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

              Monday, April 27, 2020, Vol. 24, No. 117

                            Headlines

2178 ATLANTIC AVE: April 30 Plan & Disclosure Hearing Set
27 PUTNAM AVE: Cash Collateral Access Through August 2020 Approved
929485 FLORIDA: Has Until April 29 to File Chapter 11 Plan
A-1 INTERNATIONAL: Unsecureds Owed $705K to Recover 15% in Plan
A.J. MCDONALD: $51K Private Sale of Western Star Vacuum Truck OK'd

ACADIA HEALTHCARE: Moody's Cuts CFR to B2 & Sec. Debt Rating to Ba3
ACADIAN CYPRESS: Asks Court to Extend Exclusivity Period to June 15
AGILE THERAPEUTICS: Nominates Sharon Barbari as Class III Director
ALCOA CORP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
ALPHA GUARDIAN: Committee Hires Brown Rudnick as Legal Counsel

AMERCO: Egan-Jones Lowers Senior Unsecured Ratings to BB+
AMERICAN AIRLINES: Fitch Corrects Rating on Sec. Term Loans to BB
ANWORTH MORTGAGE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
APODACA ENTERPRISES: Unsecureds to Get 100% Without Interest
APPROACH RESOURCES: Exclusive Filing Period Extended Until May 1

ASBURY AUTOMOTIVE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
ASBURY GRAIN: Hires Steve Spensley as Real Estate Broker
AUTHENTIC HOSPITALITY: U.S. Trustee Unable to Appoint Committee
AVIANCA HOLDINGS: In Default on Loans; Still Shut Due to Covid-19
AVINGER INC: Expects $6.5M to $7M Net Loss for First Quarter

AVINGER INC: Has Until Nov. 20 to Regain Compliance with Nasdaq
AVINGER INC: Secures $2.3M Loan Under Paycheck Protection Program
AVNET INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
AYTU BIOSCIENCE: Inks Distribution Deal for COVID-19 Rapid Tests
BAY CIRCLE: Trustee Proposes 100% Plan for NRCT LLC

BLUE DOLPHIN: UHY LLP Raises Substantial Going Concern Doubt
BOISE CASCADE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+
BOROWIAK IGA: Asks Court to Extend Exclusivity Period to May 31
BOYD GAMING: Egan-Jones Lowers Senior Unsecured Ratings to CC
BRAZOS DELAWARE II: Moody's Cuts CFR to Caa1, Alters Outlook to Neg

BSP TRUCKING: Case Summary & 17 Unsecured Creditors
CANACCORD GENUITY: DBRS Lowers Pref. Shares Rating to Pfd-4(high)
CANWEL BUILDING: DBRS Puts B(high) Issuer Rating Under Review
CAPARRA HILLS: Fitch Affirms BB Issuer Default Rating
CEDAR FAIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC

CELESTIAL CHURCH: To File Amended Plan & Disclosure by June 15
CENTURY ALUMINUM: Egan-Jones Cuts Senior Unsecured Ratings to CCC
CENTURY IOWA MOTELS: Exclusive Filing Period Extended to July 1
CF INDUSTRIES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
CHEFS' WAREHOUSE: Moody's Lowers CFR to B2 & Alters Outlook to Neg.

CHESAPEAKE ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to C
CHOICE HOTELS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
CHOWDHRY CORPORATION: Seeks to Hire Eric J. Gravel as Counsel
CINEMEX HOLDINGS: Case Summary & 31 Largest Unsecured Creditors
CLOUD I Q LLC: Exclusive Plan Filing Period Extended Until Aug. 15

COLUMBIA NUTRITIONAL: Committee Hires Blakeley LLP as Counsel
COLUMBIA NUTRITIONAL: Committee Taps Schweet Linde as Local Counsel
COMMSCOPE HOLDING: Moody's Alters Outlook on B1 CFR to Negative
COMMUNITY PROVIDER: Case Summary & 20 Largest Unsecured Creditors
CONN'S INC: Moody's Lowers CFR to B2 & 2022 Unsec. Notes to Caa1

COOPER TIRE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
CORECIVIC INC: Fitch Lowers IDR to BB- & Unsec. Notes Rating to BB-
COUNTERPATH CORP: Product Demand Soars Amid COVID-19 Pandemic
CUSTOM FABRICATIONS: Allowed to Use Cash Collateral on Final Basis
CW WELDING: Unsecured Creditors to Get $24K Per Year for 3 Years

CYTODYN INC: Appoints Dr. Samir Patel to its Board of Directors
DAK RESOURCES: Seeks to Hire a Chief Financial Officer
DAK RESOURCES: Seeks to Hire Edward P. Jackson as Attorney
DANA INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B-
DEAN & DELUCA: Seeks to Hire Brown Rudnick as Counsel

DELAWARE VALLEY UNIV: Moody's Alters Outlook on 2012 Bonds to Neg.
DISH NETWORK: Egan-Jones Lowers Senior Unsecured Ratings to B-
DOLPHIN ENTERTAINMENT: Gets Nasdaq Deadline Extension Until Dec. 28
DURAMEX INC: Seeks to Hire DeMarco Mitchell as Counsel
EDGEWELL PERSONAL: Egan-Jones Lowers Unsec. Debt Ratings to B-

EMPIRE PETROLEUM: HoganTaylor LLP Raises Going Concern Doubt
ENERGY ACQUISITION: Moody's Alters Outlook on B3 CFR to Negative
ENGSTROM INC: Seeks to Hire Martin J. Cowie as Accountant
ENGSTROM INC: Seeks to Hire Steinhilber Swanson as Counsel
ETHIC RED: Seeks to Hire DeMarco Mitchell as Attorney

FIRST QUANTUM: S&P Cuts ICR to 'CCC+' on COVID-19-Related Risks
FOODFIRST GLOBAL: U.S. Trustee Appoints Creditors' Committee
FORESIGHT ENERGY: Unsecureds Get Cash Pool in Debt-for-Equity Plan
FORM TECHNOLOGIES: Bank Debt Trades at 48% Discount
FRANK INVESTMENTS: Seeks to Extend Exclusivity Period to June 15

FRED MOORE: Spector & Cox Represents TaxCore, Propel
FREEPORT-MCMORAN INC: Egan-Jones Lowers Unsec. Debt Ratings to BB-
FRONTIER COMMUNICATIONS: Paul, Weiss Represents First Lien Group
FT MYERS ALF: Has Until Aug. 5 to File Plan & Disclosures
GAMESTOP CORP: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.

GAP INC: Announces Pricing of $2.25B of Senior Secured Notes
GAP INC: Moody's Lowers CFR to Ba2 & Sr. Unsec. Rating to Ba3
GAP INC: Running Out of Cash, Stops Rent Payments
GARDA WORLD: Fitch Affirms 'B+' IDR, Outlook Stable
GEORGE BASHEN: $850K Sale of Houston Homestead to Greenranger OK'd

GFL ENVIRONMENTAL: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'
GKS CORPORATION: Needs Time to Formulate Plan of Reorganization
GLASS MOUNTAIN: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg.
GOODYEAR TIRE: S&P Lowers ICR to 'B+' Due to Pandemic Risk
GREAT WESTERN PETROLEUM: Fitch Cuts IDR to CCC on Refinancing Risk

GREENBRIER COMPANIES: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
GREENWOOD VETERINARY: Unsec. Creditors to Get 100% in 3 Years
GTN PROPERTIES: U.S. Trustee Unable to Appoint Committee
GULFPORT ENERGY: Falls Short of Nasdaq Minimum Bid Requirement
H-CYTE INC: Widens Net Loss to $29.8 Million in 2019

HANKEY O'ROURKE: May 14 Hearing on Further Cash Collateral Use
HANNON ARMSTRONG: Fitch Rates $400MM Unsecured Notes 'BB+'
HARLEY-DAVIDSON INC: Egan-Jones Lowers Unsecured Ratings to BB+
HEALTHFIRST MEDICAL: Deadline to File Plan Extended Until June 24
HILLENBRAND INC: Egan-Jones Lowers Unsecured Debt Ratings to BB

HOLLISTER CONSTRUCTION: Court Weighs in on Construction Liens
HOWMET AEROSPACE: Moody's Rates New Senior Unsecured Notes 'Ba3'
IDC ENTERPRISES: Seeks to Hire Bookkeeping Plus as Bookkeeper
IFS SECURITIES: Case Summary & 20 Largest Unsecured Creditors
II-VI INC: Fitch Alters Outlook on 'BB' LT IDR to Negative

IMPRESSIONS IN CONCRETE: Has Until May 8 to Exclusively File Plan
INFOR INC: Moody's Puts B2 CFR under Review for Upgrade
INTERPACE BIOSCIENCES: Ampersand 2018, et al. Report 39.3% Stake
INTERPACE BIOSCIENCES: Incurs $27.2 Million Net Loss in 2019
INTERTAPE POLYMER: Egan-Jones Lowers Unsec. Debt Ratings to BB-

ISRAEL BAPTIST: Seeks to Hire Tydings & Rosenberg as Attorney
J.C. PENNEY: Reportedly in Talks for Bankruptcy Financing
JABIL INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
JACK IN THE BOX INC: Egan-Jones Lowers Unsec. Debt Ratings to B
JAMES SKEFOS: $1.1M Private Sale of 18 Memphis Parcels Approved

JAMES SKEFOS: $70K Private Sale of Memphis Property Approved
JC PENNEY: Egan-Jones Lowers Senior Unsecured Debt Ratings to D
JM FITNESS: U.S. Trustee Unable to Appoint Committee
KAISER ALUMINUM: Fitch Gives 'BB' LT IDR, Outlook Negative
KAMC HOLDINGS: Moody's Lowers CFR to B3, Outlook Negative

KAR AUCTION: Moody's Cuts CFR to B2 & Alters Outlook to Negative
KBR INC: Moody's Rates New First Lien Credit Facility 'Ba1'
KNOLL INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
KOPIN CORP: Has Until Dec. 18 to Regain Compliance with Nasdaq Rule
LATTICE SEMICONDUCTOR: Egan-Jones Lowers Unsec. Debt Ratings to B

LEAR CORP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
LICK INDUSTRIES: Seeks to Hire Max Broock as Realtor
LIGHTSTONE GENERATION: Moody's Alters Outlook to Negative
LITESTREAM HOLDINGS: Exclusive Filing Period Extended Until June 24
LTI HOLDINGS: Bank Debt Trades at 46% Discount

LUXURY LIMOUSINE: Plan Disclosures Hearing Continued to May 12
M.H.P. DEVELOPMENT: $280K Sale of Bristol Comm. Property Withdrawn
MACK-CALI REALTY: Moody's Cuts CFR & Sr. Unsec. Debt Rating to B1
MASCO CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
MATRIX INDUSTRIES: Unsecured Owed $11,500 to Get 100% in Plan

MEDICAL DIAGNOSTIC: Needs More Time to Formulate Chapter 11 Plan
MEDIQUIRE INC: FCA & Volcano to Get Assets Under Plan
MEREDITH CORP: Moody's Lowers CFR to B2 & Sr. Unsec. Notes to Caa1
MERIDIAN MARINA: Martin County Objects to Disclosure Statement
MGM GROWTH: Fitch Alters Outlook on 'BB+' LT IDR to Negative

MGM RESORTS: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
MICROVISION INC: Gets $1.6M Loan Under Paycheck Protection Program
MIRABUX INC: Case Summary & 3 Unsecured Creditors
MISTER CAR: Moody's Alters Outlook on B3 CFR to Negative
MOTOROLA SOLUTIONS: Egan-Jones Lowers Unsecured Debt Ratings to BB+

MULAX EXPRESS: Interim Cash Collateral Use Through May 7 Approved
MURPHY OIL: Egan-Jones Lowers Senior Unsecured Ratings to B
NABORS INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to CCC
NACOGDOCHES COUNTY HOSPITAL: Fitch Affirms CC Issuer Default Rating
NAI CAPITAL: Seeks to Exclusivity Period Extension Through Sept. 28

NASSAU FINANCIAL: Fitch Alters Outlook on BB+ IFS Ratings to Neg.
NATIONAL QUARRY: Nexsen Pruet Updates on Truliant, MidCountry
NAVISTAR INT'L: Fitch Rates New $600MM Sr. Sec. Notes 'BB-/RR1'
NETFLIX INC: Moody's Alters Outlook on Ba3 CFR to Positive
NEW YORK HELICOPTER: Exclusive Filing Period Extended to July 14

NEWS-GAZETTE INC: Given Until June 25 to Exclusively File Exit Plan
NORTHWEST ACQUISITIONS: Moody's Lowers PDR to D-PD, Outlook Neg.
NORTHWEST CAPITAL: Allowed to Use Cash Collateral on Interim Basis
NOVAN INC: Has Until Nov. 2 to Regain Compliance Bid Price Rule
NOVAN INC: Secures $955,800 Loan Under Paycheck Protection Program

OLIN CORP: Egan-Jones Lowers Senior Unsecured Ratings to B+
ORYX MIDSTREAM: Moody's Alters Outlook on B2 CFR to Negative
PARAMOUNT RESOURCES: S&P Withdraws 'CCC+' Issuer Credit Rating
PARKLAND FUEL: DBRS Changes Trend on BB Issuer Rating to Stable
PERFORMANCE FOOD: Moody's Cuts CFR to Ba3, Outlook Negative

PETTERS COMPANY: BMO Harris Bid for Interlocutory Appeal Tossed
PIERCE CONTRACTORS: Hires Mlnarik Law as Insolvency Counsel
PIONEER ENERGY: Davis Polk, Haynes 2nd Update on Noteholder Group
PITBULL REALTY: Has Until May 12 to File Amended Plan & Disclosure
PLUS THERAPEUTICS: Amends Terms of Series U Warrants

POINSETTIA FINANCE: Moody's Lowers Senior Secured Notes to Ba2
PRECISION DRILLING: S&P Lowers ICR to 'B'; Outlook Negative
PRINTEX INC: Delays Filing of Plan Until Closing of Assets Sale
PROMISE HEALTHCARE: Exclusive Filing Period Extended Until May 5
PSC INDUSTRIAL: S&P Lowers ICR to 'CCC+' on Unsustainable Leverage

PUGNACIOUS ENDEAVORS: S&P Downgrades ICR to 'B-' on Lower Revenues
PULMATRIX INC: Armistice Capital, et al. Have 4.99% Stake
PULMATRIX INC: CVI Reports 5.3% Equity Stake as of April 16
PULTEGROUP INC: Egan-Jones Lowers Senior Unsecured Ratings to BB
QBS PARENT: Fitch Alters Outlook on 'B' LT IDR to Negative

QUALITY REIMBURSEMENT: To File Objection to Eastpoint/Gancman Claim
RADIO DESIGN: Seeks to Hire Brophy Schmor as Special Counsel
RANDOLPH HOSPITAL: Allowed to Use BOA Cash Collateral Until May 5
RANGE RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to CCC
RIVER SPRING CHARTER: Moody's Cuts Bonds to Ba2, Outlook Negative

ROBERT STANFORD: $262K Sale of Talcott Life Policy to Montage OK'd
ROYAL ALICE: Hires Corporate Realty as Real Estate Broker
ROYAL CARIBBEAN: Egan-Jones Lowers Senior Unsecured Ratings to BB-
RUBY PIPELINE: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'BB'
SANCHEZ ENERGY: Unsecureds' Recovery Depends on Lien Litigation

SANUWAVE HEALTH: To Regulate Rights of Diversa Shareholders
SARATOGA & NORTH CREEK: Taps Development Specialists as Accountant
SERENTE SPA: Ordered to File Plan by July 1 or Face Dismissal
SETTLERS JERKY: Has Until June 30 to Exclusively File Plan
SIMBECK INC: Has Until July 10 to File Plan & Disclosures

SIX FLAGS: Egan-Jones Lowers Senior Unsecured Ratings to CCC
SK HOLDCO: S&P Downgrades ICR to 'CCC' on Elevated Liquidity Risk
SKLAR EXPLORATION: Hires Armbrecht Jackson as Special Counsel
SKLAR EXPLORATION: Maynes, Skelton Represent Tauber, 9 Others
SOLERA LLC: Moody's Alters Outlook on B2 CFR to Negative

SOULA INC: Proceeds From Sale to Pay All Creditors in Full
SOUTHERN FOODS: $16.5M Cash Sale of Dean & Subsidiaries' Assets OKd
SOUTHERN FOODS: $25.5M Sale of Substantially All Assets Approved
SOUTHERN FOODS: $6.7M Cash Sale of Dean & Subsidiaries' Assets OK'd
SOUTHERN FOODS: $75M Sale of Dean & Subsidiaries' Assets Approved

SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsecured Ratings to B+
SPARTAN PROPERTIES: $510K Sale of Indian Trail Property to DBC OK'd
STAR DETECTIVE: Allowed to Use Cash Collateral Through April 30
STAR US: Moody's Lowers CFR to B3, Outlook Negative
STEINWAY MUSICAL: Moody's Alters Outlook on B2 CFR to Negative

STGC HOLDINGS: Seeks to Hire Bray Commercial as Real Estate Broker
STOREWORKS TECHNOLOGIES: May Use Cash Collateral Until Aug. 31
SUNESIS PHARMACEUTICALS: CFO William Quinn to Step Down Next Month
SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to D
SUREFUNDING LLC: Blank Rome Represents Noteholders

SURGERY CENTER: S&P Rates $120MM First-Lien Term Loan 'B-'
TAMKO BUILDING: Moody's Alters Outlook on B1 CFR to Negative
TARWATER REAL ESTATE: Hires Strickland & Company as Accountant
TEARLAB CORP: Executives Take 25% Salary Cut Amid COVID-19 Pandemic
TECHNICAL COMMUNICATIONS: Secures $474,400 Loan Under CARES Act

TENNECO INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
THOMAS A. MARTIN: Sale of Paradise Valley Pottery Denied
THOMPSON NATIONAL: Plan Solicitation Period Extended to May 30
THREESQUARE LLC: Exclusive Plan Filing Period Extended Until May 11
TONTO BASIN: Seeks to Hire Allan D. NewDelman as Counsel

TOPAZ SOLAR: Fitch Affirms C Rating on $1.1 Billion Secured Notes
TOUCH OF HEAVEN: Wants to Move Plan Filing Period to Sept. 30
TRANS WORLD: Unit etailz Gets $2M Loan Under CARES Act
TRI-POINT OIL: Seeks to Hire Porter Hedges as Counsel
TRILOGY INTERNATIONAL: S&P Lowers ICR to 'B-' on Higher Leverage

TRONOX INC: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'
ULTRA PETROLEUM: S&P Lowers ICR to 'D' on Missed Interest Payment
UNIT CORP: Extends Standstill Agreement Until May 4
UNITED STATES OF AMERICA RUGBY: Interim Cash Collateral Use Okayed
VALERITAS HOLDINGS: Unsecureds to Receive Up to 75% Under Plan

VCHP NEPTUNE BEACH: U.S. Trustee Unable to Appoint Committee
VICI PROPERTIES: Fitch Alters Outlook on 'BB' LT IDR to Negative
VYAIRE MEDICAL: Moody's Alters Outlook on Caa1 CFR to Positive
WESTERN URANIUM: Extends Warrants Expiration by 9 Months
WHITING PETROLEUM: Hires Alvarez & Marsal as Financial Advisor

WHITING PETROLEUM: Hires Moelis & Company as Financial Advisor
WHITING PETROLEUM: Seeks to Hire Kirkland & Ellis as Counsel
WHITING PETROLEUM: Seeks to Hire KPMG LLP (US) as Tax Consultant
WINDSTREAM HOLDINGS: Paul Weiss 4th Update on First Lien Group
WINSTEAD'S COMPANY: U.S. Trustee Unable to Appoint Committee

WP CPP: S&P Downgrades ICR to 'B-' on Reduced Production
XPO LOGISTICS: Moody's Rates New Senior Unsecured Notes 'Ba3'
YELLOW PAGES: S&P Alters Outlook to Stable, Affirms 'B-' ICR
YUMA ENERGY: Hires Stretto as Claims and Noticing Agent
ZEBRA TECHNOLOGIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB

ZENERGY BRANDS: Asks Court to Extend Exclusivity Period to Aug. 19
ZINC-POLYMER PARENT: Fitch Cuts LT IDR to 'B-', Outlook Stable
ZPOWER TEXAS: Seeks to Hire Fiscal Partners as Controller
[^] BOND PRICING: For the Week from April 20 to 24, 2020

                            *********

2178 ATLANTIC AVE: April 30 Plan & Disclosure Hearing Set
---------------------------------------------------------
Debtor 2178 Atlantic Ave. HDFC filed with the U.S. Bankruptcy Court
for the Eastern District of New York a motion for entry of an order
conditionally approving the Disclosure Statement.

On March 26, 2020, Judge Elizabeth S. Stong ordered that:

  * The Disclosure Statement, with the revisions discussed on the
record at the Hearing, is conditionally approved, subject to final
approval at the Combined Hearing.

  * April 30, 2020, at 11:00 a.m. is the Combined Hearing, at which
time the Court will consider the adequacy of the Disclosure
Statement and confirmation of the Plan.

  * April 17, 2020, at 5:00 p.m. is the deadline for any objections
to the adequacy of the Disclosure Statement and confirmation of the
Plan.

  * April 23, 2020, at 5:00 p.m. is the deadline for any brief in
support of confirmation of the Plan and reply to any objections.

  * The Debtor may file objections to the claims filed by the
Goldstein Affiliates by April 7, 2020 at 12:00 p.m. The Goldstein
Affiliates shall file their response to the Claim Objection by
April 17, 2020 at 5:00 p.m.

A full-text copy of the order dated March 26, 2020, is available at
https://tinyurl.com/w634km7 from PacerMonitor at no charge.

The Debtor is represented by:

         Douglas H. Mannal
         Joseph A. Shifer
         Rose Hill Bagley
         Hunter Blain
         KRAMER LEVIN NAFTALIS & FRANKEL LLP
         1177 Avenue of the Americas
         New York, New York 10036
         Telephone: (212) 715-9100
         Facsimile: (212) 715-8000
         E-mail: dmannal@kramerlevin.com
                 jshifer@kramerlevin.com
                 rbagley@kramerlevin.com
                 hblain@kramerlevin.com

                 About 2178 Atlantic Ave HDFC

Based in Brooklyn, N.Y., 2178 Atlantic Ave HDFC filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 19-47287) on Dec. 4, 2019, listing under $1 million in
both assets and liabilities.


27 PUTNAM AVE: Cash Collateral Access Through August 2020 Approved
------------------------------------------------------------------
Judge Robert Grossman of the U.S. Bankruptcy Court for the Southern
District of New York authorized 27 Putnam Ave LP and its affiliates
to use the cash collateral of DS-CREF3 Clinton Senior Note Buyer
LLC ("Mortgagee") through August 2020 to pay the actual, necessary
post-petitio expenses, in accordance with the Budget and the terms
of the Order.

The Mortgagee is granted an automatically perfected lien and
security interest in the Signature Accounts and any other account
not previously subject to the Mortgagee’s liens, if any, and all
cash maintained in such Signature Account or other accounts now or
hereinafter in possession or control of the Debtors is deemed to be
Cash Collateral.

The Mortgagee is further granted replacement liens and security
interests on all assets of the Debtors and their estates, whether
now existing or hereafter acquired, and the proceeds, income,
rents, profits and offspring of any of the foregoing. However, the
replacement liens (i) are subordinate to the Carve-Out, (ii) will
attach with the same rights and in the same order of priority that
existed as to the Collateral under applicable non-bankruptcy law as
of the Petition Date, (iii) are automatically perfected, and (iv)
exclude any and all claims or causes of action arising under
chapter 5 of the Bankruptcy Code or applicable state
fraudulent-transfer law and any proceeds thereof.

In addition,the Mortgagee is granted an allowed superpriority
administrative expense claim in an amount not less than the
aggregate amount of all cash collateral used on and after the
Petition Date, plus the amount of any other diminution in the value
of the Collateral on and after the Petition Date, which
super-priority administrative expense claim will have priority over
any and all other administrative expenses of the kind specified in,
or ordered pursuant to, Bankruptcy Code Sections 105, 326, 328,
330, 331, 503(b), 507(a), and 507(b).

Carve-out consists of (i) the fees and expenses of the Clerk of the
Court and the Office of the U.S. Trustee; (ii) the amount of
outstanding and unpaid administrative professional fees of Debtors'
professionals for all Debtors, and (iii) all fees and expenses up
to $10,000 for all Debtors incurred by a trustee under section
726(b) of the Bankruptcy Code.

The Debtors' use of cash collateral terminates upon the occurrence
of any of these events: (a) appointment of a chapter 11 trustee or
examiner, (b) the conversion of any of the Debtors' cases to a
chapter 7 case, (c) the lifting of the automatic stay to allow any
other secured creditor to foreclose its liens on any material
portion of the collateral, (d) the entry of any order granting
relief under section 506(c) of the Bankruptcy Code with respect to
any of the Collateral, (e) the entry of an order authorizing
financing under section 364 of the Bankruptcy Code from any person
other than the Mortgagee, (f) the filing by any motion without the
Mortgagee's consent to sell any of the Collateral or to grant a
lien on any of the Collateral.

                    About 27 Putnam Ave LP

27 Putnam Ave LP and three affiliates concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 19-13412) on Oct. 25, 2019.  The
petitions were signed by David Schieble, Clinton Hill GP LLC,
authorized signatory.  At the time of the filing, each Debtor
disclosed assets of between $10 million and $50 million and
liabilities of the same range.  The cases are assigned to Judge
Mary Kay Vyskocil.  Mark A. Frankel, Esq. at Backenroth Frankel &
Krinsky, LLP, is the Debtors' legal counsel.


929485 FLORIDA: Has Until April 29 to File Chapter 11 Plan
----------------------------------------------------------
929485 Florida, Inc. has until April 29 to file its Chapter 11 plan
and disclosure statement.

The period during which only the company can file a plan has also
been extended to April 29, according to an order signed by Judge
Caryl Delano of the U.S. Bankruptcy Court for the Middle District
of Florida.  

                       About 929485 Florida

929485 Florida, Inc., classifies its business as single asset real
estate (as defined in 11 U.S.C. Section 101(51B)).
  
929485 Florida sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-09424) on Oct. 3, 2019.  At the
time of the filing, Debtor disclosed assets of between $1 million
and $10 million and liabilities of the same range.  Judge Caryl E.
Delano oversees the case.  The Debtor is represented by Edmund S.
Whitson, III, Esq., at Adams and Reese, LLP.


A-1 INTERNATIONAL: Unsecureds Owed $705K to Recover 15% in Plan
---------------------------------------------------------------
Debtor A-1 International, Inc., filed with the U.S. Bankruptcy
Court for the District of New Jersey a Plan of Liquidation and a
Disclosure Statement on April 9, 2020.

The Debtor continued in the possession of its assets and in the
management of its business until the sale of substantially all of
its assets as a going concern.  On Oct. 9, 2018, the Court entered
an order authorizing the private sale of substantially all of A-1's
assets and assuming and assigning certain leases and contracts to
WDS Logistics, LLC, and granting related relief.

The Debtor has not included financial projections since
distributions under the Plan will be funded from net proceeds of
assets of the estate available for distribution.

As of the Petition Date, the Debtor was a party to leases of
non-residential real property in New Jersey, New York, and
Michigan. Pursuant to the WDS APA, A-1 will be assuming and
assigning to WDS the leases for the facilities located in Edison,
New Jersey, Long Island City, New York and Troy, Michigan.  The
Debtor's central warehouse was located in Edison, New Jersey.  Most
of the Debtor's inventory was shipped to, and located in, the New
Jersey warehouse location.

In order to finance operations, A-1 borrowed funds on a secured
basis from TD Bank.  TD Bank held a blanket lien on all assets of
A-1.  As of the Petition Date, the secured indebtedness due to TD
Bank was approximately $1.6 million.

Class 3 Allowed Unsecured Claims totaling $705,000 are impaired and
are projected to recover 15 percent.  Each holder of an Allowed
Class 3 Claim will receive such holder's pro rata distribution.

Holders of Class 4 Interests shall retain their Interests;
provided, however, the holders of Allowed Class 4 Interests shall
not be entitled to receive any distributions from the Debtor.

Upon confirmation of the Plan, the Debtor or Disbursing Agent will
be authorized to take all necessary steps to consummate the terms
and conditions of the Plan.  Distributions under the Plan shall be
made in accordance with the Plan.

A full-text copy of the Disclosure Statement dated April 9, 2020,
is available at https://tinyurl.com/up4e4nq from PacerMonitor at no
charge.

Counsel for the Debtor:

         DANIEL M. STOLZ, ESQ.
         DONALD W. CLARKE, ESQ.
         WASSERMAN, JURISTA & STOLZ, P.C.
         110 Allen Road, Suite 304
         Basking Ridge, New Jersey 07920
         Tel: (973) 467-2700
         Fax: (973) 467-8126

                    About A-1 International

A-1 International, Inc. -- http://www.aoneonline.com/-- provides
mail center and related office management services, logistics and
warehouse solutions, and local same-day rush delivery services in
New York, New Jersey, Michigan, and Pennsylvania markets. A-1
International is a privately held company with headquarters based
in Union, New Jersey.

A-1 International filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 18-28512) on Sept. 17, 2018.  In the petition signed by Ronald
DeSena, president, the Debtor disclosed $2,449,826 in assets and
$2,305,684 in liabilities.  Judge Stacey L. Meisel is the case
judge.  The Debtor is represented by Daniel Stolz, Esq. at
Wasserman, Jurista & Stolz, P.C.


A.J. MCDONALD: $51K Private Sale of Western Star Vacuum Truck OK'd
------------------------------------------------------------------
Judge Robert A. Gordon of the U.S. Bankruptcy Court for the
District of Maryland authorized A.J. McDonald Co., Inc.'s private
sale of 2016 Western Star Vacuum Truck, VIN 5KKHAVCY7GLHN3761, to
Robert F Beall & Sons, Inc., for $51,000, free and clear of liens.

All debts secured by present liens upon the property will be paid
at settlement in full and final satisfaction of all liens.

                  About A.J. McDonald Company

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


ACADIA HEALTHCARE: Moody's Cuts CFR to B2 & Sec. Debt Rating to Ba3
-------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Acadia
Healthcare Company, Inc., including the Corporate Family Rating to
B2 from B1 and the Probability of Default Rating to B2-PD from
B1-PD. Moody's also downgraded the senior secured ratings to Ba3
from Ba2 and the unsecured ratings to Caa1 from B3. Moody's also
downgraded the Speculative Grade Liquidity Rating to SGL-3 from
SGL-2 and changed the outlook to stable from negative.

The downgrade of the CFR reflects the company's persistently high
financial leverage, and Moody's expectation that debt/EBITDA will
remain above 5.5 times over the next 12-18 months. Moody's
estimates Acadia's adjusted debt/EBITDA approximated 6.0 times for
the twelve months ended December 31, 2019. The downgrade also
reflects multiple years of stagnant earnings despite hundreds of
millions of dollars spent on growth capital expenditures, delays
associated with the sale process of the underperforming UK
business, and rising refinancing risk.

While Moody's believes that the coronavirus impact on Acadia will
be moderate relative to other healthcare providers, given the
nature of Acadia's services, the pandemic will nonetheless be a
headwind, constraining the company's ability to materially grow
earnings. Further, Moody's believes the company will continue to
deploy a significant portion of its cash flow towards growth cap-ex
in lieu of debt repayment. While the potential sale of the UK
business offers an opportunity for deleveraging, the timing of such
an event is uncertain, in light of global disruption caused by the
pandemic.

The stable outlook reflects the non-elective nature of Acadia's
services, good scale and diversity by geography and behavioral
service line. These factors will help to partially mitigate the
company's high financial leverage, which is unlikely to decline in
the near-term due to the impact of the coronavirus on patient
volumes and costs.

The downgrade of the Speculative Grade Liquidity Rating to SGL-3
incorporates upcoming debt maturities and rising refinancing risk.
The company has $150 million of notes maturing in March 2021 and
$347 million of term loan debt maturing in November 2021. That
said, Moody's expects that Acadia will maintain adequate liquidity
over the next 12-18 months. Liquidity is supported by strong cash
flow after maintenance capex (before growth capex) and a largely
available $500 million revolving credit facility (expiring November
2021). The company has three financial maintenance covenants, the
tightest of which is the total net leverage covenant which has
step-downs beginning at the end of 2020. Moody's expects the
cushion under this covenant will decline meaningfully in 2021. That
said, Moody's recognizes that the company has flexibility to sell
assets or reduce growth capex in order to reduce debt and improve
covenant cushion and liquidity. Liquidity will also benefit from
the CARES Act and other government programs, which will provide
both grant funding and advanced Medicare payments to Acadia.

Acadia Healthcare Company, Inc.

Ratings downgraded:

Corporate Family Rating to B2 from B1

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

Senior secured bank credit facility to Ba3 (LGD2) from Ba2 (LGD2)

Senior unsecured regular bond/debenture to Caa1 (LGD5) from B3
(LGD5)

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

Outlook Actions:

The outlook was changed to stable from negative.

RATINGS RATIONALE

The B2 CFR is constrained by Acadia's high financial leverage as
well as its reliance on government reimbursement, both in the
United States (Medicare and Medicaid) and in the United Kingdom
(National Health Service). Acadia also has exposure to fluctuations
in the British pound and changes in economic conditions in the UK.
There are also risks associated with the rapid pace of growth
through acquisitions, opening of new facilities and the addition of
new beds in existing facilities. Further, the continuing spread of
the coronavirus will temporarily reduce patient volumes at Acadia's
behavioral health facilities.

The B2 rating is supported by the company's large scale and good
business and geographic diversity within the behavioral health care
industry. It is also supported by attractive industry fundamentals,
including growing demand for services and increasing willingness of
payors, including governments, to pay for behavioral health and
addiction treatment services. The B2 rating is also supported by
the company's strong operating cash flow and adequate liquidity.

The stable outlook reflects the non-elective nature of Acadia's
services, good scale and diversity by geography and behavioral
service line. These factors will help to partially mitigate the
company's high financial leverage, which is unlikely to decline in
the near-term due to the impact of the coronavirus on patient
volumes and costs.

As an operator of inpatient behavioral health hospitals, Acadia
faces high social risk. Any incident, such as a patient fatality or
a patient not receiving appropriate care at one of Acadia's
facilities, can result in increased regulatory burdens, government
investigations, and negative publicity. Acadia also has
environmental risk associated with inclement weather and natural
disasters. For example, Hurricane Dorian weakened patient volumes
in some of the company's North Carolina and Florida facilities in
September 2019, while wildfires in California in October 2019
necessitated the evacuation of three of the company's facilities
and dampened the patient volumes of others. From a governance
perspective, the significant amount of capital that Acadia has
allocated to acquisitions and new bed additions has not yet
demonstrated adequate returns, given that Acadia's EBITDA is below
where it was in 2016.

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

The ratings could be downgraded if debt to EBITDA is expected to be
sustained above 6.5 times. Adverse reimbursement developments could
also result in a rating downgrade. Moody's could also downgrade the
ratings if Acadia's financial policy becomes more aggressive, with
respect to the use of leverage for acquisitions or shareholder
returns. Finally, a downgrade could occur if refinancing risk
escalates or liquidity weakens.

The ratings could be upgraded if the company reduces and sustains
debt/EBITDA below 5.5 times and balances expansion opportunities
and acquisitions with debt reduction. Reduced reliance on Medicaid
and the UK's National Health Service (NHS) would also support an
upgrade.

Acadia is a provider of behavioral health care services. Acadia
provides psychiatric and chemical dependency services to its
patients in a variety of settings, including inpatient psychiatric
hospitals, residential treatment centers, outpatient clinics and
therapeutic school-based programs. Acadia operates behavioral
health facilities spanning across the US, Puerto Rico, England,
Wales, and Scotland. Acadia generated revenue of approximately $3.1
billion in 2019.


ACADIAN CYPRESS: Asks Court to Extend Exclusivity Period to June 15
-------------------------------------------------------------------
Acadian Cypress & Hardwoods, Inc. asked the U.S. Bankruptcy Court
for the Eastern District of Louisiana to extend the period to file
a Chapter 11 plan to June 15, and the deadline to seek acceptances
for the plan to Aug. 15.

Acadian said it needs more time to continue its restructuring
efforts, including the disposition of assets not necessary for
reorganization, asset sales, and the resolution of outstanding
claim issues.

                      About Acadian Cypress

Acadian Cypress & Hardwoods, Inc. --
http://www.acadianhardwoods.net/-- manufactures lumber, plywood,
siding, shingles, flooring, fencing and molding profiles.  

Acadian Cypress sought Chapter 11 protection (Bankr. E.D. La. Case
No. 19-12205) on April 15, 2019.  In the petition signed by Frank
Vallot, president, the Debtor was estimated to have assets and
liabilities ranging from $1 million to $10 million.  Judge Jerry A.
Brown oversees the case.

The Debtor tapped Heller, Draper, Patrick, Horn & Manthey, LLC as
its legal counsel, and Raizner Slania LLP as its special counsel.


AGILE THERAPEUTICS: Nominates Sharon Barbari as Class III Director
------------------------------------------------------------------
Agile Therapeutics, Inc. has nominated Sharon Barbari for election
as a class III director to replace Abhijeet Lele, a member of the
company's board of directors and the board's lead independent
director, who will not stand for re-election and cease to be a
director on June 9, 2020, the date of the company's Annual Meeting
of Stockholders.  In addition, William McKee has informed the
company that he will retire from the company's board of directors
effective June 9, 2020.  The company plans to appoint Sandra
Carson, M.D., FACOG as a class II director to replace Mr. McKee
when he retires.

"Sharon's extensive pharmaceutical leadership experience and
expertise leading financial operations through periods of growth
will be a valuable contribution to our Board," said Al Altomari,
president and chief executive officer of Agile.  "We look forward
to her insight and guidance as we continue our development as a
commercial company."

Ms. Barbari has over 40 years of pharmaceutical and biotechnology
experience, having served in various senior financial roles,
including chief financial officer, at several companies during her
career, including Cytokinetics, InterMune and Gilead Sciences.

"We are looking forward to Dr. Carson joining our Board in June.
She has significant clinical and research expertise in women's
health coupled with established clinical experience as an OB/GYN
physician and regulatory experience through her membership on U.S.
Food and Drug Administration's advisory committees," continued Mr.
Altomari.  "With her extensive background in women's health, we
believe Dr. Carson will offer valuable insight and guidance on our
clinical and regulatory strategies for our pipeline."

Dr. Carson is a Professor of Obstetrics, Gynecology and
Reproductive Sciences and Director, Reproductive Endocrinology and
Infertility at Yale University.  Most recently, she served as the
Emeritus Vice President for Education at the American College of
Obstetricians & Gynecologists (ACOG) from August 2018 to February
2019 and Vice President for Education from March 2013 to August
2018.

Mr. Lele has served on the Company's board of directors since 2010
and as the board's lead independent director since 2016.  Mr. McKee
joined the board of directors in 2014, just before the company's
initial public offering, and has served as the chair of the board's
audit committee since that time.  The Company's board of directors
plans to appoint Seth H.Z. Fischer as the lead independent director
to replace Mr. Lele at the annual meeting of stockholders on June
9, 2020.

"Abhijeet is our longest serving independent director and joined
the board over 10 years ago.  He has provided important strategic
insights, guidance and support throughout his long-standing tenure
on Agile's board and his service as our lead independent director,"
stated Mr. Altomari.  "In addition, since joining our board as we
pursued our initial public offering, Bill has provided expert
guidance to our company, especially in the areas of fiscal
discipline and risk management, through his chairmanship of the
board's audit committee.  On behalf of the other board members and
Agile's management team, I would like to thank both Abhijeet and
Bill for their service to the company."

                    About Agile Therapeutics

Agile Therapeutics, headquartered in Princeton, New Jersey --
http://www.agiletherapeutics.com/-- is a forward-thinking women's
healthcare company dedicated to fulfilling the unmet health needs
of today's women.  The Company's product candidates are designed to
provide women with contraceptive options that offer freedom from
taking a daily pill, without committing to a longer-acting method.
Its lead product candidate, Twirla, (ethinyl estradiol and
levonorgestrel transdermal system), also known as AG200-15, is a
once-weekly prescription contraceptive patch that has completed
Phase 3 trials.

Agile recorded a net loss of $18.61 million in 2019, a net loss of
$19.78 million in 2018, and a net loss of $28.30 million in 2017.
As of Dec. 31, 2019, the Company had $49.54 million in total
assets, $3.79 million in total liabilities, and $45.74 million in
total stockholders' equity.

Ernst & Young LLP, in Iselin, New Jersey, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Feb. 20, 2020 citing that the Company has suffered recurring
losses from operations, requires additional capital to fund its
commercialization activities and has stated that substantial doubt
exists about the Company's ability to continue as a going concern.


ALCOA CORP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Alcoa Corporation to BB from BB+.

Headquartered in Pittsburgh, Pennsylvania, Alcoa Corporation
manufactures metal products.



ALPHA GUARDIAN: Committee Hires Brown Rudnick as Legal Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Alpha Guardian and
its affiliates seeks permission from the U.S.
Bankruptcy Court for the District of Nevada to retain Brown Rudnick
LLP as its legal counsel.

The services to be rendered by Brown Rudnick to the committee will
include:

     a. assisting and advising the committee in its discussions
with the Debtors and other parties regarding the overall
administration of the Debtors' Chapter 11 cases;

     b. representing the committee at hearings and communicating
with the committee regarding the matters heard, issues raised and
the decisions of the court;

     c. assisting and advising the committee in its examination and
analysis of the conduct of the Debtors' affairs;

     d. assisting and advising the committee in its discussions
with the Debtors and other parties the sale process;

     e. reviewing and analyzing pleadings and other documents filed
by interested parties in the Debtors' cases;

     f. assisting the committee in preparing applications and other
pleadings;

     g. conferring with the professionals retained by the Debtors,
the  committee and other parties;

     h. coordinating the receipt and dissemination of information
prepared by the Debtors' professionals and those engaged by the
committee and other parties;

     i. participating in examinations; and

     j. negotiating and, if necessary or advisable, formulating a
plan of reorganization for the Debtors.

The hourly rates range from $510 to $1,700 for the firm's attorneys
and from $375 to $465 for paraprofessionals.

Cathrine Castaldi, Esq., and Max Schlan, Esq., the firm's attorneys
who are anticipated to represent the committee, will charge $1000
per hour and $815 per hour, respectively.

Ms. Castaldi attests that her firm neither holds nor represents an
interest adverse to the Debtors' estates.

Brown Rudnick has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
its employment with the committee, and that no professional at the
firm has varied his rate based on the geographic location of the
Debtors' bankruptcy cases. The firm has not represented the
committee in the 12 months preceding the petition date, according
to court filings.

The firm can be reached through:

     Cathrine M. Castaldi, Esq.
     Brown Rudnick LLP
     2211 Michelson Drive, Seventh Floor
     Irvine, CA 92612
     Tel: (949) 752-7100
     Email: ccastaldi@brownrudnick.com

                      About Alpha Guardian

Established in July 2017, Alpha Guardian --
https://www.alphaguardian.com -- provides consumers with secure
storage solutions. Its products are sold to major retailers across
the United States under the Cannon Safe, Stack-On and GunVault
brands, all of which are designed to fill unique consumer needs.
The company operates manufacturing and distribution facilities in
the U.S. and Mexico and has employees in multiple countries.

Cannon Safe -- https://www.cannonsafe.com -- is a manufacturer of
large-scale gun safes and secure home storage solutions.  Since
1965, its focus has been on manufacturing safes to protect prized
possessions.

GunVault -- https://www.gunvault.com -- offers a wide range of gun
safes including biometric safes, pistol safes, and portable safes.

Stack-On -- https://www.stack-on.com -- manufactures and
distributes gun security products.

Alpha Guardian and its affiliates filed Chapter 11 petitions
(Bankr. D. Nev. Lead Case No. 20-11016) on Feb. 24, 2020.  At the
time of the filing, the Debtors had estimated assets of between $10
million and $50 million and liabilities of between $100 million and
$500 million in liabilities.  

Judge Bruce T. Beesley presides over the cases.

The Debtor tapped Garman Turner Gordon LLP as bankruptcy counsel;
Force Ten Partners, LLC as chief restructuring officer; and Stretto
as claims noticing and solicitation agent.


AMERCO: Egan-Jones Lowers Senior Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by AMERCO to BB+ from BBB-.

Headquartered in Reno, Nevada, AMERCO engages in the provision of
insurance, moving, and storage operation businesses.



AMERICAN AIRLINES: Fitch Corrects Rating on Sec. Term Loans to BB
-----------------------------------------------------------------
Fitch Ratings identified a data entry error in its recovery
analysis tool which incorrectly drove American Airlines' senior
secured term loans to be rated at 'BB-'/'RR2'. Correcting the error
led to a one notch upgrade for the term loan ratings to 'BB'/'RR1'.
American's other debt ratings are unchanged. American's Issuer
Default Rating remains at 'B'/RWN. Senior secured revolving credit
facilities remain rated at 'BB'/'RR1'. The unsecured ratings were
affirmed at at 'B-'/'RR5' after updating the recovery analysis.

KEY RATING DRIVERS

Fitch downgraded American Airlines by one notch to 'B' on April 10;
the ratings are on Rating Watch Negative. This follows Fitch's
downgrade of American to 'B+' from 'BB-' on March 20, 2020. Fitch
expects that the company will have sufficient liquidity and access
to capital to manage through the year. However, significant
additional borrowing and the likelihood of a slow recovery make it
likely that the company's credit metrics will remain well outside
of its prior expectations at least through 2021 or 2022. The
company also has material debt payments this year and next, making
continued access to capital markets essential.

Fitch's recovery analysis assumes that American would be
reorganized as a going concern in bankruptcy rather than being
liquidated.

Fitch has assumed a 10% administrative claim. Fitch's going concern
GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation. Fitch's GC EBITDA is marginally below
forecast levels two years in the future from its current stress
case reflecting a scenario where American comes under financial
distress because of the coronavirus crisis but experiences more
normalized levels of profitability once the crisis has passed. An
enterprise value EV multiple of 5.5x EBITDA is applied to the GC
EBITDA to calculate a post-reorganization enterprise value.
Historical bankruptcy case study exits multiples for peer companies
ranged from 3.1x to 6.8x. These assumptions lead to full recovery
for senior secured positions and RR5 level recovery for unsecured
claims.

KEY ASSUMPTIONS

Key Assumptions in Fitch's rating case include a steep drop in
demand through 2020, with full recovery only occurring by 2022 or
2023. During 2020 Fitch's base case includes revenues down roughly
90% through the second quarter of the year, down as much as 60%-65%
in the third quarter, and down at least 30% in the fourth quarter
for domestic focused carriers and closer to 50% for carriers with
more international exposure. Its base case reflects traffic only
slowly recovering toward 2019 levels by the end of 2021, with a
full rebound to 2019 levels only occurring by 2022 or 2023. Jet
fuel prices for the year are assumed at around $1.50/gallon, and
rise to about $1.65/gallon in 2021.

RATING SENSITIVITIES

American Airlines

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Adjusted debt/EBITDAR sustained below 4.3x;

  -- FFO fixed-charge coverage sustained around 2.5x;

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

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

  -- Adjusted debt/EBITDAR sustained above 6x;

  -- Failure to obtain government grants and/or sufficient outside
funds to maintain liquidity;

  -- Evidence of trouble refinancing pending debt maturities;

  -- EBIT margins failing to return to mid to high single digits.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


ANWORTH MORTGAGE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Anworth Mortgage Asset Corporation to CCC+ from B+.
EJR also downgraded the rating on commercial paper issued by the
Company to C from B.

Headquarters: Santa Monica, California, Anworth Mortgage Asset
Corporation is a mortgage real estate investment trust.



APODACA ENTERPRISES: Unsecureds to Get 100% Without Interest
------------------------------------------------------------
Debtor Apodaca Enterprises filed with the U.S. Bankruptcy Court for
the Eastern District of California, Sacramento Division, a Combined
Disclosure Statement and Plan of Reorganization dated April 7,
2020.

Class 2A General unsecured claims (non-disputed) totaling $29,412
will receive a 100% estimated distribution.  The Debtor shall pay
$29,412.29 to this class to be distributed to claim holders in this
class on a pro rata basis over 60 months at 0.00% interest per
annum and will begin after all administrative and priority claims
have been paid in full.

Class 2B General unsecured claims (Disputed) will receive $0.  In
the event a disputed claim is allowed, the Debtor shall pay the
allowed claim holder(s) in this class on a pro rata basis over 60
months, from the Effective Date, at 0.00% interest per annum and
will begin after all administrative and priority claims have been
paid in full.

Class 3 Equity Interest Holders of the Debtor in the Property of
the Estate.  Current Equity Interest Holders of the Debtor, Henry
A. Apodaca, will retain his full interest in the equity that he
holds.

During this case, the Debtor's gross operating income averaged
$97,362 per month with expenses averaging $87,920 with an average
profit of $9,441 per month.  The Debtor is currently holding
$124,812 in cash as of February 29, 2020.

The Debtor's financial projections show that the Debtor will have
an aggregate monthly average cash flow, after paying operating
expenses and post-confirmation obligations to pay the secured
claims and the general unsecured class and continue to maintain a
cash surplus.

Based on the long-term historical performance and projected budget,
Debtor should be able to make the plan payments.  The Debtor
believes the Plan is feasible. On the Effective Date of the Plan,
the Debtor shall become the Reorganized Debtor and shall continue
to operate its business.

A full-text copy of the Combined Disclosure Statement and Plan
dated April 7, 2020, is available at https://tinyurl.com/rnn5mag
from PacerMonitor at no charge.

The Debtor is represented by:

         LAW OFFICES OF GABRIEL LIBERMAN, APC
         Gabriel E. Liberman
         E-mail: Gabe@4851111.com
         1545 River Park Drive, Suite 530
         Sacramento, California 95815
         Telephone: (916) 485-1111
         Facsimile: (916) 485-1111

                   About Apodaca Enterprises

Apodaca Enterprises, Inc., a company in the fast food restaurants
industry, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Calif. Case No. 19-26373) on Oct. 11, 2019. At the
time of the filing, the Debtor disclosed $1,061,853 in assets and
$106,377 in liabilities. The case is assigned to Judge Christopher
D. Jaime. The Debtor is represented by the Law Offices of Gabriel
Liberman, APC.


APPROACH RESOURCES: Exclusive Filing Period Extended Until May 1
----------------------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas extended the periods during which only Approach
Resources Inc. and its affiliates can file and solicit acceptances
for their Chapter 11 plan to May 1 and June 30, respectively.

The companies sought an extension of their period of exclusivity in
order to finalize their liquidation plan.

The companies' efforts to identify the path in their Chapter 11
cases have culminated in the court entering an order approving the
sale of substantially all of their assets to Alpine Energy
Acquisitions, LLC and its affiliates. It is presently contemplated
that the sale to Alpine will close on or before April 2.  

As a result, the companies are working to consummate the sale to
Alpine and to finalize the terms and provisions of their plan of
liquidation and accompanying disclosure statement, which will
determine the distribution of the remaining proceeds of that sale.

                     About Approach Resources

Forth Worth, Texas-based Approach Resources Inc. --
https://www.approachresources.com/ -- is a publicly owned Delaware
corporation.  The company and its subsidiaries comprise an
independent energy company focused on the exploration, development,
production and acquisition of unconventional oil and gas reserves.
Their principal operations are conducted in the Midland Basin of
the greater Permian Basin in West Texas.

Approach Resources Inc. and its affiliates filed for Chapter 11
bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 19-36444) on
Nov. 18, 2019, listing $100 million to $500 million in assets and
liabilities. The petitions were signed by Sergei Krylov, chief
executive officer.  The Hon. Marvin Isgur is the presiding judge.

The Debtors tapped Thompson & Knight LLP as legal counsel; Perella
Weinberg Partners LP as investment banker; Alvarez & Marsal North
America, LLC as financial advisor; KPMG US LLP as tax advisor; and
Epiq Corporate Restructuring LLC as claims, noticing and
solicitation agent.



ASBURY AUTOMOTIVE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Asbury Automotive Group Inc. to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Duluth, Georgia, Asbury Automotive Group, Inc.
operates as an automotive retailer operating franchises and
dealership locations in the United States.



ASBURY GRAIN: Hires Steve Spensley as Real Estate Broker
--------------------------------------------------------
Asbury Grain Service, LLC, seeks authority from the U.S. Bankruptcy
Court for the Western District of Wisconsin to employ Steve
Spensley, as real estate broker to the Debtor.

Asbury Grain requires Steve Spensley to market and sell the
Debtor's real property located at E7716 Cherry Grove Rd., Viroqua,
Wisconsin 54665.

Steve Spensley will be paid a commission of 3% of the gross sales
price, plus expenses for creating, putting together an Offer to
Purchase, and closing on the real estate transaction with fixtures
and equipment.

Steve Spensley will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Steve Spensley 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.

Steve Spensley can be reached at:

     Steve Spensley
     239 Highland Street
     Belmont, WI 53510
     Tel: (608) 762-5276

                  About Asbury Grain Service

Asbury Grain Service, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Wisc. Case No. 20-10564) on Feb.
26, 2020. At the time of the filing, the Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Catherine J. Furay oversees the case.  Pittman &
Pittman Law Offices, LLC, is the Debtor's legal counsel.


AUTHENTIC HOSPITALITY: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
Authentic Hospitality Group, Inc., according to court dockets.
    
              About Authentic Hospitality Group

Authentic Hospitality Group Inc. --
https://ilovetacosrestaurant.com/
-- is a privately held company in the restaurant industry.  It
serves authentic Mexican cuisine in all of South Florida.  Debtor
previously sought bankruptcy protection on Dec. 2, 2019 (Bankr.
S.D. Fla. Case No. 19-26119).

Authentic Hospitality Group filed its voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-12883) on March 2, 2020.  The petition was signed by Monica
Angulo, president.  At the time of the filing, the Debtor disclosed
$2,875,207 in assets and $3,270,967 in liabilities.  Judge Scott M.
Grossman oversees the case.  Van Horn Law Group Inc. is Debtor's
legal counsel.


AVIANCA HOLDINGS: In Default on Loans; Still Shut Due to Covid-19
------------------------------------------------------------------
Avianca Holdings S.A. filed a current report on Form 6-K in
reliance on the Securities and Exchange Commission order dated
March 25, 2020, Release No. 34-88465.  The purpose of the Report
was to notify investors and the public at large of Avianca's
inability to timely file its Annual Report on Form 20-F for the
fiscal year ended Dec. 31, 2019, originally due on April 30, 2020,
due to circumstances related to the novel coronavirus known as
COVID-19.

According to the company, as an airline with operations across
numerous jurisdictions, the COVID-19 pandemic has resulted in
unprecedented challenges for Avianca.  Starting in early March 2020
Avianca's management has been solely focused on overcoming the
unique complexities that the COVID-19 pandemic has created for its
business and its employees.  Consequently, this situation has
resulted in a delay in the preparation and completion of Avianca's
Annual Report.

Based on the foregoing, Avianca expects to file the Annual Report
on or prior to June 14, 2020, that is, within 45 days from the
original filing deadline.

In light of the COVID-19 pandemic, Avianca expects to include a
Risk Factor in its Annual Report substantially similar to the
following (updated as necessary):

Risk Factor

"The COVID-19 outbreak has already materially and adversely
affected, and may further materially and adversely affect, the
airline industry and us.

"In December 2019, cases of COVID-19 were first reported in Wuhan,
China, and the virus has now spread globally.  The World Health
Organization declared COVID-19 a pandemic and, in March 2020, many
governments around the world –including those of the U.S.,
Colombia and most Latin American countries– declared states of
emergency in their respective jurisdictions and implemented
measures to halt the spread of the virus, including enhanced
screenings, quarantine requirements and severe travel
restrictions.

"Following orders by the governments of Colombia and of other
countries in which we operate, we have temporarily ceased
international passenger operations to and from Colombia, ceased all
Colombian domestic passenger flight operations, and cancelled all
passenger flights to and within Peru, El Salvador and Ecuador.  As
a result of such measures, substantially all of our passenger
flights have been canceled, and the corresponding fleet grounded.

"The spread of COVID-19 and the government measures taken to
address it have already had a material and adverse effect on the
airline industry and on us and have resulted in unprecedented
revenue and demand drop as well as overall macroeconomic
uncertainty.

"We cannot foresee or quantify the extent of the impact of COVID-19
on our operational and financial performance, which will depend on
developments relating to the spread of the outbreak, the duration
and extent of quarantine measures and travel restrictions and the
impact on overall demand for air travel, all of which are highly
uncertain and cannot be predicted.

"As set forth in our report on Form 6-K furnished on March 27,
2020, we have cut all non-essential capital expenditures, and have
temporarily deferred payments on our long-term leases and on
payment of principal on certain loan obligations.  As a result, we
are currently in default under certain of our outstanding
indebtedness and other obligations.  If our operations remain
suspended for an extended period, we may have to take further
measures to preserve our business and protect our cash position to
the extent possible.  

"Our independent auditors, KPMG S.A.S. ("KPMG"), have informed our
Audit Committee that, in the absence of further information in
support of our ability to meet our obligations as they become due
and to comply with our debt covenants, KPMG's auditors' report on
our consolidated financial statements as of and for the period
ended December 31, 2019, will include an explanatory paragraph
indicating that substantial doubt exists as to our ability to
continue as a going concern."

                        About Avianca

Avianca is a commercial brand for a collection of passenger
airlines and cargo airlines under the umbrella company Avianca
Holdings S.A.  Avianca has been flying uninterrupted for 100 years.
With a fleet of 171 aircraft, Avianca serves 76 destinations in 27
countries within the Americas and Europe.  On Feb. 22, 2019,
Avianca Holdings announced its corporate transformation plan
consisting of four key pillars: 1) the improvement of operational
indicators, 2) fleet adjustments, 3) the optimization of
operational profitability and 4) repositioning of non-strategic
assets.  On May 24, 2019, control of Avianca Holdings was assumed
by Kingsland Holdings Limited, an independent third party of United
Airlines.

Avianca reported a net loss of US$893.99 million for the year ended
Dec. 31, 2019, compared to net profit of US$1.14 million the year
ended Dec. 31, 2018.

KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated April
26, 2019, on the Company's consolidated financial statements for
the year ended Dec. 31, 2018, citing that the controlling
shareholder of the Company obtained a loan and pledged its shares
in Avianca Holdings S.A. as security for this loan agreement (the
loan agreement), which requires compliance with certain covenants
by the controlling shareholder, including compliance with the
Company financial ratios.  Breach of these covenants provides the
lender the right to enforce the security, leading to a change of
control over the Company.  A change of control over the Company
would breach covenants included in some loan and financing,
aircraft rental, and other agreements of the Company, which in turn
could trigger early termination or cancelation of these contracts.
On April 10, 2019, the Company was informed by the controlling
shareholder and its lender, that there was a non-compliance with
covenants established in the controlling shareholder's loan
agreement, and no waiver was in place; thus, there is a potential
risk of change of control.  The auditors said this circumstance
raises a substantial doubt about the Company's ability to continue
as a going concern.

                           *   *   *

As reported by the TCR on April 6, 2020, Fitch Ratings downgraded
Avianca Holdings' Long-Term Foreign and Local Currency Issuer
Default Rating (IDR) to 'C from 'CCC-'.  Fitch said Avianca's 'C'
rating reflects the announcement of deferred payments on certain
long-term leases and deferred principal payments on certain loan
obligations.

In March 2020, S&P Global Ratings lowered its issuer credit rating
on Colombia-based airline operator Avianca Holdings S.A. (Avianca)
to 'CCC' from 'B-'.  S&P said reduced travel demand and capacity
will affect Avianca's credits metrics.


AVINGER INC: Expects $6.5M to $7M Net Loss for First Quarter
------------------------------------------------------------
Avinger, Inc., expects revenue in the first quarter of 2020 to be
approximately $2.25 million, an increase of 22% over the first
quarter of 2019.  Total Pantheris revenue for the first quarter of
2020 is expected to grow 76% over the prior year, to approximately
$1.6 million, with new sales of Pantheris SV and increased sales of
the Pantheris next generation device both contributing to growth of
the product line.  In addition, the Company launched 11 new
Lumivascular sites during the first quarter in high volume areas,
such as Arizona, Michigan, and Louisiana, which also contributed to
revenue growth for the quarter.  Net loss attributable to common
shareholders for the first quarter of 2020 is expected to be in the
range of $6.5 million to $7.0 million, compared to net loss
attributable to common shareholders of $5.95 million for the first
quarter of 2019.

                         About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).  Avinger reported a net loss applicable to
common stockholders of $23.03 million for the year ended Dec. 31,
2019, compared to a net loss applicable to common stockholders of
$35.69 million for the year ended Dec. 31, 2018.  As of Dec. 31,
2019, the Company had $23.82 million in total assets, $16.93
million in total liabilities, and $6.89 million in total
stockholders' equity.

Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 5, 2020, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.


AVINGER INC: Has Until Nov. 20 to Regain Compliance with Nasdaq
---------------------------------------------------------------
Avinger, Inc. previously received on March 10, 2020 a letter from
the Listing Qualifications Department of The NASDAQ Stock Market,
LLC notifying the Company that it was not in compliance with Nasdaq
Listing Rule 5550(a)(2), as the minimum bid price for the Company's
listed securities was less than $1 for the previous 30 consecutive
business days.  The Company initially had a period of 180 calendar
days, or until Sept. 8, 2020, to regain compliance with the rule
referred to in this paragraph.

On April 20, 2020, the Company received a subsequent written notice
from Nasdaq indicating that Nasdaq filed an immediately effective
rule change with SEC on April 16, 2020, pursuant which the
compliance periods for bid price and market value of publicly held
shares requirements were tolled through June 30, 2020.  As a
result, the Company now has until Nov. 20, 2020 to regain
compliance with Nasdaq's minimum bid price requirement.

                         About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).

Avinger reported a net loss applicable to common stockholders of
$23.03 million for the year ended Dec. 31, 2019, compared to a net
loss applicable to common stockholders of $35.69 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$23.82 million in total assets, $16.93 million in total
liabilities, and $6.89 million in total stockholders' equity.

Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 5, 2020, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.


AVINGER INC: Secures $2.3M Loan Under Paycheck Protection Program
-----------------------------------------------------------------
Avinger, Inc. received on April 23, 2020, loan proceeds of $2.3
million pursuant to the Paycheck Protection Program under the
Coronavirus Aid, Relief, and Economic Security ("CARES") Act.

The Loan, which was in the form of a promissory note, dated April
20, 2020, between the Company and Silicon Valley Bank as the
lender, matures on April 20, 2022 and bears interest at a fixed
rate of 1% per annum, payable monthly commencing in six months.
Under the terms of the PPP, the principal may be forgiven if the
Loan proceeds are used for qualifying expenses as described in the
CARES Act, such as payroll costs, mortgage interest, rent, and
utilities.  No assurance can be provided that the Company will
obtain forgiveness of the Loan in whole or in part.  In addition,
details of the PPP continue to evolve regarding which companies are
qualified to receive loans pursuant to the PPP and on what terms,
and the Company may be required to repay some or all of the Loan
due to these changes or different interpretations of the PPP
requirements.

The Promissory Note evidencing the PPP Loan contains customary
representations, warranties, and covenants for this type of
transaction, including customary events of default relating to,
among other things, payment defaults and breaches of
representations and warranties or other provisions of the
Promissory Note.  The occurrence of an event of default may result
in, among other things, the Company becoming obligated to repay all
amounts outstanding.

                         About Avinger

Headquartered in Redwood City, California, Avinger --
http://www.avinger.com/-- is a commercial-stage medical device
company that designs and develops image-guided, catheter-based
system for the diagnosis and treatment of patients with Peripheral
Artery Disease (PAD).

Avinger reported a net loss applicable to common stockholders of
$23.03 million for the year ended Dec. 31, 2019, compared to a net
loss applicable to common stockholders of $35.69 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$23.82 million in total assets, $16.93 million in total
liabilities, and $6.89 million in total stockholders' equity.

Moss Adams LLP, in San Francisco, California, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 5, 2020, citing that the Company's recurring losses
from operations and its need for additional capital raise
substantial doubt about its ability to continue as a going concern.


AVNET INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Avnet Incorporated to BB+ from BBB-.

Avnet, Incorporated is a distributor of electronic components
headquartered in Phoenix, Arizona, named after Charles Avnet, who
founded the company in 1921.



AYTU BIOSCIENCE: Inks Distribution Deal for COVID-19 Rapid Tests
----------------------------------------------------------------
Aytu BioScience, Inc., has signed a definitive agreement with
Singapore-based Biolidics, Limited to exclusively distribute
Biolidics' COVID-19 IgG/IgM Rapid Test in the United States.

Under the terms of the Agreement, Aytu will exclusively distribute
Biolidics' COVID-19 IgG/IgM rapid antibody test in the United
States.  Aytu has committed to purchase 500,000 tests within one
business day from the date of signing of the Agreement.  As an
additional component of Aytu's exclusivity, the Company has
committed to purchase a minimum of 1,250,000 tests within the first
three months of the Agreement.

Biolidics' COVID-19 IgG/IgM Rapid Test has been issued Provisional
Authorization for distribution by Singapore's Health Science's
Authority (HSA), and the product has been authorized for export
from Singapore.  Biolidics' COVID-19 IgG/IgM Rapid Test will be
supplied from Biolidics' facility in Singapore.

Aytu will collaborate with Biolidics and lead the U.S. clinical
trials processes and plans to complete and obtain U.S. Food and
Drug Administration 510k regulatory filing clearance of the
COVID-19 IgG/IgM rapid test kits.

Josh Disbrow, chief executive officer of Aytu BioScience,
commented, "We are pleased to be partnering with Biolidics in
distributing this COVID-19 rapid test in the U.S.  With the
continued call in the United States for increased COVID-19 testing,
we are entering this distribution Agreement at an excellent time.
We have experienced significant demand for our current COVID-19
rapid test, so adding this test to our product offering will enable
us to better meet the high demand in the U.S.  We look forward to a
productive working relationship with Biolidics and thank them for
their confidence in allowing Aytu to take this product to market in
the United States."

Incorporated in 2009 and listed on the Singapore Stock Exchange,
Biolidics Limited is a Singapore-based precision medicine medical
technology company with a focus in developing a portfolio of
innovative diagnostic solutions to lower healthcare costs and
improve clinical outcomes.

                   About Aytu BioScience

Englewood, Colorado-based Aytu BioScience, Inc. (OTCMKTS:AYTU) --
http://www.aytubio.com/-- is a commercial-stage specialty
pharmaceutical company focused on commercializing novel products
that address significant patient needs.  The company currently
markets a portfolio of prescription products addressing large
primary care and pediatric markets.  The primary care portfolio
includes (i) Natesto, an FDA-approved nasal formulation of
testosterone for men with hypogonadism, (ii) ZolpiMist, an
FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra
XR, an FDA-approved 12-hour codeine-based antitussive syrup.

Aytu Bioscience reported a net loss of $27.13 million for the year
ended June 30, 2019, compared to a net loss of $10.18 million for
the year ended June 30, 2018.  As of Dec. 31, 2019, the Company had
$74.48 million in total assets, $57.39 million in total
liabilities, and $16.76 million in total stockholders' equity.

Plante & Moran, PLLC, in Denver, CO, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
Sept. 26, 2019, on the Company's consolidated financial statements
for the year ended June 30, 2019, citing that the Company has
suffered recurring losses from operations and has an accumulated
deficit that raise substantial doubt about its ability to continue
as a going concern.


BAY CIRCLE: Trustee Proposes 100% Plan for NRCT LLC
---------------------------------------------------
Ronald L. Glass, Chapter 11 Trustee, filed the Disclosure Statement
for First Amended Plan of Liquidation for NRCT, LLC, a debtor
affiliate of Bay Circle Properties, LLC, DCT Systems Group, LLC,
Sugarloaf Centre, LLC, and Nilhan Developers, LLC.

The Debtor's assets consist of cash in the approximate amount of
$1,909,301, investments in two Asia funds with an approximate value
of $1,159,684, and real property with a value of at least
$3,850,000.

This is a liquidating plan whereby Allowed Administrative Claims,
Allowed Priority Claims and Allowed General Unsecured Claims, which
claims exclude Nilhan Financial's claim in the amount of
$13,953,776, will be paid on the Effective Date, or as soon as
practicable thereafter.  If a final judgment is entered against
Debtor in the Contribution Action, then the Liquidating Agent will
sell Debtor's assets in an amount sufficient to pay allowed claims
pursuant to the terms of the Plan.

Class 3 Administrative Convenience Unsecured Class includes Allowed
Unsecured Claims against NRCT, which total approximately $104,462,
but excludes the Nilhan Financial Claim in the amount of
$13,953,776.  The Plan Proponent believes that there are sufficient
funds to pay Allowed Class 3 Claims in full with interest.  Holders
of Allowed Class 3 Claims shall be paid in full on the Effective
Date together with interest between the Petition Date and
Distribution Date calculated at the post-judgment rate of interest
for the State of Georgia.

Class 4 The Nilhan Financial Claim Class includes the Nilhan
Financial Claim in the amount of $13,953,776, which the Court's
April 3, 2020 Order disallowed.  If the Court's April 3, 2020 Order
is not appealed or if the order is not reversed on appeal, there
will be no Allowed Claims in Class 4.  If the Court's April 3, 2020
Order is appealed and is reversed on appeal such that the Nilhan
Financial Claim is an Allowed Claim, then the Liquidating Agent
will sell Debtor's Assets and make Distributions to the Holder of
the Allowed Class 4 Claim as and when Debtor's Assets are sold, up
to the lesser of (x) the Allowed amount of the Claim and (y) the
liquidation value of the Assets.

Holders of Class 5 Equity Interests will retain their Equity
Interests in the Debtor and all associated rights in accordance
with Debtor's written operating agreements.

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

The Plan shall be funded through Cash on hand, and liquidation of
Debtor's Assets as provided in the Plan.

A full-text copy of the Amended Liquidating Plan dated April 9,
2020, is available at https://tinyurl.com/uc8bbk2 from PacerMonitor
at no charge.

Attorneys for the Chapter 11 Trustee:

         Ronald L. Glass
         GlassRatner Advisory & Capital Group, LLC
         3445 Peachtree Road, Suite 1225
         Atlanta, Georgia 30326
         Tel: (470) 346-6840
         E-mail: rglass@glassratner.com

                 - and -

         Frank W. DeBorde
         Lisa Wolgast
         Morris, Manning & Martin, LLP
         1600 Atlanta Financial Center
         3343 Peachtree Road NE
         Atlanta, Georgia 30326
         Tel: (404) 233-7000
         E-mail: fwd@mmmlaw.com
                 lwolgast@mmmlaw.com

                About Bay Circle Properties, et al.

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

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

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

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


BLUE DOLPHIN: UHY LLP Raises Substantial Going Concern Doubt
------------------------------------------------------------
Blue Dolphin Energy Company filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net income of $7,361,000 on $309,262,000 of total revenue from
operations for the year ended Dec. 31, 2019, compared to a net loss
of $523,000 on $340,761,000 of total revenue from operations for
the year ended in 2018.

The audit report of UHY LLP states that the Company is in default
under secured and related party loan agreements and has a net
working capital deficiency. These conditions 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 $71,444,000, total liabilities of $67,958,000, and a total
stockholders' equity of $3,486,000.

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

                       https://is.gd/nuowPH

Blue Dolphin Energy Company operates as an independent refiner and
marketer of petroleum products in the United States. The company
produces finished products, including jet fuel, as well as
intermediate products, such as naphtha, liquefied petroleum gas,
atmospheric gas oil, and heavy oil-based mud blendstock; and
conducts petroleum storage and terminaling operations under third
party lease agreements at the Nixon facility. It also provides
pipeline transportation services comprising gathering and
transportation of oil and natural gas for producers/shippers
operating offshore in the Gulf of Mexico. Blue Dolphin Energy
Company holds leasehold interests in the High Island Block 115;
Galveston Area Block 321; and High Island Block 37. The company was
founded in 1986 and is headquartered in Houston, Texas. Blue
Dolphin Energy Company is a subsidiary of Lazarus Energy Holdings,
LLC.



BOISE CASCADE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Boise Cascade Company to B+ from BB-.

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



BOROWIAK IGA: Asks Court to Extend Exclusivity Period to May 31
---------------------------------------------------------------
Borowiak IGA Foodliner, Inc. asked the U.S. Bankruptcy Court for
the Southern District of Illinois to extend to May 31 the
exclusivity period to file a Chapter 11 plan of reorganization and
seek confirmation of the plan.

The company said it needs additional time to continue its
consultations with its attorney and with its secured creditors
regarding the plan it intends to propose.

                About Borowiak Iga Foodliner

Borowiak IGA Foodliner, Inc., which conducts business under the
name Borowiak's IGA, is a food retailer in Southern Illinois
offering canned foods and dry goods, beverages, cocktails, breads,
casseroles, and other related products.  Borowiak owns and operates
three grocery stores located in Albion, Mt. Carmel and Carterville,
Ill.  Earlier in 2019, Borowiak closed its stores in Mt. Vernon,
Centralia and Grayville.  In late 2018, Borowiak closed one store
in Lawrenceville.  Visit https://www.borowiaksonline.com

Borowiak sought Chapter 11 protection (Bankr. S.D. Ill. Case No.
19-40699) on Sept. 17, 2019 in Benton, Ill.  In the petition signed
by Trevor Borowiak, president, Debtor disclosed $2,205,931 in
assets and $9,097,877 in liabilities.  Judge Laura K. Grandy
oversees the case.  Debtor employed the Antonik Law Offices as its
legal counsel.


BOYD GAMING: Egan-Jones Lowers Senior Unsecured Ratings to CC
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Boyd Gaming Corporation to CC from CCC.

Boyd Gaming Corporation is an American gaming and hospitality
company based in Paradise, Nevada.



BRAZOS DELAWARE II: Moody's Cuts CFR to Caa1, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service downgraded Brazos Delaware II, LLC's
Corporate Family Rating to Caa1 from B3, Probability of Default
Rating to Caa1-PD from B3-PD and senior secured term loan rating to
Caa1 from B3. The outlook was changed to negative from stable.

"The downgrade of Brazos' ratings reflect very high leverage and
lower than expected volumes," said Jonathan Teitel, a Moody's
analyst. "Volumes in 2020 will be challenged by weak commodity
prices driving lower upstream capital spending."

Downgrades:

Issuer: Brazos Delaware II, LLC

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

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Term Loan, Downgraded to Caa1 (LGD4) from B3 (LGD4)

Outlook Actions:

Issuer: Brazos Delaware II, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Brazos' Caa1 CFR reflects very high leverage as well as volume
risks in the weak commodity price environment amid reduced upstream
capital spending. The company is reliant on large increases in
volumes to sufficiently reduce leverage and Moody's does not expect
this to occur by the end of 2020. Contracts are long-term and fixed
fee leaving Brazos with limited direct commodity price risk but
there are the aforementioned volume risks and no minimum volume
commitments. Governance considerations include the company's
private equity ownership and the effects on financial policies,
including high leverage but also a track record of sponsor equity
contributions.

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 exploration
and production sector has been one of the sectors most affected by
the shock given its sensitivity to demand and oil prices, and this
in turn has affected some midstream energy companies who move E&P
production volumes. More specifically, the weaknesses in Brazos'
credit profile and liquidity have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
Brazos remains vulnerable to the outbreak continuing to spread and
oil prices remaining weak. Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
impact on Brazos of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Brazos Delaware II, LLC is a wholly-owned subsidiary of Brazos
Permian II LLC (BPMII). BPMII has a three-member board comprised of
the CEO, a representative of Morgan Stanley Infrastructure, Inc.
and a representative of Williams MLP Operating, LLC.

Moody's expects Brazos to maintain adequate liquidity in 2020. The
company has an undrawn $50 million revolver that expires in 2023.
As of December 31, 2019, the company had $66 million of cash. The
term loan has a financial covenant for a minimum debt service
coverage ratio of 1.1x. The revolver's financial covenants are
comprised of a minimum debt service coverage ratio of 1.1x and
maximum super senior leverage ratio of 1.25x. A small amount of
equity was contributed in the third quarter of 2019 as a cure for
purposes of the debt service coverage ratio and Moody's expects
this covenant could tighten and need relief in future periods.

The approximately $900 million term loan maturing 2025 is rated
Caa1. The $50 million revolver maturing 2023 (unrated) has a
first-out preference over the term loan. However, because of the
small size of the revolver, the term loan comprises the
preponderance of the debt, and therefore the term loan is rated the
same as the CFR.

The negative outlook reflects risks from elevated leverage and the
challenges to volume growth posed by the weak commodity price
environment and reduced upstream capital spending.

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

Factors that could lead to a downgrade include weakening liquidity,
debt repurchases below par (which could be deemed a default by
Moody's under Moody's definitions), or increasing risk of default.

Factors that could lead to an upgrade include EBITDA/interest above
2.5x while maintaining adequate liquidity.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Brazos, headquartered in Fort Worth, Texas, is a privately-owned
crude oil and natural gas midstream business in the Permian Basin.
Brazos is majority-owned by North Haven Infrastructure Partners II
for which Morgan Stanley Infrastructure, Inc. is advisor and
manager. Williams MLP Operating, LLC owns 15% of Brazos.


BSP TRUCKING: Case Summary & 17 Unsecured Creditors
---------------------------------------------------
Debtor: BSP Trucking Inc.
        353 Rosebriar Place
        Lathrop, CA 95330

Business Description: BSP Trucking Inc. operates as a trucking
                      company.

Chapter 11 Petition Date: April 24, 2020

Court: United States Bankruptcy Court
       Eastern District of California

Case No.: 20-22211

Judge: Hon. Fredrick E. Clement

Debtor's Counsel: Chinonye U. Ugorji, Esq.
                  NONYE UGORJI LAW CORPORATION
                  2775 Cottage Way, Suite 36
                  Sacramento, CA 95825-3364
                  Tel: 916-925-1894
                  Email: nonyelawcorp@gmail.com

Total Assets: $1,575,700

Total Liabilities: $1,453,671

The petition was signed by Balwinder Prasher, president.

A copy of the petition containing, among other items, a list of the
Debtor's 17 unsecured creditors is available for free  at
PacerMonitor.com at:

                     https://is.gd/mI8gEk


CANACCORD GENUITY: DBRS Lowers Pref. Shares Rating to Pfd-4(high)
-----------------------------------------------------------------
DBRS Limited downgraded its rating on Canaccord Genuity Group
Inc.'s (CF or the Company) Cumulative Preferred Shares to Pfd-4
(high) from Pfd-3 (low) and maintained the trend at Negative. The
Company has a Support Assessment of SA3, which implies no expected
systemic support.

KEY RATING CONSIDERATIONS

The rating downgrade recognizes the considerable headwinds facing
all nonbank financial institutions, particularly those with more
limited or weaker business models that lack the breadth and scale
to overcome significant near-term challenges. CF is a
Canadian-based financial institution with $4.5 billion in assets as
of Q3 2020, operating in the U.S., the United Kingdom (UK), and
Australia, with a focus on capital markets activities and wealth
management. Given the abruptness and severity of the economic
contraction caused by the Coronavirus Disease (COVID-19), combined
with uncertainty about the magnitude or duration of the downturn,
DBRS Morningstar has concerns about the potential impact on the
Company's capital markets businesses. DBRS Morningstar sees
near-term challenges for participants in the capital markets as
significant, with potential issues including reduced investment
banking volumes, asset value declines unmet margin calls/collateral
liquidation at lower prices, illiquid assets stalled on the balance
sheet, and limited market access for funding, all of which could
adversely affect the financials of firms such as CF in DBRS
Morningstar's opinion. Additionally, while CF's trading businesses
will likely benefit from the significant market volatility, the
magnitude of these revenues will likely be insufficient to offset
the other notable headwinds.

In maintaining the Negative trend, DBRS Morningstar notes the
leverage utilized in recent wealth management and other
acquisitions in Canada, the U.S., the UK, and Australia where CF
expected the combined businesses' success and efficiencies to drive
profits and reduce leverage over time. With unsupportive revenue
headwinds in wealth management, DBRS Morningstar remains concerned
that the impact of the coronavirus-related downturn could impede
CF's ability to comfortably meet contractual payments.

RATING DRIVERS

Any upgrade is unlikely in the short to medium term, given the
Negative trend on the rating; however, over the longer term, DBRS
Morningstar could revise the trend back to Stable if CF strengthens
its balance sheet fundamentals and demonstrates earnings
resiliency. Conversely, material negative stresses on the Company's
liquidity or funding profiles would result in a rating downgrade.
Furthermore, given CF's high reliance on market confidence to
support its franchise, any significant operational or reputational
issues would likely negatively affect the rating.

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


CANWEL BUILDING: DBRS Puts B(high) Issuer Rating Under Review
-------------------------------------------------------------
DBRS Limited placed CanWel Building Materials Group Ltd.'s Issuer
Rating and Senior Unsecured Notes rating of B (high) Under Review
with Negative Implications. The rating action reflects DBRS
Morningstar's view that the Coronavirus Disease (COVID-19) outbreak
and the macroeconomic aftereffects will have a negative impact on
CanWel's earnings profile, although the duration and extent thereof
remain uncertain.

DBRS Morningstar believes that, at least in the near term, CanWel's
revenues and operating income will be negatively affected by lower
volumes as construction spending is curtailed and governments
impose restrictions on construction and mandate some of CanWel's
customers—which include Lowe's Companies, Inc. (rated BBB (high)
with a Stable trend by DBRS Morningstar); The Home Depot, Inc.
(rated "A" with a Stable trend by DBRS Morningstar); Home Hardware;
and smaller chains, stores, and yards—to temporarily close
locations fully or partially (e.g., curbside pickup only). That
said, DBRS Morningstar notes that at least to date, CanWel's
end-customers' businesses have been deemed essential in the
majority of jurisdictions.

That said, more concerning to the rating are the potentially
longer-lasting effects that the coronavirus outbreak will have on
the economy, as CanWel's products are used primarily in home
construction, renovation, and remodeling. New home construction
and, to a lesser extent, home renovation is cyclical in nature and
is affected by a number of factors, including gross domestic
product and unemployment. As such, DBRS Morningstar believes that
CanWel's revenues and operating income are likely to also be
negatively affected over the near-to-medium term.

The degree to which operating income declines would, in turn,
weaken CanWel's financial profile based on a corresponding
contraction in cash flows and a deterioration of key credit metrics
potentially to levels below what is considered acceptable for the
current B (high) rating. While DBRS Morningstar acknowledges
CanWel's ability to curtail capital expenditure and dividends to
preserve cash flow and liquidity, DBRS Morningstar notes that any
rating action will be more influenced by the degree to which
operating income is affected.

In its review, DBRS Morningstar will focus on assessing the
duration, magnitude, and extent of the impact of the coronavirus
outbreak on CanWel's earnings profile and aims to resolve the Under
Review status as soon as possible.

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


CAPARRA HILLS: Fitch Affirms BB Issuer Default Rating
-----------------------------------------------------
Fitch Ratings has affirmed Caparra Hills, LLC Long-Term Issuer
Default Rating at 'B+' and its senior secured debt at 'BB'/'RR2'.
The Rating Outlook is Stable.

The 'B+' IDR reflects Caparra's limited property diversification,
small size, significant tenant concentration, and contract maturity
risk. Fitch expects net leverage to increase slightly in FY 2020 as
the company could experience some delays in rent collections as
lockdowns in Puerto Rico may impact its tenants' business.
Caparra's notes have been notched up to 'BB' to reflect strong
recovery prospects in the event of a default. The company's
loan-to-value ratio, based on Fitch's estimates, is estimated to be
around 75%. The Stable Outlook reflects Fitch's expectation that
Caparra will be able to renew a significant portion of upcoming
contracts that are due to expire over the next 12 months and keep
vacancy relatively stable levels.

KEY RATING DRIVERS

Delays in Collections Amid Shutdown: Fitch expects minor delays in
rent collection, including parking and common area maintenance, to
impact FY 2020 negatively. Counterparty and collection risk has
increased for Caparra as most tenants' businesses remain closed
since mid-March. Fitch views positively Caparra's concentration of
Class-A tenants, which include large international corporations
such as T-Mobile, 3M, L'Oreal, and Synchrony Financial, among
others. Class-A tenants have relatively lower collection risk than
other tenants. Locations of non-essential businesses in Puerto Rico
are currently shutdown until May 3, 2020.

Leverage to Increase in the Short Term: Fitch expects Caparra's
total net debt/EBITDA and gross debt/EBITDA to be over 7.5x and
8.0x, respectively, by FY 2020 mainly due to delays in rent
collections and a slightly lower EBITDA margin. Leverage is
expected to gradually improve beginning in FY 2021 due to increased
revenues from new tenants, slightly improved EBITDA margins and
lower capex requirements. Caparra had USD50.6 million of total debt
as of Dec. 31, 2019, which was composed entirely of secured bonds
that require approximately USD5.3 million of annual debt service
(interest and principal). Net Leverage was 7.2 as of LTM Dec. 31,
2019 as a result of declining vacancy rates and a full year effect
of various new tenants. Fitch's net leverage calculation excludes
cash held in Caparra's debt service reserve, which holds USD9.5
million and covers roughly 20 months of debt service.

High Tenant Concentration: Fitch expects that current levels of
counterparty concentration will continue to improve as the company
continues to renew or replace key tenants. As of Dec. 30, 2019,
Caparra's total occupancy rate was 86.7%, of which about 54% was
occupied by 10 major tenants (down from a peak of over 60%).
T-Mobile Center, where Caparra offers net rentable space of 207,140
sq ft. and has an occupancy rate of 82%, of which 62% is occupied
by key tenants that lease over 10,000 sq ft. Tenant concentration
has been slowly improving as the company has been replacing GLA
vacated by a few large individual tenants with multiple tenants.

Good Track Record of Renewals: Fitch's base case expects occupancy
to remain stable around 87% over the medium term. Contract maturity
risk is viewed as high, as 24.8% of rents are set to expire within
12 months of Dec. 31, 2019. Mitigating this risk is Caparra's solid
track record of renewals in Puerto Rico's subdued business and
economic environment. Fitch's expects that the company will be able
to renew a significant portion of these upcoming maturities over
the next year, as well as replace any vacated space. T-Mobile
Center's classification as a Class-A building in Puerto Rico,
highlighted by its solid location in Guaynabo, is viewed positive
by prospective tenants.

Secured Bond Enhances Recovery Prospects: The 'BB' rating on the
secured bonds positively incorporates the collateral support
included in the transaction structure. The payments of the bonds
are secured by a first mortgage on the company's real estate
properties and the assignment of leases. The secured bonds are
payable solely from payments made to the Puerto Rico Industrial,
Tourist, Educational, Medical and Environmental Control Facilities
Financing Authority by Caparra. AFICA serves solely as an issuing
conduit for local qualified borrowers for the purpose of issuing
bonds pursuant to a trust agreement between AFICA and the trustee.
The secured bonds are not guaranteed by AFICA, do not constitute a
charge against the general credit of AFICA, and do not constitute
an indebtedness of the Commonwealth of Puerto Rico or any of its
political subdivisions.

Weak Operating Environment: Economic conditions in Puerto Rico
continue to be challenging. Caparra's small size and lack of
geographic diversification makes it highly exposed to Puerto Rico's
struggling economy, which has resulted in high unemployment rates
and an increased migration of people from the island. Despite the
company's relatively stable performance in Puerto Rico, these
factors have the potential to erode appraisal values and negatively
affect lease rates and renewals. Solid property location within the
municipality of Guaynabo partially mitigates this risk.

Recovery Rating Assumptions: Fitch's recovery analysis assumes that
Caparra would be considered a going-concern in bankruptcy and that
the company would be reorganized rather than liquidated. In its
recovery assumptions, Fitch has used a going-concern EBITDA of
USD4.2 million in its analysis and an EV multiple of 10.0x. Fitch
calculates a recovery for the senior secured debt to be in the
71%-90% range based on a waterfall approach. As a result, Caparra's
senior secured debt rating has been uplifted by two notches to
'BB'/'RR2'.

DERIVATION SUMMARY

Caparra's 'B+' rating reflects its property portfolio, which is in
line with the 'B' rating category due to the limited property
diversification and rental income risk profile. Expected occupancy
of 85% for FY 2020 is in line with the 'B' rating category of 85%
on average for the sector. The company's business is exposed to a
riskier operating environment compared to U.S. peers, as Caparra is
dependent on the fragile economy of Puerto Rico and operates on a
relatively small scale. However, the company has shown resilience
in its performance with consistent EBITDA margins over 60%, which
is in line with 'BB' rated peers.

The company's high single asset concentration and small size is in
line with the 'B' rating category. When comparing property
portfolio and size to a higher rated peer, such as Mack-Cali Realty
Corporation (BB/Negative), Caparra's limited diversification and
small size compares unfavorably. Mack-Cali, which operates on a
slightly larger scale, owns a portfolio primarily consisting of
metro and suburban New Jersey office assets and, to a lesser
extent, multifamily properties. Caparra's consistently positive FCF
over the last few years and adequate liquidity justify its higher
rating compared to General Shopping e Outlets do Brasil S.A.
(CCC-).

Caparra's notes have been notched up to 'BB' to reflect strong
recovery prospects in the event of a default. The company's LTV,
based on the Fitch's estimates, is estimated at around 75%. The LTV
is consistent with peers rated in the 'B' category.

KEY ASSUMPTIONS

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

  -- FY 2020 revenues to decline by a mid-single digit percentage
due to delays in collections;

  -- Occupancy to remain stable around 85% over the medium term;

  -- Slightly lower EBITDA margin in FY 2020 due to shutdowns;

  -- Average FCF of USD1.4 million over the medium term due to
lower capex requirements.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Lower business risks in terms of contract maturity schedule,
concentration risk, while improving cash flow generation, resulting
in lower net leverage of about 6.5x and LTV of 60% could trigger a
positive rating action.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- A downgrade could be triggered due to a lack of a rapid
improvement of the company's vacancy rates, contract maturity
schedule coupled with declining cash flow generation, measured as
EBITDA, resulting in sustained net leverage above 8.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Caparra's liquidity is supported by its cash
position of USD3.4 million and an unused unsecured line of credit
of USD1 million. The company also maintains a debt service reserve
fund of approximately USD9.5 million, held by the trustee, covering
20 months of debt service (interest and principal). As of Dec 30,
2019, Caparra's short-term debt obligation was USD1.8 million. FCF
as of YE June 2019, was USD1.1 million. FCF is expected to be
stable in FY 2020, backed by lower capex requirements and offset by
delays in rent collections.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Caparra Hills scores a 4 on Exposure to Environmental Impacts,
owing to its presence in a hurricane-prone region. Scores of 4
indicate factors that are not key drivers to a rating, but can have
an impact in combination with other factors.

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


CEDAR FAIR: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC
------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cedar Fair, L.P. to CCC from B-. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Cedar Fair, L.P., doing business as the Cedar Fair Entertainment
Company, is a publicly-traded master limited partnership
headquartered at its Cedar Point amusement park in Sandusky, Ohio.



CELESTIAL CHURCH: To File Amended Plan & Disclosure by June 15
--------------------------------------------------------------
Judge Lori S. Simpson has granted debtor Celestial Church of Christ
"Luli Parish" an extension of the deadline to file an Amended Plan
and Disclosure Statement is extended to June 15, 2020.

A full-text copy of the order dated April 3, 2020, is available at
https://tinyurl.com/yx73lto9 from PacerMonitor at no charge.

The Debtor is represented by Charles Maynard.

               About Celestial Church of Christ

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


CENTURY ALUMINUM: Egan-Jones Cuts Senior Unsecured Ratings to CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Century Aluminum Company to CCC from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Chicago, Illinois, Century Aluminum Company is a
US-based producer of primary aluminium, with aluminum plants in
Kentucky, South Carolina and Iceland.



CENTURY IOWA MOTELS: Exclusive Filing Period Extended to July 1
---------------------------------------------------------------
Judge Charles L. Nail, Jr. of the U.S. Bankruptcy Court for the
District of South Dakota extended to July 1 the exclusive period
for Century Iowa Motels LLC to file its Chapter 11 plan and
disclosure statement. The company has the exclusive right  to
obtain confirmation of a plan until Sept. 24.

                     About Century Iowa Motels

Century Iowa Motels, LLC, doing business as Ramada Tropics Resort &
Conference Center, is a hotel located at 5000 Merle Hay Rd in Des
Moines, IA.

Century Iowa Motels sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.S.D. Case No. 19-50207) on Dec. 1, 2019.
The petition was signed by Michael Wieseler, member.  At the time
of filing, the Debtor disclosed $15,467,481 in assets and
$18,755,072 in debt.  Judge Charles L. Nail Jr. oversees the  case.
The Debtor is represented by Robert L. Meadors, Esq., at Brende &
Meadors, LLP.



CF INDUSTRIES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CF Industries Holdings, Inc. to BB from BB+.

CF Industries Holdings, Inc. is a North American manufacturer and
distributor of agricultural fertilizers, based in Deerfield,
Illinois, a suburb of Chicago.



CHEFS' WAREHOUSE: Moody's Lowers CFR to B2 & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service downgraded The Chefs' Warehouse, Inc.'s
Corporate Family Rating to B2 from B1 and Probability of Default
Rating to B2-PD from B1-PD. In addition, Moody's downgraded Chefs'
senior secured bank credit facility to B2 from B1. Chef's
Speculative Grade Liquidity was also downgraded to SGL-3 from
SGL-2. The outlook was changed to negative from stable.

"Chefs' operating performance will weaken as its core customer
base, independent restaurants, come under significant pressure as a
result of widespread restaurant closures in response to COVID-19"
said Vice President, Christina Boni. Chef's niche focus on
independent operators and modest scale relative to the industry
leaders leave it more vulnerable to the weakening financial health
of its customers as it adjusts its cost structure to meet lower
demand levels", Boni added.

Downgrades:

Issuer: The Chefs' Warehouse, Inc.

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

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

Corporate Family Rating, Downgraded to B2 from B1

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD4) from
B1 (LGD3)

Outlook Actions:

Issuer: The Chefs' Warehouse, 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 food
distribution sector is highly exposed to the restaurant sector, one
of the sectors most significantly affected by the shock given its
sensitivity to widespread unit closures, consumer demand and
sentiment. More specifically, Chefs' Warehouse 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 Chefs' Warehouse of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The Chefs' Warehouse, Inc. B2 corporate family rating reflects its
adequate liquidity as supported by its approximately $175 million
of cash following borrowing under its revolving credit facility.
The rating also reflects its position as a premier distributor of
specialty food products in the United States and Canada. The
company benefits from serving customers a product portfolio with a
deep selection of specialty and center-of-the-plate food products
that differentiates its offering from the larger, traditional
broadline foodservice distributors. The company has been able to
command solid operating margins relative to its peers. Nonetheless,
its scale is remains modest as revenue and EBITDA are much smaller
than its relative public company foodservice industry peers. A key
credit constraint is the risk that Chefs' customer base may shrink
as a result of the current widespread restaurant closures. Chef's
niche focus is to independent operators who Moody's views as having
riskier credit profiles with weaker liquidity providing them with
less ability to withstand their closure in response to COVID-19.
Acquisitions have historically been integral to its growth.

The company's speculative grade liquidity rating was downgraded
from an SGL-3 to SGL-2 based on its revolver being almost fully
accessed combined with expected deterioration in its internally
generated cash flow. Its adequate liquidity is supported by its
cash position of approximately $175 million in March 2019 following
a $100 million draw on its revolver.

The negative outlook reflects Moody's view that Chefs' operating
performance and credit metrics will remain under considerable
pressure given its exposure to independent restaurants which are
expected to be hurt by the disruption of COVID-19 and the ensuing
weakness in consumer demand.

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

Factors that could result in an upgrade include an ability to
increase its scale while maintaining debt to EBITDA around 4.5
times and EBITA to interest above 2.25 times on a sustained basis.
An upgrade would also require Chefs' maintaining at least good
liquidity.

Factors that could result in a downgrade include leverage on a debt
to EBITDA basis of around 5.5 times or EBITA coverage of interest
below 1.75 times on a sustained basis. A deterioration in liquidity
for any reason could also result in a downgrade. The ratings could
also be negatively impacted in the event Chefs' financial strategy
towards acquisitions or shareholder returns became more
aggressive.

The Chefs' Warehouse, Inc. distributes specialty food products to
menu-driven independent restaurants, fine dining establishments,
country clubs, hotels, caterers, culinary schools, bakeries,
patisseries, chocolatiers, cruise lines, casinos, and specialty
food stores in the United States and Canada. The company generated
net sales of $1.6 billion for the twelve months ended December 27,
2019.


CHESAPEAKE ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to C
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Chesapeake Energy Corporation to C from CCC-. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

Headquartered in Oklahoma City, Chesapeake Energy Corporation is a
company engaged in hydrocarbon exploration.



CHOICE HOTELS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Choice Hotels International, Inc. to BB from BBB-.

Choice Hotels International, Inc. is a hospitality franchisor based
in Rockville, Maryland, United States.



CHOWDHRY CORPORATION: Seeks to Hire Eric J. Gravel as Counsel
-------------------------------------------------------------
The Chowdhry Corporation seeks authority from the US Bankruptcy
Court for the Northern District of California to employ The Law
Offices of Eric J. Gravel as its counsel.

Services the counsel will render are:

     (a) prepare and file all documents necessary for the
prosecution of its reorganization,
including preparation of the schedules and statement of affairs and
all related documents
required or needed to commence and thereafter to move the matter
toward reorganization;

     (b) appear with the debtor’s representative at the initial
debtor interview with the Office of the United States Trustee and
first meeting of creditors;

     (c) prepare of such orders as may be required, including
motions to employ professionals, motions to avoid preferences,
motions to sell real property, motions to assume or reject
executory contracts, motions to avoid liens and motions to compel
turnover of estate property;

     (d) prepare a disclosure statement and plan of reorganization
and appearance at
proceedings related to the confirmation of a plan of
reorganization;

     (e) assist the debtors in the preparation and filing of
required operating reports prior to confirmation and quarterly
reports post confirmation as required.

The Debtor will pay the counsel an initial retainer of $12,835.

Eric J. Gravel, Esq. and William F. McLaughlin, Esq., prospective
attorneys to perform the services, will charge $400 per hour for
their services.

The counsel can be reached through:

     Eric J. Gravel, Esq.
     350 Rhode Island #240
     San Francisco, CA 94103
     Telephone: (415) 767-3880
     EMAIL: ejgravel@gmail.com

     William F. McLaughlin, Esq.
     1305 Franklin Street, Suite 311
     Oakland, CA 94612
     Telephone: (510) 839-4456
     EMAIL: MCL551@AOL.COM

                 About The Chowdhry Corporation

The Chowdhry Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-30176) on Feb. 19,
2020, listing under $1 million on both assets and liabilities. Eric
J. Gravel, Esq. at LAW OFFICES OF ERIC J. GRAVEL represents the
Debtor as counsel.


CINEMEX HOLDINGS: Case Summary & 31 Largest Unsecured Creditors
---------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                      Case No.
     ------                                      --------
     Cinemex USA Real Estate Holdings, Inc.      20-14695
     175 South West 7th St., Suite 1108   
     Miami, FL 33130

     Cinemex Holdings USA, Inc.                  20-14696
     175 South West 7th St., Suite 1108
     Miami, FL 33130

Business Description: Cinemex Holdings USA, Inc. --
                      https://www.cmxcinemas.com -- operates,
                      through its subsidiaries, a movie theater
                      chain.  Cinemex Holdings offers 3D and 4D
                      theatres, as well as dining facilities.

Chapter 11 Petition Date: April 25, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Judge: Hon. Laurel M. Isicoff

Debtors'
Principal
Bankruptcy
Counsel:          QUINN EMANUEL URQUHART & SULLIVAN, LLP

Debtors'
Bankruptcy
Co-Counsel:       Jeffrey Bast, Esq.
                  BAST AMRON LLP
                  One Southeast Third Avenue
                  Suite 1400
                  Miami, FL 33131
                  Tel: 305.379.7904
                  Email: jbast@bastamron.com

Cinemex USA's
Estimated Assets: $100 million to $500 million

Cinemex USA's
Estimated Liabilities: $100 million to $500 million

Cinemex Holdings'
Estimates Assets: $100 million to $500 million

Cinemex Holdings'
Estimated Liabilities: $100 million to $500 million

The petitions were signed by Jose Leonardo Marti, president.

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

                    https://is.gd/75lKAh
                    https://is.gd/edaxiv

Consolidated List of Debtors' 31 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. BBVA Bancomer, S.A.              Unsecured Loan      $9,000,000
Institucion de Banca Multiple
Grupo Financiero BBVA Bancomer
Paseo De La Reforma 510, Piso 16
Col. Juarez Cuauhtemoc 06600
Ciudad De Mexico
Mexico
Concepcion Zunega/
EmmanuelEsquivel
Tel: +52 55 5201 2063
E-mail: monitoring_group.mx@bbva.com/
        agency_syndicated.mx@bbva.com

2. HSBC Mexico, S.A. Institucion    Unsecured Loan      $9,000,000
De Banca Multiple, Grupo
Financiero HSBC
Paseo De La Reforma 347
Col. Juarez Cuauhtemoc 06500
Ciudad De Mexico
Mexico
Adrian Morales/
Cinthia Ochoa/
Jesus Contreras
Tel: +52 55 5721 6416/
     +52 55 5721 6085/
     +52 55 5721 3784
E-mail: Adrian.morales@hsbc.com.mx/
        Cinthia.ochoa@hsbc.com.mx/
        Jesus.contrerasl@hsbc.com.mx

3. Scotiabank Inverlat, S.A.        Unsecured Loan      $9,000,000
Institucion de Banca Multiple
Grupo Financiero Scotiabank Inverlat
Lorenzo Boturini 202
Col. Transito, Del.
Cuauhtemoc, 06820
Ciudad De Mexico
Mexico
Arturo Munoz Rodriguez/
Fernando Lamas/
Alfredo Vazquez
Tel: +52 55 5123 2854/
     +52 55 5123 2821/
     +52 55 5123 2822
E-mail: arturo.munoz.rod@scotiabank.com/  
        fernando.lamas@scotiabank.com/
        alfredo.vazquez@scotiabank.com

4. SABCapital, S.A. De C.V.         Unsecured Loan      $9,000,000
Sociedad Financiera De Objeto
Multiple, Entidad Regulada
Miguel De Cervantes Saavedra
193 Piso 15, Colonia Granada
Miguel Hidalgo 11520
Ciudad De Mexico
55 5262 3200 Ext 12971
E-mail: ControlCreditosSindicados_SC@sabcapital.mx
MORALESMAR@bancosabadell.mx /OROZCOJ@bancosabadell.mx

5. Banco Santander (Mexico) S.A.    Unsecured Loan      $9,000,000
Institucion De Banca Multiple
Grupo Financiero Santander
Mexico
Prolongacion Paseo De La
Reforma 500 Piso 1
Modulo 109
Lomas De Santa Fe,
Alvaro Obregon
01219
Ciudad De Mexico
Mexico
Miguel Angel Aguilar Uribe/
Jose Manuel Garcia Bernat/
Laura Perdomo
Tel: +52 55 5269 1821/
     +52 55 5257 8000 Ext. 46148/
     +52 55 5257 8000 Ext. 40247
E-mail: maaguilar@santander.com.mx/
        jmgarciabe@santander.com.mx/
        lperdomo@santander.com.mx

6. Entertainment Supply &            Goods and/or       $4,470,456
Technologies, LLC                      Services
Northdale Executive Center
3820 Northdale Blvd #308-B
Tampa, FL 33624

7. VCC, LLC                          Goods and/or       $3,448,639
216 Louisiana Street                  Services
Little Rock, AR 72201

8. Twin Shores Management, LLC     Commerical Lease     $2,565,876
1039 State Street, Suite 203
Bettendorf, IA 52722

9. Phoenix Diversified Group, Inc. Commercial Lease     $2,518,965
4 Edison Place, Fairfield, NJ
07004-3507

10. Proctor Companies                Goods and/or       $1,158,083
10497 Centennial Road                  Services
Littletone, CO 80127

11. Universal Film Exchanges         Goods and/or       $1,082,067
P.O. Box 848270, Dallas, Texas         Services
755284

12. Serviuno, S.A. De C.V.           Goods and/or         $945,868
Av. Javier Barros Sierra 540           Services
Torre 1, Piso 2, Col. Santa Fe
Cuajimalpa De Morelos, Ciudad
De Mexico, C.P. 01210

13. Creative Realities, Inc.         Goods and/or         $638,622
13100 Magisterial Drive Suite 100      Services
Louisville, KY 40223

14. Sony Pictures Releasing          Goods and/or         $570,313
25 Madison Avenue 24th Floor           Services
New York, NY 10010

15. Buena Vista Pictures             Goods and/or         $544,976
Distribution                           Services
P.O. Box 732554
Dallas, TX 75373
Sandy Moruzzi
Tel: (818) 840-1940
Email: sandy.moruzzi@disney.com

16. NCR Corporation                  Goods and/or         $335,899
P.O. Box 198755                        Services
Atlanta, GA
30384-8755

17. Paramount Theatrical             Goods and/or         $335,286
Distribution                           Services
PO Box 748774
Los Angeles, CA
90074-8774

18. CDitech                          Goods and/or         $275,183
250 Stephenson Highway, Troy           Services
MI 48083

19. ACS Enterprises                  Goods and/or         $272,704
P.O. Box 810                           Services
Walnut, CA 91788-0810

20. Warner Brothers                  Goods and/or         $247,445
Distributing Inc.                      Services
P.O. Box 936193
Atlanta, GA
31193-6193

21. Mishorim Gold Properties, LP   Commercial Lease       $240,643
150 West Main St., Ste 1100
Norfolk, VA 23510
9378 Arlington Expressway
Suite 319
Jacksonville, FL 32225
Mark Gold
Tel: 702-528-3051
Email: Mark@mgoldgroup.com

22. Liberty Center LLC             Commercial Lease       $227,607
L-3745 Columbus OH
43260-3745
7630 Liberty Way
Liberty Township, OH 45069
Rodney Maggard
Tel: (513) 713-7464
Email: RMAGGARD@STEINER.COM

23. Dolphin Mall Associates LLC    Commercial Lease       $221,236
11401 NW 12th Street
Miami, FL 33172
Barbara Kreuser
Tel: (305)437-9922

24. SONY                             Goods and/or         $213,092
P.O. Box 840550                        Services
Dallas, TX 75284-0550
Robin Kittrell
Tel: (310) 244-8770
Email: Robin_Kittrell@spe.sony.com

25. ISTAR, Inc.                      Goods and/or         $203,489
P.O. Box 10745                         Services
Newark, NJ 07193-0745
1114 Avenue of the Americas
39th Floor
New York, NY 10036
Tel: (212) 930-9400

26. Shopcore Properties, LP       Commercial Lease        $202,376
P.O. Box 27324
San Diego, CA
92198-1324

27. Countryside Mall, LLC         Commercial Lease        $193,300
P.O. Box 50184
Los Angeles, CA
90074-0184
27001 US Highway 19
Suite 1039
Clearwater, FL 33761
Kevin Gray
Tel: (813)249-1605
Email: marks@tbacomm.com

28. MOAC Mall Holdings, LLC      Commercial Lease         $186,719
60 East Broadway
Bloomington, MN 55425

29. Paramount                      Goods and/or           $178,647
PO Box 748774                        Services
Los Angeles, CA
90074-8774

30. Carlyle/Cypress              Commercial Lease         $174,189
Leesburg, LLC
P.O. Box 392639, Pittsburgh, PA
15251-9298

31. IMAX Corporation               Goods and/or           $174,129
2525 Speakman Drive                 Services
Missisauga, Ontario, L5K 1B1
(Canada)


CLOUD I Q LLC: Exclusive Plan Filing Period Extended Until Aug. 15
------------------------------------------------------------------
Judge Michael Halfenger of the U.S. Bankruptcy Court for the
Eastern District of Wisconsin extended the exclusive periods during
which Cloud I Q, LLC may file a Chapter 11 plan of reorganization
and solicit acceptances for the plan through Aug. 15 and Oct. 15,
respectively.

                        About Cloud I Q LLC

Cloud I Q LLC, a Wisconsin-based IT solution provider, filed a
Chapter 11 petition (Bankr. E.D. Wis. Case No. 19-23680) on April
19, 2019.  In the petition signed by Jason Neilitz, member, the
Debtor estimated $0 to $50,000 in assets and $1 million to $10
million in liabilities. Judge Michael G. Halfenger oversees the
case.  Paul G. Swanson, Esq., at Steinhilber Swanson LLP, is
Debtor's bankruptcy counsel.


COLUMBIA NUTRITIONAL: Committee Hires Blakeley LLP as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of Bradley
Investments, Inc., seeks authorization from the U.S. Bankruptcy
Court for the Southern District of Alabama to retain Blakeley LLP,
as its counsel.

The Committee requires Blakeley LLP to:

     a. assist the Committee in its investigation of the acts,
conduct, assets, liabilities and financial condition of the
Debtors, the operation of the Debtors' business, including the
formulation of a plan of reorganization;

     b. advise the Committee as to its duties and powers;

     c. appear on behalf of the Committee at all meetings required
under the guidelines of the OUST;

     d. assist the Committee with respect to the legal
ramifications of any proposed financing, refinancing or sale of
real or personal property;

     e. advise the Committee regarding its rights and duties in
connection with leases and other agreements;

     f. prepare on behalf of the Committee necessary applications,
answers, orders, reports and other legal papers;

     g. assist the Committee in complying with the requirements of
the OUST;

     h. negotiate with holders of unsecured claims and to file
objections to such claims, if necessary;

     i. assist the Committee in preparing and presenting to the
Court a disclosure statement and plan of reorganization;

     j. obtain, and subject to Court approval, confirm a plan of
reorganization; and

     k. perform other legal services as may be required in the
interests of the creditors.

Blakeley LLP will be paid at these hourly rates:

     Ronald A. Cliffors      $425
     Other Associates        $245-$295
     Law Clerks              $145
     Paralegals              $145

Blakeley LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Ronald A. Clifford, partner of Blakeley 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 (a) is not creditors,
equity security holders or insiders of the Debtor; (b) has not
been, within two years before the date of the filing of the
Debtor's chapter 11 petition, directors, officers or employees of
the Debtor; and (c) does not have an interest materially adverse to
the interest of the 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 for any other
reason.

Blakeley LLP can be reached at:

     Ronald A. Clifford, Esq.
     BLAKELEY LLP
     18500 Von Karman Ave., Suite 530
     Irvine, CA 92612
     Tel: (949) 260-0611
     Fax: (949) 260-0613
     E-mail: RClifford@BlakeleyLLP.com

            About Columbia Nutritional

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

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

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



COLUMBIA NUTRITIONAL: Committee Taps Schweet Linde as Local Counsel
-------------------------------------------------------------------
The official committee of unsecured creditors of Columbia
Nutritional, LLC seeks approval from the U.S. Bankruptcy Court for
the Western District of Washington to retain Schweet Linde &
Coulson, PLLC, as local counsel to Blakeley LLP.

Schweet is to act as local counsel to Blakeley LLP proposed counsel
to the Committee and in that role, while ensuring that there are no
substantial duplication of effort.

Service to be rendered by Schweet are:

     a. advise the Committee as to its duties and powers;

     b. appear on behalf of the Committee at all meetings required
under the guidelines of the OUST;

     c. prepare on behalf of the Committee necessary applications,
answers, orders, reports ad other legal papers;

     d. assist the Committee in complying with the requirements of
the OUST; and
  
     e. perform such other legal services as may be required in the
interests of the creditors.

Schweet's hourly rates:

     Partners/Of Counsel     $400
     Associate Attorneys     $300
     Law Clerks              $175
     Paralegals              $165

Schweet does hold or represent any interest adverse to the Debtor,
any creditors, or this Chapter 11 case, according to court
filings.

The firm can be reached through:

     Lauin Schweet, Esq.
     Schweet Linde & Coulson, PLLC
     575 S. Michigan Street
     Seattle, WA 98108
     Phone: 206-275-1010
     Fax: 206-381-0101

                   About Columbia Nutritional

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

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

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


COMMSCOPE HOLDING: Moody's Alters Outlook on B1 CFR to Negative
---------------------------------------------------------------
Moody's Investor's Service affirmed CommScope Holding Company
Inc.'s B1 corporate family rating, B1-PD probability of default
rating and changed the outlook to negative from stable. The change
to a negative outlook is due to the heightened risk of performance
declines as a result of the COVID-19 driven macroeconomic headwinds
in light of the companies very high leverage. Additionally, Moody's
affirmed CommScope, Inc.'s Ba3 senior secured rating and B3 senior
unsecured rating, as well as CommScope Technologies LLC's B3 senior
unsecured rating. The SGL-2 speculative grade liquidity rating
remains unchanged.

RATINGS RATIONALE

The change in outlook reflects the impact of a macroeconomic
slowdown on CommScope's business and the company's ability to
de-lever. While Moody's expects certain of CommScope's end markets
to remain strong through the downturn, certain segments will be
negatively impacted. Moody's expects CommScope's wireless industry
segments will remain relatively strong driven by 5G preparation and
buildouts and certain cable industry segments will benefit from
increased bandwidth demand and network rebuilds. Set top box
declines will continue to be a major headwind and enterprise
focused segments will face cut backs in corporate IT infrastructure
spending. Overall Moody's expects organic revenues to decline at
high single digit levels in 2020 and potentially higher depending
on the severity of the downturn. CommScope's leverage was
approximately 7.5x as of December 31, 2019 pro forma for a full
year of the ARRIS acquisition and current headwinds will delay
de-leveraging. Moody's had originally expected leverage to decline
to the mid 6x range by FYE 2020 as a result of rapid debt repayment
and EBITDA growth.

The B1 CFR is driven by the company's high financial leverage
stemming from the ARRIS acquisition as well as volatile end market
spending patterns balanced by the combined companies' scale and
leading market positions supply numerous telecoms, broadband and
enterprise connectivity markets. CommScope is expected to have
modest overall growth over the next several years as 5G spending
ramps up offset by declines in the set-top box business. Although
Moody's expects the company to focus on repaying debt, the
recession will slow the pace of repayment.

The negative outlook reflects its expectation of near-term
performance declines, uncertainty around and the timing and pace of
a global economic recovery, as well as CommScope's ability to
de-lever over the next 12-18 months.

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

Given the negative outlook, an upgrade of CommScope's ratings is
unlikely. However, an upgrade could occur if the company can return
to revenue growth, leverage is on track to decline to 5.0x
(including Moody's adjustments) and liquidity remains solid.

Moody's would consider a downgrade if performance does not recover
within the next 12-18 months, leverage is not on track to fall
below 6.5x or liquidity deteriorates materially.

The SGL-2 rating reflects good liquidity based on $600 million of
cash on the balance sheet as 12/31/2019, plus another $250 million
CommScope drew on the revolver in March 2020. There are no material
financial covenants and Moody's expects the company to generate
over $300 million of FCF in FY 2020.

A summary of its action follows:

Affirmations:

Issuer: CommScope Holding Company, Inc.

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Issuer: CommScope Technologies LLC

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Issuer: CommScope, Inc.

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD3)

Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD3)

Senior Unsecured Regular Bond/Debenture, Affirmed B3 (LGD5)

Outlook Actions:

Issuer: CommScope Holding Company, Inc.

Outlook, Changed to Negative from Stable

CommScope Holding Company Inc. is the holding company for CommScope
Inc., a supplier of connectivity and infrastructure solutions for
the wireless industry, telecom service and cable service providers
as well as the enterprise market. CommScope acquired ARRIS, one of
the largest providers of equipment to the cable television and
broadband industries in April 2019. Pro forma combined revenues
were approximately $9.8 billion for the fiscal year ended December
2019. CommScope is headquartered in Hickory, NC.

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


COMMUNITY PROVIDER: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

   Debtor                                           Case No.
   ------                                           --------
   Community Provider of Enrichment Services, Inc.  20-10554
     dba CPES, Inc.
   4825 North Sabino Canyon Road
   Tucson, AZ 85750

   Novelles Developmental Services, Inc.            20-10553
   311 West Church Street
   Santa Maria, CA 93458

Business Description: CPES -- https://www.cpes.com/ -- is a
                      community human services and healthcare
                      organization.  CPES offers a full range of
                      community-based behavioral health services,
                      substance abuse treatment, foster care, and
                      intellectual and developmental disability
                      supports with locations throughout Arizona
                      and California.

Chapter 11 Petition Date: April 24, 2020

Court: United States Bankruptcy Court
       Central District of California

Debtors' Counsel: Ryan M. Salzman, Esq.
                  FAEGRE DRINKER BIDDLE & REATH LLP
                  1800 Century Park East, Suite 1500
                  Los Angeles, CA 90067
                  Tel: (310) 203-4049
                  Fax: (310) 229-1285
                  E-mail: Ryan.Salzman@faegredrinker.com

Community Provider's
Estimated Assets: $1 million to $10 million

Community Provider's
Estimated Liabilities: $1 million to $10 million

Novelles Developmental's
Estimated Assets: $100,000 to $500,000

Novelles Developmental's
Estimated Liabilities: $100,000 to $500,000

The petitions were signed by Mark G. Monson, president & chief
executive officer.

A copy of Community Provider's petition containing, among other
items, a list of the Debtor's 20 largest unsecured creditors is
available for free at PacerMonitor.com at:

                      https://is.gd/SacliU

A copy of Novelles Developmental's petition containing, among other
items, a list of the Debtor's 14 unsecured creditors is available
for free at PacerMonitor.com at:

                     https://is.gd/mTB5ZN


CONN'S INC: Moody's Lowers CFR to B2 & 2022 Unsec. Notes to Caa1
----------------------------------------------------------------
Investors Service downgraded Conn's, Inc. ratings, including its
corporate family rating to B2 from B1, probability of default
rating to B2-PD from B1-PD, and its unsecured notes due 2022 to
Caa1 from B3. The ratings outlook is negative. The company's
speculative grade liquidity rating was downgraded to SGL-3 from
SGL-2.

The downgrade and negative outlook reflect both the risks related
to the severe disruptions caused by the global spread of the
coronavirus (COVID-19), including the potential that a prolonged
reduction in discretionary consumer spending will pressure Conn's
retail and credit operations, leading to a deterioration in credit
metrics over the next twelve months. During this timeframe, the
company will need to address the May and July 2022 maturities of
its ABL revolver and unsecured notes. The company has pro-actively
taken steps to improve the performance of its credit portfolio,
although these steps have partially contributed to an accelerated
decline in retail same-store sales. It has also taken steps to
reduce costs and preserve capital. Liquidity is adequate, supported
by balance sheet cash and excess availability under its ABL
revolver, with free cash flow currently benefitting from ongoing
receivables collections and reduced inventory purchases.

Downgrades:

Issuer: Conn's, Inc.

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

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

Corporate Family Rating, Downgraded to B2 from B1

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Conn's, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

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

Conn's B2 CFR reflects the company's weakening credit metrics
stemming from material revenue and EBITDA declines in late 2019 due
to significant price deflation within consumer electronics, tighter
credit underwriting, and higher provision for bad debts. Reduced
store hours and the potential for higher unemployment and a
prolonged reduction in discretionary consumer spending will also
likely pressure Conn's retail and credit operations, leading to a
deterioration in credit metrics over the next twelve months. As of
January 31, 2020, debt/EBITDA and EBIT/Interest were around 5.6x
and 2.1x versus 5.1x and 2.3x last year. Conn's debt is more
heavily-weighted towards the financing of the credit portfolio
rather than the retail segment of the business, with the debt mix
roughly 55% tied to the credit portfolio (around $773 million), and
45% revolver, notes and lease adjustments ($29 million, $227
million and around $376 million, respectively). Ratings are also
driven by Conn's relatively small size and limited geographic
breadth, with heavy reliance at present on the vagaries of the
Texas economy, which despite recent initiatives, can still have a
disproportionate impact on the performance of Conn's credit
business. The rating also considers Conn's dedicated customer base
and attractive product and finance offerings that offer a
compelling alternative to rent-to-own, as well as governance
considerations, specifically a conservative leverage policy.

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

Ratings could be downgraded if operating performance challenges
persist and credit metrics materially deteriorate, or if liquidity
weakens through negative free cash flow, increasing covenant
concerns or failure to address debt maturities well ahead of
becoming current. Quantitative metrics include EBIT/interest
falling below 1.25 times.

Ratings could be upgraded if operating performance in both the
retail and credit businesses sustainably improve, and liquidity
improves by extending its debt maturity profile in an economic
manner. Specific metrics include Debt/EBITDA sustained below 6.0
times, and EBIT/interest above 2.5 times.

Headquartered in The Woodlands, Texas, Conn's is a retailer of
predominantly furniture, home appliances, and consumer electronics
with a network of 137 stores in Texas (64) and surrounding states
as of January 31, 2020, and annual revenues exceeding $1.5 billion.
It provides proprietary financing of its products on a secured
installment loan basis which accounts for around 68% of retail
revenues.


COOPER TIRE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cooper Tire & Rubber Company to B from BBB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A1.

Headquartered in Findlay, Ohio, Cooper Tire & Rubber Company
manufactures and markets replacement tires.



CORECIVIC INC: Fitch Lowers IDR to BB- & Unsec. Notes Rating to BB-
-------------------------------------------------------------------
Fitch Ratings has downgraded CoreCivic, Inc.'s (NYSE: CXW) Issuer
Default Rating to 'BB-' and senior unsecured notes ratings to
'BB-'/'RR4'. Fitch has affirmed the ratings of the secured term
loans and revolving credit facility at 'BB+'/'RR1', two notches
above the IDR due to the seniority of these instruments and higher
expected recovery under a default scenario. The Rating Outlook is
Negative.

The downgrade reflects Fitch's view that CXW's leverage (net
debt-to-recurring operating EBITDA) will sustain above 4.0x through
2022, partly due to occupancy and expense pressure related to the
coronavirus pandemic.

The Negative Outlook reflect the fact that the issuer has more
limited ability to reduce leverage than other U.S. Equity REITs due
to the negative capital access trends for private prison
operators.

Increased institutional lender and investor focus on ESG could
reduce the company's access to attractively priced public equity
and debt capital. Furthermore, the issuer lacks access to secured
mortgages, a key contingent liquidity source for equity REITs,
making it more reliant on bank and debt capital markets access.

Fitch will assess the company's ability to replace existing bank
syndicate members and access new and existing capital sources
during the one-to-two-year Outlook horizon, including public and
private bonds and equity.

KEY RATING DRIVERS

Coronavirus to Pressure Occupancy and Expenses: Fitch expects
prison REITs in the U.S. will see lower revenues, EBITDA and FCF as
the coronavirus results in lower occupancy rates. Fitch expects
prison occupancy rates to decline amid early releases related to
the coronavirus, declining overall crime rates and lower detention
rates by U.S. Immigration and Customs Enforcement, CXW's largest
customer (29% of revenues at Dec. 31, 2019).

Fitch's CXW rating case provides for a 210bps occupancy decline and
increased operating expenses associated with higher labor and
personal protective equipment costs. Fitch estimates that roughly
75% of CXW's operating expenses are fixed, which further
exacerbates the impact occupancy loss has on cash flows. Fitch's
rating case assumes half of the occupancy loss reverts in each 2021
and 2022 and operating expenses normalize in 2021.

Leverage Exceeds Downgrade Sensitivities: Fitch projects CXW's
leverage (net debt-to-recurring operating EBITDA) to sustain in the
4x range through 2021, absent any offsetting actions by the issuer,
which is above Fitch's rating sensitivity of 4x. Net debt to
recurring operating EBITDA was 4.1x and 4.3x for the years ended
Dec. 31, 2019 and 2018, respectively. Even before the coronavirus
pandemic, the issuer's guidance indicated leverage to sustain above
4x through 2020, the level Fitch views more consistent with a lower
IDR.

CXW access to attractively priced public and private equity is
limited, partly due to growing ESG concerns, making this an
unlikely de-levering avenue. The company has some ability to retain
cash via reducing its annual dividend and/or satisfying a portion
of its REIT distribution requirements via share dividends, rather
than cash. CXW paid cash dividends of $210 million during 2019.

ESG Considerations Weaken Capital Access: The primary factor
underpinning the continued Negative Outlook is the weaker access to
traditional capital sources as institutional capital providers
incorporate ESG considerations into their investment strategies.

During 2019, four of the lead lenders in CXW's $1.0 billion secured
credit facility have announced they will stop lending and providing
financial services to the private prison industry, including J.P.
Morgan, Bank of America, SunTrust Bank and PNC Bank. Other banks
that have publicly announced plans to stop lending to private
prison operators during 2019 include Wells, BNP Paribas, Fifth
Third, Barclays, and U.S. Bank.

It is unclear if additional banks will sever ties with the sector,
which is reflected in Fitch's Negative Outlook for the company.
CXW's ratings assume the company replaces these syndicate members
with alternative lending partners, primarily regional and foreign
banks and non-bank financial institutions. The issuance of a senior
secured term loan B in late-2019 is a positive signal that prison
REITs retain access to the secured loan markets, albeit at a higher
price (L+450).

CXW has an ESG Relevance Score of 5 for Exposure to Social Impacts
category due to the pullback of U.S. and international banks, which
has a negative impact on the credit profile, and is highly relevant
to the rating.

Other Tenets of Ratings Unchanged: CXW retains a strong competitive
position in the private prison industry as one of the two largest
private prison providers. The 'BB-' ratings are offset by high
tenant and asset concentrations, as well as limited contingent
liquidity of CXW's correctional assets. Prisons have limited to no
alternative uses, and the properties are often in rural areas. The
company has never obtained a mortgage on any of its owned prison
properties, exhibiting a lack of contingent liquidity, and there is
not a deep property transaction market for this property type.
Fitch would view increased institutional interest in secured
lending for owned prisons throughout business cycles as a positive
credit characteristic.

Secured Credit Facility and Term Loan Notching: Fitch rates the
secured term loans and revolving credit facility 'BB+'/'RR1', two
notches above the IDR, as they are effectively senior to the
unsecured bonds and Fitch would expect superior recovery under a
default scenario.

DERIVATION SUMMARY

Fitch's ratings for CXW consider the contractual nature of the
company's cash flows, balanced by the limited alternative uses and
secured mortgage debt availability for CXW's corrections assets, as
well as the cash retention constraints stemming from the REIT tax
election. As a result, Fitch analyzes the company more like a
traditional cash flow-generating corporate entity, as opposed to an
asset-rich equity REIT.

Despite being strong by U.S. equity REIT standards, CXW's leverage
(4x range) and fixed charge coverage (3x-4x) metrics insufficient
for investment grade ratings given less robust institutional
investor and lender demand for the company's assets.

No country ceiling, parent/subsidiary or operating environment
aspects has an impact on the rating.

KEY ASSUMPTIONS

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

  -- CPI-based annual increases of revenue per compensated man-day
through 2023;

  -- Fitch has included a coronavirus reserve within operating
EBITDA that reduces occupancy by 210bps along with a 250bps
increase in fixed operating expenses associated with higher labor
and PPE costs. Fitch assumes half of the occupancy loss reverts in
each 2021 and 2022 and operating expenses revert to normalized
levels in 2021;

  -- Capital deployment limited to acquisitions/dispositions closed
or under contract and development expenditures delayed into 2021;

  -- Credit facility and bonds refinanced at higher rates and
revolving credit facility drawn for financing needs on the
margins;

  -- No equity issuance through the forecast period.

RATING SENSITIVITIES

Fitch does not envision positive rating momentum in the near term,
but the following may have a positive impact on CXW's ratings
and/or Outlook:

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Improvements in capital lending from financial institutions,
including the issuer's ability to replace syndicate members and
access to alternative sources of capital (e.g. private placement
debt, joint ventures (JVs), or mortgage lending activity in the
private prison sector);

  -- Fitch's expectation of net debt to recurring operating EBITDA
sustaining below 4.0x in combination with higher retained cash flow
after dividends.

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

  -- Deterioration in the capital-raising environment indicating
reduced financial flexibility and/or a weakened liquidity profile;

  -- Fitch's expectation of net debt to recurring operating EBITDA
sustaining above 5.0x;

  -- Fitch's expectation of REIT fixed-charge coverage (recurring
operating EBITDA adjusted for straight line rents and maintenance
capex relative to interest and preferred dividends) sustaining
below 3.0x;

  -- Decreasing market share, increased pressure on per diem rates
from customers and/or profitable contract losses;

  -- Material political decisions negatively affecting the
long-term dynamics of the private correctional facilities
industry.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch estimates CXW's sources of liquidity
(unrestricted cash, availability under its $800 million secured
revolver and estimated retained operating cash flows) cover its
uses (debt maturities, estimated recurring maintenance capex, and
development expenditures) by over 3x through Dec. 31, 2021.

Fitch believes CXW has adequate liquidity under its $800 million
revolver to address its debt maturities through 2022. However, the
company will need to replace at least four lead lenders that have
publicly announced plans to stop lending to private prison
operators at, or before its revolver matures in April 2023. CXW has
$350 million of unsecured bonds maturing on May 1, 2023.

CXW has maintained an approximate 70%-80% AFFO payout ratio, which
is consistent with the broader REIT sector. Excess cash flow
supports maintenance capex, prison construction, debt reduction and
other general corporate activities.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

CXW has an ESG Relevance Score of 5 for Exposure to Social Impacts
category due to the pullback of U.S. and international banks, which
has a negative impact on the credit profile, and is highly relevant
to the rating.

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


COUNTERPATH CORP: Product Demand Soars Amid COVID-19 Pandemic
-------------------------------------------------------------
CounterPath Corporation provided an update on the impact of
COVID-19 on the Company.

The COVID-19 global public health emergency has resulted in strong
demand for CounterPath products and services so far during the
fourth quarter ending April 30, 2020.  CounterPath solutions
enabled many businesses, including essential services, to continue
to communicate remotely.  Bria Solo, Bria Teams, and Bria
Enterprise have all experienced growth propelled by the immediate
need of end-users to work from home with a secure and a reliable
solution providing voice and video calling, messaging, screen
sharing and collaboration.  All go-to-market routes have been
strong, including the on-line stores, the channel partner program,
and direct sales from the Company's in-house sales team.  Increased
demand has resulted from both new customers and existing customers.
For example, new customers include a large U.S. federal government
entity that purchased Bria Enterprise as part of an effort to
support on-site and remote workers, while a major North American
airline selected a carrier partner leveraging the CounterPath Bria
solution to deliver a remote call center agent solution.
CounterPath solutions are also being deployed in essential service
environments such as by health care solution providers to enable
communication between health professionals within hospital
environments.

As a result of these developments, the Company provided guidance
for the fourth quarter and the year ending April 30, 2020.

Fourth Quarter Ended April 30, 2020 Guidance (unaudited)

   * Revenue of $3.6 million to $4.0 million, resulting in growth
     of 26% to 40% compared to the fourth quarter of fiscal 2019.

   * Income from operations of $0.4 million to $0.8 million
     compared to loss from operations of $1.0 million for the
     fourth quarter of fiscal 2019.

Fiscal Year Ended April 30, 2020 Guidance (unaudited)

   * Revenue of $11.6 million to $12.0 million, resulting in    
     growth of 8% to 12% compared to fiscal 2019.

   * Loss from operations of $0.8 million to $1.2 million
     compared to loss from operations of $5.2 million for fiscal
     2019.

"We experienced a solid uptake across our business this quarter
while seamlessly implementing our own successful work from home
policy using Bria to facilitate customer demand," said David Karp,
chief executive officer.  I am extremely proud of the team's
response in supporting our customers through this difficult period.
As a result of the increase in orders and service levels, all of
the Company's operations have been running at near full capacity.
It has been a transitional year as our operating costs declined
while our revenue grew throughout the year, capped off by what is
expected to be an exceptional fourth quarter.  While certainly some
of the increase in revenue from the COVID-19 pandemic will be
temporary, the immediate need we are seeing could turn into a
lasting trend in the Telecommunications sector.  According to
Gartner, 74% of companies plan to permanently shift at least 5% of
the work force to work remotely post COVID-19[1].  Aside from the
benefit realized from the increase in demand from COVID-19, the
Company continues to execute its business plan and is operationally
stronger as we finish this fiscal year."

The Company intends to provide its audited financial results in
July 2020.

                       About CounterPath

Headquartered in Vancouver, British Columbia, Canada, CounterPath
Corporation -- http://www.counterpath.com/-- designs, develops and
sells software and services that enable enterprises and
telecommunication service providers to deliver Unified
Communications (UC) services, including voice, video, messaging and
collaboration functionality, over their Internet Protocol, or IP,
based networks.

CounterPath recorded a net loss of $5.01 million for the year ended
April 30, 2019, compared to a net loss of $3.22 million for the
year ended April 30, 2018.  As of Jan. 31, 2020, the Company had
$11.99 million in total assets, $10.21 million in total
liabilities, and $1.78 million in total stockholders' equity.

BDO Canada LLP, in Vancouver, British Columbia, the Company's
auditor since 2006, issued a "going concern" qualification in its
report dated July 10, 2019, citing that the Company has incurred
losses and has an accumulated deficit of $68,581,091 as of April
30, 2019.  These events or conditions, along with other matters,
indicate that a material uncertainty exists that may cast
substantial doubt about its ability to continue as a going concern.


CUSTOM FABRICATIONS: Allowed to Use Cash Collateral on Final Basis
------------------------------------------------------------------
Judge Neil Bason of the U.S. Bankruptcy Court for the Central
District of California granted Custom Fabrications International,
LLC's cash collateral motion on a final basis, on the same terms
and conditions previously ordered.

A continued status conference is scheduled to take place on May 12,
2020 at 1:00 p.m.

Judge Bason's standard conditions for use of cash collateral
includes:

     (a) The Debtor is directed to maintain insurance in a dollar
amount at least equal to Debtor's good faith estimate of the value
of such creditor's interest in the collateral, and such insurance
will name such creditor as an additional insured. The Debtor is
also directed to remain current on payments for such insurance.

     (b) The Debtor is directed to remain current on payments on
account of postpetition real estate taxes (to the extent that real
estate is part of the collateral).

     (c) The Debtor must provide periodic accountings of the
foregoing insurance and tax obligations and payments, as well as
postpetition proceeds, products, offspring, or profits from the
collateral. The Debtor must also provide appropriate documentation
of those accountings, and access for purposes of inspection or
appraisal.

     (d) The secured creditors named in the motion papers are
granted replacement liens, but such liens will be limited to the
same validity, priority, and amount as prepetition liens. Such
liens will be limited to the type of collateral in which the
creditor held a security interest as of the petition date.

            About Custom Fabrications International

Custom Fabrications International, LLC, filed a Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 20-12531) on March
6, 2020, disclosing under $1 million in both assets and
liabilities.  The Debtor is represented by Kevin Tang, Esq., at
Tang & Associates.



CW WELDING: Unsecured Creditors to Get $24K Per Year for 3 Years
----------------------------------------------------------------
CW Welding & Fabrication, LLC (Parent Co. Debtor), CW Equipment,
LLC and CW Fabrication, LLC, filed a Third Amended Joint Chapter 11
Plan of Reorganization and a corresponding Disclosure Statement on
April 9, 2020.

The Debtors filed amended petitions on March 2, 2020, and elected
to proceed as small business debtors under Subchapter V of Chapter
11 of the Bankruptcy Code.

The Plan contemplates substantive consolidation of the bankruptcy
estates of the Parent Co. Debtor, CW Equipment and CW Fabrication.
This means that all three of the Debtors would be merged to
constitute a single pool of assets and a single pool of
liabilities, rather than being administered as three separate pools
of assets and liabilities.  All trade creditors except one filed
proofs of claim in the Parent Co. Debtor case only.  Other than the
deficiency claims of secured creditors, there are no other
unsecured creditors of CW Equipment or CW Fabrication.  

Class 1 consists of the Allowed Secured Claim of First Independent
Bank (FIB).  FIB will have an allowed secured claim in the amount
of the Cash Collateral Account plus $125,000.  In satisfaction of
such claim, it will be entitled to receive 100% of the Cash
Collateral Account of the DIP Order on the effective date of the
Plan; and monthly payments of $2,907 at a rate of 5.5% per annum.

Class 4 General Unsecured Claims are not secured by property of the
estate and not entitled to priority under Section 507 of the Code.
Class 4 consists of all General Unsecured Claims against the
Debtors.  The Debtors estimate the total pool of allowed general
unsecured claims to be $1,013,658 (including deficiency claims).   
On account of their deficiency claims, the following lenders will
have allowed Class 4 Claims: FIB for $374,176 and SWIF for
$329,531 and MWB for $19,490.  West Central Steel (or its assignee)
will have an allowed general unsecured claim for $124,059.  In full
satisfaction of such claims, each Holder of a Class 4 Claim will
receive its pro rata share of $24,000 per year on the first, second
and third anniversary of the effective date.  Class 4 is impaired
and entitled to vote to accept or reject the Plan

A full-text copy of the Third Amended Disclosure Statement dated
April 9, 2020, is available at https://tinyurl.com/wjhk6vy from
PacerMonitor at no charge.

Counsel for the Debtors:

     Karl Johnson
     Briggs and Morgan P.A.
     2200 IDS Center
     80 South 8th Street
     Minneapolis, MN 55402
     Tel: (612) 977-8400
     E-mail: kjohnson@briggs.com

              - and -

     Kesha L. Tanabe
     TANABE LAW
     4304 34th Ave. S.
     Minneapolis, MN 55406
     Telephone: (612) 735-0188
     E-mail: kesha@tanabelaw.com

                About CW Welding & Fabrication

CW Welding and Fabrication -- https://www.cwweld.net/ -- is a
locally owned and operated welding and fabrication company located
in Southwestern Minnesota. The Company also custom builds trailers,
fish-house frames, agricultural products, grain chutes/transitions,
rock boxes, and other specialty equipment.

CW Welding & Fabrication, LLC, CW Equipment, LLC, CW Fabrication,
LLC, and CW, LLC, filed voluntary petitions seeking relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Lead Case No.
19-30650) on March 6, 2019.  The petitions were signed by Neil D.
Cole, president.  CW Welding estimates $405,588 in total assets and
$1,586,406 in total liabilities.

The Debtors tapped Karl J. Johnson, Esq., at Hellmuth & Johnson,
PLLC, and Kesha Tanabe, Esq., at Tanabe Law, as bankruptcy
attorneys; and Briggs and Morgan, P.A., as co-counsel.


CYTODYN INC: Appoints Dr. Samir Patel to its Board of Directors
---------------------------------------------------------------
Samir R. Patel, M.D., has joined CytoDyn Inc.'s Board of Directors.


Dr. Patel is an active entrepreneur serving as co-founder and CEO
of Digital Therapeutics, LLC, co-founder of SPEC Pharma, LLC,
consultant for GE Global Research, and principal in PranaBio
Investments, LLC, which provides strategic advisory services for
small cap biotechnology companies.  Previously he was medical
director at Centocor, Inc., (now Janssen Biotech, Inc.) a Johnson &
Johnson Company.  Dr. Patel is board certified in rheumatology and
was in medical practice in Austin, Texas.  He has published several
papers from his clinical research studies.  Dr. Patel received his
BS in Biology from University of Cincinnati, Doctor of Medicine
from Medical College of Ohio, and completed his internal medicine
internship and residency, as well as rheumatology fellowship at
University of New Mexico School of Medicine Affiliated Hospitals.

Dr. Patel commented, "I am honored to have the opportunity to join
CytoDyn's Board at this important time.  The Company is in a very
unique position to have such a broad array of potential clinical
indications to explore with leronlimab.  I look forward to working
closely with the entire CytoDyn team to advance the Company's drug
for the benefit of patients and our shareholders."

Dr. Scott Kelly, chairman of the Board, chief medical officer and
Head of Business Development, added, "We are very pleased Dr. Patel
has joined our Board.  He brings a wealth of experience, which
uniquely combines his medical training, inventorship, clinical
research and broad business experience in the biotechnology space.
We are excited to have Dr. Patel on our team."

In connection with Dr. Patel's appointment as a director, on April
17, 2020, the Board approved a grant of a Non-qualified Stock
Option to purchase 12,329 shares of the Company's common stock,
$0.001 par value per share, representing a pro rata portion of the
annual option grant received by each director.  The option has an
exercise price of $2.25 per share, which was the closing sale price
of the Company's Common Stock on the grant date, and a ten-year
term.  The option will fully vest on May 31, 2020.

                      About CytoDyn Inc.

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

As of Feb. 29, 2020, the Company had $38.82 million in total
assets, $43.20 million in total liabilities, and a total
stockholders' deficit of $4.38 million.

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


DAK RESOURCES: Seeks to Hire a Chief Financial Officer
------------------------------------------------------
DAK Resources, Inc., seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to employ a chief financial
officer.

The Debtor wishes to hire Lewis Hunter, CPA, as its chief financial
officer.

Services Mr. Hunter will render are:

     a. help the Debtor prepare and file monthly operating
reports;

     b. provide other services, including the filing of required
tax returns and to advise the Debtor regarding what is needed to
deal with the tax liabilities owed to State and Federal
governments;

     c. assist with financial issues, including any needed
debtor-in-possession financing and maintaining a sufficient cash
flow to operate the business.

Mr. Hunter will be compensated at the rate of $1,125 per week.

Mr. Hunter attests that he has no connection with the creditors or
other parties in interest and he does not represent any interest
adverse to the Debtor.

The accoutant can be reached through:

     Lewis Hunter, CPA
     Hunter & Associates, P.A.
     8130 Baymeadows Way West, Suite 305
     Jacksonville, FL 32256
     Phone: (904) 731-9222
     Fax: (904) 731-0352
     Email: admin@huntercpa.com

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.


DAK RESOURCES: Seeks to Hire Edward P. Jackson as Attorney
----------------------------------------------------------
DAK Resources, Inc., seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Edward P. Jackson,
P.A. as its attorney.

Professional services the attorney will render are:

     a. advise and counsel the Debtor in possession ensuring
operation of its business in compliance with Chapter 11 and the
orders of this court;

     b. prosecute or defend any cause of action on behalf of the
Debtor in possession;

     c. prepare and file on behalf of the Debtor in possession, any
necessary applications, motions, reports and other legal pleadings
and documents;

     d. assist in the formulation of the plan of reorganization;

     e. provide all of the services of the legal nature that relate
to Debtor's bankruptcy reorganization.

The attorney will charge $350 per hour for its services.

The firm can be reached through:

     Edward P. Jackson, Esq.
     Edward P. Jackson, P.A.
     255 N. Liberty Street, 1st floor
     Jacksonville, FL 32202
     Phone: (904) 358-1952
     Fax: (904) 358-1288

                       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.


DANA INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Dana Incorporated to B- from B.

Headquartered in Maumee, Ohio, Dana Incorporated is a global leader
in the drive train and e-Propulsion systems.



DEAN & DELUCA: Seeks to Hire Brown Rudnick as Counsel
-----------------------------------------------------
Dean & Deluca New York, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of New York to employ Brown Rudnick LLP, as counsel to the Debtor.

Dean & Deluca requires Brown Rudnick to:

   (a) provide legal advice with respect to the Debtors' rights
       and duties as debtors in possession;

   (b) prepare on behalf of the Debtors of all necessary
       petitions, applications, motions, objections, responses,
       answers, orders, reports and other legal papers;

   (c) pursue confirmation of a plan of reorganization and
       approval of the corresponding solicitation procedures and
       disclosure statement;

   (d) attend at any meetings and negotiations with
       representatives of creditors, equity holders or other
       parties-in-interest in connection with the above matters;

   (e) provide of general corporate, capital markets, employment,
       tax and litigation advice and other general non-bankruptcy
       legal services to the Debtors, as may be requested by the
       Debtors;

   (f) appear before the Bankruptcy Court, any appellate courts
       and the U.S. Trustee to protect the interests of the
       Debtors; and

   (g) perform all other legal services for the Debtors that are
       necessary and proper in this proceeding.

Brown Rudnick will be paid at these hourly rates:

     William R. Baldiga               $850
     Bennett S. Silverberg            $850
     Tristan G. Axelrod               $690

In the 90-day period prior to the Chapter 11 Petition Date, the
Debtors paid a total of $516,972.98 to Brown Rudnick on account of
services performed and expenses incurred in connection with its
advice to the Debtors and the preparation for the commencement and
prosecution of these Chapter 11 Case.

Brown Rudnick will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  Yes. As of the Petition Date, Brown Rudnick agreed
              to bill non-working travel time at half the
              otherwise applicable hourly rate and will not
              charge for disbursements not otherwise compensable
              under sections 330 and 331 of the Bankruptcy Code.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Prior to January 1, 2020, Brown Rudnick charged an
              agreed blended attorney rate of $750 per hour. On
              January 1, 2020, the Debtors and Brown Rudnick
              agreed to increase the blended rate to $850 per
              hour in light of the Debtors' request and
              acknowledgement that the work in preparing for and
              conducting the Chapter 11 Cases, if and when
              commenced, would require a disproportionate amount
              of senior partner time, as opposed to the prior
              work done, making the higher blended hourly rate
              fair and reasonable under the circumstances.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  The Debtors have approved Brown Rudnick's general
              staffing plan, which is described in the
              Application.

William R. Baldiga, partner of Brown Rudnick 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.

Brown Rudnick can be reached at:

     William R. Baldiga, Esq.
     Bennett S. Silverberg, Esq.
     BROWN RUDNICK LLP
     Seven Times Square
     New York, NY 10036
     Tel: (212) 209-4800

              About Dean & Deluca New York, Inc.

Dean & DeLuca New York, Inc. is a multi-channel retailer of premium
gourmet and delicatessen food and beverage products under the Dean
& DeLuca brand name. It traces its roots to the opening of the
first Dean & DeLuca store in the Soho district of Manhattan, New
York City by Joel Dean and Giorgio DeLuca in 1977.

Affiliate Dean & DeLuca, Inc. was incorporated in Delaware in 1999.
On Sept. 29, 2014, Pace Development Corporation, through its wholly
owned subsidiary, Pace Food Retail Co., Ltd., acquired 100% of the
shares of Dean & DeLuca, Inc. from its then shareholders.

Dean & DeLuca New York and six affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-10916) on March 31, 2020. At the time of the filing, Debtors had
estimated assets of between $10 million and $50 million and
liabilities of between $100 million and $500 million.

The Debtors tapped Brown Rudnick LLP as their legal counsel, and
Stretto as claims and noticing agent.


DELAWARE VALLEY UNIV: Moody's Alters Outlook on 2012 Bonds to Neg.
------------------------------------------------------------------
Moody's Investors Service has revised the outlook on Delaware
Valley University, PA to negative from stable and affirmed the Ba1
rating on Series 2012 LL1 bonds. This rating action affects
approximately $29 million of rated debt.

RATINGS RATIONALE

The revision of outlook to negative from stable is driven by
university's student market challenges reflected in declining
enrollment, softening net tuition revenue and weaker prospects for
operating performance.

The Ba1 rating remains supported by the university's niche in
sustainable agricultural and animal sciences, its relatively small
operating scale of $59 million, limited available liquidity at
nearly 80 days monthly cash on hand as of fiscal 2019, and
manageable debt structure risks. DVU generated operating deficits
in fiscal years 2018 and 2019 and expects similar performance in
fiscal 2020. Favorably, the debt burden remains manageable and debt
service coverage is adequate despite weakened financial
performance. Liquidity remains thin and it unlikely to improve in
the near term given the financial performance and expected
reduction in liquidity due to investment losses. Limited capital
spending over the last five years and rising age of plant adds to
credit challenges.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
financial market declines are creating a severe and extensive
credit shock across many sectors, regions and markets. The combined
credit effects of these developments are unprecedented. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework. Its action also incorporates DVU's potential
difficulties to adjust to these credit shocks due to its already
vulnerable market profile and weak financial performance. While the
federal aid, including the CARES Act, will provide some immediate
relief, it is unlikely to offset the longer-term consequences of
coronavirus for DVU.

RATING OUTLOOK

The negative outlook reflects the likelihood of additional negative
rating action if DVU is unable to stem enrollment declines and
adjust its budget while maintaining sustainable program funding.
These actions will prove more challenging if revenue losses are
more pronounced. The rating incorporates its base case assumption
that classes will resume on campus this fall. The university is
likely to experience significant enrollment decline if the social
distancing measures were to be extended into fall 2020 or if a
recessionary environment prompted a growing share of students in
its core service area to choose lower cost alternatives.
Additionally, continued financial market volatility could
exacerbate liquidity declines and negatively impact philanthropy.

LEGAL SECURITY

The Series 2012 LL1 bonds are a general obligation of the
university, secured by a pledge and lien on all unrestricted
receipts and revenues. Additional security is provided by a debt
service reserve fund.

PROFILE

Delaware Valley University is a small, private not-for-profit,
four-year residential university located in Doylestown, 27 miles
north of Philadelphia. The university's market niche in
agricultural and animal sciences attracts approximately 2,000
full-time equivalent students and generates $59 million of
operating revenue.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

  - Significant and sustained improvement in financial performance
to demonstrate long-term viability

  - Material growth in unrestricted cash and investments relative
to debt and expenses

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

  - Significant operational and financial disruption due to the
coronavirus outbreak

  - Decline in fall 2020 enrollment or net tuition revenue further
pressuring financial performance

  - Material increase in debt without compensating increase in
flexible reserves

METHODOLOGY

The principal methodology used in these ratings was Higher
Education published in May 2019.


DISH NETWORK: Egan-Jones Lowers Senior Unsecured Ratings to B-
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by DISH Network Corporation to B- from B. EJR also
downgraded the rating on FC commercial paper issued by the Company
to B from A3.

DISH Network Corporation is a U.S. television provider based in
Englewood, Colorado.



DOLPHIN ENTERTAINMENT: Gets Nasdaq Deadline Extension Until Dec. 28
-------------------------------------------------------------------
Dolphin Entertainment, Inc. filed with the Securities and Exchange
Commission an amended Current Report on Form 8-K/A to amend Item
3.01 of the original Form 8-K filed with the SEC on April 15, 2020
for the sole purpose of revising its disclosure regarding the date
by which the Company has to regain compliance with the minimum bid
price due to the receipt of the Tolling Notice from Nasdaq.

On Oct. 17, 2019, Dolphin Entertainment received a notice from The
Nasdaq Stock Market that its common stock fails to comply with the
$1 minimum bid price required for continued listing on The Nasdaq
Capital Market under Nasdaq Listing Rule 5550(a)(2) based upon the
closing bid price of the Common Stock for the 30 consecutive
business days prior to the date of the notice from Nasdaq.  On
April 15, 2020, the Company received a notice from Nasdaq that the
date to achieve compliance has been extended an additional 180 days
until Oct. 12, 2020.

To regain compliance, the minimum bid price of the Common Stock
must meet or exceed $1.00 per share for a minimum ten consecutive
business days during this 180-day grace period.  The Company's
failure to regain compliance during this period could result in
delisting.  On April 20, 2020, the Company received an additional
notice from Nasdaq, which stated that, due to current market
conditions, Nasdaq has determined to toll the compliance period for
the minimum bid price requirement through June 30, 2020.  As a
result, the new date by which the Company has to regain compliance
with the minimum bid price requirement is Dec. 28, 2020.  To regain
compliance, the minimum bid price of the Common Stock must meet or
exceed $1.00 per share for a minimum ten consecutive business days
at any point prior to Dec. 28, 2020, at which point Nasdaq would
provide written confirmation to the Company and close the matter.

The Company is presently evaluating various courses of action to
regain compliance.  There can be no assurance that the Company will
be able to regain compliance with Nasdaq's rule or will otherwise
be in compliance with other Nasdaq listing criteria.

                   About Dolphin Entertainment

Headquartered in Coral Gables, Florida, Dolphin Entertainment, Inc.
-- http://www.dolphinentertainment.com/-- is an independent
entertainment marketing and premium content development company.
Through its subsidiaries, 42West LLC, The Door Marketing Group LLC
and Shore Fire Media, Ltd, the Company provides expert strategic
marketing and publicity services to many of the top brands, both
individual and corporate, in the entertainment, hospitality and
music industries.

Dolphin Entertainment reported a net loss of $1.19 million for the
year ended Dec. 31, 2019, compared to a net loss of $2.91 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $42.57 million in total assets, $32.88 million in total
liabilities, and $9.69 million in total stockholders' equity.

BDO USA, LLP, in Miami, Florida, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has suffered recurring losses from
operations from prior years, has an accumulated deficit, and a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.


DURAMEX INC: Seeks to Hire DeMarco Mitchell as Counsel
------------------------------------------------------
Duramex, Inc., and its debtor-affiliates seek authority from the
United States Bankruptcy Court for the Eastern District of Texas to
hire DeMarco-Mitchell, PLLC, as their general counsel.

Services the counsel will render are:

     a. take all necessary action to protect and preserve the
Estate, including the prosecution of actions on its behalf, the
defense of any actions commenced against it, negotiations
concerning all litigation in which it is involved, and objecting to
claims;

     b. prepare on behalf of the Debtors all necessary motions,
applications, answers, orders, reports, and papers in connection
with the administration of the estate;

     c. formulate, negotiate, and propose a plan of reorganization;
and

     d. perform all other necessary legal services in connection
with these proceedings.

DeMarco Mitchell will be paid at these hourly rates:

     Robert T. DeMarco, attorney      $350
     Michael S. Mitchell, attorney    $300
     Barbara Drake, paralegal         $125

DeMarco Mitchell will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Robert T. DeMarco, a partner at DeMarco Mitchell, PLLC, 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.

DeMarco Mitchell can be reached at:

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

                       About Duramex, Inc.

Duramex, Inc. and its subsidiaries own and operate grocery stores.

Duramex, Inc. and its subsidiaries filed voluntary petitions under
Chapter 11 of the United States Bankruptcy Code (Bankr. E.D. Tex.
Lead Case No. 20-40556) on Feb. 24, 2020. The petitions were signed
by Fernando Soto, president. At the time of filing, Duramex
estimated $100,000 to $500,000 in assets and $1 million to $10
million in liabilities.

The case is assigned to Judge Brends T. Rhoades.

The Debtors are represented by Robert DeMarco, Esq. at DEMARCO
MITCHELL, PLLC.


EDGEWELL PERSONAL: Egan-Jones Lowers Unsec. Debt Ratings to B-
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Edgewell Personal Care to B- from B.

Edgewell Personal Care is an American consumer products company
headquartered in Shelton, Connecticut.



EMPIRE PETROLEUM: HoganTaylor LLP Raises Going Concern Doubt
------------------------------------------------------------
Empire Petroleum Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $6,654,602 on $5,859,089 of total revenue for the year
ended Dec. 31, 2019, compared to a net loss of $1,017,131 on
$465,455 of total revenue for the year ended in 2018.

The audit report of HoganTaylor LLP states that the Company has
incurred significant losses since inception. The Company's ability
to continue as a going concern is dependent upon the existence,
discovery, and development of economically recoverable oil and gas
reserves and is dependent upon the Company obtaining necessary
financing to carry out its exploration and development program.
This 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 $11,014,580, total liabilities of $15,953,235, and a total
stockholders' deficit of $4,938,655.

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

                       https://is.gd/3zUZET

Empire Petroleum Corporation engages in the exploration and
development of oil and gas properties in Louisiana, the United
States.  The company was formerly known as Americomm Resources
Corporation and changed its name to Empire Petroleum Corporation in
August 2001.  Empire Petroleum Corporation was founded in 1983 and
is based in Tulsa, Oklahoma.



ENERGY ACQUISITION: Moody's Alters Outlook on B3 CFR to Negative
----------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Energy
Acquisition Company, Inc. (Electrical Components International,
"ECI") to negative from stable. At the same time, Moody's affirmed
the company's B3 corporate family rating and B3-PD probability of
default rating, along with its B2 first lien senior secured debt
rating and Caa2 senior secured second lien debt rating.

"The negative outlook reflects its expectation that ECI's end
market demand will reduce over the course of 2020, which in turn
will weaken the company's earnings and cash flow," says Shirley
Singh, Moody's lead analyst for ECI. "Even so, after having drawn
down on its revolving credit facility, ECI's current liquidity
including a cash balance of above $100 million should enable the
company to weather weaker market conditions over the coming
quarters," added Singh.

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 industrial
sector has been adversely affected to the shock given its
sensitivity to broad market demand and sentiment. More
specifically, weakness in ECI's end markets 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 ECI of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

The following rating actions were taken:

Affirmations:

Issuer: Energy Acquisition Company, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

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

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

Outlook Actions:

Issuer: Energy Acquisition Company, Inc.

Outlook, Changed To Negative From Stable

RATING RATIONALE

ECI's B3 CFR broadly reflects the company's elevated financial risk
evidenced by its high adjusted debt-to-EBITDA (leverage) of 8.0x
(as of September 2019), both on an absolute basis and in the
context of its relatively modest scale and the cyclicality inherent
in certain of its end-markets, with a noteworthy concentration in
the North American and European white goods appliances sector.
Moody's expects the company's earnings and cash flow to reduce in
2020 and into 2021, but notes that its current liquidity provisions
should allow it to navigate the coming difficult market conditions.
The ratings also benefit from the company's leading market position
as a wire harness manufacturer in North America and Europe, as well
as its low-cost manufacturing capabilities which Moody's views as a
key competitive advantage.

FACTORS THAT COULD LEAD TO A RATINGS UPGRADE OR DOWNGRADE

Ratings could be downgraded if revenue and earnings decline such
that the company becomes cash consumptive and liquidity erodes or
the risk of covenant breach increases.

Ratings could be upgraded if ECI's end markets and/or economic
conditions stabilize, earnings grow and free cash flow remains
positive, with adjusted debt/EBITDA sustained below 6.0x and
EBITA/interest approaching 2.0x.

Headquartered in St. Louis, Missouri, Energy Acquisition Company,
Inc. (dba Electrical Components International) is a leading
manufacturer of wire harnesses and a value-added assembly services
provider in North America, Europe, Asia and South America. The
company serves several industries including consumer appliances,
automotive, specialty transportation, HVAC, construction and
agricultural equipment. ECI is owned by the private equity firm
Cerberus Capital Management. Sales for the last twelve months ended
September 2019 were $980 million.

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


ENGSTROM INC: Seeks to Hire Martin J. Cowie as Accountant
---------------------------------------------------------
Engstrom, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Wisconsin to employ Martin J. Cowie, as accountant
to the Debtor.

Engstrom Inc. requires Martin J. Cowie to compile monthly reports,
perform projection and financial analysis, work on financial
aspects of the reorganization.

Martin J. Cowie will be paid at the hourly rate of $185.

Martin J. Cowie will be paid a retainer in the amount of $10,000.

Martin J. Cowie will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Martin J. Cowie 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.

Martin J. Cowie can be reached at:

     Martin J. Cowie
     5162 Island View Drive
     Oshkosh, WI 54901
     Tel: (920) 385-0255

                     About Engstrom, Inc.

Engstrom, Inc. -- http://www.engstrominc.com-- is a full-service
staffing agency providing qualified candidates for direct hire and
contracted, temporary placement. It is a professional temporary
staffing company, offering solutions for project based hiring and
on-going contingent staffing requirements.

Engstrom, Inc., based in Manitowoc, WI, filed a Chapter 11 petition
(Bankr. E.D. Wis. Case No. 20-22839) on April 15, 2020. The Hon.
Katherine M. Perhach presides over the case.  STEINHILBER SWANSON
LLP, serves as bankruptcy counsel to the Debtor.

In its petition, the Debtor disclosed $87,098 in assets and
$10,272,501 in liabilities.  The petition was signed by Cherie
Campion, CEO.


ENGSTROM INC: Seeks to Hire Steinhilber Swanson as Counsel
----------------------------------------------------------
Engstrom, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Wisconsin to employ Steinhilber Swanson LLP, as
counsel to the Debtor.

Engstrom, Inc., requires Steinhilber Swanson to:

   a. prepare bankruptcy schedules and statements;

   b. assist in preparing the Plan of Reorganization and
      attendant negotiations and hearings;

   c. prepare and review pleadings, motions and correspondence;

   d. appear at and being involved in various proceedings before
      the Bankruptcy Court;

   e. handle case administration tasks and dealing with
      procedural issues;

   f. assist the Debtor-in-Possession with the commencement of
      DIP operations, including the 341 Meeting and monthly
      reporting requirements; and

   g. analyze claims and prosecuting claim objections.

Steinhilber Swanson will be paid at the hourly rates of $100 to
$525.

Pre-petition, Steinhilber Swanson received $50,000 from Millennium
Funding, a secured creditor of the Debtor, for work performed up to
the filing of the Petition and thereafter. Of this retainer,
$11,522.50 was applied against prepetition fees and costs, and
$38,477.50 is held in trust in the firm's trust account.

Steinhilber Swanson will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Paul G. Swanson, name partner at Steinhilber Swanson, 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.

Steinhilber Swanson can be reached at:

     Paul G. Swanson, Esq.
     STEINHILBER SWANSON LLP
     107 Church Avenue
     Oshkosh, WI 54903-0617
     Tel: (920) 235-6690
     Fax: (920) 426-5530

                      About Engstrom Inc.

Engstrom, Inc. -- http://www.engstrominc.com/-- is a full-service
staffing agency providing qualified candidates for direct hire and
contracted, temporary placement.  It is a professional temporary
staffing company, offering solutions for project based hiring and
on-going contingent staffing requirements.

Engstrom, Inc., based in Manitowoc, WI, filed a Chapter 11 petition
(Bankr. E.D. Wis. Case No. 20-22839) on April 15, 2020.  In the
petition signed by Cherie Campion, CEO, the Debtor disclosed
$87,098 in assets and $10,272,501 in liabilities.  The Hon.
Katherine M. Perhach oversees the case.  STEINHILBER SWANSON LLP,
serves as bankruptcy counsel to the Debtor.


ETHIC RED: Seeks to Hire DeMarco Mitchell as Attorney
-----------------------------------------------------
Ethic RED, Inc., seeks authority from the U.S. Bankruptcy Court for
the Northern District of Texas to employ DeMarco Mitchell, PLLC, as
attorney to the Debtor.

Ethic RED requires DeMarco Mitchell to:

   a. take all necessary action to protect and preserve the
      Estate, including the prosecution of actions on its behalf,
      the defense of any actions commenced against it,
      negotiations concerning all litigation in which it is
      involved, and objecting to claims;

   b. prepare on behalf of the Debtor all necessary motions,
      applications, answers, orders, reports, and papers in
      connection with the administration of the estate herein;

   c. formulate, negotiate, and propose a plan of reorganization;
      and

   d. perform all other necessary legal services in connection
      with these proceedings.

DeMarco Mitchell will be paid at these hourly rates:

        Attorneys            $300 to $350
        Paralegals               $125

DeMarco Mitchell commenced representation of the Debtor on February
28, 2020. To date, a retainer of $16,717 has been paid to DeMarco
Mitchell on behalf of the Debtor. The Debtor is the source of the
compensation paid to DeMarco Mitchell to date. DeMarco Mitchell has
incurred fees of $6,466.25, costs and expenses of $0, and filing
fees of $1,717 prior to the Petition Date. The remaining balance
held in trust by DM is $8,533.75.

DeMarco Mitchell will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Robert T. DeMarco, a partner at DeMarco Mitchell, PLLC, 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.
DeMarco Mitchell can be reached at:

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

                       About Ethic RED

Ethic RED, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
N.D. Tex. Case No. 20-41149) on March 16, 2020, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC.


FIRST QUANTUM: S&P Cuts ICR to 'CCC+' on COVID-19-Related Risks
---------------------------------------------------------------
S&P Global Ratings lowered to 'CCC+' from 'B-' its long-term issuer
credit rating on Canada-headquartered copper miner First Quantum
Minerals (FQM) and its senior unsecured bonds.

"We are lowering our long-term issuer credit rating on FQM and its
senior unsecured bonds to 'CCC+' from 'B-'. The rating action stems
from the various challenges that the company will need to tackle
over the short term, resulting in a materially lower EBITDA
forecast in 2020 than previously expected and a material
deterioration in the liquidity position. In our view, the main
challenges include persistently low copper prices, potential
production issues stemming from the COVID-19 pandemic, still-high
debt level, and our assessment of Zambia's heightened country
risk," S&P said.

"Previously, we assumed that FQM would be able to achieve an EBITDA
of at least $2.2 billion in 2020, supporting deleveraging to S&P
Global Ratings-adjusted debt to EBITDA below 5.0x by year-end.
However, with the new projection of $1.5 billion-$2.0 billion, we
see another year of elevated credit metrics. Most significantly, we
believe the company's cash flow generation will depend on a number
of factors out of management's control," S&P said.

Production disruptions over the short term cannot be excluded as
the COVID-19 pandemic continues to spread.  Following the
Panamanian authorities' decision in early April to temporarily
suspend labor activities at Cobre Panama, FQM placed its flagship
mine on care and maintenance (C&M).

"We estimate the effect on EBITDA to be about $20 million per week
(taking into account C&M expenses of $4 million-$6 million per
week). Under our base case, we assume that the mine will go back
into production in the coming weeks, with an overall negative
impact on the group's EBITDA of about $100 million," S&P said.

In Zambia (close to 70% of the company's EBITDA in 2019 and about
62% in the fourth quarter of 2019, thanks to Cobre Panama), while
the COVID-19 pandemic has not affected operations so far, S&P
understands that there have been some logistical challenges linked
to the lockdown of South Africa. These have led FQM to use
alternative routes to export copper out of Zambia.

Under a potential scenario of shutting down the mining production
in Zambia for a full month, S&P estimates a negative impact of
about $60 million on the EBITDA (excluding any maintenance costs).

"We continue to see high country risk in Zambia, and its liquidity
issues may pose some short-term risks for FQM.  Since our last
rating action on Zambia, we have observed increasing pressure on
the country's economy given the low copper prices. In our view, a
potential default in the coming six to 12 months could translate
into restricted foreign exchange access for corporates, as
reflected in our transfer and convertibility (T&C) assessment of
Zambia at 'CCC'. It could also translate into other business
disruptions, such as new regulations or availability of
infrastructure, even though we believe it is in the government's
best interests to ensure stable copper industry operations in the
country," S&P said.

"A potential covenant breach in the short term and bulky maturities
in 2021 lead us to revise our assessment of FQM's liquidity to
weak.  The company will need to address maturities of about $0.6
billion in 2020 (excluding overdrafts) and about $0.7 billion in
2021. Under our revised EBITDA forecast and with a fully drawn
revolving credit facility (RCF), the company may need to approach
the capital markets to refinance part of the upcoming maturities.
In the current environment, we cannot assume this as a given.
Another source of cash to bridge the near term testing period is
the monetization of the hedge book, providing a temporary boost of
a few hundred million," S&P said.

Under S&P's calculations, with a relatively weak performance in the
first half of 2020, the rating agency expects the company to breach
its financial covenants (the debt service coverage ratio) at the
next testing date in June 2020. While this is a risk, S&P believes
FQM should be able to obtain a waiver from its banking syndicate,
based on what it understands to be a sound relationship track
record. The financial covenants are likely to still be an issue in
December 2020, depending on the EBITDA performance in the second
half of the year and any covenant amendments.

The stable outlook factors in the expectation that the company
would be able to manage its liquidity situation, notably securing
an amendment to its coming financial covenants testing in June 2020
and the subsequent ones, as well as no further deterioration in
production or copper prices beyond S&P's current EBITDA forecast.

Under its revised base case, S&P projects that in 2020 the company
will generate adjusted EBITDA of about $1.5 billion-$2 billion,
translating into free cash flow of negative $200 million-$250
million at the lower end of the range and positive $200
million-$250 million at the higher end of the range, as well as
adjusted debt to EBITDA of more than 5.5x.

"Pressure on the rating over the short term could be driven by
copper prices remaining at the current level or lower, and/or by
production disruptions, leading to a further revision of S&P's
EBITDA forecast and ultimately to a weaker liquidity position," S&P
said.

"While we view the option as less likely, we could also lower the
rating if we believed that the company announced a distressed
exchange offer," S&P said.

At this stage, S&P does not envisage a higher rating in the coming
six to 12 months. Over time, S&P could consider a higher rating if
the following conditions were met:

-- Adjusted debt to EBITDA below 5.0x with a material positive
free cash flow supporting the company's deleverage. Proceeds from
hypothetical sales of any stakes in its business or mines that
would be used to reduce debt would also be supportive.

-- A sustained recovery of copper prices to a level that would
allow for S&P's EBITDA forecast to be achieved.

-- Delivery of production in 2020 in line with company guidance.

-- An improved liquidity, including fair headroom under the
financial covenants and addressing the upcoming maturities in 2021;
and

-- Reduced risk of business disruptions in FQM's key countries of
operation, from COVID-19 or the high country risk S&P currently
sees in Zambia.


FOODFIRST GLOBAL: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of FoodFirst Global
Restaurants, Inc. and its affiliates.

The committee members are:

     (1) Rouse-Park Meadows, LLC
         c/o Brookfield Property Retail, Inc.  
         Attn: Julie Minnick Bowden
         National Bankruptcy Director
         350 N. Orleans Street, Suite 300
         Chicago, IL 60654
         Phone: 312-960-2707    
         julie.bowden@brookfieldpropertiesretail.com

     (2) Performance Food Group, Inc.  
         d/b/a Bar Harbor Seafood
         Attn: Bradley Boe, Director of Credit
         188 Inverness Drive West
         Englewood, CO 80112
         Phone: 303-898-8137  
         Brad.boe@pfgc.com

     (3) Simon Property Group, Inc.  
         Attn: Ronald M. Tucker
         Vice President/Bankruptcy Counsel
         225 W. Washington Street
         Indianapolis, IN 46204
         Phone: 317-371-1787
         rtucker@simon.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                About FoodFirst Global Restaurants

FoodFirst Global Restaurants, Inc. is the parent company for two of
America's Italian restaurant brands: BRIO Tuscan Grille and BRAVO
Cucina Italiana.  It was formed in 2018 by investment firm GP
Investments, Ltd and a group of entrepreneurial investors.  Visit
https://www.foodfirst.com/index.html for more information.

FoodFirst Global Restaurants and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 20-02159) on April 10, 2020.  At the time of the filing,
Debtors disclosed assets of between $10 million and $50 million and
liabilities of the same range.  Judge Karen Jennemann oversees the
case.  Shuker & Dorris, P.A. is Debtors' legal counsel.


FORESIGHT ENERGY: Unsecureds Get Cash Pool in Debt-for-Equity Plan
------------------------------------------------------------------
Foresight Energy LP and its Affiliated Debtors filed with the U.S.
Bankruptcy Court for the Eastern District of Missouri, Eastern
Division, a Joint Chapter 11 Plan of Reorganization and a
Disclosure Statement.

Holders of over 69% of the First Lien Facility Claims and over 82%
of the Second Lien Notes Claims have already agreed, subject to the
terms and conditions of the Restructuring Support Agreement, to
vote in favor of the Plan.

The Debtors are commencing this Solicitation after extensive good
faith, arm's-length discussions among the Debtors and members of
their key constituencies.  As a result of these negotiations, the
Debtors and the Consenting Lenders -- which hold the vast majority
of the Debtors' funded indebtedness -- executed a restructuring
support agreement.

Under the terms of the Restructuring Support Agreement, the
Consenting Lenders have agreed to support the value-maximizing
restructuring of the Debtors reflected in the Plan, which will
reposition the Debtors for future success with a deleveraged and
healthy balance sheet.  The Debtors have renegotiated their
arrangements with several of their key commercial counterparties to
terms that are economically superior for the Debtors and the
Reorganized Debtors.

The restructuring achieves:

   * a substantial deleveraging of the Debtors' balance sheets by
providing, in pertinent part, (a) 92.75% of the New Common Equity
to the Holders of Allowed First Lien Facility Claims (Class 3), (b)
7.25% of the New Common Equity to the Holders of Allowed Second
Lien Notes Claims (Class 4), and (c) for Holders of Allowed General
Unsecured Claims (Class 5), the right to receive its Pro Rata share
of a Cash pool; and

   * a substantial capital infusion into Foresight through a new
senior secured first-priority Exit Facility with an aggregate
principal amount of up to $225,000,000.

Each Holder of a Class 3 Allowed First Lien Facility  Claim will
receive its Pro Rata share of 92.75% of the New Common Equity,
subject to the Full Equity Dilution.  Each Holder of a Class 4
Allowed Second Lien Notes Claim will receive its pro rata share of
7.25% of the New Common Equity, subject to the Full Equity
Dilution.

If Class 5 General Unsecured Claims votes to accept the Plan as to
all of the Debtors, then in full satisfaction, release and
discharge of and in exchange for each General Unsecured Claim, each
Holder of an Allowed General Unsecured Claim shall receive at its
option, either its Pro Rata share in Cash or other less favorable
treatment agreed to by the Holder.  If Class 5 votes to reject the
Plan with respect to any Debtor, then in full satisfaction, release
and discharge of and in exchange for each General Unsecured Claim,
each Holder of an Allowed General Unsecured Claim shall receive at
its option, either its Pro Rata share in Cash or other less
favorable treatment agreed to by the Holder.

Class 8 Interests in FELP and Interests in GP LLC will be cancelled
and discharged and shall be of no further force and effect, whether
surrendered for cancellation or otherwise, and each Holder of such
Interests shall not be entitled to receive any distribution under
the Plan on account of such Interests.

On the Effective Date, all FELP Common LP Units, FELP Subordinated
LP Units, and certain other Interests in other Debtors, shall be
cancelled or contributed to Reorganized Foresight or an Affiliate
thereof and Reorganized Foresight shall issue the New Common Equity
to Holders of Allowed Claims entitled to receive the New Common
Equity.

A full-text copy of the Disclosure Statement dated April 9, 2020,
is available at https://tinyurl.com/vdxcuv9 from PacerMonitor at no
charge.

The Debtors are represented by:

         PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
         Paul M. Basta
         Alice Belisle Eaton
         Alexander Woolverton
         1285 Avenue of the Americas
         New York, New York 10019
         Telephone: (212) 373-3000
         Facsimile: (212) 757-3990

               - and -

         ARMSTRONG TEASDALE LLP
         Richard W. Engel, Jr.
         John G. Willard
         Kathryn R. Redmond
         7700 Forsyth Boulevard, Suite 1800
         St. Louis, Missouri 63105
         Telephone: (314) 621-5070
         Facsimile: (314) 621-5065

                      About Foresight Energy

Foresight Energy and its subsidiaries -- http://www.foresight.com/
-- are producers of thermal coal, with four mining complexes and
nearly 2.1 billion tons of proven and probably coal reserves
strategically located near multiple rail and river transportation
access points in the Illinois Basin.  They also own a barge-loading
river terminal on the Ohio River.  From this strategic position,
they sell their coal primarily to electric utility and industrial
companies located in the eastern half of the United States and
across the international market.

Foresight Energy LP and its affiliates sought Chapter 11 protection
(Bankr. E.D. Mo. Lead Case No. 20-41308) on March 10, 2020.

The Debtors were estimated to have $1 billion to $10 billion in
assets and liabilities.

The Hon. Kathy A. Surratt-States is the case judge.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison LLP as
legal counsel; Jefferies Group as investment banker; and FTI
Consulting, Inc. as financial advisor. Prime Clerk LLC is the
claims agent at https://cases.primeclerk.com/ForesightEnergy

Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and
Lazard Freres & Co. LLC is acting as investment banker to the Ad
Hoc Lender Group representing lenders under the first lien credit
agreement.

Milbank LLP is acting as legal counsel and Perella Weinberg
Partners LP is acting as investment banker to the Ad Hoc Lender
Group representing crossover lenders under each of the second lien
indenture and first lien credit agreement.


FORM TECHNOLOGIES: Bank Debt Trades at 48% Discount
---------------------------------------------------
Participations in a syndicated loan under which Form Technologies
LLC is a borrower were trading in the secondary market around 52
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD220 million term loan is scheduled to mature on January 30,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is U.S.


FRANK INVESTMENTS: Seeks to Extend Exclusivity Period to June 15
----------------------------------------------------------------
Frank Investments, Inc., a Florida corporation, asked the U.S.
Bankruptcy Court for the Southern District of Florida to extend the
periods during which only the company can file and solicit
acceptances for its Chapter 11 plan to June 15 and Aug. 17,
respectively.

FI Florida also proposed to extend the deadline for filing its plan
and disclosure statement to June 15.

FI Florida said it requires a "modest extension" of the exclusivity
periods to determine whether to convert or dismiss its bankruptcy
case, and if there are any remaining assets to administer for the
benefit of its creditors.

                      About Frank Investments

Frank Investments Inc., Frank Theatres Management LLC and Frank
Entertainment Companies, LLC are affiliates of Rio Mall, LLC, which
sought bankruptcy protection (Bankr. S.D. Fla. Case No. 18-17840)
on June 28, 2018.  Rio Mall, LLC, owns and operates commercial real
property that comprises the shopping center known as Rio Mall
located at 3801 Route 9 South, Rio Grande, N.J.

Frank Investments and its debtor-affiliates sought Chapter 11
protection (Bankr. S.D. Fla. Lead Case No. 18-20019) on Aug. 17,
2018.  At the time of the filing, Frank Investments and Frank
Entertainment had estimated assets of between $10 million and $50
million and liabilities of the same range.  Frank Theaters had
estimated assets of between $10 million and $50 million and
liabilities of between $50 million and $100 million.

Bradley S. Shraiberg, Esq., at Shraiberg Landau & Page, P.A., is
Debtors' bankruptcy counsel.

No official committee of unsecured creditors has been appointed.



FRED MOORE: Spector & Cox Represents TaxCore, Propel
----------------------------------------------------
In the Chapter 11 cases of Fred Moore & Pamela Moore, the law firm
of Spector & Cox, PLLC submitted a verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure, to disclose that
it is representing TaxCore Lending, LLC, and Propel Financial
Services as Agent and Attorney-in-Fact for (i) TLF National Tax
Lien Trust 2017-1, and (ii) FNA 2019-1, LLC.

The Attorney has been employed to represent the Creditors, whose
addresses are listed below, in the above-captioned Chapter 11 case
of Fred Moore and Pamela Moore.

     TaxCore Lending, LLC
     4849 Greenville Ave., Suite 1620
     Dallas, TX 75206

     Propel Financial Services
     12720 Silicon Dr., Suite 150
     San Antonio, TX 78249

The nature, amount and time of acquisition of the Creditors' claims
against the Debtor are reflected in the proofs of claim. TaxCore's
claim was acquired on June 14, 2019. Propel's claims were acquired
on February 16, 2015 and February 3, 2017.

The Attorney has been retained by each of the Creditors to
represent their interests in connection with this chapter 11 case
on an hourly basis. Both Creditors are independent clients of the
undersigned attorney's firm. The Creditors are creditors of the
Debtor by virtue of having provided monies for which the Debtor has
not paid.

Counsel for Propel Financial Services, LLC and Taxcore Lending, LLC
can be reached at:

          Howard Marc Spector, Esq.
          Spector & Cox, PLLC
          12770 Coit Road, Suite 1100
          Dallas, TX 75251
          Tel: (214) 365-5377
          Fax: (214) 237-3380
          Email: hspector@spectorcox.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/bKYBew

The Chapter 11 case is In re FRED MOORE & PAMELA MOORE (Bankr. E.D.
Tex. Case No. 19-42278).


FREEPORT-MCMORAN INC: Egan-Jones Lowers Unsec. Debt Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Freeport-McMoRan Inc. to BB- from BB.

Freeport-McMoRan Inc., often called Freeport, is a mining company
based in the Freeport-McMoRan Center, in Phoenix, Arizona.



FRONTIER COMMUNICATIONS: Paul, Weiss Represents First Lien Group
----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP
submitted a verified statement that it is representing the Ad Hoc
First Lien Committee in the Chapter 11 cases of Frontier
Communications Corporation, et al.

The ad hoc committee of certain unaffiliated holders of loans or
other indebtedness issued under (i) that certain First Amended and
Restated Credit Agreement, dated as of February 27, 2017, by and
among Frontier Communications Corporation, as obligor, and JPMorgan
Chase Bank, N.A., as administrative agent and (b) that certain
Indenture, dated as of March 15, 2019, by and among Frontier
Communications Corporation, as issuer, the Bank of New York Mellon,
as trustee, and JPMorgan Chase Bank, N.A., as collateral agent.

In November 2019, certain members of the Ad Hoc First Lien
Committee retained Paul, Weiss, Rifkind, Wharton & Garrison LLP to
represent them in connection with a potential restructuring
involving the above-captioned debtors and debtors-in-possession.
From time to time thereafter, certain additional holders of First
Lien Obligations joined the Ad Hoc First Lien Committee.

As of April 22, 2020, members of the Ad Hoc First Lien Committee
and their disclosable economic interests are:

ABRY ADVANCED SECURITIES FUND III LP AND
ABRY ADVANCED SECURITIES FUND IV LP
888 Boylston St., Suite 1600
Boston, MA 02199

* Term Loan Obligations: $34,325,382
* First Lien Note Obligations: $4,500,000

Bain Capital Credit, LP
200 Clarendon St.
Boston MA 02116

* Term Loan Obligations: $76,585,253

BLACKROCK FINANCIAL MANAGEMENT, INC.
40 East 52nd Street
New York, NY 10022

* Term Loan Obligations: $61,879,487
* First Lien Note Obligations: $186,660,000
* Second Lien Note Obligations: $25,000

CVI AA Cayman Securities LP
CVI AV Cayman Securities LP
CVI CVF III Cayman Securities Ltd
CVI CVF IV Cayman Securities Ltd.
CVIC Cayman Securities Ltd.
CarVal GCF Cayman Securities Ltd.
461 Fifth Avenue
New York, NY 10017

* Term Loan Obligations: $93,675,506
* Revolving Credit Facility Obligations: $5,000,000
* First Lien Note Obligations: $102,349,000

Fidelity Management & Research Co
245 Summer Street
Boston MA 02210

* Term Loan Obligations: $120,088,169
* First Lien Note Obligations: $154,065,000
* Second Lien Note Obligations: $119,132,000
* Unsecured Notes Obligations: $49,313,000

HBK Master Fund L.P.
c/o HBK Services LLC
2300 North Field Street, Suite 2200
Dallas, Texas 75201

* Term Loan Obligations: $139,930,906
* First Lien Note Obligations: $60,059,000

J.P. Morgan Investment Management Inc.
1 E Ohio St
Indianapolis, IN 46204

* First Lien Note Obligations: $50,330,000
* Second Lien Note Obligations: $108,143,000
* Unsecured Notes Obligations: $225,785,000

Loomis, Sayles & Company, L.P.
One Financial Center
Boston, MA 02111

* Term Loan Obligations: $9,010,174
* First Lien Note Obligations: $57,070,000

Neuberger Berman Investment Advisers LLC and
Neuberger Berman Loan Advisers LLC
1290 Avenue of the Americas
New York, NY 10104

* Term Loan Obligations: $72,198,549
* First Lien Note Obligations: $66,605,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Term Loan Obligations: $106,412,738
* First Lien Note Obligations: $41,100,000
* Unsecured Notes Obligations: $22,004,000

The TCW Group, Inc.
865 South Figueroa Street
Los Angeles, CA 90017

* Term Loan Obligations: $61,189,504
* First Lien Note Obligations: $855,000
* Unsecured Notes Obligations: $4,219,000

Counsel for the Ad Hoc First Lien Committee can be reached at:

          Brian S. Hermann, Esq.
          Kyle J. Kimpler, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019-6064

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/GyBxTs

                 About Frontier Communications

Frontier Communications Corporation (NASDAQ: FTR) offers a variety
of services to residential and business customers over its
fiber-optic and copper networks in 29 states, including video,
high-speed internet, advanced voice, and Frontier Secure digital
protection solutions.

Frontier Communications Corporation and 103 related entities sought
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-22476) on
April 14, 2020.

Kirkland & Ellis LLP is serving as legal advisor, Evercore is
serving as financial advisor and FTI Consulting, Inc. is serving as
restructuring advisor to the Company.

Prime Clerk is the claims agent, maintaining the page
http://www.frontierrestructuring.com/and  
https://cases.primeclerk.com/ftr


FT MYERS ALF: Has Until Aug. 5 to File Plan & Disclosures
---------------------------------------------------------
Judge Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois, Eastern Division, has entered an
order that debtor Ft. Myers Alf, Inc. is required to file its Plan
of Reorganization and Disclosure Statement on or before August 5,
2020.

A full-text copy of the order dated April 7, 2020, is available at
https://tinyurl.com/suc3t5j from PacerMonitor at no charge.

Chicago, Illinois-based Ft. Myers ALF, Inc., is engaged in
activities related to real estate.  Ft. Myers ALF sought Chapter 11
protection (Bankr. N.D. Ill. Case No.  20-08952) on April 7, 2020.
In the petition signed by Taher Kameli, president, the Debtor was
estimated to have assets and liabilities of $1 million to $10
million.  The Hon. Donald R. Cassling is the case judge.  Paul M.
Bauch, Esq., at LakeLaw, in Chicago, is the Debtor's counsel.


GAMESTOP CORP: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of GameStop Corp.
including its Corporate Family Rating to Caa1 from B2, Probability
of Default Rating to Caa1-PD from B2-PD, and 6.75% senior unsecured
note rating to Caa2 from B3. At the same time, the company's
Speculative Grade Liquidity rating was downgraded to SGL-3 from
SGL-2. The outlook was also changed to negative from stable.

"The downgrade reflects Moody's expectation that given its forecast
of lower earnings in 2020 compared to 2019, GameStop's
EBIT/interest expense will be below 1.0x, which despite the
expected benefit of the launch of new consoles could make it
difficult for GameStop to refinance its unsecured notes that mature
in March 2021 on economic terms," stated Pete Trombetta,
AVP-Analyst at Moody's.

Downgrades:

Issuer: GameStop Corp.

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

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

Corporate Family Rating, Downgraded to Caa1 from B2

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

Outlook Actions:

Issuer: GameStop Corp.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The 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 GameStop's credit
profile, including its exposure store closure and consumer
sentiment have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and GameStop 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 GameStop of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

GameStop's credit profile is constrained by the near-term debt
maturity of its $420 million senior unsecured notes in March 2021
and GameStop's weak EBIT/interest coverage of less than 1.0x. These
factors, when combined with an expectation for lower EBITDA in 2020
and the company's recent bond trading prices increase the risk of a
default including a potential distressed exchange. The rating also
acknowledges GameStop's vulnerability to product renewal cycles and
new technology trends that pressure the traditional sales and
business model, including new gaming console launches as well as
downloadable, streaming, and subscription gaming services. The
rating also considers the current challenges facing GameStop given
its widespread store closures in response to COVID-19 and as well
as the ongoing pressure on revenue and margins, as the company's
new video game software sales, hardware sales, and pre-owned
business continue to be pressured, which will continue until the
holiday 2020 season. Moody's anticipates that GameStop will
generate cash flow deficits until the fourth quarter of 2020 that
it will support with it sizable cash balances. As a retailer,
GameStop is exposed to social risk such as changing demographic and
societal trends, including the shift of consumers purchasing goods
and accessories online. GameStop benefits from its low leverage
level supported by debt reduction and its adequate liquidity
profile supported by improved working capital management. The
company's credit profile is further supported by its moderate scale
and international reach, leading market position, and the flexible
footprint of its store base.

The negative outlook reflects Moody's expectation that operating
performance will remain pressured in 2020, making it more difficult
for the company to refinance its maturing debt.

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

Ratings could be upgraded if GameStop is able to refinance its debt
prior to the March 2021 maturity. Ratings could be downgraded if
the probability of default increases for any reason.

GameStop Corp., headquartered in Grapevine, Texas, is the world's
largest dedicated retailer of video game products. GameStop
operates over 5,500 stores in 14 countries with revenue of around
$6.5 billion for the last twelve-month period ended February 1,
2020.


GAP INC: Announces Pricing of $2.25B of Senior Secured Notes
------------------------------------------------------------
Gap Inc. (NYSE: GPS) announced it priced an offering of $500
million aggregate principal amount of its 8.375% Senior Secured
Notes due 2023 (the "2023 Notes"), $750 million aggregate principal
amount of its 8.625% Senior Secured Notes due 2025 (the "2025
Notes") and $1 billion aggregate principal amount of its 8.875%
Senior Secured Notes due 2027, each at an offering price of 100% of
the principal amount thereof.

The Company intends to use the net proceeds from the sale of the
Notes to refinance its 5.95% notes due April 2021, refinance all
outstanding amounts under our existing $500 million, five-year,
unsecured revolving credit facility, which is scheduled to expire
in May 2023, pay fees and expenses of the offering, and for general
corporate purposes.  The closing of the offering of the Notes is
expected to occur on or about May 7, 2020, and is contingent on,
and expected to occur simultaneously with, an amendment,
modification, replacement, or refinancing with lenders under our
existing revolving credit facility, which may include our entering
into an amended and restated senior secured asset-based revolving
credit facility in an initial aggregate principal amount of up to
$2 billion (the "ABL Credit Facility"), subject to the satisfaction
of other customary conditions.

The Notes will be guaranteed on a senior secured basis, jointly and
severally, by our existing and future direct and indirect domestic
subsidiaries that will guarantee the ABL Credit Facility. The notes
and the related guarantees will be secured by a first priority
security interest in certain of our and the guarantors’ real
property in addition to a lien on substantially all of our and the
guarantors’ intellectual property, equipment, investment
property, and general intangibles, subject to certain exceptions
and permitted liens.

The Notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act") or any state or other
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. Gap Inc. plans to offer and issue the Notes only to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act and to non-U.S. persons outside the United States
pursuant to Regulation S. The Notes will be subject to restrictions
on transferability and resale and may not be transferred or resold
except in compliance with the registration requirements of the
Securities Act or pursuant to an exemption therefrom and in
compliance with other applicable securities laws.

                       About Gap Inc.

Gap Inc. – http://www.gapinc.com/-- is a global retailer
offering clothing, accessories, and personal care products for men,
women, and children under the Old Navy, Gap, Banana Republic,
Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal
year 2019 net sales were $16.4 billion. Gap Inc. products are
available for purchase in more than 90 countries worldwide through
company-operated stores, franchise stores, and e-commerce sites.


GAP INC: Moody's Lowers CFR to Ba2 & Sr. Unsec. Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service downgraded Gap, Inc. Corporate Family
Rating to Ba2 from Ba1, its Probability of Default rating to Ba2-PD
from Ba1-PD, and its senior unsecured rating to Ba3 from Ba1. Its
Speculative Grade Liquidity rating remains SGL-2. The outlook
remains negative.

Moody's also assigned a Ba2 rating to the company's new proposed
senior secured notes. The use of net proceeds will be to repay its
senior unsecured notes due April 2021 and for general corporate
purposes.

"Although the proposed transaction will enhance Gap's liquidity,
the transaction adds leverage and encumbers a significant portion
of its real estate assets and intellectual property at a time when
Gap is facing significant cash flow deficits" said Vice President,
Christina Boni. "Unprecedented temporary store and mall closures
have continued for an extended period which poses significant
challenges to inventory management and the recovery of consumer
demand" Boni added.

Downgrades:

Issuer: Gap, Inc. (The)

Probability of Default Rating, Downgraded to Ba2-PD from Ba1-PD

Corporate Family Rating, Downgraded to Ba2 from Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 (LGD5)
from Ba1 (LGD4)

Assignments:

Issuer: Gap, Inc. (The)

Senior Secured Regular Bond/Debenture, Assigned Ba2 (LGD3)

Outlook Actions:

Issuer: Gap, Inc. (The)

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The apparel 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 Gap Inc.'s 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 Gap Inc. 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 Gap Inc. of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Gap Inc.'s Ba2 rating is supported by governance considerations
which includes the suspension of its common dividends and the
elimination of share repurchases as well as its historically
conservative level of funded debt to cash balances. The company has
a solid market position in the specialty apparel market with its
ownership of three leading specialty apparel brands (Old Navy, Gap
and Banana Republic). The relatively shorter term of its store
leases (approximately five years) has enabled right sizing of its
mature brands (Gap and Banana Republic) while adding stores to its
higher growth concepts (Old Navy and Athleta). Investments in its
online and mobile business have also strengthened its operational
profile and improved customer experience. Continued integration of
its online and store experiences supports its efforts to increase
customer conversion and will partially mitigate the impact of
temporary store closures. Nonetheless, the company will suffer
significant disruption in the face of COVID-19 which will reduce
its free cash flow significantly. The company is in the process of
securing a new asset based revolving credit facility (up to $2
billion) and will utilize a significant portion of its unencumbered
real estate assets and intellectual property to secured the
proposed $2 billion of senior secured notes. The company's debt
outstanding, including its $500 million unsecured revolver and
$1.25 billion of debt due in April 2021, will be repaid with the
proceeds of the transaction. The combination of higher debt levels
along with notably weaker EBITDA will result in a sizable weakening
in Gap's credit metrics in 2020 before a gradual recovery in 2021.

The negative outlook reflects Gap's need to reset its cost base in
the face of the unprecedented disruption of COVID-19 and an
expected slowdown in consumer spending. The negative outlook also
reflects its need to manage its cash burn through its operational
and financial policy actions.

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

An upgrade would require consistency of performance at all its
major brands, very good liquidity, and a conservative financial
policy. Quantitatively, debt/EBITDA would need to be sustained
below 3.5x, and EBIT/Interest above 3.5x.

Ratings could be downgraded should there not be a clear trend
toward business improvement which will position the company to
approach 80% of its 2019 EBITDA in fiscal 2021 or liquidity
deteriorates for any reason. Ratings could also be downgraded if
debt/EBITDA is sustained above 4.0x.

Gap Inc. is a leading global retailer offering clothing, and
accessories for men, women, and children under the Gap, Banana
Republic, Old Navy, Athleta, Janie and Jack, and Intermix. Fiscal
year 2019 net sales were approximately $16.4 billion. Gap Inc.
products are available for purchase in more than 90 countries
worldwide through 3,345 company-operated stores, 574 franchise
stores, and e-commerce sites.

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


GAP INC: Running Out of Cash, Stops Rent Payments
-------------------------------------------------
The Gap, Inc. on April 23, 2020, announced updates of the impact on
its business relating to the coronavirus disease (COVID-19)
pandemic.

"We are facing a period of uncertainty regarding the ongoing impact
of the COVID-19 pandemic on both our projected customer demand and
supply chain. At this time, many of our Company-owned and franchise
stores globally have had to close or are operating with reduced
store hours due to COVID-19 mitigation efforts. We expect material
impacts from the evolving COVID-19 pandemic, including further
spread in other regions, meaningful deterioration from current
trends, and potential disruption from any supply chain impacts.
During this challenging economic environment, we are focused on
taking the necessary steps to strengthen our financial flexibility
in the face of the unprecedented and continuing impact of
COVID-19," GAP said in a regulatory filing.

In addition, the Company continues to be focused on these strategic
priorities:

   * offering product that is consistently brand-appropriate and
on-trend with high customer acceptance and appropriate value
perception;

   * restructuring the Gap brand, with emphasis on the specialty
fleet globally, to create a healthier, more profitable business;

   * attracting and retaining strong talent in our businesses and
functions;

   * increasing the focus on improving operational discipline and
efficiency by streamlining operations and processes throughout the
organization and leveraging our scale;

   * managing inventory to support a healthy merchandise margin;

   * growing and operating our global digital ecommerce business;
and

   * continuing to integrate social and environmental
sustainability into business practices to support long-term
growth.

Subsequent to the issuance of its Annual Report on Form 10-K for
fiscal year 2019 filed on March 17, 2020, the Company announced
certain measures intended to address the ongoing impacts and
uncertainty resulting from the COVID-19 pandemic, including certain
actions to both preserve and provide additional liquidity. The
additional measures, beyond the store closures, include:

   * the draw-down of the entire $500 million available on our
Revolving Credit Facility;

   * withdrawing the full-year fiscal 2020 guidance issued on March
12, 2020;

   * deferring the record and payment dates for our previously
announced first quarter fiscal year 2020 dividend, and suspending
our regular quarterly cash dividend for the remainder of fiscal
year 2020;

   * suspending stock repurchases;

   * reducing planned capital expenditures by approximately $300
million in fiscal 2020;

   * reviewing all operating expenses for opportunities to reduce
spending;

   * realigning inventory to expected sales trends based upon
timing of stores reopening;

   * furloughing the majority of our store teams in the United
States and Canada, pausing pay but continuing to offer applicable
benefits until stores are able to reopen;

   * reducing headcount across its corporate functions around the
world;

   * temporarily reducing pay for the entire Gap Inc. leadership
team along with the Board of Directors; and

   * suspending rent payments for its stores that have been closed
because of the COVID-19 pandemic.

As a result of the COVID-19 pandemic, and in response to orders,
mandates, guidelines and recommendations from governmental and
public health authorities, we have temporarily closed our North
American retail stores and a significant number of our stores
globally. Beginning in April 2020, the GAP suspended rent payments
under the leases for these stores, which approximate $115 million
per month in North America.  It is currently negotiating with the
counterparties under those leases to defer or abate the applicable
rent during the store closure period, to modify the terms
(including rent) of our leases going forward after the stores
reopen, or in certain instances to terminate the leases and
permanently close some of the stores. However, there can be no
assurance that we will be able to negotiate rent deferrals or rent
abatements, or terminate the leases, on commercially reasonable
terms or at all.  

"If we are unable to renegotiate the leases and continue to suspend
rent payments, the landlords under a majority of the leases for our
stores in the United States could allege that we are in default
under the leases and attempt to terminate our lease and accelerate
our future rents due thereunder.  Although we believe that strong
legal grounds exist to support our claim that under common law we
are not obligated to pay rent for the stores that have been closed
because of the governmental and public health authority orders,
mandates, guidelines and recommendations, there can be no assurance
that such arguments will succeed and any dispute under these leases
may result in litigation with the respective landlord, and any such
dispute could be costly and have an uncertain outcome," The GAP
said.

As of February 1, 2020, cash, cash equivalents, and short-term
investments were $1.7 billion. At the end of the fiscal quarter
ending May 2, 2020, the Company currently expects to have $750
million to $850 million of cash and cash equivalents inclusive of
short-term investments. The majority of the use of cash over the
first quarter of fiscal 2020 has related to ordinary course changes
in operating assets and liabilities, with additional impact from
store closures and the first fiscal quarter typically being the
lowest revenue quarter.

"As we continue to manage through the impacts of the COVID-19
pandemic in fiscal 2020, it continues to negatively impact our
operations and liquidity. We will need to take additional actions
to both preserve existing liquidity and seek additional sources of
liquidity, beyond our currently available cash and credit
facilities within the next 12 months as existing cash and cash
expected to be generated from operations may not be sufficient to
fund our operations. We expect that the additional actions to
preserve and improve our cash position during the pandemic will
include some combination of new debt financing or other short-term
credit facility and further deferring capital expenditures, further
reducing headcount, further reducing operating expenses, further
reducing receipts and orders for merchandise, and extending the
terms for payment of goods and services. There can be no assurance
that we will successfully complete these actions. There are no
comparable recent events that provide guidance as to the effect the
spread of COVID-19 as a global pandemic may have, and, as a result,
the ultimate impacts of the outbreak on our business, and the steps
we may need to take to address those impacts, are highly uncertain
and subject to change," the GAP said.

                       About Gap Inc.

Gap Inc. -- http://www.gapinc.com/-- is a leading global retailer
offering clothing, accessories, and personal care products for men,
women, and children under the Old Navy, Gap, Banana Republic,
Athleta, Intermix, Janie and Jack, and Hill City brands. Fiscal
year 2019 net sales were $16.4 billion. Gap Inc. products are
available for purchase in more than 90 countries worldwide through
company-operated stores, franchise stores, and e-commerce sites.


GARDA WORLD: Fitch Affirms 'B+' IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed Garda World Security Corporation's 'B+'
Issuer Default Rating. GW's ratings are driven by the company's
relatively high leverage and opportunistic financial policy, which
is partly offset by the company's good competitive and market
positions, solid diversification and exposure to growing end
markets. Fitch expects the company to manage through the
coronavirus crisis with adequate liquidity, albeit with elevated
leverage through 2020. Fitch expects leverage to return onside
expectations in 2021 via debt repayments, deleveraging acquisitions
and EBITDA growth.

KEY RATING DRIVERS

Coronavirus impact through 2020-21: Garda has experienced an
overall increase in business levels to date, as demand for security
services at pharmacies, healthcare providers, governments,
financial institutions and grocery retailers have more than offset
declines in other areas. Garda's staffing level is higher now than
it was pre-crisis, and management reports it has been able to pass
on price increases to clients. The company continues to gain new
business, including new diplomatic security contracts in Nigeria
and Afghanistan (both commending March 2020). Garda's purchase of
the U.S. security business Whelan in April 2019 is fully integrated
and benefitting from the current environment.

The Fitch rating case forecasts a scenario where the company comes
under some pressure through the second quarter of 2020 as the
coronavirus crisis weighs on the economy, before rebounding in
2021. Fitch expects the company may operate outside its negative
sensitivities for 2020 before returning within sensitivities around
the end of 2021 or early 2022. Liquidity should be sufficient,
noting the company's access to the revolver, as well as its largely
variable-cost structure and efforts to control capex and defer M&A
for the year.

BC Partners Investment: In October 2019, BC Partners completed its
purchase of a 51% interest in GW, valuing the company at C$5.2
billion. The management team (including founder & CEO Stephan
Cretier) holds the remaining 49%. BC Partners is an established
firm which has raised over EUR25 billion in capital. BC Partners'
investment in GW is predicated on buying into an entrepreneurial
management team which operates in an industry with favorable
tailwinds. Management has increased its share of ownership from 26%
when it was taken private in 2012 to 49% currently, and Fitch views
this alignment of interests between the two ownership groups
positively.

Highly Leveraged Financial Structure: Following the Whelan and UAS
acquisitions, as well as several tuck-ins in the Security Services
segment, GW's pro forma net debt/EBITDA increased to a peak of 6.7x
during 2019. Fitch expects leverage to remain above 6.0x during
2020 due to the impact of coronavirus on its business before
returning below this level during 2021 or 2022.

Opportunistic M&A Approach: GW operates under an opportunistic
financial policy that includes pursuing debt funded acquisitions at
already high leverage levels. The company notes that these
acquisitions are typically executed at deleveraging multiples, and
its M&A program is largely paused for 2020. Although the company
has stated its near-term priority on bringing down leverage, Fitch
believes this could take longer than the company is forecasting
given its recent history of acquisitions and acquisitive nature.
The company has completed 19 M&A transactions over the past three
years, adding C$710 million in revenue and C$90 million in EBITDA.
The April 2019 Whelan acquisition is largely integrated. The
company dropped its intent to acquire larger European rival G4S PLC
in May 2019, which would have been a transformative transaction for
the company.

U.S. Security Services Entry: Starting with the UAS and Whelan
acquisitions in 2018-2019, GW has begun to ramp up its footprint in
the $25 billion U.S. security sector. This market has three large
players (AlliedUniversal with a 28% share, Securitas with 18%, and
G4S at 8%) and is otherwise fragmented. Management believes it can
build scale quickly noting its U.S. customer retention rates are
much higher than competitors, and that Garda is already the top
player in the C$2.5 billion Canadian security market.

Profitability Improvements: GW has grown its EBITDA margins
consistently through a time of expansion, to approximately 13%
currently from approximately 11% in 2016, indicating its expertise
in acquiring at reasonable multiples and integrating acquisitions
effectively. Margin improvements to date are driven by recent
pricing increases as well as slight synergies from recent
acquisitions. Fitch notes that margin improvement has further
upside given strong organic growth in both Security Services and
Cash Services.

Good Competitive and Market Position: GW is a leading provider of
cash management and security services, and its industry leading
retention rates position it well to defend and grow its share.
Although the company faces strong competition from several other
large multinational competitors, GW's annual revenue of
approximately C$1 billion in its Security Services segment and C$1
billion its Cash Services segment gives it scale to compete
effectively against its peers. The security services market has
been growing at a healthy rate and Fitch expects further growth at
least through the medium-term. Organic growth within GW's North
American SecuritysServices segment was 4% the past three years.
Management believes the Canadian, U.S., and MEA security services
markets will continue to grow at 3%-4%, 4%-5%, and 6%-7% annually.

Solid Diversification: GW has good diversification given its large
market positions in both the Security and Cash Services segments.
Additionally, within each segment, the company's end market
exposure is diverse including exposure to natural resources,
property management, retail, restaurants, financial institutions,
healthcare, government agencies and special events.

Moderate FX Risk: GW generates a significant amount of cash flow in
Canada and international markets, although the majority of its debt
is U.S. dollar denominated, exposing it to moderate FX risk when
repaying debt. However, GW's strong market position within the U.S.
cash services market and its growing market position within the
U.S. Security services market should allow the company to generate
adequate cash flow within the U.S. so as to negate any potential FX
movements.

DERIVATION SUMMARY

GW can be compared to The Brink's Company (BB+/Stable), a direct
competitor within GW's Cash Services segment. Compared to Brink's,
GW has significantly higher leverage with net debt/EBITDA in the
mid-6x range compared to net debt/EBITDA in the mid-to low-3x range
at BCO. Additionally, GW's EBITDA margin is lower and its FCF
generation is comparatively weaker and less consistent. GW shows
superior diversification and a stronger organic growth outlook due
to its presence in the Security Services segment.

KEY ASSUMPTIONS

Fitch has prepared an updated Base Case forecast which incorporates
the impact of coronavirus on the company's global operations. As
follows:

Revenue: After flat revenue during 2020, Fitch expects growth to
resume to the 7% range driven by M&A and organic growth.

M&A: After a pause in 2020, the company is forecast to spend C$80
million yearly on acquisitions assuming a 6x multiple and a 12%
margin.

EBITDA Margins: After a slight pullback in 2020 driven by cost
pressure, margins are forecast to improve slightly due to increased
fixed cost leverage.

FCF: The company maintains positive FFO and FCF through the period,
as working capital needs are limited. FCF improvement in the short
term is driven by a capex pullback in 2020.

Leverage: Fitch had expected leverage (debt/EBITDA) to decrease
below 6.0x in its original forecast during 2021, the agency now
expects this will be delayed by one year. The company's liquidity
resources remain adequate through the projection period.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- An upgrade is unlikely in near-term without a significant and
sustained decrease in debt/EBITDA, and a more coherent financial
policy;

  -- Total Debt/EBITDA sustained below 5.0x;

  -- Maintaining a FCF margin above 4%;

  -- Maintaining an EBITDA margin above 13%.

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

  -- Proforma total debt/EBITDA sustained above 6.5x;

  -- Debt funded shareholder-friendly activity, or a significant
acquisition which weighs upon credit metrics;

  -- Sustained decline in EBITDA margin to below 10%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Fitch expects GW to continue to hold relatively small cash balances
and to fund short-term needs with operating cash flows and draws
from its upsized US$335 million senior secured revolving facility.
The company has adequate liquidity with a C$46 million cash balance
and over $270 million availability under the revolver at Jan. 21,
2020. The company's funding needs are manageable given GW's low
capital intensity and mostly variable cost structure. The majority
of new fixed assets are funded through finance (capital) leases,
which decreases annual costs, especially for Cash Services' new
armored vehicles. The Security Services segment is an asset-light
business and needs minimal capital expenditures as well.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


GEORGE BASHEN: $850K Sale of Houston Homestead to Greenranger OK'd
------------------------------------------------------------------
Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas authorized George Steven Bashen's short sale of
his homestead located at 622 Voss Rd., Houston, Texas to
Greenranger, LLC for $850,000, pursuant their One to Four Family
Residential Contract (Resale).

The sale is free and clear of all liens encumbering the Property as
to George Steven Bashen, and is also free and clear of all liens
encumbering the Property filed by the Department of the Treasury -
Internal Revenue Service as to his spouse, Janet E. Bashen, with
all liens attaching to the net proceeds in priority order.  No
payments will be made to the Internal Revenue Service, Frost Bank
or Unity National Bank.  Any property taxes, broker fees and
settlement costs will be paid at closing and all net proceeds will
be remitted to the Bank of New York Mellon, et al c/o Carrington
Mortgage Services, LLC.

The 14-day stay of the Order pursuant to Bankruptcy Rule 6004(h)
will not apply, and the relief granted is effective immediately
upon entry of the Order.

The bankruptcy case is In re George Steven Bashen (Bankr. S.D. Tex.
Case No. 18-37391-H1-11).



GFL ENVIRONMENTAL: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'
-------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to GFL
Environmental Inc.'s proposed new $400 million senior secured notes
due in 2025. The B1 corporate family rating, B1-PD probability of
default rating, Ba3 ratings on GFL's existing senior secured bank
credit facility and senior secured notes and B3 ratings to its
senior unsecured notes remain unchanged. The Speculative-Grade
Liquidity Rating also remains unchanged at SGL-2. The outlook
remains stable.

The net proceeds from the senior secured notes issuance will be
held in cash and used for general corporate purposes. The
transaction is expected to increase GFL's leverage for FY2020E from
4.1x to 4.6x.

Assignments:

Issuer: GFL Environmental Inc.

Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)

RATINGS RATIONALE

GFL's B1 CFR is constrained by: 1) its history of aggressive
debt-financed acquisition growth strategy; 2) Moody's expectation
that leverage will remain above 4x in the next 12 to 18 months
(about 4.6x pro forma for recent acquisitions and the proposed
notes issuance); 3) the short time frame between acquisitions which
increases the potential for integration risks and creates opacity
of organic growth; and 4) GFL's majority ownership by private
equity firms, which may continue to hinder deleveraging. However,
GFL benefits from: 1) the company's diversified business model; 2)
high recurring revenue supported by long term contracts; 3) its
good market position in the stable Canadian and US non-hazardous
waste industry; 4) EBITDA margins that compare favorably with those
of its investment grade rated industry peers; and 5) good
liquidity.

The stable outlook reflects Moody's view that GFL will sustain a
leverage that will remain below 5x and maintain its stable margins
and good liquidity in the next 12 to 18 months.

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

The ratings could be upgraded if GFL demonstrates consistent and
visible organic revenue growth, maintains good liquidity and
sustains adjusted debt/EBITDA below 4.0x (4.6x pro forma FY2020E)
and EBIT/Interest above 2.0x (1.5x pro forma FY2020E). The ratings
could be downgraded if liquidity weakens, possibly caused by
negative free cash flow, if there is a material and sustained
decline in margins due to challenges integrating acquisitions or if
adjusted Debt/EBITDA is sustained above 5.0x (4.6x pro forma
FY2020E) and EBIT/Interest falls below 1.5x (1.5x pro forma
FY2020E).

GFL has good liquidity (SGL-2). Sources are approximately C$1.6
billion with no mandatory debt repayments over the next 12 months.
After the closing of the proposed notes issuance, GFL is projected
to have $400 million (C$560 million equivalent) in cash. GFL will
have full availability under its C$628 million and $40 million
revolving credit facilities, both due August 2023, and Moody's
expected free cash flow of about C$350 million over the next 12
months to December 2020. GFL's revolver is subject to a net
leverage covenant, which Moody's expects will have at least a 40%
cushion over the next four quarters. GFL has limited flexibility to
generate liquidity from asset sales as its assets are encumbered.

Environmental risks considered material are the various regulations
and requirements that GFL is subjected to for the collection,
treatment and disposal of waste. GFL has a long track record of
adhering to the requirements for the proper handling of the waste
materials encountered.

The governance considerations Moody's makes in GFL's credit profile
include the majority ownership by private equity firms as well as
its history of debt-financed acquisitions and aggressive financial
policies, which may be reversed after the completion of the IPO
earlier this year. Moody's also considered GFL's track record of
successfully integrating its acquisitions for the expansion of its
business as well as the management team's experience in the
amalgamation of the businesses.

The Ba3 ratings on the senior secured notes and term loan are one
notch above the CFR due to the senior debt's first priority access
to substantially all of the company's assets as well as loss
absorption cushion provided by the senior unsecured notes. The B3
rating on the senior unsecured notes is two notches below the CFR
due to the senior unsecured notes' junior position in the debt
capital structure.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

GFL Environmental Inc., headquartered in Toronto, provides solid
waste and liquid waste collection, treatment and disposal solutions
and soil remediation services to municipal, industrial and
commercial customers in Canada and the US. Pro forma for
acquisitions, annual revenue is approximately C$4.0 billion. GFL is
publicly traded on the Toronto Stock Exchange and New York Stock
Exchange.


GKS CORPORATION: Needs Time to Formulate Plan of Reorganization
---------------------------------------------------------------
GKS Corporation asks the U.S. Bankruptcy Court for the District of
Massachusetts to extend the exclusive periods for filing and
obtaining acceptance of a plan to August 22 and October 21,
respectively.

Of critical importance to Debtor's reorganization and survival is
the procurement of funding for capital improvements, operations and
payments to creditors. The Debtor owns and operates The American
Inn for Retirement Living -- a senior-living facility (the
"Community"). The Community's current owners do not have funds
available for further investment, requiring that the Debtor seek a
purchaser of or investor in the Community

The Debtor has developed a number of alternative reorganization
plans that have been shared with  its principal secured lender
Westfield Bank and the Creditors' Committee, which are the subject
of continuing negotiations.

The Debtor requires additional time to complete the current due
diligence process and, if successful, to market the Community to
other potential purchasers or plan funders. However, both the due
diligence and marketing process has been, and will be, slowed by
the COVID-19 pandemic.

                      About GKS Corporation

GKS Corporation -- http://www.theamericaninn.net/-- owns and
operates a continuing care retirement community and assisted living
facility for the elderly.  It is a 50-acre country village setting
in Southwick, Mass., with easy access to healthcare services,
transportation, shopping and recreation.

GKS Corporation sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Mass. Case No. 19-30998) on Dec. 26,
2019.  At the time of the filing, the Debtor had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.  

Michael J. Goldberg, Esq., at Casner & Edwards, LLP, is the
Debtor's legal counsel.

The U.S. Trustee for Region 1 on Jan. 22, 2020, appointed five
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case of GKS Corporation.



GLASS MOUNTAIN: Moody's Lowers CFR to Caa2 & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service downgraded Glass Mountain Pipeline
Holdings, LLC's Corporate Family Rating to Caa2 from B3,
Probability of Default Rating to Caa2-PD from B3-PD and rating on
the term loan B to Caa2 from B3. The outlook was downgraded to
negative from stable.

"The downgrade of Glass Mountain Pipeline's rating reflects its
weak liquidity and credit metrics as well as the low likelihood it
will be able to achieve its growth objectives in 2020-2021," stated
James Wilkins, Moody's Vice President.

Downgrades:

Issuer: Glass Mountain Pipeline Holdings, LLC

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

Corporate Family Rating, Downgraded to Caa2 from B3

Senior Secured Revolving Credit Facility, Downgraded to Caa2 (LGD3)
from B3 (LGD4)

Senior Secured Term Loan, Downgraded to Caa2 (LGD3) from B3 (LGD4)

Outlook Actions:

Issuer: Glass Mountain Pipeline Holdings, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of Glass Mountain Pipeline's CFR to Caa2 reflects
Moody's expectation that lower drilling activity by exploration &
production companies will challenge the company's ability to grow
its EBITDA and to fill its relatively new pipeline assets, leaving
it with high leverage and weak credit metrics. The rig count
employed by E&Ps in Glass Mountain Pipeline's key areas of
operations has declined in 2019 and again in 2020, such that
Moody's expects production volumes in those areas to decline in
2020. Little unused storage capacity at Cushing and outlets for
crude oil is limiting the volumes of crude oil producers can flow
on Glass Mountain Pipeline's assets. Its transportation contracts
include acreage dedication contracts. It no longer enjoys the
benefit of a contract with minimum volume commitments and the
company is in litigation to obtain payment in connection with the
termination of that contract.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The E&P sectors
have been significantly affected by the shock given its sensitivity
to demand and oil prices, and that has affected certain midstream
energy companies that move E&P production volumes. 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 significant impact on Glass Mountain
Pipeline's credit quality of the breadth and severity of the oil
demand and supply shocks, and the company's resilience to a period
of low oil prices.

Glass Mountain Pipeline's Caa2 CFR reflects its high leverage, the
need to increase EBITDA to reduce leverage, and considerable
uncertainty over the crude oil volumes it will ship in its pipeline
network, which are beyond the company's control. All of the
contracts with E&P customers are acreage dedications and do not
provide for certain cash flows. Despite the increase in customer
base and area served following completion of expansion projects,
there is limited visibility of how quickly additional customers
will transition to its pipeline network. The rating is supported by
Glass Mountain Pipeline's largely fee-based contracts (minimizing
direct commodity price risk) that can support more stable cash flow
generation, low working capital requirements, and an excess cash
flow sweep that will require repayment of debt, but may not result
in meaningful debt reduction as long as the company has material
growth capital projects or faces headwinds in its customer volumes
and related cash flow. The rating also reflects the company's
modest scale, weak coverage metrics, concentrated customer base and
limited operating history.

The senior secured term loan B and senior secured revolving credit
facility are rated Caa2, the same level as the CFR. The lack of
notching of the ratings on the debt relative to the CFR reflects
the fact that the debt under the credit facilities comprises all of
the company's third party debt and almost all of its liabilities.
The term loan and revolver are pari passu. The company has few
lease obligations and carries a low trade accounts payable
balance.

Glass Mountain Pipeline has weak liquidity reflecting minimal cash
balances, no access to its revolver and weak cash flow. It has an
undrawn revolving credit facility due 2022, but no available
borrowing capacity as a result of not being able to meet the 4.50x
leverage incurrence covenant. (Moody's expects the leverage ratio
to exceed 4.50x through 2021.) The 2020 capital expenditures for
extensions to its pipeline network have been funded by additional
committed equity. There is an excess cash flow sweep mechanism
under the credit facility that requires repayment of debt with
excess cash flow as long as the Consolidated Net Leverage Ratio is
above 3.0x, but ongoing growth capital expenditures will result in
no near-term debt repayment under the sweep. Moody's expects the
company may need an equity cure in order to comply with its credit
facility financial covenant through 2021, a minimum debt service
coverage ratio of 1.10x. If the revolver is drawn or there are more
than $10 million of letters of credit issued it must comply with a
Maximum Consolidated Net Leverage Ratio of no more than 4.50x. The
company has no near-term debt maturities.

The negative outlook reflects Moody's expectation that the
company's transportation volumes will decline substantially in
2020.

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

The ratings could be downgraded if Glass Mountain Pipeline's
interest coverage declines or liquidity deteriorates. An upgrade is
unlikely at this time, but the ratings could be upgraded if Glass
Mountain Pipeline executes on its growth program, EBITDA grows
towards $50 million and leverage (Debt to EBITDA) declines towards
6.0x, while industry conditions improve.


GOODYEAR TIRE: S&P Lowers ICR to 'B+' Due to Pandemic Risk
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Akron,
Ohio-based The Goodyear Tire & Rubber Co. to 'B+' from 'BB-'. The
outlook is negative. S&P also lowered its issue-level ratings on
its senior secured term loan to 'BB' from 'BB+' and on its
unsecured notes to 'B+' from 'BB-'.

Governments have implemented unprecedented containment actions to
slow the spread of COVID-19, including shutting down many
businesses.

In response, The Goodyear Tire & Rubber Co. suspended Americas and
European manufacturing for the month of April.

"Moreover, the company reported that sales in the first quarter of
2020 came in at about $3 billion, down from $3.6 billion a year
ago, and we expect that decline will worsen in the second quarter.
While we believe that Goodyear's sales, profitability, and cash
flow will be down significantly in 2020 from its results in 2019,
we also think the company benefits from its strong liquidity and
predominant exposure to the replacement tire business, which is
generally more stable than its original equipment (OE) business,"
S&P said.

S&P's negative outlook on Goodyear reflects its view that there is
at least a one-third chance that the company would report a
lower-than-expected level of FOCF that significantly weakened its
liquidity position over the next 12 months.

"We could lower our rating on the company if declining global tire
demand made it unlikely that Goodyear could maintain metrics in
line with our expectations for the current financial risk profile,
namely a debt-to-EBITDA ratio below 5x or a FOCF-to-debt ratio
above 5% on a sustained basis. Also we could lower our ratings if
the company reported a higher-than-expected level of negative FOCF
that significantly weakened its liquidity position over the next 12
months," S&P said.

"We could consider revising the outlook upward if we came to
believe that the company could comfortably maintain its
FOCF-to-debt ratio above 5% and keep its debt-to-EBITDA metric less
than 5x on a sustained basis. This could occur if the company
adeptly adjusted production to falling demand, continued to
streamline its cost structure, and positioned itself to take
advantage of the rise in sales once pandemic risks have been
lifted," S&P said.


GREAT WESTERN PETROLEUM: Fitch Cuts IDR to CCC on Refinancing Risk
------------------------------------------------------------------
Fitch Ratings has downgraded Great Western Petroleum, LLC's
Long-Term Issuer Default Rating to 'CCC-' from 'B-'. Fitch also
downgraded Great Western's senior secured credit facility to
'B-'/'RR1' from 'BB-'/'RR1' and the senior unsecured notes to
'CCC-'/'RR4' from 'B+'/'RR2'. The Rating Watch Negative was
removed.

The downgrade reflects the company's heightened refinancing and
liquidity risks. Great Western currently faces a challenging
capital market environment to refinance its near-term maturities
and may have to encumber assets, which may prime unsecured holders
and restrict its financial flexibility in order to facilitate
execution. Great Western's senior secured revolving credit facility
springs to March 2021 if the notes are not successfully refinanced.
Fitch believes the recent sharp decline in commodity prices likely
heightens the risk of a potential exchange that Fitch may consider
a distressed debt exchange. The rating action also reflects an
expectation for a relatively severe borrowing base revision as part
of the company's spring redetermination.

The ratings reflect the company's liquids-focused production in the
DJ Basin, with a YE 2019 average production of 48mboepd and
estimated 2019 exit north of 60mboepd, as well as a low break even
inventory and competitive cost structure leading to solid netbacks,
a hedging policy supporting moderate asset development in the
current commodity price environment, and expectations of manageable
leverage. Fitch believes the following is consistent with single
'B' rating category thresholds: Great Western's assets, including
production, inventory and unit economics; their financial profiles,
including leverage and upstream debt metrics; and their operational
strategy which optimizes longer term positive FCF. However, these
factors are currently offset by the elevated refinancing and
liquidity risks.

KEY RATING DRIVERS

Elevated Refinancing, Liquidity Risks: Capital market access for
high-yield energy issuers has been challenging since 2019, and
Fitch believes access has materially weakened since the severe
commodity price decline in March 2020. Fitch believes regulatory
overhang in Colorado adds another layer of longer term capital
market uncertainty despite a relatively solid leverage profile and
unit economics. The credit facility becomes callable on March 30,
2021 if the company fails to refinance its 2021 notes by that date.
Under base case assumptions, Fitch expects Great Western to have
greater than $300 million drawn on the revolver, heightening
refinancing and liquidity risks as the springing maturity trigger
date approaches.

Regulatory Environment Creates Overhang: Senate Bill 19-181 was
signed into law on April 16, 2019, triggering 12+ rulemakings at
the Colorado Oil and Gas Conservation Commission (COGCC). Fitch
believes near- to medium-term operational risks are moderated under
the new regulatory environment, but the regulatory environment may
remain a capital market access overhang.

Great Western received approval on seven new Adams County permits
in 2019, adding over 200 wells and two years of inventory. Fitch
estimates Great Western has about six rig-years of development
under existing permits. Great Western's strong historical track
record of working with local governments should support continued
success receiving drilling permits.

Potential Debt Exchange: Fitch believes given the elevated
refinancing, liquidity risks and added regulatory overhang, Great
Western's options to refinance the 2021 notes are relatively
limited, increasing the likelihood of a potential debt exchange
which may be considered a distressed debt exchange under Fitch's
criteria. Great Western has adequate second-lien capacity to
address both the 2021 and 2024 maturities, a sum of $375 million. A
second-lien transaction may support execution, although the
bondholders would not move up the priority stack, as well as an
improved, longer term liquidity outlook.

Rolling, Three-Year Hedge Program: Great Western has a robust hedge
program, targeting 75%, 50% and 25% of rolling first-, second-, and
third-year production. Under base case assumptions, Fitch estimates
approximately 100% of oil is hedged for 2020 and approximately 55%
of oil is hedged for 2021. The company's current hedge position
partially mitigates the severe decline in commodity prices, and
Fitch expects Great Western's leverage and cash flows to be
relatively resilient in the near term. Fitch believes Great Western
will use the 2020 hedge book and throttle back the capital program
to a FCF-neutral level in order to preserve liquidity.

A lower for longer scenario would likely have negative impact on
the company's longer term production, cash flow and leverage
profiles, impacting the borrowing base and longer term liquidity
profile outlook.

ESG Consideration: Great Western has an Environmental, Social and
Governance Relevance Score of '4' for Exposure to Social Impacts,
due to heightened regulatory pressure for COGCC operators, which
may have a longer term effect on costs and inventory. Fitch
believes this will negatively affect the credit profile and is
relevant to the rating in conjunction with other factors.

DERIVATION SUMMARY

Great Western's production profile, 48mboepd for YE 2019 and exit
rate north of 60mboepd, is smaller than direct peer and DJ Basin
operator Extraction Oil & Gas, Inc. (B-/RWN; 89mboepd). Great
Western's acreage position, with approximately 60,000 net acres, is
significantly smaller than Extraction's 179,300 net acres. As
single-basin DJ Basin operators, both companies are significantly
exposed to Colorado regulatory risk. Fitch believes Great Western
has taken a proactive approach to the new legislation and mitigated
the new regulations associated with Bill 19-181. Great Western has
a higher liquids-cut, 70% versus 67%, and a better unhedged
netbacks, with $20.80/bbl versus $16.80/bbl, for YE 2019.

Great Western's credit metrics, $21,168/bbl and $4.40/boe, are
similarly positioned to Extraction, with $19,785/bbl and $6.90/boe
on a debt/flowing barrel and a debt/1P basis, respectively. The
smaller production size, which is averaged for the year, coupled
with the 0% equity credit on the preferred units, negatively
position Great Western on a $/flowing barrel basis.

Great Western's rating is less reflective of its operational
momentum, which yielded substantial double-digit production growth
in 2019 into 2020 and relatively strong unit economics, but more so
due to liquidity and refinancing risks associated with the
company's 2021 maturity wall.

KEY ASSUMPTIONS

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

  -- WTI oil price of $32/bbl in 2020, $42/bbl in 2021, $50/bbl in
2022 and $52/bbl in the long term;

  -- Henry Hub natural gas price of $1.85/mcf in 2020, $2.10/mcf in
2021, $2.25/mcf in 2022 and $2.50/mcf in the long term;

  -- Realized prices in accordance with ASC 606 - G&T costs
netted;

  -- Relatively flat production growth through the forecast;

  -- Capital Program linked to the lower activity in 2020 with
price-linked increases in the outer years;
  
  -- Flat unit costs through the forecast;

  -- FCF deficits funded with revolver borrowing.

Key Recovery Rating Assumptions: The recovery analysis assumes that
Great Western would be reorganized as a going-concern in bankruptcy
rather than liquidated. Fitch assumes a 10% administrative claim.

GC Approach: Fitch assumed a bankruptcy scenario exit EBITDA of
$225 million, in line with the 2022 stress case EBITDA. The EBITDA
estimate takes into account a slight uptick in oil and natural gas
prices following a prolonged commodity price downturn of
$25/bbl-$35/bbl, coupled with an unexpected regulatory change,
causing lower than expected production, less economic drilling
inventory and liquidity constraints.

Fitch used a GC enterprise value multiple of 3.75x versus a
historical E&P energy subsector exit multiple of 5.6x. The multiple
is reflective of Great Western's footprint in the DJ Basin, which
is smaller, subject to increased regulatory risks, and cored up,
leading to fewer available assets to increase reserves and
inventory.

Fitch's GC assumptions lead to a valuation of $850 million, a
decrease since the last review due to smaller production size and
lower realized pricing.

Liquidation Approach: Fitch used transactional and asset-based
valuations, such as recent transactions for the DJ Basin on a
$/acre, $/drilling location, $/flowing barrel and $/1P estimates to
determine a reasonable sales price for the company's assets.

Fitch used PDC Energy, Inc.'s acquisition of SRC Energy Inc. in
August 2019 as the key comp. SRC's acreage position is slightly
south and east of the company's Weld county position, which has
different valuation effects than the company's Adams county core,
which is in the volatile oil window.

Fitch's liquidation value was $825 million.

Fitch assumed the revolver was drawn at $600 million. Fitch
anticipates a slight borrowing base/elected commitment decrease in
the spring determination. The allocation of value in the liability
waterfall results in a recovery corresponding to an 'RR1' for the
revolving credit facility and an 'RR4' for the senior unsecured
notes.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Successful refinancing of the 2021 debt maturity without a
debt exchange that retains revolver access through 2024;

  -- Maintenance of business and financial profiles in line with
higher rating thresholds, such as leverage, production and FFO.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Unsuccessful refinancing of the unsecured bonds prior to going
current;

  -- Announcement of a debt exchange consistent with Fitch's
distressed debt exchange criteria;

  -- Deteriorating liquidity profile outlook;

  -- Interest coverage below 1.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Heightened Refinancing Risk: Capital market access for high-yield
energy issuers has been limited since 2019. Fitch believes capital
market access deteriorated substantially following the commodity
price collapse in early March 2020. Access for DJ basin operators
such as Great Western is even weaker given the elevated regulatory
environment. Fitch believes this elevates the company's near-term
refinancing and liquidity risks.

Successful refinancing of the 2021 notes will extend the company's
maturity profile; the credit facility matures on June 25, 2024, but
springs to March 30, 2021 if the 2021 notes are not successfully
refinanced in full. Great Western also has a $75 million maturity
in 2025.

Liquidity May Be Constrained: As of Dec. 31, 2019, Great Western
had approximately $306 million of revolver availability, with $700
million borrowing base and $630 million elected commitment, and
cash on hand of approximately $12 million. Fitch believes the
liquidity position has eroded throughout 2020 driven by negative
FCF as the company continued asset development prior to the price
decline and a potentially reduced borrowing base. Continued capital
market access challenges for high-yield issuers may result in a
weaker longer-term liquidity profile.

Preferred Units: On April 11, 2018, Great Western issued 275,000
preferred units at $1,000 par value. Great Western is required to
make cumulative annual dividends payable quarterly at 8% until
April 2023, the greater of 8% and L+625 thereafter, and 10%
following a qualified IPO. Until the end of 2020, Great Western has
the option to PIK dividends up to 100%. However, a portion must be
paid in cash to cover taxes for the holders. As detailed in the
Hybrids Security Section, the units received 0% equity credit.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

Great Western has an ESG Relevance Score of '4' for Exposure to
Social Impacts, due to heightened regulatory pressure for Colorado
Oil & Gas operators, which may have a longer-term impact on costs
and inventory. Fitch believes this has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.


GREENBRIER COMPANIES: Egan-Jones Lowers Sr. Unsec. Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by The Greenbrier Companies, Inc. to BB- from BB.

Headquartered in ‎Lake Oswego, Oregon, The Greenbrier Companies,
Inc. supplies transportation equipment and services to the railroad
and related industries.



GREENWOOD VETERINARY: Unsec. Creditors to Get 100% in 3 Years
-------------------------------------------------------------
Debtor Greenwood Veterinary Associates, PLC LLC, filed the First
Amended Combined Plan and Disclosure Statement dated April 7,
2020.

Class 5 General Unsecured Creditors are impaired.  The Debtor
intends to pay these claims in full, with interest (per contract)
within 36 months of the effective date.  The total amount of
estimated claims in the class amounts to $11,145.

Alleged Creditor Heska Corporation was scheduled by the Debtor as
contingent, unliquidated, and disputed, as the Debtor contends that
it is not liable to Heska in any amount.  Heska failed to file a
timely proof of claim prior to the Bar Date, despite notice of this
case and of the applicable Bar Date.  Accordingly, Heska will
receive no distribution under the Plan and is not entitled to vote
on the Plan.

Class 6 Equity Security Holders are not impaired.  Stacey Lee
Schramm is the sole equity security holder of the Debtor, and her
continued personal services provided to the Debtor are essential to
its successful operation, both during this case and following
confirmation.

The Debtor reasonably believes that its future operations and
collection of receivables will generate sufficient funds to satisfy
its obligations under this Plan.

In 2018, an employee of the Debtor "went rogue," and incurred
significant unauthorized and unsustainable obligations, allegedly
on the Debtor's behalf.  The Debtor maintains that it is not
responsible for such obligations.  However, as a result of the
employee's actions, the Debtor is now facing litigation in Colorado
(a jurisdiction allegedly consented to by the rogue employee).  As
the Debtor maintains a small business located in Michigan, it is
unable to defend the litigation in Colorado.  Through this chapter
11 filing, the Debtor seeks to contest the claims brought about by
the rogue employee's actions, and to continue to operate and
satisfy its other obligations.

Stacey Lee Schramm will continue to manage the reorganized Debtor
and intends to take any compensation during the life of the Plan.
The duration of the plan is for 3 years following the Effective
Date.

A full-text copy of the Amended Combined Plan and Disclosure
Statement dated April 7, 2020, is available at
https://tinyurl.com/wvejglp from PacerMonitor at no charge.

The Debtor is represented by:

         OSIPOV BIGELMAN P.C.
         Anthony J. Miller
         20700 Civic Center Drive, Suite 420
         Southfield, MI 48076
         Tel: (248) 663-1804
         Fax: (248) 663-1801
         E-mail: am@osbig.com

          About Greenwood Veterinary Associates

Greenwood Veterinary Associates filed a voluntary Chapter 11
petition (Bankr. E.D. Mich. Case No. 19-55866) on Nov. 14, 2019,
listing under $1 million in both assets and liabilities, and is
represented by Jeffrey H. Bigelman, Esq. and Yuliy Osipov, Esq., at
Osipov Bigelman,P.C.


GTN PROPERTIES: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
GTN Properties, LLC, according to court dockets.
    
                     About GTN Properties

GTN Properties, LLC owns a leashold interest in the following
property: Parcel 2-A Fort Lauderdale Executive Airport, Broward
County, Fa.  The current value of GTN Properties' interest in the
property is $14.3 million.

GTN Properties filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-11743) on Feb. 10,
2020. At the time of the filing, Debtor disclosed $14,360,000 in
assets and $11,747,729 in liabilities.  Judge Scott M. Grossman
oversees the case.  Susan D. Lasky, Esq., at Sue Lasky, PA, is the
Debtor's legal counsel.


GULFPORT ENERGY: Falls Short of Nasdaq Minimum Bid Requirement
--------------------------------------------------------------
Gulfport Energy Corporation received a letter on April 16, 2020,
from the Listing Qualifications Department of the Nasdaq Stock
Market LLC notifying Gulfport that for a period of 30 consecutive
business days preceding the date of the Notice, the bid price of
Gulfport's common stock had closed below $1.00 per share, the
minimum closing bid price required by the continued listing
requirements of Nasdaq Listing Rule 5450(a)(1).

The Notice has no immediate effect on the listing or trading of
Gulfport's common stock on the Nasdaq Global Select Market.  In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), Gulfport has 180
calendar days to regain compliance with the Minimum Bid
Requirement.  To regain compliance, the closing bid price of
Gulfport's common stock must be at least $1.00 per share for a
minimum of ten consecutive business days during this 180-day
period.

On April 17, 2020, Gulfport received a second notice from the
Nasdaq indicating that, due to extraordinary market conditions,
Nasdaq was tolling the compliance period for the bid-price
requirement through June 30, 2020 and that on April 16, 2020,
Nasdaq had filed an immediately effective rule change with the SEC
to implement the tolling period.  The Second Notice indicates that
upon expiration of the tolling period and beginning on July 1,
2020, Gulfport will receive the balance of days remaining under its
currently pending compliance period in effect as of April 16,
2020.

If Gulfport does not regain compliance with the Minimum Bid
Requirement within 180 calendar days (after taking into account the
tolling period), Gulfport may be eligible for an additional 180
calendar days compliance period if it elects to transfer to the
Nasdaq Capital Market.  To qualify, the Company would be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards, with
the exception of the Minimum Bid Requirement, and would need to
provide written notice of its intention to cure the deficiency
during the second compliance period, by effecting a reverse stock
split, if necessary.  However, if it appears to the Nasdaq staff
that Gulfport will not be able to cure the deficiency, or if
Gulfport does not meet the other listing standards, Nasdaq could
provide notice that Gulfport's common stock will become subject to
delisting.  In the event Gulfport receives notice that its common
stock is being delisted, Nasdaq rules permit Gulfport to appeal any
delisting determination by the Nasdaq staff to a Hearings Panel.

Gulfport intends to actively monitor the closing bid price of its
common stock and will evaluate available options to regain
compliance with the Minimum Bid Requirement.

There can be no assurance that Gulfport will be able to regain
compliance with the Minimum Bid Requirement or maintain compliance
with the other listing requirements.

                          About Gulfport

Gulfport Energy Corporation (NASDAQ: GPOR) --
http://www.gulfportenergy.com-- is an independent natural gas and
oil company focused on the exploration and development of natural
gas and oil properties in North America and a producer of natural
gas in the contiguous United States.  Headquartered in Oklahoma
City, Gulfport holds significant acreage positions in the Utica
Shale of Eastern Ohio and the SCOOP Woodford and SCOOP Springer
plays in Oklahoma.  In addition, Gulfport holds non-core assets
that include an approximately 22% equity interest in Mammoth Energy
Services, Inc. (NASDAQ: TUSK) and has a position in the Alberta Oil
Sands in Canada through its 25% interest in Grizzly Oil Sands ULC.

Gulfport Energy reported net loss of $2.0 billion for the year
ended Dec. 31, 2019 as compared to net income of $430.6 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.88 billion in total assets, $2.57 billion in total liabilities,
and $1.31 billion in total stockholders' equity.

                        *    *    *

As reported by the TCR on March 4, 2020, Moody's Investors Service
downgraded Gulfport Energy Corporation's Corporate Family Rating to
Caa1 from B2.  "The downgrade reflects rising financial risks amid
low natural gas prices and limited hedging protection in place for
Gulfport in 2020.  This required the company to significantly
reduce investment and allow production to fall significantly in
2020 in order to avoid new borrowings," commented Elena Nadtotchi,
Moody's vice president - senior credit officer.


H-CYTE INC: Widens Net Loss to $29.8 Million in 2019
----------------------------------------------------
H-Cyte, Inc., reported a net loss of $29.81 million on $8.35
million of revenues for the year ended Dec. 31, 2019, compared to a
net loss of $4.39 million on $7.88 million of revenues for the year
ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $3.27 million in total assets,
$6.67 million in total liabilities, $6.06 million in total
mezzanine equity, and a total stockholders' deficit of $9.46
million.

Frazier & Deeter, LLC, in Tampa, Florida, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 22, 2020 citing that the Company has negative working
capital, has an accumulated deficit, has a history of significant
operating losses and has a history of negative operating cash flow.
Additionally, the Company has closed clinic operations and
experienced significant losses related to COVID-19 in 2020.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.

"The recent coronavirus outbreak ("COVID-19") has adversely
affected the Company's financial condition and results of
operations," said H-Cyte.  "The impact of the outbreak of COVID-19
on the businesses and the economy in the U.S. and the rest of the
world is, and is expected to continue to be, significant.  The
extent to which the COVID-19 outbreak will impact business and the
economy is highly uncertain and cannot be predicted. Accordingly,
the Company cannot predict the extent to which its financial
condition and results of operation will be affected. The Company
recently has taken steps to protect its vulnerable patient base
(elderly patients suffering from chronic lung disease) by
cancelling all treatments effective March 23, 2020 through at least
the end of July.  This decision has put significant financial
strain on the Company.  The Company made the decision in late
March, to layoff approximately 40% of its employee base, including
corporate and clinical employees and to cease operations at the LHI
clinics in Tampa, Scottsdale, Pittsburgh, and Dallas.  The Company
will reevaluate when operations will recommence at these clinics as
more information about COVID-19 becomes available.

"The Company believes these expense reductions are necessary during
the unexpected COVID-19 pandemic.  Due to COVID-19, the Company is
not expecting to be able to generate revenue until, at the
earliest, August 2020.  The Company has contacted its patients that
are scheduled to come in for treatment, both first time patients
and recurring patients, and have rescheduled these patients to
August 2020.  There is no guarantee that the Company will be able
to treat patients as soon as August 2020; as such, the Company
cannot estimate when it will be safe to treat patients and generate
revenue.  The Company's fourth quarter 2019 revenue was
approximately $1.8 million.  The Company expects that the first
quarter of 2020 will be substantially less than the fourth quarter
of 2019, and future quarters’ revenue is dependent on the timing
of being able to treat patients again.  The Company will continue
to focus on its goal of taking the L-CYTE-01 protocol to the FDA
for treatment of chronic lung diseases.  The Company is currently
evaluating if its protocol has the potential to help people
affected by COVID-19, but more research will need to be completed
before a definitive conclusion can be reached.

"With the Company's revenue-generating activities suspended, the
Company will need to raise cash from debt and equity offerings to
continue with its efforts to take the L-CYTE-01 protocol to the FDA
for treatment of chronic lung diseases.  There can be no assurance
that the Company will be successful in doing so."

A full-text copy of the Form 10-K is available for free at the
Scurities and Exchange Commission's website at:

                      https://is.gd/8jntP1

                       About H-CYTE, Inc.

Headquartered in Tampa, Florida, H-CYTE -- http://www.HCYTE.com/--
was formed to build and develop a diversified portfolio of
innovative medical technology products and services to improve
quality of life for patients.  The DenerveX System is H-CYTE's
first product and is intended to provide long-lasting relief from
pain associated with facet joint syndrome.  For biomedical
services, H-CYTE manages Lung Health Institute.  Lung Health
Institute is in regenerative medicine that specializes in cellular
therapies to treat chronic obstructive pulmonary disease (COPD) and
other chronic lung diseases.  In late 2019, H-CYTE's biologics
division, LungCYTE, plans to submit an IND to the FDA to study
novel and proprietary biologics for treatment of COPD.


HANKEY O'ROURKE: May 14 Hearing on Further Cash Collateral Use
--------------------------------------------------------------
Judge Elizabeth Katz of the U.S. Bankruptcy Court for the District
of Massachusetts authorized Hankey O'Rourke Enterprises LLC to use
cash collateral through the continued hearing set for May 14, 2020
at 12:00 p.m.

                      About Hankey O'Rourke

Hankey O'Rourke Enterprises LLC, a privately held company in Great
Barrington, Mass., filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. D. Mass. Case No. 19-30500) on June 21,
2019.  In the petition signed by Juanita O'Rourke, manager, the
Debtor estimated $1 million to $10 million in both assets and
liabilities.  The case is assigned to Judge Elizabeth D. Katz.
Shatz, Schwartz & Fentin, P.C. is the Debtor's counsel.



HANNON ARMSTRONG: Fitch Rates $400MM Unsecured Notes 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+' to the $400 million of
6.0%, five-year unsecured notes issued jointly by HAT Holdings I
LLC and HAT Holdings II LLC, which are the indirect subsidiaries of
Hannon Armstrong Sustainable Infrastructure Capital (HASI;
Long-Term Issuer Default Rating BB+/Stable). The notes will be
guaranteed by HASI. Proceeds from the proposed issuance are
expected to be used to repay a portion of secured debt outstanding
on the credit facility and for general corporate purposes.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are the same as the expected rating assigned to the
unsecured notes on April 15, 2020.

KEY RATING DRIVERS

The rating on the unsecured notes is equalized with HASI's
long-term IDR as it ranks equally with the outstanding unsecured
notes. The rating also reflects the availability of an unencumbered
asset pool, which suggests average recovery prospects for
debtholders under a stressed scenario.

With this issuance, Fitch estimates that unsecured debt (at par)
would increase to approximately 59% of total debt outstanding; up
from 47% at Dec. 31, 2019 (YE19). Fitch views the increase
favorably, as it enhances the firm's funding flexibility, and
expects the firm continue to be opportunistic with regard to future
unsecured issuance.

HASI had $31 million of borrowings outstanding on its secured
revolving credit facility at YE19 and no term debt maturities until
Sept. 1, 2022 when $150 million of convertible notes come due. The
impact of the proposed debt issuance on HASI's leverage ratio is
minimal, as the firm continued to access the equity markets in 1Q20
via its at-the-market (ATM) program. HASI's leverage was 1.51x at
YE19, and would increase to 1.61x, pro forma for the issuance,
after accounting for $150 million of equity raised in the ATM
program in 1Q20 and assuming $31 million of revolver borrowings are
repaid with debt proceeds.

Leverage is expected to remain below the firm's leverage target of
up to 2.5x. While HASI does not have a defined leverage limit by
asset class, consolidated leverage factors in the portfolio mix and
an assessment of the credit, liquidity, and price volatility of
each investment. Fitch believes HASI's leverage target is
appropriate for the portfolio risk and ratings and expects HASI to
maintain appropriate headroom to the target to account for
potential increases in mezzanine debt or common equity securities.

The global spread of the coronavirus and the implementation of
strict social distancing guidelines across the U.S. are expected to
push the economy toward a recession. While Fitch believes HASI is
relatively well positioned, it is expected to experience some
deterioration in credit and operating performance, given direct
exposure to consumers in residential solar projects, exposures to
non-government entities in energy efficiency projects, exposure to
variability in commodity prices, and due to expected delays in
certain construction projects. A spike in non-accrual levels or
write-down in equity investments and/or material deterioration in
operating performance could lead to negative rating action,
particularly if it leads to a meaningful increase in leverage.

HASI's rating remains supported by its established, albeit niche,
market position within the renewable energy financing sector,
experienced management team, diversified investment portfolio,
strong credit track record and a fairly conservative underwriting
culture. They also reflect its adherence to leverage targets that
are commensurate with the risk profile of the portfolio,
demonstrated access to public equity markets and long-term
relationships with its customers.

Rating constraints include modest scale, dependence on access to
the capital markets to fund portfolio growth and a limited ability
to retain capital due to dividend distribution requirements as a
REIT. Additionally, HASI's planned opportunistic shift in the
company's portfolio mix toward higher-risk mezzanine debt and
common equity exposures is viewed with caution by Fitch.

The Stable Outlook reflects Fitch's expectation for broadly
consistent operating performance, the continuation of strong asset
quality trends, the management of leverage in a manner that is
consistent with the risk profile of the portfolio and an
improvement in the funding profile with the opportunistic issuance
of additional unsecured debt.

RATING SENSITIVITIES

The unsecured debt rating is linked to the long-term IDR and would
be expected to move in tandem. However, a meaningful decline in the
amount of unsecured debt in the capital structure, in favor of
secured borrowings, and/or a meaningful decline in unencumbered
assets could result in the unsecured debt rating being notched down
from the IDR.

Factors that could, individually or collectively, lead to positive
rating action include the ability to demonstrate franchise
resilience in an increasingly competitive environment and through
the impending economic recession, the maintenance of fairly low
leverage that is consistent with the risk profile of the portfolio,
enhanced liquidity and further improvement in funding flexibility.
An upgrade would also be contingent on the maintenance of strong
credit performance on the portfolio as a whole and consistent core
operating performance.

Factors that could, individually or collectively, lead to negative
rating action include a sustained increase in leverage above 2.5x
and/or a material shift in HASI's risk profile, including a
material increase in mezzanine debt and/or equity investments
without a commensurate decline in leverage. A spike in non-accrual
levels or write-down in equity investments, material deterioration
in operating performance, weaker funding flexibility, including a
decline in the proportion of unsecured funding, and/or weaker core
earnings coverage of dividends would also be negative for ratings.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HAT Holdings I LLC and HAT Holdings II LLC are the direct
subsidiaries of Hannon Armstrong Sustainable Infrastructure Capital
(HASI; Long-Term IDR BB+/Stable). The notes will be guaranteed by
HASI.

ESG CONSIDERATIONS

HASI has an ESG Relevance Score of 4(+) for Exposure to Social
Impact. The score has a positive impact on the ratings as the shift
in consumer preferences toward renewable energy will benefit the
company's business model and its earnings and profitability, which
is relevant to the rating in conjunction with other factors.

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


HARLEY-DAVIDSON INC: Egan-Jones Lowers Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 15, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Harley-Davidson, Inc. to BB+ from BBB.

Harley-Davidson, Inc., H-D, or Harley, is an American motorcycle
manufacturer founded in 1903 in Milwaukee, Wisconsin.



HEALTHFIRST MEDICAL: Deadline to File Plan Extended Until June 24
-----------------------------------------------------------------
Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern
District of Iowa extended to May 8 the deadline for Oelwein
Community Healthcare Foundation to file its Chapter 11 plan and
disclosure statement.

The company sought exclusivity extension to permit it to continue
its negotiations with its primary creditor, Veridian Credit Union
and to formulate a feasible Chapter 11 Plan.

             About Oelwein Community Healthcare Foundation

Oelwein Community Healthcare Foundation, d/b/a Healthfirst Medical
Park and Healthfirst Medical, is a non-profit group that provides
health care services. It is the owner of a real property located at
2405 Rock Island Road, Oelwein, Iowa, with an appraised value of
$3.97 million.

Oelwein Community filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Iowa Case No. 19-01726) on Dec. 10, 2019. The petition
was signed by W. Wayne Saur, its president. At the time of the
filing, the Debtor reported $4,024,812 in assets and $7,750,439 in
total liabilities. The Debtor tapped Ronald C. Martin, Esq., at Day
Rettig Martin, P.C. as its counsel and Koch & Lipkea, P.C. as its
accountant.



HILLENBRAND INC: Egan-Jones Lowers Unsecured Debt Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hillenbrand, Incorporated to BB from BBB-.

Headquartered in Batesville, Indiana, Hillenbrand, Inc.
manufactures and sells premium business-to-business products and
services.



HOLLISTER CONSTRUCTION: Court Weighs in on Construction Liens
-------------------------------------------------------------
In the bankruptcy case captioned IN RE: HOLLISTER CONSTRUCTION
SERVICES, LLC, Chapter 11, Debtor, Case No. 19-27439 (MBK) (Bankr.
D. N.J.), Bankruptcy Judge Michael B. Kaplan granted in part and
denied in part Newark Warehouse Urban Renewal, LLC and Newark
Warehouse Redevelopment Company, LLC's motion for entry of an order
determining that certain parties have violated the automatic stay.

NWR owns a former warehouse building located at 110 Edison Place in
Newark, New Jersey 07102. On April 20, 2017, NWR entered into an
Agreement for Construction Management Services and Guaranteed
Maximum Price with the Debtor, Hollister Construction Services,
LLC.  The Debtor was named Construction Manager and was to provide
certain construction management services for a large-scale project
involving the renovation of the Building. In order to complete the
Project, several subcontractors, material-providers, and other
service companies were enlisted, including Drobach Equipment Rental
Co., Apple Coring & Sawing, LLC, Control Services, LLC, City
Contracting, Inc., Dehn Bros. Fire Protection, Inc., and Allglass
Systems, LLC. As the Project progressed, several subcontractors
filed construction liens and NWR "bonded the liens" by filing a
surety bond issued by Arch Insurance Company and Arch Reinsurance
Company.

NWR alleges that, beginning on or about October 2017, the Debtor
defaulted under the terms of the GMP Contract, resulting in, among
other things, significant cost overruns and substantial delays.
Ultimately, NWR concluded that the Debtor was incapable of
completing the Project and NWR took steps to terminate the GMP
Contract. On Sept. 5, 2019, NWR filed a complaint against the
Debtor and its principals in Superior Court in New Jersey seeking
relief premised on various New Jersey state law causes of action.
Additionally, several subcontractors and material-providers
commenced state court litigations against the Debtor and NWR for
issues related to the Project.

On Sept. 11, 2019, the Debtor filed a voluntary chapter 11 petition
for relief in the Bankruptcy Court for the District of New Jersey.
As part of the first day relief sought in the bankruptcy case, the
Debtor filed a motion for entry of an Order restating and enforcing
the automatic stay.  The Debtor cited concerns about the
application of "the automatic stay to contractor, subcontractor,
materialman or similar parties['] attempt to file or prosecute
their construction or mechanics lien for pre-petition services
rendered and/or goods supplied barred under New Jersey state law."

On Sept. 20, 2019, the Bankruptcy Court entered an Order restating
and enforcing the automatic stay, directing that, among other
things, "all persons . . . are hereby stayed, restrained and
enjoined from: (a) commencing or continuing . . . any judicial,
administrative, or other action or proceeding against the Debtor .
. . including any efforts to file, continue litigation, enforce
and/or collect on construction or mechanics liens from third-party
real property owners construction projects for services performed
for or on behalf of the Debtor[.]"

NWR sought relief from the automatic stay and filed a declaration
confirming that the GMP Contract is not property of the estate. In
an Order dated Oct. 8, 2019, the Court granted NWR's motion, giving
NWR relief from the automatic stay and deeming the GMP Contract
terminated as of that date. The Court further determined that NWR
could assert any and all of their non-monetary post-termination
rights as set forth in the GMP Contract. As a result, NWR proceeded
with its state law claims against the Debtor and removed the action
to the District Court. The NWR Complaint is pending before this
Court.

As the bankruptcy progressed, various subcontractors, materialmen
and/or suppliers filed construction liens on the Debtor's projects
to collect on monies due for prepetition services and/or materials.
On Dec. 20, 2019, the Debtor filed a motion seeking a determination
that certain parties had violated the automatic stay, declaring the
construction liens void ab initio and unenforceable, and awarding
attorneys' fees and related relief.

NWR filed an objection and asserted that the Debtor's motion was
narrowly tailored to only those lien-holders with whom the Debtor
had reached settlements with certain impacted project owners. NWR
contended that the motion improperly ignored other improper
post-petition construction liens and enforcement actions, including
the State Court Actions, and NWR sought to expand the relief
requested in the Debtor's motion. The motion was heard on shortened
time on Jan. 2, 2020. Following oral argument, the Court granted
the Debtor's motion and indicated that NWR could file its own
motion to request the relief sought in its objection.

NWR then filed a motion seeking a declaration that the automatic
stay applies as to the subcontractors and material-providers, and
that these parties have violated the automatic stay by filing
post-petition construction liens and/or by pursuing claims against
NWR in the State Court Actions.  NWR points out that, since the
filing of the bankruptcy, several subcontractors and
material-providers have filed post-petition construction liens
against the Building at issue. In support of its motion, NWR relies
primarily on the Third Circuit's opinion in In re Linear Elec. Co.,
Inc.

Several entities oppose NWR's motion, including Drobach, Apple,
Control, CCI, Dehn Bros, and Allglass.

At issue in this case are three separate classes of actions which
NWR asserts violate the automatic stay: (1) the filing of
post-petition construction liens; (2) enforcement of pre-petition
construction liens; and (3) pursuit of direct state law claims
against NWR or Arch (on the bond) in pending or future state court
actions.

Upon thorough analysis, the Court determines that the filing of
post-petition construction liens and enforcement of pre-petition
construction liens violate the automatic stay. However, to the
extent that the State Court Actions seek relief separate and apart
from the construction liens (such as state law claims for quantum
meruit or unjust enrichment), those actions do not directly affect
assets of the bankruptcy estate and are permissible under 11 U.S.C.
section 362(a).

A copy of the Court's Memorandum Opinion dated March 13, 2020 is
available at https://bit.ly/2X959Li from Leagle.com.

Hollister Construction Services, LLC, Debtor, represented by
Arielle Adler -- aadler@lowenstein.com -- Lowenstein Sandler LLP,
Bruce D. Buechler -- bbuechler@lowenstein.com -- Lowenstein
Sandler, Joseph J. DiPasquale -- jdipasquale@lowenstein.com --
Lowenstein Sandler LLP, Kenneth A. Rosen -- krosen@lowenstein.com
-- Lowenstein Sandler & Mary E. Seymour -- mseymour@lowenstein.com
-- Lowenstein Sandler.

U.S. Trustee, U.S. Trustee, represented by Lauren Bielskie ,
DOJ-Ust.

Official Committee of Unsecured Creditors, Creditor Committee,
represented by Sam Della Fera -- sdellafera@msbnj.com -- McManimon,
Scotland & Baumann, LLC, Andrea Dobin -- adobin@msbnj.com --
McManimon Scotland & Baumann, LLC, Joshua H. Raymond --
jraymond@msbnj.com -- McManimon, Scotland & Baumann, LLC & Anthony
Sodono, III -- asodono@msbnj.com -- McManimon, Scotland & Baumann,
LLC.

360 Fire Prevention 360 Fire Prevention LLC, Petitioning Creditor,
represented by Mario A. Batelli , Foster & Mazzie LLC.

             About Hollister Construction Services

Hollister Construction Services, LLC -- http://www.hollistercs.com/
-- is a full service commercial construction company with a team
of 150+ construction professionals. The Company's specialties
include interior and exterior renovations, building additions, and
ground up construction. Hollister's areas of expertise include the
construction of corporate, education, healthcare, industrial,
retail, and residential projects.

Hollister Construction sought Chapter 11 protection (Bankr. D.N.J.
Lead Case No. 19-27439) on Sept. 9, 2019, in Trenton, New Jersey.

In the petition signed by Brendan Murray, president, the Debtor was
estimated to have $100 million to $500 million in assets and
liabilities of the same range.

Hon. Michael B. Kaplan oversees the case.

The Debtor tapped Lowenstein Sandler as counsel; SM Law PC, as
special counsel; 10X CEO Coaching, LLC, as restructuring counsel;
and The Parkland Group, Inc., as business consultant.


HOWMET AEROSPACE: Moody's Rates New Senior Unsecured Notes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Howmet Aerospace
Inc.'s proposed new senior unsecured notes. All other ratings,
including the company's Ba3 corporate family rating and the Ba3-PD
probability of default rating, as well as the Ba3 ratings for its
existing senior unsecured notes are unchanged.

Net proceeds from the new $1 billion unsecured notes offering are
expected to be used to fund the repayment of the company's
remaining 2021 notes and to pay related transaction fees. Remaining
proceeds could be used for general corporate purposes including
potential repayment of other debt. In Moody's view the proposed
offering will be largely leverage neutral and enhances the
company's current good liquidity through the proposed extension of
the company's debt maturity profile.

Moody's assigned the following rating:

Issuer: Howmet Aerospace Inc.

Proposed Senior Unsecured Notes due 2025, assigned Ba3 (LGD4)

RATINGS RATIONALE

Howmet's Ba3 CFR broadly reflects the company's considerable
revenue scale (approximately $7 billion) and well-established
market position as a key supplier to the aerospace & defense OEM
and Tier I suppliers, where the company maintains a significant
presence across key program platforms. The company possesses a
healthy margin profile that generally translates to high free cash
flow conversion. However, the ratings also consider Moody's
expectation that margins will decline from the current (approx.
23%) high level due to near-term top line revenue pressures from
expected material reductions in commercial aerospace production
levels over 2020 through 2021.

The company enjoys a good liquidity profile, nonetheless, with
sizeable cash balances and backstop revolver capacity bolstered by
a commitment to drive an incremental $100 million of run-rate cost
reductions, suspending the dividend and implementing other
initiatives which combined will help it manage through the coming
challenging period.

Although the company's operating and free cash flow have improved
meaningfully over the past year, the unprecedented sector and
macroeconomic environment will weigh considerably on forward
earnings and free cash flows. Howmet's balance sheet also reflected
an elevated leverage profile proforma for the company's separation
from the former Arconic entity, and Moody's believes that
debt/EBITDA will increase from the already elevated 4x level
(including the sizeable $1 billion underfunded pension obligation)
to more than 6x over the coming 12-18 months.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The aerospace &
defense sector is directly exposed to the airline sector, which has
been one of the sectors most adversely affected by the shock given
its sensitivity to consumer demand and market sentiment, and global
travel restrictions. More specifically, Howmet's continued elevated
financial leverage post Arconic spin coupled with its heavy
exposure to the commercial aerospace and commercial vehicle sectors
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 Howmet of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook reflects heightened uncertainty surrounding
Howmet's ability to de-lever given top-line and earnings pressure
from lower commercial aerospace production and ongoing disruption
from both the 737 MAX production halt and the coronavirus
pandemic.

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

The ratings could be downgraded if the company experiences an
erosion in EBITDA margins to below 12% and free cash flow turns
negative. In addition, debt-financed share repurchases, dividends
and acquisitions or spin-offs that further elevate financial
leverage as the company contends with end-market headwinds could
also pressure ratings downward.

The ratings could be upgraded if the company's top line grows
organically through positive end-market fundamentals, debt/EBITDA
trends improve to the 4x level post-2020, FCF/debt exceeds 5% and
the company maintains a good liquidity profile. The company's
ability successfully execute on its cost reduction actions,
including sustaining EBITDA margins above 15% will be important
considerations to any prospective ratings upgrade.

The principal methodology used in this rating was Aerospace and
Defense Industry published in March 2018.

Headquartered in Pittsburgh, Pennsylvania, Howmet Aerospace is a
major global player in the lightweight metals and high-performance
multi-materials sector that serves the aerospace and commercial
transportation end-markets. Over 70% of the company's revenues are
derived from the aerospace and defense end-market. 2019 pro forma
sales totaled approximately $7 billion.


IDC ENTERPRISES: Seeks to Hire Bookkeeping Plus as Bookkeeper
-------------------------------------------------------------
IDC Enterprises, Inc. seeks approval from the United States
Bankruptcy Court for the District of Idaho to employ Bookkeeping
Plus as its bookkeeper.

Annette Moore, owner and operator of Bookkeeping Plus, will perform
the accounting services which include general ledger assistance,
consulting, and coordination with Debtors and attorney, in the
administration of this Chapter 11 case.

Miss Moore's rate for accounting services is $30 per hour.

Miss Moore assures the court that her company is a "disinterested
person" as that phrase is defined in 11 U.S.C. Sec. 101(14).

Miss Moore can be reached at:

     Annette Moore
     Bookkeeping Plus, Inc.
     4855 South Ten Mile Road
     Meridian, ID 83642
     Phone: 208-760-0790

                      About IDC Enterprises, Inc.

IDC Enterprises, Inc. is a privately held company that owns some
equipment in Thorne Bay, Arkansas.

IDC Enterprises, Inc. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No
20-20081) on Feb. 27, 2020. In the petition signed by Jason
Lunders, president, the Debtor estimated $1 million to $10 million
in assets and $100,000 to $500,000 in liabilities. The Debtor's
counsel is D. Blair Clark, Esq. at the LAW OFFICE OF D. BLAIR
CLARK, PC.


IFS SECURITIES: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: IFS Securities, Inc.
        3424 Peachtree Road
        Suite 2200
        Atlanta, GA 30326

Business Description: IFS Securities, Inc. is an Atlanta-based
                      broker/dealer.

Chapter 11 Petition Date: April 24, 2020

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 20-65841

Debtor's Counsel: John D. Elrod, Esq.
                  GREENBERG TRAURIG, LLP
                  3333 Piedmont Road, NE, Suite 2500
                  Atlanta, GA 30305
                  Tel: 678-553-2259
                  E-mail: elrodj@gtlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Marshall Glade, chief restructuring
officer.

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

                   https://is.gd/ZLoFuc


II-VI INC: Fitch Alters Outlook on 'BB' LT IDR to Negative
----------------------------------------------------------
Fitch Ratings has affirmed II-VI Incorporated's Long-Term IDR at
'BB'. Fitch has also affirmed II-VI's senior secured first-lien
credit facilities at 'BB+'/'RR1' and convertible senior notes at
'BB'/'RR4'. The Rating Outlook is Negative.

Its rating actions reflect that despite weaker than expected
results owing to a delayed closing of the Finisar Corporation
transaction (reducing revenue by $268 million), earlier trade
tensions, slower development of key growth markets and the
coronavirus, Fitch continues to expect II-VI to bring its
credit-protection metrics to within target by the first or second
calendar quarter of fiscal 2022. This will be approximately 6-12
months later than originally expected at the time of its initial
rating in April 2019, but still within the general 12-24 months
afforded companies for strategic transactions. Fitch continues to
believe strong end-market growth in the double digits will result
in pent up demand that will lead to a robust recovery in fiscal
2021, owing to underlying secular trends. However, uncertainty
surrounding the coronavirus pandemic in conjunction with II-VI's
significantly reduced headroom suggesting should trends elongate
beyond its current expectation, II-VI will not be able to bring its
credit protection metrics in line with its rating sensitivities. A
downgrade of one notch could be warranted if this is true.

KEY RATING DRIVERS

Weakness in Growth and Core Markets: Fitch now sees fiscal 2020 pro
forma revenue as $750 million (excluding the coronavirus impact)
weaker than its initial expectation at the time of its initial
rating in April 2019. 3D sensing's slower deployment and
qualification delay at the company's Sherman, TX, fab account for
nearly half this amount. Silicon carbide power applications and
industrial laser applications have been modestly weaker than
expected, but offset by strong demand for 5G RF applications.

Coronavirus and Trade Impacts: Fitch estimates a further
approximately $125 million of revenue impact to fiscal 2020 from
trade disruption and the coronavirus pandemic, with the expectation
that operations will be directly affected through the June quarter.
While overall economic growth will not likely recover until
calendar 2021, Fitch anticipates II-VI's end markets could recover
fully in fiscal 2021 (spanning calendars 2020 and 2021) due to pent
up demand, albeit to a level still about $650 million below its
fiscal 2021 revenue target a year ago. Accordingly, while Fitch
still expects II-VI to achieve its targeted $150 million run-rate
synergies within three years of closing -- at the very end of the
September quarter -- operating margin expansion will likely be
150bps-200bps weaker than its prior expectation across the forecast
horizon.

Leverage Trajectory: II-VI's gross leverage attainment of 3.5x or
below is now expected to be delayed by 6-12 months. This is
attributable to not only the weakness in II-VI's underlying markets
and the coronavirus, but also the timing of the Finisar transaction
closing only one quarter before coronavirus started to seriously
affect China, in addition to prior weakness owing to trade
tensions. Fitch believes II-VI's gross leverage will be at 3.5x or
below in the first or second quarter of fiscal 2022. Headroom to
its 3.5x negative sensitivity is diminished by about 1.0x relative
to its previous expectations. This diminished headroom and
uncertainty surrounding the resolution of the coronavirus pandemic
supports a Negative Outlook.

Financial Flexibility: While Fitch expects II-VI's headroom to its
gross leverage sensitivity to be diminished, it believes the
company can generate modestly positive FCF while maintaining
material liquidity. Fitch sees II-VI moderating its capex according
to external environment and focusing on maintaining a healthy cash
balance near the upper end of its $300 million-$400 million minimum
liquidity and its $450 million revolver. The company also remains
cautious toward share repurchases, preferring to preserve liquidity
and continuing to target a net leverage ratio of 2.0x-3.0x, in line
with Fitch's gross rating sensitivities.

DERIVATION SUMMARY

II-VI combined with Finisar is one of the largest global photonics
and compound semiconductor companies with the scale, market
position and technology to address product needs arising from major
secular trends. Expected revenue growth and associated margin
expansion as a result of enhanced gross margin and increased
operating leverage, in addition to the execution of cost synergies,
are now delayed. However, they should still result in a
profitability profile materially higher than the median 'BB' rated
technology peers. This is offset by a financial structure that is
comparably weaker to similarly rated peers given materially higher
capital intensity. However, Fitch expects II-VI's financial
structure to improve over time, albeit at pace slower than
originally anticipated. Fitch assigns 0% equity credit to the
company's convertible notes. No parent-subsidiary linkage or
operating environment factor was in effect for these ratings.

KEY ASSUMPTIONS

  -- High teens revenue decline in fiscal 2020 with a corresponding
recovery in fiscal 2021, with low teens growth in fiscal 2022 and
high single-digit growth in fiscal 2023;

  -- Approximately 20% operating EBITDA margin in fiscal 2020
expanding about 3 -4 points over the forecast horizon;

  -- Attainment of approximately 60% of run-rate synergies; no
revenue synergies modeled;

  -- High single-digit capex as a percent of revenue in fiscal 2020
increasing to low teens thereafter;

  -- Maintenance of approximately $400 million of readily available
cash;

  -- No M&A or share repurchases.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Total debt with equity credit to operating EBITDA sustained
below 2.5x;

  -- FCF margin sustained above 5%;

  -- Demonstrated traction in key growth businesses;

  -- Commitment to a more conservative financial policy.

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

  -- Total debt with equity credit to operating EBITDA sustained
above 3.5x;

  -- FCF margin approaching neutral;

  -- Near-term growth market challenges;

  -- Shift to a more aggressive financial policy.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

II-VI had $377 million of cash at Dec. 31, 2019. The company
continues to expect to operate with approximately $300 million-$400
million in cash in the normal course of business. Liquidity is
supported by the expected $450 million senior secured revolving
credit facility, $94 million of which was drawn at Dec. 31, 2019.
Fitch expects II-VI will approach neutral FCF in fiscal 2020,
increasing to about $100 million by fiscal 2022.

The Term Loan A and Term Loan B mature in September 2024 and
September 2026, respectively. However, the term loans have
springing maturities to 120 days and 91 days, respectively, inside
II-VI's $345 million convertible maturing Sept. 1, 2022, if
available liquidity -- defined as unrestricted cash on hand plus
borrowing availability under the revolver -- is less than the
remaining principal. Fitch expects II-VI's projected liquidity
profile will satisfy the available liquidity requirement.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


IMPRESSIONS IN CONCRETE: Has Until May 8 to Exclusively File Plan
-----------------------------------------------------------------
Judge Jeffrey P Norman of the U.S. Bankruptcy Court for the
Southern District of Texas extended to May 8 the exclusivity period
for Impressions in Concrete, Inc. to file its Chapter 11 plan and
disclosure statement.

The company sought the extension to allow it to analyze the impact
of the coronavirus pandemic and prepare an appropriate plan of
reorganization/liquidation for the benefit of the estate and its
creditors. This recent event jeopardizes the feasibility of the
reorganization of the Debtor.

                 About Impressions in Concrete

Impressions in Concrete Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-35751) on Oct.
11, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $500,001 and $1 million and liabilities of
the same range.  The case is assigned to Judge Jeffrey P. Norman.
The Debtor is represented by Russell Van Beustring, Esq., at The
Lane Law Firm, PLLC.



INFOR INC: Moody's Puts B2 CFR under Review for Upgrade
-------------------------------------------------------
Moody's Investors Service placed Infor, Inc.'s ratings under review
for upgrade, including the B2 Corporate Family Rating, Ba3 senior
secured rating, and Caa1 senior unsecured rating. The review
follows Koch Industries, Inc. acquisition of the remaining shares
of Infor from private equity firm, Golden Gate Capital and pending
redemption for its senior unsecured notes.

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

The review will focus on Infor's capital structure post-closing,
strategic plans, and the impact of Koch's ownership on Infor's
financial policies. Although the details of how the tender will be
financed or the final amount and relative position of debt in the
capital structure post-closing has not been disclosed, Moody's
expects Infor's credit profile will improve under Koch ownership.
If all existing debt is repaid, all existing ratings will be
withdrawn.

Infor's B2 CFR reflects the company's high leverage and limited
free cash flow. Infor's historical, single-digit free cash flow was
due to a high debt load and preferred dividends. Infor's credit
profile benefits from its leading mid-market position in the
enterprise software industry, the "stickiness" of a significant
portion of its revenues and cash flows, and significant scale.

On Review for Upgrade:

Issuer: Infor, Inc.

Corporate Family Rating, Placed on Review for Upgrade, currently
B2

Probability of Default Rating, Placed on Review for Upgrade,
currently B2-PD

Issuer: Infor (US), Inc

Senior Secured Term Loan, Placed on Review for Upgrade, currently
Ba3 (LGD2)

Senior Secured Multi Currency Revolving Credit Facility, Placed on
Review for Upgrade, currently Ba3 (LGD2)

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Upgrade, currently Caa1 (LGD5)

Outlook Actions:

Issuer: Infor, Inc.

Outlook, Changed To Rating Under Review From Stable

Issuer: Infor (US), Inc

Outlook, Changed To Rating Under Review From Stable

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

Infor, Inc. is one of the largest providers of enterprise software
to mid-market customers and one of largest providers of enterprise
resource planning management software. Infor generated
approximately $3.1 billion of revenues in the LTM period ended
January 31, 2020.


INTERPACE BIOSCIENCES: Ampersand 2018, et al. Report 39.3% Stake
----------------------------------------------------------------
Ampersand 2018 Limited Partnership, AMP-18 Management Company
Limited Partnership, and AMP-18 MC LLC disclosed in an amended
Schedule 13D filed with the Securities and Exchange Commission that
as of April 7, 2020, they beneficially own 4,666,666 shares of
common stock of Interpace Biosciences, Inc., which represents 39.3%
of the shares outstanding.  This percentage (a) is calculated based
upon 4,043,673 shares of Common Stock outstanding as of April 17,
2020, as disclosed in the Annual Report on Form 10-K for the year
ended Dec. 31, 2019 filed by the Issuer on April 22, 2020 and (b)
assumes the conversion of all 47,000 outstanding shares of Series B
into an aggregate of 7,833,334 shares of Common Stock.

On April 7, 2020, the Issuer and Ampersand entered into a support
agreement pursuant to which Ampersand consented to, and agreed to
vote (by proxy or otherwise), all shares of Series B registered in
its name or beneficially owned by it and/or over which it exercises
voting control as of the date of the Support Agreement and any
other shares of Series B legally or beneficially held or acquired
by Ampersand after the date of the Support Agreement or over which
it exercises voting control, in favor of any Fundamental Action
desired to be taken by the Issuer as determined by the Issuer's
Board of Directors.  For purposes of the Support Agreement,
"Fundamental Action" means any action proposed to be taken by the
Issuer and set forth in Section 4(d)(i), 4(d)(ii), 4(d)(v),
4(d)(vi), 4(d)(viii) or 4(d)(ix) of the Certificate of Designation
or Section 8.5.1.1, 8.5.1.2, 8.5.1.5, 8.5.1.6, 8.5.1.8 or 8.5.1.9
of the Amended and Restated Investor Rights Agreement.

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

                       https://is.gd/shlzlC

                   About Interpace Biosciences

Headquartered in Parsippany, NJ, Interpace Biosciences fka
Interpace Diagnostics Group, Inc. -- http://www.interpace.com/--
offers specialized services along the therapeutic value chain from
early diagnosis and prognostic planning to targeted therapeutic
applications.  Clinical services, through Interpace Diagnostics,
provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management.  Pharma services,
through Interpace Pharma Solutions, provides pharmacogenomics
testing, genotyping, biorepository and other customized services to
the pharmaceutical and biotech industries.


Interpace reported a net loss attributable to common stockholders
of $27.16 million for the year ended Dec. 31, 2019, compared to a
net loss attributable to common stockholders of $12.19 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$69.05 million in total assets, $29.85 million in total
liabilities, $26.17 million in preferred stock, and $13.03 million
in total stockholders' equity.


INTERPACE BIOSCIENCES: Incurs $27.2 Million Net Loss in 2019
------------------------------------------------------------
Interpace Biosciences, Inc. reported a net loss attributable to
common stockholders of $27.16 million on $24.08 million of net
revenue for the year ended Dec. 31, 2019, compared to a net loss
attributable to common stockholders of $12.19 million on $21.90
million of net revenue for the year ended Dec. 31, 2018.

"Fiscal 2019 was a transformational year for us as we acquired the
Biopharma business of Cancer Genetics in July and raised over $47
million from sophisticated laboratory private equity investors in
2019 and early 2020.  We believe that the combination of our
clinical services and acquired pharma services uniquely positions
us for growth and expansion in the fast-growing biopharma sector
where we can provide our unique diagnostic capabilities to a broad
customer base," said CEO Jack Stover.  "We believe that our
accomplishments this year have supported our aggressive growth
plans and also de-risked our business during these uncertain
times," added Mr. Stover.

2019 Business and Financial Highlights

   * Acquired the BioPharma business of Cancer Genetics (CGI) in
     July 2019, which contributed $6.7 million in net revenue in
     2019.

   * The $5.2 million reserve related to 2019 billings was
     recorded as a reduction of Net Revenue to reflect
     collectability concerns of the 2019 year-end receivables.
     Collections of these, reserved for 2019 billings in 2020, if
     any, will be recorded in Net Revenue at that time.

   * Gross profit for fiscal 2019 year was 34% as compared to 53%
     in fiscal 2018.  Fiscal 2019 margins were negatively
     impacted by the carve out and transition of the pharma
     solutions business from CGI and the $5.2 million reserve.

   * Raised over $47 million of long-term capital from
     sophisticated laboratory private equity investors through
     January 2020 which will be included in total stockholders'
     equity beginning in the first quarter of 2020.

As of Dec. 31, 2019, the Company had $69.05 million in total
assets, $29.85 million in total liabilities, $26.17 million in
preferred stock, and $13.03 million in total stockholders' equity.

Fourth Quarter 2019 Financial Highlights

   * Net Revenue for the fourth quarter of 2019 was $4.1 million,
     a reduction of 30% from the prior year fourth quarter.  2019
     fourth quarter revenue included a $5.2 million reserve
     against prior quarters' outstanding receivables which
     reduced Net Revenue for the quarter accordingly.

   * Year-end Dec. 31, 2019 cash position of approximately $2.3
     million and a total of $3.1 million of cash and
     availability.

First Quarter 2020 Preliminary Financial Highlights

   * Expect first quarter Net Revenue in the range of $8.8
     million to $9.3 million.

   * Quarter-end March 31, 2020 cash position of approximately
     $14.5 million and a total of $16.8 million of cash and
     availability.

   * As of April 21, 2020, total cash and availability of
     approximately $18.4 million.

The Company stated, "Cancer is relentless and we are committed to
delivering critical answers to patients, even in the face of
unprecedented challenges such as COVID-19.  We believe we have
taken all necessary precautions to safeguard our employees from the
COVID-19 pandemic.  Our labs are operational and all non-essential
employees are on a work-from-home arrangement.  However, there can
be no assurance that key employees will not become ill or that we
will be able to continue to operate our labs.  We will continue to
take all necessary actions to support our customers' requirements
and preserve the financial health of Interpace."

"The leadership team acted quickly to minimize business disruption
and reduced spending in areas not critical to patient care to
ensure we have the financial flexibility to meet patient needs.
Further, we took immediate action to reduce lab and overhead
support costs to match our physical needs.  Actions include
elimination of non-essential discretionary spending, temporary
furlough of employees where activities were reduced, a hiring
freeze, deferral of incentive bonuses anticipated to be paid in
2020 and a 10 to 15 percent reduction in base pay of all salaried
employees including all members of our leadership team,” stated
Jack Stover.

In response to customer interest the Company has acquired and
installed processing equipment to perform serology antibody ELISA
testing for COVID-19 at its CLIA lab in Pittsburgh, PA.  The
Company is in the process of validating processes while acquiring
acceptable kits and reference samples and expect to be able to
offer this testing to customers in the next several weeks.

"First quarter 2020 Net Revenue is expected to be in the range of
$8.8 million to $9.3 million as compared to $6.0 million reported
in the first quarter of 2019.  In spite of our test volumes
dropping throughout March 2020 due to the coronavirus pandemic,
diagnostic average daily test volume increased approximately 25%
and pharma services average daily testing volume increased
approximately 64% when compared to the first quarter of 2019.
However, March 2020 diagnostic average daily test volume declined
approximately 27% from February 2020 and declined a further 56% for
the period of April 1 through April 20, 2020.  Alternatively,
Pharma services revenue improved throughout the quarter and leading
indicators, bookings and backlog point to a strong back half of
2020.  However, we have seen a softening of demand in the near term
as a result of our global footprint and testing activity through
April 20, 2020 was down 19% relative to March," stated Fred
Knechtel CFO Interpace.

Jack Stover added, "As we look at the remainder of 2020, in this
uncertain time, I am very excited about our prospects:

  * We are an essential medical services business and therefore
    expect to remain open and able to serve our customers who
    handle critical cancer-related patient care and develop life-
    saving treatments;

  * We recently recognized a significant retroactive price
    increase in 2020 from Medicare for ThyraMIR and we have been
    notified of a prospective price increase for ThyGeNEXT;

  * We anticipate publishing a seminal paper on the clinical
    validity of the combination of ThyGeNEXT/ThyraMIR, our
    largest commercial products;

  * We have demonstrated our ability to reduce operating costs
    consistent with volume changes while continuing to integrate
    the Biopharma business we recently acquired;

  * Through March our pharma services sales pipeline reached
    record levels providing us confidence in our ability to ramp   

    up this business as our customers reengage or expand clinical
    trials;

  * We have and will continue to add more contracted
    reimbursement coverage with private insurers, helping to
    support more timely and accurate payment of our tests;

  * We have made significant progress in streamlining and
    improving our billing processes to allow us to collect cash
    on a more timely and consistent basis.

The Company stated, "We believe that the COVID-19 pandemic will
adversely impact our results of operations, cash flows and
financial condition for the first and second quarters of fiscal
2020 and possibly beyond.  We continue to monitor the rapidly
evolving situation and guidance from authorities, including
federal, state and local public health authorities and may take
additional actions based on their recommendations.  In these
dynamic circumstances, there may be developments outside our
control requiring us to adjust our operating plan.  Such
developments in the COVID-19 pandemic in future periods, when
assessed by us, could result in doubt of our ability to continue as
a going concern."

       Addition of Chairman of the Board, Robert Gorman

The Company said, "We are pleased to welcome Bob Gorman as our new
Chairman of the Board.  Bob has a tremendous amount of experience
in helping to build successful laboratories and companies in our
industry, having served in leadership roles with companies such as
Quest Diagnostics and Eurofins Scientific Group. We look forward to
Bob's active involvement."

                      2020 Net Revenue Guidance

As a result of the uncertainty and potential impact of the
coronavirus pandemic, the Company believes it is prudent to
withdraw its previously announced annual revenue guidance for
2020.

A full-text copy of the Form 10-K is available for free at the
Securities and Exchange Commission's website at:

                      https://is.gd/9GfMRt

                  About Interpace Biosciences

Headquartered in Parsippany, NJ, Interpace Biosciences fka
Interpace Diagnostics Group, Inc. -- http://www.interpace.com/--
offers specialized services along the therapeutic value chain from
early diagnosis and prognostic planning to targeted therapeutic
applications.  Clinical services, through Interpace Diagnostics,
provides clinically useful molecular diagnostic tests,
bioinformatics and pathology services for evaluating risk of cancer
by leveraging the latest technology in personalized medicine for
improved patient diagnosis and management.  Pharma services,
through Interpace Pharma Solutions, provides pharmacogenomics
testing, genotyping, biorepository and other customized services to
the pharmaceutical and biotech industries.


INTERTAPE POLYMER: Egan-Jones Lowers Unsec. Debt Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Intertape Polymer Group Incorporated to BB- from
BB.

Headquartered in Montreal, Canada, Intertape Polymer Group
manufactures polyolefin, plastic, and paper-based packaging
products.



ISRAEL BAPTIST: Seeks to Hire Tydings & Rosenberg as Attorney
-------------------------------------------------------------
Israel Baptist Church of Baltimore City seeks authority from the
United States Bankruptcy Court for the District of Maryland to
employ Tydings & Rosenberg LLP as attorneys.

Professional services that Tydings is to render are:

     a. provide the Debtor with legal advice with respect to its
powers and duties as a Debtor-in-Possession and in the operation of
its business and management of its property;

     b. assist the Debtor in the preparation of the schedules, the
statement of financial affairs, and any amendments thereto that the
Debtor may be required to file in this case;

     c. represent the Debtor at the section 341 meeting of
creditors;

     d. represent the Debtor in defense of proceedings instituted
to reclaim property or to obtain relief from the automatic stay
under Sec. 362(a) of the Bankruptcy Code;

     e. prepare any necessary applications, answers, orders,
reports and other pleadings, and appearing on the Debtor's behalf
in proceedings instituted by or against the Debtor;

     f. assist with the refinancing/restructuring of the Debtor's
obligations;

     g. assist the Debtor in the preparation of a plan of
reorganization and a disclosure statement, if necessary;

     h. assist the Debtor with all bankruptcy legal work; and

     i. perform all of the legal services for the Debtor that may
be necessary or desirable.

Tydings received the sum of $25,000 as a retainer to be applied
towards future services rendered and expenses to be incurred, as
well as the Chapter 11 filing fee in the amount $1,717.

Tydings's discounted hourly rates are:

     Partners            $400
     Associate attorneys $260 to $360
     Paralegals          $120 to $180

T&R represents that it has no interest adverse to the Debtor or to
the estate in the matters upon which it is to be engaged, and is a
"disinterested person" as that term is defined in Sec. 101(14) of
the Bankruptcy Code, according to court filings.

The attorneys can be reached through:

      Alan M. Grochal, Esq.
      TYDINGS & ROSENBERG LLP
      1 E. Pratt Street, Suite 901
      Baltimore, MD 21202
      Tel: 410-752-9700
      E-mail: agrochal@tydingslaw.com

                    About Israel Baptist Church of Baltimore City

Israel Baptist Church of Baltimore City -- http://israelbaptist.org
-- is a tax-exempt religious organization.  The Church was founded
and organized in 1891.

Israel Baptist Church of Baltimore City filed a petition under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-13857)
on March 26, 2020. In the petition signed by Ernest Ford, chair,
Board of Trustees, the Debtor estimated $1 million to $10 million
in both assets and liabilities. Alan M. Grochal, Esq. at TYDINGS &
ROSENBERG LLP represents the Debtor as counsel.


J.C. PENNEY: Reportedly in Talks for Bankruptcy Financing
---------------------------------------------------------
J.C. Penney is reportedly prepping for a bankruptcy filing.

J.C. Penney is in talks with banks for a loan of $800 million to $1
billion to sustain at least some of operations during a bankruptcy
process, according to a Wall Street Journal report citing people
familiar with the matter.

The retailer is currently in discussions for debtor-in-possession
financing with its existing lenders, including Wells Fargo, Bank of
America, and JPMorgan Chase & Co., but the financing will likely be
syndicated so other lenders can participate, according to the
Journal report, and a bankruptcy filing could come in the next few
weeks.

J. C. Penney Company, Inc., and J. C. Penney Corporation, Inc.,
said in a regulatory filing April 15, 2020 that they have elected
not to make the approximately $12 million interest payment due and
payable on April 15 with respect to their 6.375% Senior Notes due
2036 on the due date.  Under the indenture governing the 2036
Senior Notes, the Company has a 30-day grace period to make the
Interest Payment before such non-payment constitutes an "event of
default" with respect to the 2036 Senior Notes.  The Company has
elected to enter into the 30-day grace period with respect to the
Interest Payment in order to evaluate certain strategic
alternatives, none of which have been implemented at this time.

According to Barrons, the department store has essentially halted
its turnaround plan thanks to widespread lockdowns put in place to
halt the spread of the coronavirus.

Reuters notes that the 118-year-old company, which was already
grappling with competition from online and off-price retailers, has
taken a severe hit from the coronavirus crisis.  It recently shut
its 850 department stores, furloughed some employees and slashed
spending.

                       About J.C. Penney

J.C. Penney Corporation, Inc., is an American retail company,
founded in 1902 by James Cash Penney and today engaged in marketing
apparel, home furnishings, jewelry, cosmetics, and cookware.  The
company was called J.C. Penney Stores Company from 1913 to 1924,
when it was reincorporated as J.C. Penney Co.

                         *    *    *

As reported in the Troubled Company Reporter, S&P Global Ratings in
April 2020 lowered its issuer credit rating on J.C. Penney Co. Inc.
(JCP) to 'D' from 'CCC'.

On April 15, JCP did not pay interest due on its 6.375% senior
notes due 2036 and S&P does not expect the company to make the
payment within the 30-day grace period.

"We downgraded JCP because we believe the company will pursue a
comprehensive out-of-court or in-court restructuring.  The 'CC'
rating on the company's secured debt reflects our view that a
default on these issues is a virtual certainty based on our
expectation of a broader restructuring.  The 'C' rating on its
unsecured debt reflects its lower recovery prospects in a
restructuring.  The company had about $3.7 billion of outstanding
debt as of Feb. 1, 2020," S&P said.


JABIL INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Jabil Incorporated to BB+ from BBB-.

Headquartered in St. Petersburg, Florida, Jabil Incorporated
operates as a manufacturing services company.



JACK IN THE BOX INC: Egan-Jones Lowers Unsec. Debt Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Jack in the Box Incorporated to B from B+. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Jack in the Box is an American fast-food restaurant chain founded
on February 21, 1951, by Robert O. Peterson in San Diego,
California, where it is headquartered.



JAMES SKEFOS: $1.1M Private Sale of 18 Memphis Parcels Approved
---------------------------------------------------------------
Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western
District of Tennessee authorized the private sale by Michael
Collins, Chapter 11 Trustee of the Debtors James Skefos and
affiliates, of the 18 parcels of real property located at the
following addresses: (a) 1950 Corning Ave., Memphis, TN 38127, (b)
2775 Windsor Pkwy, Memphis, TN 38127, (c) 820 Archie Dr., Memphis,
TN 38127, (d) 5355 Beaverton Dr., Memphis, TN 38127 (e) 3071
Douglass Ave, Memphis TN 38111, (f) 4135 Kerwin Dr., Memphis, TN
38128, (g) 223 N Hollywood St., Memphis, TN 38112, (h) 3551 Lanette
Rd., Memphis, TN 38109, (i) 3579 Lanette Rd. Memphis, TN 38109, (j)
397 Carbon Rd., Memphis, TN 38109, (k) 416 Carbon Cove, Memphis, TN
38109, (l) 1591 Railton Rd., Memphis, TN 38111, (m) 1584 Carpenter
St., Memphis, TN 38108, (n) 293 Carbon Rd., Memphis, TN 38109, (o)
3524 Ashford Rd., Memphis TN, 38109, (p) 262 Bonita Dr., Memphis,
TN 38109, (q) 966 Newell St., Memphis, TN 38111, and (r) 2282
Eldridge Ave., Memphis, TN 38108, to National Properties Buyer, LLC
or its assigns for $1.075 million, pursuant to the Sale Contract.

The sale of the Real Property is free and clear of all Interests of
any kind or nature whatsoever, except that the Real Property will
remain encumbered by the statutory liens attributable to ad valorem
property taxes for tax year 2020.  

All property taxes, demolition charges, weed charges,
interest/penalty, and any other charges secured by the Real
Property, which are payable to Shelby County or to City of Memphis
at the time of closing of the sale of the Real Property, will be
paid at the time of such closing.

All property taxes for tax year 2020 will be allocated pro-rata
between, on the one hand, the Debtor, and on the other hand, the
Buyers, based on the duration of ownership of the Real Property.

The 14-day stay established by Bankruptcy Rule 6004(h) and notice
requirements established by Bankruptcy Rule 6004(a) are both
waived.  

James Skefos sought Chapter 11 protection (Bankr. W.D. Tenn. Case
No. 17-28243) on Sept. 18, 2017.  The Debtor tapped Daniel Lofton,
Esq., at Craig & Lofton, P.C.m as counsel.


JAMES SKEFOS: $70K Private Sale of Memphis Property Approved
------------------------------------------------------------
Judge Jennie D. Latta of the U.S. Bankruptcy Court for the Western
District of Tennessee authorized the private sale by Michael
Collins, Chapter 11 Trustee of the Debtors James Skefos and
affiliates, of the real property located at 4117 Barron Avenue,
Memphis, Tennessee to Heber Eliseo Perez Lopez and Alma Sales
Godinez for $70,000, pursuant to the Sale Contract.

The sale of the Real Property is free and clear of all Interests of
any kind or nature whatsoever, except that the Real Property will
remain encumbered by the statutory liens attributable to ad valorem
property taxes for tax year 2020.  

All property taxes, demolition charges, weed charges,
interest/penalty, and any other charges secured by the Real
Property, which are payable to Shelby County or to City of Memphis
at the time of closing of the sale of the Real Property, will be
paid at the time of such closing.

All property taxes for tax year 2020 will be allocated pro-rata
between, on the one hand, the Debtor, and on the other hand, the
Buyers, based on the duration of ownership of the Real Property.

The 14-day stay established by Bankruptcy Rule 6004(h) and notice
requirements established by Bankruptcy Rule 6004(a) are both
waived.  

James Skefos sought Chapter 11 protection (Bankr. W.D. Tenn. Case
No. 17-28243) on Sept. 18, 2017.  The Debtor tapped Daniel Lofton,
Esq., at Craig & Lofton, P.C., as counsel.



JC PENNEY: Egan-Jones Lowers Senior Unsecured Debt Ratings to D
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 15, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by JCPenney Company, Inc. to D from C.

Headquartered in Plano, Texas, JCPenney Company, Inc. is an
American department store chain with 865 locations in 49 U.S.
states and Puerto Rico.



JM FITNESS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
JM Fitness, LLC, according to court dockets.
    
                       About JM Fitness

JM Fitness LLC sought protection under Chapter 11 of the
Bankruptcy, Code (Bankr. S.D. Fla. Case No. 20-13257) on March 10,
2020, listing under $1 million in both assets and liabilities.
Judge Scott M. Grossman oversees the case.  Debtor employed Van
Horn Law Group, P.A., as its legal counsel, and Compass CPAs &
Advisors LLC as its accountant.


KAISER ALUMINUM: Fitch Gives 'BB' LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has assigned Kaiser Aluminum Corporation a first time
'BB' Long-Term Issuer Default Rating. The Rating Outlook is
Negative. In addition, Fitch has assigned a 'BBB-'/'RR1' rating to
the asset backed lending credit facility and 'BB'/'RR4' rating to
the unsecured notes.

Kaiser's ratings reflect its solid business model, including its
focus on products with demanding applications and higher barriers
to entry, and its ability to pass through metal prices to customers
for the majority of its products, partially offset by its
concentration in cyclical end markets. The ratings also reflect
solid liquidity and expectations for net debt/EBITDA to remain
below 2.0x through the ratings horizon. Additionally, the ratings
reflect Fitch's expectation of materially weaker aerospace and
automotive demand in 2020 due to the coronavirus pandemic. Fitch
expects 2020 shipments could be more than 20% lower compared with
2019 shipments, which results in significantly elevated total
debt/EBITDA.

The Negative Outlook reflects the uncertain timing and magnitude of
an economic recovery post-coronavirus. Fitch believes EBITDA
generation and total debt/EBITDA could remain elevated over the
next few years.

KEY RATING DRIVERS

High Aerospace/Auto Exposure: Kaiser has high and concentrated
exposure to cyclical industries, including aerospace and
automotive. Approximately 44% and 15% of 2019 shipments were to the
aerospace and automotive industries, respectively. Fitch believes
commercial airlines and automotive production will be significantly
negatively impacted by the coronavirus pandemic. Fitch expects weak
demand to lead to sharply lower shipments and significantly lower
EBITDA generation in 2020. Additionally, the timing and magnitude
of a recovery in demand is currently highly uncertain, leading to
the possibility EBITDA may be depressed beyond 2020.

Generally, Fitch expects the recovery for the commercial airlines
industry could take longer than for auto, although the timing and
magnitude of a post-coronavirus economic recovery currently remains
highly uncertain. Longer term, Fitch believes the aerospace and
automotive industries present significant growth opportunities,
driven by increasing aluminum content from the light-weighting of
vehicles and generally increasing global travel demand over the
past 15 years, prior to the 737MAX issues and the coronavirus
pandemic in 2019 and 2020, respectively.

Strong Liquidity: Fitch believes Kaiser's proactive approach to
increase liquidity by issuing new notes in response to the
coronavirus pandemic is a prudent strategy. While Fitch views the
increase in gross leverage negatively, it believes the increase in
liquidity to weather a period of weak demand partially offsets
higher leverage. Given Kaiser's next maturity is not until 2025,
Fitch believes it is unlikely Kaiser will prepay debt, but expects
gross leverage to trend lower over the ratings horizon driven by
stronger EBITDA generation after 2020. Fitch views positively
Kaiser's suspension of its share repurchase program to preserve
liquidity. Additionally, Fitch believes Kaiser has significant
flexibility in the timing of capital spending for its $375 million
Trentwood project, targeting completion of the project by 2025.

Elevated Leverage Expectations: Kaiser's strategy is to maintain
conservative financial leverage and targets net leverage below 2.0x
through the cycle. Total debt/EBITDA has remained below 2.5x and,
on average, has been below 2.0x over the last four years despite
Kaiser's exposure to cyclical end markets. However, Fitch expects
gross leverage to significantly increase in 2020, and remain
elevated over the next few years driven by lower EBITDA generation
and the issuance of new notes. Fitch expects net debt/EBITDA to
remain below 2.0x and for gross leverage to decline through the
ratings horizon with stronger EBITDA generation.

Solid Business Model: Kaiser focuses on products with demanding
applications and higher barriers to entry, which tend to command a
premium and differentiates its product mix from competitors.
Kaiser's EBITDA margins tend to fluctuate much less than aluminum
prices as a result of the company's ability to pass though the
majority of metal prices on to its customers and its utilization of
hedges to hedge most of the remaining metal price risk.

Customer/End Market Concentration: Kaiser has significant customer
concentration and end market concentration risk. Reliance Steel &
Aluminum Co. (BBB/Stable) and The Boeing Company (BBB/Negative) are
Kaiser's two largest customers, representing a combined 43% of
sales in 2019. Kaiser also has significant and concentrated market
exposure to cyclical industries, including aerospace and auto,
which accounted for 53% and 13% of 2019 net sales, respectively.
Fitch views Kaiser's long customer relationships and exposure to
industries with solid longer-term growth prospects as partially
offsetting customer concentration and market concentration risk.

DERIVATION SUMMARY

Kaiser is smaller, less diversified by end market and has weaker
projected leverage metrics compared with leading global rolled
aluminum sheet producer Arconic Corporation (BB+/Negative),
although Arconic has weaker margins and meaningful pension
obligations. Kaiser has similar end market exposure although is
more diversified by end market than global engineering products
provider Howmet Aerospace Inc. (BBB-/Stable). Howmet is
significantly larger, has higher EBITDA margins and has more
favorable projected leverage metrics. Kaiser is significantly
smaller and has higher exposure to cyclical end markets than
globally leading rolled aluminum products and can recycler Novelis
Inc. (NR), although has higher EBITDA margins. Kaiser is smaller,
less diversified by end market and has less favorable gross
leverage metrics compared with global industrial bearings
manufacturer The Timken Company (BBB-/Negative).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer:

  -- Sharp decline in shipments in 2020 driven by the coronavirus
pandemic's impact on the commercial airline industry and automotive
production;

  -- Slow recovery in aerospace shipments in 2021 and 2022, not
recovering to near-2019 levels until in 2023;

  -- Automotive shipments recover moderately in 2021 and 2022,
although do not recover to near-2019 levels until 2023;

  -- Aluminum prices of $1,560/tonne in 2020, $1,600/tonne in 2021,
$1,800/tonne in 2022 and $1,900 in 2023;

  -- Material capex delayed until 2022;

  -- Dividends remain at current level;

  -- No acquisitions and no share repurchase through the forecast
period.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Total debt/EBITDA sustained below 3.0x;

  -- Net debt/EBITDA expected to be sustained below 2.0x;

  -- EBIT margins sustained above 8% reflective of improved market
conditions.

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

  -- Total debt/EBITDA trending higher after 2020 and/or expected
to be sustained above 4.0x in 2022;

  -- Net debt/EBITDA sustained above 2.5x before 2022;

  -- EBIT margins sustained below 7%;

  -- Market conditions deteriorate more than expected resulted in
significantly lower than expected FCF and/or meaningfully weaker
than expected liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: As of Mar. 31, 2020, cash and cash equivalents
were $307 million, short-term investments were $39 million and
availability under the $375 million ABL was $342 million ($8
million utilized for LOCs, no borrowing). The ABL is subject to a
borrowing base and a 1.0x fixed charge coverage covenant if excess
availability is less than the greater of (i) 10% of the Line Cap
(minimum of $375 million and borrowing base) and (ii) $30 million.

FCF has been positive historically and is expected to be neutral to
positive going forward before spending on the $375 million,
multi-year expansion and operational security investment project at
the Trentwood facility. The initial phase of the project is a new
$145 million heavy gauge plate stretcher. Although the company
currently expects to complete the full expansion by 2025, timing of
the investments will ultimately depend on market conditions. Fitch
believes liquidity is sufficient to support spending on the
project

SOURCES OF INFORMATION

ESG Considerations:

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


KAMC HOLDINGS: Moody's Lowers CFR to B3, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded KAMC Holdings, Inc. (d.b.a
Franklin Energy or Franklin) ratings, including its corporate
family rating to B3 from B2 and its probability of default rating
to B3-PD from B2-PD. At the same time, Moody's downgraded the
instrument ratings on Franklin's first and second lien senior
secured credit facilities to B2 from B1 and to Caa2 from Caa1,
respectively. The outlook is negative.

"The downgrade of Franklin Energy's ratings is driven by the
challenges brought on by the coronavirus outbreak that has paused
on-site energy efficiency program work," said Andrew MacDonald,
Moody's lead analyst. "The negative outlook reflects that the
company's liquidity will weaken during the near term and that
credit metrics could deteriorate rapidly, at least in the short
term, until the company is able to resume field services."

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. 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 Franklin of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Downgrades:

Issuer: KAMC Holdings, Inc.

Corporate Family Rating, Downgraded to B3 from B2

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

Gtd Senior Secured 1st Lien Term Loan, Downgraded to B2 (LGD3) from
B1 (LGD3)

Gtd Senior Secured 2nd Lien Term Loan, Downgraded to Caa2 (LGD5)
from Caa1 (LGD5)

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

Outlook Actions:

Issuer: KAMC Holdings, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

KAMC Holdings, Inc.'s B3 CFR broadly reflects its expectation that
the company's high debt-to-EBITDA leverage (Moody's adjusted) when
considering the impact of the coronavirus outbreak will remain
elevated above 7.5x during the next 12 to 18 months. In total,
about 40% of revenue relies on field services and will likely be
impacted for the duration of the second quarter as in-person field
inspections are currently suspended as non-essential work due to
the coronavirus outbreak. The severity of the impact will depend on
the length of the duration of the coronavirus outbreak and the
timing of individual states in allowing non-essential workers to
return.

The company's liquidity is considered weak supported by cash
balances in the low $40 million range, which includes the recent
drawdown of $23 million of the remaining funds available on the
company's $35 million revolving credit facility that was partially
utilized at closing of its acquisition by Abry partners in August
2019 to pay customary transaction fees and expenses. The company's
first lien net leverage covenant will be tested at 7.3x and Moody's
expects that while coverage is currently sufficient, covenant
relief may become necessary during the next 12 to 18 months should
field work stoppage extend beyond the second quarter. Moody's
expects the company will look to rationalizing fixed charges to
offset revenue declines and anticipate working capital should
initially be a source of cash in a downturn given the company's
blue-chip client base comprised of large utility providers.
Supporting the rating is the expectation that the resumption of
field work should lead to a stronger second half of the year as
demand is likely to have been deferred. The company also benefits
from a lack of near-term debt maturities.

The negative outlook reflects Moody's expectations of a weakening
of liquidity in the near-term including 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 COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if liquidity deteriorates,
including sustained negative free cash flow or an increased
probability of a covenant breach. Debt-to-EBITDA sustained above
7.5x beyond 2021 could also lead to a downgrade.

While unlikely in the near term, ratings could be upgraded should
the company' demonstrate revenue and earnings growth with
debt-to-EBITDA sustained below 6.5x and FCF-to-debt sustained in
the low single digits.

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

Headquartered in Port Washington, Wisconsin, Franklin Energy is a
provider of outsourced energy efficiency products, services, and
software to utilities throughout the US. Following the close of
this transaction, the company will be privately held by ABRY
Partners LLC. Management reported unaudited revenue of $275 million
for the twelve months ended 31 December 2019.


KAR AUCTION: Moody's Cuts CFR to B2 & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service downgraded KAR Auction Services Inc's
corporate family rating to B2 from B1, as well as the senior
secured credit facilities rating to Ba3 (LGD2) from Ba2 and the
senior unsecured rating to Caa1 (LGD5) from B3. Moody's also
changed the outlook to negative from stable due to the disruption
and uncertainty that the coronavirus outbreak will cause to KAR's
business model. Moody's downgraded the speculative grade liquidity
rating ("SGL") to SGL-3 from SGL-1.

Downgrades:

Issuer: KAR Auction Services, Inc

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

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

Corporate Family Rating, Downgraded to B2 from B1

Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD2) from
Ba2 (LGD2)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: KAR Auction Services, Inc

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

KAR faces unprecedented disruption to its business model due to
social distancing measures and the recessionary environment caused
by the global COVID-19 outbreak. The downgrade and negative outlook
reflect the halt of physical auction sales and the supply and
demand imbalance caused by the coronavirus. A large reduction in
miles driven and used car sales will increase consignment supply at
a time when wholesale buyers have reduced their activity and
operations to minimum levels, due to social distancing and
shrinking consumer demand. KAR has taken proactive cost-cutting
actions, such as shutting down physical locations, reducing
compensation and furloughing a large portion of its workforce.
While this will preserve liquidity and partially mitigate the
shock, the duration of the coronavirus crisis is uncertain and
elevates risks. The company refinanced its capital structure after
the spin-off of its salvage business in 2019 and raised incremental
debt to prefund strategic M&A targets. The increase in leverage was
expected to be mostly offset by acquired EBITDA and only temporary.
However, due to the COVID-19 pandemic, Moody's expects KAR's
financial strategy, a key governance consideration under its ESG
framework, will focus on preserving liquidity to cover the
operating deficit over the next few months. Moody's adjusted
leverage (including securitized debt) was 6.4x as of December 2019,
higher than historical metrics around 5x, and is expected to go
well above this level and remain elevated as EBITDA drops and
excess cash is no longer available for accretive M&A.

KAR's business model benefits from its relatively large scale and
leading #2 market position in North America. A deep network of
established relationships with dealers and institutional sellers
supports the credit. Over the last years, the company has benefited
from growing historical off-lease trends that provided a stable
vehicle supply. However, in addition to the temporary shock caused
by COVID-19, KAR faces longer term challenges to adapt to an
evolving market. Off-lease trends peaked in 2019 and competition
from online tools will accelerate. KAR continues to invest in
TradeRev and other online offerings, which pressure margins in the
near term but position the company against digital disruption.

The negative outlook reflects the uncertainty around the duration
of social distancing measures that will disrupt KAR's revenue and
margins over the next 12 months. More clarity on the timeline to
resume physical operations, KAR's ability to return to growth at
margins close to historical levels, proving its competitive
position remains strong, and adequate liquidity, would support a
stabilization of the outlook. Moody's expects a shock starting in
1Q20, a steep decline in 2Q20 and a recovery starting in 3Q20.
Leverage will be very high in 2020, well above the December 2019
6.4x level (Moody's adjusted including securitization debt), as
EBITDA is expected to suffer a sudden drop in the next few
quarters. After 2020, Moody's anticipates leverage will decrease
toward 6.5x and FCF/debt will return to levels above 2% (all
metrics Moody's adjusted). However, if social distancing measures
remain in place longer than anticipated, credit metrics could
deteriorate further and pressure the ratings. Moody's no longer
expects the incremental liquidity from the 2019 refinancing to be
utilized to acquire assets that will contribute to EBITDA. Instead,
KAR will likely preserve liquidity to support the operating deficit
caused by the COVID-19 outbreak.

The debt instrument ratings reflect KAR's B2-PD probability of
default rating and expected loss for individual instruments. The
senior secured term loan and revolver are rated Ba3 with a loss
given default assessment of LGD2, two notches above KAR's B2
corporate family rating, reflecting their seniority to the $950
million senior unsecured notes, which are rated Caa1 with a loss
given default assessment of LGD5, two notches below the CFR. The
revolver includes a 3.5x senior secured net leverage financial
covenant to be tested at first dollar drawn.

The SGL-3 speculative grade liquidity rating reflects KAR's
adequate liquidity, including $508 million of cash and equivalents
balance as of December, 2019, an undrawn $325 million revolving
credit facility, and estimated free cash flow to debt between -1%
and +1% over the next 12 months (Moody's adjusted including
dividends). As of December, 2019, $1.46 billion of short-term
obligations were outstanding under AFC's receivables securitization
facility, which expires in January 2022, and the company had $2.1
billion of outstanding finance receivables. Moody's expects the
short-term obligations under the securitization program to be
satisfied by the collection of receivables on an ongoing basis. The
$950 million senior secured term loan maturing in 2026 amortizes 1%
annually. The $325 million senior secured revolver matures in 2024
and the existing $950 million 5.125% senior notes are due 2025.
Longer than anticipated social distancing and travel restrictions,
or sizeable shareholder distributions would weaken liquidity
further and could change its view. Moody's expects available cash
and free cash flow generation to cover liquidity needs over the
next 12 months.

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

An upgrade is unlikely over the next 12 months given the
expectation for credit deterioration due to social distancing
measures linked to the COVID-19 outbreak and a recessionary
macroeconomic environment, which will shock growth and margins. In
the long term, the ratings could be upgraded if Moody's expects 1)
sustained strong organic growth at or above mid single-digit rates,
proving the deceleration in off-lease volumes can be offset with
new revenue streams; 2) debt to EBITDA (Moody's adjusted including
securitization debt) sustained under 5.5x; 3) free cash flow above
5.0% of total debt (Moody's adjusted free cash flow including
dividends); and 4) balanced financial policies.

The ratings could be downgraded if the impact of the coronavirus
outbreak lasts longer than anticipated, resulting in deteriorating
liquidity and further uncertainty. The ratings could be also
downgraded if Moody's anticipates 1) weaker than expected growth
and margin pressure as increased competition and disruption from
online trends challenge the business model; 2) leverage to be
sustained above 7.0x; 3) free cash flow to debt to be sustained
below 2.0%; or 4) aggressive shareholder-friendly financial
policies or leveraging debt-financed acquisitions (all metrics
Moody's adjusted).

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

KAR Auction Services, Inc. is a leading provider of vehicle auction
services in North America. The company provides used car auction
services through its wholly-owned subsidiary, ADESA, Inc. (ADESA),
and short-term financing to independent dealers through its
wholly-owned subsidiary, Automotive Finance Corporation (AFC). KAR
provides physical and online wholesale marketplaces where sellers
and buyers transact, and also facilitates ancillary services to
market participants such as transportation, reconditioning and
other services. KAR completed the spin-off of its salvage auction
business in June 2019. KAR generated $2.8 billion in the last
twelve months ending December 2019.


KBR INC: Moody's Rates New First Lien Credit Facility 'Ba1'
-----------------------------------------------------------
Moody's Investors Service has assigned Ba1 ratings to the first
lien credit facility of KBR, Inc., and concurrently withdrew the
former Ba2 ratings on KBR's prior first lien facility. The
company's speculative grade liquidity rating was upgraded to SGL-1
from SGL-2 following its recent refinancing transaction. The Ba3
corporate family rating, Ba3-PD probability of default rating and
the stable ratings outlook are all unaffected.

According to Moody's lead analyst, Bruce Herskovics, "the Ba1
ratings assigned to the first lien credit facility are two notches
above the company's corporate family rating, reflecting the
significant layer of effectively junior debt and non-debt claims in
the consolidated capitalization that would absorb first losses in a
stress scenario and thereby afford debt cushion for the benefit of
first lien secured lenders." Further, KBR's $137 million first lien
debt reduction that occurred concurrent with the facility's
execution reduces the share of this priority claim relative to the
company's full liability structure.

RATINGS RATIONALE

The Ba3 CFR, unaffected by the first lien ratings assignment,
continues, broadly reflecting KBR's competitive scale in defense
services, and its solid niche positions within technology, energy
services, and complex project delivery. The rating anticipates
leverage to be generally maintained below 3.5x, with free cash
flow-to-debt above 10%, but also factors in that debt-funded
acquisitions could push leverage higher; however, the company would
prioritize the timely repayment of debt to restore credit metrics
should one or more transactions occur. KBR's contract portfolio
spans government services, maintenance and construction services
and energy sector technologies/services -- a large addressable
market with multiple growth avenues that should support EBITDA
margins of 10% to 12% over time.

Contingent liabilities associated with project related surety
requirements of joint ventures have historically added much risk,
but KBR's noteworthy bidding discipline over the past two years has
built confidence and was a major contributing factor to the upgrade
of the CFR in November 2019. Remaining selective, particularly
regarding fixed price engineering/procurement/construction project
bids, represents a major rating consideration as obligations can
become material relative to KBR's financial capacity.

The SGL-1 speculative grade liquidity rating reflects a strong
liquidity profile. Moody's anticipates $100 to $125 million of free
cash flow near-term, well in excess of scheduled debt amortization.
Beyond the cash held at project-related subsidiaries, KBR has
indicated that it will likely maintain at least $300 million of
cash-on-hand, and the company ended 2019 with over $700 million
($575 million pro forma for the term loan repayment in early 2020).
Moody's projects that KBR will maintain significant cushion with
respect to the credit facility's financial maintenance covenants.

The stable ratings outlook incorporates the company's high backlog
and associated revenue predictability, the high variability of
KBR's cost structure which enhances the resilience of free cash
flow generation, and a leverage profile as measured by
Moody's-adjusted debt-to-EBITDA of less than 3.5x absent
acquisitive growth.

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

Upward ratings momentum would depend on greater revenue scale and a
continued shift of the backlog/sales mix towards government
services, debt-to-EBITDA below 3x, free cash flow-to-debt above
15%, and a moderate risk profile for the project joint venture
portfolio.

Downward ratings pressure would mount with contract execution
problems, a free cash deficit, covenant headroom issues and/or
leverage climbing to the high-4x range.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The aerospace and
defense sector has been adversely affected by the shock given its
indirect exposure to the severely pressured airline industry and
its sensitivity to consumer demand and market sentiment. KBR's
credit profile faces added vulnerability to the outbreak continuing
to spread due to its participation in energy-related projects and
consulting assignments. 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 KBR of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

The following rating actions were taken:

Assignments:

Issuer: KBR, Inc.

Senior Secured Bank Credit Facility, Assigned Ba1 (LGD2)

Upgrades:

Issuer: KBR, Inc.

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

Withdrawals:

Issuer: KBR, Inc.

Senior Secured Bank Credit Facility, Withdrawn, previously rated
Ba2 (LGD2)

KBR, Inc., headquartered in Houston, Texas, provides professional
services and technologies across the asset and program life-cycle
within the government solutions and energy sectors. Revenues for
the last twelve months ended December 31, 2019 were approximately
$5.6 billion.


KNOLL INC: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Knoll, Incorporated to BB+ from BBB-.

Headquartered in East Greenville, Pennsylvania, Knoll, Incorporated
designs and manufactures branded office furniture products and
textiles.



KOPIN CORP: Has Until Dec. 18 to Regain Compliance with Nasdaq Rule
-------------------------------------------------------------------
Kopin Corporation received on April 17, 2020, a notice from the
Nasdaq Stock Market indicating that, due to extraordinary market
conditions, Nasdaq has determined to toll compliance periods for
bid price and market value through June 30, 2020.  Nasdaq's notice
indicates that, upon expiration of the tolling period and beginning
on July 1, 2020, Kopin will receive the balance of days remaining
under its currently pending compliance.  Accordingly, upon
expiration of the tolling period and beginning on July 1, 2020,
Kopin will then have 171 calendar days from July 1, 2020, or until
Dec. 18, 2020, to regain compliance with the minimum bid price
requirement.

To regain compliance, the minimum bid price of Kopin's common stock
must meet or exceed $1.00 per share for a minimum 10 consecutive
business days during either the tolling period or during the 172
calendar days following the tolling period, unless the staff of the
Nasdaq exercises its discretion to extend this 10 business day
period pursuant to Nasdaq Listing Rule 5810(c)(3)(F).  The
Company's failure to regain compliance by Dec. 18, 2020 period
could result in delisting.

Kopin is continuing to evaluate various courses of action to regain
compliance.  There can be no assurance that Kopin will be able to
regain compliance with Nasdaq's rule or will otherwise be in
compliance with other Nasdaq listing criteria.

                          About Kopin

Kopin Corporation -- http://www.kopin.com/-- is an inventor,
developer, manufacturer and seller of components, subassemblies,
head-worn and hand-held systems for soldier, avionic, armored
vehicle and training & simulation military applications; 3D optical
inspection systems; and industrial, public safety and consumer
augmented reality and virtual reality wearable headsets systems.

Kopin reported a net loss attributable to the company of $29.50
million for the year ended Dec. 28, 2019, compared to a net loss
attributable to the company of $34.53 million for the year ended
Dec. 29, 2018.  As of Dec. 28, 2019, the Company had $43.05 million
in total assets, $11.31 million in total current liabilities,
$268,440 in noncurrent contract liabilities and asset retirement
obligations, $1.79 million in operating lease liabilities, $1.08
million in other long-term liabilities, and $28.59 million in total
stockholders' equity.

RSM US LLP, in Stamford, Connecticut, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 11, 2020, citing that the Company has suffered recurring
losses from operations and recurring negative operating cash flows
that raise substantial doubt about its ability to continue as a
going concern.


LATTICE SEMICONDUCTOR: Egan-Jones Lowers Unsec. Debt Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Lattice Semiconductor Corporation to B from B+. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Headquartered in Hillsboro, Oregon, Lattice Semiconductor
Corporation designs, develops, and market programmable logic
devices.



LEAR CORP: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Lear Corporation to BB from BB+.

Headquartered in ‎Southfield, Michigan‎, Lear Corporation
provides seating systems, electrical distribution systems, and
electronic products.



LICK INDUSTRIES: Seeks to Hire Max Broock as Realtor
----------------------------------------------------
Lick Industries, LLC, seeks authority from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Max Broock
Realtors, as realtor to the Debtor.

Lick Industries requires Max Broock to market and sell the Debtor's
real property located at 312 E. University Ave, Royal Oak, MI
48067.

Max Broock will be paid a commission of 6% of the gross sales
price.

Chris Pero, associate broker of Max Broock Realtors, 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.

Max Broock can be reached at:

     Chris Pero
     MAX BROOCK REALTORS
     275 S. Old Woodward
     Birmingham, MI 48009
     Tel: (248) 644-6700

                    About Lick Industries

Lick Industries, LLC, is a Michigan Limited Liability Company in
the business of purchasing residential real estate in need of
repairs, completing such repairs, and subsequently selling the
rehabilitated real estate for a profit.

Lick Industries filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-51017) on July 30,
2019, estimating under $1 million in both assets and liabilities.
Yuliy Osipov, Esq., at Osipov Bigelman, P.C., represents the
Debtor.


LIGHTSTONE GENERATION: Moody's Alters Outlook to Negative
---------------------------------------------------------
Moody's Investors Service has revised the rating outlook on
Lightstone Generation LLC to negative from stable, while at the
same time, it affirmed the Ba3 rating on Lightstone's senior
secured credit facilities. The credit facilities are comprised of a
$1,862 million term loan B due in 2024 (approx. $1,773 million
outstanding as of 12/31/19), a $100 million term loan C for cash
collateralized letters of credit due in 2024, and a $100 million
revolving credit facility due in 2022.

RATINGS RATIONALE

Its rating action, which includes a change in the rating outlook to
negative, reflects the Project's weaker than expected financial
performance in 2019 and the expectation Lightstone will
underperform original financial expectations through 2020. Recent
financial performance has been impacted by weak power market
fundamentals owing to lower natural gas and power prices and lower
generation stemming from milder weather conditions. Reduced
electric demand attributed to regional lock-down measures will
impact peak power prices, energy margins and cash flow this year
depending upon the duration of the lock-down and the broader impact
to the economy. During 2019, Lightstone recorded EBITDA of $362
million, which was about $60 million below its forecast and $120
million below 2018 results. The lower financial performance for
2019 was party driven by lower PJM RTO capacity revenue, a planned
outage at the Gavin coal plant to complete its lime to limestone
transition and by lower energy margins. Against this backdrop,
Lightstone recorded funds from operations to debt of 13.4% and cash
flow after maintenance capex to debt of 7.1%.

Management's latest budget for 2020, whose energy margin should
benefit from hedges implemented across the portfolio, estimates a
further decline in EBITDA to $245 million owing in part to a drop
in capacity revenues during 2020 coupled with lower energy margins
anticipated during the year.

The credit implications from the Project's lower cash flow
generation performance has been a decline in excess cash flow which
raises refinancing risk for the Project. Should the Project perform
at or near management's plan for 2020, Moody's estimates that the
Project's outstanding loan balance will still be about $100 million
higher than under its original base case. On a positive note,
Moody's notes that capacity revenues will be $53 million higher
during 2021, which will aid cash flow during that year. Moreover,
Lightstone benefits from a relatively strong liquidity profile,
which as of 3/31/20 totals $138.7 million that will help the
Project manage through a liquidity stress should it surface. This
is made up of $75 million available under the revolver, plus $56
million in the required 6-month debt service reserve, which is
currently covered by a $30 million DSR letter of credit from the
Project and a $26 million DSR letter of credit from the Sponsors
that is non-recourse to the Project, plus $7.7 million in
unrestricted cash.

As 2020 progresses, if the Project is underperforming management's
budget owing to lower power prices and energy margins, further
rating action may be warranted. Although the term loan matures in
2024, Moody's notes that the revolving credit facility matures two
years earlier in February 2022. Further complicating any
refinancing effort for Lightstone is the current financing
environment for projects that include coal-fired generators as ESG
considerations continue to factor into investor decisions.

Balancing this consideration are the benefits that Lightstone
enjoys as a portfolio that includes three natural-gas fired plants
and the natural hedge that follows, where recent financial results
have been aided by the natural gas plants running more often
providing incremental cash flow, which helps to offset the lower
economic dispatch occurring at the Gavin plant.

Rating Outlook

The negative outlook reflects the uncertainty relating to power
prices and related cash flow coming from the PJM wholesale market
over the next six months owing to the potential for lower electric
demand impacting peak prices coupled with the uncertainty
concerning the outcome of the delayed PJM capacity auctions for the
2022/23 and 2023/24 capacity years. To the extent Lightstone
underperforms its recently revised budget, further rating action is
likely to follow.

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

Factors that could lead to an upgrade

In light of the negative outlook and the near-term challenges
facing the wholesale power market, limited prospects exist for the
rating to be upgraded. The outlook could stabilize if stronger
wholesale market dynamics emerge resulting in metrics more
appropriate for a Ba rating, including the ratio of Project CFO to
Debt at or above 10% and the DSCR at or above 2.0x on a sustained
basis.

Factors that could lead to a downgrade

The rating could be downgraded if the Project is underperforming
management's current budget during the year or if the Project were
to experience a major operational disruption such that Lightstone
appeared unlikely to achieve key financial metrics, including
Project CFO to Debt of at least 10% and a DSCR of at least 2.0x on
a prospective and sustained basis.

PROFILE

Lightstone is a joint venture owned by affiliates of Blackstone
Group LP (50%) (Blackstone) and ArcLight Capital Partners LLC (50%)
and consists of a 5.3 GW portfolio of fits generation facilities
located in the PJM Interconnection market. The largest of the four
plants is Gavin, a 2,721 MW supercritical, pulverized coal-fired
generating station located in Ohio. The other three plants are
natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle
facility in Indiana; the 894 MW Waterford combined-cycle facility
in Ohio; and the 484 MW Darby peaking plant also in Ohio. All four
facilities are located in the AEP-Dayton zone and bid as a Capacity
Performance product into the forward PJM capacity auction.

The principal methodology used in these ratings was Power
Generation Projects published in June 2018.


LITESTREAM HOLDINGS: Exclusive Filing Period Extended Until June 24
-------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida extended to June 24 the exclusive period for
Litestream Holdings, LLC to file its Chapter 11 plan and disclosure
statement. The company has the exclusive right to solicit votes on
the plan until Aug. 24.

                  About Litestream Holdings
        
Litestream Holdings, LLC, a Florida-based provider of video,
broadband and phone services, filed a  Chapter 11 petition (Bankr.
S.D. Fla. Case No. 19-26043) on Nov. 27, 2019 in West Palm Beach,
Fla., listing between $1 million and $10 million in both assets and
liabilities.  The petition was signed by Paul Rhodes, managing
member.  Judge Mindy A. Mora oversees the case.  FurrCohen P.A., is
the Debtor's legal counsel.

The U.S. Trustee for Region 21 appointed three creditors to serve
on the official committee of unsecured creditors in the
Litestream's Chapter 11 case.



LTI HOLDINGS: Bank Debt Trades at 46% Discount
----------------------------------------------
Participations in a syndicated loan under which LTI Holdings Inc is
a borrower were trading in the secondary market around 54
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD315 million term loan is scheduled to mature on September 6,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is U.S.



LUXURY LIMOUSINE: Plan Disclosures Hearing Continued to May 12
--------------------------------------------------------------
Judge Jean K. Fitzsimon has ordered that the hearing on the motion
for approval of Chapter 11 Plan of Reorganization and Disclosure
Statement of debtor Luxury Limousine Service, Inc. is continued to
May 12, 2020, at 9:30 a.m. in Courtroom #3, 900 Market Street,
Philadelphia, Pennsylvania 19107.

Moreover, all deadlines related to Debtor's filing of a Plan,
Disclosure Statement, confirmation, and exclusive right to file
plan and disclosure statement are extended through August 12,
2020.

A full-text copy of the order dated April 3, 2020, is available at
https://tinyurl.com/sez7znz from PacerMonitor at no charge.

                 About Luxury Limousine Service

Luxury Limousine Service, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-13574) on May
31, 2018.  In the petition signed by Perry Camerlengo, president,
the Debtor was estimated to have assets of less than $1 million and
liabilities of less than $1 million.  The Debtor tapped Bottiglieri
Law, LLC, as its legal counsel.


M.H.P. DEVELOPMENT: $280K Sale of Bristol Comm. Property Withdrawn
------------------------------------------------------------------
Judge Paul M. Black of the U.S. Bankruptcy Court for the Western
District of Virginia withdrew M.H.P. Development, Inc.'s sale of
the commercial building and lots located at 523 State St., Bristol,
Virginia to L & B of Bristol, LLC for $280,000, free and clear of
liens, encumbrances, and interests.

On April 2, 2020, the Debtor, by the counsel, came for a status
conference on the sale of the property.  Present were the counsel
for the US Trustee and the counsel for Summit Community Bank.  At
the time set for hearing, the Debtor's counsel advised the Court
that the Buyer had exercised its rights under the sales contract to
terminate the agreement and the Debtor requested that the Court
enters an order that would withdraw its approval of the sale.

The Debtor's motion is granted, and the Order authorizing sale is
withdrawn.  The Debtor reserves all rights under the sale contract
or otherwise against the Buyer.
  
                     About M.H.P. Development

Based in Bristol, Virginia, M.H.P. Development, Inc., filed a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Va. Case No. 19-71672) on Dec. 26, 2019,
estimating under $1 million in assets and liabilities.  Judge Paul
M. Black oversees the case.  Robert Tayloe Copeland, Esq., at Scot
S. Farthing, Attorney At Law, P.C. serves as the Debtor's counsel.


MACK-CALI REALTY: Moody's Cuts CFR & Sr. Unsec. Debt Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded Mack-Cali Realty, L.P.'s
senior unsecured debt and corporate family ratings to B1 from Ba2
due to the increased risk that the planned disposition transactions
will not be completed in a timely manner at the expected values
such that the REIT's liquidity position and leverage metrics would
weaken in the next few quarters. In the same rating action, Moody's
has assigned a (P)B1 rating to the senior unsecured debt shelf, a
(P)B2 to the subordinate debt shelf and a (P)B3 to Mack-Cali Realty
Corporation's, the parent REIT, preferred shelf. Moody's has
downgraded the speculative grade liquidity rating to SGL-4 from
SGL-3 in this rating action. The rating outlook remains negative
because of lower prospects for meaningful improvement in its office
portfolio in the next 2-4 quarters and the potential for credit
negative transactions due to the ongoing public governance disputes
with an activist investor.

The following ratings were downgraded:

Mack-Cali Realty, L.P.

Senior Unsecured debt to B1 from Ba2

Corporate Family Rating to B1 from Ba2

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

The following ratings were assigned:

Mack-Cali Realty L.P.

Senior Unsecured debt shelf at (P)B1

Subordinate debt shelf at (P)B2

Mack-Cali Realty Corporation

Preferred Stock shelf at (P)B3

Outlook Actions:

Issuer: Mack-Cali Realty, L.P.

Outlook remains Negative

Issuer: Mack-Cali Realty Corporation

Outlook, assigned Negative

RATINGS RATIONALE

Mack-Cali's B1 ratings reflect the weak but modestly improving
performance in the office segment, the growing contribution from
the more stable multifamily portfolio, elevated leverage metrics
and limited financial flexibility. Given the bleak macroeconomic
environment and limited investor interest in acquiring or financing
most commercial real estate assets, it is unlikely that Mack-Cali's
planned asset sales would be completed in the forecast timelines
and at expected prices. Materially lower proceeds from dispositions
would weaken the covenant cushion on the REIT's bank facility and
jeopardize its ability to access the revolver. Modest but likely
declines in rent collections in the next 2-3 quarters and continued
capital investment in its multifamily development projects albeit
at a slower pace could further weaken its liquidity position.

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 commercial
retail real estate segment has been affected by the shock given the
sensitivity to the macroeconomic environment and capital markets.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action in part reflects the impact on Mack-Cali,
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.

The core office portfolio was 80.7% leased at YE 2019 relative to
83.2% a year earlier and cash same store NOI declined by 2.3%
during the year. Lease expirations in the office portfolio are more
modest in 2020/2021, 5.9% and 10.1% of annual rental revenue
respectively, which could lead to stabilization or modest
improvement in the portfolio lease rate. Releasing spreads on new
leases for vacant spaces would, however, be modest constrained by
the macroeconomic environment.

The multifamily portfolio continues to report solid operating
performance (almost 4,000 wholly units were 95% leased at YE 2019)
and the segment accounts for 25% of the REIT's aggregate NOI.
However, the pool of tenants likely to request rent relief would
likely grow in the next 2-3 months and the REIT's ability to push
rents or achieve target stabilized occupancy in the communities
that are in lease-up has declined.

Mack-Cali had planned to sell large portions of its suburban
portfolio in the next 2-3 quarters but would likely have to scale
back price and volume expectations in the current environment. At
YE 2019, the 5.8 million square feet core suburban portfolio was
83% leased and included 35 buildings.

The REIT's fixed charge coverage of 2.1x for 2019 reflects the high
proportion of debt in the capital structure and low EBITDA margins
primarily due to weak occupancy in the office segment. The REIT's
leverage ratios are elevated with net debt + preferred to EBITDA at
12.0x, effective leverage at 54.1% and secured leverage at 32.7%.

At year-end 2019, Mack-Cali had about $900 million of unsecured
debt outstanding and over $1.9 billion in mortgage and other
secured debt. The REIT's $600 million credit facility which matures
January 2021 and has two 6-month extension options is the next
meaningful debt maturity. The credit agreement was modified in Q2
2018 to incorporate an 'as-is' appraisal valuation for two New
Jersey waterfront assets. Inability to sell the suburban assets in
a timely manner to paydown unsecured debt outstanding would reduce
the covenant cushion. There was $329 million drawn on the line at
YE 2019.

The management of Mack-Cali has been contending with an activist
investor Bow Street for a year now and the dispute has taken a turn
for the worse in the last few weeks with both sides engaged in a
proxy fight for a sizeable share of the board. The likelihood of
meaningful restructuring of its operations and capital structure in
the next 12-18 months is high, but it is unclear if the management
will be able to persuade investors to support its strategy of
selling the suburban office assets before pursuing other
asset/segment transactions.

The negative rating outlook reflects the potential for continued
weak operating performance in the office segment and potential for
credit negative transactions due to the ongoing governance
challenges.

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

Upward rating movement is unlikely and would require adequate and
reliable liquidity to manage all its funding needs over the next 12
months and a well-defined and long-term portfolio strategy. Net
debt + preferred to EBITDA approaching 10.0x and secured leverage
below 30% on a sustained basis would be other key considerations.

The ratings will be downgraded if the REIT's liquidity position
weakens further due to a lack of asset sales, weakness in pricing
or a decline in cash rents. Credit negative portfolio or capital
restructuring, net debt + preferred to EBITDA higher than 13.0x,
fixed charge coverage dropping below 1.7x and deterioration in
covenant cushion could also result in a downgrade.

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

Mack-Cali Realty Corporation (NYSE: CLI) is an office REIT that
owns 10.5 million square feet of office space in New Jersey. The
REIT also owns and has interests in 21 operating multi-family
properties in New Jersey, Massachusetts and Washington DC.


MASCO CORP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Masco Corporation to BB+ from BBB-.

Headquartered in Livonia, Michigan, Masco Corporation is a
manufacturer of products for the home improvement and new home
construction markets.



MATRIX INDUSTRIES: Unsecured Owed $11,500 to Get 100% in Plan
-------------------------------------------------------------
Debtor Matrix Industries, Inc., filed a First Amended Chapter 11
Plan of Reorganization and a First Amended Disclosure Statement on
April 7, 2020.

Class 3 General Unsecured Claims total $11,500, compared to $10,000
from the prior iteration of the plan.  Each holder of an Allowed
Class 3 General Unsecured Claim shall receive a Cash distribution
from the Net Sale Proceed equal to the full Allowed amount of their
Allowed General Unsecured Claims in two equal installments.

A full-text copy of the Amended Disclosure Statement dated April 7,
2020, is available at https://tinyurl.com/t9ua2ex from PacerMonitor
at no charge.

Counsel to the Debtor:

         SHAFFERMAN & FELDMAN LLP
         137 Fifth Avenue, 9th Floor
         New York, New York 10010
         Tel: (212) 509-1802
         Joel M. Shafferman, Esq.

                     About Matrix Industries

Based in Great Neck, N.Y., Matrix Industries Inc. filed a petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 19-13835) on Dec. 2, 2019, listing under $2 million on
both assets and liabilities.  Judge Robert E. Grossman oversees the
case.  Joel Shafferman, Esq., at Shafferman & Feldman LLP, is the
Debtor's legal counsel.


MEDICAL DIAGNOSTIC: Needs More Time to Formulate Chapter 11 Plan
----------------------------------------------------------------
The Medical Diagnostic Imaging Group, Ltd. and its affiliates asked
the U.S. Bankruptcy Court for the District of Arizona to extend the
time during which they have the exclusive right to file a plan to
June 15.

The Debtors sought the extension primarily due to delays caused by
the worldwide COVID-19 pandemic. The parties are attempting to
resolve remaining issues via remote working, which has proven to be
a little challenging. Currently, the Debtors are continuing to
negotiate with various constituencies in the case, including the
Official Committee of Unsecured Creditors in the MDIG Ltd. case.
The parties are going to work on what is hoped to be a consensual
Plan of Reorganization by the Extended Date.

                    About Medical Diagnostic

The Medical Diagnostic Imaging Group, Ltd., a provider of
diagnostic radiology services, and its affiliate MDIG of Arizona,
LLC sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ariz. Case Nos. 19-15722 and 19-15726) on Dec. 16,
2019.

On Dec. 23, 2019, MDIG of Pennsylvania, LLC and MDIG of Washington,
PLLC filed voluntary Chapter 11 petitions (Bankr. D. Ariz. Case
Nos. 19-16025 and 19-16026).

At the time of the filing, the Debtors each disclosed assets of
between $1 million and $10 million and liabilities of the same
range.

Medical Diagnostic, MDIG of Pennsylvania and MDIG of Washington are
represented by Michael W. Carmel, Ltd. while MDIG of Arizona is
represented by Stinson LLP.

On Jan. 13, 2020, the Office of the U.S. Trustee appointed
creditors to serve on the official committee of unsecured creditors
in Medical Diagnostic's Chapter 11 case.  The committee tapped
Perkins Coie LLP as its legal counsel, and Resolute Commercial
Services as its financial advisor.

Susan Goodman of JD Pivot Health Law was appointed as patient care
and consumer privacy ombudsman.



MEDIQUIRE INC: FCA & Volcano to Get Assets Under Plan
-----------------------------------------------------
Debtor Mediquire, Inc., filed with the U.S. Bankruptcy Court for
the Southern District of New York a Disclosure Statement for Plan
of Liquidation dated April 9, 2020.

The Plan under Chapter 11 of the Bankruptcy Code proposes to turn
over the Debtor's intellectual property and other assets to FCA and
Volcano, the Debtor's Secured Creditors, on account of their
Secured Claims, which is in excess of the value of the assets being
turned over.  FCA and Volcano will release their Secured Claims
against the Debtor and contribute $39,000 to fund payments under
the Plan.

Class 2 FCA Secured Claim and Volcano Secured Claim total $750,000
plus accrued interest.  In full satisfaction, release and discharge
of the claims, FCA and Volcano, or an assignee[s] of FCA and/or
Volcano, will receive the Debtor's assets set forth in the Term
Sheet and Volcano and FCA will contribute the aggregate amount of
$39,000 to the Plan Fund.  FCA and Volcano shall receive no further
distribution under the Plan.

Class 3 Unsecured Claims total $242,322.  In full satisfaction,
settlement, release and discharge of the Class 3 Claims, each
Holder of an Allowed General Unsecured Claim shall receive a
pro-rata distribution of the Unsecured Creditor Fund, Available
Cash, and any proceeds from dissolution or liquidation of the
Debtor's remaining assets after Closing.

Class 4 Interest Holders will have their Interests in the Debtor
cancelled and extinguished.  The Holders of Allowed Interests will
not receive or retain any property under the Plan on account if
their Interests.

The Plan shall be implemented by the turnover of the Debtor's
assets as set forth in the Term Sheet to FCA and Volcano in full
satisfaction of the FCA Secured Claim and the Volcano Secured
Claim.  FCA and Volcano shall fund the Plan Fund and the
Liquidating Debtor shall satisfy all Claims pursuant to their
priority under the Bankruptcy Code.

The Plan shall be funded by (a) Available Cash; (b) the Plan Fund;
and (c) any Cash from the liquidation or dissolution of the
Debtor’s remaining assets.  Should there be any assets recovered
after the dissolution or liquidation of the Debtor's remaining
assets, such assets shall be used to satisfy Claims pursuant to
their priority under the Bankruptcy Code.

A full-text copy of the Disclosure Statement dated April 9, 2020,
is available at https://tinyurl.com/vrjrfdq from PacerMonitor at no
charge.

Counsel to the Debtor:

         SHAFFERMAN & FELDMAN LLP
         137 Fifth Avenue, 9th Floor
         New York, New York 10010
         Tel: (212) 509-1802
         Joel M. Shafferman, Esq.

                       About Mediquire Inc.

Mediquire, Inc. -- https://mediquire.com/ -- is a data analytics
company dedicated to accelerating the adoption of value-based
payment methodologies. Its mission is to accelerate the transition
to value-based care using a suite of advanced analytics solutions
that help payers and providers design, negotiate, and track
value-based contracts, as well as provide insights to aid providers
in closing gaps at the point-of-care.

Mediquire, Inc., based in New York, NY, filed a Chapter 11 petition
(Bankr. S.D.N.Y. Case No. 20-10284) on Jan. 30, 2020.  In the
petition signed by CFO Rhonda Rosen, the Debtor disclosed
$2,178,510 in assets and $1,780,713 in liabilities.  Joel
Shafferman, Esq., at Shafferman & Feldman LLP, serves as bankruptcy
counsel.


MEREDITH CORP: Moody's Lowers CFR to B2 & Sr. Unsec. Notes to Caa1
------------------------------------------------------------------
Moody's Investors Service downgraded Meredith Corp. Corporate
Family Rating to B2 from B1, and its Probability of Default Rating
to B2-PD from B1-PD. Moody's also affirmed the Senior Secured Term
Loan and Senior Secured Revolver ratings at Ba2 and downgraded
Senior Unsecured Notes to Caa1 from B3. The Speculative Grade
Liquidity rating was downgraded to SGL-2 from SGL-1. The actions
reflect material and sustained deterioration in anticipated
financial performance of Meredith due to coronavirus outbreak with
anticipation of a relatively slow recovery in advertising revenue
as coronavirus outbreak subsides. The downgrade on the Senior
Unsecured Notes reflects increased expected loss due to
deterioration in overall credit quality of Meredith. The rating
outlook is stable.

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 advertising
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 Meredith credit profile,
including its exposure to automotive, luxury and travel advertising
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Meredith 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 Meredith of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The following is a summary of its actions:

Issuer: Meredith Corp.

Corporate Family Rating, downgraded to B2 from B1

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

Senior Secured 1st lien Term Loan B, Affirmed Ba2 (LGD2)

Senior Secured Revolving Credit Facility, Affirmed Ba2 (LGD2)

Gtd Senior Unsecured Notes, downgraded to Caa1 (LGD5) from B3
(LGD5)

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

Outlook Actions:

Issuer: Meredith Corp.

Outlook, Remains Stable

RATINGS RATIONALE

Meredith's B2 CFR reflects a material decline in advertising
spending across all media platforms, resulting in reduced operating
margins and operating cash flow, and increased financial leverage
to over 5x Debt-to-EBITDA (incorporating Moody's standard
adjustments). Many of the company's advertising customers have had
their revenue deteriorate as countries have reduced travel and
enforced social distancing, driving meaningful reduction in
business activity. In addition, cancellation of various live
sporting events may reduce broadcast television viewership, further
impacting advertising. Meredith benefits from the broad reach of
its branded lifestyle-oriented content of its magazine titles and
digital properties, sold through its National Media group and solid
ratings of its broadcast stations. As a precautionary measure,
Meredith suspended its common stock dividend, implemented salary
reductions and took actions to further reduce its operational costs
and working capital needs. Moody's anticipates that the company
will be able to manage its operating cash flow needs over the next
12-18 months without needing to access its revolving credit
facility.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The company's management team exercises a balanced
financial strategy, having repaid $825 million in debt following
the sales of select properties from the Time Inc. acquisition,
while successfully generating operating synergies and improving
performance of the retained portfolio of titles. The company's
suspension of common dividend further highlights prudent capital
and liquidity management.

Meredith's SGL-2 speculative-grade liquidity profile reflects good
liquidity with nearly full revolver availability and approximately
$100 million of balance sheet cash as of March 31, 2020. Moody's
expects Meredith EBITDA to decline materially over the next 12
months, with estimated free cash flow of approximately $200 million
in part augmented due to elimination of the company's common
dividend payments. Moody's expects that substantial deterioration
in the company's EBITDA over the next 12-18 months may result in
limited financial covenant cushion for its revolving credit
facility, which is expected to remain undrawn. The Maximum Total
Net Leverage financial covenant is tested at 30% utilization for
revolving credit facility. Meredith's assets provide limited
alternative liquidity given the credit facilities are secured by
1st liens on substantially all tangible and intangible assets in
the U.S.

The stable rating outlook incorporates Moody's expectation that
advertising declines due to coronavirus will be sustained over the
next 6-9 months, with a likelihood of advertising spending
recovering as coronavirus outbreak subsides. Moody's anticipates
the company's print-oriented advertising to remain weak and
declining due to underlying secular trends in the magazine
business, partially offset by growth in digital advertising. The
industry trends and effects of the coronavirus will lead to reduced
operating profits over the next 12-18 months, with resulting
elevated leverage. Moody's anticipates management will continue to
remain prudent in its financial strategy as it relates to
management of discretionary cash expenditures.

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

Ratings could be upgraded if Meredith demonstrates consistent
organic revenue and EBITDA growth, with debt-to-EBITDA leverage
being sustained comfortably below 4.5x (including Moody's standard
adjustments). Strong positive free cash flow and good liquidity
would also be needed, with good revolver availability. Management
would also need to maintain a commitment to financial policies
consistent with the higher rating.

Ratings could be downgraded if sustained macro-economic weakness
continues to pressure the company's advertising reliant revenue
stream without offsetting reductions in operating expenses or
discretionary dividend payments, or if debt-to-EBITDA is sustained
above 6x (including Moody's standard adjustments). Deterioration in
liquidity or increased likelihood of a financial covenant breach
could also result in a downgrade.

Meredith Corp. is a diversified media company with magazine
publishing, brand licensing, and television broadcasting
operations. In January 2018, Meredith acquired all outstanding
shares of Time Inc. for total enterprise value of $2.8bn. The
company operates two business segments, National Media, and Local
Media. The National Media segment includes national consumer media
brands delivered via multiple media platforms including print
magazines and digital and mobile media, brand licensing activities,
database-related activities, and business-to-business marketing
products and services. The Local Media segment consists of 17
television stations located across the United States (U.S.)
concentrated in fast growing markets with related digital and
mobile media assets.


MERIDIAN MARINA: Martin County Objects to Disclosure Statement
--------------------------------------------------------------
Martin County Marine Holdings, LLC, a secured creditor, objects to
the Disclosure Statement of debtor Meridian Marina & Yacht Club of
Palm City, LLC and seeks full disclosure of the status of
Debtor’s protest of the GSA lease award to Windward Marina
Stuart, LLC and as grounds therefor states as follows:

  * The Debtor has not disclosed to the Court and other creditors
that (I) the GSA lease has already been awarded to Windward, and
(ii) the Purchaser and Debtor have each filed a protest of the
award to Windward with the Government Accountability Office seeking
to set aside that award.

  * On Feb. 27, 2020, the Court entered an order approving the sale
to 1400 Chapman LLC based upon a purchase agreement requiring that
the Debtor's marina have a GSA lease.  The Debtor has failed to
disclose to the Court and all creditors that the GSA lease was
awarded to Windward.

  * Rather than moving forward with a sale which is not contingent
on a lease with the GSA, the Debtor has chosen to file its plan of
reorganization based upon a sale which cannot be consummated, as
the GSA lease has been awarded to Windward.

  * During the course of this proceeding, Debtor has maintained
that there are other qualified buyers who will pay over $6,000,000
for the Debtor's marina without the GSA lease contingency. Debtor
should be required to disclose more detailed information regarding
buyers who do not require a GSA lease which would result in
satisfaction of 100 percent of their claims much more quickly.

A full-text copy of Martin County's objection to the Disclosure
Statement dated April 9, 2020, is available at
https://tinyurl.com/t8om7kg from PacerMonitor at no charge.

Attorney for Debtor:

         SUSAN D LASKY, ESQ.
         320 S.E. 18th Street
         Fort Lauderdale, FL 33316
         Tel: (954) 400 7474
         E-mail: Sue@SueLasky.com

               About Meridian Marina & Yacht Club

Meridian Marina & Yacht Club of Palm City, LLC, based in Palm City,
FL, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
19-18585) on June 27, 2019. In the petition signed by Timothy
Mullen, member and manager, the Debtor disclosed $8,528,155 in
assets and $5,790,533 in liabilities. The Hon. Erik P. Kimball
oversees the case. Craig I. Kelley, Esq. at Kelley Fulton & Kaplan,
P.L., serves as bankruptcy counsel to the Debtor.

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


MGM GROWTH: Fitch Alters Outlook on 'BB+' LT IDR to Negative
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of
MGM Growth Properties, LLC and MGM Growth Properties Operating
Partnership LP's at 'BB+'. In addition, Fitch has affirmed MGPOP's
senior secured debt at 'BBB-'/'RR1' and senior unsecured debt at
'BB+'/'RR4'. The Rating Outlook is revised to Negative from
Stable.

The revision of MGP's Rating Outlook to Negative reflects the
operational disruptions faced by MGP's tenant MGM Resorts
International while its casinos are closed due to the coronavirus
pandemic. The Rating Outlook further reflects the uncertainty
surrounding the duration of the closures and the subsequent
recovery. There is a real, albeit improbable, risk that MGM may
look to its rent obligations with MGP to conserve cash while its
facilities are closed or are operating with minimal business
volumes. Longer-term there is risk that MGM may seek more permanent
rent concessions if the recovery is weaker than what is currently
projected by Fitch.

The affirmation of MGP's 'BB+' IDR reflects its, and its tenants',
solid positions to weather the near-term impacts from the pandemic.
MGM reported on March 26, 2020 having $3.9 billion of cash on hand,
excluding MGP and MGM China, after drawing on its revolver in March
in response to the pandemic.

MGP's own balance sheet and liquidity is strong in context of its
'BB+' IDR and provide cushion against any near-term disruptions in
rent. MGP is well within its 5.5x net leverage downgrade
sensitivity (Fitch projects 3.8x for 2020 without MGM share
redemption and 5.3x with the redemption) and has $1.8 billion of
cash after drawing on its revolver toward the end of March 2020.
(MGP agreed to redeem $1.4 billion of OP units at a discount to a
trailing stock price of MGP at MGM's option from February 2020 to
February 2022.)

The Negative Rating Outlook also reflects MGM's 'BB-' IDR/Negative
Outlook. There is a weak-to-moderate rating linkage between MGM and
MGP, and Fitch has previously stated that MGP is unlikely to be
rated more than two notches above MGM, which has a controlling
stake in MGP. On March 25, 2020, Fitch downgraded MGM's IDR from
'BB' to 'BB-' and revised the Rating Outlook to Negative from
Stable. The rating actions reflected the pressures related to the
coronavirus pandemic and the sale of MGM's last wholly-owned assets
outside MGM Springfield.

Fitch will consider a Stable Rating Outlook when and if there is a
clearer trajectory to recovery and there is greater certainty that
MGM and MGP will emerge through this stress with their credit
profiles intact. Fitch will also consider the sustainability of
MGM's rent in terms of rent coverage.

MGP's 'BB+' IDR continues to reflect the company's stable triple
net lease (NNN) cash flows, good geographic asset diversification
and conservative financial policy. Negatively, MGP's wholly-owned
assets, except the real estate assets associated with MGM National
Harbor and Empire City, are encumbered by its senior secured credit
facility. MGP has high tenant concentration, potential conflicts of
interest vis-a-vis control by MGM (although there are mechanisms in
place to help mitigate this risk), and lower contingent liquidity
relative to more traditional asset classes such as multi-family
housing and office.

KEY RATING DRIVERS

Strong Cash Flow Stability: MGP generates 100% of its rent revenue
under a master lease with MGM (excluding joint ventures). The
master lease has a long initial term and is 90% fixed with 2%
escalators, providing stability and visibility to MGP's cash flows.
Roughly 40% of the rent is attributed to the assets on the more
cyclical Las Vegas Strip with the balance being attributed to
regional assets that are geographically diversified and help
insulate the company from individual market-level underperformance.
Fitch believes that MGM's asset-level rent coverage of its master
lease, about 1.9x on LTM and pro forma basis, provides adequate
cushion for downturns. Rent coverage is stronger, above 2x, when
incorporating MGM's cash flows from non-leased assets including
distributions from MGM China and CityCenter.

MGP's master lease structure, given its significance to MGM's
operations, should protect its cash flow stream and protect against
adverse lease selection in a bankruptcy scenario of MGM. Although
not anticipated, Fitch views rent concessions as a greater cash
flow risk for triple-net lease REITs with master leases, rather
than tenant rejections in bankruptcy. There are several examples of
triple-net lease U.S. equity REITs selectively granting concessions
to struggling tenants, including reducing rents and releasing
underperforming properties from the master lease pool. These
examples generally have idiosyncratic circumstances, including
regulatory changes and corporate governance concerns that do not
necessarily apply to MGP.

MGM's controlling ownership stake in MGP is a concern as it relates
to potential rent resets in a stress scenario. However, Fitch
believes MGP has adequate corporate governance policies in place to
address potential conflicts of interest. MGP's independent
conflicts committee would be required to approve any rent resets.
MGM's meaningful economic interest in MGP (both from an equity
value and cash flow distributions perspective) gives Fitch added
comfort that negotiating a rent reset would not be the most
advantageous or easiest lever to pull.

Tenant Concentration: MGM is MGP's sole tenant, but this tenant
concentration is partially offset by the diversification of assets
within the lease (roughly 40% Las Vegas and 60% regional on pro
forma basis), the high-quality assets, the mission-critical nature
of the master lease to the tenant and the healthy rent coverage.
Further, MGM (BB-/Negative Outlook) guarantees the master leases.
MGM's assets that are not leased include its 56% interest in Macau
assets, a 50% stake in CityCenter, and full ownership of MGM
Springfield. Fitch views the guarantee positively but does not
factor it heavily into MGP's ratings given that MGM's rating is
below MGP's.

Improved Liquidity Profile: MGP's liquidity and liability
management characteristics relative to investment-grade U.S. equity
REITs has and is expected to improve further. MGP's assets are
encumbered with the company's senior secured credit facility, which
consists of a fully drawn $1.35 billion revolver pro forma for
actions taken by the REIT in 1Q20. The facility represents 34% of
the debt at the OP and Fitch expects MGP to reduce the amount
outstanding on the revolver once the recovery trajectory is
clearer. Fitch also expects MGP to fund the $1.4 billion OP unit
redemption from MGM with senior unsecured notes when and if MGM
exercises the redemption option (has until February 2022).

MGP has been a regular equity issuer. MGP executed a number of
secondary equity offerings since its 2016 IPO with roughly $3.3
billion raised since then including the November 2019 offering. In
April 2019, MGP entered into an "at-the-market-offering" (ATM)
program and has raised $161 million in 2019. MGP upsized its
revolver to $1.35 billion from $600 million in 2018 -- sized larger
than any single unsecured maturity. MGP's maturity schedule remains
concentrated with 40% of its total debt maturing in 2024 not
counting the revolver or the JV CMBS debt.

Below-Average Contingent Liquidity: MGP's contingent liquidity in
the form of mortgage debt or asset sales is not as robust as that
of the more traditional REIT asset classes. Gaming properties are a
specialty property type that appeals to a smaller universe of
institutional real estate investors and lenders than core
commercial property sectors, such as office, industrial, retail and
multifamily properties. There are examples of gaming companies
accessing debt secured by specific assets in a time of stress, as
well as gaming assets in CMBS transactions.

Fitch views the through-the-cycle availability of capital from CMBS
as weaker than secured mortgages from balance sheet lenders (ex.
life insurance companies). Notwithstanding, Fitch's ratings assume
that gaming REITs could access secured debt capital if needed to
refinance unsecured maturities during a period of capital markets
stress. MGP has been reducing its senior secured mix becoming more
similar to its non-gaming REIT peers, where fully unencumbered
capital structures are more common.

Conservative Financial Policy: MGP's net leverage target of
5.0x-5.5x is conservative for its IDR and consistent with other
gaming REITs including GLPI. MGP's ratings have some tolerance for
net leverage to temporarily exceed 5.5x for larger acquisitions.
The company is a proactive equity issuer and is willing to use
retained cash flow to partially fund acquisitions to ensure it
remains within its target range. Fitch expects MGP to be at around
5.5x net leverage or below pro forma for the pending transactions
including fully funding MGM's OP unit redemption with incremental
debt.

Linkage with MGM Resorts: MGP's ring-fencing and separation
provisions result in weak-to-moderate linkage with MGM, which Fitch
considers a weaker parent. The two-notch higher IDR relative to MGM
reflects MGP's stand-alone credit profile as a gaming REIT. MGP is
roughly 55% owned pro forma for the potential exercise of the
redemption option and effectively controlled by MGM through its
class B ownership. However, a measure of separation is warranted by
MGP's restricted payment covenants (capped at 95% of cumulative FFO
per the bond indenture) and a conflicts committee that must approve
all transactions with related parties over $25 million. These
provisions result in a degree of separation between the IDRs of MGM
and MGP.

DERIVATION SUMMARY

MGP's main peers are gaming REITs including GLPI (BBB-) and VICI
Properties LLC (VICI; BB). All three REITs have comparable credit
metrics and share a leverage target range of 5.0x-5.5x. MGP's
assets have historically been encumbered with a senior secured
credit facility but the company has made strides toward improving
contingent liquidity by paying down secured debt and moving toward
a more fully unsecured capital structure. MGP's last couple of
transactions (Empire City, Park MGM) have weakened its master lease
coverage with MGM but the master lease coverage remains solid at
about roughly 1.9x on a pro forma asset-level basis. MGM's majority
stake in MGP is viewed negatively by Fitch but there is enough
separation through MGP's governance and debt documentation that the
potential conflicts of interest are manageable. Nevertheless, MGP's
IDR is unlikely to be more than two notches above MGM's as long as
MGM has voting control over MGP.

GLPI's 'BBB-' IDR reflects GLPI's longer track record as a public
REIT with a fully unsecured capital structure; well laddered
maturity schedule; mostly conservatively constructed leases
featuring solid coverage and master lease structures; and
best-in-class disclosure, made possible by its tenants' coverage
disclosure. VICI's lower IDR relative to MGP is driven by VICI's
generally lower rent coverage at the asset and master-lease levels
as well as lower asset level EBITDAR disclosure by its tenants,
reducing transparency.

Outside gaming REITs, EPR Properties (BBB-), a
leisure/entertainment-oriented REIT, is the gaming REIT's closest
peer. EPR also maintains a 5.0x-5.5x leverage target range. EPR has
similar contingent liquidity issues as gaming REITs but, like GLPI,
has a REIT-like balance sheet with an all-unsecured capital
structure.

KEY ASSUMPTIONS

  -- Annual master lease rent of $843 million in 2021, which
includes the removal of Mandalay Bay from the MGM master lease and
2% base rent escalators on the fixed portion for the rent. The rent
escalators go into effect each April through the forecast horizon.

  -- The MGM OP unit redemption option is fully utilized in in
early 2022 at a cost of $1.4 billion to MGP. (MGM can exercise the
redemption any time through February 2022. Pre-crisis, MGM
communicated an intention of an earlier exercise of its redemption
option but Fitch thinks a near-term redemption is less likely in
the near-term considering the trading levels of MGP's stock).

  -- JV transaction closed in February 2020 and Fitch
proportionally consolidates its EBITDA and debt for the purpose of
calculating leverage. The JV transaction involved MGP selling
Mandalay Bay into a JV that is 50.1% owned by MGP and 49.9% by
Blackstone REIT (BREIT). The JV also purchased MGM Grand Las Vegas
from MGM. The transactions were mainly financed with a $3 billion
CMBS loan and an $800 million equity contribution from BREIT. MGP
used cash proceeds from the Mandalay Bay sale to repay its term
loans. The two JV assets will be leased to MGM under a master lease
with the initial rent set at $292 million.

  -- Debt at wholly-owned entities pro forma for the 1Q20
transactions is $4 billion ($2.2 billion net debt). The cash from
the revolver and retained cash flow help fund $1.4 billion
redemption in 2022.

  -- Parent dividend payout of 80% of wholly-owned AFFO.

  -- Given the uncertainty over potential acquisitions (ex. MGP's
right of first offer on MGM Springfield), none are modelled in the
forecast beyond those currently contemplated.

  -- General and administrative expense of around $15 million.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Diversification of the tenant base;

  -- An improvement in MGP's liquidity through moving toward a more
unsecured capital structure, increasing available liquidity via
revolver or cash on hand, and greater staggering of the maturity
schedule;

  -- A financial policy with a net leverage (net debt/EBITDA)
target of less than 5x may offset the lack of progress with respect
to the above sensitivities;

  -- Any positive rating pressure would be weighed against the
considerations relating to MGM's credit profile and Fitch's view on
the linkage between MGM and MGP. Generally, Fitch does not rate a
subsidiary more than two notches above the parent's IDR.

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

  -- Net leverage (net debt/EBITDA) sustaining above 5.5x. Fitch
has tolerance for net leverage to exceed 5.5x for larger
acquisitions provided MGP deleverages below 5.5x within 12-24
months;

  -- A downgrade of MGM's IDR may place negative rating pressure on
MGP. Generally, Fitch does not rate a subsidiary more than two
notches above the parent's IDR.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Good Liquidity; Improving Maturities: As of March 26, 2020 MGP, had
$1.8 billion of cash on hand including $1.35 billion it drew down
on its revolver. There are no near-term meaningful maturities;
however, 2024 has a $1.05 billion unsecured note maturity. Fitch
would favorably view MGP continuing to transition its balance sheet
to be more in-line with traditional REITs, with more staggered debt
maturities.


MGM RESORTS: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to MGM Resorts
International's proposed $500 million senior unsecured notes due
2025. The company's Ba3 corporate family rating, Ba3-PD probability
of default rating, and Ba3 rated senior unsecured notes are
unchanged. The Ba3 rating on the senior unsecured notes of MGM
China Holdings Limited is unchanged. MGM's speculative-grade
liquidity rating of SGL-2 is unchanged. The outlook remains
negative.

Proceeds from the proposed $500 million senior unsecured notes, net
of fees and expenses, will be used for general corporate purposes
to further enhance the company's liquidity. The additional
liquidity is beneficial to improve flexibility to manage in the
current weak economy including temporary facility closures, but the
incremental debt is a credit negative increase in leverage to help
further cover the company's current cash burn. If the company
raises additional secured debt, the company's senior unsecured
rating could be negatively impacted.

Issuer: MGM Resorts International

Assignment:

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

MGM's Ba3 corporate family rating reflects the meaningful earnings
decline over the next few months expected from efforts to contain
the coronavirus and the potential for a slow recovery once
properties reopen. The rating is supported by MGM's large scale, a
diversified presence on the Las Vegas Strip across multiple
customer segments, a solid position within several regional
markets, and its presence in the large Macau market with favorable
long-term prospects. MGM is constrained by its concentration in Las
Vegas, and exposure to the Macau gaming market that is experiencing
volatility. MGM also faces ramp-up risk associated with recent
resort developments - MGM Cotai (opened in Q1 2018) and MGM
Springfield (opened in August 2018) and the redeveloped Park MGM
(completed in December 2018) and the integration of the recent
Empire City and MGM Northfield Park acquisitions.

MGM's speculative-grade liquidity rating is SGL-2 reflecting the
expected decline in earnings and cash flow and increased risk of a
covenant violation. As of the year ended December 31, 2019, MGM had
cash of $2.3 billion on a consolidated basis. As of March 26, 2020,
the company, excluding MGM China and MGM Growth Properties LLC, has
$3.9 billion of cash and cash investment balances, including
approximately $1.5 billion drawn under its revolving credit
facility. The proposed offering would increase cash by $500
million. Moody's estimates the company could maintain sufficient
internal cash sources after maintenance capital expenditures to
meet required annual amortization and interest requirements
assuming a sizeable decline in annual EBITDA. The expected EBITDA
decline will not be ratable over the next year and because EBITDA
and free cash flow will be negative for an uncertain time period,
liquidity and leverage could deteriorate quickly over the next few
months.

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 gaming 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 MGM's credit profile, including its
exposure to travel disruptions and discretionary consumer spending
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and MGM 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 MGM of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The negative outlook reflects the uncertain duration and recovery
from the coronavirus-related earnings and cash flow pressure, which
will lead to higher debt (from the revolver draw or other debt
offerings) and leverage even when property earnings recover.
Earnings will decline due to the disruption in casino visitation
resulting from efforts to contain the spread of the coronavirus
including recommendations from federal, state and local governments
to avoid gatherings and avoid non-essential travel. These efforts
include mandates to close casinos on a temporary basis. The
negative outlook also reflects the negative effect on consumer
income and wealth stemming from job losses and asset price
declines, which will diminish discretionary resources to spend at
casinos once this crisis subsides. MGM remains vulnerable to travel
disruptions and unfavorable sudden shifts in discretionary consumer
spending and the uncertainty regarding the timing of facility
re-openings and the pace at which consumer spending at the
company's properties will recover.

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

While not anticipated in the near term due to the current weak
operating environment, ratings could be upgraded if: consolidated
debt/EBITDA is sustained below 5.0x, EBITDA/fixed charges
(including interest, rent expense, etc.) remains above 2.0x; the
company maintains sufficient liquidity to support both recourse and
non-recourse subsidiaries; operating results of MGM China
operations, including MGM Cotai, track to estimated levels and
share repurchases are funded with asset sale proceeds or cash on
hand rather than debt. The credit ratios required for an upgrade
also takes into account that reported credit metrics may experience
some variability due to the timing of new resort openings and the
closing of the announced and potential acquisitions.

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates MGM's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the coronavirus or
reductions in discretionary consumer spending. If consolidated
gross debt/ EBITDA is sustained above 6.0x, EBITDA/fixed charges
declines below 1.75x or the company deviates materially from its
financial policy goals, the ratings could be downgraded.

MGM owns and operates casino resorts in Las Vegas, Nevada;
Springfield, Massachusetts; and, through its majority ownership
stake of MGM China Holdings Limited, the MGM Macau resort and
casino and MGM Cotai, which opened in February 2018. MGM also owns
50% of CityCenter in Las Vegas and a majority stake in MGM Growth
Properties LLC (MGP), a real estate investment trust formed in
April 2016. MGM has entered into a long-term triple net master
lease with MGP pursuant to which the company leases and operates 14
properties for MGP. Consolidated net revenue for the year ended
December 31, 2019 was approximately $12.9 billion.

The principal methodology used in this rating was Gaming Industry
published in December 2017.


MICROVISION INC: Gets $1.6M Loan Under Paycheck Protection Program
------------------------------------------------------------------
MicroVision Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that it has received funds in the amount of
$1,570,881 pursuant to a loan under the Paycheck Protection Program
of the 2020 CARES Act administered by the Small Business
Association.  The loan has an interest rate of 0.98% and a term of
24 months.  No payments are due for the first six months, although
interest accrues, and monthly payments are due over the next 18
months to retire the loan plus accrued interest.  Funds from the
loan may only be used for certain purposes, including payroll,
benefits, rent and utilities, and a portion of the loan used to pay
certain costs may be forgivable, all as provided by the terms of
the PPP.  The loan is evidenced by a promissory note, which
contains customary events of default relating to, among other
things, payment defaults and breaches of representations and
warranties.  The Company may prepay the loan at any time prior to
maturity with no prepayment penalties.

                        About MicroVision

MicroVision -- http://www.microvision.com/-- is the creator of
PicoP scanning technology, an ultra-miniature sensing and
projection solution based on the laser beam scanning methodology
pioneered by the company.  MicroVision's platform approach for this
sensing and display solution means that its technology can be
adapted to a wide array of applications and form factors.  The
Company combines its hardware, software, and algorithms to unlock
value for our customers by providing them a differentiated advanced
solution for a rapidly evolving, always-on world.

MicroVision reported a net loss of $26.48 million for the year
ended Dec. 31, 2019, compared to a net loss of $27.25 million for
the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had
$11.84 million in total assets, $15.81 million in total
liabilities, and a total shareholders' deficit of $3.98 million.

Moss Adams LLP, in Seattle, Washington, the Company's auditor since
2012, issued a "going concern" qualification in its report dated
March 11, 2020, citing that the Company has suffered recurring
losses from operations and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.


MIRABUX INC: Case Summary & 3 Unsecured Creditors
-------------------------------------------------
Debtor: Mirabux, Inc.
        500 N. Via Val Verde
        Montebello, CA 90640-2358

Business Description: Mirabux is a privately held company in
                      restaurant industry.

Chapter 11 Petition Date: April 24, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-13906

Judge: Hon. Vincent P. Zurzolo

Debtor's Counsel: Anerio Ventura Altman, Esq.
                  LAKE FOREST BANKRUPTCY
                  P.O. Box 515381
                  Los Angeles, CA 90051
                  Tel: (949) 218-2002
                  E-mail: avaesq@lakeforestbkoffice.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Robert Azinian, vice president.

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

                     https://is.gd/PJNIYh


MISTER CAR: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------
Moody's Investors Service changed the outlook of Mister Car Wash
Holdings, Inc. to negative from stable, and affirmed all ratings,
including the B3 corporate family rating.

"The outlook change to negative reflects the potential stress to
Mister Car Wash's credit metrics, which Moody's notes have been
improving over the past few quarters, of the effects of the
coronavirus," stated Moody's Vice President Charlie O'Shea. "The
overwhelming majority of its 300+ car washes remain closed, with
slight reopening presently occurring, however there is uncertainty
with respect to the potential overall levels of stress to credit
metrics that will ultimately result," continued O'Shea." "Moody's
notes that with over $100 million in cash presently, liquidity is
sufficient to handle the current level of expected cash flow
deficits."

Affirmations:

Issuer: Mister Car Wash Holdings, Inc.

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Mister Car Wash Holdings, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

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

Mister Car Wash's B3 Corporate Family Rating considers its
debt-financed acquisition strategy, which results in periodic
spikes in leverage, and its aggressive sponsor-driven financial
policy. Ratings also consider its solid operating performance
driven by consistent positive same store sales, its history of
successful growth through acquisitions, as well as the significant
portion of revenues generated from its unlimited wash subscription
business. In addition, the rating reflects the company's strong
market position in the largely fragmented car wash sub-segment,
which despite its limited scope is considered by Moody's to be an
asset given its strength in its chosen markets. The rating is also
supported by Moody's expectation that consumer demand for car
washes will gradually return once the near-term disruption of the
widespread location closures abates. Mister Car Wash's rating is
constrained by its weak credit metrics profile, with pro-forma
debt/EBITDA of around 7.2 times and EBIT/interest of around 1.4
times for the nine-month period ended September 2019, after giving
credit for the run-rate EBITDA from recent acquisitions.

The negative outlook reflects Moody's concerns regarding the
effects of the coronavirus on the company's credit metrics.

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

Ratings could be upgraded if debt/EBITDA on a run-rate basis is
sustained below 6.5 times, and EBIT/interest similarly calculated
increasing towards 2.0, and financial strategy with respect to
equity extractions becomes more benign, and liquidity remains at
least at present levels. Ratings could be downgraded if, for any
reason, including financial strategy decisions or weak operating
performance debt/EBITDA on a run-rate basis was sustained above 7.5
times, or EBIT/interest similarly-calculated falls below 1.0 times,
or if liquidity were to weaken.

Mister Car Wash, headquartered in Tucson, Arizona, is the largest
operator of car washes in North America, operating more than 325
car washes and 31 lube locations across 21 U.S. states with revenue
for the LTM period ended September 30, 2019 of just over $600
million.


MOTOROLA SOLUTIONS: Egan-Jones Lowers Unsecured Debt Ratings to BB+
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Motorola Solutions, Inc. to BB+ from BBB-.

Headquartered in Chicago, Illinois, Motorola Solutions, Inc. is a
data communications and telecommunications equipment provider.



MULAX EXPRESS: Interim Cash Collateral Use Through May 7 Approved
-----------------------------------------------------------------
Judge Erik Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida authorized Mulax Express, LLC to use cash
collateral strictly in accordance with the budget through May 7,
2020.

Each of the alleged Secured Creditors including ATX MCA Fund I LLC,
will have replacement liens, of the same quality, extent and
priority as existed prepetition, as adequate protection to the
extent that any such cash collateral is used (and results in a
decrease in the value of such alleged secured creditors' interest
in such property) by the Debtor during the term of the Interim
Order.

A continued hearing on the Debtor's use of cash collateral and any
objections thereto will be conducted by the Court on May 7 at 10:30
a.m.

                      About Mulax Express

Mulax Express LLC, a trucking company in Florida, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-14020) on March 27, 2020.  At the time of the filing, Debtor
disclosed $445,815 in assets and $1,350,305 in liabilities.  Judge
Erik P. Kimball oversees the case.  The Debtor is represented by
Jon L. Martin, Esq.



MURPHY OIL: Egan-Jones Lowers Senior Unsecured Ratings to B
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Murphy Oil Corporation to B from BB. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A2.

Murphy Oil Corporation is a company engaged in hydrocarbon
exploration headquartered in El Dorado, Arkansas.



NABORS INDUSTRIES: Egan-Jones Lowers Sr. Unsecured Ratings to CCC
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Nabors Industries Limited to CCC from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Nabors Industries is an American global oil and gas exploration and
drilling company based and headquartered in Houston, Texas.



NACOGDOCHES COUNTY HOSPITAL: Fitch Affirms CC Issuer Default Rating
-------------------------------------------------------------------
Fitch Ratings has affirmed the following ratings on Nacogdoches
County Hospital District (NCHD), TX:

  -- $42 million sales tax improvement and refunding bonds, series
2013 at 'CC';

  -- Issuer Default Rating at 'CC'.

SECURITY

The bonds are special limited obligations of the district, secured
by a 1% sales and use tax and a debt service reserve fund in an
amount equal to the lesser of 10% of the stated principal amount
outstanding, the maximum annual principal and interest requirements
of the bonds outstanding or 125% of the average annual principal
and interest of the bonds outstanding.

ANALYTICAL CONCLUSION

The affirmation of the IDR at 'CC' reflects Fitch's view that a
default appears probable due to recurring operating losses,
extremely low liquidity, no available taxing margin to offset the
associated operating risks of the hospital and the expected
weakness in sales tax remittance by the Texas Comptroller for
payment on the bonds and support of operations. The series 2013
'CC' sales tax bond rating is capped at the IDR. Fitch's view is
that the sales tax bonds benefit only from an ordinary pledge and
security structure for municipal debt and are at risk of automatic
stay under Chapter 9 of the U.S. bankruptcy code and an
interruption of payment during the proceedings.

On March 31, 2020, the governor of Texas issued an Executive Order
implementing Essential Services and Activities Protocols that
minimized non-essential gatherings and in-person contact with
people who are not in the same household (Executive Order). The
actions were taken to mitigate the spread of the coronavirus.
Recently, the unfavorable oil and gas demand/pricing are expected
to depress local economic conditions and produce sales tax
collections that are well below recent levels. In fiscal 2019, 50%
of the sales tax levied by the district was used for debt service
on the bonds and the remainder was used to support operations.
Fitch views the expected weakness in sales tax to be a major risk
given the bonds are directly secured by the sales tax and provide
additional support to the district's operations. The district
reported a negative $5.5 million loss from operations in fiscal
2019 without the support of the sales tax.

The recent outbreak of the coronavirus and related government
containment measures worldwide has created an uncertain environment
for the entire healthcare system in the near term. NCHD's financial
performance has been very weak recently and is particularly
vulnerable to material changes in revenue and cost profiles as
economic activity suffers and as government restrictions are
maintained or expanded.

Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the sector as a result of the virus
outbreak as it relates to severity and duration, and incorporate
revised expectations for future performance and assessment of key
risks.

KEY RATING DRIVERS

Revenue Defensibility: 'b'

Weak payor mixes and market share without taxing margin.

NCHD has a weak payor mix and market share. The district's primary
service area's economic indicators are unfavorable.

Operating Risk: 'b'

Limited operating cost flexibility and very high lifecycle
investment needs.

Though profitability has improved from fiscal 2018 to fiscal 2019,
NCHD's operating cost flexibility remains weak. Capital
requirements are exceptionally high considering a 21.7-year average
age of plant and the expectation of minimal capital spending for
the foreseeable future.

Financial Profile: 'b'

Very weak financial profile through the cycle.

NCHD's financial profile demonstrates a potential inability to
continue operations in the base and stress scenario.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

There are no asymmetric additional risk considerations.

RATING SENSITIVITIES

The 'CC' rating incorporates Fitch's assumption that margins and
sales tax revenues will decrease in the coming months due to the
disruption from the coronavirus outbreak, which is causing a
temporary loss of non-emergent cases and visits, elevating costs at
NCHD and lowering local economic activity. Maintenance of Fitch's
rating is dependent on availability of adequate information to
allow the agency to assess the direction of NCHD's operations and
financial performance.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Default appears imminent or inevitable.

  -- The inability to pay debt service, continue operations or
filing for bankruptcy.

  -- Economic conditions that decline further than expected from
Fitch's current expectations for economic contraction. Should a
second wave of infections and longer lockdown periods across parts
of the country occur, Fitch would expect to see an even larger GDP
decline in 2020 and a weaker recovery in 2021, and NCHD would
likely default.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Stronger operations that contribute to material improvements
in financial performance.

  -- An unexpected increase in liquidity.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

The district, which was created in 1967, is coterminous with
Nacogdoches County in east Texas. NCHD owns and operates
Nacogdoches Memorial Hospital, a 231-bed acute care hospital
located in Nacogdoches, TX. The hospital is a Level III trauma
center and provides inpatient, outpatient, emergency care, and
ambulatory services to the residents of Nacogdoches County. NCHD
reported total operating revenues of $95.3 million and $7.53
million in sales tax revenues in fiscal 2019.

REVENUE DEFENSIBILITY

NCHD's payor mix is weak with elevated exposure to governmental
payors and charity care, which leaves the hospital vulnerable to
changes in state and federal funding. Combined Medicaid and
self-pay comprised over 30% of fiscal 2017 gross revenues (most
recent data available to Fitch). The district estimates that
approximately 75% of net patient service revenue was derived from
Medicare and Medicaid in fiscal 2018 and 2019. Fitch views NCHD as
having no taxing margin as the district is primarily supported by a
sale and use tax. While the district retains the right to levy a
property tax up to $0.75 per $100 taxable assessed valuation (TAV),
the district has not utilized this tax since 1992 and any use of
this tax would be subject to election if petitioned by the voters.

Due to its exposure to indigent patients and high uncompensated
care costs, NCHD received approximately $12.7 million and $11.5
million in supplemental funding (Medicaid DSH, UC Pool, DSRIP,
UHRIP) in fiscal 2018 and 2019. On Dec. 21, 2017, the United States
Department of Health and Human Services received an approved
extension from the Centers for Medicare and Medicaid Services for
the period of Jan. 1, 2018 through Sept. 30, 2021 for the UC Pool
and DSRIP program. The approved extension requires a phase out of
the DSRIP program over the five-year period, which will reduce
NCHD's supplemental funding over time.

NCHD's sales tax revenues provide security for the 2013 bonds rated
by Fitch. Sales tax revenues have generally been uneven, reflecting
economic and oil/gas cyclicality. Though the district's sales tax
revenues increased 23% from fiscal 2014 to fiscal 2019, the
increase was following a 25% decrease in sales tax revenue from
fiscal 2011 to fiscal 2014.

The district's debt service payments on its outstanding sales tax
bonds are due on Nov. 1 and May 1 of each year. The Texas
Comptroller remits all of the district's monthly sales tax revenues
to the trustee, who deposits required amounts directly into the
bond interest and sinking funds for payment of debt service on the
district's three series of bonds and then distributes remaining
funds to the district. According to data from the Municipal
Advisory Council of Texas, sales tax revenue allocated in fiscal
2020 by the Texas State Comptroller to the district is adequate to
cover the bond interest and sinking funds through April 2020, given
the monthly allocations through April reflect historical monthly
sales that have been collected.

As a result, fiscal 2020 sales tax revenues should be able to cover
the required bond interest and sinking fund deposits for the
upcoming May 1 payment. Fitch believes that sales tax allocations
in early fiscal 2021 will be pressured and will provide limited
benefit to NCHD for operations. Due to the economic impact of the
governor's Executive Order, which took effect in early April 2020,
sales tax allocations could potentially be inadequate to cover the
required bond interest and sinking fund deposits. Weak tax
allocations are a risk, but NCHD's debt service reserve fund
provides some degree of near-term support to bondholders to manage
through the current situation as the amount in the fund (as of June
30, 2019) is adequate to cover outstanding debt service
requirements for one year. Fitch will continue to monitor the
situation and take necessary rating action if negative developments
occur.

NCHD is a standalone hospital district with a market share less
than 50% of its leading competitors. Though the district continues
to play a key role in the community by serving as a safety net
hospital and providing healthcare needs to the residents of
Nacogdoches County, top line volume and revenue continues to fall
as seen in the districts decline in net patient service revenue
from $76.5 million in fiscal 2017 to $69 million in fiscal 2019.
The district has made strides to hire some providers to help grow
volumes, but growing the provider base remains a challenge
especially in the midst of the hospital's current distressed
state.

Fitch views the service area characteristics of Nacogdoches County,
Texas as weak. This assessment considers the county's population
decline of negative 0.1% over the past five years as well as median
household income, unemployment and poverty rates that are
unfavorable to the state and national averages.

OPERATING RISK

NCHD's operating cost flexibility is very weak as reflected in an
operating EBITDA averaging 1.7% over the past five fiscal years.
This average incorporates a sharp improvement in operating EBITDA
from 0.5% to 9.7% from fiscal 2018 to fiscal 2019. The recent
improvements are a result of management's efforts to reduce
redundancies in operations, cut costs through attrition, a
reduction in supply costs, the decreased use of consultants and
other service providers, as well as the freeze of the defined
benefit pension plan. The significant growth in margin in the past
fiscal year is viewed favorably, but Fitch notes that NCHD may be
reaching a plateau in its cost cutting and will need to address
volume, revenue and supplemental funding declines to ensure its
long-term sustainability.

Fitch believes that the effects of the coronavirus will pressure
NCHD's operations due to lower patient volumes and elective
procedures following the governor's March 22 executive order
directing the postponement of all non-essential medical procedures
and an increase in expenses related to the purchase of supplies to
prepare for a potential surge of coronavirus patients. In addition,
Fitch believes that the governor's Executive Order related to
social distancing and a weak oil/gas industry could have a
longer-term negative effect on local businesses and labor
conditions, depressing hospital volumes. NCHD's management is
responding to financial challenges by furloughing some employees,
cutting pay for salaried employees and implementing a hiring freeze
for non-essential positions. NCHD has also filed for funding
relief, which is crucial given the district's minimal amount of
liquidity.

NCHD's capital requirements are very high based on a 21.7-year
average age of plant. Capital spending in fiscal 2012 through 2014
was concentrated on expansion of the women's and children's unit as
well as renovations to the ED. Subsequent capital spending focused
on information technology, routine upgrades and nonhospital (e.g.,
MBO) investments. Due to the district's recent liquidity
challenges, these have been subject to sales-leaseback arrangements
for the most part. The district remains focused on maintaining its
liquidity and is addressing capex on an as needed basis. This will
result in very low capital spending for the foreseeable future and
a continual increase in the average age of plant until the district
returns to a level of profitability that allows for consistent
spending on routine needs.

FINANCIAL PROFILE

Cash/adjusted debt of 11% in fiscal 2019 reflects very low
liquidity in relation to NCHD's debt. The district's fiscal 2019
statements reflect an unrestricted cash and investments position of
$4.1 million, which incorporates $2.8 million in cash and cash
equivalents as well as an unrestricted $1.3 million investment in
real estate that was donated to the Nacogdoches Memorial Hospital
Corporation (a foundation that operates for the exclusive benefit
of the district). NCHD's audit values the investment in real estate
at $1.3 million, but the actual value of the property is expected
to be well below the $1.3 million amount, further weakening Fitch's
view of NCHD's financial profile.

Total debt outstanding of $71.5 million as of FYE 2019 includes
$56.7 million of sales tax bonds (series 2013, 2015 and 2016), bank
debt and capital leases. NCHD's auditor (BKD, LLP), noted in the
fiscal 2019 audit that the district's recurring losses from
operations and a net position deficiency raise substantial doubt
about its ability to continue as a going concern. Fitch's base and
stress scenarios demonstrate the potential risk of bankruptcy as
NCHD's unrestricted cash and investments position become negative
in both the base and rating case due to the challenges posed by the
coronavirus pandemic to volumes and expenses and expected phase out
of DSRIP after Sept. 30, 2021. Though management has taken
aggressive cost cutting steps to move the organization in the right
direction, NCHD's long-term viability remains uncertain given the
very thin liquidity position and challenged operating profile.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

There are no asymmetric risk factors identified with NCHD's rating.
Maintenance of Fitch's rating is dependent on availability of
adequate information to allow the agency to assess the direction of
NCHD's operations and financial performance.

In addition to the sources of information identified in Fitch's
applicable criteria, this action was informed by information from
Lumesis.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Fitch has revised Nacogdoches County Hospital District's ESG
Relevance Score to '5' for Financial Transparency due to the
combination of the district's annual disclosure practices
(requiring only one disclosure six months after the end of each
fiscal year) and the District's difficulty in providing timelier
financial and operating data to Fitch upon request. If NCHD is
unable to provide timely information to Fitch in subsequent
reviews, the rating could ultimately be withdrawn as a result of
the Fitch's inability to assess the hospital's credit worthiness on
a timely basis, which is crucial given the current 'CC' rating.

Fitch has revised Nacogdoches County Hospital District has an ESG
Relevance Score to '4' for Governance Structure due to the
challenges inherent in the management and control structure of the
district, with many support mechanisms requiring voter approval.
However, the district is authorized to levy a tax at a rate not in
excess of $0.75 per $100 valuation of taxable property for the
purpose of paying principal of and interest on any bonds issued by
or indebtedness assumed by the district and maintenance and
operating expenses, and the decision to impose a property tax levy
resides in the hands of the board of directors, who have not levied
an ad valorem tax since the 1992-1993 fiscal year despite the
district's recent operational weakness.

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


NAI CAPITAL: Seeks to Exclusivity Period Extension Through Sept. 28
-------------------------------------------------------------------
NAI Capital, Inc. asked the U.S. Bankruptcy Court for the Central
District of California to extend the exclusivity periods to file a
Chapter 11 plan of reorganization and seek acceptances for the plan
to Sept. 28 and Nov. 30, respectively.

The company's attorney, Ron Bender, Esq., at  Levene Neale Bender,
Yoo & Brill, LLP, said they need more time to analyze claims filed
against the company.  

"In order to formulate a plan, [NAI Capital] will need to
understand the universe of all of its claims and [NAI Capital] will
need an economic environment where it will be able to raise new
capital to fund its reorganization efforts," Mr. Bender said in
court papers.

The company had earlier asked the court to set a general claims bar
date of May 15.  Due to the COVID-19 pandemic crisis, the court
deferred setting a general claims bar date and moved the status
conference to May 28 .

                         About NAI Capital

NAI Capital, Inc. is a commercial real estate and property
management company based in Encino, California. It specializes in
the leasing and sale of office, the sale of investments, land and
residential income, tenant representation, and corporate services.
The Company was founded in 1979.

NAI Capital, Inc., based in Encino, CA, filed a Chapter 11 petition
(Bankr. C.D. Cal. Case No. 20-10256) on Jan. 31, 2020. In the
petition signed by Chris Jackson, executive managing director and
authorized agent, the Debtor was estimated to have up to $1 million
to $10 million in both assets and liabilities.  Judge Deborah J.
Saltzman oversees the case.

Debtor employed Levene Neale Bender, Yoo & Brill LLP as bankruptcy
counsel; McGarrigle Kenney & Zampiello, APC as special litigation
and corporate counsel; and Leitner, Zander & Co., LLP as
accountant.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors on March 12, 2020.  The committee is
represented by David B. Shemano, Esq., at Shemanolaw.


NASSAU FINANCIAL: Fitch Alters Outlook on BB+ IFS Ratings to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' Insurer Financial Strength
ratings of Nassau Financial Group's primary life insurance
subsidiaries and affirmed the related surplus note rating. At the
same time, Fitch has affirmed the Issuer Default Ratings for NFG's
holding companies at 'B+' and the senior debt rating at 'B/RR5'.
The Rating Outlook for NFG and its subsidiaries has been revised to
Negative from Stable due to the disruption to economic activity and
the financial markets from the coronavirus pandemic.

KEY RATING DRIVERS

Fitch's current assessment of the impact of the coronavirus
pandemic, including its economic impact, is based on a set of
ratings assumptions described below. These assumptions were used by
Fitch to develop pro-forma financial metrics for NFG that Fitch
compared to both ratings guidelines defined in its criteria and
relative to previously established Rating Sensitivities for NFG.

The Negative Outlook reflects Fitch's concern regarding the
potential impact of the economic fallout on NFG's balance sheet
fundamentals and financial performance over the next one to two
years. The rating actions follows Fitch's recent action to revise
the rating outlook on the U.S. life insurance industry to
negative.

Fitch's primary concerns over the near term include pressure on
NFG's key capital and asset-based metrics resulting from increased
asset-related stress associated with higher defaults and ratings
migration in the fixed income portfolio as well as asset valuation
pressures on the company's alternative holdings. Based on the
application of Fitch's coronavirus rating case assumptions, NFG's
Prism score could deteriorate below the 'Strong' level before
considering any management actions. Longer-term concerns include
exposure to persistently low interest rates which could have a
meaningful impact on results if current rates are maintained.

Fitch believes NFG has sufficient near-term holding company
liquidity given the company has liquid assets to cover
approximately 5x annual debt service and no upcoming debt
maturities. NFG's senior unsecured debt matures in 2032.

Fitch's ratings for NFG continue to reflect the company's less
favorable business profile, moderate statutory capitalization, and
modest debt service and financial flexibility. The company's
relatively moderate earnings profile and Fitch's moderate view on
asset liability management is also considered.

Fitch ranks NFG's business profile as less favorable relative to
other life insurance peers. This view is supported by the company's
moderate operating scale, moderate product diversification, which
reflects a diversified mix of legacy life, annuity, and accident &
health lines of businesses, and a higher business risk profile
relative to the industry. The higher risk profile is associated
with higher potential earnings volatility from some of the legacy
business lines, including universal life blocks and variable
annuities. NFG's business profile also considers the company's less
favorable competitive and market positions in the competitive fixed
rate annuity markets, which is partially offset by senior
management's familiarity with the marketplace from prior roles.

Fitch considers NFG's financial flexibility and debt service
capabilities as more limited relative to industry peers. In 2019,
NFG's fixed-charge coverage incrementally improved to 4x relative
to the range of 2x - 3x over the prior two years. Fitch's
assessment also considers the company's private ownership
structure, which has more limited access to capital markets
relative to publicly-owned peers.

Fitch's considers NFG's statutory capitalization to be moderate.
This assessment is supported by strong capital metrics that are
partially offset by relatively weaker cash flow testing results,
primarily driven by the legacy universal life block. NFG's
consolidated 2019 RBC is strong, exceeding 500% and the company's
minimum target of 350%. NFG's Prism capital model score was also
'Strong'. However, Fitch expects statutory capitalization to
decline somewhat after its pending acquisition of Foresters Life
Insurance and Annuity Company (FLIAC) closes (expected in 2Q2020)
and also expects NFG's statutory capitalization metrics to be
pressured given investment related stress from current
macroeconomic conditions.

Fitch notes that NFG's completed restructuring of PHL Variable Life
Insurance Company (PHLVIC) in 4Q2019 provides some partial offset
to the near-term statutory capitalization pressures as the PHLVIC
restructure removes near-to-medium term concern that additional
capital would need to be contributed to support NFG's non-core
business in PHLVIC. However, NFG remains exposed to tail risk of
the PHLVIC business.

Fitch considers NFG's investment risk to be modestly above average
relative to peer life insurers. NFG's investment portfolio tends to
be overweight structured finance and alternative assets relative to
peers. While NFG's CLO exposure is primarily rated investment
grade, the vast majority of the exposure is comprised of
subordinated tranches that are rated 'A' or 'BBB', which are more
vulnerable to rating migration in a credit downturn. Favorably,
over the last three years, NFG reduced risk to its corporate bonds
by reducing exposure to lower rated 'BBB' and below investment
grade bonds. Additionally, the completion of NFG's collateralized
fund obligation supported a reduction of exposure to alternatives.

KEY ASSUMPTIONS

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions in support of the
pro-forma ratings analysis discussed above:

  -- Decline in key stock market indices by 35% relative to Jan. 1,
2020.

  -- Both upward and downward pressure on interest rates, with
spreads widening (including high yield by 400 basis points) coupled
with notable declines in government rates.

  -- Increase in two-year cumulative high yield bond default rate
to 16%, applied to current non-investment grade assets, as well as
12% of 'BBB' assets.

  -- Capital markets access is limited for issuers at senior debt
levels of 'BBB' and below.

  -- An infection rate of 5% and a mortality rate (as a percent of
infected) of 1% associated with the coronavirus pandemic.

RATING SENSITIVITIES

The ratings remain sensitive to any material change in Fitch's
Rating Case assumptions with respect the coronavirus pandemic.
Periodic updates to its assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic,
and the pace with which new information is available on the medical
aspects of the outbreak. A discussion of how ratings would be
expected to be impacted under a set of Stress Case assumptions is
included at the end of this section to help frame sensitivities to
a severe downside scenario.

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

  -- A material adverse change in Fitch's Ratings Assumptions with
respect to the impact from the coronavirus.

  -- Material loss from legacy businesses arising from underlying
performance or litigation;

  -- Deterioration in business profile caused by a material change
in the company's risk appetite evidenced by growth in higher risk
product lines;

  -- Deterioration in capitalization evidenced by a Prism score
below 'Strong' or RBC ratio below 350%;

  -- Decline in ROC below 1%.

Factors that could, individually or collectively, lead to positive
rating action/upgrade including a return to Stable Outlook:

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profile of both the U.S. life insurance industry and
NFG.

  -- Actions taken by senior management to improve underlying
performance of or to materially de-risk the underperforming legacy
businesses, along with continued growth in new business sales;

  -- Consistent fixed charge coverage above 2x;

  -- Consistent ROC above 5%.

Stress Case Sensitivity Analysis

  -- Fitch's Stress Case assumes a 60% stock market decline,
two-year cumulative high yield bond default rate of 22%, high yield
bond spreads widening by 600bps and more prolonged declines in
government rates, heightened pressure on capital markets access, an
infection rate of 15% and mortality rate of 0.75% associated with
the coronavirus pandemic.

  -- The implied rating impact under the Stress Case would be a
one-to-two notch downgrade of NFG's ratings.

BEST/WORST CASE RATING SCENARIO

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


NATIONAL QUARRY: Nexsen Pruet Updates on Truliant, MidCountry
-------------------------------------------------------------
In the Chapter 11 cases of National Quarry Services, Inc., the law
firm of Nexsen Pruet, PLLC submitted an amended verified disclosure
under Rule 2019 of the Federal Rules of Bankruptcy Procedure.

Christine L. Myatt is an attorney with the law firm of Nexsen
Pruet, PLLC, 701 Green Valley Road, Suite 100, Greensboro, NC
27408; Telephone: (336) 373-1600; Facsimile: (336) 273-5357.

Nexsen Pruet currently represents the following creditors in this
proceeding:

     a. Truliant Federal Credit Union
        3200 Truliant Way
        Winston-Salem, NC 27103

     b. MidCountry Leasing Company
        7825 Washington Avenue South, Suite 900
        Bloomington, MN 55439

Reserving the right to assert additional claims or to file Proofs
of Claim in any amount as such claims are discovered, the nature of
each of the foregoing entity's currently known claims and/or
interests are as follows:

     a. Truliant Federal Credit Union has a claim arising from a
promissory note and deed of trust executed by Debtor as more
particularly set forth in Truliant Federal Credit Union's claim
filed in this case.

     b. MidCountry Equipment Finance Company has a claim arising
from an executed master lease agreement executed by Debtor in favor
of Vision Financial Group, Inc. and assigned to MidCountry
Equipment Finance Company as more particularly set forth in
MidCountry Equipment Finance Company's claim in this case.

Nexsen Pruet has fully disclosed to each of the foregoing Clients
the possibility that the interests of each as secured creditors,
and/or as creditors holding unsecured priority claims, and/or as
creditors holding general unsecured claims, may potentially
conflict. Each person and entity has consented to this joint
representation, after full disclosure.

Nexsen Pruet claims no interest or amounts with respect to this
case, but, instead, represents the Clients named herein and their
claims and/or interests.
    
Counsel for Truliant Federal Credit Union and MidCountry Leasing
Company can be reached at:

          Christine L. Myatt, Esq.
          NEXSEN PRUET, PLLC
          701 Green Valley Road, Suite 100
          Post Office Box 3463
          Greensboro, NC 27402
          Telephone: (336) 387-5124
          E-mail: cmyatt@nexsenpruet.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/AtGznX

               About National Quarry Services and
                    National Quarry Services

National Quarry Services, Inc. --
https://nationalquarryservice.com/
-- is a full-service rock drilling and blasting company.  

National Quarry Services and its affiliate NQS Equipment Leasing
Company sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Lead Case No. 20-50070) on Jan. 23, 2020.  At the
time of the filing, the Debtors each had estimated assets of
between $1 million and $10 million and liabilities of between $10
million and $50 million.   

Judge Benjamin A. Kahn oversees the cases.  

The Debtors tapped James C. Lanik, Esq., at Waldrep, LLP, as their
legal counsel.

William Miller, the U.S. bankruptcy administrator for the Middle
District of North Carolina, appointed three creditors to serve on
the official committee of unsecured creditors in the Debtor's
Chapter 11 case.


NAVISTAR INT'L: Fitch Rates New $600MM Sr. Sec. Notes 'BB-/RR1'
---------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB-'/'RR1' to Navistar
International Corporation's proposed senior secured notes offered
under Rule 144A. Proceeds estimated at approximately $600 million
will be used for general corporate purposes. The notes are secured
by a first lien stock pledge on Navistar International B.V. that
indirectly owns the company's foreign manufacturing operations.
Collateral also includes second and third liens on assets that also
secure Navistar Inc.'s Term Loan B and NAV's revenue bonds. Terms
include a negative pledge on capital stock of Navistar Financial
Corporation. Fitch has downgraded NAV's senior unsecured notes to
'CCC+'/'RR5' from 'B'/'RR3'. The downgrade reflects the priority of
the new notes that results in lower recoveries for the unsecured
notes estimated by Fitch in a stress scenario. The Rating Outlook
is Negative.

KEY RATING DRIVERS

Fitch recently downgraded NAV's existing ratings to reflect the
negative impact of the coronavirus pandemic on the company's
heavy-duty truck market, exacerbating an industry downturn that was
already under way. As a result of deteriorating demand for heavy-
and medium-duty trucks, Fitch believes NAV's earnings, FCF and
liquidity will be constrained for at least two years and that
leverage will be materially higher until a recovery takes hold.

Negative Rating Outlook: The Negative Rating Outlook incorporates
risks to NAV's financial performance if the economic impact of the
pandemic prevents a recovery in NAV's heavy-duty truck market
beginning in 2021. Fitch's rating case includes negative FCF in
2020 in excess of $300 million, excluding the full impact of
possible restructuring and other cost actions, and improved but
still negative FCF in 2021. The ratings could be downgraded if
actions to reduce costs and proceeds from the new notes are
insufficient to maintain minimum operating cash balances. Fitch
estimates NAV requires approximately $1 billion of cash at fiscal
year-end, although the amount can vary, to fund seasonal working
capital requirements and maintain flexibility for other uses.

The Rating Outlook could be revised to Stable if demand for
heavy-duty trucks recovers solidly in 2021 accompanied by a return
to positive FCF and lower leverage. Fitch expects leverage will be
elevated through 2021 with debt/EBITDA above 6.0x in Fitch's rating
case, which incorporates the additional debt used by NAV to boost
liquidity and offset negative FCF. Debt/EBITDA was 3.4x at the end
of fiscal 2019.

Lower Liquidity: NAV had unrestricted manufacturing cash of
approximately $1.3 billion at Oct. 31, 2019 that was available to
fund cash requirements, which typically are highest in the first
half of the year. Liquidity may become constrained if the downturn
is sustained. Uses of cash include working capital requirements,
pension contributions and higher capex, although $162 million of
pension contributions in 2020 are being deferred until 2021 as
allowed by the CARES Act. Near-term concerns about liquidity are
reduced, but not eliminated, by the absence of large debt
maturities prior to calendar 2024. Low leverage at NFC mitigates
the risk of support being required from NAV.

Traton Alliance: Traton SE submitted a proposal earlier this year
to acquire all of NAV's shares for approximately $2.9 billion but
suggested recently that the proposed transaction, currently being
reviewed by NAV, could be delayed due to the coronavirus pandemic.
Fitch's rating case does not incorporate any changes to NAV's
alliance with Traton and does not assume any additional financial
support for Navistar from Traton. If a transaction occurs, it could
lead to further integration between the two companies and provide
broader opportunities to participate in the global heavy-duty truck
market.

Other Rating Concerns: Rating concerns include NAV's weaker
financial position and scale compared to large global peers and a
low share of proprietary engines in NAV trucks, although Fitch
expects the share to increase over time. NAV continues to address
litigation around legacy engines, emissions compliance, retiree
benefits and other items. Among these cases are two claims by the
U.S. Department of Justice that total up to $555 million and a
False Claims Act case claiming more than $5 billion pertaining to
Navistar Defense, LLC.

Streamlined Operating Profile: A long-term realignment of NAV's
operations, including the Traton alliance, is contributing to a
lower cost structure and gradual recovery of market share. NAV's
EBITDA margin was 8.5% in 2019, as calculated by Fitch, which could
narrow to 5% in 2020 based on a revenue decline of 30% in Fitch's
rating case.

Captive Support: Under its criteria for rating non-financial
corporates, Fitch calculates an appropriate debt/equity ratio of
3.0x at financial services based on asset quality as well as
funding and liquidity. Actual debt/equity at financial services as
measured by Fitch, excluding intangible assets, was 2.8x as of Jan.
31, 2020. As a result, Fitch calculates a pro forma equity
injection is not required. Fitch assumes NAV would fund any
required equity injection through the use of available cash or
debt.

Navistar Financial Corporation

Fitch believes NFC is core to NAV's overall franchise; thus, the
Issuer Default Rating of the finance subsidiary is equalized with,
and directly linked to, that of its ultimate parent. The view that
the subsidiary is core is supported by shared branding and the
close operating relationship with and importance to NAV, as
substantially all of NFC's business is connected to the financing
of dealer inventory and trucks sold by NAV's dealers. The
relationship is formally governed by the Master Intercompany
Agreement, as well as a provision referenced within NFC's credit
agreement requiring NAV to own 100% of NFC's equity at all times.

Beyond these support-driven considerations, Fitch also considers
NFC's consistent operating performance and solid asset quality,
which are counterbalanced by elevated leverage levels relative to
stand-alone finance companies, although leverage is consistent with
that of other captive finance companies.

Asset quality metrics at NFC were strong heading into 2020, with
negligible net chargeoffs in fiscal 2019. NFC has been focusing on
growing the wholesale portfolio, which has historically experienced
lower loss rates compared to the retail portfolio. At Jan. 31, 2020
(1Q20), delinquencies greater than 90 days past due as a percentage
of total finance receivables were 0.03%, similar to the level
experienced in the prior year. Fitch expects modest asset quality
deterioration at NFC as a result of the coronavirus pandemic.

NFC's profitability metrics deteriorated in 1Q20, with revenue
declining 34% compared to 1Q19, primarily as a result of lower
average portfolio balances as well as a reduction in the interest
and fee revenue rates charged to NAV. Annualized pretax returns on
average assets decreased to 1.9% in 1Q20 from 4.7% in 1Q19. Fitch
expects NFC's operating metrics to remain weak near term given
slower loan and lease growth and the potential for further
increases in provision expense caused by the current economic
disruption.

NFC's leverage (debt to tangible equity) decreased to 3.8x at 1Q20
from 4.4x at 1Q19 as a result of lower funding requirements for
reduced finance receivables, partially offset by a reduction in
equity given dividend payments to NAV. If NFC's loan to its parent
were classified as a dividend, thus reducing NFC equity, leverage
would have been 8.2x at 1Q20. Fitch believes that the company's
leverage, including the intercompany loan, is in line with that of
other captive finance peers in Fitch's rated universe. Fitch
expects adjusted leverage to remain at or near current levels as
NAV continues to use NFC's balance sheet to enhance liquidity at
the parent company.

NFC's funding profile is fully secured, which compares unfavorably
to other captive finance companies. Secured debt consists of
warehouse facilities, asset-backed securitization issuances and
bank credit facilities. Fitch believes NFC's secured funding
profile, and lack of an unencumbered asset pool, reduces its
funding flexibility relative to higher rated firms, particularly in
times of market stress.

The rating assigned to the senior secured bank credit facility is
one notch above the long-term IDR and reflects Fitch's view that
recovery prospects on the facility under a stress scenario are
good. The credit facility's collateral coverage covenant of 1.25x
mitigates Fitch's concerns that NFC could securitize all of its
remaining unencumbered assets, leaving other senior secured lenders
in a subordinate collateral position to the company's
securitizations.

DERIVATION SUMMARY

NAV has a weaker financial profile, including lower margins, FCF
and liquidity, than other global heavy-duty truck original
equipment manufacturers. These factors are important with respect
to investing in the business and managing the business through
industry cycles. Several OEMs are larger than NAV or are affiliates
of global vehicle manufacturing companies, giving them greater
access to financial and operational resources and markets. Peers
include Daimler Trucks North America LLC (DTNA), a subsidiary of
Daimler AG (BBB+/Stable); AB Volvo (BBB+/Positive); PACCAR Inc.
(NPR); and MAN SE and Scania AB, which are part of Volkswagen AG's
(BBB+/Stable) Traton Group. NAV's alliance with Traton mitigates
concerns about NAV's smaller scale and weaker financial position
compared with its global peers. Eighty-nine percent of NAV's
consolidated revenue was located in the U.S. and Canada in 2019,
which makes it more sensitive to industry cycles compared to
competing OEMs that have greater geographic diversification.

KEY ASSUMPTIONS

  -- Significant downturn in NAV's heavy-duty truck markets
contributes to Fitch's estimated revenue decline at NAV of 30% in
2020.

  -- EBITDA margins decline to approximately 5% in 2020 before
beginning to recover in 2021.

  -- Debt/EBITDA is above 6.0x through 2021. Leverage improves
after 2020 but remains elevated, compared with debt/EBITDA of 3.4x
in 2019.

  -- NAV's market share increases further but remains below
historical levels in the near term.

  -- FCF is negative in excess of $300 million in 2020, excluding
the full impact of restructuring and other cost actions, followed
by improved but still negative FCF in 2021.

  -- Fitch's base case for NAV assumes the current alliance with
Traton is unchanged and that cost efficiencies and product
development are executed as planned.

Recovery Analysis:

  -- The recovery analysis for NAV reflects Fitch's expectation
that the enterprise value of the company would be maximized as a
going concern rather than through liquidation. Fitch has assumed a
10% administrative claim.

  -- The going concern EBITDA represents Fitch's estimated
post-emergence stabilized EBITDA following an industry downturn.

  -- An EBITDA multiple of 5.0x is used to calculate a
post-reorganization valuation below the 6.7x median for the
industrial and manufacturing sector. The multiple incorporates
cyclicality in the heavy-duty truck market, the highly competitive
nature of the heavy-duty truck market and NAV's smaller size
compared to large global OEMs.

  -- Fitch assumes a fully used ABL facility, excluding a liquidity
block, primarily for standby letters of credit that could be
utilized during a distress scenario.

  -- The secured term loan is rated 'BB-'/'RR1', three levels above
NAV's IDR, as Fitch expects the loan would see a full recovery in a
distressed scenario based on a strong collateral position. The new
senior secured notes, which are rated 'BB-'/'RR1', will have a
first lien stock pledge on NIBV and junior lien positions behind
the term loan and on certain assets behind the recovery zone bonds
and would be expected to see a full recovery. The recovery zone
bonds have junior lien positions behind the term loan but are rated
'BB-' as they would also be expected to see a full recovery. The
'RR5' for senior unsecured debt reflects below-average recovery
prospects in a distress scenario.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- FCF is positive in 2021.

  -- Debt/EBITDA is below 5.5x.

  -- EBITDA margins as calculated by Fitch are sustained above 7%.

  -- NAV's retail market share continues to improve.

  -- Litigation with the Department of Justice and other contingent
liabilities are resolved with little financial impact on NAV.

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

  -- FCF is negative in 2021.

  -- Manufacturing EBITDA margins are below 5% in 2021.

  -- There is a material adverse outcome from litigation.

  -- The alliance with Traton is terminated.

  -- Material support is required for financial services.

Navistar Financial Corporation

Factors that could, individually or collectively, lead to positive
rating action/upgrade would be linked to Fitch's view of NAV's
credit profile, as NFC's ratings and Rating Outlook are linked to
those of its parent. Fitch cannot envision a scenario where the
captive would be rated higher than its parent.

Factors that could, individually or collectively, lead to negative
rating action/downgrade include a change in the perceived
relationship between NAV and NFC. This includes if Fitch believed
that NFC had become less central to NAV's strategic operations
and/or adequate financial support was not provided to the captive
finance company in a time of need. In addition, consistent
operating losses, a material and sustained change in balance sheet
leverage, and/or deterioration in the company's liquidity profile,
any of which alters NFC's perceived risk profile and/or requires
the injection of regular financial support from NAV, could also
drive negative rating actions.

The ratings on the senior secured bank credit facility are
sensitive to changes in NFC's IDR, as well as the level of
unencumbered balance sheet assets available relative to outstanding
debt.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Sources - NAV's liquidity at the manufacturing business
as of Jan. 31, 2020 included cash and marketable securities
totaling $967 million, excluding restricted cash and cash at Blue
Diamond Parts. Liquidity includes availability under a $125 million
ABL facility. Borrowing capacity under the ABL is reduced by a $13
million liquidity block and letters of credit issued under the
facility. Liquidity was offset by current maturities of
manufacturing long-term debt of $31 million. There are no large
debt maturities before November 2024. NAV had intercompany loans
totaling $301 million from financial services, which are included
by Fitch in manufacturing debt. The net pension obligation was $1.3
billion (60% funded) at Oct. 31, 2019.

Navistar Financial Corporation

Fitch believes NFC's liquidity profile is constrained given the
company's limited ability to securitize originated assets in the
current market environment. Fitch notes that liquidity may become
further constrained if NFC is unable to refinance maturing debt on
economic terms.

At 1Q20, NFC had sufficient availability under its wholesale note
funding facility (subject to collateral requirements) as well as
its senior secured bank revolving facility. The maturity date for
the revolver is May 2024.

As of Jan. 31, 2020, debt at NAV's manufacturing business totaled
approximately $3.3 billion, as calculated by Fitch, including
intercompany debt, unamortized discount and debt issuance costs.
Debt was $1.8 billion at the financial services segment, the
majority of which is at NFC. Consolidated debt totaled $4.7
billion.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


NETFLIX INC: Moody's Alters Outlook on Ba3 CFR to Positive
----------------------------------------------------------
Moody's Investors Service affirmed Netflix, Inc.'s Ba3 corporate
family rating, Ba2-PD probability of default rating and existing
Ba3 senior unsecured debt ratings. Moody's also assigned a Ba3
senior unsecured rating to Netflix's proposed new debt issuance of
benchmark size and tenor. The outlook has been changed to positive
from stable due to continued improving operating performance and
credit metrics and its further expectations for improvement over
the next 12-18 months.

Assignments:

Issuer: Netflix, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

Affirmations:

Issuer: Netflix, Inc.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba3

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

Outlook Actions:

Issuer: Netflix, Inc.

Outlook, Changed To Positive From Stable

RATINGS RATIONALE

The change in outlook reflects the company's continuing strong
subscriber growth and operating margin performance in most regions
around the world, as well as an adjustment in its expectations for
breakeven cash flow moving to late 2022/early 2023 from late 2023.
Its debt issuance bolsters already excellent liquidity, as pro
forma cash balance will be about $6.2 billion. Pro forma for the
debt issuance, leverage was approximately 5.0x for the last twelve
months ended 3/31/2020, and Moody's expects leverage to improve to
comfortably below 4.50x (including Moody's adjustments) by FYE
2020. The COVID-19 lock downs around the world have led to greater
than pre-crisis expected subscriber additions and very strong
viewer engagement. Moody's also believes that credit metrics and
negative cash flows are likely to be better than expected in 2020
due to lower than expected working capital spending on content
production as the lock down has halted almost all global studio
production except animation and post production work on previously
shot scripted and unscripted programming. Though Moody's expects
working capital spending and negative cash flow to climb again as
production ramps back up, with a higher than expected subscriber
base, margins and other credit metrics for 2021 will be ahead of
its original expectations. The company should achieve low to mid
20% margins and breakeven cash flows by late 2022 to early 2023
rather than its past forecast of achieving breakeven at the end of
fiscal year 2023.

Netflix's Ba3 CFR is supported by the company's scale and
leadership in the content streaming service industry. Growth
remains high in terms of subscriber count, and operating margins
are expanding as marketing and development costs are scaling well
over a larger base and achieving the industry's lowest cost per
viewing hour. Offsetting these positives are the company's high
financial leverage, large (though declining) cash flow deficits and
risk of rising competition from well-funded companies such as The
Walt Disney Company (A2, stable), AT&T Inc. (Baa2, stable), Comcast
Corporation (A3, stable) and Apple Inc. (Aa1, stable). Moody's
believes Netflix has a path towards breakeven free cash flow by FY
2022, as increases in content spend taper off and the subscriber
base grows to around 250 million globally.

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

With regards to its ESG framework, social factors are considered a
moderate risk for the media sector. The key risk in the sector lies
in evolving demographic and societal trends and potential changes
in consumer preferences in particular in the way people choose to
consume media. However, the recent spread of the coronavirus and
subsequent quarantine and lock down at home of much of the world's
population, is creating opportunity for Netflix to grow its
subscriber base more quickly over the temporary period. However,
like others in the media sector, Netflix's exposure to content
creation and production, which are now largely temporarily shut
down worldwide to limit the exposure and spread of the virus, have
left it vulnerable to running out of content to release until
production resumes. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

From a governance perspective, Moody's believes the company is
committed to improving its credit profile, investing to strengthen
its competitive position, and sustaining strong liquidity.

Moody's would consider upgrading Netflix's ratings if the company
can sustain debt-to-EBITDA leverage below 4.0x (including Moody's
adjustments), positive free cash is highly likely within a two year
forward period, margins and subscriber counts continue to expand
and liquidity remains very good.

Given the positive outlook, a downgrade of Netflix's ratings is
unlikely. However, Moody's could downgrade Netflix's ratings if
operating performance deteriorates such that leverage is no longer
on track to be sustained below 5.0x, margins fail to improve over
the next 12-18 months or access to the capital markets becomes
severely limited to the point liquidity becomes a concern.

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

Netflix Inc., with its headquarters in Los Gatos, California, is
the world's leading subscription video on demand streaming
television platform, with total streaming subscribers exceeding 180
million as of March 31, 2020.


NEW YORK HELICOPTER: Exclusive Filing Period Extended to July 14
----------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York extended to July 14 the exclusive period for
New York Helicopter Charter, Inc. to file its Chapter 11 plan.

              About New York Helicopter Charter

New York Helicopter Charter Inc., a provider of helicopter tours
and charters, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. N.Y. Case No. 19-13238) on Oct. 11, 2019. At the
time of the filing, the Debtor disclosed assets of between $1
million and $10 million and liabilities of the same range.

The case is assigned to Judge Sean H. Lane.

The Debtor tapped White & Wolnerman, PLLC as its legal counsel;
Bauman Law Group P.C. as litigation counsel; Pulvers Pulvers &
Thompson, LLP, as special counsel; and Nussbaum Yates Berg Klein &
Wolpow, LLP, as its accountant.



NEWS-GAZETTE INC: Given Until June 25 to Exclusively File Exit Plan
-------------------------------------------------------------------
Judge Selber Silverstein of the U.S. Bankruptcy Court for the
District of Delaware extended to June 25 the period during which
only The News-Gazette, Inc. and its affiliates can file a Chapter
11 plan.

The companies can solicit acceptances for the plan until Aug. 24.

                       About The News-Gazette

The News-Gazette is a daily newspaper serving 11 counties in the
eastern portion of Central Illinois and specifically the
Champaign-Urbana metropolitan area.

The News-Gazette Inc. and its debtor affiliates sought protection
under Chapter 11 of the US Bankruptcy Code (Bankr. D. Del. Case No.
19-11901) on Aug. 30, 2019.  At the time of the filing, Debtor had
estimated assets of between $1 million and $10 million and
liabilities of between $10 million and $50 million.  

Judge Karen B. Owens oversees the case.  William E. Chipman, Jr. at
Chipman Brown Cicero & Cole, LLP, is the Debtors' legal counsel.


NORTHWEST ACQUISITIONS: Moody's Lowers PDR to D-PD, Outlook Neg.
----------------------------------------------------------------
Moody's Investors Service has downgraded Northwest Acquisitions
ULC's probability of default rating to D-PD from Caa1-PD, its
corporate family rating to Ca from Caa1, its first lien secured
rating to Caa1 from B2, and its second lien secured rating to Ca
from Caa1. The ratings outlook remains negative. The rating action
follows Northwest filing for insolvency protection under the
Companies' Creditors Arrangement Act.

Downgrades:

Issuer: Northwest Acquisitions ULC

Corporate Family Rating, Downgraded to Ca from Caa1

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

Senior Secured First Lien Revolving Credit Facility, Downgraded to
Caa1 (LGD1) from B2 (LGD2)

Senior Secured Second Lien Notes, Downgraded to Ca (LGD4) from Caa1
(LGD4)

Outlook Actions:

Issuer: Northwest Acquisitions ULC

Outlook, Remains Negative

RATINGS RATIONALE

Northwest's Ca CFR is based on its filing for CCAA protection.
Subsequent to the rating action, Moody's will withdraw all the
ratings of Northwest.

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

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

Northwest Acquisitions ULC, was purchased from public shareholders
in October 2017, and is ultimately owned by the Roy Dennis
Washington Trust. It owns an 89% interest in and operates the Ekati
diamond mine and holds a 40% ownership interest in the Diavik
diamond mine, operated by Rio Tinto plc., both located in the
Northwest Territories of Canada. Revenues in 2019 were $530
million.


NORTHWEST CAPITAL: Allowed to Use Cash Collateral on Interim Basis
------------------------------------------------------------------
Judge Jack Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized Northwest Capital Holdings
LLC to use cash collateral on an interim basis, subject to the
terms and conditions set forth in the Agreed Fourth Order.

Midland States Bank is granted a post-petition security interest in
and lien upon the same type or form of collateral that secured
Midland's prepetition claim, which will have the same type of
priority, validity and enforceability that existed as of the
Petition Date, without the necessity of creating, filing,
recording, or serving any financing statements or other documents
that might otherwise be required under federal or state law in any
jurisdiction or the taking of any other action to validate or
perfect.  

The Debtor is ordered to deposit all rents in its DIP account at
Midland States Bank until further order of the Court.

                      About Northwest Capital

Northwest Capital Holdings LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).  Northwest Capital
filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 20-05334) on
Feb. 27, 2020.  At the time of filing, the Debtor was estimated to
have $10 million to $50 million in assets and $1 million to $10
million in liabilities.  The case is assigned to Hon. Jack B.
Schmetterer.  The Debtor's counsel is The Law Office of William J.
Factor, Ltd.



NOVAN INC: Has Until Nov. 2 to Regain Compliance Bid Price Rule
---------------------------------------------------------------
Novan, Inc. received on April 17, 2020, a letter from the Listing
Qualifications Department of The Nasdaq Stock Market indicating
that, due to extraordinary market conditions, Nasdaq has tolled the
compliance period for the Minimum Bid Price Requirement through
June 30, 2020 and that on April 16, 2020, Nasdaq filed an
immediately effective rule change with the SEC to implement the
tolling period.  The New Notice indicates that upon expiration of
the tolling period and beginning on July 1, 2020, the Company will
receive the balance of days remaining under its currently pending
compliance period in effect at the Rule Change Date.

Accordingly, upon expiration of the tolling period and beginning on
July 1, 2020, the Company will then have 123 calendar days from
July 1, 2020, or until Nov. 2, 2020, to regain compliance with the
Minimum Bid Price Requirement.  To regain compliance, the closing
bid price of the common stock must meet or exceed $1.00 per share
for a minimum of 10 consecutive business days prior to Nov. 2,
2020.

On Feb. 24, 2020, Novan received written notice from Nasdaq
indicating that the Company was not in compliance with Nasdaq
Listing Rule 5450(a)(1) because the closing bid price for the
Company's common stock had closed below $1.00 per share for the
previous 30 consecutive business days.

If the Company is unable to regain compliance by Nov. 2, 2020, the
Company may be eligible for an additional 180 calendar day
compliance period to demonstrate compliance with the Minimum Bid
Price Requirement.  To qualify, the Company will be required to
meet the continued listing requirement for market value of publicly
held shares and all other initial listing standards for The Nasdaq
Global Market, with the exception of the Minimum Bid Price
Requirement, and will need to provide written notice to Nasdaq of
its intention to cure the deficiency during the second compliance
period.  If the Company does not qualify for the second compliance
period or fail to regain compliance during the second 180 calendar
day period, Nasdaq will notify the Company of its determination to
delist the Common Stock, at which point the Company would have an
opportunity to appeal the delisting determination to a Nasdaq
Listing Qualifications Panel.

As previously disclosed in Item 9B of its Annual Report on Form
10-K filed on Feb. 24, 2020, the Company received notice from the
staff of Nasdaq notifying the Company that, for the previous 30
consecutive business days, the market value of its listed
securities had been below the minimum $50.0 million requirement for
continued inclusion on the Nasdaq Global Market pursuant to Nasdaq
Listing Rule 5450(b)(2)(A).  Nasdaq has not tolled the compliance
period for the MVLS Requirement, and accordingly, the Company has
until Aug. 16, 2020, to regain compliance with the MVLS
Requirement.  If, at any time before Aug. 16, 2020, the market
value of the Company's listed securities closes at $50.0 million or
more for a minimum of 10 consecutive business days, Nasdaq will
provide written notification to the Company that it complies with
the MVLS Requirement.

If the Company does not regain compliance with the MVLS Requirement
by Aug. 16, 2020, Nasdaq will provide written notification to the
Company that its common stock is subject to delisting.  At that
time, the Company may either apply for listing on the Nasdaq
Capital Market, provided that it meets the continued listing
requirements of that market, or appeal the decision to the Panel.
In the event of an appeal, the Company's common stock would remain
listed on the Nasdaq Global Market pending a decision by the Panel
following the hearing.  However, there can be no assurance Nasdaq
would grant the Company's request for continued listing.

                       About Novan Inc.

Based in Morrisville, North Carolina, Novan Inc. --
http://www.novan.com-- is a clinical development-stage
biotechnology company focused on leveraging nitric oxide's
naturally occurring anti-viral, anti-bacterial, anti-fungal and
immunomodulatory mechanisms of action to treat a range of diseases
with significant unmet needs.  Nitric oxide plays a vital role in
the natural immune system response against microbial pathogens and
is a critical regulator of inflammation.

Novan reported a net loss and comprehensive loss of $30.64 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $12.67 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $29.09 million in total
assets, $52.88 million in total liabilities, and a total
stockholders' deficit of $23.79 million.

BDO USA, LLP, in Raleigh, North Carolina, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Feb. 24, 2020, citing that the Company has suffered recurring
losses from operations and has not generated significant revenue or
positive cash flows from operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


NOVAN INC: Secures $955,800 Loan Under Paycheck Protection Program
------------------------------------------------------------------
Novan, Inc., entered into a promissory note evidencing an unsecured
loan in the amount of $955,800 made to the Company under the
Paycheck Protection Program.  The Paycheck Protection Program was
established under the Coronavirus Aid, Relief, and Economic
Security Act (the "CARES Act") and is administered by the U.S.
Small Business Administration (the "SBA").  The Loan to the Company
is being made through PNC Bank, National Association.

Subject to the terms of the Note, the Loan bears interest at a
fixed rate of one percent per annum, with the first six months of
interest deferred.  The Note contains customary events of default
relating to, among other things, payment defaults, any materially
false, erroneous or misleading representations or warranties in any
loan document, or the Company ceasing to do business as a going
concern.  The occurrence of an event of default may result in the
repayment of all amounts outstanding, collection of all amounts
owing from the Company, or filing suit and obtaining judgment
against the Company.

Under the terms of the CARES Act, PPP loan recipients can apply for
and be granted forgiveness for all or a portion of loans granted
under the PPP, with such forgiveness to be determined, subject to
limitations, based on the use of loan proceeds for payment of
payroll costs and any payments of mortgage interest, rent and
utilities.  Interest payable on the Note may be forgiven only if
the SBA agrees to pay such interest on the forgiven principal
amount of the Note.  No assurance is provided that the Company will
obtain forgiveness of the Loan in whole or in part. The Company
will be obligated to repay any portion of the principal amount of
the Note that is not forgiven, together with interest accrued and
accruing thereon at the rate set forth above, until such unforgiven
portion is paid in full.

Beginning after the Deferral Period, and continuing monthly until
24 months from the date of the Note, the Company is obligated to
make monthly payments of principal and interest to the Lender with
respect to any unforgiven portion of the Note, in such equal
amounts required to fully amortize the principal amount outstanding
on the Note as of the last day of the Deferral Period by the
Maturity Date.  The Company is permitted to prepay the Note at any
time without payment of any premium.

                        About Novan Inc.

Based in Morrisville, North Carolina, Novan Inc. --
http://www.novan.com/-- is a clinical development-stage
biotechnology company focused on leveraging nitric oxide's
naturally occurring anti-viral, anti-bacterial, anti-fungal and
immunomodulatory mechanisms of action to treat a range of diseases
with significant unmet needs.  Nitric oxide plays a vital role in
the natural immune system response against microbial pathogens and
is a critical regulator of inflammation.

Novan reported a net loss and comprehensive loss of $30.64 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $12.67 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $29.09 million in total
assets, $52.9 million in total liabilities, and a total
stockholders' deficit of $23.79 million.

BDO USA, LLP, in Raleigh, North Carolina, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated Feb. 24, 2020, citing that the Company has suffered recurring
losses from operations and has not generated significant revenue or
positive cash flows from operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


OLIN CORP: Egan-Jones Lowers Senior Unsecured Ratings to B+
-----------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Olin Corporation to B+ from BB-.

Based in Clayton, Missouri, The Olin Corporation is an American
manufacturer of ammunition, chlorine, and sodium hydroxide.



ORYX MIDSTREAM: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service affirmed Oryx Midstream Holdings LLC's
Corporate Family Rating at B2, Probability of Default Rating at
B2-PD and senior secured term loan rating at B2. The outlook was
changed to negative from stable.

"The change in outlook to negative for Oryx reflects its
expectation for leverage to remain higher for longer because of the
negative effect on volumes from weak commodity prices and lower
upstream capital spending," said Jonathan Teitel, a Moody's
analyst.

Affirmations:

Issuer: Oryx Midstream Holdings LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Term Loan, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: Oryx Midstream Holdings LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Oryx's B2 CFR reflects high leverage and constraints to the pace of
deleveraging because of volume risks in the weak commodity price
environment amid reduced upstream capital spending. Oryx operates a
large crude oil gathering and transportation system in the Permian
Basin with numerous contracted producer customers and a sizable
quantity of dedicated acreage. Contracts are long-term and fixed
fee leaving Oryx limited direct commodity price risk. However,
there are volume risks and limited minimum volume commitments.
Governance considerations include the company's private equity
ownership and the effects on financial policies and strategies,
including high leverage but also a track record of equity
contributions by its financial sponsors.

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 exploration
and production sector has been one of the sectors most affected by
the shock given its sensitivity to demand and oil prices, and this
in turn has affected some midstream companies who move E&P
production volumes. More specifically, the weaknesses in Oryx's
credit profile and liquidity have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
Oryx remains vulnerable to the outbreak continuing to spread and
oil prices remaining weak. Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety. Its action reflects the
impact on Oryx of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

Moody's expects Oryx to maintain adequate liquidity into 2021. As
of September 30, 2019, the company had about $10 million of cash
and $35 million drawn on its $150 million revolver expiring in
2024. Availability under the revolver is limited by letters of
credit, the majority of which are for the term loan's debt service
reserve account. Beginning with the second quarter of 2020, the
revolver and term loan have covenants requiring minimum debt
service coverage ratios of 1.1x. Moody's expects the company to
maintain compliance with these covenants into 2021.

The approximately $1.5 billion term loan maturing 2026 is rated B2.
The $150 million revolver maturing 2024 (unrated) has a first-out
preference over the term loan. However, because of the small size
of the revolver, the term loan comprises the preponderance of the
debt, resulting in the term loan being rated the same as the CFR.

The negative outlook reflects risk that volumes may not support
sufficient deleveraging as a result of the weak commodity price
environment and reduced upstream capital spending.

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

Factors that could lead to a downgrade include debt/EBITDA not
declining to 6x or lower as expected by Moody's, weakening
liquidity or debt repurchases below par.

Factors that could lead to an upgrade include significant increase
in volumes and EBITDA, debt/EBITDA below 5x and maintenance of
adequate liquidity.

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Oryx, headquartered in Midland, Texas, is a privately-owned crude
oil gathering and transportation business in the Permian Basin. The
company is owned by affiliates of Stonepeak Partners LP and an
affiliate of the Qatar Investment Authority, as well as Oryx
management.


PARAMOUNT RESOURCES: S&P Withdraws 'CCC+' Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' issuer credit rating on
Paramount Resources Inc. at the company's request. At the time of
withdrawal, the outlook on the rating was stable.



PARKLAND FUEL: DBRS Changes Trend on BB Issuer Rating to Stable
---------------------------------------------------------------
DBRS Limited changed the trends on Parkland Fuel Corporation's
Issuer Rating and Senior Unsecured Notes rating to Stable from
Positive and confirmed the ratings at BB. DBRS Morningstar also
confirmed the Recovery Rating on the Company's Senior Unsecured
Notes at RR4. These rating actions reflect DBRS Morningstar's view
that the Coronavirus Disease (COVID-19) outbreak and any
macroeconomic aftereffects will have a negative impact on
Parkland's earnings profile, although the duration and extent
thereof remain uncertain.

On September 19, 2019, DBRS Morningstar changed Parkland's trend to
Positive from Stable, recognizing the Company's growth, solid
operating performance, and improved credit metrics over the last
few years. At that point, DBRS Morningstar stated that if
Parkland's performance tracks in line with expectations while
maintaining credit metrics (i.e., lease-adjusted debt-to-EBITDAR
below 3.75x and lease-adjusted EBITDA coverage above 4.5x), an
upgrade to BB (high) would have resulted in the following two
quarters (see DBRS Morningstar's press release titled "DBRS Changes
Trend on Parkland Fuel Corporation to Positive, Confirms Ratings at
BB," dated September 19, 2019).

DBRS Morningstar expects Parkland's revenues to be negatively
affected by the coronavirus outbreak and the macroeconomic
aftereffects. The retail segment will be negatively affected by
coronavirus containment and mitigation measures as more people
continue to work from home and abandon travel plans, leading to a
significant decrease in fuel demand in Q2. DBRS Morningstar expects
the slowdown to continue through F2020 on the backdrop of weaker
broad economic activity. The commercial segment, while a smaller
part of the overall business, will also experience declining demand
resulting from lower activity in the commercial sector,
particularly the oil and gas industry. Parkland's International
segment (SOL) will face headwinds given its significant exposure to
the tourism industry. As such, at this point DBRS Morningstar
forecasts EBITDA to decline to at least $900 million (including
IFRS 16) in F2020. DBRS Morningstar had previously projected F2020
EBITDA (excluding IFRS 16) of approximately $1.0 billion.

The degree to which operating income declines would, in turn,
weaken Parkland's financial profile based on a corresponding
contraction in cash flows and deterioration of key credit metrics
to levels no longer supportive of the BB (high) rating category.
DBRS Morningstar acknowledges that the Company has implemented
capital preserving measures in response to the current environment.
Parkland recently revised its F2020 capital expenditure program to
$275 million, down from its initial forecast of $575 million, and
the outlay will be directed towards low carbon-fuel refining and
infrastructure investments to enhance supply capability. Parkland
has also reduced its cost structure on operating costs as well as
marketing, general, and administrative expenses. DBRS Morningstar
expects Parkland to avoid major acquisitions in this current
climate but believes the Company will become active in mergers and
acquisitions by year-end if coronavirus containment and mitigation
measures prove effective and macroeconomic visibility improves.
That said, DBRS Morningstar expects Parkland to maintain its
per-share dividend. As such, DBRS Morningstar expects the Company's
key credit metrics to remain sufficient for the BB rating category
over the near term. Over the medium term, while DBRS Morningstar
acknowledges Parkland's ability to preserve cash flows and
liquidity, DBRS Morningstar notes that any further rating action
will be more influenced by the degree to which operating income is
affected. As such, in its surveillance, DBRS Morningstar will focus
on assessing the duration, magnitude and extent of the impact of
coronavirus on Parkland's earnings profile, and will take further
rating actions if the Company's earnings profile deteriorates more
significantly than currently expected.

Parkland's ratings continue to be supported by its strong position
as Canada's largest independent marketer and distributor of fuels
as well as its efficient operations, diversified customer and
supplier base, and geographic diversification. The ratings also
continue to reflect the industry's competitive nature, exposure to
economic cycles, and volatility in refinery margins as well as
risks associated with environmental liability.

The adoption of IFRS 16 and the impact thereof on the credit
metrics did not materially change DBRS Morningstar's view of
Parkland's overall credit risk profile.

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


PERFORMANCE FOOD: Moody's Cuts CFR to Ba3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded Performance Food Group, Inc.
Corporate Family Rating to Ba3 from Ba2, and its Probability of
Default Rating to Ba3-PD from Ba2-PD. The company's senior
unsecured notes were also downgraded to B2 from B1. The company's
Speculative Grade Liquidity Rating is SGL-2. The ratings outlook
remains negative. Moody's also assigned a B2 rating to the proposed
senior unsecured notes. The use of net proceeds will be for working
capital and general corporate purposes.

"Performance Food Group has taken decisive action to enhance its
liquidity with the completion of a $300 million common equity
offering ($349 million with the over-allotment) as it navigates the
unprecedented disruption facing its customers caused by COVID-19",
said Vice President Christina Boni. "Although its solid positioning
as a leading player in the food distribution industry will enable
the company to weather this a period of weaker demand, leverage
could remain elevated at above 4.25x for a sustained period,
particularly, if business conditions take a protracted period to
normalize", Boni added.

Downgrades:

Issuer: Performance Food Group, Inc.

Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

Corporate Family Rating, Downgraded to Ba3 from Ba2

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 (LGD5)
from B1 (LGD5)

Assignments:

Issuer: Performance Food Group, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD5)

Outlook Actions:

Issuer: Performance Food Group, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The food
distribution sector is highly exposed to the restaurant sector, one
of the sectors most significantly affected by the shock given its
sensitivity to consumer demand and sentiment. More specifically,
Performance Food Group 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 Performance Food Group of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Performance Food Group, Inc.'s Ba3 corporate family rating is
supported by governance considerations including its balanced
financial strategy including its willingness to use equity to
enhance its liquidity profile by raising $300 million ($349 million
with the over-allotment) of common equity. The company benefits
from being the third largest food service provider in the US, as
well as its greater business diversification provided by its candy,
snacks, and beverages segment and good liquidity. Its $2 billion
acquisition of Reinhart Foodservice from Reyes Holdings for
approximately 10.6x EBITDA increased its scale and density in
existing markets. Despite the strategic benefits of the transaction
and its financing of $400 million of the purchase price with common
equity, the disruption of COVID-19 will significantly delay the
company's ability to deliver. The Reinhart purchase is also its
largest in recent history, and requires solid integration in the
midst of the challenges posed by COVID-19. Performance Food Group
is also constrained by its more modest operating margins versus its
larger peers, and its acquisitive business strategy.

The negative outlook reflects its view that Performance Food
Group's credit metrics will remain elevated as the company
integrates both the proposed Reinhart purchase and contends with
the disruption posed by COVID-19. The outlook also reflects the
risks presented by the expected ensuing pressure on consumer
demand.

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

Factors that could lead to an upgrade include a sustained
improvement in earnings while maintaining a balanced financial
strategy that results in debt to EBITDA of under 3.75 times and
EBITA to interest above 3.25 times on a sustained basis.

Factors that could lead to a downgrade include a continued
deterioration in operating performance, a longer than anticipated
timeframe for the integration of announced acquisitions or the
adoption of a more aggressive financial strategy that does not
prioritize near term debt reduction that results in debt to EBITDA
sustained above 4.25 times or EBITA to interest falling below 2.75
times. A sustained deterioration in liquidity for any reason could
also lead to a downgrade.

Performance Food Group, Inc., a wholly owned subsidiary of
Performance Food Group Company headquartered in Richmond, Virginia,
is a food distributor with annual revenues of approximately $20
billion and about $30 billion pro forma for the acquisition of Eby
Brown and the purchase of Reinhart Foodservice.


PETTERS COMPANY: BMO Harris Bid for Interlocutory Appeal Tossed
---------------------------------------------------------------
In the cases captioned Douglas A. Kelley, in his capacity as the
Trustee of the BMO Litigation Trust, Plaintiff, v. BMO Harris Bank
N.A., as successor to M&I Marshall and Ilsley Bank, Defendant. BMO
Harris Bank N.A., as Successor to M&I Marshall and Ilsley Bank,
Appellant, v. Douglas A Kelley, Appellee. BMO Harris Bank N.A., as
Successor to M&I Marshall and Ilsley Bank, Appellant, v. Douglas A
Kelley, in his capacity as the Trustee of BMO Litigation Trust,
Appellee, Case Nos. 19-cv-1756 (WMW), 19-cv-1826 (WMW), 19-cv-1869
(WMW) (D. Minn.), Appellant-Defendant BMO Harris Bank N.A. moved
for leave to file an interlocutory appeal of the June 27, 2019
Order of the United States Bankruptcy Court for the District of
Minnesota, which denied BMO Harris's motion for summary judgment.
BMO Harris also moved to stay the bankruptcy proceedings and for an
order accepting a document under seal.

Upon review, District Judge Wilhelmina M. Wright denies BMO Harris'
requests.

The disputes arise from a Ponzi scheme orchestrated by Thomas J.
Petters and his associates between 1994 and 2008. Petters was the
owner, director, and CEO of Petters Company, Inc. (PCI). During the
course of the Ponzi scheme, PCI obtained billions of dollars from
investors through fraud, false pretenses, and misrepresentations
about PCI's purported business. Billions of dollars were wired into
and out of PCI's depository account at National City Bank, which
was acquired by M&I Marshall and Ilsley Bank (M&I) in July 2001.
BMO Harris is the successor to M&I, and the claims at issue in
these bankruptcy matters pertain to M&I's handling of PCI's
account.

Plaintiff-Appellee Douglas A. Kelley was appointed as the equity
receiver for PCI on Oct. 6, 2008. Kelley filed for Chapter 11
bankruptcy relief on behalf of PCI and was appointed as the Chapter
11 Trustee. The bankruptcy court confirmed PCI's Second Amended
Plan of Chapter 11 Liquidation, which transferred certain assets,
including the causes of action at issue here, to the BMO Litigation
Trust.

The Trustee subsequently filed a complaint alleging that BMO Harris
was complicit in the Ponzi scheme through its dealings with
Petters, PCI, and PCI's account. The complaint alleges that BMO
Harris failed to respond to irregularities as required by banking
regulations that, together with other acts and omissions,
legitimized and facilitated the Ponzi scheme. The bankruptcy court
granted in part and denied in part BMO Harris's motion to dismiss
on Feb. 24, 2017. Four claims remain: Count I alleges that BMO
Harris violated the Minnesota Uniform Fiduciaries Act, Count II
alleges that BMO Harris breached fiduciary duties it owed to PCI,
Count III alleges that BMO Harris aided and abetted fraud against
PCI, and Count IV alleges that BMO Harris aided and abetted the
breach of fiduciary duties owed to PCI.

BMO Harris moved for summary judgment on the remaining four claims,
arguing that the Trustee lacked standing and that BMO Harris's in
pari delicto defense precludes the Trustee from recovery. The
bankruptcy court denied BMO Harris's motion for summary judgment on
both grounds. BMO Harris moved for leave to file an interlocutory
appeal of the bankruptcy court's summary judgment order.

The bankruptcy court rejected BMO Harris's standing arguments,
concluding that the Trustee's claims against BMO Harris belong to
the bankruptcy estate under Minnesota law because the claims
involve direct harm to the debtor and only indirect harm to the
creditors. BMO Harris argues that there are substantial grounds for
a difference of opinion as to this conclusion.

The District Court notes it is a bankruptcy trustee's duty to
"collect and reduce to money the property of the estate for which
such trustee serves." The property of the estate includes "all
legal or equitable interests of the debtor in property as of the
commencement of the case." Because a cause of action is an interest
in property that is included in an estate, a bankruptcy trustee has
authority under Section 704(a)(1) "to assert causes of action that
belonged to the debtor at the time of filing bankruptcy." State law
governs "[w]hether a particular cause of action arising under state
law belonged to the debtor in bankruptcy or to someone else."

Applying these legal standards, the bankruptcy court concluded that
Minnesota law permits a corporation to bring claims involving
direct harm to the corporation and that the fraudulent depletion of
corporate assets that results in the inability to repay creditors
is a direct harm to the corporation. The bankruptcy court also
concluded that, under Minnesota law, when harm to a corporation
only indirectly harms all similarly situated creditors, the
creditors' derivative claims arising from the indirect harm belong
to the corporation that was directly harmed. But a corporation
cannot bring claims that belong solely to the creditor, the
bankruptcy court concluded. The bankruptcy court concluded that the
claims brought by the Trustee in this case belong to the estate
because the claims involve direct harm to PCI and they are merely
derivative claims of PCI's similarly situated creditors that were
indirectly harmed. As such, the bankruptcy court denied BMO
Harris's motion for summary judgment as to this issue.

According to the District Court, BMO Harris has not identified any
opinion within the Eighth Circuit that conflicts with or
contradicts the bankruptcy court's rulings on these issues. And the
decisions from other jurisdictions on which BMO Harris relies do
not demonstrate that conflicting and contradictory opinions exist
outside the Eighth Circuit. BMO Harris has not established
substantial grounds for a difference of opinion as to the
bankruptcy court's legal conclusions pertaining to the Trustee's
authority to pursue the claims asserted in this case. Accordingly,
BMO Harris's motion for leave to file an interlocutory appeal of
this aspect of the bankruptcy court's summary judgment order is
denied.

In seeking leave to file an interlocutory appeal, BMO Harris argues
there are substantial grounds for a difference of opinion as to the
bankruptcy court's foregoing legal conclusions. A substantial
ground for a difference of opinion exists when there are "a
sufficient number of conflicting and contradictory opinions."

The bankruptcy court also denied BMO Harris's motion for summary
judgment as to BMO Harris's in pari delicto defense. The bankruptcy
court ruled that this defense is inapplicable in light of PCI's
status as a receivership entity when it filed for bankruptcy and,
alternatively, genuine disputes of material fact preclude summary
judgment as to this defense. BMO Harris maintains there are
substantial grounds for a difference of opinion as to these
rulings. The District Court is unpersuaded.

The bankruptcy court also denied BMO Harris's motion for summary
judgment as to BMO Harris's in pari delicto defense. The bankruptcy
court ruled that this defense is inapplicable in light of PCI's
status as a receivership entity when it filed for bankruptcy and,
alternatively, genuine disputes of material fact preclude summary
judgment as to this defense. BMO Harris maintains there are
substantial grounds for a difference of opinion as to these
rulings. The District Court is unpersuaded.

A copy of the District Court's Order dated March 13, 2020 is
available at https://bit.ly/2UF9ofW from Leagle.com.

Douglas A. Kelley, in his capacity as the Trustee of the BMO
Litigation Trust, Plaintiff, represented by J. David Jackson --
Jackson.j@dorsey.com -- Dorsey & Whitney LLP, Michael A. Collyard,
Robins Kaplan LLP, Michael D. Reif, Robins Kaplan LLP, Peter Ihrig,
Robins Kaplan LLP, Sarah Friedrick's, Robins Kaplan LLP, Thomas L.
Hamlin, Robins Kaplan LLP, Valerie Anne Stacey, Robins Kaplan, LLP
& William Bornstein, Robins Kaplan LLP.

BMO Harris Bank N.A., as successor to M&I Marshall and IIsley Bank,
Defendant, represented by Adine S. Momoh -- adine.momoh@stinson.com
-- Stinson LLP, Andrew J. Calica -- acalica@mayerbrown.com -- Mayer
Brown LLP, Bradley Schneider -- Bradley.Schneider@mto.com --
Munger, Tolles & Olson LLP, pro hac vice, Christopher Steven
Comstock -- ccomstock@mayerbrown.com -- Mayer Brown LLP, pro hac
vice, Debra L. Bogo-Ernst -- dernst@mayerbrown.com -- Mayer Brown
LLP, pro hac vice, Donald B. Verrilli, Jr. --
Donald.Verrilli@mto.com -- Munger, Tolles & Olson LLP, pro hac
vice, Elaine Goldenberg, Munger, Tolles & Olson LLP, pro hac vice,
Joshua D. Yount, Mayer Brown LLP, pro hac vice, Keith S. Moheban,
Stinson Leonard Street LLP, Lucia Nale, MayerBrown LLP, pro hac
vice, Richard A. Spehr -- rspehr@mayerbrown.com --Mayer Brown LLP,
pro hac vice & Thomas Vangel Panoff -- tpanoff@mayerbrown.com --
Mayer Brown LLP, pro hac vice.

                     About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC was a
collection of some 20 companies, most of which make and market
consumer products. It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets. Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory). Founder and chairman Tom Petters formed the company in
1988.

Petters Company, Inc., was the financing and capital-raising unit
of Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, was
indicted and a criminal proceeding against him is proceeding in the
U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other affiliates
filed separate petitions for Chapter 11 protection (Bankr. D. Minn.
Lead Case No. 08-45257) on Oct. 11, 2008. In its petition, Petters
Company estimated its debts at $500 million and $1 billion.  Parent
Petters Group Worldwide estimated its debts at not more than
$50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc., filed separate petitions for Chapter 11 bankruptcy protection
(Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on
Oct.6, 2008. Petters Aviation was a wholly owned unit of Thomas
Petters Inc. and owner of MN Airline Holdings, Sun Country's parent
company.

The Official Committee of Unsecured Creditors was represented by
Fafinski Mark & Johnson, P.A.

Trustee Douglas A. Kelley was represented by Lindquist & Vennum
LLP.


PIERCE CONTRACTORS: Hires Mlnarik Law as Insolvency Counsel
-----------------------------------------------------------
Pierce Contractors, Inc. seeks authority from the US Bankruptcy
Code for the Northern District of California to employ The Mlnarik
Law Group, Inc. as its reorganization and general insolvency
counsel.

Pierce Contractors requires Mlnarik Law to:

     1. advise and assist Debtor with respect to compliance with
the requirements of the U.S. Trustee;

     2. advise the Debtor regarding matters of bankruptcy law,
including rights and remedies of the Debtor with regard to her
assets and with respect to the claims of her creditors;

     3. represent Debtor in any proceedings or hearings before this
Court and in any action in any other court where Debtor's rights
under the Bankruptcy Code may be litigated or affected;

     4. conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of reports,
accounts, and pleadings related to the Debtor's Chapter 11 case;

     5. advise the Debtor concerning requirements of the Bankruptcy
Code and applicable rules as the same may affect the Debtor in this
case;

     6. assist the Debtor in the formulation, negotiation,
confirmation and implementation of a chapter 11 plan of
reorganization and any auction or sale of their assets; and

     7. take such other action and perform such other services as
the Debtor may require in connection with this Chapter 11 case.

Mlnarik Law's normal hourly billing rates are:

     Senior attorneys      $500
     Associate attorneys   $380
     Paralegals            $175

Mlnarik Law represents no interest which is adverse to that of the
Debtor or its estate with respect to any of
the matters upon which such firm has been or is to be engaged, nor
does such firm represent any interest adverse to any creditor
involved in this case, according to court filings.

The firm can be reached through:

     William W. Winters, Esq.
     James T. Erickson, Esq.
     THE MLNARIK LAW GROUP, INC.
     2930 Bowers Avenue
     Santa Clara, CA 95051
     Tel: (408) 919-0088
     Fax: (408) 919-0188

                        About Pierce Contractors, Inc.

Pierce Contractors, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 20-50182) on Jan. 31,
2020, listing under $1 million on both assets and liabilities.
William Winters, Esq. represents the Debtor as counsel.


PIONEER ENERGY: Davis Polk, Haynes 2nd Update on Noteholder Group
-----------------------------------------------------------------
In the Chapter 11 cases of Pioneer Energy Services Corp., et al.,
the law firms of Davis Polk & Wardwell LLP and Haynes and Boone,
LLP submitted a second amended verified statement under Rule 2019
of the Federal Rules of Bankruptcy Procedure, to disclose an
updated list Ad Hoc Group of Noteholders that they are
representing.

In or around June 2019, the Ad Hoc Group of Noteholders engaged
Davis Polk to represent it in connection with the Members' holdings
of Prepetition Senior Notes.  In or around February 2020, the Ad
Hoc Group of Noteholders engaged Haynes and Boone to act as
co-counsel in these Chapter 11 Cases.

The Ad Hoc Group of Noteholders filed the Verified Statement of
Davis Polk & Wardwell LLP and Haynes and Boone, LLP Pursuant to
Federal Rule of Bankruptcy Procedure 2019, dated March 3, 2020
[Docket No. 86]. The Ad Hoc Group of Noteholders then filed the
Amended Verified Statement of Davis Polk & Wardwell LLP and Haynes
and Boone, LLP Pursuant to Federal Rule of Bankruptcy Procedure
2019, dated April 14, 2020 [Docket No. 212] to amend information
disclosed in the Original Statement. The Ad Hoc Group of
Noteholders submits this Second Amended Statement to amend
information disclosed in the Amended Statement.

As of the date of this Second Amended Statement, Counsel only
represents the Ad Hoc Group of Noteholders. Counsel does not
represent or purport to represent any other entity or entities in
connection with the Chapter 11 Cases. In addition, the Ad Hoc Group
of Noteholders does not claim or purport to represent any other
entity and undertakes no duties or obligations to any entity.

The Members of the Ad Hoc Group of Noteholders, collectively,
beneficially own or manage approximately (i) $116,705,000.00 in
aggregate principal amount of Prepetition Senior Notes and (ii)
$794,000.00 in aggregate principal amount of secured term loans
under that certain Term Loan Agreement, dated as of November 8,
2017, by and among Pioneer, as the borrower, the lenders party
thereto and Wilmington Trust, National Association, as
administrative agent, as set forth on Exhibit A hereto.

As of April 22, 2020, members of the Ad Hoc Group of Noteholders
and their disclosable economic interests are:

CREDIT SUISSE ASSET MANAGEMENT, LLC
11 Madison Ave
New York, NY 10010

* $52,946,000.00 in aggregate principal amount of Prepetition
  Senior Notes

DW PARTNERS, LP
590 Madison Ave, 13th Floor
New York, NY 10022

* $26,550,000.00 in aggregate principal amount of Prepetition
   Senior Notes

J.P. MORGAN SECURITIES LLC
500 Stanton Christiana Rd
Newark, DE 19713

* $13,209,000.00 in aggregate principal amount of Prepetition
   Senior Notes

WHITEBOX ADVISORS LLC
3033 Excelsior Blvd., Suite 500
Minneapolis, MN 55416

* $24,000,000.00 in aggregate principal amount of Prepetition
   Senior Notes
* $794,000.00 in aggregate principal amount of Prepetition Term
   Loans

Counsel submits this Second Amended Statement out of an abundance
of caution, and nothing herein should be construed as an admission
that the requirements of Bankruptcy Rule 2019 apply to Counsel's
representation of the Ad Hoc Group of Noteholders.

Counsel to the Ad Hoc Group of Noteholders can be reached at:

          HAYNES AND BOONE, LLP
          Charles A. Beckham, Jr., Esq.
          Charles M. Jones, II, Esq.
          Kelli S. Norfleet, Esq.
          Martha Wyrick, Esq.
          1221 McKinney Street, Suite 2100
          Houston, TX 77010
          Telephone: (713) 547-2000
          Facsimile: (713) 547-2600
          E-mail: charles.beckham@haynesboone.com
                  charlie.jones@haynesboone.com
                  kelli.norfleet@haynesboone.com
                  martha.wyrick@haynesboone.com

                   - and -

          DAVIS POLK & WARDWELL LLP
          Damian S. Schaible, Esq.
          Natasha Tsiouris, Esq.
          Erik Jerrard, Esq.
          Xu Pang, Esq.
          Brian Weinstein, Esq.
          Andrew Ditchfield, Esq.
          Marc Tobak, Esq.
          450 Lexington Avenue
          New York, NY 10017
          Telephone: (212) 450-4000
          Facsimile: (212) 701-5800
          E-mail: damian.schaible@davispolk.com
                  natasha.tsiouris@davispolk.com
                  erik.jerrard@davispolk.com
                  xu.pang@davispolk.com
                  brianweinstein@davispolk.com
                  andrew.ditchfield@davispolk.com
                  marc.tobak@davispolk.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/DZO8AF and https://is.gd/qriC4k

                    About Pioneer Energy

Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/--
provides well servicing, wireline, and coiled tubing services to
producers primarily in Texas and the Mid-Continent and Rocky
Mountain regions.  Pioneer also provides contract land drilling
services to oil and gas operators in Texas, Appalachia and Rocky
Mountain regions and internationally in Colombia.  Pioneer is
headquartered in San Antonio, Texas.

Pioneer Energy Services Corp. and nine related entities sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31425) to
effectuate its prepackaged plan of reorganization that will cut
debt by $260 million.

Pioneer Energy disclosed $689,693,000 in assets and $576,545,000 in
liabilities as of Sept. 30, 2019.

The Hon. David R. Jones is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Norton Rose
Fulbright US LLP are serving as legal counsel to Pioneer, Lazard is
acting as financial advisor and Alvarez & Marsal is serving as
restructuring advisor.  Epiq Corporate Restructuring, LLC, is the
claims agent.

Davis Polk & Wardwell LLP and Haynes and Boone, LLP are acting as
legal counsel for the ad hoc group of Senior Unsecured Noteholders
and Houlihan Lokey is acting as financial advisor.


PITBULL REALTY: Has Until May 12 to File Amended Plan & Disclosure
------------------------------------------------------------------
Judge Michael Fagone of the U.S. Bankruptcy Court for the District
of New Hampshire has granted debtor Pitbull Realty Group, Inc., an
extension of the deadline to file an amended Disclosure Statement
and Chapter 11 Plan from April 10, 2020 to May 12, 2020.

A copy of the order dated April 9, 2020, is available at
https://tinyurl.com/ur5ozf7 from PacerMonitor at no charge.

                  About Pitbull Realty Group

Pitbull Realty Group, Inc., is a limited liability company engaged
in single asset real estate, with principal place of business at
373 South Willow Street, Manchester, New Hampshire.  Pitbull Realty
Group sought Chapter 11 protection (Bankr. D.N.H. Case No.
19-10923) on June 28, 2019.  The Debtor was estimated to have less
than $1 million in assets and/or liabilities.  The Debtor hired
Victor W. Dahar, P.A., as attorney.


PLUS THERAPEUTICS: Amends Terms of Series U Warrants
----------------------------------------------------
As previously disclosed, on Sept. 24, 2019, Plus Therapeutics, Inc.
issued certain Series U warrants to purchase shares of the
Company's common stock.

On April 17, 2020 and April 21, 2020, the Company entered into
agreements with certain holders of the Series U Warrants to amend
the terms of the Amending Warrant Holders' Series U Warrants to,
among other things, (i) limit the Company's obligation to make cash
payments to the Amending Warrant Holders upon certain fundamental
transactions and (ii) establish an exercise price of $2.25.

                    About Plus Therapeutics

Headquartered in Austin, Texas, Plus Therapeutics, Inc. --
http://www.plustherapeutics.com/-- is a clinical-stage
pharmaceutical company focused on the discovery, development, and
manufacturing scale up of complex and innovative treatments for
patients battling cancer and other life-threatening diseases.

Plus Therapeutics reported a net loss of $10.89 million for the
year ended Dec. 31, 2019, compared to a net loss of $12.63 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $23.23 million in total assets, $22.07 million in total
liabilities, and $1.16 million in total stockholders' equity.

BDO USA, LLP, in San Diego, California, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 30, 2020 citing that the Company has suffered recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going concern.


POINSETTIA FINANCE: Moody's Lowers Senior Secured Notes to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Poinsettia
Finance Limited's senior secured notes due 2031 to Ba2 (global
scale) from Baa3 (global scale). The action follows the downgrade
to Petroleos Mexicanos' senior unsecured ratings on the company's
existing notes, as well as the ratings based on PEMEX's guarantee,
to Ba2 (negative outlook) from Baa3 announced on April 17, 2020.

Rating action:

Issuer: Poinsettia Finance Limited

Senior Secured Notes, Downgraded to Ba2; previously on Jun 17, 2016
Definitive Rating Assigned Baa3

RATINGS RATIONALE

The downgrade of the notes' ratings to Ba2 (global scale) is
because the notes are secured by a pro-rata first-ranking security
interest on the rights of payment of the lease payments, related to
certain oil and gas infrastructure assets, under a hell or
high-water lease agreement between PEP, a subsidiary of Petróleos
Mexicanos. The lease payments are backed by the underlying oil and
gas infrastructure assets, which are of critical and highly
strategic importance for PEP's production in the Bay of Campeche.
PEP's obligations under the lease agreement are guaranteed by
Pemex.

The ratings are based mainly on the willingness and ability of
Pemex, as guarantor of PEP's obligations under the lease agreements
to honor the payments as defined in the transaction documents. Any
changes in Pemex's senior unsecured foreign currency ratings during
the life of the transaction would lead to a change in the ratings
of the notes.

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

Any changes in the senior unsecured foreign currency rating of
Pemex, as guarantor under the lease agreement, could lead to a
change in the ratings on the notes.

The principal methodology used in this rating was "Moody's Approach
to Rating Repackaged Securities" published in March 2019.


PRECISION DRILLING: S&P Lowers ICR to 'B'; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and
issue-level ratings on Canada-based Precision Drilling Corp. to 'B'
from 'BB-'.

The downgrade reflects the sharp cuts in spending by exploration
and production (E&P) companies following the collapse in crude oil
prices. S&P Global Ratings 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 crude oil prices to be significantly
lower in 2020, including West Texas Intermediate (WTI) at US$25 per
barrel for the rest of 2020. We also expect natural gas prices to
remain pressured due to oversupply conditions in the U.S.," S&P
said.

Following the oil price collapse, E&P companies have significantly
reduced activity in an attempt to align spending with internally
generated cash flows.

"We believe E&P companies in the U.S. and Canada have cut their
capital budgets by an average of 30%-40%. We expect reduced
development activity will have a meaningful impact on Precision's
cash flows. Although contracted rigs outside North America are
under long-term fixed contracts, we believe the company's North
American-derived revenues, which represent about 85% of
consolidated revenues, will likely be subject to substantial
downward pressure. We now project the company's EBITDA will decline
by 35%-40% in 2020, with funds from operations (FFO)-to-debt
averaging 10%-15% in 2020 and 2021, below our previous forecast of
20%. At the same time, we believe there could be further downside
risk to the rating if activity levels are below our expectations
and heightened competition results in further pressure on day
rates," S&P said.

The negative outlook incorporates S&P's view that cash flows could
deteriorate further if industry drilling activities don't recover
in line with the rating agency's expectations.

"We could lower our ratings if we expected the company's
FFO-to-debt to consistently remain well below 12%, or if Precision
generated negative free operating cash flows (FOCF), thereby
weakening liquidity. This could result from lower-than-expected
industry activity," S&P said.

"We could revise the outlook to stable if we expect the company to
generate FFO-to-debt consistently at the upper end of the 12%-20%
range, while maintaining positive FOCF. We believe this could occur
if drilling activities rebounded, resulting in higher-than-expected
utilization and day rates," the rating agency said.


PRINTEX INC: Delays Filing of Plan Until Closing of Assets Sale
---------------------------------------------------------------
Printex, Inc., Midamerica Pick & Pack Inc. and Medford Randal Park
ask the U.S. Bankruptcy Court for the Eastern District of Missouri
to extend the exclusive period to file a Chapter 11 Plan and
Disclosure Statement to May 9.

The Court has approved a Motion to Sell assets of Printex and Mid
America. However, the closing date has not been able to be
completed for the sale of Printex and Mid America assets because of
delays due to COVID-19. The Debtors' counsel cannot complete the
Chapter 11 Plan and Disclosure Statement until the closing has been
done.

             About Printex Inc.

Printex Inc. and its affiliates, Medford Randal Park and Midamerica
Pick & Pack Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mo. Case Nos. 19-20132 to 19-20134) on
May 31, 2019. The cases were jointly administered under Lead Case
Case No. 19- 20132.

At the time of the filing, Printex estimated assets of between $1
million to $10 million and liabilities of the same range.
Meanwhile, Midamerica Pick estimated assets of less than $50,000
and liabilities of between $1 million and $10 million.

Cruse.Chaney-Faughn, PC, is the Debtors' their legal counsel.



PROMISE HEALTHCARE: Exclusive Filing Period Extended Until May 5
----------------------------------------------------------------
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware extended to May 5 the period during which only
Promise Healthcare Group, LLC and its affiliates can file a Chapter
11 plan.  The companies have the exclusive right to solicit votes
until July 5.

The companies sought the extension to give them enough time to
reconcile administrative expense claims and commence the process
governing the filing of objections to claims.  They need to
quantify the potential administrative expense claims that accrued
through the date of the final closing of the sale, which occurred
on Aug. 31, in order to propose a plan of liquidation.

                     About Promise Healthcare

Established in 2003, Promise Healthcare is a specialty post-acute
care health company headquartered in Boca Raton, Florida.

Promise Healthcare Group, LLC, and its affiliates sought bankruptcy
protection on Nov. 4, 2018 (Bankr. D. Del. Lead Case No. 18-12491).
In the petition signed by Andrew Hinkelman, CRO, the Debtors
estimated assets of up to $50,000 and liabilities of $50 million to
$100 million.

The Debtors tapped DLA Piper LLP and Waller Lansden Dortch & Davis,
LLP, as general counsel; FTI Consulting, as financial and
restructuring advisor; Houlihan Lokey and MTS Health Partners,
L.P., as investment bankers; and Prime Clerk LLC as claims agent.


PSC INDUSTRIAL: S&P Lowers ICR to 'CCC+' on Unsustainable Leverage
------------------------------------------------------------------
S&P Global Ratings lowered its issuer rating on PSC Industrial
Outsourcing to 'CCC+' from 'B' and revised the outlook to
negative.

At the same time, S&P is lowering its issue-level rating on the
$460 million first-lien term loan due 2024 to 'B' from 'BB-'. S&P
is also lowering its issue-level rating on the $110 million
second-lien term loan due 2025 to 'CCC-' from 'CCC+'. Recovery
ratings remain unchanged at '1' and '6', respectively. S&P does not
rate the $110 million ABL revolver.

The coronavirus pandemic and exposure to energy end markets will
weigh heavily on PSC's operating performance in 2020.   

"PSC has exposure to cyclical energy end markets where we expect
demand to fall significantly due to depressed oil prices and the
challenges related to COVID-19. PSC's end markets are concentrated;
over 40% of its customers are refineries and 20% are petrochemical
companies. We expect refineries and similar energy-related
companies will reduce or delay industrial cleaning work over the
next few quarters as their capital budgets tighten. In addition,
the impact of COVID-19 has reduced demand for oil and thus created
downward pressure on oil prices for the foreseeable future.
Furthermore, less industrial activity due to the coronavirus
pandemic is also expected to continue leading to a material decline
in the company's operating performance," S&P said.

The negative outlook reflects that S&P could lower its rating on
PSC over the next 12 months if demand or operating performance are
weaker than the rating agency expects, further pressuring
liquidity. S&P believes this could occur if the company continues
to experience weak demand from its refineries and oil and gas
customers, such that it continues to depress PSC's profitability,
and the magnitude and duration of this downturn is more severe than
the rating agency expects.

"We could lower our rating over the next 12 months if we believe
demand pressures or operating challenges will be more severe than
we currently expect, further constraining liquidity. For instance,
if free cash flow generation consistently remains negative and we
believe the company may experience difficulty covering operating
expenses or debt service. We could also downgrade the company if we
believe there is an increased likelihood of a distressed
restructuring over this period," S&P said.

"Although unlikely over the next 12 months considering our forecast
for weak demand in key end markets, we could revise the outlook to
stable or raise our ratings if PSC's operating trends and prospects
significantly improve. This could occur if key end markets rebound
materially and profitability is considerably higher than we expect,
such that we forecast consistent positive free cash flow
generation. Under this scenario, we would also expect the company
to maintain a more robust liquidity position and cushion relative
to its covenant," S&P said.


PUGNACIOUS ENDEAVORS: S&P Downgrades ICR to 'B-' on Lower Revenues
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating and issue-level
rating on U.S.-based Pugnacious Endeavors Inc.'s senior secured
credit facility to 'B-' from 'B' and removed the ratings from
CreditWatch, where it placed them with negative implications on
March 13, 2020. The outlook is negative.

Live events have been canceled or postponed because of the
coronavirus outbreak leading to dramatically lower revenues for
Pugnacious in 2020.  The increased social distancing efforts and
government policies to limit the spread of coronavirus have led to
a cessation of live music, sporting, and theater events during the
outbreak. Most music concerts have been postponed with new show
dates moved to the back half of 2020, while some sporting events
have been canceled outright.

"Consequently, we anticipate negligible revenue generation for
Pugnacious over the next few months as a result of minimal
throughput on its secondary ticketing marketplace. Further, we
don't believe that significant secondary ticketing sales will
materialize until the third quarter of 2020, at the earliest. As a
result, we expect the company's organic revenues could decline at
least 25%-35% in 2020," S&P said.

The negative outlook reflects the company's direct exposure to live
events (sports, music, theater, etc.) that are currently being
postponed or canceled due to the COVID-19 pandemic. S&P believes
there is substantial risk that these live event disruptions could
extend and that the company could face additional operational
challenges such that it is unable to adequately manage its costs
structure, cash flow, and liquidity leading to an unsustainable
capital structure.

"We could lower the rating if we believe that Pugnacious would not
be able to maintain adequate liquidity to service its debt fixed
charges in light of COVID-19's adverse impacts on the live events
industry. Under this scenario, we could either expect a payment
default on its debt obligations or view the capital structure as
unsustainable long term," S&P said.

"We could revise the outlook back to stable once live events start
to resume significantly enough that the company is able to generate
sustained positive free operating cash flow (FOCF) such that
liquidity and payment default risk have dissipated," S&P said.



PULMATRIX INC: Armistice Capital, et al. Have 4.99% Stake
---------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Armistice Capital, LLC, Armistice Capital Master Fund
Ltd., and Steven Boyd disclosed that as of April 16, 2020, they
beneficially own 1,320,180 shares of common stock of Pulmatrix,
Inc., which represents 4.99 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available for free at:

                    https://is.gd/aGgZKq

                      About Pulmatrix

Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology.  The Company's proprietary product
pipeline is initially focused on advancing treatments for serious
lung diseases, including Pulmazole, an inhaled anti-fungal for
patients with ABPA, and PUR1800, a narrow spectrum kinase inhibitor
in lung cancer.  Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
achieving optimal local drug concentrations and reducing systemic
side effects to improve patient outcomes.

Pulmatrix reported a net loss of $20.59 million for the year ended
Dec. 31, 2019, compared to a net loss of $20.56 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$36.10 million in total assets, $25.08 million in total
liabilities, and $11.02 million in total stockholders' equity.


PULMATRIX INC: CVI Reports 5.3% Equity Stake as of April 16
-----------------------------------------------------------
CVI Investments, Inc. and Heights Capital Management, Inc.
disclosed in a Schedule 13G filed with the Securities and Exchange
Commission that as of April 16, 2020, they beneficially own
1,350,000 shares of common stock of Pulmatrix, Inc., which
represents 5.3 percent of the shares outstanding.

Heights Capital Management, Inc., which serves as the investment
manager to CVI Investments, Inc., may be deemed to be the
beneficial owner of all Shares owned by CVI Investments, Inc.

The Company's Prospectus Supplement (to Prospectus dated March 15,
2019, Registration No. 333-230225), filed on April 20, 2020,
indicates there were 25,311,357 Shares outstanding (excluding
Shares underlying warrants issued at the same time) as of the
completion of the offering of the Shares referred to therein.

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

                      https://is.gd/eyrYul

                        About Pulmatrix

Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology.  The Company's proprietary product
pipeline is initially focused on advancing treatments for serious
lung diseases, including Pulmazole, an inhaled anti-fungal for
patients with ABPA, and PUR1800, a narrow spectrum kinase inhibitor
in lung cancer.  Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
achieving optimal local drug concentrations and reducing systemic
side effects to improve patient outcomes.

Pulmatrix reported a net loss of $20.59 million for the year ended
Dec. 31, 2019, compared to a net loss of $20.56 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$36.10 million in total assets, $25.08 million in total
liabilities, and $11.02 million in total stockholders' equity.


PULTEGROUP INC: Egan-Jones Lowers Senior Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by PulteGroup Incorporated to BB from BB+.

PulteGroup, Inc. is a home construction company based in Atlanta,
Georgia, United States.



QBS PARENT: Fitch Alters Outlook on 'B' LT IDR to Negative
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating for
QBS Parent, Inc. at 'B'. The Rating Outlook is revised to Negative
from Stable. Fitch has also affirmed the 'BB-'/'RR2' rating for
Quorum's $35 million first-lien secured revolver and $359 million
first-lien secured term loan. The $125 million second-lien secured
term loan is not being rated.

Fitch expects the economic impact from coronavirus contributing to
recent volatility in the energy industry to impact Quorum's
customer base, particularly in the upstream energy industry despite
the mission criticality of its products. Fitch believes the impact
would be realized over 2020-21, as Quorum's annual subscription
revenues that are typically collected on the front-end should limit
the revenue impact in 2020, with the remaining impact realized in
the 2021 renewal cycle. Quorum's primary exposure to large energy
companies with operations that cover the upstream, midstream and
pipeline segments should also mitigate the impact once energy
consumption resumes. Nevertheless, Fitch estimates Quorum's 2020
revenue to decelerate to the mid-single digits, down from an
earlier forecast of mid-teens growth. Fitch  also expects 2021
revenue to decline in the mid-single digits compared to its
earliest forecast of high-single-digit growth. The weaker revenue
outlook is the result of vulnerable SMB customers in a depressed
energy industry and enterprise customers reducing product upgrades
on constrained budgets. This would result in Quorum's gross
leverage remaining above the 7x negative sensitivity through 2021,
declining to below 7x in 2022. Despite the near-term challenges,
Fitch believes Quorum's strong product platform would retain its
solid market position in the energy industry.

KEY RATING DRIVERS

Depressed Energy Market Weakens Customer Base: Depressed energy
prices would result in upstream energy producers' ability to
operate economically and impact a segment of Quorum's customer
base. The enterprise segment with operations covering midstream,
downstream, and local distribution should be more resilient with
continuing energy consumption. Fitch estimates over 80% of Quorum's
revenue base is derived from large enterprises rather than small
energy producers. Nevertheless, Fitch expects the depressed energy
market to have an adverse impact on Quorum's revenue outlook.

Exposure to Energy Industry Cyclicality: Quorum's software products
are generally considered mission critical and resilient through the
energy industry cycles; however, its services segment is more
susceptible to industry cyclicality. During 2015-2016 energy
industry down cycle, Quorum's software subscription revenue and
support revenue continued to grow at a steady pace; however, total
revenue declined as services revenue contracted. The strong
profitability of software products enabled the company to limit
downside to its EBITDA margins during the down cycle.

Improving Revenue Structure: Quorum has meaningfully improved
visibility to its revenue by increasing the proportion of its
recurring/re-occurring revenues consisting primarily of
subscription and support revenues. As demonstrated through the
energy industry down cycle in 2014-2016, subscription revenue
remained resilient despite a sharp decline in service revenue. The
proportion of recurring/re-occurring revenue increased
substantially over the last 10 years. The improved revenue
structure should mitigate some risks from industry cyclicality.

Diversified Customer Base: Quorum serves a diverse set of over
1,300 customers with the top 20 accounting for less than 18% of
total revenue. While industry structure could vary over time,
Quorum's exposure to a large part of the value chain could enable
the company to maintain relatively more diversity in its customer
base. Nevertheless, Quorum's end-market concentration remains
high.

Expanding Product Platform: Quorum's products address the oil and
gas industry value chain across operations, transactions and
finance. Recent acquisitions have continued to expand its product
offerings to incrementally expand its footprint across new
functional areas in the oil and gas industry. The breadth of
platform products Quorum offers enables the company to increase
product penetration through cross-selling. The platform nature
enables efficient implementation of incremental products after
initial customer adoptions providing strong value proposition for
customers to add on additional product modules. In addition,
broader product implementation by customers should increase
customer switching costs given the higher complexity that arises
with multiple product implementations. Such dynamics, in
conjunction with a subscription-based software revenue model,
should provide Quorum with greater resilience.

Acquisitive Strategy: Quorum has historically used acquisitions to
expand its product platform. Since 2015, the company's acquisitions
include Fielding Systems, EPrime, WellEz, Entero, Coastal Flow
Measurement, Archeio Technologies and OGsys. Each of the acquired
companies provided narrow solutions within the oil and gas industry
and expanded Quorum's product platform. Fitch expects Quorum to
remain acquisitive as it further expands its footprint and
addressable market.

Economic Headwinds Result in Near-Term High Leverage: Fitch
estimates Quorum's 2019 gross leverage to be elevated at over 7x
(EBITDA excluding deferred revenue). The depressed energy industry
would result in gross leverage remaining above 7x through 2021.
Despite the near-term industry weakness affecting Quorum's revenue,
Fitch expects Quorum to have sufficient operational flexibility to
maintain FCF margins at near 10% through 2021.

DERIVATION SUMMARY

Fitch's ratings are supported by Quorum's industry-leading software
solutions for the energy sector covering the upstream, midstream
and pipeline segments of the value chain. The revision of Rating
Outlook to Negative from Stable reflects the current depressed
energy industry that will have uncertain impact to the upstream
segment. Fitch assumes revenue growth in the mid-single digits in
2020 followed by a mid-single-digit revenue decline in 2021
depressing EBITDA generation through 2021. This would result in
Quorum's gross leverage remaining above the negative sensitivity of
7x through 2021. The company's high cash flow conversion should
alleviate liquidity concerns in the near term. As the energy
industry situation remains fluid and rapidly evolving, Fitch will
revisit its rating case as new developments emerge.

More fundamentally beyond near-term industry challenges, Fitch
believes the company benefits from its solutions platform through
cross-selling opportunities and greater stickiness for its
products; Quorum's product platform includes 35 software modules
with 1,300 clients. The shift toward a software-as-a-service model
for its software in recent years provides the company with greater
visibility into its software revenue outlook, substantially
reducing the revenue and profit volatility through the industry
cycles. Nevertheless, Quorum's high concentration in the energy
sector exposes the company to industry cyclicality; well over 50%
Quorum's 2019 revenue is non-recurring in nature and could be
susceptible to energy industry cycles.

KEY ASSUMPTIONS

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

  -- Organic revenue growth of mid-single digits for 2020 but then
declining by mid-single digits for 2021 and returning to mid-teens
growth in 2022.

  -- EBITDA margins in the low 30% range before normalizing at near
35% in 2022.

  -- Aggregate acquisitions of $50 million through 2022.

  -- Debt repayment limited to mandatory amortization over its
rating horizon.

  -- No dividend payment over its rating horizon.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that QBS would be reorganized as
a going-concern in bankruptcy rather than liquidated.

  -- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

  -- In estimating a distress enterprise value for Quorum, Fitch
assumes a going concern EBITDA that is approximately 25% lower
relative to the 2019 pro forma EBITDA incorporating recently
acquired entities and cost reduction and synergies largely
realized. This could be driven by a prolonged down cycle in the
energy sector resulting in a 5% decline in revenue and an
approximately 500-bp contraction in EBITDA margins. The revenue
decline is more moderate than the previous down cycle; Quorum has
since raised the visibility of its revenue outlook by significantly
increasing the proportion of recurring/re-occurring revenue.

  - Fitch assumes a 6.5x EV multiple in the recovery analysis. In
the 21st edition of Fitch's Bankruptcy Enterprise Values and
Creditor Recoveries case studies, Fitch notes nine past
reorganizations in the Technology sector with recovery multiples
ranging from 2.6x to 10.8x. Of these companies, only three were in
the Software sector, Allen Systems Group, Inc., Avaya, Inc. and
Aspect Software Parent, Inc., and received recovery multiples of
8.4x, 8.1x and 5.5x, respectively. Fitch believes Quorum's strong
position in software solution for the energy sector and highly
visible revenue outlook support a recovery multiple in the middle
of this range.

RATING SENSITIVITIES

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

  -- Fitch's expectation of forward gross leverage (total debt with
equity credit/operating EBITDA) sustaining below 5.5x.

  -- (CFO-Capex)/Total Debt with Equity Credit ratio sustaining
above 7% and FCF greater than $50 million.

  -- FFO-adjusted gross leverage sustained below 6.0x.

  -- Revenue growth greater than 10% implying market share gain.

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

  -- Fitch's expectation of (FCF-Capex)/Total Debt with Equity
Credit ratio sustaining below 3%.

  -- Revenue growth sustaining in low single digits.

  -- Gross leverage sustaining above 7x.

  -- FFO-adjusted gross leverage sustained above 7.5x.

Developments That May, Individually or Collectively, Lead to
Stabilization of the Ratings:

  -- Increased visibility that gross leverage will be lowered to
below 7x by 2022.

  -- (FCF-Capex)/Total Debt with Equity Credit ratio stable at
approximately 5%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Quorum has adequate liquidity with its cash on balance sheet and a
$35 million revolving credit facility (undrawn as of December 31,
2019) maturing in 2023. The company's liquidity profile is
supported by solid EBITDA and FCF generation.

The company's capital structure consists of the following:

  -- $35 million senior secured revolving credit facility (undrawn
as of December 31, 2019) due 2023;

  -- $359 million senior secured first lien term loan due 2025;
and

  -- $125 million senior secured second lien term loan due 2026.

Fitch believes that the company has sufficient cash on hand to
handle all upcoming bank debt repayments in the near term.


QUALITY REIMBURSEMENT: To File Objection to Eastpoint/Gancman Claim
-------------------------------------------------------------------
Debtor Quality Reimbursement Services, Inc., filed the Second
Amended Disclosure Statement accompanying the Second Amended
Chapter 11 Plan of Reorganization.

The Debtor filed a notice of appeal of the Eastpoint/Gancman
Judgment on August 29, 2019.  The Debtor's opening brief in the
Eastpoint/Gancman Appeal currently has a due date of April 20,
2020.  Eastpoint/Gancman's brief in the Eastpoint/Gancman Appeal
would be due thirty days later and the Debtor's reply brief would
be due 20 days after that.  After the Court of Appeal hears oral
argument, it generally must issue an opinion within 90 days.

The Debtor intends to file an objection to Eastpoint/Gancman's
Proof of Claim based upon the arguments to be made by the Debtor in
its briefs pursuant to the Eastpoint/Gancman Appeal. The resolution
of the Debtor's objection to Eastpoint/Gancman’s Proof of Claim
by Final Order will determine whether Eastpoint/Gancman will have
an Allowed Claim in the Case, and the amount of such Allowed Claim
will have a material impact on the implementation of the Plan.

Class 7 Allowed General Unsecured Claims, Except for any Allowed
General Unsecured Claim of Eastpoint/Gancman and any Allowed
General Unsecured Claims of the Consultants, will will receive
Distributions in amounts equal to its GUC Pro Rata share of the
Revenues generated during the immediately preceding 12 months in
accordance with the Distribution Sliding Scale.

Class 9 Allowed Secured Claim of Honigman will be allowed in the
aggregate amount of: (i) $1,815, less any payments that may be made
by the Debtor to Honigman from Jan. 1, 2020 through the Effective
Date, and (ii) any and all obligations that the Debtor may owe to
Honigman that may accrue from and after Jan. 1, 2020 pursuant to
Honigman's May 8, 2018 engagement agreement with the Debtor.  Any
Claim asserted by Honigman in excess of the Allowed Secured Claim
of Honigman fixed by the Plan will be fully and forever released
and extinguished as of the Effective Date.

Class 10 consists of all Allowed General Unsecured Claims held by
the Consultants, which represents all contingent rights to and
claims for Consultant Commissions that Consultants hold as of the
Petition Date.  The Reorganized Debtor will pay in full each
Allowed Class 10 Claim, plus interest.

A full-text copy of the Second Amended Disclosure Statement dated
April 9, 2020, is available at https://tinyurl.com/vy3odtp from
PacerMonitor at no charge.

General Insolvency Counsel for the Debtor:

         ROBERT E. OPERA
         GARRICK A. HOLLANDER
         PETER W. LIANIDES
         WINTHROP GOLUBOW HOLLANDER, LLP
         1301 Dove Street, Suite 500
         Newport Beach, CA 92660
         Telephone: (949) 720-4100
         Facsimile: (949) 720-4111
         E-mail: ropera@wghlawyers.com
                 ghollander@wghlawyers.com
                 plianides@wghlawyers.com

          About Quality Reimbursement Services

Quality Reimbursement Services, Inc. --
http://www.qualityreimbursement.com/-- has been reviewing Medicare
and Medicaid cost reports for more than 12 years.  Its corporate
office is located in Arcadia (CA). The company also has offices
located in Birmingham, Ala.; Scottsdale, Ariz.; Los Angeles,
Calif.; Colorado Springs, Colo.; Jacksonville, Fla.; Chicago, Ill.;
Detroit and Shelby Township, Mich.; Guttenberg, N.J.; Dallas/Fort
Worth, Texas; and Spokane, Wash.

Quality Reimbursement Services filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 19-20918) on Sept. 13, 2019.  In the petition signed by
James C. Ravindran, president and CEO, the Debtor was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities.

Judge Julia W. Brand oversees the case.

Garrick A. Hollander, Esq., at Winthrop Couchot Golubow Hollander,
LLP, represents the Debtor.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in the Debtor's case on Oct. 22, 2019.  The committee
retained Buchalter, a Professional Corporation, as its legal
counsel.


RADIO DESIGN: Seeks to Hire Brophy Schmor as Special Counsel
------------------------------------------------------------
Radio Design Group filed an amended application seeking authority
from the US Bankruptcy Court for the District of Oregon to hire
Brophy Schmor LLP as its special counsel.

Brophy Schmor will represent the Debtor in in the lawsuit Audix
Corporation v. Radio Design Group, Inc., Clackamas County Circuit
Court Case No. 17CV15222.

The Debtor initially filed its application to employ Brophy on
March 12, 2020, but also sought retroactive approval of the
employment to Dec. 2, 2019. The purpose of this amended application
is to remove the request for retroactive employment and seek
employment of Brophy to be effective March 12, 2020, the date the
application was initially filed. Brophy will not seek payment from
the Debtor for any fees incurred between December 2, 2019 and March
12, 2020.

Brophy Schmor has no interest materially adverse to the interest of
the estate or of any class of creditors or equity security holders,
according to court filings.

The firm can be reached through:

     David Paradis, Esq.
     Brophy Schmor LLP
     201 W Main St # 5A
     Medford, OR 97501
     Phone:  541-772-7123

                 About Radio Design Group

Radio Design Group, Inc., is a design and engineering firm based in
Grants Pass, Oregon.  Since its incorporation in 1992, Radio Design
has grown from a small RF consulting company specializing in small
commercial markets to a vital contributor of unique and innovative
products that have advanced the state of technology in both the
commercial and defense related markets. Radio Design previously
sought bankruptcy protection on July 24, 2014 (Bankr. D. Oregon
Case No. 14-62732).

Radio Design sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ore. Case No. 19-63617) on Dec. 2, 2019.  In the
petition signed by James Hendershot, president, the Debtor was
estimated to have $1 million to $10 million in assets and
liabilities of the same range.  Judge Thomas M. Renn is assigned to
the case.  The Debtor is represented by Loren S. Scott, Esq., at
The Scott Law Group.


RANDOLPH HOSPITAL: Allowed to Use BOA Cash Collateral Until May 5
-----------------------------------------------------------------
Judge Lena James of the U.S. Bankruptcy Court for the Middle
District of North Carolina inked her approval to an Agreed Second
Interim Order authorizing Randolph Hospital, Inc. and its
affiliates to use cash collateral until the earliest of (i) the
close of business on May 5, 2020; (ii) the conclusion of the
further hearing on the Cash Collateral Motion; or (iii) the
termination of the use of cash collateral upon the  occurrence of
any Termination Event.

Bank of America, N.A.("BOA")  is granted the following adequate
protection:

     (a) The Debtor will pay BOA an adequate protection payment
consistent with the approved Budget.

     (b) The Debtors grant, assign, and pledge to BOA valid,
perfected, and enforceable liens and security interests in all of
the Debtors' accounts receivable created from and after the
Petition Date and all of the Debtors' right, title, and interest
in, to, and under the BOA Pre-Petition Collateral, to the extent
same existed on the Petition Date and the proceeds, products,
offspring, rents, and profits of all of the foregoing, all as may
otherwise be described in the Loan Agreement.

     (c) The Debtors agree to pay all post-petition federal, state,
and county taxes (other than real property taxes) as and when due,
regardless of whether such taxes appear on the Budget and any such
payments in excess of amounts budgeted.

     (d) Solely to the extent that the BOA Replacement Liens are
later proven to be insufficient as a form of adequate protection,
BOA is granted an administrative expense claim as and to the extent
provided by Section 507(b) of the Bankruptcy Code with priority
over all other administrative expense claims, now existing or
hereafter arising, of the kind specified in or ordered pursuant to
Section 105, 326, 330, 331, 351, 503(b), 506(c), 507(a) and 1114 of
the Bankruptcy Code.

     (e) The Debtors will maintain adequate insurance and provide
evidence thereof to the Bankruptcy Administrator and BOA.

A further hearing on the Debtors' continued use of cash collateral
will take place on May 5, 2020 at 9:30 a.m.  Objections are due no
later than by 5:00 p.m. of May 4.

                   About Randolph Hospital

Randolph Hospital -- https://www.randolphhealth.org/ -- operates as
a hospital that provides inpatient and outpatient services in North
Carolina. The Company offers, among other services, cancer care,
imaging, maternity services, cardiac services, surgical services,
outpatient specialty clinics, rehabilitation services, and
emergency services.

Randolph Hospital, Inc. and its affiliates, MRI of Asheboro, LLC
and Randolph Specialty Group Practice, each filed a voluntary
petition for relief under chapter 11 of the Bankruptcy Code (Bankr.
M.D.N.C. Lead Case No. 20-10247) on March 6, 2020.  In the petition
signed by CRO Louis E. Robichaux IV, Randolph Hospital was
estimated to have $100 million to $500 million in both assets and
liabilities.  The Debtor is represented by Jody A. Bedenbaugh, Esq.
and Graham S. Mitchell, Esq., at Nelson Mullins Riley & Scarborough
LLP.


RANGE RESOURCES: Egan-Jones Lowers Senior Unsecured Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Range Resources Corporation to CCC from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to C from B.

Range Resources Corporation is a petroleum and natural gas
exploration and production company organized in Delaware and
headquartered in Fort Worth, Texas.



RIVER SPRING CHARTER: Moody's Cuts Bonds to Ba2, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
revenue bond rating of the California School Finance Authority
Educational Facility Revenue Bonds (River Springs Charter School)
Series 2015A, 2017A and 2017B (Taxable). The downgrade affects
approximately $50.6 million in outstanding debt. Concurrently,
Moody's has revised the outlook to negative from stable.

RATINGS RATIONALE

The downgrade reflects the school's tenuous cash position that fell
below a covenant minimum of 45 days in fiscal 2019 following year
over year declines and a reliance on overlapping revenue
anticipation note borrowings to fund operations. Management's
failure to maintain or improve liquidity even during a period of
strong state aid growth, and failure to regularly track and report
cash balances represent material governance weaknesses. The
shortfall in cash was not recognized until after the completion of
the fiscal 2019 audit, delaying remedial action. Growth in average
daily attendance has lagged projections in part because of the
delayed opening of the school's planned Flabob Airport Preparatory
School, on which construction has been halted due to Covid-19.

Following the requirements of the Loan Agreement, the school has
retained an independent consultant and expects to be in compliance
with its days' cash requirement by the end of fiscal 2020,
inclusive of anticipated receivables within 60 days. However, the
school's actual available cash will remain weak. The school
regularly issues RANs for cash flow purposes, with $6.5 million
currently outstanding, and an additional RAN borrowing of $6.5
million is anticipated prior to full repayment of the outstanding
RANs by the end of the fiscal year. Debt service coverage remains
adequate at 1.68x in fiscal 2019 (1.65x MADs) but could be strained
should there be continued construction delays of the new school or
lower than anticipated enrollment growth. Over the past three
years, average growth in per pupil state revenues has approached 6%
annually, and the school will be challenged to restrict future
expenditure increases to match what is anticipated to be
significantly diminished growth in state aid going forward.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The coronavirus crisis is not a key driver for this
rating action. Moody's does not see any material immediate credit
risks for River Springs Charter School. However, the situation
surrounding coronavirus is rapidly evolving and the longer-term
impact will depend on both the severity and duration of the crisis.
If its view of the credit quality of River Springs Charter School
changes, Moody's will update the rating and/or outlook at that
time.

RATING OUTLOOK

The negative outlook reflects continued pressures confronting the
school as it works to open a new facility, restore cash balances to
covenant minimums and grow reserves to projected levels in excess
of 100 days. The school also faces challenges in improving board
reporting and oversight practices that will ensure that financial
targets are met.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

  - Elimination of RAN borrowing and compliance with all covenants

  - Opening of the Flabob School and actual enrollment that exceeds
a projected 1% growth rate

  - Sustained improvement in debt service coverage and liquidity
levels

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

  - Failure to meet and maintain covenant requirements

  - Declines in enrollment

  - Coverage and liquidity figures that remain below projected
levels

LEGAL SECURITY

The Series 2015A and 2017A and 2017B parity bonds are secured under
two separate loan agreements between the California School Finance
Authority and River Springs Charter School, Inc. as borrower.
Pursuant to the Indentures, the Authority has assigned all loan
repayments pursuant to the loan agreement to the Trustee for the
benefit of bondholders. Central to the security structure for the
bonds, and critical to the current rating level, is a state
intercept mechanism under which River Springs, pursuant to an
Intercept Notice, has directed California's State Controller to
intercept from state aid allocations, on a quarterly basis,
sufficient funds to pay debt service and related fees directly to
the Trustee.

Bonds are additionally secured by Deeds of Trust on the financed
facilities, with a mortgage interest in the Bear River and Temecula
Schools and a leasehold interest in the Flabob Airport school site,
which consists of a ground lease from the airport running through
March 31, 2051, one year prior to final debt maturity in 2052.

PROFILE

River Springs Charter School operates under a countywide benefit
charter, and offers flexible classroom, independent study and
homeschool options. The current charter with Riverside County
expires on June 30, 2023. As of fiscal 2020, the school currently
serves an estimated average daily attendance (ADA) of 6,601
students of which a little over 2,000 are homeschool and Keys
Independent Study students with the remainder enrolled in a variety
of combined classroom and independent study programs.

METHODOLOGY

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


ROBERT STANFORD: $262K Sale of Talcott Life Policy to Montage OK'd
------------------------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama authorized the private sale by Robert
Fletcher Stanford, Sr. and Frances Sharples Stanford of all right,
title and interest in the Talcott Universal Life Policy to Montage
Financial Group or its assignee for $263,000.

The Debtors' Motion to Amend Chapter 11 Schedules to Add Life
Insurance Policies and Claim Life Insurance Policies as Exempt; and
for Approval of Post-Petition Private Sale and Transfer of a Life
Insurance Policy to Arm's Length Purchaser for Value Free and Clear
of All Liens and Encumbrances, if any, is granted on the following
additional conditions:

       1. The Debtors shall, immediately upon receipt of the
proceeds generated from the sale of the Talcott Universal Life
Policy to Montage Financial Group, cause to be deposited the entire
sale proceeds into the Spain & Gillon, LLC, trust account;   

       2. The Debtors are hereby authorized to immediately remit
out of the Spain & Gillon trust account payment in full of the
court-approved and unpaid attorney’s fees owing by the Debtors to
Spain & Gillon, LLC;

       3. The balance of the sale proceeds will continue to be held
in the Spain & Gillon trust account, and will be made available
without further order to pay any presently owed or to be due and
owing Chapter 11 quarterly fees;

       4. All remaining amounts will be held in the Spain & Gillon
trust account until further orders; and

       5. The sale proceeds will not be accorded exempt status.

Any liens that may later be discovered to attach to the Talcott
Universal Life Policy sale proceeds will attach to the proceeds of
the sale.

If there is a dispute among lienholders to the sales proceeds as to
the validity, extent, or priority of any lien, said sale will
remain approved and confirmed; the Debtors will continue to hold
the proceeds in the Spain & Gillon trust account; and the Debtors
will bring an adversary proceeding(s) to resolve said dispute(s).
  
The Debtors are authorized, empowered and directed to do and
perform any other acts or to execute any documents as are usual,
necessary or appropriate to effectuate the sale of the Talcott
Universal Life Policy and to carry out the terms of the Order.

Robert Fletcher Stanford, Sr. and Frances Sharples Stanford sought
Chapter 11 protection (Bankr. N.D. Ala. Case No. 19-01846) on May
3, 2019.  The Debtors tapped Frederick Mott Garfield, Esq., at
Spain & Gillon, LLC as counsel.



ROYAL ALICE: Hires Corporate Realty as Real Estate Broker
---------------------------------------------------------
Royal Alice Properties, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Louisiana to employ
Corporate Realty Leasing Company, Inc., as real estate broker to
the Debtor.

Royal Alice requires Corporate Realty to market and sell the
Debtor's real property known as 910-12 Royal Street, Unit C, New
Orleans, LA 70116.

Corporate Realty 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.

Scott Graf, broker of Corporate Realty Leasing Company, Inc.,
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.

Corporate Realty can be reached at:

     Scott Graf
     CORPORATE REALTY LEASING COMPANY, INC.
     201 St. Charles Ave., Suite 4411
     New Orleans, LA 70170
     Tel: (504) 581-5005

                 About Royal Alice Properties

Royal Alice Properties, LLC, owns, manages and rents the building
and real estate located on the 900 block of Royal Street in the
French Quarter, New Orleans, Louisiana.  The condominium units are
located at 906, 910-12 Royal St. New Orleans, LA 70116.

Royal Alice Properties sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 19-12337) on Aug.
29, 2019. In the petition signed by Susan Hoffman, member/manager,
the Debtor was estimated $1 million to $10 million in both assets
and liabilities.

The case is assigned to Judge Elizabeth W. Magner.

Leo D. Congeni, Esq., at Congeni Law Firm, LLC, represents the
Debtor.


ROYAL CARIBBEAN: Egan-Jones Lowers Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Royal Caribbean Cruises Ltd. to BB- from BB+.

Royal Caribbean Cruises Ltd. is a global cruise holding company
incorporated in Liberia and based in Miami, Florida.



RUBY PIPELINE: Fitch Cuts LT IDR & Sr. Unsec. Rating to 'BB'
------------------------------------------------------------
Fitch Ratings has downgraded Ruby Pipeline, LLC's Long-Term Issuer
Default Rating and senior unsecured rating by two notches to 'BB'.
The senior unsecured recovery rating is 'RR4'. The Rating Outlook
remains Negative. The rating downgrade reflects expectations for a
significant increase in leverage driven by a meaningful contraction
of cash flow given a looming contract cliff in July of 2021
approximating two-thirds of contracted capacity. Fitch projects
leverage at Ruby to weaken considerably to 6.0x-6.5x in 2022, an
increase from 2.2x in 2019 and at levels more commensurate with a
'BB' IDR.

The Negative Outlook reflects heightened re-contracting and
counterparty risk following the sudden downturn in energy markets
earlier this year with Fitch reducing the 2021 natural gas price in
the Fitch price deck by 16% to $2.10/mcf. Regional market
conditions remain challenged as gas price basis differentials
remain low and current utilization trends at approximately 40% of
total pipeline capacity.

Additionally, counterparty risk remains a concern as its two
largest customers have exhibited a deterioration in credit quality
over the last two years. The bankruptcy of Pacific Gas & Electric
Co. (PG&E), its largest customer, and a rating downgrade at
Occidental Petroleum Corporation (Occidental, IDR:'BB+'/RWN)
continue to weigh on Ruby's ratings. PG&E and Occidental are the
largest holders of reservation contracts approximating 35% and 24%
of the pipeline's total contracted capacity.

Fitch Ratings acknowledges that there is a potential for some or
all of the capacity that PG&E has contracted to be rejected in
bankruptcy proceedings. At this time, PG&E continues to make
payments under its contracts.

Ruby's ratings, while not explicitly linked to its owner's ratings,
recognizes that its owners have historically been supportive of its
credit profile and would have the ability to support Ruby's debt
obligations and maintain reasonable credit metrics at the pipeline
either through equity infusions or by limiting distributions if,
and as needed. This support can include further purchases of
subordinated debt or equity infusions in late 2021 or early 2022.
Fitch's base case assumes that Ruby's contract with PG&E will
remain in place, however, a rejection of Ruby's contract in
bankruptcy proceeds or the absence of equity support from Ruby's
owners in light of an anticipated material contraction of cash
flows would result in additional rating downgrades.

Fitch expects to resolve the Outlook once Ruby's owners have
produced a plan to reposition Ruby's balance sheet if
re-contracting, either with PG&E's capacity or with respect to
contracts that expire in mid-2021, significantly erodes Ruby's
profitability.

The company is an indirect operating subsidiary of a joint venture
holding company owned 50/50 by indirect subsidiaries of KMI and
Pembina Pipeline Corp., a Canadian owner and operator of North
American infrastructure assets.

KEY RATING DRIVERS

Expected Contraction in Earnings and Cash Flows: Given challenging
market conditions and a looming contract cliff in July of 2021
approximating two-thirds of contracted capacity, Fitch expects a
material contraction of earnings and cash flows that will
significantly pressure leverage metrics. Given current
supply/demand dynamics at the Opal and Malin hubs, Fitch assumes
any future contracts signed with shippers will be at significantly
lower rates and volumes relative to existing reservation
contracts.

Significant Increase in Leverage Expected: Following the contract
roll off in mid-2021, Fitch projects leverage to significantly
increase to approximately 6.0x-6.5x in 2022, an increase from 2.2x
in 2019 and levels more commensurate with a 'BB' IDR. However, in
the near term, leverage is projected to continue to strengthen
through 2021 as the company amortizes unsecured notes. Ruby is
required to redeem semi-annually $43.75 million in aggregate
principal amounts of its $606 million of outstanding senior
unsecured notes due April 2022.

Depressed Supply/Demand Outlook: Ruby provides the most direct and
economic access to Rocky Mountain gas supplies to the northern West
Coast. However, a collapsed basis differential and relatively weak
utilization trends underscore a challenging operating environment
for Ruby.

Utilization volumes remain weak and approximate 40% of total
pipeline capacity. Additionally, the basis differential between the
Malin hub and the Opal hub remains compressed and competing sources
to Malin remain more attractive, which continues to pressure
competitiveness with gas sourced from Canada. The economic downturn
has pushed out expectations for moderate growth in gas demand in
the Northern California region and precluded any improvement in
basis differentials in the near term. KMI and Pembina's recent
impairment on its investments in Ruby highlights these challenges.

Significant Re-Contracting Risk: The company has long-term
contracts with nine counterparties for 71% of its capacity. Roughly
65% of these contracts, by capacity, roll off in July 2021, with
the remaining contracted capacity held by PG&E rolling off in 2026.
PG&E is the anchor shipper, accounting for 35% of the pipeline's
contracted capacity with a 15-year contract.

Current capacity is anticipated to be re-contracted at lower rates
and volumes at contract expiration, in 2021 and beyond, due to
current weak supply/demand dynamics. However, Fitch believes Ruby's
owners will continue to delever the balance sheet through
amortization of existing debt in anticipation of the 2021 contract
roll-off. Consequently, Fitch expects approximately $475 million of
the senior unsecured notes will remain outstanding upon maturity in
April 2022.

Increased Counterparty Risk: The majority of Ruby's contracted
capacity, approximating two-thirds of total reservation volumes are
now held by non-investment grade counterparties. Ruby's two largest
customers, PG&E and Occidental, have exhibited a deterioration in
credit quality over the last two years. PG&E is in the midst of a
contested bankruptcy with the potential for its contract with Ruby
(at prices well above current basis differentials) to be rejected
outright while Occidental's credit rating was recently downgraded
following the sharp downturn in energy prices. Ruby is a producer
push driven pipeline and as such its key customers are particularly
susceptible to the recent economic downturn as they deal with a
decline in energy prices along with reduced demand.

Supportive Ownership: Ruby has a $250 million note purchase
agreement in place with its owners, which Fitch views as a credit
positive. Loans under this agreement are used solely to pay
regularly scheduled principal amortization payments of the senior
term loan. The transaction effectively refinances senior unsecured
debt with a junior subordinate debt tranche held by Ruby's parent
companies. While Fitch assumes this arrangement will continue Fitch
recognizes that is at the discretion of Ruby's owners.

Although not rated, the junior notes qualify for 100% equity
credit, as the transaction deleverages the balance sheet and helps
to support credit quality. There were $63 million outstanding under
the senior term loan, as of March 31, 2020, and $187 million
outstanding under the subordinated notes.

DERIVATION SUMMARY

Ruby's credit profile is weaker relative to natural gas
transmission pipeline peer Rockies Express Pipeline, LLC (REX:
BBB-/Negative). The company's ratings reflect greater
re-contracting risks as its anchor shipper, PG&E, filed for
bankruptcy and the majority of its contracted portfolio rolls off
in July 2021. Similarly, to REX, Ruby is a Federal Energy
Regulatory Commission-regulated "supply push" driven single-asset
pipeline company that moves shale gas from growing shale basins to
consuming markets.

Ruby has roughly 71% of capacity subscribed under long-term
reservation contracts with a weighted average remaining contract
life of roughly four years. This compares unfavorably with REX,
which has less re-contracting risk in the near term. While roughly
75 % REX's west-to-east capacity has a weighted average remaining
contract life of just under three years, virtually all of REX's
east-to-west capacity has a significantly longer weighted average
remaining contract life of roughly 13 years. Another
differentiating factor is that Ruby has a low utilization rate
while REX's utilization rate remains high. As has generally
prevailed in the pipeline industry, the thus-far renewed/replaced
contracts are fetching rates below the original contracts.

Ruby's ratings reflect its stand-alone credit profile but also
recognize that its owners have historically been supportive and
Fitch assumes the owners will provide a measure of equity support
to fund ongoing operations and help pay down or refinance maturing
debt. The company is significantly smaller than REX with Fitch
expecting Ruby to generate $300 million of EBITDAR in 2020.

Similar to REX, Ruby's current leverage is low and both are
expected in 2020 to have leverage materially under 4.5x. However,
Fitch projects Ruby's leverage will increase to approximately
6.0x-6.5x in 2022 following its contract cliff in 2021 and assumes
less than half of the expiring capacity will be re-contracted at
significantly lower rates, which will pressure leverage metrics.

KEY ASSUMPTIONS

  -- Fitch base case assumes revenue is consistent with existing
reservation contracts through initial contract expiry in 2021;

  -- Assumes contract with PG&E not rejected in bankruptcy and that
less than half of expiring contracted capacity in 2021 gets
re-contracted at $0.05 Mdth/d;

  -- All free cash is paid out as dividends, after payment of
junior subordinated note interest;

  -- Junior subordinated notes have been given 100% equity
treatment;

  -- Assumes equity support from owners. Fitch believes Ruby's
owners will continue to deliver the balance sheet through
amortization of existing debt in anticipation of the 2021 contract
roll off.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- Fitch does not expect a positive credit action under the
course of normal business in the near term. Ruby contracting 100%
of its capacity under long-term contracts at favorable rates could
likely result in an upgrade but this is not expected given current
basis spreads.

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

  -- Sustained EBITDA leverage above 6.5x would warrant a rating
downgrade;

  -- Lack of equity support by Ruby's owners to reposition the
balance sheet following 2021 contract cliff;

  -- A rejection by PG&E of Ruby's contracts or an event of
bankruptcy regarding other significant shippers;

  -- Challenging market conditions leading to contract renewal or
debt refinancing difficulties.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Fitch estimates, based on current contracted revenue, Ruby should
generate adequate liquidity for its operating needs through the
2021 contract expiry. Thereafter, projected cash flows will be
insufficient to pay down $606 million of unsecured debt due April
2022. Fitch assumes Ruby's owners will provide equity support by
limiting distributions or by providing cash infusions to help pay
down or refinance the maturing notes. As a relatively new pipeline
maintenance and operating costs are expected to remain low.

Leverage improved to 2.2x at YE 2019 and is projected to improve
through the 2021 contract roll off, given the expected amortization
on the remaining senior unsecured notes. Ruby is in the process of
refinancing its amortizing senior term loan to March 2021 after
having extended the maturity date by one month to late April 2020.
Fitch expects the senior term loan to be either fully repaid or
refinanced before expiration. The company has a $250 million
subordinated note purchase agreement in place with its parent
companies, EP Ruby LLC and Pembina, since March 2017.

This agreement is a delayed-draw facility, with draws that commence
on the first amortization date of the term loan and end on the
maturity date of the term loan. The subordinated note purchase
agreement has a maturity date of March 31, 2026 and, as of Dec. 31,
2019, approximately $172 million of junior subordinated notes were
outstanding.

Loans under this agreement are to be used solely to pay regularly
scheduled principal amortization payments and the principal balance
of the term loan. This transaction effectively refinances senior
unsecured debt with a junior subordinate debt tranche held by
Ruby's parent companies. Although not rated, these new junior notes
qualify for 100% equity credit, so the transaction deleverages the
balance sheet. Fitch believes this refinancing structure keeps
owners aligned with each other and with the company's operating
interests without negatively affecting senior unsecured noteholders
and is positive to the credit profile.

Ruby is required to comply with a leverage ratio of no more than
5.0x under its term loan and 5.5x under its 7% senior notes. The
company is in compliance with all of its financial covenants.
Ruby's leverage ratio, as of Dec. 31, 2019, was 2.2x. Beginning in
October 2017, the company is required to redeem semi-annually
$43.75 million in an aggregate principal amount of its 7% notes due
2022, with the remaining principal amount due on the maturity date
of these notes. This forced redemption will help lower leverage
through 2020, aiding balance sheet metrics and, in Fitch's view,
providing some flexibility around re-contracting and refinancing.

ESG Commentary

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


SANCHEZ ENERGY: Unsecureds' Recovery Depends on Lien Litigation
---------------------------------------------------------------
Sanchez Energy Corporation and its debtor affiliates filed with the
U.S. Bankruptcy Court for the Southern District of Texas, a Joint
Chapter 11 Plan of Reorganization and Disclosure Statement dated
April 9, 2020.

The Plan provides for a comprehensive restructuring of the Debtors'
outstanding indebtedness and equity interests through a plan of
reorganization.

The Plan proposes to treat claims as follows:

    * Class 3 DIP Claims.  Holders of DIP Claims owed $151.4
million will recover 11% to 53%.  In full and final satisfaction of
each Allowed DIP Claim (other than DIP Fee Claims), each Holder of

an Allowed DIP Claim (other than DIP Fee Claims) will receive its
Pro Rata share of:

      i. the DIP Equity Distribution on the Effective Date; and  

     ii. 100% of the Post-Effective Date Equity Distribution less
any amount of such Post-Effective Date Equity Distribution, if any,
allocated to Holders of Allowed Claims in Classes 4 and/or 5 based
upon the outcome of the Lien-Related Litigation, which allocation  
will be consistent with, as applicable, Sections 1129(b) and 726 of
the Bankruptcy Code.

    * Class 4 Secured Notes Claims.  Holders of Secured Note Claims
owed $450 million will recover 0% to __%.  In full and final  
satisfaction of each Allowed Secured Notes Claim (other than DIP
Fee Claims), each Holder of an Allowed Secured Notes Claim (other
than DIP Fee Claims) will receive its pro rata share of the
Post-Effective Date Equity Distribution, if any, allocated to the
Secured Notes Claims based upon the outcome of the Lien-Related
Litigation, which allocation will be consistent with the
priorities set forth in Sections 1129(b) and 726 of the Bankruptcy
Code.

    * Class 5 General Unsecured Claims owed $1.815 million will
recover 0% to __%.  In full and final satisfaction of each Allowed
General Unsecured Claim, each Holder of an Allowed General
Unsecured Claim shall receive its pro rata share of the
Post-Effective Date Equity Distribution, if any, allocated to the
General Unsecured Claims based upon the outcome of the Lien-Related
Litigation.

The Plan is the product of a negotiated settlement reached through
mediation.  The Plan is supported by the Debtors and the Secured Ad
Hoc Group.

The Reorganized Debtors will fund distributions under the Plan with
Cash on hand on the Effective Date and the New Common Stock.

In connection with the IPO, the Debtors entered into certain
agreements with Sanchez Oil & Gas Corporation. These agreements
govern SOG's performance of various services that support the
Debtors' operations.  SOG has granted the Debtors unrestricted
access to certain extensive seismic and other data developed or
licensed by SOG.  Moreover, as a result of the Debtors' shared
services arrangements with SOG, all individuals comprising the
Debtors' workforce, including their executive officers, are SOG
employees, as the Debtors do not have any employees of their own.

On Jan. 26, 2020, the Debtors shared their business plan and an
illustrative restructuring term sheet for a proposed a plan of
reorganization with each of the Creditors' Committee, the advisors
for the Secured Ad Hoc Group, and the Ad Hoc Group of Unsecured
Noteholders.  To aid negotiations, on Feb. 23 and 24, 2020, the
Debtors entered into confidentiality agreements with (a) eight
members of the Secured Ad Hoc Group and (b) three members of the Ad
Hoc Unsecured Noteholder Group.  On Feb. 25, 2020, the Debtors met
with the Creditors' Committee, Secured Ad Hoc Group and Ad Hoc
Group of Unsecured Noteholders to further advance plan
negotiations.  On March 11, 2020, SN filed a Form 8-K disclosing a
presentation regarding its proposed business plan and related
materials, as required under the terms of the confidentiality
agreements with members of the Ad Hoc Unsecured Noteholder Group.

A full-text copy of the Disclosure Statement dated April 9, 2020,
is available at https://tinyurl.com/rodevju from PacerMonitor at no
charge.

The Debtors are represented by:

         AKIN GUMP STRAUSS HAUER & FELD LLP
         Marty L. Brimmage, Jr.
         Lacy M. Lawrence (TX Bar No. 24055913)
         2300 N. Field Street, Suite 1800
         Dallas, Texas 75201
         Telephone: (214) 969-2800
         Facsimile: (214) 969-4343
         E-mail: mbrimmage@akingump.com
                 llawrence@akingump.com

                  - and -

         Ira S. Dizengoff
         Lisa Beckerman
         Jason P. Rubin
         One Bryant Park
         New York, New York 10036
         Telephone: (212) 872-1000
         Facsimile: (212) 872-1002
         E-mail: idizengoff@akingump.com
                 lbeckerman@akingump.com
                 jrubin@akingump.com

                  - and -

         James Savin
         2001 K Street, N.W.
         Washington, D.C. 20006
         Telephone: (202) 887-4000
         Facsimile: (202) 887-4288
         E-mail: jsavin@akingump.com

                  - and -

         JACKSON WALKER L.L.P.
         Matthew D. Cavenaugh
         Elizabeth Freeman
         1401 McKinney Street, Suite 1900
         Houston, Texas 77010
         Telephone: (713) 752-4284
         Facsimile: (713) 308-4184
         E-mail: mcavenaugh@jw.com
                 efreeman@jw.com

                   About Sanchez Energy Corp.

Sanchez Energy Corporation and its affiliates --
https://sanchezenergycorp.com/ -- are independent exploration and
production companies focused on the acquisition and development of
U.S. onshore oil and natural gas resources.  Sanchez Energy is
currently focused on the development of significant resource
potential from the Eagle Ford Shale in South Texas, and holds other
producing properties and undeveloped acreage, including in the
Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana.  

As of Dec. 31, 2018, the companies had approximately 325,000 net
acres of oil and natural gas properties with proved reserves of
approximately 380 million barrels of oil equivalent and interests
in approximately 2,400 gross producing wells.

Sanchez Energy and 10 affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 19-34508)
on Aug. 11, 2019. As of June 30, 2019, the companies disclosed
$2,159,915,332 in assets and $2,854,673,930 in liabilities.    

The cases have been assigned to Judge Marvin Isgur.

The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson
Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as
financial advisor; Alvarez & Marsal North America LLC as
restructuring advisor; and Prime Clerk LLC as notice and claims
agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Aug. 26, 2019.  The Committee tapped Milbank LLP and
Locke Lord LLP as its co-counsel.


SANUWAVE HEALTH: To Regulate Rights of Diversa Shareholders
-----------------------------------------------------------
SANUWAVE Health, Inc., entered into a shareholders agreement with
Universus Global Advisors LLC, Versani Health Consulting
Consultoria em Gestao de Negocios EIRELI, and IDIC Participacoes
Ltda. in order to regulate their rights and obligations as
shareholders of Diversa S.A., a recently formed Brazilian joint
venture company.  The execution of the Agreement was contemplated
by the joint venture agreement previously entered into by the
parties as described in the Form 8-K filed by the Company on Jan.
28, 2020.  The material terms of the Agreement are consistent with
the terms of the previously disclosed joint venture agreement and
include a four-member board (two appointed by the Company and two
appointed by the IDIC Participacoes Ltda.) and certain rights upon
a change of control of the Company as described in the joint
venture agreement.

                       About SANUWAVE Health

Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com/-- is a shockwave
technology company initially focused on the development and
commercialization of patented noninvasive, biological response
activating devices for the repair and regeneration of skin,
musculoskeletal tissue and vascular structures.  SANUWAVE's
portfolio of regenerative medicine products and product candidates
activate biologic signaling and angiogenic responses, producing new
vascularization and microcirculatory improvement, which helps
restore the body's normal healing processes and regeneration.
SANUWAVE applies its patented PACE technology in wound healing,
orthopedic/spine, plastic/cosmetic and cardiac conditions.  Its
lead product candidate for the global wound care market, dermaPACE,
is US FDA cleared for the treatment of Diabetic Foot Ulcers.  The
device is also CE Marked throughout Europe and has device license
approval for the treatment of the skin and subcutaneous soft tissue
in Canada, South Korea, Australia and New Zealand.  SANUWAVE
researches, designs, manufactures, markets and services its
products worldwide, and believes it has demonstrated that its
technology is safe and effective in stimulating healing in chronic
conditions of the foot (plantar fasciitis) and the elbow (lateral
epicondylitis) through its U.S. Class III PMA approved OssaTron
device, as well as stimulating bone and chronic tendonitis
regeneration in the musculoskeletal environment through the
utilization of its OssaTron, Evotron and orthoPACE devices in
Europe, Asia and Asia/Pacific.  In addition, there are
license/partnership opportunities for SANUWAVE's shockwave
technology for non-medical uses, including energy, water, food and
industrial markets.

SANUWAVE reported a net loss of $10.43 million for the year ended
Dec. 31, 2019, compared to a net loss of $11.63 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.38 million in total assets, $13.44 million in total liabilities,
and a total stockholders' deficit of $10.06 million.

Marcum LLP, in New York, NY, the Company's auditor since 2018,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


SARATOGA & NORTH CREEK: Taps Development Specialists as Accountant
------------------------------------------------------------------
Saratoga and North Creek Railway, LLC, seeks authority from the
United States Bankruptcy Court for the District of Colorado to
employ Development Specialists, Inc. as its accountant.

Services to be rendered by the accountant are:

     (a) assist the Debtor in preparing financial disclosures
required by the Court, including any revisions/adjustments to the
Debtor's Schedules of Assets and Liabilities, any potential
revisions/adjustments to Statements of Financial Affairs, Monthly
Operating reports, and Rule 2015.3 Reports;

     (b) assist in preparing or reviewing Debtor's financial
information, including, but not limited to, analyzing cash receipts
and disbursements, financial statement items, and proposed
transactions for which Court approval is sought;

     (c) prepare enterprise, asset, and liquidation valuations;

     (d) assist with the analysis, tracking, and reporting for any
financing arrangements and budgets;

     (e) assist with identifying and implementing potential cost
containment opportunities;

     (f) assist in reviewing Debtor's business and financial
condition generally;

     (g) coordinate efforts to obtain debtor-in-possession
financing;

     (h) attend meetings and assist in discussions with potential
investors, banks, and other lenders, any official committee(s)
appointed in this case, the United States Trustee, other parties in
interest and their professionals, as requested;

     (i) communicate and negotiate with Debtor's creditor
constituents to aid the Debtor in maximizing recovery for all
stakeholders;

     (j) assist in the preparation of information and analysis
necessary for the confirmation of a Chapter 11 plan, including
information contained in the disclosure statement, if confirmation
of a plan is found to be advisable by the Trustee;

     (k) provide forensic accounting services necessary to
determine the disposition of the Debtor's assets and assist counsel
in developing litigation claims which may be estate property;

     (l) coordinate any sales of assets;

     (m) coordinate workflow administration between the Debtor's
professionals and creditor constituencies and their professionals;

     (n) assist the Debtor with the day-to-day, short-term, and
long-term management of the bankruptcy process, including
evaluating strategic and tactical options with respect to
management of the reorganization of operations and sale of Debtor's
assets;

     (o) render such other assistance as the Debtor or his retained
professionals may deem necessary consistent with the role of an
accountant to the extent that it would not be duplicative of
services provided by other professionals in this preceding.

The firm's hourly rates are:

     Fred Caruso      $720
     Steve Victor     $650
     Tom Jeremiassen  $595
     Shelly Cuff      $375
     Spencer Ferrero  $375
     Tom Frey         $350
     Jack Donohue     $295

Development Specialists is a "disinterested person" as that term is
defined in 11 U.S.C. § 101(14) and modified by 11 U.S.C. Sec.
1107(b), according to court filings.

The firm can be reached through:

     Fred Caruso
     Development Specialists, Inc.
     10 South LaSalle Street, Suite 3300
     Chicago, IL 60603-1026
     Tel: 312-263-4141
     Fax: 312-263-1180

           About Saratoga and North Creek Railway, LLC

Saratoga and North Creek Railway, LLC is a privately held company
in the rail transportation industry.

Saratoga and North Creek Railway, LLC, filed a voluntary Chapter 11
(Bankr. D. Col. Case No. 20-12313) on March 30, 2020. In the
petition signed by William A. Brandt, Jr., Chapter 11 trustee of
San Luis & Rio Grande Railroad, Inc., the Debtor estimated $1
million to $10 million on both assets and liabilities.

Jennifer M. Salisbury, Esq. at MARKUS WILLIAMS YOUNG & HUNSICKER
LLC, represents the Debtor as counsel.


SERENTE SPA: Ordered to File Plan by July 1 or Face Dismissal
-------------------------------------------------------------
Serente Spa LLC's case was filed Sept. 9, 2019.  No plan or
disclosure statement has been filed and the Debtor's exclusivity
period has expired.  Judge Jeffrey Norman of the U.S. Bankruptcy
Court for the Southern District of Texas accordingly ordered the
Debtor to file a plan and a disclosure statement not later than
July 1, 2020 or the Court will sua sponte dismiss this case.

A full-text copy of the order dated April 9, 2020, is available at
https://tinyurl.com/rnkcgyr from PacerMonitor at no charge.

                         About Serente Spa

Serente Spa, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 19-35078) on Sept. 9,
2019.  At the time of the filing, the Debtor had estimated assets
of less than $100,000 and liabilities of less than $1 million.  The
case is assigned to Judge Jeffrey P. Norman.  Margaret Maxwell
McClure, Esq., at the Law Office of Margaret M. McClure, is the
Debtor's legal counsel.

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


SETTLERS JERKY: Has Until June 30 to Exclusively File Plan
----------------------------------------------------------
Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central
District of California extended to June 30 the exclusivity period
for Settlers Jerky Inc. to file a Chapter 11 plan as well as the
time fixed within which its plan must be confirmed.  

Concurrently with its request, Settlers Jerky filed its plan of
reorganization and disclosure statement, which provided for the
payment of all allowed claims in full.  The company believed that
its creditors are likely to support the plan, particularly where it
has obtained a final and non-appealable order disallowing the
disputed $3 million claim of Kimberly Hernandez in its entirety.

The hearing to consider approval of the disclosure statement is
scheduled for April 29.

                     About Settlers Jerky Inc.

Settlers Jerky Inc. is a family-operated enterprise that develops,
prepares and sells gourmet, hand-crafted and hand-packaged artisan
beef jerky snacks.  It currently produces and distributes 50
different flavors and styles of beef jerky to over 60 companies.
Its facilities and operations are located in  Walnut, Calif.   

Settlers Jerky filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 19-22339) on Oct. 18, 2019.  Judge Sheri Bluebond oversees the
case.  Levene, Neale, Bender, Yoo & Brill LLP is the Debtor's legal
counsel.



SIMBECK INC: Has Until July 10 to File Plan & Disclosures
---------------------------------------------------------
Judge Rebecca B. Connelly of the U.S. Bankruptcy Court for the
Western District of Virginia, Harrisonburg Division, has entered an
order for debtor Simbeck, Inc., to file a Disclosure Statement and
Plan on or before July 10, 2020.

A full-text copy of the order dated April 7, 2020, is available at
https://tinyurl.com/t5n3ylc from PacerMonitor at no charge.

Counsel for the Debtor:

         Hannah W. Hutman, Esquire
         hhutman@hooverpenrod.com
         HOOVER PENROD PLC
         342 South Main Street
         Harrisonburg, Virginia 22801
         Tel: (540) 433-2444
         Fax: (540) 433-3916

                       About Simbeck Inc.

Simbeck, Inc. -- http://www.simbeckinc.com/-- is a transportation
company with experience in long-haul, regional, and short-haul
truckload freight. With a fleet of more than 70 trucks, Simbeck is
located along Interstate 81 in Northern Virginia providing the
Company access to all major shipping corridors along the east
coast; and from Virginia to Texas.

Simbeck, Inc., filed a Chapter 11 petition (Bankr. W.D. Va. Case
No. 19-50868) on Oct. 1, 2019, in Harrisonburg, Virginia.  In the
petition signed by Michael Darnell, Jr., resident, the Debtor was
estimated to have assets of no more than $50,000 and liabilities at
$1 million to $10 million.  Judge Rebecca B. Connelly administers
the Debtor's case. HOOVER PENROD, PLC, represents the Debtor.


SIX FLAGS: Egan-Jones Lowers Senior Unsecured Ratings to CCC
------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Six Flags, Inc. to CCC from B. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Headquartered in Grand Prairie, Texas, Six Flags, Inc. owns and
operates theme parks. The Company provides parks comprised of
theme, water-rides, roller coasters, concerts, shows, restaurants,
game venues, retail outlets, and zoological attractions.



SK HOLDCO: S&P Downgrades ICR to 'CCC' on Elevated Liquidity Risk
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on SK
HoldCo LLC to 'CCC' from 'CCC+', its issue-level rating on its
senior secured debt to 'CCC+' from 'B-', and its issue-level rating
on its senior unsecured notes to 'CC' from 'CCC-'.

"The downgrade reflects Service King's heightened liquidity
concerns and our belief that a restructuring is likely given its
significantly weaker collision volumes due to the coronavirus
pandemic and its elevated refinancing risk. Collision repair
companies have indicated that the demand for their services is
already down about 40%-50% as car owners stay in their homes and
reduce the amount of time they spend on the road to limit the
spread of the virus. While we expect the volume of vehicle miles
traveled to recover, the extent and timing of the recovery remains
unclear. Therefore, we expect Service King's sales to decline and
believe that its margins may not recover in 2020 despite
management's significant cost cutting and its recent business
transformation. We believe the company's cash flow is currently
negative and anticipate that it will need to draw on its available
liquidity over the next few months. Additionally, Service King
recently delayed an interest payment on its bonds, which we believe
indicates that its business is under extreme stress," S&P said.

The negative outlook reflects S&P's view that collision volumes may
remain sufficiently weak such that the company's continued negative
cash flow leads to a liquidity crisis. The outlook also reflects
the increasing likelihood that Service King will default or
undertake a partial restructuring absent unanticipated favorable
changes in its circumstances.

"We could lower our rating on Service King if the company enters
into a debt exchange that we view as distressed or if a bankruptcy
or default becomes a virtual certainty," S&P said.

"We could raise our rating on SK HoldCo if it successfully
refinances its term loan without undertaking a debt exchange that
we view as distressed. We would also need to have confidence in the
company's ability to remain a going concern," S&P said.


SKLAR EXPLORATION: Hires Armbrecht Jackson as Special Counsel
-------------------------------------------------------------
Sklar Exploration Company, LLC and Sklarco, LLC seek approval from
the U.S. Bankruptcy Court for the District of Colorado to hire
Armbrecht Jackson, LLP, as special counsel to provide legal
services with respect to oil and gas issues.

Conrad Armbrecht, Esq. will be the primary attorney responsible for
the Debtors' account.

Mr. Armbrecht's hourly rate is $440 per hour. Duane A. Graham and
Benjamin Y. Ford may also perform work on the Debtors' account, and
bill at a rate of $335 per hour and $275 respectively.

Mr. Armbrecht assures the court that his firm does not have an
interest materially adverse to the interest of the estate or of any
class of creditors on the matters for which it will be employed.

The firm can be reached through:

     Conrad Armbrecht, Esq.
     Armbrecht Jackson LLP
     11 N Water St fl 27
     Mobile, AL 36602
     Phone: 251-405-1300
     Fax: 251-432-6843

                About Sklar Exploration Company

Sklar Exploration Company, LLC -- https://sklarexploration.com/ --
is an independent exploration production company owned and managed
by Howard F. Sklar.  With offices in Boulder, Colo., Shreveport,
La., and Brewton, Ala., Sklar owns interests in oil and gas wells
located throughout the United States.  Its exploration and
production activities have historically focused on the
hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf
Coast basins of East Texas, North Louisiana, South Mississippi,
South Alabama, and the Florida Panhandle.

Sklar Exploration Company and Sklarco, LLC sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No.
20-12377) on April 1, 2020.

At the time of the filing, Sklar Exploration had estimated assets
of between $1 million and $10 million and liabilities of between
$10 million and $50 million.  Sklarco disclosed assets of between
$10 million and $50 million and liabilities of the same range.

Debtors are represented by Kutner Brinen, P.C.


SKLAR EXPLORATION: Maynes, Skelton Represent Tauber, 9 Others
-------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Maynes, Bradford, Shipps & Sheftel, LLP and Barnett
B. Skelton, Jr., Esq. submitted a verified statement to disclose
that they are representing the following parties in the Chapter 11
cases of Sklar Exploration Company, LLC and Sklarco, LLC:

     a. Tauber Exploration & Production Company
     b. Pickens Financial Group LLC
     c. CTM 2005, Ltd
     d. I & L Miss I, LP
     e. Tara Rudman Revocable Trust
     f. Feather River 75, LLC
     g. Rudman Family Trust
     h. The Rudman Partnership
     i. MER Energy, Ltd
     j. MR Oil & Gas, LLC

As of April 20, 2020, the parties listed members and their
disclosable economic interests are:

Tauber Exploration & Production Company
55 Waugh Drive, Suite 700
Houston, TX 77007

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

Pickens Financial Group LLC
10100 N. Central Expressway
Suite 200
Dallas, TX 75231

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

CTM 2005, Ltd
55 Waugh Drive, Suite 515
Houston, TX 77007

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

I & L Miss I, LP
4761 Frank Luck Dr.
Addison, TX 75001

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

MER Energy, Ltd
MR Oil & Gas, LLC
6500 Greenville Ave., Ste 110
Dallas, TX 75206

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

The Rudman Partnership
4851 LBJ Freeway, Suite 210
Dallas, TX 75244

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

Tara Rudman Revocable Trust
Feather River 75, LLC
Rudman Family Trust
5910 North Central
Expressway, Suite 1662
Dallas, TX 75206

* Nature of Claim against the Debtors: Secured claim for
  misapplication of cash call advances, unpaid working interest
  revenues and breach of various joint operating interests

* Principal amount of claim: Undetermined as of the date of filing

The Firm can be reached at:

          Maynes, Bradford, Shipps & Sheftel LLP
          Thomas H. Shipps, Esq.
          Shay L. Denning, Esq.
          835 E. Second Ave., Suite 123
          Durango, CO 81301
          Tel: (970) 247-1755
          Fax: (970) 247-8827
          Email: tshipps@mbssllp.com
                 sdenning@mbsslip.com

                    - and -

          Barnet B. Skelton, Jr., Esq.
          815 Walker, Suite 1502
          Houston, TX 77002
          Tel: (713) 659-8761
          Cell: (713) 516-8764
          Fax: (713) 659-8764
          Email: barnetbjr@msn.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/4AIb7s and https://is.gd/20MSvz

                 About Sklar Exploration Company

Sklar Exploration Company, LLC -- https://sklarexploration.com/ --
is an independent exploration production company owned and managed
by Howard F. Sklar.  With offices in Boulder, Colo., Shreveport,
La., and Brewton, Ala., Sklar owns interests in oil and gas wells
located throughout the United States.  Its exploration and
production activities have historically focused on the
hydrocarbon-rich Lower Gulf Coast basins and in the Interior Gulf
Coast basins of East Texas, North Louisiana, South Mississippi,
South Alabama, and the Florida Panhandle.

Sklar Exploration Company and Sklarco, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Lead Case No.
20-12377) on April 1, 2020.  At the time of the filing, Sklar
Exploration had estimated assets of between $1 million and $10
million and liabilities of between $10 million and $50 million.
Sklarco disclosed assets of between $10 million and $50 million and
liabilities of the same range.  Judge Elizabeth E. Brown oversees
the cases.  The Debtors are represented by Kutner Brinen, P.C.


SOLERA LLC: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------
Moody's Investors Service changed Solera, LLC's outlook to negative
from stable, reflecting the expected disruption caused by the
COVID-19 pandemic to miles driven, claim volumes and other business
drivers, as well as the company's diminished liquidity position.
Moody's affirmed Solera's B2 corporate family rating and B2-PD
probability of default rating, and affirmed the Ba3 (LGD2) and Caa1
(LGD5) ratings on Solera's senior secured first lien credit
facilities and senior unsecured notes, respectively.

Affirmations:

Issuer: Solera, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Term Loan B, Affirmed Ba3 (LGD2)

Senior Secured Revolving Credit Facility, Affirmed Ba3 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Outlook Actions:

Issuer: Solera, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Social distancing measures and the recessionary environment caused
by COVID-19 will reduce miles driven, claims and processing volumes
across Solera's markets in fiscal 2021. The unprecedented nature of
the shock elevates uncertainty around the duration and impact,
which drives the negative outlook. A large proportion of Solera's
revenue is generated from recurring subscriptions, which partially
mitigates a slowdown in volumes. However, transactional revenue
will see a material reduction and new bookings will be challenged
as Solera's client base seeks to preserve cash and new technology
projects are delayed. Smaller clients, especially repair shops in
the SMR segment will be under pressure due to lower activity over
the next 6-12 months. However, we note this segment only represents
17% of revenue and the majority of Solera's client base is
comprised of well-capitalized insurers and larger groups of dealers
and repair facilities. The company has not yet appointed a
permanent CEO and continues to operate with very high financial
leverage around 7.4x as of December 2019 (Moody's adjusted) and
modest free cash flow to debt under 1%. Since the 2017 acquisition
of Autodata, top line growth and margin expansion have supported a
modest deleveraging profile, but levels remain high and COVID-19
will halt the trend.

Solera's credit profile is supported by a steady revenue base from
recurring subscriptions and high EBITDA margins close to 40%
(Moody's adjusted). Solera has a diversified geographical
footprint, with presence in over 90 countries. Over the years, the
company has expanded its product offerings, with an increasing
percentage of revenue generated by segments outside of the core
auto physical damage claims-servicing business. The business model
has proven to be resilient, even in economic downturns. The
company's global reach, high margins and product diversification
are reflected in its rating. Solera launched a restructuring
program in fiscal 2020, which is expected to support material
margin improvement over the next 2-3 years and will partially
offset the slowdown caused by COVID-19.

The negative outlook reflects the uncertainty around the duration
of social distancing measures that will disrupt Solera's revenue,
margins and cash flow over the next 12 months, partially mitigated
by the restructuring and cost-saving initiatives launched in fiscal
2020. More clarity on the impact and duration of the coronavirus
outbreak would support a stabilization. Moody's expects a shock
starting in calendar 1Q20, a steep decline in 2Q20 and a slow
recovery starting in 3Q20. The outlook also reflects Solera's
diminished liquidity with weak free cash flow expectations in
fiscal 2021 and a $300 million revolving facility that expires in
less than 12 months. Leverage is expected to temporarily increase
in fiscal 2021, with weak free cash flow to debt around 0%. After
fiscal 2021 (ending March 2021), Moody's anticipates leverage will
decrease toward 7x (Moody's adjusted), in the absence of leveraging
transactions. However, if social distancing measures remain in
place longer than anticipated, credit metrics could deteriorate
further and pressure the credit.

The ratings for the individual debt instruments incorporate
Solera's overall probability of default, reflected in the B2-PDR,
and the loss given default assessments for individual instruments.
The first lien credit facilities, which include the $300 million
revolver due 2021 and $2.5 billion first lien term loan due 2023,
are rated Ba3 with a loss given default assessment of LGD2,
reflecting the priority of claim and higher recovery prospects for
the secured debt holders. Solera's $2.0 billion of unsecured notes,
due 2024, are rated Caa1, with a loss given default assessment of
LGD5. The two-notch differential for the secured and unsecured debt
ratings relative to the CFR reflects the relative allocation and
priority of secured and unsecured debt in the capital structure.

Liquidity is adequate given Solera's $243 million in cash and cash
equivalents on the balance sheet and approximately $282 million of
available capacity under its committed $300 million revolver (as of
December 2019). The revolving facility matures in March 2021, which
weakens liquidity, but Moody's expects Solera will be able to
complete an extension before the maturity date. Free cash flow is
expected to remain weak, close to break-even in fiscal 2021, as the
negative impact of COVID-19 is partially offset by cost savings
stemming from the restructuring plan put in place in fiscal 2020.
FCF/debt in fiscal year 2022 is expected to improve above 1%
(Moody's adjusted) as growth and margins return to historical
levels. A potential cash payment over the next 12 months from the
ongoing arbitration with former CEO Tony Aquila could further
diminish near term liquidity, but Moody's expects existing cash
levels and revolver capacity will be sufficient to support
liquidity needs. The revolver (only) is subject to a maximum
springing first lien net total leverage ratio of 6.25x, which is
applicable if there are more than 35% of drawings on the facility.
Moody's expects the company, in the event the covenant is
applicable, to be within its limit. Required amortization on the
$2.5 billion term loan is 1% per annum. Moody's expects Solera's
financial strategy, a key governance consideration under its ESG
framework, will focus on preserving liquidity over the next few
months.

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

An upgrade is unlikely over the next 12 months given the
expectation for credit deterioration due to social distancing
measures linked to the COVID-19 outbreak and a recessionary
macroeconomic environment, which will negatively affect growth and
margins. In the long term, the ratings could be upgraded if Moody's
expects 1) a demonstrated commitment to keep debt/EBITDA leverage
below 6x; 2) organic revenue growth in the mid-single-digit
percentage; 3) sustained EBITDA margins over 40%; and 4) FCF/debt
above 5% (all metrics Moody's adjusted).

Solera's ratings could be downgraded if the impact of the
coronavirus outbreak lasts longer than anticipated, resulting in
deteriorating liquidity and further uncertainty. The ratings could
also be downgraded (all metrics Moody's adjusted) if 1) Solera
undertakes a large leveraging transaction, or if Moody's expects
debt/EBITDA will remain above 8x on a sustained basis; 2) organic
revenue growth decreases to low single-digits on a constant
currency basis (excluding the temporary impact of COVID-19),
suggesting increased competitive pressure or shrinking demand; 3)
EBITA/Interest coverage is expected to be sustained below 1.3x; 4)
free cash flow to debt is expected to be sustained below 1%; or 5)
liquidity deteriorates.

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

Solera is a global provider of risk- and asset-management software
and services to the automotive and property marketplace. Customers
include automobile and property insurance companies, collision
repair and maintenance service facilities, appraisers, auto dealers
and others. The company operates three platforms: Risk Management
Solutions ("RMS"), Service Maintenance & Repair ("SMR") and
Customer Retention Management ("CRM"). Moody's expects revenue of
approximately $1.5 billion for the fiscal year ending in March
2020. The company was taken private by a Vista Equity Partners-led
consortium in 2016.


SOULA INC: Proceeds From Sale to Pay All Creditors in Full
----------------------------------------------------------
Debtor Soula, Inc., filed with the U.S. Bankruptcy Court for the
District of New Jersey a Chapter 11 Plan and a Disclosure Statement
on April 7, 2020.

The Debtor's sole asset is the Real Property located at 3402 Rte. 9
S., Rio Grande, NJ 08242.  The Debtor believes that the Real
Property is worth approximately $900,000 and the Debtor intends to
list the Real Property for sale at $899,900.  Creditors have filed
claims against the Debtor totaling $92,055 and there are
outstanding Chapter 7 administrative expenses of $4,598.  Even if
the Real Property had to be sold at a substantial discount, the
proceeds from the sale would be more than sufficient to pay all
creditors in full.

Other than the administrative expenses pertaining to the Chapter 11
bankruptcy, the only expenses required to be paid by the Debtor are
real estate taxes for the Real Property, which are currently
$12,216.96 per year.  The Debtor's sole shareholder, George
Fotakis, has agreed to advance funds to the Debtor to keep the real
estate taxes current and to pay any interim payments required under
the Plan.  Mr. Fotakis currently has income of approximately
$29,000 a year from the Malaga Diner.  Mr. Fotakis has access to
sufficient funding to make the necessary advances to the Debtor to
fund interim payments under the Plan.

Class 4 General unsecured claims total $7,046.40 (part of Claim No.
3 filed by State of New Jersey, Division of Taxation). Class 4
shall be paid in full in cash within 10 days of closing of the sale
of the Real Property.

Class 5 Equity interests will be retained by shareholder.

Pursuant to the terms of the Plan, the Debtor has up to 90 days to
secure funds from its principal, George Fotakis.  The Debtor is
confident that Mr. Fotakis will have the financial wherewithal to
advance funds sufficient for the Debtor to make these payments.
Mr. Fotakis also has sufficient funds available for the Debtor to
make the $1,000 monthly adequate protection payments required for
the Class 1 Claim and to pay the real estate taxes for the Real
Property.

A full-text copy of the Disclosure Statement dated April 7, 2020,
is available at https://tinyurl.com/wg3t3ay from PacerMonitor at no
charge.

The Debtor is represented by:

        Lee M. Perlman, Esquire
        1926 Greentree Road, Suite 100
        Cherry Hill, NJ 08003
        Tel: (856) 751-4224

The Chapter 11 case is In re Soula, Inc. (Bankr. D.N.J. Case No.
19-14373).


SOUTHERN FOODS: $16.5M Cash Sale of Dean & Subsidiaries' Assets OKd
-------------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Southern Foods Group, LLC and its
debtor-affiliates to sell the assets of Dean Foods Co. and each of
its Subsidiaries described in the Asset Purchase Agreements dated
as of April 4, 2020, to Mana Saves McArthur, LLC for $16.5 million
cash, plus the Property Tax Purchase Price Amount, less all
Prepaids (if any), plus the assumption of the Assumed Liabilities,
plus the cure costs.

The Sale Hearing was held on April 3, 2020.

The Sale is free and clear of all claims, liabilities, interests,
rights, and Encumbrances, with such Liens and Claims to attach to
the sale proceeds.

Subject to the terms and conditions of the Final DIP Order, which
terms and conditions will not be altered or abrogated by the Order,
the creation and funding of the Professional Fee Escrow Account is
approved.  The Professional Fee Escrow Account will be funded in an
amount equal to (a) all Professional Fees (as defined in the Final
DIP Order) that are accrued and unpaid, and incurred or estimated
(in good faith) to be incurred, through and including the Closing
Date, plus (b) $8 million, less (c) those amounts, if any,
previously deposited into the Professional Fee Escrow Account in
connection with other asset sales, less (d) all amounts required
under paragraph 8(d) of the Final DIP Order to be funded from all
cash on hand as of such funding date.  

In consultation with the Buyer with respect to the designation of
Contracts or Leases to be assumed and assigned pursuant to the APA,
the Debtors will file the Proposed Assumed Contracts Schedule for
the Sale Transaction as soon as reasonably practicable after
entry of the Order.

The Debtors and the other parties thereto are authorized, subject
to the terms and conditions of the Final DIP Order, without further
notice or relief from the Court, to (x) enter into the Professional
Fee Escrow Agreement, (y) take any and all actions that are
necessary or appropriate in the exercise of their business judgment
to implement the Professional Fee Escrow Agreement, including
engaging applicable escrow agents, and (z) make or authorize the
payments contemplated in connection therewith.  

For the avoidance of doubt, subject to the terms and conditions of
the Final DIP Order, the Professional Fee Escrow Account will be
maintained in a trust solely for the benefit of the Debtors'
retained professionals and those professionals retained by the
Committee.  To the extent any funds remain following the payment of
Professional Fees, such funds will be, in accordance with paragraph
8(f) of the Final DIP Order, subject to the Prepetition Agent's and
the DIP Agent's security interest upon any residual interest in the
Professional Fee Escrow Account, and such funds will be used first
to pay the DIP Agent for the benefit of the DIP Secured Parties
until the DIP Obligations have been indefeasibly paid in full in
cash and all commitments under the DIP Facility have been
terminated.  
After application of such funds to repay the DIP Obligations, in
full in cash (if necessary), any remaining funds in the
Professional Fee Escrow Account will revert back to the Debtors'
estates.

The Debtors will file the Proposed Assume Contracts Schedule for
the Sale Transaction as soon as reasonably practicable after entry
of the Order.

On the Closing Date, the Debtors will pay all amounts due to
Centimark Corp. as of the Petition Date in the aggregate amount of
$289,162 (together with interest and attorneys' fees to the extent
allowable) solely to the extent that Centimark, the Debtors and the
DIP Agent have determined that such amounts are secured by
Permitted Third Party Liens or are otherwise secured by property
having value in excess of the value of the Prepetition Liens and
DIP Liens on such property.

The Debtors will deposit into a segregated account, to be held by
the Debtors as adequate protection for the secured claims of those
Texas taxing authorities represented by Linebarger, Goggan, Blair &
Sampson, LLP, McCreary, Veselka, Bragg & Allen, P.C., or Perdue,
Brandon, Fielder, Collins & Mott, LLP, from proceeds of the Sale
Transaction respecting Prepetition Collateral that is (a) located
in a Texas Taxing Authority's jurisdiction and (b) subject to the
Tax Liens, an amount sufficient to secure the 2020 and prior ad
valorem taxes incident to the real and personal property accounts
of said tax entities based upon the tax entities Proofs of Claims,
in each case subject to the Debtors' obligations for such taxes
under the APA, either (x) agreed to by the Texas Taxing Authorities
and the Debtors or (y) as otherwise determined by the Court.

Notwithstanding anything to the contrary in the Order, or the Final
DIP Order or Final Securitization Order, on the date of, and as a
condition to, the closing of the sale transaction contemplated
herein with the Buyer, the Debtors will pay all amounts due to Land
O'Lakes, Inc.

The requirements set forth in Bankruptcy Rules 6003(b), 6004, and
6006 and Local Rule 9013-1 have been satisfied or otherwise deemed
waived.

As provided by Bankruptcy Rule 9014, the terms and conditions of
the Order will be effective immediately upon entry and will not be
subject to the stay provisions contained in Bankruptcy Rules
6004(h) and 6006(d).   Time is of the essence in closing the sale
and the Debtors and the Buyer intend to close the sale as soon as
possible.   

A copy of the APA is available at https://tinyurl.com/y8bec3lo from
PacerMonitor.com free of charge.

                   About Southern Foods Group

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

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

Judge David Jones oversees the cases.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


SOUTHERN FOODS: $25.5M Sale of Substantially All Assets Approved
----------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Southern Foods Group, LLC and its
debtor-affiliates to sell substantially all assets to Industrial
Realty Group, LLC for $25.5 million cash, plus the Property Tax
Purchase Price Adjustment, plus the assumption of the Assumed
Liabilities.

The Sale Hearing was held on April 3, 2020.

The Debtors are authorized to pay, without further order of the
Court, whether before, at, or after the Closing, any expenses or
costs that are required to be paid to consummate the Transactions
or perform their obligations under the APA.

The sale is free and clear of all claims, liabilities, interests,
rights, and Encumbrances, with any such Liens and Claims to attach
to the sale proceeds.

The Debtors will file the Proposed Assume Contracts Schedule for
the Sale Transaction as soon as reasonably practicable after entry
of the Order.

On the Closing Date, the Debtors will pay all amounts due to
Centimark Corp. as of the Petition Date in the aggregate amount of
$289,162 (together with interest and attorneys' fees to the extent
allowable) or are otherwise secured by property having value in
excess of the value of the Prepetition Liens and DIP Liens on such
property.

The Debtors will deposit into a segregated account, to be held by
the Debtors as adequate protection for the secured claims of those
Texas taxing authorities represented by Linebarger, Goggan, Blair &
Sampson, LLP, McCreary, Veselka, Bragg & Allen, P.C., or Perdue,
Brandon, Fielder, Collins & Mott, LLP, from proceeds of the Sale
Transaction respecting Prepetition Collateral that is (a) located
in a Texas Taxing Authority’s jurisdiction and (b) subject to the
Tax Liens.

Notwithstanding anything to the contrary in the Order or in the
APA, Videojet Technologies Inc. retains ownership of and title to
any and all printers and related equipment leased by Videojet to
the Debtors pursuant to the equipment lease agreements between
Videojet and the applicable Debtors and the Videojet Leased
Equipment is not property of the Debtors' estates.

Notwithstanding anything to the contrary in the Order or in the
APA, the Debtors have no ownership interest or any other interest
in the equipment identified in the schedule of equipment owned by
Norse Dairy Systems, LLC.

Notwithstanding anything to the contrary in the Order, or the Final
DIP Order or Final Securitization Order, on the date of, and as a
condition to, the closing of the sale transaction contemplated with
the Buyer, the Debtors will pay all amounts due to Land O'Lakes,
Inc. by the Debtors.

The Debtors will not sell or otherwise transfer as Acquired Assets
hereunder, any SFS Lease Property.

The requirements set forth in Bankruptcy Rules 6003(b), 6004, and
6006 and Local Rule 9013-1 have been satisfied or otherwise deemed
waived.

                   About Southern Foods Group

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

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

Judge David Jones oversees the cases.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


SOUTHERN FOODS: $6.7M Cash Sale of Dean & Subsidiaries' Assets OK'd
-------------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Southern Foods Group, LLC and its
debtor-affiliates to sell to Producers Dairy Foods, Inc. (i) the
assets of Dean Foods Co. and each of its Subsidiaries described in
the Asset Purchase Agreements dated as of March 30, 2020, for
$3,001,000, cash; and the assets of Dean Foods Co. and each of its
Subsidiaries described in the Asset Purchase Agreements dated as of
March 30, 2020, for 3.7 million, cash, plus the Property Tax
Purchase Price Amount, plus the assumption of the Assumed
Liabilities, and cure costs.

The Sale Hearing was held on April 3, 2020.

The Sale is free and clear of all claims, liabilities, interests,
rights, and Encumbrances, with such Liens and Claims to attach to
the sale proceeds.

Subject to the terms and conditions of the Final DIP Order, which
terms and conditions will not be altered or abrogated by the Order,
the creation and funding of the Professional Fee Escrow Account is
approved.  The Professional Fee Escrow Account will be funded in an
amount equal to (a) all Professional Fees (as defined in the Final
DIP Order) that are accrued and unpaid, and incurred or estimated
(in good faith) to be incurred, through and including the Closing
Date, plus (b) $8 million, less (c) those amounts, if any,
previously deposited into the Professional Fee Escrow Account in
connection with other asset sales, less (d) all amounts required
under paragraph 8(d) of the Final DIP Order to be funded from all
cash on hand as of such funding date.  

The Debtors and the other parties thereto are authorized, subject
to the terms and conditions of the Final DIP Order, without further
notice or relief from the Court, to (x) enter into the Professional
Fee Escrow Agreement, (y) take any and all actions that are
necessary or appropriate in the exercise of their business judgment
to implement the Professional Fee Escrow Agreement, including
engaging applicable escrow agents, and (z) make or authorize the
payments contemplated in connection therewith.  

For the avoidance of doubt, subject to the terms and conditions of
the Final DIP Order, the Professional Fee Escrow Account will be
maintained in a trust solely for the benefit of the Debtors'
retained professionals and those professionals retained by the
Committee.  To the extent any funds remain following the payment of
Professional Fees, such funds will be, in accordance with paragraph
8(f) of the Final DIP Order, subject to the Prepetition Agent's and
the DIP Agent's security interest upon any residual interest in the
Professional Fee Escrow Account, and such funds will be used first
to pay the DIP Agent for the benefit of the DIP Secured Parties
until the DIP Obligations have been indefeasibly paid in full in
cash and all commitments under the DIP Facility have been
terminated.  

After application of such funds to repay the DIP Obligations, in
full in cash (if necessary), any remaining funds in the
Professional Fee Escrow Account will revert back to the Debtors'
estates.

The Debtors will file the Proposed Assume Contracts Schedule for
the Sale Transaction as soon as reasonably practicable after entry
of the Order.

On the Closing Date, the Debtors will pay all amounts due to
Centimark Corp. as of the Petition Date in the aggregate amount of
$289,162 (together with interest and attorneys' fees to the extent
allowable) solely to the extent that Centimark, the Debtors and the
DIP Agent have determined that such amounts are secured by
Permitted Third Party Liens or are otherwise secured by property
having value in excess of the value of the Prepetition Liens and
DIP Liens on such property.

The Debtors will deposit into a segregated account, to be held by
the Debtors as adequate protection for the secured claims of those
Texas taxing authorities represented by Linebarger, Goggan, Blair &
Sampson, LLP, McCreary, Veselka, Bragg & Allen, P.C., or Perdue,
Brandon, Fielder, Collins & Mott, LLP, from proceeds of the Sale
Transaction respecting Prepetition Collateral that is (a) located
in a Texas Taxing Authority's jurisdiction and (b) subject to the
Tax Liens, an amount sufficient to secure the 2020 and prior ad
valorem taxes incident to the real and personal property accounts
of said tax entities based upon the tax entities Proofs of Claims,
in each case subject to the Debtors' obligations for such taxes
under the APA, either (x) agreed to by the Texas Taxing Authorities
and the Debtors or (y) as otherwise determined by the Court.

Notwithstanding anything to the contrary in the Order, or the Final
DIP Order or Final Securitization Order, on the date of, and as a
condition to, the closing of the sale transaction contemplated
herein with the Buyer, the Debtors will pay all amounts due to Land
O'Lakes, Inc.

The requirements set forth in Bankruptcy Rules 6003(b), 6004, and
6006 and Local Rule 9013-1 have been satisfied or otherwise deemed
waived.

As provided by Bankruptcy Rule 9014, the terms and conditions of
the Order will be effective immediately upon entry and will not be
subject to the stay provisions contained in Bankruptcy Rules
6004(h) and 6006(d).   Time is of the essence in closing the sale
and the Debtors and the Buyer intend to close the sale as soon as
possible.   

A copy of the APAs is available at https://tinyurl.com/yd9debfz
from PacerMonitor.com free of charge.

                   About Southern Foods Group

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

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

Judge David Jones oversees the cases.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


SOUTHERN FOODS: $75M Sale of Dean & Subsidiaries' Assets Approved
-----------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Southern Foods Group, LLC and its
debtor-affiliates to sell the assets of Dean Foods Co. and each of
its Subsidiaries described in the Asset Purchase Agreements dated
as of March 30, 2020, to Prairie Farms Dairy, Inc. for (a) an
amount in cash equal to: (i) $75 million, plus (ii) the amount, if
any, by which the Net Working Capital exceeds the Target Net
Working Capital, minus the amount, if any, by which the Target Net
Working Capital exceeds the Net Working Capital, minus (iii) the
amount of the Assumed Indebtedness (if any), plus (iv) the Property
Tax Purchase Price Adjustment, plus (v) the Transfer Tax Purchase
Price Adjustment, minus (vi) the Customer Deductions Escrow Amount,
and minus (vii) the Adjustment Escrow Amount; and (b) the
assumption of the Assumed Liabilities.

The Sale Hearing was held on April 3, 2020.

The Sale is free and clear of all claims, liabilities, interests,
rights, and Encumbrances, with such Liens and Claims to attach to
the sale proceeds.

Subject to the terms and conditions of the Final DIP Order, which
terms and conditions will not be altered or abrogated by the Order,
the creation and funding of the Professional Fee Escrow Account is
approved.  The Professional Fee Escrow Account will be funded in an
amount equal to (a) all Professional Fees (as defined in the Final
DIP Order) that are accrued and unpaid, and incurred or estimated
(in good faith) to be incurred, through and including the Closing
Date, plus (b) $8 million, less (c) those amounts, if any,
previously deposited into the Professional Fee Escrow Account in
connection with other asset sales, less (d) all amounts required
under paragraph 8(d) of the Final DIP Order to be funded from all
cash on hand as of such funding date.  

The Debtors and the other parties thereto are authorized, subject
to the terms and conditions of the Final DIP Order, without further
notice or relief from the Court, to (x) enter into the Professional
Fee Escrow Agreement, (y) take any and all actions that are
necessary or appropriate in the exercise of their business judgment
to implement the Professional Fee Escrow Agreement, including
engaging applicable escrow agents, and (z) make or authorize the
payments contemplated in connection therewith.  

For the avoidance of doubt, subject to the terms and conditions of
the Final DIP Order, the Professional Fee Escrow Account will be
maintained in a trust solely for the benefit of the Debtors'
retained professionals and those professionals retained by the
Committee.  To the extent any funds remain following the payment of
Professional Fees, such funds will be, in accordance with paragraph
8(f) of the Final DIP Order, subject to the Prepetition Agent's and
the DIP Agent's security interest upon any residual interest in the
Professional Fee Escrow Account, and such funds will be used first
to pay the DIP Agent for the benefit of the DIP Secured Parties
until the DIP Obligations have been indefeasibly paid in full in
cash and all commitments under the DIP Facility have been
terminated.  

After application of such funds to repay the DIP Obligations, in
full in cash (if necessary), any remaining funds in the
Professional Fee Escrow Account will revert back to the Debtors'
estates.

The Debtors will file the Proposed Assume Contracts Schedule for
the Sale Transaction as soon as reasonably practicable after entry
of the Order.

On the Closing Date, the Debtors will pay all amounts due to
Centimark Corp. as of the Petition Date in the aggregate amount of
$289,162 (together with interest and attorneys' fees to the extent
allowable) solely to the extent that Centimark, the Debtors and the
DIP Agent have determined that such amounts are secured by
Permitted Third Party Liens or are otherwise secured by property
having value in excess of the value of the Prepetition Liens and
DIP Liens on such property.

The Debtors will deposit into a segregated account, to be held by
the Debtors as adequate protection for the secured claims of those
Texas taxing authorities represented by Linebarger, Goggan, Blair &
Sampson, LLP, McCreary, Veselka, Bragg & Allen, P.C., or Perdue,
Brandon, Fielder, Collins & Mott, LLP, from proceeds of the Sale
Transaction respecting Prepetition Collateral that is (a) located
in a Texas Taxing Authority's jurisdiction and (b) subject to the
Tax Liens, an amount sufficient to secure the 2020 and prior ad
valorem taxes incident to the real and personal property accounts
of said tax entities based upon the tax entities Proofs of Claims,
in each case subject to the Debtors' obligations for such taxes
under the APA, either (x) agreed to by the Texas Taxing Authorities
and the Debtors or (y) as otherwise determined by the Court.

Notwithstanding anything to the contrary in the Order, or the Final
DIP Order or Final Securitization Order, on the date of, and as a
condition to, the closing of the sale transaction contemplated with
the Buyer, the Debtors will pay all amounts due to Land O'Lakes,
Inc.

The requirements set forth in Bankruptcy Rules 6003(b), 6004, and
6006 and Local Rule 9013-1 have been satisfied or otherwise deemed
waived.

As provided by Bankruptcy Rule 9014, the terms and conditions of
the Order will be effective immediately upon entry and will not be
subject to the stay provisions contained in Bankruptcy Rules
6004(h) and 6006(d).   Time is of the essence in closing the sale
and the Debtors and the Buyer intend to close the sale as soon as
possible.   

A copy of the APAs is available at https://tinyurl.com/yd6b4kzl
from PacerMonitor.com free of charge.

                   About Southern Foods Group

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

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

Judge David Jones oversees the cases.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel. Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Southwestern Energy Company to B+ from BB-.

Southwestern Energy is a natural gas exploration and production
company organized in Delaware and headquartered in Spring, Texas.




SPARTAN PROPERTIES: $510K Sale of Indian Trail Property to DBC OK'd
-------------------------------------------------------------------
Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western
District of North Carolina authorized Spartan Properties, LLC's
sale of the real property at 200 West Unionville-Indian Trail Road,
Indian Trail, North Carolina to DBC Contracting, LLC or its assigns
for $510,000, pursuant to their Contract for Purchase and Sale of
Real Estate.

The sale is free and clear of all liens, claims, interests, and
encumbrances.

At closing of the sale to the Purchaser, the Debtor is allowed and
authorized to pay Fairview Loans IV, LLC, the secured creditor with
a Deed of Trust, $281,077, plus interest at 11% from Jan. 6, 2020
until the closing date of the sale.

At closing the Debtor is authorized to pay those fees and costs as
set out in the Motion to Employ Real Estate Agent filed in the
case, and the Debtor is authorized to pay the costs of cleanup and
make the property saleable as described in the motion seeking
approval of the sale.

                    About Spartan Properties

Spartan Properties filed Chapter 11 Petition (Bankr. W.D.N.C. Case
No. 20-30009) on January 6, 2020.  The Debtor's counsel is R.
Keith
Johnson, Esq. of LAW OFFICES OF R. KEITH JOHNSON, P.A.



STAR DETECTIVE: Allowed to Use Cash Collateral Through April 30
---------------------------------------------------------------
Judge David Cleary of the U.S. Bankruptcy Court for the Northern
District of Illinois issued a second interim order authorizing Star
Detective & Security Agency Incorporated to use the cash collateral
to continue operating its business until April 30.

McCormick 105, LLC and the Internal Revenue Service are each
granted replacement liens upon the all assets and all property of
the Debtor's estate that will have the same validity, extent and
priority as the liens held by McCormick and the IRS, respectively,
as of the Petition Date.

In addition, the Debtor will provide McCormick additional adequate
protection in the amount of $6,500.

The matter will be set for status on April 29, 2020 at 10:30 a.m.

                     About Star Detective

Star Detective & Security Agency Incorporated --
https://starsecurityinc.com/ -- offers both armed and unarmed
security guard services serving real estate developers, financial
institutions, offices & commercial buildings, residential
buildings, and hospitals.  The Company also provides international
expertise in all forms of corporate investigations.

Star Detective & Security Agency sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-05300) on Feb.
26, 2020.  The petition was signed by Dominique A. Wallace, sole
shareholder.  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.  The case is assigned to Judge David D. Cleary.
The Debtor is represented by Karen Jackson Porter, Esq., at PORTER
LAW NETWORK.  


STAR US: Moody's Lowers CFR to B3, Outlook Negative
---------------------------------------------------
Moody's Investors Service downgraded its ratings for Star US Bidco,
LLC, 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 revolver, L/C facility and term loan ratings, each
to B3 from B2. The ratings outlook is negative.

The downgrades reflect Moody's expectation that the company's
financial leverage will remain elevated and, along with underlying
liquidity provisions, will weaken further throughout 2020 as a
consequence of the negative impact on earnings from softness in
energy 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 March
2020 sponsor-to-sponsor sale and associated financing of the
transaction will increase further, from 6.0x to a significantly
elevated level in 2020, due to the aforementioned factors.
Moreover, Moody's anticipates a weakening but still adequate
liquidity profile, with more marginally positive free cash flow
over the next twelve to eighteen months and only limited
availability under the company's now partially drawn revolving
credit facility given perceived covenant tightness over time if
more monies are drawn.

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,
Sundyne's credit profile that is expected to weaken in 2020 through
2021, combined with its exposure to volatile oil and gas end
markets, leave it vulnerable to shifts in market sentiment in these
unprecedented operating conditions, and the company remains
vulnerable to both oil price volatility and the coronavirus
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 Sundyne of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The following summarizes the rating actions:

Downgrades:

Issuer: Star US Bidco, LLC

Corporate Family Rating, Downgraded to B3 from B2

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

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

Outlook Actions:

Issuer: Star US Bidco, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Star US Bidco, LLC's B3 CFR broadly reflects its relatively modest
$315 million revenue base 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 energy
end-markets are somewhat diverse -- ranging from LNG, petrochemical
and refining to chemical, gas processing and industrial -- and a
sizable portion of work is aftermarket-related, the business
remains exposed to a high degree of inherent cyclicality and
volatility, as evidence by current market conditions. The
coronavirus pandemic is also expected to translate to a higher
level of top-line and earnings volatility in 2020 through 2021.
Debt-to-EBITDA (including Moody's standard adjustments) will weaken
to significantly elevated levels in 2020, with gradual improvement
anticipated thereafter as earnings grow and mandatory term loan
repayments are made.

The rating also considers the mission-critical nature of Sundyne's
products and high EBITDA margins, in part driven by higher margin
aftermarket sales owing to the company's large installed base,
which provides some balance to the more cyclical OE oil & gas
markets. Although EBITDA margins are periodically affected by the
company's product mix between OEM and aftermarket, its overall
EBITDA margin profile should remain healthy at over 20%, which will
translate to improved free cash flow levels in 2021 after weakening
in 2020. The company also maintains well-established relationships
supported by strong brands in niche markets served and a blue-chip
customer base.

The negative outlook reflects Moody's expectation of meaningful
downward pressure on the company's revenues and earnings stemming
from both the oil price shock and the negative impact of the
coronavirus on its business, including industrial operations more
broadly. Moody's expects that capital spending by companies in the
energy sector will be meaningfully reduced.

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 potential debt-funded acquisitions
that would result in sustainment of the company's elevated
financial risk profile.

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

The company's ratings could be downgraded if there is an erosion in
liquidity and leverage (Moody's-adjusted debt/EBITDA) exceeds and
is sustained above 8 times, annual free cash flow turns negative,
or EBITA/interest is sustained below 1.0 times. The loss of a major
customer, with volumes not replaced, could also drive negative
ratings pressure. A more aggressive financial policy, including a
sizable debt-financed dividend, would also exert downward ratings
pressure.

Conversely, the ratings could be upgraded following meaningful
revenue growth through the acquisition of new customers accompanied
by positive free cash flow generation such that debt/EBITDA
improves to less than 6 times and EBITA/interest grows to greater
than 2.0 times, both on a sustained basis. A good liquidity profile
would also be required to support a prospective ratings upgrade.

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

Headquartered in Arvada, Colorado, Sundyne is a manufacturer of
pumps and compressors sold under well-established brands such as
Sundyne, SUNFLO, HMD, Marelli Pumps, ANSIMAG and PPI primarily to
the oil & gas end-market. The company is a carve-out from Accudyne
Industries and was acquired by Warburg Pincus from BC Partners and
The Carlyle Group L.P. in March 2020. Annual revenues approximate
$315 million.


STEINWAY MUSICAL: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------------
Moody's Investors Service affirmed Steinway Musical Instruments
Inc.'s ratings, including its B2 Corporate Family Rating, its B2-PD
Probability of Default Rating, and the B2 rating on the company's
senior secured first lien term loan. The outlook was changed to
negative from stable.

The negative outlook reflects the ongoing global coronavirus
situation that continues to evolve, and a high degree of
uncertainty remains regarding the degree and pace at which consumer
spending will recover in regions that the company operates in. As a
result, Steinway's liquidity and leverage could deteriorate quickly
over the next few months, to the extent the economic environment
takes a further turn for the worse.

Moody's affirmed Steinway's B2 CFR because modest 3.7x
debt-to-EBITDA leverage as of December 2019 provides the company
some cushion within the rating to absorb an earnings decline.
Steinway also has adequate liquidity including no meaningful debt
maturities until the revolver expires in 2023 and term loan matures
in 2025.

Ratings affirmed:

Steinway Musical Instruments, Inc.

Corporate Family Rating at B2;

Probability of Default Rating at B2-PD;

$235 million first lien senior secured term loan due 2025 at B2
(LGD 4).

The rating outlook was changed to negative from stable.

RATINGS RATIONALE

Steinway's B2 CFR is supported by its strong brand recognition,
high product quality, and global revenue base. Also considered a
positive credit consideration is the company's history of
maintaining relatively modest leverage, at below 4.0x. Key credit
concerns include the highly discretionary nature of consumer demand
for the company's high-end piano products along with the company's
narrow product focus.

Steinway is also inherently exposed to event risk under hedge fund
ownership, which is the most meaningful Environmental, Social and
Governance consideration. The company is controlled by John
Paulson, Steinway's majority shareholder, which creates event risk.
Partly mitigating this concern is management's demonstrated
adherence to a relatively conservative financial policy.

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 Steinway in terms of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered. Environmental considerations
are not significant credit considerations but factors such as
responsible sourcing and good labor relationship help protect the
Steinway's strong and valuable brand image.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
durables 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 Steinway's credit
profile, including its exposure to the highly discretionary musical
instruments products, have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and Steinway
remains vulnerable to the outbreak continuing to spread.

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

Ratings could be downgraded if Steinway's liquidity deteriorates
and/or operating performance weakens materially. A downgrade could
also occur if the company pursues a material debt-funded
acquisition or shareholder distribution, or increases and maintains
debt to EBITDA above 4.5x. An upgrade is not likely in the
foreseeable future given the current operating environment.
However, Steinway's rating could be upgraded if the company
demonstrates the ability and willingness to achieve and maintain
debt/EBITDA at or below 2.0x, and the operating environment shows
signs of a return to long-term stability.

Steinway Musical Instruments, Inc., headquartered in New York, New
York, is one of the world's leading manufacturers of musical
instruments. The company's products include Steinway & Sons, Boston
and Essex pianos, Selmer Paris saxophones, Bach Stradivarius
trumpets, C.G. Conn French horns, King trombones, and Ludwig snare
drums. The company is owned by Paulson & Co. Inc. and generates
annual revenues of approximately $475 million.


STGC HOLDINGS: Seeks to Hire Bray Commercial as Real Estate Broker
------------------------------------------------------------------
STGC Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Bray Commercial, LLC, as
real estate broker.

STGC owned commercial real property located at 2515 Riverside
Parkway, Grand Junction, Colorado 81501.

On Dec. 9, 2019, the Court approved a Settlement Agreement between,
among other parties, STGC, Alison D. Byman, Chapter 7 Trustee and
Jared Walters, Chapter 7 Trustee. Under that Agreement, STGC has
until June 1, 2021 to sell the property and satisfy the balance
remaining on the $1.4 million obligation between STGC and the
Trustees.

Bray Commercial will handle the listing, marketing, and eventual
sale of the property.

STGC will pay the ordinary and customary rate of 6 percent sales
commission of the gross sale price of the property.

Bray Commercial is a "disinterested person" as defined in 11 U.S.C.
Sec. 101(14), according to court filings.

The realtor can be reached through:

     Brian Bray
     Bray Commercial, LLC
     44 N 7th St.
     Grand Junction, CO 81501
     Phone: +1 970-241-2909

                 About STGC Holdings

STGC Holdings LLC, a company based in Grand Junction, Colo., filed
a Chapter 11 petition (Bankr. D. Colo. Lead Case No. 19-12310) on
March 27, 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 Michael E. Romero oversees the
case.  Jonathan Dickey, Esq., at Buechler Law Office, L.L.C., is
the Debtor's legal counsel.

The Debtor filed its proposed Chapter 11 plan and disclosure
statement on Dec. 16, 2019.


STOREWORKS TECHNOLOGIES: May Use Cash Collateral Until Aug. 31
--------------------------------------------------------------
Judge Katherine Constantine of the U.S. Bankruptcy Court for the
District of Minnesota authorized StoreWorks Technologies Limited
and ATA Development LLC to use cash collateral consistent with the
budget through August 31, 2020.

Choice Financial Group and United Radio Inc. are each granted a
valid and perfected replacement first-priority security interests,
which excludes causes of action arising under Chapter 5 of the
Bankruptcy Code.

To the extent it is determined that PIRS Capital, LLC holds a
security interest in any of the Debtors' assets, the Debtors are
authorized to grant to PIRS replacement liens in the Debtors'
postpetition assets of the same priority, dignity, and effect as
the prepetition liens, if any, on the prepetition property of the
Debtors.

In addition, the Debtors will continue to provide the reporting and
inspection rights the Prepetition Lenders are entitled to under
their respective loan documents and copies of all reporting
provided to the United States Trustee.  

                   About StoreWorks Technologies

StoreWorks Technologies, Limited -- https://www.storeworks.com/ --
is a computer systems design company located in Eden Prairie,
Minn., with a goal to revolutionize retail operation through the
application of technology.  StoreWorks provides comprehensive
solutions to retailers in these segments: kiosk, mobility payments,
digital signage, store-level peripherals, back office revolution
and network infrastructure.

StoreWorks Technologies sought Chapter 11 protection (Bankr. D.
Minn. Case No. 19-43814) on Dec. 20, 2019.  In the petition signed
by CEO Anil Konkimalla, the Debtor was estimated to have between $1
million and $10 million in both assets and liabilities.  Judge
Katherine A. Constantine oversees the case. Fredrikson & Byron,
P.A., is the Debtor's legal counsel.



SUNESIS PHARMACEUTICALS: CFO William Quinn to Step Down Next Month
------------------------------------------------------------------
William P. Quinn provided notice of his resignation from his
positions with Sunesis Pharmaceuticals, Inc., as chief financial
officer, senior vice president, finance and corporate development,
and secretary, effective as of May 1, 2020, in order to pursue
another opportunity.  Mr. Quinn will remain an employee of the
Company through May 1, 2020.  The Company said Mr. Quinn's
resignation was not the result of any disagreement with the Company
on any matter relating to the Company's finances, accounting,
operations, practices or policies.  Mr. Quinn has agreed in
principle to continue as a consultant to the Company to assist in
an orderly transition.

                   About Sunesis Pharmaceuticals

Headquartered in San Francisco, California, Sunesis --
http://www.sunesis.com/-- is a biopharmaceutical company
developing novel targeted inhibitors for the treatment of
hematologic and solid cancers.  Sunesis has built an experienced
drug development organization committed to improving the lives of
people with cancer.  The Company is focused on advancing its novel
kinase inhibitor pipeline, including its oral non-covalent BTK
inhibitor vecabrutinib and first-in-class PDK1 inhibitor SNS-510.

Sunesis reported a net loss of $23.33 million for the year ended
Dec. 31, 2019, compared to a net loss of $26.61 million for the
year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$37.24 million in total assets, $9.69 million in total liabilities,
and $27.54 million in total stockholders' equity.

Ernst & Young LLP, in Salt Lake City, Utah, the Company's auditor
since 1998, issued a "going concern" qualification in its report
dated March 10, 2020 citing 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.


SUPERIOR ENERGY: Egan-Jones Lowers Senior Unsecured Ratings to D
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Superior Energy Services Inc. to D from C.

Headquartered in Houston, Texas, Superior Energy Services, Inc. is
an oilfield services company.



SUREFUNDING LLC: Blank Rome Represents Noteholders
--------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Blank Rome LLP submitted a verified statement to
disclose that it is representing the Noteholders in the Chapter 11
cases of SureFunding, LLC.

Blank Rome was retained to represent Brett Hatton, an individual;
Autumn Wind Global Multi-Strategies Fund, LP; Damon Gersh, an
individual; Jason Eckenroth, an individual; Sherri R. Sands, as
Trustee of The Sherri R. Sands Revocable Trust; Glickfield Capital
Management, LLC fbo M. Glickfield Dynasty Trust; Glickfield Capital
Management, LLC fbo Cheryl Newmark; Glickfield Capital Management,
LLC fbo Marla Schram; Carrickfergus Investments Limited; Stephane
Carnot, as Trustee of the Carnot Family Trust; Dylan Vliestra, as
Trustee of the Dylan Taylor 2011 Grantor Trust; Eseco, LLC; Sequris
Group, LLC; Matthew Briggs, as Trustee of The Briggs Management
Trust; Michael Rubenstein, an individual; June Farmer, an
individual; Thomas Carl Myers; Richard L Rogers; Neal J.
Glickfield, as Trustee of the Neal J. Glickfield 2018 Trust;
Lineage, LLC; Charles B. Chokel, as Trustee of the Charles B.
Chokel Trust U/A 4/21/92; Brian Gray, an individual; JJK-3 Holdings
LLC; HFJ Investments I, LLC; Patricia B. Jones, as Trustee of the
Patricia B Jones Revocable Trust; John B. Shaw as Trustee of the
John B. Shaw 2012 Family Grantor Trust in the above-captioned
Chapter 11 Case.

Blank Rome only represents the Noteholders in the Chapter 11 Case.

The Noteholders are the only creditors or other parties in interest
in the Chapter 11 Case for which Blank Rome is required to file a
Verified Statement pursuant to Rule 2019.

Blank Rome reserves the right to amend or supplement this Verified
Statement in accordance with the requirements of Bankruptcy Rule
2019.

Counsel for the Noteholders can be reached at:

         BLANK ROME LLP
         Victoria A. Guilfoyle, Esq.
         Stanley B. Tarr, Esq.
         1201 N. Market Street, Suite 800
         Wilmington, DE 19801
         Tel: (302) 425-6400
         Fax: (302) 425-6464
         E-mail: guilfoyle@blankrome.com
                 tarr@blankrome.com

              - and –

         Kenneth J. Ottaviano, Esq.
         William J. Dorsey, Esq.
         Paige B. Tinkham, Esq.
         444 West Lake Street, Suite 1650
         Tel: (312) 776-2600
         Fax: (312) 776-2601
         E-mail: kottaviano@blankrome.com
                 wdorsey@blankrome.com
                 ptinkham@blankrome.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/Hlvmkb

SureFunding, LLC, sought Chapter 11 protection (Bankr. D. Del. Case
No. 20-10953) on April 14, 2020.  The Debtor was estimated to have
$10 million to $50 million in assets and liabilities.  FOX
ROTHSCHILD LLP is the Debtor's bankruptcy counsel.  GAVIN/SOLMONESE
LLC is the chief restructuring and liquidation officer provider.


SURGERY CENTER: S&P Rates $120MM First-Lien Term Loan 'B-'
----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating (50%-70%; rounded estimate: 60%) to Surgery Center
Holdings Inc.'s announced $120 million incremental first-lien term
loan. The proposed offering will be non-fungible with the company's
existing first-lien term loan but will have the same Aug. 31, 2024,
maturity date. The company will use the proceeds for general
corporate purposes and to increase its cash balance and liquidity
amid the uncertainty stemming from the coronavirus pandemic.

S&P had recently placed its 'B-' issuer credit rating on Surgery
Partners on CreditWatch with negative implications to reflect its
expectation that the company's discretionary free cash flow deficit
would approach $60 million in 2020, and potentially exceed this
level depending on the severity and length of the coronavirus
pandemic, which would further weaken its liquidity.

"The CreditWatch also reflects our view that the pandemic will
significantly reduce Surgery Partners' revenue, EBITDA, and cash
flow in 2020, relative to our prior base-case assumptions, due to
the rapid decline in demand for elective surgical procedures.
Despite significant declines in the company's revenue and EBITDA
for at least several months in 2020, we expect Surgery Partners to
recapture some deferred volume over time. We believe it may take
time for the company's demand to recovery, though it's unclear when
its volumes will return to historical levels," S&P said.

"If the company cannot adequately address its cash flow and
potentially thin liquidity we may lower our ratings on Surgery
Partners and its debt. Alternatively, we could affirm the ratings
and remove them from CreditWatch if we are confident the company's
liquidity will remain adequate for at least the next 12 months or
that its EBITDA will improve," S&P said.


TAMKO BUILDING: Moody's Alters Outlook on B1 CFR to Negative
------------------------------------------------------------
Moody's Investors Service affirmed TAMKO Building Products LLC's B1
Corporate Family Rating and B1-PD Probability of Default Rating.
Moody's also affirmed the B2 rating on the company's senior secured
term loan. The outlook is changed to negative from stable.

The change in outlook to negative from stable reflects Moody's
expectation that revenue and profitability will deteriorate during
2020 due to lower demand for reroofing projects, resulting in
elevated leverage. Moody's projects leverage of 5.8x at year-end
2020 versus 4.7x at December 31, 2019. "TAMKO will face revenue and
earning pressures over the next year due to a lower level of
roofing repair, resulting in higher leverage," according to Peter
Doyle, a Moody's VP-Senior Analyst.

The following ratings/assessments are affected by its actions:

Ratings Affirmed:

Issuer: TAMKO Building Products LLC

Corporate Family Rating, Affirmed B1

Probability of Default Rating, Affirmed B1-PD

Senior Secured Term Loan B, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: TAMKO Building Products LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

TAMKO's B1 CFR reflects the company's leveraged capital structure.
Moody's expects leverage to increase due to Moody's expectation
that revenue will decline by 15% in 2020 relative to 2019 due to
reduced volumes and decreased earnings. Interest coverage, measured
as EBITA-to-interest expense, will trend below 2.0x for 2020. The
rapid and widening spread of the coronavirus outbreak and the
resulting economic contraction are creating a severe and extensive
credit shock, limiting construction activity including demand for
replacing residential roofs, a key driver of TAMKO's revenue.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Moody's also projects EBITA margin contraction but profitability
will remain sound, in the range of 7.5% - 10% range through 2020.
Management's efforts to improve its cost structure by lowering
personnel expenses and idling plant capacity will likely be offset
by lower volumes due to end market contraction, which reduces
operating leverage and will contribute to a contraction in margin.
Governance risks Moody's considers in TAMKO's credit profile
include an aggressive financial strategy evidenced by high
leverage. Moody's does not expect the owners of TAMKO to reinvest
capital, even though the company will experience financial
pressures over the next year.

TAMKO will benefit from lower input costs such as oil used in
asphalt, a key raw material input. Moody's also forecasts that
TAMKO will have a good liquidity profile over the next twelve
months, generating free cash flow as it works though inventory and
reduces capital expenditures despite cash interest payments of
about $40 million. Moody's projects LTM free cash flow-to-debt in
the range of 5% - 10% for 2020. TAMKO has no near-term maturities.
Its revolving credit facility expires in 2024 followed by the
senior secured term loan maturing 2026.

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

Factors that could lead to an upgrade:

(All ratios incorporate Moody's standard adjustments)

  - Debt-to-LTM EBITDA is sustained below 3.5x

  - Free cash flow-to-debt approaching 7.5%

  - EBITA-to-interest is maintained near 3.0x

  - Preservation of a good liquidity profile

  - Trends in end markets that can support organic growth

Factors that could lead to a downgrade:

(All ratios incorporate Moody's standard adjustments)

  - Debt-to-LTM EBITDA does not improve towards 4.5x

  - EBITA-to-interest expense is sustained below 2.0x

  - Large amount of free cash flow fails to materialize

  - The company's liquidity profile deteriorates

TAMKO Building Products LLC, headquartered in Galena, Kansas, is
primarily a manufacturer and marketer of roofing products and
accessories throughout the United States. It manufactures and sells
mainly residential roofing products. The Carlyle Group, through its
affiliates, owns a significant, non-controlling interest in TAMKO.
Revenue for the year ended December 31, 2019 was about $900
million. TAMKO is privately owned and does not disclose financial
information publicly.


TARWATER REAL ESTATE: Hires Strickland & Company as Accountant
--------------------------------------------------------------
Tarwater Real Estate Holdings, LLC, seeks authority from the United
States Bankruptcy Court for the Northern District of Georgia to
employ Strickland & Company, P.C., as its accountants.

The professional service the accountant will advise and assist the
Debtor in all accounting and financial matters, including preparing
tax returnsm schedules, balance sheets and other financial
documents.

Strickland will charge $225 per hour for its services.

Strickland and its principals have no connection with the Debtor,
its creditors or any other party in interest, according to court
filings.

The firm can be reached through:

     Kendyl Strickland, CPA
     Strickland & Company, P.C.
     4653 Olde Towne Parkway
     Marietta, GA 30068
     Phone: (770) 977-6892

      About Tarwater Real Estate Holdings

Tarwater Real Estate Holdings, LLC is a privately held company in
the restaurants industry.

Tarwater Real Estate Holdings, LLC, filed its Chapter 11 petition
(Bankr. N.D. Ga. Case No. 20-65242) on April 2, 2020. In the
petition signed by William Tarwater, owner, the Debtor estimated $1
million to $10 million in assets and $500,000 to $1 million in
liabilities.

The case is assigned to Judge Sage M. Sigler.

Michael Familetti, Esq. represents the Debtor as counsel.


TEARLAB CORP: Executives Take 25% Salary Cut Amid COVID-19 Pandemic
-------------------------------------------------------------------
In response to changing conditions resulting from the COVID-19
pandemic, the named executive officers of TearLab Corporation,
Elias Vamvakas, Joseph Jensen, and Michael Marquez, have
voluntarily decided, and the Company's Board of Directors has
acknowledged and accepted, to temporarily reduce their base
salaries by 25% effective immediately and suspend the payment of
the amounts so reduced through the duration of the federally
imposed social distancing/economic shut down restrictions, as such
date is determined by the Company.  If such federally imposed
restrictions continue beyond June 30, 2020, the Company's Board of
Directors and/or Compensation Committee will revisit compensation
determinations with respect to the base salaries of the named
executive officers.

        Reduction in Base Salaries for Other Employees

Also on April 16, 2020, to help mitigate the financial impact of
COVID-19, the Company's Board of Directors approved temporarily
furloughing 15 employees and reducing salaries for all other
employees effective immediately through the duration of the
federally imposed social distancing/economic shut down
restrictions, as such date is determined by the Company.  If such
federally imposed restrictions continue beyond June 30, 2020, the
Company will revisit compensation determinations with respect to
furloughs and the base salaries of employees.

          Reliance on SEC Relief from Filing Requirements

The Company is providing the following update on its business
operations.  As result of the global outbreak of the COVID-19
virus, the Company has evaluated its ongoing effort to prepare and
file its quarterly report on Form 10-Q for the quarter ended March
31, 2020.  Certain Company officers and management as well as
professional staff and consultants are unable to conduct work
required to prepare the Company's financial report for the quarter
ended March 31, 2020 due to the disruption in business operations
and inability to access the office.

As a result, the Company is unable to compile and review certain
information required in order to permit the Company to file a
timely and accurate quarterly report on Form 10-Q for its quarter
ended March 31, 2019 by the prescribed date without unreasonable
effort or expense due to circumstances related to COVID-19.

On March 25, 2020 the Securities and Exchange Commission issued an
Order under Section 36 (Release No. 34-88465) of the Securities
Exchange Act of 1934 granting exemptions from specified provisions
of the Exchange Act and certain rules thereunder.  The Order
provides that a registrant (as defined in Exchange Act Rule 12b-2)
subject to the reporting requirements of Exchange Act Section 13(a)
or 15(d), and any person required to make any filings with respect
to such a registrant, is exempt from any requirement to file or
furnish materials with the Commission under Exchange Act Sections
13(a), 13(f), 13(g), 14(a), 14(c), 14(f), 15(d) and Regulations
13A, Regulation 13D-G (except for those provisions mandating the
filing of Schedule 13D or amendments to Schedule 13D), 14A, 14C and
15D, and Exchange Act Rules 13f-1, and 14f-1, as applicable, where
certain conditions are satisfied.

The Company is relying on this Order to delay the filing of its
quarterly report on Form 10-Q for the quarter ended March 31, 2020
and expects to file its quarterly report on Form 10-Q no later than
45 days after May 15, 2020.

In light of recent developments relating to the COVID-19 global
pandemic, the Company is supplementing the risk factors previously
disclosed in Item 1A. of its Annual Report on Form 10-K for the
year ended Dec. 31, 2019, as filed with the Securities and Exchange
Commission on March 6, 2020, to include the following risk factor
under the heading "Risks Related to our Business and Industry":

"War, terrorism, other acts of violence or natural or manmade
disasters such as a global pandemic may affect the markets in which
the Company operates, the Company's customers, the Company's
delivery of products and customer service, and could have a
material adverse impact on our business, results of operations, or
financial condition.

"The Company's business may be adversely affected by instability,
disruption or destruction in the geographic regions in which it
operates, regardless of cause, including war, terrorism, riot,
civil insurrection or social unrest, and natural or manmade
disasters, including famine, food, fire, earthquake, storm or
pandemic events and spread of disease (including the recent
outbreak of the coronavirus commonly referred to as "COVID-19").
Such events may cause customers to suspend their decisions on using
the Company's products and otherwise affect their ability to meet
their obligations to us by making payments on existing contracts,
make it impossible to contact our customers and potential
customers, and give rise to sudden significant changes in regional
and global economic conditions and cycles that could interfere with
our existing business.

"These events also pose significant risks to the Company's
personnel and operations, which could materially adversely affect
the Company’s financial results.

"The ongoing circumstances resulting from the COVID-19 virus
outbreak magnify the challenges faced from our continuing efforts
to introduce and sell our product in a challenging environment and
could have an impact on our business."

                         About TearLab

TearLab Corporation -- http://www.tearlab.com/-- develops and
markets lab-on-a-chip technologies that enable eye care
practitioners to
improve standard of care by objectively and quantitatively testing
for disease markers in tears at the point-of-care.  The TearLab
Osmolarity Test, for diagnosing Dry Eye Disease, is the first assay
developed for the award-winning TearLab Osmolarity System.  TearLab
Corporation's common shares trade on the OTCQB Market under the
symbol 'TEAR'.

TearLab reported a net loss and comprehensive loss of $5.42 million
for the year ended Dec. 31, 2019, compared to a net loss and
comprehensive loss of $2.25 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $14.29 million in total
assets, $40.31 million in total liabilities, and a total
stockholders' deficit of $26.02 million.

Mayer Hoffman McCann P.C., in San Diego, CA, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated March 6, 2020 citing that the Company has incurred recurring
losses, debt covenant violations and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


TECHNICAL COMMUNICATIONS: Secures $474,400 Loan Under CARES Act
---------------------------------------------------------------
Technical Communications Corporation entered into a loan agreement
on April 17, 2020, with the U.S. Small Business Administration
under its Paycheck Protection Program as authorized under the
Coronavirus Aid, Relief and Economic Security Act (the "CARES
Act").  The loan is in the amount of $474,400 and a portion of the
loan is expected to be forgiven under the provisions of the CARES
Act.  Any portion of the loan that is not eligible to be forgiven
will be paid back over two years at an interest rate of 1%
beginning six months from the date of the loan.

Commenting on the good news, Carl H. Guild, Jr., president and
chief executive officer of TCC, said, "During this difficult time
for the country, we are delighted that we were able to collaborate
with BankHometown to obtain this loan, which will assist the
Company in retaining its employees.  The retention of our employees
is essential for us to respond to the strong interest from our
customers, despite certain order activity being delayed due to
COVID-19."

Under the provisions of the Paycheck Protection Program, the loan
amount will be forgiven as long as the loan proceeds are used to
cover payroll costs, interest on mortgages, rent, and utility costs
over the 8 week period after the loan is made, and employee and
compensation levels are maintained.  The Company expects to use the
loan proceeds for payroll, rent, and utilities.

                  About Technical Communications

Concord, Massachusetts-based Technical Communications Corporation
-- http://www.tccsecure.com/-- specializes in secure
communications systems and customized solutions to protect highly
sensitive voice, data and video transmitted over a wide range of
networks.  

As of Dec. 28, 2019, the Company had $2.85 million in total assets,
$1.09 million in total liabilities, and $1.75 million in total
stockholders' equity.

Stowe & Degon LLC, in Westborough, Massachusetts, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Dec. 5, 2019, on the consolidated financial statements
for the year ended Sept. 28, 2019 citing that for the fiscal year
ended Sept. 28, 2019 the Company generated $631,000 of net income,
however for the prior seven year period from fiscal 2012 to fiscal
2018, the Company suffered recurring losses from operations and has
an accumulated deficit of $2,155,000 at Sept. 28, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


TENNECO INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 7, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tenneco Incorporated to CCC+ from B-. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in Lake Forest, Illinois, Tenneco Incorporated
designs, manufactures, and markets emission control and ride
control products and systems for the automotive original equipment
market and the aftermarket.



THOMAS A. MARTIN: Sale of Paradise Valley Pottery Denied
--------------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas denied the private sale by Thomas Aquinas Martin
of his pottery located at his former residence at 4901 East
Tomahawk Trail, Paradise Valley, Arizona due to the dismissal of
the bankruptcy.

                  About Thomas Aquinas Martin

Thomas Aquinas Martin sought Chapter 11 protection (Bankr. D. Kan.
Case No. 19-10205) on Feb. 13, 2019.  The Debtor was estimated to
have assets in the range of $10,000,001 to $50 million and
$1,000,001 to $10 million in debt.  The Debtor tapped William H.
Zimmerman, Jr., Esq., at Eron Law, P.A., as counsel.



THOMPSON NATIONAL: Plan Solicitation Period Extended to May 30
--------------------------------------------------------------
Judge Scott Clarkson of the U.S. Bankruptcy Court for the Central
District of California extended to May 30 the exclusive period
within which Thompson National Properties, LLC may solicit
acceptances for its Chapter 11 plan.

                 About Thompson National Properties

Thompson National Properties LLC -- http://www.tnpre.com-- is a
real estate advisory company, specializing in acquisitions for high
net worth investors and their joint venture partners, along with
3rd party property management, asset management and receivership
advisory services.  Headquartered in Costa Mesa, California, TNP
was founded in April 2008 and has three regional offices.  As of
August 16, 2013, TNP manages a portfolio of 106 commercial
properties, in 24 states, totaling approximately 11.02 million
square feet, on behalf of over 6,000 investor/owners/lenders with
an overall purchase value of $1.2 billion.

TNP sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. C.D. Cal. Case No. 19-13728) on September 26, 2019.  The
petition was signed by Anthony W. Thompson, chief executive
officer.  At the time of filing, the Debtor had $983,766 in assets
and $12,990,235 in debts.

The case is assigned to Judge Scott C Clarkson. The Debtor is
represented by Leonard M. Shulman, Esq., at Shulman Hodges &
Bastian, LLP.


THREESQUARE LLC: Exclusive Plan Filing Period Extended Until May 11
-------------------------------------------------------------------
Judge Frank W Volk of the U.S. Bankruptcy Court for the Northern
District of West Virginia extended to May 11 the period during
which only Threesquare, LLC can file a chapter 11 plan.

The company has the exclusive right to solicit votes on its plan
until July 13.

Threesquare said that finalizing the sale of its real properties,
restructuring its debt and obtaining additional financing will
allow the company to reorganize successfully.

Since filing its bankruptcy petition, the company has employed a
realtor to market some of its real properties. The company has
fielded at least two serious offers of purchase from interested
parties and has negotiated with secured creditors with regards to
"adequate protection" agreements.

                      About ThreeSquare LLC

ThreeSquare, LLC filed a Chapter 11 bankruptcy petition (Bankr.
N.D. W.Va. Case No. 19-00975) on Nov. 12, 2019.  The Debtor was
estimated to have $500,001 to $1 million in assets and less than
$10 million in liabilities.  Judge Frank W. Volk oversees the case.
The Debtor hired Turner & Johns, PLLC, as its legal counsel.



TONTO BASIN: Seeks to Hire Allan D. NewDelman as Counsel
--------------------------------------------------------
Tonto Basin Concrete, Inc. seeks authority from the US Bankruptcy
Court for the District of Arizona to employ Allan D. NewDelman,
P.C., as its counsel.

Professional services that Allan D. NewDelman is to render are:

     (a) give Debtor legal advice with respect to all matters
related to this case;

     (b) prepare on behalf of the Debtor necessary applications,
answers, orders, reports and other legal papers; and

     (c) perform all other legal services for Debtor which may be
necessary.

The firms's hourly billing rates are:

     Allan D. NewDelman   $475
     Roberta J. Sunkin    $395
     Paralegal            $150-$200

Allan D. NewDelman does not have any interest adverse to the Debtor
or the estate, according to court filings.

The firm can be reached through:

     Allan D. NewDelman, Esq.
     ALLAN D. NEWDELMAN, P.C.
     80 East Columbus Avenue
     Phoenix, AZ 85012
     Phone: (602) 264-4550
     Email: anewdelman@adnlaw.net

                  About Tonto Basin

Tonto Basin Concrete, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-03540) on April 1,
2020, listing under $1 million for both assets and liabilities.
Allan D. NewDelman, Esq. at ALLAN D. NEWDELMAN, P.C. represents the
Debtor as counsel.


TOPAZ SOLAR: Fitch Affirms C Rating on $1.1 Billion Secured Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Topaz Solar Farms, LLC's $1.100 billion
($857.4 million outstanding) senior secured notes at 'C'.

RATING RATIONALE

The rating reflects Topaz's exposure to a bankrupt utility
counterparty, Pacific Gas & Electric, for all of its revenue under
a long-term power purchase agreement. Fitch expects Topaz can
continue making its scheduled debt service payments as long as PG&E
continues paying the project under the current terms of the PPA,
which is assumed under PG&E's reorganization plan. Topaz's
operational performance has exceeded the base case forecasts for
over four years of commercial operating history and exhibits
healthy financial metrics, with modest leverage and strengthening
debt service coverage ratios. Metrics are consistent with a strong
investment grade profile, but the project rating is constrained by
the offtaker.

KEY RATING DRIVERS

The recent outbreak of coronavirus and related government
containment measures worldwide creates an uncertain global
environment for the power sector in the near term. While Topaz's
performance data through most recently available issuer data may
not have indicated impairment, material changes in revenue and cost
profile are occurring across the power sector in the U.S. and
likely to worsen in the coming weeks and months as economic
activity suffers and government restrictions are maintained or
expanded. Fitch's ratings are forward-looking in nature, and Fitch
will monitor developments in the sector as a result of the virus
outbreak as it relates to severity and duration, and incorporate
revised base and rating case qualitative and quantitative inputs
based on expectations for future performance and assessment of key
risks.

Stable Contracted Revenues - Revenue Risk (Price): Stronger

The fixed-price, 25-year PPA with PG&E extends one month beyond
debt maturity. The PPA provides reimbursement for curtailment
directed by the utility. After PG&E filed for bankruptcy (Chapter
11) in January 2019, it has continued to regularly serve its
obligations under the PPA, whose terms are assumed to be affirmed
in the current plan of reorganization. The PPA contractual
structure is consistent with a Stronger assessment, though the
overall project rating is constrained as PG&E proceeds through its
Chapter 11 filing.

Solid Solar Resource - Revenue Risk (Volume): Midrange

Total generation output in Fitch's rating case is based on a
one-year P90 estimate of electric generation to mitigate the
potential for lower-than-expected solar resources. The project can
meet debt obligations under a one-year P99 generation scenario in
all years.

Proven Technology and Experienced Operator (Operation Risk):
Midrange

Thin-film photovoltaic technology has a long operating history,
which mitigates plant performance risks. First Solar, as the plant
operator, has a track record of high plant availability. Long-term
agreements support routine and unscheduled maintenance needs.
Fitch's financial analysis incorporates operating cost increases to
mitigate unforeseen events, including the risk of contractor
replacement.

Conventional Debt Structure - Debt Structure: Stronger

The senior-ranking, fully amortizing, fixed-rate debt benefits from
a six-month debt service reserve backed by a letter of credit and
strong 1.20x forward and backward-looking debt service coverage
equity distribution test.

Financial Summary

Updated Fitch base case metrics indicate a DSCR average of 2.14x
for the period 2020-2039, with a minimum of 1.83x. Fitch's rating
case includes stresses that increase expenses and reduce energy
output, resulting in an average DSCR of 1.92x with a minimum of
1.67x. The updated cases reflect mainly lower costs from Topaz's
renegotiated O&M contract and lower letter of credit (LC) fees. In
both scenarios, annual DSCRs generally increase over time.

PEER GROUP

Topaz's average rating case DSCR is above Fitch's indicative
coverage guidance of 1.40x for an 'A-' rating and higher than Solar
Star Funding, LLC (BBB-/Stable), which has an average rating case
DSCR of 1.37x. Similarly, rated projects include a privately rated
PV project that also demonstrates strong operating history and high
projected DSCRs but is constrained by the same offtaker.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  -- PG&E's emergence from bankruptcy, producing high confidence
that PG&E will continue to make PPA payments.

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

  -- Modification or rejection of the PPA resulting in a material
adverse effect upon projected cash flows leading to a default on
the project's debt repayment obligations.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Topaz continues to display a very stable operational profile to
date. In 2019, actual output was 103% of the sponsor's P50 forecast
and 6% above Fitch's base case. Plant effective availability was
also steady at 99% (compared to Fitch's base case estimate of 97%).
The energy lost due to maintenance events, and soiling did not
impact operations significantly. PG&E directed curtailment totaled
approximately 11,600 MWh in 2019 or less than 1% of generation,
down from 12,500 MWh last year. All non-emergency curtailed
production is paid for by PG&E as per the terms of the PPA.

Unaudited financial data indicates $199.2 million of total cash
revenue, down 10.4% from $222.2 million in 2018 due to lower
insolation and non-payment of $10.3 million of January 2019
pre-petition deliveries by PG&E under bankruptcy requirements
(which amounts will be paid by PG&E under the current
reorganization plan). Cash flow available for debt service (CFADS)
decreased from $210.4 million in 2018 to $178.5 million in 2019 due
to lower revenue and higher operating costs, mainly legal fees
related to PG&E's bankruptcy case. Total costs grew 21% from $18.4
million in 2018 up to $22.2 million in 2019.

The ultimate DSCR impact was a decrease down to 1.73x compared to
2.01x in 2018, which still exceeds Fitch's prior base case scenario
of 1.67x for 2019.

Since PG&E filed for bankruptcy protection in January 2019, PG&E
has been current on all payments under the PPA with Topaz except
for the pre-petition deliveries totaling $10.3 million. PG&E is
precluded from paying pre-petition amounts without bankruptcy court
approval, including Topaz's unsecured claim. Topaz's PPA, which
represents a material portion of PG&E's contracted capacity, is
assumed to be affirmed under the current plan of reorganization,
and PG&E seeks to exit Chapter 11 by the end of June 2020.

The PG&E bankruptcy filing triggered an event of default under the
Reimbursement Agreement that prevents Topaz from making cash
distributions. Cash that can not be distributed for four quarters
after the initial deposit into the distribution suspense account is
required to be used to prepay debt at par. The first mandatory
pre-payment will occur in May 2020, resulting in a pro-rata
reduction to all scheduled amortization payments. Upon PG&E's
emergence from bankruptcy, which is currently expected by June
2020, Topaz would seek a waiver from the lenders to resume
distributions. However, so long as the event of default has not
been waived, Topaz will be required to continue prepaying debt
every quarter from the distribution suspense account.

The project is not currently experiencing any adverse impacts to
operations or staffing levels as a result of the coronavirus. The
operator is actively managing safety at the farms and monitors
staff's health conditions daily, and has the capacity to run
remotely primary operations on the solar equipment.

FINANCIAL ANALYSIS

Both Fitch's base and rating cases reflect lower O&M costs from the
renegotiated extension with First Solar and reduced LC fees.
Fitch's base case utilizes the P50 electric generation estimate,
97% availability, 0.9% annual panel degradation, a 2% energy output
reduction, and a 2% inflation assumption. The resulting profile
produces an average DSCR of 2.14x and a minimum of 1.83x.

Fitch's rating case utilizes the same degradation, output
reduction, and inflation assumptions but further sensitizes
performance using the one-year P90 and a 10%-15% increase in costs.
The resulting profile produces an average DSCR of 1.92x and a
minimum of 1.67x.

Given the early stage of the prepayment mechanism described above,
and the proximity to the June's deadline for PG&E's bankruptcy
court resolution, Fitch has not incorporated a pro-rata reduction
to all scheduled amortization payments, which would result in
improved metrics.

The minimum and average rating case metrics are well above the
minimum threshold for investment grade. Moreover, annual DSCRs are
projected to increase over time, providing a greater cushion on
debt repayment during the outer years, when financial performance
is less certain.

Asset Description

Topaz is a 550-MW AC solar PV facility operating on 4,900
project-owned acres in San Luis Obispo County, California. Topaz
employs PV modules designed and manufactured by First Solar using
commercially proven thin-film cadmium telluride PV cell technology
mounted at a fixed tilt of 25-degrees with no tracking risks.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).


TOUCH OF HEAVEN: Wants to Move Plan Filing Period to Sept. 30
-------------------------------------------------------------
Touch of Heaven Ministries Inc. asks the U.S. Bankruptcy Court for
the Northern District of Ohio to extend the exclusivity periods to
file and solicit acceptances to a chapter 11 plan to September 30
and November 30, respectively.

The Debtor sought the extension primarily due to the impact of the
COVID-19 pandemic on its finances. The Debtor cannot hold church
services due to the threat of spreading the virus, which lowers the
Debtor's income. The members of the Debtor are also impacted by the
COVID-19 in the way that some of them may have lost their job or
are taking home less money. The pandemic has probably impacted the
real estate market where the church probably cannot get top dollar
for the building it needs to sell.

The Debtor believes it will be able to formulate a chapter 11 plan
after the pandemic caused by COVID-19 is over so they can assess
their finances better

                 About Touch of Heaven Ministries

Touch of Heaven Ministries, Inc., a company based in Akron, Ohio,
filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 19-53062) on
Dec. 31, 2019.  In the petition signed by Godess Clemons,
chairwoman, Board of Directors, the Debtor disclosed $1,517,368 in
assets and $1,688,729 in liabilities.  The Hon. Alan M. Koschik is
the presiding judge.  The Debtor hired Bates and Hausen, LLC, as
its legal counsel.



TRANS WORLD: Unit etailz Gets $2M Loan Under CARES Act
------------------------------------------------------
etailz, Inc., a wholly-owned subsidiary of Trans World
Entertainment Corporation, received on April 17, 2020, loan
proceeds of $2,017,550 pursuant to the Paycheck Protection Program
under the Coronavirus Aid, Relief, and Economic Security ("CARES")
Act.

The Loan, which was in the form of a promissory note, dated April
10, 2020, between etailz and First Interstate Bank, as the lender,
matures on April 17, 2022, bears interest at a fixed rate of 1% per
annum, and is payable in monthly installments of $112,975.55
commencing on Nov. 10, 2020.  Under the terms of the PPP, some or
all of the Loan amount may be forgiven if the Loan proceeds are
used for qualifying expenses as described in the CARES Act and the
Note, such as payroll costs, benefits, rent, and utilities.

                      About Trans World

Headquartered in Albany, New York, Trans World Entertainment
operates in two reportable segments: fye and etailz.  The fye
segment operates a chain of retail entertainment stores and
e-commerce sites, http://www.fye.com/and
http://www.secondspin.com/ The etailz segment is a digital
marketplace retailer and generates substantially all of its revenue
through Amazon Marketplace.

Trans World reported a net loss of $97.38 million for the year
ended Feb. 2, 2019, following a net loss of $42.55 million for the
year ended Feb. 3, 2018.  As of Nov. 2, 2019, Trans World had
$141.48 million in total assets, $116.60 million in total
liabilities, and $24.87 million in total shareholders' equity.

The Company incurred net losses of $39.1 million and $31.7 million
for the thirty-nine weeks ended Nov. 2, 2019 and Nov. 3, 2018,
respectively, and has an accumulated deficit of $89.3 million at
Nov. 2, 2019.  In addition, net cash used in operating activities
for the thirty-nine weeks ended Nov. 2, 2019 was $30.8 million.
Net cash used in operating activities for the thirty-nine weeks
ended Nov. 3, 2018 was $53.3 million.  The Company also experienced
negative cash flows from operations during fiscal 2018 and 2017,
and expects to incur net losses in the foreseeable future.  Based
on its recurring losses from operations, expectation of continuing
operating losses for the foreseeable future, and uncertainty with
respect to any available future funding, as well as the completion
of other strategic alternatives, the Company has concluded that
there is substantial doubt about its ability to continue as a going
concern for a period of one year after the date of filing of this
Quarterly Report on Form 10-Q (Dec. 23, 2019).


TRI-POINT OIL: Seeks to Hire Porter Hedges as Counsel
-----------------------------------------------------
Tri-Point Oil & Gas Production Systems, LLC, and its
debtor-affiliates seek authority from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Porter Hedges LLP, as
bankruptcy counsel to the Debtors.

Tri-Point Oil requires Porter Hedges to:

   (a) provide legal advice with respect to the Debtors' rights
       and duties as debtors in possession and continued business
       operations;

   (b) assist, advise and represent the Debtors in analyzing the
       Debtors' capital structure, investigating the extent and
       validity of liens, cash collateral stipulations or
       contested matters;

   (c) assist, advise and represent the Debtors in any cash
       collateral and postpetition financing transactions;

   (d) assist, advise and represent the Debtors in the
       preparation of sale and bid procedures to auction the
       Debtors' assets;

   (e) assist, advise and represent the Debtors in any manner
       relevant to preserving and protecting the Debtors'
       estates;

   (f) investigate and prosecute preference, fraudulent transfer
       and other actions arising under the Debtors' bankruptcy
       avoiding powers;

   (g) prepare on behalf of the Debtors all necessary
       applications, motions, answers, orders, reports, and other
       legal papers;

   (h) appear in Court and to protect the Debtors' interests
       before the Court;

   (i) assist the Debtors in administrative matters;

   (j) perform all other legal services for the Debtors which may
       be necessary and proper in these proceedings;

   (k) assist, advise and represent the Debtors in any litigation
       matter;

   (l) continue to assist and advise the Debtors in general
       corporate and other matters; and

   (m) provide other legal advice and services, as requested by
       the Debtors, from time to time.

Porter Hedges will be paid at these hourly rates:

     Partners                        $550 to $900
     Of Counsel                      $315 to $860
     Associates/Staff Attorneys      $385 to $545
     Paralegals                      $180 to $335

During the one year prior to the Petition Date, Porter Hedges
received $350,000 for fees and expenses related to the Chapter 11
Cases, $13,736 for filing fees in the Chapter 11 Cases, and $26,625
in compensation for the litigation engagements.  All amounts owed
on account of recent restructuring work were paid through the
Debtors' Retainer for the advance payment of subsequent invoices.
As of the Petition Date, the balance of the Retainer was $24,285.

Porter Hedges will also be reimbursed for reasonable out-of-pocket
expenses incurred.

John F. Higgins, a partner of Porter Hedges, 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.

Porter Hedges can be reached at:

     John F. Higgins, Esq.
     M. Shane Johnson, Esq.
     Genevieve M. Graham, Esq.
     PORTER HEDGES LLP
     1000 Main Street, 36th Floor
     Houston, TX 77002
     Tel: (713) 226-6000
     Fax: (713) 226-6248
     E-mail: jhiggins@porterhedges.com
             sjohnson@porterhedges.com
             ggraham@porterhedges.com

                  About Tri-Point Oil & Gas

Tri-Point Oil & Gas Production Systems, LLC, and its related
entities -- https://www.tri-pointllc.com/ -- together form an oil
and gas production and processing equipment company headquartered
in Houston, Texas.  Their services include engineering and design,
installation, start-up, and after-market field maintenance to
provide custom engineered and configured solutions to upstream and
midstream customers.  In addition, Debtors provide services
including training, on-site service, testing services, and
aftermarket maintenance and repair. Debtors also own and operate
supply stores, located in the Permian Basin, Mid-Continent, and
Rocky Mountain regions.

On March 16, 2020, Tri-Point Oil and three affiliates sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-31777).

In the petitions signed by Jeffrey Martini, chief executive
officer, Tri-Point Oil was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities.

The Hon. David R. Jones is the case judge.

Debtors tapped Porter Hedges LLP as legal counsel; Alixpartners,
LLP as financial advisor; and Bankruptcy Management Solutions, Inc.
(which conducts business under the name Stretto) as claims agent.



TRILOGY INTERNATIONAL: S&P Lowers ICR to 'B-' on Higher Leverage
----------------------------------------------------------------
S&P Global Ratings lowered its issuer-credit rating to 'B-' from
'B' on U.S.-based telecommunication company Trilogy International
Partners LLC (Trilogy). At the same time, S&P lowered its
issue-level rating on Trilogy's $350 million secured notes due 2022
to 'B-' from 'B'.

The downgrade reflects greater-than-expected pressure on the
company's financial risk profile because of higher lease
liabilities due to sale and leaseback activities.

"We incorporate the latter into our adjusted debt metric. We now
expect debt to EBITDA ratio above 4.0x, FFO to debt below 20%, and
FOCF to debt below 5% for the next two years. In our previous
review, we expected Trilogy to reduce debt obligations through the
sale and leaseback agreements of approximately 600 towers, partly
offsetting the increase in operating lease obligations for 2019.
While the company sold around 550 towers during 2019, it continues
to operate a portion of these, which under accounting terms are
classified as debt, and included in our calculation for adjusted
debt. The latter totaled $723 million as of Dec. 31, 2019, compared
with $643 million in our initial forecast. This led debt to EBITDA
to rise to 4.7x for 2019, compared with our expectation of 4.3x,"
S&P said.

"We believe the company's credit metrics will remain in line with
new credit rating. We don't envision any early debt repayments that
could allow the company to reduce its leverage metric for the next
two years. Moreover, EBITDA will remain stable for upcoming years,
but not to the extent to allow deleveraging," S&P said.

S&P views telecom companies to be more resilient to the current
economic fallout from coronavirus. This is because of the greater
need for telecommunication services to work from home, along with
the higher usage of streaming and social media. S&P expects the
pernicious impact from COVID-19 to be material, despite the
industry's resilience. As of March 31, 2020, Trilogy has yet to be
affected, but that could change. S&P believes Trilogy could be
affected by lower sales of equipment, because the rating agency
consider latter as a 'luxury product' that could be displaced for
other essential goods under the current adverse economic
conditions. However, lower equipment sales equate to almost the
same reduction in operating costs given that the margins for this
segment are low. S&P also believes EBITDA could be dented by the
pandemic struggles (i.e. roaming in New Zealand and prepaid in
Bolivia), but the company could offset further declines by reducing
capex to protect its liquidity position. In addition, S&P believes
Trilogy maintains comfortable debt maturity schedule and it could
draw credit facilities of about $33 million.

"Our base-case scenario excludes capital expenditures (capex)
reductions as a way to prevent further cash outflows for 2020.
However, we believe the company has high flexibility because it can
reduce such expenditures up to 50% in the event of a cash
shortfall," S&P said.

"For the past two years, the company has been focusing on its New
Zealand business, which we believe has favorable growth prospects
for the upcoming years. In 2019, the New Zealand subsidiary
(2degrees) increased its wireless and wireline subscribers 6.1% to
1.57 million from 1.48 million in 2018, while its monthly average
revenue per user (ARPU) was around $15. We expect this trend to
continue in the next two years thanks to robust LTE coverage,
higher activations, and rising market share. We believe this would
partly compensate for the weak performance of its Bolivian
subsidiary (NuevaTel), whose subscriber base contracted about 8.8%
to 1.85 million as of Dec. 31, 2019, from 2.03 million in 2018,
with ARPU of $8.8," S&P said.

During 2019, Trilogy generated EBITDA around $150 million and
EBITDA margins of about 22%. Even though revenue was below S&P's
expectations, the operating performance and cost-efficiency
strategies at 2degrees allowed the company to stabilize EBITDA. In
New Zealand, Trilogy increased the number of subscribers for its
"bundle package" (cross selling), which includes data and voice
services, while the cost of providing both services remains fixed
and ARPU tends to be higher.


TRONOX INC: Moody's Rates New $400MM Sr. Secured Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service assigned Ba3 rating to the new $400
million senior secured five-year notes issued by Tronox
Incorporated and guaranteed by Tronox Holdings plc. The new notes
will rank pari passu with the existing senior secured term loans,
with a first priority lien on fixed asset collateral and a second
priority lien on working capital collateral. The use of proceeds is
expected to be for general corporate purposes, including the
repayment of existing indebtedness, capital expenditures, strategic
investments and transactions, working capital and other business
opportunities, and to support liquidity during the period of market
disruption and uncertainty caused by Covid 19. Beyond the Covid 19
crisis, Moody's expects proceeds from this debt issuance to be used
to reduce other debt, or for other general corporate purposes. The
outlook on the ratings is stable. The Speculative Grade Liquidity
Rating of Tronox remains SGL-2.

Assignments:

Issuer: Tronox Incorporated

Gtd. Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD3)

RATINGS RATIONALE

On March 27th, 2020 Moody's affirmed the ratings of Tronox'
subsidiaries and changed the outlook to stable from positive. The
change in outlook reflected what is now more likely to be a flatter
or negative growth trendline for the TiO2 markets this year as the
important end markets of coatings and plastics are also likely to
be flatter or negative given the backdrop of uncertainty and
actions related to Covid 19. The previous positive outlook had
anticipated sustained favorable conditions in TiO2 that would have
allowed for EBITDA and free cash flow growth and further debt
reduction for Tronox. This scenario is now viewed as less likely,
and the more likely scenario would probably not allow for
meaningful debt reduction this year, which underpinned the previous
positive outlook and was needed to support consideration for a
higher rating.

Tronox's credit profile and current ratings (B1 CFR) reflect the
benefits from the company's market position as one of the world's
largest titanium dioxide producers, industry leading vertical
integration and co-product production, actual and prospective
benefits from acquisition synergies, and good liquidity. The credit
profile also reflects heavy exposure to the cyclical titanium
dioxide industry, expectations for significant weakening in credit
metrics outside the normal boundaries for the rating category
during a cyclical trough, concerns about free cash flow in the
trough, and integration risk associated with the acquisition of
Cristal.

Underlying demand is key to the outlook for prices and volume in
TiO2 in 2020. Notwithstanding the company's favorable 1Q results
versus consensus estimates, it's not clear what the global impact
on TiO2 demand might be from Covid 19 for the balance of the year,
particularly as the impact comes during the seasonally stronger
second quarter and possibly the third quarter as well. Also, at the
time of this writing there are price increases announced and
pending by competitors in Europe and NA. The outcome of these
proposed price hikes, which won't be fully known until June or July
when current commitments expire, is uncertain but would likely fail
if demand trends turn out negative and more than offset the
favorable impact of supply outages over the next few months.

On the positive side, inventories in the industry have corrected
and new global supply is limited, while Tronox' earnings will
benefit from Cristal acquisition synergies. Supply outages in
certain regions due to supply chain and worker challenges, or due
to government closure mandates, could help fundamentals in the
short run but might not be significant enough to offset any demand
declines. Also, Tronox is the most back integrated into TiO2 raw
materials and the impact of rising feedstocks will be muted
relative to peers.

The SGL-2 rating reflects good liquidity including $302 million
cash balances and $346 million available under the revolver as of
December 31, 2019. On March 26, 2020 the company announced that it
provided notice to draw down $200M under the revolver as a
precautionary measure to increase liquidity and preserve financial
flexibility. Cash balances would be increased further by the amount
of net proceeds from this note issuance.

In March 2019, the company voluntarily reduced its $550 million
asset-based revolving credit facility to $350 million due September
2022. Around the same time, through its South African subsidiaries
-- Tronox KZN Sands Proprietary Limited and Tronox Mineral Sands
Proprietary Limited -- Tronox established R1 billion (approximately
$72 million at December 31, 2019 exchange rate) revolver due March
2022 and R2.6 billion term loan (approximately $186 million at
December 31, 2019 exchange rate) facility due March 2024. Moody's
expects Tronox to generate free cash flow in 2020. There are no
financial maintenance covenants for the ABL and term loan, but the
ABL has a springing financial covenant which will trigger if
availability falls below $40 million. The South African revolver
contains net leverage and coverage tests, which would not trigger
events of default and allow for cure periods.

The stable outlook assumes TiO2 prices and volumes don't
deteriorate substantially from the impact of Covid 19, allowing
flattish or modest declines in YOY EBITDA, helped by acquisition
synergies and sustaining some level of positive free cash flow for
the year. The stable outlook also assumes that the Cristal
transaction continues to generate target synergies and good
liquidity is maintained through the medium term.

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

An upgrade would require that the favorable trends in acquisition
synergies continue, and that the company maintains a commitment to
deleveraging and reducing balance sheet debt to $2.5 billion or
less ahead of the next trough and on a sustainable basis. An
upgrade would also require confidence that the company will
maintain at least $300 million of available liquidity.

Moody's would consider a downgrade if expectations or actual
results show substantive fundamental weakening resulting in
negative free cash flow anytime over the next two years. Moody's
would also consider a downgrade if the cycle in TiO2 turns down
before the company is able to meaningfully reduce debt, or if the
company fails to realize a meaningful portion of anticipated
operating synergies, or if adjusted financial leverage remains
above 5.0x, or if available liquidity falls below $250 million.

ESG Considerations

ESG risks and exposures do not have an impact on the company's
ratings at this time. Environmental exposure and costs for
commodity companies can be meaningful, and even more so for TiO2
players. Approximately 87% of Tronox's Tio2 production use the
chloride process; the balance of 13% uses the sulphate process. The
chloride process is continuous, has lower energy requirements,
produces less waste and is less environmentally harmful than the
sulfate-based production process. Tronox assumed additional
environmental exposure and costs as part of the Cristal
acquisition. Tronox has booked a $56 million provision for
environmental costs related to the remediation of residual waste
mud and sulfuric waste deposited in a former Tio2 manufacturing
site operated by Cristal from 1954 to 2011. The provision is
significant but related expenditures are likely to spread over many
years.

Social risks are moderate but potentially increasing as the ongoing
hearings between the EU Commission and the industry may result in
tighter regulation for TiO2, the scope of which is not yet clear as
there is still debate over the carcinogenicity of TiO2. As a public
company, governance issues are viewed as modest and supported by
what has thus far been communication of reasonable financial
policies for the ratings category.

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. Moody's expects
that credit quality around the world will continue to deteriorate,
especially for those companies in the most vulnerable sectors that
are most affected by prospectively reduced revenues, margins and
disrupted supply chains. At this time, the sectors most exposed to
the shock are those that are most sensitive to consumer demand and
sentiment, including global passenger airlines, lodging and cruise,
autos, as well as those in the oil & gas sector most negatively
affected by the oil price shock. Lower-rated issuers are most
vulnerable to these unprecedented operating conditions and to
shifts in market sentiment that curtail credit availability.
Moody's will take rating actions as warranted to reflect the
breadth and severity of the shock, and the broad deterioration in
credit quality that it has triggered.

Tronox Limited, re-domiciled in United Kingdom in March, 2019.
Including the acquisition of Cristal, Tronox is the world's second
largest producer of titanium dioxide (TiO2) and is the most
backward integrated among the leading western pigment producers
into the production of titanium ore feedstocks. It also co-produces
zircon, pig iron and other products. The company operates nine
pigment plants and eight mineral sands facilities globally. Tronox
acquired the Exxaro mineral sands business (predominantly titanium
ore feedstocks) in a mostly equity-financed transaction in June
2012. Pursuant to the terms of the share repurchase agreement with
Exxaro in 2018, Tronox purchased roughly 14 million Tronox shares
held by Exxaro in 2019 for approximately $200 million and lowering
Exxaro's stake in Tronox from roughly 23% to 10.4%, as of December
31, 2019. Under the agreement, Exxaro has the right to sell its
ownership in Tronox at any time. Tronox's revenues were $2.6
billion for the twelve months ended December 31, 2019.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


ULTRA PETROLEUM: S&P Lowers ICR to 'D' on Missed Interest Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
oil and gas exploration and production (E&P) company Ultra
Petroleum Corp. to 'D' from 'CCC-'.

At the same time, S&P is lowering its issue-level ratings on the
company's senior secured term loan, second-lien notes, and
unsecured notes to 'D'. S&P's '1' recovery rating (90%-100%;
rounded estimate: 95%) on the term loan, '2' recovery rating
(70%-90%; rounded estimate: 85%) on the second-lien notes, and '6'
recovery rating (0%-10%; rounded estimate: 0%) on the unsecured
notes remain unchanged.

The downgrade reflects Ultra's decision to enter into a 30-day
grace period after missing $13.2 million of interest payments due
under its 2022 and 2025 unsecured notes on April 15, 2020. The
company had previously disclosed a going concern qualification in
its 10-K report, which led to a default under the credit agreements
for its reserve-based lending (RBL) facility and term loan. Ultra
also revealed that discussions with its creditors about a potential
out-of-court restructuring have ceased, and talks have shifted
toward negotiating terms ahead of a probable Chapter 11 bankruptcy
filing.


UNIT CORP: Extends Standstill Agreement Until May 4
---------------------------------------------------
Unit Corporation and certain of its subsidiaries (the "Borrowers")
entered into a Standstill and Amendment Agreement on March 11,
2020, in respect of that certain Senior Credit Agreement, dated as
of Sept. 13, 2011 with the lenders party thereto and BOKF, NA dba
Bank of Oklahoma, as administrative agent for the Lenders, as
amended by a First Amendment to Standstill and Amendment Agreement
dated April 15, 2020, by and among the Borrowers and the
Administrative Agent on behalf of the Lenders.

On April 17, 2020, the Borrowers entered into a Second Amendment to
Standstill and Amendment Agreement with the Administrative Agent
that extended the Standstill Period under the Standstill Agreement
until the earlier of: (i) the receipt by any Credit Party from the
Administrative Agent of notice of the occurrence of any Termination
Event and (ii) 3:00 p.m. Central time on
May 4, 2020.  "Termination Event" is defined in the Standstill
Agreement to include the occurrence of any one or more of the
following: (i) any representation or warranty made or deemed to
have been made by any Credit Party under the Standstill Agreement
being false, misleading or erroneous in any material respect when
made or deemed to have been made, (ii) any Credit Party failing to
perform, observe or comply with any covenant, agreement or term
contained in the Standstill Agreement or (iii) any Default which is
not cured within five business days or Event of Default occurring
under the Credit Agreement or any of the other Loan Documents.

                   About Unit Corporation

Unit Corporation -- http://www.unitcorp.com/-- is a Tulsa-based,
publicly held energy company engaged through its subsidiaries in
oil and gas exploration, production, contract drilling, and gas
gathering and processing.  Unit's Common Stock is listed on the New
York Stock Exchange under the symbol UNT.

Unit Corporation reported a net loss attributable to the company of
$553.88 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to the company of $45.29 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $2.09
billion in total assets, $260.05 million in total current
liabilities, $663.22 million in long-term debt less debt issuance
costs, $27,000 in non-current derivative liabilities, $2.07 million
in operating lease liability, $95.34 million in other long-term
liabilities, $13.71 million in deferred income taxes, and $1.05
billion in total shareholders' equity.

PricewaterhouseCoopers LLP, in Tulsa, Oklahoma, the Company's
auditor since 1989, issued a "going concern" qualification in its
report dated March 16, 2020, citing that the Company has incurred
significant losses, is in a negative working capital position, and
does not anticipate that forecasted cash and available credit
capacity will be sufficient to meet their commitments over the next
twelve months, which raises substantial doubt about its ability to
continue as a going concern.

                          *    *    *

As reported by the TCR on Nov. 15, 2019, Moody's Investors Service
downgraded Unit Corporation's Probability of Default Rating to
Ca-PD from B3-PD, Corporate Family Rating to Caa1 from B3, and
senior subordinated notes to Caa2 from Caa1.  The downgrade of the
PDR reflects Unit's proposed debt exchange offer, which Moody's
views to be a distressed exchange.  The Caa1 CFR and Caa2 rating on
the 2021 notes reflect Moody's view on expected recovery, which is
likely to be in the 80%-90% range. Prior to the exchange offer,
Unit was contending with depressed commodity prices, looming
maturities in a challenged refinancing environment and declining
cash flow, Moody's said.

As reported by the TCR on Jan. 21, 2020, Fitch Ratings downgraded
the Long-Term Issuer Default Rating of Unit Corporation to 'CC'
from 'CCC+'.  Fitch's downgrade and watch reflect the company's
heightened refinancing and liquidity risks associated with
pro-longed operational deterioration since its bond exchange
announcement.


UNITED STATES OF AMERICA RUGBY: Interim Cash Collateral Use Okayed
------------------------------------------------------------------
Judge Brendan Shannon of the U.S. Bankruptcy Court for the District
of Delaware authorized United States of America Rugby Football
Union, Ltd. to use cash collateral subject to the terms and
conditions of the Interim Order. Pursuant to the Interim Order, the
Debtor will at all times maintain $467,280 in unrestricted funds as
adequate security for  JPMorgan Chase Bank, N.A.'s security
interest.

                 About United States of America Rugby
                          Football Union Ltd

Founded in 1975, United States of America Rugby Football Union Ltd.
is the national governing body for the sport of rugby in America, a
Full Sport Member of the United States Olympic and Paralympic
Committee, and World Rugby.  USA Rugby oversees four national
teams, multiple collegiate and high school All-American sides, and
an emerging Olympic development pathway for elite athletes.
Currently headquartered in Lafayette, Colorado, USA Rugby is
charged with developing the game on all levels and has over 120,000
active members.  USA Rugby was organized as a non-profit Delaware
corporation on Jan. 25, 1978, and is governed by a Board of
Directors, which in turn are overseen by the Congress, which
represents the interests of its members.

United States of America Rugby Football Union sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
20-10738) on March 31, 2020.  The petition was signed by Ross
Young, CEO.  At the time of filing, the Debtor was estimated to
have $1 million to $10 million in assets and liabilities.  The
Debtor is represented by Mark M. Billion, Esq. at BILLION LAW.  


VALERITAS HOLDINGS: Unsecureds to Receive Up to 75% Under Plan
--------------------------------------------------------------
Debtors Valeritas Holdings, Inc., Valeritas, Inc., Valeritas
Security Corporation, and Valeritas US, LLC, Prepetition Lenders
and the Creditors' Committee filed the Combined Disclosure
Statement and Plan for the Liquidation of the Debtors' remaining
assets and distribution of the proceeds of the Estates' assets to
the holders of allowed claims against the Debtors.

On Feb. 9, 2020, the Debtors and Zealand Pharma A/S or its designee
entered into an asset purchase agreement for the sale of
substantially all of the Debtors' assets.  On April 2, 2020, the
Debtors closed a going-concern sale of substantially all of their
assets to the Purchaser.  The sale provided for payment of $23
million in cash, plus the assumption of certain liabilities, and
included offers of employment for a majority of the Debtors'
then-current employees.  The sale ensures that the V-Go Wearable
Insulin Delivery device remains available to type 2 diabetes
patients who depend on it to improve their health and simplify
their lives.

On May 24, 2013, Debtor Valeritas, Inc., as borrower, and certain
subsidiaries as guarantors, entered into a prepetition term loan
agreement with the Prepetition Lenders.  The Prepetition Term Loan
is a senior secured loan that had an initial six-year term and is
secured by substantially all of the Debtors' assets.

The Amended Settlement, which was entered into between and among
the Debtors, the Creditors' Committee, and the Prepetition Lenders,
and was the subject of a supplement to the Settlement Motion filed
on March 16, 2020, provides for certain sharing mechanisms between
the Prepetition Lenders and General Unsecured Creditors with
respect to the Net Sale Proceeds.  Additionally, the Amended
Settlement provides for the creation of the Creditors' Trust for
the benefit of Holders of Allowed General Unsecured Claims and the
Prepetition Lenders.  As provided in this Plan, the Creditors'
Trust will be funded with $150,000 of the wind down funds allocated
to the Revised Administrative Escrow.

Class 4 General Unsecured Claims will consist of all General
Unsecured Claims against the Debtors other than the Class 3
Prepetition Lenders' Unsecured Claims.  Class 4 Claims are impaired
by the Plan and entitled to vote to accept or reject the Plan.

Holders of Class 4 Claims will be entitled to receive pro rata
distributions from the Creditors' Trust and Plan Escrow up to 75%
of the face value of the allowed general unsecured claims.  After
receiving 75% of the face value of the allowed general unsecured
claims, holders of Class 4 Claims will not receive further
distributions from the Creditors' Trust until $2,000,000 is paid to
the Holder of the Class 2 Claim on account of the unpaid portion of
the CRG Secured Claim, whereupon Holders of Class 4 Claims will
share any further Distributions from the Creditors' Trust on a pro
rata basis with Holders of Class 3 Claims.

Class 6 Interests (Preferred Stock and Common Stock) will not
receive any distribution under the Plan.  Holders of Class 6
Interests are deemed to reject the Plan and, therefore, not
entitled to vote on the Plan.  On the Effective Date, Interests in
the Debtors will be canceled, released, and expunged without any
Distribution on account of such Interests.

A full-text copy of the Combined Disclosure Statement and Plan
dated April 7, 2020, is available at https://tinyurl.com/tvb5o2o
from PacerMonitor at no charge.

Counsel to the Debtors:

         DLA PIPER LLP (US)
         R. Craig Martin
         1201 North Market Street, Suite 2100
         Wilmington, Delaware 19801
         Tel: (302) 468-5700
         Fax: (302) 394-2341
         E-mail: craig.martin@us.dlapiper.com

                - and -

         Rachel Ehrlich Albanese
         1251 Avenue of the Americas
         New York, New York
         Tel: (212) 335-4500
         Fax: (212) 335-4501
         E-mail: rachel.albanese@us.dlapiper.com

Counsel to the Prepetition Lenders:

         VENABLE LLP
         Jeffrey S. Sabin
         Carol A. Weiner Levy
         1251 Avenue of the Americas
         New York, New York
         Tel: (212) 307-5500
         Fax: (302) 307-5598
         E-mail: jssabin@venable.com
                 cweinerlevy@venable.com

               - and -

         Daniel A. O’Brien
         1201 North Market Street, Suite 1400
         Wilmington, DE 19801
         Tel: (302) 298-3535
         Fax: (302) 298-3550
         E-mail: dao'brien@venable.com

Counsel to the Official Committee of Unsecured:

         PORZIO, BROMBERG & NEWMAN, P.C.
         Brett S. Moore
         Robert M. Schechter
         Kelly D. Curtin
         100 Southgate Parkway
         P.O. Box 1997
         Morristown, New Jersey 07962
         Tel: (973) 538-4006
         Fax: (973) 538-5146
         E-mail: bsmoore@pbnlaw.com
                 rmschechter@pbnlaw.com
                 kdcurtin@pbnlaw.com

         MORRIS JAMES LLP
         Eric J. Monzo
         Brya M. Keilson
         500 Delaware Avenue, Suite 1500
         Wilmington, DE 19801
         Tel: (302) 888-6800
         Fax: (302) 571-1750
         E-mail: emonzo@morrisjames.com
                 bkeilson@morrisjames.com

                     About Valeritas Holdings

Valeritas Holdings, Inc. (OTCPK: VLRXQ)
--https://www.valeritas.com/ -- is a commercial-stage medical
technology company focused on improving health and simplifying life
for people with diabetes by developing and commercializing
innovative technologies.

Valeritas' flagship product, V-Go Wearable Insulin Delivery device,
is a simple, affordable, all-in-one basal-bolus insulin delivery
option for adult patients requiring insulin that is worn like a
patch and can eliminate the need for taking multiple daily shots.
V-Go administers a continuous preset basal rate of insulin over 24
hours, and it provides discreet on-demand bolus dosing at
mealtimes. It is the only basal-bolus insulin delivery device on
the market today specifically designed keeping in mind the needs of
type 2 diabetes patients.  

New Jersey-based Valeritas operates its R&D functions in
Marlborough, Mass.

Valeritas Holdings and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10290) on Feb. 9, 2020.
Valeritas Holdings disclosed $49.2 million in total assets and
$38.2 million in total debt as of Sept. 30, 2019.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped DLA Piper LLP (US) as legal counsel; Lincoln
International as investment banker; PricewaterhouseCoopers LLP as
financial advisor; and Kurtzman Carson Consultants LLC as claims
agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee of
unsecured creditors in the Debtors' cases.


VCHP NEPTUNE BEACH: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
VCHP Neptune Beach, LLC, according to court dockets.
    
                     About VCHP Neptune Beach

VCHP Neptune Beach, LLC, which conducts business under the name Red
Roof Inn Neptune Beach, operates commonly owned value-type hotels
pursuant to franchise agreements with and under the flag of Red
Roof Hotels.  

VCHP Neptune Beach filed a Chapter 11 petition (Bankr. M.D. Fla.
Case No. 20-00740) on Feb. 28, 2020.  At the time of the filing,
Debtor disclosed assets of between $1 million and $10 million and
liabilities of the same range.  Judge Cynthia C. Jackson oversees
the case.  Agentis, PLLC is Debtor's legal counsel.


VICI PROPERTIES: Fitch Alters Outlook on 'BB' LT IDR to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed VICI Properties Inc.'s and its issuing
subsidiaries VICI Properties L.P.'s and VICI Properties 1 LLC's
Long-Term Issuer Default Ratings at 'BB' and revised their Rating
Outlooks to Negative from Stable. Fitch also affirmed VICI
Properties 1 LLC's senior secured credit facility at 'BBB-'/'RR1'
and VICI Properties L.P.'s senior unsecured notes at 'BB'/'RR4'.

The revision of VICI's Rating Outlook to Negative reflects the
operational disruptions faced by VICI's tenants while their casinos
are closed due to the coronavirus pandemic. The Outlook further
reflects the uncertainty surrounding the duration of the closures
and the subsequent recovery. There is a real risk that tenants may
look to their rent obligations to conserve cash, while their
facilities are closed or are operating with minimal business
volumes. Longer-term there is risk that tenants may seek bankruptcy
protection and/or more permanent rent concessions if the recovery
is weaker than what is currently projected by Fitch.

The affirmation of VICI's 'BB' IDR reflects its solid position to
weather the near-term impacts from the pandemic. VICI's largest
tenants, including Caesars Entertainment (Caesars; 79% of rent),
went into the current pandemic with solid liquidity. Caesars had
$2.8 billion of cash on hand per a March 17, 2020 release. Penn
National (PENN; 8% of rent) has $730 million of cash on hand as of
March 31, 2020 and has disclosed that it narrowed its monthly cash
burn rate to $83 million. VICI's tenants all paid their April
rents.

VICI's own balance sheet and liquidity is strong in context of its
'BB' IDR and provide some cushion against any near-term disruptions
in rent. VICI is well within its 5.5x net leverage downgrade
sensitivity and Fitch projects 5.0x net leverage for 2020 if the
Eldorado Entertainment/Caesars merger (ERI/CZR merger) closes in
2Q20. VICI has roughly $1.31 billion of available liquidity as of
April 16, 2020 including its $1 billion undrawn revolver. VICI has
no near-term maturities.

Contingent on Eldorado closing on its acquisition of Caesars, VICI
will purchase three Caesars assets and will increase rent on
existing Caesars assets among other lease amendments for a
consideration of $3.2 billion. VICI pre-funded this with a senior
unsecured issuance in February 2020 and an equity forward agreement
in June 2019. If the ERI/CZR merger does not close, VICI's
near-term financial flexibility will improve. VICI would have to
redeem about $2 billion of unsecured notes whose proceeds are now
in escrow. The notes can remain outstanding until June 24, 2020 or
Dec. 24, 2020 if Caesars and Eldorado extend the deadline for their
merger. The $1.3 billion equity sale forward agreement will stay in
place (proceeds available might be less) and VICI indicated it may
draw on it as needed, possibly for acquisitions.

Fitch will consider a Stable Rating Outlook when and if there is a
clearer trajectory to recovery and there is greater certainty that
VICI will emerge through this stress with its credit profile intact
(i.e. net leverage below 5.5x). Fitch will also consider the
sustainability of its tenants' rents in contexts of their
respective rent coverage and financial profiles.

VICI's 'BB' IDR continues to reflect the company's stable triple
net lease (NNN) cash flows, good geographic asset diversification
and conservative financial policy. Negatively, VICI's wholly-owned
assets, except Margaritaville Bossier City, are fully encumbered by
its senior secured credit facility. VICI has high tenant
concentration; lower contingent liquidity relative to more
traditional asset classes such as multi-family housing and office;
and, per Fitch's estimates, lower asset level rent coverage
relative to other gaming REIT peers. The lower rent coverage can
improve following the realization of synergies from the ERI/CZR
merger. VICI place more emphasis on corporate-level lease coverage
where it compares well with peers.

KEY RATING DRIVERS

Stable NNN REIT Cash Flow: VICI benefits from a NNN lease structure
with its tenants. Caesars, soon to be acquired by Eldorado, will
comprise 83% of VICI's total rent pro forma for the pending
transactions. Caesars leases regional gaming assets from VICI under
a long-term NNN master lease. Pro forma for ERI/CZR merger,
Caesars' separate NNN leases with VICI for Caesars Palace Las Vegas
and Harrah's Las Vegas will be combined under a NNN master lease.
VICI's leases with Caesars will all be guaranteed by the pro forma
Eldorado entity, will be renamed Caesars. Pro forma for the pending
transactions, but not accounting for the coronavirus-related
headwinds, Caesars' EBITDAR will cover its lease obligations with
VICI by approximately 3x.

VICI diversified its tenant mix with a series of acquisitions since
its spin-off from Caesars introducing Penn National Gaming, Hard
Rock International, JACK Entertainment and Century Casinos into the
tenant mix. These tenants will represent about 17% of VICI's rent
on a pro forma basis. VICI's assets are geographically diverse
throughout the U.S. with about 69% of the rent coming from less
cyclical regional markets.

Fitch views VICI's rent stability less favorably, relative to
peers, given the lower asset/master lease level rent coverage
estimated by Fitch. There is also a lack of asset/master lease
level coverage disclosure reflecting limited disclosure provided by
its tenants.

Conservative Financial Policies: VICI have a conservative target
leverage range of 5.0x-5.5x net debt/EBITDA and has shown
willingness to issue equity to remain within the target range when
making acquisitions. VICI raised $5.9 billion in equity since its
spin-off to deliver and to fund acquisitions. The company also
tends to pre-fund the equity portion of its acquisitions in order
to mitigate equity market risks with the company pricing $2.5
billion of equity to fund its recent and pending transactions.
Fitch estimates that VICI will be at the low end of its target net
leverage range pro forma for the pending acquisitions and lease
amendments.

VICI's lower net leverage relative to its 5.5x downgrade
sensitivity gives it some cushion to absorb disruptions in rent to
the extent Fitch considers such events as reductions in EBITDA.
VICI stated in a release that it is open to supporting tenants
during the short-term in ways that will benefit VICI over the
long-term. Fitch believes that this support, should it become
necessary, is unlikely to be in form of a permanent rent reduction
without offsetting considerations.

Weaker Contingent Liquidity: VICI's capital structure is mostly
encumbered with all wholly-owned assets, except Margaritaville
Bossier City, being pledged to the senior secured credit facility.
VICI has expressed interest in migrating toward a fully unsecured
capital structure, which Fitch expects to occur over the next
several years. Pro forma for the February 2020 notes issuance and
the redemption of the second lien notes, VICI's capital structure
is approximately 69% unsecured.

More broadly, gaming REIT's contingent liquidity in the form of
mortgage debt or asset sales is not as robust as that of the more
traditional REIT asset classes. Gaming properties are a specialty
property type that appeals to a smaller universe of institutional
real estate investors and lenders than core commercial property
sectors, such as office, industrial, retail and multifamily
properties.

There are examples of gaming companies accessing debt secured by
specific assets in a time of stress. There are also examples of
gaming assets in CMBS transactions, but Fitch views the
through-the-cycle availability of capital from this avenue as
weaker than secured mortgages from balance sheet lenders, including
life insurance companies, and, to a lesser extent, banks.

Potentially Lower Asset-Level Rent Coverage: VICI was spun-out of
Caesars Entertainment Operating Company in late 2017. Fitch
estimates based on available disclosure at the time of the spin-off
the initial asset level rent coverage of all leases at around 1.7x.
This is less than the initial rent coverage levels set by VICI's
peers, MGM Growth Properties and Gaming and Leisure Properties, who
set their initial rents for their respective major master leases at
around 1.8x.

Estimating more current asset-level rent coverage is difficult
since Caesars does not disclose CEOC standalone EBITDAR and there
are no rent escalator coverage tests in effect now. VICI's planned
transactions with Eldorado and Caesars could potentially weaken the
asset-level rent coverage of Caesars leases in the near-term as the
transactions contemplate increasing rent on existing assets.
Additionally, certain asset acquisitions from Caesars by VICI are
contemplated with the initial incremental EBITDAR/rent being below
1.7x. If the transactions close, merger synergies realized by
Caesars could improve coverage in the medium term.

Fitch believes that lower asset-level rent coverage increases the
probability that a lease may potentially be renegotiated in a
downturn. In VICI's case, the leases are guaranteed by the tenants'
respective parent entities; however, the tenants generally have
weaker credit profiles relative to VICI with the exception of
Seminole Hard Rock International (BBB-/Negative). Therefore, Fitch
puts more emphasis on asset/lease level coverage.

Independent Governance: VICI's governance is independent from
Caesars following VICI's spin-off in 2017 with VICI's largest
shareholders being large institutional investors including
REIT-focused actively managed and index funds. VICI's board is
largely independent, with the only non-independent director being
its CEO, and is comprised of REIT, gaming, legal and investment
professionals. VICI's CEO is a REIT veteran with experience at
leisure and lodging REITs. VICI's management team includes one
former Caesars executive, John Payne.

DERIVATION SUMMARY

VICI's main peers are gaming REITs including Gaming and Leisure
Properties Inc. (GLPI; BBB-) and MGM Growth Properties LLC (MGP;
BB+). All three REITs have comparable credit metrics and share a
leverage target range of 5.0x-5.5x. VICI is more conservative with
respect to issuing equity ahead of acquisitions and remaining
within its targeted leverage range. VICI's wholly-owned assets,
except one, are encumbered by its senior secured credit facility
and its leases with Caesars have been underwritten with lower
initial asset-level rent coverage.

KEY ASSUMPTIONS

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

  -- Caesars and Eldorado transactions closing at the end of 2Q20
along with a $1.2 billion equity raise tied to the equity forward
agreement;

  -- 1Q20 transactions include $2.5 billion senior unsecured
issuance, repayment of $498 million of second-lien notes; $200
million equity raise through VICI's ATM program and the acquisition
of JACK Entertainment assets;

  -- Total rent grows at about 1.7% per year due to the escalators
(mostly no tests in the initial years of the leases) and no other
M&A transactions assumed following the pending transactions;

  -- $24 million general and administrative expenses, $2 million of
capex and $10 million EBITDA attributable to golf operations per
year starting in 2021 ($2 million loss in 2020);

  -- 90% of FCF is paid out as dividends although the company
targets a lower payout ratio of 75% of available funds from
operations.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Track record of acquisitions with asset level rent coverage
being closer to 2.0x;

  -- Improvement in Caesars' (or surviving entity following ERI
merger) credit profile and its estimate of Caesars' lease coverage
levels due to EBITDAR growth;

  -- Greater disclosure on rent coverage at asset or master lease
level;

  -- Further migration toward increasing the unsecured debt mix;

  -- Diversification in tenant base;

  -- Greater staggering of the maturity schedule;

  -- Net debt/EBITDA remaining within the 5.0x-5.5x range or,
absent VICI making progress with respect to the above
sensitivities, net debt/EBITDA target being set at below 5.0x.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- Net debt/EBITDA sustaining above 5.5x;

  -- Significant deterioration in Caesars' (or surviving entity
following the ERI merger) credit quality;

  -- Increased aggressiveness with respect to acquisition and lease
underwriting, especially relating to transactions with Caesars or
the surviving company following Caesars' merger with ERI.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

VICI has solid liquidity with a $1 billion undrawn revolver
maturing in 2024 and $310 million of cash as of April 16, 2020. The
nearest maturity is the term loan B maturing in 2024. A negative
liquidity consideration is VICI's concentrated maturity profile
with nearly a third of the debt maturing in 2024.

Approximately than two-thirds of VICI's capital structure pro forma
for the pending transactions will be unsecured. Fitch expects VICI
to continue to migrate toward an unsecured debt structure over the
next several years and to rely on unsecured notes and equity for
future acquisitions.

VICI's senior secured credit facility is issued out VICI PropCo,
which sits below the operating partnership (OP) entity. The OP is
the issuer of the unsecured notes, which are guaranteed by VICI
PropCo.

The 'BBB-'/'RR1' rating on the senior secured credit facility
reflects the facility's strong overcollateralization and tight
covenants in the credit agreement and the anticipated notes
indenture limiting senior secured debt.


VYAIRE MEDICAL: Moody's Alters Outlook on Caa1 CFR to Positive
--------------------------------------------------------------
Moody's Investors Service changed Vyaire Medical, Inc.'s outlook to
positive from stable. At the same time, Moody's affirmed the
company's Caa1 Corporate Family Rating, Caa1-PD Probability of
Default Rating and the ratings of the first lien term loan and
revolving credit facilities at B3.

The change of outlook to positive reflects Moody's expectation of a
significant positive contribution from the surge in orders for
ventilators amidst the outbreak of coronavirus. With the rapid
spread of coronavirus, the U.S Department of Health and Human
Services, as well as several U.S. states, have requested the
company to supply a large quantity of ventilators within a short
period. Moody's estimates that these large orders have the
potential to help the company generate $700 million of incremental
revenues (essentially a doubling of revenue) in the next 12 months.
If executed efficiently, this temporary surge in revenue would help
the company generate a meaningful amount of cash flow, boosting
liquidity and reducing leverage.

The affirmation of the Caa1 CFR reflects the company's very high
leverage, currently constrained liquidity, weak track record of
business execution and uncertainties surrounding a fairly complex
turnaround strategy. The turnaround strategy, which involves
significant execution risks, includes improving days sales
outstanding (DSO), stabilizing manufacturing and distribution
processes, rebuilding customer relationships and integrating
recently acquired businesses. A potential misstep in the execution
of the turnaround strategy or the inability to meet customer demand
during the pandemic would have negative credit implications and
could potentially lead to a liquidity shortfall. Given the very
high leverage and constrained liquidity, there is also a risk that
the company will pursue a transaction that Moody's considers to be
a distressed exchange.

The following ratings were affirmed:

Issuer: Vyaire Medical, Inc.

Corporate Family Rating at Caa1

Probability of Default Rating at Caa1-PD

$100 million Senior Secured First Lien Revolver due 2023 at to B3
(LGD3)

$19 million Senior Secured First Lien Revolver due 2021 at to B3
(LGD3)

$360 million Senior Secured First Lien Term Loan due 2025 at B3
(LGD3)

Outlook action:

The outlook was changed to positive from stable

RATINGS RATIONALE

The Caa1 CFR reflects Vyaire's very high financial leverage,
currently constrained liquidity and significant execution risks.
The company's debt/EBITDA exceeded 9 times at the end of 2019 even
after adding back non-recurring expenses to EBITDA. Offsetting some
of the above risks, the rating is supported by the recurring nature
of a portion of the company's revenues, good geographic and product
diversity and stable end markets. The rating also benefits from
demonstrated support by the company's private equity sponsor --
Apax Partners. Apax has injected substantial cash equity into
Vyaire over the last 18 months in order to help the company
stabilize operations and liquidity.

After facing severe operating challenges and extensive senior
management changes in the last two years, the company has made
progress in collecting its accounts receivable, reducing its trade
payables and rebuilding its relationships with vendors and
distributors. However, Moody's believes that the company needs to
further stabilize its operations to be able to generate positive
free cash flow on a sustainable basis.

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 of this risk (positive
impact for Vyaire), which has grown in recent weeks. For Vyaire,
social risks also involve responsible production including
compliance with regulatory requirements for the safety of medical
devices as well as adverse reputational risks arising from recalls
associated with manufacturing defects. The company's transition to
a stand-alone company was challenging, with numerous execution
issues leading to disruption to customers, and high management
turnover, pointing to higher than average governance risk.

The positive outlook reflects Moody's expectation of a near term
boost in earnings which could help the company address some of
challenges it has faced in the last several quarters. The positive
outlook also reflects Moody's view that the company has a credible
plan to improve the operating performance. If the company
successfully meets the coronavirus related surge in demand for its
products, it will likely generate excess cash in the next 6-12
months to reduce debt and leverage. Moody's expects that Vyaire
will benefit from favorable payment terms for the urgent orders for
its ventilator products. This will help improve the company's
liquidity in the near term. Nevertheless, sustainable improvement
of the company's leverage and liquidity will require an effective
strategy and solid execution beyond coronavirus.

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

The rating could be upgraded if the company successfully executes
its turnaround strategy and benefits substantially from the surge
in coronavirus related ventilator demand. Specifically, if the
company materially improves free cash flow and its debt to EBITDA
is sustained below 8.0 times the rating could be upgraded.
Liquidity would also need to be substantially improved in order to
support an upgrade.

The ratings could be downgraded if the company's operating
performance or liquidity deteriorates. An unforeseen negative event
like a recall of a key product, departure of the key management
team member(s) and/or employees or loss of key customers could also
lead to a rating downgrade. Inability to meet near-term demand for
its products in a profitable manner would also likely result in
ratings pressure.

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

Vyaire is a manufacturer and distributor of respiratory products.
The company's main products include ventilation equipment,
respiratory diagnostic equipment, and respiratory and anesthesia
disposables. The company's revenues for the last twelve months were
around $742 million. Vyaire is privately owned by Apax Partners.


WESTERN URANIUM: Extends Warrants Expiration by 9 Months
--------------------------------------------------------
Western Uranium & Vanadium Corp. has extended by nine months the
common share purchase warrants issued to investors in non-brokered
private placements that closed on May 4, July 30 and Aug. 9, 2018
and amended the trigger price in the acceleration clause of each
Warrant.  No Warrants issued to investors in the 2018 Private
Placements have been exercised, and a total of 2,671,116 Warrants
are being amended.

Each Warrant currently entitles the holder to purchase one common
share in the capital of the Company at a price of C$1.15 per Common
Share at any time prior to 5:00 p.m. (Toronto time) on May 4, July
30 and Aug. 9, 2020, respectively.  Each of the Original Expiry
Dates is extended by nine months such that the Warrants will expire
on February 4, April 30 and May 9, 2021, respectively.

In addition, each Warrant is currently subject to an acceleration
clause that allows the Company to accelerate the expiration date of
the Warrant if the closing price of the Common Shares of Western is
equal to or greater than C$2.50 for a period of five consecutive
trading days.  Western is amending the Acceleration Clause of each
Warrant by lowering the trigger price from C$2.50 to C$1.83
effective at 5:01 p.m. (Toronto time) on each of the Original
Expiry Dates.  All other terms of the Warrants remain the same,
including the applicable legends.

No Warrant is held by an insider or a related party to the Company.
In accordance with the rules of the Canadian Securities Exchange,
no compensation warrants issued in connection with the 2018 Private
Placements are being extended.  The amendments to the Warrants
remain subject to final regulatory approval.

                About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. -- http://www.western-uranium.com/
-- is a uranium and vanadium conventional mining company focused on
low cost near-term production of uranium and vanadium in the
western United States, and development and application of kinetic
separation.  The Company is headquartered in Ontario, Canada with
mining operations in the two U.S. states of Utah and Colorado.

Western Uranium incurred a net loss of $2.11 million in 2019
following a net loss of $2.04 million in 2018.  As of Dec. 31,
2019, the Company had $24.43 million in total assets, $4 million in
total liabilities, and $20.43 million in total shareholders'
equity.

MNP LLP, in Mississauga, Ontario, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated April
14, 2020 citing that the Company has incurred continuing losses and
negative cash flows from operations and is dependent upon future
sources of equity or debt financing in order to fund its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WHITING PETROLEUM: Hires Alvarez & Marsal as Financial Advisor
--------------------------------------------------------------
Whiting Petroleum Corporation, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Alvarez & Marsal North America, LLC, as
financial advisor to the Debtors.

Whiting Petroleum requires Alvarez & Marsal to:

   (a) assist the Debtors in the preparation of financial-related
       disclosures required by the Court, including the Debtors'
       Schedules of Assets and Liabilities, Statements
       of Financial Affairs and Monthly Operating Reports;

   (b) assist with the identification and implementation of
       short-term cash management procedures;

   (c) assist with the identification of executory contracts and
       leases and performance of cost/benefit evaluations with
       respect to the affirmation or rejection of each;

   (d) assist the Debtors' management team and counsel focused on
       the coordination of resources related to the ongoing
       reorganization effort;

   (e) assist in the preparation of financial information for
       distribution to creditors and others, including, but not
       limited to, cash flow projections and budgets, cash
       receipts and disbursement analysis, analysis of various
       asset and liability accounts, and analysis of proposed
       transactions for which Court approval is sought;

   (f) attend at meetings and assistance in discussions with
       potential investors, banks, and other secured lenders, any
       official committee(s) appointed in these chapter 11
       cases, the United States Trustee, other parties in
       interest and professionals hired by same, as requested;

   (g) analyze creditor claims by type, entity, and individual
       claim, including assistance with development of databases,
       as necessary, to track such claims;

   (h) assist in the preparation of information and analysis
       necessary for the confirmation of a plan of reorganization
       in these chapter 11 cases, including information contained
       in the disclosure statement;

   (i) assist in the evaluation and analysis of avoidance
       actions, including fraudulent conveyances and preferential
       transfers;

   (j) assist in the analysis/preparation of information
       necessary to assess the tax attributes related to the
       confirmation of a plan of reorganization in these Chapter
       11 Cases, including the development of the related tax
       consequences contained in the disclosure statement;

   (k) provide advisory services with respect to accounting and
       tax matters, along with expert witness testimony on case
       related issues as required by the Debtors;

   (l) assist management in identifying potential additional
       opportunities to reduce costs and implementing its cost
       reduction and operational improvement initiatives; and

   (m) render such other general business consulting or such
       other assistance as the Debtors' management or counsel may
       deem necessary consistent with the role of a financial
       advisor to the extent that it would not be duplicative of
       services provided by other professionals in this
       proceeding.

Alvarez & Marsal will be paid at these hourly rates:

   Restructuring

     Managing Directors             $900 to $1,150
     Directors                      $700 to $875
     Analyst/Associates             $400 to $675

   Case Management

     Managing Directors             $850 to $1,000
     Directors                      $675 to $825
     Analyst/Associates             $400 to $625

Alvarez & Marsal received from the Debtor the amount of $500,000 as
a retainer. In the 90 days prior to the Petition Date, Alvarez &
Marsal received retainers and payments totaling $1,781,142.50 in
the aggregate for services performed for the Debtors.

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

Marc Liebman, a managing director of Alvarez & Marsal North
America, LLC, 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.

Alvarez & Marsal can be reached at:

     Marc Liebman
     ALVAREZ & MARSAL NORTH AMERICA, LLC
     700 Louisiana Street, Suite 3300
     Houston, TX 77002
     Tel: (713) 571-2400
     Fax: (713) 547-3697

              About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation --
http://www.whiting.com/-- is an independent oil and gas company
that explores for, develops, acquires and produces crude oil,
natural gas and natural gas liquids primarily in the Rocky Mountain
region of the United States. Its largest projects are in the Bakken
and Three Forks plays in North Dakota and Niobrara play in
northeast Colorado. Whiting Petroleum trades publicly under the
symbol WLL on the New York Stock Exchange.

Whiting Petroleum and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32021) on April 1, 2020. At the time of the filing, Debtors
disclosed $7,636,721,000 in assets and $3,611,750,000 in
liabilities.  Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Jackson Walker L.L.P. as legal counsel;
Moelis & Company as financial advisor and investment banker;
Alvarez & Marsal as restructuring advisor; and Stretto as claims
and solicitation agent, and administrative advisor.


WHITING PETROLEUM: Hires Moelis & Company as Financial Advisor
--------------------------------------------------------------
Whiting Petroleum Corporation and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Moelis & Company, as financial advisor to the
Debtors.

Whiting Petroleum requires Moelis & Company to:

   (a) assist the Debtors in reviewing and analyzing the Debtors'
       results of operations, financial condition, and business
       plans;

   (b) assist the Debtors in reviewing and analyzing any
       potential Restructuring or Capital Transaction;

   (c) assist the Debtors in negotiating any potential
       Restructuring or Capital Transaction;

   (d) advise the Debtors on the terms of securities they offer
       in any potential Restructuring or Capital Transaction;

   (e) advise the Debtors on, and assist the Debtors in, the
       preparation of an information memorandum for a potential
       Capital Transaction (each, an "Information Memo");

   (f) assist the Debtors in contacting potential purchasers of a
       Capital Transaction that the Firm and the Debtors agree
       are appropriate, and meet with and provide them with the
       Information Memo and such additional information
       about the Debtors' assets, properties, or businesses that
       is acceptable to the Debtors, subject to customary
       business confidentiality agreements that are approved and
       executed by the Debtors;

   (g) assist the Debtors in contacting debt holders and in
       discussions and negotiations with such holders in respect
       of a potential Restructuring, and meet with and provide
       them with information about the Debtors' assets,
       properties, or businesses that is acceptable to the
       Debtors, subject to customary business confidentiality
       agreements that are approved and executed by the Debtors;

   (h) provide testimony concerning any of the subjects
       encompassed by the services set forth in Section 1 of the
       Moelis Engagement Letter; and

   (i) provide such other financial advisory and investment
       banking services in connection with a Restructuring or
       Capital Transaction as the Firm and the Debtors may
       mutually agree upon.

Moelis & Company will be as follows:

   (a) Monthly Fee. A fee of $150,000 per month (the "Monthly
       Fee"), payable in advance of each month. Whether or not a
       Restructuring or Capital Transaction occurs, the Firm
       shall earn and be paid the Monthly Fee. Commencing with
       the seventh Monthly Fee, 50% of the Monthly Fees that are
       paid to the Firm shall be offset against the Restructuring
       Fee, to the extent paid.

   (b) Restructuring Fee. At the closing of a Restructuring,
       a non-refundable cash fee (the "Restructuring Fee") of
       $11,500,000.

   (c) Capital Transaction Fee. At the closing of a Capital
       Transaction, a non-refundable cash fee (the "Capital
       Transaction Fee") of: (i)  4.0% of the aggregate gross
       amount or face value of capital Raised 6 in the Capital
       Transaction as equity, equity-linked interests, options,
       warrants, or other rights to acquire equity interests
       (including any rights offerings); plus (ii)  2% of the
       aggregate gross amount of unsecured debt obligations
       Raised in the Capital Transaction; plus (iii) 1% of the
       aggregate gross amount of secured debt obligations and
       other interests Raised in the Capital Transaction
       (including debtor-in-possession financing).

       The Debtors will pay a separate Capital Transaction Fee in
       respect of each Capital Transaction in the event that more
       than one Capital Transaction occurs. 50% of the aggregate
       amount of any Capital Transaction Fees that are earned and
       paid to the Firm under the terms of the Engagement Letter
       shall be offset against the Restructuring Fee; provided
       that such credit shall not reduce the Restructuring Fee to
       less than zero.

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

Bassam J. Latif, managing director of Moelis & Company LLC, 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.

Moelis & Company can be reached at:

     Bassam J. Latif
     Moelis & Company LLC
     1200 Smith Street, 19th Floor
     Houston, TX 77002
     Tel: (713) 343-6420

              About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation --
http://www.whiting.com/-- is an independent oil and gas company
that explores for, develops, acquires and produces crude oil,
natural gas and natural gas liquids primarily in the Rocky Mountain
region of the United States. Its largest projects are in the Bakken
and Three Forks plays in North Dakota and Niobrara play in
northeast Colorado. Whiting Petroleum trades publicly under the
symbol WLL on the New York Stock Exchange.

Whiting Petroleum and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
20-32021) on April 1, 2020.  At the time of the filing, Debtors
disclosed $7,636,721,000 in assets and $3,611,750,000 in
liabilities.  Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Jackson Walker L.L.P. as legal counsel;
Moelis & Company as financial advisor and investment banker;
Alvarez & Marsal as restructuring advisor; and Stretto as claims
and solicitation agent, and administrative advisor.


WHITING PETROLEUM: Seeks to Hire Kirkland & Ellis as Counsel
------------------------------------------------------------
Whiting Petroleum Corporation, and its debtor-affiliates, seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as counsel to the Debtors.

Whiting Petroleum requires Kirkland & Ellis to:

   a. advise the Debtors with respect to their powers and duties
      as debtors in possession in the continued management and
      operation of their businesses and properties;

   b. advise and consult on the conduct of these chapter 11
      cases, including all of the legal and administrative
      requirements of operating in chapter 11;

   c. attend meetings and negotiating with representatives of
      creditors and other parties in interest;

   d. take all necessary actions to protect and preserve the
      Debtors' estates, including prosecuting actions on the
      Debtors' behalf, defending any action commenced against the
      Debtors, and representing the Debtors in negotiations
      concerning litigation in which the Debtors are involved,
      including objections to claims filed against the Debtors'
      estates;

   e. prepare pleadings in connection with these chapter 11
      cases, including motions, applications, answers, orders,
      reports, and papers necessary or otherwise beneficial to
      the administration of the Debtors' estates;

   f. represent the Debtors in connection with obtaining
      authority to continue using cash collateral and
      postpetition financing;

   g. advise the Debtors in connection with any potential sale of
      assets;

   h. appear before the Court and any appellate courts to
      represent the interests of the Debtors' estates;

   i. advise the Debtors regarding tax matters;

   j. take any necessary action on behalf of the Debtors to
      negotiate, prepare, and obtain approval of a disclosure
      statement and confirmation of a chapter 11 plan and all
      documents related thereto; and

   k. perform all other necessary legal services for the Debtors
      in connection with the prosecution of these chapter 11
      cases, including: (i) analyzing the Debtors' leases and
      contracts and the assumption and assignment or rejection
      thereof; (ii) analyzing the validity of liens against the
      Debtors; and (iii) advising the Debtors on corporate and
      litigation matters.

Kirkland & Ellis will be paid at these hourly rates:

     Partners              $1,075 to $1,845
     Of Counsel              $625 to $1,845
     Associates              $610 to $1,165
     Paraprofessionals       $245 to $460

On March 23, 2020, the Debtors paid Kirkland & Ellis $2,000,000 as
advance payment retainer. Subsequently, the Debtors paid to
Kirkland & Ellis additional advance payment retainer totaling
$4,750,000 in the aggregate.

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

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Kirkland represented the Debtors during the twelve-
              month period before the Petition Date, using the
              hourly rates listed below:

                 Partners              $1,075 to $1,845
                 Of Counsel              $625 to $1,845
                 Associates              $610 to $1,165
                 Paraprofessionals       $245 to $460

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Yes, for the period from April 1, 2020, through
              June 30, 2020.

Brian E. Schartz, partner of Kirkland & Ellis LLP and Kirkland &
Ellis International LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Kirkland & Ellis can be reached at:

     Brian E. Schartz, Esq.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Tel: (212) 446-4800
     E-mail: Stephen.hessler@kirland.com

              About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation --
http://www.whiting.com/-- is an independent oil and gas company
that explores for, develops, acquires and produces crude oil,
natural gas and natural gas liquids primarily in the Rocky Mountain
region of the United States. Its largest projects are in the Bakken
and Three Forks plays in North Dakota and Niobrara play in
northeast Colorado. Whiting Petroleum trades publicly under the
symbol WLL on the New York Stock Exchange.

Whiting Petroleum and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
20-32021) on April 1, 2020.  At the time of the filing, Debtors
disclosed $7,636,721,000 in assets and $3,611,750,000 in
liabilities.  Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Jackson Walker L.L.P. as legal counsel;
Moelis & Company as financial advisor and investment banker;
Alvarez & Marsal as restructuring advisor; and Stretto as claims
and solicitation agent, and administrative advisor.


WHITING PETROLEUM: Seeks to Hire KPMG LLP (US) as Tax Consultant
----------------------------------------------------------------
Whiting Petroleum Corporation, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ KPMG LLP (US), as tax consultant to the
Debtors.

Whiting Petroleum requires KPMG LLP (US) to:

   a. provide unclaimed property audit and voluntary disclosure
      agreement ("VDA") support, including support regarding a
      VDA entered into with the Delaware Secretary of State
      including to assist the Debtors in connection with the
      ongoing unclaimed property audit and VDA reviews;

   b. provide reverse sales, use and gross receipts tax audit
      services (the "2014 – 2016 RSUT Services") in North
Dakota,
      Colorado, and New Mexico for the period of February 1,
      2014, through December 31, 2016;

   c. assist the Debtors in identifying and quantifying,
      including cash tax modeling, the potential U.S. federal,
      international, and state and local income tax implications
      associated with restructuring alternatives;

   d. provide tax consulting services to the Debtors with respect
      to such matters that may arise in relation to tax provision
      for which the Debtors seek KPMG US's advice, both written
      and oral.

KPMG LLP (US) will be paid at these hourly rates:

     Partners                       $788 to $823
     Managing Directors             $788 to $823
     Senior Managers                $700 to $718
     Managers                       $543 to $595
     Senior Associates              $403 to $438
     Associates                     $298 to $315
     Para-Professionals             $158 to $210

KPMG US and the Debtors have agreed to a fixed fee of $20,000 for
services relating to Legislative Updates (the "Fixed Fee"). Subject
to the Court's approval and pursuant to the terms and conditions of
the Engagement Letter, the remaining amount of the yearly Fixed Fee
will be billed in four (4) quarterly installments of $5,000 each.

KPMG US's professional fees for the 2014 – 2016 RSUT Services
will be equal to 25% of any benefits received (the "2014 – 2016
Contingency Fee") by the Debtors not to exceed 200% of KPMG US's
standard hourly rates.

KPMG US's professional fees for the 2017 – 2020 RSUT Services
will be equal to 27% of any benefits received (the "2017 – 2020
Contingency Fee" and collectively with the 2014 – 2016
Contingency Fee the "Contingency Fees") by the Debtors.

KPMG LLP (US)will also be reimbursed for reasonable out-of-pocket
expenses incurred.

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

KPMG LLP (US) can be reached at:

     Christopher W. Woll
     KPMG LLP (US)
     1225 17th Street
     Denver, CO 80202-5598
     Tel: (303) 296-2323
     Fax: (303) 295-8829

              About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation --
http://www.whiting.com/-- is an independent oil and gas company
that explores for, develops, acquires and produces crude oil,
natural gas and natural gas liquids primarily in the Rocky Mountain
region of the United States. Its largest projects are in the Bakken
and Three Forks plays in North Dakota and Niobrara play in
northeast Colorado. Whiting Petroleum trades publicly under the
symbol WLL on the New York Stock Exchange.

Whiting Petroleum and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
20-32021) on April 1, 2020. At the time of the filing, Debtors
disclosed $7,636,721,000 in assets and $3,611,750,000 in
liabilities. Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Jackson Walker L.L.P. as legal counsel;
Moelis & Company as financial advisor and investment banker;
Alvarez & Marsal as restructuring advisor; and Stretto as claims
and solicitation agent, and administrative advisor.


WINDSTREAM HOLDINGS: Paul Weiss 4th Update on First Lien Group
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP
submitted a fourth amended verified statement to update its list of
members of the First Lien Ad Hoc Group in the Chapter 11 cases of
Windstream Holdings, Inc., et al.

The ad hoc committee of certain unaffiliated holders of loans or
other indebtedness issued under:

   (i) that certain Sixth Amended and Restated Credit Agreement,
originally dated as of July 17, 2006, amended and restated as of
April 24, 2015 and subsequently amended, among Windstream Services,
LLC, the other loan parties party thereto, the lenders from time to
time party thereto, J.P. Morgan Chase Bank, N.A., as administrative
agent and collateral agent and the other parties thereto; and

  (ii) that certain Indenture for certain 8.625% notes due 2025
dated as of November 6, 2017, by and among Windstream Services, LLC
and Windstream Finance Corp., the guarantor party thereto, Delaware
Trust Company, as trustee and notes collateral agent and the
holders thereunder.

In February 2019, certain members of the First Lien Ad Hoc Group
retained Paul, Weiss, Rifkind, Wharton & Garrison LLP to represent
them in connection with a potential restructuring involving the
above-captioned debtors and debtors-in-possession.  From time to
time thereafter, certain additional holders of First Lien
Obligations joined the First Lien Ad Hoc Group.

On April 8, 2019, Paul, Weiss filed the Verified Statement of the
First Lien Ad Hoc Group Pursuant to Bankruptcy Rule 2019 [Docket
No. 239]. On July 12, 2019, Paul, Weiss filed the Amended Verified
Statement of the First Lien Ad Hoc Group Pursuant to Bankruptcy
Rule 2019 [Docket No. 790]. On November 19, 2019, Paul, Weiss filed
the Second Amended Verified Statement of the First Lien Ad Hoc
Group Pursuant to Bankruptcy Rule 2019 [Docket No. 1228]. On
January 22, 2020, Paul, Weiss filed the Third Amended Verified
Statement of the First Lien Ad Hoc Group Pursuant to Bankruptcy
Rule 2019 [Docket No. 1444]. Since then, the members of the First
Lien Ad Hoc Group and the disclosable economic interests in
relation to the Debtors that such members hold or manage have
changed. Accordingly, pursuant to Bankruptcy Rule 2019, Paul, Weiss
submits this Fourth Amended Statement.

As of the date of this Fourth Amended Statement, Paul, Weiss
represents only the members of the First Lien Ad Hoc Group in their
respective capacities as holders of First Lien Obligations, and
does not represent or purport to represent any other entities with
respect to the Debtor's chapter 11 cases.  In addition, each member
of the First Lien Ad Hoc Group does not purport to act, represent
or speak on behalf of any other entity in connection with the
Debtors' chapter 11 cases.

As of April 20, 2020, members of the First Lien Ad Hoc Group and
their disclosable economic interests are:

Franklin Mutual Advisers, LLC
101 John F. Kennedy Parkway
Short Hills, NJ 07078

* Term Loan Obligations: 43,089,000
* Revolving Credit Facility Obligations: $192,449,530

HBK Master Fund L.P.
2300 North Field Street, Suite 2200
Dallas, Texas 75201

* Term Loan Obligations: $56,196,809
* First Lien Note Obligations: $86,147,000

Oaktree Capital Management, L.P.
333 South Grand Avenue, 28th Floor
Los Angeles, CA 90071

* Term Loan Obligations: $189,402,344
* Revolving Credit Facility Obligations: $90,495,597
* First Lien Note Obligations: $6,126,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Term Loan Obligations: $492,608,816

Counsel to the First Lien Ad Hoc Group can be reached at:

          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          Andrew N. Rosenberg, Esq.
          Brian S. Hermann, Esq.
          Samuel E. Lovett, Esq.
          1285 Avenue of the Americas
          New York, NY 10019-6064
          Telephone: (212) 373-3000
          Facsimile: (212) 757-3990
          E-mail: arosenberg@paulweiss.com
                  bhermann@paulweiss.com
                  slovett@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/pl0Suh

                  About Windstream Holdings

Windstream Holdings, Inc., and its subsidiaries provide advanced
network communications and technology solutions for businesses
across the United States.  They also offer broadband, entertainment
and security solutions to consumers and small businesses primarily
in rural areas in 18 states.

Windstream Holding Inc. and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.

The Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as counsel; PJT Partners LP as financial advisor
and investment banker; Alvarez & Marsal North America LLC as
restructuring advisor; and Kurtzman Carson Consultants as notice
and claims agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on March 12, 2019.  The committee tapped
Morrison & Foerster LLP as its legal counsel, AlixPartners, LLP, as
its financial advisor, and Perella Weinberg Partners LP as
investment banker.



WINSTEAD'S COMPANY: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The Office of the U.S. Trustee on April 13, 2020, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of Winstead's Company.
  
                   Abut Winstead's Company

Winstead's Company operates 3 Winstead's Restaurant located at (i)
101 Emanuel Cleaver II Blvd., Kansas City, Mo.; (ii) 10711 Roe,
Overland Park, Kansas; and (iii) 4971 W. 135th St., Leawood,
Kansas.

Winstead's Company filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No.
20-20288) on Feb. 24, 2020, listing under $1 million in both assets
and liabilities.  Judge Robert D. Berger oversees the case.  Colin
Gotham, Esq., at Evans & Mullinix, P.A., is Debtor's legal counsel.


WP CPP: S&P Downgrades ICR to 'B-' on Reduced Production
--------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on WP CPP
Holdings LLC to 'B-' from 'B'.

At the same time, S&P is lowering its issue level rating on the
company's first-lien credit facility to 'B-' from 'B' and its
issue-level rating on the company's second-lien debt to 'CCC' from
'CCC+'. S&P's '3' recovery rating on the first-lien debt and '6'
recovery rating on the second-lien debt remain unchanged.

"We believe CPP's credit metrics will be weaker than we previously
expected in 2020 due to the coronavirus. The company manufactures
metal castings primarily for commercial and military aircraft
engine parts. While we expect CPP's military work (23%) to be
relatively unaffected, its commercial business will decline
significantly from 2019 levels given that Airbus S.E. has announced
production cuts and we expect Boeing Co. to make similar
adjustments. We already anticipated that the company's 2020 revenue
would be negatively affected by the ongoing grounding of Boeing's
737 MAX and the relatively low rate of production once the aircraft
returns to service. Specifically, we expect the lower production
rates to weaken CPP's earnings and cash flow in 2020 and into 2021.
The company has cut costs to preserve cash, though we now expect
its debt to EBITDA to be above 8.5x in 2020 and remain above 7.0x
in 2021, which compares with our previous expectation for debt to
EBITDA of 6.0x-6.5x in 2020 and about 6.0x in 2021," S&P said.

The negative outlook on CPP reflects S&P's expectation that its
credit metrics will weaken significantly in 2020 due to the MAX
grounding and the coronavirus pandemic and potentially decline
further. This could occur if original equipment manufacturers
(OEMs) implement further production cuts, the 737 MAX remains
grounded for longer than S&P expects, or the company's aftermarket
demand remains weak. S&P now expects CPP's debt to EBITDA to
increase to more than 8.5x in 2020 and remain above 7.0x in 2021.

"We could lower our rating on CPP over the next 12 months if its
earnings and free cash flow remain weak because of the effects of
the coronavirus and lead to a material deterioration in its
liquidity. We could also lower the ratings if sustained high
leverage leads us to believe that the company's capital structure
is no longer sustainable over the long term," S&P said.

We could revise our outlook on CPP to stable over the next 12
months if we expect its debt to EBITDA to improve below 7.5x and
its free operating cash flow to debt to remain positive. This would
likely occur if OEM build rates return to near current levels, MAX
production restarts as expected, and a faster-than-anticipated
recovery in air traffic leads to higher aftermarket demand," S&P
said.


XPO LOGISTICS: Moody's Rates New Senior Unsecured Notes 'Ba3'
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to the new senior
unsecured notes of XPO Logistics, Inc. All other ratings including
the Ba2 corporate family rating and Baa3 senior secured rating and
stable outlook are unaffected at this time. Proceeds from the $750
million notes due 2025 will be used to bolster current liquidity.

The following ratings were assigned for XPO Logistics, Inc.:

Senior unsecured notes, Assigned Ba3 (LGD4)

RATINGS RATIONALE

The ratings reflect XPO's exposure to the cyclicality of the
transportation sector and end markets facing meaningfully lower
freight volumes amidst declines in industrial production and
consumer purchases, heightened by the coronavirus pandemic. The
challenging conditions in the transport market will likely extend
into 2021. Further, the company operates in a competitive
landscape. The ratings also reflect XPO's rapid growth over a
relatively short period, and uncertainty as to its long-term
strategy and risk profile. Given these factors, XPO's leverage is
elevated, with pro forma debt/EBITDA expected to exceed 4x (after
Moody's standard adjustments), and it has trended up following an
aggressive financial policy, including debt-funded share
repurchases.

At the same time, XPO benefits from a sizeable scale across
multiple offerings in markets, an ability to make ongoing
investments in technology and infrastructure necessary to remain
competitive, and a very good liquidity profile. Unrestricted cash
balances of about $1.8 billion pro forma, with all proceeds of the
new notes expected to be credited to cash, and about $500 million
of available ABL and bilateral lines provide good flexibility
through at least 2020. This liquidity and the company's relatively
more stable contract logistics business (roughly a third of
revenue) partly mitigate the cyclical vulnerability and should help
cushion XPO against the weakening environment into 2021.
Nevertheless, the operating margin is not likely to exceed the
mid-single digit level.

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

The ratings could be downgraded with expectations of sustained
weakening in XPO's transportation markets or operating performance,
including reduced profitability and margins, or if Moody's expects
debt-to-EBITDA to remain above 4x. Downwards ratings pressure could
also occur with limited liquidity, including a reliance on revolver
borrowings or if Moody's expects FCF-to-debt to remain in the
low-single digits, or with aggressive financial policies that
meaningfully weaken credit metrics.

An upgrade is unlikely until the demand environment and freight
volumes improve along with clarity around XPO's long term business
composition. Over time, the ratings could be upgraded if
debt-to-EBITDA were expected to remain around or below 3.0x. An
upgrade would also be based on the expectation that XPO will
balance its aggressive growth strategy and any future shareholder
returns against a prudent financial policy. Maintenance of a very
good liquidity profile with FCF-to- Debt sustained at least in the
mid-single-digits along with the expectation that EBITDA margins
will remain comfortably in the high single-digit range would be a
prerequisite to any upgrade.

The principal methodology used in this rating was Surface
Transportation and Logistics published in May 2019.

XPO Logistics, Inc., headquartered in Greenwich, CT, is leading
provider of supply chain solutions to a broad set of customers
across multiple industries including retail/e-commerce, food &
beverage, industrial/manufacturing, and automotive. Service
offerings include contract logistics, freight brokerage, less-
than-truckload, last mile and intermodal. The company generates
about 59% of sales in the U.S., 12% in France, 12% in the U.K. and
17% in other countries. Revenues for the fiscal year ended December
2019 were approximately $16.6 billion.


YELLOW PAGES: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on print and digital media
content provider Yellow Pages Ltd. to stable from positive, and
affirmed its 'B-' issuer credit rating on the company and its 'B'
issue-level rating on Yellow Pages' subordinated debentures. The
'2' recovery rating on the debt is unchanged

The COVID-19 pandemic will have an adverse effect on print and
digital advertising. The impact of the COVID-19 pandemic on
domestic advertising will be severe in fiscal 2020, with the second
and third quarters being the worst.

"We expect meaningful declines in demand for print and digital
advertising, and assume at least a 30% decline in print advertising
compared with 2019. We believe the heightened risks of economic
recession in fiscal 2020 exacerbate the structural challenges
Yellow Pages currently faces. In light of materially lower
marketing spending from small and midsize businesses that are
largely Yellow Pages' customer base, the company could be
challenged to execute its revenue growth strategy in fiscal 2020 as
previously expected. On the contrary, it could face accelerated
customer attrition and average revenue per customer declines. In
addition, we believe Yellow Pages will have fewer cost-saving
opportunities in the near term because it has already taken
significant restructuring steps in the past couple of years.
Therefore, we expect revenues and EBITDA could drop by 30%-40% in
fiscal 2020. We also expect debt-to-EBITDA to weaken above 3x in
fiscal 2020 compared with our previous expectations of the mid-2x
area," S&P said.

The stable outlook on Yellow Pages reflects S&P Global Ratings'
expectation that the company will continue to generate meaningful
free cash flow in the next 12-18 months, despite lower revenue,
thereby accumulating sufficient cash to redeem its debentures well
before their Nov 30, 2022, maturity.

"We could lower the ratings on Yellow Pages within the next 12
months if we believe that the company's free cash flow to debt will
weaken below 20% on a prospective basis, potentially limiting the
company's capacity to repay its 2022 debentures, in our view. We
believe this situation could occur if the company's EBITDA proves
to be weaker than our base-case forecast," S&P said.

"Consideration for an upgrade would depend on the company
demonstrating a trend to positive digital revenue growth, amid
stable profitability, which would support our conviction of a
sustained business model. Given difficult market conditions
relating to the impact of COVID-19 on the company's small to
midsize customers, we believe the company will be challenged to
deliver on this expectation in the near term. Therefore, an upgrade
is unlikely over the next 12 months," S&P said.


YUMA ENERGY: Hires Stretto as Claims and Noticing Agent
-------------------------------------------------------
Yuma Energy, Inc., and its debtor-affiliates, seek authority from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ Bankruptcy Management Solutions, Inc. d/b/a Stretto, as
claims, noticing, and solicitation agent to the Debtors.

Yuma Energy requires Stretto to:

   (a) assist the Debtor with the preparation and distribution of
       all required notices and documents in accordance with the
       Bankruptcy Code and the Bankruptcy Rules in the form and
       manner directed by the Debtor and/or the Court, including:
       (i) notice of any claims bar date, (ii) notice of any
       proposed sale of the Debtor's assets, (iii) notices of
       objections to claims and objections to transfers of
       claims, (iv) notices of any hearings on a disclosure
       statement and confirmation of any plan of reorganization,
       including under Bankruptcy Rule 3017(d), (v) notice of the
       effective date of any plan, and (vi) all other notices,
       orders, pleadings, publications and other documents as the
       Debtor, Court, or Clerk may deem necessary or appropriate
       for an orderly administration of this chapter 11 case;

   (b) maintain an official copy of the Debtor's schedules of
       assets and liabilities and statements of financial affairs
       (collectively, the "Schedules"), listing the Debtor's
       known creditors and the amounts owed thereto;

   (c) maintain (i) a list of all potential creditors, equity
       holders and other parties-in-interest and (ii) a "core"
       mailing list consisting of all parties described in
       Bankruptcy Rule 2002(i), (j) and (k) and those parties
       that have filed a notice of appearance pursuant to
       Bankruptcy Rule 9010; update and make said lists available
       upon request by a party-in-interest or the Clerk;

   (d) furnish a notice to all potential creditors of the last
       date for filing proofs of claim and a form for filing a
       proof of claim, after such notice and form are approved by
       the Court;

   (e) maintain a post office box or address for receiving claims
       and returned mail, and process all mail received;

   (f) for all notices, motions, orders or other pleadings or
       documents served, prepare and file or cause to be filed
       with the Clerk an affidavit or certificate of service
       within seven (7) days of service which includes (i) either
       a copy of the notice served or the docket number(s) and
       title(s) of the pleading(s) served, (ii) a list of persons
       to whom it was mailed (in alphabetical order) with their
       addresses, (iii) the manner of service, and (iv) the date
       served;

   (g) receive and process all proofs of claim received,
       including those received by the Clerk, check said
       processing for accuracy and maintain the original proofs
       of claim in a secure area;

   (h) provide an electronic interface for filing proofs of
       claim;

   (i) maintain the official claims register (the "Claims
       Register") on behalf of the Clerk; upon the Clerk's
       request, provide the Clerk with a certified, duplicate
       unofficial Claims Register; and specify in the Claims
       Register the following information for each claim
       docketed: (i) the claim number assigned, (ii) the date
       received, (iii) the name and address of the claimant and
       agent, if applicable, who filed the claim, (iv) the
       address for payment, if different from the notice address;
       (v) the amount asserted, (vi) the asserted
       classification(s) of the claim (e.g., secured, unsecured,
       priority, etc.), and (vii) any disposition of the claim;

   (j) provide public access to the Claims Registers, including
       complete proofs of claim with attachments, if any, without
       charge;

   (k) record all transfers of claims and provide any notices of
       such transfers as required by Bankruptcy Rule 3001(e);

   (l) implement reasonable security measures designed to ensure
       the completeness and integrity of the Claims Registers and
       the safekeeping of any proofs of claim;

   (m) relocate, by messenger or overnight delivery, all of the
       court-filed proofs of claim to the offices of Prime Clerk,
       not less than weekly;

   (n) monitor the Court's docket for all notices of appearance,
       address changes, and claims-related pleadings and orders
       filed and make necessary notations on and/or changes to
       the claims register and any service or mailing lists,
       including to identify and eliminate duplicative names and
       addresses from such lists;

   (o) identify and correct any incomplete or incorrect addresses
       in any mailing or service lists;

   (p) assist in the dissemination of information to the public
       and respond to requests for administrative information
       regarding this chapter 11 case as directed by the
       Debtor or the Court, including through the use of a case
       website and/or call center;

   (q) provide docket updates via email to parties who subscribe
       for such service on the Debtors' case website;

   (r) comply with applicable federal, state, municipal, and
       local statutes, ordinances, rules, regulations, orders,
       and other requirements;

   (s) if this chapter 11 case is converted to a case under
       chapter 7 of the Bankruptcy Code, contact the Clerk's
       office within three (3) days of notice to Prime Clerk of
       entry of the order converting the case;

   (t) thirty (30) days prior to the close of this chapter 11
       case, to the extent practicable, request that the Debtor
       submit to the Court a proposed order dismissing Prime
       Clerk as claims, noticing, and solicitation agent and
       terminating its services in such capacity upon completion
       of its duties and responsibilities and upon the
       closing of this chapter 11 case;

   (u) within seven (7) days of notice to Prime Clerk of entry of
       an order closing this chapter 11 case, provide to the
       Court the final version of the Claims Register as of
       the date immediately before the close of the case;

   (v) at the close of these chapter 11 cases: (i) box and
       transport all original documents, in proper format, as
       provided by the Clerk, to (A) the Philadelphia Federal
       Records Center, 14700 Townsend Road, Philadelphia, PA
       19154, or (B) any other location requested by the Clerk;
       and (ii) docket a completed SF-135 Form indicating the
       accession and location numbers of the archived claims;

   (w) assist the Debtor with plan-solicitation services
       including: (i) balloting, (ii) distribution of applicable
       solicitation materials, (iii) tabulation and calculation
       of votes, (iv) determining with respect to each ballot
       cast, its timeliness and its compliance with the
       Bankruptcy Code, Bankruptcy Rules, and procedures ordered
       by this Court; (v) preparing an official ballot
       certification and testifying, if necessary, in support of
       the ballot tabulation results; and (vi) in connection with
       the foregoing services, process requests for documents
       from parties in interest, including, if applicable,
       brokerage firms, bank back-offices and institutional
       holders;

   (x) assist with the preparation of the Debtor's schedules of
       assets and liabilities and statements of financial affairs
       and gather data in conjunction therewith;

   (y) provide a confidential data room, if requested; and

   (z) coordinate publication of certain notices in periodicals
       and other media;

   (aa) manage and coordinate any distributions pursuant to a
        chapter 11 plan; and

   (bb) provide such other processing, solicitation, balloting,
        and other administrative services described in the
        Engagement Agreement, that may be requested from time to
        time by the Debtors, the Court, or the Clerk.

Stretto will be paid at these hourly rates:

     Director of Solicitation                  $210
     Solicitation Associate                    $190
     COO and Executive VP                      No charge
     Director                                $175-$210
     Associate/Senior Associate               $65-$165
     Analyst                                  $30-$50

Prior to the Petition Date, the Debtors provided Stretto an advance
in the amount of $7,500.

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

Sheryl Betance, managing director of corporate restructuring of
Stretto, 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.

Stretto can be reached at:

     Sheryl Betance
     STRETTO
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Tel: (714) 716-1872
     E-mail: sheryl.betance@stretto.com

                      About Yuma Energy

Yuma Energy, Inc. -- http://www.yumaenergyinc.com/-- is an
independent Houston-based exploration and production company. The
Company is focused on the acquisition, development, and exploration
for conventional and unconventional oil and natural gas resources,
primarily in the U.S. Gulf Coast, the Permian Basin of west Texas
and California. The Company has employed a 3-D seismic-based
strategy to build a multi-year inventory of development and
exploration prospects. Its current operations are focused on
onshore properties located in southern Louisiana, southeastern
Texas and recently, in the Permian basin of west Texas. In
addition, the Company has non-operated positions in the East Texas
Eagle Ford and Woodbine, and operated positions in Kern County in
California.

Yuma Energy Inc. and three of its affiliates filed for bankruptcy
protection on April 15, 2020 (Bankr. N. D. Texas, Lead Case No.
20-41455). The petitions were signed by Anthony C. Schnur, chief
restructuring officer.

As of December 31, 2019, Yuma posted $32,290,329 in total assets
and $28,270,794 in total liabilities.

The Debtors have tapped Fisher Broyles LLP as their counsel;
Seaport Gordian Energy LLC as their investment banker; Ankura
Consulting Group LLC as their financial advisor; and Stretto as
their administrative advisor.


ZEBRA TECHNOLOGIES: Egan-Jones Lowers Sr. Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 6, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Zebra Technologies Corporation to BB from BB+.

Zebra Technologies Corporation is an American public company based
in Lincolnshire, Illinois, that manufactures and sells marking,
tracking, and computer printing technologies.



ZENERGY BRANDS: Asks Court to Extend Exclusivity Period to Aug. 19
------------------------------------------------------------------
Zenergy Brands, Inc. and its affiliates asked the U.S. Bankruptcy
Court for the Eastern District of Texas to extend the exclusivity
periods to file a Chapter 11 plan and solicit votes to Aug. 19 and
Oct. 18, respectively.  

The companies said they have encountered "unforeseen delays" in
preparing for confirmation of their proposed plan as a result of
significant disruption in the market.

The hearing on confirmation of the plan is scheduled for May 14.

                       About Zenergy Brands

Zenergy Brands, Inc. -- https://whatiszenergy.com/ -- is a
next-generation energy and technology company engaged in selling
energy-conservation products and services to commercial, industrial
and municipal customers.  It is a business-to-business company
whose platform is a combined offering of energy services and smart
controls.  Zenergy Brands is a public company, fully reporting to
the Securities and Exchange Commission and currently trading on the
OTCQB.

Zenergy Brands and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tex. Lead Case No. 19-42886)
on Oct. 24, 2019.  As of June 30, 2019, Zenergy Brands had total
assets of $1,944,089 and liabilities of $8,369,818.

Judge Brenda T. Rhoades oversees the cases.   

The Debtors tapped Foley & Lardner LLP as their legal counsel, and
Stretto as their claims, noticing and solicitation agent.  

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors in the Debtors' cases on
Nov. 4, 2019.  The committee is represented by Kane Russell Coleman
Logan PC.


ZINC-POLYMER PARENT: Fitch Cuts LT IDR to 'B-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating on
Zinc-Polymer Parent Holdings, LLC and the co-borrowers on the
company's senior secured credit facility, Jadex Inc. and Zinc
Holdings, Inc., to 'B-' from 'B'. Fitch also downgraded the credit
facility, comprised of a $50 million revolving credit facility and
$355 million term loan, to 'B+'/'RR2' from 'BB-'/'RR2'. The Rating
Outlook is Stable.

KEY RATING DRIVERS

Rating Downgrade: The downgrade reflects weaker than expected
performance in 2019 and expected pressure on ZP's business in 2020
as a result of the coronavirus-related economic downturn. Financial
leverage is higher than expected and FCF is likely to be
constrained over the near term. There is the potential for a
sharper downturn in 2020 and a slower than expected recovery in
ZP's credit profile beyond 2020.

High Financial Leverage: Debt/EBITDA was 5.6x as of YE 2019,
compared with Fitch's prior expectation that it would be below
5.0x, due in part to weaker results in the company's Artazn zinc
business. Fitch expects leverage to approach 6.0x in 2020 and then
to improve to the low-5.0x range in 2021 as the company's end
markets recover. The pace of deleveraging longer term will depend
on the extent of internal and external growth opportunities.

Revenues Constrained Near Term: Fitch estimates modestly lower
revenues for ZP in 2020 as the economy contracts, followed by a
recovery in 2021. ZP has invested in expanding its facilities and
has several new customer contracts that will support future growth.
ZP has exposure to end markets, including the health care and food
retail markets, which are expected to exhibit limited cyclicality.

Weak Margins and FCF: ZP generates relatively weak EBITDA margins,
at around 10% in 2018 and 2019, reflecting the company's position
as a supplier to the U.S. government and big box retailers. Raw
material pass-through provisions reduce but do not eliminate the
effect of material cost changes. Margins are expected to narrow
slightly in 2020 and recover in 2021. Fitch expects break even FCF
in 2020 due to weaker earnings and continued investment in growth
capex. Other uses of cash flow include the annual term loan
amortization $3.6 million, acquisitions and dividends as permitted
under the restricted payments covenant.

Strengths and Concerns: The rating is supported by ZP's strong
positions in niche markets, engineering and product development
capabilities, and competitive manufacturing footprint. These
factors are balanced against the company's small size compared to
certain competitors, exposure to cyclical raw materials, high
customer concentrations and high financial leverage following the
buyout by One Rock Capital Partners. The rating also considers the
company's limited financial disclosure due to not-yet published
audited financial statements.

DERIVATION SUMMARY

ZP competes in niche end markets in packaging, plastics, engineered
nylon and filaments, coinage, and zinc strip for fuse stock. Other
diversified industrials with Long-Term IDRs in the 'B' category
include Griffon Corporation at 'B+' and The Hillman Group, Inc. at
'B-'. Both are larger than ZP, and Hillman has higher financial
leverage while Griffon's is moderately lower. No country ceiling,
parent/subsidiary or operating environment aspects impact the
rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include:

  -- Sales are down modestly in 2020, with 7% growth in 2021 and 3%
growth annually thereafter;

  -- EBITDA margins are down slightly in 2020 and show gradual
improvement in 2021 and 2022;

  -- Capex is around 5% of revenues in 2020 and 3% of revenues
thereafter;

  -- FCF is flat to modestly positive in 2020 and 1%-3% of revenues
thereafter;

  -- Debt/EBITDA approaches the 6.0x range in 2020, improving to
the low-5.0x range in 2021.

Recovery Assumptions:

The recovery analysis assumes ZP would be considered a going
concern in bankruptcy and that the company would be reorganized
rather than liquidated. Fitch assumes a 10% administrative claim.

The GC EBITDA estimate of $56 million reflects Fitch's view of a
sustainable, post-reorganization EBITDA level, upon which the
agency bases the valuation of the company. The GC EBITDA reflects
the potential for the loss of a significant customer, given that ZP
has large customer concentrations.

An enterprise value multiple of 6x is used to calculate a
post-reorganization valuation. Other transactions involving
diversified industrial companies include Johnson Controls' purchase
of Tyco in September 2016 for a 10.0x multiple and KKR & Co. Inc.'s
purchase of Gardner Denver in July 2013 for 8.6x EBITDA.

The first-lien secured revolving credit facility is assumed to be
fully drawn upon default. The first-lien credit facility and term
loan are pari passu in the waterfall. The analysis results in 'RR2'
for the secured revolver, fully drawn at $50 million, and term
loan, which represents superior recovery prospects: 71%-90%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Maintenance of a more conservative financial posture leading
to a reduction in debt/EBITDA to below the 4.5x range, and FFO
leverage to below the 5.0x range on a sustained basis;

  -- An improvement in FCF margins to above 4%.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- A more aggressive financial posture leading to debt/EBITDA
sustained above the 5.5x range, and FFO leverage above the 6.0x
range on a sustained basis;

  -- FFO interest coverage below 1.5x;

  -- A FCF margin consistently below 2%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: ZP's liquidity is adequate and consists of cash
of $22 million and an unused $50 million, five-year revolving
credit facility at the end of 2019. The debt structure consists of
a $355 million, seven-year term loan, of which $353 million was
outstanding as of the end of 2019. The term loan amortizes at 1%
annually, and both the revolver and term loan have a first lien on
the personal and real property of the loan parties.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Governance structure is assigned a '4' given ZP's ownership by a
private equity firm and a lack of Board independence.

Financial transparency is assigned a '4' given limited segment
reporting, a lack of audited statements and only a partial year
cash flow statement for 2019.

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


ZPOWER TEXAS: Seeks to Hire Fiscal Partners as Controller
---------------------------------------------------------
ZPower Texas, LLC and ZPower, LLC, seek authority from the US
Bankruptcy Court for the Northern of Texas to employ  Fiscal
Partners, LLC, as its controller.

Fiscal Partners, as controller for the Debtors, will provide
support for preparation of necessary reporting during the course of
the Bankruptcy Cases.

Fiscal Partners' hourly rates range from $90 for bookkeeping
consultation to $250 for CFO consultation, including various
intermediate rates.

Theresa Delarm of Fiscal Partners attests that the firm is a
"disinterested person," as that term is defined in section 101(14)
of the Bankruptcy Code and does not hold or represent any interest
adverse to the Estate.

The firm can be reached through:

     Theresa Delarm
     Fiscal Partners
     5111 N. Scottsdale Road, Suite 271
     Scottsdale, AZ 85250
     Tel: (480) 421-8291

                     About ZPower LLC

ZPower -- https://www.zpowerbattery.com -- is a manufacturer of
silver-zinc rechargeable microbatteries.  The Company serves the
consumer electronics, medical,  and military and defense
industries.

ZPower sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Tex. Case No. 20-41158) on March 17, 2020.  At the time
of the filing, the Debtor estimated assets of between $10 million
to $50 million and liabilities of between $10 million to $50
million.  The petitions were signed by Glynne Townsend, chief
restructuring officer.  The case is presided by Hon. Mark X.
Mullin.  Davor Rukavina, Esq., of Munsch Hardt Kopf & Harr, P.C.,
is the Debtors' counsel.


[^] BOND PRICING: For the Week from April 20 to 24, 2020
--------------------------------------------------------
  Company                    Ticker  Coupon Bid Price   Maturity
  -------                    ------  ------ ---------   --------
24 Hour Fitness Worldwide    HRFITW   8.000     3.968   6/1/2022
24 Hour Fitness Worldwide    HRFITW   8.000     5.211   6/1/2022
AMC Entertainment Holdings   AMC      5.750    24.787  6/15/2025
APL Ltd                      NOLSP    8.000    40.788  1/15/2024
Ally Financial Inc           ALLY     3.000    91.351  6/15/2020
Ally Financial Inc           ALLY     3.900    89.497  7/15/2020
American Airlines Group      AAL      5.000    53.867   6/1/2022
American Energy-
  Permian Basin LLC          AMEPER  12.000    69.250  10/1/2024
American Energy-
  Permian Basin LLC          AMEPER  12.000    20.541  10/1/2024
American Energy-
  Permian Basin LLC          AMEPER  12.000    20.541  10/1/2024
Aptim Corp                   CSVCAC   7.750    33.627  6/15/2025
Arbor Realty Trust Inc       ABR      5.375    75.048 11/15/2020
BPZ Resources Inc            BPZR     6.500     3.017   3/1/2049
Beverages & More Inc         BEVMO   11.500    55.079  6/15/2022
Beverages & More Inc         BEVMO   11.500    52.206  6/15/2022
Bon-Ton Department
  Stores Inc/The             BONT     8.000     9.345  6/15/2021
Briggs & Stratton Corp       BGG      6.875    61.760 12/15/2020
Bristow Group Inc            BRS      6.250     5.250 10/15/2022
Bristow Group Inc            BRS      4.500     5.250   6/1/2023
Bruin E&P Partners LLC       BRUINE   8.875     1.870   8/1/2023
Bruin E&P Partners LLC       BRUINE   8.875     2.000   8/1/2023
Buffalo Thunder
  Development Authority      BUFLO   11.000    50.125  12/9/2022
CBL & Associates LP          CBL      5.250    27.546  12/1/2023
CBL & Associates LP          CBL      4.600    25.187 10/15/2024
CEC Entertainment Inc        CEC      8.000    21.802  2/15/2022
CSI Compressco LP / CSI
  Compressco Finance Inc     CCLP     7.250    44.599  8/15/2022
CalAmp Corp                  CAMP     1.625    99.625  5/15/2020
CalAtlantic Group Inc/old    CAA      6.625    98.606   5/1/2020
Calfrac Holdings LP          CFWCN    8.500     5.632  6/15/2026
Calfrac Holdings LP          CFWCN    8.500     5.822  6/15/2026
California Resources Corp    CRC      8.000     4.466 12/15/2022
California Resources Corp    CRC      5.500     3.770  9/15/2021
California Resources Corp    CRC      8.000     4.437 12/15/2022
California Resources Corp    CRC      6.000     3.498 11/15/2024
California Resources Corp    CRC      6.000     2.728 11/15/2024
Callon Petroleum Co          CPE      6.250    18.898  4/15/2023
Callon Petroleum Co          CPE      6.125    17.269  10/1/2024
Callon Petroleum Co          CPE      6.375    15.210   7/1/2026
Callon Petroleum Co          CPE      8.250    16.000  7/15/2025
Callon Petroleum Co          CPE      6.125    15.220  10/1/2024
Callon Petroleum Co          CPE      6.125    15.220  10/1/2024
Capital One Financial Corp   COF      5.550    82.500       N/A
Chaparral Energy Inc         CHAP     8.750     3.751  7/15/2023
Chaparral Energy Inc         CHAP     8.750     3.937  7/15/2023
Chesapeake Energy Corp       CHK     11.500     9.108   1/1/2025
Chesapeake Energy Corp       CHK      5.500     6.500  9/15/2026
Chesapeake Energy Corp       CHK      6.125     7.184  2/15/2021
Chesapeake Energy Corp       CHK      5.750     6.287  3/15/2023
Chesapeake Energy Corp       CHK      4.875     5.987  4/15/2022
Chesapeake Energy Corp       CHK      8.000     6.588  6/15/2027
Chesapeake Energy Corp       CHK      7.000     4.662  10/1/2024
Chesapeake Energy Corp       CHK     11.500     7.876   1/1/2025
Chesapeake Energy Corp       CHK      5.375     4.738  6/15/2021
Chesapeake Energy Corp       CHK      8.000     4.920  1/15/2025
Chesapeake Energy Corp       CHK      7.500     6.799  10/1/2026
Chesapeake Energy Corp       CHK      8.000     4.234  3/15/2026
Chesapeake Energy Corp       CHK      8.000     4.234  3/15/2026
Chesapeake Energy Corp       CHK      8.000     5.845  6/15/2027
Chesapeake Energy Corp       CHK      8.000     5.845  6/15/2027
Chesapeake Energy Corp       CHK      8.000     4.234  3/15/2026
Chesapeake Energy Corp       CHK      8.000     5.796  1/15/2025
Chesapeake Energy Corp       CHK      8.000     5.796  1/15/2025
Citigroup Global Markets
  Holdings Inc/
  United States              C        7.000   100.000  4/27/2020
Citigroup Inc                C        4.990    98.805  4/28/2020
Citigroup Inc                C        4.990    99.617  4/28/2020
Continental Airlines
  2000-1 Class A-1
  Pass Through Trust         UAL      8.048    98.449  11/1/2020
CorEnergy Infrastructure
  Trust Inc                  CORR     7.000    80.000  6/15/2020
DCP Midstream LP             DCP      7.375    35.500       N/A
DFC Finance Corp             DLLR    10.500    67.125  6/15/2020
DFC Finance Corp             DLLR    10.500    67.125  6/15/2020
Dean Foods Co                DF       6.500     2.980  3/15/2023
Dean Foods Co                DF       6.500     3.025  3/15/2023
Delta Air Lines 2012-1
  Class A Pass
  Through Trust              DAL      4.750    97.624   5/7/2020
Denbury Resources Inc        DNR      9.000    14.605  5/15/2021
Denbury Resources Inc        DNR      7.750    14.553  2/15/2024
Denbury Resources Inc        DNR      9.250    15.659  3/31/2022
Denbury Resources Inc        DNR      5.500     2.144   5/1/2022
Denbury Resources Inc        DNR      6.375     5.238  8/15/2021
Denbury Resources Inc        DNR      4.625     3.862  7/15/2023
Denbury Resources Inc        DNR      9.000    17.725  5/15/2021
Denbury Resources Inc        DNR      7.500    13.307  2/15/2024
Denbury Resources Inc        DNR      9.250    16.122  3/31/2022
Denbury Resources Inc        DNR      7.750    14.456  2/15/2024
Denbury Resources Inc        DNR      7.500    13.307  2/15/2024
Diamond Offshore Drilling    DO       5.700    11.889 10/15/2039
Diamond Offshore Drilling    DO       4.875    12.017  11/1/2043
Diamond Offshore Drilling    DO       3.450    12.592  11/1/2023
Diamond Offshore Drilling    DO       7.875    12.231  8/15/2025
ENSCO International Inc      VAL      7.200     8.981 11/15/2027
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   7.750    12.625  5/15/2026
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   8.000    47.000 11/29/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   9.375     2.750   5/1/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   8.000     1.888  2/15/2025
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   9.375     1.493   5/1/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   8.000     1.466 11/29/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   7.750    12.316  5/15/2026
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   8.000     1.888  2/15/2025
Echo Global Logistics Inc    ECHO     2.500    99.750   5/1/2020
EnLink Midstream Partners    ENLK     6.000    24.000       N/A
Energy Conversion Devices    ENER     3.000     7.875  6/15/2013
Envision Healthcare Corp     EVHC     8.750    29.743 10/15/2026
Envision Healthcare Corp     EVHC     8.750    28.652 10/15/2026
Exantas Capital Corp         XAN      4.500    50.000  8/15/2022
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    20.286  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    22.129  7/15/2023
Extraction Oil & Gas Inc     XOG      7.375    15.187  5/15/2024
Extraction Oil & Gas Inc     XOG      5.625    16.138   2/1/2026
Extraction Oil & Gas Inc     XOG      7.375    15.357  5/15/2024
Extraction Oil & Gas Inc     XOG      5.625    16.914   2/1/2026
FTS International Inc        FTSINT   6.250    25.648   5/1/2022
Federal Home Loan Banks      FHLB     2.230    99.394  1/29/2027
Federal Home Loan Banks      FHLB     1.800    99.873  4/28/2022
Ferrellgas Partners LP /
  Ferrellgas Partners
  Finance Corp               FGP      8.625    45.852  6/15/2020
Ferrellgas Partners LP /
  Ferrellgas Partners
  Finance Corp               FGP      8.625    50.250  6/15/2020
Fleetwood Enterprises Inc    FLTW    14.000     3.557 12/15/2011
Foresight Energy LLC /
  Foresight Energy
  Finance Corp               FELP    11.500     2.646   4/1/2023
Foresight Energy LLC /
  Foresight Energy
  Finance Corp               FELP    11.500     2.646   4/1/2023
Forum Energy Technologies    FET      6.250    31.058  10/1/2021
Frontier Communications      FTR     11.000    30.910  9/15/2025
Frontier Communications      FTR     10.500    30.677  9/15/2022
Frontier Communications      FTR      8.750    27.859  4/15/2022
Frontier Communications      FTR      7.125    27.321  1/15/2023
Frontier Communications      FTR      7.625    27.915  4/15/2024
Frontier Communications      FTR      6.250    27.229  9/15/2021
Frontier Communications      FTR      6.875    27.220  1/15/2025
Frontier Communications      FTR      7.875    26.864  1/15/2027
Frontier Communications      FTR      7.000    25.325  11/1/2025
Frontier Communications      FTR      9.250    24.735   7/1/2021
Frontier Communications      FTR      8.875    25.147  9/15/2020
Frontier Communications      FTR     10.500    30.962  9/15/2022
Frontier Communications      FTR     11.000    29.500  9/15/2025
Frontier Communications      FTR     11.000    31.313  9/15/2025
Frontier Communications      FTR     10.500    30.962  9/15/2022
GameStop Corp                GME      6.750    77.211  3/15/2021
GameStop Corp                GME      6.750    78.129  3/15/2021
Global Eagle Entertainment   ENT      2.750     7.625  2/15/2035
Goldman Sachs Group Inc/The  GS       5.375    91.530       N/A
Goodman Networks Inc         GOODNT   8.000    41.246  5/11/2022
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST   9.000    63.644  9/30/2021
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST   9.000    66.449  9/30/2021
Grizzly Energy LLC           VNR      9.000     6.000  2/15/2024
Grizzly Energy LLC           VNR      9.000     6.000  2/15/2024
Guitar Center Inc            GTRC     9.500    69.693 10/15/2021
Guitar Center Inc            GTRC    13.000    40.000  4/15/2022
Guitar Center Inc            GTRC     9.500    71.053 10/15/2021
Hertz Corp/The               HTZ      6.250    24.058 10/15/2022
Hertz Corp/The               HTZ      6.000    16.585  1/15/2028
Hertz Corp/The               HTZ      7.625    28.175   6/1/2022
Hertz Corp/The               HTZ      5.500    17.508 10/15/2024
Hertz Corp/The               HTZ      5.500    18.591 10/15/2024
Hertz Corp/The               HTZ      7.625    32.697   6/1/2022
Hertz Corp/The               HTZ      7.125    18.716   8/1/2026
Hertz Corp/The               HTZ      7.125    25.002   8/1/2026
Hi-Crush Inc                 HCR      9.500     6.210   8/1/2026
Hi-Crush Inc                 HCR      9.500     8.000   8/1/2026
High Ridge Brands Co         HIRIDG   8.875     2.250  3/15/2025
High Ridge Brands Co         HIRIDG   8.875     1.750  3/15/2025
HighPoint Operating Corp     HPR      7.000    42.901 10/15/2022
International Wire Group     ITWG    10.750    75.288   8/1/2021
International Wire Group     ITWG    10.750    75.047   8/1/2021
JC Penney Corp Inc           JCP      6.375     4.799 10/15/2036
JC Penney Corp Inc           JCP      7.625     4.185   3/1/2097
JC Penney Corp Inc           JCP      7.400     5.878   4/1/2037
JC Penney Corp Inc           JCP      8.625     8.121  3/15/2025
JC Penney Corp Inc           JCP      7.125     6.382 11/15/2023
JC Penney Corp Inc           JCP      8.625     9.313  3/15/2025
JC Penney Corp Inc           JCP      6.900     6.375  8/15/2026
JPMorgan Chase & Co          JPM      4.567    99.486  4/28/2020
Jonah Energy LLC / Jonah
  Energy Finance Corp        JONAHE   7.250     4.589 10/15/2025
Jonah Energy LLC / Jonah
  Energy Finance Corp        JONAHE   7.250     4.386 10/15/2025
LSC Communications Inc       LKSD     8.750    18.250 10/15/2023
LSC Communications Inc       LKSD     8.750    54.750 10/15/2023
Liberty Media Corp           LMCA     2.250    48.723  9/30/2046
LoanCore Capital Markets
  LLC / JLC Finance Corp     JEFLCR   6.875    94.750   6/1/2020
Lonestar Resources America   LONE    11.250    14.036   1/1/2023
Lonestar Resources America   LONE    11.250    14.248   1/1/2023
MAI Holdings Inc             MAIHLD   9.500    20.000   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    20.000   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    20.000   6/1/2023
MF Global Holdings Ltd       MF       9.000    15.625  6/20/2038
MF Global Holdings Ltd       MF       6.750    15.625   8/8/2016
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    40.093  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    39.813  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    39.813  2/15/2021
Mashantucket Western
  Pequot Tribe               MASHTU   7.350    14.526   7/1/2026
McClatchy Co/The             MNIQQ    6.875     2.000  3/15/2029
McClatchy Co/The             MNIQQ    6.875    25.000  7/15/2031
McClatchy Co/The             MNIQQ    7.150     2.000  11/1/2027
McDermott Technology
  Americas Inc / McDermott
  Technology US Inc          MDR     10.625     4.875   5/1/2024
McDermott Technology
  Americas Inc / McDermott
  Technology US Inc          MDR     10.625     4.762   5/1/2024
Men's Wearhouse Inc/The      TLRD     7.000    48.573   7/1/2022
Men's Wearhouse Inc/The      TLRD     7.000    45.531   7/1/2022
MetLife Inc                  MET      5.250    89.500       N/A
Morgan Stanley               MS       5.550    90.948       N/A
Murray Energy Corp           MURREN  12.000     0.001  4/15/2024
Murray Energy Corp           MURREN  12.000     0.593  4/15/2024
NWH Escrow Corp              HARDWD   7.500    52.607   8/1/2021
NWH Escrow Corp              HARDWD   7.500    52.607   8/1/2021
Nabors Industries Inc        NBR      5.750    20.359   2/1/2025
Nabors Industries Inc        NBR      4.625    63.425  9/15/2021
Nabors Industries Inc        NBR      5.100    23.083  9/15/2023
Nabors Industries Inc        NBR      5.500    33.413  1/15/2023
Nabors Industries Inc        NBR      0.750    16.125  1/15/2024
Nabors Industries Inc        NBR      5.750    20.772   2/1/2025
Nabors Industries Inc        NBR      5.750    20.836   2/1/2025
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.000     8.194 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG     14.000    26.000  4/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.750     8.421 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.000     8.012 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG     14.000    25.983  4/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.750     9.547 10/25/2024
Neiman Marcus Group Ltd LLC  NMG      8.000    54.000 10/15/2021
Neiman Marcus Group Ltd LLC  NMG      8.000    53.871 10/15/2021
New Gulf Resources LLC/
  NGR Finance Corp           NGREFN  12.250     3.856  5/15/2019
Nine Energy Service Inc      NINE     8.750    17.956  11/1/2023
Nine Energy Service Inc      NINE     8.750    17.758  11/1/2023
Nine Energy Service Inc      NINE     8.750    18.376  11/1/2023
Northwest Hardwoods Inc      HARDWD   7.500    35.000   8/1/2021
Northwest Hardwoods Inc      HARDWD   7.500    35.000   8/1/2021
OMX Timber Finance
  Investments II LLC         OMX      5.540     0.573  1/29/2020
Oasis Petroleum Inc          OAS      6.875    14.622  3/15/2022
Oasis Petroleum Inc          OAS      6.250    11.878   5/1/2026
Oasis Petroleum Inc          OAS      6.875     9.506  1/15/2023
Oasis Petroleum Inc          OAS      2.625    13.500  9/15/2023
Oasis Petroleum Inc          OAS      6.500    20.588  11/1/2021
Oasis Petroleum Inc          OAS      6.250    11.643   5/1/2026
Oil States International     OIS      1.500    38.250  2/15/2023
Omnimax International Inc    EURAMX  12.000    74.442  8/15/2020
Omnimax International Inc    EURAMX  12.000    74.405  8/15/2020
Optimas OE Solutions Holding
  LLC / Optimas OE
  Solutions Inc              OPTOES   8.625    57.218   6/1/2021
Optimas OE Solutions Holding
  LLC / Optimas OE
  Solutions Inc              OPTOES   8.625    57.218   6/1/2021
PDC Energy Inc               PDCE     6.250    61.583  12/1/2025
PHH Corp                     PHH      6.375    63.931  8/15/2021
Party City Holdings Inc      PRTY     6.625    10.913   8/1/2026
Party City Holdings Inc      PRTY     6.125    14.827  8/15/2023
Party City Holdings Inc      PRTY     6.625    10.524   8/1/2026
Party City Holdings Inc      PRTY     6.125    15.543  8/15/2023
PennyMac Corp                PMT      5.375    99.800   5/1/2020
Pioneer Energy Services      PESX     6.125     1.000  3/15/2022
Pride International LLC      VAL      7.875     8.044  8/15/2040
Pyxus International Inc      PYX      9.875    54.000  7/15/2021
Pyxus International Inc      PYX      9.875    18.520  7/15/2021
Pyxus International Inc      PYX      9.875    18.197  7/15/2021
QEP Resources Inc            QEP      6.875    43.456   3/1/2021
QEP Resources Inc            QEP      5.250    32.375   5/1/2023
QEP Resources Inc            QEP      5.375    39.911  10/1/2022
Quorum Health Corp           QHC     11.625    17.000  4/15/2023
RJ Reynolds Tobacco Co/NC    BATSLN   6.875    99.712   5/1/2020
Renco Metals Inc             RENCO   11.500    24.875   7/1/2003
Revlon Consumer Products     REV      5.750    48.968  2/15/2021
Revlon Consumer Products     REV      6.250    18.236   8/1/2024
Rolta LLC                    RLTAIN  10.750     6.351  5/16/2018
SESI LLC                     SPN      7.125    25.324 12/15/2021
SESI LLC                     SPN      7.750    16.320  9/15/2024
SESI LLC                     SPN      7.125    49.824 12/15/2021
SM Energy Co                 SM       6.125    37.753 11/15/2022
SM Energy Co                 SM       6.750    25.815  9/15/2026
SM Energy Co                 SM       5.625    25.271   6/1/2025
SM Energy Co                 SM       5.000    26.058  1/15/2024
SM Energy Co                 SM       1.500    19.500   7/1/2021
SanDisk LLC                  SNDK     0.500    84.687 10/15/2020
Sanchez Energy Corp          SNEC     7.250     1.040  2/15/2023
Sanchez Energy Corp          SNEC     6.125     0.600  1/15/2023
Sanchez Energy Corp          SNEC     7.250     0.896  2/15/2023
SandRidge Energy Inc         SD       7.500     0.500  2/15/2023
Sears Holdings Corp          SHLD     8.000     1.063 12/15/2019
Sears Holdings Corp          SHLD     6.625     9.875 10/15/2018
Sears Holdings Corp          SHLD     6.625     2.472 10/15/2018
Sears Roebuck Acceptance     SHLD     7.500     1.000 10/15/2027
Sears Roebuck Acceptance     SHLD     7.000     0.790   6/1/2032
Sears Roebuck Acceptance     SHLD     6.750     0.779  1/15/2028
Sears Roebuck Acceptance     SHLD     6.500     1.000  12/1/2028
Sempra Texas Holdings Corp   TXU      5.550    13.500 11/15/2014
Stearns Holdings LLC         STELND   9.375    45.375  8/15/2020
Stearns Holdings LLC         STELND   9.375    45.375  8/15/2020
Summit Midstream Holdings
  LLC / Summit Midstream
  Finance Corp               SUMMPL   5.750    19.497  4/15/2025
Summit Midstream Holdings
  LLC / Summit Midstream
  Finance Corp               SUMMPL   5.500    22.788  8/15/2022
Summit Midstream Partners    SMLP     9.500     7.000       N/A
Talos Production LLC /
  Talos Production Finance   TAENLL  11.000    55.000   4/3/2022
Talos Production LLC /
  Talos Production Finance   TAENLL  11.000    54.511   4/3/2022
Talos Production LLC /
  Talos Production Finance   TAENLL  11.000    54.511   4/3/2022
Talos Production LLC /
  Talos Production Finance   TAENLL  11.000    54.511   4/3/2022
Teligent Inc/NJ              TLGT     4.750    37.878   5/1/2023
TerraVia Holdings Inc        TVIA     5.000     4.644  10/1/2019
TerraVia Holdings Inc        TVIA     6.000     4.644   2/1/2018
Tesla Energy
  Operations Inc/DE          TSLAEN   3.600    90.555  5/29/2020
Tesla Energy
  Operations Inc/DE          TSLAEN   3.600    91.986  5/14/2020
Tesla Energy
  Operations Inc/DE          TSLAEN   3.600    89.605  6/11/2020
Tesla Energy
  Operations Inc/DE          TSLAEN   3.600    91.197  5/21/2020
Tilray Inc                   TLRY     5.000    34.750  10/1/2023
Toledo Edison Co/The         FE       7.250    99.500   5/1/2020
Transworld Systems Inc       TSIACQ   9.500    24.250  8/15/2021
Transworld Systems Inc       TSIACQ   9.500    24.250  8/15/2021
Tupperware Brands Corp       TUP      4.750    49.210   6/1/2021
Tupperware Brands Corp       TUP      4.750    48.620   6/1/2021
Tupperware Brands Corp       TUP      4.750    48.620   6/1/2021
UCI International LLC        UCII     8.625     4.780  2/15/2019
Unit Corp                    UNTUS    6.625     4.799  5/15/2021
VIVUS Inc                    VVUS     4.500    99.414   5/1/2020
Vine Oil & Gas LP / Vine
  Oil & Gas Finance Corp     VRI      9.750    50.790  4/15/2023
Vine Oil & Gas LP / Vine
  Oil & Gas Finance Corp     VRI      8.750    50.064  4/15/2023
Vine Oil & Gas LP / Vine
  Oil & Gas Finance Corp     VRI      9.750    50.883  4/15/2023
Vine Oil & Gas LP / Vine
  Oil & Gas Finance Corp     VRI      8.750    50.098  4/15/2023
W&T Offshore Inc             WTI      9.750    27.424  11/1/2023
W&T Offshore Inc             WTI      9.750    29.448  11/1/2023
Whiting Petroleum Corp       WLL      5.750    10.750  3/15/2021
Whiting Petroleum Corp       WLL      6.625    10.500  1/15/2026
Whiting Petroleum Corp       WLL      6.250    10.750   4/1/2023
Whiting Petroleum Corp       WLL      6.625     6.750  1/15/2026
Whiting Petroleum Corp       WLL      6.625    10.303  1/15/2026
Windstream Services LLC /
  Windstream Finance Corp    WIN     10.500     5.875  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      9.000     5.875  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN      9.000     5.020  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN     10.500     3.000  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      7.500     3.416   6/1/2022
Windstream Services LLC /
  Windstream Finance Corp    WIN      6.375     2.500   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN      6.375     1.074   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN      8.750     6.250 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      8.750     3.858 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      7.750     1.518  10/1/2021
ZF North America Capital     ZFFNGR   4.000    99.445  4/29/2020
ZF North America Capital     ZFFNGR   4.000    99.398  4/29/2020
rue21 inc                    RUE      9.000     1.305 10/15/2021



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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are $25 each.  For subscription information, contact Peter A.
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                   *** End of Transmission ***