/raid1/www/Hosts/bankrupt/TCR_Public/200415.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, April 15, 2020, Vol. 24, No. 105

                            Headlines

110 WEST PROPERTIES: Taps Lamb & Kawakami as Special Counsel
5019 PARTNERS: Seeks Access to Cash Collateral Through Dec. 31
7 GENERAL CONTRACTING: Allowed to Use Cash Collateral Until July 31
A TO Z TOTAL: Court Denies Cash Collateral Motion
AAR CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB-

ABA THERAPY: Exclusivity Period Extended to July 7
ACQUIRED SALES: Incurs $1.2MM Net Loss for Quarter Ended Dec. 31
ADVANTAGE SALES: S&P Cuts ICR to CCC+; Ratings on Watch Developing
AIR CANADA: Egan-Jones Lowers Senior Unsecured Ratings to B
AIS HOLDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR

ALLEGHENY TECHNOLOGIES: Egan-Jones Lowers Sr. Unsec. Ratings to B-
ALLEGIANT TRAVEL: Egan-Jones Lowers Senior Unsecured Ratings to B
AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
AMERICAN RESOURCE: Trustee Hires Bast Amron as Special Counsel
AMISH FARMERS: May Use Cash Collateral Thru May 6

AP GAMING: S&P Cuts ICR to 'B'; Ratings Remain on Watch Negative
APACHE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB
APPLE INTERNATIONAL: Chapter 15 Case Summary
ARCTIC GLACIER: S&P Downgrades ICR to 'CCC+'; Outlook Negative
ARMOR HOLDCO: Moody's Cuts CFR to Caa1, Outlook Negative

AUDIOEYE INC: MaloneBailey LLP Raises Going Concern Doubt
AVA TRANSPORTATION: Case Summary & 18 Unsecured Creditors
BABCOCK & WILCOX: Deloitte & Touche LLP Raises Going Concern Doubt
BAYTEX ENERGY: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
BEP ULTERRA: S&P Alters Outlook to Negative, Affirms 'B-' ICR

BIG ASS FANS: S&P Cuts ICR to 'CCC+' on Expected Leverage Increase
BIG LOTS: S&P Withdraws 'BB+' ICR; Outlook Negative
BRIDGEMARK CORPORATION: Taps Numeric Solutions as Consultant
BROMPTON OIL: DBRS Lowers Preferred Shares Rating to D
BROOKDALE SENIOR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC

BROOKFIELD RESIDENTIAL: Moody's Affirms B1 CFR, Outlook Stable
BROWN JORDAN: Moody's Cuts CFR to B3 & Alters Outlook to Negative
CARVANA CO: T. Rowe Price Has 20.3% Stake as of March 31
CENTRAL GARDEN: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
CERIDIAN HCM: S&P Alters Outlook to Negative, Affirms 'B+' ICR

CHIMNEY HILL: Ch.11 Trustee Taps Thomas H. Casey as Counsel
CIENA CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
CINCINNATI BELL: S&P Lowers ICR to 'B-'; Outlook Stable
CINEMARK HOLDINGS: S&P Cuts ICR to BB-; Ratings on Watch Negative
CLEVELAND-CLIFFS INC: Egan-Jones Lowers Unsecured Ratings to B-

CLINIGENCE HOLDINGS: Delays Filing of Annual Report Amid Pandemic
CNX RESOURCES: S&P Affirms 'B+' ICR; Outlook Negative
COLORADO WINDOW: Gets Interim Approval to Use Cash Collateral
COLUMBUS MCKINNON: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+
COMPASS PUBLIC CHARTER SCHOOL, ID: S&P Rates 2020B Rev. Bonds 'BB'

CONTURA ENERGY: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable
CORPORATE HOUSING: Gets Interim Cash Collateral Access
CUKER INTERACTIVE: Seeks May 31 Exclusivity Period Extension
CUPID CANDIES: Hires Springer Brown as Counsel
CURO GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR

CYXTERA DC: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
DAK RESOURCES: Court Grants Interim Access to Cash Collateral
DELTA AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB
DESTILLERIA NACIONAL: Taps Isabel Fullana-Fraticelli as Counsel
DGI TRADING USA: Taps Ray Battaglia as Bankruptcy Counsel

DIEBOLD NIXDORF: Egan-Jones Lowers Senior Unsecured Ratings to CCC
DIOCESE OF ROCHESTER: Exclusivity Period Extended to Oct. 6
DOMTAR CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
EASTSIDE DISTILLING: M&K CPAS PLLC Raises Going Concern Doubt
ED3 CONSULTANTS: Has Final Authorization on Cash Collateral Use

ENERGY HOLDINGS: S&P Alters Outlook to Negative on Weak Demand
ENVEN ENERGY: S&P Downgrades ICR to 'B-' on Weaker Credit Metrics
EQM MIDSTREAM: S&P Downgrades ICR to 'BB-'; Outlook Negative
FERRELLGAS PARTNERS: Prices $125M 10.000% Senior Secured due 2025
FERRELLGAS PARTNERS: S&P Rates $575MM Senior Secured Notes 'CCC'

FIELDWOOD ENERGY: S&P Downgrades ICR to 'CCC'; Outlook Negative
FIRST RIVER: Loses Partial Summary Ruling Bid vs Deutsche Bank
FLEXENTIAL INTERMEDIATE: Moody's Cuts CFR to Caa1, Outlook Neg.
FLY LEASING: S&P Alters Outlook to Negative, Affirms 'BB' ICR
FRONTIER FUNDS: Discloses Going Concern Doubt for 531 Fund

G.D.S. EXPRESS: Gets Final Nod to Obtain Loan, Use Cash Collateral
GAVILAN RESOURCES: S&P Cuts ICR to 'D' on Missed Interest Payment
GENERAL CANNABIS: To Acquire Cannasseur for $2.35 Million
GLOBAL EAGLE: Modifies Terms of Citibank Credit Agreement
GOLD COAST PARTNERS: Hires Joel A. Schechter as Counsel

GOVERNMENT OF GUAM: S&P Alters Outlook to Negative
HALO BUYER: Moody's Cuts CFR to B3, On Review for Downgrade
HANESBRANDS INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
HARTSHORNE HOLDINGS: Gets Final Nod on $7.6-Mil Loan, Cash Use
HAWAIIAN HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to B

HCA INC/OLD: Egan-Jones Lowers Senior Unsecured Debt Ratings to B
HELMERICH & PYNE: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
HEXCEL CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
HIGH LINER FOODS: S&P Alters Outlook to Negative, Affirms 'B' ICR
HILCORP ENERGY: S&P Downgrades ICR to 'BB-' on Weak Credit Metrics

HILTON WORLDWIDE: S&P Downgrades ICR To 'BB', Outlook Negative
II-VI INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
IMH FINANCIAL: BDO USA Raises Substantial Going Concern Doubt
INPIXON: Registers 11M Additional Shares Under 2018 Plan
INPIXON: To Issue 183,486 Shares to Satisfy Unpaid Legal Fees

INTERNATIONAL WIRE: Moody's Cuts CFR to Caa2, Outlook Negative
ISAIAH OWENS: Seeks Court Approval to Hire Windels Marx as Counsel
J. CREW GROUP: Moody's Cuts CFR & Senior Secured Rating to Caa3
J.C. PENNEY: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative
JASON INC: S&P Downgrades ICR to 'SD' on Missed Interest Payment

JENAMAC LLC: Gets Interim Nod to Use Cash Collateral
JERSEY COMMUNITY SCHOOL: Moody's Affirms Ba3 on $9.25MM Bonds
JETBLUE AIRWAYS: Egan-Jones Lowers Senior Unsecured Ratings to B+
JUNIPER NETWORKS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
K3D PROPERTY: Has Cash Collateral Access Thru July 4

KENAN ADVANTAGE: S&P Lowers ICR 'CCC+'; Outlook Negative
KITE REALTY: Egan-Jones Lowers Senior Unsecured Ratings to BB
KNOWLTON DEVELOPMENT: S&P Downgrades ICR to 'B-' on Demand Decline
KOSMOS ENERGY: S&P Downgrades ICR to 'B'; Outlook Negative
L BRANDS: Moody's Alters Outlook on Ba3 CFR to Negative

LACONIA LLC: Has Final Approval to Use Cash Collateral
LANDSTREET PROJECT: Taps Nutovic & Associates as Counsel
LATEX FOAM: Allowed to Continue Using Cash Collateral Until May 2
LEGACY EDUCATION: MaloneBailey Raises Going Concern Doubt
LIL LILLY'S: Taps Gary S. Poretsky as Bankruptcy Counsel

LIONS GATE: S&P Alters Outlook to Negative, Affirms 'B' ICR
LIQUI-BOX HOLDINGS: S&P Downgrades ICR to 'CCC+'; Outlook Negative
LITTLE MINDS: Allowed to Use Cash Collateral on Final Basis
LONGVIEW POWER: Case Summary & 20 Largest Unsecured Creditors
MACK-CALI REALTY: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+

MAGNOLIA OIL: S&P Alters Outlook to Negative, Affirms 'B+' ICR
MALIBU CALIFORNIA: Hires Michael H. Raichelson as Counsel
MANITOWOC CO: Egan-Jones Lowers Sr. Unsecured Ratings to B-
MAVIS TIRE: S&P Downgrades ICR to 'B-' on Business Disruption
MEDCARE PEDIATRIC: May Use Veritex Cash Collateral

MERCER INT'L: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B
MILLAR WESTERN: S&P Downgrades ICR to 'CCC+'; Outlook Negative
MOTIV8 INVESTMENTS: Seeks to Hire Lionel E. Giron as Counsel
MOUNTAIN VIEW: Final Cash Collateral Hearing Continued to April 29
MWI HOLDINGS: S&P Cuts ICR to CCC+ on Expected Leverage Increase

NAVISTAR INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
NCR CORP: S&P Lowers Issuer Credit Rating to 'BB-'; Outlook Stable
NEENAH INC: Moody's Alters Outlook on Ba2 CFR to Negative
NEENAH INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR
NELNET INC: S&P Alters Outlook to Negative on Loss of DOE Bid

NET ELEMENT: Daszkal Bolton LLP Raises Going Concern Doubt
NIAGARA FRONTIER: Obtains Interim Approval to Use Cash Collateral
NIELSEN NV: Egan-Jones Lowers Senior Unsecured Ratings to B
NORTH AMERICAN LIFTING: S&P Cuts Issuer Credit Rating to 'SD'
NUSTAR ENERGY: Moody's Places Ba2 CFR on Review for Downgrade

ORGANIC POWER: Seeks July 30 Extension for Plan Amid Quarantine
OWENS CORNING: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
PENN NATIONAL: Egan-Jones Lowers Senior Unsecured Ratings to CCC
PENSKE AUTOMOTIVE: S&P Alters Outlook to Neg., Affirms 'BB' ICR
PERRY A. RESNICK: Taps VerStandig and Palik as Counsel

PEYTO EXPLORATION: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
PH GLATFELTER: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
PHUNWARE INC: Registers up to 21.9M Shares for Possible Resale
PIERCE WILLIAMS: Seeks to Hire Jason E. Holland as Counsel
PREMIER BRANDS: Moody's Alters Outlook on B3 CFR to Negative

PROJECT ACCELERATE: Moody's Cuts CFR to Caa1, Outlook Negative
RCJM INC: May 5 Hearing on Amended Plan & Disclosures
RELIV' INTERNATIONAL: Ernst & Young LLP Raises Going Concern Doubt
RESOLUTE FOREST: Egan-Jones Lowers Unsecured Debt Ratings to B+
REVLON INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CC

RGIS SERVICES: Moody's Cuts CFR & Sr. Secured Rating to Caa3
SABLE PERMIAN: S&P Lowers ICR to 'D' on Missed Interest Payment
SCOTTS MIRACLE-GRO: Egan-Jones Lowers Sr. Unsecured Ratings to BB
SEABRAS 1 USA: Asks Court to Extend Exclusivity Period to Aug. 18
SEANERGY MARITIME: Mitchell Kopin, et al. Have 9.9% Stake

SERVICENOW INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
SEVEN GENERATIONS: S&P Lowers ICR to 'BB-'; Outlook Negative
SGR WINDDOWN: Court Approves Disclosure Statement
SHERIDAN HOLDING: Prepackaged Plan Declared Effective March 30
SKYLINE RIDGE: Gets Approval to Expand Scope of Engelman Employment

SKYWEST INC: Egan-Jones Lowers Senior Unsecured Ratings to B+
SPIRIT AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to B+
STONE OAK MEMORY: Sixth Interim Cash Collateral Order Entered
SUMMERBROOK DENTAL: May Use Cash Collateral on Interim Basis
SUMMIT MIDSTREAM: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-

SUREFUNDING LLC: Case Summary & 20 Largest Unsecured Creditors
SURVEYMONKEY INC: Moody's Alters Outlook on B3 CFR to Stable
SYNIVERSE HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Negative
TAILWIND SMITH: Moody's Cuts CFR to B3, Outlook Negative
TECH DATA: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB

TEINE ENERGY: S&P Alters Outlook to Negative, Affirms 'B' ICR
TELKONET INC: BDO USA Raises Substantial Going Concern Doubt
THERMON GROUP: S&P Lowers ICR to 'B' on Expected Lower Demand
TM VILLAGE: Court Confirms Amended Plan
TOWN SPORTS: Egan-Jones Lowers Senior Unsecured Ratings to CCC-

TROIANO TRUCKING: Granted Cash Collateral Access Thru April 30
TUPPERWARE BRANDS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
U.S. STEEL: Egan-Jones Lowers Senior Unsecured Ratings to CCC
VANTAGE POINT APPAREL: Hires M. Jones and Associates as Counsel
VARANDA GROUP: Has Permission to Use Cash Collateral until April 16

VARSITY BRANDS: S&P Lowers ICR to 'CCC+'; Outlook Negative
VENUS CONCEPT: MNP LLP Raises Substantial Going Concern Doubt
VESTA ENERGY: S&P Lowers ICR to 'CCC+'; Outlook Negative
VIRTUOLOTRY LLC: Hires C.D. Shamburger, Jr. as Accountant
W&T OFFSHORE: S&P Downgrades ICR to 'CCC+'; Outlook Negative

WATSON VALVE: Hires SSG Advisors as Investment Banker
WELBILT INC: Moody's Cuts CFR to B3 & Sr. Sec. Rating to B2
WHEATON MEDICAL: May Use Cash Collateral Thru Apr. 17
WHITING PETROLEUM: Egan-Jones Lowers Sr. Unsecured Ratings to CCC-
WILLOUGHBY ESTATES: Seeks Combined Hearing on Plan & Disclosures

WILLOUGHBY ESTATES: Unsecureds Get 100% Recovery in Plan

                            *********

110 WEST PROPERTIES: Taps Lamb & Kawakami as Special Counsel
------------------------------------------------------------
110 West Properties LLC and its debtor-affiliates seek approval
from the U.S. Bankruptcy Court for the Central District of
California to employ Kevin J. Lamb and Patrick L. Rendon of Lamb &
Kawakami LLP as the Debtors' special counsel over real property
matters, which are the removed state court matters in the Dos
Cabezas Proceeding, Case No. 18STCV08801 (Cal. Super., Los Angeles
Cty).

The firm will not be responsible for the core bankruptcy work in
this case and will solely represent the Debtor with respect to the
Real Estate Matters.

The firm will be paid at these hourly rates:

     Partners                 $450 - $675
     Other Attorneys          $350 - $650
     Paralegals               $200 - $360
     Project/Legal Assistants $100 - $230

The principal attorneys designated to represent the Debtors and
their hourly rates are:

     Kevin J. Lamb       Attorney       $650
     Patrick L. Rendon   Attorney       $640

Mr. Lamb declared that the firm and its attorneys do not hold or
represent an interest adverse to the Debtor or the estate, and do
not have any connection with the Debtors, the creditors, or any
other party in interest in the Debtors' bankruptcy case.

The firm can be reached through:

     Kevin J. Lamb, Esq.
     LAMB & KAWAKAMI LLP
     333 South Grand Avenue, Suite 4200
     Los Angeles, CA 90071
     Telephone: (213) 630-5510
     E-mail: klamb@lkfirm.com

          - and -
           
     Patrick L. Rendon, Esq.
     LAMB & KAWAKAMI LLP
     333 South Grand Avenue, Suite 4200
     Los Angeles, CA 90071
     Telephone: (213) 630-5570
     E-mail: prendon@lkfirm.com

                     About 110 West Properties LLC

110 West Properties, LLC, a privately held company in Los Angeles,
Calif., filed a voluntary Chapter 11 petition (Bankr. C.D. Cal.
Case No. 19-24048) on Nov. 29, 2019. The petition was signed by
Richard K. Ullman, Sr. of RU, LLC, manager of the Debtor.

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

Gregory K. Jones, Esq., at Dykema Gossett LLP, is the Debtor's
legal counsel.


5019 PARTNERS: Seeks Access to Cash Collateral Through Dec. 31
--------------------------------------------------------------
5019 Partners, LLC, seeks authority from the U.S. Bankruptcy Court
for the Central District of California to use the revenues
generated by its residential rental property, which funds may
constitute the cash collateral of Bank of New York Mellon Bank.

The Debtor believes that the value of the Property is approximately
$700,000. The balance of the Bank of New York Mellon Bank's
mortgage is at least $1,100,000. Since the Bank is not
fully-secured via its lien on the Property, the Debtor is willing
to tender adequate protection payments during the pendency of the
Case and will negotiate an amount to be paid directly to the Bank.

Although the Bank refuses to accept payments on the mortgage, the
Debtor would be agreeable to tendering adequate protection
payments.

The Debtor estimates the following expenses related to operation of
its rental property through Dec. 31, 2020: (i)$250 for insurance;
(ii) $100 for gardener; (iii) $200 for pool service; (iv) $850 for
utilities; and (v) $20 bank charges.

A copy of the motion is available for free at https://is.gd/KvJCeM
from PacerMonitor.com.

                     About 5019 Partners

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

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

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


7 GENERAL CONTRACTING: Allowed to Use Cash Collateral Until July 31
-------------------------------------------------------------------
Judge Henry A. Callaway of the U.S. Bankruptcy Court for the
Southern District of Alabama authorized 7 General Contracting, Inc.
to use the cash collateral until the earliest to occur of (i) the
date on which Hancock Whitney Bank provides written notice of the
occurrence of an event of default; or (ii) the expiration of the
budget on July 31, 2020; or (iii) entry of an order terminating the
authorization to use cash collateral.   

Hancock Whitney Bank is granted a replacement lien in all
post-petition collateral of the Debtor but only to the extent of
the cash collateral used by the Debtor. Said replacement lien will
be in addition to the prepetition liens and will have the same
priority in the Debtor's post-petition assets and proceeds thereof
that the Bank held in the pre-petition collateral.

Commencing April 1, 2020, the Debtor will pay Hancock Whitney Bank
$6,750 per week. At the end of the budget period on July 31, the
Debtor and the Bank will equally divide all funds on hand over and
above the amount on hand in the Regions DIP as of April 3.

The Debtor will also pay the IRS $1,500 monthly on the 15th day of
each month.

Hancock Whitney Bank will also have a superpriority administrative
expense claim to the extent the adequate protection provided in the
interim order proves insufficient to protect the Bank from the
diminution of its collateral.

A hearing will be held on July 28 at 8:30 a.m. during which time
the Court will consider approving Debtor's cash collateral on a
final basis.  Objections are due by July 21, 2020.

A copy of the order is available for free at https://is.gd/TK7FTl
from PacerMonitor.com.

                 About 7 General Contracting

7 General Contracting, Inc. owns in fee simple a raw land located
in Gulfport, Miss., having an appraised value at $2.2 million.

7 General Contracting filed a Chapter 11 petition (Bankr. S.D. Ala.
Case No. 20-10172) on Jan. 17, 2020. In the petition signed by
Charlie Heath Mason, president, the Debtor disclosed $2,442,634 in
assets and $11,581,296 in liabilities.  Judge Henry A. Callaway
oversees the case. Robert M. Galloway, Esq., at Galloway Wettermark
& Rutens, LLP, serves as the Debtor's bankruptcy counsel.


A TO Z TOTAL: Court Denies Cash Collateral Motion
-------------------------------------------------
A to Z Total Appliance Repair, Inc., sought permission from the
Bankruptcy Court for the Eastern District of Michigan to use cash
collateral.  Judge Thomas J. Tucker, however, denied the Debtor's
request, ruling that the Debtor's cash collateral motion is
unnecessary there being no cash collateral in the Debtor's case.
  
The Court found that no creditor has a security interest or lien in
any of the Debtor's assets, including any of the assets that
otherwise could be considered as "cash collateral".

Judge Tucker, nevertheless, ruled that in the event it later turns
out that there in fact is cash collateral as determined by the
Court at a later date, the current order now authorizes the Debtor,
under Section 362(c)(2)(B) of the Bankruptcy Code, to use, sell, or
lease any such cash collateral in the ordinary course of business,
without restriction or conditions.

                 About A to Z Total Appliance

A to Z Total Appliance Repair, Inc. (https://www.atozheating.com)
is a family owned company that services furnaces, water heaters and
air conditioners.  Its technicians service and repair all models of
residential and commercial heating and air conditioning.

A to Z Total Appliance Repair, Inc. sought protection under Chapter
11 of the Bankruptcy Court (Bankr. E.D. Mich. Case No. 20-42714) on
Feb. 26, 2020.  In the petition signed by Colleen Connor, vice
president, the Debtor disclosed $141,008 in assets and $1,034,762
in liabilities.

Ethan D. Dunn, Esq. at MAXWELL DUNN, PLC, is serving as the
Debtor's counsel.


AAR CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by AAR Corporation to BB- from BB.

AAR Corporation is an independent provider of aviation and
expeditionary services to the global commercial, government and
defense aviation industries.



ABA THERAPY: Exclusivity Period Extended to July 7
--------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
extended to July 7 the exclusive period for ABA Therapy Solutions,
LLC to file a Chapter 11 plan of reorganization.

The company can solicit acceptances for the plan until Sept. 8.

The extension will give ABA Therapy enough time to review the
claims of its creditors and determine the treatment of such claims
under the plan.

The deadline for governmental units to file their claims is July 6
while the deadline for other creditors of ABA Therapy to file
proofs of claims is May 13.  .

                    About ABA Therapy Solutions

Founded in 2012 by Linda Peirce, ABA Therapy Solutions provides
in-home and clinic services covering language, behavioral,
self-help skills and social skills for individuals with autism
spectrum disorders, down syndrome and other developmental
disabilities.

ABA Therapy Solutions filed a voluntary Chapter 11 petition (Bankr.
S.D. Fla. Lead Case No. 20-10208) on Jan. 7, 2020.  In the petition
signed by Linda Peirce, managing member, the Debtor disclosed
$157,637 in assets and $1,342,155 in liabilities.

Judge Erik P. Kimball oversees the case.  

Debtor tapped Kelley Fulton & Kaplan, P.L. as its legal counsel,
and Jessica J. Sumner, EA, LLC as its accountant.


ACQUIRED SALES: Incurs $1.2MM Net Loss for Quarter Ended Dec. 31
----------------------------------------------------------------
Acquired Sales Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$1,236,105 on $0 of revenue for the year ended Dec. 31, 2019,
compared to a net loss of $220,621 on $0 of revenue for the year
ended in 2018.

The audit report of Fruci & Associates II, PLLC states that the
Company has an accumulated deficit, net losses, and did not
generate revenue during 2019. These factors raise substantial doubt
about the Company’s ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $6,490,712, total liabilities of $189,243, and a total
shareholders' equity of $6,301,469.

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

                    https://is.gd/JcAkdw

Acquired Sales Corp. does not have significant operations.
Previously, it was engaged in selling software licenses and
hardware, and the provision of consulting and maintenance services.
The company is exploring potential acquisitions of all or a portion
of one or more operating businesses involving the manufacture and
sale of cannabidiol (CBD)-infused products, such as beverages,
muscle/joint rubs, oils, crystals, tinctures, bath bombs, isolate,
relief balms, elixirs, body washes, med sticks, lotions, vape pens
and cartridges, shatter, and gummies. Acquired Sales Corp. was
founded in 1986 and is headquartered in Lake Forest, Illinois.


ADVANTAGE SALES: S&P Cuts ICR to CCC+; Ratings on Watch Developing
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit ratings on U.S.-based
Advantage Sales & Marketing Inc. (ASM) and parent Advantage
Solutions Inc. to 'CCC+' from 'B-' and placed them on CreditWatch
with developing implications.

S&P is also lowering its issue-level ratings on ASM's senior
secured first-lien debt to 'CCC+' from 'B-' and on the company's
senior secured second-lien debt to 'CCC-' from 'CCC', and placing
them on CreditWatch with developing implications.

The downgrade reflects heightened risk that ASM will be unable to
refinance its first-lien debt maturing in 2021 because of very weak
market conditions. The company has roughly $2.5 billion in
first-lien term debt that matures in July 2021, and its revolving
credit facility matures in April 2021.

"We had revised our outlook on our 'B-' issuer credit rating on ASM
to positive in February after the company announced a refinancing
of its debt capital structure. We expected the company would
complete the transaction because it was modestly deleveraging (the
sponsors were expected to contribute $200 million) and operating
performance had strengthened over the course of 2019 and into early
2020." However, market conditions became volatile shortly after the
announcement amid the rapid spread of COVID-19; it's been very
difficult for speculative-grade companies to issue debt over the
past few weeks," S&P said.

The CreditWatch placement reflects challenging market conditions
and the potential for a higher or lower rating depending on whether
ASM can refinance its debt on satisfactory terms.

S&P could lower the ratings if ASM is unable to refinance its debt
on satisfactory terms in the next few months due to sustained weak
market conditions or weaker than expected operating performance.

On the other hand, S&P could raise the ratings if ASM refinances
its debt on satisfactory terms, such that the rating agency
believes the company will continue to generate satisfactory free
cash flow and maintain a healthy liquidity position
post-transaction.


AIR CANADA: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Air Canada to B from BB-. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Air Canada is the flag carrier and the largest airline of Canada by
fleet size and passengers carried. The airline, founded in 1937,
provides scheduled and charter air transport for passengers and
cargo to 207 destinations worldwide. It is a founding member of the
Star Alliance.



AIS HOLDCO: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings said it revised its outlook on business services
provider AIS HoldCo LLC to negative from stable. S&P affirmed its
'B' long-term issuer credit rating on the company and its 'B'
long-term issue rating on the company's first-lien credit facility.
The recovery rating on the first-lien facility remains '3',
indicating S&P's expectation for meaningful recovery (65%-70%;
rounded estimate: 65%) in the event of a payment default. S&P also
affirmed its 'CCC+' issue rating on the second-lien term loan.

The revised outlook reflects a slower-than-anticipated pace for
AIS' increased marketing investments following the spinoff from
Affinion. S&P expects current economic conditions to further
pressure these efforts.

The negative outlook reflects AIS' year-end 2019 performance, which
fell below S&P's expectations, coupled with the uncertain
macroeconomic conditions in 2020 from the COVID-19 pandemic, which
could affect top-line growth initiatives and ultimately pressure
leverage and coverage metrics over the next 12 months.

"We could lower the rating in the next 12 months if AIS does not
meet our base-case expectations of leverage below 7x or coverage
nearing 2x by year-end 2020. This could occur if the company cannot
transform increased marketing volume into actual revenue, if
uncertainty from macroeconomic conditions reduces client response
rates, or if financial policy is more aggressive than we expect,"
S&P said.

"We could revise the outlook to stable if AIS improves its leverage
and coverage measures such that its debt-to-EBITDA ratio stays
below 7x and its EBITDA interest coverage ratio improves to about
2x. This may happen if investment in marketing services and
increased mailings materializes and leads to top-line growth in the
next 12 months," S&P said.

Although it is unlikely, S&P could raise its ratings on AIS if the
company is able to grow substantially and sustain leverage below 5x
and coverage in the 3x range.


ALLEGHENY TECHNOLOGIES: Egan-Jones Lowers Sr. Unsec. Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Allegheny Technologies Incorporated to B- from BB-.
EJR also downgraded the rating on commercial paper issued by the
Company to B from A3.

Allegheny Technologies Incorporated is a specialty Metals Company
headquartered at Six PPG Place in Pittsburgh, Pennsylvania.



ALLEGIANT TRAVEL: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Allegiant Travel Company to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Allegiant Air is an American low-cost airline that operates
scheduled and charter flights. As a major air carrier, it is the
ninth-largest commercial airline in the US. It is wholly owned by
Allegiant Travel Company, a publicly-traded company with 4,000
employees and over US$2.6 billion market capitalization.



AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by American Airlines Group Inc. to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

American Airlines Group Inc. is an American publicly traded airline
holding company headquartered in Fort Worth, Texas. It was formed
on December 9, 2013, in the merger of AMR Corporation, the parent
company of American Airlines, and US Airways Group, the parent
company of US Airways.



AMERICAN RESOURCE: Trustee Hires Bast Amron as Special Counsel
--------------------------------------------------------------
Barry E. Mukamal, the Chapter 11 Trustee of American Resource
Management Group, LLC (DE), and its debtor-affiliates, seeks
authority from the U.S. Bankruptcy Court for the Southern District
of Florida to employ Bast Amron LLP, as special counsel to the
Trustee.

The Trustee requires Bast Amron to assist the Debtor in an
adversary proceeding styled, Barry E. Mukamal vs Scottsdale
Insurance Company, Adv. Pro. No. 19-01782-PGH.

Bast Amron will be paid at the hourly rates of $192 to $297.

Bast Amron will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Brett M. Amron, partner of Bast Amron LLP, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Bast Amron can be reached at:

     Brett M. Amron, Esq.
     BAST AMRON LLP
     1 SE 3rd Ave.
     Miami, FL 33131
     Tel: (305) 379-7904

              About American Resource Management

American Resource Management, LLC, is a timeshare liquidation
company headquartered in Florida.

American Resource Management, LLC (DE) and 8 affiliates sought
Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 19-14605) on
April 9, 2019.  The petition was signed by Shyla Cline and Scott
Morse, managers.  At the time of filing, the Debtor was estimated
to have $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.

Judge John K. Olson oversees the case.

Tate M. Russack, Esq., at RLC Lawyers & Consultants, in Boca Raton,
Fla., is the Debtor's bankruptcy attorney.  Bast Amron LLP, is
special counsel.

Barry Mukamal was appointed as Chapter 11 trustee for the Debtors.
The Trustee is represented by Kozyak Tropin & Throckmorton LLP.


AMISH FARMERS: May Use Cash Collateral Thru May 6
-------------------------------------------------
The Bankruptcy Court for the Northern District of Illinois
authorized Amish Farmers, Inc., to use cash collateral through and
including May 6, 2020.  

The Court ruled that the pre-petition lenders will receive a
security interest in and replacement liens on all of the Debtor's
assets to the extent actually used and for any diminution in the
pre-petition lenders' collateral.

Moreover, the Court directed the Debtor to make adequate protection
payments to Celtic Bank for $1,800 beginning February 4, 2020 and
thereafter on the 2nd of each month until further Court order.  The
Debtor has previously obtained interim cash collateral access
through April 1, 2020.  

A status hearing on the motion will be held via telephone on May 4,
2020 at 1:30 p.m.

                     About Amish Farmers

Amish Farmers, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-36391) on Dec. 30,
2019.  The petition was signed by Jacek Cholko, president.  At the
time of filing, the Debtor was estimated to have $100,001 to
$500,000 in assets and $500,001 to $1 million in liabilities.  The
case is assigned to Judge Timothy A Barnes.  The Debtor is
represented by Ben Schneider at Schneider & Stone.


AP GAMING: S&P Cuts ICR to 'B'; Ratings Remain on Watch Negative
----------------------------------------------------------------
S&P Global Ratings lowered all ratings on AP Gaming Holdings LLC,
including its issuer credit rating, by one notch to 'B' from 'B+'.
The ratings remain on CreditWatch with negative implications.

The downgrade reflects heightened liquidity risk in light of the
temporary closure of casinos to prevent the spread of COVID-19
Gaming machine manufacturers, such as AP Gaming will generate
negative EBITDA and burn cash for as long as casinos are closed,
because it will not be earning revenue from gaming machines on
casino floors. Furthermore, S&P believes it is unlikely that gaming
operators will undertake any meaningful replacement of gaming
machines while they are closed and likely even once they re-open as
casino operators will focus on preserving liquidity, managing
operating costs, and reducing capital expenditures to weather the
closures and begin to ramp up operations upon re-opening.

"In resolving the CreditWatch listing, we plan to assess the
company's cash burn rate while casinos are closed and additional
steps it might take to reduce operating expenses. We will also
evaluate the company's liquidity position in light of the uncertain
duration of the casino closures. In addition, we plan to assess how
the U.S. recession and potential continued social distancing
measures might affect consumer discretionary spending at casinos,
and the impact this might have on how quickly AP Gaming's EBITDA
and discretionary cash flow generation might recover late in 2020
and into 2021. We will also assess how quickly AP Gaming's credit
measures can recover following a spike in 2020 and whether the
company will be able to rebuild cash balances that may have been
depleted during the casino closures," S&P said.


APACHE CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Apache Corporation to BB from BBB-.

Apache Corporation is a company engaged in hydrocarbon exploration.
It is organized in Delaware and headquartered in Houston.



APPLE INTERNATIONAL: Chapter 15 Case Summary
--------------------------------------------
Chapter 15 Debtor: Apple International Inc. Limited
                   Hempnall Road
                   The European Trade Centre
                   Norwich, Norfolk NR15 2AG
                   United Kingdom

About the Business: Apple is a foreign corporation organized
                    and existing under the laws of the United
                    Kingdom.  It is involved in the sale of
                    machinery, industrial equipment, ships and
                    aircraft.  Apple sells and supplies
                    helicopters and related parts and components
                    to businesses and individuals across the
                    globe.  Apple commenced business operations
                    in 1975.  

                    Apple was founded by Richard Harper, a
                    businessman from Norwich, England.  On Feb.
                    5, 2020, the U.S. District Court for the
                    Eastern District of Tennessee indicted Harper
                    on charges of attempting aircraft parts fraud
                    and wire fraud.  According to the indictment,
                    Harper devised and participated in a scheme
                    to falsify and conceal a material  fact
                    involving an aircraft.  He allegedly removed
                    the data plates from one helicopter fuselage,
                    affixed them to a different helicopter
                    without documenting the repair in work orders
                    or aircraft logbooks, and concealed these
                    material facts when he presented the aircraft
                    to FAA for airworthiness certification.  
                    Harper is currently incarcerated in Tennessee
                    awaiting trial.

                    Apple has been placed into administration in
                    England.  On Feb. 6, 2020, the English Court
                    entered the Notice of Appointment of an
                    Administrator by the Directors of a Company
                    thereby commencing administration proceedings
                    in England and appointing Richard Cacho of
                    RCM Advisory Limited to serve as
                    administrator of Apple.

Foreign Proceeding: Case No. CR 2020-000894 pending in England

Foreign
Representative:     Richard Cacho
                    RCM Advisory Limited
                    64-66 Westwick St.  
                    Norwich NR2 4SZ United Kingdom

Chapter 15
Petition Date:      April 13, 2020

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 20-31155

Judge: Hon. Harlin Dewayne Hale

Foreign
Representative's
U.S. Counsel:       Casey William Doherty, Jr.
                    Dentons Usa LLP
                    Tel: 713-658-4600
                    E-mail: casey.doherty@dentons.com

Estimated Assets: Unknown

Estimated Debt: Unknown



ARCTIC GLACIER: S&P Downgrades ICR to 'CCC+'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered all of its ratings on Arctic Glacier,
including its issuer credit rating and issue-level ratings on its
debt, to 'CCC+' from 'B-'.

"We expect the company to experience a near-term drop in demand due
to the pandemic that will hurt its profitability. We believe this
will weaken its credit measures, which were already near
unsustainable levels prior to the pandemic.  We believe the
stay-at-home and social distancing mandates related to the
coronavirus pandemic will materially reduce the demand for packaged
ice in the second and possibly third quarters of 2020, reducing
Arctic Glacier's sales and EBITDA. Although many of the company's
distribution channels remain open, including grocery stores,
convenience stores, and liquor stores, we believe its customers
will drastically reduce their purchases of packaged ice until state
and local authorities in the U.S. and Canada relax their
shelter-in-place orders and consumers once again feel comfortable
hosting social gatherings," S&P said.

"Arctic Glacier should benefit from a demand boost when these
restrictions are eventually lifted because consumers will be more
likely to pursue outdoor and social activities following the
prolonged confinement in their homes. However, the timing of these
actions remains uncertain and the eventual boost may be
insufficient to fully offset the near-term drop in demand," S&P
said.

The negative outlook reflects the potential that S&P will lower its
rating on Arctic Glacier if it believes the risk of a near-term
default has increased such that the rating agency envisions a
specific default scenario occurring in the next 12 months.

"We could lower our rating on Arctic Glacier if we envision a
specific default scenario occurring in the next 12 months. This
could occur if the drop in its demand due to the pandemic is more
severe than we currently expect, potentially causing a liquidity
shortfall or covenant violation or leading the company to undertake
a restructuring," S&P said.

"We could consider taking a positive rating action on Arctic
Glacier if we believe it will generate positive free cash flow,
improve its interest coverage above 1.5x, and maintain adequate
liquidity. This would likely occur because of increased demand for
packaged ice as consumers pursue more outdoor activities and social
events after the pandemic-related stay-at-home orders are lifted,"
the rating agency said.


ARMOR HOLDCO: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Armor Holdco, Inc.'s corporate
family rating to Caa1 from B3 and downgraded to B2 from B1 Armor
Holding II LLC's $405 million senior secured first lien term loan
due June 2022 and $20 million senior secured first lien revolving
credit facility. Moody's also downgraded to Caa3 from Caa2 Armor
II's $215 million senior secured second lien term loan due July
2023. Moody's said Armor's rating outlook remains negative.

Moody's has taken the following rating actions:

Issuer: Armor Holdco, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

Outlook, Remains Negative

Issuer: Armor Holding II LLC

$405 million Senior Secured First Lien Term Loan, Downgraded to B2
from B1

$20 million Senior Secured First Lien Revolving Credit Facility,
Downgraded to B2 from B1

$215 million Senior Secured Second Lien Term Loan, Downgraded to
Caa3 from Caa2

Outlook, Remains Negative

RATINGS RATIONALE

Moody's said the ratings' downgrades reflect revenue challenges
stemming from the deteriorating macroeconomic environment which
will further weaken Armor's debt leverage, liquidity and debt
servicing capacity in the near term. In addition to lower interest
income, as a result of the recent Federal Reserve Board (Fed) cut
to the fed funds rate to its new range of 0%-0.25%, weaker capital
markets activities, such as mergers and acquisition and initial
public offerings, will lower Armor's fee income in 2020.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, rapidly shifting oil prices,
and asset price declines have created a severe and extensive credit
shock across many sectors, regions and markets. Armor has been one
of the firms affected by the shock given, the decline in interest
rates and the significant downturn in M&A events and initial public
offerings. These factors will contribute to a significant reduction
in Armor's revenue, profitability, cash flow generation and
liquidity. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The rating action reflects the impact
of the breadth and severity of the shock, and the deterioration in
credit quality it has triggered.

Moody's said that, given the current operating and economic
environment, it will be challenging for Armor to expand its
products and services to generate new income streams, and it may be
difficult to bring further cost-savings from its labor-intensive
operations. The rating actions also reflect Moody's expectation
that the economic and market impact of the coronavirus pandemic
will increase Armor's debt refinancing risk, with about $400
million coming due in June 2022.

Armor's and Armor II's negative outlooks reflect Moody's assessment
of lower revenue in the next twelve to eighteen months, mainly as a
result of lower interest income earned on the firm's fiduciary
balances and weaker prospects for corporate actions, such as M&A
and IPOs, that will pressure fee income over the outlook horizon.

Governance is highly relevant for Armor, as it is to all entities
that operate in the financial services industry. Corporate
governance weaknesses can lead to a deterioration in a company's
credit quality, while governance strengths can benefit its credit
profile. Governance risks are largely internal rather than
externally driven, and in its assessment of Armor's corporate
governance, Moody's considers the firm's majority ownership by a
financial sponsor. Armor's governance structure and financial
policy is representative of a financial sponsor portfolio company,
with elevated leverage that has rendered the firm's capital
structure to be extremely challenging from a credit perspective,
especially in the current environment. This credit challenge is
reflected in Armor's financial profile.

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

Given the negative outlook, an upgrade of Armor's ratings is
unlikely in the near future. Factors that could lead to a stable
outlook include: Improvement in expense control leading to the
generation of pre-tax earnings and operating leverage; Improvement
in Moody's-adjusted EBITDA/interest expense to a level comfortably
above 1.0x;

Factors that could lead to a downgrade include: Further
deterioration in financial profile caused by prolonged shocks to
revenue, weakness in expense management and erosion of liquidity.

The principal methodology used in these ratings was Securities
Industry Service Providers Methodology published in November 2019.


AUDIOEYE INC: MaloneBailey LLP Raises Going Concern Doubt
---------------------------------------------------------
AudioEye, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
(available to common stockholders) of $7,835,771 on $10,765,153 of
revenue for the year ended Dec. 31, 2019, compared to a net loss
(available to common stockholders) of $5,073,614 on $5,660,427 of
revenue for the year ended in 2018.

The audit report of MaloneBailey, LLP states that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raises substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $9,152,243, total liabilities of $7,587,562, and a total
stockholders' equity of $1,564,681.

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

                       https://is.gd/iwWxeU

AudioEye, Inc., provides Web accessibility solutions to Internet,
print, broadcast, and other media to people regardless of their
network connection, device, location, or disabilities in the United
States. The Company was founded in 2005 and is headquartered in
Tucson, Arizona.



AVA TRANSPORTATION: Case Summary & 18 Unsecured Creditors
---------------------------------------------------------
Debtor: AVA Transportation Group, Inc.
        15850 New Ave. Unit 107
        Lemont, IL 60439

Business Description: AVA Transportation Group, Inc. is a trucking
                      company in Lemont, Illinois.

Chapter 11 Petition Date: April 14, 2020

Court: United States Bankruptcy Court
       Northern District of Illinois

Case No.: 20-09299

Judge: Hon. Deborah L. Thorne

Debtor's Counsel: David Freydin, Esq.
                  LAW OFFICES OF DAVID FREYDIN
                  8707 Skokie Blvd
                  Suite 305
                  Skokie, IL 60077
                  Tel: 888-536-6607
                  E-mail: david.freydin@freydinlaw.com

Total Assets: $2,199,100

Total Liabilities: $2,628,341

The petition was signed by Algimantas Akelaitis, president.

A copy of the petition containing, among other items, a list of the
Debtor's 18 unsecured creditors is available for free  at
PacerMonitor.com at:

                     https://is.gd/9Sg7hD


BABCOCK & WILCOX: Deloitte & Touche LLP Raises Going Concern Doubt
------------------------------------------------------------------
Babcock & Wilcox Enterprises, Inc., filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K, disclosing
a Net loss attributable to stockholders of $121,974,000 on
$859,111,000 of revenues for the year ended Dec. 31, 2019, compared
to a Net loss attributable to stockholders of $725,292,000 on
$1,062,388,000 of revenues for the year ended in 2018.

The audit report of Deloitte & Touche LLP states that the Company
has uncertainty regarding its ability to refinance its Credit
Agreement by May 11, 2020, which raises substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $626,519,000, total liabilities of $921,458,000, and a total
stockholders' deficit of $294,939,000.

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

                     https://is.gd/2fD2Ij

Babcock & Wilcox Enterprises, Inc., provides fossil and renewable
power generation and environmental equipment for the power and
industrial markets worldwide.  The Company was founded in 1867 and
is headquartered in Charlotte, North Carolina.


BAYTEX ENERGY: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Baytex Energy Corporation to B- from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Baytex Energy Corporation is a Calgary-based Canadian producer,
developer, and explorer of oil and natural gas. Formerly a trust,
it converted to a corporation in January 2011 because of government
changes to tax incentives.



BEP ULTERRA: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on BEP Ulterra Holdings Inc.
to negative from stable.

All of S&P's ratings on the company, including its 'B-' issuer
credit rating and 'B-' issue-level and '3' recovery rating on the
company's 2025 term loan, remain unchanged. The '3' recovery rating
indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 50%) recovery in the event of a payment default.

"The downgrade reflects our expectation that waning North American
rig counts and exploration and production (E&P) activity will have
a pronounced negative effect on the OFS industry over the next year
or two. Accordingly, we expect much lower demand for drill bits and
believe that BEP Ulterra's leverage could cross 4.5x with a funds
from operations (FFO)-to-debt ratio in the mid-teens percent area.
While the company has no near-term debt maturities and should
continue to generate positive free cash flow as it did during prior
cyclical troughs, we believe its ability to absorb an extended
period of ultra-low commodity prices and restrained E&P activity is
limited," S&P said.

The negative outlook on BEP reflects S&P's expectation for weaker
credit metrics in the next 12-24 months resulting from greatly
reduced E&P budgets.

"We could lower our rating on BEP if its FFO to debt falls below
12%, its liquidity deteriorates, or we believe the company's
capital structure is unsustainable. We could also lower the rating
if we believe there is a significant probability of default or
distressed debt exchange. This could occur if the company's revenue
and margins erode beyond our projections," S&P said.

"We could revise our outlook on BEP to stable if the company
maintains at least adequate liquidity and reduces its leverage
comfortably below 4x while sustaining an FFO-to-debt above 20%.
This could occur if commodity prices rebound along with rig count,"
the rating agency said.


BIG ASS FANS: S&P Cuts ICR to 'CCC+' on Expected Leverage Increase
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Big Ass Fans
Inc. (BAF) to 'CCC+' from 'B'. At the same time, S&P lowered its
rating on the company's first-lien debt to 'CCC+' from 'B'.

"In our opinion, leverage is very high and could approach
unsustainable levels in the next 12 months.  BAF ended Sept. 30,
2019, with leverage near our previous downside trigger in the
mid-6x area. Economists at S&P Global Ratings now expect
second-quarter U.S. GDP to decline by double-digit percentages and
for 2020 full-year GDP to be materially worse than previously
expected. We expect the company's commercial, residential, and
industrial end markets to perform poorly in calendar 2020,
declining by at least double-digit percents over the year. We
expect for these declines to be further compounded for BAF given
its peak sales season is in the second and third quarters, when the
downturn is expected to hit hardest. We therefore expect leverage
to reach unsustainable levels over the next 12 months and likely to
remain there until economic conditions improve," S&P said.

The negative outlook on BAF reflects at least a 1-in-3 chance S&P
could lower the ratings if revenue and EBITDA decline in fiscal
2021 (ended December 31) further than the rating agency expects,
causing it to envision a specific default scenario. S&P expects
free cash flow generation to turn negative over the next 12 months
while leverage remains about 10x.

"We could lower our ratings on BAF if deteriorating operating
performance results in a constrained liquidity position. For
instance, if free cash flow generation is materially worse than
expected, leading us to envision a specific default scenario over
the next six to 12 months. This could occur, for example, from a
deterioration in BAF's end markets, leading to large losses among
the company's major customers," S&P said.

"We could raise the ratings on BAF if it outperforms our
expectations, resulting in meaningful deleveraging, such that we
view the capital structure as sustainable over the longer term.
This could happen if the company generates adequate sales while
maintaining healthy EBITDA margins along with sufficient
liquidity," the rating agency said.


BIG LOTS: S&P Withdraws 'BB+' ICR; Outlook Negative
---------------------------------------------------
S&P Global Ratings withdrew its 'BB+' issuer credit rating on Big
Lots Inc. and its 'BB+' issue-level and '3' recovery rating on its
revolving credit facility at the issuer's request.

S&P is withdrawing all of its ratings on Big Lots Inc. at the
issuer's request. At the time of the withdrawal, S&P's outlook on
the company was negative.



BRIDGEMARK CORPORATION: Taps Numeric Solutions as Consultant
------------------------------------------------------------
Bridgemark Corporation and its debtor-affiliates seek approval from
the U.S. Bankruptcy Court for the Central District of California to
hire Numeric Solutions LLC as expert valuation consultant and
appoint John Harris as expert witness, effective as of February 24,
2020.

The firm will provide these services in connection with the
Debtors' Chapter 11 cases:

     (a) provide expert testimony in conjunction with the Debtor's
bankruptcy proceedings;

     (b) discuss environmental liability and the attendant
estimates of cost regarding oil/gas wells, facilities,
abandonments, and remediation;

     (c) discuss California regulations regarding oil/gas
production, permitting, and remediation;

     (d) provide other expert witness support and reports as
needed.

The firm will be paid at these hourly rates:

     Consulting      $275
     Testimonial     $375

The professionals currently expected to be principally responsible
for the Case are: John Harris, President; Mike Jones, Director,
Energy Finance; Donn Schmohr, Senior Engineer; and Eric White,
Senior Geology. The hourly rates of all of Numeric Solutions'
professionals and paraprofessionals are available upon request.

John Harris, president at Numeric Solutions, attests that his firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.

Mr. Harris says his firm neither holds nor represents an interest
materially adverse to the interests of the Debtor's estate or of
any class of creditors or equity security holders, by reason of any
direct or indirect relationship to, connection with, or interest in
the Debtor or an investment banker for any security of the Debtor.

Numeric Solutions and Mr. Harris are already intimately familiar
with the Debtor's assets, operations and liabilities due to
previous engagement in April 2019 and November 2019.

In connection with its prior engagement by the Debtor, the Debtor
paid Numeric Solutions a total of $102,159.92 in the year prior to
the Petition Date. There is no pre-petition balance outstanding.
Numeric Solutions is holding an unapplied retainer of $2,320.00 as
of the Petition Date.

The firm may be reached at:

     John Harris
     Numeric Solutions LLC
     1536 Eastman Avenue, Suite D
     Ventura, CA 3003

                      About Bridgemark Corporation

Bridgemark Corporation, an oil and gas exploration and production
company, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
20-10143) on Jan. 14, 2020.  At the time of the filing, the Debtor
disclosed assets of between $10 million and $50 million and
liabilities of the same range.  The petition was signed by Robert
Hall, its president and chief executive officer.

Judge Theodor Albert oversees the case.

The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy
counsel; Locke Lord, LLP and Greines, Martin, Stein & Richland LLP
as special litigation and appellate counsel; and McGee & Associates
as special corporate counsel. GlassRatner Advisory & Capital Group
LLC serves as its financial advisor.


BROMPTON OIL: DBRS Lowers Preferred Shares Rating to D
------------------------------------------------------
DBRS Limited downgraded the rating of the Preferred Shares issued
by Brompton Oil Split Corp. (the Company) to D from Pfd–5 (low).
Following the stock market sell-off in response to the worldwide
spread of Coronavirus Disease (COVID-19) and various geopolitical
news, the Preferred Shares experienced a substantial decline in
downside protection. The insufficient amount of downside protection
resulted in a partial principal loss for the Preferred Shareholders
during the March 31, 2020, redemption (initial Maturity Date) where
each Preferred Share was redeemed at $4.77 compared with the
original $10.00 invested. Because some of the Preferred
Shareholders did not receive the full principal amount invested in
accordance with the initial terms of the transaction, DBRS
Morningstar downgraded its rating of the Preferred Shares issued by
the Company to D.

Notes: All figures are in Canadian dollars unless otherwise noted.



BROOKDALE SENIOR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Brookdale Senior Living Inc. to CC from CCC-. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

Brookdale Senior Living owns and operates over 800 senior living
communities and retirement communities in the United States.
Brookdale was established in 1978 and is based in Brentwood,
Tennessee.



BROOKFIELD RESIDENTIAL: Moody's Affirms B1 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Brookfield Residential
Properties Inc.'s B1 corporate family rating, B1-PD probability of
default rating and B1 senior unsecured ratings. At the same time,
the speculative grade liquidity rating was downgraded to SGL-3 from
SGL-2. The outlook remains stable.

"The affirmation of Brookfield Residential's rating and stable
outlook reflects its expectation that the company will maintain
adequate liquidity during 2020 given strong operational
flexibility," said Whitney Leavens, Moody's analyst. "Brookfield
Residential's liquidity rating was downgraded because its revolver
is now due within the next 12 months," she added.

Affirmations:

Issuer: Brookfield Residential Properties Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4)

Downgrades:

Issuer: Brookfield Residential Properties Inc.

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

Outlook Actions:

Issuer: Brookfield Residential Properties Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Brookfield Residential Properties (B1 CFR) benefits from: (1) solid
operating fundamentals supported by large, low-cost land holdings;
(2) geographic and revenue diversification, including mixed-use
properties and sales in several US and Canadian markets; (3) solid
gross profit margins (21% LTM Dec-19), and (4) adequate liquidity.
The company is constrained by: (1) revenue concentration in
California (44% of revenues in 2019); and (2) exposure to volatile
and capital-intensive mixed-use property development business.

Brookfield Residential has adequate liquidity (SGL-3). Moody's
estimates that cash on hand as of March 2020 will total close to
$140 million compared to uses of about $400 million through March
2021, consisting of negative free cash flow of around $130 million,
$195 million outstanding under the committed $675 million revolver
due March 2021 and about $75 million in payments related to
project-specific financings. Moody's expects the revolver to be
extended within the next few months (although this cannot be
assured), which would then increase total liquidity sources to $620
million and reduce liquidity uses to around $200 million. The
company has strong sources of alternate liquidity to raise cash
given its robust land inventory position, with assets largely
unencumbered. The company may also have access to parental support
for additional liquidity in case of need. Moody's expects the
company to maintain an adequate cushion under its covenants,
including a minimum tangible net worth of $1.3 billion and maximum
total debt to capitalization of 65%.

Governance considerations for Brookfield Residential include the
risk of cash distributions to its parent as a wholly-owned direct
subsidiary of Brookfield Asset Management Inc. (BAM, Baa1 stable).
However, Moody's also takes into consideration BAM's track record
of financial support in the past, particularly during the 2008
housing downturn. Social risks include the increased emphasis on
employee health and safety following the coronavirus outbreak which
has led to intermittent closures of construction sites and may
continue to occur and even intensify during Q2. To date there has
been no material or prolonged impact on the business with
construction sites operating as an essential service.

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

The rating could be upgraded if Brookfield Residential is likely to
sustain debt/capitalization below 40% (38% LTM Dec-19) while
maintaining gross profit margins around 20% (20.5% LTM Dec-19),
EBIT to interest expense above 3.0x (2.9x LTM Dec-19), and good
liquidity.

The rating could be downgraded if liquidity weakens, if
debt/capitalization is sustained above 60% (38% LTM Dec-19) or if
EBIT/interest declines below 2.0x (2.9x LTM Dec-19).

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

Brookfield Residential Properties Inc., incorporated in Ontario,
Canada, is a wholly-owned subsidiary of Brookfield Asset Management
Inc. (Baa1, stable) and has been developing land and building homes
in Canada and the US for over 60 years. Revenues in 2019 totaled
$1.9 billion.


BROWN JORDAN: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Brown Jordan International,
Inc.'s Corporate Family Rating to B3 from B2, Probability of
Default Rating to B3-PD from B2-PD, and the company's $155 million
outstanding first lien term loan rating to B3 from B2. The rating
outlook was changed to negative from stable.

The rating action reflects Moody's expectation that the company
will experience difficulties in complying with the maximum leverage
covenant in its term loan agreement due to declining EBITDA
resulting from the broad impact of the coronavirus pandemic on the
US economy. The hospitality sector, which is one of the company's
key end markets, is among the most affected sectors. Moody's
expects declines in hospitality sector earnings in 2020 will result
in reduced spending on renovations and delay new projects. Consumer
end market is also expected to be negatively affected due to rising
unemployment and growing negative sentiment, leading to reduction
and delays in the purchase of discretionary items. Moody's expects
that management's cost reduction actions including capex cuts,
adjustments of staffing levels and lean inventory management will
mitigate the negative impacts to a degree.

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. More specifically,
the company's exposure to the hospitality sector has 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 Brown Jordan of the breadth and severity of
the shock, and the broad deterioration in credit quality it has
triggered.

The following rating actions were taken:

Brown Jordan International, Inc.:

Corporate Family Rating, downgraded to B3 from B2;

Probability of Default Rating, downgraded to B3-PD from B2-PD;

$155 million outstanding first lien term loan due January 2023,
downgraded to B3 (LGD4) from B2 (LGD4);

Outlook, changed to negative from stable.

RATINGS RATIONALE

Brown Jordan's B3 Corporate Family Rating reflects: 1) Moody's
expectation of the company's adjusted debt to EBITDA increasing
meaningfully due to declining EBITDA; 2) its small revenue base; 3)
the discretionary nature of the company's products in the consumer
segment and the associated sensitivity to consumer spending levels
and industry cyclicality; 4) governance considerations, including
long-term risks of possible shareholder friendly actions given
private equity ownership.

Brown Jordan's credit profile is supported by: 1) the company's
diverse end markets, including hospitality, consumer, multifamily
and commercial sectors; 2) the diversity of brands and product
price points; 3) a periodic six to seven year renovation cycles in
the hospitality market and customer loyalty that creates recurring
revenue streams; 3) Moody's expectation that the repair and
remodeling aspect of the demand for the company's product, which
tends to be less volatile during weaker economic conditions
compared to new construction/projects, will provide a degree of
buffer; and 4) an adequate liquidity profile supported by access to
$35 million revolver, cash balance of $20 million, and lack of debt
maturities until January 2022 when the credit facility comes due.

The negative outlook reflects Moody's expectations of covenant
compliance pressures in the company's term loan agreement given the
likely rise in leverage due to lower EBITDA from the reduced end
market demand amid coronavirus pandemic.

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

The ratings could be upgraded if the company's end markets
stabilize, characterized by a resumption in typical order and
spending levels, and liquidity improves, including an increased
covenant cushion. Moody's would also expect to see leverage below
5.0x and EBITA to interest expense above 2.0x on a sustained
basis.

The ratings could be downgraded if liquidity deteriorates,
including due to an increased probability of a covenant breach, if
debt to EBITDA is elevated for a prolonged period, and EBITA
coverage of interest declines below 1.0x.

Headquartered in St. Augustine, FL, Brown Jordan International,
Inc. is a designer, manufacturer and distributer of indoor and
outdoor furniture for both consumers and commercial markets,
particularly in the hospitality space. The company sells its
products under the brand names of Charter, Tropitone,
Texacraft/Winston, Castelle, and Brown Jordan. Since 2017, Brown
Jordan is owned by private equity firm Littlejohn and Co. In the
LTM period ended September 28, 2019, the company generated
approximately $340 million in revenue.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.


CARVANA CO: T. Rowe Price Has 20.3% Stake as of March 31
--------------------------------------------------------
T. Rowe Price Associates, Inc. disclosed in a Schedule 13G filed
with the Securities and Exchange Commission that as of March 31,
2020, it beneficially owns 13,002,048 shares of common stock of
Carvana Co., which represents 20.3 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at:

                     https://is.gd/XuBvH2

                         About Carvana

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

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

                           *    *     *

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


CENTRAL GARDEN: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Central Garden & Pet Company to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Central Garden & Pet Company is a marketer and producer of branded
products and distributor of third party products in the pet and
lawn and garden supplies industries in the United States. The
Company operates in two segments: Pet segment and the Garden
segment.



CERIDIAN HCM: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Cloud-based human capital
management (HCM) software company Ceridian HCM Holdings Inc. to
negative from stable. At the same time, S&P affirmed its 'B+'
long-term issuer credit rating on the company, and its 'B+'
issue-level ratings on Ceridian's senior secured debt . The
recovery rating on the debt is unchanged at '3'.

EBITDA generation will be pressured, keeping leverage measures
elevated over the next 12 months.

"The outlook revision reflects our view that a material reduction
in float revenues and slower-than-anticipated cloud revenue growth
over the next 12 months will pressure the company's adjusted
EBITDA. In our opinion, the sharp decline in U.S. and Canadian
interest rates will lead float revenues to decline by about US$20
million-US$25 million through 2020. At the same time, the weakening
macro-economic global environment due to the COVID-19 pandemic
could lead to slower cloud revenue growth due to demand deferral
and, subsequently, lower employee count. As a result, we expect
adjusted debt-to-EBITDA to remain elevated above 5.0x over the next
12 months," S&P said.

The negative outlook on Ceridian reflects S&P's view that lower
EBITDA generation could lead to leverage measures above 5x over the
next 12 months. S&P believes the company's strong customer
retention rates will not be sufficient to fully offset the
materially lower float income and the increasing risk to Ceridian's
revenues from a reduced employee count.

"We could lower the ratings over the next 12 months if Ceridian's
adjusted debt-to-EBITDA increases and remains above 5x or adjusted
free operating cash flow (FOCF)-to-debt approaches 2% for a
prolonged period. In our opinion, such a scenario could occur if
there is a material drop in employee count or the company is unable
to upsell new products to existing customers, leading to a
meaningful reduction in EBITDA generation driven by a continued
soft macro-economic environment. At the same time, if the company
were to adopt an aggressive growth strategy for its cloud-based
product offering against the backdrop of a slower economic
recovery, which pressures near-term profitability with limited
visibility on EBITDA growth, this could keep leverage measures
elevated above 5.0x for a prolonged period, leading to a
downgrade," S&P said.

"We could revise the outlook to stable if Ceridian sustains
adjusted debt-to-EBITDA below 5.0x over the next 12 months. In our
opinion, such a scenario could occur if the company is able to
navigate through economic recession in the U.S. and Canada with no
material reduction in EBITDA from employee count, supporting the
company's credit quality," the rating agency said.


CHIMNEY HILL: Ch.11 Trustee Taps Thomas H. Casey as Counsel
-----------------------------------------------------------
Jason M. Rund, the Chapter 11 trustee of Chimney Hill Properties,
Ltd., seeks approval from the U.S. Bankruptcy Court for the Central
District of California to employ the Law Office of Thomas H. Casey,
Inc. as his general bankruptcy counsel.

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

     (a) review and analyze the title records and preliminary title
reports for the Debtor's real property;

     (b) review and analyze any liens recorded against the real
property;

     (c) prepare a written lease agreement with Landon Ross and
obtain court approval of the lease agreement;

     (d) address all cash collateral issues resulting from the
rental income, if any, from the real property;

     (e) obtain all relevant documents regarding the HAR-RFF, LLC
second trust deed;

     (f) research, analyze and identify the Trustee's potential
causes of action against second trust deed holder HAR-RFF;

     (g) research and analyze the Trustee's potential causes of
action  against insider Len Ross;

     (h) research and analyze the estate's scheduled $7.5 million
receivable;

     (i) assist the Trustee in obtaining court approval of a real
estate agency to market and sell the real property;

     (k) analyze the related case for any impact on the Chimney
Hills estate;

     (l) prepare a motion to extend the exclusivity period; and

     (m) prepare a disclosure statement and plan of reorganization
or alternatively a motion to convert this Chapter 11 case to a case
under Chapter 7.

The firm will undertake representation of the Trustee at a rate of
between $185 and $560 per hour, depending on the experience and
expertise of the attorney or paralegal, subject to the approval of
the court.

The Law Office of Thomas H. Casey, Inc. is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Thomas H. Casey, Esq.
     LAW OFFICE OF THOMAS H. CASEY, INC.
     22342 Avenida Empresa, Suite 245
     Rancho Santa Margarita, CA 92688
     Telephone: (949) 766-8787
     Facsimile: (949) 766-9896
     E-mail: TomCasey@tomcaseylaw.com

               About Chimney Hill Properties, Ltd.

Chimney Hill Properties, Ltd. is a privately held real estate
company based in Beverly Hills, California. Its principal asset is
a luxury parcel of real property located at 1013 N. Beverly Drive.

Chimney Hill Properties sought Chapter 11 protection (Bankr. C.D.
Cal. Case No. 19-24257) on Dec. 5, 2019.  At the time of the
filing, the Debtor disclosed assets of between $10 million and $50
million and liabilities of the same range.  

Judge Vincent P. Zurzolo oversees the case. The Debtor tapped
Friedman Law Group, P.C. and Shenson Law Group PC as its legal
counsel, and Hahn Fife & Company, LLP as its accountant.




CIENA CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ciena Corporation to BB+ from BBB-.

Ciena Corporation is a United States-based global supplier of
telecommunications networking equipment, software, and services.
The company was founded in 1992 and is headquartered in Hanover,
Maryland.



CINCINNATI BELL: S&P Lowers ICR to 'B-'; Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Cincinnati
Bell Inc. by one notch to 'B-' from 'B'. S&P has removed all
ratings from CreditWatch, where they were placed with negative
implications on Dec. 26, 2019.

S&P is also lowering the issue-level ratings on Cincinnati Bell's
senior secured debt to 'B+' from 'BB-' and senior unsecured debt to
'CCC+' from 'B-'. At the same time, S&P is lowering the issue-level
rating on the company's convertible preferred stock to 'CCC-' from
'CCC'.

"The downgrade reflects our expectation for adjusted leverage to
remain above our 5.5x downgrade threshold this year.   As a result
of the economic impact of COVID-19, we have lowered our base-case
expectations for Cincinnati Bell's operating and financial
performance in 2020 and now expect adjusted debt to EBITDA to be
above 5.5x over the next year. We believe Cincinnati Bell's revenue
and EBITDA will be pressured as the pandemic causes small and
midsize businesses (SMB) to pause or discontinue operations and
larger enterprise customers to pull back on telecom spending," S&P
said.

The stable outlook reflects S&P's expectation that adjusted
leverage will be in the mid-5x area over the next year based on
limited EBITDA growth and FOCF.

"We could lower the rating if operating trends deteriorated leading
to a sharp decline in FOCF and weaker liquidity or if terms of the
take-private transaction were revised, resulting in materially
higher leverage. However, even if leverage increased on a temporary
basis, we would only consider a lower rating if we came to the
conclusion that the company's financial commitments appeared
unsustainable over the long term. We could also lower the rating if
Cincinnati Bell was unable to renew its accounts receivables
facility and liquidity came under pressure," S&P said.

"Although unlikely in the near term, we could raise the rating if
the Cincinnati Bell's acquisition by MIP does not result in
materially higher adjusted leverage and the company is able to
capture sizable residential and commercial broadband share in the
Hawaii markets, resulting in revenue growth and EBITDA margin
expansion." However, even under that scenario, an upgrade is
contingent on Cincinnati Bell improving leverage comfortably below
5.5x and generating positive FOCF on a sustained basis," the rating
agency said.


CINEMARK HOLDINGS: S&P Cuts ICR to BB-; Ratings on Watch Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Cinemark
Holdings Inc. to 'BB-' from 'BB'.  

All of S&P's ratings on Cinemark remain on CreditWatch, where it
placed them with negative implications on March 16, 2020.

"We expect leverage to spike in 2020, but return to the low-3x area
by 2021. We expect the box office to rebound in 2021 due to an
attractive film slate and pent-up demand for out-of-home
activities, but the pace of that recovery is unclear. While the
studios will have a backlog of films to release, consumers'
discomfort with attending public events may take longer to
overcome. Additionally, the benefit to Cinemark's cash flow from a
recovery could be offset by elevated capital spending and operating
expenses, which had been deferred while theaters were closed. While
we expect leverage to decline back to the low-3x area in 2021 due
to a normalized box office, we expect the company will have a lower
cash balance going forward and it could take years to rebuild its
cash balance back to where it was before the pandemic. Cinemark
could keep capital spending artificially low in 2021, which we
would view as detrimental to growth, or it could suspend its
dividend through 2021 to build cash faster, but we view a dividend
suspension beyond 2020 as unlikely," S&P said.

S&P intends to resolve the CreditWatch placements as it gets
additional information on how long theaters will remain closed due
to the spread of coronavirus, as well as the mechanisms the company
plans to use to maintain compliance with its springing net leverage
covenant and support its liquidity position. S&P expects its
ratings will remain on CreditWatch until it knows when theaters
will reopen and it has a clear view of how long it will take
theater attendance to return to normalized levels.

"We could lower the rating by one notch if Cinemark does not
proactively obtain additional cushion with its springing covenant
well before its next covenant test or if we expect theater closures
to last well beyond mid-summer. We could also lower the rating by
multiple notches if we believe the company will violate its
covenant and does not have sufficient liquidity to repay the
revolver. This would mean the company won't likely be able to
maintain at least $100 million of cash on its balance sheet through
2021," S&P said.


CLEVELAND-CLIFFS INC: Egan-Jones Lowers Unsecured Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cleveland-Cliffs, Inc. to B- from B.

Cleveland-Cliffs, Inc., formerly Cliffs Natural Resources, is a
Cleveland, Ohio, business firm that specializes in the mining,
beneficiation, and pelletizing of iron ore. The firm is a public
company.



CLINIGENCE HOLDINGS: Delays Filing of Annual Report Amid Pandemic
-----------------------------------------------------------------
On or about March 30, 2020, Clinigence Holdings, Inc., filed a
Notification of Late Filing on Form 12b-25 extending the time to
file its Annual Report on Form 10- K for the year ended Dec. 31,
2019 as permitted by such rule reporting, because additional time
is required by its management and auditors to prepare certain
financial information to be included in such report.

Clinigence stated, "While we intended to file our Form 10-K during
the Extension Period, the Company evaluated its ongoing effort to
prepare and file its annual report on Form 10-K for the fiscal year
ended December 31, 2019 and is unable to do so because of the
impact of COVID-19, which, among other things, due to travel
limitations and the requirements of "social distancing," has
adversely impacted and continues to adversely impact the ability of
the individuals performing the required evaluation tasks to
complete the filing on a timely basis.

"Certain Company officers and management as well as professional
staff and consultants are unable to conduct work required to
prepare our financial report for the year ended December 31, 2019.
As a result, the Company expects to be unable to compile and review
certain information required in order to permit the Company to file
a timely and accurate annual report on Form 10-K for its year ended
December 31, 2019 by the prescribed date without unreasonable
effort or expense due to circumstances related to COVID-19."

Accordingly, as and to the extent the Company is unable to file the
Annual Report during the Extension Period, the Company is relying
upon the order issued by the Securities and Exchange Commission on
March 4, 2020 pursuant to Section 36 (Release No. 34-88318) of the
Securities Exchange Act of 1934, as amended, extending the time in
which certain reports required to be filed pursuant to the Exchange
Act are filed.

The Company is supplementing the risk factors previously disclosed
in the Company's Annual Report on Form 10-K for the year ended Dec.
31, 2018 and its subsequent Quarterly Reports on Form 10-Q and
Current Reports on From 8-K, with the following risk factors:

"The occurrence of an uncontrollable event such as the COVID-19
pandemic may negatively affect our operations.

"A pandemic typically results in social distancing, travel bans and
quarantine, and this may limit access to our facilities, customers,
management, support staff and professional advisors. These factors,
in turn, may not only impact our operations, financial condition
and demand for our goods and services but our overall ability to
react timely to mitigate the impact of this event.  Also, it may
hamper our efforts to comply with our filing obligations with the
Securities and Exchange Commission."

                      About Clinigence Holdings, Inc.

Clinigence Holdings (www.clinigencehealth.com) (formerly known as
iGambit Inc.), a publicly-held company, is a healthcare information
technology company providing an advanced, cloud-based platform that
enables healthcare organizations to provide value-based care and
population health management.  The Clinigence platform aggregates
clinical and claims data across multiple settings, information
systems and sources to create a holistic view of each patient and
provider and virtually unlimited insights into patient populations.


Clinigence reported a net loss of $2.81 million for the year ended
Dec. 31, 2018.  As of Sept. 30, 2019, the Company had $2.10 million
in total assets, $1.46 million in total current liabilities, and
$639,932 in total stockholders' equity.

Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 16, 2019, citing that the Company has previously
disposed of its operating subsidiary, and has an accumulated
deficit of $12,462,814, and a working capital deficit of $1,343,134
at Dec. 31, 2018.  These factors, among others, raise substantial
doubt regarding the Company's ability to continue as a going
concern.


CNX RESOURCES: S&P Affirms 'B+' ICR; Outlook Negative
-----------------------------------------------------
S&P Global Ratings affirmed its ratings, including the 'B+' issuer
credit rating and 'BB-' unsecured issue-level ratings on U.S.-based
oil and gas exploration and production (E&P) company CNX Resources
Corp.

Credit measures are largely in line with previous estimates as
hedges minimize the negative effect of lower commodity prices. CNX
has almost all of its expected gas production in 2020 and 80% of
2021 hedged at favorable prices. The company has little exposure to
natural gas liquids or oil prices because 95% of its production is
natural gas. Based on S&P revised oil and natural gas price deck
assumptions, it expects CNX's debt to EBITDA to be in the 3x to
3.5x range and funds from operations (FFO) to debt to be in the 20%
to 25% range in 2020 through 2021.

"We base the negative outlook on our belief that CNX has limited
access to the unsecured debt markets to address its maturities
beginning in early 2022 and that credit measures will be at the
weak end of our expectations for the rating with FFO to debt in the
low-20% area through 2021," S&P said.

"We could lower the issuer credit rating if we forecast CNX's
leverage will weaken over the next two years, such that projected
FFO to debt falls below 20%. This could happen if operating or
drilling costs exceeded expectations, or if gas price realizations
deteriorated. The company is largely insulated from market gas
prices due to hedges. We could also lower the rating if we viewed
the company's options for repaying or refinancing its debt
maturities as having contracted," S&P said.

A stable outlook would require stronger leverage measures,
including projected FFO around 30% on a sustained basis. The
company could achieve these credit measures if it meet its natural
gas production targets while containing costs and achieving
improved gas price realizations. A stable outlook would also depend
on its assessment of the company's ability to address its upcoming
debt maturity as low risk.


COLORADO WINDOW: Gets Interim Approval to Use Cash Collateral
-------------------------------------------------------------
Judge Thomas B. McNamara authorized Colorado Window Source, Inc.,
to use cash collateral on an interim basis pursuant to the budget.
The budget provided for $108,072 in total expenses for the month of
April 2020, a copy of which is available at https://is.gd/k7VBKl
from PacerMonitor.com free of charge.

The Court ruled that the Debtor will provide its secured creditors
with a post-petition lien on all post-petition inventory and income
derived from the operation of the business and assets, to the
extent the use of the cash results in a decrease in the value of
the secured creditors' interest in the collateral.  

On the Petition Date, the Debtor had cash in First Bank accounts of
approximately $3,043, undeposited checks of $27,783, and
collectible receivables of approximately $500.

As of the Petition Date, the Debtor owes:

   * QuarterSpot, Inc., approximately $124,248 on account of a
business loan agreement.  

   * Complete Business Solutions Group, Inc., d/b/a Par Funding,
approximately $60,000 on account of a factoring agreement.  The
Debtor also owes Kalamata Capital Group, Inc., on account of a loan
pursuant to a revenue based factoring agreement executed by the
parties in December 2018 in the original principal balance of
$40,000.

The Debtor plans to continue operation of its business throughout
the Chapter 11 case and propose a plan of reorganization which
provides for the continuation of the business.

                 About Colorado Window Source

Colorado Window Source, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D. Colo. Case No. 20-11561) on March 4, 2020,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by Keri L. Riley, Esq., at Kutner Brinen,
P.C.



COLUMBUS MCKINNON: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Columbus McKinnon Corporation of New York to B+ from
BB-.

Columbus McKinnon Corporation of New York designs, manufactures,
and distributes a variety of material handling, lifting, and
positioning products. The Company's products are sold to
distributors and end-users in the general manufacturing, crane
building, mining, construction, transportation, entertainment,
power generation, agriculture, marine, and medical markets.



COMPASS PUBLIC CHARTER SCHOOL, ID: S&P Rates 2020B Rev. Bonds 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating to the Idaho Housing
and Finance Assn.'s series 2020B (taxable) revenue bonds, issued
for Compass Public Charter School (Compass). The outlook is
stable.

"We assessed Compass' enterprise profile as adequate, characterized
by enrollment growth while maintaining high academic quality as one
of the top performing schools in Idaho and its surrounding area
near Boise, a growing waitlist, and a good relationship with its
authorizer," said S&P Global Ratings credit analyst Natalie
Fakelmann. "We assessed Compass' financial profile as vulnerable,
with sufficient pro forma MADS coverage, a high debt burden, and
growing liquidity."

In response to COVID-19, the school has transitioned to an online
platform starting April 6, 2020, after a three-week break that
started March 17th. The break consisted of four days of school
closure and two weeks of planned spring break. School campus
closures will remain in effect until at least April 20. S&P
understands the school has provided devices including laptops and
hot-spots for students. The school is not expecting material
increased expenses for fiscal 2020 related to COVID-19. In
addition, management does not expect any reduction in state funding
during the current fiscal year. For fiscal 2021, management is
projecting flat state revenue increases per student, but is
expecting overall increases in state funding due to rising student
enrollment. The school is also providing community breakfast and
lunch pick-up, which will be federally reimbursable. At this time,
the school is not expecting an extension to its school year, given
it has transitioned to an online platform. State testing has been
suspended for the 2019-2020 school year, and S&P expects the
school's prior solid academic performance to carry forward in
future assessments.

Bondholders are provided a mortgage and security interests in the
facility. Compass' obligation to make payments is absolute and
unconditional even in the event of damage to or the destruction of
the facility. Series 2020 bonds are on parity with the series 2018
bonds. Covenants include a fully funded debt service reserve fund,
minimum 45 days' cash on hand, debt service coverage at or above
1.1x annual debt service, and minimum fund balance between 5% to
10% depending on the maximum annual debt service (MADS) level
relative to pledged revenues. Including this issuance, the school
will have $23.2 million in pro forma debt based on fiscal 2019
financials.

The stable outlook reflects S&P's view that the school will
successfully transfer its lower grades to the Aviator campus on
time and on budget, will meet enrollment targets, and will generate
sufficient MADS coverage in fiscal 2020. S&P also expects the
school to continue to achieve full accrual surpluses, albeit small,
and to at least maintain its cash level over the next year.


CONTURA ENERGY: Moody's Cuts CFR to Caa1 & Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service downgraded all long-term ratings for
Contura Energy, Inc., including the Corporate Family Rating to Caa1
from B3 and the senior secured term loan rating to Caa2 from Caa1.
The rating outlook is stable.

"Contura has idled the majority of its mines due to weak market
conditions. Moody's expects that demand for metallurgical coal will
weaken further in the near-term as blast furnace steel producers
adjust to reduced demand due to the Coronavirus," said Ben Nelson,
Moody's Vice President -- Senior Credit Officer and lead analyst
for Contura Energy, Inc. "The rating action is entirely driven by
macro-level concerns resulting from the global outbreak of
Coronavirus."

Downgrades:

Issuer: Contura Energy, Inc.

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

  Corporate Family Rating, Downgraded to Caa1 from B3

  Senior Secured Bank Credit Facility, Downgraded to Caa2 (LGD4)
from Caa1 (LGD4)

Outlook Actions:

Issuer: Contura Energy, Inc.

  Outlook, Changed to Stable from Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The coal sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Contura's exposure to
the breadth and severity of the shock.

Moody's expects a very challenging year for the coal industry in
2020 -- including meaningful reduction in industry-wide demand for
metallurgical coal and thermal coal in the next few months driven
by an unprecedented shock to the economy due to the coronavirus
outbreaks. Moody's expects that demand for steel will fall, causing
steel producers to idle blast furnaces and reduce consumption of
met coal, and demand for electricity will also fall, causing
coal-fired power plants to delay and/or reduce volumes for thermal
coal even though much of the industry's anticipated sales volume
for 2020 is contracted today. In response to weakened market
conditions, Contura has taken aggressive actions to curtail
operations and preserve liquidity. Management had made operational
improvements to reduce cash costs before the outbreak of
coronavirus and took further actions in recent weeks such as idling
most mining operations for up to 30 days. Contura's inventory
position could create opportunities in an environment where
competitors with less financial strength will struggle more
significantly. However, Moody's expects that EBITDA
(management-adjusted) will fall in 2020.

Moody's also believes that investor concerns related to the coal
industry's ESG profile are intensifying and limit the industry's
ability to respond to market disruptions in the near term. Access
to capital is expected to narrow further in the early 2020s. An
increasing portion of the global investment community is reducing
or eliminating exposure to the coal industry with greater emphasis
on moving away from thermal coal. The aggregate impact on the
credit quality of the coal industry is that debt capital will
become more expensive over this horizon, particularly in the public
bond markets, and other business requirements such as surety bonds,
which together will lead to much more focus on individual coal
producers' ability to fund their operations and articulate clearly
their approach to addressing environmental, social, and governance
considerations -- including reducing net debt in the near-to-medium
term. Contura reported about $600 million of debt and $344 million
of surety bonds to support reclamation-related items at December
31, 2019.

The Caa1 CFR is principally constrained by the inherent volatility
in the metallurgical coal industry and ongoing secular decline in
the thermal coal industry that make it challenging to operate with
a leveraged balance sheet over the rating horizon. The rating also
reflects ongoing regulatory pressures on the coal mining industry
despite improved political support since late 2016, inherent
geologic and operational risks associated with mining, and
environmental and social risks specific to the coal industry. The
rating benefits from moderate operating diversity, meaningful coal
reserves, access to multiple transportation options, and adequate
liquidity. Contura's rating also considers meaningful legacy
liabilities, including some mining-specific items, such asset
retirement obligations related to the impact of coal mining on the
environment, and coal-specific items, such as black lung
liabilities related to negative health impacts on mining
employees.

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

The stable outlook reflects the expectation for cash consumption
balananced by meaningful liquidity. Moody's could downgrade the
rating with expectations for substantive deterioration of liquidity
or an inability to restart a majority of mining operations over the
next few months. Moody's could upgrade the rating with expectations
for adjusted financial leverage to remain below 4.0x (Debt/EBITDA),
free cash flow in excess of $25 million, and adequate liquidity to
support operations.

The SGL-3 balances more than $300 million of available liquidity
with expectations for cash consumption in 2020 and meaningful
sensitivity to changes in metallurgical coal prices. Moody's
expects that actions taken by management combined with the ability
to sell existing inventories will help preserve liquidity in the
near term. On 23 March 2020, Contura Energy drew $57.5 million from
the $225 million asset-based revolving credit facility. The
revolver is used for letters of credit ($100 million at December
31, 2019) and some collateral limitations due to the asset-based
nature of the facility. The revolver has a springing fixed charge
coverage ratio test, which Moody's does not expect will be
triggered in 2020, and the term loan does not have financial
maintenance covenants.

Environmental, social, and governance considerations are important
factors influencing Contura's credit quality. The company is
exposed to ESG issues typical for a company in the coal mining
industry, including increasing global demand for renewable energy
that is detrimental to demand for thermal coal, especially in the
United States and Western Europe. From an environmental perspective
the coal mining sector is also viewed as: (i) very high risk for
air pollution and carbon regulations; (ii) high risk for soil and
water pollution, land use restrictions, and natural and man-made
hazards; and (iii) moderate risk for water shortages. Social issues
include factors such as community relations, operational track
record, and health and safety issues associated with coal mining,
such as black lung disease. Contura Energy is exposed to both
thermal coal and metallurgical coal, though the company's thermal
coal business does not generate meaningful earnings and cash flows.
Moody's believes that thermal coal carries greater ESG-related
risks than metallurgical coal. Governance-related risks are higher
than average for publicly-traded mining companies, incorporating an
aggressive approach to shareholder returns, has included more than
$30 million of share repurchases in the third quarter of 2019 and a
recent change in the company's chief executive officer in 2019.

Following a merger with ANR, Inc. and Alpha Natural Resources
Holdings, Inc. in November 2018, Contura now operates 23
underground mines, 9 surface mines and 12 preparation plants in the
Northern Appalachia and Central Appalachia regions. The company
also has 65% stake in the Dominion Terminal Associates coal export
terminal in eastern Virginia. Contura generated $2.3 billion of
revenue for the fiscal year ending December 2019.

The principal methodology used in these ratings was Mining
published in September 2018.


CORPORATE HOUSING: Gets Interim Cash Collateral Access
------------------------------------------------------
Judge Stacey G.C. Jernigan authorized Corporate Housing Solutions,
a Delaware limited liability company to use cash collateral on an
interim basis, pursuant to the budget.  The budget provided for
$53,000 in total expenses, including $48,500 for rent.

As adequate protection, Ryan Carbrey is granted replacement liens
in the cash collateral to the same extent, validity and priority as
existed on the Petition Date.  The Debtor owes Mr. Carbrey a
private loan amounting to $102,000 as of the Petition Date.  The
Debtor also disclosed that it has approximately $278,190 in
accounts receivable (which constitute cash collateral) as of the
date of filing.  

               About Corporate Housing Solutions

Corporate Housing Solutions, a Delaware limited liability company
was formed on June 1, 2019 and markets and leases corporate housing
to its customers.  The company filed a Chapter 11 petition (Bankr.
N.D. Tex. Case No. 20-30552) on Feb. 19, 2020.  M. J. Watson &
Associates, P.C., serves as the Debtor's counsel.


CUKER INTERACTIVE: Seeks May 31 Exclusivity Period Extension
------------------------------------------------------------
Cuker Interactive, LLC asked the U.S. Bankruptcy Court for the
Southern District of California to extend the period during which
it has exclusive right to file a Chapter 11 plan through May 31,
and the period during which to solicit acceptances through July 30.


The company needs additional time to finalize a plan based upon its
continued and profitable operations following the Eighth Circuit's
opinion affirming judgment against Wal-Mart (Case No. 14-cv-05262)
and in light of the COVID-19 pandemic.  Cuker needs to assess the
impact of the pandemic on the company's projections of how its
business will be used to repay its creditors considering that the
company intends to repay 100 percent of all allowed claims.

                      About Cuker Interactive

Cuker Interactive, LLC -- https://www.cukeragency.com/ -- is a
digital marketing, design, and eCommerce agency.  

Based in Carlsbad, Calif., Cuker Interactive filed a Chapter 11
petition (Bankr. S.D. Cal. Case No. 18-07363)  on Dec. 13, 2018. In
the petition signed by CEO Aaron Cuker, Debtor estimated $10
million to $50 million in assets and $1 million to $10 million in
liabilities.  Judge Louise Decarl Adler oversees the case.  Michael
D. Breslauer, Esq., at Solomon Ward Seidenwurm & Smith, LLP, is
Debtor's bankruptcy counsel.


CUPID CANDIES: Hires Springer Brown as Counsel
----------------------------------------------
Cupid Candies, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to hire Richard G. Larsen and
Springer Larsen Greene, LLC as its counsel.

As counsel, Mr. Larsen and his firm will provide these services in
connection with the Debtor's Chapter 11 case:

     (a) consult with the Debtor concerning its powers and duties
as debtor-in-possession, the continued operation of its business
and the Debtor's management of the financial and legal affairs of
its estate;

     (b) consult with the Debtor and with other professionals
concerning the negotiation, formulation, preparation, and
prosecution of a Chapter 11 plan and disclosure statement;

     (c) confer and negotiate with the Debtor's creditors, and
other parties in interest, and their respective attorneys and other
professionals about the Debtor's financial affairs and property,
Chapter 11 plans, claims, liens, and other aspects of this case;  

     (d) appear in court on behalf of the Debtor when required;
and

     (e) provide the Debtor with such other services as the Debtor
may request.

The attorneys designated to represent the Debtor will be paid at
these hourly rates:

     Richard G. Larsen        $440
     Joshua D. Green          $440
     David R. Brown           $455
     Thomas E. Springer       $445

Springer Larsen Greene, LLC also requests approval of a
post-petition retainer in the sum of $10,000 for services in
connection with the Debtor's Chapter 11 case prior to the filing of
the case.
  
The firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Richard G. Larsen, Esq.
     Springer Larsen Greene, LLC
        dba Springer Brown, LLC
     300 South County Farm Rd., Suite G
     Wheaton, IL 60187
     Tel: (630) 510-0000
     Fax: (630) 510-0004
     Email: rlarsen@springerbrown.com

                      About Cupid Candies, Inc.

Cupid Candies, Inc., is a family-run candy manufacturer that has
three retail outlets in Chicago. It has been in business since
1936. Due to various factors and loss of important accounts, its
financial condition deteriorated commencing in 2015, and it fell
behind on its obligations to the Illinois Department of Revenue
(the "IDR") and the Internal Revenue Service (the "IRS").

Cupid Candies sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 19-16842) on June 12, 2019. In the
petition signed by its president, John P. Stefanos, the Debtor
estimated assets of less than $50,000 and debts of less than $1
million. The Debtor is represented by William J. Factor, Esq., of
FactorLaw.



CURO GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
----------------------------------------------------------
S&P Global Ratings said it revised its outlook on Curo Group
Holdings Corp. to stable from positive. S&P also affirmed its 'B-'
long-term issuer credit rating.

At the same time, S&P affirmed its 'B-' issue rating on the
company's senior secured notes. The recovery rating is '4',
indicating S&P's expectation of average recovery (30%-50%, rounded
estimate: 35%) in the event of default.

"Our outlook revision reflects higher leverage expectations for
2020 driven by lower originations and higher provisions. We believe
the weaker economic outlook for 2020, because of the spread of
COVID-19 and the government's mitigation efforts, will likely
result in leverage above 5.0x this year. We think it is likely,
assuming some normalization in 2021, that leverage will then
decrease below 5.0x debt to EBITDA," S&P said.

The stable outlook reflects S&P's view that over the next 12 months
Curo will report leverage above 5.0x due to deteriorating macro
conditions.

S&P could lower the ratings if Curo is unable to maintain interest
coverage above 1x, if the company meaningfully erodes its cushion
relative to covenants, or if regulatory changes result in doubts
about the company's ability to continue as a going concern.

S&P could raise the ratings if the company maintains leverage below
4.0x debt to EBITDA and above 2.5x interest coverage.


CYXTERA DC: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Cyxtera DC Holdings, Inc.'s
corporate family rating to Caa1 from B2 and its probability of
default rating to Caa1-PD from B2-PD. Cyxtera's senior secured
first lien credit facility, consisting of a $915 million term loan
and a $150 million revolver, was downgraded to B3 from B1 and a
$310 million senior secured second lien term loan was downgraded to
Caa2 from Caa1. These downgrades are the result of weaker than
expected revenue and EBITDA growth, weak margins, limited evidence
of sustained improvement in bookings and churn trends, growing cash
flow deficits, weakening liquidity and Moody's expectations for
continued elevated leverage (Moody's adjusted).

The outlook change to negative from stable reflects Moody's view of
Cyxtera's continuing execution risks associated with delivering
sustainable EBITDA growth, driving debt leverage (Moody's adjusted)
lower, and reducing rising cash flow deficits.

Downgrades:

Issuer: Cyxtera DC Holdings, Inc.

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

Corporate Family Rating, Downgraded to Caa1 from B2

Senior Secured First Lien Bank Credit Facility, Downgraded to B3
(LGD3) from B1 (LGD3)

Senior Secured Second Lien Bank Credit Facility, Downgraded to Caa2
(LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Cyxtera DC Holdings, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Cyxtera's Caa1 CFR reflects governance risks, specifically the
likelihood that leverage (Moody's adjusted) will remain elevated
for the next two years given the aggressive financial policy of the
company's private equity owners and the potential for distressed
debt exchanges given persistently high leverage and a weakening
liquidity position. Despite its position as the second largest
global independent data center operator offering retail colocation
and interconnection services, Cyxtera has faced persistent
difficulties growing revenue and EBITDA since its 2017 carveout
from CenturyLink, Inc. (CenturyLink, Ba3 stable). The company's
credit profile also reflects execution difficulties as a standalone
entity, weaker than expected bookings growth and churn mitigation,
significant industry risks, intensifying competition and the high
capital intensity required to drive stronger top line growth.
Despite relatively low capacity utilization across Cyxtera's
aggregated facilities, demand from specific markets hasn't
necessarily aligned with such availability and has resulted in high
capital spending since the 2017 carveout which has persistently
delayed deleveraging. Improved productivity from the company's
revamped and now regionally-focused sales force is necessary to
better tie revenue growth to success-based capital investing in
underutilized facilities.

Moody's expects Cyxtera will continue to generate meaningfully
negative free cash flow in 2020. Without substantial success from
likely liquidity initiatives and sustainable EBITDA growth
traction, Moody's expects Cyxtera will face increasing liquidity
difficulties by early 2021, and will be heavily reliant on its
revolver which matures in May 2022. These factors are offset by
Cyxtera's relatively stable base of contracted recurring core
revenue, strong network footprint in Tier 1 markets, the company's
concerted efforts to reduce operating costs begun in 2019 and
continuing in 2020, owned data center assets that can be monetized,
and secular growth trends for data center services globally.

The communications infrastructure industry is expected to be more
resilient than many sectors as the coronavirus outbreak has widened
and the global economic outlook deteriorates. Moody's does not
anticipate reduced colocation demand initially as a result of a
weakening US economy. Cyxtera could see payment delinquencies from
smaller customers over time if any economic downturn is prolonged.
Moody's expects no supply chain disruptions in the short term for
the industry, but second half 2020 supply shortages of certain
equipment and infrastructure necessary for capacity expansions
could result from an elongated economic shock. Moody's will take
rating actions as warranted to reflect the breadth and severity of
the shock as it unfolds and potentially negatively impacts
Cyxtera's credit quality.

The negative outlook reflects the risk that Cyxtera may not be able
to sustainably improve weak revenue and EBITDA trends and reduce
rising cash flow deficits. Cyxtera's credit metrics will remain
under pressure over the next 12-18 months given limited traction on
bookings and churn improvement, high debt leverage and constrained
liquidity.

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

Moody's could lower Cyxtera's ratings further if the company's
operating performance does not improve, its liquidity deteriorates,
if it pursues distressed debt exchanges or if capital spending is
reduced below a level necessary to support revenue growth. Moody's
could upgrade Cyxtera's ratings if debt/EBITDA (Moody's adjusted)
approaches 7.0x and free cash flow/debt (Moody's adjusted) was
positive, both on a sustained basis. Moody's could stabilize
Cyxtera's outlook if the company improves its weak operating trends
and sustains steady deleveraging.

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

Headquartered in Coral Gables, FL, Cyxtera consists of 62
carrier-neutral data centers providing colocation services across 3
continents to over 2,300 customers diversified across industries.


DAK RESOURCES: Court Grants Interim Access to Cash Collateral
-------------------------------------------------------------
Judge Cynthia C. Jackson authorized DAK Resources, Inc., to use
cash collateral on an interim basis to pay necessary expenses,
pending final hearing on the motion.

Judge Jackson ruled that:

   (a) 48 Factoring, Inc., (a first position creditor) will receive
replacement liens on post-petition cash collateral to the same
extent, validity and priority as its pre-petition liens on the cash
collateral up to the outstanding balance of $69,634.58 owed to 48
Factoring.

   (b) the Debtor is not authorized to use the proceeds of any
account receivable allegedly factored with second position creditor
Prosperity Funding, Inc.

   (c) with respect to its general lien on the Debtor's accounts
receivable, Prosperity Funding is granted replacement liens on
post-petition cash collateral to the same extent, validity and
priority as its prepetition liens in cash collateral up to the
outstanding balance owed to Prosperity.  The Debtor disclosed that
it owes Prosperity Funding $445,143.

A final hearing initially scheduled for March 24, 2020 is
rescheduled to May 7, 2020 at 1:30 p.m.

                      About DAK Resources

DAK Resources, Inc., based in Jacksonville, FL, filed a Chapter 11
petition (Bankr. M.D. Fla. Case No. 20-00728) on Feb. 28, 2020.  In
the petition signed by David Moorefield, president, the Debtor was
estimated to have up to $50,000 in assets and $1 million to $10
million in liabilities.  The Debtor hired EDWARD P. JACKSON, P.A.,
as counsel, and Lansing Roy, P.A., as co-counsel.


DELTA AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Delta Air Lines Inc. to BB from BBB-.

Delta Air Lines, Inc., typically referred to as Delta, is one of
the major airlines of the United States and a legacy carrier. It is
headquartered in Atlanta, Georgia.



DESTILLERIA NACIONAL: Taps Isabel Fullana-Fraticelli as Counsel
---------------------------------------------------------------
Destilleria Nacional, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Isabel
Fullana-Fraticelli & Asoc. PSC as counsel.
   
The firm will provide these services in connection with the
Debtor's Chapter 11 case:

     (a) advise the Debtor with respect to its duties, powers and
responsibilities in this bankruptcy case business, or is involved
in litigation;

     (b) assist the Debtor with respect to negotiations with
debtor's complaints and creditor's counterclaim;

     (c) prepare on behalf of the Debtor the necessary complains
answer, order, reports memoranda of law under or any other legal
document;  

     (d) appear before the bankruptcy court, or any other court in
which the debtor asserts a claim interest or defense directly or
indirectly related to this bankruptcy case;

     (e) perform other legal services for debtor as may be required
in these proceedings or in connection with the operation of/ and
involvement with the debtors business, including but not limited to
notary services; and

     (f) continue to prosecute the adversary proceeding filed in
the case of In re Ditto Adv., # 19-00426(MCF).

The firm will be paid at these hourly rates:

     Senior Partners                   $250
     Associate Lawyers                 $150
     Paralegals                         $90    
     
The firm received a retainer fee of $13,000 plus $1,717, which
included the filing fee, for expenses prior to the filing.
  
The firm can be reached through:

     Isabel M. Fullana-Fraticelli
     Isabel Fullana-Fraticelli & Asoc. PSC
     268 Ponce de Leon Ave. Suite 1002
     San Juan, PR 00918
     Tel: (787) 250-7242
     Fax: (787) 756-7800
     Email: ifullana@gaflegal.com

                    About Destilleria Nacional, Inc.

Destilleria Nacional, Inc. is a beer manufacturer headquartered in
Guaynabo, Puerto Rico.  Destilleria Nacional sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No.
20-01247) on March 6, 2020, listing under $1 million in both assets
and liabilities.  The Debtor hired Isabel M. Fullana-Fraticelli of
Isabel Fullana-Fraticelli & Asoc. PSC as counsel.


DGI TRADING USA: Taps Ray Battaglia as Bankruptcy Counsel
---------------------------------------------------------
DGI Trading USA, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to hire the Law Offices of Ray
Battaglia, PLLC as bankruptcy counsel.
  
The firm will provide these services in connection with the
Debtor's Chapter 11 case:

     (a) advise the Debtor with respect to its powers and duties as
debtor and debtor-in-possession in the continued management and
operation of its business and properties;

     (b) attend meetings and negotiate with representatives of
creditors and other parties-in-interest, and advise and consult on
the conduct of the case;

     (c) take all necessary actions to protect and preserve the
Debtor's estate;  

     (d) prepare on behalf of the Debtor all motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

     (e) advise the Debtor in connection with any sales of assets;

     (f) negotiate and prepare on the Debtor's behalf a plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and take any necessary action on behalf of the
Debtor to obtain confirmation of such plan;

     (g) appear before the Court, any appellate courts, and the
United States Trustee, and protect the interests of the Debtor's
estate before those courts and the United States Trustee; and

     (h) perform all other necessary legal services and provide all
other necessary or appropriate legal advice to the Debtor in
connection with this Chapter 11 Case.

The firm has provided and will be providing professional services
to the Debtor under its standard rate structure. For 2019, the
hourly rate for Mr. Battaglia is $450 per hour. The firm has
advised the Debtor that the hourly rate set forth is subject to
periodic increases in the normal course of the firm's business. The
firm will provide notice of any rate increases to the Debtor, the
United States Trustee, and the Court.
     
The initial retainer in the amount of $20,000 plus $1,717 for the
Court filing fees in connection with the chapter 11 case was paid
by the Debtor. As of the petition date, the firm had applied $8,524
(including the bankruptcy court filing fee) from the retainer to
pay prepetition fees and expenses owed to the firm, leaving a
balance in the retainer account of $13,193.

Raymond W. Battaglia of The Law Offices of Ray Battaglia, PLLC
disclosed in court filings that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Raymond W. Battaglia, Esq.
     LAW OFFICES OF RAY BATTAGLIA, PLLC
     66 Granburg Circle  
     San Antonio, TX 78218
     Tel: (210) 601-9405
     E-mail: rbattaglialaw@outlook.com

                    About DGI Trading USA, Inc.

DGI Trading USA, Inc. -- http://www.dgitradingusa.com/-- is a
supplier of wholesale construction & mining equipment & parts, with
its principal place of business at 326 Main Street in Carrolton,
Kentucky.

DGI Trading USA sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-50418) on February
26, 2020. The petition was signed by Ryan Spann, its president.

DGI Trading estimated total assets of $5,036,815 as of February 24,
2020, and estimated liabilities of $1 million to $10 million.

The Hon. Ronald B. King is the case judge.

The Debtor hired Raymond W. Battaglia of The Law Offices of Ray
Battaglia, PLLC as counsel.


DIEBOLD NIXDORF: Egan-Jones Lowers Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diebold Nixdorf Inc. of New York to CCC from CCC+.

Diebold Nixdorf is an American multinational financial and retail
technology company that specializes in the sale, manufacture,
installation and service of self-service transaction systems (such
as ATMs and currency processing systems), point-of-sale terminals,
physical security products, and software and related services for
global financial, retail, and commercial markets.




DIOCESE OF ROCHESTER: Exclusivity Period Extended to Oct. 6
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York
extended to Oct. 6 the period during which only the Diocese of
Rochester can file a Chapter 11 plan.  

The diocese can solicit acceptances for the plan until Dec. 5.

The diocese needs additional time to negotiate with the unsecured
creditors' committee, sex abuse claimants and other parties, and to
address other issues necessary to prepare its Chapter 11 plan.
Moreover, the extension will give the diocese enough time to review
claims and determine the treatment of those claims under the plan.


The deadline for filing proofs of claim in the diocese's bankruptcy
case is Aug. 13.

                  About the Diocese of Rochester

The Diocese of Rochester in upstate New York provides support to 86
Roman catholic parishes across 12 counties in upstate New York.  It
also operates a middle school, Siena Catholic Academy ("SCA").

The Diocese has 86 full-time employees and six part-time employees
and provides medical and dental benefits to an additional 68
retired priests and 2 former priests.

The Diocese generated $21.88 million of gross revenue for the
fiscal year ending June 30, 2019, compared with a gross revenue of
$24.25 million in fiscal year 2018.

The Diocese of Rochester filed for Chapter 11 bankruptcy protection
(Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave
of lawsuits over alleged sexual abuse of children.  In the
petition, the Diocese was estimated to have $50 million to $100
million in assets and at least $100 million in liabilities.

Bond, Schoenec & King, PLLC is the Diocese's counsel.  Stretto is
the claims and noticing agent.


DOMTAR CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Domtar Corporation to BB+ from BBB-.

Domtar Corporation is the largest integrated producer of uncoated
free-sheet paper in North America and the second-largest in the
world based on production capacity and is also a manufacturer of
paper grade pulp.



EASTSIDE DISTILLING: M&K CPAS PLLC Raises Going Concern Doubt
-------------------------------------------------------------
Eastside Distilling, Inc. filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $16,908,104 on $17,021,484 of sales for the year ended
Dec. 31, 2019, compared to a net loss of $9,047,669 on $7,204,302
of sales for the year ended in 2018.

The audit report of M&K CPAS, PLLC states that the Company suffered
a net loss from operations and has a net capital deficiency, which
raises substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $35,865,863, total liabilities of $28,532,545, and a total
stockholders' equity of $7,333,318.

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

                      https://is.gd/lSnad2

Eastside Distilling, Inc., manufactures, acquires, blends, bottles,
imports, exports, markets, and sells various alcoholic beverages.
The company sells its products on a wholesale basis to distributors
in the United States, as well as in Ontario, Canada.  Eastside
Distilling, Inc. was founded in 2008 and is headquartered in
Portland, Oregon.


ED3 CONSULTANTS: Has Final Authorization on Cash Collateral Use
---------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania entered a final order authorizing
ED3 Consultants, Inc. to use cash collateral in the operation of
its business and in accordance with the budget.

The prepetition liens and claims of the Secured Creditors will be
continued post-petition as to both prepetition and post-petition
assets of the Debtor, but the value of the Secured Creditors' liens
and claims will not be greater postpetition than the value thereof
at the Petition Date, plus accruals and advances thereafter.

In accordance with the Dec. 20 Interim Cash Collateral Order, the
Debtor will pay the Secured Creditors interim, monthly adequate
protection payments equal to 6% on the outstanding balances, as
follows:

          Powers Funding Group of NY, LLC                 $4,035
          Commonwealth of PA Dept. of Labor & Industry      $505
          Commonwealth of PA Dept. of Revenue               $278
          Internal Revenue Service                        $4,350
          Argus Capital Funding, LLC                        $725
          1st Global Capital, LLC                         $1,025
          Green Capital Funding, LLC                        $750
          Unique Funding Solutions                          $107
          Merchant Business Solutions                       $140

In addition, the Debtor will provide the Secured Creditors access
to its records and financial information as they may reasonably
request, including but not limited to the monthly financial reports
required by the U.S. Trustee.  The Debtor will also provide Powers
Funding Group of NY with copies of the invoices for monies
collected post-petition and reconcile any amounts that the Debtor
has received on invoices owned by Powers Funding for work invoiced
on such invoices.  If the Debtor receives such monies, it will
remit the monies to Powers Funding.

                       About ED3 Consultants

Based in Canonsburg, Pa., ED3 Consultants Inc. is a small
woman-owned business staffed with engineering, architectural and
technical specialists.

ED3 Consultants filed a voluntary Chapter 11 petition (Bankr. W.D.
Pa. Case No. 19-24455) on Nov. 14, 2019.  In the petition signed by
Denise L. Palmer, president, the Debtor was estimated to have
$500,001 to $1 million in assets and $1,000,001 to $10 million in
liabilities.  Judge Thomas P. Agresti oversees the case.  Guy C.
Fustine, Esq., at Knox McLaughlin Gornall & Sennett, P.C., is the
Debtor's counsel.


ENERGY HOLDINGS: S&P Alters Outlook to Negative on Weak Demand
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Energy Holdings (Cayman)
Ltd. to negative from stable. At the same time, S&P affirmed its
'B-' issue-level ratings on the company's $583 million first-lien
term loan and $100 million revolving credit facility, and the 'CCC'
rating on its $115 million second-lien term loan. The recovery
ratings are '3' and '6', respectively.

"Leverage is very high and we believe that it could approach
unsustainable levels.  We anticipate that 2019 leverage at ECI,
which hasn't yet released its audited financials, is in the high-6x
range. Economists at S&P now expect second-quarter U.S. GDP to
decline about 12% and for 2020 full-year GDP to be materially worse
than previously expected. We expect the company's end markets,
which include home appliances, specialty transportation, and HVAC,
to perform poorly in 2020, declining by at least double-digits
throughout the year. We believe that the home appliance market is
driven, in part, by new residential construction, which we expected
to decline significantly. Therefore, we expect leverage to remain
greater than 9x over the next 12 months," S&P said.

The negative outlook on ECI reflects S&P's belief that there is at
least a one-in-three chance the rating agency could lower the
rating should revenue decline more than it expects or EBITDA
margins become depressed into 2021. S&P expects free cash flow
generation to be constrained over the next 12 months while leverage
stays elevated over the next year.

"We could lower our rating on ECI if end markets deteriorate
further than expected, resulting in more negative free operating
cash flows or worse-than-expected covenant headroom, constraining
the company's liquidity position. We could also downgrade the
company if we believe leverage will rise to a level we consider
unsustainable," S&P said.

"We could revise our outlook to stable if our forecast for the
company's end markets significantly improves. In our view, this
would allow the company to maintain adequate liquidity, generate
positive free operating cash flow, and result in leverage levels
that we view to be sustainable over the long term," the rating
agency said.


ENVEN ENERGY: S&P Downgrades ICR to 'B-' on Weaker Credit Metrics
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
exploration and production company EnVen Energy Corp. to 'B-' from
'B' and on the senior unsecured debt to 'B+' from 'BB-'.

S&P estimates credit metrics will be weak for the rating over the
next two years.  Based on its revised oil and natural gas price
deck assumptions, S&P expects EnVen's funds from operations (FFO)
to debt to fall to 20% in 2020 before rebounding. While the
company's modest hedging position softened some of the price
volatility in 2020, the rating agency expects the company to burn
approximately $100 million in cash.

S&P's negative ratings outlook on EnVen reflects weak commodity
prices and capital markets outlook, which could further pressure
the company's liquidity ratios. It projects FFO to debt to be
approximately 20% in 2020.

"We could lower our rating on EnVen if we expect the company's
capital structure has become unsustainable. This could occur if
commodity prices were to weaken, the company is unable to meet our
production expectations through potential storage issues resulting
shut-ins, or differentials were to widen significantly.
Additionally, we could downgrade the company should liquidity
materially weaken potentially through less capacity on its
borrowing base," S&P said.

"We could revise the outlook to stable should commodity prices
materially rise such that the company sustained FFO/debt above 20%.
Alternatively, we could revise the outlook to stable should the
company's RBL remain in strong standing through its spring
redetermination period and maturity pushed out beyond January
2022," the rating agency said.


EQM MIDSTREAM: S&P Downgrades ICR to 'BB-'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on EQM
Midstream Partners L.P. (EQM) to 'BB-', which is in line with its
'BB-' rating on EQT Corp. (EQT), the company's main customer.  S&P
also lowered the issue rating on the senior unsecured debt to
'BB-', given the recovery rating of '3'.

EQT was downgraded two notches to 'BB-' on April 1, 2020. The
two-notch downgrade was based on S&P's expectation that EQT's
credit measures will be below its expectations for the rating over
the next two years under its revised oil and gas price assumptions.
S&P also views EQT's debt maturity schedule as challenging. This
results in a material decline in counterparty credit quality for
EQM as EQT provides about 70% of revenues to EQM. Although S&P
thinks robust minimum volume commitments (MVCs) mitigate volume
risk and therefore offer a degree of downside protection, its
dependency on a 'BB-' rated upstream customer drives the rating
agency's view that business risk has increased.

"The negative outlook primarily reflects the negative outlook on
its main customer, EQT Corp. (about 70% of revenues), because if we
took a negative rating action on EQT, it would point to elevated
counterparty risk and we'd lower the ratings on EQM as well. The
negative outlook on EQT reflects our expectation that EQT's credit
measures will be weak for the rating over the next two years and
our view that EQT's debt maturity schedule is challenging," S&P
said.

On a stand-alone basis, S&P also thinks credit metrics at EQM could
become more stressed for the rating over the next few years. The
rating agency expects debt to EBITDA of over 6x in 2020 but it
expects leverage to trend down over time as MVP becomes
operational.

"We would lower the ratings on EQM if we lowered the ratings on
EQT. We could lower the ratings on EQT if the company's financial
performance weakens such that expected FFO to debt declines below
20% with no near-term remedy. Such an event could occur if natural
gas prices or regional price differentials deteriorate without a
compensating reduction in capital spending, or if we believe that
the company is unlikely to be able to repay or refinance its
upcoming debt maturities," S&P said.

"We could also take a negative rating action on EQM on a
stand-alone basis (regardless of EQT) if it is unable to de-lever
below 5.5x in 2021. This could occur due to further delays and
rising construction costs for MVP or if customer volumes decline
significantly," the rating agency said.

Given EQM exposure to EQT, a revision to a stable outlook over the
next year is unlikely absent a similar rating action at EQT. S&P
could revise the outlook on EQT to stable if its leverage measures
improve on a sustained basis, and the upstream company addresses
its upcoming debt maturities. This would most likely occur if EQT
executes asset sales successfully.


FERRELLGAS PARTNERS: Prices $125M 10.000% Senior Secured due 2025
-----------------------------------------------------------------
Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance
Corp. announced the pricing of their add-on offering of $125
million aggregate principal amount of 10.000% Senior Secured First
Lien Notes due 2025 at an offering price equal to 103% of the
principal thereof.  The Issuers offered and priced $575 million
aggregate principal amount of their 10.000% senior secured first
lien notes due 2025 on April 8, 2020.  The Additional Notes will be
governed by the same indenture, and will have the same terms, as
the Initial Notes.  The Additional 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
the net proceeds from the Add-on Offering for general corporate
purposes.  The Add-on Offering is expected to close on April 16,
2020, subject to customary closing conditions.

The Additional 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
Additional 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., 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 $256.82 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, $754.88 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 was based on S&P's assessment
that Ferrellgas' capital structure is unsustainable given the
upcoming maturity of its $357 million notes due June 2020.

As reported by the TCR on March 18, 2020, Moody's Investors Service
downgraded Ferrellgas Partners L.P.'s Corporate Family Rating to
Caa3 from Caa2.  "Ferrellgas's downgrade is driven by the company's
continued high financial leverage and the very high likelihood that
the partnership will complete a full debt recapitalization in the
near-term," said Arvinder Saluja, Moody's vice president.


FERRELLGAS PARTNERS: S&P Rates $575MM Senior Secured Notes 'CCC'
----------------------------------------------------------------
S&P Global Ratings assigned its 'CCC' issue-level and '1' recovery
ratings to the proposed $575 million senior secured notes due 2025
issued by Ferrellgas L.P. and Ferrellgas Finance Corp., affiliates
of Ferrellgas Partners L.P.

The '1' recovery rating indicates S&P's expectation for very high
(90%-100%; rounded estimate: 95%) recovery in the event of a
payment default.

At the same time, S&P affirmed its 'C' issue-level rating on the
$357 million senior unsecured notes due June 2020 issued by
Ferrellgas Partners L.P. The recovery rating of '6' is unchanged,
indicating S&P's expectation of negligible (0%-10%; rounded
estimate 0%) recovery in the event of a default.

S&P also affirmed its 'CC' issue-level ratings on Ferrellgas L.P.'s
$1.5 billion senior unsecured notes maturing in 2021-2023. The
recovery rating of '4' is unchanged, indicating S&P's expectation
of average (30%-50%; rounded estimate 30%) recovery in the event of
a default.

Ferrellgas intends to use the net proceeds to repay its outstanding
$284 million term loan (not rated) and $16 million revolving credit
facility due May 2023 (not rated). The partnership will use the
remainder of the debt issuance proceeds for general corporate
purposes.

Company Description

Headquartered in Overland Park, Kan., Ferrellgas Partners L.P. is a
publicly traded master limited partnership that distributes propane
and sells related equipment to residential, commercial,
agricultural, and wholesale customers across the U.S. Propane is
mainly used for the heating of residential and commercial
premises.

Ferrellgas Partners L.P. has two major subsidiaries: Ferrellgas
L.P. (the main operating entity and the issuer of the $575 million
of senior secured notes due 2025 and $1.5 billion of senior notes
due in 2021, 2022, and 2023) and Ferrellgas Partners Finance Corp.
(the co-issuer and co-obligor of the $357 million of structurally
subordinated notes due in June 2020).

Recovery Analysis

Key Analytical Factors

-- S&P's simulated default scenario contemplates a default
resulting from Ferrellgas' failure to make a $357 million principal
payment on the subordinated notes due in June 2020.
-- Simulated year of default: 2020
-- EBITDA at emergence: $218 million
-- EBITDA multiple: 6x

Simplified Waterfall

-- Net enterprise value (after 5% administrative costs): $1.24
billion
-- Priority claims: $124 million
-- Secured first-lien debt claims: $598 million
-- Recovery expectations: '1' (95%)
-- Total value available to unsecured claims: $520 million
-- Senior unsecured debt and pari passu claims: $1.52 billion
-- Recovery expectations: 30% to 50%, (rounded estimate 30%)
-- Senior subordinated debt: $372.4 million
-- Recovery expectations: 0% to 10%, (rounded estimate 0%)

Note: all debt has six months' interest outstanding at default.


FIELDWOOD ENERGY: S&P Downgrades ICR to 'CCC'; Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Fieldwood
Energy LLC to 'CCC' from 'B-'. S&P also lowered the rating on the
first-lien term loan maturing in 2022 to B- with a recovery rating
of '1', and the second-lien term loan to CCC with a recovery rating
of '4'.

The collapse in oil prices will hurt Fieldwood's cash flow and
leverage metrics.  The company is well hedged for the first-half of
2020 but hedges roll off in the back-half of the year. S&P now
project the company's funds from operations (FFO) to debt will
average below 12% for the remainder of the year, which it views as
approaching unsustainable levels for offshore independents.

The negative outlook reflects S&P's view that the company's credit
measures will materially weaken in 2020, liquidity will be
constrained, and the company has the potential to breach its
term-loan covenants in the latter half of the year due to the sharp
decline in commodity prices.

"We could lower the rating if the company fails to meet its
financial obligations or announces a transaction that we could view
as a distressed exchange. Both likely due to prolonged weak capital
markets and low crude oil prices," S&P said.

"We could stabilize the rating if the company increases its
liquidity and financial measures do not deteriorate as much as our
assumptions. This would likely occur with an increase in commodity
prices," the rating agency said.


FIRST RIVER: Loses Partial Summary Ruling Bid vs Deutsche Bank
--------------------------------------------------------------
Bankruptcy Judge Craig A. Gargotta issued a memorandum opinion
denying Debtor/Cross-claimant First River Energy, LLC's partial
motion for summary judgment in the case captioned DEUTSCHE BANK
TRUST COMPANY AMERICAS, AGENT, Plaintiff, v. FIRST RIVER ENERGY,
LLC, Debtor-in-Possession; U.S. ENERGY DEVELOPMENT CORPORATION;
AGERON ENERGY, LLC; PETROEDGE ENERGY IV, LLC; TEAL NATURAL
RESOURCES, LLC; VICEROY PETROLEUM, LP; RLU OPERATING, LLC; DEWBRE
PETROLEUM CORPORATION; JERRY C. DEWBRE, TRUSTEE; AMERICAN
SHORELINE, INC.; TEXPATAPIPELINE COMPANY; AURORA RESOURCES
CORPORATION; AWP OPERATING CO.; TEXRON OPERATING LLC; GALVESTON BAY
OPERATING CO. LLC; MAGNUM PRODUCING, LP; MAGNUM ENGINEERING
COMPANY; MAGNUM OPERATING LLC; ROCK RESOURCES, INC; KILLAM OIL CO.,
LTD.; AND ENERGY RESERVES GROUP, LLC, Defendants, Adv. Proc. No.
18-05015-CAG (Bankr. W.D. Tex.).

On Jan. 12, 2018, First River filed a voluntary petition for
chapter 11 under the Bankruptcy Code. Pre-petition, the Debtor was
a midstream provider that purchased oil directly from upstream
producers, and re-sold and delivered aggregated oil to third-party
downstream purchasers. Pre-petition, the Debtor entered into
agreements with a number of upstream oil and gas producers to
purchase oil and gas from wells situated in Texas and Oklahoma.
Generally, the terms of Producers' sale of oil to the Debtor were
delineated in purchase contracts entered into by the Debtor and
Producers individually. Producers sold oil to the Debtor through
December 2017.

Intervenors RADCO Operations, LP and RHEACO, Ltd. also produced oil
and gas in Texas and sold it to Debtor pre-petition. RADCO entered
into a Crude Oil Purchase Agreement with O.G.O. Marketing, LLC, a
Texas limited liability company that was eventually acquired by
First River. RADCO and the Debtor allege that RADCO entered into a
purchase agreement with O.G.O. Marketing, LLC and sold oil to the
Debtor through December 2017, but neither RADCO nor the Debtor
produced a copy of a purchase agreement.

On July 23, 2015, the Debtor entered into a credit agreement with
Deutsche Bank AG New York Branch as collateral agent, lender,
issuing lender, and swing line lender, Deutsche Bank Trust Company
Americas as Administrative Agent, and several banks and other
financial institutions as lenders. Also, on July 23, 2015, the
Debtor entered into a guarantee agreement and a security agreement
with Agent and Lender for the funds advanced in the Credit
Agreement. On July 23, 2015, Agent executed and filed UCC-1
financing statements with the Delaware Department of State to
perfect its security interest in substantially all of Debtor's
assets.

After defaulting on payments due to Agent in November and December
of 2017, the Debtor discontinued nearly all its transactions
involving the sale of oil and gas. On Jan. 12, 2018, when the
Debtor filed its chapter 11 petition, the Debtor had not paid
Producers and Intervenors for any oil and gas product received in
December 2017. As the bankruptcy case progressed, Agent, Producers,
and Intervenors all alleged that each had a valid, perfected, first
priority lien in substantially all of the Debtor's assets,
including: the Debtor's oil and gas production, deposit accounts,
proceeds, and accounts receivable.

On Feb. 21, 2018, Agent initiated this adversary proceeding seeking
declaratory judgment on the validity, extent, and priority of its
liens in substantially all of the Debtor's assets. Thereafter,
Agent filed its Motion for Summary Judgment and Alternative Motion
for Partial Summary Judgment to which Producers and Intervenor
filed their Responses. The Agent MSJ argued that Agent had a
perfected, first-priority security interest in substantially all of
the Debtor's assets. Notably, as a threshold matter, the Agent MSJ
argued that regardless of lien perfection and priority issues,
Producers could not assert a security interest in Debtor's assets
because certain Producer Agreements incorporated the Conoco
Phillips General Provisions dated 1993. The Conoco Phillips
Provisions are a set of oil and gas industry standards that include
a warranty provision. Agent argued that the warranty contained in
the Conoco Phillips Provisions caused Producers to waive their
ability to assert a lien against Debtor's assets. The Agent MSJ
also argued that warranty language in the RADCO Agreement caused
RADCO to waive its ability to assert a lien against the Debtor's
assets.

The Court issued its Memorandum Opinion Granting, in Part and
Denying, in Part Agent's Motion for Summary Judgment and
Alternative Motion for Partial Summary Judgment. The Opinion on
Agent MSJ denied summary judgment as to the Waiver Argument. The
Opinion on Agent MSJ also found that--to the extent to which
producers of oil and gas in Oklahoma could produce evidence
demonstrating extent and amount of sums owed by Debtor for
pre-petition purchase of oil and gas--Oklahoma Producers had a
first-priority, automatically arising statutory lien under Section
549.1 et seq of the Oklahoma Statutes. The Opinion on Agent MSJ,
however, granted summary judgment on Agent's argument that it had a
first-priority security interest in Debtor's goods, inventory,
accounts, and proceeds that primed any liens or security interests
alleged by Producers and Intervenors that produced oil and gas in
Texas.

Addressing one of the issues, the Court holds that the Conoco
Phillips Provisions incorporated into the Producer Agreements
include a section titled "Warranty" which states: "the Seller
warrants good title to all crude oil delivered hereunder and
warrants that such crude oil shall be free from all royalties,
liens, encumbrances and all applicable foreign, federal, state and
local taxes. . . ." The section of the Producer Agreements at issue
is titled "Warranty," and the plain language of the warranty
provision states that seller "warrants good title . . . [that]
shall be free from all royalties, liens, and encumbrances . . . ."
The Court finds that the Conoco Phillips Provision at issue is
unambiguously defined and described as a warranty--not a
waiver--and must be enforced as such. The Court will not morph a
warranty into a waiver in contravention of the plain language of
the contract.

Moreover, the Court notes that in the Conoco Phillips Provisions
incorporated in the Producer Agreements, there are two separate
sections for warranties and waivers. In contract disputes, Texas
law requires the Court to "examine the entire writing in an effort
to harmonize and give effect to all the provisions of the contract
so that none will be rendered meaningless." If the Court interprets
the "warranty" section of the Conoco Phillips Provisions as
describing waiver provisions, it would effectively be rendering the
distinct "waiver" section meaningless. The Court declines to read
beyond the plain language of the contract. For these reasons, the
Court denies Debtor's request for summary judgment that the Conoco
Phillips Provisions incorporated in the Producer Agreements waived
Producers' ability to assert a lien under Texas section 9.343 or
the Oklahoma Lien Act.

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

Deutsche Bank Trust Company Americas, Agent, Plaintiff, represented
by Toby L. Gerber -- toby.gerber@nortonrosefulbright.com -- Norton
Rose Fulbright US LLP, Michael M. Parker --
Michael.parker@nortonrosefulbright.com -- Norton Rose Fulbright US
LLP & Steve A. Peirce -- steve.peirce@nortonrosefulbright.com --
Norton Rose Fulbright US LLP.

First River Energy, LLC, Defendant, represented by David W. Parham
-- david.parham@akerman.com -- Akerman LLP.

U.S. Energy Development Corporation, Ageron Energy, LLC, PetroEdge
Energy IV, LLC, Teal Natural Resources, LLC, Crimson Energy
Partners IV, LLC, Viceroy Petroleum, LP, RLU Operating, LLC, Dewbre
Petroleum Corporation, Jerry C. Dewbre, Trustee, American
Shoreline, Inc., Texpata Pipeline Company, Aurora Resources
Corporation, AWP Operating Co., Texron Operating LLC, Magnum
Producing, LP, Magnum Engineering Company, Magnum Operating LLC,
Rock Resources, Inc., Killam Oil Co., Ltd. & Energy Reserves Group,
LLC, Defendants, represented by William B. Kingman & Mark Curtis
Taylor -- mark.taylor@wallerlaw.com -- Waller Lansden Dortch &
Davis LLP.

Galveston Bay Operating Co. LLC, Defendant, represented by Mark
Curtis Taylor  Waller Lansden Dortch & Davis LLP.

RHEACO, Ltd. & RADCO Operations, L.P., Intervenors, represented by
Ryan C. Reed -- rreed@pulmanlaw.com -- Pulman, Cappuccio, Pullen &
Benson, LLP & Thomas Rice – trice@pulmanlaw.com -- Pulman
Cappuccio & Pullen, LLP.

      About First River Energy

Based in San Antonio, Texas, First River Energy, LLC --
http://www.firstriverenergy.com/-- is engaged in the oil and gas
extraction business.

First River Energy filed a Chapter 11 petition (Bankr. D. Del.
Case
No. 18-10080) on Jan. 12, 2018.  In its petition signed by CEO
Deborah Kryak, the Debtor estimated total assets and debt between
$10 million and $50 million.

On Jan. 17, 2018, the case was transferred to the U.S. Bankruptcy
Court for the Western District of Texas, San Antonio Division, and
was assigned a new bankruptcy case number (Case No. 18-50085).
Judge Craig A. Gargotta oversees the case.

The Debtor hired Akerman LLP as its legal counsel; Chipman Brown
Cicero & Cole, LLP as co-counsel; Armory Strategic Partners, LLC,
as financial advisor; Scott Avila of Armory Strategic as chief
restructuring officer; and Donlin, Recano & Company, Inc., as
claims and noticing agent.

No official committee of unsecured creditors was appointed in the
case.


FLEXENTIAL INTERMEDIATE: Moody's Cuts CFR to Caa1, Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service downgraded Flexential Intermediate
Corporation's corporate family rating to Caa1 from B3 and its
probability of default rating to Caa1-PD from B3-PD. Flexential's
senior secured first lien credit facility, consisting of a $1.2
billion term loan and a $150 million revolver, and its $250 million
of senior secured first lien notes were downgraded to B3 from B2.
The company's $310 million senior secured second lien term loan was
downgraded to Caa3 from Caa2. These downgrades are the result of
Moody's expectations for continued elevated leverage (Moody's
adjusted) due to weak revenue and EBITDA growth trends, high
capital intensity, and persistent cash flow deficits which
constrain liquidity. The outlook is negative.

Downgrades:

Issuer: Flexential Intermediate Corporation

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

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured Second Lien Bank Credit Facility, Downgraded to Caa3
(LGD6) from Caa2 (LGD6)

Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD3) from
B2 (LGD3)

Outlook Actions:

Issuer: Flexential Intermediate Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Flexential's Caa1 CFR reflects governance risks, specifically the
likelihood that leverage (Moody's adjusted) will remain elevated
for the next two years given the aggressive financial policy of the
company's private equity owner and the longer-term potential for
future distressed debt exchanges given persistently high debt
leverage and a weak liquidity position. Flexential's credit profile
also reflects the persistent difficulties the company has
encountered sustainably growing revenue and EBITDA since its 2017
merger with Viawest, modest scale, high capital intensity
associated with growing the business, weak bookings growth and
churn mitigation, significant industry risks, and intensifying
competition.

Moody's expects Flexential will continue to generate meaningfully
negative free cash flow in 2020 which will increasingly pressure
available liquidity under its existing revolver over the next two
years. These factors are offset by Flexential's relatively stable
base of contracted recurring revenue, its position as a
high-quality Tier 2 market colocation provider in a still growing
sector and its national footprint and sales capabilities with
larger network-centric customers.

The communications infrastructure industry is expected to be more
resilient than many sectors as the coronavirus outbreak has widened
and the global economic outlook deteriorates. Moody's does not
anticipate reduced colocation or cloud or managed services demand
initially as a result of a weakening US economy. Flexential could
see payment delinquencies from smaller customers over time if any
economic downturn is prolonged. Moody's expects no supply chain
disruptions in the short term for the industry, but second half
2020 supply shortages of certain equipment and infrastructure
necessary for capacity expansions could result from an elongated
economic shock. Moody's will take rating actions as warranted to
reflect the breadth and severity of the shock as it unfolds and
potentially negatively impacts Flexential's credit quality.

The negative outlook reflects the risk that Flexential may not be
able to sustainably improve weak revenue and EBITDA trends and
reduce cash flow deficits. Flexential's credit metrics will remain
under pressure over the next 12-18 months given limited traction on
bookings and churn improvement, high debt leverage and constrained
liquidity.

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

Moody's could lower Flexential's ratings further if the company's
operating performance does not improve, its liquidity deteriorates,
if it pursues distressed debt exchanges or if capital spending is
reduced below a level necessary to support revenue growth. Moody's
could upgrade Flexential's ratings if debt/EBITDA (Moody's
adjusted) approaches 6.0x and free cash flow/debt (Moody's
adjusted) was positive, both on a sustained basis. Moody's could
stabilize Flexential's outlook if the company improves its weak
operating trends and sustains steady deleveraging.

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

With headquarters in Charlotte, NC and Denver, Colorado, Flexential
consists of 40 carrier-neutral data centers providing colocation,
cloud and managed services to over 3,700 customers diversified
across industries.


FLY LEASING: S&P Alters Outlook to Negative, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Fly
Leasing Ltd., and revised its outlook to negative from stable. The
issue-level rating on Fly Funding II S.a.r.l's secured term loan of
'BBB-' and on Fly's senior unsecured notes of 'BB' are unchanged.

"We expect Fly's revenues to be under significant pressure,
substantially reducing earnings and cash flow in 2020. We expect
that Fly will agree to temporary deferrals of lease rentals from
many of its airline customers, with some pushing revenues into
2021. We also foresee much-greater-than-normal airline
bankruptcies, forcing repossession of aircraft and delays in
finding new customers to lease them. We also expect lower lease
rates both on re-possessed planes, and on those whose leases expire
in 2020," S&P said.

S&P expects a small loss from much lower revenues, with EBIT
interest coverage declining to less than 1x in 2020 and FFO to debt
declining to the mid-single-digit percent area. It expects somewhat
improved airline industry conditions should enable Fly to improve
EBIT interest coverage ratio to the mid-1x area and FFO to debt to
the high-single-digit percent area in 2021 and thereafter.

"We could lower ratings if Fly's EBIT interest coverage remains
below 1.7x and FFO to debt remains below 9% for a sustained period.
We could also lower our ratings if we believe the company would
have difficulties refinancing its upcoming senior unsecured loan
maturity in 2021," S&P said.

"We would revise our outlook to stable if the global airline
industry downturn is less severe than we foresee, such that we
expect FFO to debt in the high-single-digit percent area in 2020,
and above 9% in 2021," the rating agency said.


FRONTIER FUNDS: Discloses Going Concern Doubt for 531 Fund
----------------------------------------------------------
Frontier Funds disclosed in its Form 10-K filing with the U.S.
Securities and Exchange Commission for the fiscal year ended
December 31, 2019, that in March 2020, the Sponsor was notified
that Galaxy Plus Fund – TT Feeder Fund (531) LLC's investor
intends to redeem its equity from the Fund effective April 1, 2020
raising substantial doubt that the Fund will be able to continue as
a going concern.

The audit report of RSM US LLP states that the 531 Fund's investor
intends to redeem all of its investment in the Fund effective April
1, 2020, which raises substantial doubt about the Fund's ability to
continue as a going concern.

The Company said, "On its inception date, May 10, 2017, 531
invested its assets in Galaxy Plus Fund – TT Master Fund (531)
LLC, a Delaware limited liability company.  As of December 31,
2019, 531 owned 100% of its Master Fund.  In March 2020, the
Sponsor was notified that 531's investor intends to redeem its
equity from the Fund effective April 1, 2020 raising substantial
doubt that the Fund will be able to continue as a going concern.
The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.  The Sponsor has
elected to keep the Fund open and plans to find new seed capital so
that trading can recommence.  As a result, and based on the fact
that a formal liquidation plan has not been adopted by the Sponsor,
the Fund has not adopted the liquidation basis of accounting under
FASB ASC 205-30 Presentation of Financial Statements-Liquidation
Basis of Accounting."

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

                       https://is.gd/fsp2CE

Frontier Funds, formerly Equinox Frontier Funds, was formed on
August 8, 2003, as a Delaware statutory trust.  The Trust is a
multi-advisor commodity pool.  The Trust has authority to issue
separate series, or each, a Series, of units of beneficial interest
pursuant to the requirements of the Delaware Statutory Trust Act,
as amended.  The Trust is managed by Frontier Fund Management,
LLC.

The Trust has seven separate and distinct series of Units issued
and outstanding: Frontier Diversified Fund, Frontier Masters Fund,
Frontier Long/Short Commodity Fund, Frontier Balanced Fund,
Frontier Select Fund, Frontier Winton Fund, and Frontier Heritage
Fund.


G.D.S. EXPRESS: Gets Final Nod to Obtain Loan, Use Cash Collateral
------------------------------------------------------------------
Judge Alan M. Koschik of the U.S. Bankruptcy Court for the Northern
District of Ohio authorized G.D.S. Express, Inc. and its affiliates
to obtain revolving loans from Northwest Bank and to use cash
collateral on a final basis.

Northwest Bank is granted adequate protection against the
diminution in the value or amount of the prepetition collateral,
replacement liens and a superpriority administrative expense claims
under sections 503 and 507(b) of the Bankruptcy Code. Such
replacement liens and superpriority administrative expense claims
are subject to the carve-out and the liens, security interests and
superpriority treatment granted to Northwest Bank.

As precondition to the continuance of funding by Northwest Bank and
the continued use of cash collateral, the Debtors agree to observe
the following milestones in the orderly liquidation of the Debtor's
estate:

      (a) By Feb. 21, 2020, the Debtor will provide written reports
to Northwest Bank and the Committee of the locations, vehicle
mileage and status of all trucks, trailers and all containers
(including a specific list of all trucks that cannot be located
after diligent inquiry) and any cash collateral.

      (b) By Feb. 21, 2020, the Debtor will provide written reports
to Northwest Bank and the Committee of the disposition of any
hazardous cargo contained in rolling stock or containers.

      (c) By Feb. 21, 2020, the Debtor will provide Northwest Bank
and the Committee an updated aging for all accounts receivable,
with all previous collections noted to be updated weekly in
addition to the requirements as provided for in the budget process
set for in the Order.

      (d) By March 15, 2020, the Debtor will seek court approval
for the sale  or auction of all tractors, trailers and containers.

      (e) By April 15, 2020, the Debtor will conduct a final sale
and or other disposition of the trucks, trailers and containers.

      (f) By March 15, 2020, the Debtors will use their best
efforts (i) to reduce to cash 80% of accounts receivable existing
on the Petition Date or billed after the Petition Date; and (ii)
for an identification of all account payors that have refused to
pay with a plan provided for the accounts which are paying.
Further, any discount of more than 5% from the invoice amount will
require the written approval of Northwest Bank.

                    About G.D.S. Express

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

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

Brouse McDowell, LPA is the Debtors' legal counsel.

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


GAVILAN RESOURCES: S&P Cuts ICR to 'D' on Missed Interest Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.S.-based exploration and production (E&P) company Gavilan
Resources LLC  to 'D' from 'CCC-'. In addition, S&P lowered its
issue-level ratings on the company's second-lien term loan to 'D'
from 'CCC-'.

On March 31, 2020, Gavilan Resources LLC failed to make an interest
payment on its $450 million second-lien term loan due 2024, and S&P
does not expect the company to make the payment within the five-day
grace period specified in the credit agreement.

S&P expects the company to enter into a restructuring agreement
with its lenders and bondholders or file for Chapter 11 bankruptcy.


GENERAL CANNABIS: To Acquire Cannasseur for $2.35 Million
---------------------------------------------------------
General Cannabis Corp executed a definitive purchase agreement to
acquire The Organic Seed, LLC, doing business under the name
Cannasseur, located in Pueblo West, Colorado.  Cannasseur, a
vertically integrated company that commenced operations in 2013,
operates:

   - A recreational retail dispensary;

   - A 12,000 square foot light deprivation greenhouse; and

   - A manufacturing facility, that produces Dabtek, a product
     line of infused concentrates

"The acquisition of Cannasseur is integral to our growth strategy
of acquiring and operating cultivation, manufacturing and retail
assets," said General Cannabis CEO Steve Gutterman.  "Further, it
enables us to provide products and services to customers who depend
on cannabis-based products for medicinal support."

General Cannabis anticipates that with some modernization and
process improvements to the existing cultivation center, it can
significantly increase production at Cannasseur in its first full
year of ownership.  The company anticipates that once the
acquisition and integration is complete, Cannasseur should generate
over approximately $4 million of incremental annual revenue.

The acquisition agreement provides that General Cannabis will
acquire Cannasseur for $2.35 million of General Cannabis common
equity, priced at the time of closing, subject to a floor of $0.45
per share and a ceiling of $0.55 per share. This all-stock
transaction represents the successful execution of many months of
work.  The acquisition is subject to standard closing conditions,
including approvals by Colorado state and local regulators.  With
this acquisition, General Cannabis will continue to capitalize on
Colorado's new regulation that allows public companies to own and
operate licensed cannabis assets.

Said Gutterman, "We expect the Cannasseur acquisition to represent
an excellent example of our strategy to find attractive assets and
utilize our in-house capabilities to improve performance and
financial results.  We will continue to look for similar
opportunities that meet our acquisition criteria."

                 About General Cannabis Corp

Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com/-- provides products, services and
capital to the regulated cannabis industry and non-cannabis
customers.  General Cannabis operates through its four wholly-owned
subsidiaries: (a) 6565 E. Evans Owner LLC, a Colorado limited
liability company formed in 2014; (b) General Cannabis Capital
Corporation, a Colorado corporation formed in 2015; (c) GC Security
LLC, a Colorado limited liability company formed in 2015; and (d)
GC Corp., a Colorado corporation, originally formed in 2013 under
ACS Corp.

General Cannabis reported a net loss of $16.97 million for the year
ended Dec. 31, 2019, following a net loss of $8.22 million for the
year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company had
$4.61 million in total assets, $5.70 million in total liabilities,
and a total stockholders' deficit of $1.09 million.

Hall & Company, in Irvine, California, the Company's auditor since
2014, issued a "going concern" qualification in its report dated
March 8, 2019, on the consolidated financial statements for the
year ended Dec. 31, 2018, citing that the Company's cash balance of
approximately $8.0 million is not sufficient to absorb the
Company's operating losses and retire their debt of $6,849,000 due
May 1, 2019.  Accordingly, there is substantial doubt about the
Company's ability to continue as a going concern.


GLOBAL EAGLE: Modifies Terms of Citibank Credit Agreement
---------------------------------------------------------
Global Eagle Entertainment Inc., on April 7, 2020, entered into an
Eighth Amendment to Credit Agreement among the Company, the
guarantors party thereto, the lenders party thereto and Citibank,
N.A., as administrative agent, which First Lien Eighth Amendment
amends the terms of that certain Credit Agreement, dated as of Jan.
6, 2017, by and among the Company, the Guarantors identified on the
signature pages thereto, each lender from time to time party
thereto and Citibank, N.A., as Administrative Agent, L/C Issuer,
and Swing Line Lender (as amended, supplemented or otherwise
modified from time to time, including pursuant to the First Lien
Eighth Amendment and the First Lien Ninth Amendment).

The First Lien Eighth Amendment modified the Credit Agreement with
respect to the following terms:

  * The affirmative financial reporting covenant has been
    modified, effective March 31, 2020, to extend the delivery
    deadline, solely with respect to such financial statements to
    be provided for the fiscal year ended Dec. 31, 2019 and such
    accompanying report and opinion from such independent
    registered public accounting firm, to April 9, 2020.

First Lien Ninth Amendment

On April 9, 2020, the Company entered into a Ninth Amendment to
Credit Agreement among the Company, the Guarantors, the Lenders and
the Administrative Agent, which First Lien Ninth Amendment amends
the terms of that certain Credit Agreement.

The First Lien Ninth Amendment modified the Credit Agreement with
respect to the following terms:

   * the affirmative financial reporting covenant has been
     modified, to extend the delivery deadline, solely with
     respect to such financial statements to be provided for the
     fiscal year ended Dec. 31, 2019 and such accompanying report
     and opinion from such independent registered public
     accounting firm, to April 16, 2020.

                      About Global Eagle

Headquartered in Los Angeles, California, Global Eagle --
http://www.GlobalEagle.com/-- is a provider of media, content,
connectivity and data analytics to markets across air, sea and
land.  Global Eagle offers a fully integrated suite of rich media
content and seamless connectivity solutions to airlines, cruise
lines, commercial ships, high-end yachts, ferries and land
locations worldwide.

Global Eagle incurred a net loss of $236.60 million for the year
ended Dec. 31, 2018, compared to a net loss of $357.11 million for
the year ended Dec. 31, 2017.  As of Sept. 30, 2019, the Company
had $683.41 million in total assets, $1.02 billion in total
liabilities, and a total stockholders' deficit of $340.34 million.

                          *    *    *

As reported by the TCR on July 29, 2019, S&P Global Ratings
affirmed all ratings on Global Eagle Entertainment Inc., including
its issuer credit rating of 'CCC', and revised the outlook to
developing to reflect greater flexibility to allow management to
execute on its growth initiatives.  The outlook change reflects a
significantly improved liquidity profile following the recent
incremental term loan and credit agreement amendment, which buys
the company more time to execute on its growth plan.

The TCR reported on April 8, 2020 that Moody's Investors Service
downgraded the corporate family rating of Global Eagle
Entertainment, Inc. to Caa2 from B3.  The downgrade of Global
Eagle's CFR to Caa2 reflects Moody's expectations that the
company's revenue and EBITDA will experience declines in the
double-digit percentage range in 2020 leading to very high leverage
(Moody's adjusted debt to EBITDA) and weak liquidity.


GOLD COAST PARTNERS: Hires Joel A. Schechter as Counsel
-------------------------------------------------------
Gold Coast Partners, LLC, seeks authority from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ the Law
Offices of Joel A. Schechter, as counsel to the Debtor.

Gold Coast Partners requires Joel A. Schechter to:

   (a) give the Debtor and Debtor-in-Possession legal advice with
       respect to its powers and duties as Debtor-in-Possession
       in the continued operation of its business;

   (b) prepare on behalf of the Debtor and Debtor-in-Possession
       necessary motions, answers, orders, reports and other
       legal papers necessary and appurtenant to these
       proceedings; and

   (c) perform all other legal services for the Debtor and
       Debtor-in-Possession which may be necessary in this
       proceeding.

Joel A. Schechter will be paid based upon its normal and usual
hourly billing rates.

Joel A. Schechter will be paid a retainer of $15,000, and will also
be reimbursed for reasonable out-of-pocket expenses incurred.

Joel A. Schechter attests that he represents no interest adverse to
the Debtor or the estate in the matters upon which he is to be
engaged, and he has no connection with the Debtor, its creditors,
attorneys or accountants, or any other parties in interest or their
respective attorneys or accountants.

The Counsel can be reached through:

     Joel A. Schechter, Esq.
     Law Offices of Joel A. Schechter
     53 W. Jackson Blvd., Suite 1522
     Chicago, IL 60604
     Tel: (312)332-0267
     E-mail: joelschechter@covad.net

                   About Gold Coast Partners

Gold Coast Partners, LLC, is an operator of coin-operated
laundromats in the city of Chicago.  The Debtor previously sought
bankruptcy protection on April 3, 2018 (Bankr. N.D. Ill. Case No.
18-09765).

Gold Coast Partners, LLC, based in Chicago, IL, filed a Chapter 11
petition (Bankr. N.D. Ill. Case No. 20-06636) on March 9, 2020.  In
the petition signed by Tracey Brooks Holloway, member, the Debtor
was estimated to have $100,000 to $500,000 in assets and $1 million
to $10 million in liabilities.  The Hon. Jacqueline P. Cox oversees
the case.  The Law Offices of Joel A. Schechter, serves as
bankruptcy counsel.


GOVERNMENT OF GUAM: S&P Alters Outlook to Negative
--------------------------------------------------
S&P Global Ratings has revised its outlook on the Government of
Guam (GovGuam) to negative from stable and affirmed its 'BB-'
rating on the territory's general obligation (GO) bonds outstanding
and its 'B+' rating on Guam's appropriation-backed certificates of
participation (COPs). S&P Global Ratings has also revised its
outlook to negative from stable and affirmed its 'BB' long-term
rating on the Guam Education Financing Foundation's (GEFF) series
2016A COPs.

"The outlook revision reflects significantly declining tourism
activity due to health and safety risks posed by the COVID-19
pandemic," said S&P Global Ratings credit analyst Timothy Little.
S&P Global Ratings considers health and safety a social risk under
its view of environmental, social, and governance (ESG) factors.
There is a one-in-three chance S&P may lower the rating over the
next two years.

As the COVID-19 pandemic persists and the social risk from the
spread of the virus grows, the implications for the tourism,
leisure, and hospitality sectors have been acute and dramatic.
Restrictions on travel and consumer activity globally--driven by
social distancing and stay-at-home orders intended to flatten the
curve and slow the viral infection rate--have led to hotel booking
cancellations and deferrals, convention and conference
cancellations, and the widespread closure of bars and restaurants.
Although the closure decisions are prudent, in S&P's opinion, the
health and safety aspect of this action in the near term will
materially affect the territory's economy.

The outlook revision on the GovGuam's general creditworthiness
affects the following revenue bonds rated S&P's "Priority-Lien Tax
Revenue Debt" criteria, which factors in both the strength and
stability of the pledged revenues, as well as the general
creditworthiness of the territory as issuing obligor. The
priority-lien rating on the bonds is limited to one notch above
S&P's view of the GovGuam's creditworthiness (GO rating:
'BB-/Negative') and is constrained from going higher unless there
is an improvement in the government's GO rating.

S&P has revised the outlook to negative from stable and affirmed
its 'BB' long-term ratings on the territory's:

-- Series 2011A hotel occupancy tax (HOT) revenue bonds based on
its priority-lien tax revenue debt criteria. The government had
$77.6 million of HOT bonds outstanding as of Sept. 30, 2018.

-- Series 2016A limited obligation (Section 30) bonds based on
S&P's priority-lien tax revenue debt criteria. The government had
$232.6 million of Section 30 bonds outstanding as of Sept. 30,
2018.

-- Series 2011A, 2012B, and 2015D business privilege tax (BPT)
based on S&P's priority-lien tax revenue debt criteria. The
government had $742.9 million of BPT bonds outstanding as of Sept.
30, 2018.

On its GO bonds, the GovGuam has pledged its full faith and credit
for the punctual payment of principal and interest. The government
had $27 million of GO bonds outstanding as of Dec. 31, 2019.


HALO BUYER: Moody's Cuts CFR to B3, On Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service downgraded its ratings for Halo Buyer,
Inc.'s, including the company's corporate family rating to B3 from
B2 and probability of default rating to B3-PD from B2-PD, along
with the ratings on the company's senior secured first- and
second-lien debt to B2 from B1 and to Caa2 from Caa1, respectively.
The ratings have also been placed on review for further downgrade.

The CFR downgrade to B3 and review for further downgrade reflects
Moody's expectation for deterioration in Halo's operating results
and liquidity at least through the end of the second quarter due to
the coronavirus pandemic that has affected demand for promotional
products in 2020. The promotional industry is cyclical and
discretionary in nature with customers pulling back purchases
during time of economic downturns. Given the severity of the global
shutdown and expected reduction in marketing spending and events,
Moody's expects a sharp deterioration in Halo's credit metrics and
liquidity. The potential for cash flow deficits exists should Halo
encounter difficultly collecting payments from its customers,
particularly its smaller to medium sized clients, given their
likely deteriorated financial conditions.

Downgrades:

Issuer: Halo Buyer, Inc.

Probability of Default Rating, Downgraded to B3-PD from B2-PD;
Placed Under Review for further Downgrade

Corporate Family Rating, Downgraded to B3 from B2; Placed Under
Review for further Downgrade

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B2
(LGD3) from B1 (LGD3); Placed Under Review for further Downgrade

Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa2
(LGD5) from Caa1 (LGD5); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Halo Buyer, Inc.

Outlook, Changed To Rating Under Review 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. Sales of
promotional products has been one of the sectors significantly
affected by the shock given its sensitivity to consumer and
business demand. More specifically, the weaknesses in Halo's credit
profile, including its exposure to weak economic conditions and
high unemployment, 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 Halo of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Halo Buyer, Inc.'s B3 CFR reflects Moody's expectation for lower
revenue and earnings prospects in 2020 due to challenging industry
conditions stemming from the coronavirus pandemic including reduced
spending by companies on promotional items. Moody's notes the
potential for cash flow deficits and liquidity tightening
throughout 2020 giving the risk that customers could delay payments
or become impaired. Moody's adjusted debt-to-EBITDA as of December
31, 2019 is considered high at 7.9 times (pro forma for a January
2020 add-on and full revolver draw). It also considers the
company's aggressive financial policy, a governance risk, evidenced
by an acquisition-based growth strategy, and private equity
ownership.

Positively, the Account Executive salespeople at Halo are largely
commission based giving the company a highly variable cost
structure that should help offset expected sales declines. The
company has a good position as a distributor/sales and order
management organization in the highly fragmented promotional
products space. The company also has a diverse supplier and
customer profile. Liquidity is supported by the company's $45
million cash balance as of early April and a lack of near-term debt
maturities; however, the company has fully drawn its $80 million
revolving credit facility.

In its review, Moody's will consider (i) the sufficiency of the
company's current liquidity sources over the near-term; (ii) Halo's
ability to timely and aggressively reduce expenses and capital
investments to preserve cash outflows; (iii) the timing of when
social distancing and containment measures ease, and (iv) the
company's ability to restore or halt the deterioration of its
credit metrics.

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

The ratings could be upgraded if debt-to-EBITDA is sustained below
6 times and EBITA-to-interest climbs above 1.5 times while
maintaining adequate liquidity. Alternatively, the ratings could be
downgraded should Halo's operating performance decline more rapidly
than expected and should liquidity deteriorate including negative
free cash flow. A downgrade is also likely if a debt restructuring,
including a distressed exchange, is expected or if the company is
unable to comply with its springing financial maintenance
covenant.

Headquartered in Sterling, Illinois, Halo Buyer, Inc. (dba as Halo
Branded Solutions and Halo Recognition) is a provider of
promotional products and employee recognition solutions services.
Halo was acquired by TPG Growth in June 2018. Halo is private and
does not publicly disclose its financials. The company's unaudited
pro forma revenue was $843 million for the twelve-month period
ended December 31, 2019.

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


HANESBRANDS INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hanesbrands Incorporated to B+ from BB-.

Hanesbrands Incorporated is an American clothing company based in
Winston-Salem, North Carolina. It employs 65,300 people
internationally. On September 6, 2000, the company was spun off by
Sara Lee Corporation.



HARTSHORNE HOLDINGS: Gets Final Nod on $7.6-Mil Loan, Cash Use
--------------------------------------------------------------
Judge Thomas H. Fulton of the U.S. Bankruptcy Court for the Western
District of Kentucky authorized Hartshorne Mining Group, LLC and
its affiliates to obtain secured postpetition financing in an
aggregate principal amount of $7.625 million on a final basis  on
the terms set forth in that certain DIP Credit Agreement.

The proceeds of the DIP Loan may only be used in a manner
consistent with the Budget for the approved purposes, which
includes: (a) working capital and other general corporate purposes
of the Debtors; (b) any Adequate Protection payments required to be
made in accordance with the Financing Orders; (c) the Postpetition
Fee Escrow; (d) allowed fees of Court-retained professionals for
the Debtors and the Committee; and (e) the fees and expenses of the
DIP Finance Parties and their legal and other advisors.

In consideration for providing the DIP Loan, the DIP Finance
Parties are entitled to: (a) Drawdown Fee, which is 2.5% of the
Aggregate DIP Commitments to be paid in kind at the Maturity Date
to the DIP Agent; (b)$50,000 DIP Agent Fee to paid at the Closing
Date; and (c) $17,500 DIP Security Trustee Fee to paid at the
Closing Date. The DIP Loan will bear interest at a rate equal to
10% per annum, which will be paid in kind through the Maturity
Date.

Subject only to the Carve-Out, the DIP Obligations will constitute
claims entitled to the benefits of section 364(c)(1) of the
Bankruptcy Code, having superpriority over any and all
administrative expenses and claims, of any kind or nature
whatsoever, including, without limitation, the Adequate Protection
claims granted to the Prepetition Secured Parties under the Final
DIP Order, and the administrative expenses of the kinds specified
in or ordered pursuant to the Bankruptcy Code.

The Debtors acknowledge that the amount of the Prepetition Secured
Obligations as of the Petition Date is at least $42,649,130, and
that such amount constitutes a valid claim against each of the
Debtors.

As adequate protection solely to the extent of any diminution in
value, the Prepetition Secured Parties are granted replacement
liens on all other assets and superpriority claims solely to the
extent the replacement liens are later proven to be inadequate as
provided for in section 507(b) of the Bankruptcy Code in an amount
not to exceed the diminution in value. However, the adequate
protection will not attach to, or be payable from, any claims or
causes of action under chapter 5 of the Bankruptcy Code or any
commercial tort claims, including any proceeds of any of the
foregoing.

There will be a carve-out not to exceed $3 million, which will be
senior in priority to (a) the Prepetition Lender Liens, (b) the DIP
Liens, (c) the DIP Collateral, (d) any administrative, priority,
superpriority, general unsecured or other claims, and (e) all other
liens, claims and encumbrances of any party, whether such liens,
claims or encumbrances arose prior or subsequent to the Petition
Date, including any fees or claims by any trustee or any
professionals retained by any trustee appointed or elected in the
chapter 11 cases or in any chapter 7 case of any of the Debtors.

As a condition to the DIP Loan and the use of Cash Collateral, the
Debtors will comply with the following Milestones:

      (a) No later than 35 days after the Petition Date, the Court
will enter the Final DIP Order.

      (b) No later than 15 days after the Petition Date, the
Debtors will have filed a motion with the Court seeking approval of
a sale of all, or substantially all of its assets and approval of
bidding procedures.

      (c) No later than 50 days after the Petition Date, the Court
will have entered an order approving the bidding procedures.

      (d) No later than May 10, 2020 at 5:00 p.m. (prevailing
Eastern Time) will be the deadline for initial indications of
interest.

      (e) No later than June 4, 2020 at 5:00 p.m. (prevailing
Eastern Time) will be the deadline for the submission of Qualified
Bids.

      (f) No later than June 17, 2020 at 10:00 a.m. (prevailing
Eastern Time), an auction will be conducted if there is more than
one Qualified Bid.

      (g) No later than June 24, 2020 at 10:00 a.m. (prevailing
Eastern Time), or at such other time as is convenient for the
Court, the Court will have entered an order approving the 363
Sale.

      (h) No later than July 19, 2020, the consummation of (i) a
363 Sale, or (ii) more than one 363 Sale will have occurred. The
Sale Closing Date will automatically be extended by the same number
of days as any Milestone which precedes it has been extended for
any reason. However, the Sale Closing Milestone will be no later
than 150 days after the Petition Date.

                    About Hartshorne Holdings

Hartshorne Holdings, LLC and affiliates are engaged in the
production and sale of thermal coal through the operation of the
Poplar Grove Mine, which is part of the Buck Creek Complex located
in the Illinois Coal Basin in Western Kentucky.  The Buck Creek
Complex includes two mines: (i) the operating Poplar Grove Mine,
and (ii) the permitted, but not constructed, Cypress Mine.

On Feb. 20, 2020, Hartshorne Holdings, LLC and three affiliates
sought Chapter 11 bankruptcy protection (Bankr. W.D. Ky. Lead Case
No. 20-40133).

Hartshorne Holdings was estimated to have $50 million to $100
million in assets and liabilities as of the bankruptcy filing.

The Hon. Thomas H. Fulton is the case judge.

The Debtors tapped Squire Patton Boggs (US) LLP as bankruptcy
counsel; Frost Brown Todd LLC as local counsel; FTI Consulting,
Inc. as financial advisor; and Perella Weinberg Partners LP as
investment banker. Stretto is the claims agent, maintaining the
page https://cases.stretto.com/hartshorne

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 10, 2020.  The committee is represented by
Dentons Bingham Greenebaum LLP and Whiteford Taylor Preston, LLP.


HAWAIIAN HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to B
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hawaiian Holdings Inc. to B from BB+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A2.

Hawaiian Holdings, Inc. provides scheduled and charter air
transportation of passengers, cargo, and mail. The Company provides
its services among the islands of Hawaii and between Hawaii and
several West Coast gateway cities and destinations in the South
Pacific.



HCA INC/OLD: Egan-Jones Lowers Senior Unsecured Debt Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by HCA Incorporated/Old to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

HCA Incorporated of Delaware owns, manages, and operates hospitals.
The Company offers freestanding surgery, emergency care facilities,
diagnostic, and imaging centers.



HELMERICH & PYNE: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Helmerich & Payne Inc. to BB+ from BBB-.

Helmerich & Payne, Inc. is a petroleum contract drilling company
engaged in oil and gas well drilling for exploration and production
companies headquartered in Tulsa, Oklahoma, with operations
throughout the world.



HEXCEL CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hexcel Corporation to BB+ from BBB-.

Hexcel Corporation is an American public industrial materials
company, based in Stamford, Connecticut. The company develops and
manufactures structural materials including carbon fiber, specialty
reinforcements, resins, honeycomb, adhesives, engineered honeycomb
composite structures, and prepregs.



HIGH LINER FOODS: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on High Liner Foods Inc. to
negative from stable. At the same time, S&P Global Ratings affirmed
all of its ratings on the company, including the 'B' long-term
issuer credit rating on High Liner.

"We anticipate widespread shutdowns and restaurant closures spurred
by the COVID-19 pandemic to severely affect High Liner's revenues
and EBITDA for fiscal 2020. As the efforts to contain COVID-19 and
increased emphasis on social distancing and government shutdowns
result in more restaurant closures, S&P Global Ratings believes
food service distributors will face significant near-term revenue
and EBITDA losses because of their reliance on these sectors. High
Liner generates about two-thirds of its total revenues from its
food service segment, which comprises food service distributors to
restaurants as well as health care and long-term care institutions;
and one-third from its retail segment. Specifically, we expect High
Liner's fiscal 2020 operating performance could materially weaken
compared with our previous expectations because North American food
service distributors and restaurants contribute meaningfully to the
company revenues and EBITDA. Foreign exchange volatility could also
hurt the company's revenues (30% is generated in Canada).
Therefore, we forecast a high-single-digit decline in revenues for
fiscal 2020 compared with fiscal 2019. We also expect EBITDA and
margins will weaken from current levels and debt-to-EBITDA could
increase to about 6.5x in fiscal 2020, which is a significant
deterioration from the current 5.0x as of December 2019," S&P
said.

The negative outlook reflects heightened risks that High Liner's
credit metrics will materially weaken as the company's operating
performance suffers due to restaurant closures and S&P's forecast
of a global recession in 2020. An extended period of restaurant
closures in North America or a sharper-than-expected drop in
consumer spending could hinder the company's ability to recover
operationally and strengthen credit metrics.

"We could lower the ratings if prolonged restaurant closures and a
weakened economic outlook led to higher-than-expected revenue
declines such that debt to EBITDA on S&P Global adjusted basis
weakened above the mid-6x area through fiscal 2020. We could also
lower the ratings if High Liner's liquidity position deteriorated
and leverage weakened as a result of higher borrowings on the
revolver," S&P said.

"We could revise the outlook to stable if the company is on track
to return credit measures to more historical levels, including
restoring leverage below 5x," the rating agency said.


HILCORP ENERGY: S&P Downgrades ICR to 'BB-' on Weak Credit Metrics
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and unsecured
debt ratings on U.S.-based exploration and production company
Hilcorp Energy I L.P. to 'BB-' from 'BB+'.

S&P estimates credit metrics will be weak for the rating over the
next two years.  Based on its revised oil and natural gas price
deck assumptions as well as the unlikely ability for Hilcorp to
recover the $500 million previously paid for the pending BP
transaction, S&P expects Hilcorp's funds from operations (FFO) to
debt to fall to approximately 20% over the next two years.
Nevertheless, the company is expected generate cash over the
timeframe, particularly due to its substantial hedge position with
approximately 85% of its oil hedged at a high $50 West Texas
Intermediate (WTI) dollar price in 2020.

"The CreditWatch negative reflects our view that we could lower the
issuer credit rating on Hilcorp following the acquisition of BP's
Alaska operations based on the likelihood of higher leverage. In
resolving the CreditWatch, we will assess the effect of the
acquisition on Hilcorp's liquidity and its plan to finance the
transaction, as well as its production, reserves and operating and
capital costs. We intend to resolve the CreditWatch when the
transaction closes," S&P said.


HILTON WORLDWIDE: S&P Downgrades ICR To 'BB', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Hilton to
'BB' from 'BB+'. S&P also lowered its issue-level rating on
Hilton's unsecured debt to 'BB' from 'BB+'. S&P affirmed the
issue-level rating on senior secured debt at 'BBB-' because of
anticipated very high recovery for secured lenders.

The downgrade to 'BB' reflects a spike in leverage in 2020 and a
more difficult path for Hilton Worldwide Holdings Inc. to reduce
leverage to below the 5x threshold at the previous 'BB+' rating.
The lodging and leisure sector faces an unprecedented
coronavirus-related decline in revenue, and it will continue to see
declines for as long as travel, consumer, and business activities
are restricted. S&P's forecast for a severe second-quarter decline
in GDP and expanded federal guidelines for social distancing led
the rating agency to revise its assumptions for Hilton.

"We now believe that a collapse in demand for hotel rooms could
persist for months, burdening 2020 performance and increasing the
likelihood that Hilton's leverage will stay above 5x through 2021.
We currently assume U.S. industry revenue per available room
(RevPAR) will decline 20%-30% and that Hilton would see its RevPAR
decline at the high end of this range because of the company's
exposure to upscale or higher average daily rate (ADR) properties.
These assumptions drive Hilton's leverage to spike in 2020 and
possibly recover more slowly than our previous base case, making it
less plausible that Hilton can reduce leverage to below the 5x
downgrade threshold at the previous rating. Our updated base case
assumes recovery begins in mid-2020 and that Hilton could reduce
leverage to about 5x by the end of 2021," S&P said.

The negative outlook reflects the possibility of a downgrade over
the next few months if we no longer believed the coronavirus will
be contained by midyear, such that travel and hotel demand cannot
begin to recover, resulting in leverage and liquidity that is worse
than our current forecast. The outlook also incorporates the high
degree of uncertainty in our updated base-case assumptions, which
are subject to revision in response to developments in coronavirus
containment or updates to our economists' GDP forecast.

"We could lower the rating if we lose confidence that Hilton can
quickly recover following a significant spike in leverage in 2020
and leverage in 2021 deteriorates to above 6x. We could also lower
the rating if Hilton's strong liquidity deteriorates and cash
balances, revolver availability, and the cushion on the company's
covenants are reduced," S&P said.

"It is unlikely that we would revise the outlook to stable for the
duration of the global travel and economic downturn. To indicate
rating upside, we would need to be confident the recovery is robust
enough to enable Hilton to maintain leverage under 5x and adequate
liquidity," the rating agency said.


II-VI INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by II-VI Incorporated to B+ from BB-.

II-VI Incorporated, a global leader in engineered materials and
optoelectronic components, is a vertically integrated manufacturing
company that develops innovative products for diversified
applications.



IMH FINANCIAL: BDO USA Raises Substantial Going Concern Doubt
-------------------------------------------------------------
IMH Financial Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $24,294,000 on $13,075,000 of total revenues for the
year ended Dec. 31, 2019, compared to a net loss of $12,197,000 on
$9,661,000 of total revenues for the year ended in 2018.

The audit report of BDO USA, LLP states that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $139,608,000, total liabilities of $63,814,000, and a total
stockholders' deficit of $367,000.

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

                       https://is.gd/Y0vBnY

IMH Financial Corporation is a real estate investment and finance
company.  It focuses on investments in commercial, hospitality,
industrial and residential real estate and mortgages secured by
those assets.  The Company seeks opportunities to invest in real
estate-related platforms and projects in partnership with other
experienced real estate investment firms, and to sponsor and
co-invest in real estate mortgages and other real estate-based
investment vehicles.


INPIXON: Registers 11M Additional Shares Under 2018 Plan
--------------------------------------------------------
Inpixon filed a Form S-8 registration statement with the Securities
and Exchange Commission to register 11,045,266 shares of common
stock that are issuable under the Company's 2018 Employee Stock
Incentive Plan, as amended.

The 2018 Plan includes a quarterly evergreen provision that
provides for automatic quarterly increases in the number of shares
reserved for issuance under the 2018 Plan.  In addition, the 2018
Plan provides that the amount of shares of Common Stock that may be
issued under the 2018 Plan will not be reduced in connection with a
change in the outstanding shares of Common Stock by reason of stock
dividends, stock splits, reverse stock splits, recapitalizations,
mergers, consolidations, combinations or exchanges of shares,
separations, reorganizations or liquidations.

The Company filed the Registration Statement to register an
additional 1,500,000 and 1,413,697 shares of the Registrant's
Common Stock under the 2018 Plan as a result of the Quarterly
Increases that occurred on Jan. 1, 2020 and April 1, 2020,
respectively.  In addition, the Company filed this Registration
Statement on Form S-8 to register an additional 8,131,569 shares of
Common Stock that have not previously been registered but are
available for issuance as a result of the 1-for-45 reverse stock
split of the outstanding shares of Common Stock, effective as of
Jan. 7, 2020.

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

                     https://is.gd/xe4D6O

                         About Inpixon

Headquartered in Palo Alto, California, Inpixon (Nasdaq: INPX) is
an indoor intelligence company that specializes in capturing,
interpreting and giving context to indoor data so it can be
translated into actionable intelligence.  The company's indoor
location and data platform ingests diverse data from IoT,
third-party and proprietary sensors designed to detect and position
all active cellular, Wi-Fi, UWB and Bluetooth devices, and uses a
proprietary process that ensures anonymity.  Paired with a
high-performance data analytics engine, patented algorithms, and
advanced mapping technology, Inpixon's solutions are leveraged by a
multitude of industries to do good with indoor data.  This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors.

Inpixon reported a net loss of $33.98 million for the year ended
Dec. 31, 2019, compared to a net loss of $24.56 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$21.22 million in total assets, $15.17 million in total
liabilities, and $6.05 million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated March 3,
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.


INPIXON: To Issue 183,486 Shares to Satisfy Unpaid Legal Fees
-------------------------------------------------------------
Inpixon entered into a subscription agreement with Mitchell
Silberberg & Knupp LLP in connection with the issuance by the
Company of an aggregate of 183,486 shares of the Company's common
stock, par value $0.001 per share, at a purchase price of $1.09 per
share, in satisfaction of an aggregate of $200,000 payable to the
Provider by the Company for legal services rendered.  The Company
will not receive any cash proceeds from the issuance and sale of
the Shares.  The closing of the sale of the Shares pursuant to the
Agreement is expected to occur on or prior to April 15, 2020,
subject to customary closing conditions.

The Shares were sold by the Company pursuant to a prospectus
supplement, dated as of April 13, 2020, to the Company's effective
shelf registration statement on Form S-3 (File No. 333-223960),
which was filed with the Securities and Exchange Commission on
March 27, 2018, as amended on May 15, 2018, and declared effective
on June 5, 2018, and a base prospectus dated as of June 5, 2018
contained in such Registration Statement.

                   Equity Distribution Sales

Pursuant to the terms and conditions of that certain Equity
Distribution Agreement, dated as of March 3, 2020, by and between
the Company and Maxim Group LLC, since the Company's last update on
March 27, 2020, the Company has sold 2,212,459 shares of Common
Stock at a weighted average price per share between $1.189 and
$1.2797.  These sales resulted in gross proceeds to the Company of
$2,732,354.  The Company paid Maxim compensation of $109,294.17,
based on a rate of 4.0% of the gross sales, for net proceeds to the
Company equal to $2,623,060.09.  Such sales were made pursuant to
the Registration Statement, the base prospectus dated June 5, 2018
included in the Registration Statement and the prospectus
supplement relating to the offering filed with the SEC on March 3,
2020.

                      Exchange Agreements

Since April 1, 2020, the Company has entered into agreements to
issue an aggregate of 537,517 shares of Common Stock to the holders
of those certain outstanding promissory notes issued on Dec. 21,
2018 and Aug. 8, 2019, at a weighted average price per share equal
to $1.12, which was equal to the Minimum Price as defined in Nasdaq
Listing Rule 5635(d) in each case.  Pursuant to such exchange
agreements, the Company and the noteholders agreed to (i) partition
new promissory notes in the form of the Original Notes in the
aggregate original principal amount equal to $604,645.55 and then
cause the outstanding balance of the Original Notes to be reduced
by $604,645; and (ii) exchange the partitioned notes for the
delivery of the Exchange Shares.

                        About Inpixon

Headquartered in Palo Alto, California, Inpixon (Nasdaq: INPX) is
an indoor intelligence company that specializes in capturing,
interpreting and giving context to indoor data so it can be
translated into actionable intelligence.  The company's indoor
location and data platform ingests diverse data from IoT,
third-party and proprietary sensors designed to detect and position
all active cellular, Wi-Fi, UWB and Bluetooth devices, and uses a
proprietary process that ensures anonymity.  Paired with a
high-performance data analytics engine, patented algorithms, and
advanced mapping technology, Inpixon's solutions are leveraged by a
multitude of industries to do good with indoor data.  This
multidisciplinary depiction of indoor data enables users to
increase revenue, decrease costs, and enhance safety. Inpixon
customers can boldly take advantage of location awareness,
analytics, sensor fusion and the Internet of Things (IoT) to
uncover the untold stories of the indoors.

Inpixon reported a net loss of $33.98 million for the year ended
Dec. 31, 2019, compared to a net loss of $24.56 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$21.22 million in total assets, $15.17 million in total
liabilities, and $6.05 million in total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated March 3,
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.


INTERNATIONAL WIRE: Moody's Cuts CFR to Caa2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded its ratings for International
Wire Group, Inc., including the company's corporate family rating
(CFR, to Caa2 from B3) and probability of default rating (PDR, to
Caa2-PD from B3-PD), along with its senior secured notes rating (to
Caa3 from Caa1). The ratings outlook is negative.

"The downgrades reflect IWG's increasing refinancing risk given its
levered financial profile and sizeable debt maturities in 2021,"
says Shirley Singh, Moody's lead analyst for IWG.

Moody's expects that macroeconomic headwinds and current market
dislocation stemming from the widespread COVID-19 crisis will
compound IWG's leveraged balance sheet and challenge the company's
ability to fully satisfy its approaching debt maturities. Moody's
also considers the risk that IWG's end-markets will weaken further
over the balance of 2020, exerting significant pressure on the
company's earnings and cash flows that will in turn erode
liquidity.

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 automotive and
other industrial sectors are exposed to the shock given their
sensitivity to broad-based shifts in market sentiment and consumer
demand. 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 in part reflect the impact on
IWG of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The following rating actions were taken:

Downgrades:

Issuer: International Wire Group, Inc.

Corporate Family Rating, Downgraded to Caa2 from B3

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

Senior Secured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from Caa1 (LGD4)

Outlook Actions:

Issuer: International Wire Group, Inc.

Outlook, Remains Negative

RATING RATIONALE

IWG's Caa2 CFR broadly reflects the company's elevated refinancing
risk with upcoming debt maturities and a leveraged balance sheet,
modest scale, and exposure to cyclical end markets. Moody's expects
IWG's end-markets to evidence reduced activity levels, which along
with a broader economic slowdown will further erode earnings and
cash generation in 2020. These risks are counterbalanced by the
company's established market position with a niche focus on copper
wire markets, a diverse customer base across various industries, an
ability to pass-through metal price changes, and the
countercyclical nature of its working capital. IWG's governance
risk is high, as evidenced by its history of high leverage and
debt-financed shareholder dividends.

The negative outlook reflects Moody's expectation that weakness in
IWG's end-markets will pressure the company's earnings, and that
refinancing risk will rise as the company's debt maturities
approach.

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

The ratings could be upgraded if the company refinances its debt on
manageable economic terms, free cash flow turns positive and
EBITA-to-interest is sustained above 1.0x.

The ratings could be downgraded if the company's earnings and
liquidity decline such that the risk of default increases and/or
recovery prospects weaken further.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in Camden, New York, International Wire Group, Inc.
manufactures and markets copper wire products for several
end-markets including aerospace, automotive, electronics and data
communications, general industrial/energy, electronics and medical
devices. The company is owned by Atlas Holdings, LLC. Sales for
twelve months ended December 31, 2019 were $430 million.


ISAIAH OWENS: Seeks Court Approval to Hire Windels Marx as Counsel
------------------------------------------------------------------
Isaiah Owens, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Windels Marx Lane &
Mittendorf, LLP as its counsel.

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

     (a) advise the Debtor regarding its powers and duties as
debtor-in-possession in the continued management and operation of
its business and property;

     (b) attend meetings and negotiating with representatives of
creditors and other parties-in-interest;

     (c) take necessary action to protect and preserve the Debtor's
estate;

     (d) prepare the Debtor's behalf motions, applications,
answers, orders, reports, and papers necessary to the
administration of the estate;

     (e) negotiate and prepare on behalf of the Debtor a plan of
reorganization or liquidation and all related documents;

     (f) represent the Debtor in obtaining any post-petition loans
and authorization to use cash collateral;

     (g) advise the Debtor in connection with sale of assets;

     (h) appear before this Court and any appellate courts and
protect the interests of the Debtor's estate before this Court;
and

     (i) perform other necessary legal services and provide other
necessary legal advice to the Debtor in connection with this
Chapter 11 case.

The firm will be paid at these hourly rates:

     Partners                   $500-$1,075
     Associates                 $250-$475
     Paraprofessionals          $150-$240

The firm has agreed with the Debtor that Charles E. Simpson and the
firm's partners will be billed at the lower of their respective
hourly rate, or $600, and associates at their respective rates.

The firm received a retainer fee from the Debtor and the Affiliated
Entities in the total sum of $10,000, which retainer fee was
applied to attorneys' fees incurred by the Debtor and its
Affiliated Entities prior to the Debtor's voluntary filing of
petition on February 18, 2020 in the total amount of $26,595.60.

Charles E. Simpson of Windels Marx Lane & Mittendorf, LLP disclosed
in court filings that the firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Charles E. Simpson, Esq.
     David Lopez, Esq.
     WINDELS MARX LANE & MITTENDORF LLP
     156 West 56th Street
     New York, NY 10019
     Telephone: (212) 237-1000
     E-mail: csimpson@windelsmarx.com
             dlopez@windelsmarx.com


                        About Isaiah Owens, LLC

Isaiah Owens, LLC is a Single Asset Real Estate debtor based in New
York, filed a voluntary Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 20-10507) on Feb. 18, 2020. The petition was signed by Isaiah
Owens, the firm's managing member.

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

The Debtor hired Windels Marx Lane & Mittendorf LLP as its counsel.


J. CREW GROUP: Moody's Cuts CFR & Senior Secured Rating to Caa3
---------------------------------------------------------------
Moody's Investors Service downgraded J. Crew Group, Inc.'s
corporate family rating to Caa3 from Caa2, probability of default
rating to Ca-PD from Caa3-PD, and senior secured term loans ratings
to Caa3 from Caa2. Concurrently, Moody's downgraded the ratings on
the senior secured notes and senior secured private placement notes
issued by J. Crew Brand, LLC to Caa3 from Caa2. The
speculative-grade liquidity rating remains at SGL-4 and the outlook
was changed to negative from developing.

The downgrades reflect the company's high probability of default as
a result of the approaching 2021 debt maturities and Moody's
expectations for declines in earnings and liquidity, reflecting
COVID-19-related temporary store closures, intense promotional
activity and weak consumer spending.

"With the Madewell monetization no longer a viable option and
expected earnings declines driven by the coronavirus outbreak, a
debt restructuring will be the most likely option for addressing
the upcoming debt maturities", said Moody's Vice President and
senior analyst Raya Sokolyanska. "Moody's expects a higher than
average recovery for debtholders in an event of default due to its
view on the brands' long term value".

Moody's took the following rating actions:

Issuer: J. Crew Group, Inc.

Corporate Family Rating, downgraded to Caa3 from Caa2

Probability of Default Rating, downgraded to Ca-PD from Caa3-PD

Senior Secured Term Loans due 2021 ($1.34 billion outstanding),
downgraded to Caa3 (LGD3) from Caa2 (LGD3)

Outlook, changed to negative from developing

Issuer: J. Crew Brand, LLC

$250 million Senior Secured Notes due 2021, downgraded to Caa3
(LGD3) from Caa2 (LGD3)

$97 million Senior Secured Private Placement Notes due 2021,
downgraded to Caa3 (LGD3) from Caa2 (LGD3)

Outlook, changed to negative from developing

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 J. Crew's credit
profile, including its exposure to widespread store closures and US
discretionary consumer spending have left it vulnerable to these
unprecedented operating conditions and J. Crew 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 J. Crew of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

J. Crew's Caa3 CFR reflects the company's high probability of
default as a result of its near-term maturities and high leverage.
The rating is also constrained by Moody's expectations that
earnings and liquidity will weaken significantly in 2020. J. Crew's
over 50% e-commerce penetration and expected cost reductions will
only partly mitigate COVID-19-related temporary store closures,
lower consumer spending, and high promotional activity particularly
for seasonal fashion. As a result, Moody's expects a significant
EBITDA decline and an increase in leverage in 2020 from 5.9 times
as of February 1, 2020 (Moody's-adjusted, equivalent to 7.2 times
based on funded debt and credit agreement EBITDA). The company had
an estimated $93 million total liquidity as of February 1, 2020,
including balance sheet cash and remaining ABL revolver
availability before the springing covenant test. Moody's projects
that liquidity will weaken but will likely be sufficient to sustain
operations through a limited period of store closures, assuming
significant cost reductions and deferral of payable balances.
Overall liquidity over the next 12-18 months is weak, reflecting
the debt maturities and constrained liquidity as a result of lower
earnings. The rating also reflects governance risks, specifically
the company's aggressive financial strategies as a private equity
and hedge fund-controlled company. In addition, as a retailer, J.
Crew 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.

At the same time, the rating positively reflects Moody's view that
the value of the Madewell and J. Crew businesses will lead to an
above-average enterprise recovery rate in an event of default.
Prior to the coronavirus outbreak, J. Crew posted a meaningful
improvement in 4Q 2019 results, with 2019 adjusted EBITDA
increasing, notably in the J. Crew business, which recovered
significantly from the execution issues in the prior year.

The negative outlook reflects the elevated probability of near-term
default, as well as the risk of greater than anticipated liquidity
pressure as a result of extended store closures, or a steeper than
expected decline in demand once stores reopen.

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

The ratings could be upgraded if the company takes material steps
in addressing its debt maturities and reducing outstanding debt and
leverage.

The ratings could be downgraded if the probability of default
increases, the expected recovery rate declines, or liquidity
weakens.

J. Crew Group, Inc. is a retailer of women's, men's and children's
apparel, shoes and accessories. For the fiscal year ended February
1, 2020, the company generated $2.5 billion of sales through its
stores (193 J. Crew, 172 J. Crew Factory and 132 Madewell
locations), websites, catalogs and retail partners. The company is
owned by TPG Capital, L.P., Leonard Green & Partners, L.P., former
HoldCo noteholders, and others.

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


J.C. PENNEY: Moody's Cuts CFR to Caa3 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service downgraded Penney (J.C.) Company, Inc.'s
Corporate Family Rating to Caa3 from Caa1 and its Probability of
Default rating to Caa3-PD from Caa1-PD. Moody's also downgraded
Penney (J.C.) Corporation, Inc.'s senior secured ABL Revolving
Credit Facility to Caa1 from B2, its senior secured term loan and
senior secured notes to Caa2 from B3, and its secured second lien
notes to Ca from Caa2. Its senior unsecured notes were downgraded
to C from Caa3. The rating outlook for J.C. Penney has been revised
to negative from stable. The company's SGL-2 rating was downgraded
to SGL-3.

"Although J.C Penney liquidity is adequate, the widespread store
closures as a result of the coronavirus pandemic and the continued
suppression of consumer demand is expected to pressure J.C.
Penney's EBITDA, impede its turnaround strategy and weaken its
leverage to unsustainably high levels" Moody's Vice President
Christina Boni stated.

Downgrades:

Issuer: Penney (J.C.) Company, Inc.

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

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

Corporate Family Rating, Downgraded to Caa3 from Caa1

Issuer: Penney (J.C.) Corporation, Inc.

Senior Secured Term Loan, Downgraded to Caa2 (LGD3) from B3 (LGD3)

Senior Secured ABL Revolving Credit Facility, Downgraded to Caa1
(LGD2) from B2 (LGD3)

Senior Secured 2nd Lien Regular Bond/Debenture, Downgraded to Ca
(LGD5) from Caa2 (LGD5)

Senior Secured Regular Bond/Debenture, Downgraded to Caa2 (LGD3)
from B3 (LGD3)

Senior Unsecured Medium-Term Note Program, Downgraded to (P)C from
(P)Caa3

Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD6)
from Caa3 (LGD5)

Senior Unsecured Shelf, Downgraded to (P)C from (P)Caa3

Outlook Actions:

Issuer: Penney (J.C.) Company, Inc.

Outlook, Changed to Negative from Stable

Issuer: Penney (J.C.) Corporation, Inc.

Outlook, Changed to Negative from No Outlook

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The department
store sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in J.C. Penney's
credit profile, including its exposure to potential unit closures
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and J.C. Penney 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 J.C. Penney of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

J.C. Penney's Caa3 corporate family rating is supported by the
company's adequate liquidity provided by its sizable cash balances.
In March 2020, J. C. Penney drew approximately $1.25 billion on its
$2.35 billion revolving credit facility to increase its cash
position above its $386 million of cash on hand as of February 1,
2020. Moody's expects the company will have significant cash flow
deficits in fiscal 2020 as EBITDA declines from the effect of
COVID-19 on store traffic and continuing weak consumer demand hurt
results. Moody's estimates that EBITDA could decline in excess of
80% in fiscal 2020 before slowly recovering in 2021. Moody's
expects it will take well into 2022 before EBITDA reverts back to
the approximately $600 million of EBITDA realized in 2019. As a
result, J.C. Penney's leverage will remain at unsustainably high
levels over the next two years. In addition, the company's work to
define and execute its strategy to return to stabilizing its market
position and improving profitability will be difficult in the
current operating environment. The credit is also constrained by
the structural challenges facing the department store segment,
which include market share losses to off-price retailers, and the
continued increase in online sales penetration.

The negative rating outlook reflects the challenges posed by
COVID-19 to improve its sales and operating margins given its
elevated leverage and the increased risk of a debt restructuring.

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

Ratings could be upgraded if the company maintains a good liquidity
profile and has consistent growth in sales and operating earnings
indicating its business initiatives are succeeding and upcoming
maturities are repaid fully or refinanced.

Ratings could be downgraded if credit metrics were to weaken such
that company's adequate liquidity profile were to erode or a debt
restructuring was enacted.

J.C. Penney Company, Inc. is the holding company of J.C. Penney
Corporation, Inc., a U.S. department store operator headquartered
in Plano, Texas, with about 850 locations in the United States and
Puerto Rico.

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


JASON INC: S&P Downgrades ICR to 'SD' on Missed Interest Payment
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
industrial products manufacturer Jason Inc. to 'SD' (selective
default) from 'CCC'.

At the same time, S&P lowered its issue-level rating on the
company's first-lien credit facilities to 'CC' from 'CCC' and its
issue-level rating on its second-lien term loan to 'D' from 'CC'.

The downgrade follows Jason's decision to not make the $2.3 million
interest payment due on its $89.9 million outstanding second-lien
term loan and enter into a 30-day forbearance agreement with
lenders. Jason remains current on all required interest and
principal payments under its first-lien credit facilities. However,
S&P believes it is likely negotiations with the first-lien lenders
will result in a restructuring of the debt that S&P would consider
distressed.


JENAMAC LLC: Gets Interim Nod to Use Cash Collateral
----------------------------------------------------
Jenamac, L.L.C. sought and obtained interim authority from Judge
Kevin R. Anderson to use cash collateral pursuant to the budget
until the earlier to occur of (i) a termination event or (ii) the
confirmation of a plan of reorganization, but only on the terms of
this interim order.  The monthly budget provided for $10,068 in
total expenses.

Termination events include:

  (i) the dismissal or conversion of the Debtor's case to one under
Chapter 7 of the Bankruptcy Code,

(ii) the appointment of a Chapter 11 trustee or an examiner with
enlarged powers,

(iii) suspension by the Bankruptcy Court of the Debtor’s Chapter
11 case under Section 305 of the Bankruptcy Code,

(iv) effective date of a plan of reorganization, or

  (v) consummation of a sale.

As of the Petition Date, the Debtor owes Incancion Bueno LLP
approximately $450,000 together with accrued but unpaid interest
(under an all-inclusive promissory note), and unliquidated, accrued
and unpaid fees and expenses of Incancion and its professionals
incurred through the Petition Date.  The note is secured by an
all-inclusive trust deed with assignment of rents.

The Court ruled that Incancion will continue to have a valid,
perfected and enforceable continuing replacement lien and security
interest in all assets of the Debtor existing on or after the
Petition Date of the same type as the pre-petition collateral,
together with the proceeds, as adequate protection for any
diminution in the value of cash collateral and other pre-petition
collateral.

As additional adequate protection, Incancion will have a valid,
perfected and enforceable continuing supplemental lien and security
interest in all of the Debtor's assets of any kind or nature
whatsoever within the meaning of Section 541 of the Bankruptcy
Code.  

A copy of the interim order is available for free at
https://is.gd/W4x8yC from PacerMonitor.com.

A final hearing on the motion is scheduled for April 15, 2020 at 9
a.m.

                     About Jenamac L.L.C.

Jenamac, L.L.C. sought Chapter 11 protection (Bankr. D. Utah Case
No. 20-21148) on Feb. 27, 2020.  At the time of the filing, the
Debtor disclosed assets of between $500,001 and $1 million and
liabilities of the same range.  Judge Kevin R. Anderson oversees
the case.  Ted F. Stokes, Esq., of Stokes Law PLLC is the Debtor's
legal counsel.


JERSEY COMMUNITY SCHOOL: Moody's Affirms Ba3 on $9.25MM Bonds
-------------------------------------------------------------
Moody's Investors Service has affirmed its Ba3 rating for Jersey
City Community Charter School, NJ. The outlook remains negative.
Roughly $9.225 million of par outstanding is affected for the
school's Charter School Revenue Bonds, Series 2016 A&B.

RATINGS RATIONALE

The Ba3 rating incorporates the school's weaker than anticipated
enrollment figures, which have deviated materially from original
projections, and enrollment remains somewhat volatile. The Ba3
rating further incorporates the school's inconsistent academic
performance compared to its competing district, which negatively
impacts its credit view of its competitive profile and charter
renewal risk, despite the school's twenty-three-year operating
history. The Ba3 rating additionally reflects the school's
relatively weak financial performance and liquidity, though its
days cash and debt service metrics have improved somewhat over the
last two fiscal years.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Jersey City Community Charter School is not susceptible
to immediate material credit risks related to coronavirus. The
longer-term impact will depend on both the severity and duration of
the crisis. The situation surrounding coronavirus is rapidly
evolving. If its view of the credit quality of the Jersey City
Community Charter School changes, Moody's will update the rating
and/or outlook at that time.

RATING OUTLOOK

The outlook is negative. Despite some improvements to the school's
financial position, its margins remain fairly slim. While
positively the school will be held harmless for state funding
through the end of the current year, future state funding levels,
in light of the coronavirus crisis, are more uncertain. The
negative outlook reflects heightened uncertainty of future state
funding levels that could pressure financial results, especially in
combination with any enrollment declines.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

  - Material, sustained improvement to liquidity and debt service
coverage

  - Sustained enrollment gains and a strengthening of the school's
academic profile

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

  - Further enrollment losses

  - Any indication that charter renewal (2022) is in jeopardy due
to poor academic performance, or for any other reason

  - Any decline in the annual debt service coverage ratio

  - Material decline in cash reserves

  - Any covenant defaults

LEGAL SECURITY

The school's Series of 2016 A&B bonds are secured by a revenue
pledge of per-pupil revenues. Additional security is provided by a
first lien mortgage on both school facilities, originally appraised
at $9.27 million, and a Debt Service Reserve Fund funded at MADS.
Additionally, under the bond documents, the school covenants a
minimum debt service coverage of 1.10 times (event of default below
1.00 times) and a liquidity minimum of 30 days cash on hand.

PROFILE

Jersey City Community Charter School is one of the state's first
charters, founded and authorized in 1997. JCCCS serves students in
grades K-8 in 2 school facilities, with a total enrollment of 586
as of fiscal 2019-2020.

METHODOLOGY

The principal methodology used in these ratings was US Charter
Schools published in September 2016.


JETBLUE AIRWAYS: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by JetBlue Airways Corporation to B+ from BB.

JetBlue Airways, stylized as jetBlue, is a major American low-cost
airline, and the sixth-largest in the United States by passengers
carried. JetBlue Airways is headquartered in the Long Island City
neighborhood of the New York City borough of Queens; it also
maintains corporate offices in Utah and Florida.



JUNIPER NETWORKS: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Juniper Networks, Inc. to BB+ from BBB.

Juniper Networks, Inc. is an American multinational corporation
headquartered in Sunnyvale, California. The company develops and
markets networking products, including routers, switches, network
management software, network security products, and
software-defined networking technology.



K3D PROPERTY: Has Cash Collateral Access Thru July 4
----------------------------------------------------
Judge Shelley D. Rucker authorized K3D Property Services, LLC to
use cash collateral through July 4, 2020 to pay for actual and
necessary expenses, pursuant to the budget.  

The budget provided for $12,178 in total disbursements for the
week-ending April 18, 2020, a copy of which is available at
https://is.gd/sEwLvq from PacerMonitor.com free of charge.

As adequate protection for the use of cash collateral, Truest Bank,
fka Suntrust Bank, is granted a valid, perfected and enforceable
continuing replacement lien and security interest to the extent of
valid, perfected and enforceable security interest held with
respect to the Debtor's pre-petition assets.  

The Court also ruled that the Debtor pay Truest Bank $3,500 by the
15th of each month during the use period, as adequate protection
payment.  

                   About K3D Property Services

K3D Property Services, LLC, offers a variety of services, including
home remodeling, basement finishing, drywall installation and
finishing, tile installation, carpet installation, wall framing,
bathroom remodeling, kitchen remodeling, deck installation and
maintenance, interior and exterior painting, commercial painting,
wallpaper and popcorn ceiling removal, deck staining, concrete
floor coatings, and metal roof painting.

K3D Property Services filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No.
19-15361) on Dec. 23, 2019. The petition was signed by Kenneth
Morris, managing member.  At the time of the filing, the Debtor had
estimated $1 million to $10 million in both assets and
liabilities.

Judge Shelley D. Rucker oversees the case.  

The Debtor tapped Farinash & Stofan and The Fox Law Corporation,
Inc. as bankruptcy counsel; The Law Offices of Stephan Wright PLLC
as special counsel; and Lucove, Say & Co. as accountant.

Paul Randolph, acting U.S. trustee for Region 8, on Jan. 31, 2020,
appointed four creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of K3D Property
Services, LLC.


KENAN ADVANTAGE: S&P Lowers ICR 'CCC+'; Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Kenan
Advantage to 'CCC+'. At the same time, S&P lowered its issue-level
rating on Kenan's senior secured debt to 'B-'. The recovery rating
on this debt remains '2', indicating S&P's expectation for
substantial (70%-90%; rounded estimate: 80%) recovery in the event
of a payment default.

S&P is also lowering its issue-level rating on Kenan's $405 million
senior unsecured notes to 'CCC-'. The recovery rating remains '6',
indicating S&P's expectation for negligible recovery (0%-10%;
rounded estimate: 5%) recovery in the event of a payment default.

"We expect Kenan Advantage to experience a significant decline in
freight volumes, particularly retail gasoline, as a result of
COVID-19.  Shelter in place orders and other restrictions on
movement in many U.S. states have significantly reduced demand in
Kenan's core fuels delivery segment. As a result, we assume Kenan's
adjusted debt leverage will increase substantially above 8x in
2020. While Kenan's other segments, such as merchant gas and food
products likely will not experience the same volume declines, they
account for a smaller portion of the company's revenue," S&P said.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:  

-- Health and safety factors

The negative outlook on Kenan Advantage reflects a significant
decline in the company's freight volumes, particularly retail
gasoline, as a result of COVID-19 and the impact on operating
performance. S&P views the company's leverage as approaching
unsustainable levels.

"We could lower our ratings on Kenan Advantage if its liquidity
becomes constrained or if further earnings deterioration leads us
to conclude the company will likely default over the following 12
months. These scenarios include--but are not limited to--a
near-term liquidity crisis, or the likely implementation of a
distressed exchange offer or redemption over the next 12 months,"
S&P said.

"We could revise our outlook on Kenan Advantage to stable if we
believe that any liquidity risks have moderated. This could occur
if the conditions in the company's bulk liquid end markets
stabilize as a result of a lessening impact of COVID-19 and
earnings and debt leverage improve," S&P said.


KITE REALTY: Egan-Jones Lowers Senior Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kite Realty Group Trust to BB from BBB-.

Kite Realty Group Trust is a full-service, vertically integrated
real estate investment trust (REIT) engaged primarily in the
ownership and operation, acquisition, development and redevelopment
of high-quality neighborhood and community shopping centers in
select markets in the United States.



KNOWLTON DEVELOPMENT: S&P Downgrades ICR to 'B-' on Demand Decline
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on value-added
contract manufacturer Knowlton Development HoldCo Inc. (KDC) and
its issue-level rating on the company's senior secured term loan to
'B-' from 'B'. The '3' recovery rating on the term loan is
unchanged.

"We anticipate that widespread shutdowns, retail closures, and a
decline in travel will pressure non-essential beauty and cosmetic
sales, which in turn could hurt KDC's revenues and EBITDA," S&P
said.

"The rating action reflects our expectations that the massive
retail store closings in North America and decline in travel
sparked by the coronavirus pandemic will likely have a material
impact on KDC's revenues and EBITDA for fiscal 2021. Specifically,
we anticipate the company could significantly underperform in its
cosmetics and other prestige beauty product categories. We also
forecast pressure in the newly acquired company HCT Group stemming
from significant declines in travel, retail store closures, and
potentially customer losses (likely for the emerging and
independent brands) in the next 12 months. Even though the company
believes stability in other segments and increased production in
other products might offset revenue declines, in our view there is
execution risks as uncertainty continues. In addition, the growing
risks of a global recession might cause consumers to lower
discretionary spending even after COVID-19 risks dissipate.
Considering these factors, we forecast about a mid-to-high
single-digit drop in combined KDC and HCT revenues for fiscal
2021," S&P said.

The negative outlook reflects uncertainty about the extent of the
impact of COVID-19 on KDC's EBITDA and cash flows. A protracted
period of retail store closures and travel restrictions could
hinder the company's ability to recover operationally and
strengthen KDC's credit metrics.

"We could lower the rating if KDC's liquidity position deteriorated
such that the company was unable to service its fixed charges of
interest and minimum capital expenditures with internal cash flows.
We could also take a negative action if company's free cash flows
weakens more than we forecast or if the financial sponsor follows
policies that pressure the company's balance sheet or liquidity,"
S&P said.

"We could revise the outlook to stable if KDC's consolidated sales
and EBITDA prospects improve such that debt-to-EBITDA approaches
7x. We expect this to reflect EBITDA growth and margin improvement
from indications of positive macroeconomic trends," the rating
agency said.


KOSMOS ENERGY: S&P Downgrades ICR to 'B'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Kosmos Energy
Ltd. (KOS) to 'B' from 'B+', and issue level ratings to 'B+' from
'BB-'. The outlook is negative.

The steep drop in commodity prices will deteriorate Kosmos' credit
measures and profitability below S&P's expectations for the rating.
S&P projects KOS' average funds from operations (FFO) to debt at
19% and debt to EBITDA at just over 2.9x over the next two years.

S&P's negative outlook on KOS reflects its view that credit metrics
will weaken over the next couple of years with the fall in
commodity prices. Furthermore, with the expected decline in the
capital budget, the rating agency forecasts production will fall by
low-single–digit percentages during the next few years.

"We could lower the rating if credit measures weaken such that FFO
to debt falls well below 20%, or if liquidity deteriorates. This
would likely occur if production underperforms our expectations,
capital spending is significantly above our assumptions, or the
company does not achieve its cost-cutting targets," S&P said.

"An outlook revision to stable would be possible if the company's
credit measures improve such that we expect FFO to debt to remain
well above 20% on a sustained basis. This would most likely occur
if commodity prices materially improve above our expectations," the
rating agency said.


L BRANDS: Moody's Alters Outlook on Ba3 CFR to Negative
-------------------------------------------------------
Moody's Investors Service changed L Brands, Inc. outlook to
negative. At the same time, Moody's affirmed all ratings of L
Brands, Inc. including its corporate family rating at Ba3 and its
probability of default rating at Ba3-PD. The company's existing
senior unsecured guaranteed notes were also affirmed at Ba3 and the
senior unsecured unguaranteed notes were affirmed at B2. The
speculative grade liquidity rating remains SGL-2.

"The widespread store closures as a result of the coronavirus
pandemic and the ensuing suppression of consumer demand will weigh
on Bath & Body Works' earnings. Its base case assumes divestiture
of Victoria's Secret is executed and the impact of COVID-19 will
likely result in excess of a 40% reduction in EBITDA " stated
Moody's Vice President, Christina Boni. "However, we forecast
earnings to recover in 2021. The negative outlook acknowledges that
the recovery in 2021 may not be sufficient to support leverage
returning below its current downgrade trigger of above 4.0x. The
potential need to reduce its $1 billion revolver size following the
divestiture of Victoria's Secret could also reduce its financial
flexibility" Boni added.

Affirmations:

Issuer: L Brands, Inc.

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD6)

Gtd Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD4)

Outlook Actions:

Issuer: L Brands, Inc.

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

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

L Brands' Ba3 CFR rating is supported by governance considerations
including the suspension of its dividend in response to the
disruption posed by COVID-19 and its decision to use the net
proceeds of the Victoria's Secret divestiture to repay debt. The
recently announced spinoff of Victoria's Secret will mitigate the
risks associated with the turnaround of that significantly
underperforming brand and lead to the transfer of approximately
$2.5 billion of lease liabilities to the new private entity as well
as a significant reduction in funded debt. The rating is also
supported by its strong Bath & Body Works operations, which
generates significant free cash flow as well as its Victoria's
Secret operations, of which a 55% controlling equity interest will
be sold to Sycamore Partners. Moody's forecasts that the
coronavirus pandemic will result in a reduction of EBITDA in excess
of 40% this year with the assumption that performance will show an
improving trend toward current levels once business normalizes. The
company has good liquidity and currently moderate leverage with
debt to EBITDA of about 3.6x at February 1, 2020 pro forma for the
Victoria's Secret spin-off. L Brands' currently benefits from
significant scale with revenues of about $5.4 billion, when
excluding Victoria's Secret. Its merchandising strategy and supply
chain have historically enabled the company to ensure product
freshness and higher inventory turns relative to other specialty
retail operators. L Brands must meet the needs of changing
demographics and consumer preferences to maintain its position as a
leading specialty fragrance retailer. L Brands also faces the
challenges related to managing risks associated with product
testing and verifying its standards with independently accredited
consumer product testing labs.

The negative outlook reflects the risk that the demands of the
disruption of COVID-19 and any ongoing suppression in consumer
demand will impact sales and operating performance for an extended
period potentially resulting in debt/EBITDA remaining sustained
above 4.0x. Any delay or termination of the Victoria's Secret
transaction such that upcoming maturities are not addressed would
put downward pressure on the rating. Any delay, change in terms, or
a termination of the spin-off of Victoria's Secret would increase
its risk profile significantly. Any material reduction in its
revolver size that reduces liquidity would also be viewed
negatively. Conservative financial strategy is expected until sales
and operating income resume growth.

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

An upgrade would require consistency of performance at Bath & Body
Works, good liquidity and conservative financial policy.
Quantitatively, debt to EBITDA would need to approach 3.0x and EBIT
to interest expense above 3.25x for an upgrade.

Ratings could be downgraded should there be sustained deterioration
in profitability or financial policy becomes more aggressive than
currently anticipated. Ratings could also be downgraded should debt
increase, or debt maturities are not addressed well in advance.
Quantitatively, debt to EBITDA above 4.0x or EBIT to interest
expense approaching 2.5x, could result in a downgrade.

Headquartered in Columbus, Ohio, L Brands, Inc. operates 2,920
company-owned specialty stores in the United States, Canada, the
United Kingdom and Greater China, and its brands are also sold in
722 franchised locations worldwide as of February 1, 2020. Its
brands include Victoria's Secret, Bath & Body Works, and PINK.

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


LACONIA LLC: Has Final Approval to Use Cash Collateral
------------------------------------------------------
Judge Brian F. Kenney authorized Laconia L.L.C., to use cash
collateral pursuant to the budget, through March 9, 2020, the
effective date of a reorganization plan in the Debtor's Chapter 11
case.

The final order provided that the Debtor will make adequate
protection payments to Sandy Spring Bank no later than the 15th of
each calendar month, to the extent that the use, sale or lease of
the cash collateral results in the diminution in the value of said
cash collateral.

The use of cash collateral under this order is conditioned upon
rent due and owing from Diner DX d/b/a Amphora Diner remaining
current, the Court ruled.

                      About Laconia L.L.C.

Based in Herndon, Virginia, Laconia L.L.C., a privately held
company engaged in the business of renting and leasing real estate
properties, filed a Chapter 11 petition (Bankr. E.D. Va. Case No
19-11049) on April 2, 2019.  At the time of filing, the Debtor was
estimated to have assets and $10 million to $50 million.  The case
is assigned to Hon. Brian F. Kenney. The Debtor's counsel is Dylan
G. Trache, Esq., at Nelson Mullins Riley & Scarborough LLP, in
Washington, D.C.


LANDSTREET PROJECT: Taps Nutovic & Associates as Counsel
--------------------------------------------------------
Landstreet Project, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Nutovic &
Associates as counsel.

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

     (a) advise the Debtor with respect to its powers and duties in
the continued operation of its business affairs and management of
its property as Debtor and Debtor-in-possession;

     (b) represent the Debtor before the Court at all hearings on
matters pertaining to the Debtor;

     (c) advise and assist the Debtor in the preparation and
negotiation of a plan of reorganization with creditors;

     (d) prepare all necessary or desirable applications, answers,
orders, reports and other legal documents; and

     (e) perform all other legal services for the Debtor which may
be desirable and necessary in the course of the reorganization
proceedings.

Abraham P. Wieder, manager of Landstreet Project, LLC, is providing
a retainer fee of $10,000 to Nutovic & Associates to secure its
services.

Isaac Nutovic of Nutovic & Associates disclosed in court filings
that the firm is a "disinterested person" within the meaning of 11
U.S.C. Section 327(a) of the Bankruptcy Code.

The firm can be reached through:

     Isaac Nutovic, Esq.
     NUTOVIC & ASSOCIATES
     261 Madison Avenue, 26th Floor
     New York, NY 10016
     Telephone: (212) 421-9100

               About Landstreet Project, LLC

Landstreet Project, LLC is a company that primarily engaged in
renting and leasing real estate properties, with its principal
place of business in Brooklyn, New York.

Landstreet Project sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 20-41245) on Feb. 27, 2020.  At the time of the filing,
the Debtor disclosed assets of between $50,000 to $100,000 and
liabilities of between $1 million to $10 million. The petition was
signed by Abraham P. Wieder, the firm's manager.

The Debtor tapped Nutovic & Associates as its counsel.


LATEX FOAM: Allowed to Continue Using Cash Collateral Until May 2
-----------------------------------------------------------------
Judge Julie A. Manning of the U.S. Bankruptcy Court for the
District of Connecticut authorized Latex Foam International, LLC,
and its debtor-affiliates to use cash collateral on the terms and
conditions set forth in the Eighth Interim Order.

The Debtors are authorized to use cash collateral, including
proceeds from the Debtors' accounts receivable, which cash
collateral may be subject to the liens of Entrepreneur Growth
Capital, LLC ("EGC"). The Debtors may use any cash collateral in
accordance with the budget with a variance of 10% permitted from
the Petition Date through May 2, 2020.

EGC has asserted a first priority secured claim against all of the
Debtors' assets, including the Debtors' cash and accounts
receivable, as evidenced by a prior Order of the Court entered in
Case No. 14-50845 and appropriate Loan Documents.

Fifth Third Bank also asserts a first priority security interest in
an account held by Latex Foam International ending #5808 -- the
Pledge Account.  The balance of which account gas been $49,900
since the Petition Date.

In exchange for the interim use of cash collateral by the Debtors,
and as adequate protection for EGC's interests therein, EGC is
granted replacement and/or substitute liens (subject only to the
carve-out) in all post-petition assets of the Debtors and proceeds
thereof, excluding any bankruptcy avoidance causes of action. Such
replacement liens will have the same validity, extent and priority
that EGC possessed as to said liens on the Petition Date. However,
such replacement liens will only be for the amount of any
diminution of value in EGC's cash collateral.

A further hearing to consider the Debtors' further use of cash
collateral will be held on April 29, 2020 at 10:00 a.m.  Objections
are due on or before April 27.

A copy of the Eighth Interim Order is available for free at
https://is.gd/6vq2rJ from Pacermonitor.com

                About Latex Foam International

Latex Foam International, LLC, which conducts business under the
name Talalay Global, provides textile furnishing products. It
offers house furnishings such as blankets, bedspreads, sheets,
table clothes, towels, and shower curtains.

Latex Foam International and four affiliates filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Conn. Lead Case No. 19-51064) on Aug. 8, 2019. The
petitions were signed by Marc Navarre, chief executive officer.  At
the time of the filing, the Debtors were estimated to have assets
between $10 million and $50 million and liabilities of the same
range.  Judge Julie A. Manning oversees the case.  James Berman,
Esq., at Zeisler & Zeisler, P.C., is the Debtors' counsel.



LEGACY EDUCATION: MaloneBailey Raises Going Concern Doubt
---------------------------------------------------------
Legacy Education Alliance, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
total comprehensive income of $9,216,000 on $75,496,000 of revenue
for the year ended Dec. 31, 2019, compared to a total comprehensive
loss of $8,067,000 on $76,169,000 of revenue for the year ended in
2018.

The audit report of MaloneBailey, LLP, states that the Company has
a net working capital deficiency and an accumulated deficit that
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $17,358,000, total liabilities of $56,721,000, and a total
stockholders' deficit of $39,363,000.

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

                       https://is.gd/YkBmF7

Legacy Education Alliance, Inc., is a provider of educational
training on the topics of personal finance, entrepreneurship, real
estate and financial markets investing strategies and techniques.
The Company maintains its headquarters in Cape Coral, Florida.


LIL LILLY'S: Taps Gary S. Poretsky as Bankruptcy Counsel
--------------------------------------------------------
Lil Lilly's Discount Air, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ The Law
Offices of Gary S. Poretsky, LLC as its bankruptcy counsel.
   
The firm will provide these services in connection with the
Debtor's Chapter 11 case:

     (a) advise the Debtor of its rights, powers and duties as
debtor-in-possession;

     (b) advise the Debtor regarding matters of bankruptcy law;

     (c) represent the Debtor in proceedings and hearings in this
Court;  

     (d) review the nature and validity of liens asserted against
the property of the Debtor and advise the Debtor of enforceability
of such liens;

     (e) prepare on behalf of Debtor all necessary and appropriate
applications, motions, pleadings, drafter orders, notices, and
other documents, and review all financial and other reports to be
filed in the Debtor's chapter 11 case;

     (f) advise the Debtor concerning, and preparing responses to,
applications, motions, pleadings, notices and other papers that may
be filed and served in the Debtor's chapter 11 case; and

     (g) perform all other legal services for an on behalf of the
Debtor that may be necessary or appropriate in the administration
of the Debtor's chapter 11 case.

The attorneys will be paid at these hourly rates:

     Attorney office time         $350
     Attorney Court time          $400

Gary S. Poretsky of The Law Offices of Gary S. Poretsky, LLC
disclosed in court filings that the firm is a "disinterested
person" as defined in section 101(14) of the Bankruptcy Code and as
required by section 327(a) of the Bankruptcy Code.
       
The firm can be reached through:

     Gary S. Poretsky, Esq.
     THE LAW OFFICES OF GARY S. PORETSKY LLC
     7 Church Lane Suite 8
     Pikesville, MD 21208
     E-mail: gary@plgmd.com  

                    About Lil Lilly's Discount Air, LLC

Lil Lilly's Discount Air, LLC is an air conditioning contractor
based in Maryland.

Lil Lilly's Discount Air sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 20-13266) on March 11,
2020, listing under $1 million in both assets and liabilities. The
Debtor hired The Law Offices of Gary S. Poretsky, LLC as its
bankruptcy counsel.


LIONS GATE: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------
S&P Global Ratings' affirmed all its ratings on Lions Gate
Entertainment Corp. including its 'B' issuer credit rating, and
revised the outlook to negative.

Disruptions from COVID-19 have delayed the company's theatrical and
television production and release schedules. The global coronavirus
pandemic has caused major movie theater closures and substantial
business disruptions for movie and television studios including
production delays and changes in the timing of content releases.
S&P believes Lions Gate's fiscal 2021 will face substantial
interruptions and delays from the negative social impacts caused by
the coronavirus. While the company's theatrical release slate is
weighted to the back half of calendar year 2020, S&P believes Lions
Gate may choose to shift its release schedule for select motion
pictures or decide to release certain films straight to a streaming
service or other non-theatrical platform due to continued movie
theater closures. Even if the theaters reopen, the industry faces
the risk that consumers may be reluctant to return to the theaters
and so low attendance may persist beyond the end of the pandemic.
These changes could result in lower-than-expected revenues and
profitability for Lions Gate's motion pictures segment.

S&P's negative outlook reflects the risk that ongoing delays in
film and TV production and in the release of Lions Gate's film
slate could continue beyond mid-2020, leading to
lower-than-expected revenue, EBITDA generation, and cash flow. In
this scenario, FOCF-to-debt could remain well below 5% over the
next 12 months.

"We could lower the issuer credit rating if the company faces
additional operating challenges such as further organic revenue
declines due to COVID-19, prolonged movie theater closures,
increased content production delays, or increased competition in
the film and TV industry. Under these scenarios, we don't believe
the company could manage its cost structure and its EBITDA
generation and cash flow would suffer with FOCF-to-debt remaining
well below 5%," S&P said.

"We could revise the outlook back to stable if the company can
manage its production delays from COVID-19 through successful
rescheduling of its content slate, prudent cost management on both
content investment and overhead costs, positive working capital
operations, and voluntary debt repayments. Under this scenario, we
would expect FOCF-to-debt to remain well above 5%," the rating
agency said.



LIQUI-BOX HOLDINGS: S&P Downgrades ICR to 'CCC+'; Outlook Negative
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
Liqui-Box Holdings Inc. to 'CCC+' from 'B' and its issue-level
rating on its senior term loan to 'CCC+' from 'B'.

The sales and profits of beverage and food suppliers will
materially decline for at least the next few quarters.  It is
likely that there will be even more event cancellations and
business closures over the next few quarters. The government
emphasis on social distancing could also reduce overall restaurant
traffic, including for quick-service restaurants, even if the
closures are short-lived. S&P estimates that Liqui-Box's adjusted
EBITDA could decline by up to 50% over the next few quarters
depending on the severity of the drop in its sales. This could lead
its trailing 12-month adjusted debt leverage to deteriorate to well
above 6.5x over the next year and potentially approach 10.0x. The
government's ability to contain the virus, the extent and duration
of the numerous current and future potential lockdowns/quarantines,
and consumers' willingness to isolate are key variables in S&P's
analysis. Irrespective of the closures, consumers are increasingly
adopting social distancing practices that will likely heavily
suppress restaurant traffic until the outbreak is contained.

The negative outlook on Liqui-Box reflects the potential that S&P
will lower its rating if it considers the company's capital
structure to be unstainable. This could occur if the company
generates negative free operating cash flow and increases its debt
leverage such that it breaches its covenant or defaults due to
liquidity issues.

"We could lower our rating on Liqui-Box if we envision a specific
default scenario occurring in the next 12 months. For example, we
could lower our rating if the company's sales and EBITDA decline
materially due to the economic effects of the coronavirus pandemic
and pressure its liquidity. We could also downgrade the company if
it seems likely that it will be unable to remain in compliance with
its springing net leverage covenant," S&P said.

"We could revise our outlook on Liqui-Box to stable or raise our
rating on the company in the next 12 months if it does a
better-then-expected job of withstanding the fallout from the
pandemic and its underlying end markets recovery significantly.
Before raising our rating, Liqui-Box's sales and EBITDA would need
to materially exceed our base-case assumptions and it would need to
generate positive free cash flow while preserving its capital
structure such that the risk of a covenant breach significantly
subsides as it restores its liquidity," the rating agency said.


LITTLE MINDS: Allowed to Use Cash Collateral on Final Basis
-----------------------------------------------------------
Judge Jeffery W. Cavender the U.S. Bankruptcy Court for the
Northern District of Georgia entered a final order authorizing
Little Minds 1st Academy, LLC's limited use of cash collateral to
pay for operational and administrative expenses pursuant to the
budget which currently extends through the end of December 2020.

Little Minds borrowed the principal amount of $1.6 million from
Georgia Banking Company as evidenced by that certain SBA Note, and
the principal sum of $100,000 as evidenced by a certain Promissory
Note. To secure repayment of the Notes, the Debtor granted Georgia
Banking a deed to secure debt on the Property and a secured
interest in essentially all of its assets.

As adequate protection, Georgia Banking is granted a replacement
lien in the Debtor's property of the kind and in the priority as
Georgia Banking's lien may have attached to the Debtor's property
as of the Petition Date. Further, the Debtor will make those
monthly payments to Georgia Banking as reflected on the Budget.

               About Little Minds 1st Academy

Little Minds 1st Academy, LLC, owns a 14,140-square-foot building
used as a child care facility in Kennesaw, Ga.  Little Minds 1st
Academy sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Ga. Case No. 19-63884) on Sept. 2, 2019.  At the time
of the filing, the Debtor disclosed $2,283,958 in assets and
$1,877,107 in liabilities.  The case has been assigned to Judge
Jeffery W. Cavender.  Paul Reece Marr, P.C., is the Debtor's legal
counsel.


LONGVIEW POWER: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Longview Power, LLC
             1375 Fort Martin Road
             Maidsville, WV 26541

Business Description: Longview Power, LLC (together with Longview
                      Intermediate Holdings C, LLC and its non-
                      debtor affiliates) operates a 710 megawatt
                      advanced supercritical coal fired power
                      generation facility located in Maidsville,
                      West Virginia that uses equipment,
                      processes, designs, and technology developed
                      specifically for use at the Maidsville
                      site.  Longview is a privately owned power
                      company that was formed in 2003 for the
                      purpose of constructing and operating the
                      coal-burning Longview Plant in Monongalia
                      County, West Virginia.

Chapter 11 Petition Date: April 14, 2020

Court: United States Bankruptcy Court
       District of Delaware

Two affiliates that concurrently filed voluntary petitions seeking
relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                         Case No.
      ------                                         --------
      Longview Power, LLC (Lead Case)                20-10951
      Longview Intermediate Holdings C, LLC          20-10950

Debtors'
Local
Bankruptcy
Counsel:          Daniel J. DeFranceschi, Esq.
                  Zachary I. Shapiro, Esq.
                  RICHARDS, LAYTON & FINGER, P.A.
                  One Rodney Square
                  920 North King Street
                  Wilmington, Delaware 19801
                  Tel: (302) 651-7700
                  Fax: (302) 651-7701
                  E-mail: defranceschi@rlf.com
                         shapiro@rlf.com

Debtors'
General
Bankruptcy
Counsel:          David R. Seligman, P.C.
                  Joseph M. Graham, Esq.
                  KIRKLAND & ELLIS LLP
                  KIRKLAND & ELLIS INTERNATIONAL LLP
                  300 North LaSalle
                  Chicago, Illinois 60654
                  Tel: (312) 862-2000
                  Fax: (312) 862-2200
                  E-mail: david.seligman@kirkland.com
                          joe.graham@kirkland.com  

Debtors'
Restructuring
Advisor:          3CUBED ADVISORY SERVICES, LLC

Debtors'
Financial
Advisor &
Investment
Banker:           HOULIHAN LOKEY, INC.

Debtors'
Notice &
Claims
Agent:            DONLIN, RECANO & COMPANY, INC.
                  https://www.donlinrecano.com/Clients/lihc/Index

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $100 million to $500 million

The petitions were signed by Jeffery L. Keffer, chief executive
officer, president, treasurer, and secretary.

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

                        https://is.gd/NDmLQq
                        https://is.gd/O64Kfq

Consolidated List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Moody's Investors Service        Trade Payable          $70,344
P.O. Box 102597
Atlanta, GA 30368-0597
Raymond Pedicone
Tel: 212-533-1134
Email: raymond.pedicone@moodys.com

2. Chalmers & Kubeck                Trade Payable          $31,641
Incorporated
1018 11th Street
Beaver Falls PA 15010
Susan Hartnett
Tel: 610-494-4300
Fax: 610-485-1484
Email: shartnett@candk.com

3. Weir Slurry Group, Inc.          Trade Payable          $30,588
c/o Kissick Energy LLC
505 Valleybrook Road
Suite 204
McMurray PA 15317
Tel: 608-221-2261
Email: accountsreceivable.wmna@weirminerals.com

4. Greene County Treasurer               Tax               $22,761
93 East High Street
WaynesBurg PA 15370
Darlene Humble
Tel: 724-852-5225
Fax: 724-852-5390
Email: dhumble@co.greene.pa.us

5. Expro Specialized Services       Trade Payable          $18,123
PO Box 417
Worthington KY 41183
Cathy Marshall
Tel: 606-834-9402
Email: cathy.marshall@exproservicesinc.com

6. Mon Power                           Utility             $17,846
5001 Nasa Blvd
Fairmont WV 26554
Chuck Lemley
Tel: 304-680-3025
Email: clemle2@firstenergycorp.com

7. CH Reed                          Trade Payable          $13,644
301 Poplar Street
Hanover PA 17331
Donna Dandy
Tel: 717-630-3109
Email: accountsreceivable@chreed.com

8. SAL Chemical                     Trade Payable          $11,057
3036 Birch Drive
Weirton WV 26062
Tel: 304-748-8200
Fax: 304-797-8751
Email: ar@salchem.com

9. Nationwide Employee              Trade Payable          $11,045
Benefits
PO Box 733379
Dallas TX 75373-3379
Dax Hoff
Tel: 614-435-5611
Fax: 985-898-1770
Email: hoffd1@nationwide.com

10. International Conveyor          Trade Payable          $10,441
and Rubber LLC
72 Industrial Park Road
Blairsville PA 15717
Roger Boehm
Tel: 724-343-4225
Email: rboehm@intl-c-r.com

11. Performance Consulting          Trade Payable          $10,292
Associates Inc
3700 Crestwood Parkway
Ste. 100
Duluth GA 30096
Tel: 770-717-2737
Email: info@pcaconsulting.com

12. Fastenal Industrial and         Trade Payable           $9,999
Construction Supply
P.O. Box 1286
Winona MN 55987-1286
Mary Jordan
Tel: 304-292-7371
Email: arwp@fastenal.com

13. Schenck Process LLC             Trade Payable           $9,310
Dept CH 0019747
Palatine IL 60055-9750
Jennifer Wood
Tel: 785-284-6605
Email: a.receivable@schenckprocess.com

14. Brand Safway Industries         Trade Payable           $5,812
(Brand Energy)
PO Box 91473
Chicago IL 60693
Email: cashapplication@beis.com

15. PPC Lubricants                  Trade Payable           $5,137
305 Micro Drive
Jonestown PA 17038
Marilyn Day
Tel: 888-437-5823
Email: ar@ppclubricants.com

16. Enecon Corporation              Trade Payable           $4,980
6 Platinum Court
Medford NY 11763-5522
Tel: 516-349-0022
Fax: 516-349-5522
Email: sales@enecon.com

17. SD Myers LLC                    Trade Payable           $4,881
180 South Avenue
Tallmadge OH 44278
Mary May
Tel: 330-630-7000 X3260
Email: ar@sdmyers.com

18. Andrews Industrial              Trade Payable           $4,798
Controls Incorporated
PO Box 251
Carnegie PA 15106
Angie McCarty
Tel: 412-279-5335
Email: amccarty@andrewsic.com

19. Highland Tank                   Trade Payable           $4,720
P.O. Box 645620
Pittsburgh PA 15264-5620
Brett Ziegler
Tel: 814-893-6654
Email: payments@highlandtank.com

20. Johns Towing Service Inc.       Trade Payable           $4,680
PO Box 17
Shippingport PA 15077
John L. Johnson
Tel: 724-643-1919


MACK-CALI REALTY: Egan-Jones Cuts Sr. Unsecured Debt Ratings to BB+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mack-Cali Realty Corporation to BB+ from BBB-.

Mack-Cali Realty Corporation is a publicly-traded real estate
investment trust headquartered in Jersey City.



MAGNOLIA OIL: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on
Magnolia Oil & Gas Corp. and revised the outlook to negative from
stable.

Long-term credit ratios remain conservative despite S&P's near-term
expectation that Magnolia's cash flows and credit ratios will
weaken in 2020. S&P projects that FFO to debt will fall to the
mid-40% range with debt to EBITDA rising to 2.0x in 2020 before
strengthening in 2021. S&P's projections were driven in part by its
revised price deck as well as Magnolia's choice not to hedge,
citing its conservative capital structure as a natural hedge.

"The outlook is negative, reflecting our view that FFO to debt will
decline to approximately 40% before rebounding. Similar to peers in
the current oil price environment, we expect the company to manage
its capital expenditure and production levels to maintain positive
free cash flow," S&P said.

"We could lower the rating if we expected FFO to debt to remain
below 60% or debt to EBITDA to remain above 1.5x on a sustained
basis. This would most likely occur if commodity prices were to
weaken below our price deck assumptions or if the company did not
meet our oil production expectations. Alternatively we could lower
the rating should liquidity materially weaken," the rating agency
said.

A revision to stable would be possible should credit ratios improve
such that FFO to debt rose and was sustained at 60%. This would
most likely occur if commodity prices rose above S&P Global
Ratings' current expectations.


MALIBU CALIFORNIA: Hires Michael H. Raichelson as Counsel
---------------------------------------------------------
Malibu California Model Drug Treatment Center, Inc., seeks
authority from the U.S. Bankruptcy Court for the Central District
of California to employ the Law Offices of Michael H. Raichelson,
as general bankruptcy counsel to the Debtor.

Malibu California requires Michael H. Raichelson to:

   a. provide advice and assistance regarding the drafting of
      Debtor's bankruptcy paperwork;

   b. render advice and compliance with the requirements of the
      Offices of the Unites States Trustee ("OUST");

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

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

   e. provide advice concerning the requirements of the
      Bankruptcy Code, Bankruptcy Rules, Local Rules and
      other rules applicable to chapter 11 cases;

   f. assist with the negotiation, formation, confirmation and
      implementation of a Chapter 11 plan;

   g. make any necessary appearances in the Bankruptcy Court on
      behalf of the Debtor; and

   h. take such other and further action and to perform such
      other services as may be required in connection with the
      Chapter 11 Case.

Michael H. Raichelson will be paid at the hourly rate of $260.

Michael H. Raichelson received from the Debtor the amount of
$7,500, plus a filing fee of $1,717, which was used for pre-filing
work and the Chapter 11 filing fee respectively. In addition,
Michael H. Raichelson received an additional $5,783 as a retainer
to be applied towards post filing work.

Michael H. Raichelson will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Michael H. Raichelson, partner of the Law Offices of Michael H.
Raichelson, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Michael H. Raichelson can be reached at:

     Michael H. Raichelson, Esq.
     LAW OFFICES OF MICHAEL H. RAICHELSON
     21900 Burbank Blvd., Suite 300
     Woodland Hills, CA 91367
     Tel: (818) 444-7770
     Fax: (818) 444-7776
     E-mail: mhr@cabkattorney.com

                About Malibu California Model
                  Drug Treatment Center, Inc.

Malibu California Model Drug Treatment Center, Inc., filed a
Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 20-10677)
on March 23, 2020, disclosing under $1 million in both assets and
liabilities. The Debtor is represented by Michael H. Raichelson,
Esq., at Michael H. Raichelson.



MANITOWOC CO: Egan-Jones Lowers Sr. Unsecured Ratings to B-
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Manitowoc Company, Inc. to B- from B.

The Manitowoc Company, Inc. was founded in 1902 and has over a
116-year tradition of providing high-quality, customer-focused
products and support services to its markets. Manitowoc is one of
the world's leading providers of engineered lifting solutions.



MAVIS TIRE: S&P Downgrades ICR to 'B-' on Business Disruption
-------------------------------------------------------------
S&P Global Ratings lowered all of its ratings on Mavis Tire Express
Services Corp. (Mavis), including its issuer credit rating, to 'B-'
from 'B'.

"The downgrade reflects our belief that the travel restrictions and
reduced service center operations will materially weaken Mavis'
operating performance this year. Despite its status as an essential
service, which allows the company's stores to remain open amid
widespread mandated retail closures, we anticipate that it revenue
will decline by the low-double digit percent area in 2020. We
believe that social distancing and travel restrictions will reduce
the traffic at Mavis' service centers as customers choose to stay
home and delay spending on routine vehicle maintenance. We
anticipate that the company EBITDA will decline moderately in 2020
because of its high fixed-cost base, which will weaken its credit
metrics. Once the pandemic subsides, we believe Mavis will
gradually recover, even in a recessionary environment, given the
less discretionary nature of its product and service offerings.
This incorporates our forecast for increased maintenance on used
cars as consumers hold on to their existing automobiles for longer
than usual," S&P said.

The negative outlook reflects the heightened uncertainty around the
severity and duration of the coronavirus pandemic's effects on
Mavis' operations and financial position because prolonged travel
restrictions and social distancing mandates could affect the
company's ability to recover in line with S&P's expectations.

"We could lower our rating on Mavis if we believe the company's
capital structure has become unsustainable, its performance does
not rebound in line with our expectations, and its cash flow
remains thin. We could also lower the rating if we thought the
company was at risk of breaching its financial maintenance
covenants without receiving a waiver or amendment from its lenders
under adequate terms," S&P said.

"We could revise our outlook to stable if Mavis' performance
rebounds in line with our expectations and it reports sustained
improvement in its sales and EBITDA margins as we approach the end
of 2020 and beginning of 2021. This scenario would also likely
coincide with the company resuming its store expansion and reducing
its debt to EBITDA toward 7x on a sustained basis," the rating
agency said.


MEDCARE PEDIATRIC: May Use Veritex Cash Collateral
--------------------------------------------------
Judge Jeffrey P. Norman authorized MedCare Pediatric Group, LP and
debtor affiliates to use cash collateral, pursuant to the budget,
after agreement was reached among the Debtors, the pre-petition
lender Veritex Community Bank, and Texas Health and Human Services
Commission.  

Judge Norman ruled that the Debtors may use the cash collateral
until the earliest of:

   * the conversion of the Debtors' bankruptcy cases to a Chapter 7
case,

   * dismissal of the bankruptcy cases, or

   * on June 30, 2020 unless the Debtor has filed and is diligently
prosecuting a plan of reorganization.

Moreover, the Debtors' authority to use cash collateral under this
order will automatically terminate when any party obtains relief
from the stay to enforce a lien against any collateral of the
lender.

The Debtors owe Veritex under five prepetition loans spread between
four of the debtor entities for a total amount due of approximately
$8.5 million.  The loans are secured by first lien deeds of trust
against the Debtors' real property and improvements.   

The Court further ruled that:

   (a) as adequate protection, the lender is granted a continuing
valid, binding, enforceable, and automatically perfected
post-petition security interest in, and replacement liens on, any
and all presently owned and hereafter acquired assets of the
Debtors together with the proceeds thereof.  

   (b) as additional adequate protection, the Debtor will pay
Veritex Community Bank interest only payments on the Veritex loans
on or before April 15, 2020 and thereafter by the 15th of each
succeeding month within the cash collateral use period.

   (c) the Debtors will not (i) honor any prepetition employee
compensation and benefits to any individual that exceeds the
priority amounts under Sections 507(a)(4) and 507(a)(5) of the
Bankruptcy Code nor (ii) pay any amounts to "insiders" of the
Debtors under any bonus, incentive or retention plan without
seeking authority from the Court.

   (d) in the event of a default by the Debtors under the terms,
the Court ruled that the lender may revoke its consent to the use
of cash collateral after 10 days' notice of default and right to
cure given to the Debtors through their counsel.

Prior to the current order, the Court granted the Debtors 23 days
of interim access to cash collateral in order to pay expenses
pursuant to the budget, to pay prepetition compensation and
benefits for employees, withholding amounts for third parties
including taxes, and utilities for electricity, waste and
telephone/internet services.

Final hearing on the Debtors' cash collateral use is set on June
29, 2020 at 9:30 a.m.

                About MedCare Pediatric Group

MedCare Pediatric Group, LP and its subsidiaries provide a variety
of pediatric services to families.  MedCare Pediatric Group is the
parent entity that provides administrative and executive services
such as IT, human resources and finance for each of the MedCare
entities.

On March 1, 2020, MedCare Pediatric Group and subsidiaries sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 20-31417).  At the time of the filing, MedCare
Pediatric Group had estimated assets of between $500,000 and $1
million and liabilities of between $1 million and $10 million.
Judge Jeffrey P. Norman oversees the cases.  Wauson & Probus is the
Debtors' legal counsel.




MERCER INT'L: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Mercer International Incorporated to B from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Mercer International, Inc. owns and operates three modern pulp
mills. The Company produces bleached softwood kraft pulp for use in
tissues, hygiene products, and high-end printing and writing paper.
Mercer International also produces and sells renewable
bioelectricity.



MILLAR WESTERN: S&P Downgrades ICR to 'CCC+'; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Millar
Western Forest Products Ltd. two notches to 'CCC+' from 'B'. At the
same time, S&P lowered its issue-level rating on the company's
senior secured notes to 'B-' from 'B+'. The '2' recovery rating on
the notes is unchanged.

"The downgrade reflects our view of the increased risk to Millar
Western's liquidity position due to market headwinds. We believe
Millar Western could face a significant deterioration in its
liquidity position this year in the event that weakness in the pulp
and lumber market persists. Lower pulp and lumber prices led to the
company's sharply higher leverage and free cash flow deficit in
2019, which reduced Millar Western's cash position and financial
flexibility. The emergence of COVID-19, and S&P Global Economics'
expectation for a global recession, has also added downside risk to
market fundamentals and the company's shipments. In our view,
Millar Western faces heightened exposure to free cash flow deficits
to an extent that could significantly reduce its cash position,"
S&P said.

"For example, we estimate the company would generate a free cash
flow deficit of about C$30 million if lumber prices remain near
current levels (low-US$300 per thousand board feet) in 2020, all
else being equal. Millar Western had about C$67 million in cash at
Dec. 31, 2019, but we expect this to materially decline (by about
50%) in first-quarter 2020 due to seasonally high working capital
requirements. In this scenario, we believe the company would be
reliant on its asset-based credit facility (ABL; which is subject
to a borrowing base) to fund its operations entering next year, and
potentially sooner if working capital remains elevated due to
weaker demand," S&P said.

The negative outlook reflects S&P's view that a global recession
this year could depress lumber and pulp markets, increasing the
likelihood that Millar Western will generate a large free operating
cash flow deficit. In this scenario, S&P believes that the
company's liquidity position would be significantly constrained,
and increase the likelihood for a distressed exchange of Millar
Western's secured notes.

"We could lower the ratings if, within the next 12 months, we
envision a specific default scenario for Millar Western. Such a
scenario would likely include a depletion of the company's cash
position or expectation for the company to proceed with a
distressed exchange of its secured notes. In our view, this could
follow sustained lumber and pulp market weakness, a protracted
operating disruption, or the company's notes trading significantly
below par as maturity approaches," S&P said.

"Within the next 12 months, we could revise the outlook to stable
or raise the ratings if Millar Western generates substantial free
operating cash flow, thereby increasing its cash position, while
maintaining a debt-to-EBITDA ratio of about 5x or less. In such a
scenario, we would expect a sustained recovery in pulp and lumber
prices above our assumptions amid steady shipment levels," S&P
said.


MOTIV8 INVESTMENTS: Seeks to Hire Lionel E. Giron as Counsel
------------------------------------------------------------
Motiv8 Investments, LLC, has filed an amended application with the
U.S. Bankruptcy Court for the Central District of California
seeking approval to hire the Law Offices of Lionel E. Giron, as
counsel to the Debtor.

Lionel E. Giron will provide the following services

   a. advise the Debtor with respect to its powers and duties as
      a debtor-in-possession and the management of the property
      of the estate and assist the Debtor in performing the
      duties required of it as a Debtor in possession;

   b. negotiate, formulate, draft, and confirm a plan of
      reorganization and attend hearings before the bankruptcy
      court in connection with any proposed disclosure
      statements, and plans of reorganization, and conduct
      examinations of interested parties and advise the Debtor in
      connection with any proposed plan of reorganization or any
      proposal made in connection with a plan of reorganization;

   c. examine all claims filed in the bankruptcy proceedings in
      order to determine their nature, extent, validity and
      priority;

   d. advise and assist the Debtor in connection with the
      collection of assets, sale of assets, or the refinancing of
      same in order to implement any plan of reorganization which
      might be confirmed in the bankruptcy proceedings;

   e. take such actions as may be necessary to protect the assets
      of the estate from seizure or other proceedings, pending
      confirmation and consummation of the plan of reorganization
      in the bankruptcy case;

   f. advise the Debtor with respect to the rejection or
      affirmation of executor contracts;

   g. advise and assist the Debtor in fulfilling its obligations
      as fiduciaries of the Chapter 11 estate;

   h. prepare all necessary pleadings pertaining to matters of
      bankruptcy law before the Bankruptcy Court;

   i. prepare such applications and reports as are necessary and
      for which the services of an attorney are required
      including responding to the compliance requirements of the
      U.S. Trustee;

   j. render other legal services for the Debtor for which the
      services of a bankruptcy attorney may be necessary during
      the pendency of the bankruptcy case; and

   k. all legal services required to assist the Debtor in
      fulfilling its duties under the bankruptcy code, including
      all contested matters but excluding tax and securities
      related services.

Lionel E. Giron will be paid at these hourly rates:

     Lionel E. Giron, Esq.                  $350
     Joanne P. Sanchez, Esq.                $300
     Sandy Segovia, Paralegal               $200
     Samantha Hernandez, Paralegal          $175
     Jeanette Llamas, Legal Assistant       $150

Prepetition, the Debtor paid Lionel E. Giron $5,000 as retainer,
plus $1,717 filing fee. Prepetition, Lionel E. Giron incurred fees
and costs of $6,822.

Lionel E. Giron will also be reimbursed for reasonable
out-of-pocket expenses incurred.

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

Lionel E. Giron can be reached at:

     Lionel E. Giron, Esq.
     LAW OFFICES OF LIONEL E. GIRON
     337 N. Vineyard Ave., Suite 100
     Ontario, CA 91764
     Tel: (909) 397-7260
     Fax: (909) 694-1008
     E-mail: ecf@lglawoffices.com

                  About Motiv8 Investments

Motiv8 Investments, LLC is a privately-held company in Los Angeles,
California, that operates as a real estate investment company
involved in buying real property, renovating the properties and
reselling them. The Debtor previously sought bankruptcy protection
on June 11, 2018 (Bankr. C.D. Cal. Case No. 18-16732).

Motiv8 Investments, LLC, based in San Fernando, CA, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 20-10142) on Jan. 21, 2020.
In the petition signed by Sergio Moreno Morales, manager, the
Debtor was estimated to have $500,000 to $1 million in assets and
$1 million to $10 million in liabilities.  Lionel E. Giron, Esq.,
at the Law Offices of Lionel E. Giron, serves as bankruptcy counsel
to the Debtor.


MOUNTAIN VIEW: Final Cash Collateral Hearing Continued to April 29
------------------------------------------------------------------
Judge Gary Spraker of the U.S. Bankruptcy Court for the District of
Alaska issued an order continuing the status conference and the
final hearing on Mountain View Sports Center, Inc.'s motion for use
of cash collateral to April 29, 2020 at 3:00 p.m.

             About Mountain View Sports Center

Mountain View Sports Center, Inc. -- https://www.mtviewsports.com/
-- is a full service fly shop and outdoor outfitter carrying a
unique combination of high end brands catered to Alaska including
Simms, Patagonia, Arcteryx, Filson, Pendleton, Sage Fly Rods, Hatch
Reels, and many more.

Mountain View Sports Center, Inc., based in Anchorage, AK, filed a
Chapter 11 petition (Bankr. D. Alaska Case No. 20-00053) on Feb.
19, 2020.  In the petition signed by John R. Staser, secretary, the
Debtor was estimated to have $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.  The Hon. Gary Spraker
presides over the case.  Cabot Christianson, Esq., at the Law
Office of Cabot Christianson, P.C., serves as bankruptcy counsel.


MWI HOLDINGS: S&P Cuts ICR to CCC+ on Expected Leverage Increase
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Helix
Acquisition Corp. (MWI Holdings Inc.) to 'CCC+' from 'B-'. At the
same time, S&P lowered its issue-level ratings on the company's
first-lien debt to 'CCC+' from 'B-' and its issue-level rating on
the company's second-lien term loan to 'CCC-' from 'CCC'.

Leverage is very high and will approach unsustainable levels in the
coming 12 months.

"We anticipate MWI's leverage will become elevated in the 10x area
over the next 12-18 months. Economists at S&P Global Ratings now
expect second-quarter U.S. GDP to decline by over 12% and for 2020
full-year GDP to be materially worse than previously expected. S&P
expects the company's industrial end markets to perform poorly in
calendar 2020, declining by at least double-digit percents over the
year. Therefore, we expect leverage to reach unsustainable levels
over the next 12 months," S&P said.

The negative outlook on MWI reflects S&P's belief that there is at
least a one-in-three chance that it could lower the ratings should
revenue and EBITDA decline in fiscal 2021 further than it expects,
causing it to envision a specific default scenario. S&P expects
free cash flow generation to turn negative over the next 12 months
while leverage remains around about 10x over the next year.

"We could lower our ratings on MWI if deteriorating operating
performance results in a constrained liquidity position. This could
occur, for example, from a deterioration in MWI's end markets and a
significant disruption of supply chains, leading to large losses
among the company's major customers. We could also downgrade the
company if we came to believe free cash flow generation was
materially worse than expected, leading us to envision a specific
default scenario over the next six to 12 months," S&P said.

"We could raise the ratings on MWI if the company's operations
significantly improve, leading to deleveraging and a more
sustainable capital structure, in our view. This could happen, for
example, if the company is able to expand profitability through
higher-than- expected sales with healthy EBITDA margins, while
maintaining sufficient liquidity," the rating agency said.


NAVISTAR INT'L: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Navistar International Corporation to B- from B.

Navistar International Corporation is an American holding company.
Created in 1986 as the successor to International Harvester,
Navistar operates as the owner of the International brand of trucks
and diesel.



NCR CORP: S&P Lowers Issuer Credit Rating to 'BB-'; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on NCR Corp. to
'BB-' from 'BB'. At the same time, S&P lowered its issue credit
rating on the company's first-lien credit facility to 'BB+' from
'BBB-', and the company's unsecured notes to 'BB-' from 'BB'.

S&P assigned a rating of 'BB-' to the company's planned $400
million senior unsecured note issue.

"Our downgrade reflects NCR's likely reduced revenue and worsening
credit metrics as weak economic growth due to the coronavirus
pandemic dampens the company's customers and end-markets. We expect
meaningful revenue and EBITDA declines to increase adjusted
leverage to a peak of near 6x and remain above 5.5x. Our leverage
calculation nets cash (which we expect to be about $1.7 billion at
the end of 2020), expenses capitalized development costs, and adds
the company's preferred equity to debt," S&P said.

"The stable outlook reflects our expectation that NCR will manage a
period of weak operational performance and business seasonality, as
well as maintain stable margins and adequate liquidity. This is
despite our expectation that leverage will increase to the high-5x
area in 2020 and remain above 5.5x for at least the next two
years," the rating agency said.

S&P forecasts annual revenue declines in the 10%-12% range in 2020
due to the COVID-19-related economic fallout, accompanied by lower
capital spending and suspension of share repurchases and
acquisitions. In 2021, revenue growth will likely be in the low to
mid-single digits and capital spending will return to 2019 levels.
S&P expects NCR to maintain sufficient liquidity through the
pandemic, with free cash flow of at least $70 million in 2020.

"We could lower the rating if leverage is sustained above 6.5x or
FOCF to debt persistently stays in the low single-digit percentage
range. Weakness in credit metrics could occur if NCR's end markets
remain weak due to continued macroeconomic weakness, or if there is
considerable weakness within NCR's customer base or its competitive
position," S&P said.

"While unlikely over the next 12 months, we could raise the rating
if NCR can sustain leverage below 5x. Business factors such as a
moderating level of cost restructuring, sustained revenue growth
and margin improvements, and a greater percentage of revenues
coming from re-occurring businesses could lead to an upgrade," S&P
said.


NEENAH INC: Moody's Alters Outlook on Ba2 CFR to Negative
---------------------------------------------------------
Moody's Investors Service affirmed Neenah, Inc.'s Ba2 Corporate
Family Rating, Ba2-PD Probability of Default rating and the Ba3
Senior Unsecured notes rating. Moody's also changed the outlook to
negative and downgraded the speculative grade liquidity rating to
SGL-3 from SGL-2. The change in outlook and the speculative-grade
liquidity rating reflects the need to refinance the $175 million
notes due in May 2021 at a time in which there is an expected
deterioration of metrics and challenging market conditions. The
affirmation of Neenah's ratings reflects strong balance sheet
metrics prior to the projected negative impact on financial
performance from the coronavirus pandemic, projected free cash flow
generation even during the economic stress and expected recovery in
metrics in 2021, assuming notes are refinanced.

Downgrades:

Issuer: Neenah, Inc.

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

Affirmations:

Issuer: Neenah, Inc.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5)

Outlook Actions:

Issuer: Neenah, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Neenah's Ba2 CFR rating reflects the company's strong brand
recognition, long-term growth potential in the technical products
business, strong balance sheet credit metrics and track record of
free cash flow generation. The company's debt/EBITDA and
EBITDA/interest for the twelve months ended December 2019, as
adjusted by Moody's, stood at 2.2 times and 8.4 times,
respectively, and retained cash flow to debt was 26.4%. Moody's
expects a significant decline in demand for Neenah's technical
products, such as filtration media, and graphic paper due to the
expected negative impact of the coronavirus pandemic on the global
economy. This will result in weaker earnings and credit metrics in
2020, but the company is expected to lower its capex and control
expenses and still generate free cash flow. Moody's also expects
metrics to return to levels consistent with the rating once the
economy recovers in 2021, based on its current macroeconomic
scenario. The affirmation of the Ba2 CFR also reflects Moody's
expectation that the company will maintain its conservative
financial policy with the pending change of the company's
leadership. The company historically reinvested the majority of its
operating cash flow in the business, while maintaining dividend
growth and supplementing its organic growth with acquisitions
funded with a combination of cash, free cash flow and borrowings.
On April 2, the company announced it had not closed its $155
million acquisition of Vectorply on April 1 as originally
contemplated. The purchase agreement includes customary termination
provisions, including a right by the buyer or the seller to
terminate the agreement if the closing has not occurred on or
before June 1, 2020.

The rating is constrained by the company's limited scale and lack
of diversification relative to its peers, exposure to cyclical
inputs and end markets and expectations for continued secular
contraction in demand for printing and writing papers. Neenah is
one of the smallest Ba-rated companies in the paper and forest
products industry. The company is not back-integrated into pulp
used in its paper-making processes and thus is exposed to volatile
softwood and hardwood pulp pricing as well as latex, natural gas
and rising freight costs. The company also has near-term
refinancing risk, which prompted the change of the speculative
grade liquidity rating to SGL-3 and the change in outlook to
negative.

The SGL-3 speculative grade liquidity rating reflects Moody's view
that the company will not be able to repay $175 million notes due
in May 2021 with cash generated by internal sources. The company
had approximately $9 million of cash on hand at the end of December
2019 and is projected to generate free cash flow (after dividend
payments) of over $20 million in 2020, assuming a decline in
earnings and a cut in capital expenditures to about $15 million.
The company has a $225 million asset-based revolver due in December
2023, which could be used to refinance the 2021 maturity, but that
would leave the company with limited external sources of liquidity.
The company would need to refinance the notes in the bond market or
with a term loam, instead. The facility has a springing fixed
charge coverage test set at 1.1 times if availability falls below
$20 million or 10% of the maximum aggregate commitments of the
revolver. The company would be in compliance with the covenant now
but might not meet the test if EBITDA declines significantly. Most
of the assets are encumbered by the secured credit facility leaving
limited alternative liquidity available.

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 paper sector
is affected by this shock given its sensitivity to industrial and
consumer demand and sentiment. However, in most jurisdictions, the
paper and forest products industry is deemed an essential service.
This designation allows Neenah and most other paper and forest
product companies to continue to supply products used in the food
and beverage industry, infrastructure and construction projects as
well as the manufacture of fiber-based personal hygiene products
(which are currently seeing increasing demand) such as tissue
products, breathing masks and medical gowns. Nonetheless, the
impact on Neenah's credit profile could leave it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions as the outbreak continues 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, as
well as the associated economic impact.

Another social risk for Neenah is the secular decline in printing
and writing paper as consumers and companies move to digital
alternatives. The company has been managing this risk by closing,
divesting assets or repurposing them into higher growth technical
products. Moody's believes the company has established expertise in
complying with moderate environmental and social risks and has
incorporated procedures to address them in its operational and
business models. Governance risks are low as Neenah is a public
company with established and transparent reporting and conservative
financial policies. The company has announced leadership change
with COO Julie Schertell set to succeed CEO John O'Donnell in May
upon his retirement.

The negative rating outlook reflects expectations of deteriorating
operating conditions and refinancing risk with $175 million of
notes maturing in May 2021. Moody's could stabilize the outlook if
the company refinances its 2021 maturity and improves its liquidity
and operating conditions and performance improve.

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

Moody's could downgrade the rating if the company fails to
refinance $175 million notes in a timely manner. The ratings could
also be downgraded if there is a significant deterioration in the
company's operating performance and free cash flow is persistently
negative. Specifically, Moody's could downgrade the rating if
adjusted debt/EBITDA exceeds 4x for a sustained period of time, and
EBITDA margins are sustained below 15%, or if there is a prolonged
weakness in some of the company's cyclical markets or changes in
financial management.

Upward rating momentum is unlikely due to the company's limited
scale and diversification. An upgrade could be considered if the
company significantly increases its scale and expands its product
line, improves margins above 18% and demonstrates that they can be
sustained, while also maintaining its strong credit metrics such as
leverage sustained between 2.5-3x.

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

Based in Alpharetta, Ga., Neenah Paper, Inc. is a manufacturer of
fiber-based technical products and fine paper and packaging
products. The technical products business accounts for about half
of consolidated sales and manufactures transportation, water and
other filtration media as well as backings for specialty tapes and
other specialty markets. The fine paper and packaging business
manufacture premium printing, packaging and other papers. The
company has operations in the US (10 sites) and Europe (4 sites), a
small JV in India and reported revenues of approximately $939
million for the 12 months ending December 31, 2019.


NEENAH INC: S&P Alters Outlook to Negative, Affirms 'BB' ICR
------------------------------------------------------------
S&P Global Ratings affirmed the 'BB' issuer credit rating and
revised the outlook on Neenah to negative from positive.

"We believe measures to contain the coronavirus have pushed the
global economy into recession. Our economists now forecast U.S.
real GDP will drop by 1.3% in 2020, down from our pre-virus
December forecast of a 1.9% gain. We now see the toll on GDP will
be far more severe than once thought--with the contraction showing
up in the first-quarter figure and worsening substantially in the
April-June period. We forecast a decline in real GDP of 2.1%
(annualized) in the first three months of the year and of 12.7%
(annualized) in the second quarter, translating to a decline of
3.8% peak to trough," S&P said.

The negative outlook reflects the difficult conditions in the
capital markets that increase the risk the company's $175 million
senior notes due May 2021 can be successfully refinanced at
attractive rates. The outlook also reflects the possibility that
over the next 12 months S&P will see leverage greater than 3x due
to weakness in end markets resulting in a decline in profitability
such that EBITDA margins drop more than 300 basis points from the
rating agency's base case forecast.

"We could lower the rating by the end of the year if the risk of
refinancing its senior notes become greater such that we believe
the company cannot successfully meet its 2021 obligations. We may
also lower the ratings if we expect leverage to exceed 3.0x for a
sustained period. This could also occur if we believe profitability
for the technical products business will be subdued at EBITDA
margins of 10% or less beyond 2020," S&P said.

"We could revise the outlook to stable if the company successfully
refinances its 2021 maturity while also managing to show growth and
stronger profitability than our base case forecast from the
technical products segment and less from the declining fine paper
and packaging segment. More specifically, we would look for
positive growth in this segment and an improvement in EBITDA
margins toward 17%, keeping debt leverage between 2.0x and 2.5x,"
the rating agency said.


NELNET INC: S&P Alters Outlook to Negative on Loss of DOE Bid
-------------------------------------------------------------
S&P Global Ratings said it revised its outlook on Nelnet Inc. to
negative from stable. S&P also affirmed its 'BBB-' long-term issuer
credit rating.

At the same time, S&P affirmed its 'BB' issue rating on the
company's junior subordinated notes.

"Our outlook revision reflects our view that the company is likely
to lose servicing revenues associated with the U.S. Department of
Education (DOE). These compose less than half of the company's
servicing earnings, which in turn composed less than 20% of the
company's earnings for year-end 2019. However, the company is
currently the largest student loan servicer in the U.S., and the
loss of this revenue lessens its competitive advantage and earnings
diversity, in our view. This is particularly so given that the
company's Federal Family Education Loan Program portfolio is likely
to continue to run off. However, the timing of the loss of
servicing revenue from the DOE is unknown given the complexity of
migrating all federal student loans into a single platform and
potential changes to the process if the presidential administration
changes this November," S&P said.

"Nelnet continues to maintain very little corporate debt,
supporting our assessment of its financial risk profile. Growth in
earnings from the company's communications segments has also
occurred faster than we previously anticipated, supporting its
earnings diversity," S&P said.

The negative outlook reflects S&P's view that Nelnet could lose
servicing earnings over the next one to two years, weakening its
revenue diversity and competitive advantage in student loan
servicing.

"We could lower the ratings if the company loses DOE servicing
revenue without replacing lost earnings in a similarly stable
revenue source. We could also lower the ratings if we expect debt
to EBITDA to rise above 1.5x," S&P said.

"All else equal, we could revise the outlook to stable if the
company does not lose associated DOE servicing revenues," the
rating agency said.


NET ELEMENT: Daszkal Bolton LLP Raises Going Concern Doubt
----------------------------------------------------------
Net Element, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a
comprehensive loss attributable to common stockholders of
$6,500,407 on $64,999,611 of total revenues for the year ended Dec.
31, 2019, compared to a comprehensive loss attributable to common
stockholders of $4,638,107 on $65,786,817 of total revenues for the
year ended in 2018.

The audit report of Daszkal Bolton LLP states that the Company has
sustained recurring losses from operations and has working capital
and accumulated deficits that raise substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $23,042,921, total liabilities of $19,002,262, and a total
stockholders' equity of $4,040,659.

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

                       https://is.gd/B0R6h1

Net Element, Inc. operates as a financial technology and
value-added solutions company in North America, Russia, and the
Commonwealth of Independent States.  It operates in two segments,
North American Transaction Solutions and International Transaction
Solutions.  Net Element, Inc. was founded in 2004 and is based in
North Miami Beach, Florida.



NIAGARA FRONTIER: Obtains Interim Approval to Use Cash Collateral
-----------------------------------------------------------------
Judge Michael J. Kaplan, pursuant to an 18th interim order,
authorized Niagara Frontier Country Club, Inc., to use cash
collateral according to the budget, pending final hearing.  

M&T Bank and Richard Elia, are each granted roll-over or
replacement liens on the same assets as served as collateral for
their pre-petition interest, to the extent of cash collateral
actually used by the Debtor during the pendency of its bankruptcy
case.  

Judge Kaplan has previously granted the Debtor access to cash
collateral pursuant to a 17th interim order and a 16th interim
order.

             About Niagara Frontier Country Club

Niagara Frontier Country Club, Inc. --
http://niagarafrontiergolfclub.com/-- is a private,
membership-based golf club located in Youngstown, New York.  The
18-hole Niagara Frontier course at the Niagara Frontier Country
Club facility features 6,236 yards of golf from the longest tees
for a par of 70.

Niagara Frontier Country Club sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 18-11695) on Aug. 30,
2018.  In the petition signed by Henry Sandonato, president, the
Debtor was estimated to have assets of $1 million to $10 million
and liabilities of $1 million to $10 million.  Judge Michael J.
Kaplan oversees the case.


NIELSEN NV: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nielsen N.V. to B from B+. EJR also downgraded the
rating on commercial paper issued by the Company to B from A3.

Nielsen N.V. is a global information and measurement company. The
Company offers critical media and marketing information, analytics
and industry expertise about what consumers watch (consumer
interaction with television, online and mobile) and what consumers
buy on a global and local basis.



NORTH AMERICAN LIFTING: S&P Cuts Issuer Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on North
American Lifting Holdings Inc. (NALH) to 'SD' from 'CCC-'.

At the same time, S&P is lowering the issue-level rating on the
company's first-lien senior secured term loan and revolving credit
facility to 'CC' from 'CCC-', and the rating on the second-lien
term loan to 'D' from 'C' to reflect the default.

The downgrade on NALH to 'SD' reflects the company's choice to pay
the first-lien term loan interest payment and not the second-lien
term loan interest payment.

NALH's debt facilities is composed of a $30 million revolving
credit facility due Aug. 27, 2020 (fully drawn as of Dec. 31,
2019), a $470 million first-lien senior secured term loan due Nov.
27, 2020 ($441 million outstanding), and a $185 million second-lien
term loan due Nov. 29, 2021 ($185 million outstanding).

On April 7, the company signed a forbearance agreement with its
lender group deferring interest on its second-lien term loan until
June 30, 2020.

S&P will reassess the rating on the company upon developments with
regard to future interest payments, restructurings, or a
refinancing of the company's capital structure.


NUSTAR ENERGY: Moody's Places Ba2 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed under review for downgrade all
ratings of NuStar Energy L.P. and NuStar Logistics, L.P., including
its Ba2 Corporate Family Rating, Ba2-PD Probability of Default
rating and Ba2 ratings of senior unsecured notes. The B1 ratings of
NuStar Logistics' subordinated notes and the ratings of preferred
units issued at NuStar Energy L.P. were also placed on review for
downgrade. Concurrently, Moody's downgraded NuStar's Speculative
Grade Liquidity Rating to SGL4 from SGL3.

"The review for downgrade of the ratings is focused on high
refinancing risks and the need for NuStar to reduce its absolute
level of debt. The company is taking steps to raise capital through
asset monetization and currently relies on its committed bank
facility to meet its $450 million bond maturity in September 2020,"
said Elena Nadtotchi, Moody's Senior Credit Officer.

Downgrades:

Issuer: NuStar Energy L.P.

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

On Review for Downgrade:

Issuer: NuStar Energy L.P.

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

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

Pref. Stock Preferred Stock, Placed on Review for Downgrade,
currently B1 (LGD6)

Issuer: NuStar Logistics, L.P.

Subordinate Notes, Placed on Review for Downgrade, currently B1
(LGD6)

Senior Unsecured Notes, Placed on Review for Downgrade, currently
Ba2 (LGD3)

Issuer: St. James (Parish of) LA

Senior Unsecured Revenue Bonds, Placed on Review for Downgrade,
currently Ba2

Outlook Actions:

Issuer: NuStar Energy L.P.

Outlook, Changed to Rating Under Review from Stable

Issuer: NuStar Logistics, L.P.

Outlook, Changed to Rating Under Review from Stable

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

The review for downgrade reflects NuStar's substantial amount of
debt and high level of refinancing requirements in 2020-2022. With
preferred instruments accounting for about 20% of the capital
structure, NuStar manages a substantial layer of cash payments,
that together with its distributions restrict the company's ability
to generate free cash flow and right-size the amount of liabilities
accumulated to fund growth.

Moody's review will focus on the steps being taken by the company
to reduce debt and address refinancing in a timely manner, as well
as on the corresponding impact on its asset base and business
profile. Moody's expects the review period to be relatively short.

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 midstream
sector is one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in NuStar's credit profile and its
high reliance on financial markets for refinancing have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and NuStar 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 NuStar of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

NuStar liquidity is weak, as reflected in the downgrade of its SGL
rating to SGL4, because the company needs to manage significant
maturities in 2020-2022. NuStar's next maturity will be $450
million senior notes due in September 2020, as well as $300 million
senior notes maturing in February 2021.

NuStar's principal source of liquidity is its committed $1 billion
revolving credit facility that matures in October 2023. The credit
facility is unsecured, but drawings are subject to a material
adverse change clause. The credit facility has two financial
covenants (debt/EBITDA of no greater than 5.0x starting in the
first quartet 2019 and EBITDA/ Interest of at least 1.75x). NuStar
reported that it was in compliance with the financial covenants at
December 31, 2019. Moody's expects NuStar's earnings to decline
modestly in 2020, yet NuStar should be able to maintain access to
the funds. At year-end 2019, NuStar reported $712 million available
for borrowing under the facility, prior to the reduction of the
commitment by $200 million to $1 billion, as the company extended
the maturity of the facility to 2023 from 2021.

Supporting NuStar's liquidity profile is its large asset base as
well as its unsecured capital structure and the corresponding
flexibility to monetize assets or raise financing to raise cash.

NuStar Energy is a sizable and diversified pipeline and storage
company operating a network of oil and refining product pipelines
in the Permian and Eagle Ford basins in Texas, and an interstate
ammonia pipeline connecting production and terminals in Louisiana
with America's corn belt. NuStar also owns and operates large crude
and refining products storage network across the Midwest. Although
NuStar's asset footprint is primarily within the continental United
States, the company operates terminal facilities in Canada, and has
operations in Mexico.

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


ORGANIC POWER: Seeks July 30 Extension for Plan Amid Quarantine
---------------------------------------------------------------
Organic Power, LLC, seeks a court order seeking a 120-day extension
until July 30, 2020, of the deadline to file a Reorganization Plan
and a Disclosure Statement.

On March 19, 2020, the Governor of Puerto Rico instituted a
quarantine/total closure order for Puerto Rico.  Pursuant to the
Quarantine Order, only governmental essential services and gas,
health and food commercial businesses may open and or attend their
offices.  Only those citizens who are attending those listed
services may leave their residences.

On March 26th, 2020, the governor extended the quarantine/total
closure until April 12th, 2020.

In order to finalize the Disclosure Statement and Reorganization
Plan, the herein counsel needs to meet with the Debtor.  Moreover,
the undersigned would need to go to his office to review and
prepare the documents.  Since the undersigned is not in the
exempted groups, he may not attend his office nor meet with the
Debtors. Due to the Quarantine Order it would be very difficult if
not impossible to finalize the listed document until after April
12th, 2020.

Counsel for the Debtor:

     Rafael A. Gonzalez Valiente
     Godreau & Gonzalez Law, LLC
     PO Box 9024176
     San Juan, PR  00902-4176
     Telephone:  787-726-0077
     rgv@g-glawpr.com

                      About Organic Power

Organic Power LLC -- https://prrenewables.com/ -- is a supplier of
renewable energy and a provider of environmentally sustainable food
waste recycling services based in Puerto Rico.  It offers food
processing companies, restaurants, pharmaceuticals and retail
outlets an alternative to landfill disposal.

Organic Power sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. P.R. Case No. 19-01789) on April 1, 2019.  At the
time of the filing, the Debtor estimated assets and estimated
liabilities of between $10 million and $50 million.

Aimee I. Lopez Pabon, Esq. of Godreau & Gonzalez LLC, has been
tapped as counsel for the Debtor.


OWENS CORNING: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Owens Corning to BB+ from BBB.

Owens Corning is a global company that develops and produces
insulation, roofing, and fiberglass composites. It was formed in
1935 as a partnership between two major American glassworks,
Corning Glass Works and Owens-Illinois. The company employs
approximately 19,000 people around the world.



PENN NATIONAL: Egan-Jones Lowers Senior Unsecured Ratings to CCC
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Penn National Gaming Incorporated to CCC from B. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Penn National Gaming, Inc. is an American operator of casinos and
racetracks, based in Wyomissing, Pennsylvania. It operates 43
facilities in the United States and Canada, many of them under the
Hollywood Casino brand. The company also controls a 36% stake in
Barstool Sports.



PENSKE AUTOMOTIVE: S&P Alters Outlook to Neg., Affirms 'BB' ICR
---------------------------------------------------------------
S&P Global Ratings affirmed the 'BB' long-term issuer credit rating
and revised the outlook on Penske Automotive Group Inc. to negative
from positive.

"The negative outlook reflects a significant anticipated loss of
revenue and lower margins, at least in 2020, compared with our
prior base case estimates and the potential for a reduction beyond
our current forecast.   This stems from our view that demand for
new and used cars as well as the financing of sales and servicing
of cars will fall significantly over the next several months
because of the coronavirus pandemic," S&P said.

Clearly, sales of both new and used vehicles have fallen across the
U.S. and Europe. S&P Global's economists estimate U.S. light
vehicle sales will drop from 17.0 million in 2019 to 13.4 million
in 2020, before rebounding to 15.6 million in 2021. The magnitude
of decline will likely be similar in Europe. If the pandemic lasts
longer or the recovery of sales does not emerge, sales could be
even lower for the next couple years. Still, the majority of
profits come from the normally stable parts and service (P&S)
business, which contracted much less than vehicle sales in the last
recession. However, S&P believes this pandemic is different and in
the short term, vehicle miles traveled is falling and people will
have less of a need to repair and service their vehicle. Longer
term, when people get back to work and perhaps avoid public
transportation, S&P believes the P&S business will likely revert to
more typical levels, though consumers could delay noncritical
maintenance. For these reasons, adjusted leverage will likely rise
above 5x and free operating cash flow will be more modest.

"Our negative outlook means there is at least a one-in-three
likelihood that demand fails to return to higher levels and these
credit metrics remain stressed," S&P said.

The negative outlook reflects the risk of a downgrade if there is a
prolonged negative effect on demand and operational performance
from the pandemic.

"We could lower the rating on Penske if its leverage stays above 5x
for an extended period or if the company's FOCF-to-debt ratio were
sustained at less than 5% in 2020 and 2021. This will likely be
caused by the pandemic-induced economic recession being longer or
worse than expected, or because the company uses the current
downturn to pursue opportunistic acquisitions," S&P said.

"We could revise our outlook on Penske back to stable if its sales
and margins recover from the pandemic. We would need to be more
certain that the potential recovery after the second quarter of
2020 is robust enough for Penske to reduce debt to EBITDA below
5.0x over the next 12 months, with improved liquidity and a
sufficient amount of cushion on its covenants," the rating agency
said.

Environmental, Social, and Governance (ESG) Credit Factors for this
Credit Rating change:

-- Health and Safety Factors

The COVID-19 pandemic has hurt Penske's operations. Markets from
which they derive approximately a majority of revenue are currently
under extensive "shelter in place" or "stay at home" orders, which
significantly restrict business operations.


PERRY A. RESNICK: Taps VerStandig and Palik as Counsel
------------------------------------------------------
The Law Offices of Perry A. Resnick, LLC seeks approval from the
U.S. Bankruptcy Court for the District of Maryland to hire Maurice
VerStandig and The VerStandig Law Firm, LLC and Craig M. Palik and
the law firm of McNamee Hosea Jernigan Kim Greenan & Lynch, P.A. as
its attorneys.
   
The professional services that the law firms will provide in
connection with the Debtor's Chapter 11 case are:

     (a) prepare and file all necessary bankruptcy pleadings on
behalf of the Debtor;

     (b) negotiate with creditors;

     (c) represent the Debtor with respect to Adversary and other
proceedings in connection with the Bankruptcy;  

     (d) prepare the Debtor's disclosure statement and plan of
reorganization; and

     (e) any other matters related to the Bankruptcy and the
Debtor's reorganization.

The attorneys and professionals designated to represent the
debtor-in-possession will be paid at these hourly rates:

     Maurice VerStandig           $400
     Craig M. Palik               $390
     Associates                   $300-$350
     Paralegal                    $125

The law firms are a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firms can be reached through:

     Maurice VerStandig, Esq.
     THE VERSTANDIG LAW FIRM LLC
     9812 Falls Road, #114-160
     Potomac, MD 20854
     Telephone: (301) 444-4600
     E-mail: mac@mbvesq.com

          - and -
           
     Craig M. Palik, Esq.
     MCNAMEE, HOSEA, JERNIGAN, KIM GREENAN & LYNCH P.A.
     6411 Ivy Lane, Suite 200
     Greenbelt, MD 20770     
     Telephone: (301) 441-2420
     Facsimile: (301) 982-9450
     E-mail: cpalik@mhlawyers.com

            About The Law Offices of Perry A. Resnick, LLC

The Law Offices of Perry A. Resnick, LLC is a provider of legal
services based in Baltimore, Maryland.

The Law Offices of Perry A. Resnick sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-12820) on
March 4, 2020. The petition was signed by its managing member,
Perry A. Resnick. At the time of the filing, the Debtor disclosed
estimated assets and liabilities of $1 million to $10 million.

The Hon. Nancy V. Alquist is the case judge.

The Debtor hired Maurice VerStandig of The VerStandig Law Firm and
Craig M. Palik of McNamee Hosea Jernigan Kim Greenan & Lynch, P.A
as its attorneys.


PEYTO EXPLORATION: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Peyto Exploration & Development Corporation to BB-
from BB+.

Peyto Exploration & Development Corporation is an oil and gas
exploration and production company. The Company explores and
produces unconventional natural gas in Alberta's Deep Basin.



PH GLATFELTER: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PH Glatfelter Co to BB- from BB.

P.H. Glatfelter Co, commonly known as Glatfelter, manufactures
specialty paper and engineered products. The Company's products
include custom applications such as playing cards and digital
imaging papers, as well as printing, converting papers, and
long-fiber and overlay papers.



PHUNWARE INC: Registers up to 21.9M Shares for Possible Resale
--------------------------------------------------------------
Phunware, Inc., filed a Form S-3 registration statement with the
Securities and Exchange Commission covering up to 21,946,429 shares
of its common stock that may be offered for resale or otherwise
disposed of by Alto Opportunity Master Fund, SPC - Segregated
Master Portfolio B, the selling stockholder, including its pledges,
assignees or successors-in-interest.

The shares offered for resale consist of shares underlying the
Senior Convertible Note issued by the Company in a private
placement in March 2020.

The Company will not receive any proceeds from the sale or other
disposition of the shares of common stock by the selling
stockholder.

The Company's common stock is listed on the Nasdaq Capital Market
under the symbol "PHUN."  On April 9, 2020, the last reported sale
price of the Company's common stock on the Nasdaq Capital Market
was $0.72 per share.

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

                     https://is.gd/0XaGd4

                        About Phunware

Headquartered in Austin, Texas, Phunware, Inc. --
http://www.phunware.com/-- is a Multiscreen-as-a-Service (MaaS)
company, a fully integrated enterprise cloud platform for mobile
that provides companies the products, solutions, data and services
necessary to engage, manage and monetize their mobile application
portfolios and audiences at scale.

Phunware incurred a net loss of $12.87 million in 2019 compared to
a net loss of $9.80 million in 2018.  As of Dec. 31, 2019, the
Company had $29.05 million in total assets, $25.02 million in total
liabilities, and $4.03 million in total stockholders' equity.

Marcum LLP, in Houston, TX, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


PIERCE WILLIAMS: Seeks to Hire Jason E. Holland as Counsel
----------------------------------------------------------
Pierce Williams & Read, Inc., seeks authority from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
Jason E. Holland, Attorney at Law, as counsel to the Debtor.

Pierce Williams requires Jason E. Holland to:

   -- render legal advice to the Debtor with respect to its
      powers and duties as Debtor-in-Possession in the continued
      operation of the Debtor's operations; and

   -- perform all legal services of the Debtor-in-Possession
      which may be necessary in this case.

Jason E. Holland will be paid at the hourly rate of $275.

Jason E. Holland will be paid a retainer in the amount of $10,000.

Jason E. Holland will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jason E. Holland, the firms' founding partner, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Jason E. Holland can be reached at:

     Jason E. Holland, Esq.
     JASON E. HOLLAND ATTORNEY AT LAW
     905 South Main Street
     Hopkinsville, KY 42241-0540
     Tel: (270) 886-9794
     E-mail: k.downs@hollandlaw.org

                 About Pierce Williams & Read

Pierce Williams & Read, Inc., based in Hopkinsville, KY, filed a
Chapter 11 petition (Bankr. W.D. Ky. Case No. 20-50128) on March 9,
2020.  In the petition signed by Marcellus Thomas, owner, the
Debtor disclosed $681,074 in assets and $2,460,395 in liabilities.
Jason E. Holland, Esq., at Jason E. Holland, Attorney at Law,
serves as bankruptcy counsel.



PREMIER BRANDS: Moody's Alters Outlook on B3 CFR to Negative
------------------------------------------------------------
Moody's Investors Service changed the rating outlook on Premier
Brands Group Holdings LLC to negative from stable. At the same
time, Moody's affirmed the company's ratings, including its B3
corporate family rating, B3-PD probability of default rating and
the Caa1 rating on the company's senior secured exit term loan due
2024.

The outlook change to negative reflects the risk that operating
performance and credit metrics will significantly weaken as a
result of the unprecedented disruption caused by the coronavirus
(COVID-19) pandemic, with widespread retail customer door closures
and potentially prolonged declines in discretionary consumer
spending. These pressures will likely result in a significant
reduction in free cash flow and, while currently solid, erosion in
financial covenant cushion. Nevertheless, the company's liquidity
is adequate, supported by ample excess availability under its $175
million ABL revolver.

Affirmations:

Issuer: Premier Brands Group Holdings LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Bank Credit Facility, Affirmed Caa1 (LGD4)

Outlook Actions:

Issuer: Premier Brands Group Holdings LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

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

Premier Brands' B3 CFR reflects the need to demonstrate a
sustainable turnaround in light of the ongoing challenges in key
segments of its wholesale customer base and the overall global
apparel environment. Debt was significantly reduced upon emergence
from bankruptcy in March 2019, and the July 2019 sale of the Anne
Klein trademark and intellectual property. However, given the
company's smaller scale, it still maintains a relatively meaningful
debt and interest burden. The ratings also reflect Premier Brands'
channel concentration in the mass, mid-tier and challenged
department store channels with meaningful scale and a broad range
of products and brands within these channels. The rating is
supported by Premier Brands' adequate liquidity which Moody's
expects will support the potential near term cash flow deficits
given the widespread closures of its department store customers as
a result of the coronavirus pandemic.

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

The ratings could be downgraded if operating performance
deteriorated through continued revenue and earnings declines, or if
its liquidity profile weakened through free cash flow turning
negative, reduced revolver availability or tighter covenant
cushion. Specific metrics include EBITA/Interest falling below 1.2
times.

Ratings could be upgraded if the company demonstrates the ability
to grow revenue and operating profit while generating positive free
cash flow, reducing debt, and improving liquidity through
increasing revolver availability. Specific metrics include
debt/EBITDA sustained below 4.5 times and EBITA/Interest above 1.75
times.

Premier Brands is a designer, wholesaler and brand licensor of
denim women's apparel and jewelry through owned brands include
Gloria Vanderbilt, Kasper, as well as wholesale customer private
label brands. Licensed brands include Anne Klein, Nine West and
Bandolino. The company emerged from Chapter 11 bankruptcy on March
20, 2019 under the majority equity ownership of CVC Credit Partners
and Brigade Capital. The company was renamed Premier Brands Group
Holdings LLC (formerly named Nine West Holdings, Inc.).

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


PROJECT ACCELERATE: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Project Accelerate Parent,
LLC's Corporate Family Rating to Caa1 from B3, Probability of
Default Rating to Caa1-PD from B3-PD and its first lien senior
secured credit facilities rating to Caa1 from B3. The outlook is
negative.

The downgrade of ABC's ratings reflects Moody's expectation for
significant revenue and earnings decline in 2020 due to coronavirus
related facility closures at its fitness club customers. In
addition, with the economic downturn, consumer finances will be
weaker as a result of unemployment and asset price declines, which
will reduce discretionary spending on leisure activities and
fitness club memberships over the near term. Moody's projects ABC's
leverage will increase to above 12x (on a Moody's adjusted basis
and expensing software development costs) in 2020. In addition, a
high cash burn during facility closures will put significant
pressure on ABC's liquidity, including compliance with its
springing financial covenant on the revolver, which Moody's
believes could be triggered over the next several quarters and
require an amendment from lenders.

Moody's took the following rating actions:

Downgrades:

Issuer: Project Accelerate Parent, LLC

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

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facilities, Downgraded to Caa1 (LGD4)
from B3 (LGD3)

Outlook Actions:

Issuer: Project Accelerate Parent, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

ABC's Caa1 CFR reflects Moody's expectation for the company's
revenue, which is predominantly generated from the monthly
processing of fitness club members payments, to decline sharply in
2020 because of temporary gym closures due to the coronavirus
outbreak. Moody's projects that ABC's leverage will increase to
above 12x in 2020 from about 7.2x as of end of 2019 (on a Moody's
adjusted basis and expensing capitalized software costs). Moody's
also projects a high cash burn during the fitness club closures,
which could further stress liquidity should closures persist for
longer than currently anticipated.

ABC benefits from its strong relationships with the fastest growing
fitness club chains, high customer retention rates and mission
critical, and low-cost nature of its software and billing services
support the rating. As consumers trade down to lower cost
memberships during economic downturns, ABC's customers in the
low-cost fitness market should be able to navigate the downturn
better relative to peers in the mid and high price segments.
Moody's anticipates that revenue and earnings will begin recovering
once gyms have reopened.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The fitness sector
has been one of the sectors most significantly affected by the
shock. More specifically, the weaknesses in ABC's credit profile,
including its exposure to US consumer discretionary spending have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and ABC 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 ABC 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 ABC remains
vulnerable to coronavirus disruptions, the near-term economic
recession will weaken consumer finances, and uncertainty exists
with the timing of facility re-openings. The negative outlook also
considers the potential for additional liquidity stress should the
gym closures persist well into the summer.

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

The ratings could be upgraded if the fitness center customers
resume normal operations, Moody's anticipates debt-to-EBITDA
sustained below 7.5x, and the liquidity profile improves, including
positive free cash flow.

The ratings could be downgraded if the facility closures are longer
than anticipated and/or liquidity weakens further. A downgrade is
also likely if ABC is unable to obtain a financial maintenance
covenant amendment if necessary, or a debt restructuring, including
a distressed exchange, is expected.

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

Based in Sherwood, Arkansas, and controlled by financial sponsor
Thoma Bravo, ABC Financial provides gym, health club, and fitness
studio management and billing software and services to clients in
the U.S, Mexico, and Canada. LTM ended September 30, 2019 revenue
approximated $210 million.


RCJM INC: May 5 Hearing on Amended Plan & Disclosures
-----------------------------------------------------
The hearing on final approval of the amended disclosure statement
and the hearing on confirmation of the amended plan will be held
before Honorable Carl L. Bucki United States Bankruptcy Judge on
May 5, 2020 at 3:30 p.m. in Robert H. Jackson U.S. Courthouse, 2
Niagara Square, 5th Floor, Orleans Courtroom, Buffalo, NY 14202.

May 1, 2020, is fixed as the last day for filing and serving
written objections to the Amended Disclosure Statement and
confirmation of the Amended Plan.

                         About RCJM Inc.

RCJM, Inc., which conducts business under the names Union Auto &
Truck Repair and Magic Auto Body, is a New York corporation, which
operates as a licensed auto and truck repair shop and body
collision shop, providing services primarily for governmental
agencies and commercial customers.  It operates its business at
1560 Harlem Road, W-2, Cheektowaga, New York. Richard Jones, holds
a 100% percent shareholder interest in RCJM and is its president
and sole director.

RCJM voluntarily filed Chapter 11 petition (Bankr. W.D.N.Y. Case
No. 19-10161) on Jan. 31, 2019.  At the time of the filing, the
Debtor was estimated to have assets of less than $100,000 and
liabilities of less than $500,000.  Judge Carl L. Bucki has been
assigned to the case.  RCJM is represented by counsel, Baumeister
Denz LLP.


RELIV' INTERNATIONAL: Ernst & Young LLP Raises Going Concern Doubt
------------------------------------------------------------------
Reliv' International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
comprehensive loss of $399,582 on $35,055,315 of net sales for the
year ended Dec. 31, 2019, compared to a comprehensive loss of
$2,027,782 on $36,115,741 of net sales for the year ended in 2018.

The audit report of Ernst & Young LLP states that the Company has
suffered recurring losses from operations, and has stated that
substantial doubt exists about the Company’s ability to continue
as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $15,306,996, total liabilities of $4,205,353, and a total
stockholders' equity of $11,101,643.

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

                       https://is.gd/Dj0yhW

Reliv' International, Inc., is a developer and marketer of a
proprietary line of nutritional supplements addressing basic
nutrition, specific wellness needs, weight management and sports
nutrition.  It sells its products through an international direct
selling system using independent distributors.  it has sold
products in the United States since 1988 and in selected
international markets since 1991.




RESOLUTE FOREST: Egan-Jones Lowers Unsecured Debt Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Resolute Forest Products Inc. to B+ from BB-.

Resolute Forest Products, formerly known as AbitibiBowater Inc., is
a pulp, paper, tissue, and wood products manufacturer headquartered
in Montreal, Quebec, Canada, formed by the merger of Bowater and
Abitibi-Consolidated, which was announced January 2007.



REVLON INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CC
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Revlon Incorporated to CC from CCC. EJR also
downgraded the rating on commercial paper issued by the Company to
D from C.

Revlon, Inc. is an American-based New York City multinational
cosmetics, skincare, fragrance, and personal care company
headquartered in New York City.



RGIS SERVICES: Moody's Cuts CFR & Sr. Secured Rating to Caa3
------------------------------------------------------------
Moody's Investors Service downgraded RGIS Services, LLC's corporate
family rating and senior secured credit facilities ratings to Caa3
from Caa1, and the company's probability of default rating to
Caa3-PD from Caa1-PD. The outlook was changed to negative from
stable.

The downgrades reflect Moody's view that COVID-19-related
disruption to RGIS' operations due to temporary retail store
closures will significantly weaken the company's liquidity and
earnings, increasing its probability of default.

The change in outlook to negative from stable reflects the risk of
greater than anticipated liquidity and earnings declines.

Moody's took the following rating actions for RGIS Services, LLC:

  - Corporate family rating, downgraded to Caa3 from Caa1

  - Probability of default rating, downgraded to Caa3-PD from
    Caa1-PD

  - $35 million senior secured revolving credit facility expiring
    2022, downgraded to Caa3 (LGD4) from Caa1 (LGD3)

  - $460 million senior secured term loan due 2023, downgraded
    to Caa3 (LGD4) from Caa1 (LGD3)

  - 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 RGIS' credit
profile, including its exposure to widespread store closures by its
customers have left it vulnerable to these unprecedented operating
conditions, and RGIS 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
RGIS of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

RGIS' Caa3 CFR is constrained by the company's high leverage and
Moody's expectations for weak liquidity over the next 12-18 months,
which would result in an elevated probability of default. RGIS has
substantial flexibility to reduce costs in order to mitigate cash
outflows during a limited period of store closures, and should have
pent-up demand from retailers once stores reopen. However, Moody's
forecasts that liquidity will be partially depleted due to the
interim cash burn and RGIS' sizable interest expense burden, and
may not be sufficient to restart operations without a material
reduction in margins or service, given the need to rapidly re-hire
and redeploy a significant number of the company's employees. In
Moody's view, many retailers that are already implementing their
own cost cutting measures in 2020 are unlikely to provide
meaningful support to RGIS with accelerated payments or other
measures. Moody's expects debt/EBITDA to increase significantly in
2020, from 6.1 times as of December 31, 2019 (Moody's-adjusted,
equivalent to 5.3 times credit agreement leverage), which would not
allow the company to meets its financial maintenance covenants. The
rating also reflects governance risks, specifically aggressive
financial strategies associated with the company's ownership by
private equity sponsors.

The rating is supported by RGIS' long-standing relationships with
its largest customers, leading market share, national footprint in
the U.S., and meaningful international diversification. Physical
inventory verification is a recurring activity necessary to comply
with accounting standards for retailers, which have largely
outsourced the service for store counts to third party providers
such as RGIS. In addition, recessionary conditions should benefit
RGIS' cost structure due to lower labor costs, partly mitigating
secular pressures in bricks-and-mortar retail.

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

The ratings could be downgraded if liquidity deteriorates,
including negative free cash flow generation, if operating
performance declines more than anticipated, or if Moody's estimates
of recovery in an event of potential default deteriorate.

The ratings could be upgraded if the company improves its operating
performance and liquidity.

RGIS Services, LLC, a wholly-owned subsidiary of RGIS Holdings,
LLC, provides inventory counting services primarily to retailers
throughout North America, South America, Asia, Australia, and
Europe. Revenues for the fiscal year ended December 31, 2019 were
approximately $640 million, with about 43% of total revenues
generated outside the US. The company has been majority-owned by
the Blackstone Group since 2007.

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


SABLE PERMIAN: S&P Lowers ICR to 'D' on Missed Interest Payment
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Texas-based
exploration and production company Sable Permian Resources Finance
LLC to 'D' from 'CCC+' and all its issue-level ratings on the
company's debt to 'D'.

"We lowered ratings to 'D' because Sable did not pay interest due
on April 1 on its $708 million senior secured notes due 2024, and
because we believe the company will not make the payment within the
30-day grace period. We based our opinion on the company's
liquidity position and ongoing capital needs to maintain
production, as well as our depressed outlook for commodity prices.
In the fall of 2019, the company completed a comprehensive debt
restructuring outside of bankruptcy. Despite a $1.4 billion
reduction in overall debt levels, debt leverage remained high and
we assessed liquidity for 2020 as less than adequate given our
expectation for negative free cash flow over the next 12 months,"
S&P said.


SCOTTS MIRACLE-GRO: Egan-Jones Lowers Sr. Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Scotts Miracle-Gro Company to BB from BBB-.

The Scotts Miracle-Gro Company is an American multinational
corporation headquartered in Marysville, Ohio, where O.M. Scott
began selling lawn seed in 1868. The company manufactures and sells
consumer lawn, garden and pest control products. In the U.S., the
company manufactures Scotts, Miracle-Gro and Ortho brands.



SEABRAS 1 USA: Asks Court to Extend Exclusivity Period to Aug. 18
-----------------------------------------------------------------
Seabras 1 USA, LLC and its affiliates asked the U.S. Bankruptcy
Court for the Southern District of New York to extend the period
during which the companies have the exclusive right to file a
Chapter 11 plan and solicit votes on such plan to Aug. 18 and Oct.
19, respectively.

Upon the filing of their Chapter 11 cases, the companies
experienced an onslaught of corporate governance and related
litigation matters involving their equity owners, Seabras Group,
LLC and its affiliates.  To resolve such matters, the board of
directors of Seabras Bermuda held a shareholders' meeting in
mid-February, which resulted in the reconstitution of the Board of
Directors and settlement of additional corporate governance-related
matters.

While the companies were able to transition into Chapter 11,
meaningful progress on the terms of a consensual reorganization did
not materialize until after those litigation matters were resolved.


Additionally, given the substantial global market disruption caused
by the COVID-19 pandemic, the companies need to continue to work
expeditiously and efficiently to push their bankruptcy cases to a
consensual resolution.

                        About Seabras 1 USA

Seabras 1 Bermuda LLC and its wholly-owned subsidiary Seabras 1 USA
LLC own a fiber optic cable system between New York USA and Sao
Paulo, Brazil known as Seabras-1. Seabras-1 itself is fully
operated by Seaborn Networks, a developer-owner-operator of
submarine fiber optic cable systems.

Seabras 1 Bermuda and Seabras 1 USA filed Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 19-14006) on Dec. 22, 2019. In the
petitions signed by CEO Larry W. Schwartz, the Debtors were
estimated to have $50 million to $100 million in assets and $100
million to $500 million in liabilities.

The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Bracewell LLP as legal counsel; FTI
Consulting, Inc. as financial advisor; and Stretto as claims agent
and administrative advisor.


SEANERGY MARITIME: Mitchell Kopin, et al. Have 9.9% Stake
---------------------------------------------------------

                       https://is.gd/lJIXqP

                     About Seanergy Maritime

Greece-based Seanergy Maritime Holdings Corp. --
http://www.seanergymaritime.com/-- is an international shipping
company that provides marine dry bulk transportation services
through the ownership and operation of dry bulk vessels.  Seanergy
provides marine dry bulk transportation services through a modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 11 years.  The Company is incorporated in the
Marshall Islands and has executive offices in Athens, Greece and an
office in Hong Kong.

Seanergy Maritime reported a net loss of US$11.70 million for the
Dec. 31, 2019, a net loss of US$21.06 million for the year ended
Dec. 31, 2018, and a net loss of US$3.23 million for the year ended
Dec. 31, 2017.  As of Dec. 31, 2019, the Company had US$282.55
million in total assets, US$252.69 million in total liabilities,
and US$29.86 million in total stockholders' equity.

Ernst & Young (Hellas) Certified Auditors Accountants S.A., in
Athens, Greece, the Company's auditor since 2012, issued a "going
concern" qualification in its report dated March 5, 2020 citing
that the Company has a working capital deficiency and has stated
that substantial doubt exists about the Company's ability to
continue as a going concern.  In addition, the Company has not
complied with a certain covenant of a loan agreement with a bank.


SERVICENOW INC: Egan-Jones Hikes Senior Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by ServiceNow, Incorporated to B+ from B.

ServiceNow, Incorporated is an American cloud computing company
with its headquarters in Santa Clara, California. It was founded in
2004 by Fred Luddy.



SEVEN GENERATIONS: S&P Lowers ICR to 'BB-'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and
issue-level ratings on Seven Generations Energy Ltd. to 'BB-' from
'BB'.

The downgrade reflects the drastically reduced oil price
assumptions. S&P Global Ratings lowered its oil price assumptions
in response to a likely massive drop in global demand due to the
spread of the coronavirus as well as OPEC and Russia's inability to
reach consensus regarding production cuts. In particular, S&P
expects crude oil prices to be significantly lower in 2020,
including West Texas Intermediate (WTI) at US$25 per barrel for the
rest of 2020. It also expects natural gas prices to remain
pressured due to oversupply conditions in the U.S.

"Despite Seven Generations' having material hedges in 2020 (55% of
condensate volumes and approximately 40% of natural gas volumes
hedged), we expect the company will generate meaningfully weaker
cash flows, with adjusted FFO-to-debt to average in the low 30%
area in 2020 and 2021. In our view, the financial measures are not
commensurate with a 'BB' rating," S&P said.

"At the same time, we believe there could be further downside risk
to the rating given the heightened volatility for Canadian product
prices. Specifically, we believe condensate prices in Canada could
be pressured following spending cuts from oil sands producers
(primary customers for condensate), as they face significantly
lower prices for their bitumen crude oil. To put this into context,
we expect a Western Canadian Select (WCS) differential of US$15 per
barrel for 2020 relative to WTI prices," the rating agency said.

The negative outlook reflects S&P's expectation that the company's
leverage metrics are at the weaker end of the range, with adjusted
FFO-to-debt in the low 30% area and the risk that credit measures
could deteriorate below the rating agency's current expectation if
oil prices remain low for a prolonged period.

"We would lower the rating if, over the next 12 months, we expect
the company to generate operating results significantly weaker than
our base-case scenario, resulting in FFO-to-debt consistently below
30%, with weakening liquidity. This could occur if hydrocarbon
prices underperformed our current assumptions, or Seven
Generations' production costs increased materially from those
assumed in our base-case scenario," S&P said.

"We could revise the outlook to stable if the company was able to
generate sufficient cash flows resulting in the adjusted
FFO-to-debt ratio remaining comfortably in the 30%-45% range for a
sustained period. We believe this could occur if commodity prices
rose more quickly than our expectations and the company continued
to exercise financial discipline," S&P said.


SGR WINDDOWN: Court Approves Disclosure Statement
-------------------------------------------------
Upon the motion of SGR Winddown, Inc., et al., debtors and debtors
in possession for entry of an order approving the revised
disclosure statement  for the Plan of Reorganization for SGR
Winddown, Inc. and Affiliated Debtors.

Judge Mary f. Walrath has granted approval of the Disclosure
Statement..

The judge ruled that the following dates are established (subject
to modification as necessary) with respect to the solicitation of
votes to accept, and voting on, the Plan:

   a. March 26, 2020 as the date for determining (i) which Holders
of Claims or Interests in the Voting Classes are entitled to vote
to accept or reject the Plan and receive Solicitation Packages in
connection therewith and (ii) whether Claims or Interests have been
properly assigned or transferred to an assignee pursuant to
Bankruptcy Rule 3001(e) such that the assignee can vote as the
Holder of the respective Claim or Interest (the “Voting Record
Date”);

   b. the Debtors shall distribute Solicitation Packages to Holders
of Claims or Interests entitled to vote on the Plan no later than
April 3, 2020; and  

   c. all Holders of Claims or Interests entitled to vote on the
Plan must complete, execute, and return their Ballots so that they
are actually received by the Notice and Claims Agent pursuant to
the Solicitation and Voting Procedures, no later than May 1, 2020.

Any party wishing to file a motion under Bankruptcy Rule 3018(a) to
temporarily allow its Claim or Interest for purposes of voting to
accept or reject the Plan shall file such prior to motion on or
prior to April 17, 2020. The Debtors and other parties in interest
shall have until April 28, 2020 as the deadline by which the
Debtors or other parties in interest must file objections to any
motion filed pursuant to Bankruptcy Rule 3018(a).

The following dates are hereby established with respect to filing
objections to the Plan and confirming the Plan:

   a. May 1, 2020 at 5:00 p.m. prevailing Eastern Time shall be
date by which objections to the Plan must be filed with the Court
and served so as to be actually received by the appropriate notice
parties;  

   b. May 1, 2020, at 5:00 p.m. prevailing Eastern Time shall be
the date by which responses to objections to the Plan must be filed
with the Court, and the Debtors will file their brief or other
pleadings in support of Confirmation of the Plan no later than May
8, 2020 at 11:59 p.m.;   

   c. May 8, 2020 at 4:00 p.m. will be the date by which the voting
certification must be filed with the Court; and  

   d. the Court will consider Confirmation of the Plan at the
hearing to be held on May 12, 2020, at 2:00 p.m. prevailing Eastern
Time.

A full-text copy of the Order dated March 30, 2020, is available at
https://tinyurl.com/uzpltfk from PacerMonitor.com at no charge.

                    About SGR Winddown, Inc.

Sugarfina Inc. -- https://www.sugarfina.com/ -- operates an
"omnichannel" business involving design, assembly, marketing and
sale of confectionary items through a retail fleet of 44 "Candy
Boutiques", including 11 "shop in shops" within Nordstrom's
department stores, a wholesale channel, e-commerce, international
franchise, and a corporate and custom channel.  Its offerings are
sourced from the finest candy makers in the world and include such
iconic varieties as Champagne Bears, Peach Bellini, Sugar Lips,
Green Juice Bears and Cold Brew Bears.  The Debtors employ 335
people, including 71 individuals at their headquarters in El
Segundo, Calif.

Sugarfina, Inc. and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No.19-11973) on Sept. 6, 2019.  At the
time of the filing, the Debtor disclosed assets of between $10
million and $50 million and liabilities of the same range.

The Hon. Mary F. Walrath is the case judge.

The Debtors tapped Morris James LLP as counsel, and Force Ten
Partners, LLC as financial advisor.  BMC Group Inc. is the claims
agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Sept. 17, 2019.  The committee
tapped Bayard, P.A. as its  legal counsel, and Province, Inc. as
its financial advisor.

On Oct. 31, 2019, Sugarfina Inc., et al., consummated the sale of
substantially all their assets to Sugarfina Acquisition Corp.  The
Debtors changed their names to SGR Winddown, Inc., et al.,
following the sale.


SHERIDAN HOLDING: Prepackaged Plan Declared Effective March 30
--------------------------------------------------------------
On March 24, 2020, the Honorable David R. Jones of the United
States Bankruptcy Court for the Southern District of Texas, entered
an order approving the Debtors' Disclosure Statement for, and
confirming the Debtors' Amended Joint Prepackaged Chapter 11 Plan,
confirming, as modified therein, of Sheridan Holding Company I, LLC
and its debtor affiliates.

The Effective Date of the Plan occurred on March 30, 2020.

As reported in the Troubled Company Reporter, the Debtors filed a
Prepackaged Plan that's based on the terms of a restructuring
support agreement reached with lenders.

As of Dec. 31, 2019, the Debtors have approximately $616.1 million
of funded debt, consisting of:

   * three first-lien revolving credit facilities with
approximately $167.1 million in aggregate principal outstanding
(the "Sheridan I RBL Facilities"); and

   * three first-lien term loan credit facilities with
approximately $449.0 million in aggregate principal outstanding,
which share an  equal lien with the Sheridan I RBL Facilities (the
"Sheridan I Term Loan Facilities").

The RSA and Plan contemplate an equitization of the majority of
the Sheridan I secured debt through the issuance of the New
Sheridan Equity, subject to dilution by the New Warrants issued to
limited partner equity holders, and a $150 million take-back exit
facility (the "Exit Facility").  Limited partners will receive the
New Warrants exercisable into 25% of the number of shares of the
New Sheridan Equity issued and outstanding on the Effective Date,
on the terms set forth  in the New Warrant Term Sheet, in exchange
for the release by such limited partners of the Debtors, Secured
Lenders, Manager Parties, and other parties and their affiliates
and related parties, as further set forth in the Plan.  

The Plan contemplates the following stakeholder recoveries:

  -- Holders of Administrative Claims and Other Priority Claims
will receive payment in full in cash;

  -- Sheridan I Revolving Lenders and Sheridan I Term Lenders will
receive (i) new term loans under the Exit Facility, (ii) New
Sheridan Equity (subject to dilution by the Warrant Shares), and
(iii) the Excess Balance Sheet Cash, if any; and

  -- General Unsecured Claims will be reinstated or otherwise
receive payment in full in cash.

Counsel for the Debtors:

     Matthew D. Cavenaugh
     JACKSON WALKER L.L.P.
     1401 McKinney Street, Suite 1900
     Houston, Texas 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com

         - and -

     Joshua A. Sussberg, P.C.
     Steven N. Serajeddini
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             steven.serajeddini@kirkland.com

         - and -

     Spencer A. Winters
     KIRKLAND & ELLIS LLP   
     KIRKLAND & ELLIS INTERNATIONAL LLP   
     300 North LaSalle Street   
     Chicago, Illinois 60654   
     Telephone: (312) 862-2000    
     Facsimile: (312) 862-2200   
     E-mail: spencer.winters@kirkland.com

                   About Sheridan Holding

Sheridan Holding Company I, LLC and its affiliates are an
independent oil and natural gas investment fund with production and
development activities in the Oklahoma, Texas, and Wyoming.
Sheridan, et al., comprise the first of three series of private
placement oil and gas investment funds in the Sheridan group, all
under the common management of non-debtor Sheridan Production
Partners Manager, LLC. Established in 2006 and headquartered in
Houston, Texas, the Debtors have focused on acquiring "unloved" oil
and gas properties from large independent operators and conducting
exploration and production activities across three states in four
geographic areas.  Sheridan's assets are primarily mature producing
properties with long-lived production, relatively shallow decline
curves, and lower-risk development opportunities.

Sheridan Holding Company I and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Case No.20-31884) on March 23, 2020.
Sheridan Holding I was estimated to have $100 million to $500
million in assets and $500 million to $1 billion in liabilities.

The case is assigned to Hon. David R. Jones.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel;
JACKSON WALKER L.L.P. as local bankruptcy counsel; EVERCORE GROUP
L.L.C. as investment banker; ALIXPARTNERS, LLP, as restructuring
advisor; and Prime Clerk LLC as claims agent.


SKYLINE RIDGE: Gets Approval to Expand Scope of Engelman Employment
-------------------------------------------------------------------
Skyline Ridge, LLC received approval from the U.S. Bankruptcy Court
for the District of Arizona to expand the scope of employment of
its legal counsel, Engelman Berger, P.C.

Engelman Berger will represent Debtor in Pima County Superior Court
Case No. C20200954 as substitute counsel for Michael Baldwin, Esq.,
during the term of his 60-day interim suspension to practice law,
and will continue representing Debtor as co-counsel in that matter
following Mr. Baldwin's reinstatement.

Engelman Berger's hourly rates are:

     Bradley Pack, Esq.   $350
     Shareholders         $350 - $600
     Associate Attorneys  $280 - $300
     Paralegals           $160 - $200

All out-of-pocket costs and expenses will be reimbursed by Debtor.


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

The firm can be reached through:

     Bradley D. Pack, Esq.
     Engelman Berger, P.C.
     2800 North Central Avenue, Suite 1200
     Phoenix, AZ 85004
     Email: bdp@eblawyers.com

                        About Skyline Ridge

Based in Tucson, Ariz., Skyline Ridge, LLC, is an Arizona limited
liability company categorized under residential contractor.

Skyline Ridge filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 18-01908) on March 1, 2018.  In the petition signed
by Ahmad Zarifi, managing member and sole owner, the Debtor
estimated assets at $1 million to $10 million and liabilities at
the same range.  Judge Brenda Moody Whinery oversees the case.  

The Debtor hired Michael Baldwin, PLC and Engelman Berger, P.C. as
its legal counsel; and Keegan Linscott & Kenon, P.C. as its
accountant.


SKYWEST INC: Egan-Jones Lowers Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by SkyWest Incorporated to B+ from BB-.

SkyWest, Incorporated operates regional airlines that offer
scheduled passenger service to destinations in the United States,
Canada, Mexico, and the Caribbean.



SPIRIT AIRLINES: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Spirit Airlines Incorporated to B+ from BB.

Spirit Airlines, Inc. is an American ultra-low-cost carrier
headquartered in Miramar, Florida in the Miami metropolitan area.
It is the seventh-largest commercial airline in the United States.
Spirit operates scheduled flights throughout the United States and
in the Caribbean and Latin America.



STONE OAK MEMORY: Sixth Interim Cash Collateral Order Entered
-------------------------------------------------------------
Judge Ronald B. King of the U.S. Bankruptcy Court for the Western
District of Texas entered a sixth interim order authorizing Stone
Oak Memory Care, LLC to use cash collateral to pay the items set
forth in the budget, subject to the permitted variance of 10% per
line item and 15% of the overall budget.

As adequate protection, Stone Oak Properties, LLC is granted,
effective as of the Petition Date, valid, binding, enforceable, and
automatically perfected liens in all of the Debtor's property and
assets.

As additional partial adequate protection, to the extent of any
diminution in value and a failure of the other adequate protection
provided by the Interim Order, Stone Oak  will be granted an
allowed priority administrative expense claim.

A continued hearing on the Cash Collateral Motion will be held on
April 29, 2020 at 2:00 p.m. Objections must be filed by 5 p.m.
Central Time on April 24.

                   About Stone Oak Memory Care

Stone Oak Memory Care, LLC, d/b/a Autumn Leaves of Stone Oak, owns
and operates an adult memory care facility in Dallas, Texas.

Stone Oak Memory Care sought Chapter 11 protection (Bankr. W.D.
Tex. Case No. 19-52375) on Sept. 30, 2019 in San Antonio, Texas.
The petition was signed by Darryl Freling, Pres. of MedProperties
Stone Oak Mgr, LL.  As of the Petition Date, the Debtor was
estimated to have $1 million to $10 million in assets and
liabilities.  Judge Ronald B. King oversees the Debtor's case.  The
LAW OFFICES OF RAY BATTAGLIA, PLLC, is counsel to the Debtor.  HMP
Advisory Holdings, LLC d/b/a Harney Partners, is the financial
advisor.



SUMMERBROOK DENTAL: May Use Cash Collateral on Interim Basis
------------------------------------------------------------
Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the
District of Colorado authorized Summerbrook Dental Group, PLLC to
use cash collateral on an interim basis in accordance with the
budget.

Independent Bank and On Deck Capital, Inc. are deemed to possess
post-petition liens on all postpetition inventory and income
derived from the operation of the Debtor's business and assets, to
the extent that the use of cash results in a decrease in the value
of the Creditors' interest in the collateral.  All replacement
liens will hold the same relative validity and priority to assets
as did the prepetition liens.

The Debtor will keep the Creditors' collateral fully insured and
maintained in good repair.  The Debtor will also provide the
Creditors with a complete accounting of all revenue, expenditures
and collections through the filing of the Monthly Operating
Reports.

The Debtor's authority to use cash collateral will terminate on the
earlier of (i) June 30, 2020; (ii) the Court's appointment of a
chapter 11 trustee or examiner; (iii) conversion of the Debtor's
case to a chapter 7 case; (iv) the Debtor's failure to comply with
the requirements set forth in the Order; or (v) material adverse
change in the Debtor's financial condition or business operations.

                  About Summerbrook Dental Group

Summerbrook Dental Group, PLLC, is a provider of dental and
orthodontic services.  It specializes in orthodontics, emergency
dentistry, cosmetic dentistry, sedation dentistry, dental implants,
dentures, general dentistry, and TMJ.

Summerbrook Dental Group filed a voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 20-11168) on
Feb. 21, 2020.  In the petition signed by James Craig, president,
the Debtor disclosed $857,002 in assets and $2,318,656 in
liabilities.  Judge Joseph G. Rosania Jr. oversees the case.
Jeffrey S. Brinen, Esq., at Kutner Brinen, P.C., is the Debtor's
legal counsel.


SUMMIT MIDSTREAM: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Summit Midstream Partners LP to B- from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Summit Midstream Partners LP is focused on owning and operating
midstream energy infrastructure that is strategically located in
the core producing areas of unconventional resource basins,
primarily shale formations, in North America.



SUREFUNDING LLC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: SureFunding, LLC
        6671 Las Vegas Blvd.
        Suite 210
        Las Vegas, NV 89119

Case No.: 20-10953

Business Description: SureFunding LLC is a privately held company
                      engaged in "Other Financial Investment
                      Activities".

Chapter 11 Petition Date: April 14, 2020

Court: United States Bankruptcy Court
       District of Delaware

Debtor's
Bankruptcy
Counsel:          Thomas M. Horan, Esq.
                  FOX ROTHSCHILD LLP
                  919 North Market Street, Suite 300
                  Wilmington, DE 19801
                  Tel: 302-654-7444
                  Emai: thoran@foxrothschild.com

Debtor's Chief
Restructuring
and Liquidation
Officer Provider: GAVIN/SOLMONESE LLC

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by John Palmer, of Tamarack Associates,
Inc., independent manager.

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

                        https://is.gd/OLxz1F

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Brett Hatton                    Promissory Note,     $4,051,144
2906 South 4th Street                 subject to
Austin, TX 78704                  recharacterization
Brett Hatton
Email: bretthattonatx@gmail.com

2. Autumn Wind Global              Promissory Note,     $3,746,281
Multi-Strategies Fund                 subject to
10132-G Colvin Run                recharacterization
Road Great Falls, VA 22066
Neal Falkenberry
Email: tnf@autumnwind.com

3. Damon Gersh                     Promissory Note,     $2,468,212
84 Longview Rd.                       subject to
Port Washington, NY 11050         recharacterization
Email: DGersh@maxons.com

4. Jason Eckenroth                 Promissory Note,     $2,428,916
3765 Wild Plum                       subject to              
Boulder, CO 80304                 Recharacterization
Jason Eckenroth
Email: jason@eckenroth.com

5. Wayne James and                 Promissory Note,     $2,213,244
Associates, LLC                      subject to
2903 Lepage Street                Recharacterization
Suite 3
New Orleans, LA 70119
Wayne James and Brian James
Email: waynejam1@yahoo.com

6. The Sherri Sands                Promissory Note,     $2,140,732
Revocable Trust                      subject to
5137 Jungle Plum Road             Recharacterization
Sarasota, FL 34242
Greg Sands and Sherri Sands
Email: SSands@srsandco.com,
       Gsands@srsandco.com

7. Aliva Investments, Inc.         Promissory Note,     $1,926,659
930 Tahoe Blvd.                      subject to
802-511                           Recharacterization
Incline Village, NV 89451
Tony Lillios
Email: tony.lillios@gmail.com

8. Carrickfergus                   Promissory Note,     $1,686,354
Investments Limited                  subject to
3076 Sir Francis                  Recharacterization
Drakes Highway Road
Tortola, BVI
Stephane Carnot
Email: stephane@carnot.us

9. Family Iron Trust               Promissory Note,     $1,106,800
5348 Vegas Drive                     subject to
#778 Las Vegas, NV 89119          Recharacterization
Duncan Ironmonger
Email: duncani@scufgaming.com

10. Dennis Pedra                   Promissory Note,     $1,070,366
3202 Plantation Village              subject to
Village Dorado, PR 00646          Recharacterization
Dennis Pedra
Email: dennispedra@yahoo.com

11. Glickfield Capital             Promissory Note,     $1,069,923
Management, LLC                      subject to
FBO M. Glickfield                Recharacterization
Dynasty Trust
725 Rockville Pike
3rd Floor
Rockville, MD 20852
Louis Glickfield
Email: lg@louisglickfield.com

12. Self Directed IRA              Promissory Note,       $653,559
Services, Inc.                       subject to
Custodian Earl                   Recharacterization
Coronel
P.O. Box 180344
Hawaii National Park, HI 96718
Earl Coronel
Email: earlmcornell@me.com

13. Equity Trust                   Promissory Note,       $576,949
Company Custodian FBO                subject to
David Zebrowski                  Recharacterization
11 Dorado Beach
East Dorado, PR 00646
Email: d_zebrowski@yahoo.com

14. Jack C. Fortnum                Promissory Note,       $563,130
4289 Deephaven Lane                  subject to
Naples, FL 34119                 Recharacterization
Email: fortnumjack@gmail.com

15. Dylan Taylor                   Promissory Note,       $554,015
8 Lilhaven Lane                      subject to
Littleton, CO 80123              Recharacterization
Email: dylantaylor4@gmail.com

16. Sequris Group, LLC             Promissory Note,       $552,179
1071 N. Campbell Rd.                 subject to
Royal Oak, MI 48067              Recharacterization
Eric Eder
Email: eric@sequrisgroup.com

17. ESECO, LLC                     Promissory Note,       $552,179
47911 Halyard Drive                  subject to
Suite 100                        Recharacterization
Plymouth, MI 48170
Eric Eder
Email: eric@sequrisgroup.com

18. The Briggs Management Trust    Promissory Note,       $554,029
4 Valbella Dr.                       subject to
Austin, TX 78746                 Recharacterization
Matt Briggs
Email: MBriggs@fourhands.com

19. BF LP                          Promissory Note,       $535,183
9041 E. Wesley Drive                 subject to
Denver, CO 80231                 Recharacterization
Randy Brunschwig
Email: randy@excelldealers.com

20. Dylan Taylor                   Promissory Note,       $535,183
2011 Grantor Trust                   subject to
401 East 8th Street              Recharacterization
Suite 319
Sioux Falls, SD 57103


SURVEYMONKEY INC: Moody's Alters Outlook on B3 CFR to Stable
------------------------------------------------------------
Moody's Investors Service affirmed SurveyMonkey Inc.'s B3 corporate
family rating and Caa1-PD probability of default rating. Ratings on
$75 million revolver due 2023 and $217 million Term Loan due 2025
were also affirmed at B3 (LGD3). The rating outlook has been
revised to stable from positive due to anticipated impacts of
coronavirus on the company's business. The company's Speculative
Grade Liquidity Rating was revised to SGL-2 from SGL-3.

Issuer: SurveyMonkey Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed Caa1-PD

Senior Secured Revolving Credit Facility due 2023, Affirmed at B3
(LGD3)

Senior Secured Term Loan B due 2025, Affirmed at B3 (LGD3)

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

Outlook, Changed to Stable from Positive

RATINGS RATIONALE

The stable outlook reflects Moody's expectation of reduced
near-term spending by the company's survey customers due to the
macro-economic impacts of coronavirus, as these clients may also be
facing reduced revenue and increased financial constraints from
lower business activity. Moody's believes the company's core
products are well-positioned within their niche market, and that
revenue growth and expansion into Enterprise market will continue
over the longer-term horizon. However, the company is exposed to
competitive threats from other survey participants particularly if
its technology doesn't keep up with emerging product trends. The
majority of the company's revenue is recurring, with an average
contract length of approximately one year. SurveyMonkey has
flexibility in its cost structure to reduce overall expenses,
particularly in the area of sale commissions and incentive
compensation, and will be able to reduce other operating expenses
if revenue growth falls below its expectations. Moody's anticipates
that SurveyMonkey will remain free cash flow positive with moderate
reductions to year over year revenue due to coronavirus, while
maintaining good liquidity.

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. SurveyMonkey's
exposure to discretionary business spending has left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and SurveyMonkey 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 SurveyMonkey of the breadth and severity of the shock,
and the broad deterioration in credit quality it has triggered.

SurveyMonkey's liquidity is expected to be good as reflected in its
SGL-2. The company has a $75 million revolver due 2023 with $70
million available as of FYE 2019. The credit agreement includes an
Excess Cash Flow sweep of 75% of cash flow (as defined) generated
by only the domestic subsidiary when the leverage ratio is above
4x. The credit agreement permits stock compensation and deferred
revenue addbacks to the definition of EBITDA and therefore, Moody's
does not project that an excess cash flow sweep will be required in
the near term. The credit agreement includes a maximum leverage
ratio covenant of 5x for the life of the loan and Moody's expects
the company will maintain a significant cushion of compliance.

The stable rating outlook reflects its expectations of moderate
decline in revenue over the course of 2020 due to effects of
coronavirus on macroeconomic conditions, partially offset by
operating expense reductions, with the company continuing to
generate good cashflow from operations. The stable outlook
incorporates free cash flow to debt in high single digits and
anticipates a return to historical growth rates at or near 20% upon
coronavirus outbreak subsiding.

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

A ratings upgrade would be predicated upon evidence of SurveyMonkey
achieving positive EBITDA, if the company continues to improve its
cash flow generation, with free cash flow to debt at or above 10%,
and if revenue growth remains sustained at or near 20%. Strong
interest coverage of 3x cash from operations to interest would also
be needed for an upgrade.

A downgrade would occur due if revenue were to decline without
offsetting reduction in expenses, if the company market position
declined, or if it becomes subject to increased risk of
technological disruptions. Ratings could also be downgraded if the
company's liquidity position deteriorates.

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

SurveyMonkey Inc. is an online survey company that became a public
company in September 2018. Revenue for FYE 2019 was $307 million.
The company was founded in 1999.


SYNIVERSE HOLDINGS: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service downgraded Syniverse Holdings, Inc.'s
existing ratings, including the B3 Corporate Family Rating to Caa1.
The outlook remains negative.

"The downgrades reflect Syniverse's limited liquidity, and Moody's
growing concerns over sustainability of the capital structure in
its current form," said Dilara Sukhov, Moody's analyst. "The
negative outlook reflects the anticipated pressure on the company's
liquidity including compliance with its springing financial
covenant, and the risk that revenue and earnings will be pressured
as the spread of the coronavirus impacts the company's mobile
transaction services, particularly roaming and number
portability."

Moody's took the following rating actions on Syniverse Holdings,
Inc.:

Downgrades:

Corporate Family Rating downgraded to Caa1 from B3,

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

Senior Secured First Lien Revolver downgraded to Caa1 (LGD3) from
B2 (LGD3),

Senior Secured First Lien Term Loan B downgraded to Caa1(LGD3) from
B2 (LGD3),

Senior Secured Second Lien Term Loan downgraded to Caa3 (LGD6) from
Caa2 (LGD6).

Outlook Actions:

Outlook, remains negative

RATINGS RATIONALE

The downgrade of the CFR to Caa1 reflects Moody's view that the
rapid spread of the coronavirus across the globe will put further
pressure on an already weakened credit profile and prevent the
company from deleveraging over the next 12-18 months. Syniverse
entered 2020 with a credit profile that was already weakened by
high leverage of 8.1x debt-to-EBITDA for FYE2019, up from 7.4x and
7.0x at the end of 2018 and 2017, respectively, and modest interest
coverage of 1.2x (all metrics are calculated using Moody's standard
adjustments). Moody's expects leverage to remain close to 8x over
the next 12-18 months, as the company's earnings will be negatively
impacted by the coronavirus global pandemic, even as Syniverse
continues to take out costs to align its cost base with declining
revenues. Given weak liquidity due to tight headroom over the
springing covenant should the covenant be tested, the expectation
of high leverage, and negative pressure on earnings, sustainability
of the capital structure has become a greater concern, including
the possibility of a distressed debt exchange.

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. More specifically,
travel restrictions across the globe pressure Syniverse's
volume-based roaming business, which represents roughly 30% of the
core roaming revenue. The weaknesses in Syniverse's credit 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.

Syniverse's Caa1 CFR reflects its weak liquidity, persistently high
leverage, and Moody's belief that the capital structure may be
unsustainable. The company's credit profile is also constrained by
the execution risk in the company's growth segments as
transitioning technology standards stress its core business model,
secular decline in the highly profitable CDMA business, and free
cash flow that remains positive but low relative to the debt load,
preventing meaningful progress in delevering in the next 12-18
months. Accounting for cost reductions that the company started
implementing with the onset of coronavirus and anticipated declines
in the volume-based mobile transaction services revenues, Moody's
expects that Syniverse will still generate positive free cash flows
in the $7-$15 million range, which are very modest relative to
nearly $2 billion of outstanding debt. Moody's also believes there
is risk in a somewhat concentrated customer base, which limits
negotiating leverage at contract renewals, and rising competitive
pressures. Governance risks Moody's considers in Syniverse's credit
profile include an aggressive financial strategy characterized by
high financial leverage and private equity ownership. Syniverse
garners credit support from the scale of its established business
serving a large and growing addressable market of mobile network
operators and enterprises globally and leading market position with
differentiated technology.

The two-notch downgrade in the first lien senior secured credit
facilities (term loan due March 2023 and revolver due December
2022) to Caa1 from B2 reflects the increased risk reflected in the
lower CFR and only modest loss absorption in a distress scenario
from the 2nd lien secured facility (due March 2024).

The negative outlook reflects the anticipated pressure on the
company's liquidity including compliance with its financial
covenant, growing concerns over the sustainability of the company's
capital structure and a challenging operating environment during
2020.

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

Given the negative outlook, an upgrade is unlikely in the next
12-18 months. However, in the longer term, the ratings could be
upgraded if the Moody's adjusted debt-to-EBITDA is sustained below
7x with EBITA-to-interest approaching 1.5x while maintaining
adequate liquidity.

The ratings could be downgraded if liquidity deteriorates, the
likelihood of a covenant breach increases, or if Moody's adjusted
debt-to-EBITDA increases, rather than declines, from the current
level.

Headquartered in Tampa, Florida, Syniverse Holdings, Inc. is a
leading provider of mission-critical mobile and wireless technology
services to mobile network operators and enterprises globally.
Syniverse delivers telecommunication services to mobile carriers
and enterprise customers through its two primary segments: Mobile
Transaction Services and Enterprise & Intelligence Services. The
company's 2019 revenue was $735 million.

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


TAILWIND SMITH: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded its ratings for Tailwind Smith
Cooper Intermediate Corp., the entity comprised of the combined
Anvil International and Smith-Cooper International businesses,
including the company's corporate family rating and probability of
default rating, to B3 and B3-PD from B2 and B2-PD, respectively.
Concurrently, Moody's downgraded the first-lien senior secured term
loan rating and the second-lien senior secured term loan rating, to
B3 and Caa2 from B2 and Caa1, respectively. The ratings outlook is
negative.

RATINGS RATIONALE

The rating downgrades reflect Moody's expectation that the
company's financial leverage will remain elevated and weaken
throughout 2020 as a consequence of the negative impact on earnings
from softness in oil & gas end-markets, as exacerbated by the
negative effect of the current coronavirus outbreak on
macroeconomic growth and overall industrial activity combined with
the recent oil price shock and heightened volatility of the same.
Moody's expects that the company's already high leverage profile
attributed to the May 2019 sponsor-to-sponsor sale and associated
financing of the transaction will reverse course in 2020, likely
increasing from a level of close to 6.0x to 9.0x or more in 2020
due to the aforementioned factors. Moreover, Moody's anticipates a
weakening but still adequate near-term liquidity profile,
characterized by positive free cash flow over the next twelve to
eighteen months and good availability under the company's
asset-based revolving credit facility.

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 manufacturing
sector has been adversely affected by the shock given sensitivity
to consumer demand and market sentiment. More specifically,
Tailwind Smith-Cooper's weakening credit profile, including its
high and rising leverage and weakening liquidity provisions, leave
it vulnerable to shifts in market sentiment in these unprecedented
operating conditions, and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its actions
reflect the impact on Tailwind Smith-Cooper of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The following summarizes its rating actions:

Downgrades:

Issuer: Tailwind Smith Cooper Intermediate Corp.

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured 1st Lien Bank Credit Facility, Downgraded to B3
(LGD3) from B2 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa2
(LGD6) from Caa1 (LGD5)

Outlook Actions:

Issuer: Tailwind Smith Cooper Intermediate Corp.

Outlook, Changed to Negative from Stable

Tailwind Smith Cooper's B3 CFR broadly reflects its relatively
modest revenue base (pro forma annual revenues approximate $675
million) and Moody's expectation that the company's earnings and
cash flow will be negatively impacted throughout 2020, keeping
financial leverage sustained at well above anticipated levels. In
addition, although the company's end-markets are diverse, ranging
from fire protection and HVAC to general industrial, the company's
exposure to the oil & gas sector, is currently estimated at
approximately 13% of revenues, translates to a higher level of top
line and earnings volatility than historically. The remaining
end-markets are expected to be negatively affected by the weaker
demand in its general industrial end-markets expected due to the
coronavirus outbreak.

Positively, the company benefits from positive free cash flow
generation through economic cycles (albeit primarily reflected in
its legacy Anvil business), brand strength reflected in EBITDA
margins ranging from 15% to 20%, well-established long-term
customer relationships, and product breadth and pricing/operational
leverage.

The negative outlook reflects Moody's expectation of meaningful
downward pressure on the company's revenues and earnings stemming
from the oil price shock, and the negative impact of the
coronavirus on its business, including industrial. Moody's also
expects that more projects will be deferred in the commercial
sector over the forward period.

From a corporate governance perspective, Moody's notes that the
company's high leverage profile reflects in part its private equity
ownership. Event risk persists in the form of possible future
dividends to the sponsor and/or transactions, including potential
debt-funded acquisitions that sustain an elevated leverage
profile.

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

The company's ratings could be downgraded if leverage
(Moody's-adjusted debt/EBITDA) exceeds and is sustained above the
7.5 times level and annual free cash flow turns negative, or if
EBITA/interest falls below 1.0 time. The loss of a major customer,
with volumes not replaced, could also drive negative ratings
pressure.

Conversely, the ratings could be upgraded through meaningful
revenue growth through the acquisition of new customers accompanied
by positive free cash flow generation such that debt/EBITDA
improves to less than 5.5 times and EBITA/interest grows to greater
than 2.5 times, both on a sustained basis.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in Exeter, New Hampshire and Commerce, California,
Tailwind Smith Cooper International (through its Anvil
International and Smith Cooper International businesses),
manufactures and sources a broad range of products, including a
variety of fittings, couplings, hangers, valves and related
products for use in nonresidential construction (including HVAC and
fire protection applications), industrial, power and oil & gas end
markets. The company is owned by private equity sponsor Tailwind
Capital. Pro forma for the Tailwind/Smith-Cooper transaction,
revenues exceed $650 million.


TECH DATA: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 1, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tech Data Corporation to BB from BB+.

Tech Data Corporation is an American multinational distribution
company specializing in IT products and services headquartered in
Clearwater, Florida.



TEINE ENERGY: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Canada-based exploration
and production company Teine Energy Ltd. to negative from stable
and affirmed its 'B' long-term issuer credit rating on Teine. At
the same time, S&P affirmed its 'B+' issue-level rating on the
company's unsecured notes; the '2' recovery rating on the notes is
unchanged.

The negative outlook reflects the reduction to S&P cash flow
forecasts for Teine, due to the challenging industry conditions and
its revised prices.

S&P drastically lowered its oil price assumptions following demand
concerns from the coronavirus pandemic, and the resulting price war
between Saudi Arabia and Russia.

"In particular, we expect the West Texas Intermediate (WTI) price
to average about US$30 per barrel in 2020 (reflecting actual
year-to-date prices at March 19, and our US$25 per barrel
assumption for the rest of 2020), improving to US$45 per barrel in
2021. We expect that, at these prices, Teine's cash flows will be
weaker relative to previous expectations. Specifically, we expect
the company's fund from operations (FFO)-to-debt ratio will average
close to 30% in 2020 and 2021, relative to our previous expectation
of above 40%," S&P said.

The negative outlook reflects S&P's view that there is risk that
Teine's cash flow metrics could deteriorate further if crude oil
prices don't recover in line with on S&P's expectations.

"We could lower the ratings in the next 12 months if Teine's fully
adjusted, weighted-average FFO-to-debt ratio declined below 12% on
a sustained basis, with weakening in liquidity. This could occur if
prices remain below our current price deck for a sustained period
or management remained aggressive with its capital spending," S&P
said.

"We could revise the outlook to stable in the next 12 months if
Teine's FFO-to-debt ratio increased above 30% and we expected it
would be sustained above this threshold. This would likely occur if
commodity prices rise more quickly than our current expectations
and the company continued to exercise capital discipline," S&P
said.


TELKONET INC: BDO USA Raises Substantial Going Concern Doubt
------------------------------------------------------------
Telkonet, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss
(Attributable to Common Stockholders) of $1,934,133 on $11,982,196
of total net revenues for the year ended Dec. 31, 2019, compared to
a net loss (Attributable to Common Stockholders) of $3,016,750 on
$8,431,979 of total net revenues for the year ended in 2018.

The audit report of BDO USA, LLP states that the Company has
suffered operating losses, has negative operating cash flows and is
dependent upon its ability to generate profitable operations in the
future and/or obtain additional financing to meet its obligations
and repay its liabilities arising from normal business operations
when they come due.  In addition, the Company has been materially
impacted by the outbreak of a novel coronavirus (COVID-19), which
was declared a global pandemic by the World Health Organization in
March 2020.  These conditions raise substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $8,605,916, total liabilities of $4,164,067, and a total
stockholders' equity of $4,441,849.

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

                      https://is.gd/saqKys

Telkonet, Inc., formed in 1999 and incorporated under the laws of
the state of Utah, is the creator of the EcoSmart Platform of
intelligent automation solutions designed to optimize energy
efficiency, comfort and analytics in support of the emerging
Internet of Things ("IoT"). The platform is deployed primarily in
the hospitality, educational, governmental and other commercial
markets, and is specified by engineers, HVAC professionals,
building owners, and building operators. We currently operate in a
single reportable business segment.


THERMON GROUP: S&P Lowers ICR to 'B' on Expected Lower Demand
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Thermon
Group Holdings Inc. to 'B' from 'B+'. S&P also lowering its
issue-level rating on the company's senior secured first-lien
facilities to 'B' from 'B+'.

"The downgrade and negative outlook incorporate our expectation for
a persistent decline in Thermon Group Holdings Inc.'s key end
markets (particularly its upstream and downstream oil and gas end
markets), as well as general uncertainty in the macroeconomic
environment given the rapid spread of COVID-19. We expect new
greenfield projects to decline, and we anticipate leverage will
likely increase to well above 4x over the next 12 months. While we
believe that Thermon's maintenance, repair, and overhaul (MRO)
business should experience lower volatility than its greenfield
business, we believe that these MRO revenues could dip as well,
given customers' focus on cutting capital expenditures (capex),"
S&P said.

S&P's negative outlook on Thermon reflects its expectation that the
company will experience a significant cash flow decline in fiscal
year 2021 that will lead to leverage above 4x over the next 12
months.

"We could lower our rating on Thermon if its end markets
deteriorate more than we expect or if margin pressures result in
leverage sustained above 5x. We could also lower our rating on
Thermon if its headroom on its financial covenants declines
significantly," S&P said.

"We could revise our outlook on Thermon to stable if the risks of a
sustained economic recession recede and Thermon can improve its
operating performance such that we expect leverage to remain below
5x over the next 12 months," S&P said.


TM VILLAGE: Court Confirms Amended Plan
---------------------------------------
An Amended Plan of Reorganization under Chapter 11 of the U. S.
Bankruptcy Code was filed by TM VILLAGE, LTD. on January 8, 2020.

Judge Harlin D. Hale ruled that is ordered that the Debtor's
Amended Plan of Reorganization filed on January 8, 2020, is
CONFIRMED.

As reported in the Troubled Company Reporter, TM VILLAGE, LTD., has
proposed a liquidating plan of reorganization.

According to the Amended Disclosure Statement, the Debtor has
already sold all of its real property and has paid the Dallas
County and C/FBISD Taxing Authorities, the secured claim of
Tamamoi/FDRE and the secured claim of SKR Partners in full. The net
proceeds remaining from the closings of the sales of the
Residential Condominiums, along with the proceeds from the Ad
Valorem Tax Recoupment Claims, will be utilized to pay the
administrative expenses, the claims of the Mechanic's Liens and the
Assumed Contracted Commissions, with the balance to be paid to the
Unsecured Creditors.  No proceeds will be paid to the General
Partner or the Limited Partners.

A full-text copy of the Amended Disclosure Statement dated Jan. 8,
2020, is available at https://tinyurl.com/u9n57fl from
PacerMonitor.com at no charge.

The Debtor's counsel:

     Mark D. Winnubst
     Sheils Winnubst, PC
     1701 N. Collins Blvd., Suite 1100
     Richardson, Texas 75080
     Tel: (972) 644-8181
     Fax: (972) 644-8180
     E-mail: mark@sheilswinnubst.com

                        About TM Village

TM Village, Ltd., filed as a Domestic Limited Partnership in the
State of Texas on Oct. 16, 2014, according to public records filed
with Texas Secretary of State.

TM Village commenced a Chapter 11 proceeding (Bankr. N.D. Tex. Case
No. 18-32770) on Aug. 22, 2018.  The petition was signed by John
Chong, president and general partner.  The Debtor was estimated to
have up to $50,000 in assets and $1 million to $10 million in
liabilities.  Thomas Craig Sheils, Esq., and Mark Douglas Winnubst,
Esq., at Sheils Winnubst PC, serve as the Debtor's counsel.


TOWN SPORTS: Egan-Jones Lowers Senior Unsecured Ratings to CCC-
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Town Sports International Holdings Inc. to CCC- from
CCC+.

Town Sports International Holdings is an operator of fitness
centers in the Eastern United States, California and in
Switzerland. Its brands include New York Sports Clubs, Boston
Sports Clubs, Philadelphia Sports Clubs, Washington Sports Clubs,
Lucille Roberts, TMPL Gym and Total Woman Gym and Spa.



TROIANO TRUCKING: Granted Cash Collateral Access Thru April 30
--------------------------------------------------------------
Judge Christopher J. Panos authorized Steven Weiss, Chapter 11
trustee of Troiano Trucking, Inc., and Troiano Realty, LLC to use
cash through and including April 30, 2020 in the ordinary course of
the business, pursuant to the budget, as well as fees owing to the
U.S. Trustee.

The budget for April 2020 provided for $79,412 in cost of goods
sold and $23,323 in total selling, general and administrative
expenses.

The Court ruled that all parties asserting a security interest in
the Debtors' assets are granted replacement lien to the extent of
any diminution of the value of the collateral resulting from the
use of cash collateral.

A further hearing on the motion is scheduled for April 30, 2020 at
1:00 p.m.  Objections must be filed on or before April 28, 2020 at
4:30 p.m.

                    About Troiano Trucking

Troiano Trucking, Inc. -- http://www.troianotrucking.com/-- is a
privately held company in Grafton, Mass., in the waste hauling
business.  The company maintains a fleet of four trucks, which
allows it to service its customers with removal of bakery waste,
rubbish, demolition materials and recyclables.  It serves
construction companies, roofing companies, bakeries and individual
home owners.

Troiano Realty, LLC, is a real estate lessor whose principal assets
are located at 109 Creeper Hill Road, North Grafton, Mass.  The
property is valued at $1.48 million based on tax valuation
assessment method.

Troiano Trucking and Troiano Realty sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Mass. Lead Case No. 19-40656)
on April 23, 2019.  At the time of the filing, Troiano Trucking was
estimated to have assets and liabilities of between $1 million and
$10 million.  Troiano Realty disclosed $1,485,000 in assets and
$4,220,210 in liabilities.


TUPPERWARE BRANDS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tupperware Brands Corporation to B- from BB. EJR
also downgraded the rating on commercial paper issued by the
Company to C from A3.

Tupperware Brands Corporation, formerly Tupperware Corporation, is
an American multinational multi-level marketing company. Its main
focus is a kitchen and household products, particularly plastic
containers for food storage and preparation.



U.S. STEEL: Egan-Jones Lowers Senior Unsecured Ratings to CCC
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 3, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by United States Steel Corporation to CCC from B. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

United States Steel Corporation, more commonly known as U.S. Steel,
is an American integrated steel producer headquartered in
Pittsburgh, Pennsylvania, with production operations in the United
States and Central Europe.



VANTAGE POINT APPAREL: Hires M. Jones and Associates as Counsel
---------------------------------------------------------------
Vantage Point Apparel Software, Inc., seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
M. Jones and Associates, PC, as counsel to the Debtor.

Vantage Point Apparel requires M. Jones and Associates to:

   a. assist and advise the Debtor relative to the administration
      of the bankruptcy proceeding;

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

   c. review and analyze all applications, orders, and motions
      filed with the Bankruptcy Court by third parties in this
      proceeding and advise the Debtor thereon;

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

   e. communicate with creditors and all other parties in
      interest;

   f. assist the Debtor in preparing all necessary applications,
      motions, orders, supporting positions taken by the Debtor,
      and prepare witnesses and reviewing documents in this
      regard;

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

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

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

   j. assist the Debtor in performing such other services as may
      be in the interest of the Debtor and the Estate and
      performing all other legal services required by the Debtor.

M. Jones and Associates will be paid at these hourly rates:

     Michael Jones, Attorney           $550
     Sara Tidd, Attorney               $450
     Michael David, Attorney           $350
     Paralegals                        $100
     Law Clerks                        $100

M. Jones and Associates has received a $10,000 retainer from the
Debtor for use as costs and fees incurred in the case. Of this
amount, after paying costs and expenses prior to the filing of the
case and the formation of the Chapter 11 estate, M. Jones and
Associates retains $4,000 in its trust account.

M. Jones and Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.

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

M. Jones and Associates can be reached at:

     Michael Jones, Esq.
     M. JONES AND ASSOCIATES, PC
     505 N Tustin Ave, Ste 105
     Santa Ana, CA 92705
     Tel: (714) 795-2346
     Fax: (888) 341-5213
     E-mail: mike@MJonesOC.com

           About Vantage Point Apparel Software

Vantage Point Apparel Software, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. C.D. Cal. Case No. 20-10936) on March 16, 2020.
The Debtor tapped M. Jones and Associates, PC, as counsel.



VARANDA GROUP: Has Permission to Use Cash Collateral until April 16
-------------------------------------------------------------------
Judge Lori V. Vaughan of the U.S. Bankruptcy Court for the Middle
District of Florida issued a preliminary order authorizing Varanda
Group, Inc. to use cash collateral to pay current and necessary
expenses until April 16, 2020, as set forth in the budget.

First Corporate Solutions, Corporation Service Company, LG Funding
and Forward Financing are each granted a perfected post-petition
lien against cash collateral to the same extent and with the same
validity and priority as their respective prepetition lien, without
the need to file or execute any documents as may otherwise be
required under applicable nonbankruptcy law.

Varanda is required to maintain insurance coverage for its property
in accordance with the obligations under the loan and security
documents with its Secured Creditors.

A continued preliminary hearing will be held on April 16, 2020 at
2:00 p.m. at which time the Court will address the continued use of
cash collateral.

                    About Varanda Group Inc.

Varanda Group Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-00985) on Feb. 19,
2020.  The Petition was signed by its vice president, Carlos Gomez.
   At the time of filing, the Debtor was estimated to have $500,001
to $1 million in assets and $100,001 to $500,000 in liabilities.
The case is assigned to Judge Karen Jennemann.  The Debtor is
represented by Jeffrey S. Ainsworth, Esq. at BRANSONLAW, PLLC.


VARSITY BRANDS: S&P Lowers ICR to 'CCC+'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.–based
Varsity Brands Holding Co. Inc. and Hercules Achievement Inc.,
collectively known as Varsity Brands, to 'CCC+' from 'B-' and its
issue-level rating on its first-lien term loan to 'CCC+' from 'B-'.
The '3' recovery rating on the first-lien term loan is unchanged.

Sales and profits will decline materially at least the near term.  
The COVID-19 pandemic has forced widespread school closures in the
U.S., and it is likely that many schools will remain closed at
least over the near term. In addition, an emphasis on social
distancing and restrictions on large gatherings could also result
in weaker demand even if the school closures are short-lived. While
S&P's economists' base-case scenario points to a rebound in the
second half of calendar year 2020, there is substantial uncertainty
around the rate of spread and peak of COVID-19 and its lingering
effects on the U.S. economy. Many public schools rely on state tax
revenues for funding for activities, and so far, they haven't seen
an immediate economic impact because budgets tend to lock in a year
ahead. However, if the coronavirus is not contained in the near
term, and it prolongs the recession and subsequent recovery,
schools could see funding declines going into next year, which will
further hurt Varsity Brands' sales and profits.

The negative outlook reflects the potential that S&P could lower
the rating over the next 12 months if it sees an increased risk of
a near-term default.

"We could lower the rating if Varsity Brands' sales and profit
decline substantially amid the pandemic, leading to free cash flow
dropping to below $10 million or EBITDA interest coverage sustained
near 1x. We could also lower our rating if we believe Varsity
Brands is likely over the subsequent 12 months to file for
bankruptcy protection or enter into a restructuring agreement with
its lenders that we would view as tantamount to a default. This
could be precipitated by dwindling liquidity, an expected financial
covenant violation, or an unsustainable capital structure," S&P
said.

"We could take a positive rating action if Covid-19 is contained
and the macroeconomic environment shows signs of recovery from the
pandemic and Varsity Brands strengthens its profits and free cash
flow, with EBITDA interest coverage approaching 2x. This could
occur if the forward-booking volume and incoming orders pick up and
the company benefits from its digital platform and cost-saving
initiatives," S&P said.


VENUS CONCEPT: MNP LLP Raises Substantial Going Concern Doubt
-------------------------------------------------------------
Venus Concept Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$42,295,000 on $110,406,000 of total revenue for the year ended
Dec. 31, 2019, compared to a net loss of $14,209,000 on
$102,614,000 of total revenue for the year ended in 2018.

The audit report of MNP LLP states that the Company has reported
recurring net losses and negative cash flows from operations, which
raises substantial doubt about the Company’s ability to continue
as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $191,127,000, total liabilities of $114,449,000, and a total
stockholders' equity of $74,178,000.

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

                       https://is.gd/UAJSrF

Venus Concept Inc. operates as a medical aesthetic technology
company worldwide. It is headquartered in Toronto, Canada.


VESTA ENERGY: S&P Lowers ICR to 'CCC+'; Outlook Negative
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Vesta Energy Corp. and its issue-level rating on the company's
unsecured notes to 'CCC+' from 'B-'. The '4' recovery rating on the
C$200 million unsecured notes due March 2023 is unchanged.

"The downgrade primarily reflects our materially reduced cash flow
forecasts and weakened leverage metrics due to the collapse in
crude oil prices and potential for constrained liquidity. S&P
Global Ratings drastically lowered its oil price assumptions
following the price war between Saudi Arabia and Russia and the
unprecedented drop in demand expectations due to the spread of
coronavirus. In particular, we expect a West Texas Intermediate
(WTI) price of US$25 per barrel for the remainder of 2020,
improving to US$45 per barrel in 2021. We believe that, at these
prices, Vesta's cash flows will be weaker relative to our previous
expectations. The company has some meaningful hedges (about 60% of
its oil production is hedged for the rest of 2020 against WTI);
however, this is not sufficient to mitigate the dramatic decline in
our oil price assumptions," S&P said.

"We expect the company to meaningfully lower capital expenditures
as it aligns spending within cash flow generation in 2020. Although
this will limit production growth, we believe under the weak
industry conditions, management would need to cut spending to
preserve liquidity. The company has very modest cash on the balance
sheet and we believe it will remain reliant on its credit facility
for any unexpected shortfalls. As of March 2020, the company had
drawn almost 50% on its C$350 million credit facility due May 2021.
Although we believe the maturity is likely to be extended by
another year, we suspect the company's borrowing base could be
reduced at the next spring redetermination, which could result in
reduced liquidity. In addition, any volatility beyond our current
assumptions could increase borrowings on the credit facility and
further tighten liquidity," S&P said.

The negative outlook on Vesta reflects the company's weakening
financial measures due to low commodity prices. In addition, S&P
expects that liquidity will begin to tighten due to the potential
for lower availability from the borrowing base on the company's
credit facility.

"We could lower the ratings within the next 12 months if the
company's liquidity position deteriorated at an accelerated pace,
as a result of larger-than-expected cash flow deficits, lack of
recovery in oil prices, or a substantial reduction in Vesta's
revolving credit facility size. In our opinion, these events would
compromise Vesta's ability to fund capital spending and financing
obligations during the next 12 months and indicate potential for a
default," S&P said.

"We could revise the outlook to stable if Vesta demonstrated an
ability to generate sufficient cash flow to cover projected capital
spending and maintain production levels. This would likely occur if
hydrocarbon prices increased and the company achieved a favorable
resolution on its borrowing base, which would provide sufficient
liquidity cushion," the rating agency said.


VIRTUOLOTRY LLC: Hires C.D. Shamburger, Jr. as Accountant
---------------------------------------------------------
Virtuolotry, LLC, seeks authority from the U.S. Bankruptcy Court
for the Northern District of Texas to employ C.D. Shamburger, Jr.,
CPA, PLLC, as accountant to the Debtor.

Virtuolotry, LLC requires C.D. Shamburger, Jr. to:

   -- advise the Debtor with respect to all tax matters related
      to the Debtor's bankruptcy case

   -- provide financial analysis of financial, operational and
      other matters;

   -- provide assistance in preparing reports to the Court;

   -- provide assistance in preparing reports in support of
      pleadings, including any plan of reorganization;

   -- review and inspect of prepetition books and records; and

   -- prepare Federal and State income, franchise and other tax
      reports as required by applicable law.

C.D. Shamburger, Jr. will be paid based upon its normal and usual
hourly billing rates. The firm will also be reimbursed for
reasonable out-of-pocket expenses incurred.

C.D. Shamburger, Jr., the firm's founding partner, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

C.D. Shamburger, Jr. can be reached at:

     C.D. Shamburger, Jr.
     C.D. SHAMBURGER, JR., CPA, PLLC
     12001 N. Central Expressway, Suite 500
     Dallas, TX 75243
     Tel: (214) 697-7990

                     About Virtuolotry

Virtuolotry, LLC, a company engaged in renting and leasing real
estate properties, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 19-33900) on Nov. 22,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $1 million and $10
million.  Judge Harlin DeWayne Hale oversees the case.  Jason
Patrick Kathman, Esq., at Pronske & Kathman, P.C., is the Debtor's
legal counsel.


W&T OFFSHORE: S&P Downgrades ICR to 'CCC+'; Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on W&T Offshore
Inc. to 'CCC+' from 'B-'. The rating agency is also lowering its
senior secured issue level ratings to 'B' from 'B+'.

"We expect financial measures, cash flow, and liquidity to weaken
as a result of lower crude oil and natural gas prices. The
downgrade reflects the significant decline in our oil price
assumptions due to the cessation of OPEC+'s production limits and
the resulting price war between Saudi Arabia and Russia,
exacerbated by the unprecedented reduction in demand stemming from
the coronavirus. In particular, we expect average crude oil prices
to be significantly lower for the remainder of 2020, including WTI
at $25 per barrel (bbl) and Brent at $30 per barrel. At these
levels, financial performance and liquidity will be well below our
expectations," S&P said.

The negative outlook on W&T reflects S&P's expectation of elevated
leverage over the next two years due to depressed commodity prices.
S&P now expects the company will have an FFO-to-debt ratio below
12% and leverage above 7x debt to EBITDA in 2020. Additionally,
given the significant yield and resulting discount on the company's
senior secured notes, S&P believes the potential for a transaction
it would view as a selective default is a heightened risk.

"We could lower our rating on W&T if its leverage deteriorated
further, such that FFO to debt remained well below 12% for a
sustained period, or if the company's currently adequate liquidity
were to weaken. Additionally, if we believed W&T would pursue a
below par debt refinancing we would view as distressed, we would
lower ratings. These could occur if market conditions, driven by
weak crude oil and natural gas prices, remain at challenging levels
for a prolonged period," S&P said.

"We could revise the outlook to stable if debt/EBITDA trended
toward 5x and FFO/debt toward 12%, while the company maintained
adequate liquidity. Additionally, we would need to believe a
distressed debt transaction were not likely. Both conditions likely
occur with improving crude oil and natural gas markets, along with
strengthening capital markets," S&P said.


WATSON VALVE: Hires SSG Advisors as Investment Banker
-----------------------------------------------------
Watson Valve Services, Inc., seeks authority from the U.S.
Bankruptcy Court for the Southern District of Texas to employ SSG
Advisors, LLC, and Statesman Corporate Finance LLC, as investment
banker to the Debtor.

Watson Valve requires SSG Advisors to:

   (a) conduct a preliminary review and evaluation of company
       information available and discussing the Debtor's value
       drivers with management to determine the best way to
       present the Debtor for optimal valuation, including an
       analysis and calculation of the Debtor's adjusted EBITDA
       and a contribution analysis;

   (b) prepare an information memorandum, or assist in
       creating a secure data room with information describing
       the Debtor;

   (c) assist the Debtor in developing a suitable list of buyers,
       lenders, and investors; and

   (d) coordinate the execution of confidentiality agreements.

SSG Advisors will be paid as follows:

   -- initial fee of $30,000 ("Initial Fee") from the Debtor due
      upon the approval of the retention by this Court.

   -- transaction fee of $200,000, plus 6% of the total
      consideration in excess of $2,500,000. On the consummation
      of a restructuring, financing, or other transaction, the
      transaction fee is a flat fee of $200,000.

   -- walk away fee in the amount of $100,000, plus any initial
      fees if still due, if the Debtor abandons the exploration
      of a transaction.

SSG Advisors will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mark Chesen, of SSG Advisors, LLC, and Walter Tomlinson of
Statesman Corporate Finance LLC, assured the Court that the firms
are a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estates.

SSG Advisors can be reached at:

     Mark Chesen
     SSG ADVISORS, LLC
     300 Barr Harbor Drive, Suite420
     West Conshohocken, PA 19428
     Tel: (610) 940-1094
     Fax: (610) 940-4719
     E-mail: mchesen@ssgca.com

     Walter Tomlinson
     STATESMAN CORPORATE FINANCE LLC
     1900 West Loop South, Suite 850
     Houston, TX 77027
     Tel: (713) 595-1340

                About Watson Valve Services

Watson Valve Services, Inc., founded in 2002 in Houston, Texas,
supplies specialty and custom valves, with a specialty in valves
for autoclaves used to mine gold.  The company filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 20-30968) on Feb. 6, 2020 in
Houston, Texas. John Watson is the Debtor's chief executive
officer.  Judge Marvin Isgur oversees the case.  McDowell
Hetherington LLP is the Debtor's bankruptcy counsel.



WELBILT INC: Moody's Cuts CFR to B3 & Sr. Sec. Rating to B2
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of Welbilt, Inc.,
including the senior secured debt to B2 from B1, the senior
unsecured to Caa2 from Caa1, the corporate family rating to B3 from
B2, and the probability of default rating to B3-PD from B2-PD. All
ratings are under review for further downgrade. Moody's also
lowered the speculative grade liquidity rating to SGL-4 (from
SGL-2), denoting weak liquidity.

The rating downgrades reflect Moody's expectation of deteriorating
conditions in the company's end-markets and more broadly in the
macroeconomic environment, and weak liquidity.

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

In its review, Moody's will consider (i) the company's liquidity
profile, including its ability to amend its revolving credit
agreement in the near term, for covenant relief; (ii) evolving
market conditions, including the extent and timing of the impact of
the coronavirus pandemic on demand/sales volumes, (iii) the
company's ability to adapt its cost structure and investments to
possibly rapid and sharp declines in demand; (iv) the prospects and
timing to achieve the company's business transformation program
(BTP) targets; and (v) the potential to restore credit metrics when
economic activity recovers.

RATINGS RATIONALE

The ratings reflect Moody's expectation of weakening demand amid
challenged restaurant end markets facing significant curbs on
operations due to the accelerating incidence of the coronavirus,
the timing of which remains uncertain, and deteriorating macro
conditions likely into 2021. These factors will weigh heavily on
Welbilt's revenue and earnings, and constrain its liquidity with
cash flow likely to weaken materially particularly over the next
few months while the restrictions continue. With customers likely
to defer investments for some time and delay Welbilt's timing to
achieve targeted BTP savings, Moody's anticipates cash flow will be
negative through at least 2020. Cash flow is also likely to drop
sharply during the first quarter of 2021, which is typically the
lowest cash flow quarter of the year. Moody's views liquidity as
weak, also given the company's increased reliance on the revolver
and no covenant headroom absent a waiver amendment in the near
term. Annual interest expense was $93 million in 2019 and the
unrestricted cash balance was $131 million (or about $70 million
net of cash held in China). The ratings consider Welbilt's good
market position by brand strength, product diversity and global
footprint, its long-term relationships with large restaurant chains
and dealers, and its large installed base that provides a sizeable
source of aftermarket demand.

Moody's took the following actions on Welbilt, Inc.:

Corporate Family Rating, Downgraded to B3 from B2, Placed on Review
for further Downgrade

Probability of Default Rating, Downgraded to B3-PD from B2-PD,
Placed on Review for further Downgrade

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3), Placed on Review for further Downgrade

Senior Unsecured Notes, Downgraded to Caa2 (LGD5) from Caa1 (LGD5),
Placed on Review for further Downgrade

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-2

Outlook, Changed to Ratings Under Review from Stable

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

Upward ratings momentum is unlikely until the weak liquidity is
addressed and demand/sales volumes broadly increase along with
improving business conditions. Over time, the ratings could be
upgraded with expectations of stronger liquidity, including
consistent positive free cash flow generation, ample revolver
availability and covenant headroom. This would be accompanied by
sustained organic revenue growth and meaningful margin expansion
that lead to stronger metrics, including debt/EBITDA expected to
remain below 5.5x and free cash flow to debt at least in the
mid-single digits on a sustained basis.

The ratings could be downgraded if Moody's expects liquidity to
deteriorate, including an inability to amend revolver covenants in
the near term, a material decline in the cash balance or declining
revolver availability. Downward ratings pressure could also develop
with expectation of weakening operating performance such that
interest coverage metrics materially worsen or debt/EBITDA is
expected to remain above 6.25x.

The principal methodology used in these ratings was Manufacturing
Methdology published in March 2020.

Welbilt, Inc., based in New Port Richey, Florida, is a global
manufacturer and designer of commercial foodservice equipment,
including refrigeration, ice-making, cooking, and beverage
dispensing products for use in commercial food preparation
applications. Revenues for the fiscal year ended December 31, 2019
were approximately $1.6 billion.


WHEATON MEDICAL: May Use Cash Collateral Thru Apr. 17
-----------------------------------------------------
Judge Donald R. Cassling granted Wheaton Medical, S.C., interim
authority to use cash collateral through April 17, 2020 to the
extent set forth in the budget.  

The Court ruled that Capital Merchants LLC, On Deck Capital Inc.,
AKF Inc., d/b/a Fundkite, Chrome Capital, and The Huntington
National Bank are granted replacement liens to the extent of their
pre-petition liens.

Moreover, the Debtor will continue to pay AKF $5,000 and Everest
Business Funding $2,500 on a monthly basis, as adequate protection
payments.

A final hearing will be held on April 14, 2020 at 10:30 a.m.

                    About Wheaton Medical

Wheaton Medical, S.C., is a medical group offering non-surgical,
non-invasive treatment for chronic and severe back pain.

Wheaton Medical sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 19-17922) on June 24,
2019.  At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of between $1 million
and $10 million.  The case is assigned to Judge Donald R. Cassling.
Lynch Law Offices, P.C., is the Debtor's bankruptcy counsel.


WHITING PETROLEUM: Egan-Jones Lowers Sr. Unsecured Ratings to CCC-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 2, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Whiting Petroleum Corporation to CCC- from CCC. EJR
also downgraded the rating on FC commercial paper issued by the
Company to C from B.

Whiting Petroleum Corporation is a company engaged in hydrocarbon
exploration. It is organized in Delaware and headquartered in
Denver, Colorado.



WILLOUGHBY ESTATES: Seeks Combined Hearing on Plan & Disclosures
----------------------------------------------------------------
Willoughby Estates LLC seeks an order authorizing a combined
hearing on  approval of disclosure statement and confirmation of
its Plan.

The Debtor's significant assets consist of (i) a vacant multi-story
building in mid-construction in Brooklyn which it acquired in 2014
and (ii) claims that Yechezkel Strulovitch –and possibly third
parties --diverted or otherwise converted the Debtor's assets and
committed torts against the Debtor.  

Claims filed against the Debtor consist of (i) a judgment claim of
S III Capital LLC (the "Mortgagee") in an amount greater than
$2,100,000 (ii) lien claims of governmental entities with priority
over the Mortgagee’s claim (iii) lien claims of governmental
entities with no priority over the Mortgagee's claim (iv) an
unsecured claim in excess of approximately $17,000 and (v)
unliquidated and disputed claims of over one hundred individuals
asserting that funds entrusted to Strulovitch for investment in
other properties were commingled and used to fund the Debtor.

The Plan provides for (i) the Mortgagee to get title to the
Property in exchange for the assumption of the governmental lien
claims with priority over its claim and a waiver of enforcement of
any deficiency claims against the Debtor (ii) governmental liens
with priority over the Mortgagee's claim to be assumed by the
Mortgagee (iii) the governmental lien without priority over the
Mortgagee's claim to be paid in cash by the Debtor (iv) the
unsecured creditor to get paid in full and (v) for the Commingling
Claimants to subordinate their claims to the unsecured creditor and
be paid from available proceeds of litigation to the extent they
have any claims.  The Mortgagee and the Commingling Claimants --
the only parties affected by the Plan have consented to the
treatment provided by the Plan.

The Debtor's co-managers—Raphael Baruch Elkaim, Binyomin Halpern
and Binyomin Schonberg -- have agreed to fund all payments needed
to confirm the Plan and to fund the legal costs for pursuing the
Debtor’s claims against Strulovitch and other third parties.

Because (i) the parties affected by the Plan have already consented
to their treatment in the Plan (ii) combining the hearings is more
economical and (iii) delay in determining whether the Debtor's plan
can be confirmed is economically harmful to all parties, the Debtor
has filed this motion seeking to combine the hearing on the
adequacy of the information contained in the Disclosure Statement
and Plan and confirmation of its Plan.

A full-text copy of the motion dated March 30, 2020, is available
at https://tinyurl.com/vlmnq6t from PacerMonitor.com at no charge.

Attorneys for Debtor:

         Isaac Nutovic, Esq.   
         NUTOVIC & ASSOCIATES
         261 Madison Ave, 26th Floor        
         New York, New York 10016        
         Tel: (212) 421-9100

                    About Willoughby Estates

Willoughby Estates LLC, a privately held company engaged in
activities related to real estate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-45886) on
Sept. 26, 2019.  At the time of the filing, the Debtor was
estimated to have assets of between $1 million and $10 million and
liabilities of the same range.  The case is assigned to Judge Carla
E. Craig.  Nutovic & Associates is the Debtor's counsel.


WILLOUGHBY ESTATES: Unsecureds Get 100% Recovery in Plan
--------------------------------------------------------
Willoughby Estates LLC filed a Combined Disclosure Statement and
First Amended Plan of Liquidation.

Three days prior to any hearing set to consider confirmation of the
Plan the CoManagers will have deposited $70,000 in Nutovic &
Associates escrow account or such other amount as is necessary to
make all payments due under this Plan on the Effective Date.

On the Effective Date, the Debtor will convey the Property to
mortgagee S III Capital LLC or its assignee free and clear of all
Encumbrances (except for the Encumbrances expressly set forth in
Section 4.1 of the Plan) in exchange for (i) the Mortgagee's
agreement not to pursue any deficiency claim against the Debtor and
(ii) S III Capital's assumption of the liabilities of the Debtor as
expressly provided in Section 4.1 of the Plan.

The Plan treats claims as follows:

   * Class 1 (Secured Claim of Mortgagee). Impaired. The Mortgagee
has filed a claim in the amount of $ 2,183,543, which claim is an
Allowed Claim.  On the Effective Date, the Debtor will deliver a
quit-claim deed to the Property to the New Owner.  In exchange, the
Mortgagee shall: (a) agree not to pursue against the Debtor, or
otherwise recover from the Debtor based on, any deficiency claim;
and (b) assume the liabilities of the Debtor with respect to claims
for real estate taxes and liens with priority over the
Mortgagee’s Allowed Claim including any such post-petition taxes
and liens.

   * Class 3 (Unsecured Claims That Are Not Commingling Claims).
Impaired.  Class 3 consists of a single claim asserted against the
Debtor by Silvercup Scaffolding I LLC in the amount of $16,972,
reflected as Claim No. 3 on the Bankruptcy Court's claims register
in this Bankruptcy Case.  The documents appended to the claim are
in the name of another entity and were not signed by any
representative of the Debtor.  The Debtor expects to resolve this
claim consensually prior to confirmation but will escrow the full
amount if required.  In full satisfaction of such Allowed General
Unsecured Claim, the holder of such Allowed General Unsecured Claim
shall receive the full amount of its Allowed Claim in Cash or such
other, lesser amount as may be agreed to in writing.

   * Class 4 (Holders of Commingling Claims). As reflected in Claim
No. 5 on the Bankruptcy Court's claims register in this Bankruptcy
Case, over one hundred individuals filed unliquidated claims
against the Debtor on the grounds that they contributed monies to
be invested in specific real estate projects and Yechezkel
Strulovitch, who was supposed to manage each of these projects,
commingled the funds of all projects.  The Debtor has scheduled
these claims as disputed and is objecting to such claims.  The
Debtor is making no projections of any payment to this Class of
Claims because (i) the amount of Claims in this Class is unclear
and (ii) any recovery against CSRE LLC or Strulovitch is
speculative.    

A full-text copy of the Combined Disclosure Statement and First
Amended Plan of Liquidation dated March 30, 2020, is available at
https://tinyurl.com/vxtslf2 from PacerMonitor.com at no charge.

                   About Willoughby Estates

Willoughby Estates LLC, a privately held company engaged in
activities related to real estate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-45886) on
Sept. 26, 2019.  At the time of the filing, the Debtor was
estimated to have assets of between $1 million and $10 million and
liabilities of the same range.  The case is assigned to Judge Carla
E. Craig.  Nutovic & Associates is the Debtor's counsel.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
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