/raid1/www/Hosts/bankrupt/TCR_Public/200515.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, May 15, 2020, Vol. 24, No. 135

                            Headlines

13 MARCUS GARVEY: Voluntary Chapter 11 Case Summary
484 MAIN STREET: Plan of Reorganization Confirmed by Judge
ABUNDANT LIFE OUTREACH: June 9 Disclosure Statement Hearing Set
ADELSA AUTO: Case Summary & 17 Unsecured Creditors
AK STEEL: Moody's Withdraws B1 Sr. Sec. Rating on Inadequate Data

ALAMO BUS: June 8 Plan & Disclosure Hearing Set
ALAMO CHANDLER: Case Summary & 20 Largest Unsecured Creditors
ALTERRA MOUNTAIN: S&P Alters Outlook to Negative, Affirms 'B' ICR
APEX ENERGY: Regency Energy Says Plan Not Feasible
APEX PARKS: To Have New Ownership When Park Reopens

ARADIGM CORP: Unsecureds to Get Full Payment With 1.5% Interest
AVENTIV TECHNOLOGIES: BlackRock Values $25.8MM Loan at 53% of Face
AVON PRODUCTS: S&P Lowers Stand-Alone Credit Profile to 'b-'
B.R. ELLIS TIMBER: Taps W. Greene as Accountant
BAUSCH HEALTH: S&P Rates New $1.25BB Senior Unsecured Notes 'B'

BCP RAPTOR II: Moody's Alters Outlook on B3 CFR to Negative
BCP RAPTOR: Moody's Alters Outlook on B3 CFR to Negative
BLACK ANGUS: Medley Values $7.3-Mil. Loan at 72% of Face
BLACK ANGUS: Medley Values $890,000 Loan at 72% of Face
BLACK DOG CHICAGO: Unsec. Creditors to Get Full Payment in 5 Years

BLACKROCK CAPITAL: Obtains Second Covenant Waivers from Lenders
BOYD GAMING: Moody's Rates $500MM Unsec. Notes Caa1, Outlook Neg.
BUCKNER FOODS: Ovation Services Objects to Amended Disclosure
BUHLER-FREEMAN: June 9 Plan Confirmation Hearing Set
CACHET FINANCIAL: Committee Hires Sheppard Mullin as Legal Counsel

CARESTREAM HEALTH: S&P Affirms 'B-' ICR on Refinancing
CENTENNIAL RESOURCE: Moody's Lowers CFR to Caa1, Outlook Negative
CERTIFY INC: BlackRock Values $160,000 Loan at 78% of Face
CIBT SOLUTIONS: BlackRock Values $7.6MM Loan at 70% of Face
CPI INTERNATIONAL: Medley Values $3-Mil. Loan at 78% of Face

CREATIVE HAIRDRESSERS: Magruder Cook Represents Landlords
CT TECHNOLOGIES: Medley Values $7.5-Mil. Loan at 66% of Face
CURVATURE INC: S&P Affirms CCC ICR on Expected Weakening Liquidity
D & S LAND: June 11 Plan & Disclosure Hearing Set
DFW PROJECTS: June 11 Plan & Disclosure Hearing Set

DIAMOND SPORTS: Moody's Lowers CFR to B1 & Secured Debt to Ba3
DIFFUSION PHARMACEUTICALS: Posts $2.5M Net Loss in First Quarter
DUDE SOLUTIONS: BlackRock Values $588,000 Loan at 83% of Face
ENGINE HOLDING: S&P Withdraws 'D' Issuer Credit Rating
EXTRACTION OIL: Posts $9 Million Net Income in First Quarter

FORESIGHT ENERGY: Committee Taps Affinity Law as Local Counsel
FORESIGHT ENERGY: Committee Taps Berkeley as Financial Advisor
FOURTEENTH AVENUE: June 11 Plan & Disclosure Hearing Set
FRONTIER COMMUNICATIONS: Paul, Weiss Updates on First Lien Group
FT MYERS ALF: Has Until Oct. 5, 2020 to File Plan & Disclosures

GLASS MOUNTAIN: S&P Downgrades ICR to 'CCC'; Outlook Negative
GOODYEAR TIRE: Fitch Rates New $600MM Sr. Unsec. Notes 'BB-/RR4'
GROW INC: U.S. Trustee Unable to Appoint Committee
H&E EQUIPMENT: Moody's Confirms B1 CFR & B2 Sr. Unsec. Debt Rating
HARB PROPERTIES: Plan to be Funded by the Harbs' & Business Income

HELIUS MEDICAL: FDA Grants PoNS Breakthrough Device Designation
HELIUS MEDICAL: Incurs $4.8 Million Net Loss in First Quarter
HUB INT'L: Moody's Rates New $350MM Senior Unsecured Notes 'Caa2'
HYLAN DATACOM: BlackRock Values $14.2-Mil. Loan at 65% of Face
HYLAN DATACOM: BlackRock Values $2.6-Mil. Loan at 65% of Face

IN MARKETING: Las Vegas Sands Objects to Disclosure Statement
IN MARKETING: U.S. Trustee Objects to Disclosure Statement
INSTITUTIONAL SHAREHOLDER: $5.8MM Loan Valued at 78% of Face
INTELSAT S.A.: Case Summary & 40 Largest Unsecured Creditors
INTELSAT SA: Files for Ch.11 to Facilitate Financial Restructuring

INTENTION LLC: Seeks to Hire King Law Offices as Legal Counsel
INTERNAP TECHNOLOGY: Hires Jenner & Block as Special Counsel
ISE PROFESSIONAL: Seeks to Hire Bush Ross as Legal Counsel
J & M SALES: No Error, Injustice in Dismissal of Suit, Court Says
JACKIE LLC: June 9 Plan & Disclosure Hearing Set

LAMAR MEDIA: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
LAMBERT'S CONSTRUCTION: Has Until Aug. 15 to File Plan & Disclosure
LEGACY JH762: Comerica Bank Objects to the Joint Disc. Statement
LEGACY JH762: JPMorgan Objects to Joint Amended Disclosures
LIVE NATION: Moody's Rates New $800MM Senior Secured Notes 'Ba2'

LIZZA EQUIPMENT: Has Until July 1 to File Plan & Disclosure
LOG STORM SECURITY: Boston Light, Caisson Say Plan Not Confirmable
MEADE INSTRUMENTS: Hires Chawla Law as Special Counsel
MEDNAX INC: S&P Lowers ICR to 'B+' on Sale of Anesthesia Business
MICHAELS STORES: Moody's Cuts CFR to Ba3 & Unsecured Rating to B2

MINNESOTA SCHOOL: State Says Plan Disclosures Inadequate
MLK ALBERTA: Has Until June 16 to File Plan & Disclosure
MRS. G'S LOUNGE: Plan of Reorganization Confirmed by Judge
MURRAY ENERGY: June 15 Plan Confirmation Hearing Set
NEIMAN MARCUS: Gets Approval to Hire Stretto as Claims Agent

NEP II: BlackRock Values $25 -Mil. Loan at 51% of Face
NEW EMERALD: Voluntary Chapter 11 Case Summary
NEW GARDEN: June 16 Plan Confirmation Hearing Set
NORTIS INC: Bentley Keystone Objects to Disclosure Statement
OLIN CORP: Moody's Cuts Unsec. Debt Rating to Ba3, Outlook Negative

OUTFRONT MEDIA: Moody's Rates New $400MM Senior Unsec. Notes 'B2'
PACE INDUSTRIES: U.S. Trustee Disbands Creditors' Committee
PARKING MANAGEMENT: Seeks to Hire Shulman Rogers as Legal Counsel
PETROSHARE CORP: Unsecured Creditors to Have 7.5% to 10.5% Recovery
PG&E CORP: Hires KPMG LLP as IT Consultant

PIONEER ENERGY: Noteholders Say Plan Not Feasible
POLAR US: Moody's Alters Outlook on B2 CFR to Negative
REGAL ROW: June 22 Plan & Disclosure Hearing Set
REGIONAL SITE: Unsecureds to Have 20% Recovery Over 5 Years
RELIABLE GALVANIZING: Plan of Reorganization Confirmed by Judge

RHODE HOLDINGS: BlackRock Values $220,000 Loan at 66% of Face
ROVIG MINERALS: Creditors' Committee Objects to Plan Disclosures
ROYAL CARRIBEAN: Moody's Gives Ba1 CFR & Cuts Unsec. Rating to Ba2
SALIENT CRGT: Moody's Cuts CFR to Caa1, Outlook Negative
SAND CASTLE: June 10 Plan Confirmation Hearing Set

SOUTH 18TH ST CAPITAL: Sale of Property to Fund 100% Plan
SOUTHEASTERN METAL: Unsec. Creditors to Have 10% Recovery in Plan
SUNNIVA INC: Matrix Files Bankruptcy Order Motion Under BIA
TECHNIPLAS LLC: Arnold, Cole Represent Noteholder Group
THOMAS DEE ENGINEERING: Plan & Disclosures Deadline Moved to Oct 14

TOLEDO TOWN RECREATION: Case Summary & 6 Unsecured Creditors
TRC COMPANIES: Moody's Alters Outlook on B2 CFR to Negative
TRENT RIVER: Seeks to Hire Lori G. Baldwin as Accountant
TROUSDALE US AUSSIE: Has Until July 24 to File Plan & Disclosures
VERESEN MIDSTREAM: S&P Affirms 'BB-' ICR, Withdraws Rating

VIDANGEL INC: June 18 Plan Confirmation Hearing Set
VIRTUAL VALOR: Seeks to Hire Hoff Law Offices as Legal Counsel
VNS TRANSPORTATION: Seeks to Hire Alla Kachan as Legal Counsel
WEB.COM GROUP: BlackRock Values $21.5-Mil. Loan at 77% of Face
WINDSTREAM HOLDINGS: Nears Chapter 11 Exit as Uniti Deal Okayed

WINDSTREAM HOLDINGS: SEC Objects to Plan & Disclosures
WME IMG: Moody's Rates First Lien Term Loan B-2 'B3'
WW INTERNATIONAL: S&P Alters Outlook to Negative, Affirms 'B+' ICR
XPERI HOLDING: Moody's Assigns Ba3 Corp. Family Rating
YCO FOSTER CARE: Plan of Reorganization Confirmed by Judge

ZDN INC: Gets Court Approval to Hire Bestway as Accountant
[] BOOK REVIEW: Transnational Mergers and Acquisitions

                            *********

13 MARCUS GARVEY: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: 13 Marcus Garvey LLC
        4403 13th Avenue
        Brooklyn, NY 11219

Business Description: 13 Marcus Garvey LLC is a Single Asset Real
                      Estate (as defined in 11 U.S.C. Section
                      101(51B)).

Chapter 11 Petition Date: May 13, 2020

Court: United States Bankruptcy Court
       Eastern District of New York

Case No.: 20-42043

Judge: Hon. Carla E. Craig

Debtor's Counsel: Vivian Sobers, Esq.
                  SOBERS LAW, PLLC
                  11 Broadway, Suite 615
                  New York, New York 10004
                  Tel: (917) 225-4501
                  E-mail: vsobers@soberslaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Israel, authorized
representative.

The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.

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

                   https://is.gd/LtDZfT


484 MAIN STREET: Plan of Reorganization Confirmed by Judge
----------------------------------------------------------
Judge Robert D. Drain has entered findings of fact, conclusion of
law, and order confirming the Combined Disclosure Statement and
Chapter 11 Plan of 484 Main Street Realty Corp.

The Plan complies with the applicable provisions of the Bankruptcy
Code, including regarding classification of claims and interests
(11 U.S.C. Sec. 1122) and the contents of a plan (11 U.S.C. Sec.
1123), thereby satisfying Section 1129(a)(1) of the Bankruptcy
Code.

The Debtor, with prior approval by this Court has marketed and sold
its sole asset, the real property known as and located at 484 Main
St. Beacon, New York for fair market value.  The proceeds of the
sale were and will be used under the Plan to satisfy all allowed
claims, with the remaining proceeds to be distributed to the
Debtor's interest holder.  The plan therefore is proposed in good
faith and not by any means forbidden by law under 11 U.S.C. Sec.
1129(a)(3) and will achieve a result consistent with the objectives
and purposes of the Bankruptcy Code.

A copy of the order dated April 28, 2020, is available at
https://tinyurl.com/y9r7o2h7 from PacerMonitor at no charge.

                  About 484 Main Street Realty

Based in Harrison, New York, 484 Main Street Realty Corp. filed a
Chapter 11 petition (Bankr. S.D.N.Y. Case No. 17-22843) on May 26,
2017, listing under $1 million in both assets and liabilities.
Brian McCaffrey, at Brian McCaffrey Attorney At Law, P.C., is the
Debtor's counsel.


ABUNDANT LIFE OUTREACH: June 9 Disclosure Statement Hearing Set
---------------------------------------------------------------
On April 27, 2020, Craig A. Diehl filed with the U.S. Bankruptcy
Court for the Middle District of Pennsylvania a Disclosure
Statement and Plan. On April 28, 2020, Judge Henry W. Van Eck
ordered that:

   * June 9, 2020, at 09:30 AM is the hearing to consider approval
of the disclosure statement.

   * June 2, 2020, is fixed as the last day for filing and serving
written objections to the disclosure statement.

   * Within seven days after entry of this order, the disclosure
statement and plan shall be distributed in accordance with Federal
Rule of Bankruptcy Procedure 3017(a).

A copy of the order dated April 28, 2020, is available at
https://tinyurl.com/ya2nlqwb from PacerMonitor at no charge.

              About Abundant Life Outreach

Abundant Life Outreach, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-04091) on Sept.
25, 2019. In the petition signed by Anthony W. Sease, chief
executive officer, the Debtor was estimated to have assets ranging
between $500,001 and $1 million, and liabilities of the same
range.

On Nov. 6, 2019, the court ordered the dismissal of the Debtor's
case. The case was reopened on Nov. 25, 2019.

Judge Henry W. Van Eck is the presiding judge.

The Debtor tapped the Law Offices of Craig A. Diehl as its legal
counsel.


ADELSA AUTO: Case Summary & 17 Unsecured Creditors
--------------------------------------------------
Debtor: Adelsa Auto Finance Inc.
        9405 S. Orange Blossom Trail
        Suite A
        Orlando, FL 32837

Business Description: Adelsa Auto Finance Inc. is an automobile
                      dealer in Orlando, Florida.

Chapter 11 Petition Date: May 13, 2020

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 20-02697

Debtor's Counsel: Aldo G. Bartolone, Esq.
                  BARTOLONE LAW, PLLC
                  1030 N. Orange Avenue, Suite 300
                  Orlando, FL 32801
                  Tel: (407) 294-4440
                  E-mail: aldo@bartolonelaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Yngrid Francisco, 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/U30hal


AK STEEL: Moody's Withdraws B1 Sr. Sec. Rating on Inadequate Data
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings on AK Steel
Corporation's 7.625% notes due 2021, the 7.5% notes due 2023, the
6.375% notes due 2025, the 7% notes due 2027 and the IRB's. The
ratings were withdrawn due to insufficient information to maintain
the Credit Rating.

AK Steel was acquired by Cleveland Cliffs on March 13, 2020.
Standalone financial statements will not be provided going
forward.

Withdrawals:

Issuer: AK Steel Corporation

Senior Secured Regular Bond/Debenture, Withdrawn, previously rated
B1 (LGD3)

Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
rated B3 (LGD5)

Issuer: Butler County Industrial Dev. Auth., PA

Senior Unsecured Revenue Bonds, Withdrawn, previously rated B3
(LGD5)

Issuer: Ohio Air Quality Development Authority

Senior Unsecured Revenue Bonds, Withdrawn, previously rated B3
(LGD5)

Issuer: Rockport (City of) IN

Senior Unsecured Revenue Bonds, Withdrawn, previously rated B3
(LGD5)

Outlook Actions:

Issuer: AK Steel Corporation

Outlook, Changed To Rating Withdrawn From No Outlook

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because of inadequate
information to monitor the ratings, due to the issuer's decision to
cease participation in the rating process.


ALAMO BUS: June 8 Plan & Disclosure Hearing Set
-----------------------------------------------
On April 23, 2020, debtor Alamo Bus Co., Inc. filed with the U.S.
Bankruptcy Court for the District of New Mexico a Chapter 11 Plan
and a proposed Chapter 11 Disclosure Statement.

On April 24, 2020, Judge David T. Thuma conditionally approved the
Disclosure Statement and established the following dates and
deadlines:

   * June 1, 2020, is fixed as the last day for filing and serving
written objections to the Disclosure Statement and filing and
serving written objections to confirmation of the Plan.

  * June 1, 2020, is fixed as the last day to submit written
acceptances or rejections of the Plan to the debtor’s attorney.

  * June 8, 2020, at 1:30 p.m. in the Brazos Courtroom, 5th Floor,
Pete V. Domenici U.S. Courthouse, Albuquerque, New Mexico is the
hearing to consider final approval of the Disclosure Statement and
confirmation of the Plan.

A full-text copy of the order dated April 24, 2020, is available at
https://tinyurl.com/y8nohabw from PacerMonitor at no charge.

The Debtor is represented by:

         Walker & Associates, P.C.
         500 Marquette N.W., Suite 650
         Albuquerque, NM 87102
         Tel: 505-766-9272

                       About Alamo Bus Co.

Alamo Bus Company Inc., a transportation services provider in
Alamogordo, N.M., filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.M. Case No. 19-11568) on June 28,
2019.  In the petition signed by Brent Buttram, president and
director, the Debtor disclosed $1,400,621 in assets and $1,267,336
in liabilities.  The case is assigned to Judge David T. Thuma.
Chris W. Pierce, Esq., at Walker & Associates, P.C., is the
Debtor's counsel.


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

     Debtor                                      Case No.
     ------                                      --------
     Alamo Chandler LLC                          20-05017
     4955 S. Arizona Avenue
     Chandler, AZ 85249

     Alamo Gilbert LLC                           20-05020
     5478 S. Power Road
     Gilbert, AZ 85295

     Alamo Tempe LLC                             20-05026
     1140 E. Basleine Road
     Tempe, AZ 85283

Business Description: The Debtors own and operate a theater chain.

Chapter 11 Petition Date: May 13, 2020

Court: United States Bankruptcy Court
       District of Arizona

Debtors' Counsel: Wesley D. Ray, Esq.
                  SACKS TIERNEY P.A.
                  4250 N Drinkwater Blvd.
                  4th Floor  
                  Scottsdale, AZ 85251-3693
                  Tel: 480-425-2600
                  E-mail: Wesley.Ray@sackstierney.com

Alamo Chandler's
Total Assets as of March 5, 2020: $2,790,300

Alamo Chandler's
Total Liabilities as of March 5, 2020: $2,961,665

Alamo Gilbert's
Total Assets as of March 5, 2020: $2,040,234

Alamo Gilbert's
Total Liabilities as of March 5, 2020: $1,732,004

Alamo Tempe's
Total Assets as of March 5, 2020: $1,023,326

Alamo Tempe's
Total Liabilities as of March 5, 2020: $836,730

The petitions were signed by Craig Paschich, member of Paschich
Alamo Holdings LLC.

A copy of Alamo Chandler'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/rinI7w

Copies of Alamo Gilbert's petition and list of the Debtor's 20
largest unsecured creditors are available for free at
PacerMonitor.com at:

                        https://is.gd/fBWxAt
                        https://is.gd/wjfaJR

A copy of Alamo Tempe's petition is available for free at
PacerMonitor.com at:

                        https://is.gd/ya3R2s


ALTERRA MOUNTAIN: S&P Alters Outlook to Negative, Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating and
revised the outlook to negative from stable on Alterra Mountain
Co.

S&P is also affirming its 'B' issue-level ratings on the company's
$450 million first-lien revolver due 2022 and existing first-lien
term loan due 2024 (approximately $1.73 billion outstanding as of
January 2020). This debt will have a '3' recovery rating, but S&P
is lowering the weighted average recovery to 50% because of the
proposed incremental secured debt in the capital structure.

"We are assigning our 'B' issue-level rating and '3' recovery
rating to the company's proposed $400 million term loan B due
2026," S&P said.

The COVID-19 pandemic and U.S. recession will likely reduce
Alterra's cash flow and elevate its leverage in fiscals 2020 and
2021, but S&P affirmed the 'B' issuer credit rating reflecting its
base case assumption that the company's leverage will improve to
below the rating agency's mid-7x downgrade threshold in fiscal
2021.   As a result of COVID-19-related resort closures over the
next several months, S&P believes that Alterra could experience a
10% to 15% revenue decline in fiscal 2020. The rating agency
assumes the company's resorts are open for the 2020-2021 ski season
and revenue increases in the mid-single digits in fiscal 2021
compared to fiscal 2020, but the anticipated impact of the
recession on skier visitation during the 2020-2021 ski season would
cause revenue to slip below levels generated in fiscal 2019. EBITDA
could decline 20% to 25% in fiscal 2020 before increasing modestly
in fiscal 2021. S&P's base case assumes a drop in skier visitations
in fiscal 2020 due to resort closures starting during the last few
weeks of the 2019-2020 ski season through the end of the fiscal
year in July, and lower skier visitation in fiscal 2021 compared to
fiscal 2019 because of the anticipated recession.

The negative outlook reflects significant uncertainty around the
company's revenue and cash flow during its 2020-2021 ski season,
and the possibility that leverage could increase above S&P's mid-7x
downgrade threshold.   Under its current base case leverage
assumptions, it is unlikely S&P would lower the rating. However,
the COVID-19 pandemic and U.S. recession will likely reduce
Alterra's cash flow and elevate its leverage in fiscals 2020 and
2021 compared to prior years, although S&P's current assumption for
a moderate economic and travel recovery beginning sometime in the
second half of 2020 could mitigate the impact to the 2020-2021
winter season. Depending on the depth and longevity of restrictions
and closures of out-of-home consumer entertainment, and the
recession, the range of outcomes may vary widely for revenue,
EBITDA, and leverage through fiscal 2021. S&P's assumption is that
stay-at-home orders in many regions of the U.S. will be lifted
before the company's 2020-2021 winter ski season. However, if there
is a second wave of infections in the latter part of 2020, it could
result in closures of some of Alterra's resorts. Additionally,
depending on the path of recovery in the second half of 2020,
consumers may remain averse to travel, which could weaken demand at
Alterra's destination resorts (including Deer Valley, Steamboat,
and the company's CMH heli-skiing business). If S&P believes
weaker-than-expected demand will cause the company to sustain
leverage above the mid-7x area, the rating agency could lower the
rating.

"We believe Alterra's portfolio, primarily composed of regional
drive-to resorts, could generate better performance in fiscal 2021
compared to peers with a higher concentration of destination
resorts.   We believe the anticipated recession and remaining
consumer concerns around COVID-19 will result in reduced air travel
for the remainder of calendar 2020. As a result, we believe that
visitation to regional and local drive-to ski resorts may not
experience declines to the same extent as destination ski resorts
during the 2020-2021 ski season. As a result, we believe that
Alterra may not face as steep of a decline in skier visitation and
effective ticket price as peers with a higher proportion of
destination resorts," S&P said.

Environmental, Social, and Governance (ESG) credit factors for this
credit rating change:

-- Health and safety factors

The negative outlook reflects weak anticipated leverage in fiscal
2020 and through the first half of fiscal 2021 compared to S&P's
mid-7x downgrade threshold due to property closures and the rating
agency's expectation that a recessionary environment and consumer
concerns around COVID-19 may result in decreased ski visitation and
consumer spending. While S&P currently assumes leverage improves to
the high-6x area in fiscal 2021, ratings could be pressured if ski
visitation remains low or mountain closures extend or reoccur
during the 2020-2021 winter season.

"We could lower our rating if lease-adjusted debt to EBITDA is
sustained above the mid-7x area. This could occur because of
materially lower skier visitation in fiscal 2021 or an extension or
resumption in resort closures in the latter half of calendar 2020
and early 2021," S&P said.

"We could revise the outlook to stable once we are more certain
that resorts will be fully operational through the 2020-2021 winter
season and that leverage can be sustained below the mid-7x area.
While unlikely at this time, we could consider an upgrade if we
believe the company could sustain lease-adjusted debt to EBITDA
below 6x," S&P said.


APEX ENERGY: Regency Energy Says Plan Not Feasible
--------------------------------------------------
Regency Energy, LLC, objects to final approval of debtor Apex
Energy, LLC's Second Amended Disclosure Statement and to
confirmation of Debtor's Second Amended Plan of Reorganization For
Small Business dated April 15, 2020, and states as follows:

   * The Plan is not feasible because the Debtor needs capital to
maintain its wells and to continue producing oil.  The Debtor does
not have enough cash-on-hand to maintain its wells.  It is unlikely
the Debtor will realize sufficient profit from the sale of crude
oil to maintain its reorganized operations and pay its obligations
under the Plan.

   * The Plan does not contemplate selling Regency's collateral,
nor is Regency receiving the indubitable equivalent of its claim.
Because the Plan is not confirmable over Regency's dissent, the
Court cannot confirm the Debtor's Plan.

   * Unless the holders of claims in Class IV, the class of general
unsecured creditors, vote in the requisite number and amount,
affirmatively to accept the de minimis and speculative treatment of
their claims proposed by the Debtor, the Plan violates the absolute
priority rule because the unsecured creditors receive 8% of their
claim only after the price of West Texas Intermediate Crude reaches
$50, a completely speculative date.

   * The Debtor's Plan and Disclosure Statement cannot be approved
by this Court.  The Disclosure Statement does not provide
sufficient information to creditors, as it misclassifies
Regency’s claim.

A full-text copy of Regency's objection dated April 28, 2020, is
available at https://tinyurl.com/y7q655pm from PacerMonitor at no
charge.

Attorney for Regency Energy:

         Steven M. Johnson
         Grant R. Kelly
         CHURCH, HARRIS, JOHNSON & WILLIAMS, P.C.
         114 Third Street South
         P.O. Box 1645
         Great Falls, Montana 59403-1645
         Telephone: (406) 761-3000
         Facsimile: (406) 453-2313
         E-mail: sjohnson@chjw.com
                 gkelly@chjw.com

                       About Apex Energy

The Apex Energy, LLC, is a Montana limited liability company,
organized in 2017 when it purchased oil producing properties from
Ronald and Margaret Sannes.  Since Feb. 23, 2017, it has been in
the business of producing and selling crude oil from properties in
Richland and Dawson Counties, Montana.  

In July,2019, Regency Energy Services, the work-over company
engaged by the Debtor, and which claimed a debt of approximately
$350,000, filed an involuntary bankruptcy against the Debtor.  In
September, 2019, the Debtor consented to the relief sought by
Regency and converted the case to one under chapter 11

The Chapter 11 case is In re Apex Energy, LLC (Bankr. D. Mont. Case
No. 19-60676).

The Debtor is represented by counsel, JA Patten.





APEX PARKS: To Have New Ownership When Park Reopens
---------------------------------------------------
Tom McLaughlin of nwfdaiynews.com reports that when the Coronavirus
scare has ended and when the Big Kahuna's Water & Adventure Park is
allowed to reopen, it will be ran by new owners.

Apex Parks Group has sought Chapter 11 protection and intends to
sell the property.

Apex Parks Group bought Big Kahuna in 2014 and it claims ownership
of 10 family entertainment centers and another water park.

The scheduled auction on May 8, 2020 was moved to May 11, according
to Laura Davis Jones, an attorney whose firm is conducting the
auction.

According to Big Kahuna's news release, Apex Parks Group "is
pursuing a comprehensive financial restructuring aimed at reducing
the company's current debt and, ultimately, enhancing operations to
continue to serve guests and communities for years to come."

The Debtors have signed a deal for APX Acquisition Company LLC,
which held majority of Apex Parks Group's debt prior to its
bankruptcy filing, to purchase the assets, absent higher and better
offers.

                      About TZEW Holdco
                    and Apex Parks Group

TZEW Holdco, LLC and its affiliates are privately-held owners and
operators of amusement parks, resorts, and family entertainment
centers across the United States.  Founded in 2014, the companies'
business strategy focuses on the acquisition, operation, growth,
and  development of various properties into economical,
family-friendly entertainment and amusement venues.  The companies
locations include year-round family entertainment centers, water
parks, and amusement parks in states across the country, including
California, Texas and Florida.  Each of the companies' locations
provides affordable, family-friendly entertainment to local markets
and features numerous attractions, including rides, games, and
events.  For more information, visit http://www.apexparksgroup.com/


Big Kahuna's Water and Adventure Park is a water park located in
Destin, Florida, which opened in 1986.  It is primarily a water
park, with more than 40 water attractions like lazy river, water
slides, and wave pool. It also has a miniature golf and kids play
areas.

TZEW Holdco and its affiliates, including Apex Parks Group LLC,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Del. Lead Case No. 20-10910) on April 8, 2020.  At the time of
the filing, the Debtors had estimated assets of between $50 million
and $100 million and liabilities of between $100 million and $500
million.  

The Debtors tapped Pachulski Stang Ziehl & Jones, LLP as legal
counsel;
Imperial Capital, LLC as investment banker and financial advisor;
Paladin Management Group, LLC as restructuring advisor; and
Kurtzman Carson, LLC as claims and noticing agent.


ARADIGM CORP: Unsecureds to Get Full Payment With 1.5% Interest
---------------------------------------------------------------
Debtor Aradigm Corporation filed with the United States Bankruptcy
Court for the Northern District of California, Oakland Division, a
Combined Chapter 11 Plan and Disclosure Statement dated April 24,
2020, which provides for the distribution of the proceeds of the
liquidation of the assets of Aradigm to creditors and, after
creditors are paid in full with interest, to shareholders.

The Plan is proposed by Aradigm. If confirmed, this Plan will bind
all creditors and shareholders provided for in this Plan, whether
or not they file a proof of claim or interest or accept this Plan,
and whether or not their claims or interests are allowed.

Grifols, S.A. and Aradigm signed an asset purchase agreement (APA)
on February 18, 2020. The APA provided that the sale was subject to
overbids through an auction process in the Bankruptcy Court and did
not impose any limitations on Aradigm's ability fully to market its
assets to other interested parties.

Under the APA, Aradigm agreed to sell all of its intellectual
property assets and certain other assets to Grifols. The purchase
price was $3,247,000 in cash payable at closing, plus milestone
payments amounting to an additional $3 million (Milestone Payments)
and a royalty of 25% of the royalties received by Grifols during
the royalty term in connection with the sale of any Aradigm Product
under any definitive agreement between Grifols and any licensee for
the development and commercialization of any Aradigm Product
(Royalty Payments). On March 30, 2020, the Bankruptcy Court entered
an order approving the sale. The sale closed on March 31, 2020.

The Plan provides for the creation of a Liquidating Trust, to be
administered by a Liquidating Trustee, to collect, sell or
otherwise dispose of the assets of Aradigm's estate, including the
contingent, deferred consideration received from the sale of
Aradigm's assets, and to distribute the net proceeds to creditors
and shareholders.

The Liquidating Trust will be funded by Aradigm's cash on hand. The
Liquidating Trust will not receive significant additional cash, if
at all, until the Milestone Payments are received in approximately
3 to 5 years.

Class 2: This class consists of the allowed claims held by general
unsecured creditors. Holders of allowed claims in this class shall
be paid pro rata from funds received by the Liquidating Trust on
account of the Milestone Payments and the Royalty Payments after
payment of administrative priority expenses. Distributions to
holders of allowed Class 2 claims shall be made until all such
claims have been paid in full plus interest at the fixed rate of
1.5% from and after the Petition Date.

Class 3: This class consists of the allowed interests held by
shareholders of record as of the Effective Date, including all
warrants and issued shares. On the Effective Date all interests in
Aradigm, including all warrants, unexercised options, and issued
shares, shall be cancelled. Holders of allowed interests shall
receive pro rata distributions from funds received by the
Liquidating Trust on account of the Milestone Payments and the
Royalty Payments after payment of administrative priority expenses
and after payment in full, plus interest, of allowed Class 2
claims. Distributions to holders of allowed Class 3 interests shall
be made until all assets of the estate have been reduced to cash
and distributed.

The Trustee of the Liquidating Trust will collect, liquidate or
dispose of all assets of the estate.  From proceeds received by the
Liquidating Trust, as provided in this Plan, the Trustee of the
Liquidating Trust shall: (1) first, pay administrative claims to
the extent not previously paid (unless holders of such claims
consent to other treatment); (2) second, pay allowed class 1
claims, (3) third, pay allowed class 2 claims; and (4) fourth, pay
allowed class 3 interests.

A full-text copy of the combined plan and disclosure statement
dated April 24, 2020, is available

The Debtor is represented by:

          JEFFER MANGELS BUTLER & MITCHELL LLP
          BENNETT G. YOUNG
          Two Embarcadero Center, 5th Floor
          San Francisco, California 94111-3813
          Telephone: (415) 398-8080
          Facsimile: (415) 398-5584
          E-mail: byoung@jmbm.com

                     About Aradigm Corporation

Aradigm Corporation -- http://www.aradigm.com/-- is an emerging
specialty pharmaceutical company focused on the development and
commercialization of products for the treatment and prevention of
severe respiratory diseases. Over the last decade, the company
invested a large amount of capital to develop drug delivery
technologies, particularly the development of a significant amount
of expertise in respiratory (pulmonary) drug delivery as
incorporated in its lead product candidate that recently completed
two Phase 3 clinical trials, Linhaliq inhaled ciprofloxacin,
formerly known as Pulmaquin. The company is headquartered in
Hayward, Calif.

Aradigm Corporation sought Chapter 11 protection (Bankr. N.D. Cal.
Case No. 19-40363) on Feb. 15, 2019.  In the petition signed by
John M. Siebert, executive chairman and interim principal executive
officer, the Debtor was estimated to have $10 million to $50
million in both assets and liabilities.

The case is assigned to Judge William J. Lafferty.

The Debtor tapped Jeffer, Mangels, Butler & Mitchell LLP as
bankruptcy counsel; Sheppard Mullin Richter & Hampton LLP as
special patent counsel; and EMA Partners, LLC as investment banker.


AVENTIV TECHNOLOGIES: BlackRock Values $25.8MM Loan at 53% of Face
------------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $25,846,154 loan
extended to privately held Aventiv Technologies Inc. (Securus) to
market at $13,569,231, or 53% of the outstanding amount, as of
March 31, 2020, according to a disclosure contained in a Form 10-Q
filing with the Securities and Exchange Commission for the
quarterly period ended March 31, 2020.

BlackRock is a lender under Aventiv Technologies's Second Lien Term
Loan, which is scheduled to mature November 1, 2025.  

Aventiv Technologies Inc. (Securus) is in the Diversified
Telecommunication Services industry.


AVON PRODUCTS: S&P Lowers Stand-Alone Credit Profile to 'b-'
------------------------------------------------------------
S&P Global Ratings revised downward the stand-alone credit profile
(SACP) of Avon Products Inc. (Avon) to 'b-' from 'b'. S&P also
affirmed its global scale 'B+' issuer credit rating, reflecting its
view of the company as a strategically important subsidiary of
Brazil-based cosmetics group Natura&Co Holding S.A. (Natura&Co).
S&P also affirmed the 'BB' senior secured and 'B+' senior unsecured
issue-level ratings. The recovery ratings of '1' (95%) and of '3'
(50%) on respective debts remain unchanged.

Natura&Co had previously announced an at least R$1 billion
capitalization to be received in June 2020, which will alleviate
liquidity and leverage pressures.
This, along with the ramp-up of digital transformation, business
diversification, and measures to contain cash burn, will help
mitigate the severe hit in sales and EBITDA at the operational
subsidiaries, Natura Cosmeticos S.A. (Natura) and Avon, amid the
COVID-19 outbreak, according to S&P.

Meanwhile, S&P has also revised downward the SACP of Natura to
'bb-' from 'bb'. It affirmed the global scale issuer credit and
issue-level ratings at 'BB-' on the company, the same as the group
profile assessment, and the national scale issuer credit and
issue-level ratings at 'brAA+'. The recovery rating remaind at '3'
(50%).

"We currently expect a consolidated revenue decline of about 10% in
Brazilian reals in 2020, reflecting an operating contraction of
20%-30% at each entity, softened by the real's depreciation and its
impact on international subsidiaries cash flows. Our base-case
scenario assumes that consolidated leverage metric will reach
5.0x-5.5x by the year-end, with adjusted EBITDA margin of 8%-9%
(5%-6% on a reported basis), due to Avon's subpar performance and a
significant impact on leverage because of real's weakness," S&P
said.

"However, we expect this metric to drop below 4x in 2021 thanks to
the acceleration of digital transformation which will raise
e-commerce sales and increasing use of digital tools by its
consultants, and cash preservation measures such maintaining
capital expenditures (capex) at maintenance level and cost cuts."
In addition, the company announced that main shareholders will
inject R$1 billion in capital, which could reach R$2 billion if
minority shareholders do the same. This will strengthen Natura&Co's
liquidity cushion and reduce covenant pressure at the subsidiary
level," the rating agency said.

Avon is likely to take the brunt because of COVID-19 and its
structural overhaul, with performance still weaker than that of
Natura.

"We expect Avon's gross debt to EBITDA will reach 10x and cash burn
of $150 million - $200 million (about R$0.75 billion - R$1 billion)
in 2020. These factors led us to revise its SACP to 'b-' from 'b'.
Nonetheless, we still view Avon as a strategically important
subsidiary of Natura&Co, resulting in a rating affirmation." Avon
is integrating into Natura&Co, and it is being reported as an
operational division of the group. Also, current promissory notes
at the holding level contain cross-default clauses with
subsidiaries," S&P said.

Cash position of R$4.5 billion will benefit from the planned
capitalization of at least R$1 billion and new short-term debt of
R$750 million. But the group has significant maturities in
2021,2022, and 2023, mainly consisting of the R$1.8 billion
debentures due September 2021, Avon's $900 million (or about R$4.3
billion) secured notes due August 2022, and the total of $1.2
bilion (or about R$4.9 billion, given hedged position) in Natura
and Avon's unsecured notes due 2023. S&P expects to Natura to ramp
up the refinancing of debt in the next 12 months and overhaul its
capital structure to extend debt maturity profile and avoid
liquidity pressures in the medium term.

Management has increased the synergies guidance to $300 million -
$400 million (more than R$1.4 billion) per year from $200 million -
$300 million until 2024, after a deeper look into Avon's
operations, which could bring leverage to below 2.0x in 2022 versus
S&P's base-case projections of 2.5x-3.0x. Execution risks are still
high, because of difficulties in halting the deterioration of
Avon's operations amid the virus outbreak.

"Our assessment of the consolidated group's creditworthiness and
the likelihood of potential support (or intervention) from the
group in each subsidiary influence the ratings on them. We
currently view Natura as a core entity and Avon as a strategically
important subsidiary," S&P said.


B.R. ELLIS TIMBER: Taps W. Greene as Accountant
-----------------------------------------------
B.R. Ellis Timber, Inc., received approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire W. Greene,
PLLC, as its accountant.

W. Greene will assist the Debtor in the preparation of income tax
returns and will provide other accounting services in connection
with its reorganization.

Michael Wade Greene, the firm's accountant who will be providing
the services, will be paid $250 per hour or less.  Non-CPA
personnel will be paid an hourly fee of $100 for accounting support
services.
   
W. Greene neither holds nor represents any interest adverse to
Debtor and its bankruptcy estate, according to court filings.

The firm can be reached through:

     Michael Wade Greene, CPA
     W. Greene, PLLC
     251 Washington Street
     Whiteville, NC 28472
     Phone: (910) 207-6564

                    About B.R. Ellis Timber

B.R. Ellis Timber, Inc., a privately held company in the logging
business, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D.N.C. Case No. 20-00784) on Feb. 24, 2020.  At the time
of the filing, Debtor disclosed $1,373,900 in assets and $2,244,568
in liabilities.  Judge Stephani W. Humrickhouse oversees the case.
The Debtor tapped Butler & Butler, L.L.P., as its legal counsel,
and W. Greene, PLLC, as its accountant.


BAUSCH HEALTH: S&P Rates New $1.25BB Senior Unsecured Notes 'B'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '5'
recovery rating to Bausch Health Cos. Inc.'s proposed $1.25 billion
senior unsecured notes due 2029. The '5' recovery rating indicates
S&P's expectation for modest recovery (10%-30%; rounded estimate:
20%) in the event of a payment default. S&P views the transaction
as leverage neutral because the company will use the proceeds from
the offering to fully redeem its 6.50% senior secured notes due
2022.

Bausch Health is a global pharmaceutical and medical device company
that develops, manufactures, and markets products primarily in the
therapeutic areas of eye health, gastroenterology, and dermatology,
including a broad range of branded, generic, and over-the-counter
drugs and medical devices. The company has sales in over 90
countries.

"Our 'B+' issuer credit rating on Bausch Health is unaffected by
this issuance. The transaction will push out Bausch Health's debt
maturities, with the next nearest significant maturity in 2023, as
the company focuses on steadily deleveraging. Despite the ongoing
coronavirus pandemic's negative effects on its revenue and EBITDA,
we believe the company's deleveraging plan remains intact. We now
project that Bausch Health's net adjusted leverage will be 7.6x as
of the end of 2020, compared with our previous expectation of 7x,
before declining below 7.0x by 2021," S&P said.


BCP RAPTOR II: Moody's Alters Outlook on B3 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service changed BCP Raptor II LLC's outlook to
negative. Concurrently, Moody's affirmed BCP Raptor II's B3
Corporate Family Rating, B3-PD Probability of Default Rating, the
B3 senior secured term loan rating and its Ba3 senior secured
revolving credit facility rating.

"BCP Raptor II's negative outlook reflects the potential for the
company's credit metrics to weaken significantly should the
unprecedented volume decline trend not reverse itself before the
end of 2020. Oil and gas producers across the United States
including BCP Raptor II's customers are shutting in producing wells
in light of commodity price collapse witnessed in the first quarter
of 2020" commented Sreedhar Kona, Moody's Senior Analyst. "The
company's relatively lower debt burden and enhanced scale from
integration with EagleClaw Midstream systems, sponsor support and
adequate liquidity present the company with growth prospects when
the outlook for oil and gas industry improves"

Affirmations:

Issuer: BCP Raptor II, LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Term Loan, Affirmed B3 (LGD4)

Senior Secured Revolving Credit Facility, Affirmed Ba3 (LGD1)

Outlook Actions:

Issuer: BCP Raptor II, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

BCP Raptor II 's negative rating outlook reflects the material
volume pressure the company will face through the second quarter
and potentially into the third quarter of 2020, and the resulting
weakening of its metrics through 2020. Although the company
demonstrated volume and cash flow growth through 2019, and improved
its debt leverage, the prevailing macro commodity price environment
presents significant challenges to BCP Raptor II's credit profile.
The outlook could be changed to stable if the volume outlook for
BCP Raptor II improves by the end of 2020 and there is a clear path
to sustained cash flow growth post 2020.

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 affected by the
shock given its sensitivity to demand and oil prices, which in turn
has affected certain midstream providers given their exposure to
E&P production volumes. BCP Raptor II will remain vulnerable to the
outbreak continuing to spread and oil and natural gas demand
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 partially
reflects the impact on BCP Raptor II's credit quality of the
breadth and severity of the oil demand and supply shocks, and the
broad deterioration in credit quality it has triggered.

BCP Raptor II will maintain adequate liquidity. As of December 31,
2019, BCP Raptor II had $8 million of cash and $30 million of
availability under its $60 million revolving credit facility that
matures in November 2023. Additionally, BCP Raptor II's liquidity
is reinforced by a Debt Service Reserve Account supported via a
Letter of Credit for six months of expected interest and
amortization payments. BCP Raptor II will rely on its operating
cash flow, revolver and significant equity contribution through
2020 to meet its cash needs including debt service and capital
spending. The sponsors have a demonstrated track record of
providing funding for capital projects through equity
contributions. The Term Loan has a minimum debt service coverage
ratio covenant of 1.1x. Moody's expects that the company to remain
in compliance with these covenants. The Revolver and Term Loan have
a first priority lien on all assets of the company, therefore
limiting asset sales to raise cash.

BCP Raptor II's B3 CFR reflects its high financial leverage, and
continued reliance on a robust increase in the gathering and
processing volumes through its systems to accomplish the planned
reduction in financial leverage. BCP Raptor II's rating is also
tempered by its relatively small scale and geographical
concentration, although the acreage serviced is in the highly
productive and economic Southern Delaware Basin in a more
normalized commodity price environment. The company's contracts are
largely fee based, minimizing direct commodity price risk, although
lack of significant minimum volume commitments contracts highlight
the volume risk. BCP Raptor II 's small scale limits the number of
customers it services, however, the operational integration with
BCP Raptor, LLC (EagleClaw, B3 negative) systems through an offload
agreement will allow both companies to operate as a larger system
with scale that will be mutually beneficial. Several of BCP Raptor
II's customers are expected to temporarily shut-in some amount of
producing wells in 2020 and will negatively affect BCP Raptor II's
volumes and cash flow outlook. BCP Raptor II's ratings benefit from
structural enhancements like an excess cash flow sweep and a debt
service reserve account.

The $690 million Term Loan B maturing in November 2025 ($687
million outstanding as of December 31, 2019) is rated B3. The $60
million Super Priority Senior Secured First Lien Revolving Credit
Facility has a super priority payment preference over the Term Loan
and is rated Ba3. Given the small size of the Revolver as compared
to the Term Loan, the Term Loan is rated the same as the CFR.

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

Ratings could be downgraded if the weakened volume outlook sustains
beyond 2020 and BCP Raptor II's debt/EBITDA is unlikely to decline
towards 6x by year-end 2021. Ratings could also be downgraded if
liquidity weakens.

BCP Raptor II 's ratings are unlikely to be upgraded in the
near-term. Ratings could be upgraded if industry conditions are
improving and the company realizes its planned volume and
corresponding EBITDA growth. Debt/EBITDA below 6x while maintaining
adequate liquidity could support a ratings upgrade.

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

BCP Raptor II is a privately-held, Houston, Texas company that owns
and operates natural gas gathering and processing, crude oil
gathering and, produced water gathering and disposal systems
located in the Southern Delaware Basin. Blackstone Energy Partners,
Blackstone Capital Partners and I Squared Capital together own a
majority of BCP Raptor II.


BCP RAPTOR: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------
Moody's Investors Service changed BCP Raptor, LLC's rating outlook
to negative. Concurrently, Moody's affirmed EagleClaw's B3
Corporate Family Rating, B3-PD Probability of Default Rating, and
the B3 senior secured term loan rating.

"The commodity price collapse in the first quarter 2020
precipitated substantial producing well shut-ins by oil and gas
producers across the United States, including EagleClaw's
customers. The negative outlook reflects the potential for
EagleClaw's credit metrics to further weaken should this trend not
reverse itself before the end of 2020," commented Sreedhar Kona,
Moody's Senior Analyst. "The company's volume growth through 2019,
its enhanced scale from integration with BCP Raptor II, LLC,
sponsor support and adequate liquidity present the company with
opportunities for cash flow growth when the commodity price
environment improves."

Affirmations:

Issuer: BCP Raptor, LLC

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Senior Secured Term Loan, Affirmed B3 (LGD4)

Outlook Actions:

Issuer: BCP Raptor, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

EagleClaw's negative rating outlook reflects the material volume
pressure the company will face through the second quarter and
potentially into the third quarter of 2020, and the continued
weakening of its metrics through 2020. Although the company
demonstrated volume and cash flow growth through 2019, and improved
its debt leverage, the prevailing macro commodity price environment
presents significant challenges to EagleClaw's credit profile. The
outlook could be changed to stable if the volume outlook for
EagleClaw improves by the end of 2020 and there is a clear path to
sustained cash flow growth and declining financial leverage post
2020.

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 affected by the
shock given its sensitivity to demand and oil prices, which in turn
has affected certain midstream providers given their exposure to
E&P production volumes. EagleClaw will remain vulnerable to the
outbreak continuing to spread and oil and natural gas demand
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 partially
reflects the impact on EagleClaw's credit quality of the breadth
and severity of the oil demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

EagleClaw will maintain adequate liquidity. As of December 31,
2019, EagleClaw had a $10 million cash balance, and $120 million of
availability under its $125 million revolving credit facility that
matures in June 2022. Additionally, EagleClaw's liquidity is
reinforced by a Debt Service Reserve Account supported via a Letter
of Credit for six months of expected interest and amortization
payments. EagleClaw will rely on its operating cash flow,
substantial revolver drawings and significant equity contribution
through 2020 to meet its cash needs including debt service and
capital spending. The sponsors have a demonstrated track record of
funding capital projects through equity contributions. The Term
Loan has a minimum debt service coverage ratio covenant of 1.1x and
in addition, the revolver has a maintenance covenant of a Maximum
Super Priority Leverage Ratio of less than 1.25x. Moody's expects
the company to remain in compliance with its covenants.

EagleClaw's B3 CFR reflects its high financial leverage, and
continued reliance on a robust increase in the gathering and
processing volumes through its systems to accomplish the planned
reduction in financial leverage. EagleClaw's rating is also
tempered by its relative scale and geographical concentration,
although the acreage serviced is in the highly productive and
economic Southern Delaware Basin in a more normalized commodity
price environment. The company has also been growing its dedicated
acreage steadily and stands at 500,000 acres as of year-end 2019.
Almost all of EagleClaw's customers are expected to temporarily
shut-in some amount of producing wells in 2020 which would
negatively affect EagleClaw's volumes and cash flow outlook.
EagleClaw's ratings benefit from structural enhancements like an
excess cash flow sweep and a debt service reserve account.
EagleClaw's integration with BCP Raptor II, LLC (B3 negative)
offers the benefit of scale and operational flexibility, and
somewhat support EagleClaw's refinancing efforts.

The $1.25 billion Term Loan ($1.22 billion outstanding as of
December 31, 2019) maturing in June 2024 is rated B3. The $125
million Revolver (no outstanding borrowings as of December 31,
2019) maturing in June 2022 has a super priority preference over
the Term Loan. However, given small size of the Revolver as
compared to the Term Loan, the Term Loan is rated the same as the
CFR.

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

Ratings could be downgraded if the reduced volume outlook sustains
beyond 2020 and EagleClaw's debt/EBITDA is unlikely to decline
towards 6x by year-end 2021. Ratings could also be downgraded if
liquidity weakens.

EagleClaw's ratings are unlikely to be upgraded in the near-term.

Ratings could be upgraded if industry conditions are improving and
the company realizes its planned volume and corresponding EBITDA
growth. Debt/EBITDA below 6x while maintaining adequate liquidity
could support a ratings upgrade.

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

BCP Raptor, LLC, the parent of EagleClaw Midstream Ventures, LLC,
is a privately-owned natural gas gathering and processing company
in the Southern Delaware Basin. Blackstone Energy Partners,
Blackstone Capital Partners and I Squared Capital together own a
majority of BCP Raptor, with a small percentage owned by
management.


BLACK ANGUS: Medley Values $7.3-Mil. Loan at 72% of Face
--------------------------------------------------------
Medley Capital Corporation has marked its $7,290,179 loan extended
to privately held Black Angus Steakhouses LLC to market at
$5,212,478, or 72% of the outstanding amount, as of March 31, 2020,
according to a disclosure contained in a Form 10-Q filing with the
Securities and Exchange Commission for the quarterly period ended
March 31, 2020.

Medley is a lender under Black Angus's Senior Secured First Lien
Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor), which was
scheduled to mature April 24, 2020.  The investment was on
non-accrual status as of March 31, 2020.

Black Angus Steakhouses LLC is in the Hotel, Gaming & Leisure
industry.


BLACK ANGUS: Medley Values $890,000 Loan at 72% of Face
-------------------------------------------------------
Medley Capital Corporation has marked its $892,857 loan extended to
privately held Black Angus Steakhouses LLC to market at $638,393,
or 72% of the outstanding amount, as of March 31, 2020, according
to a disclosure contained in a Form 10-Q filing with the Securities
and Exchange Commission for the quarterly period ended March 31,
2020.

Medley is a lender under Black Angus's Revolving Credit Facility
(LIBOR + 9.00% Cash, 1.00% LIBOR Floor), which was scheduled to
mature April 24, 2020.  The investment was on non-accrual status as
of March 31, 2020.

Black Angus Steakhouses LLC is in the Hotel, Gaming & Leisure
industry.


BLACK DOG CHICAGO: Unsec. Creditors to Get Full Payment in 5 Years
------------------------------------------------------------------
Debtor Black Dog Chicago, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of Illinois, Eastern Division, a
Disclosure Statement in conjunction with its Plan of Reorganization
dated April 30, 2020.

   * Peter Mancini's claim in Class 3 will be paid in full but
deferred until after the claims in Class 4 and Class 5 are paid in
full.

   * Class 4 General Unsecured Creditors other than Parent and
Mancini will be paid in full over a period of 60 months, on a
quarterly basis, with the first payment beginning on the last day
of the first calendar quarter after the Effective Date.

   * Parent Petroleum's claim in Class 5 will receive payment of
100% of its general unsecured Claim over a period of 60 months, on
a quarterly basis, with the first payment beginning on the last day
of the first calendar quarter after the Effective Date.

   * Majority Interest of Black Dog Commercial Ventures Corp. in
Class 6 will be retained.

   * Minority Interest of Olsen-Ubben Trust in Class 7 will be
retained.

Payments under the Plan will be made from the operations of the
Subsidiaries, the infusion of cash proceeds of unsecured
subordinated loans from Gauri in the amount of $400,000 ($300,000
of which Gauri will borrow using his exempt house as collateral and
$100,000 of which Gauri will borrow from his father) and from the
minority member of the Debtor Olsen-Ubben Trust in the amount of
$300,000 (collectively, the New Value).

A full-text copy of the Disclosure Statement dated April 30, 2020,
is available at https://tinyurl.com/yad5ravw from PacerMonitor at
no charge.

The Debtor is represented by:

         Scott R. Clar
         Crane, Simon, Clar & Goodman
         135 South LaSalle Street, Suite 3705
         Chicago, IL 60603
         E-mail: sclar@cranesimon.com
         Tel: (312) 641-6777

                   About Black Dog Chicago

Based in Lyons, Ill., Black Dog Chicago, LLC --
http://www.blackdogcorp.com/-- is a petroleum distribution firm
offering gasoline, diesel, oils, lubricants, alternative fuels,
hauling and asphalt concrete.  It is a successor by merger to Black
Dog Chicago Corp.

Black Dog Chicago filed a voluntary Chapter 11 petition (Bankr.
N.D. Ill. Case No. 19-28245) on Oct. 28, 2019.  In its petition,
the Debtor estimated $1 million to $10 million in both assets and
liabilities.  The petition was signed by Amit Gauri, sole manager
and majority membership holder.  Judge Janet S. Baer presides over
the case.  Crane, Simon, Clar and Dan is the Debtor's legal
counsel.


BLACKROCK CAPITAL: Obtains Second Covenant Waivers from Lenders
---------------------------------------------------------------
BlackRock Capital Investment Corporation on May 1, 2020, entered
into a Waiver and Agreement No. 2 to the Second Amended and
Restated Senior Secured Revolving Credit Agreement dated as of
March 13, 2013, among the Company, the Lenders from time to time
party thereto, Citibank, N.A. as Administrative Agent for the
Lenders and Bank of Montreal, Chicago Branch, as Syndication
Agent.

The Waiver and Agreement supplements and supersedes in its entirety
the Waiver and Agreement dated as of March 31, 2020 to the
Revolving Credit Facility.

The Waiver and Agreement:

     (i) waives the requirement for the Company to comply with the
Minimum Shareholders' Equity covenant set forth in Section 6.07(a)
of the Revolving Credit Facility at all times from March 31, 2020
through August 10, 2020;

    (ii) reduces the minimum asset coverage ratio required to be
maintained by the Company set forth in Section 6.07(b) of the
Revolving Credit Facility during the Waiver Period from 2.00 to 1
to 1.50 to 1;

   (iii) provides that the Company shall not request any borrowing
during the Waiver Period if, after giving effect to such borrowing,
the aggregate Revolving Credit Exposure (as defined in the
Revolving Credit Facility) would exceed $228 million; and

    (iv) provides that, during the Waiver Period, the Company will
not use more than $10 million of the proceeds of loans from new
borrowings in the event the aggregate Revolving Credit Exposure
exceeds $192 million, to invest in new portfolio companies, subject
to certain conditions.

As of December 31, 2019 and March 31, 2020, the Company had
outstanding approximately $174.4 million and $168.4 million under
the Revolving Credit Facility, respectively.

As of March 31, 2020, no Default or Event of Default (as defined in
the Revolving Credit Facility) has occurred under the Revolving
Credit Facility.

The Company sought to enter into the Waiver and Agreement
proactively in order to obtain additional operating flexibility
during the Waiver Period as the impact of COVID-19 related economic
and financial developments is assessed.

Usage of the Revolving Credit Facility continues to be subject to a
borrowing base, and the Revolving Credit Facility continues to be
secured by substantially all of the assets of the Company and its
consolidated subsidiaries.

In addition, the facility continues to contain customary
representations, covenants (including restrictions on the
incurrence of additional indebtedness, liens and dividends, and a
requirement to maintain a certain minimum ratio of total assets,
less all liabilities other than indebtedness, to indebtedness) and
events of default.

Members of the lending consortium are:

     * CITIBANK, N.A., as Administrative Agent, Issuing Bank,
Swingline Lender and Lender
       c/o Michael Vondriska
           Vice President

     * CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
       c/o Doreen Barr
           Komal Shah

     * DEUTSCHE BANK AG NEW YORK BRANCH
       c/o Annie Chung, Director
           E-mail: annie.chung@db.com
           Tel: 212-250-6375

           Ming K. Chu, Director
           E-mail: ming.k.chu@db.com
           Tel: 212-250-5451

     * HSBC Bank USA, N.A.
       c/o Kieran Patel, Managing Director

     * Morgan Stanley Bank, N.A.
       c/o David White

     * STATE STREET BANK AND TRUST COMPANY
       c/o Pallo Blum-Tucker, Managing Director

A full-text copy of the WAIVER and AGREEMENT NO. 2 dated as of May
1, 2020 to the SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING
CREDIT AGREEMENT dated as of March 13, 2013 (as amended,
supplemented, amended and restated or otherwise modified from time
to time, the "Credit Agreement"), among BLACKROCK CAPITAL
INVESTMENT CORPORATION, a Delaware corporation (the "Borrower");
the LENDERS from time to time party thereto; CITIBANK, N.A., as
Administrative Agent for the Lenders (in such capacity, the
"Administrative Agent"); and BANK OF MONTREAL, CHICAGO BRANCH, as
Syndication Agent, is available at https://is.gd/HFGJe7

At March 31, 2020, BlackRock had $2.3 million in cash and cash
equivalents and $59.6 million of availability under its credit
facility and the terms under the Waiver and Agreement resulting in
approximately $61.9 million of availability for portfolio company
investments. The committed but unfunded portfolio obligations at
March 31, 2020 were $5.0 million (excluding the $11.6 million LP
commitment to BCIC Senior Loan Partners, which is completely
discretionary).  BlackRock believes there is sufficient liquidity
to meet all of the Company's obligations and selectively deploy new
capital.

"We are working with the lenders under the Company’s revolver
facility to permanently amend the financial covenants and we
anticipate that it will increase liquidity further," the Company
said.

               About BlackRock Capital Investment

BlackRock Capital Investment Corporation (NASDAQ: BKCC) is a
business development company that provides debt and equity capital
to middle-market companies.

                         *     *     *

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


BOYD GAMING: Moody's Rates $500MM Unsec. Notes Caa1, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to Boyd Gaming
Corporation's proposed $500 million unsecured notes due 2025. The
company's Corporate Family Rating of B2 and Probability of Default
Rating of B2-PD were affirmed. The company's existing senior
secured revolver and term loans were affirmed at Ba3, and the
company's existing senior unsecured notes were affirmed at Caa1.
The company's Speculative Grade Liquidity rating was downgraded to
SGL-4 from SGL-3. The outlook remains negative.

Boyd will use proceeds from the $500 million unsecured notes, net
of related fees and expenses, for general corporate purposes,
including working capital.

The affirmation of Boyd's B2 CFR considers the good market access
the company has as demonstrated by the unsecured debt offering,
which will bolster cash balances to fund the cash burn while
facilities are closed and while visitation ramps up upon reopening.
The affirmation also considers the company's significant size and
geographic diversification, in terms of revenue and number of
casinos, which should aid the company when facilities reopen. The
affirmation also reflects Moody's expectation that the company will
be able to address its 2021 maturities at a reasonable cost.

Downgrades:

Issuer: Boyd Gaming Corporation

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

Assignments:

Issuer: Boyd Gaming Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)

Affirmations:

Issuer: Boyd Gaming Corporation

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD2)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Outlook Actions:

Issuer: Boyd Gaming Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Boyd's B2 CFR 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.
Moody's anticipates regional properties open at the beginning of
July and the downtown market Las Vegas facilities open later in the
year. Because of approaching September 2021 maturities, the credit
profile could deteriorate meaningfully over the next three to six
months if the company's operating performance does not rebound
quickly from the coronavirus outbreak. The rating also reflects the
company's significant size and geographic diversification. The
company is the second-largest regional gaming operator in terms of
net revenue and number of casino assets operated. Key credit
concerns include Boyd's significant leverage prior to the
coronavirus outbreak. Market saturation is another concern. While
there have been some recent improvements in overall gaming demand
throughout the US, Boyd and other U.S. regional gaming operators
face casino oversupply conditions and the resulting cannibalization
of customer dollars that is occurring throughout many US gaming
markets.

Boyd's speculative-grade liquidity rating was downgraded to SGL-4
from SGL-3 because of the approaching September 2021 maturity of
the company's $945 million revolver and approximate $230 million
term loan A. As of March 31, 2020, the company had $831.2 million
of cash, including the full draw on the revolver. The proposed $500
million offering would increase cash on hand. 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 Boyd'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 Boyd 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. Boyd's ratings reflect the impact, breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook considers that Boyd 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 and commercial
spending at the company's properties will recover. The negative
outlook also reflects the refinancing risk associated with the
approaching September 2021 revolver and term maturities.

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

Ratings could be downgraded if liquidity deteriorates or if Moody's
anticipates Boyd's earnings declines to be deeper or more prolonged
because of actions to contain the spread of the virus or reductions
in discretionary consumer and commercial spending. The ratings
could be downgraded if the company does not proactively address the
upcoming maturities or if the cost of refinancing meaningfully
increases interest costs.

A ratings upgrade is unlikely given the weak operating environment.
However, the ratings could be upgraded if the facilities reopen and
earnings recover such that positive free cash flow and reinvestment
flexibility is restored and debt-to-EBITDA is sustained below
5.25x.

Boyd Gaming Corporation owns and operates 29 gaming properties in
ten states: Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Ohio, and Pennsylvania. Annual revenue was
over $3 billion in 2019.

The principal methodology used in these ratings was Gaming Industry
published in December 2017.


BUCKNER FOODS: Ovation Services Objects to Amended Disclosure
-------------------------------------------------------------
Ovation Services LLC, as agent for FGMS Holdings LLC, objects to
the Amended Disclosure Statement filed by Debtor Buckner Foods,
Inc.

Ovation objects to the Disclosure Statement because if fails to
provide creditors of the Estate with information sufficient to
enable them to make a reasonably informed decision because the
Disclosure Statement does not include any discussion of the
post-confirmation compensation to the owners of the Debtors.

Ovation notes that:

   * The Disclosure Statement and Plan attempt to modify Ovation's
loan documents to revise them if a sale of the Property doesn't
occur at some date in the future. There is no liquidation analysis
included in the Disclosure Statement.

   * The Plan fails to provide for Ovation's reasonable attorney's
fees, charges and postpetition interest pursuant to 11 U.S.C. Sec.
506(b).  The Plan fails to provide for the entire amount of
Ovation's claim with payment of contractual interest starting on
the Petition Date.

Ovation prays that upon final hearing on the Plan that the Court
deny approval of the Disclosure Statement, and grant Ovation such
other further relief, legal and equitable, to which it may be
justly entitled.

A full-text copy of Ovation's objection to amended disclosure
statement dated April 24, 2020, is available at
https://tinyurl.com/y79uv9ng from PacerMonitor at no charge.

Counsel for Ovation Services:

         Harrison & Duncan PLLC
         MARY ELIZABETH HEARD
         8700 Crownhill, Suite 505
         San Antonio, Texas 78209
         Telephone: (210) 821-5800
         Telecopier: (210) 826-6887
         E-mail: meheard@legalcounseltexas.com

                     About Buckner Foods

Buckner Foods, Inc., is engaged in ownership and management of a
gas station and convenience store commonly known as Cresson Food
Store, located at 4625 S. Buckner Blvd., Dallas, Dallas County,
Texas.  Shares of ownership in Debtor are held by its President,
Nurudin Ismail.

Buckner Foods sought Chapter 11 protection (Bankr. N.D. Tex. Case
No. 19-42307) on June 3, 2019.  The LAW OFFICE OF MARILYN D. GARNER
is the Debtor's counsel.


BUHLER-FREEMAN: June 9 Plan Confirmation Hearing Set
----------------------------------------------------
On Feb. 26, 2020, Debtor Buhler-Freeman Management, LLC filed with
the U.S. Bankruptcy Court for the Middle District of Tennessee a
First Amended Disclosure Statement and First Amended Plan.

On April 28, 2020, Judge Charles M. Walker approved the First
Amended Disclosure Statement and established the following dates
and deadlines:

   * May 29, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.

   * June 9, 2020, is fixed for the hearing on confirmation of the
Plan at 9:00 a.m., in Courtroom 2, Second Floor, Customs House, 701
Broadway, Nashville, Tennessee 37203.

   * May 29, 2020, is fixed as the last day for filing and serving
pursuant to Fed.R.Bankr.P. 3020(b)(1) written objections to
confirmation of the Plan.   

A copy of the order dated April 28, 2020, is available at
https://tinyurl.com/y8tyb492 from PacerMonitor at no charge.

Attorney for the Debtor:

          STEVEN L. LEFKOVITZ
          618 Church Street, Suite 410
          Nashville, Tennessee 37219
          Tel: (615)256-8300
          Fax: (615) 255-4516
          E-mail: slefkovitz@lefkovitz.com

                About Buhler-Freeman Management

Buhler-Freeman Management, LLC, owns in fee simple a real property
located at 2739 Old Elm Hill Pike, Nashville, Tenn., valued at
$1.30 million.  

It first sought bankruptcy protection (Bankr. M.D. Tenn. Case
No.13-09260) on Oct. 24, 2013.

Buhler-Freeman Management again sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-07025) on
Oct. 29, 2019. At the time of the filing, the Debtor disclosed $1.3
million in assets and $775,000 in liabilities.  The case is
assigned to Judge Charles M. Walker. The Debtor tapped Steven L.
Lefkovitz, Esq., at Lefkovitz & Lefkovitz, PLLC, as its legal
counsel.


CACHET FINANCIAL: Committee Hires Sheppard Mullin as Legal Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Cachet Financial
Services seeks approval from the U.S. Bankruptcy Court for the
Central District of California to retain Sheppard, Mullin, Richter
& Hampton LLP as its counsel.

The Committee requires Sheppard Mulin to:

     a. advise regarding bankruptcy law;

     b. advise with respect to the Committee's rights, powers and
duties in the Case;

     c. attend and participate in Committee meetings;

     d. review financial information furnished by the Debtor to the
Committee and investigating various potential claims;

     e. assist in the investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtor;

     f. provide aid and assistance in monitoring the progress and
administration of the Debtor's Case;

     g. provide representation in all consultations, meetings,
negotiations and proceedings involving the Debtor, the Committee,
and other parties-in-interest;

     h. represent the Committee in any proceedings or hearings
before this Court and such other courts or tribunals, as
appropriate;

     i. conduct examinations of witnesses, claimants, or adverse
parties and preparing and assist in the preparation of reports,
accounts, and pleadings related to the Case;

     j. advise the Committee concerning the requirements of the
Bankruptcy Code and applicable rules as they may affect the
Committee in the Case and any related adversary proceeding;

     k. assist the Committee and working with the Debtor with
regard to the restructuring or liquidation of the Debtor or
auction, sale, or other transaction with respect to the Debtor's
assets;

     l. advise the Committee and working with the Debtor and any
other third party regarding the formulation, negotiation,
confirmation, and implementation of any chapter 11 plan;

     m. advise and assist the Committee with respect to any matters
involving the UST and the Debtor; and

     n. represent the Committee in all other legal aspects of the
Case and taking any other action and performing any other services
as the Committee may require of Sheppard Mullin in connection with
the Case.

Sheppard Mullin's customary hourly rates are:

     Ori Katz              Partner    $890
     Jeannie Kim           Associate  $495
     Gianna Segretti       Associate  $445

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

The firm can be reached through:

     Ori Katz, Esq.
     Sheppard, Mullin, Richter & Hampton LLP
     Four Embarcadero Center, 17th Floor
     San Francisco, CA 94111-4109
     Tel: 415-434-9100
     Fax: 415-434-3947
     Email: okatz@sheppardmullin.com

                About Cachet Financial Services

Cachet Financial Services -- https://www.cachetservices.com/ --
provides Automated Clearing House (ACH) processing services for
payroll-related electronic transactions, including: direct
deposits, tax payments, garnishment payments, benefits payments,
401(k) payments, expense reimbursement payments, agency checks, and
fee collection.

Cachet Financial Services, based in Pasadena, CA, filed a Chapter
11 petition (Bankr. C.D. Cal. Case No. 20-10654) on Jan. 21, 2020.
In the petition signed by Aberash Asfaw, president, the Debtor was
estimated to have $10 million to $50 million in both assets and
liabilities.  The Hon. Vincent P. Zurzolo presides over the case.
James C. Bastian, Esq., at Shulman Bastian LLP, serves as the
Debtor's bankruptcy counsel.


CARESTREAM HEALTH: S&P Affirms 'B-' ICR on Refinancing
------------------------------------------------------
S&P Global Ratings revised its assessment of Carestream Health
Inc.'s liquidity to adequate from weak after the company completed
refinancing that improved its liquidity, giving the company more
time and headroom to complete its restructuring and improve
profitability and cash generation.

In addition, S&P affirmed its 'B-' issuer credit rating on the
company and removed it from CreditWatch negative, where S&P placed
it on Feb. 18, 2020.

Carestream's refinancing provides the company the liquidity to
continue its cost-restructuring plan.  The company recently amended
its credit agreements, extending the maturities on both its
first-lien and second-lien debt by two years to 2023. The
transaction provides the company with additional time to complete
its cost-restructuring plan.

"We expect Carestream to partially offset the anticipated revenue
declines in its film business with the cost savings from its
cost-restructuring plan, expanding EBITDA margins and sustaining
leverage below 5x. We also expect the COVID-19 pandemic to have
relatively limited impact on the company's performance, as we
forecast that the headwinds from the potential reduction in volumes
in the film segment in China, mainly in the first half of 2020 will
be offset by the increased demand for the company's diagnostic
systems in its medical digital segment," S&P said.

"We expect modest free cash flow deficits until late 2020,
improving materially in 2021.  While we project a moderate EBITDA
margin expansion in 2020, our forecast suggests that the absolute
EBITDA amount can be lower than in 2019 because of the smaller
revenue base. We forecast that lower EBITDA, combined with material
restructuring costs and capital investments required to complete
the cost optimization plan, may result in zero to negative cash
generation. However, we expect the company's cash flow generation
to improve materially in 2021, as the company realizes the savings
and its one-time restructuring costs meaningfully subside and
operating leverage improves. We expect the free cash flow to
increase to about $80 million - $90 million in 2021. At the same
time, we expect adjusted leverage (after adding back the
restructuring costs to EBITDA) to remain similar to the 2019 level
at about 4.5x. However, we expect it to improve to around 4x in
2021 as cash flow generation increases," the rating agency said.

The stable outlook reflects S&P's expectation that COVID-19 will
have a relatively limited impact on the company's performance and
that gradual EBITDA expansion will support deleveraging and
meaningful free cash flow generation in 2021.

"We could lower the rating if Carestream's free cash flow
generation is materially lower than we currently expect, which
could indicate that its capital structure is unsustainable, given
its high debt amortization structure starting in 2021. This
scenario would entail lower-than-expected margin expansion or more
severe headwinds in the company's film business. We could also
consider a negative rating action if the company's liquidity
position deteriorates due to operational challenges," S&P said.

"Although unlikely, we could raise the rating if Carestream's film
business stabilizes, with only marginal declines, and we forecast
free operating cash flow to debt of more than 10% on a sustained
basis, which we believe would coincide with a reduction in its
adjusted debt leverage to below 4x," S&P said.


CENTENNIAL RESOURCE: Moody's Lowers CFR to Caa1, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Centennial Resource
Production, LLC's ratings, including Corporate Family Rating to
Caa1 from B3, Probability of Default Rating to Ca-PD from B3-PD and
ratings on its senior unsecured notes to Caa3 from Caa2. The SGL-4
Speculative Grade Liquidity rating is unchanged. The outlook
remains negative.

Downgrades:

Issuer: Centennial Resource Production, LLC

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD5)
from Caa2 (LGD5)

Outlook Actions:

Issuer: Centennial Resource Production, LLC

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of CRP's PDR to Ca-PD is driven by the increased
probability of default as CRP is in the process of finalizing its
exchange offer for the senior notes that the company expects to
close on May 19, 2020. If the offer is successful, Moody's will
view it as a distressed exchange and a default under Moody's
definitions. Upon the completion of the offer, an "/LD" (limited
default) signifier will be appended to CRP's PDR to recognize the
default.

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 independent
exploration and production sector have been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and oil prices. More specifically, the weaknesses
in CRP's credit profile have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and CRP
remains vulnerable to the outbreak continuing to spread and
commodity prices remaining low. 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 CRP of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

CRP's liquidity is weak as indicated by its SGL-4 rating because of
substantially lower cash flow generation in 2020-2021. It is
supported by expected $150 million in cash proceeds from the
divestment of water infrastructure assets. It is also supported by
senior secured ABL facility maturing in May 2023. The facility's
borrowing base was recently reduced to $700 million from $1.2
billion, and elected commitment under facility was also reduced to
$700 million from $800 million. As of March 31, 2020, Centennial
had $235 million drawn under the facility and $0.8 million in
letters of credit.

The facility has two financial covenants, including debt/EBITDAX
and current ratio. As part of the borrowing base redetermination,
the lenders agreed to suspend the debt/EBITDA covenant through 2021
and replaced it with a first lien leverage covenant of net senior
debt/EBITDA below 2.75x

The negative outlook reflects the high financial risks amid low oil
prices and uncertain pace of recovery in refined products demand
and oil prices.

The Caa3 ratings on CRP's senior unsecured notes stand two notches
below the Caa1 CFR reflecting the relatively large size of the
senior secured revolving bank facility and the effective
subordination of the notes to CRP's obligations. It also captures
the risk of additional priority debt ahead of the unsecured notes
if the exchange offers into second and third lien notes is
successful. The Caa3 rating on the notes reflects Moody's views on
recovery, underpinned by recently confirmed value of the sizable
proved developed reserves of the company in the Permian basin at
current strip pricing.

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

The Caa1 CFR may be downgraded if liquidity position weakens
further or if Moody's views on potential recovery were to decline.
The upgrade of the CFR, while unlikely in the absence of sustained
recovery in oil prices, would require improvement in FCF generation
and liquidity position.

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

Centennial Resource Production, LLC is a medium-sized independent
oil and gas producer in the Delaware Basin, West Texas, which is a
96%-owned and fully consolidated subsidiary of Centennial Resource
Development, Inc, a NASDAQ listed holding company, and represents
substantially all CDEV's operations.


CERTIFY INC: BlackRock Values $160,000 Loan at 78% of Face
----------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $159,432 loan extended
to privately held Certify Inc. to market at $125,101, or 78% of the
outstanding amount, as of March 31, 2020, according to a disclosure
contained in a Form 10-Q filing with the Securities and Exchange
Commission for the quarterly period ended March 31, 2020.

BlackRock is a lender under Certify Inc.'s Sr Secured Revolver,
which is scheduled to mature February 28, 2024.  

Certify Inc. is in the Software industry.



CIBT SOLUTIONS: BlackRock Values $7.6MM Loan at 70% of Face
-----------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $7,611,914 loan extended
to privately held CIBT Solutions Inc. to market at $5,328,340, or
70% of the outstanding amount, as of March 31, 2020, according to a
disclosure contained in a Form 10-Q filing with the Securities and
Exchange Commission for the quarterly period ended March 31, 2020.

BlackRock is a lender under CIBT Solutions' Second Lien Term Loan,
which is scheduled to mature June 1, 2025.  

CIBT Solutions Inc. is in the Professional Services industry.


CPI INTERNATIONAL: Medley Values $3-Mil. Loan at 78% of Face
------------------------------------------------------------
Medley Capital Corporation has marked its $3,010,025 loan extended
to privately held CPI International Inc. to market at $2,343,004,
or 78% of the outstanding amount, as of March 31, 2020, according
to a disclosure contained in a Form 10-Q filing with the Securities
and Exchange Commission for the quarterly period ended March 31,
2020.

Medley is a lender under CPI International's Senior Secured Second
Lien Term Loan (LIBOR + 7.25% Cash, 1.00% LIBOR Floor), which is
scheduled to mature July 28, 2025.  

CPI International Inc. is in the Aerospace & Defense industry.


CREATIVE HAIRDRESSERS: Magruder Cook Represents Landlords
---------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Magruder Cook Koutsouftikis & Palanzi submitted a
verified statement to disclose that it is representing the
following landlords of nonresidential real property in the Chapter
11 cases of Creative Hairdressers, Inc., et al.

The name and addresses of the Landlords represented by the Firm
are:

     a. Haft/Equities-Rose Hill Limited Partnership
        c/o Combined Properties, Incorporated
        1025 Thomas Jefferson Street, NW
        Suite 700 East
        Washington, DC 20007-5201

     b. Pickett LLC
        c/o Combined Properties, Incorporated
        1025 Thomas Jefferson Street, NW
        Suite 700 East
        Washington, DC 20007-5201

     c. Greenway Plaza LLC
        c/o Combined Properties, Incorporated
        1025 Thomas Jefferson Street, NW
        Suite 700 East
        Washington, DC 20007-5201

The nature and amount of claims (interests) of the Landlords, and
the time of acquisition thereof are as follows: The aforementioned
Landlords have pre-petition claims against the Debtors in addition
to claims for post-petition rents. As of the date of this Verified
Statement, Haft/Equities-Rose Hill Limited Partnership is owed
$14,270.78 for unpaid rent and additional rent in accordance with
its written lease agreement with Debtors, Pickett LLC is owed
$18,203.39 for unpaid rent and additional rent in accordance with
its written lease agreement with Debtors, and Greenway Plaza LLC is
owed $24,823.33 for unpaid rent and additional rent in accordance
with its written lease agreement with Debtors.

The Firm was retained to represent the Landlords in early May 2020.
The circumstances and terms and conditions of representation by
the Firm on behalf of the Landlords is protected by attorney-client
privilege and/or the attorney work-product doctrine.

The Firm can be reached at:

          MAGRUDER COOK KOUTSOUFTIKIS & PALANZI
          Leon Koutsouftikis, Esq.
          1889 Preston White Drive, Suite 200
          Reston, VA 20191
          Tel: (571) 313-1503
          Fax: (571) 313-8967
          E-mail: lkouts@magruderpc.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/6tDuNW

                  About Creative Hairdressers

Creative Hairdressers, Inc. -- http://www.ratnerco.com/-- operates
over 750 salons nationwide under the trade names Hair Cuttery,
BUBBLES, and Salon Cielo.  The company began in 1974 to create a
quality whole-family salon where stylists could make a good living.
Today, the family of salons continues to share this commitment with
a transparent, people-first culture that offers the best career
trajectory in the industry for salon professionals, field leaders
and corporate employees.

Creative Hairdressers and Ratner Companies, L.C., sought Chapter 11
protection (Bankr. D. Md. Case No. 20-14583 and 20-14584) on April
23, 2020.

Creative Hairdressers was estimated to have $1 million to $10
million in assets and $10 million to $50 million in liabilities.

Creative Hairdressers is represented by Shapiro Sher Guinot &
Sandler.  Carl Marks Advisors is acting as strategic financial
advisor to assist the Company in the process.  A&G Realty Partners
is the real estate advisor.  Epiq Bankruptcy Solutions is the
claims agent.

HC Salon Holdings, Inc., is represented by DLA Piper LLP (US).


CT TECHNOLOGIES: Medley Values $7.5-Mil. Loan at 66% of Face
------------------------------------------------------------
Medley Capital Corporation has marked its $7,500,000 loan extended
to privately held CT Technologies Intermediate Holdings Inc. to
market at $4,959,000, or 66% of the outstanding amount, as of March
31, 2020, according to a disclosure contained in a Form 10-Q filing
with the Securities and Exchange Commission for the quarterly
period ended March 31, 2020.

Medley is a lender under CT Technologies's Senior Secured Second
Lien Term Loan (LIBOR + 9.00% Cash, 1.00% LIBOR Floor), which is
scheduled to mature December 1, 2022.  A portion of this investment
was sold via a participation agreement.  The amount stated is the
portion retained by Medley Capital Corporation.

CT Technologies Intermediate Holdings Inc. is in the Healthcare &
Pharmaceuticals industry.


CURVATURE INC: S&P Affirms CCC ICR on Expected Weakening Liquidity
------------------------------------------------------------------
S&P Global Ratings affirmed 'CCC' issuer credit rating on Curvature
Inc. S&P also affirmed its 'CCC' ratings on the company's
first-lien credit facilities and 'CC' ratings on the $66.5 million
senior second-lien notes and $138.5 million junior second-lien
notes.

"We expect limited financial flexibility to service higher cash
interest burden from 2021. Curvature's credit metrics continue to
indicate limited capacity to sustainably cover an $18 million
increase in annual cash interest expected in 2021 when its junior
second-lien notes convert from payment-in-kind (PIK) to cash pay.
Although we expect EBITDA margins to improve by several percentage
points to 12%-13% in 2020 due to a $25 million cost savings plan
completed in the first quarter of 2020, we only expect the company
to generate about breakeven free operating cash flow (FOCF) after
debt service in 2020. Furthermore, leverage remains very high and
is expected to remain above 15x over the next 12 months," S&P
said.

This follows sustained efforts to stabilize revenue declines and
improve EBITDA and FOCF generation after considerable operating
challenges post the merger between SMS and Curvature, which
ultimately led to about $24 million of negative FOCF after debt
service in 2019.

"We believe such efforts, including potential further cost cuts in
2020, will help the company maintain stable total cash and
revolving credit facility (RCF) availability of about $40 million
at the end of 2020. However, we expect negative reported FOCF after
debt service of up to $20 million in 2021, from the higher cash
interest burden, to materially deplete the company's liquidity
position. This weakening liquidity position leads us to believe a
distressed debt restructuring is probable within the next 12
months, absent a positive development like an equity infusion," S&P
said.

S&P's adjusted debt, EBITDA and operating cash flow figures include
the standard adjustments for operating leases and share-based
compensation. S&P does not net any surplus cash from its debt
figures because the rating agency believes it will likely be used
for purposes other than debt prepayment given the company's
financial-sponsor ownership. S&P also adjusts debt for the accrued
PIK interest under the senior and junior second-lien notes.

"The current global recession leads to significant uncertainty
around 2020 cash generation. We view maintenance revenues as being
somewhat more resilient because they are recurring and involve the
postwarranty support of existing critical data center equipment at
a significant discount to original equipment manufacturers (OEMs).
However, this product segment only represented about 57% of
Curvature's 2019 revenues and we believe that weaker global IT
spending levels in 2020 could decrease revenue contributions from
hardware and professional services. Furthermore, this is in the
context of potential supply chain and service delivery risks as a
result of COVID-19 containment measures, while customers facing
tighter market conditions may seek discounts or extended payment
terms," S&P said.

"Therefore, we now expect a delay in Curvature's full-year revenue
stabilization beyond 2020 and, depending on the duration of the
COVID-19 pandemic, we believe there could be downside risk to our
base-case forecast for FOCF generation over the next 12 months,"
the rating agency said.

Curvature has taken steps to ensure sufficient liquidity to meet
near-term debt servicing requirements in 2020. In the first quarter
of 2020, Curvature preemptively drew about $18 million on its
revolving credit facility (RCF) expiring in October 2022. In
addition to its cash balance of about $20 million at the end of
2019, S&P believes this should cover the company's near-term debt
servicing needs.

"The negative outlook reflects our view that there could be a
greater risk of a distressed debt restructuring in the next 12
months if Curvature's efficiency improvements do not generate
sufficient FOCF to sustainably support long-term debt servicing
from 2021, or a global recession results in significant negative
FOCF that materially drains near-term liquidity," S&P said.

"We could lower the rating within the next 12 months if Curvature's
cost and working capital efficiency initiatives do not mitigate
significant negative FOCF after debt service or expectations of
less than $20 million of total cash and RCF availability. This
would lead us to believe there is a heightened risk of a debt
restructuring within a six-month horizon," the rating agency said.

In the near term, this could be driven by significant declines in
hardware sales and domestic maintenance revenues, despite a recent
realignment of its sales function, as a result of the weaker
macroeconomic environment.

While unlikely over the next 12 months, S&P could raise the rating
if Curvature is able to bolster its liquidity position by receiving
a considerable equity infusion. A rating upgrade could also be
driven by improved EBITDA margins and a return to revenue growth
such that S&P expects only modest negative reported FOCF after debt
service on a sustained basis from 2021 and EBITDA cash interest
coverage of at least 1x. This would lead S&P to believe there is a
low risk of a distressed debt restructuring or payment default
within a 12-month horizon.


D & S LAND: June 11 Plan & Disclosure Hearing Set
-------------------------------------------------
On April 29, 2020, debtor D & S Land Development filed with the
U.S. Bankruptcy Court for the Southern District of Mississippi a
Disclosure Statement with respect to a Plan.

On April 30, 2020, Judge Katharine M. Samson conditionally approved
the Disclosure Statement and established the following dates and
deadlines:

   * June 2, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.

   * June 11, 2020, at 1:30 p.m., in the Bankruptcy Courtroom, 7th
Floor, Dan M. Russell, Jr. Courthouse, 2012 15th Street, Gulfport,
Mississippi, is fixed for the hearing on final approval of the
Disclosure Statement (if a written objection has been timely filed)
and for the hearing on the confirmation of Plan.

   * June 2, 2020, is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.

A copy of the order dated April 30, 2020, is available at
https://tinyurl.com/ycju32q4 from PacerMonitor at no charge.

Laurel, Mississippi-based D & S Land Development sought Chapter 11
protection (Bankr. D. Miss. Case No. 20-50164) on Jan. 29, 2020.
The Debtor's counsel:

       Al Shiyou
       Tel: 601-583-6040
       E-mail: shiyoulawfirm@aol.com


DFW PROJECTS: June 11 Plan & Disclosure Hearing Set
---------------------------------------------------
On April 21, 2020, debtor DFW Projects, LLC filed with the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, the First Amended Combined Chapter 11 Plan of
Reorganization and Disclosure Statement.

On April 24, 2020, Judge Harlin D. Hale conditionally approved the
Disclosure Statement and established the following dates and
deadlines:

   * June 4, 2020, is fixed as the last day for filing written
acceptances or rejections of the Debtor's proposed Chapter 11 Plan.


   * June 4, 2020, is fixed as the last day for filing and serving
written objections to final approval of the Debtor's Disclosure
Statement or confirmation of the Debtor's proposed Chapter 11
Plan.

   * June 11, 2020, at 1:30 p.m. in the courtroom of the Honorable
Harlin D. Hale, United States Bankruptcy Court, 1100 Commerce
Street, 14th Floor, Dallas, Texas is the hearing to consider final
approval of the Debtor's Disclosure Statement and to consider the
confirmation of the Debtor's proposed Chapter 11 Plan.

A full-text copy of the order dated April 24, 2020, is available at
https://tinyurl.com/y9krmuhx from PacerMonitor at no charge.

The Debtor is represented by:

        Joyce W. Lindauer
        1412 Main Street, Suite 500
        Dallas, Texas 75202

                  About The Published Page LLC

Based in Lancaster, Texas, DFW Projects LLC, filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 19-31734) on May 23, 2019, listing under $1 million in
both assets and liabilities.  Joyce W. Lindauer, Esq., at Joyce W.
Lindauer Attorney, PLLC, serves as the Debtor's counsel.


DIAMOND SPORTS: Moody's Lowers CFR to B1 & Secured Debt to Ba3
--------------------------------------------------------------
Moody's Investors Service downgraded Diamond Sports Group, LLC's
corporate family rating to B1 from Ba3, probability of default
rating to B1-PD from Ba3-PD, the rating on the senior secured debt
to Ba3 from Ba2 and the rating on the company's senior unsecured
notes to B3 from B2. The Ba3 rating on the company's existing
senior secured debt remains on review for downgrade pending closing
of the proposed debt exchange transaction. Diamond's speculative
grade liquidity rating is maintained at SGL-3. The outlook is
negative.

Downgrades:

Issuer: Diamond Sports Group, LLC

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Corporate Family Rating, Downgraded to B1 from Ba3

Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD3) from
Ba2 (LGD3); Placed Under Review for further Downgrade

Senior Secured Regular Bond/Debenture, Downgraded to Ba3 (LGD3)
from Ba2 (LGD3); Placed Under Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD6)
from B2 (LGD6)

Outlook Actions:

Issuer: Diamond Sports Group, LLC

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

Diamond's B1 CFR reflects the high leverage the company will be
operating with for at least the next 12 months. Moody's current
expectations are that, without Dish resuming its carriage of
Diamond's regional sports networks debt to EBITDA (Moody's
adjusted) will reach around 7.9x by year-end 2020, assuming 75% of
the unsecured notes are exchanged as per the company's proposed
offer. The B1 rating reflects Moody's expectation that leverage
will remain elevated at around 6.4x in 2021 assuming Dish resumes
carriage of Diamond's programming from Q2 2021, at the time of the
kickoff of the 2021 baseball season. The change of outlook to
negative reflects the expectation that the RSNs will not be carried
by Dish in 2020 given the continued uncertainty over the time at
which baseball, basketball and hockey games, which have been
suspended since early March due to the Coronavirus outbreak, will
restart.

The B1 rating also reflects Diamond's position as the largest
holder of RSNs, with 15 sports networks all carrying at least one
basketball, one hockey and one baseball team. The rating also
reflects the visibility over revenues with 90% of revenue coming
from retransmission fees as well as the strong programming offering
as the RSNs are expected to remain a fixture of TV sports watching
in the long run. The rating also reflects the company's strong free
cash flow generation and its adequate liquidity profile.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines have created a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Sporting events
have been and continue to be significantly affected by the shock
given mandates restricting crowd gatherings and sensitivity to
consumer demand and sentiment. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

The company is currently offering its senior unsecured note holders
to tender their notes in exchange for cash and holdings in a new
senior secured note issuance. The exchange is being offered at a
10% premium against the unsecured notes' market price, a steep
discount compared to par which will allow the company to reduce
overall debt quantum. Moody's views the transaction as
opportunistic and the completion of the exchange would be
deleveraging to the company However, any remaining unsecured notes
would rank behind a larger quantum of secured debt. If the debt
exchange results in Diamond exchanging more than 25% of its
unsecured notes for new secured notes and cash, the rating on the
existing senior secured instruments could be downgraded by one
notch to B1. Furthermore, holders who validly tender their notes
will be deemed to consent to amendments to the senior notes
indenture that eliminate most restrictive covenants and certain
events of default.

Diamond's debt exchange offer allows its unsecured noteholders the
possibility to exchange their holdings for new senior secured debt
will lead to some deleveraging as the unsecured notes are being
partly repaid with cash and partly exchanged for 60% of their book
value. However, assuming the closing of the tender all of the
principal amount of the unsecured notes, Moody's expects that
Diamond's 2020 gross leverage will be around 7.9x by year end --
assuming no revenue from Dish and a resumption of sports games
sometime in the second half of the year. In 2021, assuming some
resumption of Dish carriage fee revenue in Q2, Moody's expects that
gross leverage will remain elevated at around 6.4x at year end or
about 5.4x on a net leverage basis. This is well above the
company's publicly stated leverage target of net debt/EBITDA around
4.5x. Moody's expects Diamond to focus on reducing leverage in line
with its guidance over the next 12-24 months.

Diamond has an adequate liquidity profile with around $483 million
of cash at the end of Q1. This cash balance includes a $225 million
draw under the company's $650 million revolving credit facility,
just shy of the 35% that would have required Diamond to comply with
a 6.25x net first lien leverage covenant, which Moody's estimates
offers little to no headroom. The company's liquidity is supported
by Diamond's strong free cash flow generation and the absence of
near-term maturities with the next maturity in 2024 when the
revolver expires.

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

The negative outlook reflects the uncertainty over the timing and
terms of a renewal of Dish's carriage agreement. The outlook also
reflects the high uncertainty of when, if at all, the 2020 seasons
of the NHL, NBA and MLB will resume. The longer the suspensions
persist, the higher the risk that the minimum number of games is
not met which would require Diamond to reimburse part of its
distribution partners' carriage fees. While these minimum
guarantees also allow Diamond to recoup part of its payments to the
sports teams, it is unclear what the effect on EBITDA of such a
scenario would be.

The rating on the company's senior secured debt remains on review
pending the completion of the exchange offer. The review will
conclude once the final proportion of senior secured debt in the
capital structure is known. The B3 (LGD6) on the unsecured notes
reflects their ranking behind the senior secured notes. The
instrument ratings reflect the probability of default of the
company, as reflected in the B1-PD PDR, an average family recovery
rate of 50% at default given the mix of secured and unsecured debt
in the capital structure, and the particular instruments' rankings
in the capital structure.

Given the ongoing disruption caused by the COVID-19 pandemic, as
well as the lack of visibility over any minimum guarantee rebates,
upwards movement on the rating is currently limited. Upwards
pressure would also require the company to return leverage (Moody's
adjusted) below 5.5x on a sustained basis while also maintaining
its strong free cash flow generation.

Downward pressure on the ratings could ensue should leverage appear
to remain above 6.5x beyond 2021 or should the company's free cash
flow generation or liquidity deteriorate.

Headquartered in Hunt Valley, MD, Diamond Sports Group, LLC was
formed on March 11, 2019 and is the entity through which Sinclair
Broadcast Group, Inc ("SBGI") executed the acquisition of the RSNs.
Diamond owns and operates 22 RSNs that broadcast NBA, NHL and MLB
games on pay-TV platforms.

The principal methodology used in these ratings was Media Industry
published in June 2017.


DIFFUSION PHARMACEUTICALS: Posts $2.5M Net Loss in First Quarter
----------------------------------------------------------------
Diffusion Pharmaceuticals Inc. reported a net loss of $2.56 million
for the three months ended March 31, 2020, compared to a net loss
of $2.75 million for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $21.06 million in total
assets, $3.15 million in total liabilities, and $17.90 million in
total stockholders' equity.

Research and development expenses were $1.5 million for the first
quarter of 2020, compared with $1.7 million for first quarter of
2019.  The decrease was mainly attributable to a $0.4 million
decline in expense related to the Company's Phase 3 GBM trial, the
lead-in portion of which was completed in December 2019, partially
offset by a $0.1 million increase in manufacturing costs and a $0.1
million increase in expense related to our Phase 2 stroke trial.

General and administrative expenses were $1.3 million for the first
quarter of 2020, compared with $1.2 million for the first quarter
of 2019.  The slight increase was mainly due to higher professional
fees, salaries and wages.

Diffusion had cash and cash equivalents of $10.8 million as of
March 31, 2020, compared with $14.2 million as of Dec. 31, 2019.
Subsequent to the close of the quarter, in April and May the
Company received gross proceeds of $4.8 million from the exercise
of 6,385,496 warrants and the exchange and exercise of another
5,000,000 warrants.  Diffusion believes its cash and cash
equivalents as of March 31, 2020, along with the warrant exercise
proceeds, are sufficient to fund operating expenses and capital
expenditure, including clinical trials, into the third quarter of
2021.

Diffusion stated, "The Company has not generated any revenues from
product sales and has funded operations primarily from the proceeds
of public and private offerings of equity, convertible debt and
convertible preferred stock.  Substantial additional financing will
be required by the Company to continue to fund its research and
development activities.  No assurance can be given that any such
financing will be available when needed or that the Company's
research and development efforts will be successful.

"The Company regularly explores alternative means of financing its
operations and seeks funding through various sources, including
public and private securities offerings, collaborative arrangements
with third parties and other strategic alliances and business
transactions.  The Company currently does not have any commitments
to obtain additional funds and may be unable to obtain sufficient
funding in the future on acceptable terms, if at all.  If the
Company cannot obtain the necessary funding, it will need to delay,
scale back or eliminate some or all of its research and development
programs or enter into collaborations with third parties to
commercialize potential products or technologies that it might
otherwise seek to develop or commercialize independently; consider
other various strategic alternatives, including a merger or sale of
the Company; or cease operations.  If the Company engages in
collaborations, it may receive lower consideration upon
commercialization of such products than if it had not entered such
arrangements or if it entered into such arrangements at later
stages in the product development process."

Highlights from the first quarter of 2020 and recent weeks
include:

   * Notified by the U.S. Food and Drug Administration (FDA) of
     accelerated review for the Company's Investigational New
     Drug (IND) application to study trans sodium crocetinate
    (TSC) in COVID-19 related Acute Respiratory Distress Syndrome
    (ARDS) and multiple organ failure.  The program is a
     cooperative research effort with University of Virginia
     Health (UVA) and the Integrated Translational Research
     Institute of Virginia (iTHRIV).  Development of ARDS is  
     common in patients hospitalized with COVID-19 due to lack of
     sufficient oxygen to vital organs as a consequence of  
     impedance in the lungs. Diffusion believes that TSC’s novel

     oxygen-enhancing mechanism of action could provide an
     important new treatment option for this life-threatening
     condition.  The three-part program will focus on enhanced
     blood oxygenation in patients admitted to an intensive care
     unit (ICU) and on reduction in patient progression to the
     ICU.

   * Following commencement of enrollment during the fourth
     quarter of 2019 in its Phase 2 on-ambulance clinical trial
     testing TSC for the treatment of acute stroke, enrollment in
     the study was delayed as the LA County Fire Department
     suspended future training of first responders who had been
     scheduled to participate in the trial protocol, in order to
     focus on COVID-19 patients.  This 160-patient trial, named
     PHAST-TSC (Pre-Hospital Administration of Stroke Therapy-
     TSC), will involve 23 hospitals across urban, suburban and
     rural areas in Los Angeles County and Central Virginia.

   * Continued partnership efforts to advance the Phase 3 INTACT
    (INvestigating Tsc Against Cancerous Tumors) trial with TSC
     plus standard of care (SOC) for patients with inoperable
     glioblastoma multiforme (GBM), following completion of the
     19-patient open-label, dose-escalation lead-in portion with
     encouraging results from patients who completed the study
     per protocol.

   * Increased global intellectual property with the issuance of
     a patent in Europe that relates to pharmaceutical
     compositions of TSC and a cyclodextrin for use in therapy.
     Specifically claimed are TSC compositions for use in
     conjunction with radiation or chemotherapy.  Secondary
     claims relate to various compositions of TSC.  This patent
     has claims to TSC compositions for use in therapy generally
     and has claims to compositions for use in treating brain
     cancer.

   * Expanded the Company's board of directors with the
     appointment of Robert Cobuzzi, Jr., Ph.D.  Dr. Cobuzzi is an
     accomplished life sciences professional with 25 years of
     cross-functional leadership experience including more than a
     decade with Endo International, Plc.

"The ability of TSC to oxygenate hypoxic tissues has been studied
in a number of indications, including preclinical work in pulmonary
indications," said David Kalergis, chairman and chief executive
officer of Diffusion.  "This body of knowledge supports our belief
that TSC might play an important role in treating patients stricken
with COVID-19 at risk for ARDS.  The FDA has announced its
intention to significantly shorten review times for select COVID-19
submissions under its Coronavirus Treatment Acceleration Program,
and separately notified us that Diffusion would be a recipient of
such accelerated review.  Clinical trial preparations at multiple
potential sites in the U.S. are continuing as we await the FDA's
response to our submission.  In parallel, we are in discussions
with institutions located in areas of severe COVID-19 incidence in
Eastern Europe, where certain health authorities have implemented
emergency policies to compress regulatory review cycles.

"When our program with TSC in stroke was delayed by the pandemic,
TSC's novel hypoxia-treating mechanism of action allowed us to
quickly pivot to treat ARDS in COVID-19 patients," Mr. Kalergis
added.  "I hold deep appreciation for the first responders who were
to study TSC in acute stroke as they battle this coronavirus, and I
am proud of our hardworking employees and scientific advisors who
have so quickly moved to provide a potential treatment.  While the
course of the pandemic and the pace of future enrollment in the
PHAST-TSC study are unknown, our current cash position allows us to
fund operations for at least the next 12 months."

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                     https://is.gd/I4BPo9

                 About Diffusion Pharmaceuticals

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

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

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


DUDE SOLUTIONS: BlackRock Values $588,000 Loan at 83% of Face
-------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $588,772 loan extended
to privately held Dude Solutions Holdings Inc. to market at
$487,209, or 83% of the outstanding amount, as of March 31, 2020,
according to a disclosure contained in a Form 10-Q filing with the
Securities and Exchange Commission for the quarterly period ended
March 31, 2020.

BlackRock is a lender under Dude Solutions's Sr Secured Revolver,
which is scheduled to mature June 13, 2025.  

Dude Solutions Holdings Inc. is in the Professional Services
industry.


ENGINE HOLDING: S&P Withdraws 'D' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew all of it ratings, including its 'D'
issuer credit rating, on Engine Holding LLC at the company's
request.



EXTRACTION OIL: Posts $9 Million Net Income in First Quarter
------------------------------------------------------------
Extraction Oil & Gas, Inc. reported net income of $9.04 million on
$165.19 million of total revenues for the three months ended March
31, 2020, compared to a net loss of $94.03 million on $221.92
million of total revenues for the three months ended March 31,
2019.

As of March 31, 2020, the Company had $2.70 billion in total
assets, $2.28 billion in total liabilities, $182.16 million in
series A convertible preferred stock, and $240.70 million in total
stockholders' equity.

For the first quarter, Extraction reported crude oil, natural gas
and NGL sales revenue of $165 million, as compared to $222 million
during the same period in 2019, representing a decrease of $57
million, driven primarily by lower crude oil, natural gas and NGL
prices.  Revenue decreased sequentially, primarily driven by lower
production and lower commodity prices.
Adjusted EBITDAX, Unhedged was $85 million for the first quarter,
down 46% year-over-year.  Adjusted EBITDAX was $124 million for the
first quarter, down 10% year-over-year.

Extraction ended the first quarter with $32 million of cash on its
balance sheet and $470 million drawn on its revolving credit
facility.  On April 27, 2020, Extraction's borrowing base under its
revolving credit facility was lowered to $650 million from $950
million, driven primarily by lower oil prices.  Pro forma for the
lower borrowing base and after giving effect to letters of credit,
Extraction ended the first quarter with approximately $163 million
of available liquidity.

Operational Results

First quarter crude oil volumes of 38,502 Bbl/d decreased 3%
year-over-year.  First quarter average net sales volumes were
94,247 BOE/d, an increase of 17% year-over-year.  Crude oil
accounted for approximately 75% of the Company's total revenues
recorded during the first quarter.

Extraction's first-quarter 2020 aggregate drilling, completion and
leasehold capital expenditures totaled $155 million, of which $147
million was for drilling and completions activity.

During the first quarter, Extraction drilled 34 gross (25 net)
wells with an average lateral length of approximately 2.3 miles,
completed 28 gross (23 net) wells with an average lateral length of
approximately 2.3 miles and turned to sales 13 gross (12 net) wells
with an average lateral length of approximately 2.1 miles.

2020 Guidance Withdrawal

As a result of unprecedented volatility and macroeconomic
uncertainty driven by the combination of the COVID-19 pandemic and
the OPEC-related price war, Extraction has withdrawn all guidance.
Previous guidance should no longer be relied upon.

Extraction has established a shut-in strategy to curtail production
from older horizontal wells in response to low commodity prices.

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission's website at:

                      https://is.gd/iFDZRQ

                   About Extraction Oil & Gas

Denver-based Extraction Oil & Gas, Inc. -- www.extractionog.com --
is an independent energy exploration and development company
focused on exploring, developing and producing crude oil, natural
gas and NGLs primarily in the Wattenberg Field in the
Denver-Julesburg Basin of Colorado.

For the year ended Dec. 31, 2019, the Company had a net loss of
$1.4 billion as compared to net income of $121.9 million for the
year ended Dec. 31, 2018.  The change to net loss was primarily
driven by a decrease in sales revenues of $154.1 million, coupled
with an increase in operating expenses of $1.5 billion, which
includes an increase of $1.3 billion in the impairment of
long-lived assets and a decrease in the gain on sale of property
and equipment and assets of unconsolidated subsidiary of $137.3
million.  Additionally, the Company had a decrease in interest
expense of $44.1 million.

                            *   *   *

As reported by the TCR on April 13, 2020, S&P Global Ratings
lowered the issuer credit and senior unsecured ratings on
independent oil and gas company Extraction Oil & Gas Inc. (XOG) to
'CCC+' from 'B-'.  "We expect financial measures, cash flow, and
liquidity to weaken as a result of lower crude oil and natural gas
prices," S&P said.

Also in April 2019, Moody's Investors Service downgraded Extraction
Oil and Gas, Inc.'s Corporate Family Rating to Caa2 from B2.  The
rating action reflects Moody's concern about Extraction's ability
to redeem its $190 million preferred stock issue in 2021 at a time
when exploration and production companies have limited capital
market access.


FORESIGHT ENERGY: Committee Taps Affinity Law as Local Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Foresight Energy
L.P. and its debtor affiliates seek authority from the United
States Bankruptcy Court for the Eastern District of Missouri to
retain Affinity Law Group, LLC, as its local counsel.

The Committee requires Affinity Law to:

     a. advise the Committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules and the
Local Rules;

     b. assist and advise the Committee in its consultation with
the Debtors relative to the administration of these chapter 11
cases;

     c. attend meetings and negotiate with the representatives of
the Debtors and other parties-in-interest;

     d. assist and advise the Committee in its examination and
analysis of the conduct of the Debtors' affairs;

     e. assist and advise the Committee in connection with any sale
of the Debtors' assets pursuant to § 363 of the Bankruptcy Code;

     f. assist the Committee in the review, analysis and
negotiation of any chapter 11 plan(s) of reorganization or
liquidation that may be filed and assist the Committee in the
review, analysis and negotiation of the disclosure statement
accompanying any such plan(s);

     g. take all necessary action to protect and preserve the
interests of the Committee and the unsecured creditor body in
general, including (i) possible prosecution of actions on its/their
behalf; (ii) if appropriate, negotiations concerning all litigation
in which the Debtors are involved; and (iii) if  appropriate,
review and analysis of claims filed against the Debtors' estates;

     h. generally prepare on behalf of the Committee and the
unsecured creditor body in general all necessary motions,
applications, answers, orders, reports, replies, responses and
papers in support of positions taken by the Committee;

     i. appear, as appropriate, before the Court, the appellate
courts, and the United States Trustee, and protect the interests of
the Committee and the unsecured creditor body in general before
those courts and before the United States Trustee; and

     j. perform all other necessary legal services in these chapter
11 cases.

Affinity's standard hourly rates are:

     Partners           $295-$400
     Of Counsel         $400
     Associates         $250
     Paraprofessionals  $100-$140

J. Talbot Sant, Jr. attests that Affinity is a "disinterested
person" within the meaning of section 101(14) of the Bankruptcy
Code, as required by Sec. 1103 of the Bankruptcy Code, and does not
hold or represent an interest adverse to the Debtors.

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, Mr. Sant
disclosed that:

     -- Affinity has not agreed to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;

     -- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;

     -- Affinity did not represent the Committee prior to these
chapter 11 cases; and

     -- the Committee and Affinity, with Whiteford Taylor &
Preston, LLP expect to develop a prospective budget
and staffing plan to comply with the U.S. Trustee's requests for
information.

The Counsel can be reached through:

     J. Talbot Sant, Jr.
     AFFINITY LAW GROUP, LLC
     1610 Des Peres Road, Suite 63131
     Tel: (314) 872-3333
     Fax: (314) 872-3365
     Email: tsant@affinitylawgrp.com

              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.  The Debtors also own a
barge-loading river terminal on the Ohio River.  From this
strategic position, the Debtors 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 Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting 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.

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


FORESIGHT ENERGY: Committee Taps Berkeley as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Foresight Energy
L.P. and its debtor affiliates seek authority from the United
States Bankruptcy Court for the Eastern District of Missouri to
retain Berkeley Research Group, LLC as its financial advisor.

The committee requires Berkeley to:

     a. analyze the Debtors' assets (tangible and intangible) and
possible recoveries to creditor constituencies under various
scenarios and develop strategies to maximize recoveries;

     b. review and provide analyses of any bankruptcy plan and
disclosure statement relating to the Debtors including, the
assessment of projections to ensure any plan of reorganization is
supported by credible business and operational plans, and if
appropriate, the development of any bankruptcy plans proposed by
the Committee to assess their achievability;

     c. advise and assist the Committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors, including, schedules of assets and
liabilities and statements of financial affairs;

     d. develop and issue periodic monitoring reports to enable the
Committee to evaluate effectively the Debtors' performance relative
to projections and any relevant operational issues, including
liquidity, on an ongoing basis;

     e. evaluate relief requested in cash management motion,
including proper controls related to and financial transparency
into intercompany and related party transactions;

     f. evaluate the Debtors' proposed Restructuring Support
Agreement and Debtor-in-Possession financing terms;

     g. analyze both historical and ongoing related party
transactions and or material unusual transactions of the Debtors.
Such analysis to include developing an oversight protocol with the
Debtors' advisors to closely monitor such transactions to prevent
value leakage;

     h. scrutinize cash disbursements on an on-going basis for the
period subsequent to the commencement of these cases;

     i. advise the Committee and Counsel in evaluating any court
motions, applications, or other forms of relief, filed or to be
filed by the Debtors, or any other parties-in-interest;

     j. attend Committee meetings and court hearings as may be
required;

     k. advise and assist the Committee in its assessment of the
Debtors' employee needs and related costs, including the proposed
employee retention plan and any subsequent proposed employee
retention or incentive plans to ensure they are appropriate plans
in the context of the cases;

     l. assist Counsel in evaluating all purported lien claims by
creditors, including the validity and enforcement of such claims;

     m. monitor Debtors' claims management process, including
analyzing claims and guarantees, and summarizing claims by entity;

     n. advise the Committee in connection with any potential
claims and causes of action, including preference payments,
fraudulent conveyances, and other potential causes of action that
the Debtors' estates may hold against insiders and/or third
parties;

     o. assist with the development and review of a cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and mineral leases;

     p. perform other matters as may be requested by the Committee
from time to time, including rendering expert testimony, issuing
expert reports and/or preparing for litigation, valuation and/or
forensic analyses that have not yet been identified but as may be
requested from time to time by the Committee and its Counsel.

The current standard hourly rates for Berkeley personnel are:

     Managing Director   $825 - $1,095
     Director            $625 - $835
     Professional Staff  $295 - $740
     Support Staff       $135 - $260

     Christopher Kearns  $1,095
     David Galfus        $1,040
     Robert Butler       $886
     Jack Surdoval       $865
     Jeffrey Dunn        $825
     George Koutouras    $795
     Cosmo Giancaspro    $395
     Mariya Yastrebova   $375
     John Witkowski      $375

Christopher J. Kearns, managing director of Berkeley, attests that
his firm is a "disinterested person" as that term is defined in
Sec. 101(14) and that the firm neither holds nor represents any
interest adverse to the estates.

The firm can be reached through:

     Christopher J. Kearns
     Berkeley Research Group, LLC
     810 Seventh Avenue, Suite 4100
     New York, NY 10019
     Tel: 646-205-9320
     Fax: 646-454-1174

              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.  The Debtors also own a
barge-loading river terminal on the Ohio River.  From this
strategic position, the Debtors 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 Hon. Kathy A. Surratt-States is the case judge.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal
counsel to Foresight Energy; Jefferies Group is acting as
investment banker; and FTI Consulting, Inc. is acting 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.

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


FOURTEENTH AVENUE: June 11 Plan & Disclosure Hearing Set
--------------------------------------------------------
On April 23, 2020, debtor Fourteenth Avenue Cartage Company, Inc.,
filed with the U.S. Bankruptcy Court for the Eastern District of
Michigan, Southern Division, a Combined Plan and Disclosure.

On April 24, 2020, Judge Maria L. Oxholm ordered that:

   * The Disclosure Statement is granted preliminary approval,
subject to any timely and proper objections filed pursuant to the
Court's Order Establishing Deadlines and Procedures, as amended.

   * May 27, 2020, is the deadline to return ballots on the Plan,
as well as to file objections to final approval of the Disclosure
Statement and objections to confirmation of the Plan.

   * June 11, 2020 at 11:00 a.m. in Room 1875, 211 W. Fort Street,
Detroit, Michigan is the hearing on objections to final approval of
the disclosure statement and confirmation of the plan.

A full-text copy of the Order dated April 24, 2020, is available at
https://tinyurl.com/ya8nrn6s from PacerMonitor at no charge.

                About Fourteenth Avenue Cartage Co.

Fourteenth Avenue Cartage Company, Inc.
--http://www.fourteenth.com/-- is a trucking company in Dearborn,
Mich. It provides intermodal, truck load and cross-border
deliveries across Michigan, Ohio, Ontario, Indiana, Illinois and
Wisconsin. Fourteenth Avenue owns and operates a fleet of over 75
tractors and over 500 trailers.

Fourteenth Avenue Cartage Company sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-54128) on
Oct. 3, 2019. In the petition signed by COO James V. Ryan, the
Debtor was estimated to have assets and debt of less than $10
million. Judge Marci B. McIvor oversees the case.  

The Debtor tapped Wernette Heilman, PLLC as its legal counsel, and
Mies and Company, Inc., as its financial advisor.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Oct. 31, 2019.  The committee tapped Schafer and
Weiner, PLLC, as its legal counsel.


FRONTIER COMMUNICATIONS: Paul, Weiss Updates on First Lien Group
----------------------------------------------------------------
In the Chapter 11 cases of Frontier Communications Corporation, et
al., the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP
submitted an amended verified statement under Rule 2019 of the
Federal Rules of Bankruptcy Procedure, to disclose an updated list
of Ad Hoc First Lien Committee that it is representing.

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.

On April 22, 2020, Paul, Weiss filed the Verified Statement of the
Ad Hoc First Lien Committee Pursuant to Bankruptcy Rule 2019
[Docket No. 126]. Since then, the members of the Ad Hoc First Lien
Committee 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 Amended
Statement.

As of May 12, 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: $2,500,000

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

* Term Loan Obligations: $74,524,194

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

* Term Loan Obligations: $61,879,487
* First Lien Note Obligations: $198,239,000
* 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: $99,675,124
* Revolving Credit Facility Obligations: $5,000,000
* First Lien Note Obligations: $97,349,000

Fidelity Management & Research Co
245 Summer Street
Boston MA 02210

* Term Loan Obligations: $120,088,169
* First Lien Note Obligations: $166,896,000
* Second Lien Note Obligations: $119,132,000
* Unsecured Notes Obligations: $49,315,000

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

* Term Loan Obligations: $139,930,905
* First Lien Note Obligations: $57,059,000

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

* First Lien Note Obligations: $49,459,000
* Second Lien Note Obligations: $104,449,000
* 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: $51,975,000

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

* Term Loan Obligations: $73,038,549
* First Lien Note Obligations: $63,160,000
Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Term Loan Obligations: $106,412,738
* First Lien Note Obligations: $40,100,000
* Unsecured Notes Obligations: $10,879,000

Symphony Asset Management LLC
555 California Street, Suite 3100
San Francisco, CA 94104

* Term Loan Obligations: $48,852,118
* First Lien Note Obligations: $8,000,000

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/Y4Y74b

                 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.  Judge Robert D. Drain oversees the cases.

Debtors tapped Kirkland & Ellis LLP as legal counsel; Evercore as
financial advisor; and FTI Consulting, Inc., as restructuring
advisor.  Prime Clerk is the claims agent, maintaining the page
http://www.frontierrestructuring.com/and  
https://cases.primeclerk.com/ftr

The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in Debtors' Chapter 11 cases.


FT MYERS ALF: Has Until Oct. 5, 2020 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 Oct. 5,
2020.

A full-text copy of the order dated April 30, 2020, is available at
https://tinyurl.com/yc4qhvy5 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.


GLASS MOUNTAIN: S&P Downgrades ICR to 'CCC'; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered the issuer credit rating on Glass
Mountain Pipeline LLC to 'CCC' from 'B-'.

At the same time, S&P is lowering its rating on Glass Mountain's
$300 million term loan B to 'CCC' from 'B-'. The '3' recovery
rating remains unchanged indicating S&P's expectation for
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.

"Market conditions in the SCOOP and STACK will remain challenging.
With the current West Texas Intermediate (WTI) price hovering below
$25 per barrel and the economic downturn caused by the COVID-19
pandemic we anticipate demand destruction for crude oil to continue
for the remainder of 2020 and extend into 2021 as exploration and
production (E&P) companies are shutting down wells and refineries
curtail utilization. In addition, we expect that crude storage
facilities in Cushing, Okla. will run out of capacity by the end of
May or beginning of June this year, making it challenging for Glass
Mountain Pipeline and other SCOOP/STACK operators maintain volume
flow and generate cash," S&P said.

Material EBITDA decline in 2020 will weaken Glass Mountain's debt
servicing ability. S&P's forecast adjusted EBITDA of $20 million to
$30 million over the next two years reflects a material decline in
Glass Mountain's throughput volumes stemming from the production
curtailment in the company's dedicated acreage as well as exposure
with Chesapeake Energy who failed to honor its minimum volume
commitment contract in March 2020. S&P's base case assumes a
material decline in throughput volumes resulting in adjusted debt
to EBITDA above 11x in 2020 and 2021, and a potential breach of the
minimum 1.1x debt service coverage ratio (DSCR) covenant over the
next 12 months. S&P anticipates Glass Mountain to minimize its
capital spending and focus on liquidity preservation in order to
service its debt.

"The company's debt servicing ability is contingent upon the
support from its financial sponsor. Glass Mountain has access to a
committed equity fund provided by BlackRock, which we expect the
company to draw from in the event of an operating cash shortfall.
BlackRock indicated its support of Glass Mountain should the
company require an equity cure. We also think the company may seek
an amendment to its credit agreement during the next 12 months,"
S&P said.

The negative outlook reflects S&P's expectation that Glass Mountain
may violate its minimum 1.1x DSCR financial covenant, and consider
a distressed debt exchange or redemption within the next 12 months,
absent equity support from its sponsors or a credit agreement
amendment.

"We could lower our rating on Glass Mountain if we expect the
company to initiate a distressed debt exchange, restructure its
debt, or default over the next six months," S&P said.

"We could consider a positive rating action if market conditions
improve such that the company generates ample liquidity and
stronger cash flows to service its debt," the rating agency said.


GOODYEAR TIRE: Fitch Rates New $600MM Sr. Unsec. Notes 'BB-/RR4'
----------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB-'/'RR4' to The Goodyear
Tire & Rubber Company's proposed issuance of $600 million in senior
unsecured notes due 2025. Proceeds from the notes will be used for
general corporate purposes, including potentially repaying or
redeeming GT's 8.75% notes due Aug. 15, 2020 at or prior to
maturity, and temporarily repaying outstanding balances under the
company's revolvers.

GT's Long-Term Issuer Default Rating is 'BB-', and its Rating
Outlook is Negative.

KEY RATING DRIVERS

Recent Downgrade: The recent downgrade of GT's Long-Term IDR to
'BB-' from 'BB' reflects Fitch's concerns that tire shipments in
2020 will be significantly lower than previous expectations due to
the global coronavirus crisis, and that a recovery of volumes to
pre-crisis levels may not occur until at least 2022 as the global
economic recovery is likely to be relatively weak. Fitch had
previously anticipated that metrics would improve over the
intermediate term on positive developments in each of the
aforementioned factors. However, the coronavirus crisis and the
resulting decline in current and expected economic activity over
the next couple of years are likely to result in GT's metrics
remaining weak relative to Fitch's prior negative sensitivities for
a sustained period. The Negative Outlook reflects the high level of
uncertainty with respect to the duration and depth of the current
global economic downturn, which heightens the risk that GT's
metrics could weaken further for a longer period.

Weaker Market Conditions Expected: The global coronavirus outbreak
is likely to result in a steep decline in GT's global tire volumes
in 2020. Fitch expects replacement tire volumes, which make up
about three-quarters of GT's tire volumes, to hold up better in the
near term than sales to vehicle manufacturers. However, Fitch's
expectation of continued weak economic conditions following the
worst of the coronavirus crisis is likely to dampen replacement
sales over the near term. In addition, the extended
"shelter-in-place" directives that have been in place for multiple
weeks in many global jurisdictions are likely to have significantly
reduced total vehicle miles traveled which will further reduce
near-term replacement demand.

Long-Term Tire Demand Fundamentals Intact: Over the long term,
Fitch continues to expect global replacement tire volumes to grow
along with the global vehicle population. In addition, the
industry's shift toward larger diameter, higher technology premium
tires, especially in developing markets, will benefit those tire
manufacturers like GT that have shifted their focus toward these
higher margin products over the past decade. This shift will
accelerate as the global population of electric vehicles grows,
given the higher tire technology requirements for the premium EVs
that many manufacturers will be introducing over the intermediate
term. GT has recently won a number of original equipment fitments
for EVs that will be introduced over the next several years.

FCF Pressure: Fitch expects GT's FCF to be negative in 2020,
despite capex running at no more than $700 million for the year,
given expectations for weaker tire demand levels. Fitch expects FCF
to remain under pressure in 2021 as the company could see a use of
working capital as production volumes grow and capex could increase
to support stronger business conditions.

Increased Leverage: Fitch expects EBITDA leverage (debt, including
off-balance sheet factoring/Fitch-calculated EBITDA) to rise to the
mid-4x range in 2020 before falling back toward the low-3x range by
YE 2021. Likewise, Fitch expects FFO leverage to rise toward the
upper-6x range in 2020 before falling back toward the mid-4x range
in 2021. Fitch expects debt to remain roughly close to the YE 2019
level over the next several years, with some occasional
fluctuations in borrowing to offset seasonal fluctuations in
working capital.

DERIVATION SUMMARY

GT has a relatively strong competitive position as the
third-largest global tire manufacturer, with a highly recognized
brand name and a focus on the higher-margin high-value-added tire
category. However, the shift in focus has led to lower tire unit
volumes and revenue, particularly in the mature North American and
Western European markets. The company's diversification is
increasing as rising incomes in emerging markets lead to higher
demand for HVA tires, particularly in the Asia Pacific region.

GT's margins are roughly consistent with the other large
Fitch-rated rated tire manufacturers, Compagnie Generale des
Etablissements Michelin and Continental AG, but GT's leverage is
considerably higher, as the other two both maintain EBITDA leverage
below 1x. GT's leverage is roughly consistent with auto suppliers
in the 'BB' category, such as Meritor, Inc. or Delphi Technologies
PLC. GT's margins are relatively strong compared to typical
'BB'-category issuers, but this is tempered somewhat by heavier
seasonal working capital swings that lead to more variability in
FCF over the course of a year. FCF margins are also sensitive to
raw material prices and capex spending.

KEY ASSUMPTIONS

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

  -- Global auto production declines by 15% in 2020, including 20%
declines in the U.S. and Europe, before rising about 8% in 2021;

  -- Global replacement tire demand declines in the mid-single
digits in 2020 before rising in 2021;

  -- Beyond 2021, GT's sales grow in the low-single-digits;

  -- Capex generally runs in the 5% to 5.5% range over the next
several years;

  -- Debt remains roughly flat, near $6 billion, including
off-balance sheet factoring, over the next several years;

  -- Full-year FCF is modestly negative in 2020 and 2021 before
rising toward 1.5% in 2022;

  -- The company maintains a solid liquidity position, including
cash and credit facility availability.

RATING SENSITIVITIES

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

  -- Demonstrating continued growth in tire unit volumes, market
share and pricing;

  -- Sustained FCF margins of 1.5%;

  -- Sustained gross EBITDA leverage below 3.0x;

  -- Sustained FFO leverage below 3.5x.

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

  -- A significant step-down in demand for the company's tires
without a commensurate decrease in costs;

  -- An unexpected increase in costs, particularly related to raw
materials, that cannot be offset with higher pricing;

  -- A decline in the company's consolidated cash below $700
million for several quarters;

  -- Sustained breakeven FCF margin;

  -- Sustained gross EBITDA leverage above 4.0x;

  -- Sustained FFO leverage above 4.5x.

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: Fitch expects GT's liquidity to remain
sufficient for the company to withstand the operating pressures of
the current coronavirus crisis. As of March 31, 2020, the company
had $971 million in cash and cash equivalents (excluding Fitch's
adjustments for not readily available cash) and $2.3 billion in
availability on its various global credit agreements, including
$1.9 billion of availability on its primary U.S. and European
revolvers. The most significant near-term debt maturity is $282
million in senior unsecured notes that mature in August 2020.

According to its criteria, Fitch treats $600 million of GT's cash
as not readily available, based on Fitch's estimate of the amount
of cash needed to cover seasonality in the company's business.

Debt Structure: GT's consolidated debt structure primarily consists
of a mix of secured bank credit facilities and senior unsecured
notes. As of March 31, 2020, GT had $400 million in second-lien
term loan borrowings and $3.0 billion in senior unsecured notes
outstanding. There was $420 million outstanding on GT's first-lien
secured revolver.

Goodyear Europe BV's debt structure consisted of $274 million in
senior unsecured notes, $166 million of on-balance sheet account
receivable securitization borrowings and $66 million of secured
revolver borrowings.

GT also has various borrowings outstanding at certain non-U.S.
operations, including credit facilities in Mexico and China.

In addition to its on-balance sheet debt, Fitch treated $460
million of off-balance sheet factoring as debt at March 31, 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

Per its criteria, Fitch has adjusted GT's debt and FCF calculations
for the effect of off-balance sheet factoring.

DATE OF RELEVANT COMMITTEE

  - April 10,2020

SOURCES OF INFORMATION

ESG Considerations:

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).

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.


GROW INC: 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
Grow, Inc., according to court dockets.
    
                        About Grow Inc.

Grow, Inc. is a privately held company whose principal assets are
located at 813 Lake McGregor Drive Fort, Myers, Fla.

Grow, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 20-00959) on Feb. 3, 2020.  In the
petition signed by Jeff Kaulbars, president, the Debtor estimated
$1 million to $10 million in both assets and liabilities. Michael
A. Nardella, Esq., at Nardella & Nardella, PLLC, is the Debtor's
legal counsel.


H&E EQUIPMENT: Moody's Confirms B1 CFR & B2 Sr. Unsec. Debt Rating
------------------------------------------------------------------
Moody's Investors Service confirmed H&E Equipment Services, Inc.
ratings including the B1 corporate family rating, B1-PD probability
of default rating, and B2 senior unsecured debt rating. The
company's SGL-2 speculative grade liquidity rating is unchanged,
while the rating outlook has been changed to stable from rating
under review.

This rating action concludes the review for downgrade initiated in
March 26, 2020, prompted in part by the rapid and widening spread
of the coronavirus outbreak and the associated deteriorating global
economic outlook.

RATINGS RATIONALE

"H&E's ratings confirmation reflects its expectation liquidity will
remain good despite considerable macroeconomic headwinds from the
pandemic, as a slower pace of construction in 2020 will continue to
pressure equipment utilization and rental rates and equipment sales
(new and used), constraining topline growth and profitability",
said Brian Silver, a Moody's Vice-President and lead analyst for
H&E Equipment. "However, Moody's expects free cash flow to be
positive in 2020, as lower funds from operations will be offset by
a large reduction in fleet expansion capex".

H&E Equipment Services' ratings, including the B1 CFR, reflect the
company's good size and scale in the highly fragmented US equipment
rental industry, along with one of the industry's youngest rental
equipment fleet that enables the company to defer capital spending
for longer while maintaining an attractive fleet for customers. H&E
also has moderate leverage of 2.7 times debt-to-EBITDA for the
twelve months ended March 31, 2020 (the LTM period), and although
it will weaken in 2020 it will remain below 4.5 times. H&E also had
good liquidity supported by over $500 million of ABL availability
at March 31, 2020 and no material debt maturities over the next few
years.

However, H&E's credit profile is constrained by continued pressure
on rental equipment utilization and the sale of new equipment,
which will weaken 2020 topline growth and profitability while
increasing leverage to more than 3.5 times debt-to-EBITDA before
improving in 2021. The company's cash flow in 2020 will be affected
by a decline in funds from operations and dividend outflows of
about $40 million. H&E remains exposed to the cyclical industrial
equipment rental industry, and has generated negative free cash
flow over the last few years owing to a high amount of capex for
fleet expansion. The company has also exhibited an increasing
acquisition appetite over the last few years prior to the
coronavirus outbreak, and the company will continue to make
acquisitions or invest in greenfield and warm start expansions
(e.g. near existing locations) when larger acquisition
opportunities are unavailable.

The stable outlook reflects Moody's view that H&E's profitability
will decline and leverage will increase to more than 3.5 times in
2020. However, liquidity will remain good and the company will
generate positive free cash flow for the year, primarily from a
significant reduction in capital spending for fleet expansion.

Moody's believes H&E has low environmental risk, social risk, and
governance risk associated with its operations. The company is also
publicly traded on the NASDAQ stock exchange.

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

The ratings could be upgraded if H&E can continue to increase its
size and scale over time, RCF-to-net debt is sustained above the
high 20% level, Debt-to-EBITDA is sustained below 3 times, and
EBITDA-to-interest is sustained above 6 times.

The ratings could be downgraded if RCF-to-net debt is sustained
below 15% or debt-to-EBITDA increases above 4.25 times without an
expectation the company can rapidly de-leverage. In addition, if
EBITDA-to-interest is sustained below 4 times, there is a material
deterioration in liquidity, or the company implements an
increasingly aggressive financial policy, the ratings could be
downgraded.

Confirmations:

Issuer: H&E Equipment Services, Inc.

Corporate Family Rating, Confirmed at B1

Probability of Default Rating, Confirmed at B1-PD

Senior Unsecured Regular Bond/Debenture, Confirmed at B2 (LGD5)

Outlook Actions:

Issuer: H&E Equipment Services, Inc.

Outlook, Changed To Stable From Rating Under Review

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

H&E Equipment Services, Inc. is a multi-regional equipment rental
company with over 90 locations spanning 23 states with a presence
in the West Coast, Intermountain, Southwest, Gulf Coast,
Mid-Atlantic, and Southeast regions of the United States. H&E is
also a distributor for JLG, Gehl, Genie Industries (Terex),
Komatsu, and Manitowoc, among others. The company generated revenue
of approximately $1.3 billion for the twelve months ended March 31,
2020.


HARB PROPERTIES: Plan to be Funded by the Harbs' & Business Income
------------------------------------------------------------------
Debtor Harb Properties, LLC, filed the Amended Disclosure Statement
describing Plan of Reorganization dated April 24, 2020.

The source of funds will be the earnings of Mr. John Harb from his
employment by Harb Properties, LLC, the business income of Harb
Properties and the funds Mrs. Elham Harb earns from her home health
care employment.

The Debtors propose that the Order Confirming Plan set forth that
the accountant, Zeljko Jake Mitrovic, CMA, EA, be appointed to act
as the Debtor's disbursing agent. To implement post-petition
disbursements, John Harb shall open a distribution account from
which funds will be paid by Mr. Mitrovic. John Harb shall deposit
money into the distribution account and those funds shall be used
only for distributions required under the Plan. After all claims
have been paid pursuant to the Plan, any remaining Plan funds will
automatically become property of the Debtor and will be paid to the
Debtor.

A full-text copy of the Amended Disclosure Statement dated April
24, 2020, is available at https://tinyurl.com/yc9jvh5w from
PacerMonitor.com at no charge.

                     About Harb Properties

Harb Properties, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-10436) on Jan. 26,
2018. Judge Jessica E. Price Smith oversees the case.


HELIUS MEDICAL: FDA Grants PoNS Breakthrough Device Designation
---------------------------------------------------------------
Helius Medical Technologies, Inc. has received Breakthrough
Designation for its PoNS device as a potential treatment for gait
deficit due to symptoms of Multiple Sclerosis, to be used as an
adjunct to a supervised therapeutic exercise program.

"We are extremely pleased to receive this designation for our PoNS
device," said Philippe Deschamps, the Company's CEO.  "We look
forward to working with FDA to process our application, with the
ultimate goal of bringing our innovative technology to the aid of
patients suffering with gait deficit due to MS-related symptoms, by
providing them with a non-drug, non-implantable treatment that has
the potential to significantly improve their ability to walk."

The Breakthrough Devices Program is a voluntary program for certain
medical devices and device-led combination products that provide
for more effective treatment or diagnosis of life-threatening or
irreversibly debilitating diseases or conditions.
The goal of the Breakthrough Devices Program is to provide patients
and health care providers with timely access to these medical
devices by speeding up their development, assessment, and review,
while preserving the statutory standards for premarket approval,
510(k) clearance, and De Novo marketing authorization, consistent
with FDA's mission to protect and promote public health.

The Breakthrough Devices Program replaces the Expedited Access
Pathway and Priority Review for medical devices.  The FDA considers
devices granted designation under the Expedited Access Pathway to
be part of the Breakthrough Devices Program.

The Breakthrough Devices Program offers manufacturers an
opportunity to interact with the FDA's experts through several
different program options to efficiently address topics as they
arise during the premarket review phase, which can help
manufacturers receive feedback from the FDA and identify areas of
agreement in a timely way.  Manufacturers can also expect
prioritized review of their submission.

It is important to note that Breakthrough Device Designation does
not change the requirements for approval of an application for a
marketing authorization under section 510(k) of the Food, Drug, and
Cosmetic Act.

                       About Helius Medical

Helius Medical Technologies -- http://www.heliusmedical.com/-- is
a neurotech company focused on neurological wellness.  The
Company's purpose is to develop, license and acquire unique and
non-invasive platform technologies that amplify the brain's ability
to heal itself.  The Company's first product in development is the
Portable Neuromodulation Stimulator (PoNSTM).

Helius Medical reported a net loss of $9.78 million for the year
ended Dec. 31, 2019, compared to a net loss of $28.62 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $8.46 million in total assets, $3.25 million in total
liabilities, and $5.21 million in total stockholders' equity.

BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 12, 2020 citing that the Company has incurred
substantial net losses since its inception, has an accumulated
deficit of $104.8 million as of Dec. 31, 2019 and the Company
expects to incur further net losses in the development of its
business.  These conditions raise substantial doubt about its
ability to continue as a going concern.


HELIUS MEDICAL: Incurs $4.8 Million Net Loss in First Quarter
-------------------------------------------------------------
Helius Medical Technologies, Inc. reported a net loss of $4.76
million on $207,000 of total operating revenue for the three months
ended March 31, 2020, compared to net income of $1.32 million on
$677,000 of total operating revenue for the three months ended
March 31, 2019.

As of March 31, 2020, the Company had $8.46 million in total
assets, $3.25 million in total liabilities, and $5.21 million in
total stockholders' equity.

Net cash used in operating activities during the three months ended
March 31, 2020 was $3.8 million.  This was comprised of a loss from
operations of $4.0 million and $1.0 million net cash used resulting
from changes in operating assets and liabilities, partially offset
by certain adjustments for non-cash items of $2.0 million comprised
mainly of stock-based compensation of $0.8 million, unrealized
foreign exchange losses of $0.7 million, depreciation and
amortization of $0.2 million, impairment loss on intangible assets
of $0.2 million and provision for doubtful accounts of $0.1
million.

Net cash used in operating activities during the three months ended
March 31, 2019 was $6.8 million.  This was comprised of a loss from
operations of $6.8 million and $0.9 million net cash used resulting
from changes in operating assets and liabilities, partially offset
by certain adjustments for non-cash items comprised of stock-based
compensation of $0.8 million and depreciation expense of $22,000.

Net cash used in investing activities during the three months ended
March 31, 2020 was $10,000, which was primarily related to the
purchase of equipment for the Company's office and internally
developed software.

Net cash provided by financing activities during the three months
ended March 31, 2020 was $2.7 million, which consisted of proceeds
from the issuance of common stock from the 2020 ATM and March 2020
Offering, net of share issuance costs.

The Company stated, "We currently have limited working capital and
liquid assets.  Our cash as of March 31, 2020 was approximately
$4.4 million.  While we have started generating revenue from the
commercial sale of our PoNS device in Canada, we expect to incur
significant losses until such time as our revenue exceeds our
expenses and during this time, we will require additional funding
to fund our ongoing activities.  We believe that our existing
capital resources will be sufficient to fund our operations through
the second quarter of 2020.  There can be no assurance that we will
be successful in raising additional capital or that such capital,
if available, will be on terms that are acceptable to us.  If we
are unable to raise sufficient additional capital, we may be
compelled to reduce the scope of our operations and planned capital
expenditure or sell certain assets, including intellectual
property, and we may be forced to cease or wind down operations,
seek protection under the provisions of the U.S. Bankruptcy Code,
or liquidate and dissolve our Company.  Our ability to raise
additional capital may be adversely impacted by potential worsening
global economic conditions and the recent disruptions to, and
volatility in, the credit and financial markets in the United
States and worldwide resulting from the ongoing COVID-19
pandemic."

A full-text copy of the Quarterly Report is available for free at
the Securities and Exchange Commission at:

                     https://is.gd/yakDfB

                      About Helius Medical

Helius Medical Technologies -- http://www.heliusmedical.com/-- is
a neurotech company focused on neurological wellness.  The
Company's purpose is to develop, license and acquire unique and
non-invasive platform technologies that amplify the brain's ability
to heal itself.  The Company's first product in development is the
Portable Neuromodulation Stimulator (PoNSTM).

Helius Medical reported a net loss of $9.78 million for the year
ended Dec. 31, 2019, compared to a net loss of $28.62 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$10.35 million in total assets, $4.51 million in total liabilities,
and $5.83 million in total stockholders' equity.

BDO USA, LLP, in Philadelphia, Pennsylvania, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated March 12, 2020 citing that the Company has incurred
substantial net losses since its inception, has an accumulated
deficit of $104.8 million as of Dec. 31, 2019 and the Company
expects to incur further net losses in the development of its
business.  These conditions raise substantial doubt about its
ability to continue as a going concern.


HUB INT'L: Moody's Rates New $350MM Senior Unsecured Notes 'Caa2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Caa2 rating to $350
million of six-year senior unsecured notes being issued by Hub
International Limited (corporate family rating B3, together with
its subsidiaries, Hub). Hub will use net proceeds from the offering
plus cash on hand to repay revolver borrowings and pay related fees
and expenses. The rating outlook for Hub is unchanged at stable.

RATINGS RATIONALE

For insurance brokers, including Hub, the coronavirus and related
economic downturn will negatively impact revenues, earnings and
cash flows depending on the duration and severity of the slowdown.
Insurance premium volumes will be hurt by declining insured
exposures and return premium provisions in various commercial
lines, all of which will put downward pressure on brokers'
commissions and fees. However, brokers will benefit from the
mandatory nature of many insurance products (to meet insured
parties' regulatory and financing requirements) and by the brokers'
largely variable cost structure.

Hub maintains a USD$500 million and a CAD$130 million revolver, and
this debt issuance pays down a portion of the USD$ revolver,
providing additional flexibility to operate in the current
environment. Moody's expects that Hub will limit discretionary
spending, including acquisitions, in the months ahead to protect
its credit profile.

Hub's B3 corporate family rating reflects its solid market position
in North American insurance brokerage, good diversification across
products and geographic areas in the US and Canada, and
consistently strong EBITDA margins. Hub has generated good organic
growth averaging in the low-single digits and has achieved strong
EBITDA margins in the low 30s (per Moody's calculations) over the
past few years. These strengths are tempered by the company's high
financial leverage and limited fixed charge coverage. The company
also faces potential liabilities from errors and omissions, a risk
inherent in professional services. Hub has grown through
acquisitions, which gives rise to integration risk, although the
company has a favorable track record in absorbing small and
mid-sized brokers.

Giving effect to the transaction, Moody's estimates that Hub's pro
forma debt-to-EBITDA ratio will be between 7.5-8.0x, with (EBITDA -
capex) interest coverage above 2x, and a free-cash-flow-to-debt
ratio in the mid-single digits. These metrics incorporate Moody's
accounting adjustments for operating leases, deferred earnout
obligations and run-rate earnings from completed acquisitions.

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

Factors that could lead to an upgrade of Hub's ratings include: (i)
debt-to-EBITDA ratio below 7.0x, (ii) (EBITDA - capex) coverage of
interest consistently exceeding 2x, and (iii)
free-cash-flow-to-debt ratio exceeding 5%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 8x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, or (iii) free-cash-flow-to-debt ratio below
2%.

Moody's has assigned the following rating (with loss given default
(LGD) assessment):

  $350 million six-year senior unsecured notes at Caa2 (LGD5).

The following Hub International Limited ratings remain unchanged:

  Corporate family rating at B3;

  Probability of default rating at B3-PD;

  $500 million senior secured revolving credit facility maturing in
April 2023 at B2 (LGD3);

  $4,570 million senior secured term loan maturing in April 2025 at
B2 (LGD3);

  $1,320 million senior unsecured notes maturing in May 2026 at
Caa2 (LGD5 from LGD6).

The following Hub International Canada West ULC rating remains
unchanged:

  CAD130 million senior secured revolving credit facility maturing
in April 2023 at B2 (LGD3).

The rating outlook for Hub is stable.

The principal methodology used in this rating was Insurance Brokers
and Service Companies published in June 2018.

Based in Chicago, Hub ranks in the top ten of North American
insurance brokers, providing property and casualty, life and
health, employee benefits, investment and risk management products
and services through offices located in the US, Canada and Puerto
Rico. The company generated total adjusted revenue of $2.4 billion
in 2019.


HYLAN DATACOM: BlackRock Values $14.2-Mil. Loan at 65% of Face
--------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $14,208,421 loan
extended to privately held Hylan Datacom & Electrical LLC to market
at $9,234,053, or 65% of the outstanding amount, as of March 31,
2020, according to a disclosure contained in a Form 10-Q filing
with the Securities and Exchange Commission for the quarterly
period ended March 31, 2020.

BlackRock is a lender under Hylan Datacom's First Lien Term Loan
(3.15% Exit Fee), which is scheduled to mature July 25, 2021.  

Hylan Datacom & Electrical LLC is in the Construction and
Engineering industry.


HYLAN DATACOM: BlackRock Values $2.6-Mil. Loan at 65% of Face
-------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $2,568,367 loan extended
to privately held Hylan Datacom & Electrical LLC to market at
$1,669,182, or 65% of the outstanding amount, as of March 31, 2020,
according to a disclosure contained in a Form 10-Q filing with the
Securities and Exchange Commission for the quarterly period ended
March 31, 2020.

BlackRock is a lender under Hylan Datacom's First Lien Incremental
Term Loan, which is scheduled to mature July 25, 2021.  

Hylan Datacom & Electrical LLC is in the Construction and
Engineering industry.


IN MARKETING: Las Vegas Sands Objects to Disclosure Statement
-------------------------------------------------------------
Las Vegas Sands Corp. objects to the Disclosure Statement for the
Plan of Reorganization of debtor IN Marketing Group, Inc. filed on
April 3, 2020.

In its objection, Las Vegas Sands points out that:

   * In the summer of 2019, Las Vegas Sands learned that Debtor had
a bad faith intent to profit from the Infringing Domain Names.
Among other factors, Las Vegas Sands is unaware of any lawful use
by Debtor of the Infringing Domain Names, which Debtor registered
only after obtaining access to the GRAZIE mark and related
programs. Debtor has offered to sell the Infringing Domain Names to
Las Vegas Sands at an extortionate price.

   * The Infringing Domain Names are identical, substantially
indistinguishable or confusingly similar to the GRAZIE mark. As a
result, the Infringing Domain Names have created confusion in the
public and impaired the GRAZIE trademark's distinctiveness. Las
Vegas Sands requested that Debtor transfer such domain names to Las
Vegas Sands.

   * The Disclosure Statement does not mention the Infringing
Domain Names, nor does it explain whether Debtor seeks to continue
violating federal law in assertion and ownership of the Infringing
Domain Names and intends to use confirmation of the Plan as a means
of avoiding any legal responsibility for cybersquatting and other
violations of federal law.

   * Information concerning Debtor's infringement and the potential
liability therefor is information which is material to a
hypothetical creditor in determining whether to vote to accept or
reject the Plan.

   * The Debtor should disclose whether it seeks to continue
infringing upon Las Vegas Sands' federally protected rights,
whether confirmation of the Plan is intended to provide Debtor
additional defenses against liability for such ongoing
infringement, and whether Debtor intends to supersede the
contractual arbitration remedy by confirmation of the Plan.

A full-text copy of Las Vegas Sands' objection to disclosure
statement dated April 28, 2020, is available at
https://tinyurl.com/y8goyfl8 from PacerMonitor at no charge.

Attorneys for Las Vegas Sands:
Robert M. Charles, Jr.
Lewis Roca Rothgerber Christie LLP
3993 Howard Hughes Parkway, Suite 600
Las Vegas, NV 89169
Telephone: (702) 949-8320
Email: RCharles@lrrc.com
Paul R. DeFilippo
Wollmuth Maher & Deutsch LLP
51 JFK Parkway
First Floor West
Short Hills, New Jersey 07078
-and-
500 Fifth Avenue
New York, New York 10110
Tel: (212) 382-3300
Email: pdefilippo@wmd-law.com

        About IN Marketing Group

IN Marketing Group -- http://www.inmarketinggroup.com/-- is an
advertising agency that helps companies grow by providing corporate
gifts and customized incentive programs to their clients. It helps
businesses penetrate new markets, reward their loyal customers and
upsell to existing clients while retaining their top sales
performers.

IN Marketing Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-25754) on Aug. 14, 2019.
In the petition signed by Alan Traiger, president, the Debtor
disclosed $2,206,521 in assets and $4,513,541 in liabilities.  The
case is assigned to Judge Stacey L. Meisel. The Debtor is
represented by Shapiro Croland Reiser Apfel & Di Iorio, LLP and
Wilk Auslander LLP.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in the Debtor's bankruptcy case.


IN MARKETING: U.S. Trustee Objects to Disclosure Statement
----------------------------------------------------------
The United States Trustee (UST) objects to the Disclosure Statement
for the Plan of Reorganization of the Debtor IN Marketing Group,
Inc. filed on April 3, 2020.

The U.S. Trustee points out that:

   * As of the filing of this Objection, the Debtor has not filed a
monthly operating report for the periods January, February, or
March 2020. Without monthly operating reports being brought
current, the Debtor’s ability to perform the proposed Plan cannot
be assessed.

   * Class 5 addresses the treatment of the Perlmutter Claim. At
the time the Disclosure Statement and Plan were filed, the
Perlmutter Claim was in dispute. Since the filing of the Disclosure
Statement, a motion to approve a settlement resolving the
Perlmutter Claim has been filed. The Plan and Disclosure Statement
should be updated to indicate the now resolved terms of the
Perlmutter Claim.

    * The Litigation Trust Agreement must be included as an exhibit
to the Disclosure Statement. This critical document governs the
distribution in this case to unsecured creditors, and such
creditors should have the benefit of its disclosure in connection
with their right to vote on the proposed Plan.

    * Neither the Disclosure Statement or Plan detail what is the
remedy in the event the Reorganized Debtor fails to perform the
Plan post-confirmation.

A full-text copy of the United States Trustee's objection to
disclosure statement dated April 28, 2020, is available at
https://tinyurl.com/yabjk8be from PacerMonitor at no charge.

                    About IN Marketing Group

IN Marketing Group -- http://www.inmarketinggroup.com/-- is an
advertising agency that helps companies grow by providing corporate
gifts and customized incentive programs to their clients. It helps
businesses penetrate new markets, reward their loyal customers and
upsell to existing clients while retaining their top sales
performers.

IN Marketing Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 19-25754) on Aug. 14, 2019.
In the petition signed by Alan Traiger, president, the Debtor
disclosed $2,206,521 in assets and $4,513,541 in liabilities.  The
case is assigned to Judge Stacey L. Meisel. The Debtor is
represented by Shapiro Croland Reiser Apfel & Di Iorio, LLP and
Wilk Auslander LLP.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in the Debtor's bankruptcy case.


INSTITUTIONAL SHAREHOLDER: $5.8MM Loan Valued at 78% of Face
------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $5,820,856 loan extended
to privately held Institutional Shareholder Services Inc. to market
at $4,511,164, or 78% of the outstanding amount, as of March 31,
2020, according to a disclosure contained in a Form 10-Q filing
with the Securities and Exchange Commission for the quarterly
period ended March 31, 2020.

BlackRock is a lender under Institutional Shareholder's Second Lien
Term Loan, which is scheduled to mature March 5, 2027.  

Institutional Shareholder Services Inc. is in the Professional
Services industry.



INTELSAT S.A.: Case Summary & 40 Largest Unsecured Creditors
------------------------------------------------------------
Lead Debtor: Intelsat S.A.
             4 rue Albert Borschette
             L-1246 Luxembourg

Business Description: Intelsat S.A. -- www.intelsat.com -- is a
                      publicly held operator of satellite services
                      businesses, which provides a diverse array
                      of communications services to a wide variety
                      of clients, including media companies,
                      telecommunication operators, internet
                      service providers, and data networking
                      service providers.  The Company is also a
                      provider of commercial satellite
                      communication services to the U.S.
                      government and other select military
                      organizations and their contractors.  The
                      Company's administrative headquarters are in
                      McLean, Virginia, and the Company has
                      extensive operations spanning across the
                      United States, Europe, South America,
                      Africa, the Middle East, and Asia.

Chapter 11
Petition Date:        May 14, 2020

Court:                United States Bankruptcy Court
                      Eastern District of Virginia

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

     Debtor                                           Case No.
     ------                                           --------
     Intelsat S.A. (Lead Case)                        20-32299
     Intelsat Virginia Holdings LLC                   20-32294
     Intelsat Connect Finance S.A.                    20-32295
     Intelsat (Luxembourg) S.A.                       20-32296
     Intelsat Envision Holdings LLC                   20-32297
     Intelsat US LLC                                  20-32298
     Intelsat Investment Holdings S.A.R.L.            20-32300
     Intelsat Holdings S.A.                           20-32301
     Intelsat Investments S.A.                        20-32302
     Intelsat UK Financial Services Ltd               20-32303
     Intelsat Jackson Holdings S.A.                   20-32304
     Intelsat Align S.A.R.L.                          20-32305
     Intelsat License Holdings LLC                    20-32306
     Intelsat Subsidiary (Gibraltar) Limited          20-32307
     Intelsat Holdings LLC                            20-32308
     Intelsat Finance Bermuda Ltd.                    20-32309
     Intelsat Satellite LLC                           20-32310
     Intelsat License LLC                             20-32311
     Intelsat Ventures S.A R.L.                       20-32312
     Intelsat Global Sales & Marketing Ltd            20-32313
     Intelsat International Systems LLC               20-32314
     PanAmSat International Holdings LLC              20-32315
     Intelsat International Employment LLC            20-32316
     PanAmSat Europe Corporation                      20-32317
     Intelsat Genesis GP LLC                          20-32318
     Intelsat Service and Equipment LLC               20-32319
     Southern Satellite LLC                           20-32320
     Southern Satellite Licensee LLC                  20-32321
     PanAmSat International Sales LLC                 20-32322
     Intelsat Genesis Inc.                            20-32323
     Intelsat Alliance LP                             20-32324
     Intelsat US Finance LLC                          20-32325
     PanAmSat India LLC                               20-32326
     PanAmSat India Marketing L.L.C.                  20-32327
     Intelsat Asia Carrier Services LLC               20-32328

Judge:                Hon. Keith L. Phillips

Debtors' Counsel:     Edward O. Sassower, P.C.
                      Steven N. Serajeddini, P.C.
                      Anthony R. Grossi, Esq.
                      KIRKLAND & ELLIS LLP
                      KIRKLAND & ELLIS INTERNATIONAL LLP
                      601 Lexington Avenue
                      New York, New York 10022
                      Tel: (212) 446-4800
                      Fax: (212) 446-4900
                      Email: edward.sassower@kirkland.com
                             steven.serajeddini@kirkland.com
                             anthony.grossi@kirkland.com

                         - and -

                      Michael A. Condyles, Es q.
                      Peter J. Barrett, Esq.
                      Jeremy S. Williams, Esq.
                      Brian H. Richardson, Esq.
                      KUTAK ROCK LLP
                      901 East Byrd Street, Suite 1000
                      Richmond, Virginia 23219-4071
                      Tel: (804) 644-1700
                      Fax: (804) 783-6192
                      Email: michael.condyles@kutakrock.com
                             peter.barrett@kutakrock.com
                             jeremy.williams@kutakrock.com
                             brian.richardson@kutakrock.com

Debtors'
Restructuring
Advisor:              ALVAREZ & MARSAL NORTH AMERICA, LLC

Debtors'
Financial
Advisor &
Investment
Banker:               PJT PARTNERS LP

Debtors'
Tax Advisor:          DELOITTE LLP

Debtors'
Claims &
Noticing
Agent:                STRETTO
                      https://cases.stretto.com/intelsat

Total Assets as of April 1, 2020: $11,651,558,000

Total Debts as of April 1, 2020: $16,805,844,000

The petitions were signed by David Tolley, executive vice
president, chief financial officer, and co-chief restructuring
officer.

A copy of Intelsat S.A.'s petition is available for free at
PacerMonitor.com at:

                       https://is.gd/8aufsB

Consolidated List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------  --------------
1. U.S. Bank National Association    8.5% Senior    $3,075,383,000
60 Livingston Ave                  Notes Due 2024
St Paul, MN 55107                (includes unpaid
United States                         interest)
Att: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosh@usbank.com

2. U.S. Bank National            5.5% Senior Notes  $1,985,000,000
Association                           Due 2023
60 Livingston Ave
St Paul, MN 55107
United States
Attn: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosch@usbank.com

3. U.S. Bank National              9.75% Senior     $1,885,000,000
Association                       Notes Due 2025
60 Livingston Ave
St. Paul, MN 55107
United States
Attn: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosch@usbank.com

4. U.S. Bank National               9.5% Senior     $1,250,000,000
Association                       Notes Due 2023
60 Livingston Ave
St. Paul, MN 55107
United States
Attn: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosch@usbank.com

5. Wells Fargo Bank,               8.125% Senior    $8,883,370,008
National Association              Notes Due 2023
420 Montgomery Street            (Excludes Amounts
San Francisco, CA 94104           held by Debtors)
United States
Attn: Muneera Carr
Title: Controller
Tel: 703-734-0021
Email: muneera.carr@yahoo.com

6. U.S. Bank National               7.75% Senior      $421,219,000
Association                        Notes Due 2021
60 Livingston Ave
St. Paul, MN 55107
United States
Attn: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosch@usbank.com

7. U.S. Bank National               4.5% Senior       $402,500,000
Association                      Convertible Notes
60 Livingston Ave                    Due 2024
St Paul, MN 55107
United States
Attn: Rick Prokosch
Title: Vice President
Tel: 651-466-6619
Email: rick.prokosch@usbank.com

8. Ministry of PTT (Algeria)          Legacy            $9,631,781
4 Boulevard Krim Belkacem           Shareholder
Algiers, 16027
Algeria
Attn: Brahim Boumzar
Title: Minister
Tel: 213 (0)21-711-220
Fax: 212 (0)21 730 047
Email: contact@mpttn.gov.dz

9. Iraq Telecommunications &           Legacy           $6,580,163
Post Company                        Shareholder
The Ministry's Headquarters      
8933+8G
Al-Nisour Square Adjacent to
the Baghdad Tower
Baghdad, Iraq
Attn: Anmar Hadi
Tel: 964-770-768-7654
Fax: 8933+8G
Email: anmar.hadi@scis.gov.iq

10. The Boeing Company               Satellite          $6,283,365
100 North Riverside                 Performance
Chicago, IL 60606                   Incentives
United States
Attn: Michael Arthur
Title: Senior Vice President
Tel: 312-544-2000
Email: michael.arthur@boeing.com

11. JSAT International, Inc.          Revenue           $3,950,000
c/o Sky Perfect JSAT Corporation      Sharing
1401 H Street NW, Suite 220
Washington, DC 20005
United States
Attn: Eiichi Yonekura
Title: President
Tel: 202-379-4400
Fax: 202-379-4410
Email: yonekura-eiichi@sptvjsat.com

12. HISPASAT S.A.                     Leaseback         $1,882,860
Paseo De La Castellana, 39             Payable
Madrid, 28046
Spain
Attn: Juan Jesus Garcia
Title: Chief Financial Officer
Tel: 34-91-710-25-40
Email: jjgarcia@hispasat.es

13. Ministry of Maritime Affairs        Legacy          $1,799,156
Transportation & Com                 Shareholder
Prisavlje 14
Zagreb, 10000
Croatia
Attn: Oleg Butkovic
Title: Minister
Tel: 385-1-6169-115
Email: ministrar@mmpi.hr

14. Fox Entertainment Group, Inc.     Customer          $1,685,907
500 South Buena Vista Street           Deposit
Burbank, CA 91521
United States
Attn: Bob Chapek
Title: Chief Financial Officer
Tel: 818-560-1000
Email: robert.chapek@disney.com

15. Azercosmos Ojsco                Trade Payable       $1,582,456
72 Uzeyir Hajibeyli Street
Baku, AZ1000
Azerbaijan
Attn: Rashad Nabiyev
Title: Chief Executive Officer
Tel: 994-12-565-0055
Fax: 994-12-565-0066
Email: rashad.nabiyev@gmail.com

16. Ministry of Transport &             Legacy          $1,562,513
Comm (KGZ)                           Shareholder
42 Isanov St
Bishkek, Kyrgyx Republic 720017
Kyrgyzstan
Attn: Beishenov Zhanat Samatovich
Title: Minister
Tel: 00996-312-314289
Fax: 00996-312-312811
Email: mtk@mtk.gov.kg

17. Tryco International, Inc. -          Legacy         $1,562,513
Guinea Bisseau                        Shareholder
6736 Old McLean Village Dr.
McLean, VA 22101
United States
Attn: Franz Karl Zenz
Title: Chief Executive Officer
Tel: 703-734-0467
Fax: 703-847-0741
Email: tryco@tryco.org

18. Tim S.A.                            Customer        $1,336,156
  
Avenida Joao Cabral De Mello Neto       Deposit
850, Bloko 1B, 4 Andar
Barra Da Tijuca, Rio De Janeiro
CEP 22775-057
Brazil
Attn: Pietro Labriola
Title: Chief Executive Officer
Tel: 55-21-410-940
Email: pietro.labriola@icloud.com

19. New Skies Satellites                Revenue         $1,199,082
Chateau De Betzdorf                     Sharing
Betzdorf, Grevenmacher 6815
Luxembourg
Attn: John Purvis
Title: Chief Legal Officer
Tel: 352-710-725-1
Email: john.purvis@ses.com

20. Tysons Corner Office I LLC       Lease Payable      $1,068,452
2800 Post Oak Blvd
Houston, TX 77056-6188
United States
Attn: Rosemarie Subasic
Title: Vice President
Tel: 713-621-8000
Fax: 571-730-4725
Email: rosemarie_subasic@hines.com

21. Telespazio                       Trade Payable        $943,169
Via Tiburtina
Rome, Lazio 965 00156
Italy
Attn: Christophe Rosenthal
Title: Chief Financial Officer
Tel: 39-06-40791
Email: christophe.rosenthal@telespazio.com

22. PT Indosat                           Customer         $812,094
Indosat Building                         Deposit
Jalan Medan Merdeka Barat No. 21
Central Jakarta, Jakarta 10110
Indonesia
Attn: Eyas Naif Assaf
Title: Chief Financial Officer
Tel: 62-21-3444 2606
Tel: 62-21-30003757
Email: aalneama@ooredoo.qa

23. Celcom (Malaysia) SDN. BHD           Customer         $764,570
(167469-A)                               Deposit
No.6, Persiaran Barat
Seksyen 52
Petaling Jaya, 46200
Malaysia
Attn: Jennifer Wong
Title: Chief Financial Officer
Tel: 603-7200-2222
Email: wong.jenn@gmail.com

24. Etisalat                          Trade Payable       $750,000
Etisalat Head Office Building
Zayed The First Street
Abu Dhabi City, Abu Dhabi
UAE
Attn: Hatem Dowidar
Title: Chief Executive Officer
Tel: 971-2-6283333
Fax: 971-2-6317000
Email: hdowidar@etisalat.ae

25. KTSAT                             Trade Payable       $719,769
13606 90, Buljeong-Ro
Bundang-Gu
Jeongja-Dong
Seongnam-Si
Gyeonggi-Do 13606
South Korea
Attn: Ji Hong Kim
Title: Legal Counsel
Tel: 031-727-0114
Email: ji.kim@kt.com

26. EMETEL Sociedad Anonima         Customer Deposit      $545,970
Icaria III, c/ Vulcano 1
Oleiros, A Coruna 15172
Spain
Attn: Manuel Lago Vecino
Title: Director General
Tel: 34-981-21-68-79
Fax: 902-36-40-01
Email: mlago@emetel.net

27. St Engineering Idirect           Trade Payable        $523,359
13861 Sunrise Valley Drive
Suite 300
Herndon, VA 20171
United States
Attn: Kevin Steen
Title: Chief Executive Officer
Tel: 703-648-8000
Fax: 866-345-0983
Email: kssteen@idirect.net

28. Telenor Satellite                Trade Payable        $500,854
Broadcasting AS
Snaroyveien 30, M3A
Fornebu, Ostlandet 1360
Norway
Attn: Martin Foss
Title: Chief Financial Officer
Tel: 47-670-73-470
Email: martin.foss@telenor.com

29. KDDI Corporation                    Customer          $487,115
Garden Air Tower                        Deposit
3-10-10, IIDabash
Chiyoda-Ku, Tokyo 102-8460
Japan
Attn: Yasuyuki Koide
Title: Chief Operating Officer
Tel: 212-295-1200
Email: y.koide@kddia.com

30. Mercury Servicos De                 Customer          $407,421
Telecommunicacoes,                      Deposit
SARL Grupo
Street Rainha Ginga
N 29-31, 13th Floor
Mailbox: 1316
Luanda, Angola
Attn: Adalberto Fernando Nhinguica
Title: Chief Executive Officer
Tel: 244-226-621-000
Email: adalberto.nhinguica@mstelcom.com.ao

31. Disney Channel, The                 Customer          $388,465
500 South Buena Vista Street            Deposit
Burbank, CA 91521
United States
Attn: Brent Woodford
Title: Controllership
Tel: 818-790-0887
Email: brent.woodford@disney.com

32. Telefonica De Argentina S.A.        Customer          $379,887
Suipacha 150 7MO Piso                   Deposit
Buenos Aires, CP 1008
Argentina
Attn: Jose Maria Alvarez-Palette
Title: Chief Executive Officer
Tel: 54-11-4332-9200
Email: jmalvpal@tisa.telefonica.com

33. Optus Satellite Pty Ltd           Trade Payable       $353,666
1 Lyon Park Rd
Macquarie Park
New South Wales 2113
Australia
Attn: Kelly Bayer Rosmarin
Title: Chief Executive Officer
Tel: 0061-280827800
Email: kelly_bayer@yahoo.com

34. Radio Television                     Customer         $352,800
Guatemala, S.A. - Canal 3                Deposit
Guatemala SA - 30 Avenida
3-40, Zona 11
Guatemala City
Guatemala
Attn: Edgar Sandoval
Title: Director of Engineering
Tel: 011-502-2410-3112
Fax: 011-502-2410-3110
Email: esandoval@cana@canal3.com.gt

35. Lockheed Martin                   Trade Payable       $351,603
Australia Pty Ltd
8 Brisbane Avenue
Barton, ACT 2600
Australia
Attn: Joe North
Title: Chief Executive Officer
Tel: 301-897-6837
Email: jnorth@lockheedmartin.com

36. Colombia Telecomunicaciones          Customer         $298,118
S.A. E.S.P.                              Deposit
Transv 60, Avenida Suba
Bogota, 114A-11001
Colombia
Attn: Fabian Hernandez
Title: Chief Executive Officer
Tel: 57-1-705-0007
Email: fabian.hernandez@telefonica.com

37. Pension Benefit Guaranty             Pension      Undetermined
Corporation                             Liability
1200 K Street, N.W. Suite 340
Washington, DC 20005-4026
United States
Attn: Patricia Kelly
Title: Chief Financial Officer
Tel: 703-448-0461
Fax: 202-326-4112
Email: kelly.patricia@pbgc.gov

38. International Telecommunications    Litigation    Undetermined
Satellite Organization ("ITSO")
4400 Jenifer Street, NW, Suite #332
Washington, D.C. 20015
United States
Attn: Patrick Masambu
Title: Director
Tel: 202-243-5096
Email: pmasambu@itso.int

39. Patricia Ewing                     Retiree        Undetermined
Address on File                      Restoration
                                         Plan

40. Joseph A. Jankowski                Retiree        Undetermined
Address on File                     Restoration
                                        Plan


INTELSAT SA: Files for Ch.11 to Facilitate Financial Restructuring
------------------------------------------------------------------
Intelsat S.A. (NYSE: I), operator of the world's largest and most
advanced satellite fleet and connectivity infrastructure, on May
13, 2020, disclosed that it has undertaken a financial
restructuring to position the Company for long-term success.  The
restructuring process is intended to enhance the Company's
liquidity and will likely result in a substantial reduction of
Intelsat's legacy debt burden, allowing for Intelsat to emerge with
a strengthened balance sheet to complement its strong operating
model and future growth plans.

One of the primary catalysts for restructuring the balance sheet
now is Intelsat's desire to participate in the accelerated clearing
of C-band spectrum under the Federal Communications Commission
order in support of a build-out of 5G wireless infrastructure in
the United States.  To meet the FCC's accelerated clearing
deadlines and ultimately be eligible to receive $4.87 billion of
accelerated relocation payments, Intelsat needs to spend more than
$1 billion on clearing activities.  These clearing activities must
start immediately, long before costs begin to be reimbursed.  The
Company is also managing the economic slowdown impacting several of
its end markets caused by the COVID-19 global health crisis.

"This is a transformational moment in the history of our company,"
said Stephen Spengler, Chief Executive Officer of Intelsat.
"Intelsat is the pioneer and foundational architect of the
satellite industry.  For more than 50 years, we have been respected
for quality, innovation, sector leadership, and premium services.
Our success has come despite being burdened in recent years by
substantial legacy debt.  Now is the time to change that. We intend
to move forward with the accelerated clearing of C-band spectrum in
the United States and to achieve a comprehensive solution that
would result in a stronger balance sheet.  This will position us to
invest and pursue our strategic growth objectives, build on our
strengths, and serve the mission-critical needs of our customers
with additional resources and wind in our sails."

To facilitate the financial restructuring, Intelsat and certain of
its subsidiaries have filed voluntary Chapter 11 petitions in the
U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division.  Intelsat General (IGC), which serves the
Company's U.S. commercial, government, and Allied military
customers, is not part of the Chapter 11 proceedings.

While it moves as quickly as possible through the restructuring
process, Intelsat's day-to-day operations, engagement with
customers and partners, and capital investments will continue as
usual.  The Company will continue to drive its business forward --
launching new satellites, investing in its ground networks,
developing new services, and progressing Intelsat's next generation
network and service strategy at full speed.  No changes to the
Company's operations or workforce are planned.

Intelsat has secured a commitment for $1 billion of new financing.
Subject to Court approval, this debtor-in-possession financing,
coupled with significant cash on hand and positive cash flow
generated by the business, will provide ample liquidity during the
restructuring process to support ongoing operations, fund the
substantial upfront C-band clearing costs, and allow the Company to
continue investing in the innovations and services that customers
need today and in the future.

The Company is filing with the Court a series of customary motions
seeking to maintain business-as-usual operations and uphold its
commitments to its stakeholders, including employees, customers,
and vendors, during the restructuring process.  Approval of these
"first day" motions, which the Company expects to receive in short
order, will help facilitate a smooth transition into the process.

"At the end of this process, we will be on stronger financial
footing for the future, further enhancing our industry-leading
portfolio of space-based communications services and paving the way
for our continued innovation and investments to benefit our
customers," Spengler concluded.

Additional Information

Additional information regarding Intelsat's financial restructuring
is available at Intelsatonward.com. Court filings and information
about the claims process are available at
https://cases.stretto.com/intelsat, by calling the Company's claims
agent, Stretto, at (855) 489-1434 (toll-free) or (949) 561-0347
(international), or by emailing intelsatinquiries@stretto.com.

Kirkland & Ellis LLP is serving as legal counsel, PJT Partners LP
is serving as financial advisor, and Alvarez & Marsal is serving as
restructuring advisor to the Company.

                        About Intelsat

As the foundational architects of satellite technology, Intelsat
-- http://www.intelsat.com/-- operates the world's largest and
most advanced satellite fleet and connectivity infrastructure.  The
company is headquartered in Luxembourg.



INTENTION LLC: Seeks to Hire King Law Offices as Legal Counsel
--------------------------------------------------------------
Intention, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to hire King Law Offices, P.C. as
its legal counsel.
   
King Law Offices will provide services in connection with Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code, review of claims,
representation in adversary proceedings, and the preparation of a
reorganization plan.

The firm will be paid at these rates:

     Russell King   $350 per hour
     Tracy King     $300 per hour
     Paralegals      $75 per hour

King Law Offices does not represent any interest adverse to Debtor
and its bankruptcy estate, according to court filings.

The firm can be reached through:

     Russell W. King, Esq.
     Tracy L. King, Esq.
     King Law Offices, P.C.
     19211 S. U.S. Hwy. 377          
     Dublin, Texas 76446
     Phone: 254.968.8777         
     Fax: 254.445.2751
     Email: rking2010@gmail.com

                       About Intention LLC

Intention, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Texas Case No. 20-41671) on May 6, 2020.  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.
Judge Mark X. Mullin oversees the case.  King Law Offices, P.C., is
the Debtor's legal counsel.


INTERNAP TECHNOLOGY: Hires Jenner & Block as Special Counsel
------------------------------------------------------------
Internap Technology Solutions Inc. and its debtor-affiliates seek
approval from the U.S. Bankruptcy Court for the Southern District
of New York to employ Jenner & Block LLP as their special corporate
counsel.

Internap requires Jenner to:

     a. continue to advise the Debtors in connection with the
negotiation and drafting of their various credit agreements,
including the Debtors' DIP credit facility and proposed
post-consummation financing arrangements, and ancillary documents;

     b. advise the Debtors with respect to their compliance with
applicable securities laws, and assist in the preparation and
filing of reports with the Securities and Exchange Commission;

     c. counsel the Debtors' Boards of Directors with regard to
corporate governance issues that arise during the pendency of these
Chapter 11 Cases;

     d. assist, as requested, with matters relating to the
aforementioned services as they may impact the Chapter 11 Cases;
and,

     e. perform all other necessary legal services required by the
Debtors during these Chapter 11 Cases.

Jenner & Block will be paid at these hourly rates:

     Partners             $865-$1,400
     Counsel              $585-$1,400
     Associates           $510-$880
     Staff Attorneys      $440-$760
     Discovery Attorneys  $265-$275
     Paralegals           $230-$400

The billing rates for Jenner & Block's attorneys are:

     Thomas Monson, Partner    $1,170
     Jeffrey Shuman, Partner   $877.50
     Anna Meresidis, Partner   $832.50
     Alexander May, Partner    $810
     Ariel Cho, Associate      $625.50
     Rita Feikema, Associate   $625.50
     Sarah Stewart, Associate  $513
     Adam Swingle, Associate   $513
     Jonathan Slack, Associate $459

Thomas A. Monson, Esq., a partner at Jenner & Block, disclosed in
court filings that he and his firm neither hold nor represent any
interest adverse to the Debtors or their bankruptcy estates, and
are disinterested within the meanings of Section 101(14) and 327(e)
of the Bankruptcy Code.

The firm can be reached at:

     Thomas A. Monson, Esq.
     Jenner & Block LLP
     353 N. Clark Street
     Chicago, IL 60654-3456
     Phone: 312 222-9350
     Fax: 312 527-0484
     Email:  rmehrberg@jenner.com

                 About Internap Corporation

Internap Corporation (NASDAQ: INAP) -- http://www.INAP.com/-- is a
leading-edge provider of high-performance data center and cloud
solutions with 100 network Points of Presence worldwide.  INAP's
full-spectrum portfolio of high-density colocation, managed cloud
hosting and network solutions supports evolving IT infrastructure
requirements for customers ranging from the Fortune 500 to emerging
startups.  INAP operates in 21 metropolitan markets, primarily in
North America, with 14 INAP Data Center Flagships connected by a
low-latency, high-capacity fiber network.

On March 16, 2020, Internap Technology Solutions Inc. and six
affiliates, including INAP Corporation, each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 20-22393).  Judge Robert D. Drain oversees
the cases.

Debtors tapped Milbank LLP as legal counsel, FTI Consulting as
restructuring advisor, and Moelis & Company as financial advisor.
Prime Clerk LLC is the claims agent and administrative advisor.


ISE PROFESSIONAL: Seeks to Hire Bush Ross as Legal Counsel
----------------------------------------------------------
ISE Professional Testing & Consulting Services, Inc., seeks
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to hire Bush Ross, P.A. as its legal counsel.
   
Bush Ross will provide services in connection with Debtor's Chapter
11 case, which include legal advice regarding its powers and duties
under the Bankruptcy Code, negotiations with its creditors, the
preparation of a bankruptcy plan, and representation in adversary
proceedings and other matters involving the administration of the
case.

The hourly rates range from $225 to $500 for the firm's attorneys
and from $125 to $145 for paralegals.

Prior to Debtor's bankruptcy filing, Bush Ross received the sum of
$36,717 for pre-bankruptcy services and as a retainer for
post-petition services.

Jeffrey Warren, Esq., at Bush Ross, disclosed in court filings that
his firm is "disinterested" within the meaning of Section 101(14)
of the Bankruptcy Code.

The firm can be reached through:

     Jeffrey W. Warren, Esq.
     Bush Ross, P.A.
     P.O. Box 3913       
     Tampa, Florida 33601-3913       
     Phone: (813) 224-9255
     Fax: (813) 223-9620
     Email: jwarren@bushross.com

                 About ISE Professional Testing
                      & Consulting Services

ISE Professional Testing & Consulting Services, Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 20-02538) on May 4, 2020.  At the time of the filing,
the Debtor disclosed assets of between $1 million and $10 million
and liabilities of the same range.  Buss Ross, P.A. is the Debtor's
legal counsel.


J & M SALES: No Error, Injustice in Dismissal of Suit, Court Says
-----------------------------------------------------------------
In the case captioned, PEGASUS TRUCKING, LLC, a Delaware Limited
liability company Plaintiff, v. GEORGE MILLER, solely in his
capacity as Chapter 7 trustee for the bankruptcy estates of J & M
Sales, Inc., and its affiliated debtor entities; GORDON BROTHERS
RETAIL PARTNERS, LLC, a Delaware limited liability company; GORDON
BROTHERS FINANCE COMPANY, a Delaware limited liability Corporate;
and GORDON BROTHERS FINANCE COMPANY, LLC, a Delaware limited
liability company, Defendants, Adv. Pro. No. 19-50267 (JTD) (Bankr.
D. Del.), Bankruptcy Judge John T. Dorsey denied Plaintiff's motion
for reconsideration of the order dismissing the complaint.

On August 6, 2018, the Debtors filed voluntary chapter 11 petitions
in the Delaware Bankruptcy Court. During the Debtors' case, Pegasus
purchased 85 of the Debtors' store locations, with the order
entered on Oct. 17, 2018 and the sale closed two days later. In
connection with the sale, Pegasus and the Debtors entered into a
Transition Services Agreement (TSA) filed on Nov. 19, 2018 which,
among other things, provided for Pegasus to use the Debtors' credit
and debit card processing firms and accounts until Dec. 31, 2018.
Gordon Brothers, the Debtors' liquidator, was to receive the funds
from the card processors and transfer the funds (net of processing
fees) to Pegasus within 48 hours of receiving credit or debit card
funds that were generated from the Pegasus outlets.

On June 3, 2019, Pegasus filed an administrative claim asserting
that the Debtors are holding at least $390,000 of funds generated
through credit card processing that rightly belong to Pegasus. On
June 25, 2019, Pegasus filed the Adversary Proceeding against the
Trustee and Gordon Brothers for recovery of those same funds,
alleging 8 counts: (I) Declaratory Relief; (II) Breach of Contract;
(III) Conversion; (IV) Wrongful Withholding of Funds and Imposition
of Constructive Trust; (V) Money Had And Received; (VI) Open Book
Account; (VII) Account Stated; and (VIII) Accounting. Defendants
filed Motions to Dismiss on August 22, 2019.

A hearing on the Motions to Dismiss was held on Nov. 13, 2019 with
the Court issuing an oral ruling dismissing Count I and Counts
III-VIII with prejudice and dismissing Count II without prejudice,
to be dealt with through the administrative claims process. The
Order dismissing the Complaint was entered on the docket on Nov.
25, 2019. Pegasus filed the Motion for Reconsideration of Dismissal
of Complaint on Dec. 9, 2019.

According to Judge Dorsey, the Plaintiff does not allege any change
in the law or new evidence but asserts that the dismissal of the
Complaint at this stage "represents a manifest error of law and
injustice, and should be reconsidered and corrected." The Plaintiff
asserts two causes for relief. First, that the remaining breach of
contract count does not address the Plaintiff's "chief allegation"
that the funds in question belong to Pegasus irrespective of the
existence of the contract and that even a successful breach of
contract determination in the proof of claim proceedings would not
offer full relief due to only receiving a pro rata share of estate
funds. In its second claim for relief, Pegasus contends that by
dismissing the Complaint and leaving it only the ability to pursue
an administrative expense claim, the Court cut off Pegasus from any
relief or recovery from Gordon Brothers.

In its first claim for relief, Pegasus asserts that "on multiple
occasions throughout the Complaint and in connection with virtually
every count in the Complaint, Plaintiff expressly alleged that the
'Pegasus Funds belong to, and are the exclusive property of,
Pegasus.'" Pegasus sought such a determination from the Court in
Count I (Declaratory Relief) of the Complaint and refers to the
funds in question as "Pegasus Funds" in all other counts as well.
Pegasus is asserting that the Court did not properly consider
Pegasus' overarching contention that the funds in question belong
to Pegasus, "irrespective of, and having nothing to do with, the
contract."

However, in Count II of the Complaint (Breach of Contract) Pegasus
acknowledges that the TSA is a valid and enforceable contract
between Pegasus and the Debtors, and that the Debtors' duties were
assumed by the Debtors' bankruptcy estates. This position was
confirmed at oral argument.  Further, Plaintiff's counsel also
stated that the Plaintiff's claim to these funds arises from the
TSA.

In its second claim for relief, Pegasus asserts that the dismissal
of the Complaint, which limited it to recovery through the
administrative claims process, unjustly bars it from seeking relief
from Gordon Brothers as Gordon Brothers "is actually not a party to
the TSA" and not a party to the administrative proceedings. The
Complaint states that Gordon Brothers "acted as an agent to the
Debtors" and that Gordon Brothers is bound by the TSA, "in its
capacity as agent for or representative of the Debtors . . ."
However, pursuant to the TSA, it is the responsibility of the
Debtors to remit the credit card proceeds from the Pegasus stores
to Pegasus.  The Plaintiff's Complaint did not assert a theory of
liability of Gordon Brothers other than through its actions on
behalf of the Debtors. A comment by Plaintiff's counsel raising
this issue after the decision was rendered by the Court does not
save it.

The issues raised by Pegasus in its Motion for Reconsideration do
not support a finding of a clear error of law or fact or a finding
of manifest injustice as would be necessary to grant the
Plaintiff's Motion. Therefore, the Plaintiff's Motion for
Reconsideration of Dismissal of Complaint is denied.

A copy of the Court's Memorandum Opinion dated March 13, 2020 is
available at https://bit.ly/2V2JkdI from Leagle.com.

Pegasus Trucking LLC, Plaintiff, represented by Aaron H. Stulman --
astulman@potteranderson.com -- Potter Anderson & Corroon LLP.

George L. Miller, solely in his capacity as chapter 7 trustee for
the bankruptcy estates of J & M Sales, Inc. and its affiliated
debtor entities, Defendant, represented by Kevin M. Capuzzi --
kcapuzzi@beneschlaw.com. -- Benesch Friedlander Coplan & Aronoff
LLP & Jennifer R. Hoover -- jhoover@beneschlaw.com -- Benesch
Friedlander Coplan & Aronoff LLP.

Gordon Brothers Finance Company & Gordon Brothers Finance Company,
LLC, Defendants, represented by Erin R. Fay -- efay@bayardlaw.com
-- Bayard, P.A.

            About National Stores, J&M Sales

National Stores was a 344-store chain in 22 U.S. states and Puerto
Rico.  National Stores currently does business as Fallas, Fallas
Paredes, Fallas Discount Stores, Factory 2-U, Anna's Linen's by
Fallas, and Falas (spelled with single "l" in Puerto Rico).  Fallas
was a discount retailer offering value-priced merchandise,
including apparel, bedding and household supplies.  The brands of
National Stores were located in retail plazas, specialty centers,
and downtown areas to serve the communities its customers and staff
members call home.

National Stores, Inc., and its affiliates sought Chapter 11
protection and Aug. 6, 2018, and announced that Hilco Merchant
Resources, LLC, was conducting going-out-of-business sales for 74
stores.  The lead case is In re J & M Sales Inc. (Bankr. D. Del.
Lead Case No. 18-11801).  J & M Sales estimated assets and debt of
$100 million to $500 million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein was assigned to the case.

The Debtors tapped Katten Muchin Rosenman LLP as general bankruptcy
counsel; Pachulski Stang Ziehl & Jones LLP as bankruptcy
co-counsel; Retail Consulting Services, Inc., as real estate
advisor; Imperial Capital, LLC, as investment banker; and Prime
Clerk LLC as the claims and noticing agent.  SierraConstellation
Partners, LLC, is providing personnel to serve as chief
restructuring officer and support staff.

Pegasus Trucking LLC, acquired 85 of the Debtors' store locations.
The bankruptcy case was later converted to a liquidation in Chapter
7 and George Miller was appointed Chapter 7 trustee.


JACKIE LLC: June 9 Plan & Disclosure Hearing Set
------------------------------------------------
On April 20, 2020, debtor Jackie, LLC, filed with the U.S.
Bankruptcy Court for the Eastern District of Arkansas, Central
Division, an initial Small Business Combined Plan of Reorganization
and Disclosure Statement.

On April 24, 2020, Judge Richard D. Taylor conditionally approved
the Small Business Combined Plan and Disclosure Statement and
established the following dates and deadlines:

  * May 30, 2020, is fixed as the last day for filing written
acceptances or rejections of the Debtor’s Plan.

  * June 9, 2020, at 9:00 AM at the U.S. Bankruptcy Courthouse, 300
W. Second Street, Little Rock, Arkansas 72201, is fixed for the
date, time and location of the hearing on final approval of the
Small Business Combined Plan and Disclosure Statement.

  * May 30, 2020, is fixed as the last day for filing and serving
written objections to the Small Business Combined Plan and
Disclosure Statement, and/or confirmation of the Plan.

  * The Debtor is granted an extension Aug. 31, 2020, within which
to secure the confirmation of the Plan.

A copy of the order dated April 24, 2020, is available at
https://tinyurl.com/ya78sv54 from PacerMonitor at no charge.

Attorney for Debtor:

         KEECH LAW FIRM, P.A.
         2011 South Broadway
         Little Rock, AR 72206
         Tel: (501) 221-3200
         E-mail: kkeech@keechlawfirm.com

                      About Jackie, LLC
    
Jackie, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.
Ark. Case No. 19-13670) on July 16, 2019, estimating under $1
million in both assets and liabilities.  Keech Law Firm, PA, led by
founding partner Kevin P. Keech, is the Debtor's counsel.


LAMAR MEDIA: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
--------------------------------------------------------------
S&P assigned its 'BB-' issue-level and '3' recovery ratings to the
proposed $400 million of senior unsecured notes issued by Lamar
Media Corp., a subsidiary of Baton Rouge, La.-based outdoor
advertising company Lamar Advertising Co. (Lamar). The '3' recovery
rating indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 55%) recovery for lenders in the event of a payment
default.

Lamar plans to use the proceeds from the proposed debt with cash on
hand for general corporate purposes, including paying down
outstanding borrowings under its revolving credit facility. The
transaction does not affect S&P's 'BB-' issuer credit rating or
negative outlook on Lamar because it is leverage-neutral. S&P
expects adjusted debt to EBITDA to rise to 4.5x-5.5x in 2020 from
4.3x at year-end 2019 as a result of the coronavirus pandemic and
resulting economic downturn, causing out-of-home advertising to
decline.

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

-- Following the transaction, Lamar's debt capitalization will
consist of a $175 million priority class accounts receivable (AR)
securitization program due in 2021, a senior secured class
(consists of a $750 million revolving credit facility due in 2025
and a $600 million term loan B due in 2027), a senior unsecured
class ($650 million of 5.75% senior notes due in 2026, $600 million
of 3.75% senior notes due in 2028, the new $400 million senior
notes due in 2029, and $400 million of 4% senior notes due in
2030), and a senior subordinated class ($535 million of 5% senior
subordinated notes due in 2023). The AR securitization program and
revolving credit facility are unrated. Lamar Media Corp. is the
borrower of the debt.

-- The senior secured credit facility is secured by a perfected
first-priority security interest on all tangible and intangible
assets (subject to 65% of the voting stock of first-tier foreign
subsidiaries and other excluded assets). It benefits from a
priority claim on the collateral. The senior subordinated notes are
contractually subordinated to senior unsecured noteholders.
Simulated default assumptions

-- S&P's simulated default scenario contemplates a default in 2024
because of a significant decline in cash flow during a prolonged
economic downturn that reduces advertising spending and increases
competition from alternative media.

-- Other default assumptions include an 85% draw on the revolving
credit facility, LIBOR is 2.5%, the spread on the revolving credit
facility and term loans increasing to 5% as covenant amendments are
obtained, and all debt including six months of prepetition
interest.

-- S&P expects Lamar would be reorganized in the event of a
default given the importance of outdoor advertising to advertisers'
marketing mix and the company's desirable locations in small to
midsize markets.

Simplified waterfall

-- EBITDA at emergence: about $370 million

-- EBITDA multiple: 7.5x

-- Gross recovery value: about $2.77 billion

-- Net recovery value after administrative expenses (5%): about
$2.63 billion

-- Value available for secured debt (after priority claims): about
$2.46 billion

-- Senior secured debt: about $1.28 billion

-- Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available for senior unsecured debt: about $1.17 billion
-- Senior unsecured debt: about $2.1 billion

-- Recovery expectations: 50%-70% (rounded estimate: 55%)

-- Value available for senior subordinated debt: $0

-- Senior subordinated debt: about $548 million

-- Recovery expectations: 0%-10% (rounded estimate: 0%)


LAMBERT'S CONSTRUCTION: Has Until Aug. 15 to File Plan & Disclosure
-------------------------------------------------------------------
Judge Frank W. Volk of the U.S. Bankruptcy Court for the Southern
District of West Virginia has entered an order directing that the
deadline within which debtor Lambert's Construction Company of
Bluefield may file a Disclosure Statement and Plan is extended
through Aug. 15, 2020.

A copy of the order dated April 24, 2020, is available at
https://tinyurl.com/yd87k256 from PacerMonitor at no charge.

The Debtor is represented by:

         Joseph W. Caldwell
         Caldwell & Riffee, PLLC
         3818 MacCorkle Avenue, SE
         P. O. Box 4427
         Charleston, WV 25364
         Tel: (304) 925-2100
         Fax: (304) 925-2193
         E-mail: jcaldwell@caldwellandriffee.com

                 About Lambert's Construction

Lambert's Construction Company of Bluefield, Inc. --
http://www.lambertscontracting.com/-- is a general contractor in
Bluefield, West Virginia. Its services include masonry, paving,
demolition and excavation, landscaping, and electrical work.  It
has been serving the Mercer, Bland, and Giles counties since 2008.

Lambert's Construction Company sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-10086) on
July 9, 2019. At the time of the filing, the Debtor was estimated
to have assets between $500,000 and $1 million and liabilities
between $1 million and $10 million. The case is assigned to Judge
Frank W. Volk. The Debtor is represented by Caldwell & Riffee.


LEGACY JH762: Comerica Bank Objects to the Joint Disc. Statement
----------------------------------------------------------------
Comerica Bank (Secured Creditor) objects to confirmation of the
Joint Disclosure Statement of debtors Legacy JH762, LLC and
Cassandra Kay Mccord:

In its objection, the Secured Creditor points out that:

  * The Disclosure Statement still fails to provide for clear
treatment of the secured mortgage as the provisions of the
Disclosure Statement are vague.  In fact, despite the Courts
directive at the April 8, 2020 hearing to circle a disclosure
statement to objecting creditors addressing the various objections,
the Debtor’s proposed Disclosure Statement still provides the
same treatment Secured Creditor previously objected to.

  * Pursuant to McCord's prior case (Case No. 15-17010-EPK), the
parties agreed to a new principal balance of $113,000.00 over 15
years with 4.95% interest with a monthly payment of $890.66. The
Proof of Claim discloses that the parties are due for the August
15, 2018 payment.

  * The Disclosure Statement fails to disclose the correct monthly
terms and to provide for the immediate payment of the past-due
arrearage. Furthermore, the Disclosure Statement fails to provide
Secured Creditor with default provisions or relief from stay due to
the delinquency.

  * Secured Creditor does not consent to the treatment of its claim
as proposed by the Debtor's Disclosure Statement due to the fact
that the disclosure statement fails to provide adequate information
within the meaning of 11 U.S.C Sec. 1125(a)(1) to allow creditor
the opportunity to understand how it will be treated in the
proposed Chapter 11 plan of reorganization and how to vote a ballot
on the chapter 11 plan or reorganization.

  * Secured Creditor has incurred additional fees and costs as a
result of having to file this objection.

A full-text copy of Comerica Bank's objection dated April 28, 2020,
is available at https://tinyurl.com/y6wgooov from PacerMonitor at
no charge.

Attorney for Creditor:

         McCalla Raymer Leibert Pierce, LLC
         Neisi I. Garcia Ramirez
         110 S.E. 6th Street, Suite 2400
         Ft. Lauderdale, FL 33301
         Tel: 754-263-1065
         Fax: 754-263-1065
         E-mail: Neisi.GarciaRamirez@mccalla.com

                    About Legacy JH762 LLC

Legacy JH762, LLC, owns three real properties in Pinehurst, N.C.
and Jupiter, Fla., having a total comparable sale value of $5.1
million.

Legacy JH762 filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-16308) on May 23,
2019.  In the petition signed by James W. Hall, managing member,
the Debtor disclosed $5,100,100 in assets and $3,456,044 in
liabilities.  David L. Merrill, Esq., at The Associates, is the
Debtor's counsel.


LEGACY JH762: JPMorgan Objects to Joint Amended Disclosures
-----------------------------------------------------------
JPMorgan Chase Bank, National Association objects to approval of
Joint Second Amended Disclosure Statement of debtor Legacy JH762,
LLC.

JPMorgan Chase Bank, National Association, objects to approval of
Debtor’s Joint Second Amended Disclosure Statement due to the
fact that the disclosure statement fails to provide adequate
information within the meaning of 11 U.S.C. Sec. 1125(a)(1) to
allow creditor the opportunity to understand how it will be treated
in the proposed Chapter 11 plan of reorganization and how to vote a
ballot on the chapter 11 plan or reorganization.

JPMorgan asserts that:

   * The Joint Second Amended Disclosure Statement does not
reference any anticipated or existing broker listing agreements,
any estimation of current market value, any marketing history or
existing comparable sales which would allow JPMorgan Chase Bank,
National Association to determine if there is a likelihood of sale
for the subject real property located at 14 Kenwood CT, Pinehurst,
NC 28374 which would result in an anticipated payoff of the
existing mortgage.

   * The Debtor failed to provide proof that the subject property
has sufficient hazard insurance and a copy of the current insurance
policy is request.

   * The Debtor failed to adequately set forth the income and
expenses incurred by Debtor in the operation of the real property
as a luxury golf rental home as there was no pro forma attached to
the Disclosure Statement which itemized monthly rental income and
expenses prior to filing this case or postpetition.

   * The Debtor fails to include any financial information for Mr.
Hall who is allegedly assisting the Debtor in order to make the
case feasible however no such information is disclosed even though
Exhibit E was added there is nothing listed in the exhibit.

A full-text copy of JPMorgan's objection dated April 30, 2020, is
available at https://tinyurl.com/y7vuoxgk from PacerMonitor at no
charge.

Attorney for the Secured Creditor:

     Steven G. Powrozek
     Shapiro, Fishman & Gacha, LLP
     4630 Woodland Corporate Blvd., Suite 100
     Tampa, FL 33614
     Tel: (813) 367-5813
     Fax: (813) 880-8800
     E-mail: spowrozek@logs.com

                    About Legacy JH762 LLC

Legacy JH762, LLC, owns three real properties in Pinehurst, N.C.
and Jupiter, Fla., having a total comparable sale value of $5.1
million.

Legacy JH762 filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-16308) on May 23,
2019.  In the petition signed by James W. Hall, managing member,
the Debtor was estimated to have $5,100,100 in assets and
$3,456,044 in liabilities.  David L. Merrill, Esq., at The
Associates, is the Debtor's counsel.


LIVE NATION: Moody's Rates New $800MM Senior Secured Notes 'Ba2'
----------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Live Nation
Entertainment, Inc.'s proposed $800 million senior secured notes
issuance. The notes have the potential to be upsized and the
company plans to use the proceeds for general corporate purposes.
Live Nation's Ba3 corporate family rating, Ba3-PD probability of
default rating, Ba2 senior secured credit facilities ratings, B1
senior unsecured notes ratings, SGL-1 speculative grade liquidity
rating, and negative outlook remain unchanged.

Rating Assigned:

Senior Secured Notes, Assigned Ba2 (LGD2)

RATINGS RATIONALE

Live Nation's Ba3 CFR benefits from: (1) good market position,
enhanced by established relationships with performing artists which
create substantial entry barriers; (2) predictable cash flow due to
its established platform for concert promotions and ticketing; (3)
very good liquidity; and (4) good growth prospects especially in
emerging markets, where there is growing consumption of live events
as middle-class incomes rise. The rating is constrained by: (1)
potential significant negative impact of the coronavirus outbreak
on its profitability; (2) a lack of publicly articulated capital
structure target and risks that its acquisition growth strategy
will elevate leverage periodically; (3) expectations that leverage
will be sustained towards 5x (6.4x for LTM Q1/2020, pro forma for
the notes issuance) by the end of 2021; and (4) event risks, such
as new ticketing competitors and regulatory changes addressing the
company's substantial market position or mandated consumer
protection initiatives.

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 live
entertainment sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. Live Nation remains vulnerable to the outbreak
continuing to spread. Moody's expects credit quality to
deteriorate, especially for those companies in the vulnerable
sectors that are most affected by sharply reduced revenue and
profitability. 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.

Live Nation's social risk is elevated. The coronavirus outbreak is
expected to materially impact operations in the live entertainment
sector and in turn Live Nation's earnings, given the company's
sensitivity to consumer discretionary incomes. The company will
become more vulnerable if the outbreak continues to spread into the
summer months. The company's market position attracts periodic
adverse publicity related to both consumer protection and
anti-competitive behavior. Some consumer protection issues arise
from situations in which professional resellers use their
competitive advantage to access large quantities of tickets, and
individual consumers get priced out of the market. These lead to
periodic calls for regulatory intervention and although the company
has not been sanctioned, credit concerns exist.

Live Nation's governance risk is elevated. The company has a
growth-by-acquisition strategy, which is not supported with a
publicly disclosed leverage target. This creates uncertainty as to
the extent to which leverage will rise with future acquisitions.

Live Nation has very good liquidity (SGL-1). Sources approximate
$2.3 billion while it has $10 million of mandatory term loan
repayments and about $500 million of consumptive free cash flow in
the next 12 months. Liquidity is supported by cash of about $1.7
billion (including $800 million proceeds from the notes issue but
excluding $842 million in ticketing client cash and $1.5 billion of
net event-related deferred revenue), and $563 million of
availability under its $630 million multi revolving credit facility
that matures in October 2024 (none drawn but there is $67 million
of letters of credit outstanding). In April 2020, the company
amended the net leverage covenant under its revolving credit
facility. The covenant becomes applicable from Q4/2020 onwards and
cushion is expected to be at least 15% in the four quarters
thereafter. Live Nation has limited ability to generate liquidity
from asset sales.

The negative outlook reflects expectations that a further rating
downgrade will occur if the impact of the spread of the coronavirus
is more severe than now anticipated and significantly pressures
demand for live entertainment beyond 2020.

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

For an upgrade to be considered, the company must continue to
demonstrate stable operating performance and maintain very good
liquidity while sustaining Debt/EBITDA below 4x (pro forma 6.4x for
LTM Q1/2020) and FCF/Debt above 10% (pro forma 3% for LTM
Q1/2020).

The ratings could be downgraded if business fundamentals weaken as
a result of the coronavirus outbreak, evidenced by material revenue
and EBITDA declines or if Debt/EBITDA is sustained above 5x (pro
forma 6.4x for LTM Q1/2020) and FCF/Debt below 0% (pro forma 3% for
LTM Q1/2020). Weak liquidity, likely due to an expectation of
negative free cash flow for a protracted period could also cause a
downgrade.

Live Nation Entertainment, Inc., headquartered in Beverly Hills,
California, operates a leading live entertainment ticketing and
marketing company (Ticketmaster), and owns, operates and/or
exclusively books venues and promotes live entertainment with
operations in North America, Europe, Asia and South America.
Revenue for the twelve months ended March 31, 2020 was $11.1
billion.

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


LIZZA EQUIPMENT: Has Until July 1 to File Plan & Disclosure
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey held a
hearing on the application of Debtors Lizza Equipment Leasing,
Inc., Azzil Granite Materials, LLC and Magnolia Associates, LLC
seeking further extension of the deadline for the Debtor to file a
Plan and Disclosure Statement.

On April 24, 2020, Judge Michael B. Kaplan ordered that:

* The deadline for the jointly administered Debtors to file a Plan
and Disclosure Statement be and is hereby extended from May 1, 2020
to July 1, 2020.

  * If the Debtors fail to file a Plan and Disclosure Statement by
July 1, 2020, the cases will automatically convert to cases under
Chapter 7.

A full-text copy of the order dated April 24, 2020, is available at
https://tinyurl.com/y9des8j2 from PacerMonitor at no charge.

The Debtors are represented by:

        WASSERMAN, JURISTA & STOLZ, P.C.
        110 Allen Road, Suite 304
        Basking Ridge, NJ 07920
        Tel: (973) 467-2700
        Fax: (973) 467-8126
        Daniel M. Stolz, Esq.

                About Lizza Equipment Leasing

Azzil Granite Materials is a supplier of high friction granite
aggregates for the New York City and Long Island market. Magnolia
Associates owns a 134-acre property with quarry located in White
Hall, N.Y., which is valued by the company at $15 million.

Based in Hackettstown, N.J., Lizza Equipment Leasing, LLC and its
affiliates, Azzil Granite Materials LLC and Magnolia Associates
LLC, sought Chapter 11 protection (Bankr. D.N.J. Lead Case
No.19-21763) on June 12, 2019.  In the petitions signed by Carl J.
Lizza, co-managing member, Lizza Equipment Leasing disclosed $90 in
assets and liabilities of $987,830; Azzil Granite Materials
disclosed total assets of $813,825 and total liabilities of
$23,859,263; and Magnolia Associates disclosed total assets of
$15,317,480, and total liabilities of $13,137,533.

Judge Michael B. Kaplan oversees the cases.

Daniel M. Stolz, Esq., at Wasserman Jurista & Stolz, P.C., is the
Debtors' bankruptcy counsel.


LOG STORM SECURITY: Boston Light, Caisson Say Plan Not Confirmable
------------------------------------------------------------------
Boston Light Advisors, LLC, and Caisson Breakwater Global
Opportunity Fund, LP object to the adequacy of the Disclosure
Statement of debtor Log Storm Security, Inc.

   * The Disclosure Statement fails to describe the process whereby
the assets of the Debtor have been, or will be marketed in order to
achieve a fair price and appropriate distribution to creditors.

   * The Disclosure Statement fails to provide details concerning
the value of Debtor's assets and relevant financial information.
Notwithstanding the core importance of the intellectual property to
the Debtor's proposed plan, no information is provided whatsoever
concerning valuation of same.

   * The Disclosure Statement is facially unconfirmable as it is
not feasible.  The Debtors' proposed Plan is not confirmable on its
face because other than conclusory and confusing statements
concerning the means to implement the plan, there is no information
to suggest that the proposed plan is feasible.

   * The Disclosure statement fails to set forth critical
information and other information is simply inaccurate. Of
significant impact on creditors would be the relationship of Dale
Cline, the Debtor's President and CEO, to CSI the proposed
unconditional transferee of the Debtor's assets and current
licensee of certain IP assets.

A full-text copy of Boston Light and Caisson's objection dated
April 30, 2020, is available at https://tinyurl.com/ybrfb2cz from
PacerMonitor at no charge.

Counsel for Boston Light and Caisson:

         STARK & STARK
         Joseph H. Lemkin, Esq.
         P.O. Box 5315
         Princeton NJ 08543-5315
         Tel: 609-791-7022
         Fax: 609-895-7395

                   About Log Storm Security

Founded in 1999, Log Storm Security, Inc. doing business as
BlackStratus -- https://www.blackstratus.com/ -- provides security
information event management (SIEM) products and services.  The
company also offers support to help managed service providers
(MSPs) develop new or improve their current security-as-a-service
business.

Log Storm Security sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.J. Case No. 20-12043) on Feb. 6, 2020.
The petition was signed by Dale W. Cline, president.  At the time
of filing, the Debtor had $29,188 in assets and $5,049,036 in
liabilities.  The Debtor is represented by Richard D. Trenk, Esq.,
at McMANIMON, SCOTLAND & BAUMAN, LLC.


MEADE INSTRUMENTS: Hires Chawla Law as Special Counsel
------------------------------------------------------
Meade Instruments Corp. seeks approval from the U.S. Bankruptcy
Court for the Central District of California to hire Chawla Law
Group, APC as chapter 11 special counsel.

Meade requires Chawla Law to:

     a. advise Debtor regarding matters of immigration law,
specifically in reference to the Status Application;

     b. assist the Debtor with respect to filing of a Petition for
Nonimmigrant Worker (USCIS Form I-129) in the TN visa category for
the Debtor's Information Technologies Manager, Ivan Vasquez, with
the Department of Homeland Security, U.S. Citizenship and
Immigration Services;

     c. represent Debtor in any proceedings or hearings related to
the Status Application or the Firm's services, including to make
any appearance before any United States Immigration Court on behalf
of Debtor and to attend any interview of Debtor's employee with the
United States Embassy; and

     d. take such other action and perform such other services as
Debtor may require of the firm in connection with the Status
Application.

The Debtor will pay the firm the sum of $5,275 as a trust retainer.


The Firm is a disinterested person within the meaning of 11 U.S.C.
Sec. 101(14), and does not have an interest adverse to Debtor's
estate in accordance with 11 U.S.C. Sec. 327.

The firm can be reached through:

     Amrit Vaani Chawla, Esq.
     Chawla Law Group, APC
     9750 Miramar Rd # 215
     San Diego, CA 92126
     Phone: +1 858-586-0700

                About Meade Instruments Corp.

Meade Instruments Corp. designs and manufactures optical products,
including telescopes, cameras, binoculars, and sports optics
products.

Meade Instruments Corp. filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-14714) on Dec. 4, 2019. In the petition signed by Victor
Aniceto, president, the Debtor estimated $10 million to $50 million
in both assets and liabilities. Marc C. Forsythe, Esq., at Goe
Forsythe & Hodges LLP is the Debtor's legal counsel.


MEDNAX INC: S&P Lowers ICR to 'B+' on Sale of Anesthesia Business
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.S. health care staffing company MEDNAX Inc. to 'B+' from 'BB-'
after the company announced the sale of its American Anesthesiology
medical group, for roughly $160 million in cash and retention of
net working capital and contingent consideration in the combined
NAPA organization worth up to $250 million.

The practices generated revenue of approximately $1.2 billion and
an estimated $100 million of EBITDA for the year ended Dec. 31,
2019.  With the sale, S&P projects MEDNAX's adjusted net debt
leverage to be about 7.5x for 2021, up from the rating agency's
original expectations of 5.5x, reflecting the full year impact of
the sale of American Anesthesiology and recovery from the impact
from COVID-19.

Meanwhile, S&P lowered its issue-level ratings on MEDNAX's
unsecured debt to 'B+' from 'BB-'. The recovery rating remains
'4'.

"The downgrade reflects our view that the incremental strengthening
of the business risk from the sale is more than offset by the
considerable increase in debt leverage.  We estimate MEDNAX's
adjusted net leverage will be materially above 5x for an extended
time due to severe EBITDA pressure from COVID-19 combined with
pressure from UnitedHealth's terminations, elevated restructuring
costs, and increased overhead operating expenses. We expect
leverage to return to about 6x in 2022, as COVID-pressures and
restructuring costs subside," S&P said.

Although the sale materially reduces the company's size as well as
its diversification, S&P continues to view MEDNAX as fundamentally
stronger than some of its staffing peers due to its high
concentration in the high-margin, relatively stable neonatal
segment. With the sale of the company's anesthesia business, its
lowest margin segment (at around 9%) and which was suffering from
increasing reimbursement pressure from payors, such as
UnitedHealth, S&P believes MEDNAX's margin profile improves and
reimbursement uncertainty lessens. The anesthesia business
accounted for 36%, or about $1.2 billion, of revenue in 2019, with
an estimated EBITDA margin of 20%. Additionally, recent financial
results in anesthesia have been hurt by historically high clinical
labor cost inflation, caused by supply constraints of
anesthesiologists and nurse anesthetists, causing the company to
engage in aggressive portfolio management in its anesthesia
segment. Finally, anesthesia faced higher reimbursement pressure
than the company's other segments. On Feb. 27, 2020, the American
Society of Anesthesiologists published the results of its new
national survey, which found 42% of respondents had their contracts
terminated in the last six months and 43% experienced dramatic
payment cuts from insurers, both mid-contract and at renewal (in
some cases by as much as 60%).

S&P views the U.S. health care staffing industry as highly
fragmented, and MEDNAX is the only large, national provider of
neonatology services, with a market share greater than 20%.  In
addition to its scale within its selected subspecialties, MEDNAX
also maintains the largest database of neonatology and radiology
records, which provides it with a competitive advantage in seeking
new contracts. Like most health care service providers, MEDNAX is
exposed to reimbursement risk, and its payor mix includes
significant exposure to government reimbursements. Further, given
the company's focus on relatively high-intensity specialties and
its somewhat flexible cost structure, EBITDA margins—even when
diluted by the now divested anesthesia segment, are still higher
than peers. S&P continues to believe the company's neonatal segment
is somewhat more insulated from reimbursement pressure than
specialties such as anesthesia because the services it provides are
highly specialized. Nevertheless, UnitedHealth's recent termination
of all contracts with MEDNAX across four states, including those
covering the neonatology and maternal fetal medicine segments leads
S&P to believe they are more vulnerable to cuts than the rating
agency previously thought. United has agreed to delay the effective
termination dates, and S&P expects the pressure caused by payors to
be more moderate without the company's anesthesia segment.

"While we expect EBITDA to suffer materially in the second and
third quarters, we continue to expect the company to maintain
sufficient liquidity to absorb significant losses.  The divestiture
of the anesthesia business, which we project will report $150
million to $250 million of losses in 2020, actually lessens the
company's exposure as well as curtails restructuring costs. While
April 2020 revenues were down by 30%-35% compared to April 2019,
patient volumes in anesthesia declined by 60%-70% in April while
radiology declined by 50%-60% and there was no material impact on
the neonatal business from COVID-19, due to its nondiscretionary
nature. We expect the company to pass covenant tests given the
amendment it received. MEDNAX has no near-term maturities and has
nearly full access to its $1.2 billion revolver," S&P said.

The stable outlook on MEDNAX reflects S&P's expectation it will
continue to grow through acquisitions and fund them through
internally generated cash flow and some incremental debt issuance,
maintaining average leverage above 5x over time.

"We could consider a lower rating if we expect leverage to be
sustained above 7x, most likely due to UnitedHealth pursuing
aggressive rate reductions in all MEDNAX services nationwide or due
to restructuring costs being materially greater and lasting longer
than expected. If we believe these cuts will be extended nationwide
or if we see other payors following suit with this level of
aggression, we could lower the rating, given that this would likely
cause us to reassess the strength of the company's business
positioning," S&P said.

"We believe upside potential for the rating is limited at this
time. We could raise the rating if we believe the company will
likely sustain debt to EBITDA materially below 5x, around the 4.5x
range, over a longer term," S&P said.


MICHAELS STORES: Moody's Cuts CFR to Ba3 & Unsecured Rating to B2
-----------------------------------------------------------------
Moody's Investors Service downgraded Michaels Stores, Inc.'s
corporate family rating to Ba3 from Ba2, its probability of default
rating to Ba3-PD from Ba2-PD, its senior secured rating to Ba3 from
Ba2, and unsecured rating to B2 from B1. The speculative grade
liquidity rating was downgraded to SGL-2 from SGL-1. The outlook is
stable.

The downgrade reflects, the negative impact of COVID-19 on store
operations, including some full closures and curbside only
operations that will cause a material drop in revenue and earnings.
Credit metrics where near Moody's downgrade thresholds prior to the
pandemic and will deteriorate to a level more reflective of a Ba3
rating. While Moody's expects demand for arts and crafts will be
maintained as children and adults spend more time at home (even as
shelter in place orders are lifted), seasonal and other categories
are likely to be hurt by lower consumer demand as unemployment and
economic activity declines. The downgrade of the speculative grade
liquidity rating reflects some potential reliance on the company's
$850 million revolving credit facility to support near term
operations as the company navigates lower revenues and working
capital management complicated by the pandemic. Nevertheless,
Michaels maintains good liquidity evidenced by high cash balances
and sufficient revolver capacity to support operations during the
pandemic, and no near-term debt maturities -- the nearest being the
company's term loan due in January 2023. The stable outlook
considers Moody's view that credit metrics will deteriorate below
its downgrade thresholds in 2020 before recovering in 2021 along
with the company's revenues and EBITDA. Moody's also believe, the
improvement in EBITDA along with the repayment of revolver
borrowings will result in debt/EBITDA around 4.5x and EBIT/interest
around 2.0x at the end of 2021.

Downgrades:

Issuer: Michaels Stores, Inc.

Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD

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

Corporate Family Rating, Downgraded to Ba3 from Ba2

Senior Secured Bank Credit Facility, Downgraded to Ba3 (LGD3) from
Ba2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 (LGD5)
from B1 (LGD5)

Outlook Actions:

Issuer: Michaels Stores, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

The rapid 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 Michaels credit profile, including
its exposure to some store closures have left it vulnerable to
unprecedented operating disruption. 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 Michael's of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

Michaels Stores, Inc.'s Ba3 corporate family rating is supported by
the company's scale and strong market position (in terms of number
of stores) as the established leader in the highly fragmented arts
and craft segment of retail. Michaels' has a track record of
relatively stable revenues and margins that have averaged in the
low to mid-teens over the past five years.

Michaels is constrained by modest business risk associated with the
highly seasonal nature of Michaels' product sales, exposure to
categories that are more sensitive to economic conditions (such as
seasonal decor and custom framing), and competition from two other
privately held arts and craft chains and big box retailers.
Michaels faces some operating margin pressure due to sluggish
demand from the casual crafter, promotional activity, the need to
absorb tariffs, high distribution costs and strategic investments.

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

Ratings could be upgraded if debt/EBITDA can be sustained around
4.0x, EBIT/interest above 3.0x and if the company's financial
policy supports maintaining credit metrics in line with these
levels. An upgrade would require Michael's maintain good
liquidity.

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 4.5x, EBIT/interest below 2.25x or
if the company's financial policy in terms of leverage targets and
returns to shareholders becomes more aggressive.

Michaels Stores, Inc. is a wholly-owned subsidiary of Michaels
Companies, Inc., the largest dedicated arts and crafts specialty
retailer in North America based on number of stores operated. The
company operate more than 1,260 stores in 49 states and Canada and
generated revenues of approximately $5.1 billion for the latest
twelve months ended February 3, 2020. The company primarily sells
general and children's crafts, home decor and seasonal items,
framing and scrapbooking products. Michaels Companies, Inc.,
(ticker "MIK"), is publicly traded, but remains approximately 50%
owned by affiliates of Bain Capital Partners, LLC and The
Blackstone Group, L.P., who acquired the company in 2006.

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


MINNESOTA SCHOOL: State Says Plan Disclosures Inadequate
--------------------------------------------------------
The State of Minnesota, by and through its Attorney General Keith
Ellison, objects to Disclosure Statement in Support of Joint Plan
of Reorganization of debtors Minnesota School of Business, Inc.,
and Globe University, Inc.

The State asserts that:

   * One major gap in the disclosure statement concerns whether the
State will be enjoined from completing the restitution process
ordered by the Hennepin County District Court -- a process that is
expressly authorized under the police-powers exception to the
Bankruptcy Code's automatic stay.

   * Another element missing from the Disclosure Statement is
sufficient information regarding claims against the estate and the
likelihood and possible success of non-bankruptcy litigation.

   * The Debtors also failed to provide complete description of the
available assets and their value, liquidation analysis setting
forth the estimated return that creditors would receive under
chapter 7, and the actual or projected value that can be obtained
from avoidable transfers.

   * The State is also concerned that it cannot evaluate the Plan
without explanation for why its claim is deemed unimpaired under
the reorganization option.

   * The Disclosure Statement also lacks information about the
purported exit financing that Debtors will rely on to fund their
reorganization. Knowledge of a debtor's financial condition is
essential before any informed decision concerning the merits of a
chapter 11 plan can be made.

   * An adequate disclosure must also provide information regarding
the future management of the debtor, including the amount of
compensation to be paid to any insiders, directors, and/or officers
of the debtor.

A full-text copy of the State of Minnesota's objection dated April
30, 2020, is available at https://tinyurl.com/ydc86utu from
PacerMonitor at no charge.

Attorneys for the State:

          MATTHEW BURTON
          5125 County Road 101, Suite 200
          Minnetonka, MN 55345
          Tel: (952) 975-0050
          Fax: (952) 975-0058
          E-mail: mburton@morrisonsund.com

              About Minnesota School of Business

Minnesota School of Business, Inc., provides specialized training
programs in business, medical, legal, information technology,
massage, vet tech and drafting/design fields.

Minnesota School of Business, Inc., based in Woodbury, MN, filed a
Chapter 11 petition (Bankr. D. Minn. Case No. 19-33629) on Nov. 20,
2019.  In the petition signed by Terry L. Myhre,
chairman/president, the Debtor was estimated to have $10 million to
$50 million in both assets and liabilities.  The Hon. Kathleen H.
Sanberg is the presiding judge.  Clinton E. Cutler, Esq., at
Fredrikson & Byron, P.A., serves as bankruptcy counsel to the
Debtor.


MLK ALBERTA: Has Until June 16 to File Plan & Disclosure
--------------------------------------------------------
Judge Trish M. Brown of the U.S. Bankruptcy Court for the District
of Oregon has entered an order that the deadline for Debtor MLK
Alberta, LLC to file a Disclosure Statement and Plan of
Reorganization is June 16, 2020.

The Debtor shall provide to the United States Trustee an
appropriate Schedule C from Meron Alemseghed's (Debtor's principal)
completed and filed 2018 tax returns by May 21, 2020.

A copy of the order dated April 28, 2020, is available at
https://tinyurl.com/yatbbp9u from PacerMonitor at no charge.

                      About MLK Alberta

MLK Alberta, LLC, based in Portland, OR, filed a Chapter 11
petition (Bankr. D. Ore. Case No. 20-31032) on March 18, 2020.  In
the petition signed by Meron Alemseghed, sole member, the Debtor
was estimated to have $10 million to $50 million in assets and $1
million to $10 million in liabilities. The Hon. Trish M. Brown
oversees the case.  Douglas R. Ricks, Esq., at Vanden Bos &
Chapman, LLP, serves as bankruptcy counsel to the Debtor.


MRS. G'S LOUNGE: Plan of Reorganization Confirmed by Judge
----------------------------------------------------------
Judge John K. Sherwood has entered an order confirming the Combined
Plan of Reorganization and Disclosure Statement filed by debtor
Mrs. G's Lounge & Restaurant, LLC.

A hearing showed that the requirements for final approval of the
disclosure statement have been satisfied, and that the requirements
for confirmation of the plan under 11 U.S.C. § 1129 have been
satisfied.

A copy of the order dated April 30, 2020, is available at
https://tinyurl.com/y8krqxno from PacerMonitor at no charge.

Counsel for Debtor:

         SCURA, WIGFIELD, HEYER STEVENS & CAMMAROTA, LLP
         1599 Hamburg Turnpike
         Wayne, New Jersey 07470
         David Stevens, Esq.
         Tel: 973-696-8391
         E-mail: dstevens@scura.com

                     About Mrs. G's Lounge

Mrs. G's Lounge & Restaurant, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D.N.J. Case No. 19-23883) on July 17, 2019,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by David L. Stevens, Esq., at Scura Wigfield
Heyer & Stevens, LLP.


MURRAY ENERGY: June 15 Plan Confirmation Hearing Set
----------------------------------------------------
Murray Energy Holdings Co. and its debtor-affiliates filed with the
U.S. Bankruptcy Court for the Southern District of Ohio, Western
Division, a motion for entry of an order approving the Disclosure
Statement for the First Amended Joint Plan.

On April 24, 2020, Judge John E. Hoffman Jr. granted the motion and
ordered that:

   * The Disclosure Statement is approved as providing holders of
Claims entitled to vote on the Plan with adequate information to
make an informed decision as to whether to vote to accept or reject
the Plan.

   * The Disclosure Statement provides holders of Claims, holders
of Interests, and other parties in interest with sufficient notice
of the injunction, exculpation, and release provisions contained in
Article VIII of the Plan, in satisfaction of the requirements of
Bankruptcy Rule 3016(c).

   * June 5, 2020, at 4:00 p.m. as the Voting Deadline.

   * June 5, 2020, at 4:00 p.m. as the date by which any objection
to the Plan must be filed.

   * June 15, 2020, at 10:00 a.m. as the start of the hearing for
the confirmation of the Plan.

   * The Debtors shall distribute Solicitation Packages to all
holders of Claims entitled to vote on the Plan on or before the
Solicitation Deadline.

A full-text copy of the order dated April 24, 2020, is available at
https://tinyurl.com/yd6ddpsr from PacerMonitor at no charge.

The Debtors are represented by:

         Kim Martin Lewis
         Alexandra S. Horwitz
         DINSMORE & SHOHL LLP
         255 East Fifth Street, Suite 1900
         Cincinnati, Ohio 4520
         Telephone: (513) 977-8200
         Facsimile: (513) 977-8141
         E-mail: kim.lewis@dinsmore.com
                 allie.horwitz@dinsmore.com

              - and -

         Nicole L. Greenblatt, P.C.
         Mark McKane, P.C.
         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         601 Lexington Avenue
         New York, New York 10022
         Telephone: (212) 446-4800
         Facsimile: (212) 446-4900
         E-mail: nicole.greenblatt@kirkland.com
                 mark.mckane@kirkland.com

              - and -

         Ross M. Kwasteniet, P.C.
         Joseph M. Graham
         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         300 North LaSalle
         Chicago, Illinois 60654
         Telephone: (312) 862-2000
         Facsimile: (312) 862-2200
         E-mail: ross.kwasteniet@kirkland.com
                 joe.graham@kirkland.com

                 About Murray Energy Holdings Co.

Headquartered in St. Clairsville, Ohio, Murray Energy --
http://murrayenergycorp.com/-- is the largest privately owned coal
company in the United States, producing approximately 76 million
tons of high quality bituminous coal each year, and employing
nearly 7,000 people in the United States, Colombia and South
America.

Murray Energy now operates 15 active mines in five regions in the
United States, plus two mines in Colombia, South America.  It
operates 12 underground longwall mining systems, 42 continuous
mining units, 10 transloading facilities, and five mining equipment
factory and fabrication facilities.

Murray Energy and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Ohio Lead Case No. 19-56885) on
Oct. 29, 2019.  At the time of the filing, the Debtors disclosed
assets of between $1 billion and $10 billion and liabilities of the
same range.

The cases have been assigned to Judge John E. Hoffman Jr.

The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel; Dinsmore & Shohl
LLP as local counsel; Evercore Group L.L.C. as investment banker;
Alvarez and Marsal L.L.C. as financial advisor; and Prime Clerk LLC
as notice and claims agent.

The U.S. Trustee for Region 9 appointed creditors to serve on the
official committee of unsecured creditors on Nov. 7, 2019. The
committee tapped Morrison & Foerster LLP as legal counsel;
AlixPartners, LLP as financial advisor; and Vorys, Sater, Seymour
and Pease LLP as local counsel. Moelis & Company LLC, as investment
banker.


NEIMAN MARCUS: Gets Approval to Hire Stretto as Claims Agent
------------------------------------------------------------
Neiman Marcus Group LTD, LLC, received approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Stretto
as claims, noticing and solicitation agent.

Stretto will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Debtors' Chapter 11 cases.  The firm will also provide plan
solicitation services.

Stretto received from the Debtors an advance fee in the amount of
$100,000 prior to their bankruptcy filing.

Sheryl Betance, managing director of Stretto, disclosed in court
filings that her firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

Stretto can be reached through:

     Sheryl Betance
     Stretto
     410 Exchange, Suite 100
     Irvine, CA 92602
     Tel: 714-716-1872
     E-mail: sheryl.betance@stretto.com

                  About Neiman Marcus Group

Neiman Marcus Group LTD, LLC, is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names.  It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories.  Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States.  Visit
https://www.neimanmarcus.com

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020.  At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.


NEP II: BlackRock Values $25 -Mil. Loan at 51% of Face
------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $25,000,000 loan
extended to privately held NEP II Inc. to market at $12,812,500, or
51% of the outstanding amount, as of March 31, 2020, according to a
disclosure contained in a Form 10-Q filing with the Securities and
Exchange Commission for the quarterly period ended March 31, 2020.

BlackRock is a lender under NEP II's Second Lien Term Loan, which
is scheduled to mature October 19, 2026.  

NEP II Inc. is in the Media industry.


NEW EMERALD: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: New Emerald Energy, LLC
        201 Main Street
        Suite 1900
        Fort Worth, TX 76102

Chapter 11 Petition Date: May 14, 2020

Court: United States Bankruptcy Court
       Northern District of Texas

Case No.: 20-41754

Judge: Hon. Edward L. Morris

Debtor's Counsel: Mark Andrews, Esq.
                  DYKEMA GOSSETT PLLC
                  1717 Main Street Suite 4200
                  Dallas, TX 75201
                  Tel: 214-462-6400
                  E-mail: mandrews@dykema.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Brad Walker, chief restructuring
officer.

The Debtor stated it has no unsecured creditors.

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

                      https://is.gd/QWGRpx


NEW GARDEN: June 16 Plan Confirmation Hearing Set
-------------------------------------------------
On April 29, 2020, the U.S. Bankruptcy Court for the Eastern
District of Massachusetts held a hearing relative to the Disclosure
Statement filed by Debtor New Garden, Inc. accompanied by the Plan
of Reorganization.

On April 30, 2020, Judge Frank J. Bailey approved the Disclosure
Statement and established the following dates and deadlines:

   * June 11, 2020, at 4:00 p.m. is fixed as the last day to
deliver all ballots indicating written acceptance or rejection of
the Plan.

   * June 16, 2020, at 11:00 a.m. is the hearing on confirmation of
the Plan and on Applications for Compensation.

   * June 11, 2020, at 4:30 p.m. is fixed as the last day for any
party objecting to the classification provided in the Plan or
objecting to confirmation of the Plan to state with particularity
the reason for such objection.

   * June 11, 2020 by 4:30 p.m. is fixed as the last day for any
and all objections to Applications for Compensation.

A full-text copy of the order dated April 30, 2020, is available at
https://tinyurl.com/yakjajlt from PacerMonitor at no charge.

                     About New Garden Inc.

New Garden, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mass. Case No. 19-11956) on June 6,
2019.  The petition was signed by Raymond So, president.  At the
time of the filing, the Debtor had estimated assets of less than
$500,000 and liabilities of less than $1 million.  Judge Frank J.
Bailey oversees the case.  The Debtor is represented by Gary W.
Cruickshank.


NORTIS INC: Bentley Keystone Objects to Disclosure Statement
------------------------------------------------------------
Bentley Keystone Technologies, LLC (BKT), a creditor and
shareholder, objects to the Disclosure Statement filed by debtor
Nortis Inc.

Bentley asserts that:

   * The Disclosure Statement fails to provide adequate information
regarding the value of the intellectual property owned by the
Debtor. The absence of any facts supporting the value of Debtor's
intellectual property is insufficient to satisfy section 1125(a)
and makes it impossible for creditors to make an informed judgment
as to whether the proposed Plan is in their best interests, as
compared with a liquidation of the Debtor.

   * In addition to the foregoing deficiencies, the Disclosure
Statement lacks adequate information regarding the BKT litigation
and the proposed PLL Trust to enable creditors to form an informed
judgment about the proposed plan.

   * The Disclosure Statement, litigation trust agreement, and
proposed plan do not account for appropriate funding of the trust
in the event that BKT or any other party to the litigation, makes a
successful claim against the trust and/or the trustee arising from
the prosecution of the much heralded but undefined BKT Malfeasance
Claims.

   * Based on the inadequacies with the intellectual property
valuation and liquidation analysis in the Disclosure Statement,
both the Disclosure Statement and proposed Plan fail to satisfy the
test because it is not apparent that the proposed Plan will
actually result in payment to creditors of amounts in excess of
what they would receive in a Chapter 7 liquidation.

A full-text copy of Bentley Keystone's objection dated April 30,
2020, is available at https://tinyurl.com/y9gvrael from
PacerMonitor at no charge.

Attorneys for Bentley Keystone:

         STOKES LAWRENCE, P.S.
         Thomas A. Lerner
         Claire H. Taylor
         Stokes Lawrence, P.S.
         1420 Fifth Avenue, Suite 3000
         Seattle, WA 98101
         Tel: (206) 626-600
         Fax: (206) 464-1496
         E-mail: tom.lerner@stokeslaw.com
         E-mail: Claire.taylor@stokeslaw.com

                        About Nortis Inc.

Nortis, Inc., a company that provides scientific research and
development services, filed for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 19-13529) on Sept. 25,
2019 in Seattle, Wash.  In the petition signed by Thomas Neumann,
president and chief executive officer, the Debtor was estimated to
have between $1 million and $10 million in both assets and
liabilities.  The Hon. Christopher M. Alston is the presiding
judge.  Karr Tuttle Campbell is the Debtor's legal counsel.


OLIN CORP: Moody's Cuts Unsec. Debt Rating to Ba3, Outlook Negative
-------------------------------------------------------------------
Moody's Investors Service affirmed Olin Corporation's Ba2 Corporate
Family Rating, upgraded the ratings on the company's credit
facilities to Baa3 from Ba2 based on improved positioning within
the company's capital structure, and, in light of a credit
agreement amendment that will result in meaningful secured debt in
the company's capital structure, downgraded the senior unsecured
debt ratings to Ba3 from Ba2. Moody's also upgraded the company's
Speculative Grade Liquidity Rating to SGL-2 from SGL-3 based on
greater expected cushion of compliance under amended financial
maintenance covenants, ability to use the delayed draw term loan to
fund an upcoming major payment, and several other
liquidity-enhancing actions. The rating outlook remains negative.

"Olin's credit agreement amendment enhances the company's liquidity
position, but providing security to lenders subordinates existing
unsecured debtholders, resulting in a downgrade to the unsecured
debt ratings," said Ben Nelson, Moody's Vice President -- Senior
Credit Officer and lead analyst for Olin Corporation. "Aggressive
action to shore up liquidity is a critical factor supporting the
company's Ba2 CFR".

Downgrades:

Issuer: Blue Cube Spinco Incorporated

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 (LGD4)
from Ba2 (LGD4)

Issuer: Olin Corporation

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 (LGD4)
from Ba2 (LGD4)

Upgrades:

Issuer: Olin Corporation

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

Senior Unsecured Bank Credit Facility, Upgraded to Baa3 (LGD2) from
Ba2 (LGD4)

Affirmations:

Issuer: Olin Corporation

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Outlook Actions:

Issuer: Blue Cube Spinco Incorporated

Outlook, Remains Negative

Issuer: Olin Corporation

Outlook, Remains Negative

RATINGS RATIONALE

Moody's downgraded the company's unsecured debt ratings following a
credit agreement amendment that provided security to an $800
million revolving credit facility and an undrawn $500 million
delayed draw term loan. The security provision is structured to
fall away when the total net leverage ratio falls below 3.5x for
two consecutive quarters. The delayed draw term loan is reduced
from $1.2 billion to $500 million, but use of proceeds was expanded
to allow for the finance of the Dow cost-based ethylene contract
and/or general corporate purposes, enhancing financial flexibility
ahead of a $490 million payment due to Dow Chemical in late 2020.
The amendment also includes a series of additional adjustments,
including two financial maintenance covenants and a new carve-out
to issue up to $600 million of senior unsecured notes.

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 commodity
chemical sector has been affected by the shock given its
sensitivity to consumer and industrial demand and sentiment.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety, as well as the associated economic impact.

Based on expectations for an unprecedented shock to economic
activity in the second quarter of 2020 and the resultant impact on
Olin's businesses, a substantive decline in earnings and increase
in cash consumption is anticipated in 2020. Moody's expects
financial leverage is expected to increase to above 6.0x
(Debt/EBITDA) in the coming quarters increase from near 5 times for
the twelve months ended March 31, 2020. Moody's does not expect
that the company will be able to fund with internal sources a $490
million payment due in December 2020, requiring some combination of
drawdown on the revolving credit facility, delayed draw term loan,
or other source of capital and resulting in a modest increase in
debt levels by year-end. The Ba2 CFR assumes that management will
take the steps necessary to generate positive free cash flow in
2021 and reduce adjusted financial leverage to comfortably below
5.0x within the next 18-24 months.

The Ba2 CFR is principally constrained by the challenges associated
with navigating a cyclical downturn and highly uncertain
macroeconomic environment with a highly-leveraged balance sheet.
The rating also reflects exposure to the cyclical chlor-alkali
industry and longer-term risks associated with ESG-related factors.
The rating is supported by strong market positions, excellent cost
position supported by access to low-cost energy, and an improved
liquidity position following the second amendment to the company's
credit agreement.

The SGL-2 Speculative Grade Liquidity rating reflects expectations
for cash consumption in 2020. Moody's expects cash consumption in
2020 followed by modestly positive free cash flow generation in
2021. Beyond macroeconomic and industry-level improvement
anticipated starting in the second half of 2020 that should improve
earnings generation, Olin will also benefit from new contracts and
a reduction in capital spending. Management expects capital
spending in the range of $250-270 million in 2020 with further
reduction in 2021. The company also has access to an $800 million
revolving credit facility (undrawn at March 31, 2020) and $500
million delayed draw term loan -- substantial sources of liquidity
that should help the company navigate an uncertain economic
environment and handle upcoming payments. The expected cushion of
compliance under financial maintenance covenants is improved
following the credit agreement amendment that shifts the company to
a secured leverage ratio test and adjusts the existing interest
coverage ratio test. Olin also has no meaningful debt maturities in
2020 or 2021.

The Baa3 rating on the senior secured credit facilities reflects a
first priority lien on working capital assets. The Ba3 ratings on
the company's unsecured debt reflects contractual subordination to
$1.3 billion of senior secured debt (including undrawn
facilities).

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

The negative outlook reflects expectations for credit metrics to
move outside the rating category for at least the next few quarters
combined with an uncertain macroeconomic outlook that reduces
visibility to when credit metrics will be restored to levels more
appropriate for the Ba2 CFR. Moody's could downgrade the rating
with expectations for adjusted financial leverage sustained above 5
times (Debt/EBITDA), retained cash flow-to-debt (RCF/Debt)
sustained below 8%, or a substantive deterioration in liquidity.
Moody's could upgrade the rating with expectations for adjusted
financial leverage sustained below 4 times and retained cash
flow-to-debt above 12%.

Environmental, social, and governance factors influence Olin's
credit quality. The company is exposed to environmental and social
issues typical for commodity chemicals companies, additional social
risk related to the Winchester ammunition business, and
governance-related risks related to debt-funded acquisitions, share
repurchases, and proposed expansion of its board at the behest of
an activist shareholder that collectively are heightened compared
to many publicly-traded companies.

Olin Corporation is a Clayton, Missouri-based manufacturer and
distributor of commodity chemicals and a manufacturer of small
caliber firearm ammunition. The company operates through three main
segments: (i) Chlor Alkali Products and Vinyls whose primary
products include chlorine and caustic soda, hydrochloric acid,
vinyl chloride, sodium hypochlorite (bleach), and potassium
hydroxide; (ii) Epoxy, which produces and sells a full range of
epoxy materials, including allyl chloride, epichlorohydrin, liquid
epoxy resins and downstream products such as converted epoxy resins
and additives; and (iii) Winchester, whose primary focus is the
manufacture and sale of small caliber, firearm sporting and
military ammunition. In 2015, Olin acquired Dow's U.S.
chlor-alkali, global epoxy and global chlorinated organics
businesses (Dow's chlor-alkali business), significantly expanding
the company's size and diversity.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.


OUTFRONT MEDIA: Moody's Rates New $400MM Senior Unsec. Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the proposed $400
million senior unsecured note due 2025 of OUTFRONT Media Capital
LLC, a subsidiary of OUTFRONT Media Inc. The B1 corporate family
rating of OUTFRONT, the Ba1 senior secured rating and the existing
B2 senior unsecured notes rating issued by the subsidiary remains
unchanged. The outlook remains unchanged at negative.

The net proceeds of the $400 million senior unsecured note will be
used to repay $400 million of the $495 million outstanding on the
revolving credit facility. The transaction will improve OUTFRONT's
liquidity position with leverage unchanged at 5.9x as of Q1 2020.
However, interest expense and long-term debt will be higher going
forward. The Speculative Grade Liquidity rating remains unchanged
at SGL-2.

On May 11, 2020, Moody's downgraded OUTFRONT's CFR to B1 and
changed the outlook to negative.

Assignments:

Issuer: OUTFRONT Media Capital LLC

Gtd Senior Unsecured Notes, assigned B2 (LGD4)

Other Actions:

Issuer: OUTFRONT Media Capital LLC

Senior Secured Bank Credit Facility, LGD Upgraded to a range of
(LGD1) from (LGD2)

Senior Unsecured Regular Bond/Debenture, LGD Upgraded to a range of
(LGD4) from (LGD5)

RATINGS RATIONALE

OUTFRONT's B1 CFR reflects the impact from the coronavirus outbreak
on outdoor advertising spending which will lead to higher leverage
and decreased operating cash flow. The smaller transit division,
which had been the fastest growing division prior to the pandemic,
is projected to be impacted more severely in the near term and take
longer to recover than the billboard division. OUTFRONT also has
significant exposure to both New York City and Los Angeles which
will elevate the impact of the pandemic on operating performance in
the near term. The company also has a sizable, long term contract
with the New York Metropolitan Transportation Authority to deploy
digital transit displays (including platform, subway, and railcar
displays) over the next several years. OUTFRONT'S pro forma
leverage is 5.9x (excluding Moody's standard lease adjustment) as
of Q1 2020 and Moody's expects leverage will increase further in
the near term.

OUTFRONT benefits from its market position as one of the largest
outdoor advertising companies in the US with positions in all the
top 25 markets and approximately 150 markets in the US and Canada.
The conversion of traditional static billboards and transit
displays to digital is expected to support revenue and EBITDA
growth after the impact of the pandemic abates. Compared to other
traditional media outlets, the outdoor advertising industry is not
likely to suffer from disintermediation and benefits from
restrictions on the supply of billboards which help support
advertising rates and high asset valuations.

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 outdoor
advertising industry 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 OUTFRONT'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 OUTFRONT 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.

A governance impact that Moody's considers in OUTFRONT's credit
profile is the company's relatively aggressive financial policy.
Historically, OUTFRONT paid material dividends and capital
expenditures that have led to negative free cash flow over the past
few years. Moody's expects that OUTFRONT will be focused on
preserving liquidity, as evidenced by the suspending of dividend
payments in the near term. OUTFRONT operates as a REIT and is a
publicly traded company listed on the New York Stock Exchange.

Moody's expects OUTFRONT to maintain good liquidity as reflected by
the SGL-2 speculative grade liquidity rating. OUTFRONT will have
access to a $500 million revolver due 2024 ($2 million of LCs
outstanding) with approximately $95 million drawn pro forma for the
transaction and approximately $868 million in cash as of Q1 2020
following $400 million in new preferred equity in Q2 2020. The
liquidity position is projected to be sufficient to manage through
the pandemic. The borrowings on the $125 million Accounts
Receivable Facility is $120 million, while $90 million is
outstanding against its Repurchase Facility. There is an additional
$78 million of L/C facilities which had $71 million outstanding as
of Q1 2020. OUTFRONT has generated good cash flow from operations
prior to shareholder distributions historically, but FCF was
negative in 2017, 2018 and 2019 after capex, MTA equipment
deployment costs, and dividends. The dividend payment was suspended
to help preserve liquidity in the near term. OUTFRONT's also has a
$300 million At-the-Market equity (ATM) offering program ($52
million issued in 2019) that could be used to help fund modest
acquisitions or negative FCF.

The term loan is covenant lite, but the revolver is subject to a
maximum consolidated net secured leverage ratio of 4.5x compared to
a ratio of 1.2x pro forma for the transaction as of Q1 2020.
OUTFRONT recently executed an amendment to its financial covenants
that allows for the use of covenant EBITDA from Q2 and Q3 2019 in
place of Q2 and Q3 2020 EBITDA levels, which Moody's expects will
allow OUTFRONT to maintain a sufficient cushion of compliance with
its covenant.

The negative outlook reflects Moody's expectation of significant
declines in OUTFRONT's revenue and EBITDA due to the economic
impact of the pandemic which will lead to higher leverage levels
and negative free cash flow in the near term. OUTFRONT's smaller
transit division will be the most significantly affected in the
near term due to the company's exposure to New York City and will
take longer to recover than the billboard division. Prolonged
closures of key markets would increase leverage levels
substantially given OUTFRONT's presence in larger markets, as well
as more volatile national advertising. As markets open, Moody's
expects performance will be dampened by a weak economy and reduced
advertising spending in the near term.

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

An upgrade could occur if leverage decreases below 5x (excluding
Moody's standard adjustments) and OUTFRONT demonstrates both the
desire and ability to sustain leverage below that level while
maintaining a good liquidity position. Positive organic revenue
growth would also be required, in addition to positive free cash
flow after distributions.

The ratings could be downgraded if leverage was expected to be
maintained above 6x (excluding Moody's standard adjustments). A
deterioration in OUTFRONT's liquidity position, continued negative
free cash flow after dividends, or inability to obtain an amendment
to the financial maintenance covenant if needed could also trigger
a downgrade.

OUTFRONT Media Inc. (fka CBS Outdoor Americas Inc.) is one of the
leading outdoor advertising companies with operations primarily in
the US in addition to Canada. OUTFRONT was previously an operating
subsidiary of CBS Corporation and in July 2014 began operating as a
REIT. In 2014, OUTFRONT completed the acquisition of certain
outdoor assets from Van Wagner Communications, LLC (Van Wagner) for
$690 million. In 2016, the company sold its Latin America outdoor
assets to JCDecaux S.A. for approximately $82 million in cash. In
2017, OUTFRONT acquired the equity interests of certain
subsidiaries of All Vision LLC to expand its outdoor advertising
assets in Canada for $94 million of cash and equity. Reported
revenues were approximately $1.8 billion as of Q1 2020.

The principal methodology used in these ratings was Media Industry
published in June 2017.


PACE INDUSTRIES: U.S. Trustee Disbands Creditors' Committee
-----------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a filing with the U.S.
Bankruptcy Court for the District of Delaware that the official
committee of unsecured creditors appointed in the Chapter 11 cases
of Pace Industries, LLC and its affiliates has been disbanded.

The disbandment follows the resignation of two members of the
committee, the bankruptcy watchdog also disclosed.

                      About Pace Industries

Pace Industries, LLC -- http://www.paceind.com/-- is a
full-service aluminum, zinc and magnesium die casting company.
Headquartered in Fayetteville, Ark., Pace Industries offers
end-to-end, nonferrous, die cast supply chain solutions, and a wide
array of capabilities and services, including advanced engineering,
tool and die fabrication, prototyping, precision machining,
assembly, finishing and painting.
  
Pace Industries and 10 affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10927)
on April 12, 2020.  At the time of the filing, Debtors disclosed
assets of between $100 million and $500 million and liabilities of
the same range.

Judge Mary F. Walrath oversees the cases.

Debtors tapped Young Conaway Stargatt & Taylor, LLP and Willkie
Farr & Gallagher, LLP as bankruptcy counsel; FTI Consulting, Inc.
as financial advisor; Hughes Hubbard & Reed, LLP as special
counsel; and Kurtzman Carson Consultants, LLC as claims, noticing
and balloting agent.


PARKING MANAGEMENT: Seeks to Hire Shulman Rogers as Legal Counsel
-----------------------------------------------------------------
Parking Management, Inc., seeks approval from the U.S. Bankruptcy
Court for the District of Maryland to hire Shulman, Rogers, Gandal,
Pordy & Ecker, P.A. as its legal counsel.
   
Shulman Rogers will provide services in connection with Debtor's
Chapter 11 case, which include legal advice regarding its powers
and duties under the Bankruptcy Code, representation in lawsuits,
and the preparation of a reorganization plan.

The hourly rates range from $335 to $715 for the firm's attorneys
and from $210 to $245 for legal assistants and law clerks.

The principal attorneys expected to handle the case are:

     Michael Lichtenstein, Esq.   $580 per hour
     Benjamin Smith, Esq.         $395 per hour
     Sara Michaloski, Esq.        $375 per hour

The firm received an advance retainer of $100,000 of which
$39,563.20 was applied to pre-bankruptcy invoices.  Prior to its
bankruptcy filing, the Debtor delivered an additional $39,563 for
the firm's postpetition services.

Michael Lichtenstein, Esq., at Shulman Rogers, disclosed in court
filings that his firm is "disinterested" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Michael J. Lichtenstein, Esq.
     Shulman, Rogers, Gandal, Pordy & Ecker, P.A.
     12505 Park Potomac Avenue, Sixth Floor
     Potomac, MD 20854
     Tel: 301-230-5200
     Fax: (301) 230-2891
     Email: mjl@shulmanroges.com

                     About Parking Management

Parking Management, Inc. is a parking operator in Washington, DC.
It operates 88 leased or managed properties throughout the
Washington, DC and Baltimore metropolitan areas, specializing in
complex mixed-use properties and has experience in all levels of
commercial and residential parking operations.  Visit
https://www.pmi-parking.com

Parking Management sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 20-15026) on May 7, 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 Thomas J. Catliota oversees the case.  The Debtor is
represented by Shulman, Rogers, Gandal, Pordy & Ecker, P.A.


PETROSHARE CORP: Unsecured Creditors to Have 7.5% to 10.5% Recovery
-------------------------------------------------------------------
Debtors PetroShare Corp. and CFW Resources, LLC, filed the
Disclosure Statement Supplement for the Second Amended Joint
Chapter 11 Plan of Reorganization filed on April 24, 2020, which
has been amended with regard to, among other things, the timing and
conditions for payment of the Plan Sponsors’ contribution to the
GUC Recovery Fund, the incorporation of the Debtors’ settlement
with the COGCC, and the resolution of certain objections to the
Limitations of Liability.

Class 5 General Unsecured Claims (inclusive of $9.3 million of
convertible note claims) have a projected recovery of 7.5% to
10.5%.

The definition of the GUC Recovery Fund has been amended such that
the Plan Sponsors’ requisite $1,500,000 million Cash contribution
has been replaced, as set forth in the Second Amended Plan, with
the following: (i) $1,250,000 Cash to be paid by the Plan Sponsors
and Providence Energy to fund the PetroShare Creditor Trust as
follows: (a) $750,000 Cash within five (5) days after the Effective
Date, (b) $250,000 Cash to be paid on or before October 1, 2020,
and (c) $250,000 Cash to be paid no later than December 31, 2020;
and (ii) a payment of $250,000 Cash to be paid by the Plan Sponsors
during January 2021 to the PetroShare Creditor Trust in the event
the one-month average oil price, using DJ Basin oil for delivery at
White Cliffs as the price index, for any consecutive one-month
period between the Effective Date and December 31, 2020, is greater
than or equal to $57.50.

The Debtors, the Plan Sponsors, and the Colorado Governmental
Entities continue working to finalize the terms of the Colorado
Stipulation. Article IV of the Second Amended Plan has been amended
to provide that the Colorado Governmental Entities shall receive
Distributions in accordance with the Colorado Stipulation in full
satisfaction, settlement, release, and discharge of and in exchange
for their Allowed Claims. Section 6.3 of the Second Amended Plan
now provides that on the Effective Date, pursuant to the terms of
the Colorado Stipulation, the Colorado Stipulation shall become
valid and binding on each of the parties.

A full-text copy of the disclosure statement supplement dated April
24, 2020, is available at https://tinyurl.com/ycxzkq6b from
PacerMonitor at no charge.

The Debtors are represented by:

     Trey Monsour
     POLSINELLI PC
     1000 Louisiana Street, Suite 6400
     Houston, TX 77002
     Telephone: (713) 374-1643
     E-mail: tmonsour@polsinelli.com

              - and -

     Caryn E. Wang
     1201 West Peachtree Street NW, Suite 1100
     Atlanta, Georgia 30309
     Telephone: (404) 253-6016
     E-mail: cewang@polsinelli.com

                     About PetroShare Corp.

Colorado-based PetroShare Corp. (OTCQB:PRHR) --
http://www.petrosharecorp.com/-- investigates, acquires, and
develops crude oil and natural gas properties in the Rocky Mountain
or mid-continent portion of the United States, specifically focused
in the Denver-Julesburg Basin in northeast Colorado.

On Sept. 4, 2019, PetroShare Corp. and affiliate CFW Resources LLC
sought Chapter 11 protection (Bankr. D. Colo. Lead Case
No.19-17633).

As of June 30, 2019, PetroShare Corp. disclosed $36,927,856 in
assets and $45,100,988 in liabilities.

The Debtors tapped Polsinelli PC as legal counsel; BMC Group, Inc.
as claims and noticing agent; Gordian Group, LLC as investment
banker; and MACCO Restructuring Group LLC as financial advisor.
Mr. Drew McManigle from MACCO has been retained by the Debtors as
chief restructuring officer.


PG&E CORP: Hires KPMG LLP as IT Consultant
------------------------------------------
PG&E Corporation, and its debtor-affiliates, filed a second
supplemental application seeking authority from the U.S. Bankruptcy
Court for the Northern District of California to employ KPMG LLP as
their information technology, risk, and legal support consultants.

KPMG will provide these additional information technology, risk,
and consulting services to the Debtors:

     a) IT Software Services – Phase III. Continue to assist the
Debtors with their migration from Siteminder to Ping (information
technology software platforms) (the IT Software Services – Phase
II).

     b) 2020 Electrical System Inspections and Maintenance Program.
Provide project management, analytical and process support for the
Debtors' 2020 Systems Inspections Maintenance Programs.

     c) 2020 Bowtie Analysis and RAMP Support. Assist the Debtors
with their analytical assessments and process support to aggregate
information related to Electric Operations, as well as with their
preparation of their 2020 Risk Assessment and Mitigation Phase
(RAMP) filings.

     d) Permitting Spend Analysis Phase 2. A change order to the
First Supplemental Armstrong Declaration, in order to provide
additional analysis of payments.

     e) Quanta Invoice Review Change Order. A change order to
Exhibit 1-L to the First Supplemental Armstrong Declaration in
order to provide additional analysis of the Quanta Service Inc.
payment applications related to the performance of construction
management services.

The Debtors have agreed to compensate KPMG for the 2020 Electrical
System Inspection and Maintenance Program and the 2020 Electrical
System Inspection and Maintenance Program Change Order based on
defined milestones included in Exhibit B-2 not to exceed
$1,100,000, inclusive of $100,000 cap on expenses, and with the
addition of further defined milestones increased in Exhibit B-3 to
a total of $2,200,000, inclusive of $200,000 cap on expenses.

KPMG's normal and customary hourly rates are:

                  Phase III   Phase 2    2020     Quanta
                                        Bowtie   Invoice
   Partner          N/A        $625      $500     $500
   Director         N/A        $550      $435     $435
   Manager          $260       $475      $400     $400
   Lead Specialist  $260       N/A       N/A      N/A
   Sr. Associate    $260       $425      $325     $325
   Associate        N/A        $325      N/A      $275
   Paraprofessional N/A        N/A       N/A      $135

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

KPMG LLP can be reached at:

     Geno Armstrong
     KPMG LLP
     55 Second Street, Suite 1400
     Tel: +1 415 963 5100
     Fax: +1 415 358 5746

                   About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp.  Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018.  The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related  activities. Morrison &
Foerster LLP, as special regulatory counsel. Munger Tolles & Olson
LLP, as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019.  The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PIONEER ENERGY: Noteholders Say Plan Not Feasible
-------------------------------------------------
Credit Suisse Asset Management, LLC, DW Partners, LP and Whitebox
Advisors LLC, on behalf of their advised or managed accounts and/or
funds that own 6.125% Senior Notes due 2022 issued pursuant to that
certain Indenture (collectively, the Objecting Noteholders), object
to confirmation of the Joint Prepackaged Chapter 11 Plan of
Reorganization and the adequacy of the Disclosure Statement of
Reorganization of Pioneer Energy Services Corp. and Its Affiliated
Debtors.

The Objecting Noteholders assert that:

   * The Noteholders' consent right with respect to the Plan, the
Disclosure Statement, and all supplements thereto is not qualified
but even if it were qualified, the Objecting Noteholders' decision
to withhold consent would be more than reasonable.

   * As bad as the Debtors' April 1 Projections were, the reality
is unfortunately far worse.  The Debtors' Feb. 28 Projections were
accompanied by a business plan outlining critical factors and
assumptions, but the April 1 Projections were not.

   * The Case B April 1 Projections show an average annual drop in
revenue of about 25%.  Even that steep decline is unreasonably
optimistic, because the revenue, gross margin, utilization rate,
and drilling rate assumptions underlying the April 1 Projections
are each unreasonably optimistic.

   * Even as of April 1, but all the more so now, the April 1
Projections fail to consider key realities of the oil and gas
market and the impacts of the COVID-19 pandemic on the Debtors'
business, including the devastation to the Debtors' customer base
and the loss of market share.

   * The Plan also cannot be confirmed because the Disclosure
Statement fails to provide creditors with the adequate information
required by Section 1125 of the Code.

For all of the foregoing reasons the Debtors' Plan is not feasible
and should not be confirmed, and the Disclosure Statement should
not receive final approval, the Objecting Noteholders tell the
Court.

A full-text copy of the Noteholders' objection dated April 24,
2020, is available at https://tinyurl.com/yal52ube from
PacerMonitor at no charge.

Counsel for the Objecting Noteholder Group:

         Charles A. Beckham, Jr.
         Martha Wyrick
         HAYNES AND BOONE, LLP
         1221 McKinney Street, Suite 2100
         Houston, Texas 77010
         Telephone: (713) 547-2000
         Facsimile: (713) 547-2600
         E-mail: charles.beckham@haynesboone.com
         E-mail: martha.wyrick@haynesboone.com

                   - and -

         Charles M. Jones, II
         Aimee Furness
         HAYNES AND BOONE, LLP
         2323 Victory Avenue, Suite 700
         Dallas, TX 75219
         Telephone: (213) 651-5000
         Facsimile: (214) 651-5940
         E-mail: charlie.jones@haynesboone.com
                 aimee.furness@haynesboone.com

                   - and -

         Damian S. Schaible
         Natasha Tsiouris
         Brian Weinstein
         Marc Tobak
         DAVIS POLK & WARDWELL LLP
         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
                 brianweinstein@davispolk.com
                 marc.tobak@davispolk.com

                      About Pioneer Energy

Pioneer Energy Services (OTC: PESX) -- http://www.pioneeres.com/--
provides well servicing, wireline, and coiled tubing services to
producers primarily in Texas and the Mid-Continent and Rocky
Mountain regions. Pioneer also provides contract land drilling
services to oil and gas operators in Texas, Appalachia and Rocky
Mountain regions and internationally in Colombia.  Pioneer is
headquartered in San Antonio, Texas.

Pioneer Energy Services Corp. and 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.


POLAR US: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------
Moody's Investors Service has revised Polar US Borrower, LLC's.
outlook to negative from stable. Moody's has affirmed Polar US
Borrower's B2 Corporate Family Rating and B2-PD Probability of
Default Rating. Moody's also affirmed the B2 first lien senior
secured term loan and revolving credit facility.

"The negative outlook reflects expectations that SI Group will
experience a contraction in several key market segments including
rubber and adhesives, fuel and lubricants, and industrial resins
offset by more resilient pharma and polymer additives
fundamentals," said Domenick R. Fumai, Moody's Vice President and
lead analyst for Polar US Borrower, LLC.

Affirmations:

Issuer: Polar US Borrower, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Gtd Senior Secured Revolving Credit Facility, Affirmed B2 (LGD3)

Gtd Senior Secured Term Loan, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: Polar US Borrower, LLC

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

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

The affirmation of the B2 CFR reflects SI Group's broad product
portfolio. SI Group's' business profile is characterized by good
scale compared to many similarly-rated issuers, well-balanced
geographic diversity and solid market positions serving a varied
number of end markets. The rating is also supported by SI Group's
liquidity, with about $297 million of cash and revolving credit
facility availability as of December 31, 2019.

SI Group's rating is constrained by continued elevated leverage
with Moody's adjusted Debt/EBITDA of 6.4x as of December 31, 2019,
and the expectation that leverage will increase modestly in 2020
approaching 7.0x. The B2 CFR considers weak initial cash flow as
the company has absorbed merger-related expenses and costs to
attain synergies. Moody's also incorporates integration risk and
the ability to attain synergies; however, since the closing of the
merger, SI Group has demonstrated sufficient progress towards
attaining the projected $77 million in synergies. The rating also
includes the risks associated with private equity ownership.

The negative outlook reflects Moody's expectations that SI Group's
end markets such as rubber and adhesives, fuel and lubricants, and
industrial resins will suffer from weaker demand in 2020 as
economic growth falters due to the coronavirus pandemic.
Positively, several of SI Group's markets are experiencing
resilient fundamentals including pharma and polymer additives.
Moody's forecasts that leverage will increase approaching 7.0x in
2020, but gradually improve in 2021 as global economic conditions
recover. Moody's expects that SI Group's actions to lower capital
expenditures by roughly 50%, cost reduction initiatives and working
capital management will produce solid free cash flow of at least
$40 million in 2020, unless the global economic conditions worsen
more than currently anticipated.

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

Moody's would likely consider a downgrade if leverage is
consistently maintained above 6.5x and free cash flow is negative
for a sustained period, or if there is a significant deterioration
in liquidity. Although not likely over the next 12 months, Moody's
would consider an upgrade if financial leverage, including Moody's
standard adjustments, is sustained below 5.0x, revenue and free
cash flow growth remain positive and the private equity sponsor
demonstrates a commitment to more conservative financial policies.

ESG CONSIDERATIONS

Moody's also evaluates environmental, social and governance factors
in the rating consideration. As a specialty chemicals company,
environmental risks are categorized as moderate. SI Group does not
currently have any substantial litigation or remediation related to
environmental issues; however, it has accruals related to
environmental liabilities of about $48 million, which Moody's views
as manageable given the size of the company and long tail risk
nature of the liabilities. However, regulatory changes or
substantial revisions to estimates could lead to sizable increases
in the future. Governance risks are elevated due to private equity
ownership by SK Capital Partners, which includes a board of
directors with majority representation by members affiliated with
the sponsor and reduced financial disclosure requirements as a
private company. SI Group also has high financial leverage compared
to most public companies.

Moody's expects SI Group to have adequate liquidity over the next
12 months with available cash on the balance sheet, positive free
cash flow generation and access to the revolving credit facility.
As of December 31, 2019, the company had $61 million of cash and
$236 million of availability under its revolving credit facility.

Debt capital is comprised of a rated $250 million first lien senior
secured revolving credit facility due October 2023, $1.475 billion
first lien senior secured term loan due 2025, of which $1.460
billion is outstanding as of December 31, 2019. The first lien term
loan does not contain financial maintenance covenants while the
revolving credit facility is subject to a springing total net
leverage ratio test if usage exceeds 35%. Moody's does not expect
the company to test the covenant over the next 12 months and
believes that if it was triggered, SI Group would be in
compliance.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Polar US Borrower, LLC is the pass-through entity of ultimate
parent, SK Blue Holdings, LP, an affiliate of private investment
firm, SK Capital Partners. SI Group manufactures performance
additives for use in polymer, rubber, lubricants, fuels, adhesives
applications, surfactants in addition to some specialty chemicals.
The company serves a broad array of industries including
pharmaceuticals, plastics, automotive, and oil and gas. SI Group
generated revenue of approximately $1.8 billion for the fiscal
year-ended December 31, 2019.


REGAL ROW: June 22 Plan & Disclosure Hearing Set
------------------------------------------------
On April 3, 2020, debtor Regal Row Fina, Inc. filed with the U.S.
Bankruptcy Court for the Northern District of Texas, Dallas
Division, an Amended Chapter 11 Plan of Liquidation Combined with
Disclosure Statement.

On April 28, 2020, Judge Stacey G. Jernigan conditionally approved
the Disclosure Statement and established the following dates and
deadlines:

   * June 15, 2020, is fixed as the last day for filing written
acceptances or rejections of the Debtor's proposed Chapter 11 Plan.


   * June 15, 2020, is fixed as the last day for filing and serving
written objections to final approval of the Debtor's Disclosure
Statement or confirmation of the Debtor’s proposed Chapter 11
Plan.

   * June 22, 2020, at 9:30 .m. in the courtroom of the Honorable
Stacey G. Jernigan, United States Bankruptcy Court, 1100 Commerce
Street, 14th Floor, Dallas, Texas is the Hearing to consider final
approval of the Debtor's Disclosure Statement (if a written
objection has been timely filed) and to consider the confirmation
of the Debtor’s proposed Chapter 11 Plan.

A copy of the order dated April 28, 2020, is available at
https://tinyurl.com/y7ut8chm from PacerMonitor at no charge.

                     About Regal Row Fina

Regal Row Fina, Inc., sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 19-33060) in Dallas, Texas, on Sept. 11, 2019.  Joyce
W. Lindauer Attorney, PLLC, is the Debtor's counsel.



REGIONAL SITE: Unsecureds to Have 20% Recovery Over 5 Years
-----------------------------------------------------------
Debtor Regional Site Solutions, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of North Carolina,
Greensboro Division, a Disclosure Statement for Plan of
Reorganization dated April 24, 2020.

Class XIV General Unsecured Creditors totaling $566,148 will
receive a Promissory Note which provides that each holder shall
receive 20% of its claim, to be paid quarterly over a period of 60
months with no interest to be paid. Quarterly payments are
estimated to be $5,661, in the aggregate.

Class XVI Equity Security Holders will consist of the Jill G.
Clodfelter and her family and any other party, who hold an
ownership interest in the Debtor on the day immediately preceding
the date of Confirmation of the Plan.   The Equity Security Holders
shall retain their ownership interest in the Debtor with all rights
and interest as of the date of the Order confirming the Chapter 11
Plan subject to the terms and conditions of the Plan of
Reorganization as confirmed. The Class XII Equity Security Holder
shall receive no payment or dividends until the Class X General
Unsecured Creditors have been paid in full.

The provisions of the Plan call for the restructuring of certain
indebtedness and extensions of time in which to meet those
obligations, the potential surrendering of collateral in
satisfaction of debt and the potential refinancing of certain
secured obligations. The obligation being restructured hereunder is
primarily a secured debt obligation.

The Debtor shall pay Plan Payments from funds received from
continuing operations. The Debtor anticipates that the Reorganized
Debtor will have sufficient funds to pay debt obligations pursuant
to the terms specified in this Plan. The Revenues are anticipated
to be sufficient to pay all debt obligations as a result, in part,
as the Revenues continue to increase and the Debtor has taken steps
to reduce its monthly outgoing expenses.  

A full-text copy of the Disclosure Statement dated April 24, 2020,
is available at https://tinyurl.com/ybo5qj44 from PacerMonitor at
no charge.

Attorney for the Debtor:

        Dirk W Siegmund
        Ivey, McClellan, Gatton & Siegmund
        Greensboro, North Carolina 27402
        Telephone: (336) 274-4658
        Facsimile: (336) 274-4540

                About Regional Site Solutions

Regional Site Solutions, Inc., is a privately held company that
operates in the surfacing and paving business.  Regional Site
Solutions sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. M.D.N.C. Case No. 19-11191) on Oct. 28, 2019.  At the time
of the filing, the Debtor was estimated to have assets of between
$500,000 and $1 million and liabilities of between $1 million and
$10 million.  The case is assigned to Judge Lena M. James.  Dirk W.
Siegmund, Esq., at Ivey, McClellan, Gatton & Siegmund, LLP, is the
Debtor's legal counsel.


RELIABLE GALVANIZING: Plan of Reorganization Confirmed by Judge
---------------------------------------------------------------
Judge LaShonda A. Hunt has entered an order approving the
Disclosure Statement and confirming the Plan of Reorganization
filed by Reliable Galvanizing Company on January 17, 2020.

A post-confirmation status hearing is scheduled for June 11, 2020,
at 11:00 A.M.

A copy of the order dated April 30, 2020, is available at
https://tinyurl.com/ybjy4up6 from PacerMonitor at no charge.

Counsel for the Debtor:

     Jonathan D. Golding
     The Golding Law Offices, P.C.
     500 N. Dearborn St., 2nd Floor
     Chicago, Illinois 60654
     Tel: (312) 832-7885
     Fax: (312) 755-5720
     E-mail: jgolding@goldinglaw.net
             
                About Reliable Galvanizing Co.

Reliable Galvanizing Company operates as an iron and steel metal
fabrication company. Serving the Midwest for over 35 years,
Reliable Galvanizing offers a process of corrosion protection
consisting of dipping steel into a bath of molten zinc producing a
progressive zinc and iron alloy layer on the surface.

Reliable Galvanizing sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 18-29503) on Oct. 19,
2018. In the petition signed by Michael Eisner, president, the
Debtor disclosed $914,187 in assets and $1,022,052 in liabilities.
The case has been assigned to Judge LaShonda A. Hunt. The Debtor
tapped The Golding Law Offices, P.C., as its legal counsel.


RHODE HOLDINGS: BlackRock Values $220,000 Loan at 66% of Face
-------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $224,974 loan extended
to privately held Rhode Holdings Inc. (Kaseya) to market at
$149,113, or 66% of the outstanding amount, as of March 31, 2020,
according to a disclosure contained in a Form 10-Q filing with the
Securities and Exchange Commission for the quarterly period ended
March 31, 2020.

BlackRock is a lender under Rhode Holdings' First Lien Delayed Draw
Term Loan, which is scheduled to mature May 3, 2025.  

Rhode Holdings Inc. (Kaseya) is in the Software industry.


ROVIG MINERALS: Creditors' Committee Objects to Plan Disclosures
----------------------------------------------------------------
The Official Committee of Unsecured Creditors objects to the First
Amended Disclosure Statement filed by Dwayne M. Murray, Chapter 11
Trustee of Debtor Rovig Minerals, Inc.

In support of the Objection, the Committee asserts that:

   * The Disclosure Statement does not contain a description and
valuation of the assets not included in the sale to Golden Hawk.
Additionally, the Disclosure Statement does not identify if the
Trustee intends to liquidate such assets and how funds generated
through the liquidation of such assets would be distributed. The
Disclosure Statement lacks the required information and should not
be approved until the information is added.

   * While the Disclosure Statement notes potential avoidance
actions, it fails to identify if the Trustee believes he has any
valid state law claims against third parties. If such claims exist,
the Disclosure Statement fails to identify the claims and state the
likelihood of a recovery. The Disclosure Statement should not be
approved until the information is added.

   * The Trustee may also possess claims against David Rovig, Jeff
Rand, Pat Davison, Lafourche Parish Revocable Trust and other
entities related to the Debtor. A description of those claims and
explanation of the value of such claims should be provided.

   * In order to provide adequate information to allow creditors,
as hypothetical investors, to make an informed decision whether to
accept or reject the Plan, the Disclosure Statement must be
corrected to include the disclosures detailed in this Objection.

A full-text copy of the Official Committee of Unsecured Creditors'
objection to disclosure statement dated April 28, 2020, is
available at https://tinyurl.com/y9xhwwr8 from PacerMonitor at no
charge.

Attorneys for the Unsecured Creditors Committee:

          SIMON PERAGINE SMITH & REDFEARN, LLP
          Patrick S. Garrity
          Energy Centre
          1100 Poydras Street, 30th Floor
          New Orleans, LA 70163
          Telephone: (504) 569-2030
          Facsimile: (504) 569-2999
          E-mail: patrickg@spsr-law.com

                        About Rovig Minerals

Rovig Minerals, Inc. -- http://www.rovigminerals.com/-- was
founded in 1980 in Billings, Mont., to pursue exploration and
development of mineral, oil and gas projects around the world.

On Sept. 25, 2019, creditors FDF Energy Services LLC, Tri-City
Services Inc., Oil Country Tubular Corp., DH Rock Bit Inc.,
Aldonsa Inc. filed an involuntary Chapter 11 petition against the
Debtor(Bankr. W.D. La. Case No. 19-51133). The creditors are
represented by Michael A. Crawford, Esq., at Taylor, Porter, Brooks
& Phillips.

On Oct. 18, 2019, the Debtor and the Petitioning Creditors signed a
joint stipulation to convert the involuntary to a voluntary chapter
11 and for entry of a consent order for relief pursuant to 11
U.S.C. Sec. 303(h)(1).

The case is assigned to Judge John W. Kolwe.

The Debtor tapped H. Kent Aguillard, Esq., and Caleb Aguillard,
Esq., as its bankruptcy attorneys.

Rovig operated as a debtor in possession for a short period of time
before Dwayne M. Murray was appointed as the chapter 11 trustee on
Dec. 3, 2019.

Counsel to the Trustee:

         Michael A. Crawford
         TAYLOR, PORTER, BROOKS & PHILLIPS, L.L.P.
         P.O. Box 2471, Baton Rouge, LA 70821-2471
         450 Laurel Street, 8th Floor, Baton Rouge, LA 70801
         Tel: (225) 387-3221
         Fax: (225) 346-8049


ROYAL CARRIBEAN: Moody's Gives Ba1 CFR & Cuts Unsec. Rating to Ba2
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Royal Caribbean
Cruises Ltd. and Silversea Cruise Finance Ltd. including its senior
unsecured rating to Ba2 from Baa3, senior secured rating to Baa3
from Baa2, and short-term commercial paper rating to non-Prime from
P-3. Concurrently, Moody's assigned a Ba1 Corporate Family Rating,
Ba1-PD Probability of Default Rating and a Baa3 rating to the
company's planned secured note issuance. Moody's also assigned an
SGL-2 speculative grade liquidity rating. The outlook is negative.
This concludes the review for downgrade that was initiated on March
11, 2020.

"The downgrades reflect the risks Royal Caribbean faces as their
operations continue to be suspended and Moody's expectation of a
slow recovery resulting in financial metrics that are not
indicative of an investment grade rating for the foreseeable
future," stated Pete Trombetta, Moody's lodging and cruise analyst.
"Moody's forecasts that cruise operations will continue to be
suspended in the US beyond the current July 24 no-cruise order
issued by the Centers for Disease Control and Prevention and
available capacity will be modest for the remainder of 2020 and
possibly into early 2021 as the risk of fully restarting operations
before proper safety protocols are in place far exceed the
potential reward," added Trombetta. When cruise operations do
resume, Moody's expects deployed cruise ships will have limits on
the occupancy for each ship while social distancing rules remain in
place which will lead to lower ship-level profitability during this
period.

The proceeds of the planned $3.3 billion secured note issuance will
be used to refinance the company's existing $2.4 billion 364-day
secured facility that matures in March 2021 with the balance being
held for liquidity purposes. The incremental $1 billion will
bolster the company's liquidity position and ensure the company can
get through the next year even with operations remaining
suspended.

Downgrades:

Issuer: Royal Caribbean Cruises Ltd.

Senior Unsecured Commercial Paper, Downgraded to NP from P-3,
previously on review for downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2 (LGD4)
from Baa3, previously on review for downgrade

Issuer: Silversea Cruise Finance Ltd.

Senior Secured Regular Bond/Debenture, Downgraded to Baa3 (LGD2)
from Baa2, previously on review for downgrade

Assignments:

Issuer: Royal Caribbean Cruises Ltd.

Corporate Family Rating, Assigned Ba1

Probability of Default Rating, Assigned Ba1-PD

Speculative Grade Liquidity Rating, Assigned SGL-2

Senior Secured Regular Bond/Debenture, Assigned Baa3 (LGD2)

Outlook Actions:

Issuer: Royal Caribbean Cruises Ltd.

Outlook, Changed to Negative from Rating Under Review

Issuer: Silversea Cruise Finance Ltd.

Outlook, Changed to Negative from Rating Under Review

RATINGS RATIONALE

The rapid 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. The cruise sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, Royal Caribbean's
credit profile, including its exposure to increased global travel
restrictions, have left it vulnerable to shifts in market sentiment
in these unprecedented operating conditions and the company remains
vulnerable to the outbreak continuing to spread. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on Royal Caribbean of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Royal Caribbean's credit profile is supported by its solid market
position as the second largest global ocean cruise operator based
upon capacity and revenue which acknowledges the strength of its
brands. Royal Caribbean is well diversified by geography, brand,
and market segment. In the short run, Royal Caribbean's credit
profile will be dominated by the length of time that cruise
operations continue to be highly disrupted and the resulting
impacts on the company's cash consumption and its liquidity
profile. However, over the long run, the value proposition of a
cruise vacation as well as a group of loyal cruise customers
supports a base level of demand once health safety concerns have
been effectively addressed. The normal ongoing credit risks include
the company's high leverage, which Moody's forecasts will exceed
4.0x for the next two years, the highly seasonal and
capital-intensive nature of cruise companies and the cruise
industry's exposure to economic and industry cycles, weather
incidents and geopolitical events.

The negative outlook reflects Royal Caribbean's high leverage and
the uncertainty around pace and level of the recovery in demand
that will enable the company to de-lever to below 4.5x.

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

Factors that could lead to a downgrade include indications over the
coming months that 2021 demand recovery may be weaker than expected
resulting in lower profitability or an expectation that debt/EBITDA
will remain above 4.5x or EBITA/interest expense was stabilized
below 3.0x. Ratings could also be downgraded the level of if free
cash flow deficits deepen in 2020 or should liquidity deteriorate
for any reason. The outlook could be revised to stable if
operations resume and demand shows good recovery trends in 2021
resulting in leverage approaching 4.5x. Given the negative outlook
an upgrade is unlikely over the near term. However, ratings could
eventually be upgraded if the company can maintain debt/EBITDA
below 3.5x, and EBITA/interest expense above 5.0x. A ratings
upgrade would also require a financial policy and capital structure
that supports the credit profile required of an investment grade
rating through inevitable industry downturns.

Royal Caribbean Cruises is a global vacation company that operates
four wholly-owned or majority-owned cruise brands, including Royal
Caribbean International, Celebrity Cruises, Azamara Club Cruises
and Silversea Cruises. The company also operates two brands through
joint ventures -- TUI Cruises (50%) and Pullmantur (49%). The six
brands operate a combined 61 cruise ships with an aggregate
capacity of about 141,570 berths as of December 31, 2019. Net
revenue for fiscal 2019 was $8.7 billion.

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


SALIENT CRGT: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded its ratings for Salient CRGT,
Inc., including the company's corporate family rating (to Caa1 from
B3) and probability of default rating (to Caa1-PD from B3-PD), as
well as the ratings for its first lien credit facility (to B3 from
B2). The ratings outlook is negative.

According to lead analyst Bruce Herskovics, "Salient CRGT's recent
contract awards have been favorable but the COVID-19 pandemic will
likely delay the associated revenue ramp-up, and the company's high
leverage with more demanding covenant tests and loan amortization
scheduled for Q2-2020 gives tight maneuvering room for even light
working capital growth or unexpected costs." Herskovics continued,
"We do, however, recognize that with recent contract awards the
company still has a chance of bringing leverage closer to the
mid-6x before the revolver expires in 2021."

The spread of the coronavirus outbreak, the deteriorating global
economic outlook, low 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 aerospace and
defense sector have been adversely affected by the shock given its
indirect exposure to the severely pressured airline industry and
its sensitivity to consumer demand and sentiment. Salient CRGT's
weakening credit profile and exposure to government services
programs render it vulnerable to shifts in market sentiment in
these unprecedented operating conditions. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its actions reflect the impact on Salient CRGT of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

RATING RATIONALE

The Caa1 CFR reflects the company's relatively small size, elevated
financial risk profile with leverage of 9x at Q1-2020, and a deemed
weak liquidity profile balanced against good technical
qualifications within defense/federal services contracting that
support EBITDA margins of 12%, noteworthy business development
traction and the potential for deleveraging to the mid-6x range in
2021.

While the federal government has flexibly adjusted many service
programs to remote work arrangements in response to the COVID-19
pandemic, there are heightened operational risks in transferring
newly awarded programs away from incumbents. Salient CRGT's
existing contracts are proceeding as expected, but activity will
likely not ramp on new contracts in H2-2020, certainly not at the
rate that had been expected. Moody's now expects that leverage will
exceed 7x by year-end 2020, and that free cash flow-to-debt will
only approximate $10 million or a relatively modest 2%-3% of debt.

Compounding the challenges of high financial leverage, the
company's loan service requirements are tightening. Salient CRGT
will probably rely on its revolver to meet a portion of the
scheduled quarterly loan amortization as the amount increases to
$5.3 million from $2.6 million this quarter. Staying in compliance
with the bank facility's maximum secured net leverage test that
steps down to 6.25x from 6.50x, with subsequent step-downs through
maturity, will be difficult. However, Salient CRGT will presumably
be able to reduce debt in coming quarters, possibly even at a pace
that prevents a covenant test breach. With the revolver due in
November 2021 and the term loan in February 2022, unless the new
contracts soon translate into higher income generation and free
cash flow, the risk of a distressed exchange is likely to grow.

The negative ratings outlook considers that there exists little
room for opertional error, and that Salient CRGT will probably soon
need a covenant waiver or facility amendment and will rely on the
revolving credit line to meet scheduled term loan amortization
payments. The risk of a financial restructuring could also increase
as the debts become current.

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

Upward ratings momentum would depend of leverage of mid-6x in 2021,
with an adequate liquidity profile and annual revenues approaching
$500 million. Downward ratings pressure will mount if leverage is
not expected to be below 7x in 2021, and/or with continued
weakening of the liquidity profile or annual revenues below $450
million.

The following summarizes its rating actions and Moody's ratings:

Downgrades:

Issuer: Salient CRGT, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

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

Outlook Actions:

Issuer: Salient CRGT, Inc.

Outlook, changed to Negative from Stable

Salient CRGT, headquartered in Fairfax, Virginia, is a provider of
custom software development, data analytics, and other technology
services to US government agencies. Salient CRGT is a portfolio
company of Bridge Growth Partners and Frontenac Company (equally
split ownership). Annual revenues are approximately $405 million.

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.


SAND CASTLE: June 10 Plan Confirmation Hearing Set
--------------------------------------------------
On April 20, 2020, debtor Sand Castle South Timeshare Owners
Association, Inc. filed with the U.S. Bankruptcy Court for the
District of South Carolina an Amended Disclosure Statement and
Amended Plan.

On April 24, 2020, Judge John E. Waites approved the Disclosure
Statement and established the following dates and deadlines:

   * June 3, 2020, is fixed as the last day for all creditors and
other parties in interest entitled to vote on the Plan to file
their written acceptance or rejection of the Plan.

   * June 10, 2020, at 10:30 AM at the United States Bankruptcy
Court, 145 King Street, Room 225, Charleston, South Carolina is the
hearing to consider confirmation of the Plan.

   * June 3, 2020, is fixed as the last day for any creditor or
party in interest that wishes to object to confirmation of the Plan
to file and serve the objection.

A full-text copy of the order dated April 24, 2020, is available at
https://tinyurl.com/ybzyc838 from PacerMonitor at no charge.

               About Sand Castle South Timeshare
                     Owners Association

Sand Castle South Timeshare Owners Association, Inc., is a
not-for-profit corporation created to manage, operate and maintain
a 40-unit timeshare condominium resort in the Sand Castle South
condominium building located at 2207 South Ocean Boulevard, Myrtle
Beach, South Carolina.

The Association filed a Chapter 11 bankruptcy petition (Bankr.
D.S.C. Case No. 19-02764) on May 22, 2019, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by Julio E. Mendoza Jr., Esq., at Nexsen Pruet LLC.


SOUTH 18TH ST CAPITAL: Sale of Property to Fund 100% Plan
---------------------------------------------------------
South 18th ST Capital, LLC, filed with the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania a Disclosure Statement and
Plan of Reorganization dated April 28, 2020.

The Debtor owns real estate at 1328 S. 18th Street Philadelphia,
PA, which is presently a development project in an unfinished state
of construction (the Property).  The purpose is to sell the
completed house, use the proceeds to pay the lender which financed
construction, ordinary costs and realize a profit for equity.
Pre-petition, the Debtor spent approximately $200,000 on
construction costs for the Property.

Class 4 Non-priority unsecured claims are unimpaired by this Plan.
Each holder of a Class 4 claim will be paid in full upon the later
of the effective date of this plan or 3 business days after a
closing on sale of the Debtor's real property.

Class 5 Equity interests are unimpaired by this Plan, and each
holder of a Class 5 Claim will be paid in accordance with their
respective equity interest from any remaining proceeds after
payment in full of Classes 1, 2, 3 and 4.

Payments and distributions under the Plan will be funded by the
sale of Debtor's Property.  The Debtor will file a motion to
approve any sale of the Property pursuant to 11 U.S.C. Sec. 363
informing creditors of the pertinent terms and conditions of the
sale including price, identity of buyer, closing conditions and
date of closing.

The Debtor believes that the Property will be saleable for an
amount which exceeds the value of the secured claims and the
administrative costs of this bankruptcy including legal fees and
fees owed to the Office of the United States Trustee.

A full-text copy of the Disclosure Statement dated April 28, 2020,
is available at https://tinyurl.com/ybakmarp from PacerMonitor at
no charge.

The Debtor is represented by:

         Dimtri L. Karapelou, Esquire
         Law Offices of Dimitri L. Karapelou, LLC
         Two Penn Center, Suite 920
         1500 John F. Kennedy Boulevard
         Philadelphia, PA 19102
         Tel: (215) 391-4312

                 About South 18th St Capital

South 18th St Capital, LLC filed a Chapter 11 petition (Bankr. E.D.
Pa. Case No. 20-10626) on Jan. 31, 2020. At the time of the filing,
the Debtor disclosed assets of between $100,001 and $500,000 and
liabilities of the same range. Judge Magdeline D. Coleman oversees
the case. The Law offices of Dimitri L. Karapelou, LLC is the
Debtor's legal counsel.


SOUTHEASTERN METAL: Unsec. Creditors to Have 10% Recovery in Plan
-----------------------------------------------------------------
Debtors Southeastern Metal Products LLC (SEMP) and SEMP Texas LLC
(SEMP Texas) together with the Official Committee of Unsecured
Creditors (Plan Proponents) filed with the U.S. Bankruptcy Court
for the District of Delaware a Disclosure Statement with respect to
the Joint Plan of Orderly Liquidation of the Debtors and the
Official Committee of Unsecured Creditors dated April 30, 2020.

The Debtors propose to liquidate under chapter 11 of the Bankruptcy
Code. The manner and process for such a liquidation is now the
principal purpose of the Chapter 11 cases, primarily as a result of
the effect of the pandemic caused by the novel coronavirus known as
COVID-19.  The Debtors are currently not manufacturing any goods
for the purpose of completing delivery of all finished product
currently in their possession to customers in an effort to minimize
any disruption to its customers.

The Debtors are negotiating with private parties for the sale of
all personal property, including machinery and equipment. In the
event that the Debtors are not able to find private party
purchasers, the Plan Administrator will engage an auctioneer to
conduct a public or private auction of such property, with the
proceeds to be distributed by the Plan Administrator in accordance
with the Plan.

The Official Committee of Unsecured Creditors of the Debtors, which
acts as a fiduciary for, and represents the collective interests of
all general unsecured creditors of the Debtors, recommends that all
creditors in Classes 4 and 5 vote to accept the Plan, which is the
product of extensive negotiation and settlement.

The Assets available for liquidation and that will provide the
predominate source of funding for the Plan are the real estate
owned by SEMP located in Charlotte, North Carolina, all machinery
and equipment owned by the Debtors, all inventory, raw materials
and work in process located at the Charlotte facility and all
receivables owed or to become owed to SEMP.

Class 3 consists of the Juno Claim, arising from loans made by Juno
to SEMP prior to the Petition Date.  Juno has agreed that its Claim
shall be Allowed as an Unsecured Claim in the sum of $5,194,806,
but the Allowed Juno Claim shall be treated for distribution
purposes as a Class 4 General Unsecured Claim in the amount of
$4,155,849 under this Plan or as a general unsecured claim under
any other plan or any subsequent liquidation.

Class 4 consists of the Allowed Unsecured Claims, which are
projected to recover 10 percent.  As of the Petition Date, the
total scheduled claims of Class 4 creditors was $6,206,027, of
which approximately $685,000 relates to Claims that may be entitled
to treatment.  As of the Bar Date, the total filed unsecured claims
(other than the Juno Claim and rejection claims, if any) is in the
amount of $7,294,562.

Each such Holder of an Allowed Class 4 Claim shall receive a cash
payment equal to its pro rata share of the distributable cash
available after the payment in full of all Allowed Unclassified
Claims and Allowed Class 1 and Class 2 Claims.  Allowed Class 4
Unsecured Claims need not be paid until after the reconciliation of
all Disputed Class 4 Unsecured Claims; provided, however, that in
the discretion of the Plan Administrator, Allowed Class 4 Unsecured
Claims may receive distributions before the reconciliation of all
Disputed Class 4 Unsecured Claims provided that (i) reserves are
maintained for any Class 4 Unsecured Claim that is Disputed at the
time of such distribution and (ii) the Plan Administrator shall
make a corrective Distribution following the resolution of any
Disputed Claim within 30 days of such resolution.

The Interest Holders will not retain their interest in the Debtors,
which shall instead be cancelled effective as of the Effective
Date, and any associated management rights held by the Interest
Holders will be void and of no force and effect as of the Effective
Date; Holders of Interests will have a contingent interest in any
remaining cash after all Allowed Claims have been paid or otherwise
satisfied in full in accordance with this Plan. Because there are
Classes of Claims that are projected not to be paid in full,
Interest Holders are not expected to realize any recovery under
this Plan.

On the Effective Date, the Plan Administrator will assume all
authority and power to manage the Reorganized Debtors.  From and
after the Effective Date, the Plan Administrator shall be the sole
representative of, and shall act for, the Reorganized Debtors in
carrying out the intent and purposes of the Plan.

A full-text copy of the Disclosure Statement dated April 30, 2020,
is available at https://tinyurl.com/ybds8j5c from PacerMonitor at
no charge.

Counsel to Debtors:

        WEIR & PARTNERS LLP
        Jeffrey S. Cianciulli, Esquire
        Bonnie R. Golub, Esquire
        824 Market Street, Suite 800
        Wilmington, DE 19899
        Telephone: (302) 652-8181
        Telecopy: (302) 652 8909
        E-mail: jcianciulli@weirpartners.com
                bgolub@weirpartners.com

               About Southeastern Metal Products

Southeastern Metal Products LLC is a contract manufacturing company
that specializes in fabrication and stampings for various
industries including telecommunications, transportation, appliance
and health and safety industries.

Southeastern Metal Products and its affiliates SEMP Texas, LLC and
Hospital Acquisition LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-10998) on May 6,
2019.  At the time of the filing, Southeastern Metal disclosed
assets of between $1,000,001 and $10 million and liabilities of the
same range.  SEMP Texas had estimated assets of less than $1
million and liabilities of less than $500,000 while Hospital
Acquisition had estimated assets of less than $50,000 and
liabilities of less than $50,000.  

The Debtors hired Weir & Partners LLP as counsel; Finley Group as
financial advisor; and Omni Management Group as claims and noticing
agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed an
official committee of unsecured creditors on May 20, 2019.
Lowenstein Sandler LLP is the committee's legal counsel.


SUNNIVA INC: Matrix Files Bankruptcy Order Motion Under BIA
-----------------------------------------------------------
Sunniva Inc. (CSE:SNN, OTCQB:SNNVF) has become aware that it has
been named in an action (the "Action") commenced by Matrix Venture
Capital Management Inc. ("Matrix") whereby Matrix has filed a
Notice of Motion (the "Notice of Motion") with the Supreme Court of
British Columbia seeking a Bankruptcy Order under the Bankruptcy
and Insolvency Act (Canada) in respect to the property of Sunniva
in connection with a promissory note issued by Sunniva to Matrix on
October 11, 2019 in the amount of USD$6,000,000.

The Notice of Motion was filed on May 6, 2020 and served on the
Company on May 13, 2020.  A hearing for the Action has been
scheduled for June 1, 2020.  The Company intends to defend the
Action.

The Company has been reviewing potential strategic and
restructuring alternatives and will continue to evaluate its
options in the context of the Action.

Sunniva, through its subsidiaries, is a vertically integrated
cannabis company operating in the world's two largest cannabis
markets - Canada and California.  For more information about the
Company please visit: http://www.sunniva.com/




TECHNIPLAS LLC: Arnold, Cole Represent Noteholder Group
-------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Arnold & Porter Kaye Scholer LLP and Cole Schotz
P.C. submitted a verified statement to disclose that they are
representing the Ad Hoc Group in the Chapter 11 cases of
Techniplas, LLC, et al.

Counsel represents an ad hoc group of certain unaffiliated funds,
accounts and/or managers of funds or accounts, as beneficial
holders of obligations arising from or relating to the 10% Senior
Secured Notes due 2020 issued by Techniplas, LLC under that certain
Indenture, dated as of April 29, 2015, and as lenders under that
certain debtor in possession facility approved on an interim basis
by the United States Bankruptcy Court for the District of Delaware
on March 8, 2020.

The Ad Hoc Group retained Arnold & Porter in December 2019 to
represent them, as counsel, in connection with a potential
restructuring of the outstanding debt obligations of the
above-captioned debtors and certain of their subsidiaries and
affiliates. Cole Schotz was retained by the Ad Hoc Noteholder Group
on May 6, 2020 to act as Delaware counsel in the Debtors' chapter
11 cases.

Counsel continue to represent the Ad Hoc Group in connection with
the Debtors' chapter 11 cases.

Counsel does not represent nor purports to represent any other
entity or entities in connection with the Debtors' chapter 11
cases. Counsel does not represent the Noteholders, the Ad Hoc
Group, or any of the DIP Lenders as a "committee". Except as
expressly set forth in this Verified Statement, Counsel does not
undertake to represent the interests of, nor are they a fiduciary
for, any creditor, party in interest, or other entity. In addition,
except as otherwise expressly stated in this Verified Statement,
the Ad Hoc Group does not represent or purport to represent, or
serve as fiduciary for, any other entities in connection with the
Debtors' chapter 11 cases or otherwise.

As of May 11, 2020, members of the Ad Hoc Group and their
disclosable economic interests are:

Amzak Capital Management
980 N Federal Highway, Suite 315
Boca Raton, FL 33432

* Secured Notes: $33,207,000
* DIP Facility: $3,855,762

Concise Capital Management, LP
1111 Brickell Avenue, Suite 1525
Miami, FL 33131

* Secured Notes: $16,949,000
* DIP Facility: $1,900,813

Bayside Capital, Inc.
1450 Brickell Avenue 31st Floor
Miami, FL 33131

* Secured Notes: $47,857,000
* DIP Facility: $5,634,402

Ensign Peak Advisors
60 East South Temple Suite 400
Salt Lake City, UT 84111

* Secured Notes: $10,811,000
* DIP Facility: $916,653

Investcorp Credit Management
280 Park Avenue 39th Floor
New York, NY 10017

* Secured Notes: $9,229,000
* DIP Facility: $1,007,540

Longfellow Investment Management Co., LLC
20 Winthrop Square
Boston, MA 02110

* Secured Notes: $2,290,000
* DIP Facility: $225,942

Manning & Napier
290 Woodcliff Drive
Fairport, NY 14450

* Secured Notes: $1,310,000

Robus Capital Management Limited
9 Percy Street
London W1T 1DL, United Kingdom

* Secured Notes: $8,604,000
* DIP Facility: $1,059,327

Z Capital Credit Partners, L.L.C.
1330 Avenue of the Americas 16th Floor
New York, NY 10019

* Secured Notes: $379,000
* DIP Facility: $37,299

Co-Counsel to the Ad Hoc Group can be reached at:

          COLE SCHOTZ P.C.
          J. Kate Stickles, Esq.
          Patrick J. Reilley, Esq.
          500 Delaware Avenue, Suite 1410
          Wilmington, DE 19801
          Telephone: (302) 652-3131
          Facsimile: (302) 652-3117
          Email: kstickles@coleschotz.com
                 preilley@coleschotz.com

          Daniel F.X. Geoghan, Esq.
          1325 Avenue of the Americas, 19th Floor
          New York, NY 10019
          Telephone: (212) 752-8000
          Facsimile: (212) 752-8393
          Email: dgeoghan@coleschotz.com

                 - and -

          ARNOLD & PORTER KAYE SCHOLER LLP
          Jonathan I. Levine, Esq.
          Jeffrey A. Fuisz, Esq.
          250 West 55th Street
          New York, NY 10019
          Telephone: (212) 836-8000
          Facsimile: (212) 836-8689
          Email: jonathan.levine@arnoldporter.com
                 jeffrey.fuisz@arnoldporter.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/fHhuZP and https://is.gd/kGSLz8

                    About Techniplas LLC

Techniplas, LLC, headquartered in Nashotah, Wisconsin USA, is a
privately held producer of technical plastic components for the
automotive, transportation and electrical industry.  Techniplas is
specialized in thermoplastic and thermo-set molding and has
expertise in metal-to-plastic conversion, light weighting and tool
design.  Techniplas employed about 2,357 employees in its
operations as of December 2018 and generated revenue of $529
million in 2018.

As of December 2020, Techniplas had total assets worth $258.6
million and liabilities worth $331 million, according to court
filing.

Techniplas, LLC, and its affiliates sought Chapter 11 protection
(D. Del. Lead Case No. 20-11049) on May 6, 2020.

The Debtors were estimated to have $100 million to $500 million in
assets and liabilities.

The Debtors tapped WHITE & CASE LLP as counsel; FOX ROTHSCHILD LLP
as restructuring counsel; MILLER BUCKFIRE & CO., LLC as investment
banker; FTI CONSULTING, INC., as restructuring advisor; and EPIQ
CORPORATE RESTRUCTURING, LLC, as claims agent.


THOMAS DEE ENGINEERING: Plan & Disclosures Deadline Moved to Oct 14
-------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Thomas Dee
Engineering Co. filed with the U.S. Bankruptcy Court for the
Northern District of California, San Francisco Division, a motion
and memorandum of law to extend deadlines for filing and obtaining
approval of Plan and Disclosure Statement.  No objections were
filed.

On April 30, 2020, Judge Hannah L. Blumenstiel granted the motion
and extended the plan-related deadlines.  The judge ordered the
Debtor to comply with these deadlines:

   * Oct. 14, 2020, is the deadline to file and serve a disclosure
statement.

   * Dec. 9, 2020, is the deadline to obtain approval of a
disclosure statement.

   * Feb. 17, 2021, is the deadline to confirm a plan.

A full-text copy of the order dated April 30, 2020, is available at
https://tinyurl.com/ybhbl76n from PacerMonitor at no charge.

Proposed Counsel to the Creditors' Committee:

        Steven B. Sacks
        Sacks, Ricketts, & Case, LLP
        177 Post Street, Suite 650
        San Francisco, CA 94108
        Telephone: (415) 549-0580
        Facsimile: (415) 549-0626
        E-mail: ssacks@srclaw.com

        Joseph D. Frank
        Jeremy C. Kleinman
        FRANKGECKER LLP
        1327 W. Washington Blvd., Suite 5G-H
        Chicago, Illinois 60607
        Telephone: (312) 276-1400
        Facsimile: (312) 276-0035
        E-mail: jfrank@fgllp.com
                jkleinman@fgllp.com

                 About Thomas Dee Engineering

Thomas Dee Engineering Co, Inc., is a foundation, structure, and
building exterior contractor headquartered in San Rafael,
California.

Thomas Dee Engineering sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Cal. Case No. 18-31266) on Nov. 26,
2018. At the time of the filing, the Debtor was estimated to have
assets of $1 million to $10 million and liabilities of $10 million
to $50 million.  The case has been assigned to Judge Hannah L.
Blumenstiel.  The Debtor tapped Goodrich & Associates as its legal
counsel.


TOLEDO TOWN RECREATION: Case Summary & 6 Unsecured Creditors
------------------------------------------------------------
Debtor: Toledo Town Recreation II, LLC
        1102 South Union Street, Suite 1
        Opelousas, LA 70570

Business Description: Toledo Town Recreation II, LLC is a Single
                      Asset Real Estate (as defined in 11 U.S.C.
                      Section 101(51B)).  The Company owns 5.375
                      acres of land, together with all
                      improvements near Toledo Bend Lake,
                      comprised of 12 RV camping spots, 10 mobile
                      home sites, six mobile homes, and 15 rental
                      cabins, and a 50% interest in sewage
                      treatment oxidation pond.  The properties
                      are valued at $1.8 million.  The Company
                      also owns five contiguous tracts of land
                      totaling approximately 20.6 acres together
                      with all improvements consisting of 37 RV
                      camping spots, one rental cabin, conference
                      building, welcome center, swimming
                      pool, pavilion and various other buildings
                      and improvements and a 50% interest in
                      sewage treatment oxidation pond, all valued
                      at $2.5 million.

Chapter 11 Petition Date: May 13, 2020

Court: United States Bankruptcy Court
       Western District of Louisiana

Case No.: 20-50407

Judge: Hon. John W. Kolwe

Debtor's Counsel: Patrick D. Keating, Esq.
                  THE KEATING FIRM, APLC
                  220 Heymann Blvd.
                  Lafayette, LA 70503
                  Tel: (337) 233-0300
                  E-mail: rick@dmsfirm.com

Total Assets: $4,375,518

Total Liabilities: $3,802,302

The petition was signed by Kenneth Fa-Kouri, managing member.

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

                     https://is.gd/lka1tL


TRC COMPANIES: Moody's Alters Outlook on B2 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service changed TRC Companies, Inc.'s outlook to
negative from stable and affirmed its existing ratings, including
its corporate family rating and its probability of default rating
at B2 and B2-PD, respectively. At the same time, Moody's affirmed
the instrument ratings on TRC's senior secured first lien credit
facilities at B2.

"The change in TRC's outlook to negative is driven by Moody's
expectation that the company's credit metrics will deteriorate for
the foreseeable future as a result of business pressures caused by
the coronavirus pandemic that will drive leverage above its
previously indicated downgrade indicator of 6 times," said Moody's
analyst Andrew MacDonald. "Nonetheless, the affirmation of the B2
CFR reflects that the company has sufficient liquidity to manage
through the next 12 to 18 months and that credit metrics should
gradually improve in 2021 owing to the essential nature of the
company's work and existing backlog."

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 potential impact on TRC from the breadth
and severity of the shock, including potential work stoppages and
delays, and the broad deterioration in credit quality it has
triggered.

Affirmations:

Issuer: TRC Companies, Inc.

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD3)

Outlook Actions:

Issuer: TRC Companies, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

TRC's B2 CFR reflects the negative impact the onset of the
coronavirus has had on the company's credit metrics, particularly
the ongoing weakness in the oil & gas segment that has impacted
revenue and earnings. As a consequence, Moody's expects that
adjusted debt-to-EBITDA leverage will increase to above 7x in 2020,
and remain above the Moody's downgrade indicator of 6x through
2021. Moody's adjusted leverage for the twelve months ended 27
March 2020 (the LTM period) is elevated at 7.4x, though it is 6.6x
in consideration of the full repayment of the $80 million revolver
in April 2020. The company's infrastructure and oil & gas segments,
which combined represent about one-third of revenue during the past
6 months, are expected to experience revenue declines in the low
double digits during the quarter ending June 30, 2020 with the
remaining environmental and power segments staying relatively flat.
Long term, oil & gas is expected to remain weak while other
segments gradually improve sequentially as state-wide shelter in
place restrictions are relaxed. Supporting the rating is the
company's liquidity position, which consists of over $90 million of
combined cash on hand and revolver availability as of early May.
Moody's expects that cost reduction efforts and CARES Act relief
will allow the company to maintain liquidity until the company is
able to return to growth in 2021. The company also has no near-term
debt maturities.

The negative outlook reflects Moody's expectation that credit
metrics will deteriorate in 2020 and that leverage remain elevated
during the next 12 months. The outlook could be changed to stable
if the company is expected to sustain leverage below 6x while
maintaining good liquidity.

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

The ratings could be downgraded if revenue or earnings decline such
that Moody's-adjusted debt-to-EBITDA is expected to remain above
6x. A deterioration in liquidity, debt-funded acquisitions or
special dividends, or free cash flow-to-debt sustained below 2%
could also lead to a downgrade.

Ratings could be upgraded if earnings growth or debt reduction lead
to Moody's-adjusted debt-to EBITDA sustained below 4x and sustained
free cash flow-to-debt above 8%. TRC's financial strategies would
also need to support metrics remaining at these levels.

Headquartered in Windsor, CT, TRC is a national engineering,
consulting, and construction management firm that services
Environmental (32% of LTM revenue), Power (36%), Infrastructure
(16%), and Oil & Gas (16%) markets. The company serves a broad
range of industrial, commercial, and government clients by managing
projects from initial concept and design to delivery and
operations. TRC is owned by affiliates of New Mountain Capital,
LLC. Net service revenue for the twelve months ended March 27, 2020
was $712 million.

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


TRENT RIVER: Seeks to Hire Lori G. Baldwin as Accountant
--------------------------------------------------------
Trent River Adventures, LLC, seeks approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina to hire
Lori G. Baldwin, CPA  as its accountant.

The firm will be tasked to establish bookkeeping records, prepare
Debtor's tax returns and year-end financial statements, and provide
any necessary audit compilation.

Lori G. Baldwin will be paid a flat fee of $700 for the initial
establishment of the bookkeeping records and a monthly fee of $300.
The firm will charge $75 an hour for the preparation of tax
returns and year-end financial statements, and any audit
compilation.

Lori G. Baldwin is qualified to serve as accountant within the
meaning of Section 327(a) of the Bankruptcy Code, according to
court filings.

The firm can be reached through:

     Lori Baldwin
     Lori G. Baldwin, CPA
     2407 Grace Ave., Suites 12 & 13
     New Bern, NC 28562
     Phone: (252) 633-4526
     Email: lori@loribaldwincpa.com

                   About Trent River Adventures

Trent River Adventures, LLC, a company that owns and operates a
golf course facility in New Bern, N.C., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
20-00926) on March 3, 2020.  At the time of the filing, Debtor
disclosed assets of between $1 million and $10 million and
liabilities of the same range.  Judge Joseph N. Callaway oversees
the case.  The Law Offices of Oliver & Cheek, PLLC and Lori G.
Baldwin, CPA serve as Debtor's legal counsel and accountant,
respectively.


TROUSDALE US AUSSIE: Has Until July 24 to File Plan & Disclosures
-----------------------------------------------------------------
Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, approved the
stipulation and ordered that the Debtor Trousdale US Aussie, LLC,
to file a chapter 11 plan and disclosure statement is extended from
April 28, 2020, to July 24, 2020.

A copy of the order dated April 30, 2020, is available at
https://tinyurl.com/yaguswcw from PacerMonitor at no charge.

Attorneys for Trousdale US:

         GEORGE E. SCHULMAN
         JOHN N. TEDFORD IV
         DANNING, GILL, ISRAEL & KRASNOFF, LLP
         1901 Avenue of the Stars, Suite 450
         Los Angeles, California 90067-6006
         Telephone: (310) 277-0077
         Facsimile: (310) 277-5735
         E-mail: gschulman@DanningGill.com
                 jtedford@DanningGill.com

                     About Trousdale US Aussie

Trousdale US Aussie, LLC, based in Beverly Hills, CA, filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-20822) on Sept.
12, 2019. In the petition signed by Trevor Groeneveld, authorized
agent, the Debtor was estimated to have $10 million to $50 million
in both assets and liabilities.  The Hon. Julia W. Brand oversees
the case.  John N. Tedford IV, Esq., at Danning Gill Diamond &
Kollitz, LLP, serves as bankruptcy counsel to the Debtor.


VERESEN MIDSTREAM: S&P Affirms 'BB-' ICR, Withdraws Rating
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit and
issue-level ratings on Alberta-based midstream partnership Veresen
Midstream L.P. The ratings were subsequently withdrawn at the
issuer's request. At the time of the withdrawal, the outlook was
stable.



VIDANGEL INC: June 18 Plan Confirmation Hearing Set
---------------------------------------------------
On April 23, 2020, the U.S. Bankruptcy Court for the District of
Utah, Central Division, held a continued hearing to consider the
motion of George Hofmann, the Chapter 11 Trustee of debtor
VidAngel, Inc., seeking approval of the proposed disclosure
statement and approval of certain proposed procedures in connection
with confirmation of the Trustee’s Plan of Reorganization.

On April 24, 2020, Judge Kevin R. Anderson approved the Disclosure
Statement and motion and ordered that:

   * With respect to holders of Claims in Classes 1, 2, 3, and 6,
the Trustee will mail a ballot, substantially in the form of the
ballots to each holder of a claim in the Voting Classes under the
Plan.

   * For purposes of voting, the amount of a claim or interest used
to tabulate acceptance or rejection of the Plan shall be the amount
set forth on the ballots for that particular creditor or interest
holder.

   * June 18, 2020 at 9:00 a.m., at the United States Bankruptcy
Court at 350 South Main Street, Salt Lake City, Utah 84101, in
Courtroom 376 is the Confirmation Hearing of the Plan.

   * May 18, 2020, is the deadline to vote on the Plan.

   * May 26, 2020, is the deadline to file any objection to
confirmation of the Plan.

A full-text copy of the Disclosure Statement dated April 24, 2020,
is available at https://tinyurl.com/ycmp3o34 from PacerMonitor at
no charge.

Attorneys for George Hofmann:

         George Hofmann
         Matthew M. Boley
         Jeffrey Trousdale
         Cohne Kinghorn, P.C.
         111 East Broadway, 11th Floor
         Salt Lake City, UT 84111
         Telephone: (801) 363-4300
         Facsimile: (801) 363-4378

                      About Vidangel Inc.

Based in Provo, Utah, VidAngel, Inc., is an entertainment platform
empowering users to filter language, nudity, violence, and other
content from movies and TV shows on modern streaming devices such
as iOS, Android, and Roku. The company's newly launched service
empowers users to filter via their Netflix, Amazon Prime, and HBO
on Amazon Prime accounts, as well as enjoy original content
produced by VidAngel Studios. Its signature original series, Dry
Bar Comedy, now features the world's largest collection of clean
standup comedy, earning rave reviews from fans nationwide.

VidAngel filed a Chapter 11 petition (Bankr. D. Utah Case
No.17-29073) on Oct. 18, 2017. In the petition signed by CEO Neal
Harmon, the Debtor was estimated to have $1 million to $10 million
in both assets and liabilities.

Judge Kevin R. Anderson oversees the case.

The Debtor tapped Parsons Behle & Latimer, as bankruptcy counsel;
Durham Jones & Pinegar, Baker Marquart LLP, Stris & Maher LLP and
Call & Jensen, P.C. as special counsel; and Tanner LLC as auditor
and advisor. The Debtor also hired economic consulting expert
Analysis Group, Inc.

George Hofmann was appointed as the Debtor's Chapter 11 trustee.
Cohne Kinghon, P.C. is the Trustee's bankruptcy counsel.  The
Trustee also hired Call & Jensen, P.C., TraskBritt, P.C., Call &
Jensen, P.C., and Magleby Cataxinos & Greenwood, P.C. as special
counsel.


VIRTUAL VALOR: Seeks to Hire Hoff Law Offices as Legal Counsel
--------------------------------------------------------------
Virtual Valor Group, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Hoff Law Offices,
P.C. as its legal counsel.
   
Hoff Law Offices will represent the Debtor in connection with its
Chapter 11 case and will be paid an hourly fee of $300 for its
services.

Jessica Hoff, Esq., the firm's attorney who will be handling the
case, disclosed in court filings that she neither holds nor
represents any interest adverse to Debtor and its bankruptcy
estate.

The firm can be reached through:

     Jessica L. Hoff, Esq.
     Hoff Law Offices, P.C.
     6551 S. Revere Parkway, Suite 200
     Centennial, CO 80111
     Tel: 877-647-1291
     Fax: 303-803-4438
     E-mail: jhoff@hofflawoffices.com

                   About Virtual Valor Group

Virtual Valor Group, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-30916) on Feb. 3,
2020.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $50,001 and
$100,000.  Judge Christopher M. Lopez oversees the case.  The
Debtor is represented by Hoff Law Offices, P.C.


VNS TRANSPORTATION: Seeks to Hire Alla Kachan as Legal Counsel
--------------------------------------------------------------
VNS Transportation, Inc., seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire the Law Offices
of Alla Kachan, P.C. as its legal counsel.
   
Alla Kachan will provide services in connection with Debtor's
Chapter 11 case, which include negotiating with its creditors,
representing Debtor in adversary proceedings, and assisting Debtor
in formulating a plan of reorganization.

The firm will be paid at these rates:

     Attorney            $400 per hour
     Clerks              $200 per hour
     Paraprofessionals   $200 per hour   

The firm received from Debtor an initial retainer of $10,000.

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

The firm can be reached through:

     Alla Kachan, Esq.
     Law Offices of Alla Kachan, P.C.
     3099 Coney Island Avenue
     Brooklyn, NY 11235
     Tel: (718) 513-3145  
     Email: alla@kachanlaw.com

                   About VNS Transportation

VNS Transportation, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-41827) on April 8,
2020.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $100,001 and
$500,000.  Judge Carla E. Craig oversees the case.  The Debtor is
represented by the Law Offices of Alla Kachan, P.C.


WEB.COM GROUP: BlackRock Values $21.5-Mil. Loan at 77% of Face
--------------------------------------------------------------
BlackRock TCP Capital Corp. has marked its $21,466,800 loan
extended to privately held Web.com Group Inc. to market at
$16,600,920, or 77% of the outstanding amount, as of March 31,
2020, according to a disclosure contained in a Form 10-Q filing
with the Securities and Exchange Commission for the quarterly
period ended March 31, 2020.

BlackRock is a lender under Web.com Group's Second Lien Term Loan,
which is scheduled to mature October 11, 2026.  

Web.com Group Inc. is in the IT Services industry.


WINDSTREAM HOLDINGS: Nears Chapter 11 Exit as Uniti Deal Okayed
---------------------------------------------------------------
Aisha Al-Muslim, writing for The Wall Street Journal, reports that
Windstream Holdings Inc. is near a Chapter 11 bankruptcy exit under
a plan that will let hedge-fund manager Elliott Management Corp.
and other investors to take most of the company's equity out of
bankruptcy while wiping out most junior debt.

At a hearing on May 9, 2020, Judge Robert Drain said he will
approve Windstream's deal with Uniti Group Inc. over a lease
dispute.  Uniti is a Windstream spinoff whose broadband network is
crucial to the telecom company's operations.  The settlement will
add $1.25 billion in the present net value to the Windstream
estate.  

Unsecured creditors of Windstream opposed to the settlement, saying
that they are left out in the cold.

In a court hearing held by phone, Judge Drain said that he will
approve the multi-month commitment of Windstream lenders to invest
in the reorganized company as well as an updated version of the
disclosure documents describing its chapter 11 plan, with certain
modifications.

Judge Drain's rulings make way for a proposed restructuring of
Windstream that would deliver all but a sliver of equity control to
top lenders led by Elliott, the company's largest creditor, while
virtually wiping out roughly $1.1 billion in lower-ranking bonds.

According to the company's lawyer, Windstream's plan has the
support of the majority of its creditors, those holding about $4.1
billion of its $5.5 billion total debt.

"The proposed settlement is complex and I believe critical" to
Windstream's survival.  While it is intertwined...with an eventual
plan of reorganization in these cases, it does not dictate the
terms of that plan," Judge Drain said at the hearing.

Since summer of 2019, Windstream and Uniti were locked in battle
over a $650 million annual rent agreement that Windstream pays for
the utilization of the fiber-optic network assets off Uniti, a
fight that threatened to also push Uniti into bankruptcy.
Windstream filed a lawsuit to alter the lease arrangement, alleging
it too costly.

Windstream's lease with Uniti is vital to its operations, and the
two companies depend on each other, wherein Windstream supplies
over two-thirds of Uniti's revenue in exchange for access to its
fiber and copper networks across the U.S.  The settlement that
resolved the litigation between the two companies is the result of
more than seven months of mediation and negotiations.

Windstream Chief Executive Tony Thomas said in court documents that
continued litigation "could have kept Windstream mired in chapter
11 for another 6 to 12 months-- if not well over a year."

Under the settlement of both companies, Uniti will pay Windstream
$490 million in cash over the next five years and will buy certain
fiber assets from Windstream worth $285 million in cash.  Uniti
also agreed to invest in network improvements for Windstream worth
up to $1.75 million through December 2029.  Windstream will
continue paying rent to lease the fiber assets of Uniti at current
levels for a year, with rents then increasing depending on annual
capital spending by Uniti.

According to Windstream, the settlement will allow the company to
upgrade its telecommunications networks to meet the demands of
customers for faster broadband speeds and to remain competitive
against the cable companies.

The proposed chapter 11 plan of Windstream relies on a commitment
by Elliott and other senior debtholders to backstop equity rights
offering worth $750 million, which is needed to fund payments
required as the company emerges from bankruptcy.  The deal also
puts Windstream on the hook for a $60 million fee to Elliott as
well as the other senior creditors if the rights-offering deal is
terminated because the proposed plan is not approved.  After the
judge indicated he thought the breakup fee was too high,
concessions were made to reduce it to $30 million to secure the
judge's approval.

                       About Windstream Holdings Inc.

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 and its subsidiaries filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 19-22312) on Feb. 25,
2019.

Debtors had total assets of $13,126,435,000 and total debt of
$11,199,070,000 as of Jan. 31, 2019.

Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as legal 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.

                               About Uniti Group Inc.

Uniti Group Inc. operates as a real estate investment trust. The
Company provides wireless infrastructure solutions for
communications industry. Uniti Group serves customers in the
United
States and Latin America. The company is based in Little Rock,
Arkansas.



WINDSTREAM HOLDINGS: SEC Objects to Plan & Disclosures
------------------------------------------------------
The U.S. Securities and Exchange Commission, a statutory party to
proceedings and the federal agency responsible for enforcement of
the federal securities laws, objects to approval of the Disclosure
Statement and confirmation of the Chapter 11 Plan of Windstream
Holdings, Inc. and its affiliated debtors dated April 1, 2020.

In its objection, the SEC asserts that:

   * Section 1141 Has No Bearing on Whether a Non-Debtor
Third-Party Release is Permitted Under Section 524(e) or Applicable
Law.

   * In the Commission's view, the Releases are not consensual
because the Plan deems consent to the Releases to be established
based on silence or a failure to opt out. With respect to creditors
who vote to reject the Plan, but do not opt out of the Releases on
their ballots, or creditors or shareholders who fail to return a
ballot or notice of non-voting status opting out of the Releases,
their silence should not constitute consent to the Releases.

   * The Debtors cannot rely on the silence of the Windstream's
public noteholders who reject or abstain from voting on the Plan
but fail to opt out, and shareholders who fail to opt out on their
notice of non-voting status, as a manifestation of their acceptance
of the Releases.

   * In addition, in the Commission's view, the exculpation clause
in the Plan constitutes an impermissible non-debtor release and
discharge since it limits the liability of various non-estate
fiduciaries for conduct that occurred prior to the Chapter 11 case,
and hence falls squarely within the scope of Section 524(e).

A full-text copy of SEC's objection dated April 30, 2020, is
available at https://tinyurl.com/y9gw75wr from PacerMonitor at no
charge.

                   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.


WME IMG: Moody's Rates First Lien Term Loan B-2 'B3'
----------------------------------------------------
Moody's Investors Service assigned a B3 rating to WME IMG, LLC's
subsidiary's (William Morris Endeavor Entertainment, LLC) new term
loan. WME IMG's B3 Corporate Family Rating, B3-PD Probability of
Default Rating, and B3 first lien credit facility ratings
(including a senior secured revolver and term loan issued by its
subsidiary) remain unchanged. The outlook remains negative.

The net proceeds of the $260 million term loan B-2 will be used for
general corporate purposes and will provide additional liquidity to
manage through the impact of the coronavirus outbreak, although
free cash flow is projected to remain negative as long as the
pandemic limits the ability to hold live events. While WME IMG's
liquidity position is improved, interest expense will increase by
about $25 million and pro forma leverage will rise to approximately
7.8x as of Q4 2019.

Assignments:

Issuer: William Morris Endeavor Entertainment, LLC

new Senior Secured 1st Lien Term Loan B-2, assigned B3 (LGD3)

RATINGS RATIONALE

WME IMG's B3 CFR reflects the impact of the coronavirus outbreak on
the ability to hold live events and complete entertainment
production as scheduled, as well as on the overall economy which
will lead to lower discretionary consumer spending. While many
events may be rescheduled later in the year depending on the
duration of the outbreak, others may be held without fans in
attendance, and others may be cancelled. Concerts are projected to
be the most impacted due to its reliance on fans in attendance, but
other events have also been cancelled. Sports revenues generated
from media agreements are less likely to be impacted as the events
can be held without fans in attendance, but there continues to be
uncertainty on how many events will be rescheduled later in the
year. WME IMG's already very high pro forma leverage level of
approximately 7.8x as of Q4 2019 will increase materially in the
near term, while liquidity will deteriorate as long as the
coronavirus limits the ability to hold scheduled events.

WME IMG benefits from its size and global scale, as well as
diversified operations in client representation, event operations,
distribution of media, sponsorship, marketing and other services.
While WME IMG does not own a significant amount of content or
events, ownership of events has increased in recent years. The
majority of costs are variable and Moody's projects WME IMG will
not incur material expenses for cancelled events. While film
production has been delayed, Moody's expects production will be one
of the earlier business segments to resume operations as the impact
of the coronavirus abates. In the near term, WME IMG will be
focused on cost savings and preserving liquidity, but it will be
important to retain key employees that contribute to the success of
the company. Moody's also expects that WME IMG will benefit from
the increasing value of original content worldwide after the impact
of the coronavirus subsides, as well as from revenue synergies as
the organization utilizes existing relationships within television,
film, sports, music, and advertising to grow the business.

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 live
entertainment industry 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
WME IMG's credit profile have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
WME IMG 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.

A governance consideration that Moody's considers in WME IMG's
credit profile is its aggressive financial policy. WME IMG has
maintained very high leverage levels and issued additional debt to
help fund acquisitions historically. WME IMG is a privately owned
company.

WME IMG is expected to have adequate liquidity due to cash on the
balance sheet of approximately $750 million as of May 1, 2020
including the recent On Location Experiences acquisition in January
2020, the proceeds from the new term loan B-2 and a recent asset
sale. There is a $200 million revolver that matures in 2023 with
$160 million drawn. WME IMG sold a non-consolidated equity interest
to generate approximately $80 million in cash and WME IMG's
portfolio of assets provide the potential for additional asset
sales to support liquidity. WME IMG's liquidity position is
improved pro forma for the transaction, but will deteriorate until
the impact of the coronavirus subsides. Free cash flow was slightly
positive in 2019, but is projected to be negative in the near term.
Moody's expects WME IMG will be focused on preserving liquidity and
reducing capex and operating expenses substantially.

The revolver is subject to a maximum leverage ratio covenant when
greater than 35% of the revolver is drawn, but the term loan is
covenant lite. Moody's expects that WME IMG would be able to obtain
an amendment if needed. The term loans and revolving credit
facility have a secured claim on the assets, although the company
has other joint ventures and minority ownerships that could be sold
for additional liquidity without disrupting the core business.

The negative outlook incorporates Moody's expectation of operating
losses and cash usage due to the coronavirus outbreak's impact on
WME IMG's business and the overall economy. The depth and duration
of the pandemic remain uncertain. Prolonged disruption of WME IMG's
business lines will weaken liquidity and increase leverage levels
substantially in the near term.

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

Given the negative outlook and uncertainty about when the different
business lines are able to operate as scheduled, an upgrade is
unlikely over the near term. A stable outlook could occur if live
events were able to occur as scheduled and leverage was projected
to be under 7x with an adequate liquidity position. Moody's would
consider an upgrade if leverage declined below 6.5x on a sustained
basis and free cash flow as a percentage of debt was in the
mid-single digits. Positive organic growth and confidence that the
private equity sponsor would pursue a financial policy in line with
a higher rating would also be required.

Moody's would downgrade WME IMG's ratings if there was ongoing cash
usage or poor operating performance that led to an elevated risk of
default or an expectation of a distressed debt exchange. Leverage
sustained above 8.5x, an EBITDA minus capex to interest ratio below
1x, or concern that WME IMG may not be able to obtain an amendment
if needed may also lead to a downgrade.

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

WME IMG, LLC (d/b/a Endeavor) is a diversified global company with
operations in client representation, event operations, distribution
of media, sponsorship and licensing rights, as well as marketing
and other services. William Morris Endeavor Entertainment, LLC
bought IMG Worldwide Holdings, LLC in May 2014 for approximately
$2.4 billion with equity financing from Silver Lake Partners in the
amount of $461 million. Reported revenue as of LTM Q4 2019 was
approximately $3.7 billion.


WW INTERNATIONAL: S&P Alters Outlook to Negative, Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based WW
International Inc. to negative from stable and affirmed its 'B+'
issuer credit rating.

Despite a strong start to the year from a successful winter
recruitment season, the severe impact to its studio business from
COVID-19 social distancing measures, and a worsening macroeconomic
landscape could lead to deteriorating credit metrics.   The outlook
revision reflects the possibility of accelerating sales declines
within the next 12 months if unemployment levels remain high, and
consumers begin to reduce discretionary spending, resulting in high
cancellation rates in the company's subscription services. In turn,
high cancellations rates result in lower retention rates, which
currently averages around 10 months. Not only would this hinder
revenue, but profitability would drop more severely because lower
customer turnover equates to higher margins from not having to
spend on customer-acquisition costs. As a result, this along with a
weak macroeconomic environment in 2021, could lead to leverage
sustained above 5x.

The secular decline in WW's studio business has accelerated from
the COVID-19 pandemic as consumer preference shifts away from
in-person meetings.   The company's studio subscribers account for
approximately 25% of its subscriber base, and this segment will be
severely diminished by COVID-19 containment measures. WW has
cancelled all U.S. in-person meetings beginning in mid-March, and
quickly transferred its in-person meetings to virtual meetings via
zoom.

"We believe this quick pivot helped stabilize the existing studio
membership for the time being, as consumers seek community and
connections during this time. However, new recruitments have been
very weak for this channel. We believe the COVID-19 pandemic has
accelerated the secular decline in this segment, and we do not
expect it will recover to pre-COVID-19 levels in the near future,"
S&P said.

Even though S&P is expecting a near-term shock to the company's
performance, the rating agency is affirming its 'B+' rating because
the company's portfolio of digital offerings should benefit from
stay-at-home orders.  WW's pivot to a digital business from a
mostly in-person meeting business has fundamentally transformed the
company over the past couple of years. Its digital business now
accounts for approximately 75% of its subscription volume, and it
has consistently outgrown its studio segment the past four years.
Additionally, the digital business is now a larger portion of the
company's operating profit as the digital platform is highly
scalable and more accretive than the studio segment, which require
physical spaces and in-person staff. Longer term, S&P believes the
company can stay relevant with consumers with its upgraded digital
platform and overall health- and wellness-focused marketing
strategy. This view is supported by continued digital subscription
growth in April as the COVID-19 pandemic spread in WW's key markets
(i.e., U.S., U.K., and Continental Europe). While S&P is no longer
forecasting ongoing revenue growth for the company this year, its
digital business should be well poised to benefit from the trends
emerging from the pandemic, such as a more digitally connected
world and a renewed interest in health and wellness.

"The company is a strong cash flow generator.   Even with our
forecast for decreased revenue and profitability, we still expect
the company to generate slightly less than $100 million of free
operating cash flow for 2020, increasing to over $100 million in
2021 if conditions improve. We expect the company to use most of
the cash generated within the next two years to pay down debt and
improve credit metrics," S&P said.

The negative outlook reflects the risk that S&P could lower the
ratings over the next 12 months if operating performance
deteriorates and macroeconomic conditions remain poor.

"We could lower our ratings if the company's operational
performance deteriorates because of a worse-than-expected economic
downturn stemming from the COVID-19 pandemic resulting in
membership declines or higher cancellations, with leverage
sustained at 5x or above in 2021, which significantly weakens the
company's cash flow generation. We estimate this could occur if
EBITDA declines 10% from current levels, while debt remains
constant. In addition, we could also lower our ratings if the
company's performance deteriorates significantly such that it
cannot repay its revolver borrowings and cannot remain in
compliance with or amend its covenant," S&P said.

"We could revise the outlook to stable if we believe the company
can weather the COVID-19 pandemic with profitability and cash flow
intact while successfully navigating the secular challenges in its
studio business such that leverage is sustained in the low-4x
area," the rating agency said.


XPERI HOLDING: Moody's Assigns Ba3 Corp. Family Rating
------------------------------------------------------
Moody's Investors Service assigned first time ratings to the debt
of Xperi Holding Corporation, including a Ba3 Corporate Family
Rating, a Ba3 rating to the new Senior Secured 1st Lien Term Loan,
and an SGL-1 Speculative Grade Liquidity rating. The outlook is
stable.

Xperi is a new legal entity created to own Xperi Corporation and
TiVo Corporation following the merger of Legacy Xperi and TiVo.
Although existing TiVo shareholders will hold a majority of the
Xperi shares, the senior leadership of Xperi will be drawn from the
senior leadership of Legacy Xperi. The proceeds of the Term Loan
will be used to refinance the debt of Legacy Xperi and TiVo
following closing of the merger. Upon repayment of the Legacy Xperi
debt, Moody's will withdraw all of the Legacy Xperi ratings.

Assignments:

Issuer: Xperi Holding Corporation

Corporate Family Rating, Assigned Ba3

Probability of Default Rating, Assigned Ba3-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

Senior Secured Bank Credit Facility, Assigned Ba3 (LGD3)

Outlook Actions:

Issuer: Xperi Holding Corporation

Outlook, Assigned Stable

RATINGS RATIONALE

The Ba3 CFR reflects Xperi's revenue scale, with over $1 billion of
revenues (fiscal year 2019 proforma) diversified across a broad
portfolio of products and intellectual property, which should limit
the company's overall revenue volatility over time. The rating also
reflects the consistent free cash flow generation driven by the
high profit margin intellectual property licensing businesses of
Legacy Xperi and Tivo and the modest capital intensity. Moody's
expects that Xperi will capture much of the $50 million of
anticipated cost synergies from the merger and will follow a
conservative financial policy such that free cash flow to debt
(Moody's adjusted) will improve toward the mid-teens percent level
over the near term.

Still, the conservative financial policy is appropriate given the
execution risk of this acquisition; the risk of a negative outcome
from TiVo's patent infringement litigation against Comcast
Corporation, which could negatively impact the contracts with other
TiVo customers; and increasingly challenging license renewals for
Legacy Xperi over the past several years. Integration risks are
significant, since TiVo has a much larger revenue scale than Legacy
Xperi and operates in new markets for Legacy Xperi, including
content discovery software, user metadata, and advertising, which
may challenge management to define research and marketing
priorities. TiVo's Product Licensing business generates much lower
profit margins than both the TiVo IP Licensing segment and both of
Legacy Xperi's segments, and may prove difficult to improve.

Moreover, the integration will be occurring as the firm navigates
the impact of the coronavirus outbreak and the resulting uncertain
business environment. The rapid and widening spread of the
coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. The software sector has been one of the sectors
affected by the shock given its sensitivity to consumer and
enterprise demand and sentiment. More specifically, the weaknesses
in Xperi's credit profile, including its exposure to a global
supply chain have left it vulnerable to shifts in market sentiment
in these unprecedented operating conditions and Xperi 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.

The rating is supported by governance considerations. Moody's
expects that Xperi will follow a conservative financial policy,
limiting leverage such that FCF to debt (Moody's adjusted) will be
maintained above the upper single digits percent level and the
company will refrain from debt funded shareholder returns.

The stable outlook reflects Moody's expectation Xperi will complete
the merger integration without material operational disruption and
will achieve most of the $50 million of anticipated cost synergies.
With the reduced cost structure and debt repayment, Moody's expects
that FCF to debt (Moody's adjusted) will improve toward the
mid-teen's percent level over the next 12 months.

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

The ratings could be upgraded if:

  -  The merger integration is successful, with revenues growing  
     at least in the low single digit's percent and Xperi
     achieving most of the $50 million of anticipated cost
     synergies

  -  Successful conclusion of TiVo's patent infringement
     litigation against Comcast and sustained billings growth in
     the rest of Xperi's IP licensing business

  -  FCF to debt (Moody's adjusted) is sustained above the
     mid-teen's percent level

  -  Xperi maintains a conservative financial policy

The ratings could be downgraded if:

  -  TiVo's patent infringement litigation against Comcast
     results in a materially reduced license rate

  -  Xperi experiences material operational disruption with
     the merger integration

  -  FCF to debt (Moody's adjusted) declines to the upper-single
     digits percent level

The Speculative Grade Liquidity rating of SGL-1 reflects Xperi's
very good liquidity, which is supported by consistent FCF and a
large cash balance. Moody's expects that Xperi will generate annual
FCF (Moody's adjusted) of at least $125 million. The Term Loan is
not governed by any financial maintenance covenants. Although Xperi
has no plans to obtain a revolving credit facility, Moody's
believes that Xperi will maintain a cash balance of at least $125
million, which should provide Xperi with very good liquidity given
Xperi's consistent FCF generation.

The Ba3 rating on the Term Loan, which is equal to the Ba3 CFR,
reflects the collateral, comprised of a first priority lien on the
company's assets, and the minimal amount of unsecured liabilities
in the capital structure.

Xperi Holding Corporation, based in San Jose, California, through
the Legacy Xperi develops and licenses technologies and
intellectual property used in semiconductor chip manufacturing and
image processing for consumer electronic as well as audio
technology, which it licenses to manufacturers of consumer
electronics, including home theater systems and car audio systems.
Through TiVo, the company offers intellectual property and software
related to content discovery, digital video recording,
video-on-demand, and multi-screen functionality. TiVo also offers
metadata and advertising services.

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


YCO FOSTER CARE: Plan of Reorganization Confirmed by Judge
----------------------------------------------------------
Judge Janice D. Lloyd entered findings of fact, conclusion of law,
and an order confirming the Combined Disclosure Statement and
Chapter 11 Plan of Debtor YCO Foster Care, Inc.

The Debtor amends the Disclosure Statement and Plan to provide the
following regarding Security Bank's claim: the Debtor has 90 days
from the date of entry of this Order to sell the real property that
is collateral for Security Bank's claim and pay Security Bank's
secured claim in full. If the Debtor fails to sell the real
property and pay the secured claim in full within 90 days, Debtor
shall pay to Security Bank all accrued interest as of that date and
commence paying to Security Bank a monthly payment of $2,646 until
Security Bank's secured claim is paid in full. The Promissory Note,
Mortgage and other loan documents executed by Debtor and Security
Bank relating to Security Bank's claim are incorporated into the
Plan.

The Debtor amends the Disclosure Statement and Plan to address the
objection of Neal Tomlins, Chapter 11 Trustee of YCO Tulsa, Inc.

A copy of the order dated April 30, 2020, is available at
https://tinyurl.com/y87cn2by from PacerMonitor at no charge.

Attorneys for YCO Foster:

          Gary D. Hammond
          MITCHELL & HAMMOND
          512 N.W. 12th Street
          Oklahoma City, OK 73103
          Tel: 405.216.0007
          Fax: 405.232.6358
          E-mail: gary@okatty.com

                     About YCO Foster Care

YCO Foster Care Inc. is a provider of therapeutic foster care
services. The Company is the fee simple owner of a property located
at 3304 E. 3rd Street Tulsa, Oklahoma valued at $140,000.

YCO Foster Care filed a Chapter 11 bankruptcy petition (Bankr. W.D.
Okla. Case No. 19-13511) on Aug. 27, 2019 in Oklahoma City. In the
petition signed by Robert Lobato, owner, the Debtor disclosed total
assets amounting to $190,550 and total liabilities amounting to
$1,226,344.  Judge Janice D. Loyd is assigned the Debtor's case.
The Debtor's counsel is MITCHELL & HAMMOND.


ZDN INC: Gets Court Approval to Hire Bestway as Accountant
----------------------------------------------------------
ZDN, Inc., received approval from the U.S. Bankruptcy Court for the
District of Colorado to hire Bestway Accounting Services, LLC as
its accountant.
   
Bestway will assist the Debtor in the preparation of annual tax
returns for a fee of $475 and will perform bookkeeping and payroll
functions for an hourly rate of $30.

The firm does not represent any interest adverse to the Debtor and
its bankruptcy estate, according to court filings.

Bestway can be reached through:

     Michelle Weingardt, CPA
     Bestway Accounting Services, LLC
     6577 Thistle Ridge Ave.
     Firestone, CO 80504

                        About ZDN Inc.

ZDN Inc., which conducts business under the name BlackJack Pizza,
owns and operates a pizza store in Firestone, Colo.  ZDN filed a
Chapter 11 petition (Bankr. D. Col. Case No. 20-10887) on Feb. 10,
2020.  At the time of the filing, Debtor was estimated to have
assets of between $100,001 and $500,000 and liabilities of the same
range.  Judge Elizabeth E. Brown oversees the case.  Holland Law
Office P.C. is the Debtor's legal counsel.

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


[] BOOK REVIEW: Transnational Mergers and Acquisitions
------------------------------------------------------
Author: Sarkis J. Khoury
Publisher: Beard Books
Softcover: 292 pages
List Price: $34.95
Order your personal copy today at http://is.gd/hl7cni

Transnational Mergers and Acquisitions in the United States will
appeal to a wide range of readers. Dr. Khoury's analysis is
valuable for managers involved in transnational acquisitions,
whether they are acquiring companies or being acquired themselves.
At the same time, he provides a comprehensive and large-scale look
at the industrial sector of the U.S. economy that proves very
useful for policy makers even today. With its nearly 100 tables of
data and numerous examples, Khoury provides a wealth of information
for business historians and researchers as well.

Until the late 1960s, we Americans were confident (some might say
smug) in our belief that U.S. direct investment abroad would
continue to grow as it had in the 1950s and 1960s, and that we
would dominate the other large world economies in foreign
investment for some time to come. And then came the 1970s, U.S.
investment abroad stood at $78 billion, in contrast to only $13
billion in foreign investment in the U.S. In 1978, however, only
eight years later, foreign investment in the U.S. had skyrocketed
to nearly #41 billion, about half of it in acquisition of U.S.
firms. Foreign acquisitions of U.S. companies grew from 20 in 1970
to 188 in 1978. The tables had turned an Americans were worried.
Acquisitions in the banking and insurance sectors were increasing
sharply, which in particular alarmed many analysts.

Thus, when it was first published in 1980, this book met a growing
need for analytical and empirical data on this rapidly increasing
flow of foreign investment money into the U.S., much of it in
acquisitions. Khoury answers many of the questions arising from the
situation as it stood in 1980, many of which are applicable today:
What are the motives for transnational acquisitions? How do foreign
firms plans, evaluate, and negotiate mergers in the U.S.? What are
the effects of these acquisitions on competition, money and capital
markets; relative technological position; balance of payments and
economic policy in the U.S.?

To begin to answer these questions, Khoury researched foreign
investment in the U.S. from 1790 to 1979. His historical review
includes foreign firms' industry preferences, choice of location in
the U.S., and methods for penetrating the U.S. market. He notes the
importance of foreign investment to growth in the U.S.,
particularly until the early 20th century, and that prior to the
1970s, foreign investment had grown steadily throughout U.S.
history, with lapses during and after the world wars.

Khoury found that rates of return to foreign companies were not
excessive. He determined that the effect on the U.S. economy was
generally positive and concluded that restricting the inflow of
direct and indirect foreign investment would hinder U.S. economic
growth both in the short term and long term. Further, he found no
compelling reason to restrict the activities of multinational
corporations in the U.S. from a policy perspective. Khoury's
research broke new ground and provided input for economic policy at
just the right time.

Sarkis J. Khoury holds a Ph.D. in International Finance from
Wharton. He teaches finance and international finance at the
University of California, Riverside, and serves as the Executive
Director of International Programs at the Anderson Graduate School
of Business.



                            *********

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
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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
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Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

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