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

              Monday, May 25, 2020, Vol. 24, No. 145

                            Headlines

1141 SOUTH TAYLOR: Hires Rodeo Realty as Real Estate Broker
20 EAST 76TH: Lender Moves to Force Surrey Hotel to Bankruptcy
60 91ST STREET: Seeks to Hire Charles A. Higgs as Counsel
ADVANCE PAIN: Unsecureds Will Get 20% of Their Claims
ALDO GROUP: Files for Bankruptcy to Turn Business Around

ALPHA ENTERTAINMENT: XFL Seeks New Owners After Bankruptcy Filing
AMAZING ENERGY: Seeks to Hire Lefoldt & Co. as Accountant
AMERICAN BLUE: ALL Real Buying Joliet Assets for $344K
APPLE LAND: Court Approves Disclosure Statement
APPROACH RESOURCES: Delays Filing of Plan Until Closing of Sale

ARCHDIOCESE OF NEW ORLEANS: 7-Member Creditors Committee Appointed
ARKLOW LIMITED: Hires Murphy & King as Bankruptcy Counsel
BEP ULTERRA: Moody's Lowers CFR to B3, Outlook Negative
BOSS OYSTER: Hearing on Apalachicola Properties Sale Continued
BRINKER INTERNATIONAL: Moody's Lowers CFR to B1, Outlook Neg.

BROOKDALE SENIOR: Egan-Jones Lowers Senior Unsecured Ratings to C
BRUNSWICK CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB-
CAN B CORP: Posts $1.13 Million Net Loss in First Quarter
CENTER OF ORLANDO: PCO Hires Moran Kidd as Attorney
CENTURION PIPELINE: Fitch Puts BB- LT IDR on Rating Watch Negative

CHIMNEY HILL: Trustee Seeks to Hire Hahn Fife as Accountant
CNG HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B' ICR
COMERICA INC: Fitch to Rate Perpetual Preferred Stock BB+(EXP)
COMMUNITY PROVIDER: Seeks to Hire Faegre Drinker as Legal Counsel
CREATIVE HAIRDRESSERS: Ordered to Pay Workers Back Wages

DOWNSTREAM DEVELOPMENT: S&P Downgrades ICR to 'SD'
DRYDEN 77 CLO: S&P Assigns BB- (sf) Rating to Class E Notes
EASTERN NIAGARA: Seeks to Hire Lumsden & McCormick as Accountant
ED3 CONSULTANTS: Needs More Time to Formulate Chapter 11 Plan
ENOVA INTERNATIONAL: S&P Affirms 'B' ICR; Outlook Remains Stable

EQUINOX HOLDINGS: S&P Downgrades Issuer Credit Rating to 'SD'
EXC HOLDINGS III: Moody's Affirms B3 CFR, Outlook Stable
EXTRACTION OIL: Moody's Lowers CFR to Ca, Outlook Negative
FARADAY FUTURE: Founder's Reorganization Plan Confirmed
FIELDWOOD ENERGY: Moody's Lowers CFR to Ca, Outlook Negative

FOGO DE CHAO: Moody's Lowers CFR to Caa1, Outlook Negative
FOODFIRST GLOBAL: Committee Taps KapilaMukamal as Financial Advisor
FOREVER 21: UST Wants Debtor's Case Dismissed or Converted
GARDEN FRESH: Sweet Tomatoes Closes All Stores for Good
GARDNER DENVER: S&P Alters Outlook to Negative, Affirms 'BB+' ICR

GC EOS BUYER: Moody's Lowers CFR to Caa1, Outlook Negative
GEX MANAGEMENT: Incurs $4K Net Loss in First Quarter
GGI HOLDINGS: Gets Approval to Hire BMC Group as Claims Agent
GOLD AND SILVER: Seeks to Hire Cohen Baldinger as Attorney
GRAHAM HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB+

GRAND SLAM: $3.9M Sale of Caldwell Properties to Grace Approved
GRANITE ENVIRONMENTAL: Case Summary & 20 Top Unsecured Creditors
GRANITE TRUCKING: Seeks to Hire Lane Law as Counsel
GREATER APOSTOLIC: Examiner Taps Wiese & Associates as Broker
GREENPOINT TACTICAL: Seeks to Extend Exclusivity Period to Sept. 28

GUITAR CENTER: Moody's Lowers CFR to Ca on Distressed Exchange
HAJ PETROLEUM: Seeks to Hire Golding Law Offices as Legal Counsel
HEART ROCK: U.S. Trustee Unable to Appoint Committee
HERBALIFE NUTRITION: S&P Affirms 'BB-' ICR; Outlook Stable
HERTZ CORPORATION: Case Summary & 50 Largest Unsecured Creditors

HERTZ GLOBAL: Files Voluntary Chapter 11 Bankruptcy Petition
HIDALGO COUNTY EMERGENCY: Fails to Find Local Bank for PPP Funding
HIGHLAND CAPITAL: Seeks to Hire Wilmer Cutler as Special Counsel
HIGHLAND CAPITAL: Taps Hunton Andrews Kurth as Special Counsel
HITZ RESTAURANT: Seeks to Hire Golding Law Offices as Legal Counsel

HOLLEY PURCHASER: Moody's Confirms Caa1 CFR, Outlook Stable
INTELSAT S.A.: Hires Stretto as Claims and Noticing Agent
INTERNAP CORP: Successfully Emerges From Chapter 11 Bankruptcy
J. HILBURN: June 22 Auction Sale of Stocks Set
J.C. PENNEY: S&P Lowers Debt Rating to 'D' on Chapter 11 Filing

JAGUAR HEALTH: Expects to Receive $4.45M from Exercise of Warrants
JAGUAR HOLDING: Moody's Assigns B2 Rating to New Unsec. Notes
JEFFERIES FINANCE: S&P Affirms 'BB-' ICR; Outlook Negative
JEWELTEX ENTERPRISES: Hires Dunn & Dill as Accountant
JONATHAN RESNICK: Trustee Taps Michelle Cohen as Special Counsel

JT MEAT & GROCERY: Seeks to Extend Exclusivity Period to Aug. 7
KLAUSNER LUMBER: U.S. Trustee Appoints Creditors' Committee
LBM BORROWER: S&P Alters Outlook to Negative, Affirms 'B+' ICR
LEGGETT & PLATT: Egan-Jones Lowers Senior Unsecured Ratings to BB+
LKQ CORP: Egan-Jones Lowers FC Sr. Unsecured Rating to B+

M/I HOMES: Egan-Jones Lowers FC Senior Unsecured Rating to B
MANHATTAN SCIENTIFICS: Reports $732K Net Loss for First Quarter
MARKEL CORP: Moody's Rates $600MM Preferred Stock 'Ba1(hyb)'
MED PARENTCO: S&P Lowers ICR to 'B-'; Outlook Negative
MICROVISION INC: Perry Mulligan Quits from Board of Directors

MICROVISION INC: Stockholders Elect 7 Directors
MOUNTAIN STATES: Committee Taps Alliance as Financial Advisor
MOUNTAIN STATES: Hires Otis & Bedingfield as Special Counsel
MTN INFRASTRUCTURE: S&P Alters Outlook to Neg., Affirms 'B' ICR
MUSTAFIZUR RAHMAN: Uddin Buying Ozone Park Property for $725K

MVK INTERMEDIATE: Moody's Affirms B2 CFR, Outlook Stable
NATIONAL OILWELL: Egan-Jones Lowers Senior Unsecured Ratings to B+
NCL CORP: S&P Retains 'BB-' ICR on Improved Liquidity
NEIMAN MARCUS: Porter Hedges, Paul Represent Noteholder Group
NEWELL BRANDS: S&P Rates New Senior Unsecured Note Issuance 'BB+'

NIELSEN NV: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
NORTIS INC: Seeks to Hire Savitt Wiley as Special Counsel
NORTIS INC: Taps Hanlin Moss to Conduct Asset Valuation
OIL STATES: Egan-Jones Lowers Senior Unsecured Ratings to B-
ONEOK INC: Egan-Jones Lowers Senior Unsecured Ratings to BB+

ONEWEB GLOBAL: Committee Hires Paul Hastings as Lead Counsel
PACIFIC DRILLING: Bankr. Court Rejects Samsung's Late-Filed Claim
PARKING MGT: Seeks Chapter 11 Reorganization, To Keep 88 Garages
PATRIOT CONTAINER: Moody's Lowers CFR to B3, Outlook Stable
PENNYMAC MORTGAGE: Moody's Reviews Ba3 CFR for Downgrade

PG&E CORP: TCC Hires MacConaghy & Barnier as Special Counsel
PHASOR INC: UK Subsidiary Seeks Bankruptcy
PORTER'S BODY: Seeks Approval to Hire Jeannie Pyeatt as Accountant
PRECISION CASTPARTS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
PREMIER ON 5TH: Hires Soldnow LLC as Auctioneer

PROFESSIONAL DIVERSITY: Incurs $1.49M Net Loss in First Quarter
R.R. DONNELLEY: S&P Rates New Senior Unsecured Notes 'B-'
RAPID AMERICAN: Insurance Liquidation Buying Claims for $1.3M
RAYUNIER INC: Egan-Jones Lowers FC Senior Unsecured Rating to BB+
RESOLUTE FOREST: Egan-Jones Lowers Senior Unsecured Ratings to B

ROMANS HOUSE: PCO Hires Shawn K. Brown PLLC as General Counsel
RUBIO'S RESTAURANTS: Golub Writes Down $17.9MM Loan by 48%
SAN LUIS: Trustee OK'd to Auction Mass Coastal Membership Interest
SCIENTIFIC GAMES: Hires New Chief Financial Officer
SCSG EA ACQUISITION: Moody's Affirms B2 CFR, Alters Outlook to Neg.

SEDGWICK CLAIMS: S&P Rates New $300MM Term Loan 'B'
SERVICE PROPERTIES: S&P Lowers ICR to 'BB' on Operating Pressure
SHAE MANAGEMENT: Gowin Machinery as Appraiser
SONIC AUTOMOTIVE: Egan-Jones Lowers Senior Unsecured Ratings to B-
STAGE STORES: In Chapter 11 for Going Concern Sale or Wind Down

STAGE STORES: U.S. Trustee Appoints Creditors' Committee
STAR GROUP: Egan-Jones Lowers Senior. Unsecured Ratings to BB-
STEEL DYNAMICS: Egan-Jones Lowers FC Senior Unsecured Rating to BB
SUN PACIFIC: Incurs $1.78 Million Net Loss in 2019
SUNCREST STONE: Hires GGG Partners as Financial Advisor

SUNGARD AS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
TADA VENTURES: Seeks to Hire Corral Tran as Counsel
TALEN ENERGY: S&P Rates $330MM Senior Secured Notes 'BB-'
TELEFLEX INC: Moody's Rates New $500MM Unsec. Notes Due 2028 'Ba3'
TELEPHONE AND DATA: Egan-Jones Cuts FC Sr. Unsecured Rating to B+

TEREX CORP: Egan-Jones Lowers FC Senior Unsecured Ratings to B
TERVITA CORP: Moody's Cuts CFR to B3 & Alters Outlook to Negative
TIDE MILL: Hires Shasho Consulting as Real Estate Broker
TMH SERVICES: Case Summary & 3 Unsecured Creditors
TOLEDO TOWN: Proposes to Make Payments to Insider

TOLEDO TOWN: Seeks to Hire Keating Firm as Counsel
TPT GLOBAL: Posts $5.97 Million Net Loss in First Quarter
TRANSPORTER OF ARIZONA: U.S. Trustee Unable to Appoint Committee
TRC COS: S&P Alters Outlook to Negative, Affirms 'B' ICR
TRIUMPH HOUSING: U.S. Trustee Unable to Appoint Committee

TUESDAY MORNING: Mulls Bankruptcy as Virus Triggered Store Closures
TWIN SPRINGS GOLF: Remains Closed Until Further Notice
U.S. CELLULAR: Egan-Jones Lowers FC Senior Unsecured Rating to BB-
UNDER ARMOUR: Moody's Lowers CFR to Ba3, Outlook Negative
UNIFI INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+

UNIT CORP: Skips $21.5 Million Notes Interest Payment
UNIT CORPORATION: Case Summary & 50 Largest Unsecured Creditors
US STEEL: Moody's Assigns B2 Rating on $700MM 1st Lien Sec. Notes
VITA CRAFT: Unsecureds to Recover 25% of Claims Over 5 Years
WC 2101 W BEN WHITE: Unsecureds Will be Paid in Full

WELDED CONSTRUCTION: June 24 Plan Confirmation Hearing Set
WESTERN DIGITAL: Egan-Jones Lowers FC Sr. Unsecured Rating to B+
WESTJET AIRLINES: S&P Cuts ICR to B-; Rating Kept on Watch Negative
WILLIAMSON MEMORIAL: Assets Sale Free of Solwind-Premier Interests
WISE ENTERPRISE: Hires George F. Willis as Real Estate Broker

WITTER HARVESTING: Says Income to Remain During Pandemic
X-TREME BULLETS: Seeks to Hire Greenberg Gross as Special Counsel
YUMA ENERGY: Seeks to Hire FisherBroyles LLP as Counsel
ZPOWER TEXAS: Hires Honigman LLP as Special Counsel
[*] Hahn & Hahn Launches Bankruptcy & Restructuring Practice

[*] Legal Scholars Urged Congress to Appoint More Bankruptcy Judges
[^] BOND PRICING: For the Week from May 18 to 22, 2020

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1141 SOUTH TAYLOR: Hires Rodeo Realty as Real Estate Broker
-----------------------------------------------------------
1141 South Taylor Avenue, LLC, seeks authority from the United
States Bankruptcy Court for the Central District of California to
hire Rodeo Realty, Inc. as its real estate broker.

Susan L. Hackett and Rodeo Realty, Inc. will sell the property
located at 1141 South Taylor Avenue, Montebello, CA.

Rodeo Realty will be paid a commission of 5% of the gross sales
price to be divided between Rodeo Realty, its agents and the
buyer's broker.

Susan L. Hackett, partner of Rodeo Realty, Inc., assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Rodeo Realty can be reached at:

     Susan L. Hackett
     RODEO REALTY, INC.
     202 North Canon Drive
     Beverly Hills, CA 90210
     Tel: (310) 633-1431

                      About 1141 South Taylor Avenue, LLC

1141 South Taylor Avenue, LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).  The Company owns in fee
simple a small office and commercial lot located at 1141 S. Taylor
Ave., Montebello, California, valued at $650,000.

1141 South Taylor Avenue, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11154) on April
10, 2020. In the petition signed by John Katangian, managing
member, the Debtor estimated $650,000 in assets and $3,227,022 in
liabilities. Michael R. Totaro, Esq. at TOTARO & SHANAHAN
represents the Debtor as counsel.


20 EAST 76TH: Lender Moves to Force Surrey Hotel to Bankruptcy
--------------------------------------------------------------
Nicholas Rizzi, writing for Commercial Observer, reports that an
entity tied to Ashkenazy Acquisition Corp. is seeking to force the
Manhattan-based Surrey Hotel into bankruptcy.

According to filings with the U.S. Bankruptcy Court for Southern
District of New York, Ashkenazy filed a motion to force Surrey
Hotel into Chapter 11 bankruptcy and to try save the nearly $45
million property loan on the hotel owner.

The 190-room hotel is owned by a unit of Denihan Hospitality Group
and the ground lease is held by Surrey Realty Associates LLC.

The involuntary Chapter 11 petition, made on April 26, came after
Denihan missed its April ground lease payment to Surrey Realty
Associates.  April's missed payment put the hotel into default and
led the ground lessor to now attempt to "wrongfully terminate the
[ground lease] in the midst of the COVID-19 crisis," according to
court documents.

Ashkenazy also accused Denihan, which has the leasehold on the
property, of "working with the ground lessor" to terminate the
ground lease which "would wipe out its debt and claims of other
legitimate credits," according to the filings.

The hotel filed to lay off its workers on March 24, 2020, as it
temporarily closed due to the coronavirus pandemic, according to a
state filing.

The filing marks the unusual twist for the bankruptcy proceedings
where it's usually the troubled property itself that files for
bankruptcy to stave off lender foreclosure.  According to
Ashkenazy, it took to the bankruptcy court because it is the only
available form of relief during this time as New York State courts
are not available to commercial disputes during the COVID-19
pandemic.  It aims to put a stop or halt the legal process of the
ground lease termination action of Surrey Realty.

"The ground lessor's malevolent actions in seeking to terminate the
[The Surrey's] ground lease violate the intent, letter and spirit
of multiple executive orders issued by the governor and mayor,"
Goldberg Weprin Finkel Goldstein's Kevin Nash, the lawyer for
Ashkenazy, wrote in the filing. "Ground lessor seeks to take
advantage of a worldwide crisis as a means to take back the
valuable ground lease."

Ashkenazy said that the ground lease will need restructuring in
bankruptcy for extended period of time because hotel operations
will likely to be slow in rebounding after the lifting of
restrictions in New York.

"We are aware that an Involuntary Chapter 11 petition has been
filed by Surrey NY LLC against 20 East 76th Street Co. LLC, which
has the leasehold on The Surrey Hotel," a spokeswoman for The
Surrey said in a statement. "At this time, we are conferring with
legal counsel to determine the best course of action."

The roughly $45 million was originated by Canadian Imperial Bank of
Commerce in 2014 with the ground lease as its collateral.  In 2018,
Ashkenazy took over the loan, with the loan entering into maturity
default early that same year.  Denihan still owes Ashkenazy around
$60 million, after interest and fees on the principal.

One reason why Surrey hasn't filed for bankruptcy itself is that
the pandemic will make the value of the hotel less compared to its
loan, thus it makes more sense to lose the ground lease and back
out of the deal, said, Adam Stein-Sapir, Pioneer Funding Group's
co-managing partner that specializes in investing and analyzing
bankruptcy cases.

"Why are we going to spend money or bother with this?" Stein-Saper
said. "Let's just walk away."

                    About Surrey Hotel

Part of the Denihan Hospitality Group, the Surrey Hotel is a luxury
hotel at 20 East 76th Street, in Manhattan, New York.  It was built
in 1926 as residence hotel.  It was the home to numerous New York
celebrities.  When it was re-created, it collaborated with renowned
interior designer Lauren Rottet of Rottet Studio to maintain the
integrity of its history while modernizing the hotel.

Denihan's 20 East 76th Street Co., LLC, operates the Surrey Hotel
-- http://www.thesurrey.com/-- pursuant to a long term ground
lease by and between 22 East 76th Street, Inc., as
predecessor-in-interest to ground lessor Surrey Realty Associates
LLC, and Lyden Hotel Co., as predecessor-in-interest to 20 East 76,
for a term which commenced in 1971 and is currently ending in
2046.

Surrey NY LLC filed an involuntary Chapter 11 petition for 20 East
76th Street Co., LLC (Bankr. S.D.N.Y. Case No. 20-11007) on April
26, 2020.

Kevin J. Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP,
represents Surrey NY.


60 91ST STREET: Seeks to Hire Charles A. Higgs as Counsel
---------------------------------------------------------
60 91st Street Corp. seeks authority from the US Bankruptcy Court
for the Southern District of New York to employ the Law Office of
Charles A. Higgs as its counsel.

The Debtor requires the Higgs firm to:

     a. give advice to the Debtor with respect to its power and
duty as Debtor-in-Possession and the continued management of its
property and affairs;

     b. negotiate with creditors of the Debtor and work out a plan
of reorganization and take necessary legal steps in order to
effectuate such a plan including, if need be, negotiations with the
creditors and other parties in interest;

     c. prepare the necessary pleadings, motions, and other papers
required for the Debtor who seeks protection from its creditors
under Chapter 11 of the Bankruptcy Code;

     d. appear before the Bankruptcy Court to protect the interest
of the Debtor and represent the Debtor in all matters pending
before the court;

     e. attend meetings and negotiate with representatives of
creditors and other parties in interest;

     f. draft the disclosure statement and a Chapter 11 plan of
reorganization; and

     g. preform other legal services or the Debtor necessary for
the preservation of the Debtor's estate and promote the best
interest of the Debtor and the Bankruptcy Estate.

The firm's hourly rates are:

     Charles A. Higgs, Esq.   $450
     Junior Attorneys         $400
     Paraprofessionals        $200

The Debtor has provided the Higgs Firm with an initial retainer in
the sum of $7,500.

Charles Higgs, Esq.,  assures the court that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The counsel can be reached through:

     Charles A. Higgs, Esq.
     Law Office of Charles A. Higgs
     115 E. 23rd Street, 3rd FL
     New York, NY 10010
     Phone: (917) 678-3768
     Email: Charles@FreshStartEsq.com

                       About 60 91st Street Corp.

60 91st Street Corp. sought protection under chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10338) on Feb. 4,
2020, listing under $1 million in both assets and liabilities.
Tenille Lewis, Esq. represents the Debtor as counsel.


ADVANCE PAIN: Unsecureds Will Get 20% of Their Claims
-----------------------------------------------------
Advance Pain Management and Rehabilitation Institute Inc. and JG &
RG Realty Inc. submitted a Plan or Reorganization and a Disclosure
Statement.

It is anticipated that the debtor will continue its operation once
the lockdown is either eliminated or modified, the operation will
continued to be management by corporation officer Dr. Renier
Mendez.

The Plan will be funded from the income generated from the medical
services generated by the clinic, rental income of the premises, as
well as funding from external financial entities.

Class 4 -- consisting of all General Unsecured claims and the Banco
Popular deficiency unsecured claim -- is impaired.  Holders of
general unsecured claims will each receive its pro rata Share of
the Debtor's available cash until each holder receives up to 20
percent dividend of its Allowed Claim and, if applicable,
postpetition interest if the  consolidated debtor is deemed to be
solvent.

Class 5 common interests are impaired.  Each holder will neither
receive nor retain any property of the Estate unless the
stockholder provide new value or additional cash to fund the
operation and plan distributions.

A full-text copy of the Disclosure Statement dated April 29, 2020,
is available at https://tinyurl.com/y9qbprvv from PacerMonitor.com
at no charge.

Bankruptcy Counsel for the Debtor:

     Isabel M Fullana
     268 PONCE DE LEON AVE.
     SUITE 1002
     SAN JUAN PUERTO RICO 00918
     Tel: (787) 250-7242
     Fax: (787) 756-7800
     E-mail: isabelfullana@gmail.com

                  About Advance Pain Management

Advance Pain Management and Rehabilitation owns and operates
ambulatory health care facilities.  Ambulatory surgery centers (or
outpatient surgery centers) are health care facilities where
surgical procedures not requiring an overnight hospital stay are
performed.

Advance Pain Management and Rehabilitation filed a petition under
Chapter 11 of Title 11, United States Code (Bankr. D.P.R. 19-03941)
on July 11, 2019.  In the petitions signed by Dr. Renier Mendez,
president, the Debtor disclosed $69,818 in assets and $122,108 in
liabilities.

Isabel M. Fullana, Esq., at Garcia-Arregui & Fullana, PSC,
represents the Debtor.


ALDO GROUP: Files for Bankruptcy to Turn Business Around
--------------------------------------------------------
Canadian shoe and accessory retail chain The Aldo Group Inc. sought
bankruptcy protection in the U.S., Canada and Switzerland.

Dawm Geske, writing for the International Business Times, reports
on the filing of Chapter 15 bankruptcy protection by shoe and
accessory retail chain Aldo.

According to Aldo, through restructuring, it plans to "stabilize
the business" as it works to build on the company's nearly 50-year
history in the retail fashion industry.  It plans to exit from
bankruptcy as soon as possible, to better position for long-term
growth.

Aldo has an initial order in Canada under the Companies' Creditors
Arrangement Act and is seeking bankruptcy protection in the U.S.
and Switzerland.  It filed for Chapter 15 bankruptcy protection on
May 7, 2020.  

Aldo expects to continue business operations during the
restructuring phase, keeping its e-commerce sites, for Globo, Call
It Springs, and Aldo brands, operational.  It closed down all
stores due to COVID-19 and will reopen it once the health
authorities and local government allow.

"It is no secret that the retail industry has experienced rapid and
significant change over the last several years.  We were making
strong progress with the transformation of our business to tackle
these challenges; however, the impact of the COVID-19 pandemic has
put too much pressure on our business and our cash flows," said
Aldo Group CEO David Bensadoun in a statement.

"After conducting an exhaustive review of strategic alternatives,
we determined that filing under CCAA and related proceedings is in
Aldo's best interest to preserve the company for the long term and
survive through this challenging period," Bensadoun added.

The company has a revolving loan worth C$300 million that will
mature in October 2022, Bloomberg reported.

                        About Aldo Group

Aldo Group is a Canadian retailer that operates and owns a
worldwide chain of shoe and accessories stores.  It was was founded
by Aldo Bensadoun in 1972 in Montreal, Quebec, which serves as its
corporate headquarters until today.  The company grew to become a
worldwide corporation, with about 3,000 stores across 100
countries, under three retail banners: ALDO, Call It Spring/Spring
and GLOBO.

Aldo obtained an Initial Order under the CCAA on May 7, 2020.
Pursuant to the CCAA Order granted by the Quebec Superior Court
(Commercial Division), Ernst & Young Inc. was appointed Monitor of
the Companies.

Aldo filed a Chapter 15 petition (Bankr. D. Del. Case No. 20-11060)
on May 7, 2020, to seek U.S. recognition of the Canadian
proceedings.  Paige Noelle Topper, at Morris Nichols Arsht &
Tunnel, is the Debtor's counsel.


ALPHA ENTERTAINMENT: XFL Seeks New Owners After Bankruptcy Filing
-----------------------------------------------------------------
Dan Primack, writing for Axios, reports that American football
league XFL is seeking new owners, over a month after it filed
Chapter 11 bankruptcy.

According to the pitch deck obtained by Axios, investment bank
Houlihan Lokey is managing the sale process with intent letters due
on June 21, 2020 and forma bids due on July 6, 2020.

XFL said it generated $46 million in revenue on its debut season
before the season was cut short due to the novel Coronavirus
pandemic.  This includes the average game attendance of about
20,000, with an attendee net promoter score of 66, and over 1.9
million average broadcast viewers for games that are nationally
distributed games.

Axion notes that as season progressed, both viewership and
attendance declined as season progressed -- something that isn't
noted in the pitch deck -- but it isn't the sort of decrease seen
by XFL during its first incarnation or the upstart failure of the
Alliance of American Football.

Mr. Primack wrote that industry investors are skeptical, but also
acknowledge that sports sometimes entices unknown or unexpected
suitors.

"There are lots of people who are very rich but not rich enough to
own an NFL team, so maybe someone will see this as the next best
thing at a bargain price," says one investor who is not considering
an XFL bid.

                    About Alpha Entertainment

Alpha Entertainment LLC, which does business as the "Xtreme
Football League" -- https://www.alphaentllc.com/ -- is a
professional American football league. The XFL kicked off with
games beginning in February 2020. The XFL offered fast-paced,
three-hour games with fewer play stoppages and simpler rules.  The
XFL featured eight teams, 46-man active rosters, and a 10-week
regular season schedule, with a postseason consisting of two
semifinal playoff games and a championship game. The eight XFL
teams were the DC Defenders, the Dallas Renegades, the Houston
Roughnecks, the Los Angeles Wildcats, the New York Guardians, the
St. Louis BattleHawks, the Seattle Dragons, and the Tampa Bay
Vipers.

Alpha Entertainment LLC, based in Stamford, CT, filed a Chapter 11
petition (Bankr. D. Del. Case No. 20-10940) on April 13, 2020.  The
Hon. Laurie Selber Silverstein presides over the case.  In its
petition, the Debtor was estimated to have $10 million to $50
million in both assets and liabilities.  The petition was signed by
John Brecker, independent manager.

The Debtor hiref Young Conaway Stargatt & Taylor, LLP; and Donlin
Recano & Company, Inc., as claims agent and administrative
advisor.




AMAZING ENERGY: Seeks to Hire Lefoldt & Co. as Accountant
---------------------------------------------------------
Amazing Energy MS, LLC, and its debtor-affiliates seek authority
from the United States Bankruptcy Court from the Southern District
of Mississippi to employ Lefoldt & Co., P.A. as accountant and for
tax advisory and return preparation services provider to the
Debtors.

The firm will render general accounting services to the Debtors as
needed throughout the course of these chapter 11 cases, preparation
of financial statements, preparation of tax returns, preparation of
financial information for and the preparation of a plan of
reorganization, monthly operating reports, and testify as an expert
witness.

The Debtors have agreed to the firm's hourly rates which is $90 to
$350 per hour.

The firm is a "disinterested person" as that term is defined in
section 101(14) of the Bankruptcy Code, as modified by section
1107(b) of the Bankruptcy Code, according to court filings.

The accountant can be reached through:

     H. Kenneth Lefoldt, Jr., CPA
     Lefoldt & Co., P.A.
     690 Towne Center Blvd
     Ridgeland, MS 39157
     Phone: +1 601-956-2374

                  About Amazing Energy

Amazing Energy MS, LLC, Amazing Energy Holdings, LLC, and Amazing
Energy, LLC, concurrently filed voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case
Nos. 20-01243, 20-1245 & 20-01244) on April 6, 2020. The petitions
were signed by Willard G. McAndrew III, chief executive officer.

At the time of filing, Amazing Energy MS and Amazing Energy
Holdings estimated $1 million to $10 million in both assets and
liabilities. Amazing Energy, LLC, estimated $10 million to $50
million in assets and $1 million to $10 million in liabilities.

David A. Wheeler, Esq. at WHEELER & WHEELER, PLLC, and Douglas S.
Draper, Esq. at HELLER, DRAPER, PATRICK, HORN & MANTHEY, LLC,
represent the Debtors as their counsel.


AMERICAN BLUE: ALL Real Buying Joliet Assets for $344K
------------------------------------------------------
American Blue Ribbon Holdings, LLC and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the
private sale of assets generally described as (i) the commercial
property being approximately a 40,946 square foot site, containing
a 5,061 square foot commercial building and related fixtures and
improvements, located in Will County, Illinois and commonly known
as 2211 West Jefferson Street, Joliet, Illinois 60435; and (ii) all
trade fixtures and equipment located on the Real Property as of the
closing date of the proposed sale, to ALL Real Estate Co. for
$344,000.

pursuant to their Real Estate Sales Contract.

A hearing on the Motion is set for May 27, 2020 at 10:00 a.m. (ET).
The objection deadline is May 15, 2020 at 4:00 p.m. (ET).

The Debtors' business consists of three brands: (i) Village Inn,
(ii) Bakers Square, and (iii) Legendary Baking.  Founded in 1958
and 1969, respectively, Village Inn and Bakers Square are
full-service sit-down family dining restaurant concepts that
feature a variety of menu items for all meal periods.  As of the
Petition Date, in connection with the Family Dining Business, the
Debtors operated 97 restaurants in 13 states, franchised 84 Village
Inn restaurants, and maintained an e-commerce presence as well.

The Debtors have a sound business justification for selling the
Assets at this time.  First and foremost, the Debtors are currently
facing an economic crisis caused by the Coronavirus pandemic that
is unparalleled to anything that has been experienced in most of
our lifetimes.  Further, based on a careful review of their
liquidity constraints and their ongoing and future business
prospects, the Debtors' management has concluded that selling the
Assets by private sale consistent with the terms contained in the
Sale Contract is the best method to maximize recoveries to the
estates.

As such, an expedited sale of the Assets is the best way to
maximize value for the benefit of creditors and stem any further
deterioration of the going concern value of the Debtors.  At
bottom, they believe that a private sale of the Assets will allow
for the greatest possible consideration for the Assets without
unnecessary time and estate resources being wasted on a further
marketing process that the Debtors do not believe will yield a
higher purchase price for the Assets.   

In accordance with Local Rule 6004-1, the Sale Contract, in summary
fashion, provide as follows:

     a) The Debtors are seeking approval for the sale of the Assets
to the Purchaser by private sale for the consideration and upon the
terms and conditions set forth in the Sale Contract.

     b) The Sale will be free and clear of all Encumbrances and
interests, with such Encumbrances to attach to the net proceeds of
the sale.

     c) The Sale Contract does not provide for the Debtors to
indemnify the Purchaser.

     d) The Debtors and the Purchaser have agreed that any dispute
under the Sale Contract will be submitted to the Court.

     e) The Sale Contract requires the Purchaser to deliver to
Chicago Title and Trust Co. the amount of $25,000 as earnest money,
within two days after execution of the Sale Contract, to be held in
a non-interest bearing trust account and applied to the purchase
price in the event that the sale and purchase are consummated.  

     f) The Sale Contract does not address the use of proceeds
generated from the proposed sale.  All proceeds will be distributed
as ordered by the Court.

     g) The Debtors do not seek to sell the Assets free and clear
of any unexpired leasehold interests.  No unexpired leases encumber
the Assets.  

     h) The Sale Agreement does not contemplate a right to credit
bid.

     i) The Debtors are asking relief from the 14-day stay imposed
by Bankruptcy Rule 6004(h) for any sale.

The Debtors ask that the Assets be sold and transferred to the
Purchaser free and clear of all liens, claims and encumbrances.

Pursuant to Local Rule 6004-1(b)(iv)(O), the Debtors ask that the
Court waives the 14-day stay period under Bankruptcy Rule 6004(h).
Timely consummation of the sale of the Assets is of critical
importance to both the Debtors and the Purchaser and the Debtors'
efforts to maximize the value of the estates.

A copy of the Contract is available at https://tinyurl.com/y8p5m6n7
from PacerMonitor.com free of charge.

The Purchaser:

     ALL REAL ESTATE CO.
     818 Junior Terrace
     Chicago, IL 60613

                 About American Blue Ribbon

Based in Nashville, Tennessee, American Blue Ribbon Holdings, LLC
-- http://www.americanblueribbonholdings.com/-- operates two
distinct regional family dining restaurant brands -- Village Inn
and Bakers Square, as well as a bakery operation, Legendary Baking.
Founded in 1958 and 1969, respectively, Village Inn and Bakers
Square are full-service sit-down family dining restaurant concepts
that feature a variety of menu items for all meal periods.  As of
the Petition Date, in connection with the family dining business,
the Debtors operate 97 restaurants in 13 states, franchise 84
Village Inn restaurants, and maintain an e-commerce presence as
well.  Legendary Baking is the Debtors' manufacturing operation
that produces pies in two Debtor-owned production facilities.
Legendary Baking provides those pies to the Family Dining Business
for sale in Village Inn and Bakers Square restaurants while also
selling pies to other restaurants, independent bakers, and
customers.

American Blue Ribbon Holdings and four affiliates, namely (1)
Legendary
Baking, LLC, (2) Legendary Baking Holdings, LLC, (3) Legendary
Baking of California, LLC, and (4) SVCC, LLC, each filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 20-10161) on Jan. 27,
2020.

As of the Petition Date, American Blue Ribbon Holdings estimated
between $100 million and $500 million in assets and between $50
million and $100 million in liabilities.  The petitions were signed
by Kurt Schnaubelt, chief financial officer.

Judge Laurie Selber Silverstein is assigned to the cases.

Young Conaway Stargatt & Taylor, LLP and KTBS LAW LLP serve as the
Debtors' counsel.  Epiq Corporate Restructuring, LLC is the
Debtors' claims and noticing agent.


APPLE LAND: Court Approves Disclosure Statement
-----------------------------------------------
Judge Catherine J. Furay has ordered that the Amended Disclosure
Statement filed by Apple Land Sports Supply Inc. on April 14, 2020,
is approved.

A hearing was held April 20, 2020.  No objections were filed to the
Amended Disclosure Statement.

                 About Apple Land Sports Supply

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


APPROACH RESOURCES: Delays Filing of Plan Until Closing of Sale
---------------------------------------------------------------
Approach Resources Inc. and its affiliates asked the U.S.
Bankruptcy Court for the Southern District of Texas to extend the
periods during which the Debtors have the exclusive right to file
and solicit acceptances for their Chapter 11 plan to June 30 and
August 29, respectively.

The Debtors sought an extension of their period of exclusivity in
order to finalize their liquidation plan. In January, the Debtors
determined to pursue and consummate the sale of substantially all
of their assets before seeking confirmation of a plan for the
benefit of all creditors and parties in interest. Although the
Debtors successfully obtained approval of the sale and were
prepared to close on April 2, the Debtors' efforts were temporarily
delayed when the buyer -- Alpine Energy Acquisitions, LLC (the
"Buyer") -- reneged on the sale without legal justification.

As a result, the Debtors are currently prosecuting a motion to
compel the Buyer's specific performance. The architecture of any
plan of reorganization in this case will depend, in material part,
on, among other things, the outcome of that motion.

                     About Approach Resources

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

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

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



ARCHDIOCESE OF NEW ORLEANS: 7-Member Creditors Committee Appointed
------------------------------------------------------------------
David Asbach, acting U.S. trustee for Region 5, filed a redacted
notice announcing the appointment of Hancock Whitney Bank and six
other creditors to the official committee of unsecured creditors in
the Chapter 11 case of The Roman Catholic Church for the
Archdiocese of New Orleans.

The names of the six creditors were redacted from the notice.

Hancock Whitney Bank serves as trustee for Louisiana Public
Facilities Authority Revenue Refunding Bonds (Archdiocese of New
Orleans Project).  

Hancock Whitney Bank can be reached through:

     Beth Zeigler
     Hancock Whitney Bank
     445 N. Blvd., Suite 201
     Baton Rouge, LA 70802   
     Phone: (225) 248-7467   
     Email: Beth.Zeigler@hancockwhitney.com   

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

               About the Archdiocese of New Orleans

The Roman Catholic Church of the Archdiocese of New Orleans --
https://www.nolacatholic.org/ -- is a non-profit religious
corporation incorporated under the laws of the State of Louisiana.


Created as a diocese in 1793, and established as an archdiocese in
1850, the Archdiocese of New Orleans has educated hundreds of
thousands in its schools, provided religious services to its
churches and provided charitable assistance to individuals in need,
including those affected by hurricanes, floods, natural disasters,
war, civil unrest, plagues, epidemics, and illness.  Currently, the
archdiocese's geographic footprint occupies over 4,200 square miles
in southeast Louisiana and includes eight civil parishes --
Jefferson, Orleans, Plaquemines, St.  Bernard, St. Charles, St.
John the Baptist, St. Tammany, and Washington.

The Roman Catholic Church for the Archdiocese of New Orleans sought
Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1,
2020.

The archdiocese was estimated to have $100 million to $500 million
in assets and liabilities as of the bankruptcy filing.

The Hon. Meredith S. Grabill is the case judge.

Jones Walker LLP, led by Mark A. Mintz, R. Patrick Vance, Elizabeth
J. Futrell, and Laura F. Ashley, serves as counsel to the
archdiocese.  Donlin, Recano & Company, Inc., is the claims agent.


ARKLOW LIMITED: Hires Murphy & King as Bankruptcy Counsel
---------------------------------------------------------
Arklow Limited Partnership, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Massachusetts to employ Murphy & King, Professional Corporation, as
bankruptcy counsel to the Debtor.

Arklow Limited requires Murphy & King to:

   a. advise the Debtors with respect to their rights, powers and
      duties as debtors-in-possession in the continued operation
      and management of their businesses;

   b. advise the Debtors with respect to any plan of
      reorganization and any other matters relevant to the
      formulation and negotiation of a plan or plans of
      reorganization in these cases;

   c. represent the Debtors at all hearings and matters
      pertaining to their affairs as debtors and debtors-in-
      possession;

   d. prepare, on the Debtors' behalf, all necessary and
      appropriate applications, motions, answers, orders,
      reports, and other pleadings and other documents, and
      review all financial and other reports filed in these
      Chapter 11 cases;

   e. advise the Debtors with respect to, and assisting in the
      negotiation and documentation of, financing agreements,
      debt and cash collateral orders and related transactions;

   f. review and analyze the nature and validity of any liens
      asserted against the Debtors' property and advising the
      Debtors concerning the enforceability of such liens;

   g. advise the Debtors regarding their ability to initiate
      actions to collect and recover property for the benefit of
      their estates;

   h. advise and assist the Debtors in connection with the
      potential sale of the Debtors' assets;

   i. advise the Debtors concerning executory contract and
      unexpired lease assumptions, lease assignments, rejections,
      restructurings and recharacterization of contracts and
      leases;

   j. review and analyze the claims of the Debtors' creditors,
      the treatment of such claims and the preparation, filing or
      prosecution of any objections to claims;

   k. commence and conduct any and all litigation necessary or
      appropriate to assert rights held by the Debtors, protect
      assets of the Debtors' Chapter 11 estates or otherwise
      further the goal of completing the Debtors' successful
      reorganization other than with respect to matters to which
      the Debtors retain special counsel; and

   l. perform all other legal services and providing all other
      necessary legal advice to the Debtors as debtors-in-
      possession which may be necessary in the Debtors'
      bankruptcy proceeding.

Murphy & King will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

D. Ethan Jeffrey, partner of Murphy & King, Professional
Corporation, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Murphy & King can be reached at:

     D. Ethan Jeffrey, Esq.
     Murphy & King, Professional Corporation
     One Beacon Street 21st Floor
     Boston, MA 02108
     Tel: 617 226-3414
     Fax: 617 305-0614
     E-mail: hmurphy@murphyking.com

                 About Arklow Limited Partnership

Bolton, Massachusetts-based International Golf Club and Resort is
a
lifestyle destination with its own boutique lodge, signature
restaurant, legendary golf course & much more.

The International operates as three entities: the International
Golf Club, LLC, which oversees the golf courses and memberships,
Arklow Limited Partnership, which owns 700 acres of real estate on
which the club operates, and Wealyn LLC, a limited liability
company that manages food and beverage service.  Arklow's limited
partners are Florence Weadock, her sons Kevin and Daniel Weadock,
her daughter Ann Specht, and Brian Lynch.
Wealyn's members are Lynch, Florence Weadock and Arklow.

The International Golf Club, LLC, sought Chapter 11 protection on
May 4, 2020 (Bankr. D. Mass. Case No. 20-40524).  It sought
bankruptcy protection along with Akrlow Limited Partnership (Case
No. 20-40523) and Wealyn, LLC (Case No. 20-40525), with Arklow
designated as the lead case.

According to the bankruptcy filing, the company and related
entities listed assets worth between $10 million and $50 million
and liabilities between $10 million and $50 million.

The Hon. Christopher J. Panos is the presiding judge.

MURPHY & KING, PROFESSIONAL CORPORATION, serves as bankruptcy
counsel.


BEP ULTERRA: Moody's Lowers CFR to B3, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded BEP Ulterra Holdings, Inc.'s
ratings, including its Corporate Family Rating to B3 from B2,
Probability of Default Rating to B3-PD from B2-PD, and senior
secured term loan ratings to B3 from B2. The rating outlook was
changed to negative from stable.

Downgrades:

Issuer: BEP Ulterra Holdings, Inc.

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

Corporate Family Rating, Downgraded to B3 from B2

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

Outlook Actions:

Issuer: BEP Ulterra Holdings, Inc.

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The downgrade of Ulterra's CFR to B3 reflects Moody's expectation
that the rapid decline in drilling activity in 2020 will reduce
demand for Ulterra's services and cause a decline in earnings and
deterioration in its leverage metrics in 2020, with slow recovery
in 2021. Ulterra will need to continue to proactively manage
counterparty exposures to reduce the risk of bad debts and
additional working capital requirements in 2021, amid the
expectation of higher default rates in the US oil and gas sector.

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 oilfield
services sector has been one of the sectors most significantly
affected by the shock given its sensitivity to drilling activity
and oil prices. More specifically, the weaknesses in Ulterra's
credit profile have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and Ulterra
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. The action
reflects the impact on Ulterra of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The negative outlook reflects the rising financial risks and
uncertain pace of recovery in demand in 2021 from the E&P sector.

Moody's expect Ulterra to maintain adequate liquidity, supported by
its cash balance reported at the end of 2019, expected FCF
generation and substantial availability under its $50 million super
priority revolving credit facility, maturing in November 2023. The
revolving credit facility has a number of financial covenants,
including maintaining a maximum net super priority debt/EBITDA
ratio of 1.0x at all times and a springing net total debt/EBITDA
covenant of 4.5x tested when utilization exceeds 60%. Moody's
expects Ulterra to remain in compliance with its covenants into
2021, as Moody's doesn't expect the revolver utilization to reach
the level that makes the total leverage covenant operational.

The senior secured term loan maturing in 2025 has first lien on all
the assets of the issuer and guarantors, including the operating
subsidiaries, and is rated B3 (the same as the CFR). Although the
$50 million super priority 2023 revolving credit facility will be
paid out on a first out basis in the event of default, given the
small size of the facility as compared to the size of the term
loan, the term loan is rated the same as the CFR. The term loan
facility and the revolving credit facility have liens on the assets
of the company and its downstream guarantors and the subsidiaries.

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

Ratings could be downgraded if Ulterra's liquidity position weakens
or its EBITDA/Interest declines below 2.5x

While not likely in the near term, an upgrade of the ratings may be
achieved if the company maintains leverage below 4.5x, with good
liquidity amid a broader recovery in drilling activity in the US.

Ulterra Holdings, Inc. is a manufacturer of Polycrystalline Diamond
Compact (PDC) drill bits and stick-slip reduction tools
headquartered in Fort Worth, Texas. Ulterra is owned by the private
equity firms Blackstone Group and American Securities.

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


BOSS OYSTER: Hearing on Apalachicola Properties Sale Continued
--------------------------------------------------------------
Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern
District of Florida continued the hearing on the proposed auction
sale by Boss Oyster, Inc., and Seagrape Enterprises Apalachicola,
Inc. of (i) Boss' real property located at 125 Water Street
Apalachicola, Florida, and (ii) Seagrape's real property next door
to Boss, located at 123 Water Street, Apalachicola, Florida, using
the services of Weeks Auction Group.

The Debtors proposed to sell the real properties free and clear of
all liens, claims, encumbrances and interests.

The hearing currently scheduled for May 21, 2020 is cancelled.

The hearing will be rescheduled by the Court to take place in
approximately 30 days.

The counsel for Debtors is directed to serve a copy of the Order on
interested parties and file a certificate of service within three
business days of entry of the Order.

                    About Boss Oyster Inc.

Boss Oyster Inc. owns and operates an oyster bar restaurant in
Apalachicola, Fla.
  
Boss Oyster and its affiliate Seagrape Enterprises of Apalachicola,
Inc., sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. N.D. Fla. Lead Case No. 19-40357) on July 12, 2019.  At the
time of the filing, Boss Oyster was estimated to have assets of
between $1 million and $10 million and liabilities of the same
range.  The cases have been assigned to Judge Karen K. Specie.
Bruner Wright, P.A., is the Debtors' bankruptcy counsel.


BRINKER INTERNATIONAL: Moody's Lowers CFR to B1, Outlook Neg.
-------------------------------------------------------------
Moody's Investors Service downgraded Brinker International, Inc.'s
Corporate Family Rating (CFR) to B1 from Ba3, Probability of
Default Rating (PDR) to B1-PD from Ba3-PD and senior unsecured
non-guaranteed notes to B3 from B2. The guaranteed senior unsecured
notes are confirmed at B2 and the Speculative Grade Liquidity
Rating remains at SGL-4. The ratings outlook is negative. This
concludes Moody's review for downgrade initiated on March 23,
2020.

"The downgrades reflect that Brinker's revenues and earnings will
remain well below last year even after many of its restaurants have
opened given the material limitations on in-unit dining capacity
that are expected to be put in place in local jurisdictions to
maintain social distancing," stated Bill Fahy, Moody's Senior
Credit Officer. Moody's base case assumes a slow ramp of unit
openings at reduced capacity with the continuation of take-out,
curbside pick-up and delivery which results in fiscal 2021 EBITDA
reaching around 70% of LTM March 2020 EBITDA. In response to these
operating challenges and to strengthen liquidity, Brinker drew down
its revolver and issued common equity in addition to reducing all
non-essential operating expenses and discretionary capex.

Downgrades:

Issuer: Brinker International, Inc.

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

Corporate Family Rating, Downgraded to B1 from Ba3

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 (LGD6)
from B2 (LGD5)

Confirmations:

Issuer: Brinker International, Inc.

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

Outlook Actions:

Issuer: Brinker International, Inc.

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

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

Brinker's B1 corporate family rating benefits from its high level
of brand awareness, meaningful scale, improved cost structure and
strong product pipeline and technology initiatives that should help
drive incremental traffic and higher check over the longer term.
The B1 is constrained by the impact of the coronavirus pandemic on
Brinker's operating results which will result in a weakening in
Brinker's credit metrics. Moody's expects Brinker's debt/EBITDA to
reach 6.5x and EBITA/interest expense to approach 1.2x at the end
of fiscal 2021. The rating is also constrained by Brinker's weak
liquidity. Brinker's Speculative Grade Liquidity Rating of SGL-4
reflects the expectation for Brinker to generate negative free cash
flow during this period of severe disruption and the need to
refinance its $1.0 billion revolving credit facility in the near
term.

The negative outlook reflects the uncertainty with regards to the
potential length and severity of closures and the ultimate impact
these closures will have on Brinker's revenues, earnings and
ultimate liquidity. The outlook also takes into account the
negative impact on consumers ability and willingness to spend on
eating out until the crisis materially subsides.

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

Factors that could result in a stable outlook include a clear plan
and time line for the lifting of restrictions on restaurant
closures that result in a sustained improvement in operating
performance and credit metrics. A stable outlook would also require
Brinker to maintain adequate liquidity. Whereas an upgrade would
require a sustained strengthening of operating performance that
resulted in leverage of around 4.5 times, coverage of about 2.5
times and good liquidity.

Factors that could result in a downgrade include a deterioration in
liquidity driven by a prolonged period of restaurant restrictions
and closures. Ratings could also be downgraded should the impact of
the restaurant restrictions and closures be more severe than
currently expected or should credit metrics remain weak despite a
lifting of restrictions on restaurants and a subsequent recovery in
earnings and liquidity. Specifically, ratings could be downgraded
in the event debt to EBITDA exceeded 5.5 times or EBIT coverage of
interest approaching 1.5 times on a sustained basis. In addition,
an inability to successfully address the refinancing of its $1.0
billion revolver in the relatively near term could also result in
negative rating pressure.

Brinker's board of directors is a good mix of industry veterans, as
well as directors with large company experience and relatively
varied periods of board tenure. Brinker's board has 9 members, 8 of
which are independent and separate Chairman and CEO roles. Brinker
is a publicly traded company. Restaurants by their nature and
relationship with regards to sourcing food and packaging, as well
as having an extensive labor force and constant consumer
interaction are deeply entwined with sustainability, social and
environmental concerns. To this end, Brinker requires its suppliers
to adhere to its supplier code of conduct, which sets forth its
expectations on business integrity, food safety and food
ingredients, animal welfare and sustainability. While these may not
directly impact the credit, these factors should positively impact
brand image and result in a more positive view of the brand
overall.

Brinker International owns, operates and franchises the casual
dining concepts Chili's Grill & Bar (Chili's) and Maggiano's Little
Italy. As of March 25, 2020, Brinker owned and operated about 1,117
restaurants globally and franchised an additional 558 Chili's
restaurants. Annual revenues are approximately $3.3 billion.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


BROOKDALE SENIOR: Egan-Jones Lowers Senior Unsecured Ratings to C
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 12, 2020, downgraded the foreign
commercial and local commercial senior unsecured ratings on debt
issued by Brookdale Senior Living to C from D.

Headquartered in Brentwood, Tennessee, Brookdale Senior Living Inc.
operates senior living facilities in the United States.



BRUNSWICK CORP: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 14, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Brunswick Corporation/DE to BB- from BB.

Headquartered in ‎Mettawa, Illinois, Brunswick Corporation
manufactures consumer products serving the outdoor and indoor
active recreation markets.



CAN B CORP: Posts $1.13 Million Net Loss in First Quarter
---------------------------------------------------------
Can B Corp. reported a loss and comprehensive loss of $1.13 million
for the three months ended March 31, 2020, compared to a loss and
comprehensive loss of $1.17 million for the three months ended
March 31, 2019.  The decrease in net loss was due to the $133,476
increase in total operating expenses offset by the $20,718 increase
in other expense – net, the $950 increase in provision for income
taxes and the $193,551 increase in gross profit.

Revenues increased $52,547 from $517,160 in 2019 to $569,707 in
2020.  The increase was due to the growth of CBD product and
durable equipment sales.

Cost of product sales decreased $141,004 from $262,553 in 2019 to
$121,549 in 2020 due to the growth of product sales and outreach
into additional market segments such as wholesale and private label
opportunities.

Officers and director's compensation and payroll taxes increased
$193,123 from $445,550 in 2019 to $638,673 in 2020.  The 2019
expense amount ($445,550) includes additional stock-based
compensation of ($262,420) pursuant to their respective employment
agreements and related payroll taxes ($8,637).  The 2020 expense
amount ($638,673) includes additional stock-based compensation of
($290,523) pursuant to their respective employment agreements and
related payroll taxes ($27,193).

Consulting fees decreased $447,343 from $663,751 in 2019 to
$216,408 in 2020.  The 2019 expense amount ($663,751) includes
stock-based compensation of $567,776, resulting from stock issued
for the service of consultants.  The 2020 expense amount ($216,408)
includes stock-based compensation of $171,352, resulting from stock
issued for the service of consultants.

Advertising expense increased $92,422 from $26,388 in 2019 to
$118,830 in 2020.

Hosting expense increased $5,893 from $450 in 2019 to $6,343 in
2020.

Rent expense increased $80,746 from $11,860 in 2019 to $92,606 in
2020.

Professional fees increased $152,342 from $37,836 in 2019 to
$190,178 in 2020.

Depreciation of property and equipment increased $1,330 from $2,765
in 20198 to $4,095 in 2020.

Amortization of intangible assets increased $127,772 from $2,194 in
2019 to $129,966 in 2020.

Reimbursed expenses decreased $7,013 from $27,302 in 2019 to
$20,289 in 2020.

Other operating expenses decreased $65,816 from $208,579 in 2019 to
$142,763 in 2020.

As of March 31, 2020, the Company had $7.14 million in total
assets, $1.48 million in total liabilities, and $5.66 million in
total stockholders' equity.

At March 31, 2020, the Company had cash and cash equivalents of
$52,274 and a working capital of $2,066,494.  Cash and cash
equivalents increased $5,734 from $46,540 at Dec. 31, 2019 to
$52,274 at March 31, 2020.  For the three months ended March 31,
2020, $623,000 was provided by financing activities, $4,621 was
used in operating activities, and $612,645 was used in investing
activities.

The Company currently has no agreements, arrangements or
understandings with any person to obtain funds through bank loans,
lines of credit or any other sources.

The Company currently has no commitments with any person for any
capital expenditures.

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

                     https://is.gd/vIBgaR

                        About Can B Corp

Headquartered in Hicksville New York, Canbiola, Inc. (now known as
Can B Corp) -- http://www.canbiola.com/-- develops, produces, and
sells products and delivery devices containing CBD. Cannabidiol
("CBD") is one of nearly 85 naturally occurring compounds
(cannabinoids) found in industrial hemp (it is also contained in
marijuana).  The Company's products contain CBD derived from Hemp
and include products such as oils, creams, moisturizers, isolate,
and gel caps.  In addition to offering white labeled products,
Canbiola has developed its own line of proprietary products, as
well as seeking synergistic value through acquisitions of products
and brands in the Hemp industry.

Can B Corp. reported a loss and comprehensive loss of $4.59 million
for the year ended Dec. 31, 2019, compared to a loss and
comprehensive loss of $4.11 million for the year ended Dec. 31,
2018.  As of Dec. 31, 2019, the Company had $6.93 million in total
assets, $564,666 in total liabilities, and $6.37 million in total
stockholders' equity.

BMKR, LLP, in Hauppauge, NY, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated March
26, 2020 citing that the Company's significant operating losses
raise substantial doubt about its ability to continue as a going
concern.


CENTER OF ORLANDO: PCO Hires Moran Kidd as Attorney
---------------------------------------------------
Eric Huebscher, duly appointed Patient Care Ombudsman for Center of
Orlando for Women, LLC, seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to hire Moran Kidd Lyons &
Johnson, P.A. as his attorney.

The counsel will assist Mr. Huebscher with his duties in this case
including the monitoring and reporting requirements, communications
with parties of interest and the Court, filings with the Court and
applications for compensation and such other matters relating to
the case that might require consultation with an attorney.

The hourly billing rates for Moran Kidd are:

     Partners and Of counsel – $460
     Associate attorneys     - $250

The firm does not represent any interest adverse to the Debtor,
according to court filings.

Moran Kidd can be reached through:

     Michael A. Tessitore, Esq.
     Moran Kidd Lyons & Johnson, P.A.
     111 North Orange Avenue, Suite 900
     Orlando, FL 32801
     Phone: 407-841-4141
     Fax: 407-841-4148
     Email: mtessitore@morankidd.com

               About Center of Orlando for Women

Center of Orlando for Women, LLC, operates a clinic offering early
and late surgical and medication abortion procedures.  COW provides
numerous years of experience and has received specialized training
in the most current abortion methods. The clinics are a
comprehensive Reproductive Family Planning Facility and
additionally offer the following: Annual Gynecological Exams,
Breast Exams, Diagnosis and Treatment of Vaginal infections,
Diagnosis and Treatment of Sexually Transmitted infections, HIV
testing, Free Pregnancy Testing, Birth Control & Free Emergency
Contraception. The services are provided by highly trained
Physicians and Advanced Registered Nurse Practitioners who practice
under a supervised protocol.

COW filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
19-08241), on Dec. 18, 2019.  The petition was signed by Denise
Williams, managing member. The Debtor is represented by Jeffrey S.
Ainsworth, Esq. at BransonLaw, PLLC. At the time of filing, the
Debtor was estimated to have assets and liabilities of less than
$50,000.


CENTURION PIPELINE: Fitch Puts BB- LT IDR on Rating Watch Negative
------------------------------------------------------------------
Fitch Ratings has placed Centurion Pipeline Company LLC's ratings,
including the 'BB-' Long-Term Issuer Default Rating (IDR) on Rating
Watch Negative (RWN).

This action follows the recent downgrade of Centurion's primary
counterparty, Occidental Petroleum Corp. (OXY; BB-/RWN). OXY was
downgraded two notches from 'BB+'. Fitch previously stated that
substantial credit quality deterioration at OXY could lead to
negative rating action at Centurion. OXY's IDR was downgraded
reflecting negative impacts from the sharp drop in oil prices and
lack of traction to date on asset sales required to address its
sizeable maturity wall, which is expected to remain challenging in
a now lower-for-longer recovery of oil prices. This protracted
sharp drop in oil prices gives rise to a concern that Centurion's
2H20 and 2021 revenues could fall from their historic level of
being significantly above the aggregate minimum revenue
commitments, to just moderately above the aggregate level. While
OXY has taken measures to boost FCF generation, Fitch believes the
company will still require external measures to address its
maturity wall.

The RWN at Centurion reflects heightened concentration risk from
OXY and the strategy to be adopted by OXY, which continues to
evolve. The ratings reflect Centurion's limited size and scale. The
rating is also constrained by the fact that nearly all cash flows
are generated from a single pipeline system, although Centurion is
now expanding with its joint venture (JV) interest in
Wink-to-Webster and the Augustus Pipeline, but continues to remain
focused on the Permian basin. Fitch's key concerns are counterparty
concentration with single basin focus and lack of business line
diversity, which raise the possibility of an outsized event risk
should there be any further operating or financial issue at OXY.

Fitch considers that there is some cash flow assurance in the form
of minimum revenue commitments from OXY and another
investment-grade counterparty which provides some downside
protection. Fitch also considers the importance of the asset to OXY
given that the Centurion system spans across both basins within the
Permian and has access to Midland and Cushing hubs, albeit at lower
volumes as drilling activities decline under an adverse commodities
price environment.

The RWN at Centurion will be resolved in conjunction with that of
OXY. Fitch will continue to closely monitor the events as they
evolve at OXY and its impact at Centurion.

KEY RATING DRIVERS

Counterparty Credit Risk: Fitch believes Centurion's counterparty
risk has increased following the downgrade at OXY. Centurion
derives a significant proportion of its revenues from OXY, which is
the primary counterparty on its system. Revenues from OXY are
supported by long-term contracts with some minimum revenue
commitments. Centurion has significant customer concentration to
OXY and is expected to remain Centurion's largest customer in the
near to intermediate term, as it provides OXY with logistical
assets that support its operations. In addition to its own
production, OXY also on-ships for others. Given the significant
counterparty concentration from OXY, any further deterioration of
OXY's credit will negatively affect Centurion. Although the assets
are critical to OXY's production in the Permian, Fitch typically
views midstream providers with high counterparty concentration as
having exposure to outsized event risk.

Near-Term Operational Headwinds: Fitch believes Permian will
continue to remain challenged in the near term driven by capital
reductions by E&P producer customers against the backdrop of an
unfavorable commodity price environment. Centurion's major
counterparty, OXY, recently announced a 50% reduction of 2020
capital budget and well shut-ins averaging 45,000boed, peaking to
75,000boed in June 2020. Fitch believes OXY's capital reduction and
the shut-ins from various producers in the Permian will affect
throughput revenues at Centurion. Although Centurion has growth
projects coming in-service in 2021 independently through
third-party volumes, Fitch believes such growth will be slower, as
upstream producers are increasingly becoming capital disciplined to
preserve balance sheets.

Leverage Trending Higher: Centurion has historically maintained low
leverage and strong interest and distribution coverage relative to
midstream peers. Leverage is expected to be elevated in the near
term with expectation of moderating producer activity in the
backdrop of macro headwinds in a low oil price environment. Fitch
expects YE 2020 leverage in the range of 3.5x-3.8x given higher
committed growth spending, barring unforeseen events such as
increases in spending or acquisitions. Fitch believes leverage is
critical to Centurion's credit profile due to the company's
concentrated counterparty exposure and limited geographic
diversity.

Lack of Diversification: Centurion derives nearly all of its cash
flows from a single asset located in the Permian basin and
extending northeast to Cushing, OK. The lack of diversity exposes
Centurion to geographic and asset concentration. Furthermore,
Centurion lacks customer diversification given that OXY accounts
for the significant proportion of its volumes.

Some Cash Flow Assurance: Centurion's operations are underpinned by
long-term agreements in place with OXY, which includes a minimum
revenue commitment extending until 2029. Centurion also has a
long-term throughput and deficiency (T&D) agreement in place with
an investment-grade customer. These minimum revenue commitments
provide some cash flow assurance with some volumetric downside
protection, but these minimum revenue commitments decline over the
contract period. The new projects including the Wink-to-Webster and
Augustus pipelines will be supported by long-term take or pay
contracts from counterparties that are predominantly investment
grade. In addition, the Southeast New Mexico oil gathering system
has significant acreage dedication.

Supportive Sponsor: As of December 2019, Lotus Midstream owned 100%
of Centurion. Lotus's sponsor, Encap Flatrock Midstream (EnCap) is
expected to remain supportive of the operating profile of
Centurion. EnCap committed equity for the purchase of OXY's
pipeline assets in 2018 and continues to provide the company with
assistance in gaining insights into new areas. EnCap supports
Centurion's growth as the company reinvests its cash flows into the
business. This further highlights EnCap's commitment going forward
as Centurion continues to grow.

ESG Considerations: Centurion has a Relevance Score of '4' for
Group Structure and financial transparency as the company operates
under a somewhat complex group structure.

DERIVATION SUMMARY

Centurion's rating is constrained by its size and lack of
geographic diversification. Centurion also has significant customer
concentration with OXY, contributing approximately 60% of revenues
for FYE 2019. The rating also reflects that nearly all cash flows
are generated from a single pipeline system, although the company
is now expanding with its investment in the Augustus Pipeline and
JV interest in Wink-to-Webster.

Both Hess Midstream Operations LP (HESM OpCo; BB+/Stable) and
Centurion are single basin midstream companies with concentrated
but high quality counterparty risk. HESM OpCo's parent is Hess
Corporation (HES; BBB-/Stable). HESM OpCo is located in the Bakken
whereas Centurion is located in the Permian basin, where Fitch
expects curtailed producer activity in the near term. Although HESM
OpCo's leverage is higher than Centurion's, HESM OpCo receives
protection from volume downside and other risks from its investment
grade parent, HES in the form of some minimum volume commitments
(MVCs).

KEY ASSUMPTIONS

  -- Fitch utilized its WTI oil price deck of $32/bbl in 2020,
     $42/bbl in 2021, $50/bbl in 2022 and $52/bbl thereafter;

  -- The Augustus Pipeline and Wink-to-Webster JV growth projects
     proceed as planned and are in service in 2021;

  -- Maintenance capex consistent with management guidance;

  -- No distributions are made;

  -- No acquisitions over forecast period.

RATING SENSITIVITIES

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

  -- The Outlook may be revised to Stable if OXY's Outlook
     stabilizes;

  -- An increase in size, scale, asset and geographic or business
     line diversity while maintaining leverage at or below 3.0x on
     a sustained basis.

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

  -- Credit quality deterioration of its primary counterparty,
OXY,
     in the absence of any meaningful counterparty
diversification;

  -- Any significant delays in the planned in-service date of
     Augustus Pipeline and the Wink-to-Webster JV project;

  -- Leverage (Total Debt with equity credit/Adjusted EBITDA) at
     or above 4.0x on a sustained basis;

  -- An increase in spending beyond Fitch's current expectations,
     or acquisitions funded in a manner that pressures the balance
     sheet;

  -- Reduced liquidity.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity in Near Term: As of Dec. 31, 2019, Centurion had
approximately $55 million in cash and cash equivalents. Centurion
also has a credit facility which provides for $350 million term
loan and a $100 million revolver. The revolver has a sublimit of
$25 million for letters of credit. The credit facility can be used
to fund capital needs of Centurion and subsidiaries. As of Dec. 31,
2019, no amount was outstanding under the revolver.

Obligations under the credit facility are secured by substantially
all tangible and intangible assets of the company. Beginning 1Q19,
the term loan has an annual amortization of $3.5 million. The
senior secured term loan and secured revolver rank pari passu.

Under the facility, Centurion is required to maintain two financial
covenants: (1) a debt service coverage ratio of at least 1.10x and
(2) net total leverage ratio not exceeding 4.75x. As of Dec. 31,
2019, Centurion was in compliance with the covenants, and Fitch
expects the company to maintain compliance in the near term.

Debt Maturity Profile: The revolver matures in September 2023. The
senior secured term loan B with an outstanding amount of $346.5
million has a maturity of September 2025.

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

Centurion has an ESG Relevance score of 4 for Group Structure and
financial transparency as the company operates under a somewhat
complex group structure. This has negative impact on the credit
profile and is relevant to the rating in conjunction with other
factors.


CHIMNEY HILL: Trustee Seeks to Hire Hahn Fife as Accountant
-----------------------------------------------------------
Jason Rund, the trustee appointed in the Chapter 11 case of Chimney
Hill Properties, Ltd., seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Hahn Fife &
Company, LLP as his accountant.

The services to be provided by the firm include preparing monthly
operating reports, cash flow analyses and tax returns; analyzing
financial documents; assisting Debtor in preparing a Chapter 11
plan of reorganization; and reviewing financial documents.

The firm will be paid at hourly rates as follows:

     Partner     $440
     Staff       $80

Donald Fife, a partner at Hahn Fife, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Donald T. Fife
     Hahn Fife & Company, LLP
     790 E. Colorado Blvd., 9th Floor
     Pasadena, CA 91101
     Telephone: (626) 792-0855
     Email: dfife@oefi.org

                   About Chimney Hill Properties

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

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

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

Jason M. Rund was appointed as Debtor's Chapter 11 trustee.  The
trustee is represented by the Law Office of Thomas H. Casey, Inc.  


CNG HOLDINGS: S&P Alters Outlook to Negative, Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings said it revised its outlook on CNG Holdings Inc.
to negative from stable. At the same time, S&P affirmed its 'B'
issuer credit rating on CNG and 'B' issue-level ratings on the
company's senior secured notes.

S&P said, "The negative outlook reflects our expectation that the
economic impact of COVID-19 will result in reduced originations,
increased provisions for credit loss, and higher charge-offs for
CNG. We believe the company's ability to cut costs during the
pandemic is limited by its large storefront presence, which has
high fixed costs. We also expect the end of the contract with Sears
Outlet Stores in third-quarter 2020 and additional Sears Holdings
Corp. and Transform Co. store closures to further depress earnings
and margins."

CNG is currently winding down its California installment portfolio
and Ohio Credit Access Bureau portfolio as a result of the
implementation of California AB 539 and Ohio Sub. HB 123. As part
of its debt indenture, CNG is required to use California
liquidation proceeds to repurchase debt. As of April 27, 2020, the
company has repaid $51 million of its senior secured notes due 2024
through two tender offers, and $20 million of its Choice Loan (CLP)
facility. S&P expects CNG to pay down an additional $20 million to
$30 million of its CLP facility by the end of the year.

Adjusted EBITDA for first-quarter 2020 was down 20% from
first-quarter 2019. But the paydown of the senior secured notes and
CLP facility offset the EBITDA decline, resulting in debt to
adjusted EBITDA of 3.3x and EBITDA interest coverage of 2.1x for
the 12 months ended March 28, 2020.

Originations for payday loans, retail installment loans, and online
installment loans fell by 15.5%, 51.6%, and 37.4%, respectively, in
first-quarter 2020 from fourth-quarter 2019. S&P said, "We believe
the drop in originations stems from two primary factors: the
wind-down of California and Ohio assets; and the start of
COVID-19-related pressures. CNG also recorded incremental
pandemic-related provision expense of $5 million in the same
period. We believe the reduced originations and increased
provisions for credit loss could impact EBITDA beyond the 20%
decline seen in the first quarter of 2020."

S&P said, "On the upside, CNG has no imminent refinancing risk and
has adequate liquidity to navigate through the pandemic, in our
view. While the reduced originations will hurt earnings and
margins, it will also lead to stronger liquidity positions because
the company is retaining more cash on its balance sheet, although
we do not net cash from our leverage calculations. As of March 28,
2020, CNG had $128.8 million in unrestricted cash and cash
equivalents on its balance sheet.

"Our negative outlook on CNG reflects our expectation that, over
the next 12 months, the company could operate with leverage, as
measured by debt to adjusted EBITDA, above 4x and EBITDA interest
coverage below 2x due to reduced originations and increased
provisions for credit loss arising from the COVID-19 pandemic.

" could lower the ratings if we believe leverage will be sustained
above 4x or interest coverage below 2x. We could also lower the
ratings if CNG's credit performance significantly deteriorates, or
if new, unanticipated regulations pose challenges to its business
model within its markets of operation.

"A revision of the outlook to stable is not likely until after the
COVID-19 pandemic runs its course and the resulting economic
downturn subsides. Over time, we could revise the outlook to stable
if CNG maintains leverage and interest coverage comfortably under
4x and above 2x, respectively."


COMERICA INC: Fitch to Rate Perpetual Preferred Stock BB+(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB+(EXP)' to Comerica
Incorporated's (CMA; A-/Stable) offering of non-cumulative
perpetual preferred stock. The preferred shares will rank
subordinate to existing unsecured debt but senior to common shares.
Distributions, when and if declared by the board of directors, will
be payable quarterly in arrears at a fixed annual rate.
Distributions on the preferred shares are non-cumulative. The
preferred shares are perpetual in nature, but may be redeemed at
CMA's option at any time. Proceeds from the issuance are expected
to be used for general corporate purposes.

The (EXP) designation indicates that Fitch is assigning the rating
with an expectation that final documentation will reflect
preliminary terms and conditions received to date. The designation
will be removed once the final documentation is available and
reviewed by Fitch.

KEY RATING DRIVERS

CMA's preferred stock issuance is expected to be rated 'BB+(EXP)',
which is four notches below CMA's Viability Rating (VR) of 'a-', in
accordance with Fitch's Bank Rating Criteria (Feb. 28, 2020). The
preferred stock rating includes two notches for loss severity given
the securities' deep subordination in the capital structure, and
two notches for non-performance given that the coupon of the
securities is non-cumulative and fully discretionary.

Fitch does not expect CMA to use the proceeds of the preferred
stock issuance to repurchase common shares in the near term. As of
March 31, 2020, CMA suspended its share repurchase program for an
undefined period. At March 31, 2020, the Corporation's estimated
CET1 capital ratio was 9.51 percent, which was below the company's
long-term target CET1 ratio of approximately 10%.

RATING SENSITIVITIES

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

CMA's preferred stock rating is sensitive to a negative change in
CMA's VR. Pressure on CMA's VR could in turn result from a more
prolonged coronavirus related economic downturn, sustained
quarterly operating losses, or a decline in CET1 below 8.0% absent
a credible plan to rebuild capital above this threshold. Negative
pressure on CMA's VR could also result from insufficient holding
company liquidity coverage necessary to meet the parent's
outstanding obligations or an increase in the holding company's
common equity double leverage above 120%.

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

CMA's preferred stock rating is sensitive to a positive change in
CMA's VR. However, Fitch does not foresee the possibility of an
upgrade in CMA's VR in the near term. Any upward momentum would
require resolution of the coronavirus pandemic with minimal impact
to franchise or financial fundamentals.

ESG CONSIDERATIONS

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


COMMUNITY PROVIDER: Seeks to Hire Faegre Drinker as Legal Counsel
-----------------------------------------------------------------
Community Provider of Enrichment Services, Inc. and Novelles
Developmental Services, Inc. seek approval from the U.S. Bankruptcy
Court for the Central District of California to employ Faegre
Drinker Biddle & Reath, LLP as their legal counsel.

Faegre will provide these services:

     (a) take all necessary actions to protect and preserve
Debtors' estates, including the prosecution of actions on Debtors'
behalf, the defense of any actions commenced against Debtors, the
negotiation of disputes in which Debtors are involved and the
preparation of objections to claims filed against the estates;

     (b) prepare court papers in connection with the administration
of Debtors' Chapter 11 cases;

     (c) take all necessary actions in connection with any Chapter
11 plan and disclosure statement filed in Debtors' cases; and

     (d) take all necessary actions to protect and preserve the
value of Debtors' estates and all related matters.

The firm received payments and advances in the aggregate amount of
$450,000 prior to Debtors' bankruptcy filing.

Vincent Slusher, Esq., a member of Faegre, disclosed in court
filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Jeremy M. Pelphrey, Esq.
     Ryan M. Salzman, Esq.
     Faegre Drinker Biddle & Reath, LLP
     1800 Century Park East, Suite 1500
     Los Angeles, CA 90067
     Telephone: (310) 203-4000
     Facsimile: (310) 229-1285
     Email: jeremy.pelphrey@faegredrinker.com
            ryan.salzman@faegredrinker.com

              - and –

     Vince Slusher, Esq.
     Faegre Drinker Biddle & Reath, LLP
     1717 Main Street, Suite 5400
     Dallas, TX 75201
     Telephone: (469) 357-2500
     Facsimile: (469) 327-0860
     Email: Vince.Slusher@faegredrinker.com

           About Community Provider of Enrichment Services

Community Provider of Enrichment Services, Inc., which conducts
business under the name CPES, is a community human services and
healthcare organization based in Tucson, Ariz.  It offers a full
range of community-based behavioral health services, substance
abuse treatment, foster care, and intellectual and developmental
disability supports with locations throughout Arizona and
California.  For more information, visit https://www.cpes.com/

CPES and its affiliate, Novelles Developmental Services, Inc.,
sought Chapter 11 protection (Bankr. C.D. Cal. Lead Case No.
20-10554) on April 24, 2020. The petitions were signed by Mark G.
Monson, CPES' president and chief executive officer.  At the time
of the filing, CPES disclosed estimated assets of $1 million to $10
million and estimated liabilities of the same range while Novelles
Developmental Services disclosed $100,000 to $500,000 in both
assets and liabilities.  

Judge Deborah J. Saltzman oversees the cases.  Debtors tapped
Faegre Drinker Biddle & Reath LLP as their legal counsel.


CREATIVE HAIRDRESSERS: Ordered to Pay Workers Back Wages
--------------------------------------------------------
Vincent Jackson, writing for The Press of Atlantic City, reports
that the unisex hair salon operator Creative Hairdressers Inc. has
been ordered by the U.S. Department of Labor to pay the back wages
of its employees.

According to the news release of the U.S. Department of Labor,
Creative Hairdressers is ordered to pay back wages worth $1,149,965
of over 7,500 employees.  The U.S. Department of Labor's Wage and
Hour Division discovered that Creative Hairdressers Inc., that does
business as BUBBLES The Color Salon, Salon Plaza, Salon Cielo, and
Hair Cuttery, closed all its 750 salon locations on March 21, 2020
amid the COVID-19 health crisis and failed to pay the final pay
checks of their workers.

By doing so, it violated the minimum wage and overtime provisions
of the Fair Labor Standards Act and impacted over 7,500 employees,
the Labor Department said.  Subsequently, Creative filed Chapter 11
bankruptcy and was purchased by another company, the Labor
Department added.

The moment it learned of the failure to pay their workers and of
its bankruptcy filing, the Labor Department sought to be included
in the bankruptcy proceedings.

As a result, the Labor Department secured employees' back wages at
Hair Cuttery shops in Rio Grande, North Cape May, Mays Landing,
Hammonton, Vineland, Millville and Bridgeton, according to the
Labor Department.  It also secured the back wages for workers in
other states like Florida, Delaware and Connecticut.

The U.S. Bankruptcy Court for the District of Maryland ordered
Creative Hairdressers Inc. to pay the back wages.

                 About Creative Hairdressers

Creative Hairdressers, Inc., 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.  Visit http://www.ratnerco.com/


Creative Hairdressers and Ratner Companies, L.C., sought Chapter 11
protection (Bankr. D. Md. Lead Case No. 20-14583) 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.

Debtors tapped Shapiro Sher Guinot & Sandler as legal counsel; Carl
Marks Advisors as strategic financial advisor; A&G Realty Partners
as real estate advisor; and Epiq Bankruptcy Solutions as claims
agent.


DOWNSTREAM DEVELOPMENT: S&P Downgrades ICR to 'SD'
--------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Downstream
Development Authority (DDA) to 'SD' (selective default) from 'CCC'.


The downgrade follows DDA's entry into a waiver agreement with its
term loan lenders under which its failure to make the quarterly
principal payments due on its term loan does not constitute an
event of default as long as DDA pays at least the accrued interest
for the quarters ending March 31, 2020, through Sept. 30, 2020.

DDA has not missed any of the debt service obligations on its
senior secured notes, thus S&P's 'CCC' issue-level rating on the
notes remains on CreditWatch, where S&P placed it with negative
implications on March 20, 2020.

The downgrade reflects S&P's conclusion that DDA's term loan waiver
agreement is tantamount to a default, even though no legal default
has occurred under the provisions of the term loan, because the
timing of the payments has been delayed relative to the terms of
the original agreement. DDA entered into an agreement with its
lenders under which its failure to make the quarterly principal
payments due on its term loan for the quarters ending March 31,
2020, June 30, 2020, and Sept. 30, 2020, will not constitute an
event of default as long as DDA makes the interest payments for
those quarters. DDA's capital structure comprises approximately $42
million of term loans (not rated) and $270 million of senior
secured notes.

DDA has been burning cash since it closed its Downstream Casino
Resort because of the coronavirus pandemic in mid-March. S&P said,
"We believe DDA entered into the waiver agreement to preserve
liquidity because the length of its property closure and the pace
of its cash flow recovery were uncertain and it faced a large $14
million semi-annual interest payment on its notes due in August.
Although DDA plans to reopen the Downstream Casino Resort on May
21, 2020, its recovery could be hampered by the continued adherence
to social distancing measures and weak consumer discretionary
spending given our economists' view that the U.S. is currently in a
recession."

S&P said, "We plan to assess whether the waiver agreement
establishes new credit agreement terms. If we conclude that it
does, we would update our analysis and raise DDA's issuer credit
rating from 'SD' to a level that will reflect the ongoing risk of a
conventional default."

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

-- Health and safety


DRYDEN 77 CLO: S&P Assigns BB- (sf) Rating to Class E Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Dryden 77 CLO
Ltd./Dryden 77 CLO LLC's floating-rate notes.

The note issuance is a CLO securitization backed by primarily
broadly syndicated speculative-grade (rated 'BB+' and lower) senior
secured term loans that are governed by collateral quality test.

The ratings reflect S&P's view of:

-- The diversification of the collateral pool;

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization;

-- The experience of the collateral management team, which can
affect the performance of the rated notes through collateral
selection, ongoing portfolio management, and trading; and

-- The legal structure of the transaction, which is expected to be
bankruptcy remote.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak.

"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly," S&P said.

  RATINGS ASSIGNED

  Dryden 77 CLO Ltd./Dryden 77 CLO LLC

  Class                 Rating        Amount
                                    (mil. $)
  X                     AAA (sf)        4.00
  A                     AAA (sf)      252.00
  B                     AA (sf)        48.00
  C                     A (sf)         25.00
  D-1                   BBB (sf)       19.00
  D-2                   BBB- (sf)       6.00
  E                     BB- (sf)       11.00
  Subordinated notes    NR             38.00
  
  NR--Not rated.


EASTERN NIAGARA: Seeks to Hire Lumsden & McCormick as Accountant
----------------------------------------------------------------
Eastern Niagara Hospital, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to employ
Lumsden & McCormick LLP as its accountant nunc pro tunc to Nov. 7,
2019.

The services that the firm will provide include auditing financial
records and preparing and filing tax returns.

The firm will be paid at hourly rates as follows:

     Staff         $117
     Senior        $162
     Manager       $191
     Principal     $270
     Partner       $322

Michael Grimaldi, a partner at Lumsden & McCormick, disclosed in
court filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Michael J. Grimaldi
     Lumsden & McCormick LLP
     Cyclorama Building
     369 Franklin Street
     Buffalo, NY 14202
     Telephone: (716) 856-3300
     Email: MGrimaldi@lumsdencpa.com

                  About Eastern Niagara Hospital

Eastern Niagara Hospital, Inc. -- http://www.enhs.org/-- is a
not-for-profit organization, focused on providing general medical
and surgical services. It offers radiology, surgical services,
rehabilitation services, cardiac services, respiratory therapy,
obstetrics and women's health, emergency services, acute and
intensive care, chemical dependency treatment, occupational
medicine services, DOT medical exams, dialysis, laboratory
services, child and adolescent psychiatry, and express care.

Eastern Niagara Hospital sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 19-12342) on Nov. 7,
2019. At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.

The Debtor tapped Jeffrey Austin Dove, Esq., at Barclay Damon LLP,
as its legal counsel and Lumsden & McCormick LLP as its
accountants.

The U.S. Trustee for Region 2 appointed creditors to serve on the
official committee of unsecured creditors on Nov. 22, 2019. The
committee is represented by Bond, Schoeneck & King, PLLC.

Michele McKay was appointed as health care ombudsman in the
Debtor's bankruptcy case.


ED3 CONSULTANTS: Needs More Time to Formulate Chapter 11 Plan
-------------------------------------------------------------
ED3 Consultants, Inc. asked the U.S. Bankruptcy Court for the
Western District of Pennsylvania to extend its exclusive period and
deadline to file a plan until Sept. 9, and the time period for
obtaining acceptances to the plan to Nov. 8.

The requested extension, if granted, will allow the government's
proof of claim deadline to pass and provide the Debtor time to
formulate a Plan by working with all creditors asserting claims in
the case.

The Debtor recently obtained Court approval to move into a less
expensive leasehold. The Debtor also recently obtained Court
approval to enter into an insurance premium finance agreement for
professional liability insurance. However, the Debtor needs more
time to stabilize its operations and to formulate a plan of
reorganization.

                       About ED3 Consultants

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

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



ENOVA INTERNATIONAL: S&P Affirms 'B' ICR; Outlook Remains Stable
----------------------------------------------------------------
S&P Global Ratings Services said it affirmed its 'B' issuer credit
rating on Enova International Inc. (ENVA). The outlook remains
stable. At the same time, S&P affirmed its 'B-' issue rating on the
company's unsecured notes. The recovery rating is unchanged at '5',
indicating its expectation of a modest (15%) recovery in the event
of default.

S&P expects the COVID-19 pandemic to result in reduced
originations, increased provision or fair value adjustments for
credit losses, and higher charge-offs. The rating affirmation
reflects ENVA's steady financial performance, its expectation of
leverage of 4.0x-5.0x and EBITDA interest coverage of 3.0x-4.0x.

Starting Jan. 1, 2020, ENVA adopted fair value accounting for its
entire receivables portfolio. As a result, it booked a one-time,
noncash gain to retained earnings after tax of $99 million. ENVA is
going to replace provision for loan losses by change in fair value
on the portfolio. As of March 31, 2020, ENVA took about $60 million
fair value adjustment to its portfolio to address the uncertain
credit environment. The company has also scaled back originations
by 60%-80%, depending on product.

For the 12 months ended March 31, 2020, ENVA's leverage, measured
as gross debt to adjusted EBITDA, was 3.7x and EBITDA coverage was
3.8x versus 3.7x and 3.5x, respectively, at year-end 2019. Starting
in 2020, in S&P's EBITDA calculations, it adds back any noncash
fair value adjustment marks to the portfolio.

At year-end 2019, ENVA generated $281 million of EBITDA compared
with $216 million in 2018--a 30% increase. Given the global
pandemic, S&P expects 2020 adjusted EBITDA to fall by about 15%-20%
to $225 million-$240 million.

In order to maintain adequate liquidity during the pandemic, ENVA
had drawn $105 million on its revolving credit facility as of March
31, 2020. It has access to an additional $18.8 million on its
revolving credit facility and reported unrestricted cash of $161
million. The company expects to preserve liquidity with cash on its
balance sheet increasing to $350 million-$400 million by the end of
second quarter 2020.

ENVA has successfully grown EBITDA and reduced the share of
short-term loans to 7% of revenue through first-quarter 2020 versus
25% in 2009--which we view favorably. Its installment loans and
receivables purchase agreements (RPAs) grew to 42% of revenue and
line of credit rose to 51% of revenue. The 30-plus delinquency rate
increased to 7.5% from 6.0% due to a higher mix of new customers
and slight impact from COVID-19.

ENVA operates in a highly regulated consumer finance industry. It
is regulated by the Consumer Financial Protection Bureau (CFPB) at
the federal level and states at the local level. Despite the
regulatory tailwind from CFPB considering the elimination of
ability to pay requirement and rollover restrictions, S&P expects
states regulators to step in and fill the void.

In March 2020, Virginia passed two identical bills, Senate bill 421
and House bill 789. The bills amend laws governing open-end lines
of credit to cap interest and fees at 36% annual interest plus a
$50 annual participation fee. Further, the law allows
Virginia-licensed lenders to make installment loans at a 36% annual
percentage rate plus a loan processing fees equal to the greater of
$75 or 5% of the principal amount, but not exceeding $150. The bill
applies to loans originated on or after Jan. 1, 2021.

S&P siad, "The stable outlook over the next 12 months reflects our
expectations of leverage, measured as debt to adjusted EBITDA, of
4.0x-5.0x with EBITDA coverage of 3.0x-4.0x, and growing tangible
equity. The outlook also considers no imminent refinancing risk and
adequate liquidity during the pandemic.

"We could lower the ratings if we expect debt to EBITDA to sustain
above 5.0x, which could result from weaker performance in
installment loans or line-of-credit products, new regulation, or
additional debt issuances."

An upgrade is not likely until after the pandemic and its resulting
economic downturn subsides. Thereafter, S&P could raise the ratings
if ENVA maintains leverage below 3.5x while sustaining steady
operating performance. An upgrade would also be contingent upon no
new regulations impeding the firm's operational performance.



EQUINOX HOLDINGS: S&P Downgrades Issuer Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on New
York-based fitness club operator Equinox Holdings Inc. to 'SD'
(selective default) from 'CCC'. S&P's 'CCC+' issue-level rating and
'2' recovery rating on the company's senior secured first-lien
facility and its 'CC' issue-level rating and '6' recover rating on
its senior secured second-lien facility remain unchanged.

S&P said, "The downgrade follows Equinox's completion of an
amendment to its partial guarantee on affiliate company SoulCycle
Inc.'s credit facility that will allow it to delay a mandatory
payment, which we view as tantamount to a default. On May 15, 2020,
the company signed an amendment to its limited guarantee agreement
on SoulCycle Inc. to defer a $72.8 million mandatory debt
repurchase due May 15, 2020, to Feb. 15, 2021. The amendment
requires the company to pay the higher of $72.8 million or the
amount necessary to reduce SoulCycle's leverage to 5x in any
quarter ending before February 2021. We view the transaction as
distressed and tantamount to a default because Equinox did not meet
its financial obligation under the original guarantee. In addition,
we view the company as being in distress because of its current
cash burn rate and very high anticipated leverage due to the club
closures stemming from the coronavirus. We also saw a realistic
possibility for a conventional default at our previous 'CCC' issuer
credit rating prior to the deferral and note that SoulCycle's
lenders have not received offsetting compensation for the
deferral.

"Equinox is burning cash while its fitness clubs remain closed
because of COVID-19. We believe the company entered into the
amendment to preserve its liquidity because the duration of its
club closures, and thus its cash burn, remains unknown. In
addition, its recovery could be hampered by social distancing
measures and weak consumer discretionary spending even after its
clubs re-open given our economists' view that the U.S. will enter a
recession this year.

"While the company has pledged the assets of its Canadian and U.K.
subsidiaries as a component of its guarantee amendment, we do not
believe this pledge represents offsetting compensation for the
lenders given the high degree of uncertainty in the valuation of
these assets and the elevated likelihood that the debt repurchase
requirement will grow significantly in value before its Feb. 15,
2021, due date.

"We expect to reevaluate our issuer credit rating on Equinox and
the company's capital structure in the near term. We will likely
raise our issuer credit rating on the company to 'CCC' to reflect
its very high anticipated leverage and the likelihood that it will
experience difficulty in meeting its financial obligations given
its current cash burn."

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

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

-- Health and safety


EXC HOLDINGS III: Moody's Affirms B3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service affirmed EXC Holdings III Corp.'s B3
corporate family rating (CFR) and B3-PD probability of default
rating (PDR). Moody's also affirmed the B2 first lien senior
secured credit facilities rating and the Caa2 rating on the
second-lien senior secured credit facility. The ratings outlook is
stable.

"The rating affirmations reflects the improvement in the company's
recent operating performance and backlog build-up which should
generate earnings at supportive levels despite the macroeconomic
and coronavirus related headwinds", says Shirley Singh, Moody's
lead analyst for the company. Moody's believes the company's
favorable position within the semiconductor, life sciences and
diagnostic testing sector will mitigate the declines in its
industrial and commercial aerospace exposure.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, very low and volatile oil
prices, and asset price declines are creating a severe and
extensive credit shock across many sectors, regions and markets.
The combined credit effects of these developments are
unprecedented. More specifically, Excelitas' exposure to
economically sensitive aerospace and defense leaves it vulnerable
to shifts in sentiment in these unprecedented operating conditions,
and the company remains vulnerable to the ongoing adverse impact of
the outbreak. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety. The actions reflect the impact on
Excelitas of the breadth and severity of the shock, and the broad
deterioration in credit quality it has triggered.

The following rating actions were taken:

Affirmations:

Issuer: EXC Holdings III Corp.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

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

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

Outlook Actions:

Issuer: EXC Holdings III Corp.

Outlook, Remains Stable

RATING RATIONALE

Excelitas' B3 CFR broadly reflects the company's levered balance
sheet with adjusted debt-to-EBITDA of 6.9x (as of March 2020) and
inherent volatility in its end markets. Excelitas' earnings are
sensitive to macroeconomic conditions, clustered contract revenues
in certain business lines and foreign currency fluctuations. Even
so, Moody's expects Excelitas' earnings and cash generation over
the course of 2020 to remain supportive for its rating. The rating
is also supported by Excelitas' well-diversified operations and
strong market position in highly technical and global custom
designed photonics space serving blue-chip customers. Additionally,
the company's liquidity is deemed adequate bolstered by close to
$100 million of cash after drawing on its revolving credit
facility.

The stable outlook reflects Moody's expectation that, despite a
likely revenue decline in 2020 due primarily to weakness in
commercial aerospace and industrial markets, a steady backlog and
favorable conditions in life sciences and semi-conductor end
markets should generate earnings at supportive levels over the next
12-18 months, In addition, the outlook reflects expectation that
management will improve its working capital management, resulting
in positive, although modest free cash flow in 2020.

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

Ratings could be upgraded if backlog and revenues continue to grow,
EBITDA improves above 23%, leverage is sustained below 6.0x and
free cash flow to debt approaches 5%.

Ratings could be downgraded if revenue declines lead to
deterioration of liquidity including continued negative free cash
flow and increased revolver reliance.

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

Headquartered in Waltham, Massachusetts, Excelitas is a global
manufacturer of custom designed photonic components, sub-systems,
and integrated solutions to OEMs serving wide range of end markets
including aerospace and defense, life sciences and various
industrial sectors. The company is owned by private equity firm AEA
Investors and operates through two primary business units:
Commercial (i.e. optics, detection and illumination) and Defense &
Aerospace (i.e. Advanced Electronic Systems, Advanced Optronics,
and Land Equipment). The company is owned by private equity firm
AEA Investors. Sales in last twelve months to March 2020 were $924
million.


EXTRACTION OIL: Moody's Lowers CFR to Ca, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Extraction Oil and Gas, Inc.'s
Corporate Family Rating to Ca from Caa2 and Probability of Default
Rating to C-PD from Caa2-PD. The ratings on the unsecured notes
were downgraded to C from Caa3. The outlook remains negative.

The downgrade follows Extraction's election to skip its May 15
interest payment on its 2024 senior unsecured notes as the company
evaluates strategic options to restructure its capital structure
and bolster its liquidity," said John Thieroff, Moody's senior
analyst. If the company fails to cure the missed interest payment
within the 30-day grace period, it will be in default.

Downgrades:

Issuer: Extraction Oil and Gas, Inc.

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

Corporate Family Rating, Downgraded to Ca from Caa2

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

Outlook Actions:

Issuer: Extraction Oil and Gas, Inc.

Outlook, Remains Negative

RATINGS RATIONALE

Extraction's Ca CFR and C-PD PDR reflect its elevated default risk
due to a voluntary non-payment of interest on May 15, 2020,
uncertainty around the company's ability to continue as a going
concern, weak liquidity and potential for a financial covenant
violation, and Moody's views on recovery. If the company does not
make the $14.8 million interest payment on its senior unsecured
notes due 2024 within the 30-day grace period, it will be an event
of default under the notes indenture. The borrowing base under
Extraction's revolving credit facility was reduced to $650 million
from $950 million during the April redetermination and the company
opted to draw the remaining $80 million available under the
revolver to preserve liquidity in light of a potential financial
covenant breach at the end of the second quarter. Inclusive of the
revolver drawdown, Extraction had $94 million of cash on its
balance sheet as of May 7, 2020. Extraction's decision to cut its
2020 capital budget by about 40% from its initial guidance (and
about 60% from 2019 levels) will likely lead to a substantial drop
in production, given the steep initial decline rates of its shale
assets. The rating is further constrained by the company's single
basin focus and ongoing regulatory uncertainty in Colorado.
Extraction benefits from its large inventory of drilling locations
with favorable economics, ownership of Elevation Midstream, LLC
(Elevation) and a strong hedge position that provides meaningful
cash flow protection in 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 E&P sector has
been one of the sectors most significantly affected by the shock
given its sensitivity to demand and oil prices. More specifically,
the weaknesses in Extraction's credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and Extraction remains vulnerable to the
outbreak continuing to spread and oil prices remaining weak.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on Extraction of the
breadth and severity of the oil demand and supply shocks, and the
broad deterioration in credit quality it has triggered.

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

The negative outlook reflects the very high potential for a
default.

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

Ratings could be downgraded if the company doesn't cure its missed
interest payment within the 30-day grace period or initiates a
restructuringor if Moody's views on overall recovery are reduced.
Although unlikely in the near term, an upgrade would be considered
if Extraction substantially bolsters its liquidity, resolves
potential covenant issues, reduces debt and satisfactorily resolves
its 2021 preferred stock redemption.

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

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


FARADAY FUTURE: Founder's Reorganization Plan Confirmed
-------------------------------------------------------
Faraday Future (FF), a California-based global intelligent mobility
company, on May 22, 2020, disclosed that the United States
Bankruptcy Court for the Central District of California entered an
order officially on May 21st confirming the chapter 11
reorganization plan (the "Plan") for Faraday Future (FF)'s founder
and Chief Product and User-Eco officer (CPUO), YT Jia.

After receiving overwhelming support from creditors that voted on
the Plan and overcoming objections from a few holdout creditors, YT
has confirmed the Plan and he anticipates that it will become
effective in June of this year.  Confirmation of YT's Plan should
prove to be an enormous benefit to all of YT's creditors and act as
a springboard for the closing of FF's upcoming financing round.

As the first Chinese citizen who applied for bankruptcy
reorganization in the United States that involves billions of
dollars, YT's efforts to fulfill his obligations to his creditors
has reached a key milestone.  YT's creditors are now one step
closer to obtaining the valuable recovery upon their claims and the
Plan has positioned YT's creditors to enjoy the future success of
FF along with the FF Partners and employees.

Court approval of YT's Plan has removed the biggest hurdle in FF's
equity financing efforts.  Considering FF's advanced product line,
cutting edge technology and expected asset value, FF anticipates
that its equity financing targets will be met, and the FF 91 will
be delivered soon.

YT and his restructuring team would like to express their deep
gratitude and appreciation for the efforts of all of YT's creditors
regardless of their positions taken in the chapter 11 case.  As
Founder and CPUO of FF, YT will continue his efforts to make FF
successful and fulfill the obligations to his own creditors created
by the Plan.

YT will continue to work closely with the creditor committee and
the creditor trust trustee following the principle of treating all
creditors equally, continue to create bigger and stronger value in
FF so as to increase the value of the creditor trust and honor the
commitment of fulfilling his duties as obligated.

Despite both the challenges of funding and the COVID-19 global
pandemic, FF is still using available resources for product testing
and business development and has made positive progress. Taking
I.A.I (Internet, Autonomous Driving and Artificial Intelligent) as
an example, the team has been adjusting and upgrading the software
and Internet systems, which ensures FF 91's continuously
industry-leading position at the I.A.I level upon delivery.

Recently, FF has also reached a strategic cooperation with NVIDIA,
a leading autonomous driving chip provider, who will provide FF
with the NVIDIA DRIVE AGX Xavier platform for use in its flagship
ultra-luxury FF 91 electric vehicle.  FF is delivering a vehicle
that is intuitively connected, autonomous-ready and holistically
designed, with unparalleled performance.

Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu.  FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.



FIELDWOOD ENERGY: Moody's Lowers CFR to Ca, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Fieldwood Energy LLC's
Corporate Family Rating to Ca from Caa2, Probability of Default
Rating to Ca-PD from Caa2-PD, first-lien secured term loan to Caa3
from Caa1, and second-lien term loan to C from Caa3. Fieldwood's
rating outlook remains negative.

These actions follow Fieldwood's recent announcement that it had
elected to skip scheduled interest payments on its first-lien and
second-lien term loans on April 30, 2020. The company subsequently
entered into a forbearance agreement with its lenders on May 8,
2020 under which lenders have agreed not to exercise any
default-related rights and remedies until the earlier of June 8,
2019 or the occurrence of certain early termination events. If the
company is unable to cure the non-payment of interest related event
of default within 30-days as stated in the credit agreement, it
would constitute a default under Moody's definitions. Following the
expiration of the 30-day grace period, Moody's will append an "/LD"
(limited default) designation to PDR indicating that a limited
default has occurred.

Issuer: Fieldwood Energy LLC

Ratings Downgraded:

Corporate Family Rating, Downgraded to Ca from Caa2

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

$1.1 billion Gtd first lien senior secured term loan, Downgraded to
Caa3 (LGD3) from Caa1 (LGD3)

$518 million Gtd second lien senior secured term loan, Downgraded
to C (LGD5) from Caa3 (LGD5)

Outlook Action:

Issuer: Fieldwood Energy LLC

Outlook, Remains Negative

RATINGS RATIONALE

The Ca-PD rating reflects Fieldwood's high near-term restructuring
risk. The Ca CFR reflects Moody's recovery estimates in a likely
default scenario causing substantial principal losses to its
creditors, as well as Fieldwood's very high debt burden relative to
future earnings prospects, high near-term covenant violation risks,
and weak liquidity. Moody's expects oil prices to remain low and
volatile and capital market access to remain constrained for high
yield energy companies through 2021. In the absence of a
significant rebound in oil prices, the company will struggle to
generate breakeven cash flow and refinance its large debt
maturities given its limited hedge protection and weakened credit
profile. The CFR also considers Fieldwood's concentration in the
Gulf of Mexico, private ownership, and limited financial
disclosures. Fieldwood's key credit strengths are its oil-weighted
production base (~71% liquids in 2019), relatively high proportion
of proved developed (PD) and behind-pipe reserves that can be
brought to production at fairly low costs, high operational
control, and good organic growth prospects across its offshore
leases.

Fieldwood has weak liquidity despite having a modest amount of cash
totalling $158 million as of December 31, 2019. The company fully
drew down the remaining availability under its revolving credit
facility in early-2020, further boosting its cash, but has minimal
hedge protection beyond 2020. Fieldwood is also facing a potential
covenant breach in the second half of 2020 as earnings take a hit.
Moody's expects negative free cash flow if current strip prices
prevail during the balance of 2020 that will reduce the cash
balance. Low oil prices and reduced access to capital markets will
also present refinancing challenges since the company's $147.6
million revolving credit facility matures in January 2022, closely
followed by the April 2022 maturity of its $1.14 billion first-lien
term loan. Fieldwood's alternate liquidity is limited given all of
its assets are encumbered.

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

The negative outlook reflects Fieldwood's elevated restructuring
risk. The PDR will be downgraded if the company fails to remedy the
event of default within the specified cure period, files for
bankruptcy, or completes a restructuring. An upgrade is unlikely
unless the company can substantially eliminate the covenant
violation risk, lower the elevated refinancing risk or reduce
debt.

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

Fieldwood Energy LLC is an independent oil and gas exploration and
production company headquartered in Houston, Texas.


FOGO DE CHAO: Moody's Lowers CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Fogo De Chao, Inc.'s corporate
family rating to Caa1 from B3, its probability of default rating to
Caa1-PD from B3-PD and its senior secured bank facilities rating to
Caa1 from B3. The outlook is negative.

The downgrade considers the longer than anticipated COVID-19
related mandated closure of the company's in-store dining units,
the expectation that local jurisdictions will limit unit capacity
when allowing restaurants to re-open, and weakened consumer demand
driven by safety concerns and the economic fall-out of the
pandemic. Assuming a very slow ramp up of unit openings at reduced
capacity, the company will have a very thin liquidity cushion
thereby increasing the probability of default should the ramp-up
falter. Assuming EBITDA can ramp-up in 2021 to approximately 75% of
2019 levels, Moody's adjusted debt/EBITDA would increase to around
7.0x with EBIT/interest near 1.0x.

The negative outlook reflects uncertainty around the pace of unit
re-openings, the risk of a second wave of COVID-19 infections and
weak consumer demand in light economic weakness and safety
concerns.

Downgrades:

Issuer: Fogo De Chao, Inc.

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

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facility, Downgraded to Caa1 (LGD3) from
B3 (LGD3)

Outlook Actions:

Issuer: Fogo De Chao, Inc.

Outlook, Remains Negative

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The restaurant
sector will be one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in the credit profile of
restaurant companies, including their exposure to travel
disruptions and discretionary consumer spending have left them
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 broad deterioration in credit quality it
has triggered.

RATINGS RATIONALE

Fogo De Chão, Inc. is constrained by the COVID-19 related unit
closures, weak liquidity and its small size and limited product
offering diversity relative to other rated restaurant chains. Fogo
De Chão is also subject to potential earnings volatility due to
exposure to commodities such as beef, and exposure to currency
fluctuations as 8.6% of revenue is generated in Brazil while all
the debt is denominated in US dollars. Prior to the pandemic, Fogo
De Chão benefited from its strong operating margins, which are
largely attributable to its continuous service model (gaucho chefs
serve tableside) and lower operating costs relative to peers and
brand awareness within its core markets. The company's geographic
diversity in both the U.S. and Brazil, as well as its unique
Brazilian steakhouse customer experience, helped drive same store
sales and cash generation.

The company is reducing costs, deferring rent, managing working
capital and lowering capital spending to manage through this period
of disruption. Fogo's liquidity is weak due to a material cash burn
given the duration of unit closures. Moody's estimates the revolver
will be fully utilized and may be insufficient to support
operations should the anticipated re-opening of units at reduced
capacity stall. Additionally, the company is likely to need a
waiver of its leverage covenant later in the year. Fogo has no
near-term maturities (revolver expires in April 2023 and term loan
matures in April 2025).

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

The ratings could be downgraded if the anticipated re-opening of
units stalls, thereby squeezing liquidity or if the probability of
default increases for any reason. The outlook could change to
stable if when operations stabilize and the company can maintain
adequate liquidity. Given the negative outlook and the severity of
the crisis, an upgrade is unlikely at the current time. However,
ratings could be upgraded once demand rebounds, debt/ EBITDA
improves to below 6.5x and EBIT/interest is sustained around 1.0x
and liquidity is adequate.

Fogo De Chão, Inc. (initially "Prime Cut Merger Sub Inc.") based
in Plano, TX, operates a Brazilian steakhouse ("Churrascaria")
restaurant chain with 43 restaurants in the U.S., 8 in Brazil, 4
joint venture restaurants in Mexico and 2 joint venture restaurants
in the Middle East. Revenue for the twelve month period December
29, 2019 was approximately $350 million, with about 91% derived in
the U.S. Fogo De Chão is owned by affiliates of Rhône Capital.

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.


FOODFIRST GLOBAL: Committee Taps KapilaMukamal as Financial Advisor
-------------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of FoodFirst Global Restaurants, Inc. and its
affiliates received approval from the U.S. Bankruptcy Court for the
Middle District of Florida to employ KapilaMukamal, LLP as its
financial advisor.

KapilaMukamal will provide these services to the committee in
connection with Debtors' bankruptcy cases:

     (a) review and evaluate Debtors' financial condition, business
plans and cash and financial forecasts, and periodically report to
the committee;

     (b) review Debtors' cash management, tax sharing and
intercompany accounting systems, practices and procedures;

     (c) review and investigate transactions;

     (d) identify or review potential preference payments,
fraudulent conveyances and other causes of action that Debtors'
bankruptcy estates may hold against each other or against third
parties;

     (e) analyze Debtors' assets and claims, and assess potential
recoveries to the various creditor constituencies under different
scenarios;

     (f) evaluate any proposed sale process and participate in any
auction or meeting with bidders;

     (g) assist in the development or review of Debtors' plan of
reorganization and disclosure statement;

     (h) review and evaluate court motions;

     (i) provide expert testimony and litigation support services;
and

     (j) attend committee meetings and court hearings if required.

The firm will be paid at hourly rates as follows:

     Partners        $450 - $650
     Principals       $350 - $400
     Consultants      $230 - $380
     Analysts        $170 - $200

Soneet Kapila, founding partner of KapilaMukamal, disclosed in
court filings that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Soneet R. Kapila
     KapilaMukamal, LLP
     Kapila Building
     1000 South Federal Hwy., Suite 200
     Fort Lauderdale, FL 33316
     Telephone: (954) 712-3201
                (954) 761-1011
     Facsimile: (954) 761-1033
     Email: kapila@kapilamukamal.com

                 About FoodFirst Global Restaurants

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

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

The U.S. Trustee for Region 21 appointed a committee to represent
unsecured creditors in Debtors' cases.  The committee is
represented by Pachulski Stang Ziehl & Jones LLP.


FOREVER 21: UST Wants Debtor's Case Dismissed or Converted
----------------------------------------------------------
Ella Chochrek of Footwear News reports that the U.S. Trustee's
office wrote in court filing that Forever 21's bankruptcy should be
headed toward dismissal or a Chapter 7 liquidation.

According to the report, U.S. Trustee Andrew Vara wrote in the
filing that Forever 21's plan to make payments to creditors is
likely not feasible. The Forever 21 corporation -- which is now a
shell after the February sale of its namesake fast-fashion business
to Authentic Brands Group, Simon Property Group and Brookfield
Property Partners -- appears to have no more than $5 million in its
wind-down budget, compared with $100 million in postpetition claims
after the sale.

"It does not appear that [Forever 21 has] any funds available to
make any payments under a plan," other than to cover professional
service fees. Additionally, the shell company is two months behind
in filing its monthly operating reports, which, the U.S. Trustee
wrote, "does raise questions as to their ability to meet their
obligations under Chapter 11 on a going forward basis," according
to the filing.

According to the U.S. Trustee, in light of the purportedly limited
funds and missed operating reports, "dismissal or conversion of
[the Chapter 11 proceedings to Chapter 7] may be appropriate."

                        About Forever 21

Founded in 1984 by South Korean husband and wife team Do Won Chang
and Jin Sook Chang and headquartered in Los Angeles, Calif.,
Forever 21, Inc. -- http://www.forever21.com/-- is a fast fashion
retailer of women's, men's and kids clothing and accessories and is
known for offering the hottest, most current fashion trends at a
great value to consumers.  Forever 21 delivers a curated assortment
of new merchandise brought in daily.

Forever 21, Inc. and seven of its U.S. subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-12122) on Sept.
29, 2019. According to the petition, Forever 21 has estimated
liabilities on a consolidated basis of between $1 billion and $10
billion against assets of the same range.  

As of the bankruptcy filing, the Debtors operated 534 stores under
the Forever 21 brand in the U.S. and 15 stores under beauty and
wellness brand, Riley Rose.

The Debtors tapped Kirkland & Ellis LLP as legal advisor; Alvarez &
Marsal as restructuring advisor; and Lazard as investment banker;
and Pachulski Stang Ziehl & Jones LLP as local bankruptcy counsel.
Prime Clerk is the claims agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed a
committee of unsecured creditors on Oct. 11, 2019.  The committee
is represented by Kramer Levin Naftalis & Frankel LLP and Saul
Ewing Arnstein & Lehr LLP.

Counsel to the administrative agent under the Debtors' prepetition
revolving credit facility and the Debtors' DIP ABL financing
facility are Morgan, Lewis & Bockius LLP and Richards, Layton &
Finger, PA.

Counsel to the administrative agent under the Debtors' DIP term
loan facility is Schulte Roth & Zabel LLP.

                         *     *     *

In February 2020, the company was purchased by a consortium that
includes Authentic Brands Group, Simon Property Group and
Brookfield Property Partners for $81.1 million.  As part of the
deal, ABG and Simon will each own 37.5% of the fast-fashion
retailer, while Brookfield controls the remaining 25% of Forever
21's operating and intellectual property businesses.



GARDEN FRESH: Sweet Tomatoes Closes All Stores for Good
-------------------------------------------------------
Scott Gibson, writing for Stock News Press, reports that Garden
Fresh Restaurant Group said it is permanently closing all its Sweet
Tomatoes buffet-style salad bar restaurants.

On May 7, 2020, Sweet Tomatoes owners announced that they will
permanently shutter all its restaurants because its business model
cannot sustain the changes brought by coronavirus.

Garden Fresh Restaurant Group CEO John Haywood told the San Diego
Union-Tribune that with the U.S.Food and Drug Administration
guidance against any kind of self-serve food and beverage, a salad
bar can't operate.

The company has 97 restaurants, including 44 in California. "The
regulations are understandable, but unfortunately, it makes it very
hard to reopen".

According to the San Diego Union-Tribune, about 4,400 employees
will be affected by the closure.

Restaurants do not know what will happen with buffets as a result
of the coronavirus, so many are planning on not opening again, said
Gil Villalpando, assistant to the city manager and economic
development director.

                       About Sweet Tomatoes

Sweet Tomatoes,operating as Souplantation in southern California,
is a chain of all-you-can-eat buffet-style restaurants founded in
1978. It opened its first location in San Diego, California, where
the company was headquartered.



GARDNER DENVER: S&P Alters Outlook to Negative, Affirms 'BB+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Gardner Denver Inc.
(subsidiary of Ingersoll Rand Inc.) to negative from stable. At the
same time, S&P affirmed its 'BB+' issuer and issue level credit
ratings.

S&P also assigned a 'BB+' issuer credit rating to Ingersoll Rand
Inc., the parent holding company. The outlook is negative.

S&P said, "The negative outlook reflects our expectation for anemic
demand in the company's industrial and energy end markets. We
expect these challenges, combined with the costs of integrating the
legacy Ingersoll Rand industrial and Gardner Denver businesses,
could increase leverage significantly. Specifically, we believe
revenues could decline over 20% and that decremental EBITDA margins
could be in the 30%-40% range. That said, we believe the company is
in a good liquidity position relative to similarly rated peers with
no near-term debt maturities.

"We believe leverage will temporarily spike to the 4x-5x area in
2020. In early 2019, the company announced it would merge via a
reverse Morris trust with Ingersoll Rand's industrial unit.
Although the transaction was transformational, the company used a
mix of debt and equity to fund it, and we anticipated leverage to
be 2.5x-3.5x within the first year after the close. Over the next
12-18 months, we anticipate leverage will rise to the 4x-5x range
as a result of a substantial decline in demand for the company's
products. We believe revenues could decline about 20%-25% and for
EBITDA margins to be reduced by 400-500 basis points (bps).

"In 2019, on a pro forma basis, we estimate the combined entity
generated approximately $1.1 billion of reported EBITDA. Although
we anticipate significant decremental margins, the company is
accelerating some of its planned synergies. We now expect the
company to achieve approximately 35% of its planned $250 million
synergies this year, although it will incur about $100 million of
costs associated with the merger in addition to costs associated
with achieving the synergies. On top of the synergy savings, the
company has identified $40 million-$50 million of cost actions to
help preserve profitability.

"The impact of COVID-19 already began to hit the company in the
first quarter. Adjusted revenues (including the Ingersoll Rand
industrial business) were down 15% in the first quarter and
adjusted EBITDA, as per the company's calculation, was down 24%, (a
200 bp margin decline). Through April, the company's medical
business was performing well while high-pressure solutions
(upstream energy) sales declined significantly (around 80%). The
company's industrial and specialty vehicle segments, were down
about 20%. We believe this relative end market exposure will
continue through the year, but that the company will experience the
sharpest declines in the second quarter.

Historically, the company has demonstrated an ability to rapidly
deleverage. Under its previous financial sponsor ownership (KKR),
adjusted debt to EBITDA was in the 5x area just prior to its
initial public offering in 2017. Since then, the company reduced
leverage to the 2x-3x range prior to the merger. Still, the current
economic environment is unprecedented, and although S&P believes
the company will prioritize deleveraging over the next 12-18
months, there is substantial risk to our forecast.

S&P said, "Although we anticipate demand to remain depressed, we
believe that the company will be able to generate positive free
cash flow and remain in a good liquidity position. On a reported
basis, the company generated $60 million of free cash flow in the
first quarter, which includes $63 million of transaction-related
spending. Under our base-case forecast, we believe the company can
continue to generate positive free cash flow in the $300 million
area. In our opinion, the company has the ability to improve its
working capital and decrease capital expenditures (capex) in order
to support cash-flow levels."

As of March 31, 2020, the company had total available liquidity of
almost $1.6 billion, which included $556 million of cash and cash
equivalents, $66 million in receivables financing, and $955 million
of availability on its revolving credit facility (currently undrawn
with $45 million of committed letters of credit).

The company's minimal cash needs and lack of near-term debt
maturities contribute to our favorable view of its liquidity
position. S&P said, "We expect the company to remain financially
prudent with no dividends or share repurchases. As the economy
stabilizes (likely in 2021), we believe the company could begin to
contemplate smaller, bolt-on acquisitions. Also, the company
maintains noncore assets including Club Car and Power Tools that it
could divest."

S&P said, "We believe the combined company will maintain a good
competitive position as the second-largest producer of pumps and
compressors in the world. With total combined revenues over $6
billion prior to the COVID-19 outbreak, the merged entity trailed
only Atlas Copco in the compression and pumps market. That said, we
believe the global flow-control and compression equipment market is
highly cyclical, fragmented, and competitive. Positively, the
recent merger transaction will reduce the company's overall
exposure to the extremely volatile upstream oil and gas market (now
well less than 10% of revenues). We previously expected the
company's 2020 revenue in energy to decline substantially, and we
believe the current commodity prices only add to that pressure.

"Although we expect the company will work toward a smooth
integration of the Ingersoll Rand business and proactively manage
its margins, we anticipate the company will continue to experience
headwinds across its end markets and reduced demand. The negative
outlook reflects the potential that we could lower the rating over
the next 12 months if leverage increases and remains elevated
without significant prospects for improvement.

"We could lower the rating if the company was unable to reduce
leverage to below 4x over the next 12-18 months. This could happen
if the company's end markets were to deteriorate significantly more
than we expect, if the company were to run into integration
challenges, or if the company made financial policy decisions
(particularly with regards to acquisition spending) that
substantially reduced its liquidity position before the
macroeconomic picture stabilizes.

"We would likely revise the outlook to stable if we believed the
company could reduce and sustain adjusted debt to EBITDA well below
4x. At the same time, a revision to stable would be contingent upon
the company maintaining positive free operating cash flow and a
solid liquidity position. Under this scenario, we would also expect
broad macroeconomic stabilization."



GC EOS BUYER: Moody's Lowers CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded the ratings of GC EOS Buyer,
Inc., including the corporate family rating to Caa1 from B3, the
Probability of Default Rating (PDR) to Caa1-PD from B3-PD, the
first lien secured rating to Caa1 from B3 and the second lien
secured rating to Caa3 from Caa2. The outlook is negative. This
action concludes the review for downgrade initiated on March 26,
2020.

The downgrades reflect Moody's expectations for BBB Industries'
credit metrics to be weaker than expected due to the recession
brought on by the coronavirus outbreak, including debt/EBITDA to be
above 7x into 2021 and free cash flow to be modestly negative
during 2020. Moody's expects demand for BBB's products, mainly
non-discretionary replacement automotive parts, to be down in the
single-digit range for 2020 as the total number of miles driven is
reduced and consumers put off certain vehicle maintenance needs in
the face of high unemployment.

As well, the company's recent acquisition of European distributor
M&R Precision Parts (M&R) will slightly increase leverage and
although it provides BBB with an international presence, M&R's
exposure to areas in Europe hard-hit by the coronavirus, such as
Spain, will impact operating performance in 2020. Further, if
earnings and liquidity weaken greater than anticipated, a
heightened level of refinancing risk exists at potentially
distressed levels should the company's capital structure become
unsustainable.

The following rating actions were taken:

Downgrades:

Issuer: GC EOS Buyer, Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa1
(LGD3) from B3 (LGD3)

Senior Secured 2nd Lien Bank Credit Facility, Downgraded to Caa3
(LGD5) from Caa2 (LGD5)

Outlook Actions:

Issuer: GC EOS Buyer, Inc.

Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

BBB Industries' ratings reflect elevated financial risk with
Moody's expectations for debt/EBITDA to remain above 7x through
2021 as the company faces earnings pressure from lower demand of
its products in 2020. The company's high leverage is reflective of
a relatively aggressive financial policy driven by its private
equity ownership that has resulted in partially debt-funded
acquisitions. As well, there has been high customer investment
levels to spur growth, which Moody's anticipates will continue.

BBB maintains a strong market position with a product portfolio of
largely non-discretionary remanufactured vehicle parts that support
a good margin profile and revenue stability during normal operating
conditions. With ongoing social distancing measures and decreasing
consumer sentiment, Moody's expects demand for BBB's products to be
pushed off in 2020 but with the critical nature of many of BBB's
products to vehicle operation, normal demand should return once
consumers regain confidence to spend and travel.

Moody's expects BBB's liquidity profile to be weak into 2021 with
continued reliance on its asset-based (ABL) revolver to offset
periods of cash burn. BBB exhibited significantly negative free
cash flow during 2019, albeit improving in the back-half of the
year, driven by high working capital outflows to support new
customer growth. Moody's expects working capital management to
improve through 2020, but lower earnings will likely lead to
modestly negative free cash flow. The company had about $23 million
in cash and $66 million available under its $150 million ABL due
2023 at the end of March 2020, but availability will likely
fluctuate over the coming quarters as BBB manages production with
customer order levels. The ABL contains a springing fixed charge
coverage ratio of 1x should availability fall below 12.5% of the
commitment, which Moody's expects BBB not to trigger.

The negative outlook reflects Moody's view that BBB's weak
liquidity position could be pressured through periods of cash burn
during a recessionary environment and that leverage could approach
an unsustainable level.

ESG CONSIDERATIONS

The automotive parts sector has been one of the sectors most
significantly affected by the recession given its sensitivity to
consumer demand and sentiment. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Moody's views environmental risk for BBB to be low compared to the
broader auto supplier sector given the nature of its products and
its focus in the automotive aftermarket. From a governance
perspective, the company's elevated financial risk is reflected in
its high leverage profile under private equity ownership that has
been driven by partially-debt funded acquisitions.

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

Moody's could downgrade the ratings if earnings and cash flow
weaken more than expected from a greater than anticipated drop in
demand, especially if the even greater cash flow burn negatively
affects liquidity. A downgrade could result if debt/EBITDA is
expected to be maintained above 8x into 2021 or the company's
liquidity position deteriorates and a potential covenant violation
becomes more likely.

Moody's could upgrade the ratings if BBB's earnings profile through
the recessionary environment support leverage being maintained
below 6.5x debt/EBITDA and EBITA/interest expense above 1.5x. An
upgrade could also result if BBB demonstrates an ability to
generate moderately positive free cash flow and meaningfully reduce
its reliance on its asset-based credit facility to support its
liquidity.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Headquartered in Daphne, Alabama, GC EOS Buyer, Inc. (d/b/a BBB
Industries) is a supplier of primarily remanufactured automotive
replacement parts to North America automotive and light truck OEMs
and aftermarket. The company's products include alternators,
starters, brake calipers, power steering components and
turbochargers. BBB was acquired by affiliates of Genstar Capital in
August 2018. For the twelve-months period ended March 31, 2020 the
company's net revenues are approximately $751 million.


GEX MANAGEMENT: Incurs $4K Net Loss in First Quarter
----------------------------------------------------
GEX Management, Inc., reported a net loss of $4,075 on $54,298 of
total revenues for the three months ended March 31, 2020, compared
to a net loss of $211,140 on $84,849 of total revenues for the
three months ended March 31, 2019.

As of March 31, 2020, the Company had $3.89 million in total
assets, $5.27 million in total liabilities, and a total
shareholders' deficit of $1.38 million.

To date, the Company has funded its operations primarily through
public and private offerings of common stock, its line of credit,
short- term discounted and convertible notes payable.  The Company
has identified several potential financing sources in order to
raise the capital necessary to fund operations through Dec. 31,
2020.

In addition to the aforementioned current sources of capital that
will provide additional short-term liquidity, the Company said it
is currently exploring various other alternatives including debt
and equity financing vehicles, strategic partnerships, government
programs that may be available to the Company, as well as trying to
generate additional sales and increase margins.  However, at this
time the Company has no commitments to obtain any additional funds,
and there can be no assurance such funds will be available on
acceptable terms or at all.

GEX Management stated, "If the Company is unable to obtain
additional funding and improve its operations, the Company's
financial condition and results of operations may be materially
adversely affected and the Company may not be able to continue
operations, which raises substantial doubt about its ability to
continue as a going concern.  Additionally, even if the Company
raises sufficient capital through additional equity or debt
financing, strategic alternatives or otherwise, there can be no
assurances that the revenue or capital infusion will be sufficient
to enable it to develop its business to a level where it will be
profitable or generate positive cash flow.  If the Company raises
additional funds through the issuance of equity or convertible debt
securities, the percentage ownership of our stockholders could be
significantly diluted, and these newly issued securities may have
rights, preferences or privileges senior to those of existing
stockholders.  If the Company incurs additional debt, a substantial
portion of its operating cash flow may be dedicated to the payment
of principal and interest on such indebtedness, thus limiting funds
available for business activities.  The terms of any debt
securities issued could also impose significant restrictions on the
Company's operations.  Broad market and industry factors may
seriously harm the market price of our common stock, regardless of
our operating performance, and may adversely impact our ability to
raise additional funds. Similarly, if the Company's common stock is
delisted from the public exchange markets, it may limit its ability
to raise additional funds."

"The ability of the Company to meet its total liabilities of
$5,271,542 and to continue as a going concern is dependent upon the
availability of future funding, continued growth in billings and
sales contracts, and the Company's ability to profitably meet its
after-sale service commitments with its existing customers. The
financial statements do not include any adjustments that might
result from the outcome of these uncertainties.

"In addition, at this time we cannot predict the impact of COVID-19
on our ability to obtain financing necessary for the Company to
fund its working capital requirements.  Also, it may hamper our
efforts to comply with our filing obligations with the Securities
and Exchange Commission."

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

                       https://is.gd/cemtkm

                       About GEX Management

GEX Management -- http://www.gexmanagement.com/-- is a
professional business services company that was originally formed
in 2004 as Group Excellence Management, LLC d/b/a MyEasyHQ.  The
Company formed GEX Staffing, LLC in March 2017.

GEX Management reported a net loss of $100,200 for the year ended
Dec. 31, 2019, compared to a net loss of $5.10 million for the year
ended Dec. 31, 2018.


GGI HOLDINGS: Gets Approval to Hire BMC Group as Claims Agent
-------------------------------------------------------------
GGI Holdings, LLC received approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ BMC Group, Inc. as
claims and administrative agent.

BMC Group will oversee the distribution of notices and the
maintenance, processing and docketing of proofs of claim filed in
the Chapter 11 cases of GGI Holdings and its affiliates.  The firm
will also provide bankruptcy administrative services, including the
solicitation, balloting and tabulation of votes on Debtors' Chapter
11 plan.

Debtors paid the firm a retainer in the amount of $25,000.

Tinamarie Feil, president of client services with BMC Group,
disclosed in court filings that the firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Tinamarie Feil
     BMC Group Inc.
     600 1st Avenue
     Seattle, WA 98104
     Telephone: (206) 499-2169
     Email: tfeil@bmcgroup.com

                         About GGI Holdings

Founded in 1965, Gold's Gym operates a network of company-owned and
franchised fitness centers. It owns and operates approximately 95
gyms domestically, and holds franchise agreements for more than 600
gyms domestically and internationally. Its majority owner – TRT
Holdings, Inc. -- acquired the business in 2004.

GGI Holdings, LLC, Gold's Gym International, Inc. and other related
entities sought Chapter 11 protection (Bankr. 20-31318) on May 4,
2020.

GGI Holdings was estimated to have assets and debt of $50 million
to $100 million.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Dykema Gossett PLLC as bankruptcy counsel. BMC
Group Inc. is the claims agent.


GOLD AND SILVER: Seeks to Hire Cohen Baldinger as Attorney
----------------------------------------------------------
Gold and Silver Auto Sales, LLC, seeks authority from the US
Bankruptcy Court for the District of Maryland to employ Cohen
Baldinger & Greenfeld, LLC, as its counsel.

Services Cohen will render are:

     (a) give debtor legal advice with respect to its powers and
duties as debtor in possession in the continued operation of its
business and management of its property;

     (b) prepare on behalf of your applicant as debtor in
possession necessary applications, answers, orders, reports and
other legal papers; and

     (c) perform all other legal services for debtor as debtor in
possession which may be necessary.

Augustus T. Curtis, Esq. will charge $425 per hour for his services
as lead counsel of Cohen.

Mr. Curtis, a partner at Cohen Baldinger, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Cohen Baldinger can be reached at:

     Augustus T. Curtis, Esq.
     COHEN BALDINGER & GREENFELD, LLC
     2600 Tower Oaks Boulevard, Suite 103
     Rockville, MD 20850
     Tel: (301) 881-8300

                About Gold and Silver Auto Sales, LLC

Gold and Silver Auto Sales, LLC filed a Voluntary Petition under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 20-14710)
on April 28, 2020, listing under $1 million in both assets and
liabilities. Augustus T. Curtis, Esq. at COHEN, BALDINGER &
GREENFELD, LLC, represents the Debtor as counsel.


GRAHAM HOLDINGS: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 12, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Graham Holdings Company to BB+ from BBB.

Headquartered in Virginia, Graham Holdings Company is a diversified
education and media company whose principal operations include
educational services, newspaper print, and online publishing,
television broadcasting and cable television systems.



GRAND SLAM: $3.9M Sale of Caldwell Properties to Grace Approved
---------------------------------------------------------------
Judge Joseph M. Meier of the U.S. Bankruptcy Court for the District
of Idaho authorized Grand Slam, LLC's sale of the real property
consisting of 22.72 acres of bare land located in Canyon County
commonly identified as Canyon Village with three addresses: (i)
6804 Cleveland Boulevard, Caldwell, Idaho; (ii) 5501 Kiowa Court
(Parcel B), Caldwell, Idaho; and (iii) NNA Cleveland Boulevard
(Parcel C), Caldwell, Idaho, to Grace Danger Partners WW, LLC for
$3,875,000.

A hearing on the Motion was held on May 12, 2020.

The sale is free and clear of all Liens, Claims, Encumbrances and
Interests, except all easements of record.

The Debtor is authorized to pay from the proceeds at closing of the
Sale of the Property all appropriate Closing costs, real and
personal property taxes, and payoff of existing liens.  All other
Sale proceeds will be held by Debtor in an estate bank account
pending further order from the Court.

The Sale proceeds are estimated to be distributed by the Closing
agent as follows:

     Sale Price:                                     $3,875,000

     Less Estimated Deductions:  
  
       Payment to Idaho Mutual Trust ("IMT")         $3,575,000
       Payment to City of Caldwell                       $1,190
       Payment to Canyon County Treasurer                $6,800
       Payment to Glancey Rockwell                      $82,990
       Estimated Closing Costs (paid by Purchaser)           $0
       Total Estimated Deductions:                   $3,665,990

     Total Estimated Net Sale Proceeds to Estate       $209,020

IMT is not obligated to close the transaction, and IMT's lien will
not be released, unless (i) IMT received from the sale net proceeds
from the sale of not less than $3,575,000 by no later than May 30,
2020, or (ii) IMT otherwise consents in a signed writing to
receiving a different amount and to extend the May 30, 2020,
deadline for Closing.

Following the Closing, no holder of any Lien, Claim, Encumbrance or
Interest will interfere with the Purchaser's title to, or use and
enjoyment of, the Property based on, or related to, any Lien,
Claim, Encumbrance or Interest.

Except as outlined in the Sale Motion, the Sale of the Property
will be "as is, where is" without warranty of any kind from the
Debtor or bankruptcy estate.  The Closing will occur as soon as
practicable after entry of the Order.

As authorized by Bankruptcy Rule 6004(h), the Order will be
effective and enforceable immediately upon its entry.

                      About Grand Slam LLC
                
Grand Slam, LLC -- 6297 S Ruddsdale Ave., Boise, ID 83709 -- is a
Single Asset Real Estate (as defined in 11 U.S.C. Section
101(51B)).

Grand Slam, LLC sought Chapter 11 protection (Bankr. D. Idaho Case
No. 20-00310) on March 30, 2020.  The case is assigned to Judge
Joseph M. Meier.  In the petition signed by Richard Augustus,
manager, the Debtor was estimated to have assets and liabilities in
the range of $1 million to $10 million.  The Debtor tapped Matthew
T. Christensen, Esq., at Angstman Johnson, as counsel.


GRANITE ENVIRONMENTAL: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Granite Environmental Inc.
           d/b/a GEI Works
        5400 85th St.
        Vero Beach, FL 32967-5544
       
Business Description: Granite Environmental Inc. dba GEI Works
                      -- www.geiworks.com -- is an American
                      manufacturing company located in Sebastian,
                      Florida.  Its product categories
                      range from containment boom, dewatering
                      solutions, erosion control, storage tanks,
                      incinerators, spill cleanup, and
                      containment, liners and covers, and
                      Stormwater BMPs.

Chapter 11 Petition Date: May 22, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 20-15641

Debtor's Counsel: Julianne Frank, Esq.
                  JULIANNE FRANK, ATTY AT LAW
                  4495 Military Trl Ste 107
                  Jupiter, FL 33458-4818
                  Email: julianne@jrfesq.com

Total Assets: $444,761

Total Liabilities: $1,856,972

The petition was signed by Mark Wilkie, president.

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

                     https://is.gd/4E8eun


GRANITE TRUCKING: Seeks to Hire Lane Law as Counsel
---------------------------------------------------
Granite Trucking, Inc., seeks authority from the U.S. Bankruptcy
Court for the Southern District of Texas to employ The Lane Law
Firm, LLC, as attorney to the Debtor.

Granite Trucking requires Lane Law to:

   a. assist, advise and represent the Debtors relative to the
      administration of the chapter 11 case;

   b. assist, advise and represent the Debtors in analyzing the
      Debtors' assets and liabilities, investigating the extent
      and validity of lien and claims, and participating in and
      reviewing any proposed asset sales or dispositions;

   c. attend meetings and negotiate with the representatives of
      the secured creditors;

   d. assist the Debtors in the preparation, analysis and
      negotiation of any plan of reorganization and disclosure
      statement accompanying any plan of reorganization;

   e. take all necessary action to protect and preserve the
      interests of the Debtors;

   f. appear, as appropriate, before this Court, the Appellate
      Courts, and other Courts in which matters may be heard and
      to protect the interests of the Debtors before said Courts
      and the U.S. Trustee; and

   g. perform all other necessary legal services in these cases.

Lane Law will be paid at these hourly rates:

     Attorneys                      $425
     Associates                     $250
     Legal Assistants               $175

Lane Law received a retainer of $25,000 from the Debtor on January
28, 2020.

Lane Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Russell Van Beustring, partner of The Lane Law Firm, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Lane Law can be reached at:

     Russell Van Beustring, Esq.
     THE LANE LAW FIRM, PLLC
     6200 Savoy, Suite 1150
     Houston, TX 77036
     Tel: (713) 595-8200
     Fax: (713) 595-8201

                  About Granite Trucking, Inc.

Granite Trucking, Inc., based in Marble Falls TX, filed a Chapter
11 petition (Bankr. S.D. Tex. Case No. 20-31175) on Feb. 21, 2020.
In the petition signed by Daniel Champeau, president, the Debtor
disclosed $1,344,649 in assets and $2,932,410 in liabilities.  The
Hon. Jeffrey P. Norman oversees the case.  Russell Van Beustring,
Esq., at THE LANE LAW FIRM, PLLC, serves as bankruptcy counsel.


GREATER APOSTOLIC: Examiner Taps Wiese & Associates as Broker
-------------------------------------------------------------
Christopher Barclay, the examiner appointed in the Chapter 11 case
of Greater Apostolic Faith Temple Church, Inc., received approval
from the U.S. Bankruptcy Court for the Southern District of
California to employ real estate broker Wiese & Associates.

The firm will assist the examiner in the sale of real properties
located at:

     (a) 2754 Imperial Avenue, San Diego, Calif.;

     (b) 138 28th Street, San Diego, Calif.; and

     (c) 2810 L Street, San Diego, Calif.

Upon the closing of the sale of the properties, Wiese & Associates
and any broker representing the purchaser will receive a 5 percent
commission on the gross sale price.  

If Wiese & Associates brings a validly executed offer for the
property from a buyer, and (i) if Debtor's Chapter 11 case is
dismissed or converted before the sale is put before the court for
approval or (ii) if the seller or examiner sells the property to
Debtor or liquidate the estate's interest in the property by a
transfer to Debtor thereof, Wiese & Associates may apply to receive
compensation up to a maximum of 2 percent of the offer presented to
the examiner.

Wiese & Associates will not get a commission on account of any
agreement negotiated directly by the examiner with POGO Dog, LLC.

Erik Wiese, owner of Wiese & Associates, disclosed in court filings
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Erik Wiese
     Wiese & Associates
     1941 Friendship Drive, Suite C
     El Cajon, CA 92020
     Telephone: (619) 593-3600
     Email: erik@ewiese.com
               
               About Greater Apostolic Faith Temple Church

Greater Apostolic Faith Temple Church Inc., a religious
organization in San Diego, Calif., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 19-02820) on
May 14, 2019. The petition was signed by Dwayne Shepherd, a pastor
and Debtor's chief executive officer. At the time of the filing,
the Debtor had estimated assets of between $1 million and $10
million and liabilities of the same range. Judge Margaret M. Mann
oversees the case.  

The Speckman Law Firm is Debtor's legal counsel.

Christopher Barclay was appointed as Chapter 11 examiner in
Debtor's bankruptcy case.  The examiner is represented by Finlayson
Toffer Roosevelt & Lilly LLP.


GREENPOINT TACTICAL: Seeks to Extend Exclusivity Period to Sept. 28
-------------------------------------------------------------------
Greenpoint Tactical Income Fund LLC and GP Rare Earth Trading
Account LLC asked the U.S. Bankruptcy Court for the Eastern
District of Wisconsin to extend the exclusive periods during which
the Debtors may file Chapter 11 plans of reorganization and solicit
acceptances of such plans by an additional 120 days each to Sept.
28 and Nov. 27, respectively.

The requested extension, if granted: will (i) permit time for the
recently-approved sales process, and financing search, to yield
results which are likely necessary to support plan feasibility and
consummation; (ii) permit time for the Debtors to continue
negotiations with the Committee (to the extent the plan is not
fully consensual by the time it is filed), and to amend the plan if
necessary; (iii) provide some breathing room in the event that
sales or financing efforts are negatively impacted by the COVID-19
crisis; and (iv) provide the time for the resolution of at least
the estimation and equitable subordination litigation of the SEC
Disgorgement Claim and Hallick Claim, and the resolution of other
claims objections that may be material to plan confirmation.

              About Greenpoint Tactical Income Fund

Greenpoint Tactical Income Fund LLC is Wisconsin limited liability
company with its principal place of business in Madison, Wisconsin.
Greenpoint Tactical Income Fund is a private investment fund.  GP
Rare Earth Trading Account LLC is wholly owned subsidiary of
Greenpoint Tactical Income Fund. GP Rare Earth is the entity that
holds the gems and minerals.

Greenpoint Tactical Income Fund LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No.
19-29613) on Oct. 4, 2019.  The petition was signed by Hon. Michael
G. Halfenger.

At the time of filing, Greenpoint Tactical estimated assets of $100
million to $500 million and liabilities of $10 million to $50
million.  GP Rare Earth estimated assets of $100 million to $500
million and liabilities of $10 million to $50 million.



GUITAR CENTER: Moody's Lowers CFR to Ca on Distressed Exchange
--------------------------------------------------------------
Moody's Investors Service downgraded Guitar Center Inc.'s ratings
following the company's entry into a transaction support agreement
on May 13, 2020 with the majority of its lenders. Moody's
downgraded GCI's corporate family rating (CFR) to Ca from Caa3,
probability of default rating (PDR) to Ca-PD/LD from Caa3-PD,
secured notes rating to Caa3 from Caa2 and unsecured notes rating
to C from Ca. The "/LD" probability of default rating designation
indicates a limited default and will be removed after 3 business
days. The outlook remains negative.

Moody's views the TSA as a distressed exchange for the secured and
the unsecured notes, because it resolves the company's missed April
15, 2020 interest payments on its notes, and represents an economic
loss relative to the original obligations. The downgrades reflect
the high likelihood of further restructuring transactions to
address the company's high leverage and upcoming maturities.

"While the transaction addresses the company's missed April 15
interest payments and alleviates liquidity stress, it does not
fundamentally change GCI's capital structure, which in Moody's view
remains untenable," said Moody's analyst Raya Sokolyanska.

The transaction contemplates that supporting parties of the $635
million 9.5% secured notes due 2021 (representing 63.36% of the
secured noteholders) will purchase $32 million of new super
priority notes due 2022, the proceeds of which will pay the April
15 secured notes interest payment. In addition, the company's $358
million 13% (5% cash, 8% pay-in-kind) unsecured notes due April
2022 will be exchanged into 107.75% principal of new unsecured
notes with essentially the same terms. The unsecured notes' April
15 interest payment will be canceled. GCI's $7 million 9.625%
unsecured notes due April 2020 will be exchanged into $5 million
additional secured notes.

Moody's took the following rating actions for Guitar Center Inc.:

Corporate family rating, downgraded to Ca from Caa3

Probability of default rating, downgraded to Ca-PD/LD from Caa3-PD

$635 million senior secured regular bond/debenture due October
2021, downgraded to Caa3 (LGD3) from Caa2 (LGD3)

$325 million ($358 million outstanding amount) senior unsecured
regular bond/debenture due April 2022, downgraded to C (LGD5) from
Ca (LGD5)

Outlook, remains negative

RATINGS RATIONALE

The Ca CFR reflects Moody's view that Guitar Center faces a
heightened probability of a debt restructuring as a result of its
October 2021 secured notes maturity, high leverage and expected
earnings deterioration over the next 12 months. The proposed
transaction will increase debt by up to $60 million to an estimated
$1.336 billion as of March 2020. Moody's expects leverage to
increase significantly in 2020 from 7 times (Moody's-adjusted, as
of February 1, 2020, pro-forma for the transaction), driven by
steep EBITDA declines from COVID-19-related temporary store
closures and weak consumer spending. While the company's e-commerce
sales and cost reduction measures will mitigate the initial impact
of store closures, demand for musical instruments is highly
discretionary and unlikely to recover rapidly when stores reopen.
Moody's expects the company to have weak liquidity over the next
12-18 months. The rating also reflects governance risks,
specifically aggressive financial strategies associated with GCI's
ownership. In addition, as a retailer, GCI needs to make ongoing
investments in its brand and infrastructure, as well as in social
and environmental drivers including responsible sourcing, product
and supply sustainability, privacy and data protection.

GCI's enterprise value is supported by its leading market position
and very strong brand awareness within the highly fragmented
specialty retailing segment for musical instrument sales and
rentals. The company's revenue and earnings increases over the past
several years prior to the coronavirus outbreak also support the
ratings.

The negative outlook reflects the elevated risk of near-term
default.

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

The ratings could be downgraded if Moody's estimates of recovery in
an event of default decline.

The ratings could be upgraded if the company addresses its capital
structure and debt maturities in a manner that leaves it with
adequate liquidity.

Guitar Center Inc. (GCI) is the largest retailer of music products
in the United States based on revenues. The company operates stores
and websites under the Guitar Center and Music & Arts brands, and
the Musician's Friend website. GCI has been controlled by Ares
Partners following a distressed exchange in 2014. Revenues for the
fiscal year ended February 1, 2020 were approximately $2.3
billion.

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


HAJ PETROLEUM: Seeks to Hire Golding Law Offices as Legal Counsel
-----------------------------------------------------------------
Haj Petroleum, Inc. seeks authority from the United States
Bankruptcy Court for the Northern District of Illinois to employ
The Golding Law Offices, P.C. as its attorneys.

Haj Petroleum requires Golding Law to:

     (a) give Debtor legal advice with respect to Debtor's rights,
powers and duties as Debtor-in Possession;

     (b) assist Debtor in negotiation and formulation and ultimate
confirmation of a plan of reorganization that deals with all
creditors, including the preparation and dissemination of the
disclosure statement;

     (c) examine and investigate claims asserted against the
Debtor;

     (d) take such actions as may be necessary with reference to
the claims asserted against the Debtor;

     (e) investigate, advise and inform Debtor about and take
action as may be necessary to collect and, in accordance with
applicable law, recover or sell for the benefit of the estate, the
property of the Debtor;

     (f) prepare, on behalf of the Debtor, all necessary and
appropriate applications, motions, pleadings, orders, reports and
other legal papers as may be necessary or required in connection
with this case;

     (g) assist the Debtor in obtaining refinancing of its secured
debt from replacement lenders; and

     (h) perform all other legal services for the Debtor that may
be necessary or appropriate in this case.

TGLO received a retainer of $11,717.00, of which approximately
$4,700 was expended on pre-petition legal services, inclusive of
the filing fee.

TGLO's customary hourly charges are:

     Richard N. Golding   $490
     Jonathan D. Golding  $390
     Paralegals           $190

Jonathan D. Golding, partner with The Golding Law Offices P.C.,
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.

The counsel can be reached through:

      Jonathan D. Golding, Esq.
      The Golding Law Offices, P.C.
      500 N. Dearborn Street, 2nd FL
      Chicago, IL 60610
      Tel: (312) 832-7892
      Fax: (312) 755-5720
      Email: jgolding@goldinglaw.net

                   About Haj Petroleum, Inc.

Haj Petroleum, Inc. owns and operates a gasoline station in  South
Elgin, IL.

Haj Petroleum, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
20-05403) on Feb. 27, 2020. In the petition signed by Mazhar Khan,
president, the Debtor estimated $46,740 in assets and $1,100,114 in
liabilities. Richard N. Golding, Esq. at THE GOLDING LAW OFFICES,
P.C. represents the Debtor as counsel.


HEART ROCK: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Heart Rock, LLC.
  
                         About Heart Rock

Heart Rock, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Minn. Case No. 20-50300) on April 26,
2020.  At the time of the filing, the Debtor disclosed assets of
between $500,001 and $1 million and liabilities of the same range.
Judge Robert J. Kressel oversees the case.  Lamey Law Firm, P.A.,
is the Debtor's legal counsel.


HERBALIFE NUTRITION: S&P Affirms 'BB-' ICR; Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit rating on
U.S.-based Herbalife Nutrition Ltd. (Herbalife). At the same time
S&P assigned its 'BB-' issue rating to the proposed $600 million
senior unsecured notes, affirmed its 'BB-' rating on the existing
$400 million senior unsecured notes, and affirmed its 'BB+' issue
rating on the secured bank debt.

S&P said, "We believe Herbalife's resilient business and good
geographic diversification should partly mitigate potential
headwinds.  On its recent earnings call, Herbalife struck a
relatively confident tone cited solid first-quarter results,
including a worldwide record for volume points in the month of
March and only a 1% decline in April on a preliminary basis. We
believe this can be attributed to distributors' local-market
knowledge, Herbalife's multiple delivery formats including
e-commerce, home delivery, and carryout services, a consumer focus
on health and nutrition (especially under shelter-at-home
conditions), and the desire for supplemental income. We believe
that, in most countries, Herbalife's products, which cover weight
management, targeted nutrition including for immunity, and energy,
sports, and fitness, are considered essential. That said we do
expect some EBITDA degradation, especially in emerging markets
where logistics and infrastructure are less advanced than in
developed markets. Herbalife will also face currency headwinds and
lingering weak economic conditions globally. However, we believe
Herbalife's cost structure is highly variable, which would limit
EBITDA pressure if demand weakens.

"Herbalife's adjusted leverage is increasing in line with our
previous expectations, but under highly uncertain conditions.  Our
'BB-' issuer credit rating has assumed that Herbalife would
increase adjusted leverage to the low 3x area most likely by
issuing debt to fund share repurchases, especially since the
company repaid its remaining $675 million convertible notes in
mid-2019 with excess cash. We estimate pro forma adjusted leverage
is about 3.1x as of Mar. 31, 2020.

"However, issuing debt for what we expect will be share repurchases
under clearly uncertain conditions does bring into question the
company's financial policy. Thus far, however, the business has
performed reasonably well amid the outbreak of COVID-19, has
demonstrated substantial resilience over the years, and generated
solid free operating cash flow. Moreover, there are no large debt
maturities over the next three years (the nearest is in late 2023,
reflecting potential springing maturities on Herbalife's bank
credit facility) and its EBITDA cushion under the total leverage
maintenance financial covenant, which applies to only the revolver
and term loan A (TLA), is about 25% pro forma for the debt
issuance. This is nevertheless down from 40% before the
transaction. The $282.5 million revolver is unutilized and we
expect the company to retain $150 million or more excess cash
(above amounts required to operate the business and pay $123
million to the Department of Justice as part of the Foreign Corrupt
Practices Act understanding in principle, which we assume will be
finalized soon).

"The stable outlook reflects our expectation that Herbalife will
continue to report relatively good EBITDA performance. The business
has been historically resilient, and the company benefits from good
geographic diversification. Herbalife and its distributors have
thus far been successful at delivering products to its customers
despite social-distancing hurdles. Nevertheless, we do anticipate
some profit deterioration potentially due to weakening economies,
especially in emerging markets that will experience currency
headwinds, and could take a negative rating action over the next
few quarters if consolidated EBITDA declines materially.

"We could lower the rating if we expect adjusted leverage will be
sustained at or above 4x potentially due to a material decline in
demand for the company's product or if the company's financial
policy becomes more aggressive than we currently expect.
Profitability could weaken if Herbalife's recent satisfactory
volume trends since the COVID-19 outbreak--which only encompass a
short time period--prove to be fleeting, perhaps reflecting
pantry-loading that will not continue, the negative effects on
distributors of potentially being unable to easily conduct business
face to face, weak economic conditions that lead to consumers
spending less on Herbalife's products, particularly in emerging
markets, and significant currency volatility, including a
strengthening U.S. dollar. We could also lower the rating if we
expect cushion under the total leverage maintenance financial
covenant drops below 10%.

"It is unlikely we will raise our rating over the next 12 months
because of uncertain economic conditions associated with the
coronavirus pandemic, the company's narrow focus in the
weight-management sector, and a business model that subjects the
company to reputational, regulatory, and legal risks. However, we
could consider an upgrade if we believe these risks have lessened
significantly (potentially leading to a more favorable business
risk assessment) or if Herbalife publicly articulates more moderate
financial policies such that we believe it will maintain adjusted
leverage below 2.5x."



HERTZ CORPORATION: Case Summary & 50 Largest Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: The Hertz Corporation
             8501 Williams Road
             Estero, FL 33928
  
Business Description:     The Debtors operate a worldwide vehicle
                          rental business under the Hertz, Dollar,
                          and Thrifty brands, with car rental
                          locations in North America, Europe,
                          Latin America, Africa, Asia, Australia,
                          the Caribbean, the Middle East, and New
                          Zealand.  The Debtors also operate a
                          vehicle leasing and fleet management
                          solutions business.  For more
                          information, visit www.hertz.com.

Chapter 11 Petition Date: May 22, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

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

     Debtor                                           Case No.
     ------                                           --------
     The Hertz Corporation (Lead Case)                20-11218
     Hertz Global Holdings, Inc.                      20-11219
     Thrifty Rent-A-Car System, LLC                   20-11220
     Thrifty, LLC                                     20-11221
     Dollar Thrifty Automotive Group, Inc.            20-11222
     Firefly Rent A Car LLC                           20-11223
     CMGC Canada Acquisition ULC                      20-11224
     Hertz Aircraft, LLC                              20-11225
     Dollar Rent A Car, Inc.                          20-11226
     Dollar Thrifty Automotive Group Canada Inc.      20-11227
     Donlen Corporation                               20-11228
     Donlen FSHCO Company                             20-11229
     Hertz Canada Limited                             20-11230
     Donlen Mobility Solutions, Inc.                  20-11231
     DTG Canada Corp.                                 20-11232
     DTG Operations, Inc.                             20-11233
     Hertz Car Sales LLC                              20-11234
     DTG Supply, LLC                                  20-11235
     Hertz Global Services Corporation                20-11236
     Hertz Local Edition Corp.                        20-11237
     Hertz Local Edition Transporting, Inc.           20-11238
     Donlen Fleet Leasing Ltd.                        20-11239
     Hertz System, Inc.                               20-11240
     Smartz Vehicle Rental Corporation                20-11241
     Thrifty Car Sales, Inc.                          20-11242
     Hertz Technologies, Inc.                         20-11243
     TRAC Asia Pacific, Inc.                          20-11244
     Hertz Transporting, Inc.                         20-11245
     Rental Car Group Company, LLC                    20-11246
     Rental Car Intermediate Holdings, LLC            20-11247  

Judge:                    Hon. Mary F. Walrath

Debtors'
Restructuring
Counsel:                  Thomas E. Lauria, Esq.
                          Matthew C. Brown, Esq.
                          WHITE & CASE LLP (FL)
                          200 South Biscayne Boulevard, Suite 4900
                          Miami, FL 33131
                          Tel: 305.371.2700
                          Fax: 305.358.5744
                          Email: tlauria@whitecase.com
                                 mbrown@whitecase.com

                            - and -

                          J. Christopher Shore, Esq.
                          David M. Turetsky, Esq.
                          WHITE & CASE LLP (NY)
                          1221 Avenue of the Americas
                          New York, NY 10020
                          Tel: 212.819.8200
                          Fax: 212.354.8113
                          Email: cshore@whitecase.com
                                 david.turetsky@whitecase.com

                            - and -

                          Jason N. Zakia, Esq.
                          WHITE & CASE LLP (IL)
                          111 South Wacker Drive
                          Chicago, IL 60606
                          Tel: 312.881.5400
                          Fax: 312.881.5450
                          Email: jzakia@whitecase.com

                            - and -

                          Ronald K. Gorsich, Esq.
                          Aaron Colodny, Esq.
                          Doah Kim, Esq.
                          WHITE & CASE LLP (CA)
                          555 South Flower Street, Suite 2700
                          Los Angeles, CA 90071
                          Tel: 213.620.7700
                          Fax: 213.452.2329
                          Email: rgorsich@whitecase.com
                                 acolodny@whitecase.com
                                 doah.kim@whitecase.com


Debtors'
Local
Delaware
Restructuring
Counsel:                  Mark D. Collins, Esq.
                          John H. Knight, Esq.
                          Brett M. Haywood, Esq.
                          RICHARDS, LAYTON & FINGER, P.A.
                          920 N. King Street
                          Wilmington, DE 19801
                          Tel: 302.651.7700
                          Fax: 302.651.7701
                          Email: collins@rlf.com
                                 knight@rlf.com
                                 haywood@rlf.com

Debtors'
Investment
Banker &
Financial
Advisor:                  MOELIS & COMPANY LLC

Debtors'
Financial
Advisor:                  FTI CONSULTING

Debtors'
Claims &
Noticing
Agent and
Administrative
Advisor:                  PRIME CLERK LLC
                        https://restructuring.primeclerk.com/hertz

Total Assets as of March 31, 2020: $25,842,000,000

Total Debts as of March 31, 2020: $24,355,000,000

The petitions were signed by Jamere Jackson, executive vice
president and chief financial officer.

A copy of The Hertz Corporation's petition is available for free at
PacerMonitor.com at:

                     https://is.gd/U2GjjX

List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. 6.000% Senior Notes Due         Unsecured Notes    $900,000,000
January 2028
Charles W. Scharf, CEO & President
600 Fourth Street South,
7th Fl, MAC N9300-070
Minneapolis, MN 55415
Wells Fargo National Association,
Wells Fargo Corporate Trust-DAPS Reorg
Charles W. Scharf, CEO & President
Tel: (800) 344-5128
Fax: (866) 969-1290
Email: dapsreorg@wellsfargo.com

2. 5.500% Senior Notes             Unsecured Notes    $800,000,000
Due October 2024
Charles W. Scharf, CEO & President
600 Fourth Street South,
7th Fl, MAC N9300-070
Minneapolis, MN 55415
Wells Fargo National Association, Wells
Fargo Corporate Trust-DAPS Reorg
Tel: (800) 344-5128
Fax: (866) 969-1290
Email: dapsreorg@wellsfargo.com

3. 6.250% Senior Notes             Unsecured Notes    $500,000,000
Due October 2022
Charles W. Scharf, CEO & President
600 Fourth Street South,
7th Fl, MAC N9300-070
Minneapolis, MN 55415
Wells Fargo National Association, Wells
Fargo Corporate Trust-DAPS Reorg
Tel: (800) 344-5128
Fax: (866) 969-1290
Email: dapsreorg@wellsfargo.com

4. 7.125% Senior Notes             Unsecured Notes    $500,000,000

Due August 2026
Charles W. Scharf, CEO & President
600 Fourth Street South,
7th Fl, MAC N9300-070
Minneapolis, MN 55415
Wells Fargo National Association, Wells
Fargo Corporate Trust-DAPS Reorg
Tel: (800) 344-5128
Fax: (866) 969-1290
Email: dapsreorg@wellsfargo.com

5. Goldman Sachs Mortgage Co.,       ALOC Faclity     $200,000,000
as lender and administrative agent
Department Manager
200 West Street
New York, NY 10282
Goldman Sachs Mortgage Company
Department Manager
Tel: (972) 368-2746
Fax: (917) 977- 9270
Email: gs-sbdagency-
borrowernotices@ny.email.gs.com, gs-
locoperations@ny.email.gs.com

6. U.S. Bank, Promissory Notes      Unsecured Notes    $27,593,000
21 South Street, 3rd Fl
MS: EX-NJ-WSSM
Morristown, NJ 07960
U.S. Bank
Andrew Cecere, Chairman, President & CEO

7. IBM Corporation                      Trade AP       $23,475,618
Thomas Buberl, CEO
1 New Orchard Road
Armonk, NY 10504
Tel: (914) 499-1900
Fax: (914) 765-6021
Email: Mbrowdy@ibm.com

8. Lyft                                 Trade AP       $18,600,000
Logan Green, CEO,
Co-Founder & Director
548 Market Street, Suite 68514
San Francisco, CA 94104
Tel: (415) 264-5462
Fax: (415) 703-1758
Email: Kristin_Sverchek@lyft.com

9. AAA                                  Trade AP        $9,478,447
Tim Condon, President & CEO
1 Auto Club Drive
Dearborn, MI 48126
Tel: (800) 222-6424
Fax: (313) 584-9818

10. Fines Ford                            Fleet         $9,478,447
Robert Fines, Principal
10 Simona Dr
Bolton, ON L7E 4C7
Canada
Tel: (905) 857-1252
Fax: (905) 857-6640

11. Travel Jigsaw                       Trade AP        $8,228,426
Gregory Wills
Managing Director
Fl's 2-4 St George's House,
56 Peter Street
Fls 9-12, Sunlight House
Manchester M2 3NQ
United Kingdom
Tel: (44) 161-830-5908
Fax: (44) (0) 20 8612 8005

12. United Airlines                     Trade AP        $7,349,998
Scott Kirby
Chief Executive Officer
233 S. Wacker Drive
Chicago, IL 60606
Tel: (312) 997-8000

13. Deloitte                            Trade AP        $7,343,854
Joseph B. Ucuzoglu, CEO (US)
30 Rockefeller Plaza
New York, NY 10112-0015
Tel: (212) 492-4000
Fax: (212) 489-1687
Email: JoeUcuzogluDeloitteUSCEO@deloitte.com

14. Comdata                             Trade AP        $7,282,358
Ron Clarke, CEO & Chairman
5301 Maryland Way
Brentwood, TN 37027
Tel: (615) 370-7000

15. JM & A Group Inc.                   Trade AP        $6,879,505
Forrest Heathcott, President
500 Jim Moran Blvd
Deerfield Beach, FL 33442
Tel: (800) 553-7146
Fax: (954) 363-4120

16. Southwest Airlines Co               Trade AP        $6,235,542
Gary C. Kelly, Chairman & CEO
2702 Love Field Drive
Dallas, TX 75235
Tel: (214) 792-4000
Fax: (214) 792-5015

17. Pros Revenue Management             Trade AP        $5,879,173
Andres Reiner, President, CEO & Director
Oakland City Center
Oakland, CA 94607
Tel: (713) 335-5105
Fax: (713) 335-8144
Email: aparrish@pros.com

18. Expedia                             Trade AP        $5,324,782
Peter M. Kern, Vice Chairman & CEO
333 108th Ave. NE
Bellevue, WA 98004
Tel: (425) 679-7200
Email: bdzielak@expedia.com

19. Lane Valente                        Trade AP        $3,883,404
Paul Valente, Vice President
98 Maple Ave
Smithtown, NY 11787
Tel: (631) 454-9100
Fax: (631) 454-6115

20. Platepass LLC                       Trade AP        $3,803,959
James D. Tuton, President
1150 N Alma School Rd
Mesa, AZ 85201
Tel: (877) 411-4300

21. Hotwire                             Trade AP        $3,370,285
Heather Kernahan, CEO
45 E 20th St
New York, NY 10003
Tel: (800) 355-5668
Fax: (425) 679-7251

22. Safelite Fulfillment Inc.           Trade AP        $3,266,064
Thomas Feeney, President & CEO
7400 Safelite Way
Columbus, OH 43235
Tel: (888) 393-1493
Fax: (614) 210-9372

23. ATS Processing Services             Trade AP        $2,953,713
Adam Draizin, President
1150 N Alma School Rd.
Mesa, AZ 85201
Tel: (877) 977-5771
Fax: (480) 907-3026
Email: hertz@atsol.com

24. Greater Orlando Avi Auth             Taxes/         $2,934,226
Phil Brown, CEO                       Concessions
Orlando International Airport
One Jeff Fuqua Boulevard
Orlando, FL 32827-4392
Tel: (407) 825-2001
Fax: (407) 825-2099

25. Dealer Dot Com                      Trade AP        $2,756,838
Rick Gibbs,CEO & co-founder
1 Howard St
Burlington, VT 05401
Tel: (802) 658-0965

26. PEP Boys                            Trade AP        $2,712,174
Brent Windom, President
3118 W Allegheny Ave
Philadelphia, PA 19132
Tel: (215) 221-6305
Fax: (215) 430-4436

27. City of Chicago                      Taxes/         $2,546,999
Brent Windom, President               Concessions
Chicago Midway International Airport
10000 West O'Hare Ave
Chicago, IL 60666
Tel: (800) 832-6352

28. Gerber National                     Trade AP        $2,534,344
Claim Services LLC
Jason Chapnik, Chairman
150 Center Court
Schaumburg, IL 60195
Tel: (866) 638-4527

29. Greater Orlando Aviation Auth        Taxes/         $2,439,597
Domingo Sanchez, Chairman             Concessions
Orlando International Airport
One Jeff Fuqua Boulevard
Orlando, FL 32827-4392
Tel: (407) 825-2001
Fax: (407) 825-2099

30. Telus International US Corp         Trade AP        $2,279,801
Jeff Puritt, President
2251 South Decatur Boulevard
Las Vegas, NV 89102
Tel: (702) 238-7900

31. Buildrite Construction Corp         Trade AP        $2,084,899
Brian Fulghum, Vice President
600 Chastain Road NW, Suite 326
Kennesaw, GA 30144
Tel: (770) 971-0787
Fax: (770) 973-7737

32. Sirius XM Radio Inc.                Trade AP        $2,000,000
Scott Greenstein, President
1221 Avenue of the Americas, 36th Fl
New York, NY 10020
Tel: (212) 584-5100
Fax: (212) 584-5200

33. Bridgestone/Firestone Inc.          Trade AP        $1,972,360
Paolo Ferrari, President, CEO, COO
200 4th Ave S.
Nashville, TN 37201
Tel: (844) 659-5820

34. MAACO Franchising                   Trade AP        $1,940,992
Corporate LLC
Jonathan Fitzpatrick, President & CEO
440 S. Church Street, Suite 700
Charlotte, NC 28202
Tel: (704) 644-8101
Fax: (704) 377-9904

35. VXI Global Solutions LLC            Trade AP        $1,738,720
David Zhou David, Co-Founder & Co-CEO
220 West 1st St., 3rd Fl
Los Angeles, CA 90012
Tel: (213) 637-1300
Fax: (213) 637-1068

36. Travelport LP                       Trade AP        $1,691,377
CO Bank of America
Lockbox
Gordon Wilson, President & CEO
Axis One, Axis Park, 10 Hurricane Way
Langley SL3 8AG
United Kingdom
Tel: (+44) 1753 288000
Fax: (+44) 1753 288 001

37. AT&T                                Trade AP        $1,684,048
John Stankey, President & CEO
208 S. Akard Street
Dallas, TX 75202
Tel: (210) 821-4105
Fax: (210) 351-2071

38. American Express                    Trade AP        $1,606,783
Mr. Squeri, Chairman & CEO
200 Vesey Street
New York, NY 10285-3106
Tel: (212) 640-2000
Fax: (623) 444-3001

39. Teradata Operations Inc             Trade AP        $1,593,354
Oliver Ratzesberger, President & CEO
17095 Via del Campo
San Diego, CA 92127
Tel: (866) 837-2328
Fax: (858) 485-3567

40. Infor (US) Inc.                     Trade AP        $1,556,697
Kevin Samuelson, CEO
641 Avenue of the Americas
New York, NY 10011
Tel: (646) 336-1700

41. Massachusetts Port Authority         Taxes/         $1,545,621
Lisa Wieland, CEO                     Concessions
One Harborside Drive, Suite 200S
Boston, MA 02128
Tel: (800) 235-6426
Fax: (617) 561-1891

42. Nissan                                Fleet         $1,489,139
Makoto Uchida, President & CEO
One Nissan Way
Franklin, TN 37067
Tel: (615) 725-1000
Fax: (615) 725-8535

43. Car Trawler                         Trade AP        $1,333,791
Charlie Coniglio, CEO
Classon House, Dundrum Business Park
Dundrum
Dublin 14
Ireland
Tel: (+353) 1 499 9600
Fax: (+353) (0)1 499 9661

44. Wayne County                         Taxes/         $1,286,258
Chad Newton, CEO                      Concessions
11050 Rogell Drive #602
Detroit, MI 48242
Tel: (734) 247-7678
Fax: (734) 247-7343
Email: kristy.exner@wcaa.us

45. City and County of San Francisco     Taxes/         $1,284,547
Ivar C. Satero, Director               Concessions
San Francisco International Airport
710 N McDonnell Rd
San Francisco, CA 94128
Tel: (650) 821-5042
Fax: (650) 821-5005

46. Allied Universal                    Trade AP        $1,279,706
Security Services
David I. Buckham
Eight Tower Bridge
161 Washington Street
Suite 600
Conshohocken, PA 19428
Tel: (484) 351-1300
Fax: (410) 468-3030

47. Dent Wizard                         Trade AP        $1,273,540
International Corp
39-40/F, Oxford House
Taikoo Place
979 King's Road
Quarry Bay
Hong Kong
Tel: 86-2120802188
Fax: 86-576-7332919

48. Autonation Shared                   Trade AP        $1,272,139
Service Center
Moray Keith
12100 Featherstone Way
Richmond, BC V6W 1K9
Canada
Tel: 604-273-1311
Fax: 604-273-1356

49. Nissan CN                             Fleet         $1,262,085
39-40/F, Oxford House
Taikoo Place
979 King's Road
Quarry Bay
Hong Kong
Tel: (+86) 2120802188
Fax: (+86) 576-7332919

50. Dueck Richmond                        Fleet         $1,260,945
Moray Keith
12100 Featherstone Way
Richmond, BC V6W 1K9
Canada
Tel: (604) 273-1311
Fax: (604) 273-1356


HERTZ GLOBAL: Files Voluntary Chapter 11 Bankruptcy Petition
------------------------------------------------------------
Hertz Global Holdings, Inc. (NYSE: HTZ) and certain of its U.S. and
Canadian subsidiaries have filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court for
the District of Delaware.

The impact of COVID-19 on travel demand was sudden and dramatic,
causing an abrupt decline in the Company's revenue and future
bookings.  Hertz took immediate actions to prioritize the health
and safety of employees and customers, eliminate all non-essential
spending and preserve liquidity.  However, uncertainty remains as
to when revenue will return and when the used-car market will fully
re-open for sales, which necessitated [Fri]day's action.  The
financial reorganization will provide Hertz a path toward a more
robust financial structure that best positions the Company for the
future as it navigates what could be a prolonged travel and overall
global economic recovery.

Hertz's principal international operating regions including Europe,
Australia and New Zealand are not included in [Fri]day's U.S.
Chapter 11 proceedings.  In addition, Hertz's franchised locations,
which are not owned by the Company, also are not included in the
Chapter 11 proceedings.

All Hertz Businesses Remain Open and Serving Customers

All of Hertz's businesses globally, including its Hertz, Dollar,
Thrifty, Firefly, Hertz Car Sales, and Donlen subsidiaries, are
open and serving customers.  All reservations, promotional offers,
vouchers, and customer and loyalty programs, including rewards
points, are expected to continue as usual.  Customers can count on
the same high level of service and reliability, including new
initiatives such as "Hertz Gold Standard Clean" sanitization
protocols to provide additional safety in response to the COVID-19
pandemic.

"Hertz has over a century of industry leadership and we entered
2020 with strong revenue and earnings momentum," said Hertz
President and CEO Paul Stone.  "With the severity of the COVID-19
impact on our business, and the uncertainty of when travel and the
economy will rebound, we need to take further steps to weather a
potentially prolonged recovery. [Fri]day's action will protect the
value of our business, allow us to continue our operations and
serve our customers, and provide the time to put in place a new,
stronger financial foundation to move successfully through this
pandemic and to better position us for the future.  Our loyal
customers have made us one of the world's most iconic brands, and
we look forward to serving them now and on their future journeys."

First Day Motions

As part of the reorganization process, the Company will file
customary "First Day" motions, which should allow it to maintain
operations in the ordinary course.  Hertz intends to continue to
provide the same vehicle quality and selection; to pay vendors and
suppliers under customary terms for goods and services received on
or after the filing date; to pay its employees in the usual manner
and to continue without disruption their primary benefits; and to
continue the Company's customer loyalty programs.

Sufficient Cash to Support Operations

As of the filing date, the Company had more than $1 billion in cash
on hand to support its ongoing operations.  Depending upon the
length of the COVID-19 induced crisis and its impact on revenue,
the Company may seek access to additional cash, including through
new borrowings, as the reorganization progresses.

Strong Upward Trajectory

Hertz was on a strong upward financial trajectory prior to the
COVID-19 pandemic, including ten consecutive quarters of
year-over-year revenue growth and nine quarters of year-over-year
adjusted corporate EBITDA improvement.  In January and February
2020, the Company increased global revenue 6% and 8% year over
year, respectively, driven by higher U.S. car rental revenue.  In
addition, the Company was recognized as No. #1 in customer
satisfaction by J.D. Power and as one of the World's Most Ethical
Companies by Ethisphere.

Taking Actions in Response to COVID-19

When the effects of the crisis began to manifest in March, causing
an increase in car rental cancellations and a decline in forward
bookings, the Company moved quickly to adjust.  Hertz took action
to align expenses with significantly lower demand levels by closely
managing overhead and operating costs, including:

   -- reducing planned fleet levels through vehicle sales and by
canceling fleet orders,
   -- consolidating off-airport rental locations,
   -- deferring capital expenditures and cutting marketing spend,
and
   -- implementing furloughs and layoffs of 20,000 employees, or
approximately 50% of its global workforce.

The Company actively engaged with many of its largest creditors to
temporarily reduce the required payments under the Company's
vehicle operating lease.  Although Hertz negotiated short-term
relief with such creditors, it was unable to secure longer-term
agreements.  Additionally, the Company sought assistance from the
U.S. government, but access to funding for the rental car industry
did not become available.

Additional Information

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor.

Additional information for customers regarding Hertz's
restructuring is available www.hertz.com/drivingforward. Court
filings and information about the claims process for suppliers and
vendors are available at
https://restructuring.primeclerk.com/hertz, by calling the
Company's claims agent at (877) 428-4661 (toll-free in the U.S.) or
(929) 955-3421 (for parties outside the U.S.) or emailing
hertzinfo@primeclerk.com.

                      Road to Bankruptcy

Last month, Hertz engaged in discussions with various creditors to
obtain relief from its obligations to make full rent payments under
its operating lease, under which the company leases vehicles used
in its U.S. rental car operations.  While those talks were ongoing,
on April 27, 2020, Hertz skipped certain payments in accordance
with the operating lease to preserve liquidity.

Hertz at that time warned that there was substantial doubt
regarding its ability to continue as a going concern.  "Management
has determined that the Company may not be able to repay or
refinance its debt facilities prior to their respective maturities
and may not have sufficient cash flows from operations or liquidity
to sustain its operating needs or to meet the Company's obligations
as they become due" over the next 12 months, the Company said in
its quarterly report on Form 10-Q for the three months ended March
31, 2020, filed earlier this month.

In March 2020, the World Health Organization declared a pandemic
resulting from the COVID-19 viral disease ("COVID-19"). In response
to COVID-19, local and national governments around the world
instituted shelter-in-place and similar orders and travel
restrictions, and airline travel decreased suddenly and
dramatically. Despite a strong start to the year, as a result of
the impact on travel demand, late in the first quarter, the Company
began experiencing a high level of rental cancellations and a
significant decline in forward bookings. In response, during a time
in which the Company would normally be increasing its fleet for the
peak summer season, the Company sought to adjust its fleet level to
reflect the reduced level of demand by leveraging its multiple
used-vehicle channels and negotiating with suppliers to reduce
fleet commitments.  The Company expects a material reduction in
commitments to purchase vehicles with approximately a $4.0 billion
reduction from original commitments in its U.S. rental car segment
during the remainder of 2020.

The Company disclosed it began aggressively managing costs,
including the implementation of employee furlough programs
affecting approximately 20,000 employees worldwide to align
staffing levels with the slowdown in demand, actively negotiating
to abate or defer its airport rent and concession payments,
substantially reducing capital expenditures and eliminating
discretionary marketing spend. Also, the Company borrowed
substantially all available funds under its senior revolving credit
facility to ensure access to its committed liquidity under the
Senior RCF.  As of March 31, 2020, the Company had $595 million of
principal outstanding under its Senior RCF and $748 million in
outstanding standby letters of credit. As of March 31, 2020, the
Company's unrestricted cash and cash equivalents balance was
approximately $1.0 billion.

In April 2020, as a result of the continued impact from COVID-19,
the Company initiated a restructuring program affecting
approximately 10,000 employees in its U.S. RAC segment and U.S.
corporate operations, the majority of which were previously
furloughed, and expects to incur approximately $30 million of
severance and healthcare-related charges to be paid over the next
twelve months.

Although the Company has taken aggressive action to eliminate
costs, it faces significant ongoing expenses, including monthly
payments under its Amended and Restated Master Motor Vehicle
Operating Lease and Servicing Agreement (Series 2013-G1) with Hertz
Vehicle Financing LLC ("HVF"), pursuant to which Hertz leases from
HVF vehicles used in Hertz's U.S. rental car operations. Hertz
Vehicle Financing II LP ("HVF II"), a special purpose financing
subsidiary, issues asset-backed notes and lends the proceeds
thereof to HVF to finance the acquisition of vehicles, which are
then leased to Hertz pursuant to the Operating Lease. Monthly
payments under the operating lease are variable and significant and
have increased because declining vehicle values resulting from a
disrupted used-vehicle market require Hertz to make additional
payments to offset such value declines in order to continue using
the vehicles. During April 2020, the Company engaged in discussions
with various creditors to obtain relief from its obligations to
make full rent payments under its Operating Lease. While such
discussions were ongoing, to preserve liquidity, on April 27, 2020,
Hertz did not make certain payments in accordance with the
Operating Lease.

As a result of the failure to make the full rent payments on April
27th, as of May 5, 2020 an amortization event was in effect for all
series of notes issued by HVF II and a liquidation event was in
effect with respect to the variable funding notes issued by HVF II.
As a result of the amortization event, and notwithstanding a
forbearance agreement, proceeds of the sales of vehicles that
collateralize the notes issued by HVF II must be applied to the
payment of principal and interest under those notes and will not be
available to finance new vehicle acquisitions for Hertz.  However,
in light of the impact of the COVID-19 global pandemic on the
travel industry, Hertz believes it will not need to acquire new
vehicles for its fleet through the remainder of 2020.  A
liquidation event means that, unless the affected noteholders
otherwise agree, the affected noteholders can direct the
liquidation of vehicles serving as collateral for their notes.

On May 4, 2020, prior to the occurrence of the liquidation event
with respect to the Series 2013-A Notes, Hertz, HVF, HVF II and DTG
Operations, Inc. entered into a forbearance agreement with holders
-- VFN Noteholders -- of the Series 2013-A Notes representing
approximately 77% in aggregate principal amount of the Series
2013-A Notes. Pursuant to the Forbearance Agreement that is
effective against all VFN Noteholders, the VFN Noteholders agreed
to forbear from exercising their liquidation remedy. The agreement
with the VFN Noteholders is set to expire on May 22, 2020 or, if
sooner, the date on which Hertz fails to comply with certain
agreements contained in the Forbearance Agreement or any other
amortization event occurs under HVF II's financing documents.

Concurrently with entering into the Forbearance Agreement, on May
4, 2020, Hertz entered into limited waiver agreements with certain
of the lenders under its (i) Senior RCF/senior term loan facility,
(ii) letter of credit facility, (iii) alternative letter of credit
facility and (iv) U.S. Vehicle RCF. Pursuant to the Waiver
Agreements, the Lenders agreed to (a) waive any default or event of
default that could have resulted from the missed payment under the
Operating Lease, (b) waive any default or event of default that has
arisen as a result of Hertz's failure to deliver its 2020 operating
budget on a timely basis in accordance with the Facilities and (c)
extend the grace period to cure a default with respect to Hertz's
obligation to reimburse drawings that occur under certain letters
of credit during the waiver period. The Waiver Agreements were
effective across the Facilities and set to expire on May 22, 2020
or, if sooner, the date on which Hertz fails to comply with certain
agreements contained in the Waiver Agreements, which include
certain limitations on the Company's ability to incur corporate
indebtedness and to make certain restricted payments, investments
and prepayments of indebtedness during the waiver period and a
requirement to deliver certain financial information to the Lenders
during the waiver period.

In accordance with the Forbearance Agreement and the Waiver
Agreements, the Company made a payment of approximately $30 million
reflecting certain variable payment elements of monthly rent under
the Operating Lease, including an interest component.

Effective May 16, 2020, Kathryn V. Marinello resigned from her
position as President and Chief Executive Officer of Hertz Global
Holdings, Inc. and The Hertz Corporation, and from any office at
any affiliated entity of the Company and resigned as a member of
the Company;s Board of Directors.  In her place, the Board
appointed Paul E. Stone, the Company's Executive Vice President and
Chief Retail Operations Officer North America, to serve as
President and CEO, and as a Director on the Board.

Hertz had $25.8 billion in total assets and $24.3 billion in total
liabilities, including $18.4 billion in total debts, according to
its quarterly report for the period ended March 31, 2020.  

The Company posted wider net loss of $357 million for the first
quarter of 2020, from a net loss of $148 million for the same
period last year.

                          About Hertz

Hertz Holdings, a holding company for Rental Car Intermediate
Holdings, LLC, is engaged in the vehicle rental and leasing
business.  The Company operates its vehicle rental business
globally primarily through the Hertz, Dollar and Thrifty brands
from approximately 12,400 corporate and franchisee locations in
North America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand.

Hertz reported a net loss attributable to the company of $58
million for the year ended Dec. 31, 2019, compared to a net loss
attributable to the company of $225 million for the year ended Dec.
31, 2018.


HIDALGO COUNTY EMERGENCY: Fails to Find Local Bank for PPP Funding
------------------------------------------------------------------
Naxiely Lopez-Puente, writing for The Monitor, reports on the
failure of South Texas-based ambulance service provider Hidalgo
County EMS, that filed bankruptcy protection in 2019, to find a
lender to help the company keep employees amidst the pandemic that
continues to impact its solvency.

The biggest concern of Hidalgo at present is to find a bank willing
to lend the company money under the government's federal program
designed in helping struggling companies sustain their employees
amid the spread of the virus.  However, not a single local bank
wants to do it.

According to financial reports filed in the federal court, Hidalgo
County EMS, despite its name, isn't managed by the county
government.  It filed for Chapter 11 bankruptcy in 2019 and has
been operating at deficit for two months to more than $220,000 in
the red.

Recently, the calls for service decreased by almost 50% because
residents were either too afraid to go to emergency rooms or adhere
to stay-at-home orders due to for fear of contracting COVID-19,
thus making the issues worse for Hidalgo County EMS.  

Without the $2.6 million loan from the government's Paycheck
Protection Program (PPP), the 9-1-1 services it provides to about
1.2 million people in South Texas could be affected.

According to the report, Hidalo CRO Omar Romero believes the
company's troubles are a result of its rapid growth.

"They grew very rapidly, and he did it without going to a bank and
getting a credit line and going out and blowing a whole bunch of
money," said
Mr. Romero about Kenneth Ponce, owner of Hidalgo County EMS.  "He
just took the risk himself personally and said, 'Hey, let's get
this thing started.'"

The company also had issues with the Internal Revenue Service.

"As time went on, (Ponce) unfortunately ended up with IRS issues
from payroll taxes that just mounted and mounted on him, which is
fairly common in America," he said. "The easiest way to shore cash
up in a business is to not pay the IRS.  In fact, I think the IRS's
filing in court says that we owe $2.5 million to the IRS.  Only
$900,000 of that is tax, the other $1.4 to $1.5 million is
penalties and interest."

                   About Hidalgo County EMS

Hidalgo County EMS was established in 2007. The company along with
the South Texas AirMed has grown to over 350 employees with a
coverage area of over 6000 square miles over eight South Texas
Counties. Aside from having advanced ground and air transport
emergency ambulances and the extensive support systems to protect
and save lives, it also employs the highest principles and
standards deserved to their patients.

Edinburg, Texas-based Hidalgo County Emergency Service Foundation
d/b/a South Texas Air Med and d/b/a Hidalgo County EMS --
https://www.hidalgocountyems.org -- is a provider of emergency
ambulatory services.

Hidalgo County Emergency Service Foundation filed for Chapter 11
bankruptcy (Bankr. S.D. Tex. Case No. 19-20497) on Oct. 8, 2019,
listing between $1 million to $10 million in both assets and
liabilities.   The petition was signed by Kenneth B. Ponce, sole
managing member.

The Hon. David R. Jones presides over the case.  Lawyers at Jordan,
Holzer & Ortiz, P.C., serve as counsel to the Debtor.


HIGHLAND CAPITAL: Seeks to Hire Wilmer Cutler as Special Counsel
----------------------------------------------------------------
Highland Capital Management, L.P., seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Wilmer
Cutler Pickering Hale and Don LLP as its special counsel.

Wilmer Cutler will continue to assist, advise, and represent the
Debtor with respect to a broad range of aspects of the Debtor's
business, including ensuring its compliance with SEC regulations,
and with respect to the liquidation of certain investment funds
managed by the Debtor.

WilmerHale's hourly rates are:

     Partners                $1,090 to $1,865
     Counsel                 $965 to $1,120
     Associates & Attorneys  $550 to $975
     Paraprofessionals       $415 to $650

Andrew Goldman, Esq., a partner at Wilmer Cutler, disclosed in a
court filing that his firm does not have any interest adverse to
the interest of the Debtors' estates, creditors and equity
security
holders.

The firm can be reached through:

     Timothy F. Silva, Esq.
     Wilmer Cutler Pickering Hale and Dorr LLP
     7 World Trade Center
     250 Greenwich Street
     New York, NY 10007
     Tel: (212) 230-8800
     Fax: (212) 230-8888

              About Highland Capital Management

Highland Capital Management LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans.  Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.

Highland Capital Management, L.P., sought Chapter 11 protection
(Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019.  Highland was
estimated to have $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.  

On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy
Court for the Northern District of Texas and was assigned a new
case number (Bank. N.D. Texas Case No. 19-34054).

Judge Stacey G. Jernigan is the case judge.

The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang
Ziehl & Jones LLP. Foley & Lardner LLP, as special Texas counsel.
Kurtzman Carson Consultants LLC is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 29, 2019.  The committee tapped Sidley Austin LLP
as bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as
co-counsel with Sidley Austin; and FTI Consulting, Inc. as
financial advisor.


HIGHLAND CAPITAL: Taps Hunton Andrews Kurth as Special Counsel
--------------------------------------------------------------
Highland Capital Management, L.P., seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire Hunton
Andrews Kurth LLP as its special counsel for tax-related matters in
this Chapter 11 Case.

Services Hunton Andrews has agreed to provide include advising the
Debtor in connection with all aspects of the Federal Tax Audit and
performing the range of services normally associated with such a
matter. The Firm will also
continue to provide general advice on tax-related matters other
than the Federal Tax Audit as may be necessary.

The Firm's fees for professional services are based upon its hourly
rates, which are periodically adjusted. The hourly rates are
currently $150 to $1,510 for attorneys and $180 to $465 for
paraprofessionals. Prior to the Petition Date, the Firm applied a
10% discount to its standard rates for all fees billed to the
Debtor, and such discount shall continue postpetition.

Alexander McGeoch, Esq., partner of Hunton Andrews Kurth 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.

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
McGeoch disclosed that his firm has not agreed to a variation of
its standard or customary billing arrangements for its employment
with the Debtors, and that no professional at his firm has varied
his rate based on the geographic location of the Debtors'
bankruptcy cases.

The attorney also disclosed that the firm's billing rates and
material financial terms for its representation. As noted, a 10%
discount is applied to the Firm's standard rates.

The Debtor and the Firm expect to develop a prospective budget and
staffing plan, Mr. McGeoch further disclosed.

Hunton Andrews can be reached at:

     Alexander McGeoch, Esq.
     HUNTON ANDREWS KURTH LLP
     200 Park Avenue
     New York, NY 10166
     Tel: (212) 309-1000
     Fax: (212) 309-1100

              About Highland Capital Management

Highland Capital Management LP was founded by James Dondero and
Mark Okada in Dallas in 1993. Highland Capital is the world's
largest non-bank buyer of leveraged loans in 2007. It also manages
collateralized loan obligations. In March 2007, it raised $1
billion to buy distressed loans.  Collateralized loan obligations
are created by bundling together loans and repackaging them into
new securities.

Highland Capital Management, L.P., sought Chapter 11 protection
(Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019.  Highland was
estimated to have $100 million to $500 million in assets and
liabilities as of the bankruptcy filing.  

On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy
Court for the Northern District of Texas and was assigned a new
case number (Bank. N.D. Texas Case No. 19-34054).

Judge Stacey G. Jernigan is the case judge.

The Debtor's counsel is James E, O'Neill, Esq., at Pachulski Stang
Ziehl & Jones LLP. Foley & Lardner LLP, as special Texas counsel.
Kurtzman Carson Consultants LLC is the claims and noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 29, 2019.  The committee tapped Sidley Austin LLP
as bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as
co-counsel with Sidley Austin; and FTI Consulting, Inc. as
financial advisor.


HITZ RESTAURANT: Seeks to Hire Golding Law Offices as Legal Counsel
-------------------------------------------------------------------
Hitz Restaurant Group seeks approval from the US Bankruptcy Court
for the Northern District of Illinois to hire The Golding Law
Offices, P.C., as its counsel.

The Debtor requires Golding Law to:

     (a) give Debtor legal advice with respect to Debtor's rights,
powers and duties as Debtor-in Possession;

     (b) assist Debtor in negotiation and formulation and ultimate
confirmation of a plan of reorganization that deals with all
creditors, including the preparation and dissemination of the
disclosure statement;

     (c) examine and investigate claims asserted against the
Debtor;

     (d) take such actions as may be necessary with reference to
the claims asserted against the Debtor;

     (e) investigate, advise and inform Debtor about and take
action as may be necessary to collect and, in accordance with
applicable law, recover or sell for the benefit of the estate, the
property of the Debtor;

     (f) prepare, on behalf of the Debtor, all necessary and
appropriate applications, motions, pleadings, orders, reports and
other legal papers as may be necessary or required in connection
with this case;

     (g) assist the Debtor in obtaining refinancing of its secured
debt from replacement lenders; and

     (h) perform all other legal services for the Debtor that may
be necessary or appropriate in this case.

The Debtor paid Golding Law a retainer of $2,000 inclusive of the
filing fee of $1,717, all of which was expended on pre-petition
legal services.

Golding Law's customary hourly charges are:

     Richard N. Golding   $490
     Jonathan D. Golding  $390
     Paralegals           $190

Jonathan D. Golding, partner with The Golding Law Offices P.C.,
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.

The counsel can be reached through:

      Jonathan D. Golding, Esq.
      The Golding Law Offices, P.C.
      500 N. Dearborn Street, 2nd FL
      Chicago, IL 60610
      Tel: (312) 832-7892
      Fax: (312) 755-5720
      Email: jgolding@goldinglaw.net

                   About Hitz Restaurant Group

Hitz Restaurant Group sought protection under Chapter 11 of the US
Bankruptcy Code (Bankr. N.D. Ill. Case No. 20-05012) on Feb. 24,
2020, listing under $1 million in both assets and liabilities.
Richard N. Golding, Esq. at THE GOLDING LAW OFFICES, P.C.,
represents the Debtor as counsel.


HOLLEY PURCHASER: Moody's Confirms Caa1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service confirmed the ratings of Holley
Purchaser, Inc., including its corporate family rating at Caa1,
Probability of Default Rating at Caa1-PD and its senior secured
first lien bank credit facilities at B3. The outlook is stable.
This action concludes the review for downgrade initiated on March
26, 2020.

The confirmations reflect Moody's expectations for demand of
Holley's highly discretionary products to be impacted negatively as
consumer sentiment remains pressured through 2020 and into next
year. As a result, Moody's expects the company's leverage profile
to be elevated above 7x debt/EBITDA into 2021. Despite the earnings
pressure anticipated from top line declines, Moody's expects Holley
to maintain a very strong EBITA margin in the high-teens range and
an adequate liquidity profile supported by over $50 million in cash
at the end of March 2020, expectation for about breakeven free cash
flow in 2020 and no significant debt maturities until 2023.

The following rating actions were taken:

Confirmations:

Issuer: Holley Purchaser, Inc.

Corporate Family Rating, Confirmed at Caa1

Probability of Default Rating, Confirmed at Caa1-PD

Senior Secured Bank Credit Facility, Confirmed at B3 (LGD3)

Outlook Actions:

Issuer: Holley Purchaser, Inc.

Outlook, Changed To Stable From Ratings Under Review

RATINGS RATIONALE

Holley's ratings reflect the company's modest scale and expected
weakening credit metrics over the near term due to the recession
dampening consumer purchases, particularly of non-essential
products. Holley maintains a strong market position and branded
portfolio in the niche performance aftermarket engines product
space. Notably, the company has a good online presence, which
allows do-it-yourself auto enthusiasts to make purchases while
stay-at-home orders persist.

However, the company's products are relatively high-priced and very
discretionary, and Moody's expects demand to be pressured through
the duration of 2020 as unemployment levels in the US remain
elevated and consumers could opt to put off non-necessary upgrades
to their vehicles. As a result, earnings contraction during 2020 in
Moody's view will contribute to an elevated leverage profile above
7x debt/EBITDA.

Moody's expects Holley to maintain an adequate liquidity profile
through 2021 primarily supported by over $50 million in cash at end
of March 2020 following a near full drawdown on its $50 million
revolving credit facility due 2023. Moody's expects this level of
cash to be adequate to support the company's operations during a
recessionary environment, in which Moody's expects the company to
generate about breakeven free cash flow during 2020 given its
asset-light business model. The company currently maintains
adequate cushion on its net leverage covenant ratios, but earnings
declines and greater than anticipated cash burn could result in a
potential covenant pressure.

The stable outlook reflects Moody's view that Holley will maintain
an adequate liquidity profile through 2020 to offset any top line
and earnings pressure resulting from a recessionary environment.

ESG CONSIDERATIONS

The automotive parts sector has been one of the most significantly
affected by the coronavirus outbreak and the recession given its
sensitivity to consumer demand and sentiment Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Moody's views environmental risk for Holley to be low compared to
the broader auto supplier sector given its focus in the automotive
aftermarket. From a governance perspective, the company's elevated
financial risk is reflected in its high leverage profile under
private equity ownership.

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

Moody's could upgrade the ratings if Holley's earnings profile
through the recessionary environment support leverage being
maintained near 6x debt/EBITDA, along with Holley demonstrating an
ability to generate moderate positive free cash flow and
meaningfully reduce its reliance on its revolving credit facility
to support its liquidity.

Moody's could downgrade the ratings if earnings and cash flow
weaken in the near-term from a greater than anticipated drop in
demand upon declining consumer sentiment, including expectations
for negative free cash flow. A downgrade could result if
debt/EBITDA is expected to be maintained above 8x debt/EBITDA into
2021 or the company's liquidity position deteriorates such that a
potential covenant violation becomes more likely.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Holley Purchaser, Inc. (Holley), headquartered in Bowling Green,
KY, designs and manufactures performance engine products for the
enthusiast focused automotive aftermarket. The company's product
offerings include electronic fuel injection and tuner systems,
ignition controls, carburetors, superchargers, exhaust systems and
other products designed to enhance the performance of the car. The
company is majority owned by Sentinel Capital Partners and
generated revenue of about $386 million for the 12 months ended
March 31, 2020.


INTELSAT S.A.: Hires Stretto as Claims and Noticing Agent
---------------------------------------------------------
Intelsat S.A., and its-debtor affiliates seek authority from the
U.S. Bankruptcy Court for the Eastern District of Virginia to
employ Bankruptcy Management Solutions, Inc., d/b/a Stretto, as
claims and noticing agent to the Debtors.

Intelsat S.A. requires Stretto to:

   (a) assist the Debtor with the preparation and distribution of
       all required notices and documents in accordance with the
       Bankruptcy Code and the Bankruptcy Rules in the form and
       manner directed by the Debtor and/or the Court, including:
       (i) notice of any claims bar date, (ii) notice of any
       proposed sale of the Debtor's assets, (iii) notices of
       objections to claims and objections to transfers of
       claims, (iv) notices of any hearings on a disclosure
       statement and confirmation of any plan of reorganization,
       including under Bankruptcy Rule 3017(d), (v) notice of the
       effective date of any plan, and (vi) all other notices,
       orders, pleadings, publications and other documents as the
       Debtor, Court, or Clerk may deem necessary or appropriate
       for an orderly administration of this chapter 11 case;

   (b) maintain an official copy of the Debtor's schedules of
       assets and liabilities and statements of financial affairs
       (collectively, the "Schedules"), listing the Debtor's
       known creditors and the amounts owed thereto;

   (c) maintain (i) a list of all potential creditors, equity
       holders and other parties-in-interest and (ii) a "core"
       mailing list consisting of all parties described in
       Bankruptcy Rule 2002(i), (j) and (k) and those parties
       that have filed a notice of appearance pursuant to
       Bankruptcy Rule 9010; update and make said lists available
       upon request by a party-in-interest or the Clerk;

   (d) furnish a notice to all potential creditors of the last
       date for filing proofs of claim and a form for filing a
       proof of claim, after such notice and form are approved by
       the Court, and notify said potential creditors of the
       existence, amount and classification of their respective
       claims as set forth in the Schedules, which may be
       effected by inclusion of such information (or the lack
       thereof, in cases where the Schedules indicate no debt due
       to the subject party) on a customized proof of claim form
       provided to potential creditors;

   (e) maintain a post office box or address for receiving claims
       and returned mail, and process all mail received;

   (f) for all notices, motions, orders or other pleadings or
       documents served, prepare and file or cause to be filed
       with the Clerk an affidavit or certificate of service
       within seven days of service which includes (i) either
       a copy of the notice served or the docket number(s) and
       title(s) of the pleading(s) served, (ii) a list of persons
       to whom it was mailed (in alphabetical order) with their
       addresses, (iii) the manner of service, and (iv) the date
       served;

   (g) receive and process all proofs of claim received,
       including those received by the Clerk, check said
       processing for accuracy and maintain the original proofs
       of claim in a secure area;

   (h) provide an electronic interface for filing proofs of
       claim;

   (i) maintain the official claims register (the "Claims
       Register") on behalf of the Clerk; upon the Clerk's
       request, provide the Clerk with a certified, duplicate
       unofficial Claims Register; and specify in the Claims
       Register the following information for each claim
       docketed: (i) the claim number assigned, (ii) the date
       received, (iii) the name and address of the claimant and
       agent, if applicable, who filed the claim, (iv) the
       address for payment, if different from the notice address;
       (v) the amount asserted, (vi) the asserted
       classification(s) of the claim (e.g., secured, unsecured,
       priority, etc.), and (vii) any disposition of the claim;

   (j) provide public access to the Claims Registers, including
       complete proofs of claim with attachments, if any, without
       charge;

   (k) implement necessary security measures to ensure the
       completeness and integrity of the Claims Register and the
       safekeeping of the original claims;

   (l) record all transfers of claims and provide any notices of
       such transfers as required by Bankruptcy Rule 3001(e);

   (m) relocate, by messenger or overnight delivery, all of the
       court-filed proofs of claim to the offices of Stretto,
       not less than weekly;

   (n) upon completion of the docketing process for all claims
       received to date for each case, turn over to the Clerk
       copies of the Claims Registers for the Clerk's review
       (upon the Clerk's request);

   (o) monitor the Court's docket for all notices of appearance,
       address changes, and claims-related pleadings and orders
       filed and make necessary notations on and/or changes to
       the claims register and any service or mailing lists,
       including to identify and eliminate duplicative names and
       addresses from such lists;

   (p) identify and correct any incomplete or incorrect addresses
       in any mailing or service lists;

   (q) assist in the dissemination of information to the public
       and respond to requests for administrative information
       regarding this chapter 11 case as directed by the
       Debtor or the Court, including through the use of a case
       website and/or call center;

   (r) if this chapter 11 case is converted to a case under
       chapter 7 of the Bankruptcy Code, contact the Clerk's
       office within three (3) days of notice to Stretto of
       entry of the order converting the case;

   (s) thirty (30) days prior to the close of this chapter 11
       case, to the extent practicable, request that the Debtor
       submit to the Court a proposed order dismissing Stretto as
       claims, noticing, and solicitation agent and terminating
       its services in such capacity upon completion
       of its duties and responsibilities and upon the
       closing of this chapter 11 case;

   (t) within seven (7) days of notice to Stretto of entry of
       an order closing this chapter 11 case, provide to the
       Court the final version of the Claims Register as of
       the date immediately before the close of the case;

   (u) at the close of the Cases, boxing and transporting all
       original documents, in proper format, as provided by the
       Clerk's office, to (i) the Federal Archives Record
       Administration, located at Central Plains Region, 200
       Space Center Drive, Lee's Summit, Missouri 64064 or (ii)
       any other location requested by the Clerk's Office;

Stretto will be paid at these hourly rates:

     Director of Solicitation                  $210
     Solicitation Associate                    $190
     COO and Executive VP                    No charge
     Director                                $175-$210
     Associate/Senior Associate               $65-$165
     Analyst                                  $30-$50

Prior to the Petition Date, the Debtors provided Stretto an advance
in the amount of $100,000.

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

Sheryl Betance, managing director of corporate restructuring of
Stretto, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.

Stretto can be reached at:

     Sheryl Betance
     STRETTO
     410 Exchange, Ste. 100
     Irvine, CA 92602
     Tel: (714) 716-1872
     E-mail: sheryl.betance@stretto.com

                     About Intelsat S.A.

Intelsat S.A. -- http://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.

Intelsat S.A., based in L-1246 Luxembourg, and its
debtor-affiliates, filed a Chapter 11 petition (Bankr. E.D. Va.
Lead Case No. 20-32299) on May 14, 2020.  The petition was signed
by David Tolley, executive vice president, chief financial officer,
and co-chief restructuring officer.  In its petition, the Debtor
disclosed $11,651,558,000 in assets and $16,805,844,000 in
liabilities.  

KIRKLAND & ELLIS LLP, and KUTAK ROCK LLP, as counsels; ALVAREZ &
MARSAL NORTH AMERICA, LLC as restructuring advisor; PJT PARTNERS LP
as investment banker; STRETTO as claims and noticing agent.


INTERNAP CORP: Successfully Emerges From Chapter 11 Bankruptcy
--------------------------------------------------------------
Citybizlist.com reports that Internap Corporation, now INAP,
announced that the company together with its U.S. subsidiaries
successfully emerged from Chapter 11 bankruptcy protection.

It is a milestone that marks the successful completion of INAP's
financial restructuring process and implementation of the Company's
Plan of Reorganization,that was confirmed by the U.S. Bankruptcy
Court for the Southern District of New York on May 4, 2020.  It
significantly strengthened its financial position by reducing debt,
extending maturities and enhancing liquidity substantially.

"When we began the restructuring process, we did so with a clear
objective of strengthening our capital structure and best
positioning INAP for long-term growth and success. Our ability to
achieve this goal and emerge from Chapter 11 as quickly as we did
is a testament to our incredibly talented team and the strong
relationships we have cultivated with our customers and partners. I
want to thank our lenders for working with us on this consensual
restructuring plan," said Peter D. Aquino, outgoing INAP Chairman
and Chief Executive Officer.

"Today marks the start of a new, exciting chapter for INAP," Mr.
Aquino continued. "I am proud to hand the baton over to Mike
Sicoli, as the Company's new Chief Executive Officer, and I am
confident that he will do a terrific job leading the Company
forward."

INAP emerges as a private company that completed a comprehensive
debt-for-equity restructuring transaction. It also closed a new
five-year $225 million term loan facility as well as a three-year
$75 million exit facility to enhance liquidity.

"I am honored to have the opportunity to lead the INAP team as we
enter this new phase of strategic growth with a blue-chip group of
investors. With our new capital structure in place, we are stronger
than ever and poised to grow by delivering the most compelling
combination of colocation, cloud and network services in the
industry," said new INAP Chief Executive Officer Michael Sicoli.
"On behalf of the entire INAP team, I would like to thank Pete for
his years of dedicated service. We wish him well in the future."

                   About Internap Corporation

Internap Corporation (NASDAQ: INAP) -- http://www.INAP.com/-- is a
provider of high-performance data center and cloud solutions with
100 network Points of Presence worldwide.  INAP's full-spectrum
portfolio of high-density collocation, 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 6
affiliated debtors, including INAP Corporation each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of New York.  The Debtors have requested that
their cases be jointly administered under Case No. 20-22393.

INAP is advised in this matter by FTI Consulting as restructuring
advisor, Milbank LLP as legal counsel and Moelis & Company as
financial advisor.  Prime Clerk LLC is the claims agent.


J. HILBURN: June 22 Auction Sale of Stocks Set
----------------------------------------------
Judge Harlin DeWayne Hale of the U.S. Bankruptcy Court for the
Northern District of Texas authorized J. Hilburn, Inc.'s bidding
procedures in connection with the sale of 100% of the newly issued
equity in the reorganized Debtor to The Apparel Group, Ltd. in
exchange for, among other things, (i) DIP financing in an amount up
to $5 million, (ii) a cash contribution of up to $8.111 million on
the effective date of the Plan, (iii) waiver of the $6.57 million
unsecured trade claim of TAL Global Alliances, and (iv) the
forfeiture of $1.5 million of cash collateral to SVB under the
Restructuring Support Agreement.

The Break-Up Fee ($635,430) and Expense Reimbursement ($750,000)
are approved.  The Debtor's obligation to pay the Break-Up Fee and
Expense Reimbursement will survive termination of the RSA,
dismissal or conversion of the Chapter 11 Case, and confirmation of
any plan of reorganization or liquidation, and will constitute an
administrative expense of the Debtor under Sections 503(b) and
507(a) of the Bankruptcy Code.

In the event TAG is not the Successful Bidder, the Break-Up Fee and
Success Fee will be payable at the closing of an alternative
transaction.  No person or entity, other than the Stalking Horse
Bidder, will be entitled to any expense reimbursement, break-up
fees, "topping," termination or other similar fee or payment.  The
RSA is a Qualified Bid.  If the Successful Bid includes a credit
bid, the Successful Bid will include a cash component sufficient to
pay the Break-Up Fee and Expense Reimbursement at closing.   

In the event the Debtor receives one or more Qualified Bids in
addition to TAG's Qualified Bid, TAG will provide the Debtor with a
good faith estimate of its reasonable and necessary expenses as of
the date of the Auction, which the Debtor may consider in
evaluating Qualified Bids.  In the event the Expense Reimbursement
becomes due and payable to TAG in accordance with the Bidding
Procedures, TAG will provide the Debtor and the United States
Trustee with the documentation supporting the amount of its
reasonable and necessary expenses.  

The Debtor and the United States Trustee will have 10 days to
notify TAG in writing (but not filed with the court) of any
objection to the reasonableness of the amount requested.  In the
event that parties are unable to resolve the objection, the request
for payment of the Expense Reimbursement will be submitted to the
Court for determination.

The Notice of Bidding Procedures and Auction (i) is approved; and
(ii) will be served, together with a copy of the Order, within
three business days of entry of the Order upon the Notice Parties.

The deadline to submit Qualified Bids is June 19, 2020.  If the
Debtor does not receive any Qualified Bids other than the TAG's
Qualified Bid on or before the Bid Deadline, the Debtor will report
the same to the Court and declare the Auction a "failed auction"
and may seek confirmation of the Plan in accordance with the RSA.


In the event that the Debtor timely receives at least one Qualified
Bid other than TAG's Qualified Bid, the Debtor will conduct the
Auction on June 22, 2020, at Neligan LLP, 325 N. St. Paul, Suite
3600, Dallas, Texas 75201 at 9:00 a.m. (CT), or such later time or
other place as the Debtor will notify all Qualified Bidders.  The
Debtor will provide at least 24 hours' notice of any change in the
place or means by which the Auction is to be held.

Any person wishing to submit a higher or better offer for the
Reorganized Debtor Stock or other assets of the Debtor must do so
in accordance with the terms of the Bidding Procedure.

All bidders submitting a Qualified Bid are deemed to have submitted
to exclusive jurisdiction of the Court with respect to all matters
related to the Auction and the terms and conditions of the transfer
of the Reorganized Debtor Stock or other assets of the Debtor.

                        About J. Hilburn

J. Hilburn, Inc. -- https://www.jhilburn.com -- sells custom-made
men's clothing.  The Company offers shirts, suits, trousers, pants,
sweaters, outerwears, and accessories.

On April 30, 2020, J. Hilburn, Inc., and its affiliates sought
Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-31308).  In the
petition signed by CEO David DeFeo, Diamondback was estimated to
have $1 million to $10 million in assets and $10 million to $50
million liabilities.  The Debtors tapped Patrick J. Neligan, Jr.,
Esq., at Neligan LLP, as counsel.


J.C. PENNEY: S&P Lowers Debt Rating to 'D' on Chapter 11 Filing
---------------------------------------------------------------
S&P Global Ratings lowered the rest of the issue-level ratings on
J.C. Penney Co. Inc.'s debt to 'D'. We also revised the recovery
ratings to '3' from '2' on the first-lien senior secured debt to
incorporate updated appraised real estate collateral values the
company provided in its May 15, 2020, 8-K filing. The U.S.-based
department store operator filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code on May
15, 2020.

JCP has commenced a voluntary Chapter 11 bankruptcy filing and has
entered into a restructuring support agreement with lenders holding
about 70% of its first-lien debt, aiming to reduce balance sheet
debt. The company also expects to significantly trim its store
footprint by about 30%. S&P previously lowered the issuer credit
rating to 'D' on April 16, 2020, following a missed interest
payment on its unsecured notes. The company had also missed the
interest payment on its secured term loan due on May 7, 2020, but
made the payment within the grace period.

JCP has struggled for years to adapt its business model to the
challenging domestic department store space while being saddled
with large amounts of debt and operating stores in unattractive
mall locations. More recently, its business prospects have
deteriorated sharply because of the disruptions from COVID-19 and
recessionary conditions.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

Company Description

JCP is a holding company whose principal operating subsidiary is
J.C. Penney Corp. Inc. It is a large player in the U.S. department
store industry with about $11 billion in annual revenue. The
company operates 846 stores across the U.S. and Puerto Rico as well
as its e-commerce site, jcp.com.

Issue Ratings – Recovery Analysis

Key analytical factors

-- S&P updated its recovery analysis to take into consideration
the updated real estate collateral values disclosed in JCP's May
2020 Business Plan filed with the SEC (filing date of May 15,
2020).

-- As a result of lower appraised real estate values for
encumbered assets pledged to lenders under the secured term loan
and notes, S&P reduced its gross enterprise value to $3.3 billion
from about $3.8 billion previously.

Simplified waterfall

-- Net EV after 5% administrative costs: $3.1 billion

-- Prepetition secured real estate term loan and note claims: $2.1
billion

-- Recovery expectations after priority claims: 50%-70% (rounded
estimate: 65%)

-- Prepetition unsecured claims: $2.8 billion

-- Recovery expectations: 10%-30% (rounded estimate: 20%)

Note: All debt amounts include six months of prepetition interest.



JAGUAR HEALTH: Expects to Receive $4.45M from Exercise of Warrants
------------------------------------------------------------------
Jaguar Health, Inc. has entered into agreements with several
institutional and accredited investors wherein the investors agreed
to exercise certain outstanding warrants to purchase an aggregate
of up to 9,077,102 shares of common stock for gross proceeds to the
Company of approximately $4.45 million.  These warrants were
previously issued in a bridge financing to and as part of Jaguar's
public offering which closed in July 2019.

"We're very pleased to have executed this transaction," Lisa Conte,
Jaguar's president and CEO, stated, "as it supports our strategy of
supporting our patient access programs to remove barriers for
people living with HIV/AIDS to access Mytesi, our non-opioid, oral,
plant-based drug product, as we continue to work to become a
financially sustainable business supported by growth in Mytesi
sales for its FDA- approved indication."

Ladenburg Thalmann & Co. Inc. is acting as the exclusive
solicitation agent for the transaction.

On May 22, 2020, the Company reduced the exercise price of all
Series 1 Warrants and Series 2 Warrants issued as part of the July
2019 financing from $1.40 per share to $0.49 per share and from
$2.00 per share to $0.49 per share, respectively, and all the
warrants to purchase common stock previously issued in private
placements by the Company in March through June of 2019 from $2.00
per share to $0.49 per share.

The issuance of the Original Warrants to the public and the
issuance of the Common Stock upon exercise thereof have been
registered on a registration statement on Form S-1 (File No.
333-231399), which was declared effective by the Securities and
Exchange Commission on July 18, 2019, and an additional
registration statement (File No. 333-232715) filed pursuant to Rule
462(b) of the Securities Act of 1933, as amended, which became
effective when filed.  The offer and sale of shares of Common Stock
underlying the Bridge Warrants has been registered on the Company's
registration statement on Form S-1 (File No. 333-233989), which was
previously filed and declared effective by the SEC.

In consideration for the immediate exercise of the Original
Warrants and the Bridge Warrants for cash, the exercising holders
will receive new unregistered Series 3 warrants to purchase up to 1
share of common stock in a private placement pursuant to Section
4(a)(2) of the Securities Act.  The Series 3 Warrants will have an
exercise price of $0.53 per share and will be exercisable beginning
the earlier of (i) six months from the issuance date and (ii)
receipt of the requisite stockholder approval and ending five years
thereafter.  The Series 3 Warrants will have a cashless exercise
feature wherein, following receipt of the requisite stockholder
approval, each Series 3 Warrant will be exercisable into one share
of common stock for no consideration.

The Series 3 Warrants were offered in a private placement pursuant
to an applicable exemption from the registration requirements of
the Securities Act and, along with the shares of common stock
issuable upon their exercise, have not been registered under the
Securities Act, and may not be offered or sold in the United States
absent registration with the SEC or an applicable exemption from
such registration requirements.  The securities were offered only
to accredited investors.  The Company has agreed to file a
registration statement with the SEC covering the resale of shares
of common stock issuable upon exercise of the Series 3 Warrants.

                      About Jaguar Health

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

Jaguar reported a net loss of $38.54 million for the year ended
Dec. 31, 2019, compared to a net loss of $32.15 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$33.28 million in total assets, $16.67 million in total
liabilities, $10.37 million in series A redeemable convertible
preferred stock, and $6.23 million in total stockholders' equity.

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


JAGUAR HOLDING: Moody's Assigns B2 Rating to New Unsec. Notes
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to new unsecured
notes being issued by Jaguar Holding Company II, LLC (a subsidiary
of PPD, Inc.). There is no change to PPD's existing ratings,
including the Ba3 Corporate Family Rating, Ba3-PD Probability of
Default Rating (PDR) and Ba2 rating on the secured bank credit
facilities. There is no change to the SGL-1 Speculative Grade
Liquidity Rating. The outlook is stable.

Proceeds from the new notes will be used for general corporate
purposes, including the partial or full redemption of existing
unsecured notes that mature in 2023. The new unsecured notes will
have a guarantee from the parent, PPD, Inc.

Rating assigned:

Jaguar Holding Company II, LLC:

Senior unsecured notes at B2 (LGD5)

RATINGS RATIONALE

PPD's Ba3 CFR is supported by its significant scale, breadth of
services and strong reputation as one of the largest contract
research organizations (CROs) globally. Strong demand for its
services and a significant revenue backlog of nearly $7.6 billion
support Moody's expectation for high single-digit earnings growth
and cash flow over the next several years. In Moody's view, PPD
will exhibit a more conservative financial policy and leverage
tolerance following the IPO, paving a path for debt/EBITDA to
improve towards 4x in 2021. The rating also reflects the risks
inherent in the CRO industry, which is highly competitive, has high
reliance on the pharmaceutical industry, and is subject to
cancellation risk.

ESG considerations are material to the rating. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. PPD will be
negatively affected by delays and disruptions in certain clinical
trials due to the effects of the coronavirus outbreak.

Beyond the outbreak, ESG risk considerations include a still high
sponsor ownership of PPD's public equity, at around 70%, which
could lead PPD to favor shareholder-friendly initiatives. At
present, sponsors, The Carlyle Group and Hellman & Friedman, also
represent a majority of seats on the board of directors.

PPD's SGL-1 Speculative Grade Liquidity Rating is supported by
Moody's expectation for strong free cash flow in excess of $400
million annually. Cash at March 31, 2020 was $738 million,
inclusive of $150 million drawn under PPD's revolver. Moody's
believes these borrowings will be temporary. Mandatory debt
amortization is modest at around $35 million on the term loan. PPD
also has a $300 million revolver that expires in May 2022. There
are no financial maintenance covenants on the term loan, with a
springing senior secured net leverage covenant on the revolver
(when more than 30% drawn).

The stable outlook reflects Moody's expectation that PPD's leverage
will remain moderately high but that earnings growth rates will
continue to be solid, despite strong competition from peers.

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

Factors that could lead to an upgrade include if PPD's debt to
EBITDA is expected to be sustained below 4x and if the company
refrains from large debt-financed shareholder initiatives.

Moody's could downgrade the ratings if debt/EBITDA is expected to
be sustained above 5x or if backlog and new business awards are
weak on a sustained basis.

PPD is a leading global contract research organization. The company
provides Phase I through Phase IV clinical development,
post-approval services as well as laboratory services to
pharmaceutical, biotechnology and academic customers, among others.
PPD is a public company although sponsors, The Carlyle Group and
Hellman & Friedman, Blue Spectrum, and GIC, own approximately 70%
of the public float. Reported revenue for the twelve months ended
March 31, 2020 approximated $4.1 billion.

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


JEFFERIES FINANCE: S&P Affirms 'BB-' ICR; Outlook Negative
----------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB-' issuer credit and
senior secured debt ratings and its 'B+' senior unsecured debt
ratings on Jefferies Finance LLC (JFIN). At the same time, S&P
removed the ratings from CreditWatch, where it had placed them with
negative implications on April 3, 2020. The outlook is negative.

S&P said, "The rating affirmation primarily reflects that JFIN has
bolstered its funding and liquidity, and that we believe the market
for syndicated loans has improved since we placed the ratings on
CreditWatch with negative implications on April 3, 2020, and
revolver draws will start to normalize. JFIN has added $1.2 billion
of credit facilities, with $1.0 billion dedicated to underwriting
commitments and $200 million to provide liquidity for revolver
draws. In addition, we believe the company is making good progress
de-risking its underwriting commitments."

As of Feb. 29, 2020, JFIN had $2.5 billion of undrawn commitments
in its loan portfolio and $2.4 billion of underwriting commitments
(net of $0.7 billion syndicated to third parties). As of Feb. 29,
2020, liquidity included $579 million of unrestricted cash, a $330
million corporate revolver ($69 million outstanding), $1.2 billion
of collateralized loan obligation (CLO) and CLO warehouse capacity,
and $1.345 billion of fronting lines ($0.6 billion outstanding).
Also, JFIN had $195.2 million of undrawn equity capital commitments
from members. In April, JFIN added the $1.0 billion warehouse
facility and $200 million revolver warehouse facility.

While the company has bolstered its funding and liquidity, that
comes at the expense of slightly higher leverage. S&P said, "Debt
to adjusted total equity (ATE), our primary measure of leverage,
increased to 4.6x as of February 2020 from 4.1x as of November
2019. We believe debt to ATE likely will increase to somewhat above
5.0x in the near term as JFIN funds draws on revolvers and funds
underwriting commitments. However, we expect debt to ATE to decline
to near 4.5x by November 2020, as draws on revolvers normalize and
the company de-risks underwriting commitments over the remaining
quarters this year."

S&P said, "Our ratings on JFIN reflect its concentration in
leveraged lending, the market and credit risks of its
originate-to-syndicate and balance-sheet investing strategies, and
the implicit support of Jefferies Group LLC (Jefferies). We view
the company's risk appetite as aggressive given that its
unsyndicated origination commitments are, at times, in excess of
its capacity to fund them. However, we also view the company's
relatively good track record and its franchise as one of the
largest U.S. syndicated loan originators as positive rating
factors."

JFIN is a joint venture (JV) between Jefferies and MassMutual
launched in 2004 that originates, syndicates, and invests in
secured loans, largely to leveraged borrowers. JFIN's relationships
with Jefferies and MassMutual support the execution of its
syndication strategy and allow it to compete with much larger and
better-funded banks. The JV owners provide sources of credit and
operational support. Despite its relatively modest size, JFIN is
one of the largest U.S. originators of syndicated leveraged loans
because it sources loans directly through, and in support of,
Jefferies' investment banking division. S&P's issuer credit rating
on JFIN is one notch higher than the stand-alone assessment because
we believe Jefferies would support JFIN under some circumstances of
stress.

The negative outlook reflects JFIN's increased leverage, difficult
market conditions, and continued economic fallout related to the
COVID-19 pandemic. S&P said, "We expect that JFIN will maintain
adequate funding and liquidity and that its increased leverage is
temporary and will decline to close to 4.5x debt to ATE by November
2020. Also, we expect MassMutual and Jefferies to continue to
support JFIN and the company to remain at least moderately
strategically important to Jefferies."

S&P could lower the ratings within the next 12 months if:

-- Liquidity becomes strained and is no longer adequate, in our
view;

-- Debt to ATE is expected to be above 4.5x beyond November 2020;
or

-- Jefferies reduces its commitment to JFIN.

S&P could affirm the ratings if funding and liquidity risks related
to underwriting commitments and undrawn revolving credit
commitments ease or are further mitigated and if the company
maintains leverage within its expectations.



JEWELTEX ENTERPRISES: Hires Dunn & Dill as Accountant
-----------------------------------------------------
Jeweltex Enterprises, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Texas to employ Dunn &
Dill CPAs, LLC, as accountant to the Debtor.

Jeweltex Enterprises requires Dunn & Dill to:

   -- assist in the preparation of monthly financial reports;

   -- assist with the preparation of bankruptcy monthly operating
      reports; and

   -- assist with the preparation of tax returns due from the
      estates.

Dunn & Dill will be paid at these hourly rates:


     William Dunn                    $350
     Julie Dill                      $250
     Staff members               $90 to $175

The firm will also be paid as follows:

   Preparation of financial statements            $675 per month
   Annual corporate tax return                    $950 per annum
   Preparation of Texas Franchise tax return      $350
   Sales tax returns                              $100 per month
   Preparation of 1099's and 1096                 $150 per annum

Dunn & Dill will also be reimbursed for reasonable out-of-pocket
expenses incurred.

William Dunn, partner of Dunn & Dill CPAs, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Dunn & Dill 'can be reached at:

     William Dunn
     DUNN & DILL CPAS, LLC
     1225 Thomasville Court
     Garland, TX 75044
     Tel: (972) 485-5333

                  About Jeweltex Enterprises

Jeweltex Enterprises, Inc., owner of a jewelry store, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.
Texas Case No. 20-40485) on Feb. 18, 2020. At the time of the
filing, the Debtor had estimated assets of between $100,000 and
$500,000 and liabilities of between $1 million and $10 million.
Judge Brenda T. Rhoades oversees the case.  The Mitchell Law Firm,
L.P., is the Debtor's legal counsel.


JONATHAN RESNICK: Trustee Taps Michelle Cohen as Special Counsel
----------------------------------------------------------------
Zvi Guttman, the trustee appointed in the Chapter 11 cases of The
Law Offices of Jonathan S. Resnick, LLC and its affiliates, seek
approval from the U.S. Bankruptcy Court for the District of
Maryland to employ The Law Office of Michelle Cohen Levy, P.A. as
special litigation counsel.

The firm will represent the trustee in a civil action filed by
Jonathan S. Resnick and its affiliate, The Law Offices of Perry A.
Resnick, LLC, against KrunchCash LLC and its insider.  The case is
pending in the U.S. District Court for the Southern District of
Florida (Case No. 20-cv-80163).

The firm will be compensated on a contingency fee basis.  Pursuant
to the engagement agreement, the contingent fee will be 25 percent
of the amount recovered.

Michelle Cohen Levy has no connections with Debtors, the trustee,
any creditor or any other "party-in-interest," according to court
filings.

The firm can be reached through:

     Michelle Cohen Levy
     The Law Office of Michelle Cohen Levy, P.A.
     4400 N. Federal Highway
     Lighthouse Point, FL 33064

           About The Law Offices of Jonathan S. Resnick

The Law Offices of Jonathan S. Resnick, LLC and The Law Offices of
Perry A. Resnick, LLC, Maryland-based law firms, sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case Nos.
20-12822 and 20-12820) on March 4, 2020.  On April 6, 2020, The Law
Offices of Jonathan S. Resnick, PLLC filed a voluntary Chapter 11
petition (Bankr. D. Md. Case No. 20-14188).  The cases are jointly
administered under Case No. 20-12822.   

At the time of the filing, Jonathan S. Resnick, LLC and Jonathan S.
Resnick, PLLC each had estimated assets of between $1 million and
$10 million and liabilities of between $10 million and $50 million.
Perry A. Resnick disclosed assets of between $1 million and $10
million and liabilities of the same range.

Debtors hired The VerStandig Law Firm and McNamee Hosea Jernigan
Kim Greenan & Lynch, P.A as their legal counsel.

Zvi Guttman was appointed as Debtors' Chapter 11 trustee.  The
trustee is represented by The Law Offices of Zvi Guttman, P.A.


JT MEAT & GROCERY: Seeks to Extend Exclusivity Period to Aug. 7
---------------------------------------------------------------
JT Meat & Grocery Corp. asked the US Bankruptcy Court for the
Southern District of New York for extensions of the periods during
which the Debtor has the exclusive right to file a plan of
reorganization and solicit acceptances to said plan through August
7 and October 6, respectively.

The Debtor sought bankruptcy protection to preserve its most
significant asset -- the Lease. The requested extension, if
granted, will provide Debtors ample time to resolve the issues
raised in the adversary proceedings regarding the Lease which is a
critical component to its reorganization efforts.

Prior to the Petition Date, the Debtor commenced an action against
its landlord, 1472 Boston Road, LLC, with the Supreme Court for the
State of New York, County of Bronx, docketed under Index No.
27171-2018E whereby the Debtor had asserted certain causes of
action against the Landlord, which includes specific performance
regarding an option to purchase the Premises subject to its lease
with the Landlord and for payment for damages sustained to the
Premises. The State Court Action has been removed to the Bankruptcy
Court for continued prosecution.

The Debtor has also filed an Adversary Proceeding entitled JT Meat
& Grocery Corp. v. General Trading Co., Inc., adversary proceeding
number 20-01055 (SMB), in which the Debtor seeks a determination
that General Trading Co., Inc. does not have an interest in the
Lease or such interest may be satisfied through the sale of the
real property subject to the Lease.

               About JT Meat & Grocery Corp.

JT Meat & Grocery Corp. is a privately held company in the grocery
stores business.

JT Meat & Grocery Corp. filed its voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-10060) on
Jan. 10, 2020. In the petition signed by Kevin Tavera, president,
the Debtor estimated $1 million to $10 million in assets and
$500,000 to $1 million in liabilities. Clifford A. Katz, Esq. at
PLATZER, SWERGOLD, LEVINE, GOLDBERG, KATZ & JASLOW, LLP, represents
the Debtor as counsel.



KLAUSNER LUMBER: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------------
Andrew Vara, acting U.S. trustee for Regions 3 and 9 appointed a
committee to represent unsecured creditors in the Chapter 11 case
of Klausner Lumber One, LLC.

The committee members are:

     1. Sunbelt Rentals, Inc.
        Attn: Ronald Matley
        1275 West Mound Street
        Columbus, Ohio 43223
        Phone: (803) 578-5074
        rmatley@sunbeltrentals.com.  

     2. M.A. Rigoni, Inc.
        Attn: Jennifer Schwab
        2365 N. U.S. Hwy. 19
        Perry, FL 32347
        Phone: 850-838-5498
        jennifer@marigoniinc.com.

     3. Peninsula Pipeline Company, Inc.
        Attn: Thomas Mahn/Lindsay B. Orr
        909 Silver Lake
        Boulevard Dover, DE 19904
        Phone: 302-736-7656
        TMahn@chpk.com
        LOrr@chpk.com.  

     4. Mahild Drying Technologies
        Attn: Michael Lausch/Andreas Stahl Meisenweg
        1 D - 72622 Nürtingen
        Germany
        Phone: +49-7022-66924
        mlausch@mahild.com,
        astahl@mahild.com.  

     5. Warn Act Plaintiffs
        Attn: Helmut Thomay
        3931 Arbor Mill Cir.
        Orange Park, FL 32065,
        Phone: 904-859-9766
        thhe.alex@gmail.com.  
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                     About Klausner Lumber One

Klausner Lumber One, LLC is a privately held company in the lumber
and plywood products manufacturing industry.  It is 100% owned by
non-debtor Klausner Holding USA, Inc.

Klausner Lumber One sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11033) on April 30,
2020.  At the time of the filing, Debtor disclosed assets of
between $100 million and $500 million and liabilities of the same
range.

Debtor tapped Westerman Ball Ederer Miller Zucker & Sharfstein, LLP
as bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP as
local counsel; Asgaard Capital, LLC as restructuring advisor; and
Cypress Holdings, LLC as investment banker.


LBM BORROWER: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on U.S.-based building
materials distributor LBM Borrower LLC to negative from stable and
affirmed its 'B+' issuer credit rating. S&P also affirmed its 'B+'
and 'B-' issue-level ratings on the company's senior secured
loans.

S&P said, "We are revising our outlook on LBM Borrower LLC to
negative based on recessionary pressures that are limiting new home
purchases and will depress end market demand for LBM's products
this year. For the 12 months ended Dec. 31, 2019, LBM's adjusted
leverage was 4.7x, and EBITDA interest coverage was 2.7x. These
metrics are in line with our prior expectations. However, under our
base-case scenario, we expect revenues and earnings to decline in
2020, and thus we believe credit measures will deteriorate over the
next several quarters.

"Our negative outlook on LBM indicates our view that prolonged
slowness in new construction activity and depressed demand from
homebuilders could weaken revenues and earnings more than we expect
under our base-case scenario."

S&P could lower our rating over the next 12 months if:

-- EBITDA contracts by over 30%, such that debt to EBITDA remains
above 6x or EBITDA interest coverage deteriorates to below 2x, with
little expectation of a quick rebound; or

-- EBITDA margins deteriorate by more than 3%, with few prospects
for a rapid recovery.

S&P could revise the outlook back to stable over the next 12 months
if:

-- Overall demand and business conditions improve; and

-- LBM sustains its leverage in the 4x-5x range, with EBITDA
interest coverage well above 2x.



LEGGETT & PLATT: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 14, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Leggett & Platt Incorporated to BB+ from BBB.

Headquartered in Carthage, Missouri, Leggett & Platt, Incorporated
manufactures a wide range of engineered products.



LKQ CORP: Egan-Jones Lowers FC Sr. Unsecured Rating to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by LKQ Corporation
to B+ from BB+.

Headquartered in Chicago, Illinois, LKQ Corporation is an American
provider of alternative and specialty parts to repair and
accessories' automobiles and other vehicles.



M/I HOMES: Egan-Jones Lowers FC Senior Unsecured Rating to B
------------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by M/I Homes Inc.
to B from BB-.

Headquartered in Columbus, Ohio, M/I Homes, Inc. is a builder of
single-family homes.



MANHATTAN SCIENTIFICS: Reports $732K Net Loss for First Quarter
---------------------------------------------------------------
Manhattan Scientifics, Inc., reported a net loss of $732,000 on $-
of revenue for the three months ended March 31, 2020, compared to a
net loss of $436,000 on $- of revenue for the three months ended
March 31, 2019.  The increase in the net loss is mainly
attributable to the increase in the loss on fair value adjustment.

As of March 31, 2020, the Company had $1.58 million in total
assets, $2.25 million in total liabilities, $1.06 million in series
D convertible preferred shares, and a total stockholders' deficit
of $1.74 million.

General and administrative expenses were $169,000 for the three
months ended March 31, 2020 compared with $220,000 for the three
months ended March 31, 2019.  The primary decrease in general and
administrative expenses was the result of the decrease in
accounting and legal expenses.

Research and development was $3,000 for the three months ended
March 31, 2020 compared with $1,000 for the three months ended
March 31, 2019.  The decrease in research and development was based
on the departure of its chief scientist and the Company was in the
process of licensing its technology a third party.

Total other expense for the three months ended March 31, 2020
totaled $560,000 compared to $215,000 for the three months ended
March 31, 2019.  This is primarily attributable to the loss on fair
value adjustments of its investment in Imagion during the period.

The Company said, "Based upon current projections, our principal
cash requirements for the next 12 months consists of (1) fixed
expenses, including payroll, investor relations services, public
relations services, bookkeeping services, consultant services, and
rent; and (2) variable expenses, including technology research and
development, milestone payments and intellectual property
protection, and additional scientific consultants.  As of March 31,
2020, we had $241,000 in cash.  We believe our current cash
position is not sufficient to maintain our operations for the next
twelve months.  Accordingly, we will need to engage in equity or
debt financings to secure additional funds.  If we raise additional
funds through future issuances of equity or convertible debt
securities, our existing stockholders could suffer significant
dilution, and any new equity securities we issue could have rights,
preferences and privileges superior to those of holders of our
common stock.  Any debt financing that we secure in the future
could involve restrictive covenants relating to our capital raising
activities and other financial and operational matters, which may
make it more difficult for us to obtain additional capital and to
pursue business opportunities, including potential acquisitions.
We may not be able to obtain additional financing on terms
favorable to us, if at all.  If we are unable to obtain adequate
financing or financing on terms satisfactory to us when we require
it, our ability to continue to support our business growth and to
respond to business challenges could be impaired, and our business
may be harmed."

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

                         https://is.gd/jOG8kI

                     About Manhattan Scientifics

Headquartered in New York, Manhattan Scientifics, Inc., is focused
on technology transfer and commercialization of these
transformative technologies.  The Company operates as a technology
incubator that seeks to acquire, develop and commercialize
life-enhancing technologies in various fields.  To achieve this
goal, the Company continues to identify emerging technologies
through strategic alliances with scientific laboratories,
educational institutions, scientists and leaders in industry and
government.  The Company and its executives have a long-standing
relationship with Los Alamos Laboratories in New Mexico.

Manhattan Scientifics reported a net loss of $1.22 million for the
year ended Dec. 31, 2019, compared to a net loss of $8.33 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $2.22 million in total assets, $2.17 million in total
liabilities, $1.06 million in series D Convertible preferred
mandatory redeemable, authorized shares, and a total stockholders'
deficit of $1 million.

Prager Metis CPAs, LLC, in Las Vegas, NV, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated April 14, 2020 citing that the Company has had cumulative
losses and has accumulated deficit as of Dec. 31, 2019, which raise
substantial doubt about its ability to continue as a going concern.


MARKEL CORP: Moody's Rates $600MM Preferred Stock 'Ba1(hyb)'
------------------------------------------------------------
Moody's Investors Service assigned a Ba1 (hyb) rating to
approximately $600 million of non-cumulative perpetual preferred
stock being issued by Markel Corporation (Markel, NYSE: MKL) off
its multi-purpose shelf registration. Markel expects to use net
proceeds from the offering for general corporate purposes. The
rating outlook for Markel is stable.

RATINGS RATIONALE

For Markel and other insurers, the coronavirus-related economic
downturn is constraining premiums, raising claim costs in certain
business lines, and adding volatility to investment performance and
capital levels. Markel reported a net loss of $1.4 billion in the
first quarter of 2020 compared to net income of $578 million in the
first quarter of 2019 mainly because of pretax unrealized losses on
its equity portfolio of $1.7 billion and pretax coronavirus-related
claims of $325 million, partially offset by $371 million of income
tax benefits. The coronavirus charges were primarily attributable
to losses from international event cancellation and UK business
interruption insurance.

Partly offsetting these challenges, shelter-in-place orders are
reducing claim frequencies in some property & casualty lines, while
government fiscal and monetary actions are alleviating some of the
economic and financial market stress. Moody's expects that Markel
will conserve liquidity and limit discretionary spending to protect
its credit profile through the downturn.

On a proforma basis as of March 31, 2020, Markel's preferred stock
issuance will increase its financial leverage to around 29%, which
remains within Moody's expectations. The parent company held cash
and investment assets of $3.3 billion at March 31, 2020.

Markel's ratings are based on the group's scale and market presence
in both the specialty and excess and surplus markets, a diversified
mix of specialty insurance and reinsurance, relatively good
risk-adjusted capitalization and a prudent approach to reserving.
Partially offsetting these positive factors are the company's low
profitability relative to specialty peers, exposure to a number of
volatile and long-tail lines of business, significant catastrophe
exposure, and a relatively high investment allocation to equities.

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

Moody's cited the following factors that could lead to a rating
upgrade for Markel: (i) strong and consistent earnings through the
insurance cycle (return-on-capital consistently above 7%); and (ii)
adjusted financial leverage at or below 25% with pretax interest
coverage consistently greater than 6x.

The following factors could lead to a rating downgrade for Markel:
(i) adjusted financial leverage consistently above 30% or interest
coverage consistently below 4x; (ii) gross underwriting leverage
above 4x; (iii) liquid assets at the holding company less than 3x
annual interest expense; (iv) a decline in shareholders' equity by
10% or more as a result of losses; and (v) reserve charges more
than 5% of carried reserves

Moody's has assigned the following rating to Markel:

  $600 million non-cumulative preferred stock at Ba1 (hyb).

The rating outlook for Markel is stable.

Markel Corporation is a property and casualty insurance holding
company based in Glen Allen, Virginia. For the first quarter of
2020, Markel reported net premiums written of $1.6 billion and a
net loss to shareh olders of $1.4 billion. As of March 31, 2020,
shareholders' equity was $9.7 billion.

The methodology used in this rating was Property and Casualty
Insurers Methodology published in November 2019.


MED PARENTCO: S&P Lowers ICR to 'B-'; Outlook Negative
------------------------------------------------------
S&P Global Ratings lowered its ratings on optical retailer MED
ParentCo L.P. (operating as MyEyeDr.), including the issuer credit
rating, to 'B-' from 'B'.

The downgrade reflects the COVID-19 fallout that will impair
MyEyeDr.'s growth and lead to higher leverage in 2020.

The coronavirus pandemic caused the company to close all of its
locations for an extended period. S&P said, "Therefore, we expect
the company to report significant revenue and EBITDA losses
relative to our previous base case estimates. In particular, we
previously projected pro forma debt to EBITDA to decline to the
low-7x area by 2020 due to its accretive acquisitions and
same-store sales increases. We now expect leverage will be well
above our previous downgrade threshold of 8x at year-end 2020 as a
result of the pandemic-related store closures and cash burn. We
also think the company's acquisition strategy will lead to some
volatility in its operating performance as the timing of expected
cost savings from acquired units remains uncertain."

S&P anticipates limited additional acquisitions in 2020 and a
likely gradual recovery.

MyEyeDr.'s operations are relatively insulated from a recession
since it is a retailer of nondiscretionary medical necessities. S&P
expects the brunt of store closures and social distancing during
the second quarter of 2020 and a rebound in the second half of the
year. A prolonged impact from the pandemic resulting in extended
store closures and consumers continuing to observe social
distancing even if restrictions are lifted could impede
improvements in the company's performance. Given the uncertain
environment and anticipated very high leverage, S&P has applied a
negative comparable ratings adjustment (previously neutral).

The company's liquidity should remain sufficient in the short term
but tightening covenant headroom poses a risk.

S&P said, "While the company's spending can be supported by its
current cash balance, which includes a recent draw on its revolving
credit facility and cash conservation measures, we expect liquidity
to tighten. MED has been limiting its cash burn during the
suspension of its operations by furloughing its staff, delaying
acquisitions, and extending payment terms. That said, the revolver
is subject to a maximum 8.1x first-lien covenant. Based on our
EBITDA forecast for substantial declines in the second and third
quarters of 2020, we believe the company could breach its covenant
if stores were closed for an extended period. While the company has
the ability to exercise its Cure right with an equity or cash
infusion (limited to two quarters in each four consecutive fiscal
periods) in the event of diminishing covenant headroom, we assume
the company would be able to secure a waiver or an amendment under
reasonable terms given the nondiscretionary nature of its business
and relationship with lenders. We revised our assessment of
MyEyeDr.'s liquidity to less than adequate from adequate to reflect
the tightening liquidity due to the store closures amid the
COVID-19 pandemic."

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

-- Health and safety factors.

S&P said, "The negative outlook reflects the uncertainty around the
severity and duration of the pandemic's effect on MyEyeDr.'s
performance, which could hurt the company's ability to recover in
line with our expectations.

"We could lower our rating on MyEyeDr. if we believed the company's
capital structure were unsustainable due to high leverage,
weaker-than-expected organic revenue and cash flow, or a lower
contribution for new acquisitions. We could also lower the rating
if we anticipated the company's liquidity would tighten further
such that it would not be able to maintain sufficient headroom
under its financial covenant and if we thought it would not be able
to receive a waiver or amendment from its lenders under adequate
terms.

"We could revise the outlook to stable if we came to believe in its
recovery prospects and anticipated that it would maintain
sufficient headroom under its financial covenant."



MICROVISION INC: Perry Mulligan Quits from Board of Directors
-------------------------------------------------------------
Perry M. Mulligan resigned from the board of directors of
MicroVision Inc.  Mr. Mulligan served as director of the company
since January 2010 and was chief executive officer from November
2017 to February 2020.

"I am very grateful to have been able to serve MicroVision as a
member of the executive team and as a long-time board member," said
Mr. Mulligan.  "As part of my transition to the board earlier this
year I was committed to demonstrating my support for our new CEO
Sumit Sharma with the board and shareholders.  With a successful
transition completed, I remain confident in the potential for the
company.  In light of my recent health issues, I believe that this
is the right time for me to retire from the board and focus on my
recovery and my family."

"The company and board have benefited from Perry's dedication,
knowledge and leadership both as CEO for two years and as a board
member since 2010," said Brian Turner, Board Chair.  "While I am
sorry to see Perry resign, I am glad that he was able to continue
as a board member after stepping down as CEO earlier this year to
enable a smooth transition for Sumit.  The board members and I have
enjoyed working with Perry and will miss his insights and positive
contributions.  We wish him well as he steps away to focus on
health and family."

                        About MicroVision

MicroVision -- http://www.microvision.com/-- is the creator of
PicoP scanning technology, an ultra-miniature sensing and
projection solution based on the laser beam scanning methodology
pioneered by the company.  MicroVision's platform approach for this
sensing and display solution means that its technology can be
adapted to a wide array of applications and form factors.  The
Company combines its hardware, software, and algorithms to unlock
value for its customers by providing them a differentiated advanced
solution for a rapidly evolving, always-on world.

MicroVision reported a net loss of $26.48 million for the year
ended Dec. 31, 2019, compared to a net loss of $27.25 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$11.84 million in total assets, $15.81 million in total
liabilities, and a total shareholders' deficit of $3.98 million.

Moss Adams LLP, in Seattle, Washington, the Company's auditor since
2012, issued a "going concern" qualification in its report dated
March 11, 2020, citing that the Company has suffered recurring
losses from operations and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.


MICROVISION INC: Stockholders Elect 7 Directors
-----------------------------------------------
Microvision, Inc., held its annual meeting of stockholders on
May 19, 2020, at which the stockholders:

   (a) elected Simon Biddiscombe, Robert P. Carlile, Yalon Farhi,
       Perry M. Mulligan, Sumit Sharma, Bernee D.L. Strom, and
       Brian Turner as directors;

   (b) did not approve an amendment to the Amended and Restated
       Certificate of Incorporation to amend the total number of
       shares of the company's authorized common stock;

   (c) approved an amendment to the Amended and Restated
       Certificate of Incorporation to enable a reverse stock
       split of the company's common stock;

   (d) approved the 2020 MicroVision, Inc. Incentive Plan;

   (e) ratified the appointment of Moss Adams LLP as the
       Company's independent registered public accounting firm
       for the fiscal year ending Dec. 31, 2020; and

   (f) approved, on an advisory basis, the compensation of the
       Company's named executive officers.

                      About MicroVision

MicroVision -- http://www.microvision.com-- is the creator of
PicoP scanning technology, an ultra-miniature sensing and
projection solution based on the laser beam scanning methodology
pioneered by the company.  MicroVision's platform approach for this
sensing and display solution means that its technology can be
adapted to a wide array of applications and form factors.  The
Company combines its hardware, software, and algorithms to unlock
value for its customers by providing them a differentiated advanced
solution for a rapidly evolving, always-on world.

MicroVision reported a net loss of $26.48 million for the year
ended Dec. 31, 2019, compared to a net loss of $27.25 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $6.90 million in total assets, $14.18 million in total
liabilities, and a total shareholders' deficit of $7.27 million.

Moss Adams LLP, in Seattle, Washington, the Company's auditor since
2012, issued a "going concern" qualification in its report dated
March 11, 2020, citing that the Company has suffered recurring
losses from operations and has an accumulated deficit that raise
substantial doubt about its ability to continue as a going concern.


MOUNTAIN STATES: Committee Taps Alliance as Financial Advisor
-------------------------------------------------------------
The official committee of unsecured creditors appointed in Mountain
States Rosen, LLC's Chapter 11 case seeks approval from the U.S.
Bankruptcy Court for the District of Wyoming to employ Alliance
Management, LLC as its financial advisor.

Alliance Management will provide these financial advisory services
to the committee in connection with Debtor's bankruptcy case:

     (a) assist in identifying alternate investors or buyers of
Debtor;

     (b) assess any purchase price (including adjustments)
contained in any bid for Debtor's assets, review the actual
proposed adjustments, assess the ramifications of such adjustments
on the distribution to creditors, attend any auctions of Debtor's
assets, and assess any taxes applicable, certainty of closing and
Debtor's fall-back position in any proposed asset sale;

     (c) assess Debtor's financial statements, plans, projections,
strategies, operations, monthly operating reports, financial
condition, retention of management, employee incentive and
severance plans, cash flow and viability, and advise the committee
based on its observations;

     (d) evaluate financing proposals and alternatives proposed for
debtor-in-possession financing, use of cash collateral, exit
financing and capital raising to support any Chapter 11 plan;

     (e) advise the committee on the business, financial and
operational aspects of Debtor;

     (f) meet with and interview Debtor's management and advisors;

     (g) advise the committee in all aspects relating to the sale
of substantially all of Debtor's assets or to any plan of
reorganization or liquidation, which may be developed during the
pendency of the case;

     (h) provide forensic accounting services, if requested,
regarding pre-bankruptcy activities of Debtor in order to identify
potential causes of action;

     (i) participate in discussions and negotiations related to
preference claims or other causes of action;

     (j) conduct valuations (including liquidation valuations) of
Debtor's assets and operations if requested;

     (k) provide expert testimony at depositions and court hearings
if requested;

     (l) analyze claims to assist in determining ultimate
recoveries to creditors;

     (m) attend meetings and conference calls with representatives
of creditors and their legal counsel; and

     (n) assist the committee in evaluating tax issues.

The professionals designated to render services to the Debtor will
be paid at hourly rates as follows:

     Alex Smith            $475
     Christopher Tomas     $475
     Brock Kline           $425
     Keith Carpenter       $385

Alex Smith of Alliance Management disclosed in court filings that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
    
     Alex Smith
     Alliance Management, LLC
     Carlson Towers, Suite 110
     601 Carlson Parkway
     Minneapolis, MN 55305
     Telephone: (952) 475-2225

                    About Mountain States Rosen

Mountain States Rosen LLC is a privately held company in the animal
slaughtering and processing business with its principal place of
business at 920 7th Ave., Greeley, Colo.  For more information,
visit http://mountainstatesrosen.com/

Mountain States Rosen sought bankruptcy protection (Bankr. D. Wyo.
Case No. 20-20111) on March 19, 2020. The petition was signed by
Mountain States Rosen President Brad Graham. At the time of the
filing, Debtor was estimated to have assets between $10 million and
$50 million and liabilities of the same range.

Judge Cathleen D. Parker oversees the case.

Debtor tapped Markus Williams Young & Hunsicker, LLC as its legal
counsel, and r2 Advisors, LLC as its financial advisor.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtor's bankruptcy case.  Tucker Ellis, LLP
and Patton & Davison, LLC serve as the committee's lead bankruptcy
counsel and local counsel, respectively.


MOUNTAIN STATES: Hires Otis & Bedingfield as Special Counsel
------------------------------------------------------------
Mountain States Rosen, LLC received approval from the U.S.
Bankruptcy Court for the District of Wyoming to employ Otis &
Bedingfield, LLC as special counsel.

Otis & Bedingfield will represent Debtor in a complaint that it
filed in Colorado District Court for Weld County (Case No.
2020CV30102) concerning a property that is not part of the legal
title held by Debtor but which it has used for more than 50 years.

The firm's attorneys and paralegals who will be providing the
services will be paid at hourly rates as follows:

     Lia Szasz          Attorney             $275
     Danielle Palardy   Associate Attorney   $175    
     Christy Roche      Paralegal            $135
     Deb Johnson        Paralegal            $135  

Lia Szasz, Esq., an attorney at Otis & Bedingfield, disclosed in
court filings that her firm neither represents nor holds any
interest adverse to Debtor and its bankruptcy estate.

The firm can be reached through:
     
     Lia Szasz
     Otis & Bedingfield, LLC
     1812 56th Avenue
     Greeley, CO 80634
     Telephone: (970) 330-6700
     Facsimile: (970) 330-2969

                    About Mountain States Rosen

Mountain States Rosen LLC is a privately held company in the animal
slaughtering and processing business with its principal place of
business at 920 7th Ave., Greeley, Colo.  For more information,
visit http://mountainstatesrosen.com/

Mountain States Rosen sought bankruptcy protection (Bankr. D. Wyo.
Case No. 20-20111) on March 19, 2020. The petition was signed by
Mountain States Rosen President Brad Graham. At the time of the
filing, Debtor was estimated to have assets between $10 million and
$50 million and liabilities of the same range.

Judge Cathleen D. Parker oversees the case.

Debtor tapped Markus Williams Young & Hunsicker, LLC as its legal
counsel, and r2 Advisors, LLC as its financial advisor.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtor's bankruptcy case.  Tucker Ellis, LLP
and Patton & Davison, LLC serve as the committee's lead bankruptcy
counsel and local counsel, respectively.


MTN INFRASTRUCTURE: S&P Alters Outlook to Neg., Affirms 'B' ICR
---------------------------------------------------------------
S&P Global Ratings revised the outlook on U.S.-based fiber
infrastructure provider MTN Infrastructure TopCo Inc. (d/b/a Segra)
to negative from stable and affirmed all of its ratings on the
company, including the 'B' issuer credit rating.

S&P said, "We are also assigning a 'B' issue-level rating and '3'
recovery rating to the company's proposed $275 million term loan B
due 2024. The '3' recovery rating indicates our expectation of
meaningful (50%-70%; rounded estimate: 50%) recovery in the event
of a payment default."

The outlook revision reflects the company's high leverage due to
restructuring, acquisition, and integration expenses related to its
2018 merger with Spirit Communications and the possibility that
leverage creeps above our downgrade threshold of 6.5x over the next
12 months.  S&P said, "Costs related to the Spirit acquisition,
which were above our expectations, resulted in adjusted leverage of
6.5x in the last quarter, annualized as of Dec. 31, 2019. While we
expect a decline in leverage to the low-6x area by the end of 2020
from EBITDA growth because of cost reduction initiatives, lower
restructuring expense, and synergy realization, there is limited
cushion for underperformance."

S&P said, "The negative outlook reflects Segra's high leverage in
the mid-6x area and the possibility that the company will sustain
leverage above our downgrade threshold of 6.5x if financial results
do not improve or the company incurs debt to fund additional
acquisitions or dividends to its owners.

"We could lower the rating if greater competition results in higher
churn or pricing pressure, leading to lower than expected EBITDA
such that leverage is sustained above 6.5x for a prolonged period
and the company's free operating cash flow (FOCF) weakens. We could
also lower the rating if Segra incurs debt to fund acquisitions or
dividends to its owners, keeping leverage above 6.5x longer term.

"We could revise the outlook to stable if the company successfully
integrates NorthState and achieves its synergy and earnings targets
in 2020 such that leverage approaches 6x by the end of 2020.
Although unlikely under current sponsor ownership, we could raise
the rating if the company sustains adjusted leverage comfortably
below 5x. However, even under that scenario, an upgrade is
contingent on Segra's owners maintaining a financial policy that
allows for leverage to be sustained at that level, even with more
acquisitions or leveraging events. We would also have to see
sustained positive FOCF."



MUSTAFIZUR RAHMAN: Uddin Buying Ozone Park Property for $725K
-------------------------------------------------------------
Mustafizur Rahman asks the U.S. Bankruptcy Court for the Eastern
District of New York to authorize the sale of the real property
located at 77-03 101st Avenue, Ozone Park, New York to Jasim Uddin
for $725,000, free and clear of all liens, claims and encumbrances,
pursuant to their Contract of Sale.

A hearing on the Motion is set for June 9, 2020 at 11:00 a.m.  The
objection deadline is June 2, 2020.

The Debtor is the owner of three pieces of real estate.  He has
entered into a loan modification for one of his properties and a
trial modification for the other property.  The motion is for the
property located at 77-03 101st Avenue, Ozone Park, New York 11416.


This property is encumbered by a mortgage held by U.S. Bank
National Association as Trustee for the C-Bass Mortgage Asset Stock
Certificate Series 2007 by Ocwen Loan Services.  Ocwen previously
filed a motion for relief from stay 8. The debtor and Ocwen have
entered into an agreement in which to settle that motion.  The
Debtor agreed to make monthly payments in the sum of $4,454 from
March 1, 2019 through July 1, 2020 and on the loan maturity date of
Aug. 1, 2020 a final balloon payment.  The amount due as to the
balloon payment is to be calculated on or about the maturity date.


Further the forbearance agreement provides that if the balloon
payment is not paid in full the debtor must satisfy it by sale of
the property located at 77-03 101st Avenue, Ozone Park, New York
11416 which must take place no later than Aug. 1, 2020 or Ocwen
will choose to liquidate such premises.        

It is absolutely essential to the administration of this case that
the sale be consummated before Aug. 1, 2020.  Consistent with the
mandate the Debtor has entered into a contract of sale with Jasim
Uddin for the sale of the property for the sum of $725,000.  The
Debtor has requested that Ocwen provide a payoff but it is believed
that it will be sufficient to pay all closing costs and the Ocwen
Loan.   

The Debtor has received a down payment in the sum of $36,250 which
is being held in the escrow account of the debtor’s real estate
attorney.  He has marketed the property over a number of years and
has determined this is the best possible price he can receive for
the property.  He submits that the purchase price as reflected in
the contract based on extensive negotiations and is the highest and
best offer he has received for the property.   In fact it is the
only offer received for this piece of real estate.   

Subject to Court approval, the Debtor asks authority to distribute
the sale proceeds at Closing as follows:  to pay at Closing such
costs as are necessary, appropriate, and customary to consummate
the sale of the Property including: (a) The Ocwen Mortgage and any
other liens judgments to be satisfied in full, and any open real
estate taxes, subject to usual adjustments made at closing; and (b)
customary title company and/or closer charges, (including the
transfer taxes borne by the Debtor as seller, if applicable,
payable to New York State).

The proposed sale of the Property and the distribution of the sale
proceeds as provided for herein will result in the Debtor relieving
himself of the significant burden of the mortgage.  

A copy of the Contract is available at https://tinyurl.com/y9suwvcz
from PacerMonitor.com free of charge.

The Purchaser:

     JASIM UDDIN
     89-57 101 Ave.
     Ozone Park, NY 11417

Mustafizur Rahman sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 18-42925) on May 21, 2018.  The Debtor tapped Mark R.
Bernstein, Esq., at Law Offices of Gregory Messer, PLLC as
counsel.



MVK INTERMEDIATE: Moody's Affirms B2 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service affirmed MVK Intermediate Holdings, LLC's
B2 Corporate Family Rating and B2-PD Probability of Default Rating.
Moody's also affirmed the B2 (LGD 4) ratings to the company's $60
million senior secured first lien revolving credit facility and
$335 million first lien senior secured term loan. The outlook is
stable.

MVK is seeking to temporarily increase its revolving credit
facility by up to $25 million to provide for additional liquidity
during the peak seasonal cash use period. The incremental revolver
will decline to $1 million after November 2020. The additional
revolver capacity will be used to enhance liquidity during the peak
seasonal working capital need in May/June until the stone fruit
selling season ramps up over the course of the summer months and
drives seasonal cash inflows. Moody's considers the incremental
facility as credit positive as it will provide additional
flexibility to compensate for a weak 2019 operating season and
delay in closing of the merger in September 2019 and subsequent
slower than expected achievement of synergies that would have
otherwise put the company on stronger footing.

Moody's affirmed the B2 CFR with a stable outlook despite weak
operating performance driven by stone fruit pricing deterioration
in the summer 2019 season because Moody's expects an improved
pricing environment in 2020 to lead to stronger earnings and free
cash flow. Moody's expects stone fruit demand to be stable with
some potential for uplift because of greater at-home and healthy
food consumption during the coronavirus pandemic.

The following ratings/assessments are affected by the action:

Rating Affirmations:

Issuer: MVK Intermediate Holdings, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Revolving Credit Facility, Affirmed B2
(LGD4)

Senior Secured 1st Lien Term Loan, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: MVK Intermediate Holdings, LLC

Outlook, Remains Stable

RATINGS RATIONALE

The B2 CFR reflects MVK's cash flow volatility due to seasonality
of business, relatively small scale with desirable but concentrated
growing acreage in California's San Joaquin Valley, and customer
concentration with 46% of sales generated from its top 5 customers.
The stone fruit business is also subject to significant
season-to-season volatility from weather-dependent growing
conditions, competition for distribution and shelf space with
retailers, and fluctuating fruit prices. Moody's believes that MVK
needs to maintain good liquidity to weather the typical variations
in operating performance. The rating also reflects that while MVK
enters the 2020 season with weak financial leverage (Debt/EBITDA)
in a high 7x range estimated as the end of 2019, Moody's projects
debt-to-EBITDA to decline to approximately 6.5x by year-end 2020
after working capital needs subside, and to 5.5x or lower within 12
-18 months, reflecting earnings growth and debt paydown based on a
normalized pricing and volume selling season. The rating is also
supported by the company's strong position in the US conventional
and organic stone fruit market (primarily peaches and nectarines),
positive secular trends in organic and healthy living, strong
profit margins, good liquidity and moderate free cash flow. Moody's
expects MVK's annual free cash flow to range between $15 million
and $30 million per year.

The coronavirus pandemic outbreak nevertheless presents some risk
notwithstanding Moody's expectation for improved stone fruit
pricing in 2020. The pandemic may cause disruptions to US supply
and demand of stone fruit that could impact pricing. A prolonged US
recession may also result in consumers trading down to less
expensive fruit which may negatively impact MVK's otherwise strong
margins. Additionally, MVK remains vulnerable to potential
outbreaks at its facilities, though no material outbreaks have been
noted to date. Offsetting this potential volatility is MVK's focus
in primarily retail and wholesale channels which have performed
well through the shelter-in-place directives. Additionally, the
company offers variability in packaging options that will benefit
from retailer and consumer preferences to reduce handling of loose
produce in this post-pandemic environment. MVK is also well
diversified through multiple pack houses and geographically
dispersed ranches minimizing operational risk.

ESG considerations include high social risks associated with the
coronavirus outbreak given the substantial implications for public
health and safety. The rapid and widening spread of the coronavirus
outbreak, lingering state closures, deteriorating economic outlook,
and falling oil prices are creating a severe and extensive credit
shock across many sectors. The combined credit effects of these
developments are unprecedented. The protein and agriculture sector
has been somewhat affected by the shock given its sensitivity to
consumer demand and sentiment including a change in consumer
purchasing habits and volatility in price. More specifically, there
could be shifts in market sentiment during these unprecedented
operating conditions. Other EGS considerations include corporate
governance risk associated with an aggressive financial policy
evidenced by high financial leverage.

The stable outlook reflects Moody's view that the incremental
revolver will allow MVK to maintain good liquidity into the peak
selling season and that the company will benefit from positive
trends in the stone fruit market and maintain strong margins over
the next 12 to 18 months. The outlook also reflects Moody's view
that the company's financial leverage will steadily improve due to
earnings growth and some debt repayment.

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

The ratings could be downgraded if stone fruit pricing or volume is
weaker than expected over the 2020 selling season, MVK's operating
margin declines, cash flows deteriorate, market share declines, or
liquidity weakens. Ratings could also be downgraded if debt to
EBITDA is sustained above 5.5x.

The rating could be upgraded if the company successfully integrates
the Wawona Packing and Gerawan Farming businesses, improves
revenues, and reduces leverage such that debt to EBITDA is
sustained below 4.0x. The company would also need to sustain
stronger free cash flow and liquidity to be considered for an
upgrade.

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

Headquartered in Fresno, California, MVK Intermediate Holdings, LLC
(MVK) is the holding company of Wawona Packing Company, LLC and
subs (owning the operating assets), and Wawona FarmCo, LLC (owning
the farmland and trees). In September 2019, legacy companies,
Wawona Packing Company (Wawona) and Gerawan Farming (Gerawan),
merged their businesses into MVK, which is majority owned and
controlled by private equity firm Paine Schwartz Partners with
minority ownership by Dan Gerawan. Wawona (founded in 1948) and
Gerawan (founded in 1938) are growers, packers and suppliers of
organic and conventional stone fruit including peaches, nectarines,
plums, tree nuts and citrus. The combined company generates
pro-forma revenue of approximately $300 million per year and owns
over 17,000 acres of farmland in the highly desirable San Joaquin
Valley in California.


NATIONAL OILWELL: Egan-Jones Lowers Senior Unsecured Ratings to B+
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 11, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by National Oilwell Varco Inc. to B+ from BB-.

Headquartered in Houston, Texas, National Oilwell Varco Inc. is a
worldwide provider of equipment and components used in oil and gas
drilling and production operations, oilfield services, and supply
chain integration services to the upstream oil and gas industry.



NCL CORP: S&P Retains 'BB-' ICR on Improved Liquidity
-----------------------------------------------------
S&P Global Ratings retained its 'BB-' issuer credit rating on
CreditWatch with negative implications on global cruise operator
NCL Corp. Ltd. S&P also lowered the issue-level rating on NCL's
senior unsecured notes to 'B+' from 'BB-' and revised the recovery
rating to '5' from 3', given increased secured and unsecured debt
in the capital structure following its recent capital raise. The
'5' recovery rating indicated its expectation for modest recovery
(10%-30%; rounded estimate: 15%) in the event of a payment
default.

S&P said, "Despite our forecast for a significant spike in leverage
in 2020 because of the unprecedented suspension of cruises, the
issuer credit rating remains 'BB-' because we believe NCL has
sufficient liquidity and leverage could improve under 5.5x in 2021
in our assumed recovery scenario. We believe cruises will remain
suspended through the third quarter, and that NCL can begin to
recover starting in the fourth quarter and into 2021. However, a
global recession and lingering travel fears could prolong recovery
and constrain consumer discretionary spending. As a result, we
assume NCL's adjusted leverage may remain high, above 5x, through
2021. This follows a significant deterioration in credit measures
and liquidity in 2020 because of a meaningful loss of revenue and
cash flow from the COVID-19 pandemic and the suspension of cruising
for at least several months. Nevertheless, we believe recently
completed financing transactions provide NCL with sufficient
liquidity to weather a prolonged suspension of operations.

"We believe NCL will generate negative EBITDA in 2020 because of
the suspension of operations and weak recovery. Our base-case
forecast for 2020 assumes NCL generates negative EBITDA because of
a temporary suspension of operations across NCL's fleet, and our
expectation that demand may remain weak once operations resume. We
believe NCL's operations will remain suspended until at least late
July, and it could extend through the seasonally strong third
quarter because of continued restrictions on gathering sizes, the
potential extension of the Centers for Disease Control and
Prevention's no-sail order, ongoing heightened travel restrictions
across the globe, and uncertainty around the peak and containment
of the coronavirus. Further, our economists believe we are in
severe a recession and expect both GDP and consumer spending to
decline significantly in 2020.

"We believe that while operations are suspended, EBITDA will be
meaningfully negative given the lack of revenue and continued
ship-level and overhead expenses. That said, we believe
ship-related expenses will decline significantly. Crew payroll,
food, and fuel expenses could be meaningfully reduced as the ship
is not sailing and has no guests. Further, we believe NCL will
reduce advertising spending meaningfully until operations resume,
when customers might be more receptive to booking cruises. Once
operations resume, demand will likely remain weak given our
economic forecast and belief travel fears may linger even after the
virus is contained.

"Following NCL's recent debt and equity issuances, we now believe
it has adequate liquidity to manage its cash burn under our 2021
recovery scenario. Pro forma for transactions as of March 31, 2020,
NCL had $3.7 billion available cash, including $2.3 billion in net
proceeds from the debt and equity raises and the drawing of $1.55
billion, the full availability, under its two revolvers. We believe
this provides ample liquidity runway, combined with additional
steps to reduce cash needs including extending the maturity of one
of its revolvers and refinancing amortization payments due under
export credit facilities. Along with delaying or deferring capital
expenditures (capex), including our assumptions on refunds of
customer deposits, we believe NCL can weather the operating
disruption through the next 15 months in a zero-revenue
environment.

Following the suspension of sailings in March 2020, NCL
significantly reduced its average monthly cash requirement to $120
million-$160 million. NCL's cash requirements include ongoing ship
operating expenses, administrative operating expenses, interest
expense, and expected necessary capex. It excludes cash refunds of
customer deposits as well as cash inflows from new and existing
bookings. To preserve liquidity, NCL plans to reduce capex by $515
million in 2020, including a $345 million reduction for non-new
ship construction for the remainder of 2020 and a potential $170
million reduction from delaying new ship-related payments. If NCL
successfully renegotiates the schedule of new construction payments
with shipyards, S&P expects capex will be $800 million-$900 million
in 2020, compared to its original guidance of $1.4 billion.

S&P expects NCL's adjusted leverage will likely remain above 5x
next year even in our assumed recovery scenario.

S&P said, "Following negative EBITDA generation in 2020, we assume
NCL's operations begin to recover next year, albeit to weaker
levels, and for NCL to generate around $1.5 billion-$1.7 billion in
unadjusted EBITDA in 2021. In our assumed recovery scenario, we
believe it will likely take more than a year, through 2022, for NCL
to recover to 2019 EBITDA levels despite increased capacity from
new ship deliveries in November 2019 and January 2020."

S&P's base case assumes the following for 2021:

-- Total revenue increases 2%-5% relative to 2019, primarily
because of additional capacity in the fleet. NCL took delivery of
Encore in November 2019 and Seven Seas Splendor in January 2020.

-- Demand remains weak and net revenue yields are around 6%-8%
below 2019.

-- Net cruise cost per available passenger cruise day, excluding
fuel, is about flat to slightly below 2019. S&P believes NCL is
taking measures to reduce operating expenses this year and some
reductions will be permanent.

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

-- Health and safety



NEIMAN MARCUS: Porter Hedges, Paul Represent Noteholder Group
-------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Porter Hedges LLP and Paul, Weiss, Rifkind,
Wharton & Garrison LLP submitted a verified statement to disclose
that they are representing the Ad Hoc Committee in the Chapter 11
cases of Neiman Marcus Group Ltd LLC, et al.

The Ad Hoc Secured Noteholder Committee or the Ad Hoc Committee of
(i) 8.750% Third Lien Senior Secured Notes due 2024 issued under
that certain indenture, dated as of June 7, 2019, as amended,
restated, amended and restated, supplemented or otherwise modified
from time to time, by and among Mariposa Borrower, Inc., The Neiman
Marcus Group LLC, NMG Subsidiary LLC and Neiman Marcus Group LTD
LLC, the guarantors party thereto and Wilmington Trust, National
Association, as trustee and collateral agent; (ii) 8.000% Third
Lien Senior Secured Notes due 2024 issued under that certain
indenture, dated as of June 7, 2019, as amended, restated, amended
and restated, supplemented or otherwise modified from time to time,
by and among the Issuers, the guarantors party thereto and
Wilmington Trust, as trustee and collateral agent, and (iii) 14.0%
Second Lien Notes due 2024, issued under that certain indenture,
dated as of June 7, 2019.

In September 2018, certain members of the Ad Hoc Committee retained
Paul, Weiss, Rifkind, Wharton & Garrison LLP to represent them in
connection with a potential financed restructuring of the
above-captioned debtors and debtors-in-possession. In March 2020,
certain members of the Ad Hoc Committee retained Porter Hedges LLP,
as its co-counsel. From time to time thereafter, certain additional
holders of the Secured Notes joined the Ad Hoc Committee.

As of May 15, 2020, members of the Ad Hoc Committee and their
disclosable economic interests are:

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

* NMG 14% 2L Notes due 2024: $158,955,409
* NMG 8% 3L Notes due 20244: $116,376,000
* NMG 8.75% 3L Notes due 2024: $85,742,921
* Cash Pay/PIK Extended Term Loans: $53,584,668
* Cash Pay Extended Term Loans: $6,437,014

Capital Research and Management
399 Park Ave., 33th Floor
New York, NY 10022

* NMG 14% 2L Notes due 2024: $97,614,136
* NMG 8% 3L Notes due 20244: $51,724,000
* NMG 8.75% 3L Notes due 2024: $56,528,094
* Cash Pay/PIK Extended Term Loans: $48,015,334

Southeastern Asset Management
6410 Poplar Ave., Suite 900
Memphis, TN 38119

* NMG 14% 2L Notes due 2024: $166,851,855

Marathon Asset Management, LP
One Bryant Park 38th Floor
New York, NY 10036

* NMG 14% 2L Notes due 2024: $45,556,113
* NMG 8% 3L Notes due 20244: $71,151,000
* NMG 8.75% 3L Notes due 2024: $27,335,115

Anchorage Capital Group, LLC
610 Broadway
New York, NY 10012

* NMG 8% 3L Notes due 20244: $15,484,000
* NMG 8.75% 3L Notes due 2024: $158,474,668
* Cash Pay Extended Term Loans: $796,715
* 2028 Debentures: $31,151,000

Susquehanna Advisors Group, Inc.
401 City Ave., Suite 220
Bala Cynwyd, PA 19004

* NMG 8% 3L Notes due 20244: $15,991,672
* NMG 8.75% 3L Notes due 2024: $4,000,000
* Unsecured Cash Pay Notes: $500

LMR Master Fund Limited
10th Floor, 363 Lafayette St
New York, NY 10012

* NMG 8% 3L Notes due 20244: $19,500,000
* NMG 8.75% 3L Notes due 2024: $2,000,000

Counsel to the Ad Hoc Committee can be reached at:

          John F. Higgins, Esq.
          Eric M. English, Esq.
          M. Shane Johnson, Esq.
          PORTER HEDGES LLP
          1000 Main St., 36th Floor
          Houston, TX 77002
          Telephone: (713) 226-6000
          Facsimile: (713) 228-1331
          Email: jhiggins@porterhedges.com

              - and -

          Andrew Rosenberg, Esq.
          Alice Belisle Eaton, Esq.
          Claudia Tobler, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          Facsimile: (212) 757-3990
          Email: arosenberg@paulweiss.com
                 aeaton@paulweiss.com
                 ctobler@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/MErS1s

                    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, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The 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.


NEWELL BRANDS: S&P Rates New Senior Unsecured Note Issuance 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue level rating to
U.S.-based consumer goods company Newell Brands Inc.'s proposed
$500 million senior unsecured notes due 2025. The recovery rating
on the proposed notes is '4', indicating its expectations that
creditors could expect average (30%-50%, rounded estimate: 40%)
recovery in the event of a payment default. The notes will be
issued by Newell Brands Inc. and will rank equally in right of
payment with all of the company's existing unsecured debt. S&P
believed the transaction is leverage neutral. The company plans to
use the proceeds from the issuance to repay the outstanding
borrowings under its revolving credit and securitization
facilities, as well as repay $305 million of 4.70% senior notes due
in August 2020.

S&P said, "All of our existing ratings, including our 'BB+' issuer
credit rating, are unchanged. The outlook is negative and reflects
our expectation that the company will experience top-line and
margin deterioration in the upcoming quarters because of store
closures, weakening consumer confidence, and supply chain
disruption with temporary closures of some of its manufacturing and
distribution facilities. We could lower the ratings if operations
suffer significantly due to store closures and a sharp drop in
consumer spending, preventing it from improving leverage toward the
low-4x area in fiscal 2021."



NIELSEN NV: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
--------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Nielsen NV to CCC+ from B. EJR also downgraded the rating on
commercial paper issued by the Company to C from B.

Headquartered in New York, New York, Nielsen NV is a global
information and measurement company.  It offers critical media and
marketing information, analytics and industry expertise about what
consumers watch (consumer interaction with television, online and
mobile) and what consumers buy on a global and local basis.



NORTIS INC: Seeks to Hire Savitt Wiley as Special Counsel
---------------------------------------------------------
Nortis, Inc. seeks authority from the U.S. Bankruptcy Court for the
Western District of Washington to employ Savitt Wiley & Bruce, LLP
as its special counsel.

On March 27, 2020, the Debtor filed its First Amended Plan of
Reorganization (Dkt. #199), and on April 1, 2020, the Debtor filed
a Disclosure Statement (Dkt. #203). The Plan provides for the
Debtor to pursue what the Plan describes as the BKT Malfeasance
Claims for the benefit of Creditors and Equity Security Holders.

The Debtor wishes to engage Savitt Wiley to help it evaluate the
merits of the BKT Malfeasance Claims and possibly to represent it
based on its evaluation of the case.

Savitt Wiley's hourly rates:

     Miles Yanick (Partner)     $495
     David Bruce (Partner)      $550
     Patrick Moore (Associate)  $330

Savitt Wiley 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:

     Miles A. Yanick, Esq.
     Savitt Bruce & Willey LLP
     1425 4th Ave #800
     Seattle, WA 98101
     Phone: +1 206-749-0500

               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.


NORTIS INC: Taps Hanlin Moss to Conduct Asset Valuation
-------------------------------------------------------
Nortis, Inc. received approval from the U.S. Bankruptcy Court for
the Western District of Washington to employ Hanlin Moss Yi, PS to
conduct a valuation of its patent portfolio.

Hanlin Moss will charge an hourly fee of $325 for its services and
will receive reimbursement for work-related expenses incurred.  The
firm has requested a retainer of $20,000.

William Hanlin, Jr. of Hanlin Moss disclosed in court filings that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
     
     William A. Hanlin, Jr.
     Hanlin Moss Yi, PS
     9709 Third Avenue NE, Suite 506
     Seattle, WA 98115
     Telephone: (206) 623-3200
     Facsimile: (206) 623-3222

                         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, 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.

Debtor tapped Karr Tuttle Campbell as its legal counsel; Anthony J.
Neupert, LLC as financial advisor; High Street Global Advisors, LLC
as investment banker; and Smith Bunday Burman Britton, PS as
accountant.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Oct. 9, 2019.  The committee is represented by the Law
Office of Dillon E. Jackson, PLLC.


OIL STATES: Egan-Jones Lowers Senior Unsecured Ratings to B-
------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Oil States International to B- from B.

Headquartered in Houston, Texas, Oil States International, Inc.
provides specialty products and services to oil and gas drilling
and production companies.


ONEOK INC: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by ONEOK Incorporated to BB+ from BBB-.

Headquartered in Tulsa, Oklahoma, ONEOK Incorporated is a
diversified energy company. The Company is involved in natural gas
and natural gas liquids businesses across the United States.



ONEWEB GLOBAL: Committee Hires Paul Hastings as Lead Counsel
------------------------------------------------------------
The official committee of unsecured creditors of OneWeb Global
Limited seeks authority from the U.S. Bankruptcy Court for the
Southern District of New York to employ Paul Hastings LLP as its
lead counsel.

The Committee requires Paul Hastings to:

     (a) consult with the Committee, the Debtors, and the U.S.
Trustee concerning the administration of the Chapter 11 Cases;

     (b) review, analyze, and respond to pleadings filed with this
Court by the Debtors and other parties in interest and to
participate at hearings on such pleadings;

     (c) investigate the acts, conduct, assets, liabilities, and
financial condition of the Debtors, the operation of the Debtors’
businesses, and any matters relevant to the Chapter 11 Cases, to
the extent required by the Committee;

     (d) take all necessary action to protect the rights and
interests of the Committee, including, but not limited to,
negotiations and preparation of documents relating to any plan of
reorganization and disclosure statement;

     (e) represent the Committee in connection with the exercise of
its powers and duties under the applicable provisions of the
Bankruptcy Code in connection with the Chapter 11 Cases; and

     (f) perform all other necessary legal services in connection
with the Chapter 11 Cases.

Paul Hastings' current customary hourly rate are:

     Partners      $1,150 - $1,625
     Of Counsel    $1,100 - $1,600
     Associates    $690 - $1,100
     Paralegals    $155 - $530

In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Luc A.
Despins, Esq. disclosed that the firm has not agreed to a variation
of its standard or customary billing arrangements, and that no Paul
Hastings professional has varied his rate based on the geographic
location of the Debtors' bankruptcy cases.

Mr. Despins also disclosed that the billing rates charged by Paul
Hastings in the pre-bankruptcy period are the same as the rates it
will charge in the post-petition period.

The Committee and Paul Hastings expect to work together to develop
a budget and staffing plan for the period from
April 17, 2020 through June 30, 2020, according to Mr. Despins.

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

The firm can be reached through:

     Luc A. Despins, Esq.
     Paul Hastings LLP
     200 Park Avenue
     New York, NY 10166
     Telephone: (212) 318-6000
     Facsimile: (212) 319-4090

                 About OneWeb Global Limited

Founded in 2012, OneWeb Global Limited is a global communications
company developing a low-Earth orbit satellite constellation system
and associated ground infrastructure, including terrestrial
gateways and end-user terminals, capable of delivering
communication services for use by consumers, businesses,
governmental entities, and institutions, including schools,
hospitals, and other end-users whether on the ground, in the air,
or at sea.  

OneWeb's business consists of the development of the OneWeb System,
which has included the development of small-next generation
satellites that have been mass-produced through a joint venture and
the development of specialized connections between the satellite
system and the internet and other communications networks through
the SNPs.  For more information, visit https://www.oneweb.world.

OneWeb Global Limited and its affiliates ought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
20-22437) on March 27, 2020.  At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.

Judge Robert D. Drain oversees the cases.

The Debtors tapped Milbank, LLP as legal counsel; Guggenheim
Securities, LLC as investment banker; FTI Consulting, Inc. as
financial advisor; and Omni Agent Solutions as claims, noticing and
solicitation agent.


PACIFIC DRILLING: Bankr. Court Rejects Samsung's Late-Filed Claim
-----------------------------------------------------------------
Bankruptcy Judge Michael E. Wiles sustains the objection of Debtors
Pacific Drilling and affiliates to, and expunges proof of claim
number 200 filed by Samsung Heavy Industries Co., Ltd.

The objecting parties contend that Claim Number 200 is barred
because it was filed long after the deadline that was set for the
filing of claims. Samsung argues that the late filing should be
permitted on grounds of excusable neglect. Samsung also contends
that other claims that it filed prior to the bar date effectively
asserted claims against all of the debtors in these cases; Samsung
refers to these as "informal" claims against Pacific Drilling.
Samsung therefore argues, in effect, that Claim 200 should just be
treated as an amendment or a clarification of a timely informal
claim that was previously filed.

Claim number 200 was filed using the official proof of claim form,
and the box was checked showing that the claim was filed against
Pacific Drilling. The claim is marked as having been received by
the official claims agent on Dec 20, 2018. Item four on the claim
form asked whether the claim amended another claim that had
previously been filed. Samsung checked the "no" box. The claim also
included an attachment that explained the bases for the claim.
Paragraph 5 of the attachment asserted that Samsung had a
contingent claim against Pacific Drilling for $387,442,227. It then
stated that "Samsung filed proofs of claim previously against
Pacific Drilling VIII Limited and Pacific Drilling Services, Inc.
or the Zonda Debtors, asserting contingent claims for the amount
listed immediately above." A footnote listed and made reference to
claims 169 and 170.

According to the court, the leading decision on the application of
the "excusable neglect" standard is the decision of the United
States Supreme Court in Pioneer Inv. Servs. v. Brunswick Assocs,
Ltd. P'ship.  In Pioneer, an attorney filed a claim 20 days after
the bar date. He claimed that he had been experiencing "a major and
significant disruption" in his life due to his withdrawal from his
former law firm and that he was unaware of the bar date until after
the date had passed. The Supreme Court held that the wording of the
rule shows that relief may be available even if a deadline is
missed due to neglect. It also held that neglect includes instances
in which deadlines are missed due to carelessness or
inattentiveness. In the words of the Supreme Court, the term
"neglect" encompasses "both simple, faultless omissions to act and,
more commonly, omissions caused by carelessness." The Supreme Court
also held that the determination of whether neglect is excusable is
"at bottom an equitable one, taking account of all relevant
circumstances surrounding the party's omission." The relevant
factors include: (1) the danger of prejudice; (2) the length of the
delay and its potential impact on proceedings; (3) the reason for
the delay, including whether it was in the reasonable control of
the movant; and (4) whether the movant acted in good faith.
However, the Supreme Court rejected the Sixth Circuit's holding
that a party should not be held responsible for the excusable
neglect of its counsel.

Samsung contends the delayed filing constituted excusable neglect
because the proposed plan was changed at the last minute in
September 2018 and the change caught Samsung unawares. However, the
relevant question is whether there was excusable neglect for
Samsung's failure to file by the bar date on May 1, 2018. No plan
had even been proposed at the time of the bar date, so later plan
terms and changes in plan terms could not possibly have anything to
do with Samsung's failure to assert claims by the bar date against
anyone other than the Zonda Debtors.

Samsung's counsel argued at a hearing on March 25 that the
arbitration claims had not yet been decided when the Bar Date
arrived and therefore that it was not known whether Samsung would
have excess claims against the Non-Zonda Debtors. But the
definition of "claims" under section 101 of the Bankruptcy Code
includes claims that are contingent, unliquidated, unmatured or
disputed, and my bar date order plainly applied to all such claims.
I note that the explanation offered by Samsung's counsel would have
similarly suggested that there was not yet reason to file claims
against Pacific Drilling Services, Inc. as the guarantor of the
obligations of Pacific Drilling VIII Limited but that hardly
stopped Samsung from doing so in May 2018. If Samsung really
thought that it had a contingent claim against other debtors then
Samsung should have filed a claim against those debtors, and that
is true regardless of whether the claim was contingent on the
outcome of the Zonda Arbitration, or whether it was contingent,
unliquidated, unmatured or disputed in any other way.

Samsung has also argued, based on various alleged prior statements
and conduct by Pacific Drilling both before the bankruptcy cases
and in alleged meetings of creditors, that Samsung allegedly
believed at the time of the bar date that all of the Pacific
Drilling entities would stand behind the payment of a potential
Samsung claim. But if any of that were true, it hardly excused
Samsung's failure to file claims against Pacific Drilling and other
Non-Zonda Debtors. To the contrary: if Samsung believed for any
reason that any of the Non-Zonda Debtors were going to be obligated
to stand behind the payment of any Samsung claim, that is just an
explanation of why Samsung could and should have filed claims
against those entities on or before the bar date. It is not an
excuse for Samsung's failure to do so.

Many cases have noted, in applying Pioneer, that a party who misses
a deadline must act with reasonable promptness after its neglect
becomes clear to it, and must act promptly to take the action that
should have been taken earlier. Here, the original bar date order
gave creditors about seven weeks to file claims. Samsung knew in
early September 2018 that the Zonda Debtors were being separated
from other debtors, and that Samsung's claims would only result in
recoveries from the Zonda Debtors. However, Samsung filed no proof
of claim against any of the Non-Zonda Debtors at that time. It was
not until 15 weeks later -- after the secured creditors had
committed hundreds of millions of dollars of new financing to the
Non-Zonda Debtor plan, after an order was entered confirming that
plan, and after that plan became effective -- that Samsung filed
its new claim, seeking full payment by the Non-Zonda Debtors of
more than $300 million. That is not acting with reasonable
promptness; it is exactly the opposite of reasonable promptness.

The Court has discretion to balance the Pioneer factors, so long as
it gives primary weight to the third factor in accordance with the
Second Circuit authorities. In the Court’s judgment, the lack of
a good reason for delay, the fact that what happened was entirely
under Samsung's control, the absence of a proper identification of
actual "neglect" that should be excused, the fact that Samsung did
not proceed with reasonable promptness when it learned of the
nature of its alleged mistake in September, the fact that the claim
was delayed until after confirmation of the plan of reorganization
and after other parties had committed huge resources, and the fact
that Samsung's unexcused delay deprived other parties of
opportunities to make their own informed choices as to how to treat
a potential Samsung claim, all show that Samsung did not act with
"excusable neglect" under the circumstances.

The bankruptcy case is in re: PACIFIC DRILLING S.A., et al.,
Reorganized Debtors, Case No. 17-13193 (MEW) (Bankr. S.D.N.Y.).

A copy of the Court's Decision dated April 2, 2020 is available at
https://bit.ly/2WAyWuD from Leagle.com.

TOGUT, SEGAL & SEGAL LLP, Kyle J. Ortiz -- kortiz@teamtogut.com --
Albert Togut -- altogut@TeamTogut.com -- Frank A. Oswald --
frankoswald@teamtogut.com -- Patrick Marecki  --
pmarecki@teamtogut.com -- Amanda C. Glaubach , New York, NY,
Attorneys for Debtors.

DLA PIPER LLP (US), R. Craig Martin , Joshua D. Morse , New York,
NY, and San Francisco, CA, Attorneys for Samsung Heavy Industries
Co. Ltd.

                      About Pacific Drilling

Pacific Drilling S.A. (OTC: PACDQ) (NYSE: PACD) a Luxembourg public
limited liability company (societe anonyme), operates an
international offshore drilling business that specializes in
ultra-deepwater and complex well construction services. Pacific
Drilling -- http://www.pacificdrilling.com/-- owns seven
high-specification floating rigs: the Pacific Bora, the Pacific
Mistral, the Pacific Scirocco, the Pacific Santa Ana, the Pacific
Khamsin, the Pacific Sharav and the Pacific Meltem. All drill ships
are of the latest generations, delivered between 2010 and 2014,
with a combined historical acquisition cost exceeding $5.0 billion.
The average useful life of a drillship exceeds 25 years.

On Nov. 12, 2017, Pacific Drilling S.A. and 21 affiliates each
filed a voluntary petition for relief under Chapter 11 of the
United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
17-13193). The cases are pending before the Honorable Michael E.
Wiles and are jointly administered.

Pacific Drilling disclosed $5.46 billion in assets and $3.18
billion in liabilities as of Sept. 30, 2017.

The Debtors tapped Sullivan & Cromwell LLP as bankruptcy counsel
but was later replaced by Togut, Segal & Segal LLP; Evercore
Partners International LLP as investment banker; AlixPartners, LLP,
as restructuring advisor; Alvarez & Marsal Taxand, LLC as executive
compensation and benefits consultant; Ince & Co LLP and Jones
Walker LLP as special counsel; and Prime Clerk LLC as claims and
noticing agent; Deloitte Financial Advisory Services LLP, as
accounting advisor to the Debtor.

The RCF Agent tapped Shearman & Sterling LLP, as counsel, and PJT
Partners LP, as financial advisor.

The ad hoc group of RCF Lenders engaged White & Case LLP, as
counsel.

The SSCF Agent tapped Milbank Tweed, Hadley & McCloy LLP, as
counsel, and Moelis & Company LLC, as financial advisor.

The Ad Hoc Group of Various Holders of the Ship Group C Debt, 2020
Notes and Term Loan B tapped Paul, Weiss, Rifkind, Wharton &
Garrison, in New York as counsel.


PARKING MGT: Seeks Chapter 11 Reorganization, To Keep 88 Garages
----------------------------------------------------------------
Parking operator Parking Management Inc. ("PMI") has filed a
petition to reorganize the company under Chapter 11 and the Small
Business Reorganization.

PMI commenced the Chapter 11 case to preserve and maximize PMI's
enterprise value for the benefit of its stakeholders in the face of
the ongoing Covid-19 pandemic and to restructure to more
efficiently service the Washington, D.C., Baltimore, MD and
Northern Virginia areas in the face of an ever-growing shift from
personal vehicle transportation (and parking) to public
transportation, ride-sharing services, and remote working.

PMI will continue to lease and manage 88 garages in Washington
Metropolitan and Baltimore areas.  In a Declaration filed with the
Chapter 11 petition, PMI's Chief Executive Officer, Kingdon Gould,
III, stated that PMI intends to utilize the Small Business
Reorganization Act to restructure its business, including, without
limitation, to adjust its operational footprint, reduce operating
costs, focus on profitable locations and business operations,
preserve jobs, and thereby attempt to ensure that it will be poised
for long-term growth following conclusion of the Covid-19
pandemic.

The Chapter 11 filing will provide PMI with an economic and
practical solution to achieve the necessary reorganization
expeditiously and efficiently.

PMI is represented in the Chapter 11 proceeding by Michael J.
Lichtenstein, a shareholder at Shulman Rogers.

                     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.


PATRIOT CONTAINER: Moody's Lowers CFR to B3, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service downgraded its ratings for Patriot
Container Corp., including the company's corporate family rating
(CFR, to B3 from B2) and probability of default rating (to B3-PD
from B2-PD), along with the rating for its first lien senior
secured credit facilities (to B2 from B1) and second lien term loan
rating (to Caa2 from Caa1). The ratings outlook is stable.

"Following the dividend recap and Confab acquisition, Wastequip's
adjusted debt-to-EBITDA of 6.0x and cash flows are weak relative to
the level that commensurate with its previous B2 CFR rating", says
Shirley Singh, Moody's lead analyst for the company. "We believe
the current weak market conditions will challenge the company's
ability to achieve deleveraging expected at the time of the
transaction", added Singh. Moody's anticipates the spending levels
of waste management companies to contract and the pull-back in
demand levels will weaken the company's earnings and cash flows
from current levels.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, very low and volatile oil
prices, and asset price declines are creating a severe and
extensive credit shock across many sectors, regions and markets.
The combined credit effects of these developments are
unprecedented. More specifically, Wastequip's earnings are
vulnerable to shifts in sentiment in these unprecedented operating
conditions, and the company remains vulnerable to the ongoing
adverse impact of the outbreak. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. The actions
reflect the impact on Wastequip of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The following rating actions were taken:

Downgrades:

Issuer: Patriot Container Corp.

Corporate Family Rating, Downgraded to B3 from B2

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

Senior Secured Bank Credit Facility 1st Lien, Downgraded to B2
(LGD3) from B1 (LGD3)

Senior Secured Bank Credit Facility 2nd Lien, Downgraded to Caa2
(LGD6) from Caa1 (LGD5)

Outlook Actions:

Issuer: Patriot Container Corp.

Outlook, remains Stable

RATINGS RATIONALE

Wastequip's B3 CFR broadly reflects the company's modest scale,
elevated leverage of close to 6.0x and concentration in the waste
handling and recycling equipment sector. The company's earnings are
sensitive to timing of projects, client spending levels and
potential for customers to defer purchases and moderate customer
concentration. Moody's expect Wastequip's leverage to increase
above 7.0x as weak market conditions will contract spending levels
at waste management companies and increase risk of contract
deferral. The rating, nonetheless, benefits from the company's
leading market position within the highly fragmented waste handling
and storage space and meaningful market share held by the company
across its major product lines.

The stable outlook reflects Moody's expectation that Wastequip will
generate weak but positive free cash flow and maintain adequate
liquidity despite the anticipated revenue contraction over the next
12-18 months.

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

Ratings could be downgraded if revenue and earnings decline result
in debt-to-EBITDA sustained above 8.0x and liquidity deteriorates
such that operations become cash consumptive.

Ratings could be upgraded if Wastequip's end market outlook
improves, earnings grow such that adjusted debt-to-EBITDA is
sustained below 6.0x and free cash flow-to-debt is above 3%.

Headquartered in Charlotte, North Carolina, Wastequip is a leading
manufacturer of waste handling and recycling equipment used to
collect, process, and transport solid and liquid waste in North
America. The company is majority-owned by financial sponsor H.I.G.
Capital. Wastequip's sales in last twelve months to March 2020 were
$619 million.

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


PENNYMAC MORTGAGE: Moody's Reviews Ba3 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
PennyMac Mortgage Investment Trust's Ba3 corporate family rating
and B2 long-term issuer rating. The rating action was prompted by
the company's net loss of $600.9 million in the first quarter of
2020 that has significantly reduced its capitalization.

During the review, Moody's will reassess the company's standalone
assessment, particularly its future capitalization, which will be
influenced in large part by changes in asset valuations and also
take into account the risks associated with the company's
government-sponsored enterprise credit risk transfer investments.
These investments represent portions of interests in
newly-originated loans, which PMT sells into Fannie Mae (Aaa,
stable) securitizations, and as such carry credit risks for PMT.

The rapid and widening spread of the coronavirus outbreak and
falling oil prices have led to a severe and extensive credit shock
across many sectors, regions and markets. Given Moody's expectation
for deteriorating asset quality, profitability, capital and
liquidity, the residential mortgage Real Estate Investment Trust
(REIT) sector is among those most affected by this credit shock.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance (ESG) framework, given the
substantial implications for public health and safety.

The turmoil in the mortgage industry stemming from the spread of
coronavirus has recently led Moody's to change its outlook on the
non-bank mortgage sector to negative from stable. Moody's baseline
scenario is that non-bank mortgage firms will face ongoing
liquidity stress, and for firms such as PMT, deterioration in asset
quality.

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

Similar to a number of other residential mortgage REITs, PMT has
experienced a significant decline in the value of its
mortgage-related assets, incurring a $1 billion non-cash fair value
loss on its CRT investments in the first quarter of 2020.

The company estimates that around 70% of the fair value loss
related to its CRT investments was the result of widening credit
spreads and the remaining 30% represented an increase in loss
expectations, as result of the spike in deferrals for the
underlying mortgages. The resulting $600.9 million net loss led to
a 29% decline in the company's book equity in the first quarter of
2020, a credit negative for creditors as it erodes the company's
capital cushion to weather unexpected losses. The company's
capitalization as measured by tangible common equity to tangible
managed assets (TCE/TMA) declined to 12.8% as of 31 March 2020,
from 18.3% as of year-end 2019.

During the review, Moody's will assess the extent to which the
company's standalone assessment has weakened because of the decline
in capital levels it has experienced during the recent market
turmoil, its future profitability and capacity to restore its
capital levels.

Moody's will also consider low interest rates usually translate
into an increase in refinancing volumes, with a positive impact on
profitability, which should support PMT's efforts to rebuild its
capital levels.

The Ba3 corporate family rating currently assigned to PMT is
derived from its standalone assessment, which reflects the
company's franchise position as a top ten US mortgage originator,
historically solid profitability and experienced management team.
Partly offsetting these positive factors are the asset risks to
creditor from the company's CRT investments along with the risks
embedded in the company's reliance on short-term secured funding to
finance its origination pipeline, which poses refinancing risks as
well as the liquidity challenges stemming from the rise in
servicing advance obligations. In addition, the ratings reflect
PMT's reliance on Private National Mortgage Acceptance Co, LLC
(Ba3, stable) as PMT is almost entirely reliant on the employees
and resources of the company as its manger.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The residential mortgage Real Estate
Investment Trust (REIT) sector has been one of the sectors affected
by the shock and PMT has experienced a significant decline in the
fair value of its CRT investments, incurring a sizable net loss,
which led to a significant decline in capital levels for the first
quarter of 2020. Moody's regards the coronavirus outbreak as a
social risk under its environmental, social and governance (ESG)
framework, given the substantial implications for public health and
safety. The actions reflect the impact on PMT of the breadth and
severity of the shock, and the deterioration in credit quality it
has triggered.

Since PMT's ratings are on review for downgrade, rating upgrades
are unlikely. The ratings could be confirmed and the outlook
returned to stable if Moody's were to assess that the company would
rebuild its capital cushion over the next 12-18 months, restoring
its ability to absorb unexpected losses.

The ratings could be downgraded at the conclusion of the review if
Moody's were to assess a likely asset quality or financial
performance deterioration - for example, if net income to managed
assets falls consistently below and is expected to remain below
1.5% or if leverage increases such that the company's TCE/TMA falls
below and is expected to remain below 15%.

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


PG&E CORP: TCC Hires MacConaghy & Barnier as Special Counsel
------------------------------------------------------------
The official committee of tort claimants (TCC) of PG&E Corporation
and Pacific Gas and Electric Company seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to retain
MacConaghy & Barnier, PLC as the its special conflicts counsel.

Consistent with its responsibilities, the TCC, through its primary
counsel Baker & Hostetler, LLP  has engaged in extensive discovery
and litigation in the Cases. However, in certain instances, Baker
has conflicts or potential conflicts of interest which preclude it
from engaging in discovery or litigation with certain
third-parties. Accordingly, the TCC seeks to retain MacConaghy &
Barnier as special conflicts counsel to represent the TCC on
certain matters where Baker has a conflict or potential conflict.

the standard hourly rates for MacConaghy & Barnier's attorneys
range from $475 to $525. The hourly rates for MacConaghy &
Barnier's paraprofessionals range from $200 to $250.

MacConaghy & Barnier is disinterested as that term is defined in
section 101(14) of the Bankruptcy Code, according to court
filings.

MacConaghy & Barnier may be reached at:

      John H. MacConaghy, Esq.
      Jean Barnier, Esq.
      MacConaghy & Barnier, PLC
      645First St. West, Suite D
      Sonoma, CA 95476
      Telephone: (707)935-3205
      Facsimile: (707)935-7051
      E-mail: macclaw@macbarlaw.com

                   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.


PHASOR INC: UK Subsidiary Seeks Bankruptcy
------------------------------------------
Mark Holmes, writing for Satellite Today, reports that the UK
subsidiary of satellite antenna solutions provider Phasor Inc.
underwent financial reorganization because of COVID-19.

Phasor Inc. is headquartered in Arlington, Virginia, with its
technology development subsidiary Phasor Solutions Limited in the
U.K.

Phasor told Via Satellite that the company was at the very late
stage of completing an investment round with a large
corporate/strategic investor. However, the COVID-19 pandemic and
its effects on global capital markets put the process on hold.
Phasor was then in the process of reorganizing its operations and
finances, but creditors initiated U.K. administration of its U.K.
subsidiary.

Duff & Phelps is named the administrator and conducts the ongoing
sale process of Phasor's U.K. subsidiary company.

Administration is the primary type of procedure in U.K. insolvency
law whenever a company is unable to pay its debts, similar to
Chapter 11 in the United States.  

Phasor's situation is similar to that of OneWeb in which the
company seemed to be on the verge of securing financing for its
future but when it was pulled, it was left in a risky position.

                        About Phasor Inc.

Phasor is a leading developer of enterprise-grade, high throughput,
and electronically steerable antennas.  It is headquartered in
Washington DC. Phasor aims to manufacture high-bandwidth, faster,
cheaper, and more reliable antennas. It develops unique and
state-of-the-art antenna technology suitable for aeronautical,
maritime, and land-mobile satellite communication applications.


PORTER'S BODY: Seeks Approval to Hire Jeannie Pyeatt as Accountant
------------------------------------------------------------------
Porter's Body Shop, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ Jeannie
Pyeatt, CPA, PLLC as its accountant and bookkeeper.

The firm's services will include preparing tax returns, overseeing
accounts payable, reconciling bank accounts and bookkeeping.

Debtor will pay the firm a monthly fee of $1,500 for 12 hours per
month and an hourly fee of $125 for additional time.

Jeannie Pyeatt 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:

     Jeannie Pyeatt
     Jeannie Pyeatt, CPA, PLLC
     225 S Church St.
     Brookhaven, MS 39601
     Telephone: (601) 833-4800

                     About Porter's Body Shop

Porter's Body Shop, Inc., a company that owns and operates an
automotive repair and maintenance shop in Brookhaven, Miss., filed
a Chapter 11 petition (Bankr. S.D. Miss. Case No. 20-00772) on Mar.
3, 2020.  The petition was signed by Ronnie D. Porter, Debtor's
authorized representative. At the time of the filing, Debtor
disclosed estimated assets of $100,000 to $500,000 and estimated
liabilities of $1 million to $10 million.  Judge Katharine M.
Samson oversees the case.  Newman & Newman is Debtor's legal
counsel.


PRECISION CASTPARTS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Precision Castparts Corp to B- from B.

Headquartered in Portland, Oregon, Precision Castparts Corporation
is an American industrial goods and metal fabrication company that
manufactures investment castings, forged components, and airfoil
castings for use in the aerospace, industrial gas turbine, and
defense industries.



PREMIER ON 5TH: Hires Soldnow LLC as Auctioneer
-----------------------------------------------
Premier on 5th, LLC, seeks authority from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Soldnow, LLC d/b/a
Tranzon Driggers, as auctioneer to the Debtor.

Premier on 5th requires Soldnow LLC to market and sell in an
auction sale the Debtor's real property located at 1469 5th Street,
Sarasota, Florida.

Soldnow LLC will be paid based upon its commission fee. Soldnow LLC
will advance marketing funds of $5,500 to promote the auction sale
of the property.

Soldnow LLC will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Walter J. Driggers, III, partner of Soldnow, LLC d/b/a Tranzon
Driggers, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estates.

Soldnow LLC can be reached at:

     Walter J. Driggers, III
     Soldnow, LLC d/b/a Tranzon Driggers
     101 E. Silver Springs Blvd., Suite 304
     Ocala, FL 34470
     Tel: (352) 369-1047

                  About Premier on 5th, LLC

Premier on 5th, LLC, owns in fee simple a real property in
Sarasota, Fla.

Premier on 5th sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-12098) on Dec. 27, 2019.  At the
time of the filing, the Debtor disclosed $1,195,000 in assets and
$494,132 in liabilities. Timothy W. Gensmer, P.A., is the Debtor's
legal counsel.



PROFESSIONAL DIVERSITY: Incurs $1.49M Net Loss in First Quarter
---------------------------------------------------------------
Professional Diversity Network, Inc., reported a net loss of $1.49
million on $982,297 of total revenues for the three months ended
March 31, 2020, compared to a net loss of $1.16 million on $1.31
million of total revenues for the three months ended March 31,
2019.

As of March 31, 2020, the Company had $6.78 million in total
assets, $4.16 million in total liabilities, and $2.62 million in
total stockholders' equity.

At March 31, 2020, the Company's principal sources of liquidity
were its cash and cash equivalents and the net proceeds from the
sale of common stock during the first quarter of 2020.

The Company had an accumulated deficit of ($90,163,356) at March
31, 2020.  During the three months ended March 31, 2020, the
Company generated a net loss from continuing operations of
($1,422,000) and used cash in continuing operations of $574,000. At
March 31, 2020, the Company had a cash balance of $1,555,000. The
Company had a working capital deficiency from continuing operations
of approximately ($1,741,000) and ($2,114,000) at March 31, 2020
and Dec. 31, 2019.  These conditions raise substantial doubt about
its ability to continue as a going concern.

Professional Diversity said, "The ability of the Company to
continue as a going concern is dependent on the Company's ability
to further implement its business plan, raise capital, and generate
revenues.  The consolidated financial statements do not include any
adjustments that might be necessary if the Company is unable to
continue as a going concern.

"Management believes that its available cash on hand and cash flow
from operations may not be sufficient to meet our working capital
requirements for the twelve month period subsequent to the issuance
of our financial statements.  In order to accomplish our business
plan objectives, the Company will need to continue its cost
reduction efforts, increase revenues, raising capital through the
issuance of common stock, or through a strategic merger or
acquisition.  However, there can be no assurances that our business
plans and actions will be successful, that we will generate
anticipated revenues, or that unforeseen circumstances will not
require additional funding sources in the future or effectuate
plans to conserve liquidity.  Future efforts to improve liquidity
through the issuance of our common stock may not be successful or
they may not be available on acceptable terms, if at all.  In
addition, due to China's foreign currency control, the Company
cannot move money between China and the USA freely.  The People's
Bank of China (PBOC) and State Administration of Foreign Exchange
(SAFE) regulate the flow of foreign exchange in and out of the
country strictly.  We need to get approval from Chinese government
to move money from China to the U.S. which might take extra time."

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

                      https://is.gd/IMYMQI

                   About Professional Diversity

Headquartered in Chicago, Illinois, Professional Diversity Network,
Inc. -- https://www.prodivnet.com/ -- is a dynamic operator of
professional networks with a focus on diversity.  The Company uses
the term "diversity" to describe communities, or "affinities," that
are distinctly based on a wide array of criteria which may change
from time to time, including ethnic, national, cultural, racial,
religious or gender classification. It serves a variety of such
communities, including Women, Hispanic-Americans,
African-Americans, Asian-Americans, Disabled, Military
Professionals, and Lesbian, Gay, Bisexual and Transgender.  Its
goal is (i) to assist its registered users and members in their
efforts to connect with like-minded individuals, identify career
opportunities within the network and (ii) connect members with
prospective employers while helping the employers address their
workforce diversity needs.

Professional Diversity recorded a net loss of $3.84 million for the
year ended Dec. 31, 2019, compared to a net loss of $15.08 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $6.59 million in total assets, $4.04 million in total
liabilities, and $2.55 million in total stockholders' equity.

Ciro E. Adams, CPA, LLC, in Wilmington, DE, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated May 1, 2020, citing that the Company has a significant
working capital deficiency, has incurred significant losses, and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


R.R. DONNELLEY: S&P Rates New Senior Unsecured Notes 'B-'
---------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level and '5' recovery
ratings to R.R. Donnelley & Sons Co.'s (RRD's) proposed senior
unsecured notes due 2027, as well as its 8.5% senior notes due 2029
that the company issued in April 2020. The '5' recovery ratings
indicate S&P's expectation for modest (10%-30%; rounded estimate:
10%) recovery for lenders in the event of a payment default.

RRD has announced a public exchange of its existing senior
unsecured notes and debentures maturing over 2021 through 2024 for
up to $300 million of new senior unsecured notes due 2027. If
completed, the transaction will extend the maturity for a portion
of its capital structure. RRD has also entered into an agreement
with its largest lender to exchange $23.5 million of existing debt
maturing in 2029 and 2031 with about $21.2 million of 8.5% senior
notes due 2029. S&P said, "Our 'B' issuer credit rating and
negative outlook on RRD are unchanged because the proposed
transaction will not affect leverage. RRD's adjusted gross leverage
was about 4.9x at year-end 2019, and it has increased to 5.4x as of
March 31, 2020, as the company looked to shore up liquidity amid
the COVID-19 pandemic and drew upon its asset-based lending
facility to place cash on the balance sheet. The negative outlook
reflects our opinion that RRD's adjusted leverage is high, and
given the structural headwinds in the commercial printing industry,
operating and economic challenges could keep leverage elevated for
a prolonged period. We could lower our issuer credit rating on RRD
if we expect leverage to remain above 5x or adjusted free operating
cash flow to debt to remain below 5% for a prolonged period."



RAPID AMERICAN: Insurance Liquidation Buying Claims for $1.3M
-------------------------------------------------------------
Rapid-American Corp. asks the U.S. Bankruptcy Court for the
Southern District of New York to authorize the sale of its rights
and interests in the claims arising from insurance policies that
were issued by The Home Insurance Co. to Insurance Liquidation
Investors, L.L.C., for $1,269,000, subject to overbid.

A hearing on the Motion is set for June 11, 2020 at 10:00 a.m.  The
objection deadline is June 4, 2020 at 4:00 p.m. (ET).

The Debtor's estate has claims arising from insurance policies that
were issued by The Home Insurance Co., which is in liquidation in a
proceeding, In the Matter of the Liquidation of The Home Insurance
Company, pending before the Superior Court of the State of New
Hampshire, Merrimack County.  Rapid filed its Insurance Claims in
the Home Insurance Liquidation.  Subsequently, those claims were
allowed as Class II priority claims in the sum of $5.4 million
pursuant to a Settlement and Mutual Release Agreement, dated as of
Dec. 22, 2011, by and between Rapid and Roger A. Sevigny,
Commissioner of Insurance of the State of New Hampshire, solely in
his capacity as Liquidator of the Insurer.  The Settlement
Agreement was approved by the State Court pursuant to that certain
Order Approving Settlement, dated March 13, 2012.

Prior to the Motion, the Debtor has received interim distributions
on account of the Insurance Claims in the aggregate amount of $1.62
million, which is equivalent to 30% of the Allowed Claim Amount.
By the Motion, the Debtor proposes to sell its rights and interests
in the Insurance Claims, including the right to receive any and all
future distributions on account of the Allowed Claim Amount, to the
Purchaser, pursuant to the terms of the Assignment of Claims
Agreement, dated April 13, 2020.  Pursuant to the terms of the
Assignment of Claims Agreement, the Debtor's estate will receive a
single cash payment of the Purchase Price.

In late February and early March, the Debtor and the Creditors’
Committee determined that now was the appropriate time to pursue
the sale of the Insurance Claims.  Thereafter, discussions
commenced with several potential purchasers and brokers, only two
of which submitted offers.  The offer received from the broker for
the Purchaser was the highest offer received, and, therefore, the
Debtor concluded to accept it.

The Debtor submits that the sale of the Insurance Claims and the
right to receive future distributions on account of the Allowed
Claim Amount, is a prudent exercise of its business judgment under
the circumstances and is in the best interest of its estate and its
creditors.  It has discussed the proposed sale with the Future
Claimants' Representative and understands that he supports the
sale.

By the Motion, the Debtor asks an order authorizing it to sell the
Insurance Claims, and the right to receive future distributions on
account of the Allowed Claim Amount, to the Purchaser free and
clear of all liens, claims, interests and encumbrances, subject to
higher and better offers up to the time of the hearing on the
Motion.  

Pursuant to Bankruptcy Rule 6004(h), an order authorizing the sale
of property is stayed for 14 days after the entry of the order
unless the Court orders otherwise.  The Debtor asks that the Court
orders that such stay not apply with respect to the sale of the
Insurance Claims.  Such relief would enable it to consummate the
Sale expeditiously.

A copy of the Agreement is available at
https://tinyurl.com/y9kcv3ot from PacerMonitor.com free of charge.

                   About Rapid-American Corp.

New York-based Rapid-American Corp. was formerly a holding company
with subsidiaries primarily engaged in retail sales and consumer
products and was never engaged in an asbestos business of any kind.
Through a series of merger transactions going back more than 45
years, Rapid has nevertheless incurred successor liability for
personal injury claims arising from plaintiffs' exposure to
asbestos-containing products sold by The Philip Carey Manufacturing
Company -- Old Carey -- as that entity existed prior to June 1,
1967.

Rapid-American filed for Chapter 11 bankruptcy protection in
Manhattan (Bankr. S.D.N.Y. Case No. 13-10687) on March 8, 2013, to
deal with debt related to asbestos personal-injury claims.
Attorneys at Reed Smith LLP serve as counsel to the Debtor.

The Debtor disclosed assets in excess of $4,446,261 and unknown
liabilities.

On March 28, 2013, the United States Trustee appointed the Official
Committee of Unsecured Creditors.  The Committee retained Caplin &
Drysdale, Chartered, as counsel.

Young Conaway Stargatt & Taylor, LLP, is counsel to Lawrence
Fitzpatrick, the Future Claimants' Representative.


RAYUNIER INC: Egan-Jones Lowers FC Senior Unsecured Rating to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Rayunier
Incorporated to BB+ from BBB+.

Headquartered in Yulee, Florida, Rayonier Incorporated is an
international forestry products company.



RESOLUTE FOREST: Egan-Jones Lowers Senior Unsecured Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Resolute Forest Products Inc. to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in Canada, Resolute Forest Products Inc. manufactures
newsprint, coated and uncoated groundwood papers, bleached kraft
pulp, and lumber products.



ROMANS HOUSE: PCO Hires Shawn K. Brown PLLC as General Counsel
--------------------------------------------------------------
Katharina Schlosser, duly appointed Patient Care Ombudsman for
Romans House, LLC, and its debtor-affiliates, seeks authority from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ  The Law Office of Shawn K. Brown PLLC, as her general
counsel.

Professional services the counsel will render are:

     a. furnish legal advice to the PCO with regard to her duties
and responsibilities;

     b. prepare, for and on behalf of the PCO, all necessary
applications, motions, answers, orders, reports and other legal
papers; and,

     c. perform all other legal services for the PCO which may be
necessary.

The principal attorney, Shawn K. Brown, Esq. has a normal hourly
billing rate of $350 per hour.

Mr. Brown attests that her firm is a "disinterested person" within
the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Shawn K. Brown, Esq
     THE LAW OFFICE OF SHAWN K. BROWN PLLC
     P.O. Box 93749
     Southlake, TX 76092
     Phone: (817) 488-6023
     Fax: (888) 688-4621
     Email: shawn@brownPCO.com

                  About Romans House

Based in Forth Worth, Texas, Romans House, LLC, operates Tandy
Village Assisted Living, a continuing care retirement community and
assisted living facility for the elderly in Fort Worth, Texas.
Affiliate Healthcore System Management, LLC, operates Vincent
Victoria Village Assisted Living, also an assisted living facility
for the elderly.

Romans House, LLC, and Healthcore System sought Chapter 11
protection (Bankr. N.D. of Tex. Case No. 19-45023 and 19-45024) on
Dec. 9, 2019.  Romans House was estimated to have $1 million to $10
million in assets and liabilities while Healthcore was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities. The Hon. Edward L. Morris is the case
judge.  DEMARCO MITCHELL, PLLC, is the Debtors' counsel.


RUBIO'S RESTAURANTS: Golub Writes Down $17.9MM Loan by 48%
----------------------------------------------------------
A $17.9 million senior loan extended by Golub Capital BDC, Inc. to
Rubio's Restaurants Inc. has been discounted and now carries a face
value of $9.3 million or 52% of the outstanding amount, as of March
31, 2020, according to a disclosure contained in the Form 10-Q
filing with the U.S. Securities and Exchange Commission for the
quarterly period ended March 31, 2020.

The loan was on non-accrual status as of March 31, 2020, meaning
that Golub has ceased recognizing interest income on the loan.

The loan bears interest at LIBOR plus 5.00% and has a weighted
average current interest rate in effect as of March 31, 2020, of
2.27% cash/4.00% PIK.  The loan is scheduled to mature April 2021.

Rubio's is in the Beverage, Food and Tobacco industry.


SAN LUIS: Trustee OK'd to Auction Mass Coastal Membership Interest
------------------------------------------------------------------
William A. Brandt, Jr. of Development Specialists, Inc. ("DSI"), as
chapter 11 Trustee of San Luis & Rio Grande Railroad, Inc. ("SLRG")
is selling SLRG's 100% Membership Interest in its wholly-owned
subsidiary Massachusetts Coastal Railroad, LLC ("Mass Coastal"), a
99-mile short-line railroad operating on and near Cape Cod,
Massachusetts, which currently provides freight rail services
primarily for various industrial commodities and the haulage of
municipal waste.

The Membership Interest will be sold free and clear of all liens,
claims, rights, interests, and encumbrances whatsoever.  Mass
Coastal's assets and liabilities shall remain unaffected by the
sale of the Membership Interest, as the successful bidder is
essentially buying the stock of Mass Coastal.

The Trustee anticipates selling the Membership Interest in Mass
Coastal pending approval of Bidding Procedures filed in the chapter
11 bankruptcy of San Luis & Rio Grande Railroad, Inc., United
States Bankruptcy Court District of Colorado as case number
19-18905-TBM.

The Trustee and his professional advisors at DSI have received a
Stalking Horse Bid for the Membership Interest from Coastal Rail,
LLC.  The Stalking Horse Bidder is an insider of the Debtor, as
defined in Bankruptcy Code section 101(31), and is an affiliate of
the current manager of Mass Coastal, which is 100% owned by SLRG.

The Stalking Horse Bid is $952,559, which consists of $625,000 of
new cash (the "Cash Purchase Price") plus a relinquishment of any
claims held by Mass Coastal to the $327,559 in net cash currently
held by the Trustee on Mass Coastal's behalf as a result of the
assignment of the Section 45G Tax Credits.

Parties interested in submitting a competing Bid must submit an
offer to purchase the Membership Interest on substantially the same
or better terms as the Stalking Horse Bidder.  The aggregate cash
consideration proposed by the first competing Bid must be equal to,
or exceed, the sum of the Purchase Price set forth in the Stalking
Horse Bid plus a further ten percent (10%) of the Cash Purchase
Price.

Subject to Bankruptcy Court approval, if the Trustee receives
qualified competing bids, an auction will be held on June 19, 2020,
at the offices of Markus Williams Young & Hunsicker, LLC in Denver,
CO.  Also subject to the Bankruptcy Court Approval the following
dates shall apply:

  * Bid Deadline: June 16, 2020, at 11:59 p.m. MT

  * Auction Date: June 19, 2020, at 10:00 a.m. MT

Copies of the Sale Motion, Motion to Approve Bid Procedures and all
other related exhibits, are available (a) upon request by
contacting the Trustee's counsel or, (b) for a fee via PACER by
visiting http://www.cob.uscourts.gov.

Trustee's Counsel:Jennifer Salisbury, Markus Williams Young &
Hunsicker, LLC, 1775 Sherman St., Ste. 1950, Denver, CO 80203,
Phone: (303) 830-0800, E-mail: jsalisbury@markuswilliams.com
Website: www.markuswilliams.com

Trustee: William A. Brandt, Jr., Development Specialists, Inc., 110
East 42nd St., Ste. 1818, New York, NY 10017, Phone: (212)
425-4141, E-mail: bbrandt@dsiconsulting.com Website:
www.dsiconsulting.com

                             About DSI

Development Specialists, Inc. ("DSI") is a provider of management
consulting and financial advisory services, including turnaround
consulting, financial restructuring, litigation support and
forensic accounting.  Its clients include business owners,
private-equity investors, corporate boards, financial institutions,
secured lenders, bondholders and unsecured creditors.  

               About San Luis & Rio Grande Railroad

San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio
Grande Railroad.

On Oct. 16, 2019, an involuntary Chapter 11 petition was filed
against San Luis & Rio Grande Railroad by creditors, Ralco LLC,
South Middle Creek Road Association and The San Luis Central
Railroad Co. (Bankr. D. Colo. Case No. 19-18905).

The petitioning creditors are represented by Brownstein Hyatt
Farber Schrec and Graves Dougherty Hearon & Moody.

Judge Thomas B. McNamara oversees the case.

Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San
Luis & Rio Grande Railroad.  The Trustee is represented by Markus
Williams Young & Hunsicker LLC.


SCIENTIFIC GAMES: Hires New Chief Financial Officer
---------------------------------------------------
Michael Eklund will become Scientific Games Corporation's chief
financial officer on June 1, 2020, succeeding Michael A. Quartieri,
who agreed to remain as a consultant to the company from July 1,
2020 through Dec. 31, 2020.  Mr. Eklund spent more than 20 years at
Dell Technologies in both financial and operational roles,
including leading the value creation and integration function for
the $67 billion Dell-EMC combination and serving as chief financial
officer of Dell's $40 billion-plus Client Solutions Business Unit
and Global Operations organization.  Most recently, he has served
as CFO of IRI, a global leader in innovative data and analytic
solutions and services for consumer, retail and media companies.

Scientific Games CEO Barry Cottle said: "Mike Quartieri has done an
outstanding job over the last four years building a world class
financial team, revitalizing our financial management and
refinancing our debt.  The Board of Directors and I are very
grateful for Mike's constant dedication to the success of the
Company and its people.  Mike now wants to move to a new industry
with new challenges after many years in the gaming business.  He
wanted to leave earlier this year but, after the COVID-19 pandemic
hit, Mike agreed to stay to help the Company with that crisis.
Mike has led our efforts to reduce our cash burn while preserving
key operations, developing plans to manage through the pandemic,
preparing to be an even stronger competitor as we emerge from the
crisis and working with our lenders to get our Credit Agreement
amended to provide covenant relief.  With those key steps taken, we
are now ready to proceed with the transition to a new CFO.

"We are very fortunate to have Mike Eklund join us starting on June
1.  He has a wealth of experience in financial and operational
leadership and a passion for aligning all aspects of a company's
finance and operations with its core business model that positions
him well to build on Mike Quartieri's legacy."

In connection with the Transition, the Company entered into an
employment agreement with Mr. Eklund, with a term ending on June 1,
2023, subject to automatic one-year extensions, and which provides
that Mr. Eklund will receive: (1) an annual base salary of
$750,000, which Mr. Eklund agreed to temporarily reduce by 50%,
consistent with voluntary reductions by the Company's other
executive officers in connection with the COVID-19 pandemic; (2)
beginning in 2021, an annual target bonus opportunity of 75% of his
base salary (with a maximum possible payout of 200% of target); (3)
eligibility for annual equity awards with an aggregate grant date
fair value of approximately 125% of his base salary; (4) a cash
sign-on award of $500,000, subject to reduction under certain
circumstances; and (5) sign-on equity awards consisting of (a)
60,000 time-vesting restricted stock units, with 26,667 vesting on
June 1, 2021 and the remainder vesting in equal installments on
June 1, 2022 and June 1, 2023, and (b) 150,000
performance-conditioned RSUs vesting on March 31, 2023, subject to
the achievement of certain Attributable EBITDA (as defined in the
agreement) targets the.

In connection with the Transition, the Company and Mr. Quartieri
entered into an amendment to his employment agreement to provide
that upon his contemplated termination of employment he will: (1)
receive cash payments totaling $257,632; (2) remain eligible to
receive a pro rata bonus for 2020; and (3) immediately vest in all
stock options and all time-vesting RSUs granted prior to
Jan. 1, 2019 and continue to vest in all stock options granted in
2019 and 2020 in accordance with their terms through Dec. 31, 2020.
On July 1, 2020, Mr. Quartieri will, subject to the effectiveness
of his release of claims and pursuant to a consulting agreement
entered into between the Company and Mr. Quartieri, provide
consulting services to the Company through Dec. 31, 2020 in
exchange for monthly consulting payments with an aggregate value of
$394,875.

      Amendment to Employment Agreement with Mr. Winterscheidt

On May 18, 2020, the Company entered into an amendment to its
employment agreement with Michael F. Winterscheidt, senior vice
president and chief accounting officer, to provide Mr.
Winterscheidt with a cash retention award, payable $125,000 on Nov.
30, 2020 and $50,000 on Feb. 28, 2021, subject to Mr.
Winterscheidt's continued employment with the Company through the
applicable date.

                    About Scientific Games

Based in Las Vegas, Nevada, Scientific Games Corporation
(NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a developer
of technology-based products and services and associated content
for the worldwide gaming, lottery, social and digital gaming
industries.  Its portfolio of revenue-generating activities
primarily includes supplying gaming machines and game content,
casino-management systems and table game products and services to
licensed gaming entities; providing instant and draw-based lottery
products, lottery systems and lottery content and services to
lottery operators; providing social casino solutions to retail
consumers and regulated gaming entities, as applicable; and
providing a comprehensive suite of digital RMG and sports wagering
solutions, distribution platforms, content, products and services.

Scientific Games reported a net loss of $118 million for the year
ended Dec. 31, 2019, compared to a net loss of $352 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$7.46 billion in total assets, $9.82 billion in total liabilities,
and a total stockholders' deficit of $2.35 billion.


SCSG EA ACQUISITION: Moody's Affirms B2 CFR, Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service changed the rating outlook for SCSG EA
Acquisition Company, Inc., parent company of SpecialtyCare, Inc. to
negative from stable. At the same time, Moody's affirmed the
company's B2 Corporate Family Rating and B2-PD Probability of
Default Rating, the B1 rating on the company's senior secured first
lien credit facilities, and the Caa1 rating on the senior secured
second lien term loan.

The change of outlook to negative reflects Moody's view that the
company's revenues and profits will be pressured in the coming
quarters as the volumes of surgical procedures will decline
substantially due to the coronavirus outbreak. The negative outlook
also reflects the uncertainties surrounding the extent and timing
of a recovery. Moody's estimates that the company's adjusted
debt/EBITDA, which was 5.2 times as of March 31, 2020, will
temporarily rise by 1.0-1.5 turns, due to short-term weakness in
demand.

The affirmation of the B2 rating reflects Moody's expectation that
demand for the company's services will come back relatively
quickly, given the serious nature of the medical procedures that
SpecialtyCare assists with. Roughly 50% of revenues are from
perfusion services, which Moody's expects will be resilient
relative to its other service lines, given the high-acuity of
patients, and the need for surgeries that are less likely to be
postponed. Additionally, a portion of SpecialtyCare's revenue are
generated from retainer based contracts, which will provide
SpecialtyCare with a minimum level of revenue. Finally,
SpecialtyCare benefits from a highly variable cost structure, which
will allow the company to mitigate the decline in revenue and
preserve profitability.

Moody's expects that the company will have adequate near-term
liquidity. The company had approximately $23 million of cash at the
end of March 2020. The company has consistently generated positive
free cash flow, although Moody's expects some modest cash burn in
the coming quarters due to the pandemic impact. As of March 2020,
the company had about $35 million of external availability after
drawing $10 million on its $45 million revolver. The company has no
near-dated maturities and modest annual debt amortization of $2.5
million. Moody's believes that the company will maintain compliance
with its sole covenant, which is a springing maximum secured net
leverage ratio, which is set at 9.0x, and tested only if revolver
usage exceeds 35%.

Moody's took the following rating actions on SCSG EA Acquisition
Company, Inc..:

Affirmations:

Corporate Family Rating, at B2

Probability of Default Rating, at B2-PD

Senior Secured First Lien Revolving Credit Facility, at B1 (LGD3)

Senior Secured First Lien Term Loan, at B1 (LGD3)

Senior Secured Second Lien Term Loan, at Caa1 (LGD5)

Outlook Actions:

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The B2 rating is constrained by SpecialtyCare's moderately high
financial leverage. Once the pandemic ebbs, Moody's expects
adjusted debt/EBITDA to return to the mid-to-high 5.0x range. The
rating is also constrained by the company's modest absolute size
and niche service line offering. The majority of SpecialtyCare's
revenues are tied to open heart surgeries and spine procedures.
Softness in these types of procedures or technological developments
that reduce the need for perfusionists (used during open heart
surgery) or neurophysiologists (used in spine and neuro surgeries)
would negatively affect demand for SpecialtyCare's services.
Further, Moody's believes SpecialtyCare's hospital customers will
continue to be under volume and price pressure which could
translate to pressure on SpecialtyCare. Moody's expects
SpecialtyCare will be acquisitive as it looks to supplement organic
growth and expand its market presence. The rating is supported by
SpecialtyCare's leadership position in the perfusion and
intraoperative neuromonitoring (IONM) markets, and good geographic
and customer diversification. Direct government reimbursement risk
is limited given over 80% of revenue is billed directly to hospital
customers.

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

The ratings could be downgraded if SpecialtyCare faces declining
demand for its services due to technological advancements, changes
in hospital behavior or competitive pressure. An aggressive
acquisition strategy or debt funded dividends could also lead to a
downgrade. Specifically, If Moody's expects that adjusted
debt/EBITDA will remain above 6.0x, the rating agency could
downgrade the ratings. Further, weakening of liquidity or sustained
negative free cash flow could lead to a downgrade.

The ratings could be upgraded if SpecialtyCare exhibits strong new
business wins supported by its cross-selling initiatives and
increased outsourcing by hospitals. If the company sustains
adjusted debt/EBITDA below 5.0x and demonstrates consistent
positive free cash flow and good liquidity, Moody's could upgrade
the ratings.

SpecialtyCare is a provider of outsourced clinical operating room
services to hospitals, ambulatory surgery centers ("ASC"), and
physicians. The company provides perfusion services, intraoperative
neuromonitoring ("IONM"), and surgical services. Perfusionists
operate the heart-lung machine during open heart surgeries. IONM
services involve the monitoring of brain and nerve activity during
brain and spine surgeries. For the twelve months ended March 31,
2020 revenues were approximately $368 million. The company is
privately held by Kohlberg & Company.

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


SEDGWICK CLAIMS: S&P Rates New $300MM Term Loan 'B'
---------------------------------------------------
S&P Global Ratings said it assigned its 'B' issue rating to
Sedgwick Claims Management Services Inc.'s (B/Stable/--) proposed
$300 million term loan due 2026. The recovery rating is '3',
indicating our expectation for a meaningful (55%) recovery of
principal in the event of default. S&P also rates the existing
first-lien term loans 'B', with a recovery rating of '3' (55%). The
proposed term loan is expected to contain identical terms as the
company's existing term loan B.

S&P expects Sedgwick to use this issuance to bolster liquidity amid
heightened sector uncertainty from COVID-19-related business
disruption. As of March 31, 2020, Sedgwick has $130 million in cash
on its balance sheet, and $325 million remains available on its
$400 million revolver. For 2019, Sedgwick reported revenues of
approximately $3 billion and pro forma (adjusted for York Risk
Services acquisition) adjusted EBITDA of $603 million, per S&P's
calculations. Sedgwick's S&P Global Ratings-adjusted pro forma
leverage was 7.6x, with EBITDA interest coverage of 2.1x.

The economic fallout from COVID-19 is expected to pressure organic
growth through 2020. However, given the company's leading market
position in the third-party administrator industry, international
presence, and business diversification, S&P expects that any
revenue and earnings deterioration will be manageable and within
our rating thresholds.

S&P said, "Additionally, we expect the company to manage expenses
as well as realize cost savings and York synergies that will drive
EBITDA margins and offset some top-line volatility. Inclusive of
this $300 million debt issuance, we expect the company to maintain
S&P Global Ratings-adjusted debt to EBITDA between 7.5x and 8.0x
and EBITDA interest coverage above 2.0x at year-end 2020. We
believe the company will continue to have a healthy cushion within
our rating parameters. We continue to view Sedgwick as highly
leveraged based on its debt-intensive capital structure driven by
its financial-sponsor ownership and acquisitive growth strategy."



SERVICE PROPERTIES: S&P Lowers ICR to 'BB' on Operating Pressure
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Newton,
Mass.-based Service Properties Trust (SVC) to 'BB' from 'BB+'. At
the same time, S&P lowered its issue-level rating on the company's
senior unsecured notes to 'BB+' from 'BBB-' based on an unchanged
'2' recovery rating.

S&P said, "We believe significant EBITDA deterioration, in
particular for SVC's hotels segment, along with the postponement of
asset sales will significantly raise leverage in 2020.

"The downgrade reflects our expectation even considering a modest
economic recovery in the second half of 2020, SVC's key credit
metrics will likely rise meaningfully over the next year given
delayed asset sales and material EBITDA deterioration in its
lodging segment. We expect S&P Global Ratings-adjusted debt to
EBITDA will increase from 7.1x as of March 31, 2020 to above 10x by
year-end 2020 then improve to around 8x by year-end 2021.
Nevertheless, we expect SVC to retain adequate liquidity as it
manages through the pandemic.

"We expect SVC's extended- and select-stay hotel properties in
suburban locations to outperform full-service hotels in urban
locations."

As of March 31, 2020, the company's hotels segment accounted for
60.8% of its annualized minimum returns/rents and had a comparable
occupancy rate of 56.9%, which represented a 1,050 bps decrease
since year-end 2019. Moreover, trailing-12-months hotel operator
coverage for the period ending March 31, 2020, decreased 0.22x to
0.73x on a year-over-year basis (a 0.13x decrease sequentially).
S&P said, "SVC had approximately $129.5 million of security
deposits and guarantees remaining as of March 31, 2020; however, we
expect them to fully exhaust all of its security deposits and most
of its guarantees by the end of the second quarter. Should the
security deposits become exhausted, several operators would need to
pay SVC between 80% and 100% of minimum returns/rents to avoid
defaulting on their agreements, which should provide SVC some cash
flow stability (albeit significantly reduced from current
levels)."

S&P said, "Although we expect continued pressure on occupancy, with
significant revenue per available room (RevPAR) declines projected
for 2020, we acknowledge that SVC's higher allocation to extended
stay (about 56% based on unit count as of Dec. 31, 2019) and select
service (about 29%) hotel properties have fared better than other
lodging segments such as full service properties since the COVID-19
pandemic started." Furthermore, approximately 59.2% (also based on
unit count and as of Dec. 31, 2019) of SVC's properties are in
suburban locations, which have also been more resilient than hotel
properties located in urban areas.

SVC's top tenant, TravelCenters of America (TA), is current on all
of its lease obligations; however, SVC's other net-leased tenants
are under significantly greater pressure.

The remaining 39.2% of SVC's annualized minimum returns/rents are
derived from its net-leased portfolio, which includes 813
properties at an investment value of approximately $5.3 billion. TA
is included within this segment, which includes 179 properties
representing 25.5% of annualized minimum returns/rents. While all
of the TA properties are open and operating, most of the
full-service restaurants have been closed at these locations.
Nevertheless, TA is current on all of its lease payments to SVC and
had an adequate coverage level of roughly 1.9x as of March 31,
2020. Excluding TA, the remaining 634 net-leased properties (about
13.7% of annualized minimum returns/rents) are under considerably
greater pressure with only 45% of April rents collected. SVC also
entered into rent deferral agreements totaling $8.6 million with 84
net-leased retail tenants that require $62 million of annual rents
(6.4% of total minimum returns/rents). Generally speaking, the most
affected industries among SVC's net-leased tenants have been movie
theaters (1.8%), casual dining restaurants (1.3%), and health and
fitness (1.1%).

SVC's recent credit amendment provides covenant waiver relief,
although bondholders will lose priority to the pledged assets
through March 31, 2021.

S&P said, "Our view of SVC's financial risk profile incorporates
its weighted-average debt maturity of five years as well as its
weighted-average interest rate of 4.3% as of March 31, 2020.
Additionally, the company's debt was approximately 86.2% fixed-rate
and entirely unencumbered as of March 31, 2020. However, on May 11,
2020, SVC announced it has amended its $1 billion revolving credit
facility and $400 million term loan to allow for the waiver of
certain financial covenants." In exchange for the waiver, SVC
agreed to pledge equity interests of subsidiaries owning properties
with up to $3.2 billion of unencumbered gross asset value as of
March 31, 2020. Additional terms require that SVC maintain minimum
unrestricted liquidity of $125 million--including a combination of
unrestricted cash or undrawn availability under its $1 billion
revolver--and that net cash proceeds from dispositions and capital
market activities repay outstanding debt under its credit
agreement.

That said, as of May 11, 2020, the company had approximately $500
million of availability under its revolving credit facility with no
debt maturities until February 2021 when its $400 million, 4.25%
unsecured notes come due. Overall, S&P views SVC's debt maturity
profile as well-laddered despite some larger maturities in 2022
through 2024.

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

-- Health and safety

S&P said, "The negative outlook reflects our view that SVC's
operating performance will likely remain under pressure over the
next 12 months as the ongoing implications from the coronavirus
pandemic continues to put downward pressure on its credit
protection metrics. We expect significant RevPAR declines in 2020
and a sharp recovery in 2021 (albeit below 2019 levels), leading to
material near-term EBITDA deterioration in its lodging segment. As
such, we expect adjusted debt to EBITDA will increase above 10x by
year-end 2020 and improve to around 8x by year-end 2021."

S&P could lower its ratings on SVC if:

-- Operating performance deteriorates beyond our current
expectations. This could be driven by a more severe and prolonged
global recession that further erodes operator coverage levels or
leads to future lease amendments or deferrals reducing SVC's rental
revenues.

-- A second wave of COVID-19 cases that delays the recovery in
travel could also pressure the rating.

-- Planned dispositions do not materialize, with adjusted debt to
EBITDA failing to decline to the mid-8x area by year-end 2021.

-- Lastly, S&P could lower the ratings on the senior unsecured
notes should the company pursue a material amount of secured debt
that negatively impacts our recovery analysis.

S&P could revise the outlook to stable if:

-- SVC's operating performance materially improves, likely driven
by a turnaround in the global economy that leads to increased
consumer confidence and a more favorable lodging environment.

-- SVC successfully executes its planned dispositions such that
S&P Global Ratings-adjusted debt to EBITDA declines below the 8.0x
area over the next 12-18 months, in conjunction with reinstating
the dividend to pre-virus levels.



SHAE MANAGEMENT: Gowin Machinery as Appraiser
---------------------------------------------
Shae Management, Inc. and Graphic Tufting Center, Inc. received
approval from the U.S. Bankruptcy Court for the Northern District
of Georgia to employ Gowin Machinery Sales to conduct an appraisal
of their machinery and equipment.

Gowin has agreed to perform the appraisal for a flat fee of $1,200.
As part of its engagement, the firm has agreed to provide
testimony at any hearing or deposition at an hourly rate of $125.

Ken Gowin, an employee of Gowin, disclosed in court filings that
the firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Ken Gowin
     Gowin Machinery Sales
     3439 Mt. View Dr
     Tunnell Hill, GA 30755

                       About Shae Management

Shae Management, Inc., a property management company in Dalton,
Ga., filed a petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-42833) on Dec. 2, 2019. At the
time of the filing, Debtor was estimated to have $1 million to $10
million in both assets and liabilities. Cameron M. McCord, Esq., at
Jones & Walden, LLC, is Debtor's legal counsel.  Judge Paul W.
Bonapfel oversees the case.


SONIC AUTOMOTIVE: Egan-Jones Lowers Senior Unsecured Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Sonic Automotive Inc. to B- from B.

Headquartered in Charlotte, North Carolina, Sonic Automotive Inc.
is an automotive retailer.



STAGE STORES: In Chapter 11 for Going Concern Sale or Wind Down
---------------------------------------------------------------
Houston-based department store chain Stage Stores sought Chapter 11
bankruptcy protection due to COVID-19 store shutdowns and excessive
debt.

Carl Surran, writing for Seeking Alpha, reports that Stage Stores
said it will solicit bids simultaneously for a going sale of the
business or any of assets and initiate an orderly wind-down of
operations, and would halt the wind-down at certain locations if it
receives a viable going-concern bid.

The health and safety of its associates and guests remains Stage
Stores’ top priority as it takes a phased approach to reopening
its stores in the coming weeks to commence the liquidation of its
inventory.  It expects the first phase of reopening 557 stores on
May 15, 2020, the second phase of 67 stores on May 28, 2020, and
the rest of the chain is seen opening on June 4, 2020.

                        First Day Motions

To maintain and continue uninterrupted ordinary course operations
during the Bankruptcy Petition proceedings, the Debtors filed a
variety of “first day” motions seeking approval from the
Bankruptcy Court for various forms of customary relief.  These
motions are designed primarily to minimize the effect of bankruptcy
on the Company's operations, customers and employees.

On May 11, 2020, the Bankruptcy Court approved all requested "first
day" relief.

The orders include procedures (including notice requirements) that
certain holders of the Company's common stock, par value $0.01 per
share (the "Common Stock") and potential stockholders must comply
with regarding transfers of, or declarations of worthlessness with
respect to, the common stock and certain obligations with respect
to notifying the Company with respect to current stock ownership.

                     About Stage Stores Inc.

Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.

Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.

The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019:

The Hon. David R. Jones is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as bankruptcy counsel;
JACKSON WALKER L.L.P. as local bankruptcy counsel; PJ SOLOMON,
L.P., is investment banker; BERKELEY RESEARCH GROUP, LLC as
restructuring advisor; and A&G REALTY as real estate consultant.
GORDON BROTHERS RETAIL PARTNERS, LLC, will manage the Company’s
inventory clearance sales.  KURTZMAN CARSON CONSULTANTS LLC is the
claims agent.

                         *     *     *

On May 11, 2020, the Company (NYSE: SSI) was notified by the New
York Stock Exchange that the staff of NYSE Regulation, Inc., has
determined to commence proceedings to delist the common shares of
the Company from the NYSE.  Trading of the Company's common shares
was suspended immediately.    


STAGE STORES: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a
committee to represent unsecured creditors in the Chapter 11 cases
of Stage Stores Inc. and its affiliates.

The committee members are:

     1. Seven Apparel Group, Inc.            
        Attn: Victor Saadeh      
        347 5th Avenue      
        New York, NY 10016      
        Tel: 212-213-5100/646-261-6368
        Email: victors@gourmethomeproducts.com


     2. Nike USA, Inc.      
        Attn: Noel Runge      
        One Bowerman Drive      
        Beaverton, OR  97005      
        Tel: 503-532-9918      
        Email: noel.runge@nike.com

        Anthony Saccullo, Esq.
        27 Crimson King Drive
        Bear, DE 19701
        Tel: 302-836-8877
        Fax: 302-836-8787
        Email: ams@saccullolegal.com

     3. Specialty Store Services, Inc.      
        Attn: John Vacala              
        454 Jarvis Avenue      
        Des Plains, IL 60018      
        Tel: 847-470-7000      
        Fax: 847-627-4552      
        Email: johnv@specialtystoreservices.com      

     4. Adobe Systems, Inc.      
        Attn: Danny Wheeler      
        3900 Adobe Way      
        Lehi, UT 84043      
        Tel: 385-345-1372      
        Email: dwheeler@adobe.com  

     5. Enchante Accessories, Inc.      
        Attn:  Abraham Weinberger     
        16 E. 34th Street     
        New York, NY 10016     
        Tel: 212-689-6008     
        Email: abraham@ench.com

        Balasiano & Associates, PLLC
        Steven Balasiano, Esq.
        6701 Bay Parkway
        Brooklyn, NY 11204
        Tel: 347-905-5669
        Email: steven@balasianolaw.com

     6. Skechers USA Inc.     
        Attn: Craig R. Lindsay     
        225 S. Sepulveda Blvd.     
        Manhattan Beach, CA 90266     
        Tel: 714-813-4074     
        Email: craiglin@skechers.com

     7. Regency Commercial Associates LLC     
        c/o Jim Wittman     
        380 N. Cross Pointe Boulevard     
        Evansville, IN 47715-4027     
        Tel: 812-424-9200     
        Fax: 812-424-9242     
        Email: jwittman@regency-prop.com      

        Joseph H. Langerak, Esq.
        One Main Street, Suite 201
        Evansville, IL 47708-1473
        Tel: 812-759-3817
        Fax: 812-421-4936
        Email: joe.langerak@skofirm.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                    About Stage Stores Inc.

Stage Stores Inc. and Specialty Retailers, Inc. are apparel,
accessories, cosmetics, footwear and home goods retailers that
operate department stores under the Bealls, Goody's, Palais Royal,
Peebles, and Stage brands and off-price stores under the Gordmans
brand.  They operate approximately 700 stores across 42 states.
The department stores predominately serve small towns and rural
communities, and the Debtors' off-price stores are mostly located
in mid-sized Midwest markets.

On May 10, 2020, Stage Stores and Specialty Retailers sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 20-32564).  At the time of the filing, Debtors
disclosed $1,713,713,000 in assets and $1,010,210,000 in
liabilities.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as bankruptcy counsel; Jackson Walker L.L.P. as
local counsel; PJ Solomon, L.P. as investment banker; Berkeley
Research Group, LLC as restructuring advisor; A&G Realty as real
estate consultant; and Kurtzman Carson Consultants, LLC as notice
and claims agent.


STAR GROUP: Egan-Jones Lowers Senior. Unsecured Ratings to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Star Group, L.P. to BB- from BB.

Headquartered in Stamford, Connecticut, Star Group, L.P. provides
home heating products and services.



STEEL DYNAMICS: Egan-Jones Lowers FC Senior Unsecured Rating to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 11, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Steel Dynamics,
Inc. to BB from BB+.

Headquartered in Fort Wayne, Indiana, Steel Dynamics, Inc. is a
diversified carbon-steel producer and metals recycler in the United
States.



SUN PACIFIC: Incurs $1.78 Million Net Loss in 2019
--------------------------------------------------
Sun Pacific Holding Corp. reported a net loss of $1.78 million on
$300,733 of revenues for the year ended Dec. 31, 2019, compared to
a net loss of $1.77 million on $584,650 of revenues for the year
ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $9.34 million in total assets,
$13.48 million in total liabilities, and a total stockholders'
deficit of $4.14 million.

Sun Pacific stated, "We have, since inception, financed operations
and capital expenditures through the sale of stock and convertible
notes and debt.  Our immediate sources of liquidity include cash
and cash equivalents, accounts receivable, and unbilled
receivables.

"At December 31, 2019, we had a net working capital deficit of
approximately $10,491,807 compared to $2,866,603 at December 31,
2018.  We relied on temporary financing for the MedRecycler project
and proceeds from advertising project financing in 2019. We relied
on proceeds from the sale of common stock, convertible promissory
notes and advances from related parties throughout fiscal 2018.

"We must successfully execute our business plan to increase
profitability in order to achieve positive cash flows to sustain
adequate liquidity without requiring additional funds from external
sources to meet minimum operating requirements.  We may need to
raise additional capital to fund our operations and there can be no
assurance that additional capital will be available on acceptable
terms or at all.

"Generally, the Company has insufficient capital to maintain
operations.  Cash flows from operations of the Company and all its
subsidiary holdings will not sustain the Company's operations, let
alone its filing requirements, unless there is substantial influx
of cash flow through either debt and/or equity financing."

Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated May 20, 2020, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going
concern.

For the year ended Dec. 31, 2019, net cash used in operations was
approximately $550,010 driven primarily by current year operating
loss, offset primarily by non-cash expenses for the amortization of
debt discounts, loss on settlement of convertible debt, as well as
increases in accrued officer compensation and accrued expenses.

For the year ended Dec. 31, 2019, the Company invested
approximately $5.7 million in its MedRecycler project, consisting
of $538,242 of equipment purchases and deposits in equipment of
$5,682,329, offset by $42,000 in proceeds from the sale of
vehicles.

For the year ended Dec. 31, 2019, cash provided by financing
activities was approximately $8,445,588, primarily from the
temporary financing for the MedRecycler project of $8,453,624, and
the issuance of convertible debt of $200,000, offset by the
repayment of convertible debt of $150,000 and vehicles loans of
$60,667.

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

                       https://is.gd/1NHTAk

                        About Sun Pacific

Headquartered in Manalapan NJ, Sun Pacific Holding Corp --
http://www.sunpacificholding.com/-- offers "Next Generation" solar
panel and lighting products by working closely with design,
engineering, integration and installation firms in order to deliver
turnkey solar and other energy efficient solutions.  It provides
solar bus stops, solar trashcans and "street kiosks" that utilize
advertising offerings that provide State and local municipalities
with costs efficient solutions.  The Company provides general,
electrical, and plumbing contracting services to a range of both
public and commercials customers in support of its goals of
expanding its green energy market reach.


SUNCREST STONE: Hires GGG Partners as Financial Advisor
-------------------------------------------------------
Suncrest Stone Products, LLC, and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Middle District of
Georgia to employ GGG Partners, LLC, as financial advisor to the
Debtors.

Suncrest Stone requires GGG Partners to:

   a. provide consulting, advisory and expert witness services on
      behalf of the Debtors; and

   b. provide an abbreviated report and expert testimony
      regarding bankruptcy plan feasibility and the appropriate
      cramdown interest rate applicable to Clients' Plan of
      Reorganization under Case No. 18-10850-AEC in the United
      States Bankruptcy Court, Middle District of Georgia
      Albany Division as well as the competing bankruptcy plan

GGG Partners will be paid at these hourly rates:

     Richard Gaudet, Partner           $390
     Jessica Peterson, Partner         $350
     Adam Cohen, Partner               $325

GGG Partners will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Richard Gaudet, a partner of GGG Partners, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

GGG Partners can be reached at:

     Richard Gaudet
     GGG Partners, LLC
     3155 Roswell Rd NE Suite 120
     Atlanta, GA 30305
     Tel: (404) 256-0003

                  About Suncrest Stone Products

Suncrest Stone Products, LLC -- https://www.suncreststone.com/ --
is a stone supplier in Ashburn, Georgia.  Its products include
Ashlar, Country Ledge, Ledge, River Rock, Olde-Castle, Splitface,
Stock, and Rubble.

Suncrest Stone Products and 341 Stone Properties, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga.
Lead Case No. 18-10850) on July 13, 2018.  In the petition signed
by Max Suter, authorized officer, Suncrest was estimated to have
assets of less than $1 million and liabilities of $1 million to $10
million.  341 Stone was estimated to have $1 million to $10 million
in assets and liabilities.

Judge Austin E. Carter is the presiding judge.

Stone & Baxter, LLP, is the Debtors' counsel. GGG Partners, LLC, as
financial advisor McMurry Smith & Company is the accountant.
Crumley and Associates Inc. d/b/a South Georgia Appraisal Company
is appraiser to the Debtor.


SUNGARD AS: S&P Alters Outlook to Negative, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Sungard AS New Holdings
LLC to negative from stable and affirmed all of its ratings on the
company, including its 'B-' issuer credit rating.

Sungard AS' path to stabilize its revenue remains uncertain.
Sungard AS' revenue has been pressured over the last several years.
Specifically, the revenue from its legacy disaster recovery segment
has been declining as its customers insource their disaster
recovery or adopt hybrid and multi-cloud configurations that offer
near-continuous availability. The company also offers disaster
recovery as a service (DRaaS) products, which feature better growth
prospects.

S&P said, "However, Sungard AS' performance in this area has been
inconsistent over the past few years and we expect the competition
in the DRaaS space to remain intense. The company's DRaaS segments
account for about 30% of its annual revenue. The company also
generates revenue from colocation and network, which--in our
opinion--faces longer-term threats. For example, we believe that
some of Sungard AS' customers view colocation as an intermediate
step before moving more of their workloads onto the cloud. Also, we
believe companies in the colocation space compete mostly on price
because there is not much differentiation between the services
offered by the leading players. However we note that Sungard AS
does offer a range of services that a pure colocation provider may
not offer such as workplace and recovery solutions. Ultimately we
believe that Sungard AS' margins in this segment will remain low."

S&P said, "While the company's new management team has embarked on
a series of initiatives to improve its revenue churn, we believe
that its revenue will decline by the mid-teen percent area in 2020,
which is similar rate to what its experienced in 2019. Most of
Sungard AS' 2020 declines will be due to active measures to retain
customers, such as by lowering prices on their contracts.
Management will also more actively rely on its partners to develop
new services. While these actions could improve Sungard AS' revenue
retention in 2021, the success of these initiatives remains
uncertain and we note there is a risk that its revenue could
continue to shrink after 2020.

"Sungard AS' cash flow is weighed down by its declining legacy
segments, which are very capital intensive. While the company
materially reduced its cash interest burden through its Chapter 11
filing in 2019, we note that it continues to face free operating
cash flow (FOCF) pressures. We expect Sungard AS to generate
negative FOCF in the $70 million-$80 million range in 2020 due to
some margin reduction as the company invests more and implements
its restructurings. We also expect its FOCF to decline because of
its declining revenue base and heavy capex spending (about 9%-10%
of revenue). While less than half of the company's 2019 capex
spending was for maintenance needs, we believe it will have to
invest in more than just maintenance to retain its customers over
the longer term."

Management's ongoing cost restructurings will boost the company's
margins after 2020, though the sustainability of this improvement
is uncertain. S&P said, "While Sungard AS has demonstrated good
progress on its past cost-restructuring efforts, we expect its
EBITDA margins to remain pressured and decline to the high-single
digit percent area in 2020 from the low 20% range prior to its
bankruptcy. We believe the company has taken the appropriate steps
to slim down its cost base to more closely reflect its revenue base
and think that it can improve its margins toward the mid-teens
percent area after 2020 as the costs to achieve its savings drop
off in 2021 and some of the savings flow to its profits." However,
the sustainability of its improved margin remains uncertain given
that it may need to undertake a further restructuring if its
revenue declines accelerate.

S&P said, "We expect the company to maintain sufficient liquidity
and a good cash buffer over the next 12 months. Sungard AS held
about $66 million of cash as of the end of 2019 and had access to
about $30 million of availability under its asset-based lending
(ABL) revolver. Despite our expectation for large free cash flow
declines in 2020, we expect the company to maintain about $60
million of total liquidity because it will draw on its delayed draw
term loan. As of May 2020, $35 million of the delayed draw facility
had not been drawn, though we expect the company to draw on it
before its expiration in November 2020. The draw will help reduce
Sungard AS' need to borrow from its ABL revolver.

"We do not envision material liquidity risks arising from the
current pandemic. Sungard AS' customers tend to be large
institutions with financial flexibility. In addition, the company
has a very limited exposure to the travel and leisure industries,
which we believe will be the most affected by COVID-19.

"The negative outlook reflects our view that Sungard AS faces
material risk stemming from its plans to stabilize its revenue
base. The magnitude of the company's revenue declines have led it
to undertake multiple cost-restructuring initiatives, which have
weighed down its near-term earnings and cash flow. We expect
Sungard AS to generate negative FOCF over the next 12 months but
anticipate that the company will maintain sufficient liquidity.

"We could lower our ratings on Sungard AS if we expect its free
cash flow generation to remain persistently negative after 2020
because of continued revenue declines and further restructuring
actions. This would lead us to believe that its current capital
structure is unsustainable.

"We could revise our outlook on Sungard AS to stable if we believe
it is on the path to stabilizing its revenue and see prospects for
a return to revenue and profit growth. We could also revise the
outlook to stable if it returns to generating positive FOCF due to
a sustained improvement in its margin and a reduction in its fixed
costs."



TADA VENTURES: Seeks to Hire Corral Tran as Counsel
---------------------------------------------------
TADA Ventures, LLC, seeks authority from the United States
Bankruptcy Court for the Southern District of Texas to employ
Corral Tran Singh, LLP as its counsel.

TADA Ventures requires Corral Tran to:

     a. analyze the financial situation, and render advice and
assistance to the Debtor;

     b. advise the Debtor with respect to its rights, duties, and
powers as a debtor in the bankruptcy case;

     c. represent the Debtor at all hearings and other
proceedings;

     d. prepare and file of all appropriate petitions, schedules of
assets and liabilities, statements of affairs, answers, motions and
other legal papers as necessary to further the Debtor's interests
and objectives;

     e. represent the Debtor at any meeting of creditors and such
other services as may be required during the course of the
bankruptcy proceedings;

     f. represent the Debtor in all proceedings before the Court
and in any other judicial or administrative proceeding where the
rights of the Debtor may be litigated or otherwise affected;

     g. prepare and file of a Disclosure Statement and Chapter 11
Plan of Reorganization;

     h. assist the Debtor in analyzing the claims of the creditors
and in negotiating with such creditors; and

     i. assist the Debtor in any matters relating to or arising out
of the captioned case.

Corral Tran will be paid at these hourly rates:

     Susan Tran Adams              350
     Brendon Singh                 375
     Adam Corral                   350
     Krystyna Salinas              275

Corral Tran will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Susan Tran Adams, Esq., partner of Corral Tran Singh, 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 Debtor and its estates.

Corral Tran can be reached at:

     Susan Tran Adams, Esq.
     CORRAL TRAN SINGH, LLP
     1010 Lamar St., Suite 1160
     Houston TX 77002
     Tel: (832) 975-7300
     Fax: (832) 975-7301
     E-mail: brendon.singh@ctsattorneys.com

                  About TADA Ventures, LLC

TADA Ventures, LLC owns and operates a commercial building known as
the Kat Commerce Center, which is a two-story building with over
13,000 square feet of office space and an adjoining warehouse of
12,000 square feet.

TADA Ventures filed a voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 20-32199) on
April 19, 2020. In the petition signed by Jean Stout, president,
the Debtor estimated $1 million to $10 million in both assets and
liabilities. Susan Tran Adams, Esq. at CORAL TRAN SINGH, LLP,
represents the Debtor as counsel.


TALEN ENERGY: S&P Rates $330MM Senior Secured Notes 'BB-'
---------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '1'
recovery rating to Talen Energy Supply LLC's $330 million senior
secured notes due in 2028. The '1' recovery rating indicates its
expectation for very high (90%-100%; rounded estimate: 95%)
recovery in the event of a default.

The notes rank pari passu with Talen's existing senior secured
revolving credit facility and term loans with a first-priority
claim on the company's assets. The company intends to use the net
proceeds to repay all outstanding borrowings under the revolving
credit facility and to pay related transaction fees and expenses.
The remainder will be for general corporate purposes, which may
include repayment of additional debt. Concurrent with this debt
issuance, Talen is reducing its revolving credit facility capacity
to $690 million from $1 billion. As such, the recovery rating of
'1' is unchanged.

Talen is an independent power producer with approximately 14
gigawatts of owned capacity in the PJM Interconnection, Electric
Reliability Council of Texas, Independent System Operator-New
England, New York Independent System Operator, and Western
Electricity Coordinating Council markets. Talen generates and sells
electricity, capacity, and related products from a fleet of
nuclear, natural gas, and coal power plants in the U.S.



TELEFLEX INC: Moody's Rates New $500MM Unsec. Notes Due 2028 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Teleflex
Incorporated's proposed $500 million senior unsecured note offering
due 2028. There are no changes to Teleflex's existing ratings,
including the Ba2 Corporate Family Rating, Ba2-PD Probability of
Default Rating, Ba3 senior unsecured note ratings and the SGL-2
Speculative Grade Liquidity Rating. The outlook remains stable.

Teleflex will use the proceeds from the proposed note offering to
repay borrowings under its $1.0 billion revolving credit facility
and to cover transaction-related fees. As of March 29, 2020, the
company had $785 million of outstanding borrowings under its $1.0
billion revolving credit facility.

While leverage-neutral, Moody's views the transaction as a credit
positive, as it will increase availability under the company's
revolving credit facility and lengthen the company's debt maturity
profile.

Ratings assigned:

Issuer: Teleflex Incorporated

Proposed $500 million senior unsecured global notes due 2028 at Ba3
(LGD5)

RATINGS RATIONALE

Teleflex's Ba2 CFR reflects the company's good scale, leading
market positions in key products and good revenue diversity by
products and customers. The company offers a broad range of medical
technologies in vascular, interventional access, and interventional
urology. Further, the company generates good free cash flow, has
strong interest coverage and has moderate financial leverage. The
company's debt/EBITDA was approximately 3.5 times as of March 29,
2020. Moody's expects that debt/EBITDA could approach 4.0 times in
2020 because of lower profits due to COVID-19 related slowdowns on
procedure volumes.

Teleflex's ratings are constrained by industrywide pricing
pressures as well as payors' increased focus on value-based
healthcare. The risk of technology obsolescence and competition
from much larger medical products companies are also constraining
factors. Further, Moody's expects that Teleflex will remain
acquisitive and it will use debt to fund acquisitions.

The stable outlook reflects Moody's view that Teleflex will remain
acquisitive and will maintain moderately high leverage.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. For Teleflex, this risk is mitigated as a significant
portion of its revenues are related to emergent procedures, though
certain products, such as some in its urology segment, are more
deferrable. For medical device companies, social risks also involve
responsible production including compliance with regulatory
requirements for the safety of medical devices as well as adverse
reputational risks arising from recalls associated with
manufacturing defects. As a publicly-traded company, Teleflex is
subject to rigorous governance standards in terms of transparency,
disclosures, management's effectiveness, accountability and
compliance.

Teleflex's SGL-2 Speculative Grade Liquidity Rating reflects
Moody's expectation that the company will maintain good liquidity
over the next 12-15 months. This is supported by Teleflex's healthy
and consistent cash generation, revolver availability, and
comfortable cushion under its financial covenants. The company had
$406 million in cash as of March 29, 2020. Moody's believes that
cash balances, combined with access to approximately $700 million
of the unused revolver following the proposed transaction and
positive free cash flow over the next 12-18 months, will be
sufficient to offset the temporary impact of COVID-19 in most
scenarios.

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

Moody's could upgrade the ratings if Teleflex can sustain solid
sales growth and improve its product diversification. If
debt/EBITDA is sustained below 3.0 times, the ratings could be
upgraded.

Ratings could be downgraded if the company's liquidity and/or
operating performance deteriorates. The ratings could also be
downgraded if the company pursues an aggressive debt-funded
acquisition strategy or if Moody's expects that debt/EBITDA will be
sustained above 4.0 times.

The company's senior unsecured notes are rated one-notch below the
CFR, reflecting the presence of a material amount of secured bank
debt (i.e. $1.0 billion revolver and $700 million term loan -- both
not rated by Moody's) with a priority position.

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is a
provider of medical technologies in the fields of vascular and
interventional access, surgical, anesthesia, cardiac care, urology
emergency medicine and respiratory care. The company is publicly
traded, and its 2019 annual revenues were approximately $2.6
billion.


TELEPHONE AND DATA: Egan-Jones Cuts FC Sr. Unsecured Rating to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency senior unsecured ratings on debt issued by Telephone And
Data Systems, Inc. to B+ from BB-.

Headquartered in Chicago, Illinois, Telephone and Data Systems,
Inc. is a diversified telecommunications company.



TEREX CORP: Egan-Jones Lowers FC Senior Unsecured Ratings to B
--------------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Terex
Corporation to B from BB. EJR also downgraded the rating on FC
commercial paper issued by the Company to B from A2.

Headquartered in Westport, Connecticut, Terex Corporation is a
global manufacturer of lifting and material processing products and
services that deliver lifecycle solutions.



TERVITA CORP: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service downgraded Tervita Corporation's
corporate family rating to B3 from B1, probability of default
rating to B3-PD from B1-PD, senior secured notes to B3 from B2, and
assigned a speculative grade liquidity rating of SGL-3. At the same
time the outlook was changed to negative from stable.

"The downgrade reflects a decline in Tervita's credit metrics in
2020 as a result of lower oil production in Western Canada as well
as growing risk that the company will struggle to refinance its
notes due in December 2021 " said Jonathan Reid, Moody's analyst.

Downgrades:

Issuer: Tervita Corporation

Corporate Family Rating, Downgraded to B3 from B1

Probability of Default Rating, Downgraded to B3-PD from B1-PD

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

Assignments:

Issuer: Tervita Corporation

Speculative Grade Liquidity Rating, Assigned SGL-3

Outlook Actions:

Issuer: Tervita Corporation

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

Tervita's B3 CFR is constrained by: (1) its exposure to declining
drilling and completion activity, which will lead to declining
EBITDA and increased financial leverage over the next 12-18 months;
(2) increasing refinancing risk since in its view the company faces
challenges in accessing the capital market to refinance its US$590
million in senior secured second lien notes that mature in December
2021; (3) concentration in the Transfer, Remediation & Disposal
(TRD) and landfill business with little EBITDA coming from other
segments; and (4) small size and scale. Tervita is supported by:
(1) the high barriers-to-entry of its landfill and TRD facilities
through a combination of technical know-how and stringent
environmental regulations; (2) its extensive network of fixed
facility waste management sites across the Western Canadian
Sedimentary Basin (WCSB); (3) significant portion of EBITDA that is
tied to production and contracts as well as potential benefits from
federal government spending on well abandonment; and (4) adequate
liquidity.

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

Governance issues taken into considerations in this rating include
Tervita's detailed financial reporting that enable good visibility
of business conditions, and its financial policies that adequately
balance shareholder priorities with those of debtholders.

In accordance with Moody's Loss Given Default (LGD) for
Speculative-Grade Companies methodology, the rating for the US$590
million senior secured second lien notes is B3, reflecting the
amount of priority ranking secured debt in the form of the C$275
million revolving credit facility and loss absorption cushion
provided by trade payables and lease rejection claims.

Tervita's liquidity is adequate (SGL-3). Sources of C$40 million
compare to uses of C$15 million over approximately the next year.
Sources consist of cash on hand of C$32 million as of March 31,
2020 and expected free cash flow of $30 million, less operating
cash needs of about $20 million. Uses are C$15 million of revolver
outstandings, which are repayable at the maturity of its revolving
credit facility in June, 2021. The company has three financial
covenants, and there is a possibility that the company could breach
the total net leverage covenant towards the end of 2020 or in early
2021 as a result of declining EBITDA. Alternative sources of
liquidity are limited as all assets are largely pledged to the
secured lenders.

The negative outlook reflects the potential that Tervita may not be
able to access the capital markets well in advance of the December
2021 maturity of the US$590 million in in order to refinance its
notes prior to them becoming a current liability in December 2020.

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

The ratings could be downgraded if Tervita does not refinance its
December 2021 notes well in advance, or if liquidity worsens.

The ratings could be upgraded if the company successfully
refinances its December 2021 notes and the revolver is renewed for
at least several years, a covenant breach becomes unlikely and
liquidity remains adequate, adjusted debt/EBITDA is likely to
remain below 5x, and industry operating conditions improve
materially.

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

Tervita, based in Calgary, Alberta, is a public oilfield services
company that focuses on waste management in the Canadian oil and
gas industry. Revenue were C$716 million (excluding Energy
Marketing) in 2019.


TIDE MILL: Hires Shasho Consulting as Real Estate Broker
--------------------------------------------------------
Tide Mill, LLC, seeks authority from the U.S. Bankruptcy Court for
the District of Maryland to employ Shasho Consulting, PA, as real
estate broker to the Debtor.

Tide Mill requires Shasho Consulting to real property located at
7868 Mill Creek Road, Benedict, MD 20612 and 19305 Wilmott Road,
Benedict, MD 20612.

Shasho Consulting will be paid a commission of 6% of the gross
purchase price.

Chris Shasho, partner of Shasho Consulting, PA, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Shasho Consulting can be reached at:

     Chris Shasho
     Shasho Consulting, PA
     4475 Regency PI STE 101
     White Plains, MD 20695
     Tel: (301) 632-6320

                        About Tide Mill

Tide Mill LLC is a privately held company in Bowie, Maryland,
created for developing certain commercial real property located in
Charles County, Maryland.

Tide Mill LLC filed for Chapter 11 bankruptcy (Bankr. D. Md. Case
No. 19-22014) on Sept. 9, 2019.  In its petition, the Debtor was
estimated to have up to $50,000 in assets and $1 million to $10
million in liabilities.  The petition was signed by James Register,
managing member.  The Hon. Wendelin I. Lipp oversees the case.  The
Debtor hired COHEN, BALDINGER & GREENFELD, LLC, as counsel.


TMH SERVICES: Case Summary & 3 Unsecured Creditors
--------------------------------------------------
Debtor: TMH Services, Inc.
        4605 MacCorkle Avenue, SW
        South Charleston, WV 25309

Business Description: TMH Services is primarily a real estate
                      holding company, with interests in certain
                      real property used by Thomas Health System,
                      Inc. and Herbert J. Thomas Memorial Hospital
                      Association and Charleston Hospital, Inc.
                      d/b/a Saint Francis Hospital.

Chapter 11 Petition Date: May 22, 2020

Court: United States Bankruptcy Court
       Southern District of West Virginia

Case No.: 20-20194

Judge: Hon. Frank W. Volk

Debtor's Counsel: Brandy M. Rapp, Esq.
                  WHITEFORD, TAYLOR & PRESTON LLP
                  10 S. Jefferson Street
                  Suite 1110
                  Roanoke, VA 24011
                  Tel: 540-759-3577
                  E-mail: brapp@wtplaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Daniel J. Lauffer, president and CEO.

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

                    https://is.gd/MT4Hu8


TOLEDO TOWN: Proposes to Make Payments to Insider
-------------------------------------------------
Toledo Town Recreation II, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Louisiana a motion to pay
compensation to Kenneth Fa-Kouri, an insider.

Kenneth Fa-Kouri is the managing member and runs the day-to-day
operations of the Debtor.

Toledo Town requires Kenneth Fa-Kouri to manage the Debtor's
operations and assets.

Kenneth Fa-Kouri will be paid at the hourly rate of $500.

To the best of the Debtor's knowledge, Kenneth Fa-Kouri is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

                About Toledo Town Recreation II

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.

Toledo Town Recreation II, LLC, based in Opelousas, LA, filed a
Chapter 11 petition (Bankr. W.D. La. Case No. 20-50407) on May 13,
2020.  The petition was signed by Kenneth Fa-Kouri, managing
member.  In its petition, the Debtor disclosed $4,375,518 in assets
and $3,802,302 in liabilities.  The Hon. John W. Kolwe presides
over the case.  David Patrick Keating, Esq., at The Keating Firm,
serves as bankruptcy counsel to the Debtor.


TOLEDO TOWN: Seeks to Hire Keating Firm as Counsel
--------------------------------------------------
Toledo Town Recreation II, LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
The Keating Firm, as insider to the Debtor.

Toledo Town requires Keating Firm to give the Debtor's legal advice
with respect to Debtor's powers and duties as Debtor-In-Possession
in the continued operation of the Debtor's business and management
of the Debtor's property, and to perform all legal services for the
Debtor-in-Possession which may be necessary herein.

Keating Firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.

David Patrick Keating, partner of The Keating Firm, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Keating Firm can be reached at:

     David Patrick Keating, Esq.
     THE KEATING FIRM, APLC
     P.O. BOX 3426
     Lafayette, LA 70502
     Tel: (337)594-8200
     E-mail: rickkeating@charter.net

                About Toledo Town Recreation II

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.

Toledo Town Recreation II, LLC, based in Opelousas, LA, filed a
Chapter 11 petition (Bankr. W.D. La. Case No. 20-50407) on May 13,
2020.  The petition was signed by Kenneth Fa-Kouri, managing
member.  In its petition, the Debtor disclosed $4,375,518 in assets
and $3,802,302 in liabilities.  The Hon. John W. Kolwe presides
over the case.  David Patrick Keating, Esq., at The Keating Firm,
serves as bankruptcy counsel to the Debtor.


TPT GLOBAL: Posts $5.97 Million Net Loss in First Quarter
---------------------------------------------------------
TPT Global Tech, Inc. reported a net loss of $5.97 million on $3.07
million of total revenues for the three months ended March 31,
2020, compared to a net loss of $2.98 million on $161,476 of total
revenues for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $15.54 million in total
assets, $38.44 million in total liabilities, and a total
stockholders' deficit of $22.91 million.

The Company said that cash flows generated from operating
activities were not enough to support all working capital
requirements for the three months ended March 31, 2020 and 2019.
The Company generates and used $96,102 and $369,477, respectively,
in cash for operations for the three months ended March 31, 2020
and 2019.  Cash flows from financing activities were $81,765 and
$848,661 for the same periods.  These factors raise substantial
doubt about the ability of the Company to continue as a going
concern for a period of one year from the issuance of these
financial statements.  The financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.

In an effort to mitigate the spread of COVID-19, around March 18,
2020 for an indefinite period of time, the Company closed its Blue
Collar office in Los Angeles, California and its TPT SpeedConnect
offices in Michigan, Idaho and Arizona.  Most employees are working
remotely, however this is not possible with certain employees and
all subcontractors that work for Blue Collar.  The Company
continues to monitor developments, including government
requirements and recommendations at the national, state, and local
level to evaluate possible extensions to all or part of those
closures.

The Company has taken advantage of the stimulus offerings and
received $722,200 in April 2020 and will try to use these funds as
is prescribed by the stimulus offerings to have the entire amount
forgiven.  The Company is also in the process of trying to raise
debt and equity financing, some of which may have to be used for
working capital shortfalls if revenues decrease significantly
because of the COVID-19 closures.

The Company stated, "As the COVID-19 pandemic is complex and
rapidly evolving, the Company's plans as described above may
change.  At this point, we cannot reasonably estimate the duration
and severity of this pandemic, which could have a material adverse
impact on our business, results of operations, financial position
and cash flows.

"In order for us to continue as a going concern for a period of one
year from the issuance of these financial statements, we will need
to obtain additional debt or equity financing and look for
companies with cash flow positive operations that we can acquire.
There can be no assurance that we will be able to secure additional
debt or equity financing, that we will be able to acquire cash flow
positive operations, or that, if we are successful in any of those
actions, those actions will produce adequate cash flow to enable us
to meet all our future obligations.  Most of our existing financing
arrangements are short-term.  If we are unable to obtain additional
debt or equity financing, we may be required to significantly
reduce or cease operations."

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

                       https://is.gd/t4XovQ

                      About TPT Global Tech

TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is
a Technology/Telecommunications Media Content Hub for Domestic and
International syndication and also provides Technology solutions to
businesses domestically and worldwide.  TPT Global offers Software
as a Service (SaaS), Technology Platform as a Service (PAAS),
Cloud-based Unified Communication as a Service (UCaaS) and
carrier-grade performance and support for businesses over its
private IP MPLS fiber and wireless network in the United States.
TPT's cloud-based UCaaS services allow businesses of any size to
enjoy all the latest voice, data, media and collaboration features
in today's global technology markets.  TPT's also operates as a
Master Distributor for Nationwide Mobile Virtual Network Operators
(MVNO) and Independent Sales Organization (ISO) as a Master
Distributor for Pre-Paid Cellphone services, Mobile phones
Cellphone Accessories and Global Roaming Cellphones.

TPT Global reported a net loss of $14.03 million for the year ended
Dec. 31, 2019, compared to a net loss of $5.38 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $15.45
million in total assets, $34.25 million in total liabilities, and a
total stockholders' deficit of $18.79 million.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the
Company's auditor since 2016, issued a "going concern"
qualification in its report dated April 14, 2020 citing that the
Company has suffered recurring losses from operations and has a net
capital deficiency which raise substantial doubt about its ability
to continue as a going concern.


TRANSPORTER OF ARIZONA: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of The Transporter of Arizona, LLC.
  
                 About The Transporter of Arizona

The Transporter of Arizona, LLC, a trucking company in Yuma, Ariz.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
D. Ariz. Case No. 20-01311) on Feb. 7, 2020. The petition was
signed by Luis M. Barriga, member and manager. At the time of
filing, the Debtor estimated $1 million to $10 million in both
assets and liabilities.  Judge Brenda Moody Whinery oversees the
case.  Allen Barnes & Jones, PLC serves as the Debtor's legal
counsel.


TRC COS: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------
S&P Global Ratings revised its outlook on Windsor, Conn.-based
engineering, consulting, and construction management firm TRC Cos.
Inc. to negative from stable and affirmed its 'B' issuer credit
rating. At the same time, S&P affirmed its 'B' issue-level ratings
on the company's first-lien term loan and revolving line of credit.
The '3' recovery ratings remain unchanged, indicating its
expectation for meaningful recovery (50%-70%; rounded estimate:
50%) in the event of a payment default.

Uncertainties created by the COVID-19 pandemic coupled with low oil
prices could result in lower-than-anticipated demand for TRC's
services, weakening the company's credit metrics in the near term.
S&P said, "Revenues in 2020 will be flat to 2019 levels, in our
view, as its pipeline field services volumes decreased because of
the recent oil price decline. Project roll-offs in its
infrastructure business, and work stoppages and delays on new
infrastructure, could reduce demand for TRC's design, inspection,
and construction management services. However, we assume this will
be somewhat offset by revenues from the company's growing backlog,
particularly in the company's more stable power end market. While
COVID-19 market conditions will likely have a negative impact on
EBITDA margins this year, we expect any margin declines to be
temporary, as the company's cost structure is relatively flexible
and higher margin work in its backlog should support EBITDA growth
in fiscal 2021."

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

-- Health and safety

S&P said, "The negative outlook reflects our view that the company
will experience lower than previously expected revenues and margins
in light of the U.S. recession and COVID-19. Additionally, the
company is exposed to the oil and gas end market, which we expect
will experience continued pressure this year. As such, we assume
debt to EBITDA will increase above our previous expectations to
above 7x in 2020, with free operating cash flow (FOCF) to debt in
the low-single-digit percent area.

"We could lower our rating on TRC over the next 12 months if it
appears that its FOCF to debt approaches 0% or we believe the
company's adjusted debt to EBITDA will trend higher than 6.5x on a
sustained basis. This could occur because of, for example, a
meaningful deterioration in its EBITDA margins caused by the loss
of key projects or a material debt-financed transaction.

"We could revise our outlook to stable in the next 12 months if we
believe the company will maintain a FOCF-to-debt ratio approaching
5% on a sustained basis with debt to EBITDA about 6.5x. This could
occur if cost initiatives and growth in its higher margin segments
improve profitability."



TRIUMPH HOUSING: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Triumph Housing Management, LLC.
  
                 About Triumph Housing Management

Triumph Housing Management, LLC, a real estate service provider
based in Atlanta, filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-65578) on April
15, 2020. The petition was signed by Alex Hertz, its manager.  At
the time of the filing, the Debtor disclosed total assets of
$877,090 and total liabilities of $8,074,355.  Judge Jeffery W.
Cavender oversees the case.  The Debtor tapped Robl Law Group LLC
as its counsel.


TUESDAY MORNING: Mulls Bankruptcy as Virus Triggered Store Closures
-------------------------------------------------------------------
Bloomberg News reports that with COVID-19 closing its retail
locations, decorative home furnishing and accessories retailer
Tuesday Morning Corp. is mulling a possible bankruptcy filing.

The company had discussions with lenders regarding a bankruptcy
loan, but no formal decisions have been reached, Bloomberg
reported, citing unnamed sources.

According to sources cited, the plans of Tuesday Morning were not
yet final, the company searched for alternative financing methods.
The result depends on the forecast on when store locations could
reopen as well as other market factors.

Tuesday Morning can reduce borrowings by shuttering shops that
aren't performing well and steering clear of permanent shutdown by
Chapter 11 filing.

Tuesday Morning closed its retail locations in March and doesn't
have an eCommerce site.  As a precautionary measure in weathering
the health crisis, it drew $55 million from its revolving credit
facility.

Tuesday Morning closed all of its 687 stores across the country on
March 25.

                  About Tuesday Morning Corp.

Tuesday Morning Corporation (Nasdaq: TUES) --
http://www.tuesdaymorning.com/-- is a retailer of decorative home
accessories and gifts in the United States.  Based in Dallas,
Texas, the Company opened its first store in 1974 and currently
operates 687 stores in 39 states.



TWIN SPRINGS GOLF: Remains Closed Until Further Notice
------------------------------------------------------
Bill Doyle, writing for Telegram & Gazette, reports that Twin
Springs Golf Course remains closed despite an order by Governor
Charlie Baker allowing golf courses to reopen following shutdowns
forced by the Coronavirus pandemic.

International Golf & Resort, a sister company of Twin Springs, has
sought Chapter 11 bankruptcy and shut operations.

Twin Springs is reportedly closed indefinitely due to the
bankruptcy filing of the Weadlock family, its owners.

Governor Baker has allowed golf courses in the state to reopen.
But Twin Springs head pro Bob Keene emailed members to inform them
that the club was closed until further notice.  He also posted the
notice on the Twin Springs website: "Thank you for all the love and
support for the last 30-plus years at Twin Springs Golf Course. We
love the game, the challenges, the ups and downs, and our
community.  Sadly, we are closed until further notice."

The Weadock family owns the International, which is home to two
private 18-hole courses, and the abutting Twin Springs, a nine-hole
public course.

                About Twin Springs Golf Course

Twin Springs Golf Course is a lifestyle destination with its own
boutique lodge, signature restaurant, legendary golf course & many
more.

            About International Gold Club & Resort

Bolton, Massachusetts-based International Golf Club and Resort is a
lifestyle destination with its own boutique lodge, signature
restaurant, legendary golf course & much more.

The International operates as three entities: the International
Golf Club, which oversees the golf courses and memberships, Akrlow
Limited Partnership, which owns 700 acres of real estate on which
the club operates, and Wealyn LLC, a limited liability company that
manages food and beverage service.  Arklow's limited partners are
Florence Weadock, her sons Kevin and Daniel Weadock, her daughter
Ann Specht, and Brian Lynch. Wealyn's members are Lynch, Florence
Weadock and Arklow.

The International Golf Club, LLC, sought Chapter 11 protection on
May 4, 2020 (Bankr. D. Mass. Case No. 20-40524).  It sought
bankruptcy protection along with Akrlow Limited Partnership (Case
No. 20-40523) and Wealyn, LLC (Case No. 20-40525), with Arklow
designated as the lead case.

According to the bankruptcy filing, the company and related
entities listed assets worth between $10 million and $50 million
and liabilities between $10 million and $50 million.


U.S. CELLULAR: Egan-Jones Lowers FC Senior Unsecured Rating to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 13, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by United States
Cellular Corporation to BB- from BB.

Headquartered in Chicago, Illinois, United States Cellular
Corporation provides wireless telecommunications services.



UNDER ARMOUR: Moody's Lowers CFR to Ba3, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Under Armour, Inc.'s ratings,
including its corporate family rating ("CFR") to Ba3 from Ba2,
probability of default rating to Ba3-PD from Ba2-PD, and unsecured
notes to B1 from Ba2. The company's SGL-2 speculative grade
liquidity rating is unchanged. The outlook remains negative.

"Widespread temporary store closures and weaker discretionary
consumer spending will result in significant incremental pressures
on Under Armour's revenue, profitability and cash flow in 2020,"
stated Moody's apparel analyst, Mike Zuccaro. "Prior to the onset
of coronavirus, the company was already facing significant
challenges reinvigorating revenue growth in North America, its
largest market. Thus, we expect credit metrics to weaken materially
in 2020 before slowly recovering in 2021, with Moody's debt/EBITDA
improving toward 4.25x by the end of 2021.

The SGL-2 speculative grade liquidity rating reflects Moody's
expectation for good liquidity, supported by $959 million of cash
on the balance sheet as of March 31, 2020, and around $400 million
of excess availability under its unrated revolver. Under Armour
plans to issue $400 million of unrated senior unsecured convertible
notes, with proceeds to be used to repay a portion of the company's
outstanding revolver borrowing. Under Armour obtained financial
covenant relief through and including the first quarter of 2022 as
part of a recent credit facility amendment. While its revolver
commitment was also reduced to $1.1 billion from $1.25 billion,
ample excess availability remains in place.

However, also as part of the amendment, the credit facility became
secured and guaranteed by certain US subsidiaries, resulting in a
subordination of the unsecured and unguaranteed notes. The
downgrade of the unsecured notes to B1 reflects the junior position
in the capital structure behind the sizeable secured credit
facility.

Downgrades:

Issuer: Under Armour, Inc.

Corporate Family Rating, Downgraded to Ba3 from Ba2

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

Senior Unsecured Notes, Downgraded to B1 (LGD5) from Ba2 (LGD4);

Outlook Actions:

Issuer: Under Armour, Inc.

Outlook, Remains Negative

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 and apparel
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.
More specifically, the weaknesses in Under Armour's credit profile,
including its exposure to temporary 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.
The action reflects the impact on Under Armour of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Under Armour's Ba3 CFR reflects its well-known brand and solid
competitive position as a leading developer, marketer and
distributor of branded performance apparel, footwear and
accessories in the U.S. and internationally. Also considered are
the company's track record of innovation and Moody's positive view
of the global sports apparel market, which provides credible longer
term organic growth opportunities, particularly in international
markets where the company is significantly under penetrated. The
rating is supported by governance considerations including a
conservative financial strategy that focused on debt reduction and
maintaining moderate financial leverage.

Under Armour is constrained by its reliance on a single brand and
limited geographic reach which expose the company to economic
cyclicality and inherent changes in consumer preferences in a
concentrated region. This is evidenced by the ongoing challenges
the brand faces in its largest market, North America, which
accounted for around 70% of 2019 net revenue. Under Armour has
taken significant action over the past two years to improve its
overall profit margins, balance sheet and cash flow. However,
continued challenges were expected in 2020, which will be
compounded by the rapid spread of coronavirus. Sales declines are
forecasted to accelerate in 2020, leading to significantly weaker
profitability, cash flow and credit metrics.

The negative outlook reflects the need for Under Armour to execute
upon its restructuring and costs savings actions in the face of the
unprecedented coronavirus disruptions, and to demonstrate that it
will be able to reinvigorate growth in all markets and improve
overall profitability once a recovery begins.

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

Ratings could be downgraded should there not be a clear trend
toward business improvement which will position the company to
approach 70% of its 2019 EBITDA in fiscal 2021, if liquidity
deteriorates for any reason, or more aggressive financial policies
such as returns to shareholders. Quantitative metrics include
debt/EBITDA sustained above 4.5x or EBITA/interest below 2.25x.

Given the negative outlook, a ratings upgrade is unlikely over the
very near term. Over time, an upgrade would require sustained
improvement in operating performance, including sustained growth in
its key North American market, as well as maintenance of very good
liquidity. Key metrics include operating margins sustained in the
mid-single digit range and EBITA/interest above 3.0x.

Headquartered in Baltimore, Maryland, Under Armour, Inc. is a
designer, developer, marketer and distributor of footwear, apparel,
equipment and accessories for a wide variety of sports and fitness
activities. It also has developed its Connected Fitness platform,
one of the world's largest digital health and fitness communities.
Revenues for the twelve months ended March 31, 2020 approached $5
billion.

The principal methodology used in these ratings was Apparel
Methodology published in October 2019.


UNIFI INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+
--------------------------------------------------------
Egan-Jones Ratings Company, on May 14, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Unifi Incorporated to B+ from BB-.

Headquartered in Greensboro, North Carolina, Unifi Incorporated
textures polyester and nylon filament fiber to produce polyester
and nylon, dyed, and spandex yarns covered with nylon and
polyester.



UNIT CORP: Skips $21.5 Million Notes Interest Payment
-----------------------------------------------------
Unit Corporation elected to utilize a 30-day grace period with
respect to, and not to make, the approximate $21.5 million
semi-annual interest payment that was due on May 15, 2020 under the
Company's outstanding 6.625% Senior Subordinated Notes Due 2021.
Under the indenture dated as of May 18, 2011, as supplemented by
the First Supplemental Indenture dated as of May 18, 2011 and the
Second Supplemental Indenture dated as of Jan. 7, 2013, by and
among the Company, the subsidiary guarantors parties thereto and
Wilmington Trust National Association (as successor to Wilmington
Trust FSB), as trustee, which governs the Subordinated Notes, the
Company has a 30-day grace period after the Interest Payment Date
before an event of default would occur on June 14, 2020.  The
occurrence of an event of default under the Indenture would give
the trustee or the holders of at least 25% of principal amount of
the outstanding Subordinated Notes the option to declare all of the
Subordinated Notes due and payable immediately upon such event of
default.  Failure to make the interest payments on the Subordinated
Notes when due at the end of the 30-day grace period would also
constitute an event of default under the Credit Agreement.  The
occurrence of an event of default under the Credit Agreement would
allow the Lenders having at least two-thirds of the total
commitment under the Credit Agreement (or the Administrative Agent,
with the consent of such lenders) to declare the Company's
obligations under the Credit Agreement immediately due and payable
and to exercise the Lenders' other rights under the Credit
Agreement.

                 Standstill Agreement Extended

On March 11, 2020, Unit Corporation and certain of its subsidiaries
entered into a Standstill and Amendment Agreement in respect of
that certain Senior Credit Agreement, dated as of Sept. 13, 2011
with the lenders party thereto and BOKF, NA dba Bank of Oklahoma,
as administrative agent for the Lenders, as amended by a First
Amendment to Standstill and Amendment Agreement dated April 15,
2020, a Second Amendment to Standstill and Amendment Agreement
dated April 17, 2020 and a Third Amendment to Standstill and
Amendment Agreement dated May 4, 2020, by and among the Borrowers
and the Administrative Agent on behalf of the Lenders.

On May 15, 2020, the Borrowers entered into a Fourth Amendment to
Standstill and Amendment Agreement with the Administrative Agent
under which the parties agreed to extend the Standstill Period
under the Standstill Agreement until the earlier of: (i) the
receipt by any Credit Party from the Administrative Agent of notice
of the occurrence of any Termination Event and (ii) 3:00 p.m.
Central time on May 18, 2020.  "Termination Event" is defined in
the Standstill Agreement to include the occurrence of any one or
more of the following: (i) any representation or warranty made or
deemed to have been made by any Credit Party under the Standstill
Agreement being false, misleading or erroneous in any material
respect when made or deemed to have been made, (ii) any Credit
Party failing to perform, observe or comply with any covenant,
agreement or term contained in the Standstill Agreement or (iii)
any Default which is not cured within five business days or Event
of Default occurring under the Credit Agreement or any of the other
Loan Documents.

                     Amends Benefit Plan

On May 15, 2020, the compensation committee of the board of
directors of the Company adopted an amendment to (i) the Separation
Benefit Plan of Unit Corporation and Participating Subsidiaries and
(ii) the Special Separation Benefit Plan of Unit Corporation and
Participating Subsidiaries.  Each Amendment eliminates a provision
in the applicable Separation Plan that provided for accelerated
vesting in the event of a change in control of the Company.

                   About Unit Corporation

Unit Corporation -- http://www.unitcorp.com/-- is a Tulsa-based,
publicly held energy company engaged through its subsidiaries in
oil and gas exploration, production, contract drilling, and gas
gathering and processing.  Unit's Common Stock is listed on the New
York Stock Exchange under the symbol UNT.

Unit Corporation reported a net loss attributable to the company of
$553.9 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to the company of $45.29 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $2.09
billion in total assets, $260.05 million in total current
liabilities, $663.2 million in long-term debt less debt issuance
costs, $27,000 in non-current derivative liabilities, $2.07 million
in operating lease liability, $95.34 million in other long-term
liabilities, $13.71 million in deferred income taxes, and $1.05
billion in total shareholders' equity.

PricewaterhouseCoopers LLP, in Tulsa, Oklahoma, the Company's
auditor since 1989, issued a "going concern" qualification in its
report dated March 16, 2020, citing that the Company has incurred
significant losses, is in a negative working capital position, and
does not anticipate that forecasted cash and available credit
capacity will be sufficient to meet their commitments over the next
twelve months, which raises substantial doubt about its ability to
continue as a going concern.

                          *    *     *

As reported by the TCR on Nov. 15, 2019, Moody's Investors Service
downgraded Unit Corporation's Probability of Default Rating to
Ca-PD from B3-PD, Corporate Family Rating to Caa1 from B3, and
senior subordinated notes to Caa2 from Caa1.  The downgrade of the
PDR reflects Unit's proposed debt exchange offer, which Moody's
views to be a distressed exchange.  The Caa1 CFR and Caa2 rating on
the 2021 notes reflect Moody's view on expected recovery, which is
likely to be in the 80%-90% range. Prior to the exchange offer,
Unit was contending with depressed commodity prices, looming
maturities in a challenged refinancing environment and declining
cash flow, Moody's said.

As reported by the TCR on Jan. 21, 2020, Fitch Ratings downgraded
the Long-Term Issuer Default Rating of Unit Corporation to 'CC'
from 'CCC+'.  Fitch's downgrade and watch reflect the company's
heightened refinancing and liquidity risks associated with
pro-longed operational deterioration since its bond exchange
announcement.


UNIT CORPORATION: Case Summary & 50 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Unit Corporation
             8200 South Unit Drive
             Tulsa, OK 74132

Business Description:     Unit Corporation (www.unitcorp.com),
                          together with its Debtor and non-Debtor
                          affiliates, is a diversified energy
                          company operating three principal
                          business segments: (a) exploration and
                          production of oil and natural gas, (b)
                          contract drilling of onshore oil and
                          natural gas wells, and (c) the
                          gathering, processing, and sale of
                          natural gas.  Headquartered in Tulsa,
                          Oklahoma and operating throughout the
                          United States, Unit Corp. maintains a
                          broad asset base across the upstream,
                          midstream, and drilling services
                          sectors.

Chapter 11 Petition Date: May 22, 2020

Court:                    United States Bankruptcy Court
                          Southern District of Texas

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

    Debtor                                        Case No.
    ------                                        --------
    Unit Corporation (Lead Debtor)                20-32740
    8200 Unit Drive, L.L.C.                       20-32739
    Unit Drilling Colombia, L.L.C                 20-32744
    Unit Drilling Company                         20-32743
    Unit Drilling USA Colombia, L.L.C.            20-32741
    Unit Petroleum Company                        20-32738

Judge:                    Hon. David R. Jones

Debtors' Counsel:         Harry A. Perrin, Esq.
                          Paul E. Heath, Esq.
                          Matthew J. Pyeatt, Esq.
                          VINSON & ELKINS LLP
                          1001 Fannin Street, Suite 2500
                          Houston, TX 77002-6760
                          Tel: 713.758.2222
                          Fax: 713.758.2346
                          Email: hperrin@velaw.com;      
                                 pheath@velaw.com;
                                 mpyeatt@velaw.com

                             - and -

                          David S. Meyer, Esq.
                          Lauren R. Kanzer, Esq.
                          1114 Avenue of the Americas, 32nd Floor
                          New York, NY 10036
                          Tel: 212.237.0000
                          Fax: 212.237.0100
                          Email: dmeyer@velaw.com;
                                 lkanzer@velaw.com

Debtors'
Investment
Banker:                   EVERCORE GROUP L.L.C.

Debtors'
Operational
Advisor:                  OPPORTUNE LLP

Debtors'
Accountants &
Tax Advisors:             GRANT THORNTON LLP

Debtors'
Notice,
Claims &
Solicitation
Agent:                    PRIME CLERK, LLC
                      https://cases.primeclerk.com/unitcorporation

Total Assets as of December 31, 2019: $2,090,052,000

Total Debts as of December 31, 2019: $1,034,417,000

The petitions were signed by Mark E. Schell, senior vice president,
secretary, and general counsel.

A copy of Unit Corporation's petition is available for free at
PacerMonitor.com at:

                     https://is.gd/blTrkY

List of Debtors' 50 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Wilmington Trust,               Unsecured Notes    $650,000,000
National Association                                  plus accrued
Emilia Gazzuala                                         and unpaid
50 South Sixth Street                                 interest and
Suite 1290                                                    fees
Minneapolis, MN 55402
Tel: 612-217-5624
Fax: 612-217-5651
Email: egazzuolo@wilmingtonTrust.com

2. Northern Energy Services LLC         Trade           $1,089,769
Monica Tracy
6531 Highway 40
Tioga, ND 58852
Tel: 701-664-4000
Fax: 701-664-4002
Email: ofcmgr@nes-nd.com

3. Cruz Energy Services LLC             Trade             $699,388
Megan Davis
10944 27 D Street SW
Dickinson, ND 58601
Tel: 701-483-3016
Fax: 701-483-3018
Email: megan.davis@cruzenergy.com

4. CSI Compressco LP                    Trade             $353,006
Colten Johnson
24955 I-45 North
The Woodlands, TX 77380
Tel: 1-281-364-2244
Fax: 281-364-4346
Email: CJohnson2@tetratec.com or
AccountsReceivable@tetratec.com

5. Aveda Transportation/Logistics       Trade             $349,787
Imelda Tagama
4319 South County Road 1270
Midland, TX 79706
Tel: 832-917-4950
Fax: 832-917-4951
Email: ar@avedaenergy.com

6. J-W Power Company                    Trade             $347,943
Kate Howell
4607 E Juan Linn
Victoria, TX 77901
Tel: 800-475-1982
Fax: 361-576-3922
Email: KHowell@jwenergy.com

7. Horn Equipment Company               Trade             $228,019
Kelly Jones
131 N Sunnyland Rd
Moore, OK 73160
Tel: 405-793-9101
Fax: 405-799-8735
Email: kellyjones@hornequipment.com

8. Rockwater Energy Solutions LLC       Trade             $219,038
Rachel Chisum
5102 Rte 66
El Reno, OK 73036
Tel: 580-470-9819
Email: FCarmona@selectenergyservices.com

9. Canrig Drilling Technology Ltd       Trade             $218,443
Cindy Mason
14703 FM 1488
Magnolia, TX 77354
Tel: 281-874-0035
Email: cindy.mason@canrig.com

10. ChemTech Technologies LLC           Trade             $212,380
Monica Judice
400 Sonnier Rd
Carencro, LA 70520
Tel: 337-565-4205
Email: sales@cttllc.com

11. USA Compression Partners LLC        Trade             $186,660
Brad Cradall
111 Congress Ave
Suite 2400
Austin, TX 78701
Tel: 512-473-2662
Fax: 512-320-0706
Email: AR@USACompression.com or
BCrandall@usacompression.com

12. Excel Products                      Trade             $185,208
Nikole Langston
13 Flag Acres St               
Woodwood, OK 73801
Tel: 580-216-0784
Fax: 580-254-3378
Email: accounts@excelproductsusa.net

13. Archrock Partners LP                Trade             $182,405
Kim Green
9807 Katy Freeway
Suite 100
Houston, TX 77024
Tel: 281-836-8000
Email: Kim.Greene@Archrock.com

14. Pioneer Well Services               Trade             $175,979
Lisa Cardenas
1250 NE Loop 410
Suite 1000
San Antonio, TX 78209
Tel: 210-828-7689
Fax: 903-538-2251
Email: Icardenas@pioneeres.com

15. Complete Energy Services Inc.       Trade             $175,906
Jackie Long
4727 Gaillardia Parkway
Suite 250
Oklahoma City, OK 73142
Tel: 405-748-2200
Email: jackie.long@completeenergy.com

16. S & J Well Service Inc.             Trade             $171,396
Denise Davis
901 Northwestern Street
Perryton, TX 79070
Tel: 806-435-0379
Fax: 806-435-3120
Email: ddavis@cowanhooten.com

17. Streamline Well Testing Rental      Trade             $170,850
Amanda Peters
13604 Hwy 69
Kountze, TX 77663
Tel: 409-834-6096
Email: aastreamline@aol.com

18. Premier Pipe LLC                    Trade             $169,076
Kurt Laurier
15600 JFK Blvd
Suite 200
Houston, TX 77032
Tel: 832-300-8100
Email: klaurier@prempipe.com

19. Morgan Well Service Inc.            Trade             $161,682
Dottie Morgan
907 W 1st Street
Prague, OK 74864
Tel: 405-567-2288
Email: dotmorgan@morganwellservice.com

20. Frontier Tubular Solutions          Trade             $152,277
H. Poole
1300 South Meridian
Ste 501
Oklahoma City, OK 73108
Tel: 405-330-5900
Fax: 405-330-5959
Email: hpoole@frontiertubular.com

21. Toolpushers Supply Co.              Trade             $150,813
Sindy Valle
13231 Champian Forest Dr
Suite 310
Houston, TX 77069
Tel: 307-266-0324
Fax: 307-224-5224
Email: sindy.valle@truecos.com

22. DH Dozer LLC                        Trade             $147,283
Lisa Cox
2285 County Street 2880
Chickasha, OK 73018-8090
Tel: 405-550-9374
Fax: 405-354-5211
Email: dhdozersllc@gmail.com

23. L & O Pump Supply Inc.              Trade             $144,755
Tambra Gifford
6813 Camille Ave
Oklahoma City, OK 73149
Tel: 405-616-3737
Fax: 405-616-1950
Email: tgifford@lopump.com

24. IHS Global Inc.                     Trade             $140,100
John Carpinella
15 Inverness Way East
Englewood, CO 80112-5710
Tel: 212-931-4900
Email: John.carpinelli@ihsmarkit.com

25. 4KBC Trucking LLC                   Trade             $139,158
James Chandler
204 N Main St
Liberty, TX 77575-3804
Tel: 936-336-4026
Fax: 936-253-7056
Email: 4kbctrucking@gmail.com

26. Halliburton Energy Service          Trade             $127,071
Marc Pace
3000 N Sam Houston Pkwy E.
Houston, TX 77032
Tel: 1-281-871-4000
Fax: 281-876-4455
Email: mark.pace@halliburton.com

27. Oil States Energy Services LLC      Trade             $118,653
Mickie May
101 Hwy 31 West
Kilgore, TX 75062
Tel: 903-984-8341
Email: mickie.may@oilstates.com

28. Signa Engineering Corp              Trade             $112,184
N Harris
16945 Northchase Dr Suite 2200
Houston, TX 77060
Tel: 281-774-1000
Fax: 281-774-1098
Email: nharris@signa.net

29. Natural Gas Compression             Trade             $103,153
Y Uncker
2480 Aero Park Dr
Traverse City, MI 49686
Tel: 231-941-0107
Fax: 231-941-0177
Email: Yuncker@ngcsi.com

30. QES Pressure Control LLC            Trade             $100,389
Shamesha Lawrence
1415 Louisiana
Suite 2900
Houston, TX 77002
Tel: 832-518-4094
Fax: 405-702-6457
Email: shamesha.lawrence@qesinc.com

31. Canyon Oil Field Services           Trade              $99,815
Wanda McClellan
11552 S Hwy 6
Elk City, OK 73644
Tel: 580-225-7100
Fax: 580-225-7107
Email: wanda@canyonoilfield.com

32. ZDSCADA LP                          Trade              $99,594
Brian N. Fowler
1918 Sybil Lane
Tyler, TX 75703
Tel: 903-526-1100
Email: invoices@zdscada.com

33. Pason Systems USA Corp              Trade              $97,282
Laura Baldwin
7701 West Little York, Suite 8020
Houston, TX 77040
Tel: 403-301-3400
Fax: 403-301-3499
Email: laurie.baldwin@pason.com

34. Frontier Well Service Inc.          Trade              $93,425
Patrick Smith
1025 E. Vandament Ave
Yukon, OK 73099
Tel: 405-373-3388
Email: frontierwellservice@gmail.com

35. Journey Oilfield Equipment LLC      Trade              $92,232
C Weber
8976 Highway 15
Woodward, OK 73801
Tel: 580-256-8822
Email: cweber@jouneyoilfield.net

36. Premium Oilfield Technologies       Trade              $88,499
Erica Thompson
5727 Brittmoore Rd
Houston, TX 77041
Tel: 281-679-6500
Fax: 281-670-5229
Email: sales@premiumoilfield.com

37. Brady's Welding & Machine Shop      Trade              $87,893
Cindy Morgan
11991 Hwy 76
Healdton, OK 73438
Tel: 580-229-1168
Fax: 580-229-1177
Email: cindy@bradywelding.com

38. Kinder Morgan Treating LP           Trade              $84,915
Jami Lambrecht
1001 Louisiana St.
Suite 1000
Houston, TX 77002
Tel: 713-369-9000
Email: Jami_Lambrecht@kindermorgan.com

39. Tri-County Electric Inc.            Trade              $83,181
Representative
995 Mile 46 Road
Hooker, TX 73945
Tel: 580-652-2418
Fax: 580-652-3151
Email: info@tcec.coop

40. DNOW LP                             Trade              $81,167
Betty Baxter
2203 Second Ave West
Williston, ND 58801
Tel: 701-572-3781
Email: betty.baxter@dnow.com

41. Pureflow Technologies Inc.          Trade              $80,457
Debbie Durham
105 S Industrial Park Dr
Bay City, TX 77404-0088
Tel: 979-245-1700
Fax: 797-245-3343
Email: debbie@pureflow-technologies.com

42. ORR Enterprises Inc.                Trade              $79,851
Diana Orr
175699 Old Hwy 7
Duncan, OK 73533
Tel: 580-251-9618
Fax: 580-255-3943
Email: diorr@cableone.net

43. Streamline Production               Trade              $79,207
Services Inc.
Amanda Peters
13604 Hwy 69
Village Mills, TX 77663
Tel: 409-834-6096
Fax: 409-834-6098
Email: aastreamline@aol.com

44. Sunbelt Rentals and Srvcs LLC       Trade              $77,417
Tiona Thompson
203 Highway 90 W
Devers, TX 77538-7142
Tel: 936-549-7800
Email: Tiona.thompson@sunbeltrentals.com

45. Drilling Fluids Technology Inc.     Trade              $76,399
J. Ragan
11903 E0790RD
Kingfisher, OK 73750
Tel: 405-375-6282
Email: jragan@dftonline.com

46. Dealers Electrical Supply           Trade              $74,248
Beverly Love
2320 S. Columbus Ave.
Waco, TX 76701
Tel: 254-717-1673
Fax: 254-756-0133
Email: blove@dealerselectrical.com

47. Rusco Operating LLC                 Trade              $72,778
Jessica Dominguez
98 San Jacinto Blvd., Suite 550
Austin, TX 78701
Tel: 713-553-6695
Email: jessica@rigup.com

48. Eagle Automation                    Trade              $71,797
R Sandoval
1600 Stout St Suite 450
Denver, CO 80202
Tel: 720-414-9925
Email: rsandoval@eagleautomation.com

49. Well Master Corporation             Trade              $69,306
Krystyna Ciseneros
16201 Table Mountain Parkway
Suite 100
Golden, CO 80403
Tel: 303-980-0254
Fax: 303-980-0355
Email: Krystyna.Cisneros@wellmaster.com

50. Bearcat Well Service Inc.           Trade              $68,702
Tony Johnson
1020 East Britton Road
Oklahoma City, OK 73131
Tel: 620-655-2635
Fax: 580-778-3903
Email: tjohnson@bearcatland.com


US STEEL: Moody's Assigns B2 Rating on $700MM 1st Lien Sec. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to United States
Steel Corporations (U. S. Steel) $700 million guaranteed first lien
senior secured notes. All other ratings, including the Caa1
Corporate Family Rating (CFR) were affirmed. The Speculative Grade
Liquidity Rating is unchanged at SGL-3. The outlook remains
negative.

"The affirmation of the Caa1 CFR considers the capital raising to
increase liquidity to provide sufficient availability to
accommodate the anticipated negative performance and negative cash
burn, particularly in 2020" said Carol Cowan Moody's Senior Vice
President and lead analyst for U. S. Steel. Metrics in 2020 are
expected to stand well outside the Caa1 CFR with negative EBITDA
anticipated given current market conditions. A gradual recovery
over the 2021/2022-time frame is expected although cash burn
remains likely. There is not a lot of visibility at this time with
respect to duration of plant closures and bottoming of current
conditions and the affirmation anticipates a bottoming by the end
of June and only very slow recovery thereafter. Should performance
over the next several quarters and market conditions not evidence
some degree of stabilization, albeit from low levels, the CFR could
be negatively impacted. Additionally, should cash burn in 2020 be
greater than currently expected, eating into the cushion for
subsequent years, the CFR could also be negatively impacted over
the next several quarters. The company is weakly positioned in the
Caa1 CFR rating category.

Affirmations:

Issuer: United States Steel Corporation

Corporate Family Rating, Affirmed Caa1

Probability of Default Rating, Affirmed Caa1-PD

Senior Unsecured Conv./Exch. Bond/Debenture, Affirmed Caa2 (LGD5
from LGD4)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5 from
LGD4)

Issuer: Allegheny County Industrial Dev. Auth., PA

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Issuer: Bucks County Industrial Development Auth., PA

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Issuer: Hoover (City of) AL, Industrial Devel. Board

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Issuer: Indiana Finance Authority

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Issuer: Ohio Water Development Authority

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Issuer: Southwestern Illinois Development Authority

Senior Unsecured Revenue Bonds, Affirmed Caa2 (LGD5 from LGD4)

Assignments:

Issuer: United States Steel Corporation

Senior Secured Regular Bond/Debenture, Assigned B2 (LGD2)

Outlook Actions:

Issuer: United States Steel Corporation

Outlook, Remains Negative

RATINGS RATIONALE

The Caa1 CFR anticipates that the $700 million capital raising
together with the existing cash position will accommodate the
deterioration in cash flow generation in 2020 and provide
sufficient coverage for only a slow recovery in the next several
years.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The steel sector
has been one of the sectors materially affected by the shock
globally. U. S. Steel's performance in its US and European
operating footprint is expected to be hard hit, particularly in the
June 2020 ending quarter given its sensitivity to end market
demand, particularly in key markets such as automotive, oil&gas,
and general industry. Sentiment with respect to the steel industry
in the US given the severe utilization and price declines and
concerns over new capacity in the next several years into an over
supplied market notwithstanding delays that have been announced are
also impacting the perspective on the industry. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The Caa1 CFR captures the deterioration in performance and metrics
that occurred in 2019, as the Flat-Rolled Products Segment
experienced relatively flat shipments and lower realized prices
while U. S. Steel Europe (USSE) saw declines in shipments and lower
realized prices due to the slowing in European economies and
important end markets such as automotive. The tubular segment
continued to post negative EBITDA on a continued decline in
drilling activity and price pressure from increases in OCTG
imports. Consequently, U. S. Steel entered 2020 with weaker debt
protection metrics and increased leverage, which has left the
company more vulnerable to the severe deterioration in market end
demand for its products as a result of the coronavirus.

On a sequential basis the first quarter of 2020 was an improvement
over the fourth quarter of 2019 as the price upturn in the latter
part of the year contributed to higher realized prices given the
lag flow through effect. However, the spread of the coronavirus and
impact on manufacturing activity, particularly the shut-down of
automotive production in mid-March both in the US and Europe
together with the collapse of oil prices will result in severe
compression in EBITDA, earnings and cash flow in the second quarter
as well as subsequent quarters, and any recovery is expected to be
slow.

Specifically, automotive, a key end market, has seen production
curtailed since approximately mid-March although phased restarts in
both the US and Europe commenced recently. However, ramp up is
expected to be slow. Additionally, production levels will need to
be evaluated against expected consumer demand given the high
unemployment levels and economic impact on consumers. Current low
oil prices and further reductions in drilling activity in 2020 will
negatively impact the tubular segment; given the high pipe
inventory overhang; this segment will see only a protracted
recovery. Against this backdrop, the company's performance in 2020
will be extremely adversely impacted with negative EBITDA expected,
only modest recovery the next several years and negative cash flow
generation likely to continue although at diminishing levels.
Working capital inflows will provide a modest mitigant to the
diminished earnings and cash flow.

Assuming shipments in 2020 were to decline 50% from 2019 levels and
EBITDA/ton be negative $40-$60/ton, negative EBITDA ranging between
approximately $300 million and $450 million would be incurred.

The actions taken by U. S. Steel to respond to the extremely
negative conditions, including idling of operations at Lone Star
Tubular, Lorain Tubular, the idling/indefinite idling of a number
of blast furnaces and additional other cost savings measures.
Capital expenditures have been reduced to $750 million and include
the delay of the Mon Valley Works projects as well as the delay of
the remaining Gary hot strip mill upgrades among others. Given
anticipated expansions by competitors in flat-rolled capacity,
although some delays have been announced, this could impact U. S.
Steel's competitive position over the next several years.

The negative outlook assumes that demand fundamentals for U. S.
Steel and the steel industry in the US and Europe remain vulnerable
to further deterioration of uncertain duration and further downward
price trends. The outlook also considers that conditions could
deteriorate beyond current expectations causing the liquidity
cushion expected from the capital transactions to diminish in 2020
leaving less of a runway for 2020 and 2021.

The SGL-3 speculative grade liquidity rating reflects the
improvement in the company's liquidity profile following the $700
million capital raise transaction. Pro-forma for the transaction
cash balances at March 31, 2020 would be $2.05 billion (excluding
restricted cash, the majority of which is for the Fairfield EAF
facility funded through an IRB). At March 31, 2020 the company had
drawn $1.5 billion under its $2 billion asset based revolving
credit facility (ABL- matures in October 2024), which contains a
$150 million first in -- last out tranche. The facility can be
accelerated 91 days prior to the maturity of any senior debt
outstanding if certain liquidity conditions are not met. With the
company's debt repayments in recent years, there are no senior note
maturities until 2025, subsequent to the maturity date of the ABL.

The facility requires the company to maintain a fixed charge
coverage ratio for the most recent four consecutive quarters should
availability be less than the greater of 10% of the total aggregate
commitment and $200 million. The fixed charge ratio allows for
certain exclusions such as certain capital expenditures. As U. S.
Steel would not be able to meet the fixed charge coverage ratio the
availability block is in effect with total availability reduced to
$1.8 billion, leaving $300 million available to be drawn.

There is also a Euro 460 million ($504 million equivalent at March
31, 2020) secured credit facility (receivables and inventory) at
the company's U. S. Steel Kosice (USSK) subsidiary in Europe, which
matures in December 2024. Euro 350 million (roughly $384 million)
was outstanding at December 31, 2019). The facility contains a net
debt/EBITDA covenant for which the first measurement date is June
30, 2021 and a further covenant requiring that total equity be no
less than 40% of total assets.

The B2 rating on the senior secured notes reflects their priority
position in the capital structure. The Caa2 ratings on the
convertible notes and senior unsecured notes reflects their
effective subordination to the secured ABL and secured notes as
well as priority payables.

U. S. Steel, like all producers in the global steel sector faces
pressure to reduce greenhouse gas and air pollution emissions,
among a number of other sustainability issues and will likely incur
costs to meet increasingly stringent regulations. As such, the
company faces longer term secular challenges in the ongoing shift
away from blast furnace steelmaking to EAFs.

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

Given the expectations for only a slow recovery in U. S. Steel's
performance over the next several years, a ratings upgrade is
unlikely. However, should market conditions improve such that
higher prices are sustainable, and the company can sustain leverage
of no more than 4.5x through varying price points on the downside
and (CFO-dividends) in excess of 10%, positive ratings momentum
could develop.

Should the degree of cash burn exceed expectations and the
liquidity run way deteriorate more rapidly than anticipated the
ratings could be downgraded.

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

Headquartered in Pittsburgh, Pennsylvania, U. S. Steel is the
second largest flat-rolled producer in the US in terms of
production capacity. The company manufactures and sells a wide
variety of steel sheet, tubular and tin products across a broad
array of industries, including service centers, transportation,
appliance, construction, containers, and oil, gas and
petrochemicals. Revenues for the twelve months ended March 31, 2020
were $12.2 billion.


VITA CRAFT: Unsecureds to Recover 25% of Claims Over 5 Years
------------------------------------------------------------
Vita Craft Corporation submitted a Plan and a Disclosure
Statement.

Vita Craft's assets consist of product inventory, manufacturing
equipment, facility, enterprise value/goodwill and others.

Under the Plan, the Class 2 Secured Claim of BMO Harris Bank is
impaired. The actual principal balance on BMO's secured debt will
be approximately $842,449 on July 1, 2020. For the purpose of
seeking confirmation of VCC's Proposed Plan, VCC will stipulate
that the value of BMO's Secured Claim is $850,000.  New VCC will
issue a new promissory note to BMO in the amount of the BMO Secured
Claim as payment for the BMO Secured Claim on the Petition Date.
The New BMO Note shall be paid over a period of 60 months in
monthly installments.  The New BMO Note will bear interest at
3.303383% per annum on a 20-year amortization.  Subject to an exact
calculation, the monthly payment is expected to be $4,845 with a
balloon payment due on the 61st month of $683,910.  The first
payment will be due of the first day of the month that is not less
than 30 days following the Effective Date with payments being due
on the first day of each month thereafter.    

The Class 3A Unsecured Claim of BMO Harris Bank is impaired.  BMO
holds an allowed unsecured claim (the "BMO Unsecured Claim") for
$1,613,333.  This amount is derived from the total claim asserted
by BMO in this case of $2,463,333 (as memorialized by its counsel)
less the BMO Secured Claim of $850,000.  The Plan places the BMO
Unsecured Claim in Class 3A and will pay 10% of such claim, or
$161,333.  This amount will be paid over a period of 60 months in
quarterly installments of $8,066.

Class 3B Unsecured Convenience Claims are impaired. Class 3B
consists of all Allowed Unsecured Ordinary Course Claims in the
amount of $1,000 or less and all Allowed Unsecured Ordinary Course
Claims whose holders voluntarily elect to reduce their Allowed
Unsecured Ordinary Course Claims to $1,000.  The Plan provides that
the holders of Class 3B Claims will receive, on account of and in
full satisfaction of such Claims, cash in the amount of 50% of the
allowed amount of such Claims, within 60 days of the Effective
Date.  It is anticipated that total payments to Class 3B claimants
will be $7,534, but this amount could vary depending on the number
of Allowed Unsecured Ordinary Course Claim holders who elect to be
treated in Class 3B.

Class 3C Unsecured Ordinary Course Claims are impaired.  Allowed
Ordinary Course Claims are listed on Exhibit 2 and total $168,295.
Accordingly, the Plan proposes to pay Allowed Unsecured Ordinary
Course Claims 25% of their claim amounts, which would then total
$42,074.  Pro rata distributions to Allowed Unsecured Ordinary
Course Claim holders will be made on a quarterly basis for a period
of five years.  The total of each quarterly distribution is
expected to be $2,805.   

Class 3D Unsecured Employee Wage Claims, totaling $32,446, are
impaired.  Accordingly, the Plan proposes to pay the Employee Wage
Claims 50% of their claim amounts, or a total of $16,223.  Pro rata
distributions to Allowed Unsecured Employee Wage Claim holders will
be made on a quarterly basis for a period of five years. The total
quarterly distribution to Class 3D claims will be approximately
$811.15.

As to Class 5 Equity Interests, the Plan provides upon the
Effective Date, Vita Craft Japan will:

   a. Enter into a five-year purchase agreement with New VCC to
purchase at least $500,000/year of Vita Craft products at terms to
be negotiated.

   b. Turnover to New VCC approximately $112,000 in Vita Craft
Japan inventory still remaining at the Vita Craft factory3.

   c. Surrender to New VCC certain trademark territories and
regions that are necessary to the reorganized Vita Craft.

   d. Receive the robot equipment and gun drills which were
originally bought by VCC for use with its RFIQ product line.  That
equipment has no value to New VCC.

On the Effective Date of the Plan, a subsidiary of one of Vita
Craft’s largest customers, VCI, will accept an assignment of the
stock in Vita Craft from Imura International.  VCI will not pay
Imura International.  Instead, Imura International will convey its
interest in Vita Craft to VCI on the Effective Date and, in
consideration for this conveyance, VCI will fund necessary
operating costs and the full restart of Vita Craft.  The funds that
will be provided by VCI will be in excess of $200,000.  

A full-text copy of the Disclosure Statement dated May 4, 2020, is
available at https://tinyurl.com/ycwd2ppj from PacerMonitor.com at
no charge.

Attorneys for the Debtor:

     Robert J. Haupt
     Stephen Dexter
     William J. Maloney
     Lathrop GPM, LLP
     2345 Grand Boulevard, Suite 2200
     Kansas City, Missouri 64108-2618
     Tel: 816.460.5733
     Fax: 816.292.2001
     E-mail: robert.haupt@lathropgpm.com
             stephen.dexter@lathropgpm.com
             william.maloney@lathropgpm.com

                      About Vita Craft Corp

Vita Craft Corporation, a company that manufactures cookwares,
filed a voluntary petition pursuant to Chapter 11 of the Bankruptcy
Code (Bankr. D. Kan. Case No. 19-22358) on Nov. 1, 2019.  In the
petition signed by Gary E. Martin, president, the Debtor disclosed
$7,843,679 in assets and $2,698,042 in liabilities.  Judge Robert
D. Berger oversees the case.  Robert J. Haupt, Esq., at Lathrop
Gage LLP, is the Debtor's counsel.


WC 2101 W BEN WHITE: Unsecureds Will be Paid in Full
----------------------------------------------------
WC 2101 W Ben White, LP submitted a Chapter 11 Plan and a
Disclosure Statement.

All cash necessary for the Reorganized Debtor to make payments
pursuant to the Plan will be obtained from rental receipts,
proceeds of refinance, proceeds of a sale, or from Bankruptcy
Court-approved financing, including from an affiliate of the
Debtor.  

The fair market value of Debtor’s property is $12.09 million.

Under the Plan, creditors will be treated as follows:

   * Class 1 Lender.  The Lender's allowed claim will be paid at
the election of the Debtor either (a) over the time period
specified in the Plan or (b) from cash from proceeds of refinancing
or sale.  This class is impaired with a claim of $4.134 million and
are projected to recover 100%.

   * Class 2 Allowed Unsecured Claims.  Each holder of an Allowed
Unsecured Claim shall receive payment in full of the allowed amount
of each holder's claim, to be paid 30 days following payment of the
Class 1 claim.  This class is projected to recover 100%.

A full-text copy of the Disclosure Statement dated May 4, 2020, is
available at https://tinyurl.com/y8djto9q from PacerMonitor.com at
no charge.

Counsel for the Debtor:

     Mark H. Ralston
     Fishman Jackson Ronquillo PLLC
     Three Galleria Tower
     13155 Noel Road, Suite 700
     Dallas, TX 75240
     Telephone: (972) 419-5544
     Facsimile: (972) 4419-5500
     E-mail: mralston@fjrpllc.com

                  About WC 2101 W Ben White

WC 2101 W Ben White, LP, a Texas limited partnership headquartered
in Austin, Texas, filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-10182) on Feb. 4,
2020.  At the time of filing, the Debtor had estimated assets of
between $10,000,001 and $50 million and liabilities of between
$1,000,001 and $10 million.  Judge Tony M. Davis oversees the case.
The Debtor tapped Fishman Jackson Ronquillo PLLC as its legal
counsel.


WELDED CONSTRUCTION: June 24 Plan Confirmation Hearing Set
----------------------------------------------------------
Welded Construction, L.P., et al., submitted an Amended Disclosure
Statement.

The deadline to vote on the Plan is June 12, 2020 at 5:00 p.m.
(Eastern Time).  For your vote to be counted, your ballot must be
properly completed in accordance with the voting instructions, and
received by the voting agent no later than the voting deadline.

The Bankruptcy Court has scheduled the Plan confirmation hearing to
commence on June 24, 2020 at 10:00 a.m. (Eastern Time), before the
Honorable Christopher S. Sontchi, United States Bankruptcy Judge,
in the United States Bankruptcy Court for the District of Delaware,
824 North Market Street, 5th Floor, Courtroom No. 6, Wilmington,
Delaware 19801.

Objections to confirmation of the Plan must be filed and served on
the Debtors and certain other entities, all in accordance with the
Confirmation Hearing Notice, so that they are actually received by
no later than June 17, 2020 at 5:00 p.m. (Eastern Time).

A full-text copy of the Amended Disclosure Statement dated May 4,
2020, is available at https://tinyurl.com/y7qzwvqk from
PacerMonitor.com at no charge.

Counsel to the Debtors:

     Sean M. Beach
     Matthew B. Lunn
     Robert F. Poppiti, Jr.
     Allison S. Mielke
     Betsy L. Feldman
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253
     E-mail: sbeach@ycst.com
             mlunn@ycst.com
             rpoppiti@ycst.com
             amielke@ycst.com
             bfeldman@ycst.com

                   About Welded Construction

Perrysburg, Ohio-based Welded Construction, L.P., is a mainline
pipeline construction contractor capable of executing pipeline
construction projects in lengths ranging from a few hundred feet to
over 200 miles.

Welded Construction, L.P., and Welded Construction Michigan, LLC,
sought bankruptcy protection on Oct. 22, 2018 (Bankr. D. Del. Lead
Case No. 18-12378). The jointly administered cases are pending
before Judge Kevin Gross.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel;
and Kurtzman Carson Consultants LLC as claims and noticing agent
and administrative advisor. The Debtors also tapped Zolfo Cooper
Management, LLC and the firm's managing director Frank Pometti who
will serve as their chief restructuring officer.

An official committee of unsecured creditors was appointed on Oct.
30, 2018.  The committee tapped Blank Rome LLP as its legal counsel
and Teneo Capital LLC as its investment banker and financial
advisor.


WESTERN DIGITAL: Egan-Jones Lowers FC Sr. Unsecured Rating to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 15, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Western Digital
Corporation Inc. to B+ from BB-.

Headquartered in San Jose, California, Western Digital Corporation
is a global provider of solutions for the collection, storage,
management, protection and use of digital content, including audio
and video.



WESTJET AIRLINES: S&P Cuts ICR to B-; Rating Kept on Watch Negative
-------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating (ICR) on
WestJet Airlines Ltd. by one notch to 'B-' from 'B'. S&P also
lowered its issue-level rating on WestJet's secured debt by two
notches to 'B-' from 'B+, based on its lower ICR on the company and
reduced recovery prospects in our simulated default scenario.

S&P said, "We anticipate credit metrics to be much weaker than
previously expected, and there remains a high degree of uncertainty
regarding the speed at which WestJet's earnings and cash flow will
recover. The downgrade primarily reflects our expectation that
WestJet's capacity will be down 50%-60% this year, which is
directly related to the impact of the COVID-19 pandemic on air
travel demand. We expect the company to generate a FOCF deficit of
C$1.0 billion-C$1.5 billion, and do not envision a recovery in the
company's passenger traffic to 2019 levels until at least 2023. As
a result, we expect adjusted funds from operations (FFO)-to-debt to
be negative in 2020 and improve to 5%-8% in 2021, which we do not
view as commensurate with our previous rating on WestJet."

WestJet, along with the rest of the global airline industry, is
facing a sharp decline in demand for air travel stemming from
temporary restrictions on non-essential cross-border travel and
passenger fears of contracting the coronavirus. In response to the
unprecedented drop in demand, the company has significantly reduced
capacity by suspending routes and reducing frequencies, resulting
in temporary workforce reductions. S&P said, "Other measures we
expect WestJet to take to preserve cash include reducing
project-related costs and deferring capital expenditures, including
some aircraft deliveries. Since the airline is operating fewer
flights, we see limited benefit from lower jet fuel prices driven
by the collapse in oil prices and demand for jet fuel."

S&P said, "We expect the second quarter to see the lowest level of
demand this year, with WestJet operating at 90% lower seat capacity
than last year. We assume demand will recover gradually in the
second half of the year and in subsequent years. We believe
domestic air travel will likely recover first, followed by U.S.
transborder travel, while international travel will take longer. In
2019, about half of the company's passenger revenue miles were on
domestic routes, and the other half on U.S. transborder and
international routes.

"There is a high degree of uncertainty regarding the impact of the
pandemic on WestJet over the next 12 months, but we consider the
potential for further downside risk to our estimated credit
measures. Beyond the pandemic, sharply weaker oil prices could have
a disproportionate effect on the company's air traffic. This stems
from approximately 40% of WestJet's available seat miles touching
down in the province of Alberta, where economic conditions are
underpinned by the petroleum industry, and sustained oil price
weakness could limit the prospects for a meaningful recovery over
the next couple of years."

Environmental, social, and governance (ESG) factors relevant to the
rating action.

-- Health and safety factors: The downgrade primarily reflects
weaker credit measures from a meaningful reduction in air travel
demand as people take measures to reduce the spread of COVID-19.

The CreditWatch negative placement reflects the high degree of
uncertainty about the timing of WestJet's recovery from the effects
of the COVID-19 pandemic and how severe the effects will be for
WestJet. S&P said, "As of now, we expect WestJet's capacity to be
down 50%-60% this year and for the company to generate an FOCF
deficit of C$1.0 billion-C$1.5 billion, with traffic unlikely to
recover to 2019 levels until at least 2023. In our view, the
magnitude of losses we expect the company to incur over the next
two quarters increases the likelihood that WestJet's credit
measures could be meaningfully worse than in our base-case
scenario. Such a scenario could result in WestJet's liquidity
deteriorating or lead us to conclude that the company's capital
structure appears unsustainable over the long term. We expect to
resolve the CreditWatch within the next several months, at which
point we expect greater visibility regarding the effects of the
outbreak on WestJet's financial position and timing of a
recovery."



WILLIAMSON MEMORIAL: Assets Sale Free of Solwind-Premier Interests
------------------------------------------------------------------
Judge Frank W. Volk of the U.S. Bankruptcy Court for the Southern
District of West Virginia has entered an order finding that the
previously approved sale by Williamson Memorial Hospital, LLC of
all or substantially all of its assets is free and clear of any
interests of Solwind Energy, LLC and Premier Bank, Inc.

The negative covenants held by Premier Bank do not have the
affirmative language that is required to create a lien and do not
give Premier Bank any security interest in the Property that is the
subject of the previously approved Sale Order.  Thus, the Court
confirms that the sale of the Property previously approved by the
Court will be free and clear of any interest of Premier Bank.

Premier Bank asserts, however, that it has an equitable lien on the
amounts owed by the Debtor on the three court-approved DIP loans
made by Doug Reynolds, Sam Kapourales and Charles W. Hatfield
("Insider DIP Loans").  The Insider DIP Loans are comprised of (i)
a loan dated Oct. 25, 2019 in the amount of $350,000 made to the
Debtor by Doug Reynolds and Sam Kapourales, which loan was approved
by Interim Order entered Oct. 25, 2019; (ii) a loan dated Nov. 15,
2019 in the amount of $160,000 made to the Debtor by Doug Reynolds
and Sam Kapourales, which was approved by Interim Order entered
Nov. 15, 2019, and (i) a loan dated Jan. 2, 2020 in the amount of
$200,000 made to the Debtor by Doug Reynolds, Charles W. Hatfield
and Sam Kapourales, which was approved by Final Order entered April
24, 2020.  The Debtor has agreed to satisfy and pay the Insider DIP
Loans in connection with the closing of the sale of the
Property, and the amount owed on the Insider Loan will be satisfied
in full in connection with the closing of the sale of the
Property.

A portion of the Insider Loan Payment has been previously committed
to pay for an extended reporting period on insurance policies that
expire April 30, and the Debtor is authorized to pay that premium
in partial satisfaction of the amounts owned on the Insider DIP
Loans totaling $26,394.  The remaining amount due on the Insider
DIP Loans, which equals $683,606, will be retained by the Closing
Agent for the sale and thereafter paid by the Closing Agent to
Premier Bank, Inc., unless an objection is filed with the Court
within 14 days after the date on which the Order is entered.

If an objection is timely filed, the Court will schedule a hearing
on the proper disposition of the $683,606, and that sum will
ultimately be disbursed by the Closing Agent as set forth in a
Final Order entered by the Court.

Solwind had actual knowledge of the Sale Motion, and filed no
objection to it.  Thus, the Court's Sale Order is binding on
Solwind.   Any interest that Solwind had in the Property attaches
to the sale proceeds, but the sale of that Property is free and
clear of Solwind's purported leasehold interest.  Furthermore, the
Debtor may sell the Property free and clear of Solwind's purported
leasehold interest pursuant to section 363(f)(4) because there
exists a bona fide dispute as to the validity of the purported
lease.  

Notwithstanding the provisions of Rules 6004(h), 6006(d), and 7062
of the Bankruptcy Rules, the Order will not be stayed for 14 days
after entry and will be effective immediately upon entry, and its
provisions will be self-executing, and the Debtor and the
Successful Bidder are authorized to close the Sale immediately upon
entry of the Order.   

             About Williamson Memorial Hospital

Williamson Memorial Hospital, LLC, provides general medical and
surgical hospital services.

Williamson Memorial Hospital sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 19-20469) on Oct.
21, 2019. At the time of the filing, the Debtor estimated assets of
between $1 million and $10 million and liabilities of the same
range.

The case is assigned to Judge Frank W. Volk.  

The Debtor hired Bass Berry & Sims PLC, as lead counsel; Supple Law
Office, PLLC, as co-counsel.

An Official Committee of Unsecured Creditors has been appointed in
the case and is represented by Carrie Goodwin Fenwick, Esq., at
Goodwin & Goodwin; and Jason W. Harbour, Esq. and Henry P. (Toby)
Long, III, Esq., at Hunton Andrews Kurth LLP.


WISE ENTERPRISE: Hires George F. Willis as Real Estate Broker
-------------------------------------------------------------
Wise Enterprise Group, LLC, seeks authority from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
George F. Willis Realty, LLC, as real estate broker to the Debtor.

Wise Enterprise requires George F. Willis to market and sell the
Debtor's real property, a commercial building, located at 22 Felton
Place, Cartersville, GA.

George F. Willis will be paid a commission of 6% of the sales
price.

Ty Mitcham, a partner of George F. Willis Realty, LLC, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

George F. Willis can be reached at:

     Ty Mitcham
     George F. Willis Realty, LLC
     807 N. Tennessee Street, Suite 101
     Cartersville, GA 30120
     Tel: (770) 382-0058
     Fax: (770) 382-4443
     E-mail: lm@gfwillis.com

                  About Wise Enterprise Group

Wise Enterprise Group LLC, an investment holding company in
Cartersville, Ga., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 19-41786) on Aug. 2,
2019.  At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range.  The case has been assigned to Judge Paul W. Bonapfel.
The Debtor is represented by Theodore N. Stapleton, P.C.



WITTER HARVESTING: Says Income to Remain During Pandemic
--------------------------------------------------------
Witter Harvesting, Inc., submitted a Second Amended Disclosure
Statement in connection with its Chapter 11 Plan.

Since the filing of the initial Disclosure Statement, the COVID-19
pandemic hit the county and it is unknown to what extent the spread
of the coronavirus/COVID-19 will affect Debtor's business income,
however, the Debtor anticipates that the income will remain
constant during the pandemic.  Although it is impossible at this
time to predict the breadth or extent of the impact the virus will
have on the Debtor.  The Debtor will take the following steps to
either increase income or decrease expenses to be able to meet plan
payments.

   1. The projections attached to the Disclosure Statement indicate
an average monthly repair cost of $9,299.51.  The Debtor is going
to work to reduce that expense by doing repairs to the equipment
"in house" and reusing and repairing parts instead of buying new.  


   2. The principals are going to take on more work themselves in
an effort to avoid having to increase payroll during high season
(May – October).  The Debtor is only going to be using hired
staff as needed.   

   3. The Debtor is in the process of negotiating with their
customers to have their customers supply more of the fuel than they
have in the past.  Per the projections, fuel averages $16,055.47
per month.

   4. Dairy farm feed ratios are changing, meaning the dairy
farmers are going to be using more grass in their feed in an effort
to reduce supply.  Accordingly, the Debtor has been in negotiations
with its customers to cut more grass this year.  Grass is cut every
30 days so this will add more income to the "low season" months,
November – April.   

   5. The Debtor has analyzed whether it needs all of the equipment
that it currently uses it operations and has made a business
decision that it cannot efficiently operate if any more equipment
is surrendered.

A full-text copy of the Second Amended Disclosure Statement dated
May 4, 2020, is available at https://tinyurl.com/ycayemqb from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Dana Kaplan
     KELLEY, FULTON & KAPLAN, P.L.
     1665 Palm Beach Lakes Blvd.
     The Forum - Suite 1000
     West Palm Beach, Florida 33401
     Telephone: (561) 491-1200
     Facsimile: (561) 684-3773

                   About Witter Harvesting

Witter Harvesting Inc. provides agricultural and crop harvesting
services in Okeechobee, Fla.

Witter Harvesting sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-14063) on March 29,
2019.  At the time of the filing, the Debtor was estimated to have
assets and liabilities of between $1 million and $10 million.  The
case is assigned to Judge Mindy A. Mora.

The Debtor tapped Kelley & Fulton, PL, as its bankruptcy counsel;
and CPA Tax Solutions, LLC as an accountant.

The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case.


X-TREME BULLETS: Seeks to Hire Greenberg Gross as Special Counsel
-----------------------------------------------------------------
X-Treme Bullets Inc. and its debtor-affiliates seek approval from
the U.S. Bankruptcy Court for the District of Nevada to hire
Greenberg Gross, LLP as its special insurance law counsel.

Greenberg Cross will advise the Debtors regarding, issues of
insurance law that arose in connection with the negotiation and
documentation of the terms and conditions of a comprehensive
settlement agreement (Howell Settlement Agreement) among the
founder and principal of the Debtors, David C. Howell, and certain
relatives and other affiliates of Mr. Howell, on one hand, and the
Debtors, two non-debtor affiliates of the Debtor, Twin River
Contract Loading, Inc. (Twin River) and Big Canyon Environmental,
LLC (Big Canyon), on the other hand. The counsel has substantial
experience and expertise regarding insurance matters and was
well-qualified to assist the Debtors in these matters.

Greenberg Cross agreed to render the Services to the Debtors at its
regular hourly rates. The firm's charges for the services are in
the total amount of $11,877.

Evan C. Borges, Esq., partner at Greenberg Cross, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

The firm can be reached through:

     Evan C. Borges, Esq.
     Greenberg Gross, LLP
     650 Town Center Drive, Suite 1700
     Costa Mesa, CA 92626
     Main: (949) 383-2800
     Email: eborges@ggtriallaw.com

              About X-Treme Bullets

X-Treme Bullets, Inc., and its subsidiaries are in the business of
manufacturing and selling small arms ammunition components,
assembling ammunition, custom building ammunition manufacturing
equipment, and repairing and refurbishing existing ammunition
manufacturing equipment.  They sell ammunition from company-owned
brands, which they manufacture in-house, as well as ammunition from
third-party brands, which they source as finished goods.  They
operate a production facility in Carson City, Nevada and operate
four facilities in Idaho, including three production facilities and
one distribution center.

X-Treme Bullets and certain affiliates filed sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
18-50609) on June 8, 2018.  In the petition signed by David Howell,
president, the Debtor estimated assets and liabilities at $10
million to $50 million.

The case is assigned to Judge Bruce T. Beesley.

The Debtor tapped Harris Law Practice LLC as counsel, and Winthrop
Couchot Golubow Hollander, LLP, as co-counsel.  J. Michael Issa of
GlassRatner Advisory & Capital Group, LLC, serves as chief
restructuring officer.

On July 23, 2018, the U.S. Trustee for Region 17 appointed an
official committee of unsecured creditors in the case.  The
Committee retained Goldstein & McClintock LLLP as its counsel.


YUMA ENERGY: Seeks to Hire FisherBroyles LLP as Counsel
-------------------------------------------------------
Yuma Energy, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ FisherBroyles, LLP, as
counsel.

Services FisherBroyles will render are:

     (a) advise the Debtors of their rights, powers and duties as
debtors and debtors in possession continuing to operate and manage
their respective businesses and properties under chapter 11 of the
Bankruptcy Code;

     (b) prepare on behalf of the Debtors all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules and other documents, and review all
financial and other reports to be filed in these chapter 11 cases;

     (c) advise the Debtors concerning, and preparing responses to,
applications, motions, other pleadings, notices and other papers
that may be filed by other parties in these chapter 11 cases and
appear on behalf of the Debtors in any hearings or other
proceedings relating to those matters;

     (d) review the nature and validity of any liens asserted
against the Debtors' property and advise the Debtors concerning the
enforceability of such liens;

     (e) advise the Debtors regarding their ability to initiate
actions to collect and recover property for the benefit of their
estates;

     (f) advise and assist the Debtors in connection with any asset
dispositions;

     (g) advise, and represent, the Debtors with respect to
employment related issues;

     (h) advise and assist the Debtors in negotiations with the
Debtors' debt holders and other stakeholders;

     (i) advise the Debtors concerning executory contract and
unexpired lease assumptions, assignments and rejections;
   
     (j) advise the Debtors in connection with the formulation,
negotiation and promulgation of a plan or plans of reorganization,
and related transactional documents;

     (k) assist the Debtors in reviewing, estimating and resolving
claims asserted against the Debtors' estates;

     (l) commence and conduct litigation that is necessary and
appropriate to assert rights held by the Debtors, protect assets of
the Debtors' chapter 11 estates or otherwise further the goal of
completing the Debtors' successful reorganization;

     (m) provide non-bankruptcy services for the Debtors to the
extent requested by the Debtors, including, among others things,
advice related to: mergers and acquisitions and corporate
governance, communication tower transactions, and YUMA's businesses
in Louisiana and Texas; and

     (n) perform all other necessary and appropriate legal services
in connection with these chapter 11 cases for or on behalf of the
Debtors.  

FisherBroyles' standard hourly rates are:

     Partners      $375-600
     Paralegals    $175-250

On March 3, 2020, the Debtors provided FisherBroyles with an
advance payment of $75,000 to establish a retainer.

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,
FisherBroyles disclosed that:

     -- it 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;

     -- the firm did represent the Debtors during the 12-month
period prior to the Petition Date. Prior to the Petition Date, the
standard rates charged by FisherBroyles to the Debtors were
slightly higher, due to H. Joseph Acosta's reduction in rate by
$25/hour; and

     -- FisherBroyles and the Debtors developed a budget and
staffing plan that reflects (a) the estimated number of hours and
amount of fees that FB will expend on the Debtors' chapter 11 cases
during the first three months after the Petition Date and (b) the
estimated type and number of FB professionals and paraprofessionals
needed to successfully represent the Debtors during the first three
months after the Petition Date.

H. Joseph Acosta, Esq. attests that her firm is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     H. Joseph Acosta, Esq.
     FISHERBROYLES, LLP
     Highland Park Place
     4514 Cole Ave., Suite 600
     Dallas, TX 75205
     Tel: (214) 614-8939
     Fax: (214) 614-8992

                      About Yuma Energy

Yuma Energy, Inc. -- http://www.yumaenergyinc.com/-- is an
independent Houston-based exploration and production company. The
Company is focused on the acquisition, development, and exploration
for conventional and unconventional oil and natural gas resources,
primarily in the U.S. Gulf Coast, the Permian Basin of West Texas
and California. The Company has employed a 3-D seismic-based
strategy to build a multi-year inventory of development and
exploration prospects. Its current operations are focused on
onshore properties located in southern Louisiana, southeastern
Texas and recently, in the Permian basin of West Texas. In
addition, the Company has non-operated positions in the East Texas
Eagle Ford and Woodbine, and operated positions in Kern County in
California.

Yuma Energy and three of its affiliates filed for bankruptcy
protection on April 15, 2020 (Bankr. N. D. Texas, Lead Case No.
20-41455). The petitions were signed by Anthony C. Schnur, chief
restructuring officer.

As of Dec. 31, 2019, Yuma posted $32,290,329 in total assets and
$28,270,794 in total liabilities.

Debtors have tapped Fisher Broyles LLP as their legal counsel;
Seaport Gordian Energy LLC as their investment banker; Ankura
Consulting Group LLC as their financial advisor; and Stretto as
their administrative advisor.


ZPOWER TEXAS: Hires Honigman LLP as Special Counsel
---------------------------------------------------
ZPower Texas, LLC, and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the Northern District of Texas to
employ Honigman LLP, as special intellectual property counsel to
the Debtors.

ZPower Texas requires Honigman LLP to:

   a) provide legal advice and analysis regarding the Debtor's
      global patent estate, infringement of third party patents,
      patentability of Debtor's inventions, procurement of rights
      to third party intellectual property, and licensing to
      third parties rights in the Debtor's intellectual property;

   b) assist the Debtor in the prosecution of its pending U.S.
      and foreign patent applications;

   c) manage the Debtor's payments for annuity, maintenance, and
      renewal fees necessary to maintain the Debtor's US and
      foreign patents and applications; and

   d) assist in the preparation and filing of Debtor's US and
      foreign patent applications.

Honigman LLP will be paid at these hourly rates:

     Andrew Weber, Partner               $505
     Grant Griffith, Partner             $415
     Andrew Chipouras, Associate         $365
     Andrew Schmid, Associate            $355
     James Leonard, Ph.D., Associate     $385

Honigman LLP discloses that it has a prepetition claim against
ZPower LLC in the amount of $22,190.78. However, this claim does
not disqualify Honigman from representing the Debtors in the
Bankruptcy Cases.

On May 12, 2020, the Debtors funded a retainer to Honigman LLP in
the amount of $5,000.

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

Andrew Weber, partner of Honigman 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 Debtor and its estates.

Honigman LLP can be reached at:

     Andrew Weber, Esq.
     HONIGMAN LLP
     650 Trade Centre Way, Suite 200
     Kalamazoo, MI 49002-0402
     Tel: (269) 337-7700

                       About ZPower Texas

ZPower -- https://www.zpowerbattery.com -- is a manufacturer of
silver-zinc rechargeable microbatteries. The Company serves the
consumer electronics, medical, and military and defense
industries.

ZPower Texas, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Tex. Case No. 20-41158) on March 17,
2020. At the time of the filing, the Debtor estimated assets of
between $10 million to $50 million and liabilities of between $10
million to $50 million. The petitions were signed by Glynne
Townsend, chief restructuring officer.  The case is presided by
Hon. Mark X. Mullin.  Davor Rukavina, Esq., of Munsch Hardt Kopf &
Harr, P.C., is the Debtors' counsel.  Honigman LLP is special IP
counsel.


[*] Hahn & Hahn Launches Bankruptcy & Restructuring Practice
------------------------------------------------------------
It is not every day that an esteemed, 121-year-old law firm
launches a whole new practice area.  But that's exactly what Hahn &
Hahn did on May 18 with the launch of a bankruptcy and financial
restructuring practice group and the addition of two bankruptcy
attorneys.

Dean G. Rallis Jr., a veteran bankruptcy attorney previously with
Anglin Flewelling Rasmussen Campbell & Trytten (AFRCT), will head
the firm's new practice.  He will be joined by attorney Matthew D.
Pham, who was also previously with AFRCT.

"Especially given today's economic climate, having professionals
like Dean and Matthew at the firm provides our clients with a
tremendous resource as it relates to financial issues, hardship,
restructuring, negotiation and settlement agreements, as well as
strategic acquisitions from distressed businesses," said Hahn &
Hahn Managing Partner Christianne Kerns.  "We are excited for the
additional expertise they bring to our firm."

Prior to practicing at AFRCT, Mr. Rallis was a Partner at Alston &
Bird.  He earned his bachelor's degree cum laude at the University
of Southern California Marshall School of Business and his J.D.
from USC's Gould School of Law.  He specializes in business
reorganization, corporate insolvency, commercial and bankruptcy
litigation, commercial transactions, and the acquisition of assets
and businesses in bankruptcy court and out-of-court workouts.

Mr. Rallis has functioned as lead counsel for secured creditors,
debtors, creditors' committees, purchasers, trade creditors and
shopping center landlords in the bankruptcy, restructuring and
liquidation of companies, and has extensive experience in real
estate, business and commercial transactions and workouts in the
manufacturing, retail, healthcare and transportation industries.

Mr. Rallis's younger counterpart, Mr. Pham, earned his bachelor's
degree summa cum laude at Santa Clara University and his J.D. cum
laude from the University of California, Hastings College of the
Law in 2011 and clerked for four bankruptcy judges prior to
entering private practice.

                     About Hahn & Hahn LLP

Hahn & Hahn LLP -- https://www.hahnlawyers.com/ -- has been an
active member of the Southern California business and legal
communities since 1899.  The firm represents entrepreneurs,
innovators, business owners, family offices and charitable
organizations in their corporate, real estate, employment, estate
planning and family law issues and in litigation.  The firm is a
certified majority Women & Minority Owned Business Enterprise
(WMBE).


[*] Legal Scholars Urged Congress to Appoint More Bankruptcy Judges
-------------------------------------------------------------------
Jonathan Randles, writing for Wall Street Journal, reports that
U.S. legal scholars urged Congress to appoint additional bankruptcy
judges in response to the country's economic disruption.

Academics warned Senate Majority Leader Mitch McConnell, House
Speaker Nancy Pelosi and other leading lawmakers on May 7, 2020,
about the rise of bankruptcies in the next 18 months and bankruptcy
courts could struggle.

About three dozen legal scholars are urging lawmakers to appoint
more judges so the country's bankruptcy courts will not be
overwhelmed on the huge numbers of corporate failures caused by the
coronavirus pandemic.

"We have every confidence in our existing bankruptcy judges, but we
also fear that their courts may be overwhelmed by this flood of
cases," the academics said in a letter sent to congressional
leaders, from the University of California, Hastings law professor
Jared Ellias and signed by 34 other professors.

"While no legal regime is perfect, our high-quality bankruptcy law
is a key comparative advantage for the United States in this
unprecedented pandemic. Bankruptcy law will help many American
businesses restructure their operations to reemerge as strong
competitors and employers," the letter said.


[^] BOND PRICING: For the Week from May 18 to 22, 2020
------------------------------------------------------
  Company                    Ticker   Coupon Bid Price   Maturity
  -------                    ------   ------ ---------   --------
24 Hour Fitness Worldwide    HRFITW    8.000     2.828   6/1/2022
24 Hour Fitness Worldwide    HRFITW    8.000     2.773   6/1/2022
AMC Entertainment Holdings   AMC       5.750    25.308  6/15/2025
Ahern Rentals Inc            AHEREN    7.375    27.946  5/15/2023
Ahern Rentals Inc            AHEREN    7.375    30.980  5/15/2023
Ally Financial Inc           ALLY      3.000    98.227  6/15/2020
America West Airlines
  2001-1 Pass Through Trust  AAL       7.100    80.000   4/2/2021
American Airlines 2011-1
  Class A Pass
  Through Trust              AAL       5.250    82.176  1/31/2021
American Airlines 2013-1
  Class B Pass
  Through Trust              AAL       5.625    84.000  1/15/2021
American Airlines 2013-2
  Class B Pass
  Through Trust              AAL       5.600    99.500  7/15/2020
American Airlines Group Inc  AAL       5.000    45.718   6/1/2022
American Airlines Group Inc  AAL       5.000    45.767   6/1/2022
American Energy- Permian
  Basin LLC                  AMEPER   12.000    69.250  10/1/2024
American Energy- Permian
  Basin LLC                  AMEPER   12.000    12.113  10/1/2024
American Energy- Permian
  Basin LLC                  AMEPER   12.000    12.113  10/1/2024
BPZ Resources Inc            BPZR      6.500     3.017   3/1/2049
Bank of America Corp         BAC       4.487    99.312  5/28/2020
Basic Energy Services Inc    BASX     10.750    42.569 10/15/2023
Basic Energy Services Inc    BASX     10.750    42.569 10/15/2023
Beverages & More Inc         BEVMO    11.500    62.500  6/15/2022
Beverages & More Inc         BEVMO    11.500    61.992  6/15/2022
Biogen Inc                   BIIB      2.900   100.556  9/15/2020
Bon-Ton Department Stores    BONT      8.000     9.399  6/15/2021
Briggs & Stratton Corp       BGG       6.875    27.538 12/15/2020
Bristow Group Inc            BRS       6.250     5.870 10/15/2022
Bristow Group Inc            BRS       4.500     5.875   6/1/2023
British Airways 2013-1
  Class B Pass
  Through Trust              IAGLN     5.625    97.737  6/20/2020
British Airways 2013-1
  Class B Pass
  Through Trust              IAGLN     5.625    97.737  6/20/2020
Bruin E&P Partners LLC       BRUINE    8.875     1.089   8/1/2023
Bruin E&P Partners LLC       BRUINE    8.875     1.175   8/1/2023
Buffalo Thunder
  Development Authority      BUFLO    11.000    50.125  12/9/2022
CBL & Associates LP          CBL       5.250    28.750  12/1/2023
CBL & Associates LP          CBL       4.600    24.305 10/15/2024
CEC Entertainment Inc        CEC       8.000     7.779  2/15/2022
CSI Compressco LP / CSI
  Compressco Finance Inc     CCLP      7.250    35.912  8/15/2022
Calfrac Holdings LP          CFWCN    10.875    20.662  3/15/2026
Calfrac Holdings LP          CFWCN     8.500     4.448  6/15/2026
Calfrac Holdings LP          CFWCN    10.875    20.662  3/15/2026
Calfrac Holdings LP          CFWCN     8.500     4.562  6/15/2026
California Resources Corp    CRC       8.000     2.294 12/15/2022
California Resources Corp    CRC       8.000     2.002 12/15/2022
California Resources Corp    CRC       6.000     1.513 11/15/2024
California Resources Corp    CRC       6.000     1.901 11/15/2024
Callon Petroleum Co          CPE       6.250    24.870  4/15/2023
Callon Petroleum Co          CPE       6.125    26.867  10/1/2024
Callon Petroleum Co          CPE       6.375    21.347   7/1/2026
Callon Petroleum Co          CPE       8.250    21.306  7/15/2025
Callon Petroleum Co          CPE       6.125    21.931  10/1/2024
Callon Petroleum Co          CPE       6.125    21.931  10/1/2024
Capital One Financial Corp   COF       5.550    83.206       N/A
Chaparral Energy Inc         CHAP      8.750     7.950  7/15/2023
Chaparral Energy Inc         CHAP      8.750     7.049  7/15/2023
Chesapeake Energy Corp       CHK      11.500     5.751   1/1/2025
Chesapeake Energy Corp       CHK      11.500     5.872   1/1/2025
Chesapeake Energy Corp       CHK       4.875     3.996  4/15/2022
Chesapeake Energy Corp       CHK       5.375     3.777  6/15/2021
Chesapeake Energy Corp       CHK       5.500     2.500  9/15/2026
Chesapeake Energy Corp       CHK       5.750     4.715  3/15/2023
Chesapeake Energy Corp       CHK       8.000     2.793  6/15/2027
Chesapeake Energy Corp       CHK       7.000     3.036  10/1/2024
Chesapeake Energy Corp       CHK       8.000     1.745  1/15/2025
Chesapeake Energy Corp       CHK       7.500     3.662  10/1/2026
Chesapeake Energy Corp       CHK       8.000     2.000  3/15/2026
Chesapeake Energy Corp       CHK       8.000     2.951  3/15/2026
Chesapeake Energy Corp       CHK       8.000     3.119  6/15/2027
Chesapeake Energy Corp       CHK       8.000     3.119  6/15/2027
Chesapeake Energy Corp       CHK       8.000     2.040  1/15/2025
Chesapeake Energy Corp       CHK       8.000     2.040  1/15/2025
Chesapeake Energy Corp       CHK       8.000     2.951  3/15/2026
Citigroup Inc                C         5.950    91.407       N/A
Citigroup Inc                C         4.590    99.023  5/26/2020
Clearway Energy Inc          CWENA     3.250    99.250   6/1/2020
Constellation Brands Inc     STZ       2.250    99.988  11/6/2020
CorEnergy Infrastructure
  Trust Inc                  CORR      7.000    80.000  6/15/2020
Costco Wholesale Corp        COST      2.150   101.572  5/18/2021
DFC Finance Corp             DLLR     10.500    67.125  6/15/2020
DFC Finance Corp             DLLR     10.500    67.125  6/15/2020
Dean Foods Co                DF        6.500     4.250  3/15/2023
Dean Foods Co                DF        6.500     4.162  3/15/2023
Denbury Resources Inc        DNR       9.000    36.587  5/15/2021
Denbury Resources Inc        DNR       9.250    35.167  3/31/2022
Denbury Resources Inc        DNR       5.500     4.627   5/1/2022
Denbury Resources Inc        DNR       7.750    34.896  2/15/2024
Denbury Resources Inc        DNR       4.625     3.670  7/15/2023
Denbury Resources Inc        DNR       6.375     4.500 12/31/2024
Denbury Resources Inc        DNR       6.375     4.371  8/15/2021
Denbury Resources Inc        DNR       9.000    36.370  5/15/2021
Denbury Resources Inc        DNR       9.250    33.792  3/31/2022
Denbury Resources Inc        DNR       7.500    24.000  2/15/2024
Denbury Resources Inc        DNR       7.750    34.979  2/15/2024
Denbury Resources Inc        DNR       7.500    23.800  2/15/2024
Diamond Offshore Drilling    DOFSQ     7.875     9.188  8/15/2025
Diamond Offshore Drilling    DOFSQ     5.700     7.063 10/15/2039
Diamond Offshore Drilling    DOFSQ     4.875     6.500  11/1/2043
Diamond Offshore Drilling    DOFSQ     3.450     8.000  11/1/2023
Downstream Development
  Authority of the
  Quapaw Tribe of Oklahoma   QUAPAW   10.500    53.930  2/15/2023
Downstream Development
  Authority of the Quapaw
  Tribe of Oklahoma          QUAPAW   10.500    53.064  2/15/2023
ENSCO International Inc      VAL       7.200     7.657 11/15/2027
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    7.750    12.750  5/15/2026
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    8.000     1.500 11/29/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    9.375     1.168   5/1/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    7.750    12.460  5/15/2026
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    9.375     1.168   5/1/2024
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG    8.000     1.278 11/29/2024
EnLink Midstream Partners    ENLK      6.000    26.125       N/A
Energy Conversion Devices    ENER      3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC            TXU       1.169     0.072  1/30/2037
Exantas Capital Corp         XAN       4.500    47.500  8/15/2022
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT   10.000    15.579  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT   10.000    15.790  7/15/2023
Extraction Oil & Gas Inc     XOG       7.375     3.885  5/15/2024
Extraction Oil & Gas Inc     XOG       5.625     3.953   2/1/2026
Extraction Oil & Gas Inc     XOG       7.375     4.226  5/15/2024
Extraction Oil & Gas Inc     XOG       5.625     3.917   2/1/2026
FTS International Inc        FTSINT    6.250    24.832   5/1/2022
Federal Farm Credit Banks
  Funding Corp               FFCB      2.290    99.568 11/27/2028
Federal Farm Credit Banks
  Funding Corp               FFCB      2.330    99.863 11/27/2029
Federal Farm Credit Banks
  Funding Corp               FFCB      3.320    96.042  5/26/2032
Federal Farm Credit Banks
  Funding Corp               FFCB      2.430    99.600  2/27/2031
Federal Home Loan Banks      FHLB      1.800    99.578  2/28/2023
Federal Home Loan Banks      FHLB      1.440    99.529  8/25/2021
Federal Home Loan Banks      FHLB      1.500    99.074  2/26/2021
Federal Home Loan Banks      FHLB      1.900    99.217  8/25/2026
Federal Home Loan
  Mortgage Corp              FHLMC     1.725    99.374  2/28/2023
Federal Home Loan
  Mortgage Corp              FHLMC     1.600    99.595  8/25/2021
Federal Home Loan
  Mortgage Corp              FHLMC     2.500    98.320  8/25/2031
Federal Home Loan
  Mortgage Corp              FHLMC     1.625    99.255  8/25/2021
Federal Home Loan
  Mortgage Corp              FHLMC     1.625    99.216  8/25/2021
Federal Home Loan
  Mortgage Corp              FHLMC     1.500    99.415  2/25/2021
Federal Home Loan
  Mortgage Corp              FHLMC     1.450    99.452  5/26/2021
Federal Home Loan
  Mortgage Corp              FHLMC     1.550    99.597  5/25/2021
Federal Home Loan
  Mortgage Corp              FHLMC     2.100    99.005  8/25/2026
Federal National
  Mortgage Association       FNMA      1.500    99.489  8/25/2021
Federal National
  Mortgage Association       FNMA      1.500    99.088  5/25/2021
Federal National
  Mortgage Association       FNMA      1.750    99.534  8/25/2023
Federal National
  Mortgage Association       FNMA      1.450    99.432  5/26/2020
Federal National
  Mortgage Association       FNMA      1.250    99.428  5/26/2020
Federal National
  Mortgage Association       FNMA      1.550    99.433  5/26/2020
Federal National
  Mortgage Association       FNMA      1.375    99.430  5/26/2020
Federal National
  Mortgage Association       FNMA      1.425    99.431  5/26/2020
Federal National
  Mortgage Association       FNMA      1.625    99.434  5/26/2020
Federal National
  Mortgage Association       FNMA      1.350    99.435  5/28/2020
Federal National
  Mortgage Association       FNMA      1.250    99.427  5/26/2020
Fenix Marine Service
  Holdings Ltd               NOLSP     8.000    40.043  1/15/2024
Fleetwood Enterprises Inc    FLTW     14.000     3.557 12/15/2011
Forum Energy Technologies    FET       6.250    35.926  10/1/2021
Frontier Communications      FTR      11.000    33.563  9/15/2025
Frontier Communications      FTR      10.500    33.000  9/15/2022
Frontier Communications      FTR       7.125    29.000  1/15/2023
Frontier Communications      FTR       8.750    32.500  4/15/2022
Frontier Communications      FTR       6.250    30.750  9/15/2021
Frontier Communications      FTR       7.625    30.063  4/15/2024
Frontier Communications      FTR       6.875    28.750  1/15/2025
Frontier Communications      FTR       9.250    29.375   7/1/2021
Frontier Communications      FTR       8.875    28.500  9/15/2020
Frontier Communications      FTR      11.000    29.500  9/15/2025
Frontier Communications      FTR      10.500    32.681  9/15/2022
Frontier Communications      FTR      11.000    32.955  9/15/2025
Frontier Communications      FTR      10.500    30.875  9/15/2022
GameStop Corp                GME       6.750    77.017  3/15/2021
GameStop Corp                GME       6.750    76.334  3/15/2021
General Electric Co          GE        5.000    74.036       N/A
Global Eagle Entertainment   ENT       2.750     6.398  2/15/2035
Gogo Inc                     GOGO      6.000    51.875  5/15/2022
Goodman Networks Inc         GOODNT    8.000    41.501  5/11/2022
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST    9.000    62.750  9/30/2021
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST    9.000    62.785  9/30/2021
Grizzly Energy LLC           VNR       9.000     6.000  2/15/2024
Grizzly Energy LLC           VNR       9.000     6.000  2/15/2024
Guitar Center Inc            GTRC      9.500    69.983 10/15/2021
Guitar Center Inc            GTRC      9.500    66.549 10/15/2021
Hertz Corp/The               HTZ       5.500    11.681 10/15/2024
Hertz Corp/The               HTZ       6.000    10.734  1/15/2028
Hertz Corp/The               HTZ       7.625    31.138   6/1/2022
Hertz Corp/The               HTZ       7.625    32.302   6/1/2022
Hertz Corp/The               HTZ       5.500    13.182 10/15/2024
Hertz Corp/The               HTZ       7.125    11.652   8/1/2026
Hertz Corp/The               HTZ       6.000    11.807  1/15/2028
Hertz Corp/The               HTZ       7.000    20.432  1/15/2028
Hertz Corp/The               HTZ       7.125    12.419   8/1/2026
Hertz Corp/The               HTZ       6.250    14.928 10/15/2022
Hi-Crush Inc                 HCR       9.500     1.136   8/1/2026
Hi-Crush Inc                 HCR       9.500     4.132   8/1/2026
High Ridge Brands Co         HIRIDG    8.875     5.125  3/15/2025
High Ridge Brands Co         HIRIDG    8.875     5.125  3/15/2025
HighPoint Operating Corp     HPR       7.000    26.483 10/15/2022
HighPoint Operating Corp     HPR       8.750    25.311  6/15/2025
Hornbeck Offshore Services   HOSS      5.000     3.250   3/1/2021
Hornbeck Offshore Services   HOSS      5.875    36.000   4/1/2020
International Wire Group     ITWG     10.750    77.460   8/1/2021
International Wire Group     ITWG     10.750    77.497   8/1/2021
J Crew Brand LLC /
  J Crew Brand Corp          JCREWB   13.000    56.500  9/15/2021
JAKKS Pacific Inc            JAKK      4.875    99.574   6/1/2020
JC Penney Corp Inc           JCP       5.875    35.317   7/1/2023
JC Penney Corp Inc           JCP       6.375     2.492 10/15/2036
JC Penney Corp Inc           JCP       7.625     1.426   3/1/2097
JC Penney Corp Inc           JCP       7.400     1.493   4/1/2037
JC Penney Corp Inc           JCP       5.875    35.073   7/1/2023
JC Penney Corp Inc           JCP       8.625     8.237  3/15/2025
JC Penney Corp Inc           JCP       7.125     1.450 11/15/2023
JC Penney Corp Inc           JCP       8.625     7.497  3/15/2025
JC Penney Corp Inc           JCP       6.900     0.797  8/15/2026
Jonah Energy LLC /
  Jonah Energy Finance Corp  JONAHE    7.250     7.236 10/15/2025
Jonah Energy LLC / Jonah
  Energy Finance Corp        JONAHE    7.250     6.773 10/15/2025
KLX Energy Services
  Holdings Inc               KLXE     11.500    35.786  11/1/2025
KLX Energy Services
  Holdings Inc               KLXE     11.500    37.046  11/1/2025
KLX Energy Services
  Holdings Inc               KLXE     11.500    36.864  11/1/2025
LSC Communications Inc       LKSD      8.750    18.250 10/15/2023
LSC Communications Inc       LKSD      8.750     9.375 10/15/2023
Lexicon Pharmaceuticals Inc  LXRX      5.250    48.868  12/1/2021
Liberty Media Corp           LMCA      2.250    47.543  9/30/2046
LoanCore Capital Markets
  LLC / JLC Finance Corp     JEFLCR    6.875    94.750   6/1/2020
Lonestar Resources America   LONE     11.250     5.159   1/1/2023
Lonestar Resources America   LONE     11.250     5.097   1/1/2023
MAI Holdings Inc             MAIHLD    9.500    20.000   6/1/2023
MAI Holdings Inc             MAIHLD    9.500    20.000   6/1/2023
MAI Holdings Inc             MAIHLD    9.500    20.000   6/1/2023
MF Global Holdings Ltd       MF        9.000    15.625  6/20/2038
MF Global Holdings Ltd       MF        6.750    15.625   8/8/2016
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP      7.250    56.545  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP      7.250    58.685  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP      7.250    58.685  2/15/2021
Mashantucket Western
  Pequot Tribe               MASHTU    7.350    16.000   7/1/2026
McClatchy Co/The             MNIQQ     6.875     2.092  3/15/2029
McClatchy Co/The             MNIQQ     6.875     2.204  7/15/2031
McClatchy Co/The             MNIQQ     7.150     1.712  11/1/2027
McDermott Technology
  Americas Inc / McDermott
  Technology US Inc          MDR      10.625     5.000   5/1/2024
McDermott Technology
  Americas Inc / McDermott
  Technology US Inc          MDR      10.625     4.762   5/1/2024
Men's Wearhouse Inc/The      TLRD      7.000    24.637   7/1/2022
Men's Wearhouse Inc/The      TLRD      7.000    25.421   7/1/2022
MetLife Inc                  MET       5.250    89.500       N/A
Morgan Stanley               MS        5.550    89.477       N/A
Morgan Stanley               MS        1.440    97.593  6/17/2020
Murray Energy Corp           MURREN   12.000     0.001  4/15/2024
Murray Energy Corp           MURREN   12.000     0.593  4/15/2024
NWH Escrow Corp              HARDWD    7.500    52.922   8/1/2021
NWH Escrow Corp              HARDWD    7.500    52.922   8/1/2021
Nabors Industries Inc        NBR       5.750    30.159   2/1/2025
Nabors Industries Inc        NBR       4.625    67.076  9/15/2021
Nabors Industries Inc        NBR       5.100    35.418  9/15/2023
Nabors Industries Inc        NBR       5.500    34.280  1/15/2023
Nabors Industries Inc        NBR       0.750    19.500  1/15/2024
Nabors Industries Inc        NBR       5.750    30.624   2/1/2025
Nabors Industries Inc        NBR       5.750    30.736   2/1/2025
Neiman Marcus Group LLC/The  NMG       7.125    12.192   6/1/2028
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG       8.000     8.160 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      14.000    26.000  4/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG       8.750     7.794 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG       8.000     8.250 10/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      14.000    20.313  4/25/2024
Neiman Marcus Group LTD
  LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG       8.750     8.077 10/25/2024
Neiman Marcus Group Ltd LLC  NMG       8.000    54.000 10/15/2021
Neiman Marcus Group Ltd LLC  NMG       8.000    53.875 10/15/2021
New Gulf Resources LLC/
  NGR Finance Corp           NGREFN   12.250     3.876  5/15/2019
Nine Energy Service Inc      NINE      8.750    34.783  11/1/2023
Nine Energy Service Inc      NINE      8.750    34.767  11/1/2023
Nine Energy Service Inc      NINE      8.750    35.137  11/1/2023
Northwest Hardwoods Inc      HARDWD    7.500    35.000   8/1/2021
Northwest Hardwoods Inc      HARDWD    7.500    35.000   8/1/2021
OMX Timber Finance
  Investments II LLC         OMX       5.540     0.573  1/29/2020
Oasis Petroleum Inc          OAS       6.875    13.361  3/15/2022
Oasis Petroleum Inc          OAS       6.875    12.497  1/15/2023
Oasis Petroleum Inc          OAS       6.250    12.881   5/1/2026
Oasis Petroleum Inc          OAS       6.500    15.075  11/1/2021
Oasis Petroleum Inc          OAS       2.625    10.000  9/15/2023
Oasis Petroleum Inc          OAS       6.250    12.796   5/1/2026
Omnimax International Inc    EURAMX   12.000    74.745  8/15/2020
Omnimax International Inc    EURAMX   12.000    74.682  8/15/2020
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc           OPTOES    8.625    56.909   6/1/2021
Optimas OE Solutions
  Holding LLC / Optimas
  OE Solutions Inc           OPTOES    8.625    56.909   6/1/2021
PHH Corp                     PHH       6.375    56.922  8/15/2021
Party City Holdings Inc      PRTY      6.125     5.272  8/15/2023
Party City Holdings Inc      PRTY      6.625     5.632   8/1/2026
Party City Holdings Inc      PRTY      6.625     6.055   8/1/2026
Party City Holdings Inc      PRTY      6.125     5.832  8/15/2023
Pioneer Energy Services      PESX      6.125     1.000  3/15/2022
Pride International LLC      VAL       7.875     8.494  8/15/2040
Pyxus International Inc      PYX       9.875    54.000  7/15/2021
Pyxus International Inc      PYX       9.875    17.999  7/15/2021
Pyxus International Inc      PYX       9.875    12.106  7/15/2021
QEP Resources Inc            QEP       6.875    69.644   3/1/2021
Quorum Health Corp           QHC      11.625    17.250  4/15/2023
Renco Metals Inc             RENCO    11.500    24.875   7/1/2003
Revlon Consumer Products     REV       5.750    58.566  2/15/2021
Revlon Consumer Products     REV       6.250    15.693   8/1/2024
Rolta LLC                    RLTAIN   10.750     5.718  5/16/2018
SESI LLC                     SPN       7.125    33.636 12/15/2021
SESI LLC                     SPN       7.125    34.331 12/15/2021
SESI LLC                     SPN       7.750    24.837  9/15/2024
SM Energy Co                 SM        6.125    48.613 11/15/2022
Sable Permian Resources
  Land LLC / AEPB
  Finance Corp               AMEPER    7.375     0.932  11/1/2021
Sable Permian Resources
  Land LLC / AEPB
  Finance Corp               AMEPER    7.375     0.932  11/1/2021
SanDisk LLC                  SNDK      0.500    85.063 10/15/2020
Sanchez Energy Corp          SNEC      7.250     1.000  2/15/2023
Sanchez Energy Corp          SNEC      6.125     0.600  1/15/2023
Sanchez Energy Corp          SNEC      7.250     0.751  2/15/2023
SandRidge Energy Inc         SD        7.500     0.500  2/15/2023
Sears Holdings Corp          SHLD      8.000     1.175 12/15/2019
Sears Holdings Corp          SHLD      6.625     5.399 10/15/2018
Sears Holdings Corp          SHLD      6.625     5.399 10/15/2018
Sears Roebuck Acceptance     SHLD      7.500     1.000 10/15/2027
Sears Roebuck Acceptance     SHLD      7.000     0.837   6/1/2032
Sears Roebuck Acceptance     SHLD      6.750     0.748  1/15/2028
Sempra Texas Holdings Corp   TXU       5.550    13.500 11/15/2014
Stearns Holdings LLC         STELND    9.375    45.375  8/15/2020
Stearns Holdings LLC         STELND    9.375    45.375  8/15/2020
Summit Midstream Holdings
  LLC / Summit Midstream
  Finance Corp               SUMMPL    5.500    41.881  8/15/2022
Summit Midstream Partners    SMLP      9.500     7.000       N/A
Teligent Inc/NJ              TLGT      4.750    38.170   5/1/2023
TerraVia Holdings Inc        TVIA      5.000     4.644  10/1/2019
TerraVia Holdings Inc        TVIA      6.000     4.644   2/1/2018
Tesla Energy Operations      TSLAEN    3.600    92.151  6/11/2020
Tesla Energy Operations      TSLAEN    3.600    93.034   8/6/2020
Tesla Energy Operations      TSLAEN    3.600    99.392  5/29/2020
Tilray Inc                   TLRY      5.000    36.750  10/1/2023
Transworld Systems Inc       TSIACQ    9.500    24.250  8/15/2021
Transworld Systems Inc       TSIACQ    9.500    24.250  8/15/2021
Tupperware Brands Corp       TUP       4.750    32.850   6/1/2021
Tupperware Brands Corp       TUP       4.750    31.266   6/1/2021
Tupperware Brands Corp       TUP       4.750    31.266   6/1/2021
UCI International LLC        UCII      8.625     4.780  2/15/2019
US Airways 2012-2 Class B
  Pass Through Trust         AAL       6.750    79.801   6/3/2021
Ultra Resources Inc/US       UPL      11.000     8.732  7/12/2024
Unit Corp                    UNTUS     6.625     9.413  5/15/2021
Western Asset Mortgage
  Capital Corp               WMC       6.750    45.500  10/1/2022
Whiting Petroleum Corp       WLL       5.750    10.950  3/15/2021
Whiting Petroleum Corp       WLL       6.625    10.438  1/15/2026
Whiting Petroleum Corp       WLL       6.250    10.563   4/1/2023
Whiting Petroleum Corp       WLL       6.625     6.750  1/15/2026
Whiting Petroleum Corp       WLL       6.625    10.476  1/15/2026
Windstream Services LLC /
  Windstream Finance Corp    WIN      10.500     5.625  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN       9.000     5.625  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN       9.000     5.435  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN       6.375     2.500   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN       8.750     3.574 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN       7.500     2.948   6/1/2022
Windstream Services LLC /
  Windstream Finance Corp    WIN      10.500     3.000  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN       6.375     2.496   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN       8.750     3.574 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN       7.750     3.790  10/1/2021
rue21 inc                    RUE       9.000     1.305 10/15/2021



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***