.8 million
     for the year 2019 compared to $5.2 million for the year
     2018, a 13%, or $0.7 million, increase year over year.  The
     increase in R&D expense was due to increased clinical and
     contract manufacturing expenses of $0.6 million primarily
     due to an increase in contract manufacturing costs for
     enhanced manufacturing process improvements the Company is
     developing to reduce the cost of revenue, an increase in
     non-cash stock-based compensation of $0.3 million primarily
     due to an increase in the number of option grants, and an
     increase in other expenses, consisting primarily of
     consulting, formulation and regulatory fees of $0.3 million,
     offset by a decrease in personnel and related benefits of
     $0.5 million due to changes in headcount and related
     salaries.

   * Sales and Marketing: The Sales and Marketing expense was
     $6.9 million for the year 2019 compared to $9.8 million for
     the year 2018, a 29%, or $2.9 million, decrease year over
     year.  The decrease in Sales and Marketing expense was also
     due to a decrease in direct marketing and sales expense of
     $2.5 million from decreased marketing programs for Mytesi,
     and a decrease in other expenses of $0.4 million largely due
     to a reduction in advertising costs.

   * General and Administrative: The G&A expense was $13.5
     million for the year 2019 compared to $12.3 million for the
     year 2018, a 10%, or $1.2 million, increase year over year.
     The increase in G&A expense was due to an increase in
     accounting fees of $0.2 million due to a change in the
     timing of services provided, an increase in non-cash stock-
     based compensation expense of $0.6 million related to the
     stock options granted during the year 2019, an increase in
     rent and lease expense of $0.3 million due to contractual
     increases of office facilities, and a net increase in other
     general and administrative expenses of $0.1 million in
     consulting and legal fees.

   * Loss from Operations: For the year 2019, the loss from
     operations was $28.9 million compared to a loss of $30.8
     million in 2018, a 6%, or $1.9 million, decrease year over
     year.  This decrease in operating loss was due primarily to
     the write-off of goodwill of $5.2 million in 2018, offset by
     the impairment of indefinite-live intangible assets of $4.0
     million in 2019.

   * Net Loss: For the year 2019, the net loss was $38.5 million
     compared to a net loss of $32.1 million in 2018, a 20%, or
     $6.4 million, increase year over year.  The increase in net
     loss was primarily due to an increase of interest expense of
     $3.1 million, loss on extinguishment of debt of $4.4
     million, a gain from the Valeant settlement of $1.2 million
     in 2018 compared to zero in 2019, offset by a total decrease
     in operating expenses of $0.5 million, an increase in total
     revenue of $1.5 million, and a net decrease in other income
     of $0.4 million.

   * Net Loss Attributable to Common Shareholders: For the year
     2019, net loss attributable to common shareholders was $44.7
     million compared to $32.1 million for the year 2018.  There
     were four deemed dividends recorded in the year 2019,
     whereas there were none recorded during the year 2018.

   * Income Tax Rate: The effective tax rate for the fiscal year
     2019 and 2018 was zero percent, primarily as a result of the
     estimated tax loss for the year and a full valuation
     allowance.

   * Non-GAAP EBITDA: Non-GAAP EBITDA for the years 2019 and 2018
     was a net loss of $28.1 million and $25.7 million,
     respectively.  Excluding the impairment of goodwill, loss on
     extinguishment of debt, and other non-recurring expenses,
     non-GAAP Recurring EBITDA was a loss of $19.0 million and
     $20.0 million for the years 2019 and 2018, respectively.

                     About Jaguar Health

Jaguar Health, Inc. -- - http://www.jaguar.health/-- is a
commercial stage pharmaceuticals company focused on developing
novel, sustainably derived gastrointestinal products on a global
basis.  The Company's wholly owned subsidiary, Napo
Pharmaceuticals, Inc., focuses on developing and commercializing
proprietary human gastrointestinal pharmaceuticals for the global
marketplace from plants used traditionally in rainforest areas.
Its Mytesi (crofelemer) product is approved by the U.S. FDA for the
symptomatic relief of noninfectious diarrhea in adults with
HIV/AIDS on antiretroviral therapy.

Jaguar reported a net loss of $38.54 million for the year ended
Dec. 31, 2019, compared to a net loss of $32.15 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$36.41 million in total assets, $15.84 million in total
liabilities, $9.89 million in series A redeemable convertible
preferred stock, and $10.67 million in total stockholders' equity.

Mayer Hoffman McCann P.C., in San Francisco, California, the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated April 2, 2020 citing that the
Company has experienced losses since inception, significant cash
used in operations, and is dependent on future financing to meet
its obligations and fund its planned operations.  These conditions
raise substantial doubt about its ability to continue as a going
concern.


KUEHG CORP: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded KUEHG Corp.'s Corporate Family
Rating to Caa1 from B3, Probability of Default Rating to Caa1-PD
from B3-PD, the first lien credit facilities' instrument ratings to
B3 from B2, and second lien term loan rating to Caa3 from Caa2. The
outlook is negative.

The downgrade reflects Moody's expectations for a significant
revenue and earnings decline in 2020 due to coronavirus related
center closures as well as Moody's projection for a recession in
the U.S in 2020, which could have a prolonged impact on earnings
given the company's business is highly dependent on the health of
economy and labor market employment. Moody's expects lease adjusted
debt-to-EBITDA to rise from 6.2x at year end 2019 to well over 7.0x
in 2020. KinderCare has closed the majority of its centers as of
mid-March, and Moody's expects efforts to contain the coronavirus
will restrict KinderCare's ability to reopen for an unknown period.
KinderCare typically charges on a weekly or monthly basis, and
Moody's believes a return to pre-pandemic enrollment levels will be
gradual once centers reopen because lower employment will reduce
center-based child care demand and some individuals may be
reluctant to put their children in social settings.

Downgrades:

Issuer: KUEHG Corp.

  Corporate Family Rating, Downgraded to Caa1 from B3

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

  Senior Secured First Lien Bank Credit Facility, Downgraded to B3
  (LGD3) from B2 (LGD3)

  Senior Secured Second Lien Term Loan, downgraded to Caa3 (LGD5)
  from Caa2 (LGD5)

Outlook Actions:

Issuer: KUEHG Corp.

  Outlook, Revised to Negative from Stable

RATINGS RATIONALE

KinderCare's Caa1 CFR reflects high leverage with Moody's adjusted
debt-to-EBITDA rising to well above 7.0x in 2020 due to expected
earnings declines as well as a high cash burn during center
closures which could cause stress on liquidity should closures or
lower enrollment volumes persist. The rating is also constrained by
the cyclical, highly fragmented and competitive nature of the
child-care and early childhood education industry as well as the
susceptibility to reductions in federal and state funding support.
The rating also considers its event and financial policy risk due
to private equity ownership. However, the rating is supported by
the company's large scale within the childcare and early childhood
education industry, broad geographic diversity within the U.S., and
well-recognized brands. The rating also incorporates the favorable
long-term demographics, including population growth, increasing
percentage of dual income families as well as increased focus on
early childhood education.

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 childcare
sector has been one of the sectors most significantly affected by
the shock. More specifically, the weaknesses in KinderCare's credit
profile, including its exposure to US quarantines have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and KinderCare 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 KinderCare 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 KinderCare remains
vulnerable to coronavirus disruptions, rapidly deteriorating
economic environment in the US, as well as the uncertainty
regarding the timing of center re-openings. The negative outlook
also reflects Moody's view that liquidity stress will increase
should there be prolonged center closures or lower volumes.

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

The ratings could be upgraded if the centers reopen on a timely
basis, enrollment recovers such that the company resumes revenue
and earnings growth with Moody's adjusted debt-to-EBITDA leverage
maintained below 6.5x with good liquidity including positive free
cash flow generation.

The ratings could be downgraded if center closures persist or
enrollment recovery is slow upon center reopening such that
operating performance and liquidity continue to weaken.

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

Based in Portland, Oregon, KinderCare Education is a large-scale
for-profit provider of child-care and education services in the
U.S. As of December 31, 2019, the company operated about 2,000
early childhood education and care centers in the United States.
The company has been owned by Partners Group since 2015. Revenue
was approximately $1.89 billion in 2019.


LIGHTHOUSE PLUMBING: May 26 Plan & Disclosure Hearing Set
---------------------------------------------------------
On June 5, 2019, debtor Lighthouse Plumbing & Mechanical, LLC,
filed with the U.S. Bankruptcy Court for the Eastern District of
Texas, Sherman Division, a Disclosure Statement for a Plan of
Reorganization.

On March 26, 2020, Judge Brenda T. Rhoades conditionally approved
the Disclosure Statement and established the following dates and
deadlines:

   * May 21, 2020, is fixed as the last day for filing written
acceptances or rejections of the Debtor’s proposed Chapter 11
plan.

   * May 19, 2020, is fixed as the last day for filing and serving
written objections to final approval of the Debtor’s Disclosure
Statement; or confirmation of the Debtor’s proposed Chapter 11
plan.

   * May 26, 2020, at 9:30 a.m. in the Plano Bankruptcy Courtroom,
660 N. Central Expressway, Third Floor, Plano, Texas 75074 is the
hearing to consider final approval of the Debtor’s Disclosure
Statement and to consider the confirmation of the Debtor’s
proposed Chapter 11 Plan.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/yx7xk7yq from PacerMonitor at no charge.

           About Lighthouse Plumbing & Mechanical

Lighthouse Plumbing & Mechanical, LLC, which conducts business
under the name Lighthouse Plumbing, is a building finishing
contractor in Richardson, Texas.  

Lighthouse Plumbing sought Chapter 11 protection (Bankr. E.D. Tex.
Case No. 19-42516) in Sherman, Texas, on Sept. 13, 2019.  In the
petition signed by Terrance J. Wooten, president and managing
member, the Debtor was estimated to have $1 million to $10 million
in assets and liabilities.  Judge Brenda T. Rhoades is assigned the
Debtor's case.  DeMarco Mitchell, PLLC, is the Debtor's counsel.


LIGHTHOUSE PLUMBING: Unsecureds to Get Full Payment Over 7.5 Years
------------------------------------------------------------------
Debtor Lighthouse Plumbing & Mechanical, LLC filed with the U.S.
Bankruptcy Court for the Eastern District of Texas, Sherman
Division, a Plan of Reorganization and a Disclosure Statement on
March 26, 2020.

Class 5 General Unsecured Claims will be paid in full, without
interest, over a term not to exceed 7.5 years from the Effective
Date from the unsecured creditor pool.  Payments will commence in
month 51 of the Plan. When commenced, payments will be in the
initial monthly sum of $3,000.00, increasing thereafter.  The
estimated allowed claim for the class is $195,177.

Equity interest holders will retain all equity interests in
Reorganized Debtor.

The Debtor believes it will have adequate cash flow to make all
required Plan payments from operational revenue.  The Debtor
believes that it is extremely speculative to forecast, with any
degree of specificity, the cash flow figures beyond one year, let
alone 7.5 years.

The Debtor, since the Petition Date, has continued to operate and
to produce revenues on a regular basis.  Despite some uncertainly
associated with the onset of the Covid-19 virus in the North Texas
region, the Debtor projects a strong revenue stream in the future
and, as a result, is confident that it will be able to repay its
creditors in full over the term of its proposed plan of
reorganization.

A full-text copy of the disclosure statement dated March 26, 2020,
is available at https://tinyurl.com/un9ypjj from PacerMonitor at no
charge.

The Debtor is represented by:

         Robert T. DeMarco, Esq.
         Michael S. Mitchell, Esq.
         DeMarco Mitchell, PLLC
         1255 W. 15th Street, 805
         Plano, TX 75075
         Tel: (972) 578-1400
         Fax: (972) 346-6791
         E-mail: robert@demarcomitchell.com
                 mike@demarcomitchell.com

            About Lighthouse Plumbing & Mechanical

Lighthouse Plumbing & Mechanical, LLC, which conducts business
under the name Lighthouse Plumbing, is a building finishing
contractor in Richardson, Texas.  

Lighthouse Plumbing sought Chapter 11 protection (Bankr. E.D. Tex.
Case No. 19-42516) in Sherman, Texas, on Sept. 13, 2019.  In the
petition signed by Terrance J. Wooten, president and managing
member, the Debtor reports $1 million to $10 million in assets and
liabilities.  Judge Brenda T. Rhoades is assigned the Debtor's
case.  DeMarco Mitchell, PLLC, is the Debtor's counsel.


LNB-002-2013: Unsecureds Will be Paid 100% in Plan
--------------------------------------------------
This Plan of Reorganization under chapter 11 of the Bankruptcy Code
proposes to pay creditors of LNB-002-2013, LLC (the "Debtor") from
sources of payment, such as an infusion of capital, loan proceeds,
cash flow from operations, and future income.

This Plan provides for two classes of secured claims, one class of
unsecured and one class of equity security holders. Unsecured
creditors holding allowed claims will receive distributions, which
the proponent of this Plan has valued at 100 cents on the dollar.
This Plan also provides for the payment of administrative and
priority claims by payment in full.

Claims and interests will be treated as follows:

    * Class 2 Secured Claim US Bank Nat'l Assoc.  Impaired.  The
secured creditor will retain its liens.  The Debtor will pay the
state court judgment of $687,446, through a 30-year amortization
and monthly payments of $3,634.58.

    * Class 3 Secured Claim of Bentley Bay Condo Assoc.  Impaired.
The creditor will retain its lien.  The claim will be paid pursuant
to Doc 95 Agreed Order.

    * Class 4 General Unsecured Creditors.  All allowed unsecured
claims totaling $27,632.48 will be paid 100%.  The creditors will
receive monthly payments of $460.54 for 60 months.

    * Class 5 Equity Security Holders of the Debtor.  Impaired.
Equity holders will keep memberships for new value paid in this
case.

A full-text copy of the Second Amended Plan of Reorganization dated
March 23, 2020, is available at https://tinyurl.com/yx8c4wpc from
PacerMonitor.com at no charge.

Counsel for the Debtors:

     Joel M. Aresty
     JOEL M. ARESTY, P.A.
     309 1st Ave S
     Tierra Verde, FL 33715
     Fax: 800-559-1870
     Phone: 305-904-1903
     E-mail: Aresty@Mac.com

                   About LNB-002-2013 LLC

LNB-002-2013, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-20502) on Aug. 28,
2018.  In the petition signed by Laurent Benzaquen, manager LNB
Capital LLC, the Debtor estimated assets of less than $50,000 and
liabilities of less than $500,000.  The Debtor tapped Joel M.
Aresty P.A. as its legal counsel.  No official committee of
unsecured creditors has been appointed in the case.


LTMT INC: Unsecured Creditors to Recover 10% Under Plan
-------------------------------------------------------
LTMT, Inc., filed a Plan of Reorganization and a Disclosure
Statement on March 23, 2020.

The Debtor's Plan of Reorganization provides for payment of $5,058
in installment payments to general unsecured creditors, to be
divided among general unsecured creditors pro rata.  This amount
will be paid over a five-year period, with payments of $252.90 per
quarter.  General unsecured claims to be paid over time total
$50,580.  General unsecured creditors will receive a distribution
of 10% on their allowed claims.  

The Plan provides for the deposit of the $252.90 quarterly payment
to a distribution account by monthly deposits of $84.33 per month.
The Debtor will pay the $252.90 quarterly payment, divided pro rata
among holders of allowed secured claims, each quarter, until the
end of the five-year term of the Plan.  The Debtor will distribute
the amount in the distribution account each quarter immediately
upon availability of the funds in the distribution account.

The Debtor will pay the priority claim of the Internal Revenue
Service, in the amount of $558.93, in full, on the first day of the
calendar quarter after the Effective Date of the Plan.  The
remaining balance of the Internal Revenue Service claim, in the
amount of $1,096, is a general unsecured claim and will be paid a
10% distribution, in the amount of $109.63, at the same time as
payment of the priority claim of this creditor.

The Debtor will pay the secured claim of Commercial Fleet Capital,
secured by three trailers, in the amount of $65,696, with interest
at 6% per annum, over five years, in monthly payments of $1,270 per
month.  The Debtor will pay the secured claim of JX Financial,
Inc., secured by one tractor, in the amount of $19,245, with
interest at 6% per annum, over five years, in monthly payments of
$372.06 per month.

The Debtor projects sufficient income to pay all required payments
under the Plan.   

A full-text copy of the Disclosure Statement dated March 23, 2020,
is available at https://tinyurl.com/vx9wdbu from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     David P. Lloyd
     615B S. LaGrange Rd.
     LaGrange IL 60525
     Tel: 708-937-1264  
     Fax: 708-937-1265

                        About LTMT Inc.

LTMT, Inc., is wholly owned and operated by its president, Lorenzo
Terrazas.  Mr. Terrazas started the company with one truck on May
17, 2013.  The company obtained a regular and stable hauling
contract for Sterling Lumber and increased its business to the
extent that it acquired three more trucks, for a total of four
trucks.  In November, 2018, new management at Sterling Lumber
declined to extend the contract, and compelled the debtor to bid
for each load; as a result, the debtor lost most of its revenue.
The Debtor began hauling for other contractors, but on a less
regular basis, and its customers frequently delayed payment of
invoices.  In May, 2019, the Debtor attempted to shift its business
to long-haul trucking, buying two sleeper trucks for this business,
but this solution did not succeed and the Debtor had to surrender
the two new trucks; the Debtor surrendered one trailer immediately
prior to the filing of this case, to further reduce expenses.

The Chapter 11 case is In re LTMT, Inc. (Bankr. N.D. Ill. Case No.
19-31890).  Judge Jack B. Schmetterer oversees the case.  The
Debtor is represented by counsel, David P. Lloyd.


LUNA DEVELOPMENTS: Disc. Statement Conditionally Approved
---------------------------------------------------------
Luna Developments Group's case came before the Court for a hearing
on March 17, 2020, upon the motion to conditionally approve the
Disclosure Statement filed by Alan Barbee, state court appointed
receiver excused from turnover for the debtor Luna Developments
Group, LLC.

Judge Scott M. Grossman has ordered that the Motion is GRANTED.

The Amended Disclosure Statement is CONDITIONALLY APPROVED.

The Debtor's counsel:

     Jason S. Rigoli, Esq.
     Furr Cohen, P.A.
     Counsel to Receiver, Alan Barbee
     2255 Glades Road, Suite 301E
     Boca Raton, Florida 33431
     E-mail: jrigoli@furrcohen.com
     Tel: (561) 395-0500
     Fax: (561) 338-7532

                About Luna Developments Group

The receiver for Luna Developments Group, LLC, a company based in
West Palm Beach, Florida, filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 19-11169) for Luna Developments on Jan. 28, 2019.  In
the petition signed by Alan Barbee, the receiver appointed by a
Florida state court, the Debtor disclosed $5,000,000 in assets and
$3,366,816 in liabilities. The Hon. Erik P. Kimball oversees the
case.  Robert C. Furr, Esq., at Furr Cohen, serves as the Debtor's
bankruptcy counsel.  No official committee of unsecured creditors
has been appointed in the case.


MARTIN MIDSTREAM: Hires Financial Advisor to Explore Alternatives
-----------------------------------------------------------------
Martin Midstream Partners L.P. said it will provide an update to
its 2020 guidance reflective of the current operating environment
during the first quarter earnings call.

Additionally, the Partnership has engaged Stephens Inc. as
financial advisor to explore strategic alternatives to strengthen
its balance sheet and address near-term maturities.  No assurances
can be given as to the outcome or timing of the evaluation.  The
Partnership does not intend to make any future announcements
concerning this process unless and until the Partnership otherwise
determines that disclosures are necessary or appropriate.

                 About Martin Midstream Partners

Headquartered in Kilgore, Texas, Martin Midstream Partners L.P. --
http://www.MMLP.com/-- is a publicly traded limited partnership
with a diverse set of operations focused primarily in the United
States Gulf Coast region.  The Partnership's primary business lines
include: (1) terminalling, processing, storage, and packaging
services for petroleum products and by-products; (2) land and
marine transportation services for petroleum products and
by-products, chemicals, and specialty products; (3) sulfur and
sulfur-based products processing, manufacturing, marketing and
distribution; and (4) natural gas liquids marketing, distribution
and transportation services.

Martin Midstream reported a net loss of $174.95 million for the
year ended Dec. 31, 2019, compared to net income of $55.66 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $667.15 million in total assets, $703.35 million in total
liabilities, and a partner's deficit of $36.20 million.

                          *    *    *

As reported by the TCR on April 8, 2020, Fitch Ratings has
downgraded Martin Midstream Partners LP's Long-term Issuer Default
Rating to 'CCC' from 'B-'.  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.

In March 2020, Moody's Investors Service downgraded Martin
Midstream Partners L.P.'s Corporate Family Rating to Caa3 from B3.
"MMLP's rating downgrade reflect increased debt refinancing risks
and elevated risk of default, including from a distressed
exchange," said Jonathan Teitel, Moody's Analyst.

S&P Global Ratings lowered its issuer credit rating on Martin
Midstream Partners L.P. (Martin) to 'CCC-' from 'B-' as the company
faces large upcoming debt maturities of about $575 million in the
next 12 months, as reported by the TCR on March 25, 2020.


MELINTA THERAPEUTICS: SEC Still Has Issues With Exculpation in Plan
-------------------------------------------------------------------
The United States Securities and Exchange Commission, a statutory
party to these proceedings and the federal agency responsible for
regulating and enforcing compliance with the federal securities
laws, filed a supplemental objection to confirmation of the Amended
Joint Chapter 11 Plan of Reorganization for Melinta Therapeutics,
Inc. and its Affiliated Debtors.

In its Objection, the Commission argued that the Release by the
Class 8 Melinta Equity Interest holders and Class 7 Section 510(b)
claimants was not consensual because the Classes, which are deemed
to conclusively have rejected the Plan and are not entitled to
vote, are nonetheless required to affirmatively opt-out of the
Release.

The Commission objected to the scope of the exculpation provision
because it appears to exculpate non-estate fiduciaries for
prepetition acts and omissions.  The Debtors have not modified the
exculpation provision to limit it to estate fiduciaries for
post-petition acts and omissions.

The Commission requests that the release and exculpation provisions
be deleted from the Plan, or the Plan should be amended to provide
that the Interests in Melinta Therapeutics and Section 510(b)
Claims be carved out of the Releases and that the exculpation
clause will be narrowly tailored to cover only post-petition
conduct by estate fiduciaries.

A full-text copy of SEC's objection to plan dated March 26, 2020,
is available at https://tinyurl.com/qsonf82 from PacerMonitor at no
charge.

                  About Melinta Therapeutics

Melinta Therapeutics, Inc. (NASDAQ: MLNT) --http://www.melinta.com/
-- is the largest pure-play antibiotics company, dedicated to
saving lives threatened by the global public health crisis of
bacterial infections through the development and commercialization
of novel antibiotics that provide new therapeutic solutions. Its
four marketed products include Baxdela(delafloxacin),
Vabomere(meropenem and vaborbactam), Orbactiv(oritavancin), and
Minocin (minocycline) for Injection. This portfolio provides
Melinta with the unique ability to provide providers and patients
with a range of solutions that can meet the tremendous need for
novel antibiotics treating serious infections.

Melinta Therapeutics, Inc., and its subsidiaries sought Chapter 11
protection (D. Del. Lead Case No. 19-12748) on Dec. 27, 2019, after
reaching a deal with lenders on a Chapter 11 plan that would
convert debt to equity.

Melinta Therapeutics disclosed $228,491,000 in assets and
$289,022,000 in liabilities as of Sept. 30, 2019.

The Hon. Laurie Selber Silverstein is the presiding judge.

Melinta tapped Skadden, Arps, Slate, Meagher & Flom LLP as
bankruptcy counsel.  Cole Scholtz LLP is co-counsel.  Jefferies,
LLC, is the investment banker; and Portage Point Partners, LLC, is
the financial advisor.  

Kurtzman Carson Consultants LLC is the claims agent, maintaining
the page http://www.kccllc.net/melinta      

The Supporting Lenders are advised by Sullivan & Cromwell LLP,
Houlihan Lokey and Landis Rath & Cobb LLP.


MELINTA THERAPEUTICS: Unsecureds to 23% Under Plan
--------------------------------------------------
Melinta Therapeutics, Inc., et al., filed with the United States
Bankruptcy Court for the District of Delaware filed a supplement to
the amended Disclosure Statement for their Amended Joint Plan of
Reorganization.

Two important developments have transpired in the Chapter 11 Cases
since the entry of the Disclosure Statement Order:

   * First, the Bid Deadline in the Debtors' sale process passed on
March 2, 2020, and the Debtors filed a notice identifying the
Supporting Lenders as the successful bidder and cancelling the
previously scheduled auction.  

   * Second, the Investigation described in the Disclosure
Statement and the Global Settlement Term Sheet concluded on March
12, 2020.  The applicable Investigators have determined not to
transfer any claims against any party subject to the Investigation
to the GUC Trust for prosecution.  In connection with the
Investigation, (a) Vatera agreed to pay $500,000 to the GUC Trust
no later than the Supporting Lender Transaction Effective Date, and
(b) MedCo and Vatera agreed, effective as of the Supporting Lender
Transaction Effective Date, to further subordinate their allowed
general unsecured claim to the allowed general unsecured claims of
other creditors with respect to the additional $500,000 payment
described in the preceding clause (a). These agreements are
memorialized in an Amended and Restated Global Settlement Term
Sheet dated as of March 12, 2020 (the "Amended Global
Settlement").

The Plan treats claims as follows:

    * Class 3 Secured Prepetition Credit Agreement Claims.
Impaired. Estimated Total Amount: $142,426,658.  Projected
Recovery: 98%. Each Holder of an Allowed Secured Prepetition Credit
Agreement Claim shall receive: (1) If the Supporting Lenders are
the Successful Bidder, the Holder's Pro Rata Share of 100% of the
Reorganized Melinta Common Stock; [or (2) if a third-party bidder
is the Successful Bidder, the Holder’s Pro Rata Share of the
Distributable Cash, until all Secured Prepetition Credit Agreement
Claims are paid in full.]

    * Class 4 General Unsecured Claims.  Impaired.  Estimated Total
Amount: $15,200,000.  Projected Recovery: 23%.  Each Holder of an
Allowed General Unsecured Claim shall receive: (A) If the
Supporting Lenders are the Successful Bidders, the Holder's pro
rata share of the GUC Trust Distributable Cash, if any, subject to
the claim subordination provisions set forth in Section 5.04(f) and
(g) of the Plan; [or (B) if a bidder other than the Supporting
Lenders is the Successful Bidder, the Holder’s Pro Rata Share of
any Distributable Cash remaining after all Allowed Secured
Prepetition Credit Agreement Claims have been paid in full in
cash.]

Generally, this means that the GUC Trust will be formed on the
Effective Date and will be the source of recovery for Holders of
Allowed Class 4 General Unsecured Claims.  The Debtors will file
the GUC Trust Agreement in accordance with the terms of the Plan.

A full-text copy of the Supplement to Amended Disclosure Statement
dated March 23, 2020, is available at https://tinyurl.com/sc52zzb
from PacerMonitor.com at no charge.

Counsel for the Debtors:

     Joseph O. Larkin
     Jason M. Liberi
     SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
     920 North King Street
     Wilmington, Delaware 19801
     Tel: (302) 651-3000
     Fax: (302) 651-3001

              - and -

     Ron E. Meisler
     Albert L. Hogan III
     Christopher M. Dressel
     155 North Wacker Drive
     Chicago, Illinois 60606-1720
     Tel: (312) 407-0700
     Fax: (312) 407-0411

              - and -

     David R. Hurst
     MCDERMOTT WILL & EMERY LLP
     The Nemours Building
     1007 North Orange Street, 4th Floor
     Wilmington, Delaware 19801
     Tel: (302) 485-3900
     Fax: (302) 351-8711

                   About Melinta Therapeutics

Melinta Therapeutics, Inc. (NASDAQ: MLNT) --
http://www.melinta.com/-- is the largest pure-play antibiotics
company, dedicated to saving lives threatened by the global public
health crisis of bacterial infections through the development and
commercialization of novel antibiotics that provide new therapeutic
solutions.  Its four marketed products include
Baxdela(delafloxacin), Vabomere (meropenem and vaborbactam),
Orbactiv(oritavancin), and Minocin (minocycline) for Injection.
This portfolio provides Melinta with the unique ability to provide
providers and patients with a range of solutions that can meet the
tremendous need for novel antibiotics treating serious infections.

Melinta Therapeutics, Inc., and its subsidiaries sought Chapter 11
protection (D. Del. Lead Case No. 19-12748) on Dec. 27, 2019, after
reaching a deal with lenders on a Chapter 11 plan that would
convert debt to equity.

Melinta Therapeutics disclosed $228,491,000 in assets and
$289,022,000 in liabilities as of Sept. 30, 2019.

The Hon. Laurie Selber Silverstein is the presiding judge.

Melinta tapped Skadden, Arps, Slate, Meagher & Flom LLP as
bankruptcy counsel.  Cole Scholtz LLP is co-counsel.  Jefferies,
LLC, is the investment banker; and Portage Point Partners, LLC, is
the financial advisor.  

Kurtzman Carson Consultants LLC is the claims agent, maintaining
the page http://www.kccllc.net/melinta      

The Supporting Lenders are advised by Sullivan & Cromwell LLP,
Houlihan Lokey and Landis Rath & Cobb LLP.


MLW LLC: Court Approves Disclosure Statement
--------------------------------------------
A hearing was held on March 19, 2020 at 10:30 a.m. in West Palm
Beach, Florida, to consider final approval of the Disclosure
Statement and the confirmation of a Plan of Liquidation, filed on
Jan. 31, 2020 by MLW, LLC.

The Plan has been accepted in writing by the creditors whose
acceptance  is required by law.

The Plan proposes the liquidation of the Debtor.

The Debtor's property was sold pursuant to an order entered by the
Court.

Judge Erik P. Kimball grants final approval of the Disclosure
Statement; and it is further ordered that the Plan is confirmed.

ALAN R. CRANE, Esq., of FURR AND COHEN, P.A., is named as
disbursing  agent without additional compensation; bond is waived;
the disbursing agent is directed to make all payments on the
effective date of the Plan.

Regarding the first priority mortgage liens of Branch Banking and
Trust Company ("BB&T") as successor in interest to Colonial Bank,
N.A., on the Debtor's real property, which transferred the
mortgages from Colonial Bank NA to the FDIC to BB&T, on account of
BB&T's assignment of mortgage to M&M Nursery, LLC which was paid in
full at closing, all of the aforementioned liens are extinguished
and deemed null and void.

Regarding the mortgage lien of Fathom Ventures, Inc., d/b/a Midwest
Capital Partners, with the Mortgage and Security Agreement is
extinguished and deemed null and void.

Regarding the lien of Palm Beach County for certain alleged code
violations is extinguished and deemed null and void.

Upon payment to the unsecured creditors in Class 3 on the Effective
Date, all persons who hold or who have held a Claim or Interest in
the Debtor shall be permanently enjoined from commencing or
continuing any action, employment of process, or acct to collect,
offset, avoid or recover any Claim against the Debtor, except as
otherwise provided under the Plan.

A copy of the Order Confirming the Plan is available at
https://tinyurl.com/wwr2cnu

Attorney for the Debtor:

     Alan R. Crane, Esquire
     Furr and Cohen, P.A.
     2255 Glades Road, Suite 301E
     Boca Raton, Florida 33431
     Tel: (561)395-0500
     Fax: (561)338-7543
     E-mail: acrane@furrcohen.com

                        About MLW LLC

MLW, LLC is the fee simple owner of a real property located at
10207 100th St., South Boynton Beach, Fla.  It valued the property
at $1 million.

MLW sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 18-14567) on April 18, 2018.  In the
petition signed by Mark L. Woolfson, managing member, the Debtor
disclosed $1.06 million in assets and $1.22 million in liabilities.
Judge Erik P. Kimball presides over the case.  

The Debtor tapped Furr & Cohen, P.A. as its bankruptcy counsel, and
Nason, Yeager, Gerson, White & Lioce, PA as its special counsel.
The Debtor hired Pavlik Realty LLC and the firm's principal
Mitchell Pavlik to either sell or secure a tenant for the Florida
property.


MOHAJER12 CORP: Proposes Reorganization Plan
--------------------------------------------
MOJAJER12 CORP has filed a Plan of Reorganization and a Disclosure
Statement.

At the present time, the only assets remaining in possession of the
Debtor, is the real estate located at 507 Azalea Road, Mobile,
Alabama 36609, which it believes had  a value, at the time of the
filing of the Chapter 11, of approximately $214,100, based on the
assessment by the Mobile County Revenue Department.  The Debtor
believes a more realistic value of the land to be closer to
$400,000 and the value of the improvements not only by the Lessors
to be worth approximately $250,000. The Debtor believes these
values to be realistic and if liquidated, would generate some
$650,000.  The Debtor also has cash on hand in the approximate
amount of $5,100.

Based on its belief as to the liquid value of its assets, MOHAJER12
CORP believes that its Plan offers the prospect of a greater
recovery to its Creditors than does a liquidation.

MOHAJER12 CORP is able to formulate this proposed Disclosure
Statement and Plan of Reorganization, based on the operation of its
remaining store located at 507 Azalea Road, Mobile, Alabama 36609.

When the last Cash Collateral Order expired, MOHAJER12 CORP
attempted to renegotiate its previously agreed position with PNC
Bank requesting, in addition to paying for the health insurance
MOHAJER12 CORP requested additional sums which it had hoped to fund
its Chapter 11.  However,PNC Bank rejected its offer and instead of
further negotiations, filed a Motion for Relief From Stay, the
granting of which will lead to the failure of MOHAJER12 CORP to
formulate a Plan of Reorganization and instead force MOHAJER12 CORP
to convert to a Chapter 7 with the result being no benefit to the
Unsecured Creditors of MOHAJER12CORP.

It is MOHAJER12 CORP intent, if it survives the Relief From Stay
action, to enter into negotiations with the Lessors for a suitable
increase in their monthly rent or perhaps even taking over the
operation of the store. In either event, the result will be an
increase in the monthly payments it can make to PNC Bank. MOHAJER12
CORP also believes that once PNC Bank has provided it with a
complete accounting of the debt since the filing of this Chapter
11, that it may well be in a position to refinance the balance owed
on significantly better terms.

Under the Plan, Class 4 general unsecured creditors are identified
as:

   A. Suntrust Bank.  ECF Claim Number Six: This claim in the
amount of $30,621.81 is for a Repossession Deficiency for a car
repossessed from the owner of  MOHAJER12 CORP.  MOHAJER12 CORP has
no liability for the debt and to which an objection will be filed.

   B. As to the Bumpers Oil Company, LLC: ECF Claim Number Twenty:
This claim in the amount of $42,483.93 which will be paid in the
Chapter 11 as a valid claim.

   C. As to U S Small Business Administration (SBA): ECF Claim
Number Twenty‐two: This claim in the amount of $246,309.51, which
will be paid in the Chapter 11 as a valid claim.

Class 4 is impaired.  The ability of the Debtor to perform its
obligations under the Plan is based upon the assumption that its
sales will increase and that it can continue to control its
operating expenses.

A full-text copy of the Disclosure Statement dated March 23, 2020,
is available at https://tinyurl.com/ryg3bem from PacerMonitor.com
at no charge.

The Debtor's attorneys:

        BARRY A FRIEDMAN
        BARRY A FRIEDMAN & ASSOCIATES, PC
        257 ST ANTHONY STREET
        POST OFFICE BOX 2394  
        MOBILE, ALABAMA 36652‐2394
        TELEPHONE: 251‐439‐7400

                     About Mohajer12 Corp.

Mohajer12 Corp. filed for Chapter 11 bankruptcy (Bankr. S.D. Ala.
Case No. 18-02674) on July 3, 2018, estimating less than $1 million
both in assets and liabilities.  Barry A. Friedman, Esq., of
Friedman, Poole & Friedman, P.C., serves as the Debtor's counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case.


MOUNTAIN STATES: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 case of Mountain States
Rosen, LLC.

The committee members are:

     1. Colorado Atlantic Express, LLC                       
        Attn: Tom McCarthy
        6600 Smith Road
        Denver, CO 80207
        Phone: 303-287-6297
        t.mccarthy@coloradoatlantic.com

     2. Reliable Transportation Services LLC
        Attn: Lucas Brown
        642 East State St.
        Georgetown, OH 45121
        Phone: 937-378-2700, X1002
        lucas@relyonrts.com

     3. JBS USA Food Company
        Swift Beef Company
        Attn: Kim Pryor
        1770 Promontory Circle
        Greeley, CO 80634
        Phone: 970.347.5686
        Kim.Pryor@jbssa.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Mountain States Rosen

Mountain States Rosen LLC -- http://mountainstatesrosen.com/-- is
a privately held company in the animal slaughtering and processing
business.

Mountain States Rosen sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Wyo. Case No. 20-20111) on March 19,
2020.  At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.  Judge Cathleen D. Parker oversees the case.  The Debtor
tapped Markus Williams Young & Hunsicker LLC as its legal counsel.


MURRAY METALLURGICAL: Baker Hughes Resigns as Committee Member
--------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 announced that Baker Hughes
Oil Field Operations, LLC resigned from the official committee of
unsecured creditors appointed in the Chapter 11 cases of Murray
Metallurgical Coal Holdings, LLC and its affiliates.

The four remaining committee members are C & A Cutter Head Inc.,
IDC Industries Inc., Joy Global and United Central Ind. and Supply
Co. LLC.

                 About Murray Metallurgical Coal

Murray Metallurgical Coal Holdings, LLC and its affiliates are
engaged in the mining and production of metallurgical coal.  Unlike
thermal coal, which is primarily used by the electric utility
industry to generate electricity, metallurgical coal is used to
produce cok, which is an integral component of steel production.
Murray Met primarily owns and operates two active coal mining
complexes and other assets in Alabama and West Virginia.

On Feb. 11, 2020, Murray Metallurgical Coal Holdings, LLC and five
affiliates each filed a voluntary Chapter 11 petition (Bankr. S.D.
Ohio Lead Case No. 20-10390).  Murray Metallurgical was estimated
to have $100 million to $500 million in assets and liabilities as
of the bankruptcy filing.
  
Judge John E. Hoffman, Jr. oversees the cases.

The Debtors tapped Proskauer Rose LLP as legal counsel; Evercore
Group LLC as investment banker; and Alvarez & Marsal LLC as
financial advisor.  Prime Clerk LLC, is the claims agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee of
unsecured creditors on Feb. 25, 2020.  The committee tapped
Lowenstein Sandler LLP as its legal counsel, and Berkeley Research
Group, LLC as its financial advisor.


NATIONAL VISION: Moody's Alters Outlook on Ba3 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service changed National Vision, Inc. rating
outlook to negative from stable. Concurrently, Moody's affirmed the
company's Ba3 corporate family rating, Ba3-PD probability of
default rating and Ba3 senior secured bank credit facility ratings.
The speculative grade liquidity rating was downgraded to SGL-3 from
SGL-2.

The change in outlook to negative from stable reflects the risk
that earnings and liquidity could weaken more than anticipated as a
result of COVID-19 related store closures.

The SGL downgrade to SGL-3 from SGL-2 reflects Moody's expectations
that National Vision will have adequate liquidity over the next
12-18 months. As of March 18, 2020, the company had over $250
million balance sheet cash after fully borrowing on its $300
million senior secured revolving credit facility. Moody's projects
that significant cost cuts and deferrals will allow National Vision
to mitigate the impact of store closures.

The CFR, PDR and term loan rating affirmation reflects the
recession-resilient nature of value-priced optical retail, National
Vision's adequate liquidity and Moody's expectation that National
Vision's revenue and earnings will recover materially once the
stores are re-opened.

Moody's took the following rating actions for National Vision,
Inc.:

  Corporate Family Rating, affirmed Ba3

  Probability of Default Rating, affirmed Ba3-PD

  $300 million senior secured revolving credit facility
  expiring 2024, affirmed Ba3 (LGD4) from Ba3 (LGD3)

  $420 million ($392 million outstanding amount) senior
  secured term loan A due 2024, affirmed Ba3 (LGD4) from
  Ba3 (LGD3)

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

  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 National Vision's
credit profile, including its exposure to widespread store closures
have left it vulnerable to unprecedented operating conditions and
National Vision 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
National Vision of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

National Vision's Ba3 CFR benefits from its operations in the
stable and growing optical retail industry and the company's
position as a value player, which further supports the
recession-resilient nature of the business. Prior to the
coronavirus pandemic, the company had executed well on its growth
strategy and operations, as demonstrated in its track record of
consistent comparable sales and EBITDA growth. National Vision has
moderate leverage at 3.9 times and EBIT/interest expense of 2 times
(Moody's-adjusted, as of December 31, 2019). Leverage will increase
in 2020 as a result of earnings declines during the period of
temporary store closures, but demand should ramp up quickly when
stores reopen, and Moody's expects trailing twelve month credit
metrics to return to pre-COVID-19 levels over the next 18-24
months. The rating also incorporates governance considerations,
specifically the company's financial strategy, which balances the
use of cash flow for store expansion with the maintenance of a
steady leverage ratio.

At the same time, the credit profile is constrained by National
Vision's customer and supplier concentration and its small scale
compared to other rated retailers. Moody's expects the company to
experience a substantial cash burn during the current period of
store closures, which will result in weakened but still adequate
liquidity. Moody's expects that growing e-commerce penetration in
the category will increase pricing pressure and investment needs,
leading to slower earnings growth. The current period of physical
store closures is likely to accelerate the customer shift to
e-commerce. In addition, as a retailer, National Vision 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.

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

The ratings could be downgraded if operating performance or
liquidity weakens more than anticipated, or if over time the
company engages in debt-funded acquisitions or shareholder
distributions. Quantitatively, the ratings could be downgraded if
debt/EBITDA is sustained above 4.5 times and EBITA/interest expense
declines below 1.75 times.

The ratings could be upgraded if revenue and earnings growth
continue and the company demonstrates financial policies that
sustain debt/EBITDA below 3 times and EBITA/interest expense above
3 times. An upgrade would also require an expectation for continued
good liquidity.

National Vision, Inc. (National Vision, NASDAQ: EYE), headquartered
in Duluth, Georgia, is a US optical retailer with a focus on low
price-point eyeglasses and contacts. As of December 28, 2019, the
company operated 1,050 locations, including its own retail chains
of America's Best Contacts and Eyeglasses and Eyeglass World, as
well as at host stores including Wal-Mart, Fred Meyer and US
Military Bases. The company also sells contact lenses online.
Revenues for the year ended December 2019 were approximately $1.7
billion.


NCR CORP: Moody's Lowers CFR to B2, Outlook Stable
--------------------------------------------------
Moody's Investors Service downgraded NCR Corporation's corporate
family rating to B2 from B1 and its probability of default rating
to B2-PD from B1-PD. Concurrently, Moody's downgraded its rating on
NCR's first lien credit facility to Ba3 from Ba2 and the rating on
the issuer's existing senior unsecured bonds to B3 from B2. Moody's
also assigned a B3 rating to NCR's newly proposed $400 million
senior unsecured notes. The company's speculative grade liquidity
rating is SGL-2 and the outlook is stable.

The rating action follows NCR's recent drawdown of the remainder of
its $1.1 billion revolving credit facility and the planned issuance
of the $400 million in senior unsecured notes, collectively adding
approximately $1.2 billion of incremental debt to the company's
balance sheet during a period when business prospects are expected
to deteriorate due to operational disruptions and weakening demand
trends related to the coronavirus outbreak, resulting in elevated
debt leverage [1].

Moody's downgraded the following ratings:

Corporate Family Rating, Downgraded to B2 from B1

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

1st Lien Senior Secured Revolving Credit Facility expiring 2024,
Downgraded to Ba3 (LGD2) from Ba2 (LGD2)

1st Lien Senior Secured Term Loan B due 2026, Downgraded to Ba3
(LGD2) from Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD4)
from B2 (LGD4)

Assignments:

Issuer: NCR Corporation

Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD4)

Outlook Actions:

Issuer: NCR Corporation

Ratings outlook is Stable

RATINGS RATIONALE

NCR's B2 CFR is principally constrained by the company's elevated
pro forma gross leverage of approximately 6x debt-to-EBITDA
(Moody's adjusted and including preferred equity) which is expected
to increase to over 7x in 2020 due to Moody's anticipation of a
meaningful decline in operating performance. The ratings are also
negatively impacted by Moody's expectation of weakening secular
trends and uncertain intermediate term demand recovery in the
company's core markets, particularly within the automated teller
machine ("ATM)" market, and NCR's historically aggressive financial
strategies characterized by a willingness to take on incremental
credit risk to fund acquisitions and shareholder returns.
Therefore, Moody's believes that there is an increased probability
that a portion of the revolver borrowings that the company drew to
bolster its near-term liquidity may not be fully repaid in the
aftermath of the outbreak.

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. Additionally,
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial credit implications of public
health and safety which may lead to material, albeit temporary,
disruptions of day-to-day operations. Its action reflects the
impact on NCR's credit profile of the breadth and severity of this
shock and the broad deterioration in credit quality it has
triggered.

These risk factors are partially mitigated by NCR's leading market
position across its financial self service and retail point of sale
hardware business, a growing proportion of recurring revenues
supported by long term contracts, and good geographic and customer
diversification. Additionally, the company's credit profile is
supported by the company's good liquidity position, which Moody's
believes somewhat mitigates the risks presented by NCR's elevated
gross debt leverage metrics. The company's ongoing efforts to
enhance its business mix to higher growth, higher margin, and more
predictable software and services product lines should provide
higher predictability in revenues and, on balance, support stronger
free cash flow ("FCF") generation once operating conditions
normalize.

The Ba3 ratings for NCR's bank debt instruments reflect a B2-PD PDR
and a loss given default ("LGD") assessment of LGD2. The ratings
for these instruments reflect a one-notch differential from Moody's
LGD model due to uncertainty surrounding the amount and treatment
of non-debt liabilities in a default scenario. The senior secured
bank credit facility benefits from a collateral package that
includes upstream guarantees of certain domestic subsidiaries, a
pledge of the shares of certain domestic subsidiaries and certain
international subsidiaries, and a pledge of the assets of certain
domestic subsidiaries. As a result, NCR's senior unsecured notes
are rated B3, reflecting their junior position in the capital
structure as the notes do not share in the collateral package with
the senior secured debt holders.

NCR's SGL-2 liquidity rating reflects the company's good liquidity,
with projected pro forma cash of over $1.5 billion and Moody's
expectation of more than $150 million in FCF in 2020. NCR's has no
remaining availability under its revolver and trade receivables
securitization facility, but Moody's expects NCR to remain
compliant with its financial covenants over the next 12 months. The
company's liquidity is an important element of NCR's credit profile
given seasonally weak FCF trends in the first half of the year and
periods of elevated required capital expenditures to support
product deployments.

The stable ratings outlook reflects Moody's expectation that NCR's
revenues and EBITDA will decline considerably in the year ahead.
Operating performance trends are expected to recover moderately in
2021 as macroeconomic conditions normalize with credit protections
expected to improve at a similar pace.

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

NCR's rating could be upgraded if the company demonstrates
sustained normalized revenue growth, operating margin improvements,
and consistent levels of FCF with lower volatility. The rating
could also be considered for an upgrade if the company sustains
adjusted Debt (including preferred equity)-to-EBITDA below 5.5x.

NCR's ratings could be downgraded if operating performance trends
materially underperform Moody's expectations and the company incurs
FCF deficits, there is a deterioration in NCR's competitive
position, or if the company maintains aggressive financial
policies.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.

NCR is a leading provider of ATMs as well as retail and
hospitality-oriented point of sale ("POS") terminals while also
offering software and global end-to-end services solutions to these
markets. Moody's projects the company to generate over $6 billion
in revenues in 2020.


NEW RESIDENTIAL: Moody's Cuts CFR to B1, On Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has downgraded New Residential Investment
Corp.'s corporate family rating to B1 from Ba3 and its long-term
issuer rating to B3 from B2. The ratings were also placed on review
for further downgrade.

While the ratings downgrade reflects the company's recent liquidity
stress due to market turmoil and resulting negative impact on its
credit profile, the initiation of a ratings review for further
downgrade was prompted by ongoing liquidity challenges. During the
review, Moody's will also assess the risks for creditors from the
potential impairment to the company's franchise and the transition
risk associated with its recent sizeable downsize, as well as and
the firm's new strategic direction following these events.

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 non-bank mortgage sector has been one of
the sectors affected by the shock. 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 New
Residential of the breadth and severity of the shock, and the
deterioration in credit quality it has triggered.

The turmoil in the mortgage industry stemming from the spread of
coronavirus has recently led Moody's to change its outlook on the
non-bank mortgage sector to negative from stable. Moody's baseline
scenario is that over the next several quarters, non-bank mortgage
firms will face ongoing liquidity stress, weaker profitability, as
well as declines in capitalization and asset quality. However, over
the full 12-18-month outlook horizon, non-bank mortgage firms with
solid origination franchises should be able to weather the
increased servicing costs resulting from higher delinquencies and
servicer advance obligations. The solid profitability of these
firms' production segments -- driven by higher origination volumes
and strong gain-on-sale margins -- should more than offset higher
servicing costs over the outlook period.

RATINGS RATIONALE

The ratings downgrade reflects Moody's assessment that the
company's credit profile has weakened because of the liquidity
stress it has experienced during the recent market turmoil.

Similar to a number of other mortgage real estate investment trusts
(REITs), New Residential has experienced a significant level of
margin calls due to the decline in the value of non-agency
mortgage-backed securities, loans and mortgage servicing rights
(MSRs), which served as collateral for the company's credit
facilities. This has led New Residential to sell a large portion of
its assets at distressed levels, thereby realizing significant
disposal losses [1]. On March 31, the company reported that its
book equity had declined between 25% to 30%, a credit negative for
creditors as it erodes the company's capital cushion to weather
further losses [2].

During the review, Moody's will assess the company's ongoing
liquidity challenges and its capitalization, as measured by
tangible common equity to tangible assets, which Moody's
nevertheless expects to have remained broadly intact despite having
incurred substantial losses from the recent asset disposals and
mark-to-market of its MSR portfolio, as the company has materially
reduced the size of its balance sheet. During the review, Moody's
will also assess the extent to which franchise has been negatively
impacted by the recent events, which may translate into future
profitability and liquidity weakness.

The review for downgrade will also focus on the company's
transition to a smaller entity focused on mortgage origination and
servicing, as well as investing in MSRs, along with the impairment
to the company's mortgage franchise.

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

The ratings are unlikely to be upgraded given the review for
downgrade. The ratings could be confirmed and the outlook returned
to stable if Moody's expects the company's efforts to de-risk,
de-lever and improve its liquidity position to be successful.

The ratings could be downgraded if the company's liquidity position
deteriorates beyond an adequate buffer to its debt covenants, its
franchise deteriorates demonstrated by materially weakened
profitability, or its capitalization as measured by tangible common
equity to tangible managed assets deteriorates below 15%.

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


NEW WAY INVESTMENTS: May 5 Plan & Disclosure Hearing Set
--------------------------------------------------------
Debtor New Way Investments, L.L.C. filed with the U.S. Bankruptcy
Court for the Western District of Louisiana, Alexandria Division, a
motion to extend the time within which to obtain Plan
Confirmation.

On March 26, 2020, Judge John S. Hodge granted the motion and
established the following dates and deadlines:

   * April 28, 2020, is fixed as the last day for filing written
acceptances or rejections of the plan filed on February 11, 2020,
or as may be modified by Debtor.

   * May 5, 2020, at 1:30 p.m. is fixed for the hearing on final
approval of the disclosure and for the hearing on confirmation of
the plan to be held at 300 Jackson Street, Suite 116, Alexandria,
Louisiana, 71301.

   * April 28, 2020, is fixed as the last day for filing and
serving written objections to the disclosure statement and
confirmation of the plan.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/s35lnjr from PacerMonitor at no charge.

                    About New Way Investments

New Way Investments LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. La. Case No. 19-80785) on Aug. 20,
2019.  At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of less than $50,000.
The case is assigned to Judge Stephen D. Wheelis.  Thomas R.
Willson, Esq., is the Debtor's legal counsel.


O'LINN SECURITY: Unsecureds to Receive $135,000 Over 5 Years
------------------------------------------------------------
Debtor O'Linn Security Incorporated filed a First Amended Plan and
a First Amended Disclosure Statement dated March 26, 2020.

Class 5 constitutes holders of general unsecured third party
claims, amounting to $5.009 million.  Members of this class will
include the putative class and its members.  Members will also
include any other creditor holding a claim against both the Debtor
and third parties Kimberly O'Linn and/or Richard O'Linn.

Class 6 constitutes of general unsecured claims owed $89,768.

Class 5 and Class 6 general unsecured claims, will receive a total
payout of $135,000.  Payments will be on a monthly basis for 60
months.  Due to a putative class action suit, which will likely not
result in a judgment for a period of years, the Debtor is unable to
estimate the likely amount of claims in this class.

If C5 and/or C6 reject Plan, and if the Court does not confirm this
Plan, then C5 and C6 members will receive the stock in Reorganized
Debtor (50% to C5 and 50% to C6) and will receive no monies through
the Plan. C6 may elect to have Kimberly O'Linn hold its 50% of the
stock in trust for the benefit of C6.

Kimberly O'Linn will serve as the reorganized Debtor's CEO and
president with exclusive decision authority for the Debtor and its
business.  The Debtor and she shall enter into an employment
contract to be provided prior to a hearing on plan confirmation.
Among its terms are that Ms. O'Linn will have an exclusive,
nonbreakable option beginning on the effective date to purchase the
equity of the Debtor from Class 5 by paying the lump sum of $70,000
to C5 and to C6, $35,000 to each class.  C5 will be paid pro rata
on its claims at that time.

Richard O'Linn to contribute $40,000 in new value monies upon
confirmation of the Debtor's Plan and approval of the temporary
injunction provided for in the Debtor's Plan.

Kimberly O'Linn owns 100% of the Debtor's stock.  Ms. O'Linn will
contribute $30,000 only if the Court confirms the Debtor’s Plan
and the Court approves the temporary injunction as proposed.

A red-lined copy of the First Amended Plan dated March 26, 2020, is
available at https://tinyurl.com/v9uqce4 from PacerMonitor at no
charge.

Attorneys for the Debtor:

     Stephen R. Fox
     Lesley B. Davis
     THE FOX LAW CORPORATION, INC.
     17835 Ventura Blvd., Suite 306
     Encino, CA 91316
     Tel: (818)774-3545
     Fax: (818)774-3707
     E-mail: srfox@foxlaw.com
             Idavis@foxlaw.com

                     About O'Linn Security

O'Linn Security Incorporated, a security firm that provides
services in the palm Springs area and greater Coachella Valley, in
California, sought Chapter 11 protection (Bankr. C.D. Cal. Case No.
19-17085) on Aug. 13, 2019, stimating both assets and liabilities
of less than $1 million. The case is assigned to Judge Scott C.
Clarkson. Steven R. Fox, Esq., and W. Sloan Youkstetter, Esq., at
The Fox Law Corporation, Inc., serve as the Debtor's counsel.  


OWENS & MINOR: Will Hold Its Annual Meeting Virtually
-----------------------------------------------------
In light of the ongoing coronavirus (COVID-19) pandemic and taking
into account the guidance and protocols issued by public health
authorities and federal, state and local governments, the Company's
2020 annual meeting of shareholders will be held virtually on  May
1, 2020, at 9:00 a.m. ET., via the Internet, with no physical,
in-person meeting.

Shareholders of record as of the close of business on March 6,
2020, may attend the meeting virtually by visiting
www.meetingcenter.io/274660819.  To vote in the virtual meeting,
you must enter the control number found on your proxy card, voting
instruction form or notice you previously received. Additional
information regarding participation in the virtual meeting can be
accessed on the Company's website:
https://investors.owens-minor.com.

The Company's previously announced Investor Day meeting, originally
planned for May 20, 2020 in New York, has been postponed to a
future date due to COVID-19.  The Company will make an announcement
regarding the rescheduled date as soon as practicable.

                       About Owens & Minor

Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. --
http://www.owens-minor.com/-- is a global healthcare solutions
company with integrated technologies, products, and services
aligned to deliver significant and sustained value for healthcare
providers and manufacturers across the continuum of care.  Owens &
Minor helps to reduce total costs across the supply chain by
optimizing episode and point-of-care performance, freeing up
capital and clinical resources, and managing contracts to optimize
financial performance.  Owens & Minor was founded in 1882 in
Richmond, Virginia, where it remains headquartered today.

Owens & Minor reported a net loss of $62.37 million for the year
ended Dec. 31, 2019, compared to a net loss of $437.01 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.64 billion in total assets, $3.18 billion in total liabilities,
and $462.15 million in total equity.

                          *    *    *

As reported by the TCR on March 11, 2020, Fitch Ratings affirmed
Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating at
'CCC+'.  The rating affirmation reflects OMI's limited financial
flexibility as a result of customer losses, heightened competition,
accelerating pricing pressure, and significantly reduced earnings
relative to debt levels.


PEM FAMILY: April 28 Plan & Disclosure Hearing Set
--------------------------------------------------
On March 24, 2020, the U.S. Bankruptcy Court for the Southern
District of Florida, West Palm Beach Division, conducted a
continued status conference regarding Joint Motion to Reset
Evidentiary Hearing on Contested Confirmation as well as Scheduling
Deadlines for Debtors The PEM Family Limited Partnership I, The SAM
Family Limited Partnership I; PEM Irrevocable Trust I; and SAM
Irrevocable Trust I.

On March 26, 2020, Judge Mindy A. Mora ordered that:

   * April 28, 2020, at 1:30 p.m. in the United States Bankruptcy
Court, Flagler Waterview Building, 1515 North Flagler Drive, 8th
Floor, Courtroom A, West Palm Beach, FL 33401 is the Consolidated
Hearing to consider final approval of the Disclosure Statement and
confirmation of the Plan.

   * April 8, 2020, is the deadline for objections to claims.

   * April 17, 2020, is the deadline for fee applications.

   * April 21, 2020, is the Proponent's deadline for serving notice
of fee applications.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/w4z92p4 from PacerMonitor at no charge.

The Debtor is represented by Chad P. Pugatch, Esq.

                   About PEM Family Limited

Boca Raton, Fla.-based PEM Family Limited Partnership I and its
affiliates filed voluntary Chapter 11 petitions (Bankr. S.D. Fla.
Lead Case No. 19-12916) on March 5, 2019.  In the petitions signed
by Philip E. Morgaman, trustee for PEM Family's general partner,
PEM LLC, the Debtors each declared $1 million to $10 million in
assets and $500,000 to $1 million in liabilities.  The case has
been assigned to Judge Mindy A. Mora. Craig A. Pugatch, Esq., at
Rice Pugatch Robinson Storfer & Cohen, PLLC, is the Debtors' legal
counsel.


PG&E CORP: Karen Gowins Resigns From Tort Claimants' Committee
--------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 announced that Karen Gowins
resigned from the official committee of tort claimants appointed in
the Chapter 11 cases of PG&E Corporation and Pacific Gas and
Electric Company.

The eight remaining committee members are Tommy Wehe, Angela Loo,
Agajanian Inc., Susan Slocum, Samuel Maxwell, Karen Lockhart,
Wagner Family Wines-Caymus Vineyards, and Gregory Wilson.

                    About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered By
collective bargaining agreements with local chapters of three Labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related activities. Morrison &
Foerster LLP, as special regulatory counsel. Munger Tolles & Olson
LLP, as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PRECIPIO INC: Implements 5-25% Pay Cuts Amid COVID-19 Pandemic
--------------------------------------------------------------
In response to the global COVID-19 pandemic, Precipio, Inc. reduced
payroll effective immediately to all company employees in a range
between 5-25%, including its named executive officers. Ilan
Danieli, chief executive officer; Carl Iberger, chief financial
officer; and all other senior management employees were included in
the temporary measures and their salaries have been reduced by the
maximum percentage aforementioned.

                          About Precipio

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

Precipio, Inc., reported a net loss of $13.24 million for the year
ended Dec. 31, 2019, compared to a net loss of $15.69 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$19.51 million in total assets, $6.31 million in total liabilities,
and $13.20 million in total stockholders' equity.

Marcum LLP, in Hartford, CT, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
27, 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.


QUALITY REIMBURSEMENT: Eastpoint/Gancman Object to Disc. Statement
------------------------------------------------------------------
Alvaro Gancman and Eastpoint Corporation filed their objection to
the First Amended Disclosure Statement accompanying First Amended
Chapter 11 Plan of Reorganization filed by debtor Quality
Reimbursement Services, Inc.

The objectors point out that:

   * Given the magnitude of the GE Claims, the Disclosure Statement
needs to be amended to describe with more particularity the basis
for disputing the validity of the Eastpoint/Gancman Judgment, the
status of the Eastpoint/Gancman Appeal, the basis for the
Eastpoint/Gancman Appeal, and the estimated chances for success on
the Eastpoint/Gancman Appeal.

   * The Disclosure Statement, including the Liquidation Analysis
therein, must be amended to indicate that California law provides
for 10% interest on the Eastpoint/Gancman Judgment and the
estimated amount of such interest through the estimated time of the
conclusion of the Eastpoint/Gancman Appeal and assuming GE is
successful on appeal.

   * The Plan must be amended to remove Caltronics and Fisher’s
as separately classified Secured Creditors, and/or the Disclosure
Statement needs to provide additional information regarding such
Claims.

   * The Debtor would still have approximately $300,000 in working
capital on hand after paying the foregoing Claims such that the
Ravindran Cash Contribution does not appear to be necessary.  the
Debtor must explain in the Disclosure Statement the need for the
loan from Mr. Ravindran and for the Estate to incur the expense of
interest.

   * The Disclosure Statement also has to be amended to provide the
basis, methodology, and assumptions underlying the income
projections in the Feasibility Analysis, because, without the
projected income, the Plan is not feasible.

A full-text copy of Gancman and Eastpoint's objections filed March
26, 2020, is available at https://tinyurl.com/rmvjehs from
PacerMonitor at no charge.

Attorneys for Alvaro Gancman and Eastpoint:

         DAVID L. NEALE
         TODD M. ARNOLD
         LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
         10250 Constellation Boulevard, Suite 1700
         Los Angeles, California 90067
         Telephone: (310) 229-1234
         Facsimile: (310) 229-1244
         E-mail: DLN@LNBYB.COM
                 TMA@LNBYB.COM

              About Quality Reimbursement Services

Quality Reimbursement Services, Inc. --
http://www.qualityreimbursement.com/-- has been reviewing Medicare
and Medicaid cost reports for more than 12 years.  Its corporate
office is located in Arcadia (CA). The company also has offices
located in Birmingham, Ala.; Scottsdale, Ariz.; Los Angeles,
Calif.; Colorado Springs, Colo.; Jacksonville, Fla.; Chicago, Ill.;
Detroit and Shelby Township, Mich.; Guttenberg, N.J.; Dallas/Fort
Worth, Texas; and Spokane, Wash.

Quality Reimbursement Services filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 19-20918) on Sept. 13, 2019.  In the petition signed by
James C. Ravindran, president and chief executive officer, the
Debtor was estimated to have $1 million to $10 million in assets
and $10 million to $50 million in liabilities.

Judge Julia W. Brand oversees the case.

Garrick A. Hollander, Esq., at Winthrop Couchot Golubow Hollander,
LLP, represents the Debtor.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in the Debtor's case on Oct. 22, 2019.  The committee
hired Buchalter, a Professional Corporation, as its legal counsel.


QUANTUM CORP: B. Riley Financial Reports 20.4% Stake as of March 25
-------------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, these individuals and entities reported beneficial
ownership of shares of common stock of Quantum Corporation as of
March 25, 2020:

                                          Shares          Percent
                                       Beneficially          of
  Reporting Person                         Owned           Class
  ----------------                     ------------      --------
  B. Riley Financial, Inc.              8,130,501          20.40%
  B. Riley Capital Management, LLC      2,444,761           6.13%
  BRC Partners Management GP, LLC       2,444,761           6.13%
  BRC Partners Opportunity Fund, L.P.   2,444,761           6.13%
  B. Riley FBR, Inc.                    5,685,740          14.26%
  Bryant R. Riley                       8,226,241          20.64%
  Daniel Shribman                          95,238           0.24%
  Robert L. Antin                          87,712           0.22%
  Robert D'Agostino                        40,739           0.10%

All of the shares of Common Stock were purchased on behalf of the
Reporting Persons using the investment capital or personal funds of
the respective Reporting Persons.

The Reporting Persons acquired the Shares in the ordinary course of
their investment activities based on the Reporting Persons' belief
that the Shares, when purchased, were undervalued and represented
an attractive investment opportunity.

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

                      https://is.gd/gUgAZa

                      About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
help customers capture, create and share digital content -- and
preserve and protect it for decades.  With solutions built for
every stage of the data lifecycle, Quantum's platforms provide the
fastest performance for high-resolution video, images, and
industrial Internet of Things (IoT).

Quantum reported a net loss of $42.80 million for the year ended
March 31, 2019, a net loss of $43.35 million for the year ended
March 31, 2018, and a net loss of $2.41 million for the year ended
March 31, 2017.

As of Dec. 31, 2019, the Company had $165.30 million in total
assets, $360.77 million in total liabilities, and a total
stockholders' deficit of $195.47 million.


QUANTUM CORP: Provides Updated Revenue Guidance for Fiscal Q4
-------------------------------------------------------------
Quantum Corporation provided an update to investors regarding
expected revenue levels for the fourth quarter, loan agreement
amendments, and the status of its supply chain.

Revenue Guidance Update

Based on the analysis of preliminary operating results, management
now expects revenues of approximately $87 million for the fourth
fiscal quarter ended March 31, 2020.  This level of revenue
reflects the impact of the uncertainties associated with the
COVID-19 pandemic and is within 8% of the midpoint of the
previously provided guidance range of $90 to $100 million.  The
impact of COVID-19 related order delays were partially offset by
the contribution of incremental revenue from ActiveScale products.
The acquisition of the ActiveScale object storage business was
finalized on March 17, 2020 and contributions from it in the first
13 days are expected to be accretive to the operations for the
fourth fiscal quarter.

Loan Agreement Amendments

Based on the Company's preliminary results for the fourth fiscal
quarter combined with the uncertainties in estimating future
business levels, management proactively entered into discussions
with its lenders to ensure the current credit facilities enabled
the flexibility to provide financial support during this
challenging period and beyond.

As a result of these efforts, the Company and the term loan lenders
agreed to amend the term loan agreement.  Included in this
amendment was a reduction in the cash interest payment to 7.5% from
12% for the fourth fiscal quarter, with the remaining portion being
paid-in-kind, and a deferral of the loan amortization payment until
next quarter resulting in an immediate cash savings of
approximately $2.3 million.

The Company has also finalized an agreement with its revolver
lender as well as the term loan lenders to amend the related credit
agreements to waive applicable covenants for the fourth fiscal
quarter.

As outlined in both Amendments, the Company and its lenders intend
to work to further amend the credit agreements by May 15, 2020 to
provide a framework that will be supportive of the Company beyond
the current period.

"While customer order delays resulting from the COVID-19 pandemic
impacted our ability to reach our previously issued guidance, the
Quantum team executed well and navigated unprecedented conditions
at the end of the quarter while proactively working with our
lenders to ensure our credit facilities remained aligned to the
current dynamic business environment," commented Mike Dodson,
Quantum's chief financial officer.  "The on-going rationalization
of our cost structure and our shift to higher-value and
higher-margin solutions, which our clients view as critical to
their operations, continues to deliver benefits and strengthen our
fundamentals."

Supply Chain Status

While Quantum's supply chain remains intact and operating, the
Company has experienced issues related to its logistics network.
The reduced capacity within and across freight lanes (aircraft,
personnel, customs clearance, etc.) has caused late deliveries from
re-routes and mis-shipments, as well as increased expedite and
other charges to deliver and receive products.  To date, Quantum
has experienced minimal impact on product availability, although
future capacity constraints across the network due to lost capacity
from factory down time, closures, as well as reduced staff and
demand signal fluctuations are expected to impact product
availability in the months and possibly quarters to come.
Management continues to work closely with suppliers to ensure
forecast requirements are known and are taking steps in an effort
to secure material in advance of suspected allocation disruptions.

CEO Summary

Jamie Lerner, Quantum's chairman and chief executive officer,
commented, "We continue to diligently navigate the rapidly changing
economic landscape and remain well equipped to execute our
long-term strategic plan.  Quantum equipment is relied on in
disaster and crisis situations, and our solutions are core to many
of our customers' business continuity.  As a result, we remain
confident we have a business model that can weather the delays and
disruption of a challenging pandemic.  We also believe this crisis
will be a driver for significant innovation and we continue to work
closely with our customers on what this means for their work
environments in the months and years ahead.  We will continue to be
disciplined in our execution and find opportunities during this
crisis to advance our mission to lead our industry in video
solutions."

                     About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com-- provides technology and services that
help customers capture, create and share digital content - and
preserve and protect it for decades.  With solutions built for
every stage of the data lifecycle, Quantum's platforms provide the
fastest performance for high-resolution video, images, and
industrial Internet of Things (IoT).

Quantum reported a net loss of $42.80 million for the year ended
March 31, 2019, a net loss of $43.35 million for the year ended
March 31, 2018, and a net loss of $2.41 million for the year ended
March 31, 2017.

As of Dec. 31, 2019, the Company had $165.30 million in total
assets, $360.77 million in total liabilities, and a total
stockholders' deficit of $195.47 million.


QUORUM HEALTH: Case Summary & 50 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Quorum Health Corporation
               d/b/a QHC
               d/b/a Quorum Health
             1573 Mallory Lane, Suite 100
             Brentwood, TN 37027

Business Description: Quorum Health Corporation --
                      www.quorumhealth.com -- is an operator of
                      general acute care hospitals and outpatient
                      services in the United States.  Through its
                      subsidiaries, the Company owns, leases or
                      operates a diversified portfolio of 23
                      affiliated hospitals in rural and mid-sized
                      markets located across 13 states with an
                      aggregate of 1,950 licensed beds.  The
                      Company also operates Quorum Health
                      Resources, LLC, a hospital management
                      advisory and consulting services business.

Chapter 11 Petition Date: April 7, 2020

Court: United States Bankruptcy Court
       District of Delaware

One hundred thirty-five affiliates that concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code:

   Debtor                                                Case No.
   ------                                                --------
   Quorum Health Corporation (Lead Debtor)               20-10766
   Ambulance Services of Forrest City, LLC               20-10777
   Ambulance Services of McKenzie, Inc.                  20-10901
   Ambulance Services of Tooele, LLC                     20-10855
   Anna Clinic Corp.                                     20-10797
   Anna Hospital Corporation                             20-10796
   Augusta Hospital, LLC                                 20-10877
   Augusta Physician Services, LLC                       20-10878
   Barrow Health Ventures, Inc.                          20-10883
   Barstow Healthcare Management, Inc.                   20-10791
   Big Bend Hospital Corporation                         20-10851
   Big Spring Hospital Corporation                       20-10905
   Blue Island Clinic Company, LLC                       20-10889
   Blue Island HBP Medical Group, LLC                    20-10890
   Blue Island Hospital Company, LLC                     20-10891
   Blue Island Illinois Holdings, LLC                    20-10892
   Blue Ridge Georgia Holdings, LLC                      20-10792
   Blue Ridge Georgia Hospital Company, LLC              20-10793
   Central Alabama Physician Services, Inc.              20-10894
   CHS Utah Holdings, LLC                                20-10854
   Clinton Hospital Corporation                          20-10897
   Crossroads Physician Corp.                            20-10817
   CSRA Holdings, LLC                                    20-10879
   Deming Clinic Corporation                             20-10844
   Deming Hospital Corporation                           20-10845
   Deming Nursing Home Company, LLC                      20-10846
   DHSC, LLC                                             20-10870
   Doctors Hospital Physician Services, LLC              20-10871
   Edwardsville Ambulatory Surgery Center, L.L.C.        20-10810
   Evanston Clinic Corp.                                 20-10856
   Evanston Hospital Corporation                         20-10857
   Fannin Regional Orthopaedic Center, Inc.              20-10795
   Forrest City Arkansas Hospital Company, LLC           20-10776
   Forrest City Clinic Company, LLC                      20-10775
   Forrest City Holdings, LLC                            20-10774
   Fort Payne Clinic Corp.                               20-10784
   Fort Payne HBP, LLC                                   20-10785
   Fort Payne Hospital Corporation                       20-10786
   Fort Payne RHC Corp.                                  20-10787
   Galesburg Hospital Corporation                        20-10801
   Galesburg Professional Services, LLC                  20-10800
   Georgia HMA Physician Management, LLC                 20-10884
   Granite City ASC Investment Company, LLC              20-10802
   Granite City Clinic Corp.                             20-10803
   Granite City HBP Corp.                                20-10805
   Granite City Hospital Corporation                     20-10806
   Granite City Illinois Hospital Company, LLC           20-10807
   Granite City Orthopedic Physicians Company, LLC       20-10808
   Granite City Physicians Corp.                         20-10809
   Greenville Clinic Corporation                         20-10895
   Greenville Hospital Corporation                       20-10896
   Hamlet H.M.A., LLC                                    20-10886
   Hamlet HMA Physician Management, LLC                  20-10887
   Hamlet HMA PPM, LLC                                   20-10888
   Haven Clinton Medical Associates, LLC                 20-10898
   Heartland Rural Healthcare, LLC                       20-10815
   Hidden Valley Medical Center, Inc.                    20-10794
   Hospital of Barstow, Inc.                             20-10789
   Hospital of Louisa, Inc.                              20-10839
   In-Home Medical Equipment Supplies and Services, Inc. 20-10799
   Jackson Hospital Corporation                          20-10834
   Jackson Physician Corp.                               20-10835
   Kentucky River HBP, LLC                               20-10837
   Kentucky River Physician Corporation                  20-10838
   King City Physician Company, LLC                      20-10820
   Knox Clinic Corp.                                     20-10798
   Lindenhurst Illinois Hospital Company, LLC            20-10830
   Lindenhurst Surgery Center, LLC                       20-10831
   Lock Haven Clinic Company, LLC                        20-10899
   Marion Hospital Corporation                           20-10811
   Massillon Community Health System LLC                 20-10872
   Massillon Health System, LLC                          20-10873
   Massillon Holdings, LLC                               20-10874
   Massillon Physician Services, LLC                     20-10875
   McKenzie Clinic Corporation                           20-10900
   McKenzie Physician Services, LLC                      20-10770
   McKenzie Tennessee Hospital Company, LLC              20-10902
   McKenzie-Willamette Regional Medical Center Assoc LLC 20-10767
   Memorial Management, Inc.                             20-10812
   Mesquite Clinic Management Company, LLC               20-10782
   MMC of Nevada, LLC                                    20-10783
   Monroe County Surgical Center, LLC                    20-10826
   Monroe Diagnostic Testing Centers, LLC                20-10880
   Monroe HMA Physician Management, LLC                  20-10881
   Monroe HMA, LLC                                       20-10882
   MWMC Holdings, LLC                                    20-10768
   National Healthcare of Mt. Vernon, Inc.               20-10819
   National Imaging of Carterville, LLC                  20-10816
   National Imaging of Mount Vernon, LLC                 20-10818
   OHANI, LLC                                            20-10832
   Our Healthy Circle                                    20-10868
   Paintsville HMA Physician Management, LLC             20-10778
   Paintsville Hospital Company, LLC                     20-10779
   Phillips Clinic Company, LLC                          20-10781
   Phillips Hospital Company, LLC                        20-10780
   QHC ARM Shared Services, LLC                          20-10858
   QHC Blue Island Urgent Care Holdings, LLC             20-10893
   QHC California Holdings, LLC                          20-10788
   QHC HIM Shared Services, LLC                          20-10859
   QHCCS, LLC                                            20-10769
   QHG of Massillon, Inc.                                20-10876
   QHR Development, LLC                                  20-10860
   QHR Healthcare Affiliates, LLC                        20-10861
   QHR Intensive Resources, LLC                          20-10862
   QHR International, LLC                                20-10863
   Quorum Health Corporation Political Action Committee  20-10869
   Quorum Health Foundation, Inc.                        20-10867
   Quorum Health Investment Company, LLC                 20-10773
   Quorum Health Resources, LLC                          20-10864
   Quorum Purchasing Advantage, LLC                      20-10865
   Quorum Solutions, LLC                                 20-10866
   Red Bud Clinic Corp.                                  20-10821
   Red Bud Hospital Corporation                          20-10822
   Red Bud Illinois Hospital Company, LLC                20-10823
   Red Bud Physician Group, LLC                          20-10824
   Red Bud Regional Clinic Company, LLC                  20-10825
   River to River Heart Group, LLC                       20-10813
   San Miguel Clinic Corp.                               20-10847
   San Miguel Hospital Corporation                       20-10848
   Southern Illinois Medical Care Associates, LLC        20-10814
   Springfield Oregon Holdings, LLC                      20-10772
   Summit Emergency Medicine, LLC                        20-10849
   Sunbury Clinic Company, LLC                           20-10903
   Sunbury Hospital Company, LLC                         20-10904
   Three Rivers Medical Clinics, Inc.                    20-10840
   Tooele Clinic Corp.                                   20-10853
   Tooele Hospital Corporation                           20-10852
   Triad of Oregon, LLC                                  20-10771
   Waukegan Clinic Corp.                                 20-10827
   Waukegan Hospital Corporation                         20-10828
   Waukegan Illinois Hospital Company, LLC               20-10829
   Williamston Clinic Corp.                              20-10841
   Williamston HBP Services, LLC                         20-10842
   Williamston Hospital Corporation                      20-10843
   Winder HMA, LLC                                       20-10885

Judge: Hon. Karen B. Owens

Debtors'
General
Bankruptcy
Counsel:          David R. Hurst, Esq.
                  MCDERMOTT WILL & EMERY LLP
                  1007 North Orange Street, 4th Floor
                  Wilmington, DE 19801
                  Tel: (302) 485-3900
                  Fax: (302) 351-8711
                  Email: dhurst@mwe.com

                     - and -

                  Felicia Gerber Perlman, Esq.
                  Bradley Thomas Giordano, Esq.
                  Megan Preusker, Esq.
                  MCDERMOTT WILL & EMERY LLP
                  444 West Lake Street, Suite 4000
                  Chicago, IL 60606-0029
                  Tel: (312) 372-2000
                  Fax: (312) 984-7700
                  Email: fperlman@mwe.com
                         bgiordano@mwe.com
                         mpreusker@mwe.com

Debtors'
Financial
Advisor:          ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Tax
Consultant:       KPMG LLP

Debtors'
Investment
Banker:           MTS HEALTH PARTNERS, LP

Debtors'
Notice &
Claims
Agent:            EPIQ CORPORATE RESTRUCTURING, LLC
                  https://dm.epiq11.com/case/qmh/info

Total Assets as of February 20, 2020: $373,062,746

Total Debts as of February 20, 2020: $1,262,336,316

The petitions were signed by Alfred Lumsdaine, executive vice
president and chief financial officer.

A copy of Quorum Health's petition is available for free at
PacerMonitor.com at:

                      https://is.gd/LcMMGf

Consolidated List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Wilmington Savings Funds        11.625% Senior     $421,829,166
Society                            Notes Due 2023
Attn: Patrick J. Healy
Senior Vice President
WSFS Bank Center
Wilmington, DE 19801
United States
Tel: 302-792-6000
Email: PHealy@wsfsbank.com

2. Blue Cross Blue Shield           Trade Payable      $14,531,270
Attn: Brenton H. Johnson
Account Executive, Major Accounts
1 Cameron Hill Circle
Chattanooga, TN 37402
United States
Tel: 423-535-6424
Fax: 423.535.3433
Email: Brenton_Johnson@BCBST.com

3. Health Trust                     Trade Payable       $1,577,278
Workforce Solutions
Attn: Jeffrey Greenlund
VP of Strategic Accounts
1000 Sawgrass Parkway
Sunrise, FL 33323
United States
Tel: 774-289-7517
Email: jeffrey.greenlund@healthtrustws.com

4. DXC Technology Company           Trade Payable       $1,520,910
Attn: Bill Deckelman
EVP, General Counsel & Secy.
1775 Tysons Blvd
Tysons, VA 22102
United States
Tel: 703-245-9700
Email: bill.deckelman@dxc.com

5. Tech Mahindra Limited            Trade Payable       $1,300,000
Attn: Asst. General Counsel
4965 Preston Park Blvd
Suite 500
Plano, TX 75093
United States
Asst. General Counsel
Tel: +91-22-2289-5500
Email: connect@techmahindra.com

6. Stryker Orthopaedics             Trade Payable       $1,219,872
Attn: Michael Ray
National Account Manager
325 Corporate Drive
Mahwah, NJ 07430
United States
Tel: 615-405-0123
Email: Michael.Ray@Stryker.com

7. Owens & Minor                    Trade Payable       $1,031,757
Attn: Michael Butler
Vice President, Client
Enterprise Owens & Minor
3551 Workman Road
Knoxville, TN 37921
United States
Tel: 615-202-3832
Email: Michael.Butler@Owens-Minor.com

8. Cerner Corporation               Trade Payable         $964,558
Attn: Sr. Director,
Contract Management
2800 Rockcreek Parkway
Kansas City, MO 64117
United States
Tel: 816-221-1024
Email: neal.patterson@cerner.com

9. Zimmer Us, Inc.                  Trade Payable         $861,615
Attn: Jordan Howell
National Account Manager
345 E Main Street
Warsaw, IN 46581
United States
Tel: 615-917-4552
Email: Jordan.Howell@zimmerbiomet.com

10. Athenahealth, Inc.              Trade Payable         $719,398
Attn: Jessica Collins
SVP, General Counsel
311 Arsenal Street
Watertown, MA 02472
United States
Tel: 617-402-1000
Fax: 607-402-1099
Email: jecollins@athenahealth.com

11. Johnson & Johnson               Trade Payable         $692,819
Health Care Systems Inc.
Attn: Mike Severance
National Account Manager
425 Hoes Lane
Piscataway, NJ 08854
United States
Tel: 615-585-4790
Email: mseveran@its.jnj.com

12. The North Highland Company LLC  Trade Payable         $599,480
Attn: Vice President
5105 Maryland Way
Suite 200
Brentwood, TN 37027
United States
Tel: 615-370-2790
Email: news@northhighland.com

13. Abbott Laboratories             Trade Payable         $574,585
Attn: Duncan Eidt
National Account Manager
3650 Mansell Rd Suite 200
Alpharetta, GA 30022
United States
Tel: 601-540-5467
Email: duncan.eidt@abbott.com

14. Aramark Corporation             Trade Payable         $557,327
Attn: Bret Collins
Director, GPO Relationship Manager
27020 230th PL SE
Maple Valley, WA 98038
United States
Tel: 602-300-0006
Email: collins-bret@armark.com

15. Medline Industries Inc.         Trade Payable         $426,671
Attn: Jeff Fair
VP National Accounts
One Medline Place
Mundelein, IL 60060
United States
Tel: 615-504-3930
Email: jfair@medline.com

16. Global Healthcare               Trade Payable         $387,089
Exchange LLC
Attn: Michael Puckett
National Account Manager
1315 W. Century Drive Suite 100
Louisville, KY 80027
United States
Tel: 615-525-6284
Email: mpuckett@ghx.com

17. Intuitive Surgical Inc.         Trade Payable         $385,424
Attn: Ryan Carolson
National Key Customer Director
1020 Kifer Road
Sunnyvale, CA 94086
United States
Tel: 727-698-5339
Email: Ryan.Carlson@intusurg.com

18. Creative Alliance Inc.          Trade Payable         $384,616
Attn: Toni Clem, President
400 W Market St
Suite 1400
Louisville, KY 40202
United States
Tel: 502-214-2979
Email: toni.clem@scoppechio.com

19. Sap America Inc.                Trade Payable         $378,023
Attn: Mark Andrew Benton
Corporate Counsel
3999 West Chester Pike
Newtown Square, PA 19073
United States
Tel: 610-661-1000
Fax: 610-661-4016
Email: info@sap.com

20. Medhost Of Tennessee Inc.       Trade Payable         $369,488
Attn: President & CFO
6550 Carothers Parkway
Suite 100
Franklin, TN 37067
United States
Tel: 800-383-6278
Email: inquiries@medhost.com

21. Boston Scientific Corporation   Trade Payable         $367,476
Attn: Doug Mills
Director National Accounts
100 Boston Scientific Way
Marlborough, MA 01752
United States
Tel: 310-971-8294
Email: douglas.mills@bsci.com

22. Strata Decision Technology      Trade Payable         $346,663
Holdings LLC
Attn: Dan Michelson
Chief Executive Officer
200 E. Randolph Street, 49Th Fl
Chicago, IL 60601-6463
United States
Tel: 312-726-1227
Fax: 312-726-2947
Email: support@stratadecision.com

23. Staples Inc.                    Trade Payable         $328,251
Attn: Ron Howard
National Account Manager
500 Staples Dr
Framingham, MA 01702
United States
Tel: 678-826-775
Email: rod.howard@staples.com

24. Health Stream, Inc.             Trade Payable         $306,498
Attn: Sara Stanton
Regional Client Account Executive
500 11Th Avenue, North
Suite 1000
Nashville, TN 37203
United States
Tel: 615-970-0453
Fax: 615-301-3200
Email: sara.stanton@healthstream.com

25. Arthrex Inc.                    Trade Payable         $305,980
Attn: Jack Hillebrand
Illinois Territory Manager
1370 Creekside Boulevard
Naples, FL 34108
United States
Tel: 618-670-0280
Email: jhillebrand@eliteorthollc.com

26. Fisher Health Care              Trade Payable         $301,951
Attn: Bonnie Burks
Health Systems Executive
11450 Compaq Center
Drive West, Suite #570
Houston, TX 77070
United States
Tel: 248-978-2067
Email: bonnie.burk@thermofisher.com

27. Biomet, Inc.                    Trade Payable         $293,695
Attn: Jordan Howell
National Account Manager
345 E Main Street
Warsaw, IN 46581
United States
Tel: 615-917-4552
Email: Jordan.Howell@zimmerbiomet.com

28. National Health Investors Inc.  Trade Payable         $291,812
Attn: D. Eric Mendelsohn
President/CEO
222 Robert Rose Dr
Mufreesboro, TN 37129
United States
Tel: 615-890-9100
Email: Investorrelations@Nhireit.Com

29. Siemens Healthcare Diagnostics  Trade Payable         $289,387
Attn: Lynelle Oliver Nordloh
National Account Manager
1881 Princeton Dr
Louisville, KY 40205
United States
Tel: 502-895-4185
Email: lynelle.o.nordloh@siemens-
healthineers.com

30. Spine Wave Inc.                 Trade Payable         $281,625
Attn: Terry Brennan
Chief Financial Officer
3 Enterprise Dr #210
Shelton, CT 06484
United States
Tel: 203-712-1810
Fax: 203-944-9493
Email: Tbrennan@Spinewave.Com

31. MorCare, LLC                    Trade Payable         $264,377
Attn: Beth Brand
Vice President, Product
Management and Customer Experience
222 S Riverside Plaza
Chicago, IL 60606
United States
Tel: 844-344-3723
Email: Sales@MorCareLLC.com

32. Xanitos, Inc.                   Trade Payable         $260,232
Attn: Don Schweer
National Account Executive
3809 W Chester Pike Suite 210
Newtown Square, PA 19073
United States
Tel: 773-703-3150
Email: dschweer@xanitos.com

33. Bioventus LLC                  Trade Payable          $248,447
Attn: Anthony D'Adamio
SVP & General Counsel
4721 Emperor Blvd Ste 100
Durham, NC 27703
United States
Tel: 800-396-4325
Fax: 866-832-7284
Email: Anthony.dadamio@bioventusglobal.com

34. Henry Schein Inc.              Trade Payable          $247,630
Attn: Walter Siegel
SVP & General Counsel
135 Duryea Rd
Melville, NY 11747
United States
Tel: 631-843-5500
Email: Walter.Siegel@henryschein.com

35. Medtronic Inc.                 Trade Payable          $241,375
Attn: Debra Jones
National Account Manager
6743 Southpoint Dr. N
Jacksonville, FL 32216
United States
Tel: 757-472-9572
Email: debra.l.jones@medtronic.com

36. Philips Healthcare             Trade Payable          $230,241
Attn: Alex Donofrio
National Account Manager
222 Jacobs St. #3
Cambridge, MA 02141
United States
Tel: 615-427-8898
Email: Alex.Donofrio@philips.com

37. Bradley Arant Boult            Trade Payable          $228,117
Cummings LLP
Attn: Corby Cochran Anderson, Partner
Hearst Tower
214 North Tryon Street
Suite 3700
Charlotte, NC 28202
United States
Tel: 704-338-6000
Fax: 704-332-8858
Email: canderson@bradley.com

38. Smith & Nephew plc             Trade Payable          $218,697
Attn: Jeremy Spencer
National Account Manager
7135 Goodlett Farms Pkwy
Cordova, TN 38016
United States
Tel: 704-562-5862
Email: jeremy.spencer@smith-nephew.com

39. C R Bard, Inc.                 Trade Payable          $217,899
Attn: Michael Curtis
National Account Executive
4308 W 66th Street
Prairie Village, KS 66208
United States
Tel: 913-961-6870
Email: mike.curtis@bd.com

40. Cardinal Health, Inc.          Trade Payable          $217,731
Attn: Kevin Dickemper
National Account Manager
7000 Cardinal Place
Dublin, OH 43017
United States
Tel: 618-741-5119
Email: Kevin.Dickemper@CardinalHealth.com

41. Granite City Emergency         Trade Payable          $194,836
Medicine Providers, LLC
Attn: Daniel Doolittle
Chief Executive Officer
2250 N Illinois Ave
Carbondale, IL 62901
United States
Tel: 618-833-1691
Fax: 618-861-5302
Email: info@iephysicians.com

42. Sev Mallory I LLC              Trade Payable          $187,135
Attn: Wood Caldwell
Principal
4011 Armory Oaks Drive
Nashville, TN 37204
United States
Tel: 615-833-8716
Fax: 615-781-0493
Email: wcaldwell@southeastventure.com

43. Comp Health                    Trade Payable          $185,071
Attn: Lisa Payne Grabl
President
7259 S. Bingham Jct. Blvd.   
Midvale, UT 84047
United States
Tel: 866-404-9927
Email: lisa.payne@comphealth.com

44. Covidien                       Trade Payable          $175,802
Attn: Jamie Montgomery
National Account Manager
15 Hampshire Street
Mansfield, MA 02048
United States
Tel: 508-212-4825
Email: jamie.r.montgomery@medtronic.com

45. Insight Direct USA, Inc.       Trade Payable          $167,675
Attn: Ken Laglynis Bryanmneck
Chief Financial Officer
6820 S. Harl Ave
Tempe, AZ 85283
United States
Tel: 480-333-3390
Email: Glynis.Bryan@Insight.Com

46. Healthgrades Operating         Trade Payable          $163,057
Company Inc
Attn: Rob Draughon
Chief Executive Officer
999 18Th Street Suite 600
Denver, CO 80202
United States
Tel: 303-716-0041
Email: avimukherjee@healthgrades.com

47. Hologic                        Trade Payable          $146,103
Attn: Michael Dalton
National Account Manager
250 Campus Drive
Marlborough, MA 01752
United States
Tel: 615-691-1925
Email: Michael.Dalton@hologic.com

48. Gordon Food Service            Trade Payable          $144,723
Attn: Bryan Vaughn
National Account Manager
1300 Gezon Parkway SW
P.O. Box 1787
Grand Rapids, MI 49509
United States
Tel: 616-717-7553
Email: bryan.vaughn@gfs.com

49. Gardaworld Security Services   Trade Payable          $134,439
Attn: Stephan Cretier
Chief Financial Officer
1699 S. Hanley Road, Suite 350
St. Louis, IL 63144
United States
Tel: 314-644-1974
Email: gstiebing@whelansecurity.com

50. Midwest Mowing Inc.            Trade Payable          $128,849
Attn: General Counsel
2450 Owens Ln
Brighton, IL 62012
United States
Tel: 618-372-4466
Email: Belinda.Lewis@midwestmowinginc.com


QUORUM HEALTH: Files Chapter 11 to Facilitate Restructuring
-----------------------------------------------------------
Quorum Health Corporation on April 7, 2020, disclosed that it has
entered into a Restructuring Support Agreement (the "RSA") with a
majority of its term loan lenders and noteholders on a
"pre-packaged" plan to recapitalize the business and significantly
reduce the size and cost of the Company's debt. Under the terms of
this pre-packaged plan, Quorum Health will reduce its debt by
approximately $500 million.

To implement the plan, Quorum Health filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the
U.S. Bankruptcy Court for the District of Delaware (the "Court").

The operations of Quorum Health and its hospitals are unaffected
and all facilities are open and available to provide patient care.
The Company's subsidiary, Quorum Health Resources, is also
continuing to provide the same high quality services to its
hospital, health system and healthcare provider clients.  Quorum
Health-affiliated hospitals are focused on ensuring employees,
physicians and providers can continue to provide quality care to
the patients and communities they serve.  The intent of the plan is
to ensure that patients and families experience the same care that
exists today.  Employees will be paid their wages and benefits in
the ordinary course for the work they perform.  In addition, the
parties to the RSA have agreed and have requested Court authority
to pay suppliers in full for goods and services provided before and
after filing.

"We believe the financial restructuring plan announced today will
strengthen our business and enable our community hospitals to
continue the important work they are doing in addressing the
COVID-19 crisis, as well as serve their patients and communities,"
said Bob Fish, Quorum Health Corporation President and Chief
Executive Officer.

"Quorum Health has been transparent about the need to restructure
our debt over the past year.  We believe the RSA will significantly
reduce our debt and annual interest expense and better position our
company, our affiliated hospitals, and our hospital management and
consulting company, for future growth.  The RSA will also build on
the significant progress we have made to strengthen our operations.
We are grateful for the support of our financial stakeholders,
which we believe represents a statement of confidence in our
business and enables us to move through this process on an
expedited basis," Fish continued.

In connection with the RSA and the expected Chapter 11 filing,
Quorum Health has received a commitment for debtor-in-possession
("DIP") financing consisting of $100 million, from certain of its
existing noteholders.  Upon Court approval, the new financing and
cash generated from the Company's ongoing operations will be used
to support the business during the court-supervised process.  The
Company has also received a $200 million equity commitment from
certain noteholders that will be funded upon completion of the case
and used to pay various costs and reduce debt.

Additional information can be accessed by visiting Quorum Health's
website at QuorumForward.com or calling Quorum Health's
Restructuring Hotline, toll-free in the U.S. at (866) 977‐0859,
or (503) 597‐7702 for calls originating outside of the U.S. Court
filings and other documents related to the court-supervised
proceedings are available at a website administered by the
Company's claims agent, Epiq Corporate Restructuring, LLC, at
https://dm.epiq11.com/Quorum.

McDermott Will & Emery LLP and Wachtell, Lipton, Rosen & Katz are
serving as the Company's legal counsel, MTS Health Partners, L.P.
is serving as its financial advisor and Alvarez & Marsal North
America, LLC. is serving as restructuring advisor.

                     About Quorum Health

Headquartered in Brentwood, Tennessee, Quorum Health (NYSE: QHC) --
http://www.quorumhealth.com/-- is an operator of general acute
care hospitals and outpatient services in the United States.
Through its subsidiaries, the Company owns, leases or operates a
diversified portfolio of 24 affiliated hospitals in rural and
mid-sized markets located across 14 states with an aggregate of
1,995 licensed beds.  The Company also operates Quorum Health
Resources, LLC, a leading hospital management advisory and
consulting services business.

Quorum Health incurred net losses attributable to the Company of
$200.25 million in 2018, $114.2 million in 2017, and $347.7 million
in 2016.  As of Sept. 30, 2019, Quorum Health had $1.52 billion in
total assets, $1.72 billion in total liabilities, $2.27 million in
redeemable noncontrolling interest, and a total deficit of $203.36
million.

                          *    *    *

As reported by the TCR on Nov. 19, 2019, S&P Global Ratings lowered
the issuer credit rating on Brentwood, Tenn.-based Quorum Health
Corp. to 'CCC-' from 'CCC'.  The downgrade follows the company's
revision of guidance due to the deterioration in revenue-cycle
management ahead of the transition to R1 RCM, a
slower-than-expected pace of divestitures, and greater prospects
for a covenant violation and possible debt restructuring.

Moody's Investors Service downgraded the ratings on Quorum Health
Corporation, including the Corporate Family Rating to Caa2 from B3,
the TCR reported on Nov. 21, 2019.  The downgrade of the CFR
reflects growing uncertainty as to whether Quorum's divestiture
plan will be completed in the months ahead and when the company's
earnings will rebound.


RESIDENTIAL CAPITAL: Writ Against Wyoming Circuit Court Tossed
--------------------------------------------------------------
In the case captioned STATE OF WEST VIRGINIA ex rel. JOHNSON &
FREEDMAN, LLC, and DAVID C. WHITRIDGE, Petitioners, v. THE
HONORABLE WARREN R. McGRAW, Judge of the Circuit Court of Wyoming
County, and NADINE R. RICE, Respondents, No. 19-0772 (W. Va.), the
Supreme Court of Appeals of West Virginia denied the Petitioners'
request to issue a writ prohibiting the circuit court from
enforcing its order denying their motion to dismiss Nadine R.
Rice's complaint.

Rice filed a complaint in the Circuit Court of Wyoming County in
2010 claiming that Homecomings Financial, LLC, a unit of
Residential Capital LLC, and Petitioners Johnson & Freedman, LLC,
and David C. Whitridge negligently ejected her from her home. For
various reasons, including the bankruptcy of Homecomings, Ms.
Rice's case did not progress. In February 2019, Petitioners moved
the circuit court to dismiss the case with prejudice under West
Virginia Rule of Civil Procedure 41(b). The circuit court denied
Petitioners' motion, concluding that good cause justified Ms.
Rice's delay and that Petitioners would not be substantially
prejudiced if the case continued.  Petitioners ask the Appeals
Court to issue a writ prohibiting the circuit court from enforcing
its order denying their motion. Because Petitioners have not shown
that the circuit court's order is either clearly erroneous as a
matter of law or a flagrant abuse of its discretion, the Appeals
Court denies the writ.

Ms. Rice sued Homecomings and Petitioners in the Circuit Court of
Wyoming County in May 2010. She made two claims against Homecomings
(Count I, quiet title; Count II, unlawful detainer/ejectment) and
five claims against Homecomings and Petitioners (Count III,
trespass; Count IV, abuse of process; Count V, negligence; Count
VI, negligent infliction of emotional distress; and County VII,
punitive damages). Ms. Rice served the summonses and complaints in
July 2011.

Petitioners answered Ms. Rice's complaint in August 2011.
Homecomings answered that same month and filed a cross-claim
against Petitioners for contribution and indemnification.
Petitioners answered Homecomings' cross-claim in December 2011 and
asserted their own cross-claim for contribution. That same month,
Ms. Rice served answers to Homecomings' first set of discovery
requests. In April 2012, Petitioners answered discovery served by
Homecomings and produced 152 pages of documents.

Petitioners maintain that Ms. Rice was not subject to the stay
imposed by Homecomings' bankruptcy in 2012. According to
Petitioners, Ms. Rice was free to proceed with her case, but did
not, from July 2011 (when she served the summonses and complaints)
until they filed their motion to dismiss for inactivity under West
Virginia Rule 41(b) in February 2019 -- a period of 91 months.

Ms. Rice asserts that the bankruptcy stay and the ensuing
injunction prevented her from prosecuting her claims against
Petitioners until April 2016, when Homecomings filed a Bankruptcy
Status Report. Ms. Rice also argues that, while the case docket may
not reflect activity on her part between April 2016 and February
2019, she corresponded with Petitioners during that time in hopes
of getting her case "back on track."

Petitioners seek a writ to prohibit the circuit court from
enforcing its order denying their motion to dismiss Ms. Rice's
claims under West Virginia Rule 41(b). Rule 41(b) states that
"[a]ny court in which is pending an action wherein for more than
one year there has been no order or proceeding . . . may, in its
discretion, order such action to be struck from its docket; and it
shall thereby be discontinued."

Upon review of the record, the Appeals Court does not see that
Petitioners raised to the circuit court the argument that the stay
attendant to Homecomings' bankruptcy did not apply to Ms. Rice's
claims against them. Petitioners complain that the circuit court
did not consider the impact of 11 U.S.C. section 362(a) -- which,
they contend, only places an automatic stay on claims made against
the debtor, here, Homecomings -- but the Appeals Court does not
find that statute referenced by Petitioners before or during the
April 2019 hearing. In fact, the Appeals Court sees that
Petitioners took the opposite position. Specifically, their
proposed order submitted to the circuit court granting their motion
to dismiss stated: "After December 17, 2013, the bankruptcy stay
was lifted, and Plaintiff possessed the ability to prosecute her
claims against Defendants." That statement directly contradicts the
argument they make now: that Ms. Rice could and should have
furthered her claims against them since 2011, even while the stay
in Homecomings' bankruptcy was in effect.

Petitioners contend that the circuit court's finding of good cause
is clear legal error for another reason. They assert that the
circuit court's decision contravenes the holdings of four recent
memorandum decisions in which the Appeals Court affirmed the
dismissal of cases under Rule 41(b) for periods of inactivity
ranging from 13 to 18 months. Indisputably, the delays in these
cases are far shorter than any delay in Ms. Rice's case. But, in
those cases, the Appeals Court did not place an absolute ceiling on
the length of time a circuit court may permit an inactive case to
remain on its docket. Rule 41(b) requires more than one year to
pass in a pending action without an order or proceeding before a
circuit court is permitted to dismiss the case for inactivity. But,
the rule does not require a circuit court to dismiss a case that
has been inactive for more than a year. That is a "discretionary
call for the circuit court." In other words, Rule 41(b) sets a
floor (more than one year) but it does not set a ceiling. The rule
leaves that to the discretion of the circuit court.

The Appeals Court says prohibition is an extraordinary remedy that
it issues only in extraordinary cases. Petitioners have not shown
that this case is extraordinary. They have not demonstrated that
the circuit court's order denying their motion to dismiss Ms.
Rice's claims under West Virginia Rule 41(b) is clear legal error
or a flagrant abuse of the court's discretion.

A copy of the Court's Ruling dated March 6, 2020 is available at
https://bit.ly/2QtKwpe from Leagle.com.

J. Mark Adkins, Esq. -- madkins@bowlesrice.com -- Joshua A. Lanham,
Esq. -- jlanham@bowlesrice.com -- BOWLES RICE LLP, Charleston, West
Virginia, Counsel for Petitioners.

Samuel A. Hrko, Esq. -- SHRKO@BAILEYGLASSER.COM -- BAILEY &
GLASSER, LLP, Charleston, West Virginia, Scott S. Segal, Esq. , THE
SEGAL LAW FIRM, Charleston, West Virginia, Counsel for
Respondents.

                 About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting served as financial
advisers to ResCap. Morrison & Foerster LLP acted as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP was
conflicts counsel. Rubenstein Associates, Inc., was the public
relations consultants to the Company in the Chapter 11 case.
Morrison Cohen LLP advised ResCap's independent directors.
Kurtzman Carson Consultants LLP served as claims and notice
agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, served
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.

The Bankruptcy Court in November 2012 approved ResCap's sale of
its
mortgage servicing and origination platform assets to Ocwen Loan
Servicing, LLC, and Walter Investment Management Corporation for
$3
billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.

                           *    *    *

The ResCap Liquidating Trust was established in December 2013
under
the Second Amended Joint Chapter 11 Plan of Residential Capital,
LLC, et al., to liquidate and distribute assets of the debtors in
the ResCap bankruptcy case. The Trust maintains a website at
http://www.rescapliquidatingtrust.com/-- which Unitholders are
urged to consult, where Unitholders may obtain information
concerning the Trust, including current developments.


RIDER UNIVERSITY: Moody's Cuts Rating on $73MM Bonds to Ba1
-----------------------------------------------------------
Moody's Investors Service downgrades the rating on Rider
University's revenue bonds to Ba1 from Baa2. This rating action
impacts $73 million of rated bonds issued through the New Jersey
Educational Facilities Authority. The rating outlook is negative.

RATINGS RATIONALE

The downgrade reflects significant student market pressure leading
to declining enrollment and net tuition revenue. Strong competition
for students, including from lower priced public universities, will
continue to limit the university's pricing power and support its
only fair strategic positioning. Sustained revenue softness, with
an over 12% decline in total revenue between fiscal 2015 and 2019,
will drive continued deep operating deficits. The university
generated a nearly 10% operating deficit in fiscal 2019. With a
smaller incoming class and increased tuition discounting, revenue
will decline further in fiscal 2020. These challenges will be
exacerbated by the impact from coronavirus including the
university's policy of refunding or issuing credit for room and
board revenue for a portion of the spring 2020 semester. Deficit
operations and strategic investments have led to a 25% decline in
monthly liquidity over the past five years.

The Ba1 rating remains supported by the university's moderate
scale, with nearly $140 million of revenue in fiscal 2019, some
available liquidity at nearly 80 days monthly cash on hand as of
fiscal 2019, and limited debt structure risks. Additionally, the
bonds are secured by revenue as well as by a mortgage pledge on
certain real property. As of fiscal 2019, the university had $129
million book value of fixed assets, supporting prospects for
recovery on bonds in the event of default. The university intends
to sell its Westminster property in Princeton, New Jersey. While
the net proceeds could offer a infusion of liquidity, the sale
faces legal and other challenges.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
financial market 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
regards the coronavirus outbreak as a social risk under its ESG
framework. Its action also incorporates Rider's potential
difficulties to adjust to these credit shocks due to its already
vulnerable market profile and weak financial performance. While the
federal aid program, the CARES Act, will provide some immediate
relief, it is unlikely to offset the immediate and longer term
consequences of coronavirus for Rider.

RATING OUTLOOK

The negative outlook reflects the likelihood of additional negative
rating action if Rider is unable to stem enrollment declines and
adjust its budget to be more financially sustainable. These actions
will prove more challenging over the next several years as
recession risks rise. The rating incorporates its base case
assumption that classes will resume on campus this fall. Rider is
likely to experience significant enrollment decline if the social
distancing measures were to be extended into fall 2020 or if a
recessionary environment prompted a growing share of students in
its core service area to choose lower cost alternatives.
Additionally, continued financial market volatility could
exacerbate liquidity declines and negatively impact philanthropy.

LEGAL SECURITY

The bonds are a general obligation of the university and are
secured by a Mortgage and Security Agreement under which certain
real and personal property are pledged along with a pledge of
tuition and fees. There is no debt service reserve fund.

PROFILE

Rider University is a moderately sized private, not-for-profit
university located in Lawrence Township (Mercer County), NJ. In
fall 2019, Rider had a full-time equivalent enrollment of 4,274
students and operating revenue of $138 million in fiscal 2019.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

  - Significant and sustained improvement in financial performance
    to demonstrate long-term viability

  - Material growth in unrestricted cash and investments relative
    to debt and expenses

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

  - Continued significant operational and financial disruption
    due to the coronavirus outbreak

  - Decline in fall 2020 enrollment further pressuring financial
    performance

  - Significant reduction in liquidity, currently a key element
    providing Rider time to strengthen its challenged
    competitive fundamentals

  - Material increase in debt without compensating increase in
    flexible reserves


RODAN & FIELDS: Moody's Cuts CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Rodan & Fields, LLC's
Corporate Family Rating to Caa2 from B3 and its Probability of
Default Rating to Caa2-PD from B3-PD. Moody's also downgraded Rodan
+ Fields' 1st lien senior secured revolving credit facility and
term loan ratings to Caa2 from B3. The rating actions conclude the
review for downgrade initiated on January 24, 2020. The rating
outlook is negative.

The downgrade reflects Moody's belief that Rodan + Fields'
operating performance and operating cash flow will continue to
deteriorate meaningfully over the next 12 months. Weak earnings are
pushing financial leverage higher to a point where the capital
structure is becoming unsustainable without a meaningful
operational turnaround. For the twelve months ending September
2019, the company's debt to EBITDA reached a high of 3.4x and
Moody's estimates that debt to EBITDA will be in excess of 5.0x in
2020.

Weak operating performance has been a result of significant
declines in the company's independent sales consultants. The
company's independent consultants and their preferred customers are
a significant revenue driver across the company's direct selling
business model, and the ongoing declines in active representatives
continues to negatively affect business performance. Social
elements including changes to consumer shopping patterns and the
attractiveness of the business opportunity as an independent
consultant are also negatively affecting the company's direct
selling business. The company also continues to experience
meaningful erosion in earnings and cash flow due to ongoing
competitive pressures from large well capitalized competitors and a
high number of independent brands. Further, Moody's recognizes
Rodan + Fields' high reliance on discretionary spending since the
company largely focuses on premium skin care products. Rodan +
Fields' revenue and earnings were already declining meaningfully
heading into 2020, and efforts to contain the coronavirus are
weakening economic growth globally and add further operating
pressure on Rodan + Fields. The magnitude of the operating
challenges and difficult economic environment present considerable
headwinds to materially improving earnings and cash flow in a short
time period even with good execution and cost reductions.

Ratings Downgraded:

Rodan & Fields, LLC

Corporate Family Rating to Caa2 from B3

Probability of Default at Caa2-PD from B3-PD

$200 million Gtd. senior secured first lien revolving credit
facility expiring 2023 to Caa2 (LGD4) from B3(LGD4)

$600 million Gtd. senior secured first lien term loan B due 2025 to
Caa2 (LGD4) from B3 (LGD4)

The rating outlook is negative (changed from ratings on review)

RATINGS RATIONALE

The Caa2 CFR reflects Rodan + Fields' narrow focus in skin care,
high and increasing competition from larger and better capitalized
competitors, and limited geographic diversity. Products are
somewhat discretionary and vulnerable to consumer spending
pullbacks and focused largely within the skin care segment. The
company's credit profile is also vulnerable to the fundamental
risks related to the direct selling business model, such as
declines in enrollment of new independent sales consultants. Adding
new distribution channels provides potential expansion
opportunities for the company's products, but also the need to
execute any such initiatives while maintaining the attractiveness
of the current independent sales model. The rating is supported by
the company's good brand name recognition in niche markets and
moderate financial leverage. Moody's also views skin care as a more
resilient subsector of the beauty category relative to other
products such as cosmetics and fragrances.

In terms of Environmental, Social and Governance considerations,
the most important factor for Rodan + Fields' ratings are
governance considerations related to its financial policies.
Moody's views Rodan + Fields' financial policies as aggressive
given the largely debt financed dividend paid to the company's
founders in 2018. Social considerations also impact Rodan + Fields
in several ways. First, Rodan + Fields is a "premium skincare"
company. It sells products that appeal to customers almost entirely
due to "social" considerations. That is, products such as skin care
help individuals enhance their self-image and align with social
mores and customs. Hence social factors are the primary driver of
Rodan + Fields' 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 Rodan + Fields' 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 Rodan + Fields of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook reflects the challenges that Rodan + Fields
faces to stabilize revenue declines quickly given the uncertainty
related to new enrollment of the company's independent sales
consultants and competitive industry pressures. During the
coronavirus pandemic, Rodan + Fields will also need to navigate
social distancing practices, including some driven by governmental
mandates, that directly contrasts with the company's inherent
direct selling business model. Moody's believes that operating
performance and credit metric deterioration over the next 12-18
months could further increase default risk.

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

The ratings could be downgraded if Rodan + Fields does not
stabilize sales representative counts, revenue and earnings. Should
Rodan + Fields' liquidity weakens, or if Moody's feels the
company's capital structure is becoming increasingly unsustainable
or recovery prospects are declining, ratings could be downgraded
further.

Before Moody's would consider an upgrade, Rodan + Fields would need
to materially improve its operating performance and steadily
increase its independent sales consultants. The company would also
need to maintain a conservative financial profile and generate
comfortably positive free cash for an upgrade to be considered.

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published.

Based in San Francisco, CA, Rodan & Fields, LLC is a direct-seller
of prestige skin care products. The company operates through a
multi-level marketing system that consists of about 300,000
independent sales consultants largely in the US. Rodan & Fields is
majority owned by the families of the founders, Katie Rodan and
Kathy Fields with TPG owning a minority interest. The company
generates about $1.3 billion in annual revenue.


SAEXPLORATION HOLDINGS: Operator Cancels Contracts Valued at $42M
-----------------------------------------------------------------
SAExploration Holdings, Inc., disclosed in a Form 8-K filed with
the Securities and Exchange Commisssion that it was notified on
April 3, 2020, that its previously disclosed contracts for two
joint 3D/4D Ocean Bottom Node Seismic Programs offshore West
Africa, valued at approximately $42 million, have been terminated
by the operator. Although the Company has been mobilizing vessels
and equipment in compliance with project requirements and
timelines, the operator terminated the project presumably due to
uncertainty on government restrictions on operations during the
COVID-19 pandemic.  The Company anticipates reimbursement of all of
its direct and documented costs reasonably incurred due to the
early termination.

                  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.


SCOOBEEZ INC: Amazon Objects to Disclosure Statement
----------------------------------------------------
Amazon Logistics, Inc., objects to the motion of Scoobeez, Inc.,
and its debtor-affiliates to approve the Disclosure Statement.

Amazon raises these objections:

  * The Disclosure Statement's descriptions of the Plan's treatment
of executory contracts, which mirrors the Plan's language, violates
the Bankruptcy Code and lacks sufficient detail.

  * The Plan provides for the rejection of executory contracts
entered into by the Debtors before the Effective Date and that
Hillair may select the executory contracts that are to be assumed
without specifying a date by which Hillair must make that election.
As a result, the Plan appears to violate Section 365(d)(2) by
deferring the Debtors' determination as to the executory contracts
to be assumed until the Effective Date, rather requiring that the
election be made prior to plan confirmation.

  * Because the Plan appears to permit the Debtor to defer
selecting the executory contracts to be assumed pursuant to the
Plan until after the plan is confirmed, executory contract
counter-parties will not know whether their contracts are going to
be assumed or rejected at the time that they are required to vote
on the plan.  As a result, executory contract counter-parties
cannot determine how the Plan will affect their rights and cannot
make an informed judgment as to their vote on the plan.  

A full-text copy of Amazon Logistics' objection to the Disclosure
Statement dated March 26, 2020, is available at
https://tinyurl.com/wx7jabf from PacerMonitor at no charge.

Attorneys for Amazon Logistics:

         MORGAN, LEWIS & BOCKIUS LLP
         Richard W. Esterkin
         300 S Grand Ave Fl 22
         Los Angeles CA 90071-3132
         Tel: (213) 612-2500
         Fax: (213) 612-2501
         E-mail: richard.esterkin@morganlewis.com

                       About Scoobeez Inc.

Scoobeez Inc. -- https://www.scoobeez.com/ -- operates an on demand
door-to-door logistics and real time delivery service company.  It
offers messaging, same day and preferred deliveries, and courier
services.

Scoobeez and its affiliates, Scoobeez Global Inc. and Scoobur LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Calif. Lead Case No. 19-14989) on April 30, 2019.  Judge Julia
W. Brand oversees the cases.

At the time of the filing, Scoobeez had estimated assets and
liabilities of between $10 million and $50 million while Scoobur
had estimated assets and liabilities of less than $50,000.
Meanwhile, Scoobeez Global disclosed $6,274,654 in assets and
$7,886,579 in liabilities.

Foley & Lardner LLP is the Debtors' bankruptcy counsel.  Conway
Mackenzie, Inc., is the Debtors' financial advisor.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on May 20, 2019.  The committee retained Levene, Neale,
Bender, Yoo & Brill LLP as its counsel.


SEAWORLD PARKS: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service downgraded SeaWorld Parks &
Entertainment, Inc.'s corporate family rating to B3 from B2,
secured credit facility to B3 from B2, and probability of default
rating to Caa1-PD from B3-PD. The outlook was changed to negative
from ratings under review. These actions conclude the review for
downgrade that was initiated on March 20, 2020.

The downgrade reflects the impact of the coronavirus outbreak which
has limited SeaWorld's ability to operate its amusement parks as
scheduled. Leverage levels are projected to increase materially and
the liquidity position of SeaWorld may deteriorate substantially if
the parks remain closed for a prolonged period of time. In Moody's
scenario analysis, SeaWorld will experience very tight liquidity,
but be able to manage through to the start of the 2021 season if
the parks are able to open by the end of Q3 2020. If the parks
remain closed for the rest of 2020, Moody's projects that SeaWorld
may need additional sources of liquidity. In the event that the
parks are able to open earlier in the summer season, SeaWorld is
projected to have adequate liquidity despite Moody's projections
for attendance levels to be modest, given the time it will take for
activity to recover to levels more typical for the summer season.

Downgrades:

Issuer: SeaWorld Parks & Entertainment, Inc.

  Corporate Family Rating, Downgraded to B3 from B2

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

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

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

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

Outlook Actions:

Issuer: SeaWorld Parks & Entertainment, Inc.

  Outlook, Changed to Negative from Ratings Under Review

RATINGS RATIONALE

The B3 CFR reflects the negative impact of the coronavirus outbreak
on SeaWorld's ability to operate its parks, which Moody's projects
could lead to substantially higher leverage and a materially
weakened liquidity position if the parks are unable to open in the
near term. SeaWorld drew the remaining available amount on its
recently upsized $332.5 million revolver and had cash on the
balance sheet of approximately $203 million as of March 20, 2020
following the revolver draw. Moody's projections assume slightly
under $90 million of quarterly cash usage in each of Q2 and Q3,
which would leave SeaWorld with a tight liquidity position if the
parks are unable to open by the end of Q3 2020. If the parks
remained closed longer than Q3 2020, additional sources of
liquidity would likely be needed.

SeaWorld has concentrated exposure to Florida and to a lesser
extent California which elevate risks to performance and some of
its larger parks are more likely to face competition from
destination parks. While SeaWorld has focused on attracting guests
from nearby markets in recent years, guest traffic from national
and international customers are likely to remain weak and take
longer to recover due to the effects of the global pandemic on
travel and leisure activities. Attendance levels are also projected
to be impacted if the parks open in the near term as consumers may
maintain a degree of social distancing and avoid large crowds even
if the coronavirus threat abates. Recent cost saving efforts to
support liquidity while the parks are closed may also slow the rate
of improvement in performance once the parks re-open.

SeaWorld competes for discretionary consumer spending from an
increasingly wide variety of other leisure and entertainment
activities as well as cyclical discretionary consumer spending. The
parks are highly seasonal and sensitive to weather conditions,
changes in fuel prices, terrorism, public health issues (such as
the coronavirus) as well as other disruptions outside of the
company's control. Debt to EBITDA leverage is 4.1x as of Q4 2019
(including Moody's standard adjustments) and is expected to
increase materially if SeaWorld is unable to operate its parks in
the near term. Moody's expects that the company may need to obtain
an amendment for its springing maintenance covenant (applicable for
the revolver only) in the near term if the parks are unable to
open.

SeaWorld benefits from its portfolio of parks in key markets
including SeaWorld, Busch Gardens, Sesame Place as well as
separately branded parks that typically generate meaningful annual
attendance (approximately 22.6 million as of 2019). SeaWorld faces
negative publicity due to its orca attractions, but performance has
improved materially over the past two years after several years of
declines. Significant expenditures on new rides and attractions
that were scheduled to open in 2020, are expected to support
performance when the parks resume operations and lessen the need
for capital expenditures in the near future. If SeaWorld is able to
maintain adequate liquidity, Moody's expects performance in 2021 to
improve and for leverage levels to be in the 5x range at the end of
2021, absent any lingering effects on 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 amusement park
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 SeaWorld's credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and SeaWorld 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 SeaWorld of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

A governance impact that Moody's considers in SeaWorld's credit
profile is SeaWorld's past two CEOs have resigned after a brief
tenure with the company. The existing CFO will act as interim CEO
at least through the resumption of operations at the company's
theme parks. The Board will review the role once the company
reopens its theme parks. SeaWorld is a publicly traded company
listed on the NYSE.

SeaWorld's SGL-4 speculative-grade liquidity rating reflects the
potential for the liquidity position to deteriorate if the
company's parks remain closed for a portion of the summer due to
the impact from the coronavirus. The company had $203 million in
cash as of March 20, 2020 and the recently upsized $332.5 million
revolver which matures in 2023 was almost fully drawn in March
2020. SeaWorld typically draws on the revolving credit facility
during the first half of the year, but is projected to be reliant
on the revolver for as long as the parks remain closed. If the
parks remain closed in 2020, SeaWorld may need additional sources
of liquidity. In 2016, SeaWorld suspended its dividend payment of
approximately $72 million annually to increase flexibility to
deploy its capital, but has also bought back material amounts of
stock in 2018 and 2019. Moody's projects SeaWorld will be focused
on improving liquidity and will look to reduce capex spending in
the near term.

The term loan is covenant light, but the revolver is subject to a
springing maximum first lien secured leverage covenant ratio of
6.25x when greater than 35% is drawn. Moody's projects the level of
cushion to decline if the parks remain closed and there is elevated
risk for a violation of its financial covenants in the near term.
Moody's expects SeaWorld would be able to obtain an amendment if
required. The parks are divisible and could be sold individually,
but all of the company's assets are pledged to the credit facility
and asset sales trigger 100% mandatory repayment if proceeds are
not reinvested within 12 months.

The negative outlook incorporates Moody's expectation of operating
losses and cash usage for as long as the coronavirus outbreak
impacts SeaWorld's ability to operate its parks. The uncertainty
over the depth and duration of the pandemic will continue to
pressure the company's liquidity position and lead to materially
higher leverage levels. Performance is also projected to be
negatively impacted even if the parks open in the near term due to
reduced travel activity. A weak economic environment and the
potential for consumers to maintain social distancing may also
weigh on performance.

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

A ratings upgrade is unlikely as long as the coronavirus outbreak
limits the ability to operate SeaWorld's' amusement parks. The
outlook could change to stable if the parks are opened and SeaWorld
maintains a good liquidity profile with leverage levels projected
to be maintained below 6.5x. Comfort that there is not any
significant legislative, legal, regulatory, or activist actions
that would materially impact operations would also be required. An
upgrade could occur if the parks were opened and leverage was
projected to be sustained under 6x, with positive revenue and
EBITDA, and an adequate liquidity profile.

The ratings could be downgraded if Moody's expects that SeaWorld
will be unable to open its amusement parks by the end of September
without obtaining additional sources of liquidity. Ongoing cash
usage or poor operating performance that led to an elevated risk of
default, leverage sustained above 8x, or an EBITDA minus capex to
interest ratio below 1x could also lead to a downgrade. Concern
that SeaWorld may not be able to obtain an amendment to its
covenants if needed would also lead to a downgrade.

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

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary,
SeaWorld Parks & Entertainment, Inc. (SeaWorld), own and operate
twelve amusement and water parks located in the US. Properties
include SeaWorld (Orlando, San Diego and San Antonio), Busch
Gardens (Tampa and Williamsburg) and Sesame Place (Langhorne, PA in
addition to one new location in the near term). The Blackstone
Group (Blackstone) acquired SeaWorld in 2009 in a leverage buyout
for $2.4 billion (including fees). SeaWorld completed an initial
public offering in 2013 and Blackstone exited its ownership
position in 2017. SeaWorld's annual revenue was approximately $1.4
billion as of Q4 2019.


SIX FLAGS: Moody's Cuts CFR to B2 & Sr. Unsec. Notes Rating to B3
-----------------------------------------------------------------
Moody's Investors Service downgraded Six Flags Entertainment
Corporation's corporate family rating to B2 from B1, probability of
default rating to B2-PD from B1-PD, the senior unsecured notes to
B3 from B2, and the senior secured credit facility issued by its
subsidiary to Ba2 from Ba1. The outlook remains negative.

The downgrade reflects the impact of the coronavirus outbreak which
has limited Six Flags' ability to operate its amusement parks as
scheduled. Leverage levels are projected to increase materially and
the liquidity position may deteriorate substantially if the parks
remain closed for a prolonged period of time. In Moody's scenario
analysis, Six Flags would have adequate liquidity until the start
of the 2021 season even if the parks remain closed for the rest of
2020. If Six Flags' parks can open earlier in 2020, Six Flags
liquidity position would benefit and the company would be less
reliant on its revolving credit facility. Upon re-opening, Moody's
expects attendance levels would be modest and take time to recover
to levels more typical for the summer season. Six Flags' large
portfolio of regional amusement parks in the US, Canada, and Mexico
are less likely to be impacted by reduced travel activity and offer
the possibility that some of the parks may be able to open earlier
than others and provide a source of cash flow to the company.

Downgrades:

Issuer: Six Flags Entertainment Corporation

Corporate Family Rating, downgraded to B2 from B1

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

Senior Unsecured Notes, downgraded to B3 (LGD5) from B2 (LGD5)

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

Issuer: Six Flags Theme Parks Inc. (subsidiary of Six Flags
Entertainment Corporation)

Senior Secured Term Loan B, downgraded to Ba2 (LGD2) from Ba1
(LGD2)

Senior Secured Revolving Credit Facility, downgraded to Ba2 (LGD2)
from Ba1 (LGD2)

Outlook actions:

Issuer: Six Flags Entertainment Corporation

outlook remains Negative

Issuer: Six Flags Theme Parks Inc.

outlook remains Negative

RATINGS RATIONALE

The B2 CFR reflects the negative impact of the coronavirus outbreak
on Six Flags' ability to operate its parks, which Moody's projects
could lead to substantially higher leverage and a weakened
liquidity position if the parks are unable to open in the near
term. Six Flags is expected to be reliant on its revolver for as
long as the parks are closed and Moody's projects the cash burn
could be over $90 million a quarter, but the rate of cash use could
decline if the parks are unable to open for the season as park
management expenses could be reduced. Moody's expects that Six
Flags would have adequate liquidity until the start of the 2021
season even if the parks remain closed in 2020.

Six Flags' attendance levels are also projected to be below normal
levels if the parks open in the near term as consumers may maintain
a degree of social distancing and avoid large crowds in addition to
a weak overall economic environment. Recent cost saving efforts to
support liquidity while the parks are closed, may also slow the
rate of improvement in performance. Six Flags competes for
discretionary consumer spending from an increasingly wide variety
of other leisure and entertainment activities. The parks are highly
seasonal and sensitive to weather conditions, public health issues
(such as the coronavirus) as well as other disruptions outside of
the company's control. Leverage, which was 5.2x as of Q4 2019
(including Moody's standard adjustments and partnership parks puts
as debt) or 4.3x (including Moody's standard adjustments, but
excluding partnership parks puts as debt), is expected to rise
substantially if the parks are unable to open by the end of Q3
2020. However, with the re-opening of parks and an economic
recovery, Moody's expects leverage to be below 6x by the end of
2021. Given the high leverage expected in the near term, Six Flags
may exceed its financial maintenance covenant ratio, which would
require an amendment with lenders. Results in 2020 are also
projected to be impacted by the loss of international franchise
revenue.

Six Flags benefits from its typically sizable attendance (32.8
million in 2019) and revenue generated from a geographically
diversified regional amusement park portfolio. EBITDA margins and
operating cash flows historically have been strong, and its parks
have high barriers to entry. Six Flags owns the land under the vast
majority of its parks. Moody's expects the benefits of these
attributes to return with economic recovery, although the depth and
duration of the coronavirus outbreak remains uncertain.
Nonetheless, Moody's projects Six Flags' performance in 2021 will
improve to levels more in line with previous years, absent any
lingering effects on 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 amusement park
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 Six Flags' credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Six Flags 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 Six Flags of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

A governance impact that Moody's considers in Six Flags' credit
profile is the change in the financial policy. Six Flags previously
pursued an aggressive financial policy that led to substantial
dividend payments with cash and debt funded stock buybacks, but
Moody's expects the new management team will operate with a more
moderate financial policy with the goal to reduce leverage after
the impact of the coronavirus subsides. Moody's projects that Six
Flags will consider reducing both dividends and capex to preserve
liquidity in the near term. Six Flags is a publicly traded company
listed on the New York Stock Exchange.

Six Flags' SGL-4 speculative-grade liquidity rating reflects the
potential for its liquidity position to deteriorate if the
company's parks remain closed during a material part of the summer
operating season. Six Flags had $174 million in cash (compared to
$44 million at YE 2018) with no amounts outstanding on its $350
million revolver due April 2024 ($21 million in letters of credit)
as of Q4 2019. Six Flags traditionally spent about 9% of revenue on
capex each year ($144 million spent in 2019), but Six Flags is
expected to reduce capex levels going forward to support liquidity.
Six Flags paid $279 million in dividends and $41 million in
distributions to noncontrolling interest in 2019, but the dividend
was recently cut to about $86 million annually which could be
reduced to preserve liquidity if the parks remain closed.

Six Flags is typically reliant on its revolver in the spring, prior
to the start of the operating season, and repays the revolver
following the start of the summer operating season. Six Flags is
subject to a maximum senior secured leverage ratio of 4x with
additional step downs over time. Moody's projects the level of
cushion to decline if the parks remain closed as EBITDA would
decline significantly and Six Flags may need an amendment to its
credit agreement in the near term. Moody's expects Six Flags' would
be able to obtain an amendment if necessary.

The negative outlook incorporates Moody's expectation of
significant operating losses and cash usage due to the coronavirus
outbreak's impact on Six Flags' ability to operate its parks.
Prolonged park closures will significantly reduce liquidity and
increase leverage levels materially. Performance is also projected
to be impacted by the loss of international licensing revenue due
to the termination of an international agreement. If the parks open
in the near term, Moody's expects performance will be weighed down
by a weak economic environment and the potential for consumers to
maintain social distancing and avoid large crowds.

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

An upgrade is unlikely as long as the coronavirus limits the
ability to operate Six Flags' amusement parks. The outlook could
change to stable if the parks are opened and Six Flags maintains an
adequate liquidity profile with leverage levels projected to be
maintained below 6x. Expectations that Six Flags would remain in
compliance with its covenants would also be required. An upgrade
could occur if leverage was projected to be maintained below 5x
with a free cash flow to debt ratio of about five percent.

The ratings could be downgraded if Moody's expects that Six Flags
operating performance would severely erode liquidity. In addition,
the expectation of sustained leverage above 6.5x or an EBITDA to
interest ratio below 2x would pressure the ratings. Elevated
concern that Six Flags may not be able to obtain an amendment to
its covenants if needed, may also lead to a downgrade.

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

Six Flags Entertainment Corporation (Six Flags), headquartered in
Grand Prairie, TX, is a regional amusement park company that
currently operates 26 North American theme and waterparks. The park
portfolio includes 23 wholly-owned facilities (including parks near
New York City, Chicago and Los Angeles) - as well as three
consolidated partnership parks - Six Flags over Texas (SFOT), Six
Flags over Georgia (SFOG), and White Water Atlanta. Six Flags
currently owns 53.2% of SFOT and 31% of SFOG/White Water Atlanta.
In addition, the company has international licensing agreements in
Saudi Arabia. The company emerged from chapter 11 bankruptcy
protection in April 2010. Revenue including full consolidation of
the partnership parks was approximately $1.5 billion in FY 2019.


TARONIS TECHNOLOGIES: Signs $1.8M Securities Settlement Agreements
------------------------------------------------------------------
Taronis Technologies, Inc., entered into a securities settlement
agreement on April 6, 2020, with the a certain counterparty under
which the Company will issue the Holder $100,000 of shares of the
Company's common stock, par value $0.001 per share at market price.
The Company will not directly receive any cash proceeds from the
Offering, but outstanding fees of $100,000 owed to the Holder will
be satisfied.  The SSA contains customary representations,
warranties and agreements by the Company.

On April 7, 2020, Taronis entered into a Securities Settlement
Agreement with a counterparty, under which the Company will issue
the Lender $1,700,000 of shares of the Company's common stock, par
value $0.001 per share, at market price.  The Company will not
directly receive any cash proceeds from the Offering, but
outstanding indebtedness of $1,700,000 owed to the Lender will be
satisfied.  The SSA contains customary representations, warranties
and agreements by the Company.

The issuance of the Common Stock at market price is being made
pursuant to a prospectus supplement, which will be filed with the
Securities and Exchange Commission on or about April 7, 2020, and
accompanying base prospectus relating to the Company's shelf
registration statement on Form S-3 (File No. 333-230854), which was
declared effective by the SEC on April 24, 2019.

                    About Taronis Technologies

Clearwater, Florida-based Taronis Technologies Taronis
Technologies, Inc. (TRNX) is a technology-based company that is
focused on addressing the global constraints on natural resources,
including fuel and water.  The Company's two core technology
applications -- renewable fuel gasification and water
decontamination/sterilization -- are derived from its patented and
proprietary Plasma Arc Flow System.  The Plasma Arc Flow System
works by generating a combination of electric current, heat,
ultraviolet light and ozone, that affects the feedstock run through
the system to create a chosen outcome, depending on whether the
system is in "gasification mode" or "sterilization mode".  The
Company operates 22 locations across California, Texas, Louisiana,
and Florida.

Taronis reported a net loss of $15.04 million in 2018 following a
net loss of $11.02 million in 2017.  As of Sept. 30, 2019, Taronis
had $47.76 million in total assets, $11.49 million in total
liabilities, and $36.27 million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated April
12, 2019, citing that the Company has incurred significant losses,
continued to have negative cash flows from its operating
activities, 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.


TARONIS TECHNOLOGIES: Will Issue $1.4M Shares to Settle Debt
------------------------------------------------------------
Taronis Technologies, Inc., entered into a securities settlement
agreement on April 6, 2020, with a lender counterparty under which
the Company will issue the Lender $1,375,000 of shares of the
Company's common stock, par value $0.001 per share, at market
price.  The Company will not directly receive any cash proceeds
from the Offering, but outstanding indebtedness of $1,375,000 owed
to the Lender will be satisfied.  The SSA contains customary
representations, warranties and agreements by us.

The issuance of the Common Stock at market price is being made
pursuant to a prospectus supplement, which will be filed with the
Securities and Exchange Commission on or about April 6, 2020, and
accompanying base prospectus relating to the Company's shelf
registration statement on Form S-3 (File No. 333-230854), which was
declared effective by the SEC on April 24, 2019.

                  About Taronis Technologies

Clearwater, Florida-based Taronis Technologies Taronis
Technologies, Inc. (TRNX) is a technology-based company that is
focused on addressing the global constraints on natural resources,
including fuel and water.  The Company's two core technology
applications -- renewable fuel gasification and water
decontamination/sterilization -- are derived from its patented and
proprietary Plasma Arc Flow System.  The Plasma Arc Flow System
works by generating a combination of electric current, heat,
ultraviolet light and ozone, that affects the feedstock run through
the system to create a chosen outcome, depending on whether the
system is in "gasification mode" or "sterilization mode".  The
Company operates 22 locations across California, Texas, Louisiana,
and Florida.

Taronis reported a net loss of $15.04 million in 2018 following a
net loss of $11.02 million in 2017.  As of Sept. 30, 2019, Taronis
had $47.76 million in total assets, $11.49 million in total
liabilities, and $36.27 million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated April
12, 2019, citing that the Company has incurred significant losses,
continued to have negative cash flows from its operating
activities, 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.


TEAM HEALTH: Moody's Cuts CFR to Caa2 & Senior Sec. Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service downgraded Team Health Holdings, Inc.'s
Corporate Family Rating to Caa2 from B3 and its Probability of
Default Rating to Caa2-PD from B3-PD. Moody's also downgraded Team
Health's senior secured term loan and revolving credit facility's
ratings to Caa1 from B2 and unsecured notes' rating to Ca from
Caa2. The outlook remains negative.

The downgrade of Team Health's ratings reflects an expectation of a
severe decline in revenue and cash flow in the coming weeks due to
reduction in emergency room services demand and postponement of
elective procedures amid the continuing COVID-19 outbreak. At the
same time, Team Health has very high leverage (debt/EBITDA of above
8 times as of December 31, 2019), and its profitability is likely
to remain under pressure due to its dispute with UnitedHealth Group
Incorporated ("UnitedHealth") (A3 long-term issuer rating), one of
its largest commercial payors. In addition to the risk of
fundamental and liquidity deterioration, the downgrade also
reflects the risk that, given deeply depressed loan and bond
trading prices, the company will pursue a transaction that Moody's
considers to be a distressed exchange, and hence a default under
Moody's definition.

The negative outlook reflects the uncertainties surrounding the
extent and timing of recovery of the lost business as a result of
COVID-19 outbreak.

The following ratings were downgraded:

Issuer: Team Health Holdings, Inc.

Corporate Family Rating to Caa2 from B3

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

Senior Secured Revolving Credit Facility expiring 2022 to Caa1
(LGD3) from B2(LGD3)

Senior Secured Term Loan due 2024 to Caa1 (LGD3) from B2 (LGD3)

Senior Unsecured Notes due 2025 to Ca (LGD6) from Caa2 (LGD6)

Outlook Actions:

Issuer: Team Health Holdings, Inc.

Outlook remains negative

RATINGS RATIONALE

Team Health's Caa2 CFR reflects its very high leverage and
challenging operating environment. This includes severe declines in
business volume as a result of COVID-19 spread, reimbursement risk,
and the company's exposure to uninsured individuals, each of which
is a risk to profitability. The credit profile is supported by Team
Health's large scale and strong competitive position in the highly
fragmented physician staffing industry. Moody's expects Team Health
to have adequate liquidity, supported by cash in excess of $426
million as of March 31, 2020.

As a provider of physician staffing services, Team Health faces
significant social risk. Several legislative proposals have been
introduced in the US Congress that aim to eliminate or reduce the
impact of surprise medical bills. Surprise medical bills are
received by insured patients who receive care from providers
outside of their insurance networks, usually in emergency
situations. Moody's believes physician staffing companies like Team
Health could be adversely affected if these proposals are enacted.
Moody's also regards the coronavirus outbreak as a social risk
under Moody's ESG framework, given the substantial implications for
public health and safety. To prepare for a surge of coronavirus
patients, acute care hospitals are postponing or cancelling
non-essential elective surgical procedures. Further, emergency
departments are seeing reduced volumes of non COVID-19 patients.

The negative outlook reflects uncertainties surrounding the extent
and timing of recovery of the lost business as a result of COVID-19
outbreak will make it difficult for the company to reduce its
leverage.

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

The ratings could be downgraded if Moody's anticipates a rising
risk of a default event or has reduced expectations for recovery
for creditors.

The ratings could be upgraded if Team Health has adequate liquidity
to manage through the next several quarters of the coronavirus
health crisis, and there is reduced likelihood that the company
will pursue a distressed exchange. Improved clarity around contract
negotiations with UnitedHealth could also support a rating
upgrade.

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

Team Health is a provider of physician staffing and administrative
services to hospitals and other healthcare providers in the U.S.
The company is affiliated with more than 16,000 healthcare
professionals who provide emergency medicine, hospital medicine,
anesthesia, urgent care, pediatric staffing and management
services. The company also provides a full range of healthcare
management services to military treatment facilities. Net revenues
are approximately $4.7 billion.


THL CREDIT: DBRS Lowers LongTerm Issuer Rating to BB(High)
----------------------------------------------------------
DBRS, Inc. has downgraded the Long-Term Issuer Rating and Long-Term
Senior Debt rating of THL Credit, Inc. (TCRD or the Company) to BB
(high) from BBB (low). The Trend on all ratings is Negative. The
Company's Intrinsic Assessment (IA) is BB (high) and its Support
Assessment is SA3.

KEY RATING CONSIDERATIONS

The rating action and Negative trend take into account the larger
than expected loss generated in 4Q19 by TCRD and the expectation
that 2020 financial performance will be weaker than anticipated as
a result of the Coronavirus Disease (COVID-19) outbreak and the
contraction in the investment portfolio as the Company completes
the repositioning of the portfolio. The rating action considers
DBRS Morningstar's view that ongoing turmoil in the global markets
resulting from the coronavirus outbreak could result in a fair
value markdown on TCRD's investment portfolio that could
potentially pressure the Company's asset coverage covenant under
its bank facility. Investments on non-accrual status are likely to
rise over the near-term although DBRS expects private equity
sponsors to provide some support to the portfolio companies, at
least in the near-term. These pressures are somewhat offset by a
solid franchise bolstered by the recent acquisition of the
Company's advisor by First Eagle Investment Management.

RATING DRIVERS

While not expected in the near-term, a return to sustained
profitability driven by solid net investment income and growth in
the investment portfolio could result in the trend on the ratings
returning to Stable. Also, approval of the new investment agreement
with First Eagle Alternative Credit and an amendment of the bank
facility to include less restrictive covenants could result in the
Negative trend returning to Stable. Conversely, a sizeable loss
that materially reduces the Company's cushion to the bank facility
covenants could lead to the ratings being downgraded. Sustained
negative earnings generation would lead to the ratings being
lowered, as well as an elevated level of non-accrual investments.

RATING RATIONALE

TCRD's earnings generation from the investment portfolio has been
weakened by the contraction in the size of the investment
portfolio, as well as the Company's strategic shift to
lower-yielding but lower risk first lien senior secured
investments. For 2019, TCRD reported a net decrease in net assets
from operations (net loss) of $24.6 million driven by a larger than
anticipated $15.4 million net loss in 4Q19. Earnings were impacted
by $52.2 million of realized and unrealized losses on the
investment portfolio, which more than offset the $27.4 million of
net investment income generated in 2019. DBRS Morningstar expects
near-term earnings generation to remain challenged given the
difficult economic conditions in the U.S. resulting from the
Coronavirus outbreak. Further, the outbreak could slow the
Company's exit from the remaining non-core assets.

DBRS notes that the BDC investment valuation process includes a
meaningful amount of subjectivity given the illiquid nature of the
portfolio investments held. Indeed, on December 31, 2019, the
majority of TCRD's debt investment portfolios were considered Level
3 assets. While credit spreads have widened and the outlook for the
U.S. economy has deteriorated, the impact these inputs will have on
1Q20 fair value marks remain uncertain. Further, fair value marks
also include consideration of the credit profile of the underlying
portfolio companies, which may offset some of the pressure from
general market inputs. As of December 31, 2019, TCRD's average
portfolio investment company score was 2.17, on its internal rating
scale from "1 (outperforming)" to "5 (very weak)", indicating that
the majority of the portfolio was performing within expectations.
Two portfolio companies were on non-accrual status accounting for
3.9% of the portfolio at fair value.

Leverage (debt-to-equity) was 0.77x at year-end 2019 within its
bank covenant limit of 1.0x, and well within the regulatory limit
of 2.0x to maintain its registered investment company status. With
TCRD's stock price trading below net asset value, the ability of
the Company to issue new public equity is limited. However, DBRS
Morningstar notes that First Eagle Investment Management, owners of
the Company's Advisor, First Eagle Alternative Credit, as well as
certain members of management have agreed to acquire $30 million of
new common equity in April 2020, at book value, which could
alleviate some pressure.

As of December 31, 2019, the Company had unfunded delayed draws and
revolver commitments to portfolio companies totaling $26.1 million.
While it is likely that some portfolio companies have drawn on
these lines, TCRD had approximately $130 million of available
liquidity, including capacity on its bank facility, which is
subject to borrowing base requirements.

DBRS Morningstar continues to view TCRD's franchise as acceptable.
On January 28, 2020, the acquisition of THL Credit Advisors by
First Eagle Investment Management Company, LLC (First Eagle) was
completed and the advisor to the Company was renamed First Eagle
Alternative Credit. DBRS Morningstar continues to see the
acquisition as potentially a credit positive for TCRD over the
longer-term. Pro-forma to the THL Credit Advisor acquisition, First
Eagle had more than $118 billion of AuM as of year-end 2019,
including about $23 billion of AuM in its credit strategy platform.
DBRS sees First Eagle as providing TCRD with access to a larger
investment manage platform with a long operating history with roots
back to 1864, and a wider origination funnel with greater sourcing
and execution capabilities.

Notes: All figures are in U.S. dollars unless otherwise noted.


TMK HAWK: Moody's Cuts CFR to Caa2, Outlook Remains Negative
------------------------------------------------------------
Moody's Investors Service downgraded TMK Hawk Parent, Corp.'s
Corporate Family Rating to Caa2 from Caa1, its Probability of
Default Rating to Caa2-PD from Caa1-PD, its senior secured first
lien term loan to Caa2 from Caa1, and its senior secured second
lien credit facility to Ca from Caa3. The outlook remains
negative.

Its downgrades and negative outlook reflect TriMark's very high
financial leverage with debt/EBITDA in excess of 10.0x, negative
free cash flow generation, and Moody's expectations that headwinds
stemming from the coronavirus outbreak will pressure earnings and
cash flow generation over the next 12-18 months. Approximately half
of TriMark's foodservice customers are restaurants which are
experiencing unit closures and materially reduced operations in
response to the COVID-19 pandemic, which will negatively impact
demand for the company's products in 2020 at least through the
current coronavirus outbreak. Given the anticipated decline in the
company's earnings, debt/EBITDA financial leverage will remain very
high and free cash flow will continue to be pressured, resulting in
an unsustainable capital structure with higher reliance on external
sources of financing to fund operations.

Downgrades:

Issuer: TMK Hawk Parent, Corp.

  Probability of Default Rating, Downgraded to Caa2-PD from
  Caa1-PD

  Corporate Family Rating, Downgraded to Caa2 from Caa1

  Senior Secured 1st Lien Bank Credit Facility, Downgraded
  to Caa2 (LGD4) from Caa1 (LGD4)

  Senior Secured 2nd Lien Bank Credit Facility, Downgraded
  to Ca (LGD5) from Caa3 (LGD5)

Outlook Actions:

Issuer: TMK Hawk Parent, Corp.

  Outlook, Remains Negative

RATINGS RATIONALE

TriMark's Caa2 CFR reflects its very high financial leverage with
debt/EBITDA at around 12.0x, and its negative free cash flow
generation over the twelve months period ending September 27, 2019
(all ratios are Moody's adjusted and exclude extraordinary
add-backs). TriMark has end market concentration in the
foodservice/restaurant sector and the majority of its revenue
relates to equipment sales which tend to exhibit some level of
cyclical client spending, and the deteriorating operating
environment due to the coronavirus outbreak will negatively impact
demand in 2020 at least through the current coronavirus outbreak.
As a result, Moody's expects financial leverage will remain very
high and free cash flow generation to continue to be pressured over
the next 12-18 months. The rating also reflects the company's
strong market position in the foodservice equipment and supplies
distribution industry, its relatively recurring revenue stream from
supply replenishment and equipment replacement, and low capital
expenditure requirement. TriMarks' weak liquidity reflects its
negative free cash flows, and high reliance on its $250 million
revolver due April 2024.

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 foodservice
equipment and supply distribution 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 TriMark's credit profile, including its exposure
to restaurant closure and decline in consumer traffic, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and TriMark 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 TriMark 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 that TriMark's
profitability and cash flows will remain pressured over the next
12-18 months, and Moody's believes it will be difficult for the
company to significantly improve its leverage and coverage from
current levels.

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

The ratings could be upgraded if leverage materially declines
driven by improved operating results and less reliance on external
sources of liquidity. The ratings could be downgraded if there is a
deterioration in liquidity for any reason, highlighted by
increasing revolver reliance, or if the probability of a debt
restructuring or event of default increases for any reason.

TMK Hawk Parent, Corp. is a distributor of foodservice equipment
and supplies in North America, providing all non-food products used
by restaurants and other foodservice operators. TMK is majority
owned by Centerbridge Partners, L.P. In addition, the company
performs construction management services (which include design,
procurement, installation, and construction management) for
foodservice operations. The company is private and does not
publicly disclose its financials. The company generated
approximately $2.1 billion of revenue for the twelve months ended
September 27, 2019.


TRI-STATE ENTERPRISES: Unsecureds to Get Paid from Operating Profit
-------------------------------------------------------------------
Debtor Tri-State Enterprises, LLC, filed the First Amended
Disclosure Statement and First Amended Plan of Reorganization dated
March 26, 2020.

The Debtor believes that the sale of assets, the consolidation of
the Potts Camp BankBank of Holly Springs indebtedness and the
loaning of the seed money from the Bank to the Debtor will provide
the impetus to the Debtor to take off and go back to work, obtain
lucrative aggregate purchasing contracts and provide the impetus
and basis for the Plan payments.

General unsecured creditors will receive the net operating profits
of the Debtor over a 36-month period.

The Debtor's equity security holder will maintain his ownership of
the Debtor.

The Debtor believes that the restructuring of its indebtedness with
the Bank, the sale of assets that have occurred and will occur, and
the seed money the Bank will loan the Debtor for additional
demolition acquisition, the actual demolition and the sale of the
aggregate will provide the basis for the payments to the secured
creditors and the administrative priority claimants under the
Plan.

The Debtor is already liquidating the Holmes Road property as well
as the residential property held for lease so those assets are
being liquidated and proceeds will either be utilized by the Bank
in reduction in indebtedness or for other purposes. The Debtor
projects that, at foreclosure, secured creditors would receive no
more than fifty percent of the Debtor's value of the collateral in
this case.

A full-text copy of the First Amended Disclosure Statement dated
March 26, 2020, is available at https://tinyurl.com/uje88ye from
PacerMonitor at no charge.

The Debtor is represented by:

       Craig M. Geno
       LAW OFFICES OF CRAIG M. GENO, PLLC
       587 Highland Colony Parkway
       Ridgeland, MS 39157
       Tel: 601-427-0048
       Fax: 601-427-0050
       E-mail: cmgeno@cmgenolaw.com

                  About Tri-State Enterprises

Tri-State Enterprises, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Miss. Case No. 19-10292) on Jan.
22, 2019.  At the time of the filing, the Debtor was estimated
assets of less than $1 million and liabilities of less than
$500,000.  The case is assigned to Judge Jason D. Woodard.  The
Debtor hired the Law Offices of Craig M. Geno, PLLC, as its legal
counsel.


VCHP WICHITA: Case Summary & 3 Unsecured Creditors
--------------------------------------------------
Debtor: VCHP Wichita, LLC
        7335 E. Kellogg Drive
        Wichita, KS 67207

Chapter 11 Petition Date: April 8, 2020

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 20-01239

Debtor's Counsel: Jacqueline Calderin, Esq.
                  AGENTIS PLLC
                  55 Alhambra Plaza
                  Suite 800
                  Coral Gables, FL 33134
                  Tel: 305-722-2002
                  E-mail: jc@agentislaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Dmitry Tomkin, Vendian Capital
Management Limited as manager of Vendian-Covenant Hospitality
Partners, LLC, the managing member.

A copy of the petition containing, among other items, a list of the
Debtor's three unsecured creditors is available for free at
PacerMonitor.com at:

                  https://is.gd/vpOyHN


VETERINARY CARE: Successfully Closes $47M Sale to Destination Pet
-----------------------------------------------------------------
Veterinary Care, Inc. (d/b/a "VitalPet") on March 30, 2020,
disclosed that it has successfully closed its sale to Destination
Pet, LLC, under section 363 of the bankruptcy code.  Under the
terms of the transaction approved by the Southern District of Texas
Bankruptcy Court, Destination Pet will also assume certain
liabilities, for a total transaction value of $47 million.

"I am very pleased with the results of the sale process, as I
believe it positions all of VitalPet's hospitals and its dedicated
staff to move forward and continue providing the high standard of
care for which they are known.  It is a great result for doctors,
employees, creditors and equity holders.  I'd specifically like to
thank VitalPet's doctors and employees for their support. Their
commitment to serving VitalPet's customers through this trying five
month period is truly impressive and I thank them for their
dedication.

Moreover, to consummate a sale of this magnitude, in the current
world economic climate, and after VitalPet was thrust involuntarily
into Chapter 11, is nothing short of miraculous.  My investment
bank, Gordian Group, my bankruptcy counsel, Okin Adams, my
transaction counsel, Wick Phillips and my financial advisor The
Claro Group, all served VitalPet admirably.  I wish Destination Pet
all success going forward."

Okin Adams LLP served as legal counsel, Wick Phillips LLP served as
transaction counsel, The Claro Group as financial advisor, and
Gordian Group, LLC as investment banker to VitalPet.  Porter Hedges
LLP and Holland & Hart LLP served as counsel to Destination Pet.

                      About Veterinary Care

Veterinary Care Inc., d/b/a Vitalpet, offers pet care services.

Petitioning creditors Dr. Warren Resell, Dr. James H. Kelly, Dr.
Larry D. Wood, filed an involuntary Chapter 11 petition (Bankr.
S.D. Tex. Case No. 19-35736) against Veterinary Care, Inc. on Oct.
10, 2019. The petitioners are represented by Richard L. Fuqua,
Esq., at Fuqua & Associates, P.C., in Houston.

On Nov. 18, 2019, TVET Management LLC filed a voluntary Chapter 11
petition (Bankr. S.D. Tex. Case No. 19-36430).

On Nov. 19, 2019, the court ordered the joint administration of
Veterinary Care's and TVET's bankruptcy cases. The cases are
jointly administered under Case No. 19-35736.

Judge Christopher M. Lopez oversees the cases.

The Debtors tapped Okin Adams LLP as their legal counsel, and The
Claro Group, LLC as their financial advisor.  Douglas Brickley,
managing director of Claro Group, is the chief restructuring
officer.


VOYAGER AVIATION: DBRS Places 'BB' LongTerm Issuer Rating on Review
-------------------------------------------------------------------
DBRS, Inc. has placed the ratings of Voyager Aviation Holdings,
LLC, including its Long-Term Issuer Rating of BB and Long-Term
Senior Debt rating of BB (low), Under Review with Negative
Implications. Concurrently, DBRS Morningstar also placed the
ratings of the Company's wholly-owned subsidiary, Voyager Finance
Co. (VFC), including its Long-Term Issuer Rating of BB and
Long-Term Senior Debt rating of BB (low), Under Review with
Negative Implications. The one-notch differential between the
Long-Term Issuer Ratings and the Long-Term Senior Debt ratings
reflects the substantial encumbrance of the Company's aircraft
portfolio as collateral for secured funding. The Intrinsic
Assessment (IA) for the Company is BB, while its Support Assessment
is SA3. The Support Assessment for VFC is SA1.

KEY RATING CONSIDERATIONS

The Under Review with Negative Implications status considers the
significant headwinds and uncertainties facing the global aviation
industry, as a result of the Coronavirus Disease (COVID-19)
outbreak and the potential for these conditions to negatively
impact Voyager's credit profile. Across the globe, airlines have
seen an unprecedented rapid decline in aviation travel and
passenger revenue, which will lead to an increase in airlines
seeking rental deferrals from lessors, as well as a rise in airline
insolvencies pressuring aircraft lessor performance. Indeed, the
International Air Transport Association's (IATA) most recent
assessment of the impact of coronavirus on global aviation
forecasted a 37% year-on-year decline in passenger volumes and a
reduction in airline passenger revenue of up to $252 billion, or a
44% decline from 2019 estimates. Evidencing the severity of the
pandemic, this forecast is materially worse than IATA's worst-case
Excess Spread Scenario forecast from early March. While Voyager's
customer base is predominately comprised of flag carriers and large
national airlines, the customer concentration within the modestly
sized aircraft portfolio exposes Voyager to potential losses should
an airline customer default or rent deferrals be requested from a
material portion of the customer base. Although the Company has no
scheduled lease expirations until 2022, DBRS Morningstar considers
the challenging operating environment as making aircraft placement
difficult for lessors should an aircraft be returned early or need
to be repossessed.

During the review, DBRS Morningstar will consider developments
relative to the coronavirus outbreak, including the expected depth
and length of the outbreak and its ongoing impact on the global
aviation industry. This assessment will include the outlook for
passenger demand and the status of travel restrictions put in place
by governments. DBRS Morningstar will also look to airline
announcements regarding route networks, flight schedules and fleet
adjustments in assessing the demand for aircraft. Recent
announcements of government aid packages may provide relief for
airlines, but details regarding the form and distribution of the
support remain uncertain. The review will consider these factors
and the implications for Voyager's near-term financial performance
and credit profile.

On December 31, 2019, Voyager had 18 aircraft in its portfolio with
seven customers across six countries. The Company's debt-to-equity
was reasonable at 3.8x and the Company's next debt maturity is
August 2021.

The Under Review with Negative Implications status is generally
resolved with a rating action within three months. However, if
heightened market uncertainty and volatility persists, DBRS
Morningstar may extend the Under Review status for a longer period
of time.

RATING DRIVERS

Given the current review status, a rating upgrade is unlikely over
the medium-term. Ratings would be downgraded should the challenging
operating environment created by the coronavirus outbreak become
more prolonged than anticipated, leading to a sustained meaningful
reduction in demand for air travel. Further, ratings would be
downgraded should Voyager experience notable and sustained rent
deferrals that pressure cash flow generation, or if revenue
generation is impacted by a customer default or early lease
terminations. Ratings could be maintained at their current levels
should progress with dealing with the coronavirus pandemic provide
visibility to improving passenger travel volumes that would reduce
the likelihood of rent deferrals or early lease terminations.

Notes: All figures are in U.S. dollars unless otherwise noted.


VT TOPCO: Moody's Cuts CFR to Caa1, Outlook Negative
----------------------------------------------------
Moody's Investors Service downgraded VT Topco, Inc. ratings,
including its corporate family rating to Caa1 from B3 and its
probability of default rating to Caa1-PD from B3-PD. At the same
time, Moody's downgraded the instrument ratings on the company's
senior secured first lien credit facility and second lien term loan
to Caa1 from B2 and Caa3 from Caa2, respectively. The outlook is
negative.

"The downgrade of Veritext's ratings is driven by the anticipated
impact of the coronavirus on the company's credit metrics and
liquidity, both of which are expected to weaken through the end of
2020," said Andrew MacDonald, Moody's analyst. "The negative
outlook reflects the anticipated pressure on the company's
liquidity including maintenance of its financial covenant, and the
risk that revenue could decline rapidly, at least in the short
term, as the spread of the coronavirus impacts the US court system,
civil case volumes, and related deposition work."

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 legal services
industry as a whole has been one of the sectors significantly
affected as civil case volumes are expected to be disrupted amid
court closures and as businesses and law firms shift to remote work
capabilities. More specifically, the weaknesses in Veritext's
credit profile, including its exposure to deposition activity in
the US and elevated leverage profile 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 Veritext of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

Downgrades:

Issuer: VT Topco, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured 1st Lien Term Loan, Downgraded to Caa1 (LGD3) from
B2 (LGD3)

Senior Secured 1st Lien Revolving Credit Facility, Downgraded to
Caa1 (LGD3) from B2 (LGD3)

Senior Secured 2nd Lien Term Loan, Downgraded to Caa3 (LGD5) from
Caa2 (LGD6)

Outlook Actions:

Issuer: VT Topco, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Veritext's Caa1 corporate family rating reflects Moody's
expectations for lower revenue and earnings prospects in 2020 due
to challenging industry conditions stemming from the coronavirus
(COVID-19) pandemic, including decline in overall litigation
fillings, court closures in various localities, certain case
delays, and decrease in litigation-related expenditures by
customers. Moody's also notes that a significant portion of
Veritext's customers operate in states most affected by the
coronavirus. The potential for cash flow deficits and liquidity
tightening throughout 2020 is elevated given the risk that
corporate clients and law firms could delay payments or become
impaired.

Positively, legal services providers, such as Veritext, have
business continuity and disaster recovery plans to ensure minimal
service outage or downtime in the event of a global health
emergency. Moody's believes that deposition work can be
transitioned to a remote model, however, there are perceived
downside risks, such as lack of direct oversight of people and
technology, logistics issues, and increase in data breaches.
Liquidity is supported by a large cash balance of approximately $75
million in early April 2020 as the company has fully drawn its $55
million revolving credit facility. The lack of any near-term debt
maturities also supports the rating.

The Caa1 rating on the first lien credit facilities reflects a one
notch override versus the B3 outcome based on Moody's Loss Given
Default model. Moody's views the enterprise value of the company
will lead to a lower recovery on the first lien instruments in the
event of a default.

The negative outlook reflects Moody's expectation of a weakening of
credit metrics and liquidity given the company's exposure to demand
for deposition work in the overall legal industry.

Veritext, headquartered in Livingston, NJ, is the largest
deposition and litigation support solutions provider to the legal
industry. Since the August 2018 leveraged buyout transaction, the
company has been owned by Leonard Green & Company. Revenue for the
twelve months ended 30 September 2019 was $443 million.

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

The ratings could be upgraded if the company's Moody's adjusted
debt-to-EBITDA is sustained below 7.5x with EBITA-to-interest above
1x while maintaining adequate liquidity.

Conversely, ratings could be downgraded if Moody's expects a
material decline in earnings, revenues and sustained negative free
cash flow. A downgrade is also likely if a debt restructuring,
including a distressed exchange, is expected or if the company is
unlikely to comply with its financial maintenance covenant.


WESCO AIRCRAFT: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Wesco Aircraft
Holdings, Inc. (New), including the company's corporate family
rating (CFR, to Caa1 from B3) and probability of default rating (to
Caa1-PD from B3-PD), as well as the ratings for its senior secured
notes (to Caa1 from B3) and senior unsecured notes (to Caa3 from
Caa2). The ratings outlook is negative.

RATINGS RATIONALE

The downgrades reflect Moody's expectation that disruptions from
the coronavirus crisis will create earnings headwinds for Wesco's
commercial aerospace end-markets, which represent about two-thirds
of total company sales. Wesco's credit metrics are already weakly
positioned, with debt-to-EBITDA in excess of 8x, and Moody's
expects earnings pressures from the coronavirus will result in
further across-the-board weakening of Wesco's financial profile.

The Caa1 CFR balances Wesco's position as a leading services
provider and distributor to the aerospace and defense industries
against the company's aggressive governance evidenced by its high
tolerance for financial risk and weak balance sheet with a thin
capitalization. The large-sized combination of Wesco and Pattonair
creates near-term execution and integration risk in an industry
where inventory optimization and consistent on-time customer
deliveries are of paramount importance. This elevated risk is
against a backdrop of a highly leveraged balance sheet with modest
cash reserves and pending earnings headwinds from the coronavirus
outbreak.

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, Wesco's exposure to commercial
aerospace coupled with its weakening financial profile 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 actions
reflect the impact on Wesco of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects the uncertainty as to the depth and
duration of the disruptive effects of the coronavirus as well as
Moody's expectation that, at a minimum, the virus will create
meaningful earnings headwinds and a resultant weakening of key
credit metrics through at least the end of 2020.

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

Factors that could lead to an upgrade include if Moody's-adjusted
debt-to-EBITDA was anticipated to be sustained below 7.5x. Any
upgrade would be predicated on Wesco maintaining a good liquidity
profile with expectations of FCF-to-debt consistently in the
low-single-digits and only modest and short-term use of the
revolving facility. Strong execution on the Pattonair transaction
that results in the realization of targeted synergies and
meaningful earnings growth would also be necessary for any ratings
upgrade.

Factors that could lead to a downgrade include a weakening
liquidity profile involving the expectation of meaningfully
negative free cash flow during 2020 or a diminishment of capacity
under the ABL facility, or an anticipated breach of financial
covenants. An inability to increase inventory turns in the legacy
Wesco operations could also result in a downgrade. An inability to
realize targeted synergies, the loss of a large customer, poor
execution on the Pattonair transaction or operating issues that
resulted in lower customer service levels could also result in a
downgrade.

The following summarizes its rating actions:

Issuer: Wesco Aircraft Holdings, Inc. (New)

  Corporate Family Rating, downgraded to Caa1 from B3

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

  Senior Secured Regular Bond/Debenture, downgraded to Caa1
  (LGD3) from B3 (LGD3)

  Senior Unsecured Regular Bond/Debenture, downgraded to Caa3
  (LGD5) from Caa2 (LGD5)

  Outlook, Changed to Negative from Stable

Wesco Aircraft Holdings, Inc., headquartered in Valencia,
California, is a leading distributor and provider of supply chain
management services to the global aerospace industry. Services
include the distribution of C-class hardware, chemical and
electrical products as well as quality assurance, kitting,
just-in-time delivery and point-of-use inventory management.
Pattonair, headquartered in Derby, UK, is a leading supply chain
management services provider focusing on parts distribution as well
as sourcing and procurement, forecasting and inventory planning,
supplier management, and operations and quality assurance. The
combined companies will offer more than 640,000 active SKUs and are
expected to have pro forma revenues of about $2.2 billion for the
twelve months ended September 2019.


WHITING PETROLEUM: Reaches Agreement with Supporting Noteholders
----------------------------------------------------------------
Whiting Petroleum Corporation and certain subsidiaries on April 1,
2020, disclosed that they had commenced voluntary Chapter 11 cases
under the United States Bankruptcy Code in the U.S. Bankruptcy
Court for the Southern District of Texas (the "Bankruptcy Court").
The Company has more than $585 million of cash on its balance sheet
and will continue to operate its business in the normal course
without material disruption to its vendors, partners or employees.
Whiting currently expects to have sufficient liquidity to meet its
financial obligations during the restructuring without the need for
additional financing.

The Company has also reached an agreement in principle with certain
holders (the "Supporting Noteholders") of its 1.25% convertible
senior notes due 2020, 5.750% senior notes due 2021, 6.250% senior
notes due 2023, and 6.625% senior notes due 2026 (collectively, the
"Notes") regarding a term sheet (the "Term Sheet") that
contemplates a comprehensive restructuring.  The proposed financial
restructuring, the terms of which will be set forth in a
forthcoming restructuring support agreement between the Company and
the Supporting Noteholders, would significantly reduce the
Company's debt and establish a more sustainable capital structure
pursuant to a consensual chapter 11 plan of reorganization (the
"Plan") that would be supported by the Supporting Noteholders on
the terms of such restructuring support agreement.

The Plan will provide for, among other things: (1) significant
de-leveraging of the Company's capital structure by over $2.2
billion through the exchange of all of the Notes for 97% of the new
equity of the reorganized Company to be issued pursuant to the
Plan; (2) payment in full in cash and/or refinancing of the
Company's revolving credit facility; (3) the payment in full in
cash of all other secured creditors, tax and other priority
claimants, and employees; and (4) the Company's existing equity
holders receiving 3% of the new equity of the reorganized Company
and warrants (as described in the Term Sheet).  Consummation of the
Plan will be subject to confirmation by the Bankruptcy Court in
addition to other conditions to be set forth in the Plan and
related transaction documents.

Bradley J. Holly, the Company's Chairman, President and CEO,
commented, "In 2019, we took proactive steps to reduce our cost
structure and improve our cash flow profile.  We continue to build
on these actions in 2020.  The Company has also explored a wide
variety of alternatives to address our balance sheet and looming
note maturities in a highly capital constrained market
environment.

Given the severe downturn in oil and gas prices driven by
uncertainty around the duration of the Saudi / Russia oil price war
and the COVID-19 pandemic, the Company's Board of Directors came to
the conclusion that the principal terms of the financial
restructuring negotiated with our creditors provides the best path
forward for the Company.  We are pleased to have secured a highly
constructive restructuring framework with a critical mass of our
noteholders.  Through the terms of the proposed restructuring, we
believe a right-sized balance sheet will enable us to capitalize on
our enhanced cost structure, high-quality asset base and
successfully compete in the current environment."

Mr. Holly continued, "I want to express my gratitude to the
employees for their continued dedication and hard work, and to our
service providers and business partners for their ongoing support
during this time.  Following the restructuring process, we look
forward to having substantially less debt and a significantly
improved outlook for our Company and its stakeholders."

Moelis & Company is acting as financial advisor for the Company,
Kirkland & Ellis is acting as legal advisor, Alvarez & Marsal is
acting as restructuring advisor and Jeffrey S. Stein of Stein
Advisors LLC is the Company's Chief Restructuring Officer.

PJT Partners is acting as financial advisor for the Consenting
Noteholders and Paul, Weiss, Rifkind, Wharton & Garrison LLP is
acting as legal advisor.

For inquiries regarding the restructuring, call the hotline
established by the Company's noticing agent, Stretto, at (800)
330-2531 (toll-free domestic) or go to
cases.stretto.com/whitingpetroleum.

              About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an
independent oil and gas company that explores for, develops,
acquires and produces crude oil, natural gas and natural gas
liquids primarily in the Rocky Mountain region of the United
States.  The Company's largest projects are in the Bakken and Three
Forks plays in North Dakota and Niobrara play in northeast
Colorado.  The Company trades publicly under the symbol WLL on the
New York Stock Exchange.  For further information, visit
http://www.whiting.com



WINE VALLEY: April 29 Plan & Disclosure Hearing Set
---------------------------------------------------
On March 11, 2020, debtor The Wine Valley, LLC, filed with the U.S.
Bankruptcy Court for the Southern District of West Virginia a
Disclosure Statement and Chapter 11 Plan.

On March 26, 2020, Judge Frank W. Volk conditionally approved the
Disclosure Statement and established the following dates and
deadlines:

  * April 22, 2020, is fixed as the last day to file and serve any
written objection to the Disclosure Statement.

  * April 22, 2020, is fixed as the last day to file and serve any
written objection to confirmation of the Chapter 11 Plan.

  * April 22, 2020, is fixed as the last day to file acceptances or
rejections of the Chapter 11 Plan.

  * April 29, 2020, in Bankruptcy Courtroom 6200, Robert C. Byrd
United States Courthouse, 300 Virginia Street East, Charleston,
West Virginia is the hearing to consider final approval of the
Disclosure Statement and confirmation of Chapter 11 Plan.

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

                     About The Wine Valley

The Wine Valley, LLC, owns and operates a restaurant and bar
business.  It employs some 20 to 25 persons and generates $114,133
gross revenue monthly.  

Wine Valley filed a Chapter 11 bankruptcy petition (Bankr. S.D.
W.Va. Case No. 19-20218) on May 23, 2019, with under $1 million in
estimated assets and liabilities. Judge Frank W. Volk Usdj oversees
the case.  The Debtor is represented by Joseph W. Caldwell, Esq.,
at Caldwell & Riffee.


YI LLC: Moody's Alters Outlook on B3 CFR to Negative
----------------------------------------------------
Moody's Investors Service revised YI, LLC outlook to negative from
stable. The company's B3 Corporate Family Rating, B3-PD Probability
of Default Rating, B2 first lien credit facilities ratings were
affirmed.

The change of outlook reflects Moody's expectations that dental
procedure volumes will decline materially over the near term, and
the pace and timing of a recovery is highly uncertain. As a result,
YI's credit metrics, which already were elevated with debt/EBITDA
of approximately 7.4 times as of September 30, 2019, will weaken
for an extended time.

The affirmation of the B3 CFR reflects Moody's expectations that YI
will maintain an adequate liquidity profile, with total liquidity
(cash and undrawn credit facilities) of more than $40 million. YI
has maintained good free cash flows as the company's maintenance
capital expenditures are modest at less than $5 million. The
company maintain a solid market position across its portfolio of
consumable dental products, and Moody's expects YI will maintain
market share when procedure volumes recover.

Rating Actions:

The following ratings were affirmed:

YI, LLC

  Corporate Family Rating at B3

  Probability of Default Rating at B3-PD

  First Lien credit facilities at B2 (LGD 3)

The rating outlook is revised to negative from stable

RATINGS RATIONALE

YI, LLC's B3 Corporate Family Rating reflects the company's very
high financial leverage, modest size and narrow product focus
within the dental consumables segment. Moody's estimates that the
company's annual revenue for fiscal 2019 was about $200 million.
Debt/EBITDA was 7.4 times as of September 30, 2019. The company's
credit profile is supported by a stable end market and a high level
of recurring revenue with about 90% of sales derived from
consumable products. The company's products are generally used for
routine dental care, such as regular cleaning exams, and are
somewhat less susceptible to an economic downturn. The company has
adequate liquidity with cash and undrawn revolving credit capacity
of more than $40 million.

Moody's regards the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety. 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. Although the medical device sector is less exposed
from a demand standpoint than other sectors, the diversion of
healthcare resources to treating the outbreak will reduce demand
for some medical device products. In addition, global supply chains
in the medical device are complex, and it is possible that supply
disruptions will cause product delays and affect revenue of some
products. Its rating actions reflects the impact on YI, LLC 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

Ratings could be upgraded if the company increases its scale with
further diversity in its product offering. Quantitatively, ratings
could be upgraded if debt/EBITDA is sustained below 5.5 times while
maintaining good liquidity.

Ratings could be downgraded if the company's liquidity weakens, or
if sales or margins erode or free cash flow is negative.
Quantitatively, ratings could be downgraded if debt/EBITDA is
sustained above 7.5 times for an extended period.

YI, LLC develops, manufactures and markets consumable supplies and
equipment used for dental care. The company's product offerings
include disposable and metal prophylaxis (prophy) angles, prophy
cups and brushes, dental micro-applicators, panoramic X-ray
machines, moisture control products, infection control products,
dental hand pieces, endodontic systems, orthodontic brushes,
flavored examination gloves, children's tooth brushes and
children's toothpastes. YI, LLC was acquired by The Jordan Company,
L.P - a private equity firm. YI, LLC's estimated fiscal 2019
revenue is about $200 million.


ZEST ACQUISITION: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service revised Zest Acquisition Corp.'s outlook
to negative from stable. The company's B3 Corporate Family Rating,
B3-PD Probability of Default Rating, B2 first lien credit
facilities ratings and Caa2 second lien credit facility rating was
affirmed.

The change of outlook reflects Moody's expectations that dental
procedure volumes will decline materially over the near term, and
the pace and timing of a recovery is highly uncertain. As a result,
Zest's credit metrics, which already were elevated with debt/EBITDA
of approximately 7 times as of September 30, 2019, will weaken for
an extended time.

The affirmation of the B3 CFR reflects Moody's expectations that
Zest will maintain a good liquidity profile, with total liquidity
(cash and undrawn credit facilities) in excess of $80 million. Zest
has maintained good free cash flows as the company's maintenance
capital expenditures are modest at less than $1 million annually.
The company maintains a solid market position in the dental
attachment market, and Moody's expects Zest will maintain market
share when procedure volumes recover.

Rating Actions:

The following ratings were affirmed:

Zest Acquisition Corp.

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

$50 million Gtd first lien revolving credit facility due 2023
at B2 (LGD3)

$265 million Gtd first lien term loan due 2025 at B2 (LGD3)

$115 million Gtd second-lien term loan due 2026 at Caa2 (LGD5)

The rating outlook is revised to negative from stable

RATINGS RATIONALE

Zest's B3 Corporate Family Rating reflects the company's very
narrow product focus on hardware used in dental attachments
(dentures) and its small revenue base with LTM revenues under $100
million. Its ratings also reflect the company's reliance on a few
large implant manufacturer customers for a meaningful portion of
sales. Moody's expects debt/EBITDA will rise meaningfully over the
course of 2020 from its current level of 7 times as of September
30, 2019. Prior to the impact from the coronavirus outbreak, Zest
benefits from a long-term track record of consistent revenue growth
and high EBITDA margins. The company also benefits from favorable
long-term demand for dentures, primarily due to the aging
population. The company has a good liquidity profile with cash
balances of $31 million an and access to a $50 million revolving
credit facility as of September 30, 2019. The company's ratings
also reflect Moody's expectations that financial policies will
remain aggressive as the company is owned by a private equity
sponsor.

Moody's regards the coronavirus outbreak as a social risk under
Moody's ESG framework, given the substantial implications for
public health and safety. 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. Although the medical device sector is less exposed
from a demand standpoint than other sectors, the diversion of
healthcare resources to treating the outbreak will reduce demand
for some medical device products. In addition, global supply chains
in the medical device are complex, and it is possible that supply
disruptions will cause product delays and affect revenue of some
products. Its rating actions reflects the impact on Zest 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

Ratings could be upgraded if the company sustains growth in sales
and earnings. Broadening of the company's portfolio to new products
would also be a credit positive. Quantitatively, ratings could be
upgraded if debt/EBITDA is sustained below five times while
maintaining good liquidity.

Ratings could be downgraded if the company's liquidity weakens, or
if sales or margins erode. Quantitatively, ratings could be
downgraded if debt/EBITDA is sustained above seven times for an
extended period.

Headquartered in Carlsbad, CA, Zest Acquisition Corp. is a global
developer, manufacturer and distributor of medical devices used in
restorative dental procedures. Zest is owned by funds affiliated
with private equity sponsor BC Partners.

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


[*] Baker McKenzie Hires Cross-Border Restructuring Team
--------------------------------------------------------
Leading global law firm Baker McKenzie has made a significant hire
in its Global Restructuring and Insolvency (R&I) practice with
three renowned names in the field.  Mark Bloom, Paul Keenan and
John Dodd have deep experience in insolvency, business
reorganization, and cross-border bankruptcy and restructuring
around the globe.  They join the Firm from Greenberg Traurig where
Mark led the firm's Global Restructuring & Bankruptcy Practice.

Mr. Bloom is one of the preeminent bankruptcy lawyers globally and
currently serves in the prestigious position of Chair of the
American College of Bankruptcy.  His experience spans more than 35
years and includes all areas of US and cross-border financial
restructuring, reorganization and bankruptcy.  He represents
debtors, trustees, secured and unsecured creditors, and official
committees and purchasers of troubled companies and their assets,
both in and out of bankruptcy court.  He has been consistently
recognized by Chambers Global and USA since 2003, and the Legal 500
since 2009.  He is very active in the bankruptcy community and has
held a number of notable positions which include, in addition to
his work for the American College of Bankruptcy, membership in the
International Insolvency Institute and multiple speaking
engagements for INSOL.

Mr. Keenan has emerged as a go-to debt restructuring lawyer for
major global companies operating around the world.  His practice
includes the representation of corporate debtors and creditors in
bankruptcy cases, receiverships, assignments for the benefit of
creditors, loan workouts, asset sales, wind downs and UCC
foreclosures.  He represents clients in courts across Florida and
nationwide, including wide-ranging experience before the bankruptcy
courts in Delaware.  He has substantial experience representing
clients in Latin America and the Caribbean, where he most recently
led a successful out of court restructuring for a leading airline.
He also provides insolvency-related structuring advice and legal
opinions in connection with complex financial transactions.  He has
been recognized by Chambers USA yearly since 2014.

Mr. Dodd is a rising star within the bankruptcy and restructuring
space and is a past winner of the "Most Effective Lawyers" award
given by the Daily Business Review.  He has also been recognized by
Super Lawyers Magazine and Florida Super Lawyers, among other
publications.  He is experienced in handling transactions and
litigation that arise in business reorganizations, liquidations,
distressed asset acquisitions and sales, financial restructurings,
and loan workouts.  He represents debtors, trustees, secured and
unsecured creditors, and official committees and purchasers of
troubled companies and their assets, both in and out of bankruptcy
court.

"We have been steadily building up our R&I practice globally, and
have been looking to further strengthen our group in the US for
some time," said Debra Dandeneau, chair of Baker McKenzie's Global
Restructuring and Insolvency Group.  "Mark is a colleague with whom
I've worked for years.  His outstanding reputation and technical
knowledge, along with the additional expertise of Paul and John,
will be a tremendous asset for our clients."

Baker McKenzie's R&I practice, recognized by Chambers Global, has
advised on some of the largest and most complex multijurisdictional
restructurings, recoveries and insolvencies for many years.  Its
lawyers have the fluency to manage local regulatory, tax,
employment, disputes and other legal issues that arise.  Their
ability to mobilize experienced multidisciplinary teams across
borders produces efficiencies that often make a critical difference
in the outcome of any restructuring or insolvency.

"Bringing this preeminent restructuring team on board is just
another example of the fantastic momentum we are building in the
Miami market.  Mark, Paul and John are leaders in complex
cross-border restructurings of multinational corporations,
especially in Latin America," said Scott Brandman, managing partner
of Baker McKenzie's New York and Miami offices.  "Their practice
will perfectly complement our existing capabilities for companies
doing business across the Americas and around the world."

"As we navigate the next economic downturn, being ready with a
strong R&I practice is crucial for us to support our clients," said
Baker McKenzie's North America Chief Executive Officer
Colin Murray.  "With Mark, Paul and John, we are well positioned to
guide clients through the uncharted territory we are now in."

Mr. Bloom received his BA from Yale University and his JD from
Maryland School of Law.

Mr. Keenan received his BA from Tufts University and his JD from
University of Miami School of Law.

Mr. Dodd received his BA from Harvard College and his JD from
University of Florida Levin College of Law.

                      About Baker McKenzie

Baker McKenzie -- http://www.bakermckenzie.com/-- helps clients
overcome the challenges of competing in the global economy.  It
solves complex legal problems across borders and practice areas.
Its unique culture, developed over 70 years, enables our 13,000
people to understand local markets and navigate multiple
jurisdictions, working together as trusted colleagues and friends
to instill confidence in its clients.



[*] MACCO's Drew McManigle Appointed as Chapter 11 Trustee
----------------------------------------------------------
MACCO Restructuring Group, LLC (MACCO) on March 31, 2020, announced
a promotion, additions to the firm and the founder, Drew
McManigle's selection as 1 of 6 Houston-based, Title 11, Subchapter
V (Small Business) Chapter 11 Trustees appointed by the U.S.
Department of Justice, Office of the United States Trustee.

"We have all seen and felt the dramatic personal, business and
economic effects resulting from the Covid-19 pandemic and our
thoughts and prayers for the health and safety of all people are
paramount at this unprecedented time," said Mr. McManigle.

"That said, MACCO is open for business and growing with the
confidence that, as citizens and a nation, we will recover and once
again thrive.  As we continue to serve the increasing needs of
companies who find themselves in financial or operational peril,
I'm very pleased to announce these accomplished additions and a
notable promotion."

Frank Cottrell is a Director for MACCO in its Houston office.  He
is a proven turnaround and restructuring professional leveraging
over 10 years of successful operational experience in organizations
ranging from private equity-backed portfolio companies to public
entities.  Mr. Cottrell has held leadership roles with critical P&L
responsibilities, including serving as interim CFO.  His industry
experience includes energy, manufacturing, oilfield services,
offshore/subsea, construction, government contracting, engineering,
consumer services, RTO, financial services, tort litigation,
education, retail, medical, technology and real estate.  He
received his bachelor's degree in Economics from the University of
Texas at Austin and earned his MBA from Rice University.

Blake Denbina has also joined MACCO's Houston office as a Director.
He has over 17 years of operational experience at both the civic
and private business levels.  He brings a motivated, strategic,
solutions-focused approach to business reorganization and
operations improvement.  He has been a Utility Business Operations
Executive for the City of Houston and held ownership and leadership
roles at both a strategic management consulting firm and in
hospitality.  Mr. Denbina has led cross functional engineering and
design teams for civil engineering projects for both Harris County
and the TX Dept. of Transportation.  Mr. Denbina received his B.A.
from the University of Texas at Austin and earned his MBA from the
University of Houston. He is a State of Texas Certified Mediator
and holds FINRA Series 6 & 63 Financial Licenses.

Kathy Mayle, MBA has been promoted to Senior Director.  "Kathy,
with her experience derived from over 25 years in a law firm
environment combined with her insight and detailed financial
skills, complemented by her knowledge of how and why businesses
fail, her deep chapter 11 bankruptcy understanding and her
administrative excellence, simply is a linchpin of the Firm and
highly deserving of this promotion," said Mr. McManigle.

Mr. McManigle concluded, "At MACCO, our talented team members are
the 'first responders' to businesses and their management that can
act quickly, advise wisely and execute precisely to 'put out the
fire and protect the stakeholders from getting burned'."

Learn more about MACCO at http://www.macco.group/


[*] S&P Takes Various Rating Actions on Business Services Sector
----------------------------------------------------------------
S&P Global Ratings said business and consumer services providers
are facing unprecedented operational disruptions and revenue
declines as worldwide social distancing sanctions force
nonessential business to temporarily suspend operations and
consumers to stay indoors. Most business are commencing with
short-term closures (few weeks to a month) but S&P believes
extensions are likely. The risk of foregone volumes and revenues
during this period of COVID-19-related disruption is substantial,
as many services companies provide largely intangible, point of
sale experiences. Although 2020 revenue growth will undoubtedly
decline, a prolonged economic downturn would have broader reaching
credit implications, including a spike in layoffs. Despite the
sector's largely variable cost structure, S&P would also expect
cash flow to contract as the elevated debt service needs of its
highly leveraged issuers stress liquidity.

S&P acknowledges a high degree of uncertainty about the rate of
spread and peak of the coronavirus pandemic.

"Some government authorities estimate it will peak between June and
August, and we are using this assumption in assessing the economic
and credit implications. We believe measures to contain COVID-19
have pushed the global economy into recession and could cause a
surge of defaults among nonfinancial corporate borrowers. As the
situation evolves, we will update our assumptions and estimates
accordingly," S&P said.

"We plan to publish individual reports as soon as practical.
Ratings on CreditWatch reflect significant anticipated stress on
revenue and cash flow over the next several months, or possibly
longer, that could cause us to lower ratings over a short time
frame, even if companies currently have good leverage levels and
liquidity cushions. Outlook revisions to negative reflect the
possibility of a downgrade over the next six to 12 months.
Downgrades typically reflect operating metrics and leverage
measures that were already weak compared with downgrade thresholds
at the previous rating, are likely to deteriorate over the next
year or very thin liquidity in the face of high fixed charges, or
defaulted," the rating agency said.

  Ratings List

  Downgraded; Outlook Action
                                        To             From
  Genuine Financial Holdings LLC
    Issuer Credit Rating         B-/Negative/--   B/Negative/--

  PGX Holdings Inc.
    Issuer Credit Rating         D/--             CCC/Negative/--

  STG-Fairway Acquisitions Inc.
  STG-Fairway Holdings, LLC
  (d/b/a First Advantage Corporation)
   Issuer Credit Rating          B-/Negative/--   B/Negative/--

  Sterling Intermediate Corp.
  Sterling Midco Holdings Inc.
    Issuer Credit Rating         B-/Negative/--   B/Stable/--

  Downgraded; CreditWatch/Outlook Action

  Output Services Group, Inc.
   Issuer Credit Rating         CCC+/Watch Neg/-- B-/Negative/--

  Ratings Affirmed; CreditWatch/Outlook Action

  PetroChoice Holdings, Inc.
   Issuer Credit Rating         B-/Negative/--    B-/Stable/--

  LegalZoom.com, Inc.
   Issuer Credit Rating         B-/Stable/--      B-/Positive/--


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re HOS Wellmax Services, LLC
   Bankr. S.D. Tex. Case No. 20-32016
      Chapter 11 Petition filed March 31, 2020
         See https://is.gd/3ZABaa
         represented by: Matthew D. Cavenaugh, Esq.
                         JACKSON WALKER L.L.P.
                         E-mail: mcavenaugh@jw.com

In re Nancy Jannete Mendez-Vasquez
   Bankr. C.D. Cal. Case No. 20-13448
      Chapter 11 Petition filed April 1, 2020
         represented by: Anthony Egbase, Esq.

In re Obaid S. Shaikh
   Bankr. W.D. Pa. Case No. 20-21158
      Chapter 11 Petition filed April 1, 2020
         represented by: Mary Bower Sheats, Esq.

In re Brandy J. Plourde
   Bankr. D. Maine Case No. 20-10161
      Chapter 11 Petition filed April 1, 2020
         represented by: James F. Molleur, Esq.
                         MOLLEUR LAW OFFICE
                         Email: jim@molleurlaw.com/
                                tanya@molleurlaw.com

In re Westside Liquidators of Jax, Inc.
   Bankr. M.D. Fla. Case No. 20-01208
      Chapter 11 Petition filed April 2, 2020
         See https://is.gd/JvseCn
         represented by: Jason A. Burgess, Esq.
                         THE LAW OFFICES OF JASON A. BURGESS, LLC
                         E-mail: jason@jasonAburgess.com

In re Jimmy L. Lane
   Bankr. N.D. Miss. Case No. 20-11449
      Chapter 11 Petition filed April 1, 2020
         represented by: Robert Gambrell, Esq.

In re Susan R. Hayes
   Bankr. N.D. Ga. Case No. 20-65228
      Chapter 11 Petition filed April 2, 2020
         represented by: Leslie Pineyro, Esq.
                         JONES & WALDEN, LLC

In re Steven M. Leoni
   Bankr. N.D. Fla. Case No. 20-40157
      Chapter 11 Petition filed April 3, 2020
         represented by: Robert Bruner, Esq.
                         BRUNER WRIGHT, P.A.
                         Email: rbruner@brunerwright.com
  
In re Timothy A. Davis and Patricia A. Davis
   Bankr. D. Idaho Case No. 20-00318
      Chapter 11 Petition filed April 3, 2020
         represented by: Matthew T. Christensen, Esq.

In re Christian M. Gray
   Bankr. E.D. Pa. Case No. 20-11912
      Chapter 11 Petition filed April 3, 2020
         represented by: Joseph T. Bambrick Jr., Esq.

In re Gregory J. Halpern
   Bankr. S.D. Cal. Case No. 20-01894
      Chapter 11 Petition filed April 3, 2020
         represented by: Lewis, L., Esq.

In re Most Choice Healthcare, LLC
   Bankr. W.D. Tex. Case No. 20-50736
      Chapter 11 Petition filed April 3, 2020
         See https://is.gd/7ytRaQ
         represented by: David T. Cain, Esq.
                         LAW OFFICE OF DAVID T. CAIN
                         E-mail: caindt@swbell.net

In re McGinley Funeral Home and Cremation Service LLC
   Bankr. E.D.N.Y. Case No. 20-41815
      Chapter 11 Petition filed April 5, 2020
         See https://is.gd/zpIv5c
         represented by: Lawrence F. Morrison, Esq.
                         MORRISON TENENBAUM, PLLC
                         E-mail: info@m-t-law.com

In re Aziz A Soomro Physician PC
   Bankr. S.D.N.Y. Case No. 20-22465
      Chapter 11 Petition filed April 4, 2020
         See https://is.gd/sgM7qO
         represented by: H. Bruce Bronson, Esq.
                         BRONSON LAW OFFICE, P.C.
                         E-mail: hbbronson@bronsonlaw.net

In re Japan Investment, Inc.
   Bankr. N.D. Tex. Case No. 20-31085
      Chapter 11 Petition filed April 6, 2020
         See https://is.gd/tISB90
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re MMPR Medical Consulting Services
   Bankr. S.D. Fla. Case No. 20-14258
      Chapter 11 Petition filed April 6, 2020
         See https://is.gd/8JCQ2j
         Filed Pro Se

In re Prime Celebration, LLC
   Bankr. N.D. Tex. Case No. 20-31113
      Chapter 11 Petition filed April 6, 2020
         See https://is.gd/1w1Gr3
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re Martine I. Schwartz
   Bankr. E.D. Mich. Case No. 20-44785
      Chapter 11 Petition filed April 6, 2020
         represented by: Stuart Gold, Esq.

In re Donald Phillip Tanner
   Bankr. M.D. Ga. Case No. 20-10378
      Chapter 11 Petition filed April 6, 2020
          represented by: Wesley Boyer, Esq.

In re Roger L. Lamar
   Bankr. M.D. Ga. Case No. 20-50663
      Chapter 11 Petition filed April 6, 2020

In re BA General Inc.
   Bankr. D. Nev. Case No. 20-50402
      Chapter 11 Petition filed April 6, 2020
         See https://is.gd/G3oW4n
         represented by: Paul J. Malikowski, Esq.
                         LAW OFFICES OF PAUL J MALIKOSWKI
                         E-mail: paul@nvlaw.com

In re Mills Elder Law LLC
   Bankr. S.D. Fla. Case No. 20-14280
      Chapter 11 Petition filed April 7, 2020
         See https://is.gd/IrtXCf
         represented by: Darren Mills, Esq.
                         MILLS LAW OFFICE PLLC
                         E-mail: djmills@millselderlaw.com

In re Rene Alberto Garces
   Bankr. S.D. Tex. Case No. 20-32101
      Chapter 11 Petition filed April 7, 2020
         represented by: Jessica Hoff, Esq.

In re Germaine Elzie Gary
   Bankr. S.D. Tex. Case No. 20-32102
      Chapter 11 Petition filed April 7, 2020

In re Rising Stars Childcare LLC
   Bankr. S.D. W.Va. Case No. 20-50059
      Chapter 11 Petition filed April 7, 2020
         See https://is.gd/aeImoU
         represented by: Daniel Lattanzi, Esq.
                         PEPPER AND NASON
                         E-mail: tinas@peppernason.com


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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                   *** End of Transmission ***