/raid1/www/Hosts/bankrupt/TCR_Public/200528.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, May 28, 2020, Vol. 24, No. 148

                            Headlines

35NB LLC: U.S. Trustee Unable to Appoint Committee
41-23 HAIGHT: $27.3M Sale of Flushing Properties to Ko Approved
ABQ POST ACUTE: Unsecureds to Receive 25% from Accounts Receivable
ADVANTAGE HOLDCO: Case Summary & 30 Largest Unsecured Creditors
AKORN INC: Moody's Cuts PDR to D-PD on Chapter 11 Filing

AL YEGA: Unsecureds to Get Full Payment in $4M Sale-Based Plan
ALASKA AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB-
ALASKA UROLOGICAL: Gets Interim OK on Up to $200K DIP Loan
AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsecured Ratings to B-
AMERICAN BERBER: Jezierski Buying 2007 Dodge Sprinter Van for $10K

ARAL RESTAURANT: May Continue Using Cash Collateral Until July 31
ARCHDIOCESE OF SANTA FE: Taps Stelzner Winter as Special Counsel
ARDEN HOLDINGS: June 23 Plan Confirmation Hearing Set
ARETE HEALTHCARE: 2 Creditors Out as Committee Members
ASCENA RETAIL: Adopts Tax Benefits Preservation Plan

ASHLAND LLC: Egan-Jones Lowers Senior Unsecured Ratings to B+
AVIS BUDGET: Egan-Jones Lowers Senior Unsecured Ratings to CCC
BAMA OAKS: May Use Cash Collateral on a Final Basis
BLANK LABEL: Case Summary & 20 Largest Unsecured Creditors
BORDEN DAIRY: June 3 Auction of Substantially All Assets Set

BOSTON SURFACE: Disclosure Hearing Continued to Sept. 23
BRINKER INTERNATIONAL: S&P Affirms 'B+' ICR; Outlook Negative
C&D TECHNOLOGIES: S&P Alters Outlook to Negative, Affirms B- ICR
CALAMP CORP: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
CAPSTONE PEDIATRICS: Sets Bidding Procedures for All Assets

CARBO CERAMICS: Committee Hires Foley & Lardner as Legal Counsel
CARBO CERAMICS: Committee Hires GlassRatner as Financial Advisor
COMSALE GROUP: Foreign Rep's Sale of Assets to Hyper Approved
COMSALE GROUP: Foreign Rep's Sale of Available Assets to Joy Okayed
CREATIVE HAIDRESSERS: Elser Hamilton Represents More Vang, CAS

CREATIVE HAIRDRESSERS: Tenenbaum Represents Landlords
CVR PARTNERS: Moody's Alters Outlook on B2 CFR to Negative
DALLAS TRADING: U.S. Trustee Unable to Appoint Committee
DAMEN 4 MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors
DANCEL LLC: May Use Cash Collateral Thru July 15

DAVESTER LLC: Judge Denies Motion on Cash Collateral Use
DAVITA INC: Moody's Rates New Senior Unsecured Notes 'Ba3'
DAVITA INC: S&P Rates New $1.75BB Unsecured Notes 'B+'
DEMERARA HOLDINGS: Unsecureds to Get Payment After Sale/Refinancing
DHM HOSPITALITY: Taps Enterprise America as Broker

DIAMOND ENERGY: Egan-Jones Lowers FC Sr. Unsecured Rating to BB-
DOW CHEMICAL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
E.E. HOOD: Gets Approval to Hire H. Anthony Hervol as Counsel
EDGEWATER GENERATION: S&P Alters Outlook to Negative
EMERALD COAST: S&P Lowers 2015 A-1 Revenue Bond Rating to 'BB'

ENPRO INDUSTRIES: Egan-Jones Hikes Senior Unsecured Ratings to BB-
EQUINOX HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Negative
ESSEQUIBO HOLDINGS: Unsecureds to Get Paid After Sale/Refinancing
FOODFIRST GLOBAL: Committee Taps Pachulski Stang as Legal Counsel
GTT COMMUNICATIONS: Fitch Alters Outlook on 'B-' IDR to Negative

HELMERICH & PAYNE: Egan-Jones Lowers Sr. Unsecured Ratings to BB
HOYA MIDCO: Moody's Confirms 'B3' CFR, Outlook Negative
HYGEA HOLDINGS: June 12 Plan Confirmation Hearing Set
HYTERA COMMUNICATIONS: Case Summary & 30 Top Unsecured Creditors
IMPORT SPECIALTIES: Wants to Continue Using Cash Until August 31

INTL FCSTONE: Moody's Rates New $350MM Senior Secured Notes 'Ba3'
J-H-J INC: Obtains Interim Approval to Use Cash Collateral
LATAM AIRLINES: Case Summary & 40 Largest Unsecured Creditors
MACY'S INC: Fitch Cuts LongTerm IDRs to 'BB', Outlook Negative
MACY'S INC: Moody's Cuts CFR to Ba3 & Rates $1.1BB Sec. Notes Ba1

MADISON STOCK: Trustee Taps SilvermanAcampora as Legal Counsel
MAJOR EVENTS: $50K Sale of Philadelphia Property to Porter Denied
MICROCHIP TECHNOLOGY: Fitch Rates Senior Unsec. Notes 'BB+/RR4'
MICROCHIP TECHNOLOGY: Moody's Affirms Ba1 CFR, Outlook Stable
MIKE HONOVICH: Case Summary & 20 Largest Unsecured Creditors

MOONLIGHT AUTOMOTIVE: May Use Cash Collateral Thru June 28
MYSTIC TRANSPORTATION: Seeks to Hire Morrone Pont as Accountant
NATGASOLINE LLC: Moody's Lowers CFR to B1, Outlook Negative
NEIMAN MARCUS: U.S. Trustee Appoints Creditors' Committee
NORTHERN OIL: To Swap Notes for $3.9M Worth of Common Stock

ONEWEB GLOBAL: Gets Final Approval to Use Cash Collateral
ONEWEB GLOBAL: May Borrow Up to $300MM from Pre-petition Lenders
OZ INDUSTRIES: Has Until June 21 to File Plan & Disclosures
PACE INDUSTRIES: Wins Interim OK on Up to $125M of DIP Facility
PENA BUSINESS: Has Until Aug. 11 to File Plan & Disclosures

PQ NEW YORK: Case Summary & 20 Largest Unsecured Creditors
PRESTIGE EMS: $5K Sale of Ambulance to Trinity Aparatus Approved
PROTEC INSTRUMENT: May Use Cash Collateral Thru Plan Confirmation
PROTECH METAL: Voluntary Chapter 11 Case Summary
PROVIDENT FUNDING: Moody's Confirms B1 CFR & Alters Outlook to Neg.

R & J BENTON: Taps Transport Management as Accountant
RAVN AIR: Gets Final OK on $14M DIP Loan from Pre-petition Lenders
RAYONIER ADVANCED: Stockholders OK 3 Proposals at Annual Meeting
REGALIA UNITS: Voluntary Chapter 11 Case Summary
REITMANS LIMITED: Obtains Initial Order in CCAA Proceedings

REMNANT OIL: May Borrow Up to $250K of Additional DIP Funds
RENT-A-CENTER INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
RICKEY CONRADT: Gets Approval to Hire Luis De Luna as Accountant
ROCKSTAR REMODELING: Case Summary & 9 Unsecured Creditors
RUDY'S BARBERSHOP: Has Final OK on $1.9M of New Money DIP Funds

SBA COMMUNICATIONS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
SEABRAS 1 USA: Sponsor Agrees to Offer $27.5M Equity Investment
SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to B+
SEHAR INC: Seeks Approval to Hire Fred Wehrwein as Legal Counsel
SEMILEDS CORP: Believes to Have Regained Nasdaq Compliance

SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsecured Ratings to B
SPARTAN PROPERTIES: June 23 Plan Confirmation Hearing Set
SPENCER SPIRIT: Moody's Alters Outlook on B2 CFR to Negative
STANFORD JONES: Unsec. Creditors to Get 7% Dividend Over 5 Years
SUNPOWER CORP: Egan-Jones Hikes Senior Unsecured Ratings to CCC+

SUNSET BAY: Gets Veto on Cash Access After Three Interim Approvals
TA ESTATE: Secures $1.23M Credit Facility from HHM Aviation
TARWATER REAL ESTATE: Hires Strickland & Company as Accountant
TECHNIPLAS LLC: June 2 Auction of Substantially All Assets Set
TOOJAY'S MANAGEMENT: Hires Getzler Henrich as Financial Advisor

TRILOGY INTL: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
TRONOX LIMITED: Egan-Jones Lowers FC Sr. Unsecured Rating to CCC-
TRUCKING AND CONTRACTING: Seeks Access to Cash Until End of 2020
TTK RE ENTERPRISE: $193K Sale of Egg Harbor Township Property OK'd
TUESDAY MORNING: Case Summary & 40 Largest Unsecured Creditors

U.S.A. RUGBY: May Borrow Up to $550,000 from World Rugby Limited
UC COLORADO: Seeks Approval to Hire Gibraltar Business Valuations
UNIT CORP: Fitch Cuts LongTerm IDR to 'D' on Chapter 11 Filing
UNIT CORP: Moody's Cuts PDR to D-PD on Bankruptcy Filing
UNITED CANNABIS: Seeks Approval to Hire BF Borgers as Accountant

VERONIQUE'S GOURMENT: Has Interim Cash Access, Discards Motion
VILLA VERDE: Gets Approval to Hire R. Craig Rastello as Accountant
WESCO INT'L: Fitch Assigns First Time 'BB-' Issuer Default Rating
WESCO INT'L: Moody's Cuts CFR & Unsec. Rating to B1, Outlook Stable
WEYERHAEUSER COMPNAY: Egan-Jones Lowers Sr. Unsec. Ratings to BB

WITTER HARVESTING: Has Cash Collateral Access Thru June 30
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

35NB LLC: 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 35NB LLC.
  
                          About 35NB LLC

35NB LLC, a company based in Houston, Texas, filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 20-31457) on March 2, 2020.  In
the petition signed by Tom Vo, managing member, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  The Law Office of Nelson M. Jones III serves as the
Debtor's bankruptcy counsel.


41-23 HAIGHT: $27.3M Sale of Flushing Properties to Ko Approved
---------------------------------------------------------------
Judge Nancy Hershey Lord of the he U.S. Bankruptcy Court for the
Eastern District of New York authorized Gregory Messer, the Chapter
11 trustee for 41-23 Haight Street Realty, Inc., to sell the
Debtor's real properties in Queens County identified as Block 5063,
Lots 44, 45, 46, 47, 48, 49, 50, 51, 52, 53 and 55 Haight Street,
Flushing, New York, to Mei Yang Ko for $27.3 million, plus the
payment of the Buyer's Premium in the sum of $1,092,000 and plus
the payment of any and all New York State and New York City
transfer taxes.

A virtual Public Auction was conducted by the Trustee's retained
brokers, Maltz Auctions, Inc. and Rosewood Realty LLC on May 12,
2020 at 11:00 a.m. in accordance with the Sale Procedures Order.
The Sale Confirmation Hearing was held on May 14, 2020 at 11:00
a.m.

In accordance with the Stalking Horse Agreement, at the Closing of
the Sale the Purchaser will (i) deliver to the Trustee, by
certified check or bank check made payable to "Gregory M. Messer,
Chapter 11 Trustee" or by wire in immediately available federal
funds, the aggregate Purchase Price less the amount of the Deposit;
and (ii) pay any and all New York State, New York City and any
other County transfer taxes payable on account of the sale of the
Real Property, which tax payment will also be made by the Purchaser
to the Trustee by certified check or bank check made payable to
"Gregory M. Messer, Chapter 11 Trustee" or by wire in immediately
available federal funds.  

The Real Property is being sold "as is, where is," "with all
faults," and without any representations, covenants, guarantees or
warranties of any kind or nature, and free and clear of any liens,
claims, interests or encumbrances of whatever kind or nature, with
any liens, if any, to attach to the proceeds of sale.

The Trustee will convey the Real Property to the Stalking Horse
Bidder by delivery of a quitclaim or Trustee Deed.   

The Trustee is directed to pay to the Lender, and satisfy from the
proceeds of the Sale, within three business days that the proceeds
have cleared the Trustee’s account, all sums due to the Lender,
on account of both the Lender's pre-petition loans to the Debtor
and the Lender's post-petition loans to the Debtors estate or the
Trustee, through and including the date of payment of such loans in
such amounts as the Lender will advise the Trustee in a written
payoff letter on or after the date of the Closing of the Sale, and
the Trustee’s payment to Senior Lienholder will constitute
conclusive approval of the amounts owed to the Senior Lienholder.

The Trustee will make the foregoing payment to the Lender whether
or not the Court has determined the Trustee's rights to retain the
deposit previously delivered to the Trustee by Yang/Chau.  The
Trustee will advise the Lender of the date of the closing of the
Sale at least two business days prior to the date of such closing.


The Purchaser is solely responsible to pay the Co-Brokers the 4%
Buyer Premium in the amount of $1,092,000. Notwithstanding any
prior agreement or orders of the Court or anything else whatsoever
to the contrary, the Trustee and the Lender will not be required to
pay a Buyer's Premium or any other amounts whatsoever to the
Co-Brokers.  

Not later than the close of business on May 14, 2020, the Purchaser
will deliver to the Trustee by certified check or bank check made
payable to "Gregory M. Messer, Chapter 11 Trustee" or by wire in
immediately available federal funds the Buyer's Premium in sum of
$1,092,000.    

If the Purchaser fails to pay the Buyer's Premium in sum of
$1,092,000 by the close of business on May 14, 2020, then (i) the
Purchaser will be deemed to have defaulted under the Memorandum of
Sale and the Stalking Horse Agreement, (ii) the Purchaser will
automatically forever forfeit any rights whatsoever to the Deposit,
(iii) the Deposit will automatically be deemed property of the
Debtor’s estate, and (iv) the Lender will have a first priority
Lien on the Deposit.  

The Stalking Horse Bidder will close title to the Real Property no
later than June 11, 2020 (which is no more than 30 days after the
date of the Public Auction), time being of the essence, although
such Closing Date may be extended by the Trustee, in his sole
discretion and after consultation with the Lender, but such
extension of the Closing Date will not be later than 30 days from
the original Closing Date -- July 11, 2020, time being of the
essence.  

To the extent that the Trustee, in his sole discretion, grants any
such extension of the Closing Date, the Purchaser will provide to
the Trustee an additional, non-refundable deposit equal to 10%
percent of the Purchase Price in the amount of $2.73 million.  The
Additional Deposit will be made by certified check or bank check
made payable to "Gregory M. Messer, Chapter 11 Trustee" or by wire
in immediately available federal funds.

The Stalking Horse Bidder will pay the Additional Deposit, and any
other adjustments, as of the original Closing Date, and failure to
do so will be deemed a default under the terms of the Stalking
Horse Agreement and the Sale Terms and will result in the Stalking
Horse Bidder’s automatic forfeiture of any rights whatsoever to
the Deposit, the Additional Deposit and the Buyer's Premium.  The
Lender will have a first priority Lien on any sums paid by the
Purchaser.     

The Purchaser will be solely responsible for any and all real
estate taxes, costs, fees and expenses incurred by the Debtor's
estate after the original Closing Date through the adjourned
closing date of the Real Property and water and sewage charges will
be adjusted as of the original Closing Date.  The Purchaser will
also be responsible for any additional interest, fees and other
amounts due to the Lender and any other party asserting a Lien
against the Real Property from the original Closing Date through
the adjourned closing date of the Real Property.     

At the Trustee's discretion, the closing will take place virtually,
by mail or at the Law Office of Gregory M. Messer, 26 Court Street,
Suite 2400, Brooklyn, NY 11242.

At the Closing, the Purchaser will pay any and all costs and
expenses in connection with the Closing related to obtaining a
survey; fee title or mortgage insurance; title company endorsement,
search and escrow charges; environmental, engineering or other
inspections; appraisals, reports and other costs of due diligence;
and County, State, City, or other real property transfer, deed or
documentary tax, or other taxes imposed upon the Sale due in
connection with the transfer of the Real Property, including, but
not limited to, any transfer tax imposed by New York State and/or
the City of New York.   

The Purchaser will be responsible for the completion of any ACRIS
forms, if required. The Trustee will not be required to execute any
form of title affidavit (but may in its sole and absolute
discretion) and all title exceptions customarily omitted from a
title policy on account of such title affidavit will be deemed
permitted exceptions.  

The Purchaser will be responsible for the preparation of all
Closing documents required including, but not limited to, transfer
tax forms.   

Time is of the essence as to the Purchaser's obligation to timely
close on the Sale on the Closing Date and the failure of the
Purchaser to close for any or no reason whatsoever, including,
without limitation, its failure to pay the balance of the Purchase
Price on the Closing Date, will result in an immediate forfeiture
of the Deposit, any Additional Deposit, and Buyer's Premium and the
termination of the right to acquire the Real Property.  

The Purchaser has acknowledged and agreed that: (i) Kensington
Vanguard National Land Services is ready to issue an owner's title
insurance property for the Real Property;  (ii) the Title Company
has examined title and issued a Certificate of Title for File No.
530843-S-NY-MR-RA last updated on dated March 9, 2019; (iii) he has
examined the Title Report and there are no title issues preventing
the Stalking Horse Bidder from Closing on the sale of the Real
Property; and (iv) the Purchaser hereby waives, any title issues in
connection with the sale of the Real Property.

If the Trustee is unable to deliver any of the Real Property in
accordance with the Order and the Stalking Horse Agreement for any
reason whatsoever, the Trustee’s and the Co-Brokers' only
obligation will be to refund the Deposit, the Additional Deposit,
if any, and the Buyer's Premium, without interest, to the Stalking
Horse Bidder and upon such refund, the Stalking Horse Bidder will
have no claim or recourse against the Co-Brokers, the Trustee, his
retained professionals and/or the estate and will have no further
rights under the Order, the Stalking Horse Agreement or Memorandum
of Sale.

Notwithstanding Bankruptcy Rule 6004(h), the Order will not be
stayed for 14 days after its entry. and will be effective and
enforceable immediately upon entry.

                 About 41-23 Haight Street Realty

41-23 Haight Street Realty, Inc. is a single asset real estate (as
defined in 11 U.S.C. Section 101(51B).

On June 4, 2019, an involuntary Chapter 11 petition (Bankr.
E.D.N.Y. Case No. 19-43441) was filed against 41-23 Haight Street
Realty, Inc. by petitioning creditors, Wen Mei Wang, Xian Kang
Zhang, and Yu Qing Wang.

Judge Nancy Hershey Lord oversees the case.  

Victor Tsai, Esq., is the Debtor's legal counsel.

On Aug. 12, 2019, the court appointed Gregory Messer as Chapter 11
trustee for the Debtor's estate.  The trustee is represented by
LaMonica Herbst & Maniscalco, LLP.


ABQ POST ACUTE: Unsecureds to Receive 25% from Accounts Receivable
------------------------------------------------------------------
ABQ Post Acute, LLC, a New Mexico Limited Liability Company, filed
with the U.S. Bankruptcy Court for the District of New Mexico a
Disclosure Statement for Plan of Reorganization dated May 5, 2020.

The principal asset of the corporation, and its source of funding
for the Chapter 11 Plan, is its Accounts Receivable owed to it for
services rendered prior to the filing of the Chapter 11 case. The
Accounts Receivable owed to the Debtor at the time of the filing of
the case is estimated to be $4,102,234.93. The actual amount of the
A/R owed to the Debtor may be less, because many of the
pre-petition invoices sent by the Debtor have had to be reinvoiced
and may or may not have been paid prior to the filing of the
Chapter 11 case.

Class Three is comprised of the General Unsecured claims allowed
under § 502 of the Code. The Debtor estimates that the allowed
unsecured claims, after objections are filed and determined, will
be between $700,000 and $750,000. Several creditors have judgments
against the Debtor, and those creditors are included in the general
unsecured class because the Debtor has no property other than
accounts receivable and judgments do not create a lien on personal
property.

Class Four comprises the equity interest of the Debtor in any
surplus distribution after all other creditors are paid in full.

The Debtor will fund the plan payments through the collection of
the Accounts Receivable owed to it at the time of the filing of the
case. The collection of the Accounts Receivable owed to the Debtor
are projected to be sufficient to fund the plan. The Debtor will be
retaining all of its property under the Plan solely to pay
creditors and expenses of collection until creditors are paid in
full.

The Debtor, the Unsecured Creditors Committee, RNR Healthcare, LLC,
and New Mexico Taxation & Revenue have agreed to the following
allocation of the net proceeds of the Accounts Receivable among the
parties: RNR Healthcare, LLC, will receive fifty percent (50%) of
the Accounts Receivable collected by Santorini Revenue, New Mexico
Taxation & Revenue Department will receive twenty-five percent
(25%) of the Accounts Receivable, and the Unsecured Creditors will
receive twenty-five percent (25%) of the Accounts Receivable. When
the allowed claim of New Mexico Taxation & Revenue Department is
paid in full, the distribution of the Accounts Receivable will
switch to sixty-seven percent (67%) to be received by RNR
Healthcare, LLC, and thirty-three percent (33%) to be received to
the Unsecured Creditors who have allowed and timely filed claims.
Distributions to RNR Healthcare, LLC, the New Mexico Taxation &
Revenue Department, and Unsecured Creditors shall only be made
simultaneously and shall be made at such times as the Debtor and
the Liquidation Review Committee jointly agree. No other
distributions shall be made.

Mr. Ryan Rasmussen and Mr. Zach Sutton will each receive a salary
of $2400.00 per month beginning in April of 2020 to compensate them
for continuing to work on the collection of the outstanding
Accounts Receivable.

A full-text copy of the disclosure statement dated May 5, 2020, is
available at https://tinyurl.com/ybksfgas from PacerMonitor at no
charge.

Attorney for the Debtor:

        Don F. Harris
        Dennis A. Banning
        New Mexico Financial & Family Law, P.C.
        320 Gold Avenue SW, Suite 1401
        Albuquerque, NM 87102
        Phone: 505-503-1637
        E-mail: dab@nmfinanciallaw.com

                    About ABQ Post Acute

ABQ Post Acute owns and operates a skilled nursing home facility in
Albuquerque, N.M.

ABQ Post Acute, LLC, filed a Chapter 11 petition (Bankr. D.N.M.
Case No. 19-11865) on Aug. 12, 2019.  In the petition signed by
Ryan Rasmussen, authorized member, the Debtor disclosed $4,108,423
in assets and $1,528,367 in liabilities.

The case is assigned to Judge David T. Thuma.

Don F. Harris, Esq. at NM Financial Law, P.C., represents the
Debtor.


ADVANTAGE HOLDCO: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Advantage Holdco, Inc.
             2003 McCoy Road
             Orlando, Florida 32809

Business Description:     Advantage -- https://www.advantage.com
                          -- is a car rental company that caters
                          to business and leisure travelers with
                          locations in 27 of the nation's top
                          travel markets, including Orlando, Las
                          Vegas, Los Angeles, Hawaii, and New York
                          City.

Chapter 11 Petition Date: May 26, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

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

     Debtor                                      Case No.
     ------                                      --------
     Advantage Holdco, Inc. (Lead Case)          20-11259
     Advantage Opco, LLC                         20-11264
     Advantage Vehicles LLC                      20-11260
     E-Z Rent A Car, LLC                         20-11262
     Central Florida Paint & Body, LLC           20-11261
     Advantage Vehicle Financing LLC             20-11265
     RAC Vehicle Financing, LLC                  20-11263

Judge:                    Hon. John T. Dorsey

Debtors' Counsel:         Justin R. Alberto, Esq.
                          COLE SCHOTZ P.C.
                          500 Delaware Avenue, Suite 1410
                          Wilmington, DE 19801
                          Tel: (302) 651-2006
                          Email: jalberto@coleschotz.com

Debtors'
Restructuring
Advisor:                  MACKINAC PARTNERS, LLC

Estimated Assets
(on a consolidated basis): $100 million to $500 million

Estimated Liabilities
(on a consolidated basis): $500 million to $1 billion

The petitions were signed by Matthew Pascucci, chief restructuring
officer.

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

                         https://is.gd/GevhQR
                         https://is.gd/V4Lai3
                         https://is.gd/Y3LzCq
                         https://is.gd/ucRtxi
                         https://is.gd/22oR7X
                         https://is.gd/qM3Zwy
                         https://is.gd/ypLPHs

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                           Nature of Claim   Claim Amount
   ------                           ---------------   ------------
1. Aberdeen Standard                      Loan         $30,200,000
Investments, Inc.
1735 Market Street, 32nd Floor
Philadelphia, PA 19103
Contact: Rafael Castro
Tel: 646-829-3607
Email: rafael.castro@aberdeenstandard.com

2. Highway Toll Administration, LLC    Trade Debt       $3,459,688
66 Powerhouse Rd Ste 301
Roslyn Heights, NY 11577
Contact: Brendan Ashe
Tel: 516-307-3623
Email: brendan.ashe@verramobility.com

3. Priceline.com LLC                   Trade Debt       $1,934,410
800 Connecticut Ave
Attn: Bill Jose, SVP, Rental Cars
Norwalk, CT 06854
Contact: Bill Jose
Tel: (203) 299-8077
Email: bill.jose@priceline.com

4. R.P.S.                              Trade Debt       $1,482,013
901 Deep Valley Drive Unit 103
Rollng Hills Estates, CA 90274
Contact: Robert Wetherell
Tel: 310-850-4051
Email: rwthers@gmail.com

5. Scottsdale Insurance Company        Insurance        $1,012,841
P.O. Box 4120
Scottsdale, AZ 85261-4120
Contact: Michel Martinez
Tel: 713-358-5749
Email: michel_martinez@ajg.com

6. Element Fleet Management Corp.      Trade Debt         $821,542
3 Capital Drive
Eden Prairie, MN 55344
Contact: Jeff Iverson
Tel: 952-828-2548
Email: jiverson@elementcorp.com

7. Amadeus IT Group SA                 Trade Debt         $789,486
Salvador DE Madariaga, 1
Attn: Legal Department
Madrid 28027 ES
Contact: Sara Puyol
Tel: 34-915-820-100
Email: sara.puyol@amadeus.com

8. C3/CustomerContactChannels, Inc.    Trade Debt         $690,379
3400 Lakeside Drive
Miramar, FL 33027
Contact: Vulonia Jouissance
Tel: 954-577-7738
Email: vulonia.jouissance@c3connect.com

9. Travelport, LP                      Trade Debt         $639,245
300 Galleria Pkwy 400
Attn: Steve Matise
Atlanta, GA 30339
Tel: 800-537-3118
Email: steve.matise@travelport.com

10. Safelite Fulfillment, Inc.         Trade Debt         $520,176
P.O. Box 633197
Cincinnati, OH 45263-3197
Contact: Anthony Hunter
Tel: 614-210-9813
Email: anthony.hunter@safelite.com

11. Hertz                                 Fuel            $456,477
8501 Williams Rd
Attn: Real Estate
Estero, FL 33928
Contact: Erin Helfert
Tel: 239-301-7245
Email: ehelfert@hertz.com

12. PEP Boys                           Trade Debt         $411,642
P.O. Box 8500-50446
Remittance Dept
Philadelphia, PA 19178-0446
Contact: Susan Gardner
Tel: 303-946-8779
Email: susan_gardner@pepboys.com

13. United Rental Group LLC              Lease            $407,978
1300 Concord Terrace
Suite 120
Sunrise, FL 33323
Contact: Andy Wilson
Tel: 954-368-7225
Email: andy@unitedmilefleet.com

14. TSD Rental LLC                     Trade Debt         $401,949
1620 Turnpike St.
North Andover, MA 01845
Contact: Shawn Concannon
Tel: 978-794-1400 x.3
Email: sconcannon@tsdweb.com

15. Sabre Glbl, Inc.                   Trade Debt         $375,945
3150 Sabre Drive
CC: Managing Director, Travel
Supplier Distribution
Attn: General Counsel
Southlake, TX 76092-2129
Contact: Bernard Lafond
Tel: 1-866-464-6125 x.3565
Email: bernard.lafond@sabre.com

16. Fleet Services Hawaii              Trade Debt         $299,202
875 Ala Lilikoi St, Apt 5
Honolulu, HI 96818
Contact: Jolyn Victorino
Tel: 808-762-9671
Email: invoice@fleetserviceshawaii.com

17. EDS Facilities Services, Lmtd     Professional        $296,748
400 Galleria Parkway Ste 1820           Services
Atlanta, GA 30339
Contact: Josean Garcia
Tel: 404-445-8399 X8106
Email: ssmith@edsservicesolutions.com

18. Exultancy, Inc.                    Trade Debt         $261,720
5 Independence Way Ste 300
Princeton, NJ 08540
Contact: Makarand Diwan
Tel: 609-514-5111
Email: mdiwan@exultancy.com

19. K.P. Properties                       Rent            $246,881
626 Isis Ave.
Englewood, CA 90301
Contact: M Koper
Tel: 310-670-0026
Email: mkoper886@gmail.com

20. Persuade Loyalty LLC               Trade Debt         $229,556
222 N 2nd Ste 200
Minneapolis, MN 55401
Contact: John Tschida
Tel: 612-419-8463
Email: jtschida@persuadeloyalty.com

21. Level 3 Communications LLC         Trade Debt         $228,449
1025 Eldorado Blvd
Broomfield, CO 80021
Contact: Sarah Cooper
Tel: 918-547-0478
Email: sarah.cooper@centurylink.com

22. Fareportal Inc.                    Trade Debt         $219,435
135 W 50th St Ste 501
New York, NY 10020
Contact: Tom Spagnola
Tel: 818-943-9594
Email: tspagnola@fareportal.com

23. RPM Freight Systems                Trade Debt         $211,613
301 W. Fourth, Ste 200
Royal Oak, MI 48067
Contact: Brandon Grittini
Tel: 248-206-1016
Email: bgrittini@loadrpm.com

24. City of Phoenix                    Trade Debt         $197,313
Aviation Department
P.O. Box 29110
Phoenix, AZ 85038-9110
Contact: Nicole Hernandez
Tel: 602-273-3365
Email: nicole.hernandez@phoenix.com

25. QU Agile Solutions PVT, Ltd.       Trade Debt         $182,156
51 Old Mahabalipuram Road
Sholingamllur
Chennai, Hennai India
Contact: Siva Kumar
Tel: 94-44-66255514
Email: sivakumar.r@quagilesolution.com

26. Cartrawler                         Trade Debt         $171,153
Classon House
Dundrum Business Park
Dundrum, Dublin 14
Ireland
Contact: Ciaran O'Donnell
Tel: 353 1 49999659
Email: condonnell@cpartrawler.com

27. Southwest.com                      Trade Debt         $169,654
P.O. Box 97397
Attn: Revenue Accounting
Dallas, TX 75397
Contact: Denise Higdon
Tel: 214-792-4030
Email: denise.higdon@wnco.com

28. Arthur J Gallegher                 Insurance          $163,318
39683 Treasury Center
Chicago, IL 60694
Contact: Michel Martinez
Tel: 713-358-5749
Email: michel_martinez@ajg.com

29. Auto Europe                        Trade Debt         $145,755
39 Commercial St.
Portland, ME 04101
Contact: Brian Little
Tel: 207-842-2201
Email: blittle@autoeurope.com

30. Secure Parking USA, LLC               Rent            $142,585
626 E. Wisconsin Ave.
Ste. 1410
Milwaukee, WI 53202
Contact: Ryan Hawken
Tel: 414-847-5723
Email: rhawken@secureparkingusa.com


AKORN INC: Moody's Cuts PDR to D-PD on Chapter 11 Filing
--------------------------------------------------------
Moody's Investors Service downgraded Akorn, Inc.'s Probability of
Default Rating to D-PD from Ca-PD. This follows Akorn's May 20,
2020 announcement that it filed for voluntary protection under
Chapter 11 of the U.S. Bankruptcy Code [1]. Moody's also affirmed
Akorn's other existing ratings including the Caa3 Corporate Family
Rating and Caa3 senior secured term loan rating. There was no
change to Akorn's SGL-4 Speculative Grade Liquidity Rating. The
outlook remains stable.

The stable outlook reflects Moody's view that the current ratings
adequately reflect Akorn's recovery prospects.

Ratings downgraded and to be subsequently withdrawn:

Akorn, Inc.

Probability of Default Rating to D-PD from Ca-PD

Ratings affirmed and to be subsequently withdrawn:

Corporate Family Rating at Caa3

Senior secured term loan at Caa3 (LGD3)

Outlook action:

The outlook is stable.

RATINGS RATIONALE

Akorn's Chapter 11 filing resulted in the downgrade of its
Probability of Default Rating to D-PD. Moody's will subsequently
withdraw all of Akorn's ratings due to its bankruptcy filing.

Akorn, Inc., headquartered in Lake Forest, IL, is a specialty
generic pharmaceutical manufacturer. The company focuses on generic
drugs in alternate dosage forms such as ophthalmic drugs,
injectable drugs and others in liquid, semi-solid, topical and
nasal spray dosage forms. The company reported revenue of $721
million for the twelve months ended March 31, 2020.

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


AL YEGA: Unsecureds to Get Full Payment in $4M Sale-Based Plan
--------------------------------------------------------------
Debtor Al Yega, LLC, filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Disclosure Statement with the
accompanying Plan of Reorganization dated May 5, 2020.

The sale of the Debtor's property at 435 First Street, Mineola, New
York 11501 (the Property) under Chapter 11 appears to be the best
approach to maximize the value of the Debtor's assets for all
concerned.  The Debtor has entered into a contract of sale with a
Stalking Horse purchaser for a purchase price of $4,000,000,
subject to Bankruptcy Court approval and higher and better offers.
The proposed sale is free and clear of all Claims, Liens,
Interests, and Encumbrances.

The Plan is being filed in contemplation of a future sale of the
Property as a whole in its current condition.  The Debtor is
mindful that it does not control all of the variables in connection
with a sale of the Property in the current economic climate.  The
Property has not been occupied for over 20 years and was a
Superfund site with extensive remediation and clean-up work having
been performed by the Environmental Protection Agency and the New
York State Department of Environmental Conservation.

Class 6 is composed of Allowed Unsecured General Claims, including
all unpaid claims of contractors, vendors and service providers and
claims of insiders not related to their equity interests.  Each
holder of an Allowed Unsecured General Claim will receive, in full
and final satisfaction of such Claims, a cash distribution or
payments over time commencing on the earlier to occur of the Sale
Closing Date or the Effective Date a pro rata share of an
anticipated carve-out from the Mortgage Claim holders and Windfall
Claim holder and after the prior payment of Administrative Expense
Claims, and allowed Class 1, Class 2, Class 3, Class 4 and Class 5
claim.

Class 7 is composed of the Equity Interests.  Each holder of an
Equity Interest will retain their Allowed Equity Interest but will
receive no distribution under the Plan.

The Plan will be implemented by either (a) the Auction Sale of the
Property free and clear of all Liens, and the establishment of the
Confirmation Fund and related reserves on the Sale Closing Date
with the Disbursing Agent, or (b) through plan funding through the
commitment of funds from the Investor as set forth in the letter of
intent (LOI).  The Confirmation Fund will consist of the net Sale
proceeds or LOI proceeds less any payments and distributions made
on the Sale Closing Date, in the event of a sale.

All cash necessary to make payments required pursuant to the Plan
will be obtained from the proceeds of the Sale of the Property or
from the commitment of funds under the LOI.  Cash payments to be
made pursuant to this Plan will commence on the earlier of the Sale
Closing Date or the Effective Date, or at such later date as shall
be practicable in the sole opinion of the Disbursing Agent.

A full-text copy of the Disclosure Statement dated May 5, 2020, is
available at https://tinyurl.com/y7q2aorw from PacerMonitor at no
charge.

Attorneys for the Debtor:

         SPENCE LAW OFFICE, P.C.
         Robert J. Spence, Esq.
         55 Lumber Road, Ste 5
         Roslyn, New York 11576
         Tel: (516) 336-2060

                       About Al Yega LLC

Al Yega LLC is a single asset real estate debtor (as defined in 11
U.S.C. Section 101(51B)).

Al Yega LLC filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code on Feb. 10, 2020.  In the petition signed by
Albert Yeganeh, member, the Debtor was estimated to have $1 million
to $10 million in both assets and liabilities.  Robert J. Spence,
Esq. at Spence Law Office, P.C., is the Debtor's counsel.


ALASKA AIR: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on May 22, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Alaska Air Group, Inc. to BB- from BB.

Headquartered in SeaTac, Washington, Alaska Air Group, Inc. is an
airline holding company.



ALASKA UROLOGICAL: Gets Interim OK on Up to $200K DIP Loan
----------------------------------------------------------
Alaska Urological Institute, P.C., won interim approval from Judge
Gary Spraker (i) to obtain post-petition financing from Dr. Robert
C. Allen Jr., and Doctor William R. Clark (the Debtor's
principals), and (ii) to use the pre-petition lender's cash
collateral.   

The Debtor has sought to borrow up to $100,000 from each of the DIP
lenders (or a total of up to $200,000) which DIP financing is
secured by a priming lien on the Debtor's receivables, at zero
interest.  The Debtor has previously obtained a second and a first
interim approval on the motion.

The DIP loans will be payable on the earlier of (1) the
confirmation of a plan, (2) dismissal of the Debtor's case, (3)
cessation of Debtor's regular business operations,(4) an order from
the Bankruptcy Court, or (5) September 1, 2020.  The DIP
lenders/principals also expressed their willingness to continue to
work as full time employees of the business, and defer payment of
any salary for at least the first month of the Chapter 11.  Each of
Dr. Allen and Dr. Clark owns 50% of the Debtor.  

Before the Petition Date, the Debtor entered into a contract of
sale and assignment agreement and related documents with Northrim
Funding Services, a division of Northrim Bank, the Debtor's primary
lender.  The Funding documents call for the Debtor to sell all of
its accounts receivable to Funding, at a price equal to a
percentage of eligible invoices, less a 1.00% monthly discount fee,
and for all payment due the Debtor to be deposited into a lockbox
under Funding's control.  

As of the Petition Date, the Debtor owes(i) Northrim Funding
approximately $1,885,740.47, (ii) ASD Specialty Healthcare, Inc.
dba Oncology Supply, approximately $310,000 and (iii) McKesson
Corp., approximately $10,590.  These creditors may assert an
interest in the cash collateral.  Northrim Bank has provided the
Debtor pre-petition funds  under a term loan.  

Judge Spraker ruled that:
   * each of the DIP loans are secured by liens (under Section
364(d) of the Bankruptcy Code) that are equal in priority to each
other, but senior in priority to the security interests of each and
every pre-petition cash collateral claimant.  
   * the Debtor may use cash collateral until the earlier of (a)
entry of an order following the final hearing on the motion,  (b)
or the date of entry of any subsequent Court order which amends,
extends or terminates this current interim order.
   * Northrim shall, for the interim period, immediately turn over
to the Debtor all deposits made on or after the Petition Date into
its lock box relating to the Debtor to meet the Debtor's operating
expenses under an approved budget.
   * the DIP lenders agree to a carve-out in the amount of $5,000
for any fees incurred by an ombudsman appointed under Section 333
of the Bankruptcy Code.  

As adequate protection for the Debtor's use of cash collateral and
for the grant of a first position priming lien under Section 364(d)
to the DIP lenders, Northrim Funding, Northrim and the pre-petition
cash collateral claimants will have a replacement junior lien in
the Debtor's accounts receivables.  

A copy of the third interim order and the approved budget is
available at https://is.gd/K2vCEl from PacerMonitor.com at no
charge.

Final hearing is set for May 29, 2020 at 9:30 a.m.


                                    About Alaska Urological
Institute

Alaska Urological Institute, P.C., is a medical group specializing
in urology, radiation oncology, registered dietitian or nutrition
professional, nurse practitioner, family medicine, medical
oncology, physician assistant, hematology/oncology, anesthesiology,
plastic and reconstructive surgery and more.

Alaska Urological Institute, P.C., based in Anchorage, AK, filed a
Chapter 11 petition (Bankr. D. Alaska Case No. 20-00086) on March
25, 2020. Cabot Christianson, Esq., at the Law Office of Cabot
Christianson, P.C., serves as bankruptcy counsel.

In its petition, the Debtor estimated $10 million to $50 million in
assets and $1 million to $10 million in liabilities. The petition
was signed by William R. Clark, president, shareholder.



AMERICAN AIRLINES: Egan-Jones Lowers Sr. Unsecured Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 19, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by American Airlines Group Inc. to B- from B.

American Airlines Group Inc. operates an airline that provides
scheduled passenger, freight, and mail service throughout North
America, the Caribbean, Latin America, Europe, and the Pacific.



AMERICAN BERBER: Jezierski Buying 2007 Dodge Sprinter Van for $10K
------------------------------------------------------------------
Judge Barbara Ellis-Monro of the U.S. Bankruptcy Court for the
Northern District of Georgia will convene a hearing on May 26, 2020
at 10:30 a.m. to consider the sale by American Berber, Inc. and
Howard Johnson of Johnson's 2007 Dodge Sprinter Van, with 95,000
miles, VIN VDOPE845875168557, to Sadie Jezierski for $10,000,
outside the ordinary course of business.

The counsel for the Debtors will serve a copy of the Order and
Notice of Expedited Hearing on such Motion via the Bankruptcy
Court's Electronic Case Filing Program, email, facsimile,
over-night service, or hand delivery upon the appropriate
parties-in-interest within one day of entry of the Order and will
file a certificate of service setting forth the manner and method
of service.

Johnson believes that the transaction represents the highest and
best offer available and that the Purchase Price represents the
true value of the Vehicle.  There are no security interests, liens,
claims, encumbrances, or other interests in the Vehicle.   

Johnson desires to use the Sales Proceeds to make a capital
contribution to Debtor American Berber.

The Debtors ask the Court to waive any stay pursuant to Bankruptcy
Rule 6004 or otherwise.

                  About American Berber Inc.

American Berber, Inc., a manufacturer of carpets and rugs in
Calhoun, Ga., sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 19-41154) on May 16, 2019.  At the
time of the filing, the Debtor was estimated to have assets of less
than $50,000 and liabilities of $1 million to $10 million.  The
case is assigned to Judge Barbara Ellis-Monro.  Jones & Walden,
LLC, is the Debtor's bankruptcy counsel.


ARAL RESTAURANT: May Continue Using Cash Collateral Until July 31
-----------------------------------------------------------------
Judge Frank Bailey of the U.S. Bankruptcy Court for the District of
Massachusetts authorized Aral Restaurant Group of Fall River, Inc.
and its affiliates to use the cash collateral on an interim basis
through July 31, 2020 pursuant to the same terms and conditions as
previously allowed.

A further hearing on the Cash Collateral Motion will be conducted
on July 28, 2020, at 11:00 a.m. Objections must be filed on or
before July 24 by 12 noon.

A copy of the Order is available for free at https://is.gd/lUjnTn
from Pacermonitor.com

                    About Aral Restaurant Group

Aral Restaurant Group operates franchise of Friendly's Franchising,
LLC, at different locations in Massachusetts -- in Fall River,
Hyannis, Pembroke, Plymouth, and South Weymouth.  

On Sept. 26, 2019, each of these branches sought Chapter 11
protection in Boston, Massachusetts, with Aral Restaurant Group of
Fall River, Inc. (Bankr. D. Mass. Case No. 13256) as the lead case.
In the petition signed by Robert Arruda, president, Aral Restaurant
Group of Fall River was estimated to have assets of not more than
$50,000 and liabilities between $1 million and $10 million.  Judge
Frank J. Bailey oversees the Debtors' cases. NICHOLSON P.C. is the
Debtors' counsel.



ARCHDIOCESE OF SANTA FE: Taps Stelzner Winter as Special Counsel
----------------------------------------------------------------
The Roman Catholic Church of the Archdiocese of Santa Fe seeks
approval from the U.S. Bankruptcy Court for the District of New
Mexico to employ Stelzner, Winter, Warburton, Flores, Sanchez &
Dawes, P.A. as special counsel.

Stelzner will represent the Archdiocese of Santa Fe in connection
with claims filed against the archdiocese.  Luis Stelzner, Esq.,
the firm's attorney who will be providing the services, will charge
an hourly fee of $200.

The firm neither represents nor holds an interest adverse to the
archdiocese and its bankruptcy estate, according to court filings.

Stelzner can be reached through:
    
     Luis G. Stelzner, Esq.
     Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A.
     302 8th St. NW, Suite 200
     Albuquerque, NM 87102
     Telephone: (505) 938-7770
     Email: lgs@stelznerlaw.com
                 
                 About The Archdiocese of Santa Fe

The Roman Catholic Church of the Archdiocese of Santa Fe is an
ecclesiastical territory or diocese of the southwestern region of
the United States in the state of New Mexico. At present, the
Archdiocese of Santa Fe covers an area of 61,142 square miles.
There are 93 parish seats and 226 active missions throughout this
area.  For more information, visit https://www.archdiosf.org/

The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.
N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse
claims.  It reported total assets of $49,184,579 and total
liabilities of $3,700,000 as of the bankruptcy filing.

Judge David T. Thuma oversees the case.

The archdiocese tapped Elsaesser Anderson, Chtd. and Walker &
Associates, P.C., as bankruptcy counsel; Stelzner, Winter,
Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and
King Industries Corporation as accountant.


ARDEN HOLDINGS: June 23 Plan Confirmation Hearing Set
-----------------------------------------------------
On April 28, 2020, the U.S. Bankruptcy Court for the Northern
District of Georgia, Atlanta Division, held a hearing on notice to
all parties on the disclosure statement filed by the Debtor Arden
Holdings, LLC.

On May 5, 2020, Judge James R. Sacca approved the amended
disclosure statement and established the following dates and
deadlines:

      * June 23, 2020, at 1:30 p.m., in Courtroom 1404, United
States Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia 30303
is fixed for the hearing on confirmation of the plan. Given the
current public health crisis, hearings may be telephonic only.

      * June 15, 2020, is fixed as the last day for filing written
acceptances or rejections of the plan.

      * June 15, 2020, is fixed as the last day for filing and
serving written objections to confirmation of the plan.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/y7zherlo from PacerMonitor at no charge.

The Debtor is represented by:

         Will Geer
         Wiggam & Geer, LLC
         50 Hurt Plaza, SE, Suite 1150
         Atlanta, Georgia 30303
         Tel: 678-587-8740
         Fax: 404-287-2767
         E-mail: wgeer@wiggamgeer.com

                     About Arden Holdings

Arden Holdings, LLC, based in Atlanta, GA, filed a Chapter 11
petition (Bankr. W.D. Ga. Case No. 19-69373) on Dec. 2, 2019.  In
the petition signed by Sean Boyd, managing member, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.  Will B. Geer, Esq., at Wiggam & Geer, LLC, serves as
bankruptcy counsel to the Debtor.


ARETE HEALTHCARE: 2 Creditors Out as Committee Members
------------------------------------------------------
Henry Hobbs Jr., acting U.S. trustee for Region 7, disclosed in a
notice filed with the U.S. Bankruptcy Court for the Western
District of Texas that these creditors are the remaining members of
the official committee of unsecured creditors in the Chapter 11
cases of Arete Healthcare, LLC and its affiliates:

     1. Phoenix Coding & Consulting Services, LLC
        Contact: Matt Tamez
        1314 W. McDermott Drive, Suite 106-603
        Allen, TX 75013
        (469) 214-5496
        Email: Matt.Tamez@phoenixccs.com

     2. River City Imaging Associates  
        Contact: Robert Mirabito  
        700 N. St. Mary's, #1400-50  
        San Antonio, TX 78205  
        (210)704-4004  
        Email: rmirabito@rciaradiology.com

The names of Blitz Medical Billing and Search Construction did not
appear in the notice.  The companies were appointed as committee
members on on Nov. 27, 2019, court filings show.

                      About Arete Healthcare

Arete Healthcare, LLC and its affiliates The Emergency Clinic of
Floresville LLC, Schertz-Cibolo Emergency Center LLC and Southcross
Hospital LLC, provide health care services.

Schertz-Cibolo Emergency Center owns and operates the Schertz
Cibolo Emergency Clinic -- http://www.schertzhealth.com/-- a  
free-standing facility that is a fully equipped ER, staffed with
board-certified physicians and registered nurses. It has an on-site
laboratory and a complete radiology department including CT
scanner, ultrasound, and digital X-ray.

The Emergency Clinic of Floresville owns and operates Emergency
Care of Floresville, an emergency clinic offering a full-service,
24-hour emergency room, an on-site lab, CT, digital x-ray, and
ultrasound.

Southcross Hospital Llc is a general acute care hospital in San
Antonio, Texas, while Arete Healthcare manages the other three
debtors.

Arete Healthcare and its affiliate sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 19-52578)
on Nov. 3, 2019.

At the time of the filing, Southcross Hospital had estimated assets
of between $500,000 and $1 million and liabilities of between $1
million and $10 million. The other companies each disclosed assets
of between $1 million and $10 million and liabilities of the same
range.

Judge Craig A. Gargotta oversees the cases.

Debtors tapped Allen M. DeBard, Esq., at Langley & Banack, Inc., as
their legal counsel.

The Office of the U.S. Trustee appointed creditors to serve on the
committee of unsecured creditors on Nov. 27, 2019.  The committee
is represented by Brinkman Portillo Ronk, APC.


ASCENA RETAIL: Adopts Tax Benefits Preservation Plan
----------------------------------------------------
Ascena Retail Group, Inc.'s Board of Directors adopted a tax
benefits preservation plan.

Under the tax benefits preservation plan, the Company will issue a
dividend of one right for each share of its common stock held by
stockholders of record as of the close of business on June 5,
2020.

The plan is designed to protect stockholder value by mitigating the
likelihood of an "ownership change" that would result in
significant limitations on the Company's ability to use its net
operating losses or other tax attributes to offset future income.
The plan is similar to plans adopted by other public companies with
significant net operating loss carryforwards.  The tax benefits
preservation plan provides, subject to certain exceptions, that if
any person or group acquires 4.9% or more of the Company's
outstanding common stock, there would be a triggering event
potentially resulting in significant dilution in the voting power
and economic ownership of that person or group. Existing
stockholders who hold 4.9% or more of the Company's outstanding
common stock as of the date of the plan will trigger a dilutive
event only if they acquire an additional 1% of the outstanding
shares of the Company's common stock.

The plan will continue in effect until May 25, 2021, unless earlier
terminated or the rights are earlier exchanged or redeemed by the
Board of Directors.

                        About Ascena Retail

Ascena Retail Group, Inc. (Nasdaq: ASNA) --
http://www.ascenaretail.com-- is a national specialty retailer
offering apparel, shoes, and accessories for women under the
Premium Fashion (Ann Taylor, LOFT, and Lou & Grey), Plus Fashion
(Lane Bryant, Catherines and Cacique), and Value Fashion
(Dressbarn) segments, and for tween girls under the Kids Fashion
segment (Justice).  Ascena, through its retail brands, operates
ecommerce websites and approximately 2,800 stores throughout the
United States, Canada, and Puerto Rico.

Ascena Retail reported a net loss of $661.4 million for the fiscal
year ended Aug. 3, 2019, a net loss of $39.7 million for the year
ended Aug. 4, 2018, and a net loss of $1.06 billion for the year
ended July 29, 2017.  As of Feb. 1, 2020, the Company had $3.07
billion in total assets, $2.99 billion in total liabilities, and
$76.6 million in total equity.

                           *   *    *

As reported by the TCR on March 20, 2020, S&P Global Ratings raised
its issuer rating on Ascena Retail Group Inc. to 'CCC-' from 'SD'
and maintained the 'D' rating on the term loan due August 2022.
"The rating action reflects our view of the likelihood of a
conventional default or a broad-based restructuring of Ascena's
capital structure in the next six months.  Our opinion considers
the company's unsustainable capital structure, its still
significant debt burden following the repurchases, and our
expectation for weak performance amid a highly challenging
operating environment.  The rating also reflects our view that the
recent coronavirus outbreak in the U.S. will further pressure store
traffic and limit conventional refinancing prospects," S&P said.

As reported by the TCR on April 16, 2020, Moody's Investors Service
downgraded Ascena Retail Group, Inc.'s corporate family rating to
Caa3 from Caa2.  Ascena's Caa3 CFR is constrained by Moody's view
that default risk is elevated as a result of the company's high
leverage, 2022 debt maturities, and expectations for declining
earnings over the next 12-18 months.


ASHLAND LLC: Egan-Jones Lowers Senior Unsecured Ratings to B+
-------------------------------------------------------------
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Ashland LLC to B+ from BB-.

Headquartered in ‎Covington, Kentucky, Ashland LLC operates as a
specialty chemical company.



AVIS BUDGET: Egan-Jones Lowers Senior Unsecured Ratings to CCC
--------------------------------------------------------------
Egan-Jones Ratings Company, on May 20, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Avis Budget Group, Inc. to CCC from CCC+.

Headquartered in Parsippany-Troy Hills, New Jersey, Avis Budget
Group, Inc. operates as vehicle rental and mobility solution
service.



BAMA OAKS: May Use Cash Collateral on a Final Basis
---------------------------------------------------
Judge Barbara Ellis-Monro authorized Bama Oaks Retirement, LLC,
d/b/a Gordon Oaks Assisted Living to use the cash collateral of
BOKF, N.A., dba Bank of Oklahoma, on a final basis, pursuant to the
budget necessary to continue the Debtor's business operations.  

The budget for the 14-week period from March 16, 2020 through June
15, 2020 provided for $517,422 in total expenses, including
$246,000 in payroll, $78,000 in payroll taxes, $69,000 in utilities
and $27,000 in bankruptcy professional fees, among others.

As adequate protection, BOKF is granted valid and perfected,
security interests in, and liens upon all of the Debtors' property.
BOKF is indenture trustee under certain secured bond obligations,
secured by a first priority mortgage on the Debtor's senior living
facility at 3145 Knollwood Drive, Mobile, Alabama.

                  About Bama Oaks Retirement

Bama Oaks Retirement, LLC, d/b/a Gordon Oaks Assisted Living, owns
and operates an assisted living facility in Mobile, Alabama.  The
company filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.
20-61914) on Feb. 1, 2020.  In the petition  signed by Christopher
F. Brogdon, manager, the Debtor was estimated to have between $10
million and $50 million in both assets and liabilities.  Theodore
N. Stapleton, P.C., is the Debtor's counsel.



BLANK LABEL: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Blank Label Group, Inc.
        36 Bromfield St, Suite 200
        Boston, MA 02108

Business Description: Blank Label Group, Inc. --
                      https://www.blanklabel.com -- is a clothing
                      retailer that has provided custom clothing
                      in stores and online for the past 12 years.
                      By developing an integrated supply chain and
                      digitization, the Debtor has been able to
                      offer custom clothing at a more affordable
                      price point.

Chapter 11 Petition Date: May 26, 2020

Court: United States Bankruptcy Court
       District of Massachusetts

Case No.: 20-11201

Debtor's Counsel: John T. Morrier, Esq.
                  CASNER & EDWARDS, LLP
                  303 Congress Street
                  Boston, MA 02210
                  Tel: 617-426-5900
                  Email: morrier@casneredwards.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Fan Bi, 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/ZsJFj7


BORDEN DAIRY: June 3 Auction of Substantially All Assets Set
------------------------------------------------------------
Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware authorized the bidding procedures of Borden
Dairy Co. and its debtor-affiliates in connection with the sale of
substantially all assets

Following entry of the Order, the Debtors will be authorized, but
not obligated, to select one or more Potential Bidders to act as a
stalking horse bidder for the Assets, and may agree to provide such
Stalking Horse Bidder(s) certain bid protections, including an
expense reimbursement and/or a break-up fee.

The Assignment Procedures will govern the assumption and assignment
of the Contracts in connection with the Sale, and any objections
related thereto.  On May 14, 2020, the Debtors will file with the
Court and serve on each Non-Debtor Counterparty to each of the
Contracts the Potential Assumption and Assignment Notice.  The Cure
Cost/Assignment Objection Deadline is May 28, 2020.  The
Post-Auction Objection Deadline is June 5, 2020 at 4:00 p.m. (ET).
The Debtors' decision to assume and assign the Contracts to the
relevant Successful Bidder is subject to the Court's approval and
the closing of the Sale.

On June 4, 2020 at 12:00 p.m. (ET), the Debtors propose to file a
notice on the Court's docket identifying the Successful Bidder(s)
for the Assets (or subset thereof) and any applicable Next-Highest
Bidder(s).   The Potential Assumption and Assignment Notice, and
the other Assignment Procedures set forth in the Order, are
sufficient to provide effective notice pursuant to Bankruptcy Rules
2002(a)(2), 6004(a) and 6006(c) to the Non-Debtor Counterparties to
the Contracts of the Debtors' intent to potentially assume and
assign some or all of the Contracts and are approved.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: June 1, 2020 at 12:00 p.m. (ET)

     b. Initial Bid: The sum of (A) the value of the Stalking Horse
Bid; (B) the Bid Protection Amount, as applicable; and (C) a
minimum overbid of $1 million (or such other amount as the Debtors
may determine, which amount may be higher or lower than $1
million.

     c. Deposit: 10% of the aggregate cash and non-cash Purchase
Price set forth in the Bid

     d. Auction: If at least two Qualified Bids (or one Qualified
Bid if there is also a Stalking Horse Bid) are received by the Bid
Deadline with regard to the Assets, the Debtors will conduct an
Auction in accordance with the Bidding Procedures, which Auction
will commence on June 3, 2020, at 10:00 a.m. (ET) at the offices of
co-counsel to the Debtors, Young Conaway Stargatt & Taylor, LLP,
Rodney Square, 1000 North King Street, Wilmington, Delaware 19801,
or such later time or such other place as the Debtors will
designate.

     e. Bid Increments: $1 million

     f. Sale Hearing: June 8, 2020 at 2:00 p.m. (ET)

     g. Sale Objection Deadline: May 28, 2020, at 4:00 p.m. (ET)

     h. Entry of Sale Order: June 9, 2020

     i. Any of the Agent, the RCF/TLA Lenders and the TLB Lenders,
as applicable, will be allowed to credit bid up to the full amount
of the outstanding Prepetition Secured Obligations, for all or any
portion of the Assets at any time (regardless of whether such
Credit Bidder participated in prior rounds at the Auction) on any
individual Asset, portion of the Assets, or all Assets, in each
case constituting such Credit Bidder's collateral.

The form Notice of Auction and Sale Hearing is approved.  The form
Potential Assumption and Assignment Notice is also approved.

Notwithstanding any provision in the Bankruptcy Rules to the
contrary, the stay provided for in Bankruptcy Rules 6004(h) is
waived and the Order will be effective immediately and enforceable
upon its entry.

The requirements set forth in Local Rules 6004-1, 9006-1, and
9013-1 are satisfied or waived.

A copy of the Bidding Procedures is available at
https://tinyurl.com/ycjy4mt9 from PacerMonitor.com free of charge.

                  About Borden Dairy Company

Borden Dairy Company -- http://www.bordendairy.com/-- is a
processor and direct-to-store distributor of fresh fluid milk,
dairy case products and other beverages. It produces and
distributes a wide variety of branded and private label
traditional, flavored and specialty milk, buttermilk, dips and sour
cream, juices, tea, and flavored drinks to mass merchandisers,
educational institutions, food service retailers, grocery stores,
drug stores, convenience stores, food and beverage wholesale
distributors, and retail warehouse club stores across the United
States.

Headquartered in Dallas, Borden Dairy operates 12 milk processing
plants and nearly 100 branches across the U.S.  It was founded in
1857 by Gail Borden, Jr.

Borden Dairy and its subsidiaries sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-10010) on Jan. 5, 2020.

Judge Christopher S. Sontchi oversees the case.

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

The Debtors tapped Arnold & Porter Kaye Scholer LLP as general
bankruptcy counsel; Young Conaway Stargatt & Taylor LLP as special
counsel; and Donlin Recano as the claims agent.


BOSTON SURFACE: Disclosure Hearing Continued to Sept. 23
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire held a
hearing to consider the Assented-To Motion of Debtor Boston Surface
Railroad Company Inc. to Continue the May 13, 2020, Hearing on
Disclosure Statement and Extend Objection Deadline for Same.

On May 5, 2020, Judge Bruce A. Harwood granted the motion to
continue and ordered that:

   * The May 13, 2020 hearing is canceled.

   * Aug. 17, 2020, is fixed as the last day for the Debtor to file
and serve an amended disclosure statement, amended plan of
reorganization, and a notice of hearing on the approval of the
amended disclosure statement.

   * Sept. 23, 2020, at 2:00 p.m. is the hearing on the adequacy of
the Amended Disclosure Statement.

   * Sept. 14, 2020, is fixed as the last day to file objections.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/y76d8s2w from PacerMonitor at no charge.

                  About Boston Surface Railroad

Boston Surface Railroad Company Inc. is a private intercity
passenger railroad based in Woonsocket, Rhode Island.  BSRC was
granted authority by the United States Surface Transportation Board
in 2016 to operate passenger service on several routes in New
England and has formed a public private partnership with the cities
of Nashua, New Hampshire; Worcester and Lowell, Massachusetts and
Woonsocket, Rhode Island.

Boston Surface Railroad Company filed for Chapter 11 bankruptcy
(Bankr. D.N.H. Case No. 19-11393) on Oct. 6, 2019, listing total
assets of $166,815 and total liabilities of $1,867,955.  The
petition was signed by Vincent J. Bono, president. Peter N.
Tamposi, Esq., at The Tamposi Law Group serves as its bankruptcy
counsel.


BRINKER INTERNATIONAL: S&P Affirms 'B+' ICR; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating and
removed all of the ratings on Dallas-based casual dining restaurant
company Brinker International Inc. from CreditWatch, where it
placed them with negative implications on March 17, 2020. The
outlook is negative.

Concurrently, S&P is lowering the issue-level rating on the
company's unsecured notes due 2023 to 'B-' from 'B+' and revising
the recovery rating to '6' from '3'. It affirmed the 'BB-'
issue-level rating on the unsecured notes due 2024 and the '2'
recovery rating is unchanged.

Brinker's amendment of its credit agreement and equity issuance
provide it with cushion to navigate the challenges of COVID-19 and
weak macroeconomic conditions.

The company raised $139 million in net proceeds from its common
stock offering this month and secured an amendment to its credit
agreement that provides covenant relief and removes a borrowing cap
previously placed on its revolving credit facility.

"We expect these measures will provide a buffer to absorb cash
outflows due to dining room closures and depressed restaurant
traffic. Based on Brinker's weekly cash burn rate, including rent,
of around $7 million (as of the end of April), we now estimate the
company has approximately 18 months of runway. Notably, the
company's burn rate has moderated from about $12 million (including
rent) earlier in April when comps were down approximately 65%, as
off-premise sales volumes have grown significantly. We expect this
cash burn rate will continue to improve as more restaurants reopen
and should reach cash flow break-even levels in early fiscal 2021
if the current revenue recovery trajectory persists." However,
Brinker's revolver becomes current in September 2020 presenting
lingering refinancing risk given ongoing economic and market
uncertainties," S&P said.

Brinker has reopened more than 500 restaurants (representing
approximately 45% of company-owned restaurants) since April 27 as
states ease COVID-19 related restrictions, including Texas and
Florida, the company's two largest markets by number of locations.
These locations are outperforming the rest of Brinker's portfolio,
with comps down in the mid- to high-teens, as incremental revenue
from in-restaurant dining supplements off-premise sales. S&P
believes these early results reflect pent-up consumer demand,
stimulus spending, and less competition from independent
operators.

COVID-19 and cyclical pressures will challenge operating
performance.

"We continue to expect that surging unemployment, shrinking
discretionary income, and diminished consumer confidence will
pressure restaurant spending. Further, we expect consumers will
remain apprehensive about returning to eat in dining rooms,
notwithstanding heightened sanitation measures and reduced seating
capacity, due to lingering contagion concerns. Lasting consumer
behavioral changes that result in an extended period of crowd
avoidance is a key risk, in our view, that would prolong the
recovery timeline for the casual dining restaurant industry," S&P
said.

"Our updated domestic economic forecast now projects real U.S. GDP
contracting 5.2% in 2020 and unemployment of nearly 9%. Based on
this backdrop of difficult macroeconomic conditions, our base-case
forecast assumes Brinker's revenue declines in the mid-single-digit
percent area in fiscal 2020 (ending June 2020) and takes 12-18
months to recover to previous levels. In addition to sales
pressure, we expect earnings will remain suppressed by elevated
off-premise fulfilment costs, heightened health and safety
requirements, and sales deleveraging. We acknowledge uncertainty in
our forecast and recognize that unprecedented events are affecting
Brinker's results this year. We therefore place greater weight on
our fiscal 2021 and 2022 projections given our view that they
better reflect the company's cash flow and leverage profile," S&P
said.

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

-- Health and safety

The negative outlook reflects the risk of a lower rating if the
company encounters delays in refinancing its revolver or the
expected recovery in sales and improvement in cash flow stagnates,
constraining Brinker's ability to strengthen credit metrics to
levels appropriate for the current rating.

S&P could lower the rating if:

-- Brinker experiences delays in extending the maturity of its
revolver at adequate terms before it becomes current in September
2020.

-- The continued spread of COVID-19 leads to operating performance
deteriorating such that we view a substantial recovery in sales,
earnings, and cash flow in 2021 as unlikely.

-- Brinker's ability to compete successfully in a changing
landscape weakens, causing S&P to reassess the company's
competitive position.

-- S&P expects leverage will exceed 5.5x through 2021.

S&P could revise the outlook to stable if:

-- Brinker successfully extends its revolver maturity; and

-- Restaurant traffic and sales trends rebound consistent with
S&P's forecast, resulting in confidence that adjusted debt to
EBITDA will be sustained below 5.5x next year and beyond.


C&D TECHNOLOGIES: S&P Alters Outlook to Negative, Affirms B- ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on global energy storage
solutions provider C&D Technologies Inc. to negative from stable
and affirmed its 'B-' issuer credit rating.

Operating issues accelerated in the fourth quarter of 2019, and
continued into the first quarter of 2020, affecting sales and
pressuring operating profit. In the fourth quarter of 2019, C&D
executed on its plan to shut down its Milwaukee plant and transfer
production to Mexico. Although moving manufacturing to an existing
facility in a low-cost country is expected to provide significant
cost advantages and improve capacity utilization, execution
challenges resulted in delivery delays, higher costs, and quality
issues. The company also encountered supply issues with a key
vendor which led to production inefficiencies and higher costs. In
response to recent operating missteps, the company implemented an
overhaul of its executive management team. The new management team
has identified various strategic initiatives to improve business
performance including realigning its sales force, implementing
processes to improve quality and reduce cost, optimizing its
manufacturing footprint and supply chain effectiveness, and
completing the integration of Trojan Battery. However, S&P believes
benefits from its turnaround strategy could be delayed given the
current macroeconomic environment and difficult demand conditions.
Furthermore, given the high management turnover and previous
challenges in executing against strategic priorities, S&P
recognizes uncertainty around the company's ability to achieve
meaningful synergies and risk to the rating agency's base-case
forecast, which incorporates a moderate improvement in the
company's profitability.

S&P forecasts C&D has adequate liquidity to manage its estimated
cash burn in 2020. Although EBITDA degradation worsened C&D's
leverage in 2019, its strong cash flow generation and debt
reduction strengthened its liquidity position. At the end of 2019,
C&D had generated about $32.2 million in reported free cash flow,
which it utilized to fund its $4 million term loan amortization
payment, repay $16.4 million on its asset-based lending (ABL)
facility, and increase its cash position $11.1 million. To preserve
liquidity and mitigate the impact of an operating loss over the
next 12 months the company has introduced numerous cost-reduction
actions which cutback on salaries and discretionary spending.

"Under our base-case forecast, we believe the company will report a
free cash flow deficit between $20 million and $25 million in 2020,
before returning to modest cash flow generation in 2021. We
anticipate C&D will reduce its capital expenditures (capex) to an
amount required to cover preventative maintenance, safety, and
environmental related costs," S&P said.

"In our opinion, the company has adequate liquidity to cover the
temporary shortfall in cash generation. As of March 31, 2020, the
company had total available liquidity of about $62.2 million, which
included $38.4 million of cash and cash equivalents and $23.8
million of availability on its ABL facility limited by its
borrowing base and outstanding letters of credit," the rating
agency said.

The negative outlook reflects uncertainty around C&D's earnings and
cash flow generation as a result of the global pandemic and current
economic downturn. S&P believes recessionary pressures could
jeopardize the company's ability to meaningfully improve its
operating performance and strain an already elevated leverage
profile.

S&P could lower its rating on C&D if:

-- A greater-than-expected or prolonged cash flow deficit, leads
to increased borrowings under its ABL facility and constrains its
liquidity;

-- Further EBITDA contraction results in interest coverage
approaching 1x; or

-- S&P views the company's long-term financial commitments as
unsustainable, even though it may not face a credit or payment
crisis within the next 12 months.

S&P could revise its outlook to stable if:

-- The company is able to mitigate the impact of reduced volumes
through previously implemented operating initiatives and cost
reduction actions such that EBITDA improves and leverage declines
towards 8.5x over the next 12 months;

-- It limits its free cash flow deficit to its base-case forecast
in 2020 and maintains adequate liquidity; and

-- S&P continues to expect a return to positive free cash flow
generation in 2021.


CALAMP CORP: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
---------------------------------------------------------------
Egan-Jones Ratings Company, on May 21, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by CalAmp Corporation to CCC+ from B-. EJR also downgraded the
rating on commercial paper issued by the Company to C from B.

Headquartered in Irvine, California, CalAmp Corporation delivers
wireless access and computer technologies.



CAPSTONE PEDIATRICS: Sets Bidding Procedures for All Assets
-----------------------------------------------------------
Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the
Middle District of Tennessee will convene a hearing on May 26, 2020
at 9:30 a.m. to consider Capstone Pediatrics, PLLC's proposed
bidding procedures in connection with the auction sale of all,
substantially all, or any combination of the Debtor's assets, free
and clear of all claims, liens, and encumbrances.

Under the DIP Loan Agreement that was entered into as of April 4,
2019 and in accordance with the Corrected Agreed Order Amending
Final DIP Order, funding will expire on June 15, 2020 if not
earlier based on the limits of additional allowed funding.  It is
necessary to have the Motion heard on an expedited basis so that
Debtor can complete the sale before the terms of the Amended DIP
loan agreement expires or the funds available thereunder are
exhausted.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: June 10, 2020, at 4:00 p.m. (CST)

     b. Initial Bid: $100,000 above the Stalking Horse offer, if
any

     c. Deposit: Equal to 10% of the aggregate cash Purchase Price
of the Bid

     d. Auction: The Auction, if necessary, will be held on June
12, 2020 at 10:00 a.m. (CST) at the offices of counsel to the
Debtor, Burr & Forman LLP, 222 Second Avenue South, Suite 2000,
Nashville, Tennessee 37201.

     e. Bid Increments: $25,000

     f. Sale Hearing:  June 16, 2020 at 9:00 a.m. (CST)

     g. Sale Objection Deadline: June 15, 2020 at 4:00 p.m. (CST)

     h. Closing: No later June 19, 2020

     i. Break-Up Fee: Equal to 3% of the proposed purchase price

                  About Capstone Pediatrics

Based in Nashville, Tennessee, Capstone Pediatrics, PLLC, a
pediatric and adolescent center, filed a Chapter 11 petition
(Bankr. M.D. Tenn. Case No.: 19-01971) on March 28, 2019, and is
represented by David W. Houston, IV, Esq., in Nashville, Tennessee.
In the petition signed by Gary G. Griffieth, the Debtor was
estimated to have $1 million to $10 million in assets and $10
million to $50 million in liabilities.


CARBO CERAMICS: Committee Hires Foley & Lardner as Legal Counsel
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of CARBO Ceramics Inc. and its affiliates seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Foley & Lardner LLP as its legal counsel
effective April 14.

Foley & Lardner will provide these services to the committee in
connection with Debtors' Chapter 11 cases:

     (a) advise the committee of its powers and duties under the
Bankruptcy Code, the Bankruptcy Rules and the Local Rules;

     (b) assist the committee in its consultation with Debtors
relative to the administration of the cases;

     (c) attend meetings and negotiate with representatives of
Debtors and other parties-in-interest;

     (d) assist the committee in its examination and analysis of
the conduct of Debtors' affairs;

     (e) assist the committee in connection with any sale of
Debtors' assets;

     (f) assist the committee in the review, analysis and
negotiation of any Chapter 11 plan of reorganization or liquidation
that may be filed, and assist the committee in the review, analysis
and negotiation of the disclosure statement accompanying the plan;

     (g) analyze claims asserted against and interests asserted in
Debtors, negotiate with the holders of such claims and interests
and represent the committee in contested matters and adversary
proceedings;

     (h) review Debtors' schedules of assets and liabilities,
statement of financial affairs and other financing reports prepared
by Debtors, and assist in the committee's investigation of the
acts, conduct, assets, liabilities, financial condition and
operation of Debtors;

     (i) assist the committee in its analysis of, and negotiations
with, Debtors or any third party related to, among other things,
cash collateral issues, financing, compromises of controversies,
assumption or rejection of executory contracts and unexpired
leases, and matters affecting the automatic stay;

     (j) take all necessary action to protect and preserve the
interests of the committee, including possible prosecution of
actions on its behalf and negotiations concerning all litigation in
which Debtors are involved;

     (k) prepare legal papers in support of positions taken by the
committee;

     (l) appear before the bankruptcy court, appellate courts and
the U.S. trustee;

     (m) investigate and analyze the existence, extent, validity,
enforceability, and priority of liens asserted against Debtors and
participate in any action related to such investigation;

     (n) analyze any other state law issues related to Debtors'
bankruptcy cases;

     (o) participate in any related investigation of Debtors and
their secured lenders; and

     (p) provide all other necessary legal services.

The firm charges between $420 and $1,080 per hour for the services
of its attorneys.  The hourly rates for the firm's
paraprofessionals range from $60 to $245.

Marcus Helt, Esq., a partner at Foley & Lardner, disclosed in court
filings that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.

In response to the request for additional information set forth in
Paragraph D.1 of the Revised U.S. Trustee Guidelines, Foley &
Lardner made the following disclosures:

     (1) Foley & Lardner did not agree to a variation of its
standard or customary billing arrangements for its employment with
Debtors.

     (2) No professional at Foley & Lardner varied his rate based
on the geographic location of Debtors' bankruptcy cases.

     (3) Foley & Lardner expects to develop a budget and staffing
plan to comply with the U.S. Trustee's request for information and
additional disclosures as to which the firm reserves all rights.
The committee has approved the firm's proposed hourly billing
rates.

The firm can be reached through:
    
     Michael K. Riordan, Esq.
     Foley & Lardner, LLP
     1000 Louisiana, Suite 2000
     Houston, TX 77002-5011
     Phone: (713) 276-5727
     Email: mriordan@foley.com

           - and –

     Holland N. O'Neil, Esq.
     Marcus Helt, Esq.
     Foley & Lardner, LLP
     2021 McKinney Avenue, Suite 1600
     Dallas, TX 75201
     Phone: (214) 999-4961/(214) 999-4526
     Email: honeil@foley.com
            mhelt@foley.com
                 
                       About CARBO Ceramics

CARBO Ceramics Inc. -- https://carboceramics.com/ -- is a global
technology company providing products and services to the oil and
gas, industrial, and environmental markets.  CARBO offers oilfield
ceramic technology products, base ceramic proppant, and frac sand
proppant for use in the hydraulic fracturing of oil and natural
gas
wells.

Asset Guard Products Inc., a subsidiary of CARBO, offers products
intended to protect operators' assets, minimize environmental
risks, and lower lease operating expenses through spill prevention,
containment, and countermeasure systems for the oil and gas
industry.  

StrataGen, Inc., another subsidiary, offers fracture consulting and
data services and provides a suite of stimulation software
solutions used for designing fracture treatments and for on-site
real-time analysis to assist E&P companies in the efficient
completion of wells and enhancement of oil and natural gas
production.

CARBO Ceramics Inc. and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-31973) on March 29, 2020.  At the time of the filing, the
Debtors were estimated to have assets of between $100 million and
$500 million and liabilities of the same range.

Judge Marvin Isgur oversees the cases.  

Debtors tapped Vinson & Elkins LLP as bankruptcy counsel; Okin
Adams LLP as special counsel; Perella Weinberg Partners L.P. and
Tudor Pickering, Holt & Co. as investment banker; FTI Consulting,
Inc. as financial advisor; Ernst & Young LLP, KPMG LLP, and Weaver
and Tidwell L.L.P. as accountants and tax advisors.  Prime Clerk,
the claims agent, maintains this website
https://dm.epiq11.com/case/crc/info

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on April 14, 2020.  The committee is represented by Foley
& Lardner LLP.  GlassRatner Advisory & Capital Group, LLC is the
committee's financial advisor.


CARBO CERAMICS: Committee Hires GlassRatner as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of CARBO Ceramics Inc. and its affiliates seeks
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to employ GlassRatner Advisory & Capital Group, LLC as its
financial advisor effective April 18.

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

     (a) review and provide an assessment of Debtors' motion to
obtain bankruptcy loan and other court filings as requested by the
committee;

     (b) analyze any valuations or appraisals performed by Debtors
or on Debtors' behalf;

     (c) provide forensic accounting expertise to engage Debtors
and their advisors in an initial assessment of the propriety of
insider distributions and loans;

     (d) coordinate with Debtors' advisors to review operating
performance relative to the debtor-in-possession budget;

     (e) review all efforts to sell Debtors' assets;

     (f) assist Debtors' legal counsel in the initial investigation
of the validity of liens related to asserted secured claims, the
quantification of those claims and their impact on proceeds
available to unsecured creditors;

     (g) analyze Debtors' current and historical business
operations, financial results and financing arrangements as
requested by the committee;

     (h) review the prospects and opportunities for Debtors (in
part or in whole) as an ongoing business operation;

     (i) investigate any potential causes of action or fraudulent
transfers;

     (j) analyze the potential for additional sources of recovery
to Debtors' estates;

     (k) review the financial aspects of Debtors' disclosure
statement and plan of reorganization;

     (l) develop a liquidation or waterfall analysis and valuation
based on GlassRatner's evaluation of the underlying facts and
circumstances;

     (m) participate in negotiations;

     (n) address any related financial and business issues as
requested by the committee;

     (o) attend meetings of creditors and confer with
representatives of the committee and Debtors;

     (p) report to the committee on a regular basis; and

     (q) testify at hearings should circumstances warrant it.

The hourly rates for the firm's consultants expected to provide the
services range from $275 to $625.  GlassRatner, however, agreed to
cap its average blended hourly rate at $450 per hour.

K. Scott Van Meter, senior managing director of GlassRatner,
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:
    
     K. Scott Van Meter
     GlassRatner Advisory & Capital Group, LLC
     4400 Post Oak Parkway, Suite 1400
     Houston, TX 77027
     Telephone: (713) 403-3986
     Email: svanmeter@glassratner.com
               
                       About CARBO Ceramics

CARBO Ceramics Inc. -- https://carboceramics.com/ -- is a global
technology company providing products and services to the oil and
gas, industrial, and environmental markets.  CARBO offers oilfield
ceramic technology products, base ceramic proppant, and frac sand
proppant for use in the hydraulic fracturing of oil and natural
gas
wells.

Asset Guard Products Inc., a subsidiary of CARBO, offers products
intended to protect operators' assets, minimize environmental
risks, and lower lease operating expenses through spill prevention,
containment, and countermeasure systems for the oil and gas
industry.  

StrataGen, Inc., another subsidiary, offers fracture consulting and
data services and provides a suite of stimulation software
solutions used for designing fracture treatments and for on-site
real-time analysis to assist E&P companies in the efficient
completion of wells and enhancement of oil and natural gas
production.

CARBO Ceramics Inc. and its subsidiaries sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-31973) on March 29, 2020.  At the time of the filing, the
Debtors were estimated to have assets of between $100 million and
$500 million and liabilities of the same range.

Judge Marvin Isgur oversees the cases.  

Debtors tapped Vinson & Elkins LLP as bankruptcy counsel; Okin
Adams LLP as special counsel; Perella Weinberg Partners L.P. and
Tudor Pickering, Holt & Co. as investment banker; FTI Consulting,
Inc. as financial advisor; Ernst & Young LLP, KPMG LLP, and Weaver
and Tidwell L.L.P. as accountants and tax advisors.  Prime Clerk,
the claims agent, maintains this website
https://dm.epiq11.com/case/crc/info

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on April 14, 2020.  The committee is represented by Foley
& Lardner LLP.  GlassRatner Advisory & Capital Group, LLC is the
committee's financial advisor.


COMSALE GROUP: Foreign Rep's Sale of Assets to Hyper Approved
-------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York authorized Grant Thornton Ltd., the
Court-appointed receiver and manager, and authorized foreign
representative of Comsale Group, Inc., Comsale Computer, Inc., and
Comsale, Inc., to sell available assets to Hyper Microsystems,
Inc.

A hearing on the Motion was held on May 5, 2020.

The sale is pursuant to the Order (I) Approving the Sale Procedures
and the Sale Notice, (II) Authorizing the Sale of Substantially All
of the Debtors’ Assets Free and Clear of Any Liens, Claims,
Encumbrances and Other Interests, (III) Recognizing and Enforcing
the Canadian Sale Procedures Order, and (IV) Granting Related
Relief.

The Foreign Representative is authorized to transfer the Available
Assets located in the United States to the Buyer pursuant to the
terms of the APA.  The APA is approved, and the Foreign
Representative is authorized to take all actions necessary to
consummate the Proposed Transaction.

The sale is free and clear of all liens, claims, encumbrances and
other interests, and all such liens, claims, encumbrances and other
interests will attach to the proceeds of the Proposed Transaction.

Notwithstanding any provision in the Bankruptcy Rules to the
contrary: (a) the terms of this Order will be immediately effective
and enforceable upon its entry; (b) the Foreign Representative is
not subject to any stay in the implementation, enforcement or
realization of the relief granted in this Order and (c) the Foreign
Representative may, in its discretion and without further delay,
take any action and perform any act authorized under the Order, the
Receivership Order or the Canadian Sale Procedures Order.

                      About Comsale Group

Comsale -- http://www.comsale.com/-- offers refurbished desktop
and laptop computers, as well as electronic accessories.  Since
2000, the Company has been providing IT solutions to clients around
the globe for the retail, distribution, government, health,
education, and consumer sectors.

Comsale Group, Inc.'s foreign proceeding is Case No.
CV-19-630501-00CL in the Superior Court of Justice (Commercial
List) (Ontario).

The Debtor sought Chapter 15 protection (Bankr. S.D. N.Y. Case No.
19-13625) on Nov. 13, 2019.  Two affiliates that concurrently filed
voluntary petitions seeking relief under Chapter 15 of the
Bankruptcy Code: (i) Comsale Computer, Inc. (Bankr. S.D. N.Y. Case
No. 19-13627), and (ii) Comsale, Inc. ((Bankr. S.D. N.Y. Case No.
19-13628).  The cases are assigned to Judge James L. Garrity Jr.

Comsale tapped Grant Thorntorn Limited, 200 King St. W., 11th
Floor, Toronto, Ontario M5H 3T4, Canada as Foreign Representative.
The Foreign Representative tapped Robert H. Trust, Esq., Penelope
J. Jensen, Esq., Christopher J. Hunker, Esq., at Linklaters LLP,
and D.J. Miller, Esq., and Rachel Bengino, Esq., at Thornton Grout
Finnigan LLP as counsel.


COMSALE GROUP: Foreign Rep's Sale of Available Assets to Joy Okayed
-------------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York authorized Grant Thornton Ltd., the
Court-appointed receiver and manager, and authorized foreign
representative of Comsale Group, Inc., Comsale Computer, Inc., and
Comsale, Inc., to sell available assets to Joy Systems, Inc.

The sale is pursuant to the Order (I) Approving the Sale Procedures
and the Sale Notice, (II) Authorizing the Sale of Substantially All
of the Debtors’ Assets Free and Clear of Any Liens, Claims,
Encumbrances and Other Interests, (III) Recognizing and Enforcing
the Canadian Sale Procedures Order, and (IV) Granting Related
Relief.

The Foreign Representative is authorized to transfer the Available
Assets located in the United States to the Buyer pursuant to the
terms of the APA.  The APA is approved, and the Foreign
Representative is authorized to take all actions necessary to
consummate the Proposed Transaction.

The sale is free and clear of all liens, claims, encumbrances and
other interests, and all such liens, claims, encumbrances and other
interests will attach to the proceeds of the Proposed Transaction.

Notwithstanding any provision in the Bankruptcy Rules to the
contrary: (a) the terms of this Order will be immediately effective
and enforceable upon its entry; (b) the Foreign Representative is
not subject to any stay in the implementation, enforcement or
realization of the relief granted in this Order and (c) the Foreign
Representative may, in its discretion and without further delay,
take any action and perform any act authorized under the Order, the
Receivership Order or the Canadian Sale Procedures Order.

                      About Comsale Group

Comsale -- http://www.comsale.com/-- offers refurbished desktop
and laptop computers, as well as electronic accessories.  Since
2000, the Company has been providing IT solutions to clients around
the globe for the retail, distribution, government, health,
education, and consumer sectors.

Comsale Group, Inc.'s foreign proceeding is Case No.
CV-19-630501-00CL in the Superior Court of Justice (Commercial
List) (Ontario).

The Debtor sought Chapter 15 protection (Bankr. S.D.N.Y. Case No.
19-13625) on Nov. 13, 2019.  Two affiliates that concurrently filed
voluntary petitions seeking relief under Chapter 15 of the
Bankruptcy Code: (i) Comsale Computer, Inc. (Bankr. S.D.N.Y. Case
No. 19-13627), and (ii) Comsale, Inc. ((Bankr. S.D.N.Y. Case No.
19-13628).  The cases are assigned to Judge James L. Garrity Jr.

Comsale tapped Grant Thorntorn Limited, 200 King St. W., 11th
Floor, Toronto, Ontario M5H 3T4, Canada as Foreign Representative.
The Foreign Representative tapped Robert H. Trust, Esq., Penelope
J. Jensen, Esq., Christopher J. Hunker, Esq., at Linklaters LLP,
and D.J. Miller, Esq., and Rachel Bengino, Esq., at Thornton Grout
Finnigan LLP as counsel.


CREATIVE HAIDRESSERS: Elser Hamilton Represents More Vang, CAS
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Eisler Hamilton, LLC submitted a verified statement
that it is representing More Vang and CAS Severn, Inc. in the
Chapter 11 cases of Creative Hairdressers, Inc., et al.

The Firm represents two unsecured creditors in these chapter 11
cases, Global Printing, Inc. d/b/a More Vang and CAS Severn, Inc.,
More Vang and CAS Severn are not acting in concert and are not
composed of insiders of one another. Therefore, the Firm does not
believe Rule 2019 applies to its representation of these creditors.
Nevertheless, because Rule 2019(e) provides for sanctions for an
entity's failure to comply with its reporting requirements, the
Firm deems it prudent to file this verified statement in case the
court disagrees with the Firm's analysis.

As of May 18, 2020, the Firm's clients and their disclosable
economic interests are:

Global Printing, Inc.
Attn: Jonathan Budington, CEO
3670 Wheeler Avenue
Alexandria, VA 22304

CAS Severn, Inc.
Attn: Steve Drew, President
6201 Chevy Chase Drive
Laurel, MD 20707

As of the April 23, 2020 petition date, More Vang held against
Ratner Companies, L.C. a nonpriority unsecured clam in the amount
of $273,822.08 for goods and services provided. More Vang is a
member of the Official Committee of Unsecured Creditors. More Vang
retained the Firm on or about April 28, 2020.

As of the petition date, CAS Severn held against Ratner Companies,
L.C. a nonpriority unsecured claim in the amount of $96,088.23 for
two executory contracts to provide software and hardware
maintenance, support, and services. Ratner Companies, L.C. has
proposed assuming and assigning CAS Severn's contracts. CAS Severn
retained the Firm on or about May 15, 2020.

Counsel for More Vang and CAS Severn, Inc. can be reached at:

          EISLER HAMILTON, LLC
          Alan D. Eisler, Esq.
          1 Research Court, Suite 450
          Rockville, MD 20850
          Phone: (240) 283-1164
          Email: aeisler@e-hlegal.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/g89FHq

                    About Creative Hairdressers

Creative Hairdressers, Inc. -- http://www.ratnerco.com/-- operates

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

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

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

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

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



CREATIVE HAIRDRESSERS: Tenenbaum Represents Landlords
-----------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firm of Tenenbaum & Saas, P.C. submitted a verified
statement to disclose that it is representing multiple landlords in
the Chapter 11 cases of Creative Hairdressers, Inc. et al.

The Firm notes that other law firms representing multiple landlords
have filed statements under Rule 2019. However, in order to trigger
the disclosure requirement of Rule 2019 the landlords must be
"acting in concert to advance common their common interests.
Although the Firm represents multiple landlords they are not
"acting in concert" as that phrase is understood by legal
commentators, for which there appears to be no published decisions
providing legal precedent, as follows:

     For two or more creditors to qualify as a committee or group
subject to the rule, the rule would likely require that the
creditors make joint decisions to be "acting in concert." On the
other hand, it is unlikely that New Rule 2019 would apply to
similarly situated creditors that independently retain the same
counsel if the creditors do not communicate directly to coordinate
decisions. . . . Because New Rule 2019 restricts compliance to
situations where multiple clients are represented and are acting in
concert, in most circumstances, law firms will no longer need to
comply with the rule.

Practice & Procedure: Parising and Complying with New Rule 2019,
111011 ABI-CLE 16; See Also Disclosure Under Bankruptcy Rule 2019,
Practical Law Practice Note 8-502-1885 ("While not specified by
Rule 2019, similarly situated parties are probably acting in
concert if they make joint decisions and coordinate action, and
parties may litigate over what constitutes "acting in concert.");
§2019:1 Verified statement regarding creditors and equity security
holders in Chapter 9 and Chapter 11 cases, Bankr. Proc. Manual
Section 2019:1 (2020 ed.) ("For two or more creditors to qualify as
a committee or group subject to the rule, the rule would likely
require that the creditors make joint decisions to be "acting in
concert." Issues still to be clarified by the courts include the
following: Does Rule 2019 apply to similarly situated creditors
that independently retain the same counsel?").

For the foregoing reasons, the Firm does not believe its joint
representation applies to its landlord clients. Nevertheless, out
of an abundance of caution and in view of the absence of any
published judicial opinions providing binding precedent and
guidance on this issue of interpretation, the Firm is filing this
Rule 2019 Statement without waving its position that a Rule 2019
Statement is not required based upon its representation of the
following landlords.

Pursuant to Rule 2019(c)(2)(A), the name and contact address for
each Landlord is listed below along with their corresponding
"disclosable economic interests" as required by Rule
2019(c)(2)(B).

JBG/Woodbridge Retail, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has listed the cure amount of rent
owed to be $21,442.36 at Doc. 147-2, pg. 17 of 37 as of May 5,
2020, in the Notice of Proposed Assumption, Assignment, and Cure
Amounts with Respect to Executory Contracts and Unexpired Leases of
the Debtors (Dkt #147), pursuant to a lease agreement dated May 28,
2009.

Frankel Nottingham, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has listed the cure amount of rent
owed to be $19,050.22 at Doc. 147-2, pg. 12 of 37 as of May 5,
2020, in the Notice of Proposed Assumption, Assignment, and Cure
Amounts with Respect to Executory Contracts and Unexpired Leases of
the Debtors (Dkt #147), pursuant to a lease agreement dated October
5, 2015.

CESC Crystal Square Four, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has listed the cure amount of rent
owed to be $22,175.57 at Doc. 147-2, pg. 7 of 37 as of May 5, 2020,
in the Notice of Proposed Assumption, Assignment, and Cure Amounts
with Respect to Executory Contracts and Unexpired Leases of the
Debtors (Dkt #147), pursuant to a lease agreement dated February 9,
2011.

Q-R Spring Hill, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has listed the cure amount of rent
owed to be $304,929.95 at Doc. 147-2, pg. 27 of 37 as of May 5,
2020, in the Notice of Proposed Assumption, Assignment, and Cure
Amounts with Respect to Executory Contracts and Unexpired Leases of
the Debtors (Dkt #147), pursuant to a lease agreement dated March
31, 2004, as amended.

JDC Easton, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has rejected the commercial lease
with JDC Easton, LLC and the rejection damages to be filed as a
proof of claim is in the process of being calculated.

Dunn Loring Station Retail Company, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has rejected the commercial lease
with Dunn Loring Station Retail Company, LLC and the rejection
damages to be filed as a proof of claim is in the process of being
calculated.

Lorton Valley Retail, LLC
Attn: Bradshaw Rost, Esq.
Tenenbaum & Saas, P.C.
4504 Walsh Street, Suite 200
Chevy Chase, MD 20815
Email: BRost@tspclaw.com
Tel: 301-961-5300

Economic Interests: The Debtor has rejected the commercial lease
with Lorton Valley Retail, LLC and the rejection damages to be
filed as a proof of claim is in the process of being calculated.

Pursuant to Rule 2019 (c)(2)(C), the Landlord's economic interests
were acquired pursuant to commercial leases executed more than one
year before the date the petition was filed.

Counsel for JBG/Woodbridge Retail, LLC, et al. can be reached at:

          Bradshaw Rost, Esq.
          Tenenbaum & Saas, P.C.
          4504 Walsh Street, Suite 200
          Chevy Chase, MD 20815
          Tel: (301) 961-5300
          Fax: (301) 961-5305
          Email: BRost@tspclaw.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/tN9b89

                    About Creative Hairdressers

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

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

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

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

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


CVR PARTNERS: Moody's Alters Outlook on B2 CFR to Negative
----------------------------------------------------------
Moody's Investors Service affirmed all ratings for CVR Partners,
LP; including the B2 Corporate Family Rating, its B2-PD probability
of default rating and the B2 senior secured notes rating. Moody's
changed the rating outlook to negative, based on the expectation
that projected lower prices for nitrogen fertilizers will lead to
weaker credit metrics despite a strong US spring planting season.
CVR's Speculative Grade Liquidity Rating is unchanged at SGL-3.

Affirmations:

Issuer: CVR Partners, LP

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Regular Bond/Debenture, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: CVR Partners, LP

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

The negative outlook reflects Moody's expectations that credit
metrics will deteriorate in 2020, due to lower UAN and ammonia
prices, although Moody's expects higher volumes due to a strong US
spring planting season. Higher volumes also assume no unscheduled
downtime at either of CVR's facilities for the rest of the year.
Although agricultural demand for nitrogen improved this year with
the projected increase in US corn and soy planted acres, demand for
industrial ammonia and ethanol has been negatively impacted by the
coronavirus pandemic and the drop in economic and industrial
activity. Given the uncertain pace of recovery and lower corn
prices due to the anticipated increase in corn stocks to use ratio
on the back of a drop in demand for ethanol and higher production,
demand for agricultural nitrogen may decline in 2021 further
pressuring prices. In addition, UAN prices have been negatively
impacted by increased imports and reduced exports after the EU
introduced tariffs in 2019 especially as the US demand suffered
throughout 2019 due to poor weather conditions. While some US
producers are lowering UAN production to offset increased imports,
Moody's expects prices to remain weak this year. At the same time,
CVR should benefit somewhat from lower gas and pet coke prices and
higher fixed cost absorption given no major scheduled turnarounds.

Based on these views, Moody's anticipates that CVR's leverage could
rise to 7 times Debt/EBITDA in 2020 from just under 6x in 2019 and
interest coverage could decline to 1.4x from 1.7x in 2019. The
company is projected to remain free cash flow positive, and will
likely not resume distributions although the board has authorized
repurchases of up to $10 million partnership units. Weaker metrics
will increase the company's refinancing risk, given its fixed
capital structure and heavy debt load and interest burden.

The B2 corporate family rating reflects CVR's small scale as
measured by revenues, concentration of earnings in two production
facilities, Coffeyville, Kansas and East Dubuque, Illinois, as well
as Moody's expectations that its facilities will demonstrate
consistent and efficient operations. Despite having only two
production sites, CVR benefits from its back integration into
ammonia production and its diversity in feedstocks because the
Coffeyville site uses petroleum coke and the East Dubuque facility
uses natural gas. CVR also benefits from its geographic footprint
with access to the Corn belt, through the East Dubuque site
location, as well as the Southern plains, via the Union Pacific and
BNSF rail lines from the Coffeyville site.

Concentration of sales in commodity nitrogen fertilizers, limited
growth prospects, seasonality and exposure to adverse weather are
constraining factors for the rating. Also reflected in its rating
is CVR's structure as a variable rate master limited partnership,
which typically distributes all available free cash flows to
unitholders, but given the variable nature of the MLP, management
has control over the size of the distributions and has suspended
them during downturns.

As a commodity chemical manufacturer, Moody's views CVR as having
elevated emerging environmental risks and high social risks because
its operations could have a negative impact on local communities.
Moody's believes the company has established expertise in complying
with these risks, and has incorporated procedures to address them
in their operational planning and business models. CVR depends on
environmental permits to operate and a loss or a change of such
permit may have negative impact on performance. CVR currently has
not accrued any environmental liabilities.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The chemical
sector is affected by this shock given its sensitivity to
industrial and consumer demand and sentiment. However, in most
jurisdictions, fertilizer production was deemed an essential
service, which allowed CVR to continue to supply products to the
agricultural market.

From the governance perspective, although the company is publicly
traded, it has concentrated ownership. CVR is 34% owned by CVR
Energy Inc. (Ba3 stable), a publicly traded company 71% owned and
controlled by Carl C. Icahn through Icahn Enterprises L.P. CVR
Partners L.P. received a continued listing standard notice from the
New York Stock Exchange and has until January 1, 2021 to cure its
delisting notice.

The negative outlook reflects expectations of weak credit metrics
and weaker prices due to the uncertainty of the pace of economic
recovery and demand growth in 2021.

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

The negative outlook reflects expectations of weak credit metrics
and weaker prices due to the uncertainty of the pace of economic
recovery and demand growth in 2021.

Moody's could stabilize the outlook if economic conditions improve.
A rating upgrade is remote at this time, given the fixed capital
structure, which will result in weak metrics during the trough of
the cycle. A higher rating would be contingent on sustained
leverage under 4.5x Debt/EBITDA, improved profitability, and
continued prudent liquidity management.

Moody's could downgrade the rating if UAN and ammonia prices fall
and remain below 2017 lows, EBITDA no longer covers interest and
liquidity deteriorates such that free cash flow is persistently
negative and CVR's cash balance declines below $20 million. Moody's
could also downgrade the rating if unplanned outages become an
ongoing issue for the company.

CVR's SGL-3 speculative grade liquidity rating indicates
expectations of adequate liquidity through 2020, supported by cash
balances, operating cash generation, and access to its $50 million
ABL revolver. As of March 31, 2020 CVR, had a cash balance of $58
million and management intends to maintain approximately $20
million of balance sheet cash to support operating needs and
liquidity. As in the previous downturn, management suspended
distributions to unitholders when operating cash flow did not cover
the reserve for interest expense and maintenance capital. However,
the board authorized the company to buy back up to $10 million
partnership units. Moody's anticipates cash uses for maintenance
and growth capex spending to range between $20-$25 million in 2020
and interest of over $60 million.

CVR has a $50 million ABL revolving credit facility due September
30, 2021. As of March 31, 2020, the facility had $50 million in
availability and was undrawn. The ABL is not expected to be
regularly used, with the exception of possible support for seasonal
working capital needs. The ABL facility is secured by a first
priority lien on accounts receivable and inventory, and
availability under the ABL is limited to eligible accounts
receivable, eligible inventory and up to $25 million of cash. The
ABL revolver has a springing fixed charge coverage ratio of 1.0x if
availability falls below certain levels.

CVR Partners revolver turns current in September and Moody's
expects the company will address the facility extension in a timely
manner. The company also has a small stub maturity in 2021, which
it will be able to cover from cash on hand. Its 9.25% $645 million
senior secured notes are due June 15, 2023 and contain no financial
covenants, but do contain various covenants and leverage tests for
MLP distributions, incremental debt, and other restrictions. The
notes became callable in June 2019.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

CVR Partners, LP, a Delaware limited partnership headquartered in
Sugar Land, Texas, is a producer of nitrogen fertilizer products,
principally Ammonia and UAN. CVR is a public variable distribution
master limited partnership (ticker: UAN) which is 34% owned by CVR
Energy Inc. (Ba3, Stable), a publicly traded company 71% owned and
controlled by Carl C. Icahn through Icahn Enterprises L.P. CVR has
two operating facilities located in Coffeyville, Kansas and East
Dubuque, Illinois. CVR had revenues of $387 million for the twelve
months ending March 31, 2020.


DALLAS TRADING: 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 Dallas Trading Enterprises, Inc.
  
                 About Dallas Trading Enterprises

Dallas Trading Enterprises, Inc., sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-60209) on
March 23, 2020.  At the time of the filing, the Debtor was
estimated to have assets of between $100,001 and $500,000 and
liabilities of the same range.  Judge Ronald B. King oversees the
case.  The Debtor tapped Eric A. Liepins, P.C., as its legal
counsel.


DAMEN 4 MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                      Case No.
    ------                                      --------
    Damen 4 Management of Illinois, LLC         20-11501
    225 W Hubbard, #302
    Chicago, IL 60654

    Damen 4 Management, LLC                     20-11504
    225 W Hubbard, #302
    Chicago, IL 60654

Business Description:      Damen 4 Management of Illinois is
                           a privately held company in the
                           healthcare industry.

                           Damen 4 Management is engaged in
                           the business of vegetable and melon
                           farming.

Chapter 11 Petition Date: May 27, 2020

Court:                    United States Bankruptcy Court
                          Northern District of Illinois

Judge:                    Hon. Deborah L. Thorne (20-11501)
                          Hon. Janet S. Baer (20-11504)

Debtors'
General
Bankruptcy
Counsel:                  Brian L. Shaw, Esq.
                          FOX ROTHSCHILD LLP
                          321 N. Clark Street
                          Suite 1600
                          Chicago, IL 60654
                          Tel: 312-517-9200
                          Email: bshaw@foxrothschild.com

Damen 4 Management of Illinois'
Estimated Assets: $1 million to $10 million

Damen 4 Management of Illinois'
Estimated Liabilities: $1 million to $10 million

Damen 4 Management's
Estimated Assets: $1 million to $10 million

Damen 4 Management's
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Brian Carey, CEO.

Copies of the petitions containing, among other items, lists of the
Debtors' 20 largest unsecured creditors are available for free at
PacerMonitor.com at:

                      https://is.gd/UncRHv
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DANCEL LLC: May Use Cash Collateral Thru July 15
------------------------------------------------
Judge Scott H. Gan authorized Dancel, L.L.C., to use cash
collateral to pay current and necessary expenses in the ordinary
course of business only for the period from May 16, 2020 through
July 15, 2020, pursuant to the budget.

Parties who may assert a claim in the Debtor's cash collateral
include (a) Washington Business Bank, (b) Pawnee Leasing, (c) The
United States Small Business Administration and BBVA USA fka BBVA
Compass Bank, (d) Mohave State Bank, (e) New Mexico Bank & Trust,
(f) McLane Foodservice Distribution, Inc, (g) The United States
Small Business Administration and Enchanted Land Certified
Development Company, (h) Department of Treasury – IRS, and (i)
New Mexico Taxation and Revenue.

The Court ruled that:

   (a) the Debtor will make adequate protection payments to
Washington Business Bank for $1,500 per month for two months, or a
total of $3,000.  WBB shall retain a continuing and perfected,
valid and enforceable first lien and security interest in the
personal property collateral as provided for in its merchant
agreement and UCC-1 financing statement.

  (b) the Debtor will make adequate protection payments to NMBT in
the amount of $3,000 per month for two months or a total of $6,000.
NMBT timely filed a proof of claim against the Debtor in the
amount of $535,001.53, plus accrued and accruing interest, late
charges, fees, costs, and attorneys' fees, which claim is deemed
allowed in all respects.

  (c) The Debtor will continue to maintain insurance on Jack in the
Box #1261 (located at 3501 New Mexico State Highway 528 NW,
Albuquerque, Bernalillo County, New Mexico) and provide proof of
insurance to NMBT's counsel.

Previously, the Court has partly granted the Debtor authority to
use cash collateral through May 15, 2020 (from the requested
duration from April 1, 2020 through June 30, 2020).

                      About Dancel L.L.C.

Dancel, L.L.C., owns and operates restaurants with multiple
locations in Bernalillo County, N.M. Dancel filed a voluntary
Chapter 11 petition (Bankr. D. Ariz. Case No. 19-10446) on August
20, 2019.  In the petition signed by Laura Olguin, manager, the
Debtor was estimated to have $500,000 to $1 million in assets and
$1 million to $10 million in liabilities.  The case is assigned to
Judge Scott H. Gan. Charles R. Hyde, Esq., at The Law Offices of
C.R. Hyde, PLC, serves as the Debtor's counsel.


DAVESTER LLC: Judge Denies Motion on Cash Collateral Use
--------------------------------------------------------
Judge Janet Bostwick of the U.S. Bankruptcy Court for the District
of Massachusetts denied Davester LLC's motion seeking authority to
use cash collateral to pay certain ongoing expenses necessary for
its restaurant to remain open while it prepares for its
reorganization.

                       About Davester LLC

Davester LLC operates a restaurant on Main Street in Hyannis. The
Debtor sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Mass. Case No. 20-10296) on February 3, 2020. The
Petition was signed by David S. Noble, manager. The case is
assigned to Judge Janet E Bostwick. The Debtor is represented by
Jeffery Johnson, Esq. At the time of filing, the Debtor had
$100,001 to $500,000 in estimated assets and $500,001 to $1 million
in estimated liabilities.



DAVITA INC: Moody's Rates New Senior Unsecured Notes 'Ba3'
----------------------------------------------------------
Moody's Investors Service announced that it assigned a Ba3 rating
to DaVita Inc.'s proposed senior unsecured global notes due 2030.
There is no change to DaVita's existing ratings, including its Ba2
Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba1
senior secured rating, and Ba3 unsecured rating. There is also no
change to the stable outlook.

Proceeds from the new notes will be used along with existing cash
to repay DaVita's senior unsecured global notes due 2024, including
the associated call premium, accrued interest, and fees and
expenses. Moody's views the transaction as a credit positive, as it
will modestly reduce DaVita's annual interest expense and lengthen
its maturity profile.

Ratings assigned:

DaVita Inc.

Senior unsecured global notes due 2030 at Ba3 (LGD5)

RATINGS RATIONALE

The Ba2 CFR is constrained by DaVita's moderately high financial
leverage -- debt/EBITDA is approximately 4.2 times as of March 31,
2020 - and its heavy reliance on its commercially insured dialysis
patients for the vast majority of its profits and free cash flow.
DaVita will continually be challenged to maintain a sufficiently
large commercially insured end stage renal disease patient
population to sustain its profitability. ESRD patients
automatically convert to Medicare after a maximum of 33 months on
dialysis. DaVita is reimbursed by Medicare at a fraction of what it
earns from commercial payors. The CFR also reflects the company's
near total reliance on the ESRD market which makes the company
vulnerable to potential unfavorable market developments. These
include further slowing in the growth of ESRD patient volumes and
uncertainties regarding the availability of charitable premium
assistance for dialysis patients. DaVita also faces uncertainties
around the potential implementation of new payment models designed
to accelerate penetration into the home dialysis setting and
stimulate the supply of healthy kidneys for transplant. Finally,
Moody's expects the COVID-19 pandemic to have a fairly modest
negative impact on DaVita's operating performance, due largely to
modestly higher operating costs.

The Ba2 CFR is supported by the company's considerable scale and
extensive network of dialysis outpatient clinics across 46 US
states. The rating is also supported by the recurring revenue
stream attributed to dialysis, as the treatment is critically
important to patients who require treatment three times per week
indefinitely. The Ba2 CFR also reflects DaVita's strong free cash
flow and very good liquidity.

The stable outlook reflects the underlying stability of DaVita's
cash flows, supported by continued growth in the population of
people needing dialysis, albeit at a decelerated pace, of about 2%
per year.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. That said, Moody's believes the related impact on
Davita's treatment volumes and operating costs will be modest. As a
dialysis company, DaVita faces rising social risk as it pertains to
the significant disparity between the reimbursement it receives for
treating commercially insured patients and the amount it receives
for treating patients insured by Medicare. Caring for dialysis
patients is very costly, because they often suffer from
co-morbidities beyond end-stage renal disease. These factors have
induced various states to pursue legislation, that if passed, could
reduce DaVita's and other dialysis companies' profits.

Further, an executive order in mid-2019 aiming to increase the
supply of kidney transplants and shift more dialysis treatments
into the home setting could have mixed effects on dialysis
companies. If efforts to increase the supply of kidneys available
for transplant are successful, dialysis providers would be
negatively impacted by slower ESRD patient volume growth.
Longer-term, the Trump administration hopes to reduce the incidence
of ESRD by 25% by 2030. The executive order also aims to reduce the
number of people who receive dialysis treatment at dialysis centers
and instead have them treated in their homes. This element of the
order could be credit positive for DaVita, because reimbursement is
comparable across dialysis settings while the costs of in-home
dialysis (primarily peritoneal dialysis) are slightly less than
those associated with hemodialysis administered in the dialysis
centers.

From a governance perspective, DaVita has generally exhibited
aggressive financial policies as evidenced by significant, and
sometimes debt-funded, share buybacks. However, in light of the
COVID-19 pandemic, the company has suspended its share repurchase
program. Moody's expects that the company will also return $240
million of grant funding received from the Coronavirus Aid, Relief,
and Economic Security Act.

The SGL-1 Speculative Grade Liquidity Rating reflects Moody's
expectation that DaVita will maintain very good liquidity over the
next 12 to 18 months through its combination of cash, marketable
securities and revolver availability.

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

The ratings could be upgraded if DaVita repays debt and/or grows
earnings such that Moody's expects debt to EBITDA to be sustained
below 3.25 times. A ratings upgrade would also require DaVita to
remain disciplined with regards to acquisitions and shareholder
returns.

The ratings could be downgraded if DaVita experiences material
reimbursement cuts from either government or commercial insurers. A
downgrade could also ensue if Moody's expects DaVita's debt to
EBITDA to be sustained above 4.25 times.

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

DaVita Inc., headquartered in Denver, CO, is a provider of dialysis
services primarily in the US for patients suffering from end-stage
renal disease (chronic kidney failure). The company also provides
home dialysis services, inpatient dialysis services through
contractual arrangements with hospitals, laboratory services and
other ancillary services. DaVita reported $11.5 billion of revenues
from continuing operations (which excludes DMG) for the LTM period
ending March 31, 2020.


DAVITA INC: S&P Rates New $1.75BB Unsecured Notes 'B+'
-------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '6'
recovery rating to DaVita Inc.'s proposed $1.75 billion 10-year
senior unsecured notes. The '6' recovery rating indicates its
expectation for minimal (0%-10%; rounded estimate: 0%) recovery in
the event of a payment default. The company intends to use the
proceeds to repay the existing $1.75 billion 2024 notes.

"Our 'BB' issuer credit rating on DaVita reflects the company's
significant scale as a top-two dialysis provider in the U.S., which
is offset by its narrow business focus and reimbursement risk,
given that it derives most of its profit from roughly 10% of its
commercially-insured treatments. The negative outlook reflects our
concern that DaVita may have an increased tolerance for leverage
such that its S&P Global-adjusted leverage will remain above 4x.
This compares with our long-held view that the company would
maintain leverage of between 3.5x and 4.0x. The company appears to
be adopting this potentially more aggressive financial stance
despite its challenging industry backdrop, with slower treatment
volume growth, margin pressure, and heightened regulatory scrutiny
on the dialysis sector," S&P said.

Also, DaVita's long-term profit margins could decrease from a
potentially unfavorable payor mix shift due to the high
unemployment rate. S&P estimates that for every 100 basis points of
treatment volume shift to Medicare from commercial payors, the
company could face a $170 million-$270 million reduction in
operating income. For context, from 2008 to 2009, DaVita's
commercial treatment mix declined from 13% to 12%, largely driven
by higher unemployment. S&P acknowledges the shift could be less
severe this time because newly unemployed patients can now elect to
use Affordable Care Act plans, which did not exist in 2009 and
typically reimburse higher than Medicare, but still likely lower
than traditional commercial plans. Also, some of the newly
unemployed population didn't have insurance through their
employers. Instead, they had insurance through exchanges and their
insurance may not be affected after losing employment.


DEMERARA HOLDINGS: Unsecureds to Get Payment After Sale/Refinancing
-------------------------------------------------------------------
Debtor Demerara Holdings Incorporated filed a First Amended Plan of
Reorganization and a First Amended Disclosure Statement on May 4,
2020.

This First Amended Plan proposes to pay all creditors of the
Debtor. Payments and distributions under the Plan will be funded by
the president of Debtor, Marcanthony W. Atwell, and from one of the
two following events: the Debtor shall have six months from the
Effective Date to procure either (i) a commitment letter sufficient
to fund all payments due under this Plan, with such commitment
letter not containing any contingencies and closing date no later
than nine (9) months from the Effective Date, or (ii) a contract of
sale for either or both 765 Utica and/or 763 Utica, without any
contingencies and a closing date no later than nine (9) months from
the Effective Date.   

This Chapter 11 case was filed in conjunction with the Chapter 11
bankruptcy filed by ESSEQUIBO HOLDINGS INC. in the Eastern District
of New York under case number 1-19-44679-ess, whose First Amended
Plan of Reorganization has been filed simultaneously herewith.
Essequibo is the owner of the adjacent real property known as 763
Utica Avenue, Brooklyn, New York (763 Utica).

Class 5 allowed unsecured claims will be paid the amount of their
Proof of Claim, in full, in cash, within nine months of the
Effective Date from the Debtor's closing of the Refinance on 765
Utica, or from the excess sale proceeds from 763 Utica, or from the
auction sale of 765 Utica.  Class 5 claims will be paid after
payment in full to all unclassified claims and Class 1, 2, 3 and 4
Claims, up to 100% of its claim.  In the event there are no bidders
other than Ponce Bank, there will be no distribution to Class 5
claims.  Class 5 is impaired and is entitled to vote on the First
Amended Plan.

Debtor shall remain in control and management of the Property. The
Debtor shall have nine months from the Effective Date to fund
payments and distributions under the Plan by either a refinance
and/or sale of 765 Utica and/or 763 Utica properties as owned by
the Debtor and Essequibo respectively (the Strategic Transaction).

In the event that the Debtor does not obtain a Commitment Letter
within six months of the Effective Date, the Debtor will
immediately retain Auction Advisors to market and conduct an
auction of 765 Utica, which auction sale shall be conducted as soon
as possible, but no earlier than nine months from Effective Date.
In the event the Debtor refinances 765 Utica and makes all the
payment provided for under this Plan within nine months of the
Effective Date, the auction sale will be cancelled.

A full-text copy of the First Amended Disclosure Statement and Plan
dated May 4, 2020, is available at https://tinyurl.com/yazz3er6
from PacerMonitor at no charge.

The Debtor is represented by:

          MARK E. COHEN, ESQ.
          108-18 Queens Boulevard
          4th Floor, Suite 3
          Forest Hills, New York 11375
          Telephone: (718) 258-1500 x210

                      About Demerara Holdings

Demerara Holdings Incorporated, a single asset case, owns a
mixed-use building located at 765 Utica Avenue, Brooklyn, New York
11203.

Demerara Holdings sought Chapter 11 protection (Bankr. E.D.N.Y.
Case No. 19-44681) on July 31, 2019.  In the petition signed by
Marcanthony W. Atwell, president, the Debtor was estimated to have
assets and liabilities between $500,000 to $1 million.  Mark E.
Cohen, Esq., is the Debtor's counsel.


DHM HOSPITALITY: Taps Enterprise America as Broker
--------------------------------------------------
DHM Hospitality, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Texas to employ Enterprise America
Inc./Numarix Services, LLC as its real estate broker.

Enterprise America will assist in the sale of Debtor's hotel
property in Corpus Christi, Texas.  The firm will receive a flat
fee commission of $60,000, payable upon the closing of the sale.

Sharif Choudhury, a broker at Enterprise America, 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:

     Sharif Choudhury
     Enterprise America Inc./Numarix Services, LLC
     12222 Merit Dr, Suite 1870
     Dallas, TX 75251
     Telephone: (214) 855-6677
     Email: sharif@useai.com
                  
                       About DHM Hospitality

DHM Hospitality, LLC, is a privately held company in the hotels and
motels business. Its principal assets are located at 910 Corn
Products Road, Corpus Christi, Texas.

DHM Hospitality sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Texas Case No. 20-40312) on Feb. 3,
2020.  At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range.  Judge Brenda T. Rhoades oversees the case.  Eric A.
Liepins, P.C. is Debtor's legal counsel.


DIAMOND ENERGY: Egan-Jones Lowers FC Sr. Unsecured Rating to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Diamondback
Energy Inc. to BB- from BBB-.

Headquartered in Midland, Texas, Diamondback Energy Inc. operates
as an independent oil and natural gas company currently focused on
the acquisition, development, exploration, and exploitation of
unconventional, onshore oil, and natural gas reserves in the
Permian Basin in West Texas.



DOW CHEMICAL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on May 21, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by The Dow Chemical Company to BB+ from B.

Headquartered in Midland, Michigan, The Dow Chemical Company
operates as a chemical company.



E.E. HOOD: Gets Approval to Hire H. Anthony Hervol as Counsel
-------------------------------------------------------------
E.E. Hood & Sons, Inc. received approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ the Law Office of
H. Anthony Hervol as its legal counsel.

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

     (a) advise Debtor as to its rights, powers and duties under
the Bankruptcy Code;

     (b) negotiate and prepare a plan of reorganization;

     (c) represent Debtor at court hearings, meetings of creditors,
conferences, trials and other proceedings;

     (d) take necessary action to collect property of the estate
and file suits to recover the property, pursue or defend any
adversary proceedings, or work with special counsel appointed by
the court to pursue or defend any adversary proceedings;

     (e) prepare legal papers;

     (f) object to disputed claims; and

     (g) prepare and present final accounting and motion for final
decree closing the bankruptcy case.

The firm charges an hourly fee of $300.  It received a retainer of
$10,000, plus $1,717 for costs and filing fees.    

H. Anthony Hervol, Esq., disclosed in court filings that he is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     H. Anthony Hervol, Esq.
     Law Office of H. Anthony Hervol
     4414 Centerview Road, Suite 207
     San Antonio, TX 78228
     Telephone: (210) 522-9500
     Facsimile: (210) 522-0205
     Email: hervol@sbcglobal.net

                      About E.E. Hood & Sons

E.E. Hood & Sons, Inc., is a single asset real estate (as defined
in 11 U.S.C. Section 101(51B)) based in Von Ormy, Texas.

On April 26, 2020, E.E. Hood & Sons filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No.
20-50804).  At the time of the filing, Debtor had estimated assets
of between $500,000 and $1 million  and liabilities of between $1
million and $10 million.  

Judge Ronald B. King oversees the case.  Debtor is represented by
the Law Office of H. Anthony Hervol.


EDGEWATER GENERATION: S&P Alters Outlook to Negative
----------------------------------------------------
S&P Global Ratings revised the rating outlook on Edgewater
Generation LLC to negative from stable. S&P also affirmed its 'BB'
rating on its senior secured term loan B and credit facilities. The
'2' recovery rating on the debt is unchanged.

The 3,187 megawatt (MW) Edgewater portfolio consists of five
natural gas-fired assets, with some of which have dual-fuel
capability. The 1,320-MW Fairless Power Station (Fairless) is
located in Pennsylvania within the Pennsylvania-New Jersey-Maryland
Interconnection (PJM). Also within PJM are the 545-MW West Lorain
peaking facility near Lake Erie in Lorain, Ohio and the 309-MW
Garrison facility in Dover, Del. The 510-MW Manchester Street Power
Station (Manchester) is located in Rhode Island within Independent
System Operator New England (ISO-NE), and the 503-MW RockGen
facility is located in Christiana, Wis. within the Midcontinent ISO
region (MISO).

S&P said, "We observed on-peak power prices in PJM hovering in the
high teens and low-$20s per megawatt-hour (MWh) areas over the past
few months. The combination of mild winter and low natural gas
prices put downward pressure on PJM power prices in the recent
winter months. New England also experienced mild temperatures,
which reduced natural gas demand for heating that partly drove
power prices downward. ISO-NE power prices in winter 2020 were
about 30% lower on average compared with those in winter 2019.
Toward the end of the first quarter, business closures in a wide
range of industries resulting from the COVID-19 pandemic caused an
unprecedented decline in demand for power across different
centrally dispatched wholesale power markets like PJM, ISO-NE,
MISO, etc. This sudden demand drop weakened power prices further
when prices were already falling due to mild weather. While we see
load reduction from the commercial and industrial (C&I, i.e. office
buildings and manufacturing facilities) sector, residential load
has increased moderately because of stay-at-home orders. However,
the increase in residential load cannot offset the decline in C&I
because the load profiles for the two sectors are different. In
particular, we do not think that industrial load could be shifted
to residential. Power demand should show some signs of recovery as
states begin to reopen their economies but it is uncertain at this
point when the C&I load could return to pre-pandemic levels. This
is because some businesses have already closed down permanently or
might consider permanently shutting down or scaling back their
operations. In PJM, for example, C&I load represents at least 60%
of the total load. Some of the power demand reduction because of
this pandemic could be permanent, which we cannot quantify at this
moment."

Merchant generators are usually responsive to fuel prices, with low
natural gas prices continuing to put coal-fired generation at a
major disadvantage.

S&P said, "Despite the weak power prices due to mild weather and
diminished power demand, we observed increased generation in PJM
(and MISO) from natural-gas fired facilities but reduced generation
from coal due to low natural gas prices. Coal-fired generation had
already been under economic pressure for a long time even before
the pandemic, and PJM still has about 30% of coal-fired capacity in
its generation mix. We think that more coal-fired generators are at
risk from the current and expected future low natural gas price
environment as well as from ongoing environmental pressures, and
coal-fired generators are taking another hit from a cash flow
perspective because of the pandemic. The increased generation in
PJM from natural-gas facilities under this unanticipated
environment, with both price and demand shock, demonstrate their
resilience and fuel competitiveness. Fairless, the 1.3 GW
combined-cycle natural gas-fired asset, is a significant cash flow
contributor to the portfolio, and we think it is well positioned to
dispatch at base load with high capacity factor during the debt
tenor."

While capacity, ancillary, and other contracted revenue provide
good visibility to a large portion of Edgewater's cash flow, energy
margin makes up the rest, which is subject to price volatility.

S&P said, "The sharp reduction in energy demand started during the
shoulder months, when demand is typically lower under a normal
annual power demand cycle, so we should see the full impact from
the pandemic by the end of this quarter. Power prices should remain
low for the second half of 2020 because low natural gas prices
continue to have a strong influence on power prices, coupled with
the uncertainty on the level of C&I load as we head into the summer
months. We think that spark spreads for Edgewater and for a number
natural gas-fired generators in the market will tighten in between
the mid- and high-single digit $/MWh area." Assets in the Edgewater
portfolio like Garrison and RockGen that have a heat-rate call
option should realize favorable net settlements to offset some
weaknesses on the energy margin.

S&P said, "We forecast debt service coverage over the next 12
months from the second quarter of 2020 through the first quarter of
2021 to be about 1.86x. With the expectation that shutdowns will
slowly ease in the coming months followed by a gradual economic
recovery, we assume improvements in energy margin to begin in 2021,
with projected debt service coverage of about 2x throughout the
second half of 2021. This coverage is also partly driven by the
higher average capacity prices in the Eastern Mid-Atlantic Area
Council (EMAAC); the American Transmission Systems Inc. (ATSI)
regions; and other optimizations across the portfolio, such as firm
transport rate reduction at Garrison and West Lorain, etc. We
expect the Nexus gas interconnect at West Lorain to be in service
that enables it to dispatch with natural gas instead of fuel oil,
and this should provide some uplifts to energy margin over the debt
tenor.

"The level of deleveraging over time is also one of our key credit
considerations. Despite the market weaknesses in the near term, we
forecast Edgewater to pay down the term loan B by $20 million-$38
million through excess cash in 2020. We understand that the amount
of additional debt pay down through excess cash can vary because of
the need to allocate cash for working capital needs, reserve
funding, etc. However, we generally view a credit with a term loan
B unfavorably if it were unable to deleverage meaningfully over the
debt tenor. We will continue to monitor market developments and the
portfolio's performance during the year.

"We forecast liquidity with sources of cash exceeding uses by over
2x over the next 12 months. Sources of cash include net operating
cash flow, unrestricted cash on hand, cash in the reserves, and the
remaining portion the revolver and stand-alone letter of credit
facility that is not posted as collateral to contractual
counterparties. Total use of cash consists of a 1% mandatory
principal amortization, debt interest, and fees associated with the
revolver and letter of credit facility.

"The revolver has a 1.1x financial maintenance covenant
requirement, and we expect Edgewater to have at least 15% financial
covenant headroom.

"The negative outlook reflects our view that Edgewater could face
some pressure maintaining a DSCR of 1.85x and sweep below our $20
million-$38 million target on the term loan B through excess cash
flow if the recovery in the power sector after the pandemic is
slower than expected and market fundamentals continue to be
unfavorable.

"We could lower the debt rating if Edgewater were unable to
maintain a DSCR of 1.85x on a sustained basis or excess cash flow
sweeps were materially below our expectation. This could stem from
low realized spark spreads due to unfavorable power prices in a
low-cost natural gas environment coupled with weak demand or
unplanned outages that require a full plant shutdown for an
extensive period.

"While it is unlikely over the next 12 months, we could consider
raising our debt rating if we believed Edgewater could maintain
DSCRs of 2.2x on a sustained basis, including the refinancing
period in our base case. This could stem from secular developments
in the PJM and ISO-NE power markets that positively influence the
power and capacity prices for an extensive period, steady
operational performance with high capacity factor, and the
continued access to relatively inexpensive natural gas feedstock."


EMERALD COAST: S&P Lowers 2015 A-1 Revenue Bond Rating to 'BB'
--------------------------------------------------------------
S&P Global Ratings lowered its rating on the Town of Shalimar,
Fla.'s series 2015A-1 multifamily housing revenue bonds, issued for
Emerald Coast Housing II Inc. (ECH II), three notches to 'BB' from
'BBB'. The outlook is stable. At the same time, S&P Global Ratings
removed the rating from under criteria observation.

"The downgrade reflects our view of the project's very weak
financial metrics," said S&P Global Ratings credit analyst Marian
Zucker.

Specifically, the rating reflects S&P's opinion of the project's:

-- Very weak coverage and liquidity, reflected by an average debt
service coverage (DSC) ratio of 1.05x maximum annual debt service
(MADS) due to low net rent collections and increasing payroll;

-- Weak management and governance assessment of the project owner,
ECH II, due to limited oversight, lack of formal policies, and
limited relevant experience of board members; and

-- Adequate market position, as evidenced by the adequate physical
condition of the properties and weak occupancy offset by very
strong/strong demand and supply considerations.

"The organizational structure and small size of ECH II and PMA,
reflect risks associated with management and governance that we
view as being above those of industry peers. The organization's
small size leaves it vulnerable to increased exposure during times
of tighter market conditions, leading to higher costs, which could
affect credit quality. In addition, the properties' location on the
panhandle of Florida increases extreme weather event risk under our
environmental, social, and governance factors. We view social risks
as being in line with our view of the industry," S&P said.

"The stable outlook reflects our opinion that coverage and
liquidity and market position will likely remain at current levels
during the outlook period," the rating agency said.

Should occupancy continue to fluctuate, pressuring revenues, and
expenses continue to outpace revenues, S&P could lower the rating.
Furthermore, per S&P's criteria, should the project's DSC ratio
fall below 1x, the rating on the bonds could be capped at 'B+'.

Conversely, should there be sustained improvement in financial and
operational performance, as evidenced by higher net cash flows,
higher occupancy, and improved MADS coverage, S&P could take a
positive rating action during the outlook period.


ENPRO INDUSTRIES: Egan-Jones Hikes Senior Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on May 20, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by EnPro Industries Inc. to BB- from B+.

Headquartered in Charlotte, North Carolina, EnPro Industries, Inc.
designs, develops, manufactures, and markets proprietary engineered
industrial products.



EQUINOX HOLDINGS: Moody's Cuts CFR to Caa2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Equinox Holdings, Inc.'s
ratings, including its Corporate Family Rating to Caa2 from Caa1,
Probability of Default Rating to Caa2-PD/LD from Caa1-PD, and the
first lien bank credit facilities to Caa1 from B3. Moody's also
affirmed the Caa3 rating for the second lien term loan. The outlook
remains negative.

The downgrade follows Equinox's amendment to its limited guarantee
on the credit facility of affiliate company SoulCycle Inc. that
will allow Equinox to defer its required repurchases of SoulCycle's
debt to February 2021. The amendment covers a $72.8 million payment
that was due on May 15, and the lender agreed not to enforce
payment of any future quarterly amounts due in 2020 under the
guarantee and defer such payments to February 2021. Moody's views
the amendment as a distressed exchange default because Equinox's
weak liquidity, high leverage, and significant cash flow pressure
provides insufficient resources to fund the payments and meet
future debt service obligations and covenants. The "/LD"
designation on the PDR reflects that there was a limited default in
Equinox' capital structure -- that is, with regard to the guarantee
to the SoulCycle debt. Moody's will remove the /LD designation in
approximately three business days.

Furthermore, the downgrade of the CFR to Caa2 reflects Moody's view
that prolonged facility closures in critical geographic regions and
potential for membership declines due to the coronavirus crisis
will further erode Equinox's earnings base and liquidity. Moody's
lease adjusted debt-to-EBITDA is expected to rise to above 10.5x in
2020 due to a significant earnings decline. Moody's views the
company's capital structure as becoming increasingly unsustainable
in its current form. The company's high geographic concentration in
urban regions, particularly New York, will likely force its
operations to remain shuttered for a longer period relative to
fitness peers in other regions. Membership has eroded only modestly
in the last few months since the company has suspended monthly fees
during facility closures, but the likely larger scope of membership
declines due to social distancing measures and shifts in consumer
behavior will be clearer when clubs reopen and monthly fees are
reinstated. Moody's expects Equinox's historical ability to
mitigate membership declines with higher prices and ancillary
services will be weakened temporarily even though consumer interest
in health and fitness remains strong. Moody's expects the $150
million revolving credit facility to carry a significant balance
over the next year and will further pressure Equinox's credit
profile due to its March 2022 expiration date.

Moody's took the following ratings actions:

Issuer: Equinox Holdings, Inc.

Corporate Family Rating, downgraded to Caa2 from Caa1

Probability of Default Rating, downgraded to Caa2-PD/LD from
Caa1-PD

Senior Secured First Lien Term Loan, downgraded to Caa1 (LGD3) from
B3 (LGD3)

Senior Secured First Lien Revolving Credit Facility, downgraded to
Caa1 (LGD3) from B3 (LGD3)

Senior Secured Second Lien Term Loan, affirmed at Caa3 (LGD5)

Outlook Actions:

Issuer: Equinox Holdings, Inc.

Outlook, remains Negative

RATINGS RATIONALE

Equinox's Caa2 CFR reflects its very high leverage with Moody's
lease adjusted debt/EBITDA expected to rise to above 10.5x in 2020
due to an earnings decline related to coronavirus crisis and a high
debt balance. The rating also reflects Equinox's weak liquidity
with $125 million of cash as of mid-May, a fully drawn $150 million
revolver, and high potential for a covenant violation. The cash is
unlikely to be sufficient to fund an interim cash burn, club
reopening costs and payments due on the SoulCycle guarantee, which
are likely to grow in the next few quarters. The rating is also
constrained by the highly fragmented and competitive fitness club
industry as having high business risk given its low barriers to
entry, exposure to cyclical shifts in discretionary consumer
spending, and high attrition rates. In addition, the rating
considers the company's geographic concentration in New York City
and coastal California, both of which are expected to maintain
shelter-in-place mandates for a longer period of time relative to
other states. However, the credit profile is supported by Equinox's
well-recognized brand names and market position among upscale
fitness clubs, as well as the longer-term positive fundamentals for
the fitness club industry such as its apparent under penetration
and an increased awareness of the importance of fitness.

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

Multiple governance factors are also credit negative including
aggressive financial policies under ownership by Related Companies,
management and private equity firm L. Catterton. The company's
history of diverting cash flows from Equinox health clubs to fund
other ventures that do not provide credit support to Equinox's
debt, as well as transactions such as the SoulCycle debt guarantee
are also meaningful governance concerns. SoulCycle was spun-off
from the company in 2016 and Equinox is entitled to only a modest
future fee in exchange for the guarantee in October 2019 on
SoulCycle's debt.

The negative outlook reflects the increased probability for a
balance sheet restructuring or distressed exchange over the next 12
to 18 months given Equinox's very high leverage and weak liquidity.
The negative outlook also reflects Moody's view that Equinox
remains vulnerable to coronavirus disruptions and unfavorable
shifts in discretionary consumer spending.

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

Ratings could be upgraded if operating performance improves
including a reopening of the clubs and stable to positive
membership and pricing trends, and Equinox strengthens credit
metrics. A material improvement in liquidity could also lead to an
upgrade.

The ratings could be downgraded if the clubs remain closed,
membership declines, the potential for a distress exchange or other
default increases for any reason, or estimated recovery values
weaken.

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

Equinox Holdings, Inc., headquartered in New York, NY, operates
fitness facilities across the US under the Equinox and Pure Yoga
brands. Equinox is majority-owned by individuals and entities
affiliated with Related Companies, L.P., a privately held New York
real estate firm, with L Catterton and members of management
holding a minority interest. Equinox's revenues were approximately
$1.1 billion for the trailing twelve months ended March 31, 2020.



ESSEQUIBO HOLDINGS: Unsecureds to Get Paid After Sale/Refinancing
-----------------------------------------------------------------
Debtor Essequibo Holdings Inc., filed a First Amended Plan of
Reorganization and a First Amended Disclosure Statement on May 4,
2020.

This Plan proposes to pay all creditors of the Debtor.  Payments
and distributions under the Plan will be funded by the president of
Debtor, Marcanthony W. Atwell, and from the Debtor refinancing the
real property known as 763 Utica Avenue, Brooklyn, New York (763
Utica), in an amount sufficient to payoff and satisfy the claim of
Ponce Bank (Ponce) and the mortgage lien of Todd Baslin (Baslin).
The Debtor shall have six months from the entry of the Order
confirming this First Amended Plan of Reorganization to secure the
financing necessary to payoff and satisfy the Ponce Claim and the
mortgage lien of Baslin.

This Chapter 11 case was filed in conjunction with the Chapter 11
bankruptcy filed by DEMERARA HOLDINGS INCORPORATED in the Eastern
District of New York under case number 1-19-44681-ess, whose First
Amended Plan of Reorganization has been filed simultaneously
herewith. Demerara is the owner of the adjacent real property known
as 765 Utica Avenue, Brooklyn, New York (765 Utica).

Class 5 unsecured claims will be paid the amount of their Proof of
Claim, in full, in cash, within nine months of the Effective Date
from the Debtor's closing of the Refinance on 763 Utica, or from
the excess sale proceeds from 765 Utica, or from the auction sale
of 763 Utica.  Class 5 claims will be paid after payment in full to
all unclassified claims and Class 1, 2, 3 and 4 Claims, up to 100%
of its claim.  In the event there are no bidders other than Ponce
Bank, there will be no distribution to Class 5 claims.  Class 5 is
impaired and is entitled to vote on the First Amended Plan.

The Debtor will remain in control and management of the Property.
The Debtor shall have nine months from the Effective Date to fund
payments and distributions under the Plan by either a refinance
and/or sale of 763 Utica and/or 765 Utica properties as owned by
the Debtor and Demerara respectively (the Strategic Transaction).

In the event that the Debtor does not obtain a Commitment Letter
within six months of the Effective Date, the Debtor will
immediately retain Auction Advisors to market and conduct an
auction of 763 Utica, which auction sale shall be conducted as soon
as possible, but no earlier than nine months from Effective Date.
In the event the Debtor refinances 763 Utica and makes all the
payment provided for under this Plan within nine months of the
Effective Date, the auction sale will be cancelled.

A full-text copy of the First Amended Disclosure Statement and Plan
dated May 4, 2020, is available at https://tinyurl.com/ybtjxb9h
from PacerMonitor at no charge.

The Debtor is represented by:

         MARK E. COHEN, ESQ.
         108-18 Queens Boulevard
         4th Floor, Suite 3
         Forest Hills, New York 11375
         Telephone: (718) 258-1500 x210

                  About Essequibo Holdings

Essequibo Holdings Inc., operates a commercial and residential
property for rent, at 763 Utica Avenue, Brooklyn, New York.  It
filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 19-44679) on
July 31, 2019.  Judge Elizabeth S. Stong administers the case.
Mark E. Cohen, Esq., is counsel to the Debtor.


FOODFIRST GLOBAL: Committee Taps Pachulski Stang as Legal Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of FoodFirst Global Restaurants, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to employ Pachulski Stang Ziehl & Jones
LLP as its legal counsel nunc pro tunc to April 21.

Pachulski will provide these services in connection with Debtors'
bankruptcy cases:

     (a) represent the committee in its consultations with Debtors
regarding the administration of their cases;

     (b) analyze Debtors' assets and liabilities, investigate the
extent and validity of liens, and review and participate in any
proposed asset sales, asset dispositions, financing arrangements
and cash collateral stipulations;

     (c) assist the committee in reviewing and determining Debtors'
rights and obligations under leases and executory contracts;

     (d) assist the committee in investigating the acts, conduct,
assets, liabilities, financial condition and operations of Debtors,
and any other matters relevant to the cases or to the formulation
of a Chapter 11 plan;

     (e) participate in the negotiation, formulation and drafting
of a plan of liquidation or reorganization;

     (f) advise the committee on issues concerning the appointment
of a trustee or examiner under Section 1104 of the Bankruptcy Code;
and

     (g) assist in the evaluation of claims and advise the
committee on any litigation matters, including avoidance actions
and claims against directors and officers.

The firm's attorneys and paraprofessionals will be paid at hourly
rates as follows:

     Partners                    $750 - $1,495
     Of Counsel                  $675 - $1,125
     Associates                  $625 - $725
     Paraprofessionals           $395 - $425

Robert Feinstein, Esq., a partner at Pachulski, disclosed in court
filings that neither the firm nor its attorneys represent any
interest adverse to that of the committee.

The firm can be reached through:

     Robert Feinstein, Esq.
     Pachulski Stang Ziehl & Jones LLP
     780 Third Avenue, 34th Floor
     New York, NY 10017-2024
     Telephone: (212) 561-7700
     Facsimile: (212) 561-7777
     Email: rfeinstein@pszjlaw.com

                About FoodFirst Global Restaurants

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

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

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


GTT COMMUNICATIONS: Fitch Alters Outlook on 'B-' IDR to Negative
----------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating and issue
ratings of GTT Communications, Inc. and GTT Communications, B.V. at
'B-' and revised the Rating Outlook to Negative from Stable. The
senior secured revolving credit facility and the secured term loans
are affirmed at 'B'/'RR3' and the unsecured notes are affirmed at
'CCC'/'RR6'.

The Negative Outlook reflects the uncertainty regarding the
company's ability to grow revenues due to the timing and the extent
to which GTT will have access to clients' premises to perform
installations in the current environment as the coronavirus
pandemic has forced most people to work from home around the globe.
Fitch believes that even as governments ease lockdown restrictions,
many enterprises will continue to have employees work from home for
at least a significant part of 2020. Fitch expects a gradual
reopening of access as building access protocols are established
and economies open up, but the level of access to clients' premises
will determine the company's pace of installs. Should the slowdown
in net installs persist, this will likely have a negative impact on
GTT's revenue in the coming quarters. On the contrary, positive
factors include likely reduction in churn during this period and
the increase in demand for the company's products and services as
enterprises seek to augment their broadband connections to connect
remote employees to their virtual networks.

The Negative Outlook also encompasses the uncertainty around the
consummation of sale of infrastructure assets that GTT acquired as
part of the Interoute and Hibernia acquisitions. The asset sales
are critical to the optimization of the company's capital structure
as the proceeds are expected to reduce debt and thus improve
leverage metrics significantly. GTT has indicated that it continues
to receive significant interest from multiple parties and is
progressing well on the sale process. The company has articulated a
net leverage target of 4x or lower and a deleveraging transaction
that materially reduces debt and brings it closer to its target
leverage will be a credit positive event.

Fitch expects to review the Outlook as it monitors the operating
performance in the coming quarters, or when there is an
announcement on asset sales.

KEY RATING DRIVERS

Slowdown in Net installs: GTT's 1Q20 revenue was negatively
affected due to moderately elevated churn and access restrictions
beginning in March in Europe and in mid-March in the U.S., slowing
install activity. Fitch expects this trend to continue in the
coming quarters, albeit with some improvement as restrictions are
eased across geographies. This is partially offset by likely lower
churn and the increased demand for internet services due to
work-from-home orders in place and that GTT can upgrade the
bandwidth capacity for those products remotely.

Leverage and Asset Sales: Fitch expects GTT's gross leverage to
continue to be elevated over the forecast in the absence of
consummation of material asset sales. Leverage as of 1Q20 was over
8x and Fitch expects leverage to remain high given the
uncertainties brought on by the coronavirus pandemic. Fitch expects
some cost cutting initiatives to stabilize the EBITDA margins in
the near term. While Fitch has not built in asset sales in its
current rating case given the uncertainty, any announcement to that
effect and deleveraging from sale proceeds will be credit
positive.

Recurring Revenue & Contract Matching: Fitch expects the recurring
nature of GTT's revenue to provide a significant amount of
stability and visibility into future cash generation. Over 90% of
the company's revenue is contractually recurring with contracts
generally ranging between one to three years. GTT will typically
match the contract length of its last mile leases with the
customer's contract length in order to insulate itself from price
fluctuations. Approximately 80% of the company's network costs are
related to these last mile leases, providing the company with a
significant amount of capacity to downsize if customers choose not
to renew.

Strong Secular Trends: GTT's credit profile benefits from the
ongoing secular trends its industry is experiencing. Even
pre-pandemic, the demand was driven by the rapid adoption of
cloud-based applications and an increasing amount of data usage
across locations as a result of increasing files sizes, voice,
video conferencing and real-time collaboration tools. The
coronavirus pandemic has further boosted the demand for internet
connectivity products as enterprises will continue to increase
their demand for networking bandwidth as millions work from home.

Competitive Position & Scale: Many of the company's competitors are
significantly larger, better capitalized, and have a stronger
market presence. The company's capex-lite business model places it
in an inherently inferior competitive position due to its
dependency on third party providers for fiber connectivity, which
is primarily in the last mile connection, where there are
significantly less providers of connectivity. Fitch believes this
dependency is somewhat mitigated by the company's partial ownership
of its core network.

Customer Diversification, Supplier Concentration: Fitch expects the
company's credit profile to continue to benefit from broad customer
diversification. Fitch estimates GTT's largest customer accounts
for less than 5% of monthly recurring revenue (MRR), while its top
20 customers are expected to have made up less than 25% of MRR.
These customers are multi-national corporations with significant
access to capital and liquidity. Fitch believes the majority of the
company's GTT's monthly recurring costs (MRC) are tied to its top
20 suppliers. GTT's diverse base of over 3,500 suppliers partially
mitigates risks stemming from the potential for increased margin
pressure related to supplier pricing.

DERIVATION SUMMARY

GTT's ratings reflect the company's high recurring revenue and
diversified customer base, strong secular trends driving industry
demand, high current leverage metrics and expectation of stable
profitability and positive FCF trends given the capex-lite business
model. Fitch believes these factors overall position the company
well in the 'B-' rating category relative to similarly rated peers,
such as Frontier Communications Corp (WD), and Uniti Group Inc.
(CCC/Positive).

The Negative Outlook reflects the uncertainty in the current
coronavirus-driven environment regarding the company's ability to
grow revenues due to the timing and the extent to which GTT will
have access to clients' premises to perform installations. The
Outlook also reflects the uncertainty around the asset sales,
although as noted earlier, any material deleveraging transaction
with the proceeds of asset sales will likely be a positive credit
event.

KEY ASSUMPTIONS

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

  - 2020 Revenue is expected to decline near mid-single digits as a
result of slowdown in net installs and a pause in the expansion of
quota bearing sales reps, offset by slightly lower churn. Fitch
forecasts positive organic revenue growth will return by mid-2021;

  - 2020 full-year EBITDA margins to improve sequentially over 1Q20
levels as Fitch expects cost cutting initiatives to offset some of
the gross margin declines. Fitch expects gradual improvement in
EBITDA margins to mid-20s over the forecast;

  - Capex intensity to remain within the 5%-6% range;

  - Fitch has not assumed asset sales in its current base case, but
would view it as an event when the announcement occurs. No
acquisitions are assumed over the forecast.

Recovery Rating Assumptions

The recovery analysis assumes that GTT would be reorganized as a
going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim. Fitch estimates a distressed
enterprise valuation of approx. $1.9 billion, using a 5.5x multiple
and a $344 million going concern EBITDA. GTT's $344 million going
concern EBITDA is primarily driven by margin pressure from last
mile providers, resulting in a 15% decline from LTM pro forma
EBITDA.

The 5.5x multiple is reflective of the company's capex-lite
business model, partially offset by Hibernia and Interoute
acquisitions. The multiple is also in line with the median for
telecom companies published in Fitch's Telecom, Media and
Technology Bankruptcy Enterprise Values and Creditor Recoveries
report.

The revolver is assumed to be fully drawn. The senior secured euro
and usd tranches under EMEA term loan is considered pari passu with
the debt located at GTT due to the collateral allocation mechanism
that would come into effect during bankruptcy.

RATING SENSITIVITIES

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

While Fitch does not anticipate a positive rating action in the
absence of asset sales, the following factors could result in an
upgrade:

  - Gross leverage (total debt with equity credit/EBITDA) sustained
at or below 5.5x; or FFO leverage sustained at or below 6.5x;

  - FCF margins sustained at or above mid-single digits.

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

  - Continued underperformance of revenue due to negative net
installs, higher churn or lower sales rep count or salesforce
productivity dragging profitability below Fitch's expectations;

  - Consistently negative FCF margins;

  - FFO fixed charge-coverage sustained below 1.5x.

Fitch intends to review/resolve the Outlook as it monitors the
operating performance in the coming quarters or when there is an
announcement on asset sales. A material debt reduction that brings
leverage closer to GTT's net leverage target of 4x will likely be a
credit positive event.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: As of Mar 31, 2020, liquidity was supported by
approximately $106.4 million of cash on hand and $174.1 million
available under its revolving facility. Fitch expects FCFs to be
average in low single digits over the forecast supported by
improvement in working capital and partially offset by slightly
higher interest expense owing to the assumption of incremental term
loans (EMEA) in February 2020. Capital intensity is expected to
remain near mid-5%. The company's financial flexibility is also
enhanced by the lenient one percent amortization schedule under its
term loans. Fitch expects GTT's liquidity to remain comfortable
over the rating horizon.

Asset Sales: GTT has publicly announced its intention to sell
non-strategic infrastructure assets that include pan-European fiber
assets, subsea transatlantic fiber and data center infrastructure,
acquired through Interoute and Hibernia acquisitions. The company
intends to use these divestitures for deleveraging. Given the
company's current high leverage of over 8x, the asset sales are
imperative to optimize the overall capital structure and pre-empt a
distressed debt exchange, should leverage continue to increase
without a sale.

Update to Capital Structure: In February 2020, GTT incurred an
incremental EMEA term loan in the amount of $140 million. The
proceeds were used to reduce the revolver balance, providing
additional flexibility. As of March 31, 2020, the total outstanding
balance on the EMEA term loan is $951.5 million (including USD140
million with remaining in Euros) and on the U.S. term loan is
$1,739 million. Both term loans and the revolving facility mature
in 2025. The $575 million of 7.875% unsecured notes are due to
mature in 2024. There are no substantial maturities before 2024,
except the revolving facility matures in 2023.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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).

GTT Communications BV

  - LT IDR B- Affirmed

  - Senior secured; LT B; Affirmed

  - Senior secured; LT B; Affirmed

GTT Communications, Inc.

  - LT IDR B- Affirmed

  - Senior unsecured; LT CCC; Affirmed

  - Senior secured; LT B; Affirmed


HELMERICH & PAYNE: Egan-Jones Lowers Sr. Unsecured Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Helmerich & Payne Inc. to BB from BB+.

Headquartered in Tulsa, Oklahoma, Helmerich & Payne, Inc. provides
contract drilling of oil and gas wells in the Gulf of Mexico and
South America.



HOYA MIDCO: Moody's Confirms 'B3' CFR, Outlook Negative
-------------------------------------------------------
Moody's Investors Service confirmed all existing credit ratings of
Hoya Midco, LLC's, including the B3 Corporate Family Rating, and
changed the outlook to negative. This concludes the review for
downgrade that was initiated on March 26, 2020. Concurrently,
Moody's withdrew Vivid Seats' senior secured first lien revolving
credit facility rating following the company's announcement that it
had fully repaid and terminated the facility [1].

The net proceeds from a new $260 million first-lien PIK term loan
(unrated) will be used to support Vivid Seats' liquidity. The new
term loan is pari passu with the company's existing senior secured
term loan facility and secured on a first priority basis by
substantially all of the company's and guarantors' assets. A
portion of the net proceeds was used to repay the $50 million
outstanding balance on the existing credit facility revolver, which
was subsequently terminated on May 22.

"The confirmation of ratings reflects Vivid Seats' strengthened
liquidity position following the debt issuance. With over $200
million of net incremental cash raised, the new term loan issuance
alleviates concerns over the company's ability to meet its cash
obligations to customers and lenders during the coronavirus
pandemic," said Dilara Sukhov, the lead analyst on Vivid Seats at
Moody's. "While the company's leverage will increase because of a
higher debt load and weak earnings over the next 12-18 months,
Moody's expects a gradual recovery after the pandemic abates which
should return Net Debt/EBITDA to below 6x (Moody's adjusted) by the
end of 2022".

A summary of its rating actions is as follows:

Issuer: Hoya Midco, LLC:

Rating confirmations:

Corporate Family Rating, confirmed at B3

Probability of Default Rating, confirmed at B3-PD

Senior Secured First Lien Term Loan due June 2024, confirmed at B3
(LGD3)

Rating Withdrawal:

Senior Secured First Lien Revolver due June 2022, previously B3
(LGD3), withdrawn

Outlook Actions:

Outlook, Changed to Negative from Rating Under Review

RATINGS RATIONALE

The confirmation of ratings reflects Moody's view that by raising
approximately $200 million in net proceeds from its PIK term loan
issuance, Vivid Seats secured sufficient additional liquidity to
support temporary operating losses and customer refunds during the
outbreak. Pro forma for the $260 million PIK term loan issuance and
revolver repayment, cash on the balance sheet amounts to over $300
million. Pro forma liquidity sources combined with meaningful cost
cutting measures that Vivid Seats has undertaken should enable the
company to absorb negative operating cash flows and have sufficient
liquidity to manage through even if live events and concerts do not
resume until 2022.

In addition, following the retirement of the revolver, the company
has no financial maintenance covenants under its credit facilities
and the nearest maturity (the existing term loans) is June 2024.
The new term loan does not amortize and allows Vivid Seats to pay
full interest in kind for the first two years and 50/50 cash/PIK in
year three, allowing the company to preserve cash for business
operations during a period of heightened business uncertainty.

While supporting the company's liquidity, incremental debt will
raise leverage to an estimated 6x-7x range in 2021, as measured by
Moody's adjusted Net Debt-to-EBITDA. The new term loans 11.5% PIK
will continue to accrue, making it more difficult for Vivid Seats
to deliver when the ticket marketplace returns to pre-COVID
activity levels, which Moody's latest base case assumes will occur
sometime in 2021. Integral to Moody's view is that Vivid Seats'
maintains a viable and profitable long-term business model that
will allow the company's financial performance to rebound as the
country recovers from the pandemic. Moody's estimates that Vivid
Seats will likely return to Net Debt-to-EBITDA below 6x by the end
of 2022.

Vivid Seats' B3 corporate family rating continues to reflect its
concentrated business profile in the ticket resale market and the
stiff competition it faces from larger, diversified companies
operating both primary and secondary ticket marketplaces. The
rating remains supported by the company's entrenched position in
the secondary ticket marketplace, the scalable nature of its
platform which benefits from network effects, and strong
double-digit EBITDA margins the company has been able to
consistently achieve prior to the unprecedented event cancellations
and venues/ theater/sports events closures due to coronavirus
outbreak in the US. The company's credit profile is challenged by
intense competition from two larger peers and continued regulatory
scrutiny surrounding the secondary ticket marketplace and fee
transparency. Governance risks Moody's considers in Vivid Seats'
credit profile include an aggressive financial strategy
characterized by private equity ownership and a likelihood of
periodic re-leveraging to fund dividends and acquisitions.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
services sector related to entertainment and leisure 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 Vivid Seats' credit profile have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. In response to the federal
government's recommendation that public gatherings should be
restricted to ten or fewer individuals and people should engage in
social distancing due to the widespread coronavirus pandemic, major
sports league, concert venues, Broadway shows have either cancelled
or postponed their seasons/live events, and there is no certainty
as to when these entertainment activities will resume. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

The negative outlook reflects continued uncertainty around the
timing and extent of the return of live events return following the
coronavirus pandemic. It also reflects Moody's expectation that
Vivid Seats' operating performance will remain significantly
suppressed through 2020 and early 2021, with negative cash flows
and EBITDA, mitigated by sufficient cash on hand to meet the
earnings shortfall.

The outlook could be changed to stable if the ticket market place
operating environment stabilizes and Vivid Seats demonstrated
meaningful progress toward delevering to 6x (Moody's adjusted) or
below, with good liquidity.

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

The ratings could be downgraded if (i) Vivid Seats experiences
higher than anticipated cash burn, (ii) if Moody's expects Net
Debt-to-EBITDA to remain above 6x by the end of 2022, (iii) there
is a sharp deterioration in liquidity, or (iv) regulatory or other
actions adversely impact volume and profitability of the secondary
ticketing market or Vivid Seats' market share.

Although unlikely in the near term given the negative outlook, the
ratings could be upgraded if (i) Vivid Seats is able to profitably
grow its market share, with diminished regulatory and legal risks,
(ii) maintains financial policies that are supportive of
Debt-to-EBITDA under 5x and free cash flow to debt above 8% (both
Moody's adjusted on gross debt basis), and (iii) sustains good
liquidity.

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

Hoya Midco, LLC is the parent company of Vivid Seats LLC,
headquartered in Chicago, Illinois, which provides an online
marketplace serving the secondary ticketing industry. The company
is majority-owned by affiliates of GTCR, LLC and co-investors, with
ownership stakes also held by affiliates of Vista Equity Partners
Management LLC and the management team. Vivid Seats reported net
revenue of $469 million in 2019.



HYGEA HOLDINGS: June 12 Plan Confirmation Hearing Set
-----------------------------------------------------
Hygea Holdings Corp. and its affiliated debtors filed with the U.S.
Bankruptcy Court for the District of Delaware a motion for entry of
an order approving a disclosure statement.

On May 5, 2020, Karen B. Owens granted the motion and ordered
that:

   * The Disclosure Statement is approved in all respects pursuant
to 11 U.S.C. Sec. 1125 and Fed. R. Bankr. P. 3017(b).

   * June 12, 2020, at 10:00 a.m. before the Honorable Karen B.
Owens, United States Bankruptcy Judge, United States Bankruptcy
Court for the District of Delaware, 824 North Market Street, 6th
Floor, Courtroom No. 3, Wilmington, Delaware 19801 is the hearing
to consider confirmation of the Plan.

   * June 5, 2020, at 4:00 p.m. (ET) is the deadline for filing and
serving objections to confirmation of the Plan.

   * June 9, 2020, is the deadline for filing and serving briefs in
support or in opposition to the Plan.

   * May 20, 2020, at 4:00 p.m. (ET) is the deadline for filing and
serving objections to claims that may affect the tabulation of
votes on the Plan.

   * May 27, 2020, at 4:00 p.m. (ET) is the deadline for filing and
serving motions pursuant to Bankruptcy Rule 3018(a) seeking
temporary allowance of claims for the purpose of accepting or
rejecting the Plan.

   * The Debtors will mail or cause to be mailed by first-class
mail to holders of claims in Class 3 (Bridging's Secured Claim) and
Class 4 (General Unsecured Claims) under the Plan, who are entitled
to vote on the Plan, an information and solicitation package.

   * June 8, 2020, is the deadline to deliver ballots for accepting
or rejecting the Plan.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/yc8tm9lr from PacerMonitor at no charge.

                     About Hygea Holdings

Founded in 2007, Hygea Holdings -- http://www.hygeaholdings.com/
--is a consolidated enterprise of several companies aggregated
through a series of acquisitions that focus on the delivery of
primary-care-based health care to commercial, Medicare, and
Medicaid patients. Hygea currently provides health care related
services to 190,000 patients in the southeast United States through
two platforms: (i) individual physician practices and physician
group practices with a primary care physician focus and (ii)
management services organizations. The physician practices consist
of 17 active brick and mortar locations throughout South and
Central Florida and Georgia. Hygea is headquartered in Miami and
employed more than 150 individuals at the time of filing.

Hygea Holdings Corp. and 32 affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-10361) on Feb. 19, 2020.

The Debtors tapped Cole Schotz P.C. as its legal counsel, and
Alvarez & Marsal North America, LLC as its financial advisor.  Epiq
Corporate Restructuring, LLC is the claims agent.


HYTERA COMMUNICATIONS: Case Summary & 30 Top Unsecured Creditors
----------------------------------------------------------------
Lead Debtor: Hytera communications America (West), Inc.
             8 Whatney, Unit 200
             Irvine, CA 92618

Business Description:     Hytera -- https://www.hytera.us -- is a
                          global company in the two-way radio
                          communications industry.  Hytera has 10
                          international R&D Innovation Centers and

                          more than 90 regional organizations
                          around the world, and 40% of Hytera
                          employees are engaged in engineering,
                          research, and product design.  Hytera
                          has three manufacturing centers in China
                          and Spain.

Chapter 11 Petition Date: May 26, 2020

Court:                    United States Bankruptcy Court
                          Central District of California

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

    Debtor                                               Case No.
    ------                                               --------
    Hytera communications America (West), Inc. (Lead)    20-11507
    Hytera America Incorporated                          20-11508
    HYT North America, Inc.                              20-11509

Judge:                    Hon. Erithe A. Smith

Debtors' Counsel:         Ira D. Kharasch, Esq.
                          John W. Lucas, Esq.
                          Victoria A. Newmark, Esq.
                          Jason H. Rosell, Esq.
                          PACHULSKI STANG ZIEHL & JONES LLP
                          10100 N. Santa Monica Blvd., 13th Floor
                          Los Angeles, California 90067
                          Tel: (310) 277-6910
                          Fax: (310) 201-0760
                          E-mail: ikharasch@pszjlaw.com
                                  jlucas@pszjlaw.com
                                  vnewmark@pszjlaw.com
                                  jrosell@pszjlaw.com

Debtors'
Corporate &
Special
Counsel:                  STEPTOE & JOHNSON LLP

Debtors'
Exclusive
Financial
Advisor:                 IMPERIAL CAPITAL, LLC

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $500 million to $1 billion

The petitions were signed by Ni Huang, president.

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

                       https://is.gd/zTlldy
                       https://is.gd/OtUQWD
                       https://is.gd/KrIUPu

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Motorola Solutions, Inc.           Judgment        $764,561,156
500 West Monroe Street               Entered in
Chicago, IL 60661                 Favor of Motorola
Brandon Hugh Brown, Counsel       Solutions, Inc.
Kirkland & Ellis LLP               and Motorola
Tel: (415) 439-1670                  Solutions
Email: brandon.brown@kirkland.com  Malaysia, SDN.
                                        BHD

2. Motorola Solutions                 Judgment        $764,561,156
Malaysia SDN.BHD
Plot 2 Medan Bayan Lepas,
Technoplex 11900
Bayan Lepas Penang
Brandon Hugh Brown, Counsel
Kirkland & Ellis LLP
Tel: (415) 439-1670
Email: brandon.brown@kirkland.com

3. SAF Tehnika JSC                     Trade              $620,231
24A, Ganibu Dambis Riga
LV-1005 Latvia
Vladimir Rojas
Tel: 011 371 670 468 40
Fax: 011 371 670 468 09
Email: Vladimir.Rojas@saftehnika.com

4. TeleExpress Inc.                    Trade              $128,390
406 Interstate Drive
High Point, NC 2726
Craig Weekley
Tel: (336) 862-7405
Email: craigw@telexpressinc.com

5. Exhibivent LLC                      Trade               $65,235
1121 Palmer Court
Crystal Lake, IL 60014
Richard Prioletti
Tel: (815) 382-3202
Email: info@exhibivent.com

6. CommScope Technologies LLC          Trade               $62,311
PO Box 9687
Chicago, IL 60693
Sonia Adams
Tel: (708) 873-8859
Fax: (779) 435-8579
Email: Soina.Adams@commscope.com

7. Times Microwave                     Trade               $58,282
PO Box 8500-4475
Philadelphia, PA 19178-447
Linda Parks
Tel: (336) 862-7405
Fax: (203) 949-8423
Email: Linda.Parks@timesmicro.com

8. Service Communications              Trade               $43,407
100 Henderson Road
Lafayette, LA 70508
Rachel Romero
Tel:(337) 252-2646
Email: Sales@Servicecommla.com

9. CDW Direct                          Trade               $41,311
200 North Milwaukee Avenue
Vernon Hills, IL 60061
Accounting
Tel: (877)-571-7031
Email: CustomerRelations@web.cdw.com

10. Panorama Antennas                  Trade               $39,826
1551 Heritage Parkway
Suite 101
Manfield, TX 76063
Jose Fontanillas
Tel: (787) 402 8190
Email: sales.nam@panorama-antennas.com

11. Samlex America, Inc.               Trade               $28,842
103-4268 Lozells Avenue
Burnaby, BC V5A 0C6 C
Jason Eckert
Tel: (800) 561-5885
Fax: (888) 814-5210
Email: jason@samlexamerica.com

12. Tyco Integrated Security LLC       Trade               $15,867
PO Box 371967
Pittsburgh, PA 15250-7967
Accounting
Tel: (800) 701-8449

13. Seminole Wire & Cable Co., Inc.    Trade               $15,017
7861 Airport Highway
Pennsauken, NJ 08109
Sue
Tel: (800) 346-4378
Fax: (856) 438-6875
Email: customer.service@seminolewire.com

14. Fiplex Communications, Inc.        Trade               $13,992
Drawer 2346
PO BOX 5935
Troy, MI 48007-5935
Ricardo De Goycoechea
Tel: (305) 884-8991
Email: elizabeth@fiplex.com

15. Tessco                             Trade               $13,842
11126 McCormick Road
Hunt Valley, MD 21031
Accounting
Tel: (800) 472-7373
Fax: (410) 229-1480

16. Rapicom Communications, Inc.       Trade               $12,177
3830 W. 11 Avenue
Hialeah, FL 33012
Patricia Prias
Tel: (239) 353-1171
Email: rapicom@comcast.net

17. Brunal Air Cargo                   Trade               $10,504
Paramount House
Suite 117, Delta Way
Egham, Surrey
TW20 8RX, UK
Mark Scanlon
Tel: 44 (0) 1384230381
Email: mscanlon@brunalaircargo.co.uk

18. PCM Link                           Trade                $7,748
11999 San Vicente Blvd.
Los Angeles, CA 90049
Joseph Cronin
Tel: (310) 472-4031

19. United Parcel Service              Trade                $7,473
PO Box 7247-0244
Philadelphia, PA 19170-0001
Accounting
Tel: (630) 628-4486

20. Adcom Worldwide, Inc.              Trade                $6,804
PO Box 844722
Dallas, TX 75284
Gaby Cavallo
Tel: (817) 329-809
Email: gcavallo@adcomworldwide.com

21. DLS Worldwide                      Trade                $5,577
PO Box 932721
RR Donnelley
Cleveland, OH 44193
Accounting
Tel: (877) 744-3818

22. Expeditors Intl-LA                 Trade                $4,605
12200 S. Wilkie Avenue
Suite 100
Hawthorne, CA 90250
Kathleen M. Vogel
Tel: (206) 834-7975
Email: kathleen.vogel@expeditors.com

23. Pinacle                            Trade                $4,400
The Tower at PNC Plaza
300 Fifth Avenue
Pittsburgh, PA 15222
Accounting
Tel: (800) 843-2206

24. K12 Prospects                      Trade                $4,220
3941 Doral Drive
Tampa, FL 33634
Accounting
Tel: (800) 829-8560
Fax: (877) 691-6833
Email: sales@k12Prospects.com

25. Echo Global Logistics Inc.         Trade                $3,882
22168 Network Place
Chicago, IL 60673-1221
James Brill
Tel: (800) 354-7993
Email: James.Brill@echo.com

26. Insight Direct USA, Inc.           Trade                $3,759
910 W. Carver Road
Suite 110
Tempe, AZ 85284
Ken Lamneck
Tel:(480) 902-1000

27. 3E Tech                            Trade                $3,750
2800 Glades Circle
Suite 109
Weston, FL 33327
Feng Xiao
Tel: (954) 907-8818
Email: Feng@DragonLingua.Com

28. Pandeta                            Trade                $3,750
7108 S. Alton Way
Building H
Centennial, CO 80112-2123
Accounting
Tel: (305) 846-000
Fax: (303) 792-2390

29. Phoenix AC & Heating Inc.          Trade                $3,595
23192 Verdugo Drive
Suite B
Laguna Hills, CA 92653
Mike Van Deren
Tel: (949) 481-0204

30. Advertising Edge Inc.              Trade                $3,325
9840 Prospect Avenue
Santee, CA 92071
Chad Jochens, President
Tel: (800) 258-9774
Fax: (619) 258-9780
Email: sales@advedge.com


IMPORT SPECIALTIES: Wants to Continue Using Cash Until August 31
----------------------------------------------------------------
Import Specialties Incorporated requests the U.S. Bankruptcy Court
for the District of Minnesota for an extension of the use of cash
collateral until Aug. 31, 2020.

The Debtor's calculation of the amount of debt owed to Charter Bank
and secured by the collateral: $3,060,000.

The Debtor proposes to provide adequate protection of Charter Bank,
as follows:

      (a) The Debtor will use cash to pay ordinary and necessary
business expenses and administrative expenses.

      (b) The Debtor will grant Charter Bank replacement liens in
post-petition inventory, accounts, equipment and general
intangibles, and cash and all proceeds thereof , to the extent of
the Debtor's use of cash collateral, with such liens being of the
same priority, dignity, and effect as their respective pre-petition
liens.

      (c) The Debtor will carry insurance on its assets.

      (d) The Debtor will provide Charter Bank such reports and
documents as they may reasonably request.

      (e) The Debtor will afford Charter Bank the right to inspect
its books and records and the right to inspect and appraise the
collateral at any time during normal operating hours and upon
reasonable notice to the Debtor and its attorneys.

      (f) The Debtor will pay Charter Bank continued monthly
adequate protection payments in the amount of $20,000, and
continuing each month thereafter unless later changed by court
order.

      (g) The Debtor's permitted use of cash collateral: (i) the
Debtor defaults in performance of any obligation hereunder; (ii)
Charter Bank gives notice of the default to Debtor and its counsel;
and (iii) such default not cured within seven business days from
the date of receipt of the notice.

The Debtor previously sought and obtained authorization to use cash
collateral until May 31.

A copy of the Motion is available for free at https://is.gd/eTBFGa
from Pacermonitor.com

                   About Import Specialties

Import Specialties Incorporated, d/b/a Heartland America, is a
privately held company in Chaska, Minnesota that sells products
using television, catalog, internet, and mail-order.

Import Specialties filed a voluntary Chapter 11 bankruptcy petition
(Bankr. D. Minn. Case No. 19-42563) on Aug. 22, 2019.  In the
petition signed by CEO Mark R. Platt, the Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.  The
case has been assigned to Judge Kathleen H. Sanberg. John D. Lamey,
III, Esq. at Lamey Law Firm, P.A., is the Debtor's counsel.

The U.S. Trustee for Region 12 on Sept. 5, 2019, appointed three
creditors to serve on the official committee of unsecured creditors
in the Chapter 11 case.  The Committee retained Barnes & Thornburg
LLP, as counsel.



INTL FCSTONE: Moody's Rates New $350MM Senior Secured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to INTL FCStone
Inc.'s (INTL, Ba3 stable) proposed $350 million senior secured
notes due 2025. INTL plans to use the issuance proceeds to fund its
$236 million acquisition of GAIN Capital Holdings, Inc. and fund
the repayment of GAIN Capital's $92 million convertible notes due
2022.

The following rating was assigned:

Issuer: INTL FCStone Inc.

Senior Secured Notes, Assigned at Ba3

RATINGS RATIONALE

Moody's said the Ba3 rating on INTL's proposed senior secured notes
is aligned with INTL's Ba3 issuer rating. The difference in
expected loss between INTL's proposed senior secured notes (which
will have a second lien claim on INTL's assets and the assets of a
few of its smaller subsidiaries) and any senior unsecured debt and
debt like obligations is not of sufficient magnitude to warrant a
difference in these ratings levels, said Moody's.

Moody's said INTL's Ba3 issuer rating reflects its strengths in a
range of specialized financial services functions, including
commercial hedging and risk management advisory, commodities
trading, clearing and execution, securities market making and
global payments. The firm's credit profile benefits from a strongly
diversified business mix, consistent earnings generation and
favorable regulatory and market trends, said Moody's.

Moody's said INTL's ratings also reflect the operational and
capital efficiencies that it will derive from the acquisition, that
will offset the credit risks from increased debt leverage and the
acquisition integration. Moody's said that within twelve months of
the consummation of the transaction, INTL anticipates the
realization of around $100 million in capital synergies following
the merger of some of INTL's and GAIN's operating subsidiaries.
INTL plans on using the proceeds from the regulatory capital
savings associated with the business combination to reduce
leverage.

Moody's said that INTL has historically taken advantage of
well-timed acquisitions, which have expanded its franchise and
customer base and that have been successfully integrated. The
timing of the announcement of the GAIN Capital acquisition came a
few weeks before the spike in market volatility and trading volumes
associated with the coronavirus pandemic and oil price shocks. As a
result of these extraordinary market conditions that occurred in
the latter period of the first calendar quarter of 2020, the
results of both firms benefitted from increased transaction volumes
and spreads. GAIN Capital reported $77.3 million net income for the
quarter ended March 31, 2020, compared with a $28.4 million loss in
the same period last year. The significant improvement in GAIN
Capital's profitability was as a result of higher trading revenue
from its retail business. INTL will be able to capture this
increased cash flow generation following the consummation of the
transaction because of the excess cash that has been generated at
GAIN Capital, said Moody's. INTL's net operating revenue increased
to $243 million in the quarter ended March 31, 2020, compared with
$165 million a year ago.

Moody's said that INTL has demonstrated relatively prudent
financial policies and has successfully retained a long-term
strategic focus. Accordingly, although the transaction would
increase INTL's debt balance, the credit benefits and recent
improvements in both firms' profitability will help offset the
credit challenges associated with the acquisition, and will provide
INTL with added liquidity which could help reduce its
post-acquisition debt leverage.

Moody's said INTL's outlook is stable, based on Moody's expectation
that INTL will continue to generate strong and diversified
operating revenue while maintaining a conservative approach to risk
management.

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

WHAT COULD MOVE THE RATING - UP

Increasing profitability and scale resulting in significantly
improved pretax earnings and related margins

Demonstration of a sound evolution in management oversight,
controls and risk management commensurate with the firm's growth

WHAT COULD MOVE THE RATING - DOWN

Unfavorable changes to the acquisition transaction terms, such as a
higher price, resulting in a weaker liquidity profile

Inability to substantially execute the regulatory capital savings
associated with the business combination, with a consequent
inability to use these savings to de-lever

Evidence of deterioration in liquidity risk management

Entry into higher-risk business activities or evidence that
management oversight, controls and risk management are not keeping
pace with growth

Change in financial policy to strongly favor shareholder interests
via significant ongoing dividend payments and share repurchases

The principal methodology used in this rating was Securities
Industry Market Makers Methodology published in November 2019.


J-H-J INC: Obtains Interim Approval to Use Cash Collateral
----------------------------------------------------------
Judge John W. Kolwe authorized J-H-J, Inc., and debtor affiliates
to use cash collateral on an interim basis, pursuant to the
approved budget.

The budget for the period from April 7, 2020 through April 30, 2020
provides for total operating expenses (cumulative) of
$1,548,052.60, including $588,337.44 in total store payroll.  A
copy of the budget is available at for free https://is.gd/8TpbdL
from PacerMonitor.com.  

Pursuant to this sixth interim order, the Court extended the
Debtors' authority to use cash collateral to (x) the next day after
the date of the final hearing on the cash collateral motion (which
was set for May 19, 2020) or (y) three days after written notice to
the Debtors and the Committee is given by the Debtors' secured
creditor, following the occurrence of an event of default.

The Court has ruled to continue hearing on the motion until June
30, 2020 at 10 a.m.

                        About J-H-J Inc.

J-H-J, Inc. is the lead debtor in the jointly administered cases
with eight debtor affiliates (Bankr. W.D. La. Lead Case No.
19-51367) filed on November 15, 2019 in Lafayette, La.    

JHJ, a Louisiana corporation, was formed in 1984 for the purpose of
owning and operating retail grocery stores in the Baton Rouge
metropolitan area.  Currently, JHJ owns and operates two such
stores.  Beginning in 1998, the remaining Debtors were formed by
certain shareholders of JHJ for purposes of operating retail
grocery stores in various locations in southern Louisiana.
Collectively, the Debtors currently own and operate 12 grocery
stores under the names Piggly Wiggly or Shoppers Value.  All
general administrative duties for the Debtors are handled by JHJ.

The Debtor affiliates are: (i) Lafayette Piggly Wiggly, LLC; (ii)
T.H.G. Enterprises, LLC; (iii) SVFoods Old Hammond, LLC; (iv)
SVFoods Jefferson, LLC; (v) T&S Markets, LLC; (vi) TSD Markets,
LLC; (vii) Baker Piggly Wiggly, LLC; and (viii) BR Pig, LLC.   

As of the petition date, J-H-J is estimated with both assets and
liabilities at $10 million to $50 million.  The petition was signed
by Garnett C. Jones, Jr., president.  Judge John W. Kolwe is
assigned the cases.  The Steffes Firm, LLC serves as counsel to the
Debtors.


LATAM AIRLINES: Case Summary & 40 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: LATAM Airlines Group S.A.
             Estado 10
             Piso 11
             Santiago, Republic of Chile

Business Description:     LATAM Airlines Group S.A. --
                          www.latam.com -- is a pan-Latin American

                          airline holding company involved in the
                          transportation of passengers and cargo
                          and operates as one unified business
                          enterprise.  Before the onset of the
                          COVID-19 pandemic, LATAM offered
                          passenger transport services to 145
                          different destinations in twenty-six
                          countries, including domestic flights in
                          Argentina, Brazil, Chile, Colombia,
                          Ecuador and Peru, and international
                          services within Latin America as well as
                          to Europe, the United States, the
                          Caribbean, Oceania, Asia, and Africa.

Chapter 11 Petition Date: May 25, 2020

Court:                    United States Bankruptcy Court
                          Southern District of New York

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

   Debtor                                               Case No.
   ------                                               --------
   LATAM Airlines Group S.A. (Lead)                     20-11254
   Lan Cargo S.A.                                       20-11259
   Transporte Aereo S.A.                                20-11255
   Inversiones Lan S.A.                                 20-11261
   Technical Training LATAM S.A                         20-11262
   LATAM Travel Chile II S.A.                           20-11263
   Lan Pax Group S.A.                                   20-11264
   Fast Air Almacenes de Carga S.A.                     20-11265
   Linea Aerea Carguera de Colombia SA                  20-11260
   Aerovias de Integracion Regional S.A. (Aires S.A.)   20-11256
   LATAM Finance LTD                                    20-11266
   LATAM Airlines Ecuador S.A.                          20-11257
   Professional Airline Cargo Services, LLC             20-11268
   Cargo Handling Airport Services, LLC                 20-11269
   Maintenance Service Experts, LLC                     20-11270
   Lan Cargo Repair Station LLC                         20-11271
   Prime Airport Services Inc.                          20-11272
   Professional Airline Maintenance Services, LLC       20-11273
   Connecta Corporation                                 20-11274
   Peuco Finance Ltd.                                   20-11267
   Latam Airlines Peru S.A.                             20-11258
   Inversiones Aereas S.A.                              20-11275
   Holdco Colombia II SpA                               20-11276
   Holdco Colombia I SpA                                20-11277
   Holdco Ecuador S.A.                                  20-11278
   Lan Cargo Inversiones S.A.                           20-11279
   Lan Cargo Overseas Ltd                               20-11280
   Mas Investment Ltd.                                  20-11281
   Professional Airline Services Inc.                   20-11282

Judge:                    Hon. James L. Garrity, Jr.

Debtors'
General
Bankruptcy
Counsel:                  Richard J. Cooper, Esq.
                          Lisa M. Schweitzer, Esq.
                          Luke A. Barefoot, Esq.
                          Thomas S. Kessler, Esq.
                          CLEARY GOTTLIEB STEEN & HAMILTON LLP
                          One Liberty Plaza
                          New York, New York 10006
                          Tel: (212) 225-2000
                          Fax: (212) 225-3999
                          Email: rcooper@cgsh.com
                                 lschweitzer@cgsh.com
                                 lbarefoot@cgsh.com
                                 tkessler@cgsh.com

Debtors'
Local
Counsel:                  CLARO & CIA IN CHILE

Debtors'
Restructuring
Advisor:                  Rachel Chesley
                          FTI CONSULTING
                          Wall Street Plaza
                          88 Pine Street, 32nd Floor
                          New York, NY 10005
                          Tel: 212.850.5600
                          Fax: 212.850.5790
                          Email: rachel.chesley@fticonsulting.com

Debtors'
Financial
Advisor:                  PJT PARTNERS INC.

Debtors'
Conflicts
Counsel:                  TOGUT, SEGAL & SEGAL LLP

Debtors'
Claims &
Noticing
Agent:                    PRIME CLERK LLC
                          https://cases.primeclerk.com/LATAM

Total Assets as of December 31, 2019: $21,087,806,000

Total Debts as of December 31, 2019: $17,958,629,000

The petitions were signed by Ramiro Alfonsin Balza, chief financial
officer.

A copy of LATAM Airlines Group's petition is available for free  at
PacerMonitor.com at:

                      https://is.gd/EoTzX1

List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. LATAM 2026 Notes                Unsecured Notes    $800,000,000
240 Greenwich Street 7E
New York, NY 10286
Bank of New York Mellon, as Trustee
Peter Lopez
Tel: + 1 212 815 8273
Email: peter.lopez@bnymellon.com

2. LATAM 2024 Notes                Unsecured Notes    $700,000,000
240 Greenwich Street, 7E
New York, NY 10286
Bank of New York Mellon, as Trustee
Peter Lopez
Tel: + 1 212 815 8273
Email: peter.lopez@bnymellon.com

3. Banco Santander Chile               Frequent       $549,000,000
Bandera N 140                        Flier Miles
Santiago, Metropolitana
Chile
Maria Soledad Schuster
Tel: 56 (2) 2648 3669 Anexo 83669
Email: mariasoledad.schuster@santander.cl

4. Local Bonds, Series E           Unsecured Notes    $179,030,673
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Banco del Estado de Chile, as Trustee
Francesca Gardella
Tel: (562) 2970 6210
Email: fgarde@bancoestado.cl

5. Banco de Credito del Peru           Frequent       $167,000,000
Calle Centenario 156                 Flier Miles
Lima, Lima
Peru
Gianfranco Piero Ferrari de las Casas, CEO
Tel: 51.1.313.2000
Fax: 51.1.313.2121
Email: consultationsbcp@bcp.com.pe;
reclamamos@bcp.com.pe

6. Banco Santander Madrid          Unsecured Debt     $139,500,000
Av. de Cantabria s/n
28660 Boadilla del Monte
Madrid, Madrid
Spain
Luis Casero Ynfiesta
Tel: +34 91 289 72 47
Email: luis.casero@gruposantander.com

7. Local Bonds, Series A           Unsecured Notes     $89,515,336
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Banco del Estado de Chile, as Trustee
Francesca Gardella
Tel: (562) 2970 6210
Email: fgarde@bancoestado.cl

8. Local Bonds, Series B           Unsecured Notes     $89,515,336
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Banco del Estado de Chile, as Trustee
Francesca Gardella
Tel: (562) 2970 6210
Email: fgarde@bancoestado.cl

9. Scotiabank Chile                 Unsecured Debt     $74,000,000
Casa Matriz Av Costanera
Sur 2710 Torre A
Santiago
Chile
Federico Alonso
Tel: 416‐866‐6161
Email: Federico.Alonso@scotiabank.cl

10. Local Bonds, Series C           Unsecured Notes    $66,241,349
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Banco del Estado de Chile, as Trustee
Francesca Gardella
Tel: (562) 2970 6210
Email: fgarde@bancoestado.cl

11. Local Bonds, Series D           Unsecured Notes    $66,241,349
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Banco del Estado de Chile, as Trustee
Francesca Gardella
Tel: (562) 2970 6210
Email: fgarde@bancoestado.cl

12. Banco BTG Pactual Chile,         Unsecured Debt    $59,438,183
as Agent
Avenida Costanera Sur 2730, 19th floor
Santiago, Metropolitana
Chile
Rodrigo Oyarzo
Tel: +56 22 587 5027
Email: Rodrigo.Oyarzo@btgpactual.com

13. American Express Travel          Unsecured Debt    $52,511,111
Related Services Company, Inc.
200 Vesey Street
New York, NY 10285
Liliana Gutierrez
Tel: +56 2 2783 8733
Email: liliana.w.gutierrez@aexp.com

14. Banco del Estado de Chile        Unsecured Debt    $40,000,000
Avenida Libertador Bernardo
O'Higgins 1111
Santiago, Metropolitana
Chile
Francesca Gardella
Tel: 56979695018
Email: fgarde@bancoestado.cl

15. BP p.l.c (Air BP)                  Trade Debt      $38,940,366
501 Westlake Park Boulevard
Houston, TX 77079
Unted States
John Platt, CEO
Tel: 971 5 04536032
Fax: 971 4 3318628
Email: airbpoutofhours@bp.com

16. World Fuel Services                 Trade Debt     $30,030,023
9800 NW 41 Street, Suite 400
Miami, FL 33178
Richard Hoppe
Tel: 1‐305‐799‐3532
Email: RHoppe@wfscorp.com

17. Itau CorpBanca                    Unsecured Debt   $29,857,588
Avenida Presidente Riesco 5537
16th Floor
Santiago, Metropolitana
Chile
Carlos Irarrazaval
Tel: 56961699692
Email: Carlos.Irarrazaval@itau.cl

18. Direccion General de                Trade Debt     $17,063,704
Aeronautica Civil
AV. Miguel Claro 1314
Providencia
Chile
Victor Villalobos Collao
Tel: 2‐4392000
Email: victor.villalobos@dgac.gob.cl

19. Aerospace Turbine                   Trade Debt     $16,632,517
  
Services & Solutions
Adjacent Abu Dhabi Intl
Airport Turbine Services
Building
Gate Number 3
Abu Dhabi
United Arab Emirates
Mansoor Janahi
Tel: +971 (2) 5057887
Email: MJanahi@tssaero.ae

20. OneWorld                            Trade Debt     $14,753,378
2 Park Avenue
Suite 1100
New York, NY 10016
Rob Gurney, CEO
Tel: 604‐713‐2660
Email: rob.gurney@oneworld.com

21. The Boeing Company                  Trade Debt     $16,167,786
100 N Riverside Drive
Chicago, IL 60606
Gayle K. Wilson
Tel: 206‐6629829
Email: gayle.k.wilson@boeing.com;
jessica.l.waddell@boeing.com

22. Etihad Airways Engineering          Trade Debt     $14,425,131
SN New Airport Road
P. O. Box 35566
Khalifa City A
Abu Dhabi
United Arab Emirates
Frederic Dupont
Tel: 971 56 685 0160
Email: FDUPONT@etihad.ae

23. Gate Gourmet US, Inc                Trade Debt     $13,975,615
1880 Campus Commons Drive
Suite 200
Reston, VA 20191
Rodrigo Decerega
Tel: 1 (786) 2572043
Email: rdecerega@gategroup.com

24. Regional One INC, Dash 24 LLC;      Contingent     $12,440,000
Case: 2013‐20319 CA 01                  Litigation
Lavalle, Brown & Ronan PA
750 South Dixey Highway
Boca Raton, FL 33432
Kenneth Ronan
Tel: 561‐395‐0000
Email: kronan@lavallebrown.com

25. HSBC Bank Chile                   Unsecured Debt   $12,000,000
Av. Isidora Goyenechea 2800
Floor 23
Santiago, Metropolitana
Chile
Alexandre Falcao
Tel: 212‐525‐4449
Email: alexandre.p.falcao@us.hsbc.com

26. Sistemas Globales                   Trade Debt     $11,906,629
Chile‐Asesorias Limitada
Av.Apoquindo Oficina 5 3600
Las Condes
Chile
Natalia Croce
Tel: 2 ‐ 24468423
Email: natalia.croce@globant.com;
       Billing@globant.com

27. Repsol S.A.                         Trade Debt     $11,135,377
2455 Technology Forest Blvd
The Woodlands, TX 77381
Josu Jon Imaz San Miguel, CEO
Tel: 832‐442‐1000
Email: infous@repsol.com;
       ralvarezp.ir@repsol.com

28. Talma Servicios                     Trade Debt     $11,071,121
Aeroportuarios S.A.
Av. Elmer Faucett 2879
Piso 4
Lima Cargo City, Callao 7031
Peru
Entrevista a Arturo Cassinelli, CEO
Tel: 51 1 513 8900 Anexo 41123 /
     41148 / 41140
Email: anabel.ruiz@talma.com.pe;
       deisy.villar@talma.com.pe;
       elizabeth.pizarro@talma.com.pe;
       graciela.guillen@talma.com.pe;
       patricia.aranguren@talma.com.pe;
       rudi.landauro@talma.com.pe

29. General Directorate for             Contingent      $9,217,000
Competition of the                      Litigation
European Commission
Place Madou
Madouplein 1
Brussels, Saint‐Josse‐ten‐Noode 1210
Belgium
Mr Olivier Guersent, Director General
Tel: +32‐229‐65414
Email: Olivier.Guersent@ec.europa.eu

30. CFM International, Inc.             Trade Debt      $7,458,917
One Neumann Way
Cincinnati, OH 45215
Gael Meheust, CEO
Tel: 513‐552‐3272
Email: aviation.fleetsupport@ge.com

31. AerCap                              Trade Debt      $7,430,428
65 St. Stephen's Green
AerCap House
Dublin D02 YX20
Ireland
Phil Scruggs (CCO)
Tel: 353‐1‐819‐2010
Email: akelly@aercap.com;
       pscruggs@aercap.com

32. Petroleo Brasileiro S.A             Trade Debt      $7,226,085
200 Westlake Park Boulevard
Suite 1000
Houston, TX 77079
Rodrigo Motta Guimares
Tel: 5521996474208
Email: rodrigo@br‐petrobras.com.br

33. Avolon                              Trade Debt      $6,483,212
640 5th Ave
19th Floor
New York, NY 10019
John Higgins (CCO)
Tel: 646‐609‐8970
Email: jhiggins@avolon.aero;
       fcampos@avolon.aero

34. BBAM Aircraft                       Trade Debt      $6,329,142
               
Leasing & Management
50 California Street
14th Floor
San Francisco, CA 94111
Daniel Silberman
Tel: 415‐267‐1600
Fax: 415‐618‐3337
Email: daniel.silberman@bbam.com

35. Petroleos del Peru S.A.             Trade Debt      $5,499,404
Av.Paseo De La Republica 3361 Sn I
Lima, Peru
Alonzo Rivera
Tel: 996720438
Email: arivera@petroperu.com.pe.

36. Collins Aerospace                   Trade Debt      $5,341,080
2730 W Tyvola Road
4 Coliseum Center
Charlotte, NC 28217
Stephen Ribaudo
Tel: 1 860 503 9729
Email: stephen.ribaudo@collins.com

37. Everis Chile SA                     Trade Debt      $4,815,827
Libertador B Ohiggins 1449. 1449
Santiago, Chile
Juan Pablo Buiatti
Tel: 2‐4215300
Email: juan.pablo.buiatti.dal.pietro@everis.com;
chile.finances@everis.com

38. CAE, Inc.                           Trade Debt      $4,672,327
Emirates Aviation College Bldg
Dubai
United Arab Emirates
Michel Azar‐Hmouda
Tel: 1 972 456‐8070
Email: michel.azarhmouda@cae.com

39. Organizacion Terpel S.A.            Trade Debt      $4,653,261
Av Eldorado, 99.
Bogota, Colombia
Liliana Tovar Silva
Tel: 315‐355‐4671
Email: ltovar@terpel.com

40. Empresa Argentina de                Trade Debt      $4,215,496
Navegacion Aerea
Rivadavia 578
3nd Piso
Buenos Aires, AAQ C‐100 2
Argentina
Aerea Cristian Arnau
Email: carnau@eana.com.ar


MACY'S INC: Fitch Cuts LongTerm IDRs to 'BB', Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
for Macy's Inc. and Macy's Retail Holdings Inc. to 'BB' from 'BB+'.
The Rating Outlook is Negative.

Fitch has assigned a 'BBB-'/'RR1' rating to Macy's expected $3
billion secured asset-based loan facility, including approximately
$2.7 billion revolving credit facility and up to $300 million
bridge facility at a newly created SPV, Macy's Inventory Funding
LLC, to which Fitch is assigning an IDR of 'BB'. Fitch has also
assigned a 'BB+'/'RR1' rating to new $1.1 billion senior secured
first-lien notes due 2025 at Macy's Inc. The notes will be secured
on a first-priority basis by (i) a pledge from Macy's PropCo
Holdings, LLC, an Ohio limited liability company and a direct,
wholly owned subsidiary of Macy's, Inc., and (ii) a first
mortgage/deed of trust in all real property owned or to be owned by
PropCo. The notes will also be guaranteed on an unsecured basis by
MRHI.

The downgrade and Negative Outlook reflect the significant business
interruption from the coronavirus pandemic and the implications of
a downturn in discretionary spending that Fitch expects could
extend well into 2021, as well as increased leverage from the new
secured bond offering.

Fitch anticipates a sharp increase in leverage to over 15x in 2020
from 2.9x in 2019, based on EBITDA declining to around $200 million
from $2.2 billion on a sales decline of nearly 30% to $17.6
billion. Fitch recognizes that spring 2020 markdowns and heightened
promotional activity in 2020 could yield downside to Fitch's 2020
EBITDA projections; in this case, Macy's ability to sustain its
'BB' rating would depend on the operating rebound potential through
2022. Adjusted leverage is expected to be in the mid-4x range in
2021, assuming revenue declines of over 15% and EBITDA declines of
approximately 40% from 2019 levels. Leverage could return to under
4x in 2022 assuming a sustained topline recovery. A more protracted
or severe downturn or further rounds of store closures due to
coronavirus concerns could lead to additional rating actions.

Should Fitch's projections come to fruition, Macy's has sufficient
liquidity to manage operations through this downturn. The company
ended 2019 with $685 million of cash. Macy's is replacing its $1.5
billion unsecured revolver with an expected $3 billion ABL facility
that will be secured by a vast majority owned Macy's and will
support significant near-term liquidity needs in 2020 and 2021. The
new $1.1 billion term loan backed by certain real estate assets
also provides additional liquidity, although the new permanent debt
increases Macy's leverage profile longer-term. The company has
approximately $530 million of debt maturing in January 2021 and
$450 million maturing in January 2022, which Fitch expects it could
pay down with cash on hand or revolver borrowings.

Fitch withdrew the rating on Macy's prior unsecured bank facility
following its replacement by the new secured ABL facility.

KEY RATING DRIVERS

Coronavirus Pandemic: Fitch expects the impact on revenues for the
consumer discretionary sector from the coronavirus pandemic to be
unprecedented as mandated or proactive temporary closures of retail
stores in "non-essential" categories severely depress sales.
Numerous unknowns remain including the length of the outbreak; the
timeframe for a full reopening of retail locations and the cadence
at which it is achieved; and economic conditions exiting the
pandemic including unemployment and household income trends, the
impact of government support of business and consumers, and the
impact the crisis will have on consumer behavior.

Fitch has assumed a scenario where discretionary retailers in the
U.S. are essentially closed through mid-May with sales expected to
be down 80%-90% despite some sales shifting online, with a slow
rate of improvement expected through the summer. Given an increased
likelihood of a consumer downturn, discretionary sales could
decline in the mid-to-high single digits through the holiday
season. Fitch anticipates significant growth in 2021 against a weak
2020 but expects total 2021 discretionary sales could remain 8%-10%
below 2019 levels. Fitch has forecasted that department store
sales, which have been on a secular decline, will fare worse with
2021 sales projected to decline in the low to mid-teens. Given the
typical timing of a consumer downturn (four to six quarters),
revenue trends could accelerate somewhat exiting 2021, with 2022
projected as a modest growth year.

Assuming this scenario, Fitch expects Macy's revenue to decline
nearly 30% in 2020 with EBITDA declining to approximately $200
million from $2.2 billion in 2019. EBITDA is expected to be
materially negative in first half 2020 given extended store
closures and significant markdowns required to clear spring
inventory. In 2021, Fitch expects revenue to decline of over 15%
and EBITDA to decline approximately 40% from 2019 levels.

Macy's closed its stores nationwide on March 17, 2020. As the
company continues to monitor the situation case by case, management
has developed a staggered store reopening plan with most stores
anticipated to be open by end of June and with sequencing driven by
a location's current external conditions and regulations as well as
its expected profitability and cash flow generation upon reopening.
Nearly 100 stores reopened in early May, with nearly 200 stores
open in mid-May.

Actions Taken by Macy's: On March 19, 2020, Macy's drew down on its
entire $1.5 billion credit facility due to expire in May 2024 and
suspended its dividend ($1.51 per share or approximately $470
million annually) beginning the second quarter of 2020. The company
could look to further cut expenses beyond those announced as part
of its restructuring plan in February 2020, reduce inventory
receipts especially as it goes into the important holiday season
and significantly pull back on capital expenditures. Fitch expects
the company to materially reduce its initially targeted capex of $1
billion for 2020 by 50%-75%.

The company expects to put in place a $3 billion ABL facility
secured by inventory, which will replace the existing $1.5 billion
unsecured credit facility with the same maturity of May 9, 2024 and
$1.1 billion senior secured notes collateralized by certain real
estate assets.

Business Model Evolution: While most U.S. brick-and-mortar
retailers are battling competitive incursion from online and
value-oriented players, sales weakness is most pronounced for
mid-tier apparel and accessories retailers. While leading players
such as Macy's, Kohl's and Nordstrom have been able to largely
offset decline in in-store sales through the growth in their
e-commerce businesses, retailers are forced to invest heavily in
omni-channel platforms, which have driven down EBITDA margins and
reduced cash flow.

Successful retailers in the space are investing in the omni-channel
model, rightsizing their store footprint, and have a differentiated
product and service offering, including a well-developed value
message, to draw customers in. Financially and operationally
stronger department stores should be able to at least maintain
their share of the apparel and accessories space over the longer
term. These companies are expected to benefit from store closings
and restructuring activity from cash-constrained specialty apparel
players and department stores, which could further accelerate in a
downturn environment.

Longer-term, Fitch views Macy's as well positioned to gain share in
the mid-tier department store space as it continues to invest in
its omni-channel and other growth initiatives. In recent years, the
company has proactively rationalized its store footprint and
reduced its cost structure, using the expense savings and proceeds
from real estate monetization to invest in its digital business,
store-related growth strategies, its relaunched loyalty program,
and expansion of Bluemercury and Macy's Backstage. The company also
benefits from relationships with key national brand vendors,
especially given more acute challenges elsewhere in the department
store sector.

Intensified Strategy Highlights Secular Challenges: In light of
ongoing issues and lackluster 2019 performance, management
announced a three-year plan, which accelerates its recent strategy
of real estate rationalization, cost structure optimization and
targeted business re-investment. Major elements of the plan include
the closure of 125 (or around 20%) of Macy's lower-volume stores,
primarily in secondary or tertiary markets, to focus management
attention on its best performing assets. These stores produce
approximately $1.4 billion of revenue (less than 10% of 2019
total), and Fitch assumes minimal EBITDA, and real estate sales are
expected to be a continued source of debt reduction over the medium
term. While Macy's has targeted $700 million in asset sale proceeds
over the next three years, dislocation in discretionary retail
sales could have an adverse impact in the near term, and so Fitch
has assumed minimal asset sale proceeds in its projections through
2022.

Fitch expects the 125 store closures and accelerated closures by
other anchor tenants such as J.C. Penney, which filed for Chapter
11 bankruptcy protection on May 15, 2020, and Nordstrom (which
announced 16 full line store closings) could have major
repercussions for the affected malls, particularly if reduced
traffic and co-tenancy clauses combine to trigger further tenant
departures. This would lead to the accelerated reshaping of the
mall landscape, which Fitch has anticipated given the ongoing
channel shifts to online and off-mall discount formats. Over time,
industry leaders, both in the mall and off-mall channel, that
continue to invest in omni-channel capabilities could benefit, as
unproductive apparel and accessories stores and malls in the U.S.
are rightsized. Benefits of reduced square footage include both
protection of market share and gross margins, given the need to
execute unplanned promotions in apparel and accessories
environments with excess inventory.

Macy's has experimented with new and off-mall formats. The company
had planned to expand its portfolio of standalone off-price
Backstage stores and test a new department store concept called
Market by Macy's, both in off-mall locations in 2020. Some of these
plans have likely been put on hold given the immediate liquidity
needs to manage through the coronavirus pandemic and a reduction in
consumer discretionary spending.

As part of its February analyst day, Macy's shared its target of
$1.5 billion in reductions to its cost structure. The company has
also targeted major savings in areas like supply chain
optimization, store expense reduction and marketing expense
efficiency. Gross margin opportunities total $600 million, while
SG&A opportunities provide the remaining $900 million. The company
also announced New York City will become the company's sole
corporate headquarters in a sweep of campus consolidation and
headcount reduction.

The $1.5 billion in cost reductions is designed to provide Macy's
with around $1 billion of business reinvestment opportunity that
could be additional sources of liquidity in the near term. Major
areas of focus include Macy's digital business, strengthening
customer relationships, in-store enhancements, and private label
expansion. Macy's e-commerce business is around $6 billion, or 25%
of sales, and the company is targeting continued growth through
site upgrades, improving its mobile app, expanding omni-channel
attributes such as in-store pickup of online orders, and potential
new features like recommerce and customizable fashion.

While Fitch acknowledges Macy's proactive approach to real estate
portfolio rationalization and efforts to invest in defending share,
the heightened retrenchment of the store base and cost cutting
required to stabilize operations is evidence of the dislocation in
the business and ongoing secular pressure. In addition, a number of
these initiatives could be put on hold to preserve liquidity given
the current situation.

EBITDA Maintains Downward Trajectory: EBITDA in 2019 declined 13%
to $2.2 billion given a 0.8% comparable store sales decline and
margin declining to 8.6% from 9.8% in 2018. Prior to the recent
disruption, Fitch had expected merchandise revenue to decline below
$23 billion over the next two to three years on modest comp
declines and store closures, and for EBITDA to decline under $2.0
billion over the next three years despite cost reduction efforts.

Macy's has paid down over $3 billion in debt over the past four
years since 2016, with adjusted debt/EBITDAR ending at 2.9x in
2019. Macy's financial discipline and adherence to its publicly
stated financial policy (leverage of 2.5x to 2.8x, or 2.4x to 2.7x
on a Fitch-calculated basis) supported the company's credit profile
in the face of operational challenges, although Fitch expects it
could be outside of this range beyond 2022.

DERIVATION SUMMARY

Recent rating downgrades and Outlook revisions for U.S. department
stores reflect the significant business interruption from the
coronavirus and the implications of a downturn in discretionary
spending that Fitch expects could extend well into 2021. Ratings
actions have also resulted from decisions to add permanent debt to
balance sheets to support liquidity. Kohl's, Nordstrom, Macy's and
Dillard's are expected to have sufficient liquidity to manage
operations through this downturn, should Fitch's projections come
to fruition.

Macy's U.S. department store peers include Nordstrom, Inc., Kohl's,
and Dillard's, Inc.

Macy's (BB/Negative): Fitch anticipates a sharp increase in
leverage to over 15x in 2020 from 2.9x in 2019, based on EBITDA
declining to around $200 million from $2.2 billion on a sales
decline of nearly 30% to $17.6 billion. Spring 2020 markdowns and
heightened promotional activity in 2020 could yield downside to
Fitch's 2020 EBITDA projections; in this case, Macy's ability to
sustain its 'BB' rating would depend on the operating rebound
potential through 2022. Leverage could return to under 4x in 2022
assuming a sustained topline recovery.

Macy's ratings continue to reflect its position as the largest
department store chain in the U.S. and Fitch's view of a prolonged
timeframe for the company's operating trajectory to stabilize on a
lower EBITDA base, given weak mall traffic and heightened
competition from alternate channels that include online and
off-price. This follows sustained low single digit comparable store
sales declines, recent EBITDA margins well below expectations and
increased management urgency to address secular challenges, as
evidenced by the announcement of 125 store closures and $1.5
billion in cost reductions to support business reinvestment, prior
to the recent downturn.

Nordstrom (BBB-/Negative): Fitch anticipates a sharp increase in
adjusted leverage to 7.0x in 2020 from 3.0x in 2019, based on
EBITDA declining to approximately $550 million from $1.6 billion on
a revenue decline of over 20% to $12 billion. Adjusted leverage is
expected to decline to the mid-3.0x range in 2021, assuming sales
declines of around 10% and EBITDA declines of about 20% in 2021
from 2019 levels. Leverage could return to under 3.5x in 2022,
assuming a sustained top-line recovery.

Nordstrom's ratings reflect its position as a market share
consolidator in the apparel, footwear and accessories space, with
its differentiated merchandise and high level of customer service
enabling the company to enjoy strong customer loyalty. The company
has a well-developed product offering across a diverse portfolio of
full line department stores, off-price Nordstrom Rack locations and
multiple online channels.

Kohl's (BBB-/Negative): Fitch anticipates a sharp increase in
leverage to 8x in 2020 from 2.3x in 2019. This reflects EBITDA
declining to approximately $0.5 billion from $2 billion on a sales
decline of 20% to just under $16 billion, the full drawdown on its
$1.5 billion credit facility and recent $600 million bond issuance.
Adjusted leverage is expected to be high-3x in 2021, assuming
revenue declines of around 15% and EBITDA declines of around 40% in
2021 from 2019 levels and paydown of revolver borrowings. Leverage
could decline to under 3.5x in 2022 assuming a sustained topline
recovery.

Kohl's ratings reflect its position as the second largest
department store in the U.S. and Fitch's expectation that the
company should be able to able to accelerate market share gains
post the discretionary downturn. Kohl's, Nordstrom and Macy's
continue to invest aggressively in their businesses while
maintaining healthy cash flow. These retailers have well developed
omnichannel strategies, with online sales contributing close to 25%
of total revenue (over 30% at Nordstrom), which should benefit
their top-line as retail sales continue to move online. Kohl's
off-mall real estate footprint provides some insulation from mall
traffic challenges

Dillard's (BB/Negative): Fitch anticipates a sharp decline in
EBITDA to under $50 million in 2020 from $392 million in 2019 on a
revenue decline of over 20% to $5 billion. Adjusted leverage is
expected to be over 2x in 2021, assuming sales declines in the
low-teens and EBITDA of approximately $300 million or around 30%
lower compared to 2019 levels.

Dillard's ratings reflect the company's below-industry-average
sales productivity (as measured by sales psf), operating
profitability and geographical concentration relative to its larger
department store peers, Kohl's, Nordstrom and Macy's. The ratings
consider Dillard's strong liquidity and minimal debt maturities,
with adjusted debt/EBITDAR expected to return to the 2x range in
2021.

KEY ASSUMPTIONS

Below are Fitch's projections prior to disruption related to
coronavirus:

  -- Top-line to decline more sharply in 2020 in the mid-single
digits driven by negative low-single digit comps, given the
disruption from store closings and disruptions from its
restructuring initiatives. Declines moderate in 2021 and beyond
with top-line contraction of 1% to 2%.

  -- EBITDA decline of 5% in 2020 from $2.2 billion in 2019 with
continued low-to-mid single digit declines thereafter to under $2
billion in 2021, with EBITDA margins in the low 8% range.

  -- FCF after dividends to be modestly negative in 2020 due to
cash restructuring charges and modestly positive thereafter given
dividends of $470 million and capex spend of $1 billion annually.
This excludes a projected $700 million in net proceeds from asset
sales through 2022.

  -- Adjusted debt/EBITDAR to remain in the high 2x range, as
EBITDA declines are mitigated by proactive debt reduction.

Below are Fitch's revised projections reflecting the significant
business interruption from COVID-19 and the ramifications for a
likely downturn in discretionary spending extending well into
2021:

  -- Fitch projects Macy's 2020 sales could decline nearly 30% to
$17.6 billion and EBITDA could decline to approximately $200
million from $2.2 billion, assuming store closures through mid-May
and a slow recovery in customer traffic for the remainder of the
year. While 2021 revenue and EBITDA should significantly rebound
from depressed 2020 levels, Fitch expects 2021 sales of
approximately $20 billion and EBITDA of around $1.3 billion to be
over 15% and approximately 40%, respectively, lower than 2019
levels given Fitch's expectations of a likely downturn in
discretionary spending that could extend well into late 2021.

  -- Beginning 2022, Macy's could resume low-single digit topline
and EBITDA growth.

  -- FCF is expected to be approximately negative $900 million in
2020, largely due to a $2 billion reduction in EBITDA, somewhat
mitigated by lower cash taxes, significantly reduced capex and
potential working capital benefit. FCF in 2021 could approach
positive $500 million as EBITDA improves.

  -- Adjusted debt/EBITDAR, which was 2.9x in 2019, could climb to
over 15x in 2020 and decline to the mid-4.0x range in 2021 on
EBITDA swings. The company has approximately $530 million of debt
maturing in January 2021 and $450 million maturing in January 2022,
which Fitch expects it could pay down with a drawdown on its
revolver.

RATING SENSITIVITIES

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

  -- A stabilization case would require Macy's to meet Fitch's
revised projections that include EBITDA increasing to $1.3 billion
in 2021 and adjusted debt/EBITDAR moderating to the mid 4x in 2021
and below 4x in 2022.

  -- An upgrade could occur from sustained low single digit
positive comps, EBITDA growth in the low to mid-single digits with
EBITDA margins in the high single digits beginning 2022, combined
with adjusted debt/EBITDAR sustained below 3.5x.

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

  -- A negative rating action could result on a more protracted or
severe downturn and reduced confidence In Macy's ability to return
to top line and profitability growth in 2022 such that adjusted
debt/EBITDAR is sustained above 4x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Macy's ended 2019 with a cash balance of $685 million. On March 20,
2020, the company announced it had fully borrowed on its $1.5
billion revolver to enhance liquidity. Additionally, it announced
that it would suspend its quarterly dividend beginning the second
quarter of 2020.

The company expects to put in place a $3 billion ABL facility
secured by inventory which will replace the existing $1.5 billion
unsecured credit facility with the same maturity of May 9, 2024;
and $1.1 billion senior secured notes collateralized by certain
real estate assets.

Of the total real estate and inventory assets Macy's currently
holds through MRHI and subsidiaries, Macy's is transferring some to
new SPVs to be the security for the ABL and the new secured notes.
The company's liens are limited to 15% of consolidated net tangible
assets, which caps the liens to $1 billion to $1.3 billion, based
on Fitch's calculation. The ABL and notes are issued outside of
MRHI, so the limitation on liens does not apply to this
transaction. The CNTA basket could be applied to any future secured
debt based on the assets remaining at MRHI and its subsidiaries.

The expected $3 billion ABL facility at the newly created SPV,
Macy's Inventory Funding LLC, will have a first lien priority on
inventory. Borrowings under the credit facility are subject to a
borrowing base based on 80% of NOLV of inventory minus customary
reserves (which would increase to 90% at the earlier of March 31,
2021 or the date on which a new appraisal and field exam is
delivered. Prior to April 30, 2021, Macy's must maintain excess
availability of 10% and after April 30, 2021, borrowings are
subject to a minimum springing fixed charge coverage of 1x if
availability is less than 10%.

The issuer of the $1.1 billion new senior secured notes will be
Macy's Inc. and the notes will be secured on a first-priority basis
by a pledge from PropCo and a first mortgage/deed of trust in all
real property owned or to be owned by PropCo. The notes will also
be guaranteed on an unsecured basis by MRHI. The notes have first
lien priority on select real estate assets, based on a 2:1 loan
value on recent valuation (based on lit value) conducted by
Eastdil. The real estate collateral for the new secured notes
includes three flagship stores (Union Square, San Francisco;
Brooklyn, New York, and State Street, Chicago), 35 full-line mall
locations (33 Macy's and two Bloomingdales) in 'A' rated malls, and
10 distribution centers, that has been transferred to a newly
created Propco.

Macy's owns a considerable amount of real estate, including 408
(312 owned and 96 ground leased) of its 544 Macy's full line stores
and 20 (13 owned and seven ground leased) of its Bloomingdales full
line stores. This amounts to 80% of Macy's full line square footage
and approximately 60% of total square footage. Post this
transaction, Macy's still has 390 unencumbered full line stores
(owned and ground leased) and five distribution centers, which are
at MRHI and its subsidiaries.

The company has approximately $530 million of debt maturing in
January 2021 and $450 million maturing in January 2022, which Fitch
expects it could pay down with cash on hand or revolver
borrowings.

RECOVERY CONSIDERATIONS

Fitch does not employ a waterfall recovery analysis for issuers
assigned ratings in the 'BB' category. The further up the
speculative grade continuum a rating moves, the more compressed the
notching between the specific classes of issuances becomes. The
expected $3 billion secured ABL facility (including up to a $300
million bridge facility) are rated 'BBB-/RR1' and the $1.1 billion
senior secured notes are rated 'BB+/RR1', indicating outstanding
recovery prospects (91%-100%) and the unsecured notes are rated
'BB'/'RR4', indicating average (31%-50%) recovery prospects.

SUMMARY OF FINANCIAL ADJUSTMENTS

  -- EBITDA adjusted for stock-based compensation;

  -- Operating lease expense capitalized by 8x for historical and
projected adjusted debt

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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).

Macy's Retail Holdings Inc.

  - LT IDR BB; Downgrade

  - ST IDR B; Affirmed

  - Senior unsecured; LT BB; Downgrade

  - Senior unsecured; LT WD; Withdrawn

  - Senior unsecured; ST B; Affirmed

Macy's Inc.

  - LT IDR BB; Downgrade

  - Senior secured; LT BB+; New Rating

Macy’s Inventory Funding LLC

  - LT IDR BB; New Rating   

  - Senior secured; LT BBB-; New Rating


MACY'S INC: Moody's Cuts CFR to Ba3 & Rates $1.1BB Sec. Notes Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded Macy's, Inc.'s corporate
family rating to Ba3 from Ba1. At the same time, its probability of
default rating was downgraded to Ba3-PD from Ba1-PD. The senior
unsecured ratings at Macy's Inc., Macy's Retail Holdings, Inc. and
May Department Stores Company (The) were also downgraded to B1 from
Ba1. The Macy's Retail Holdings, Inc. commercial paper rating was
affirmed at NP. The speculative grade liquidity rating remains
SGL-2 and the outlook remains negative.

Moody's also assigned a Ba1 rating to its proposed Macy's, Inc.
$1.1 billion senior secured notes. The new notes will be secured by
certain real estate which include its San Francisco, Chicago, and
Brooklyn urban iconic locations, 35 mall assets, and 10
distribution centers. The use of net proceeds will be to repay its
revolving credit facility. The company is also amending its $1.5
billion unsecured revolving credit facility (not rated) and in
process to replace it with an approximately $3 billion ABL secured
by inventory (not rated).

"Although the proposed transaction will enable Macy's to maintain
good liquidity as it navigates the disruption from COVID-19 and
ongoing weakness in consumer demand, it will reduce Macy's
unencumbered asset base", said Christina Boni, Vice President. "The
two-notch downgrade acknowledges the additional debt incurred, and
resulting higher leverage, to navigate this unprecedented period
combined with a lower unencumbered asset base and the expectation
that the recovery will be protracted", Boni added.

Downgrades:

Issuer: Macy's Retail Holdings, Inc.

Senior Unsecured Regular Bond/Debenture, Downgraded to B1 (LGD5)
from Ba1 (LGD4)

Issuer: Macy's, Inc.

Probability of Default Rating, Downgraded to Ba3-PD from Ba1-PD

Corporate Family Rating, Downgraded to Ba3 from Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to B1 (LGD5)
from Ba1 (LGD4)

Issuer: May Department Stores Company (The)

Senior Unsecured Regular Bond/Debenture, Downgraded to B1 (LGD5)
from Ba1 (LGD4)

Assignments:

Issuer: Macy's, Inc.

Senior Secured Regular Bond/Debenture, Assigned Ba1 (LGD2)

Affirmations:

Issuer: Macy's Retail Holdings, Inc.

Senior Unsecured Commercial Paper, Affirmed NP

Outlook Actions:

Issuer: Macy's Retail Holdings, Inc.

Outlook, Remains Negative

Issuer: Macy's, Inc.

Outlook, Remains Negative

Issuer: May Department Stores Company (The)

Outlook, Remains Negative

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The department
store sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Macy's credit
profile, including its exposure to store closures, China and
consumer sentiment 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. Its action reflects the impact on Macy's of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Macy's Ba3 corporate family rating is supported by governance
considerations which include its suspension of common dividends and
share repurchases given the disruption of COVID-19 and its
historically conservative financial strategy which resulted in $2.6
billion in debt reduction over the past three years. The rating
also reflects its large scale with LTM net sales of roughly $22
billion and its market position as the U.S.'s largest department
store chain. Although Macy's integrated approach to its stores and
online, enhances its ability to meet the accelerated change to the
competitive environment post COVID-19, the company was already
contending with reinvigorating its performance as it announced the
resizing of its footprint by closing 125 stores or 25% of its
Macy's branded stores. Secular trends include increased movement of
sales moving online, higher price transparency, faster delivery, as
well as intense competition from alternative channels.

Although Macy's has good liquidity, the company will need to
utilize its proposed approximately $3.0 billion revolver due 2024
(including up to $300 million available through December 2020) to
fund cash shortfalls in 2020. The company's financial strategy is
expected to remain conservative and debt reduction prioritized.

The negative outlook reflects that Macy's operating performance
will remain pressured in the face of COVID-19 and weaker consumer
demand. The outlook also reflects the challenge resizing its
business to meet a lower level of demand as the secular trends
affecting the department store sector prior to COVID-19
accelerate.

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

An upgrade in rating is unlikely given the negative outlook.
Ratings could be upgraded should comparable sales and operating
income reflect sustained improvement in performance with the
maintenance of a conservative financial strategy. Quantitatively,
ratings could be upgraded should operating performance be
positioned to return to 80% of 2019 EBITDA with no material
increase in debt.

Ratings could be downgraded should the company experience
significant market share erosion relative to its peers, liquidity
deteriorates for any reason, or its unencumbered assets are
utilized for any purpose other than deleveraging, or cash is
utilized to fund shareholder returns. Quantitatively, ratings could
be downgraded should the operating performance not be positioned to
return to 70% of 2019 EBITDA or should debt meaningfully increase.

Macy's, Inc., with corporate offices in Cincinnati and New York, is
one of the nation's premier retailers, with LTM net sales of
approximately $22 billion. The company operates 775 stores in 43
states, the District of Columbia, Guam and Puerto Rico under the
names of Macy's, Bloomingdale's, Bloomingdale's Outlet, Macy's
Backstage and Bluemercury, as well as the macys.com,
bloomingdales.com and bluemercury.com websites. Bloomingdale's in
Dubai and Kuwait are operated by Al Tayer Group LLC under license
agreements.

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


MADISON STOCK: Trustee Taps SilvermanAcampora as Legal Counsel
--------------------------------------------------------------
Kenneth Silverman, Chapter 11 trustee of Madison Stock Transfer,
Inc., received approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ SilvermanAcampora LLP as
his legal counsel.

SilvermanAcampora will assist the trustee in the administration of
Debtor's Chapter 11 case.  

The hourly rates charged by the firm for the services of its
attorneys range from $275 to $725.  Legal assistants and
paraprofessionals charge between $175 and $250 an hour.

Justin Krell, Esq., a member of SilvermanAcampora, 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:

     Justin S. Krell, Esq.
     SilvermanAcampora LLP
     100 Jericho Quadrangle, Suite 300
     Jericho, NY 11753
     Telephone: (516) 479-6300
     Email: TheFirm@SilvermanAcampora.com

                      About Madison Stock Transfer

Madison Stock Transfer Inc., a stock broker in Spring Valley, N.Y.,
filed a Chapter 11 petition (Bankr. S. D. N.Y. Case No. 19-23364)
on July 24, 2019. At the time of the filing, Debtor disclosed
$156,251 in total assets and $1,537,962 in total liabilities. Judge
Robert D. Drain oversees the case.

Sykes Law Firm PC is Debtor's legal counsel.  Debtor tapped Robert
Lubin as its accountant.

Kenneth P. Silverman, Esq., was appointed as Chapter 11 trustee in
Debtor's bankruptcy case.  The trustee is represented by
SilvermanAcampora LLP.


MAJOR EVENTS: $50K Sale of Philadelphia Property to Porter Denied
-----------------------------------------------------------------
Judge Eric L. Frank of the U.S. Bankruptcy Court for the District
of Pennsylvania denied Major Events Group, LLC's sale of the real
property at 5604 Chew Avenue, Philadelphia, Pennsylvania to Jamal
Porter for $50,000, less a buyers assist at 6%, insofar as Court
approval of the sale is unnecessary.

The Debtor proposed to distribute the proceeds of sale as follows:

     a. ordinary and reasonable settlement costs, including
transfer taxes ($250);

     b. satisfaction of all liens and encumbrances necessary to
convey good title, including all liens held by the City of
Philadelphia ($10,872 in real estate tax and $4,848 in water
liens);

     c. transfer tax ($1,005); and

     d. Tax credits, miscellaneous fees (est. $500).

It is anticipated that the Closing will occur by May 30, 2020.

A copy of the Agreement is available at
https://tinyurl.com/y9hlpaxb from PaceMonitor.com free of charge.

                    About Major Events Group

Major Events Group LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Pa. Case No. 18-11123) on Feb. 20,
2018. In the petition signed by Antoine Gardiner, president, the
Debtor was estimated to have assets of less than $50,000 and
liabilities of less than $50,000.  Judge Eric L. Frank oversees the
case.  The Debtor tapped Michael P. Kutzer, Esq., as its legal
counsel.


MICROCHIP TECHNOLOGY: Fitch Rates Senior Unsec. Notes 'BB+/RR4'
---------------------------------------------------------------
Fitch Ratings has rated Microchip Technology, Inc.'s 1st lien
senior secured notes issuance 'BBB-'/'RR1' and assigned a
'BB+'/'RR4' rating to the company's senior unsecured notes
offering. Fitch expects the senior secured notes will be pari passu
with Microchip's existing 1st lien senior secured indebtedness and
the company to use net proceeds to repay existing secured debt,
while net proceeds from the unsecured notes will be used to repay
senior subordinated convertible notes. Any remaining net proceeds
may be used for general corporate purposes, including the repayment
of borrowings under the 1st lien senior secured revolving credit
facility.

The current ratings and outlook reflect Microchip's still elevated
leverage metrics and Fitch's expectation for constrained near-term
debt reduction capacity due to weaker demand related to
coronavirus. As a result, total debt to operating EBITDA (total
leverage), which was a Fitch estimated 5.0x exiting fiscal 2020, is
likely to remain above Fitch's 3.5x negative rating sensitivity
through at least the near term. Meanwhile, Fitch believes liquidity
remains adequate and Microchip will continue to use all of its
Fitch forecasted $1.0 billion to $1.5 billion of annual FCF for
debt reduction until total leverage is 2.5x.

KEY RATING DRIVERS

Coronavirus Impact: Fitch assumes government-imposed stay-in-place
orders in response to the coronavirus pandemic will result in a
significant first-half downturn and partial recovery beginning in
the second half of 2020, followed by slow growth to achieve full
recovery on a run rate basis exiting 2021. Fitch believes end
market mix and financial flexibility will determine the
coronavirus' impact on semiconductor credit profiles. Issuers more
exposed to infrastructure markets (DC, 5G gear and PCs), which
represents roughly a third of Microchip's revenue, will outperform
those exposed to markets more sensitive to GDP (automotive,
consumer and industrial), which constitutes about two-thirds for
Microchip.

Deleveraging Behind Plan: Fitch forecasts total leverage will
remain above Fitch's 3.5x negative sensitivity through at least
fiscal 2021 (beyond the 24 months post-Microsemi close Fitch
originally expected). A series of exogenous variables has resulted
in lower than expected revenue and profitability and, therefore,
deleveraging. The currently weaker demand environment stemming from
coronavirus follows excess Microsemi channel inventory at close and
heightened customer caution surrounding U.S. tariffs on China.
Nonetheless, Microchip has repaid approximately $2.2 billion of
debt and will continue using substantially all of its FCF for debt
reduction until the company achieves 2.5x total leverage.

Poised for Share Gains: Fitch expects Microchip will outgrow the
broader semiconductor markets over the longer term due to its
product breadth, which enables custom integrated solutions for
longer-product life cycles. In addition, Microchip is focused on a
broad set of faster growing and fragmented markets that should
outperform the broader semiconductor market.

Meaningful Revenue Diversification: Despite still cyclical end
markets, Microchip's meaningful end market, product and customer
diversification should drive comparatively even operating results.
The acquisition of Microsemi increased communications and data
center, computing, and aerospace and defense and industrial end
market exposure. The deal also strengthened Microchip's system
solutions capabilities with high voltage power management,
high-reliability discretes, storage and field programmable gate
array products, while reducing customer concentration.

Higher Operating Leverage: Microchip's greater mix of in-house
manufacturing and assembly and test than that of peers drives
higher operating leverage. As a result, Fitch expects considerable
profit margin expansion upon the resumption of top line growth and
lower fixed cost absorption within the context of weak demand
environments. Nonetheless, Microchip's ongoing realization of
Microsemi acquisition-related cost synergies, including the
integration of legacy Microsemi deals and the internalization of
Microsemi's assembly and test, will continue to structurally expand
profit margins.

Reduced Acquisition Activity: Fitch expects intensified U.S. and
China regulatory scrutiny will reduce acquisition activity for
Microchip and the broader semiconductor industry. Deals ticked up
in 2019 but were smaller in size than transformative deals of
recent years and largely funded with cash flow. Meanwhile,
Microchip remains focused on integrating Microsemi, organic growth
opportunities debt and reduction rather than incremental
acquisitions, which should result in a more stable financial
profile once the company achieves its total leverage target.

Recovery Rationale: The senior secured RCF (including the bridge
facility), term loan and bonds are secured by substantially all
assets of Microchip and its subsidiaries. As a result, Fitch
notches up the secured debt by one notch to 'BBB-'/'RR1'
representing Fitch's expectation for superior recovery for the
first lien debt. Fitch expects average recovery for the new senior
unsecured notes resulting in 'RR4' ratings, in-line with the
current 'BB+' Long-Term Issuer Default Rating.

DERIVATION SUMMARY

From an operating profile perspective, Fitch believes Microchip is
strongly positioned for the rating, given its leading share in
secular growth markets, broad product set enabling long product
life cycle customized solutions and diversified customer base,
resulting in expectations for top line growth exceeding the broader
market and profitability more in-line with the 'BBB'-category. A
number of competitors are meaningfully more highly rated, including
Samsung (AA-), Texas Instruments (A+) and NXP (BBB-), due largely
to a combination of greater FCF scale and more conservative
financial policies, including a greater focus on organic growth,
although strained trade relations between the U.S. and China should
limit meaningful further industry consolidation. Growing annual FCF
and the resumption of top line growth should enable Microchip to
meaningfully improve credit protection measures over the longer
term, at which point Fitch believes Microchip will be positioned to
migrate to investment grade.

KEY ASSUMPTIONS

  - Sequential revenue down by mid-single digits in the June 2020
quarter, driven by weaker demand related to coronavirus. This
should result in partial recovery in the second half of the year
and slow growth through the end of 2021.

  - Beyond fiscal 2021, Fitch expects the resumption of secular
revenue growth, which should be amplified by ongoing share gains.

  - Gross profit margins should remain near current levels in the
low-60s% and increasing from there driven by internalizing
Microsemi's back-end assembly and test, which should increase
operating leverage for the company.

  - Opex at roughly 22.5% of revenue through the forecast period
with largely fixed R&D moderated by variable compensation growing
in-line with revenue.

  - The company uses substantially all of FCF for debt reduction
until leverage metrics return to below Fitch's 3.5x negative rating
sensitivity.

  - Only slight dividend growth until total debt to operating
EBITDA reaches 2.5x, at which point the company will use FCF for a
combination of tuck-in deals and stock buybacks.

RATING SENSITIVITIES

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

  -- Fitch could stabilize the ratings when it expects total debt
to operating EBITDA at or below 3.5x or total debt to FCF below
7.0x within the near term, or 2.5x for an upgrade to investment
grade.

  -- Microchip's top line growth exceeds that of underlying
markets, supporting the case for share gains and, therefore, faster
profitability and cash flow growth from considerable operating
leverage.

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

  -- Microchip does not use substantially all of its FCF for debt
reduction until the company achieves total debt to operating EBITDA
of 3.5x resulting in total debt to FCF is sustained above 8.0x.

  -- Microchip's top line growth rate lags that of its core growth
end markets resulting in slower than anticipated profitability and
cash flow growth from considerable operating leverage in the
company's model.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of March 31, 2020, Fitch believes
Microchip's liquidity was adequate and supported by $403 million of
cash, cash equivalents and short-term investments and approximately
$1.2 billion of remaining availability under the company's $3.57
billion RCF. Fitch anticipates cash will remain near current levels
but that rapid repayment of the RCF will bolster liquidity through
the forecast period. Fitch's expectation for $1.0 billion to $1.5
billion of annual FCF also supports liquidity, although Fitch
expects Microchip will use its FCF for debt reduction until the
company achieves its 2.5x total leverage target.

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

Microchip Technology Inc.
     
  - Senior secured; LT BBB-; New Rating

  - Senior unsecured; LT BB+; New Rating


MICROCHIP TECHNOLOGY: Moody's Affirms Ba1 CFR, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family rating
and Baa3 senior secured rating of Microchip Technology Inc.
following the company's announcement that it has agreed to exchange
$1.2 billion in aggregate principal amount of senior unsecured
convertible notes and fund the cash portion of the exchange with a
$1.2 billion senior unsecured note. Concurrently, Microchip is
offering a new $1 billion secured note with proceeds partly used to
refinance a $615 million, 364 day secured bridge facility.
Remaining proceeds may be used to reduce revolving credit
outstanding and for general corporate purposes. The speculative
grade liquidity rating was upgraded to SGL-1 from SGL-2. The
ratings outlook remains stable.

Ratings affirmed:

Issuer: Microchip Technology Inc.

Corporate Family Rating affirmed at Ba1

Probability of Default Rating affirmed at Ba1-PD

Senior Secured Revolving Credit Facility due 2023, affirmed at Baa3
(LGD3)

Senior Secured Term Loan due 2025, affirmed at Baa3 (LGD3)

Gtd Senior Secured Notes due 2021, affirmed at Baa3 (LGD3)

Gtd Senior Secured Notes due 2023, affirmed at Baa3 (LGD3)

Ratings assigned:

Issuer: Microchip Technology Inc.

Senior secured notes; assigned Baa3 (LGD3)

Senior unsecured notes; Assigned Ba2 (LGD5)

Ratings upgraded:

Speculative Grade Liquidity Rating upgraded to SGL-1 from SGL-2

Outlook actions:

Outlook: Remains Stable

RATINGS RATIONALE

Microchip's credit profile is supported by the company's leading
position as a provider of microcontroller, analog, mixed signal,
and specialized semiconductor solutions. While Moody's expects near
term demand conditions will be weak due to coronavirus, Moody's
expects revenue growth to resume later this year driven by
GDP-based growth plus share gains and semiconductor content growth.
Microchip benefits from its broad diversification by product,
process, end market, customer, and geography. Given the company's
broad product portfolio and long product cycles of primarily
proprietary products, gross margins should remain in the low-to-mid
60% range with EBITDA margins sustained at the high 30% level while
cash flow remains robust.

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. While the
semiconductor sector has been less affected than many other sectors
by the shock, and despite Microchip's broad diversification in many
respects, the company remains vulnerable to shifts in market
sentiment in these unprecedented operating conditions. Moreover,
Microchip remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Despite the COVID-19 pandemic challenges, Microchip's March quarter
revenue increased 3% sequentially as compared to the company's
March 2 updated guidance, when it noted that revenue would be flat
sequentially as the company's supply chain was returning to normal
operations at a slower pace than anticipated because of the
developing impacts from the coronavirus. Moody's expects demand
from the datacenter and computing end markets to remain strong due
in part to strong hyperscale customer spending and the work from
home surge. Other end markets, however, such as automotive,
industrial, consumer, and aerospace will remain weak over the near
term, leading to expectations of a 6% sequential and year-over-year
revenue decline next quarter to approximately $1.2 billion. With
strong gross margins (60%) and proactive measures to contain costs
during this unprecedented environment, Moody's expects EBITDA
margins will remain in the high 30% range and free cash flow after
dividends will exceed $1 billion over the next year, the vast
majority of which will be used to repay debt as the year
progresses.

Moody's expects adjusted gross debt to EBITDA will decrease from
5.8x at the end of fiscal March 2020 to the low 5x level at March
2021 and about another 1x lower in the following year. Free cash
flow to gross adjusted debt currently exceeds 10% and will exceed
15% in two years under Moody's base case scenario. The upgrade of
the speculative grade liquidity rating to SGL-1 reflects the
refinancing of the 364-day bridge loan with longer term debt.
Microchip has good liquidity, with $403 million of cash at March
2020 and approximately $1.2 billion available under its revolving
credit facility that matures May 2023, under whose covenants the
company has ample room.

The stable ratings outlook reflects Moody's expectation that
Microchip will continue to apply nearly all free cash flow toward
debt repayment, sustain strong margins over the next 12 to 18
months despite the currently weak environment, and maintain good
liquidity.

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

The ratings could be upgraded if gross debt to EBITDA approaches
3.5x; if there is a substantial reduction of secured debt; EBITDA
margins are sustained around 40%; and the company maintains solid
liquidity. The ratings could be downgraded if gross adjusted debt
to EBITDA is sustained above 4.5x; EBITDA margins migrate towards
35%; or if liquidity falls below $500 million of total cash and
revolving credit availability. The rating on the company's secured
debt could be downgraded if there a material increases in the
proportion of secured debt in the capital structure.

The principal methodology used in these ratings was Semiconductor
Industry published in July 2018.

Microchip Technology Inc., headquartered in Chandler Arizona, is a
leading provider of microcontroller, analog, mixed signal, and
specialized semiconductor solutions. Microchip reported revenue of
$5.3 billion for the fiscal year ended March 2020.


MIKE HONOVICH: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Mike Honovich Enterprises, LLC
          dba Texas Flatworks
        1001 Great Oaks Cove
        Round Rock, TX 78681

Business Description: Texas Flatworks is a fully insured concrete
                      contractor in Round Rock, Texas.

Chapter 11 Petition Date: May 27, 2020

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 20-10620

Judge: Hon. Tony M. Davis

Debtor's Counsel: Stephen W. Sather, Esq.
                  BARRON & NEWBURGER, P.C.
                  7320 N. MoPac Expwy., Suite 400
                  Austin, TX 78731
                  Tel: (512) 476-9103
                  E-mail: ssather@bn-lawyers.com

Total Assets as of May 14, 2020: $3,146,870

Total Debts as of May 14, 2020: $3,073,095

The petition was signed by Mike Honovich, manager.

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/a4d4ZP


MOONLIGHT AUTOMOTIVE: May Use Cash Collateral Thru June 28
----------------------------------------------------------
Judge James M. Carr authorized Moonlight Automotive, Inc., to use
cash collateral for the period from April 27, 2020 through June 28,
2020, pursuant to the budget, under a sixth interim order.

The Court ruled that:

   * parties-in-interest Huntington National Bank and First
Financial Bank are granted replacement liens, nunc pro tunc to the
Petition Date, in the cash collateral and in the post-petition
property (of the Debtor) of the same nature, to the same extent and
in the same priority held on the Petition Date.

   * Huntington will continue to receive adequate protection
payments of $400 per week for the use of cash collateral.

   * Huntington will receive a claim under Section 507(b) of the
Bankruptcy Code to the extent of any decrease in value of any
properly perfected interest in the cash collateral.

   * the Debtor will continue depositing all post-petition receipts
into the Huntington bank account.  

The Court has previously granted the Debtor access to cash
collateral from March 30, 2020 through April 27, 2020, pursuant to
a fifth interim order.

Final hearing on the motion is set on June 25, 2020 at 11 a.m.
Objections must be filed no later than June 23.

                    About Moonlight Automotive

Moonlight Automotive, Inc., operates as an automotive and truck
repair shop, including a machine shop to build diesel and gasoline
engines.  

Moonlight Automotive sought Chapter 11 protection (Bankr. S.D. Ind.
Case No. 19-09172) on Dec. 16, 2019.  The Debtor was estimated to
have under $500,000 in assets and under $1 million in liabilities.
Judge James M. Carr oversees the case.  Hester Baker Krebs LLC is
the Debtor's legal counsel.

No official committee of unsecured creditors has been appointed in
the Debtor's case.



MYSTIC TRANSPORTATION: Seeks to Hire Morrone Pont as Accountant
---------------------------------------------------------------
Mystic Transportation seeks approval from the U.S. Bankruptcy Court
for the District of Connecticut to employ Morrone Pont Accounting
Services, LLC as its accountant.

Morrone will receive no more than $5,000 unless the court permits a
larger sum after notice and a hearing.

Kim Morrone Pont, the firm's senior managing director who will be
providing the services, disclosed in court filings that she is
"disinterested" within the meaning of Section 101(14) of the
Bankruptcy Code.  

The firm may be reached at:
    
     Kim Morrone Pont
     Morrone Pont Accounting Services, LLC
     127 Stony Brook Road
     Stonington, CT 06378
     Phone: (860) 333-7470
                       
                    About Mystic Transportation

Mystic Transportation, LTD -- http://www.mystictransportation.com/
-- offers air freight courier and trucking services.

Mystic Transportation filed a voluntary petition under Chapter 11
of the Bankruptcy Code (D. Conn. Case No. 20-20531) on April 10,
2020.  At the time of the filing, Debtor was estimated to have
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities.  Judge James J. Tancredi oversees the case.

Debtor tapped Coan, Lewendon, Gulliver & Miltenberger, LLC as its
legal counsel, and Morrone Pont Accounting Services, LLC as its
accountant.


NATGASOLINE LLC: Moody's Lowers CFR to B1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the CFR ratings of Natgasoline
LLC to B1 from Ba3 and the ratings on the senior secured bank
credit facility to B1 from Ba3. The downgrades reflect the weaker
than expected earnings, cash flow and operating reliability from
the company's single plant operation in Beaumont, Texas since the
new plant was completed and started up in late 2018. The downgrade
also reflects the weaker credit profile and recent negative rating
actions of its two parent sponsors, OCI N.V. (Ba2, negative) and
Consolidated Energy Finance, S.A. ("CEF", B1, negative). The
outlook on Natgasoline's ratings is changed to negative from
stable.

"The Covid 19 impact on miles driven and construction markets have
reduced the demand for methanol and caused prices to fall to
cyclically low levels, impacting earnings and cash flow of
Natagasoline as well as its two parent sponsors," according to
Joseph Princiotta, SVP at Moody's. "Unscheduled operating downtime,
significant last year and additional downtime again this year,
continues to be a drag on performance of this new world scale
plant," Princiotta added.

Downgrades:

Issuer: Natgasoline LLC

Corporate Family Rating, Downgraded to B1 from Ba3

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

Senior Secured Revolving Credit Facility, Downgraded to B1 (LGD3)
from Ba3 (LGD4)

Senior Secured Bank Term Loan B, Downgraded to B1 (LGD3) from Ba3
(LGD4)

Outlook Actions:

Issuer: Natgasoline LLC

Outlook, Downgraded to Negative from Stable

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The methanol
industry has been one of the sectors most significantly affected by
the shock given its sensitivity to oil prices and demand in
construction and fuel end markets and given the sensitivity to
consumer demand and economic activity. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action, in part, reflects the impact on Natgasoline of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Natgasoline is equally owned by OCI N.V. (Ba2, negative) and
Consolidated Energy Limited, which is the holding company parent of
Consolidated Energy Finance, S.A. ("CEF", B1, negative).
Natgasoline operates a newly completed, single-site methanol
facility in Beaumont, TX, and its parent sponsors are well
positioned ranking fifth and second, respectively, in global
methanol market share. Each sponsor owns 50% of Natgasoline and has
3 board seats. The sponsors represent 100% of company revenues and
nearly all of its receivables and are expected to receive dividends
with excess cash flow generated by Natgasoline. No dividends were
paid in 2019. On October 16, 2018, Moody's assigned first-time
ratings to Natgasoline, including a Ba3 CFR and a Ba3 to its $565
million term loan.

Natgasoline's rating is currently constrained by the ratings of the
parent sponsors -- OCI N.V. (Ba2, negative) and CEF (B1, negative),
both of which have recently had negative rating actions. Moreover,
OCI NV has made it clear that at some point it will seek to exit
its position in methanol, introducing event risk to the credit
profile of Natgasoline.

The ratings are also constrained by Natgasoline's single site
production facility, exposing the company's production and cash
flows to operating challenges, mishaps, equipment failure or
weather events. Unscheduled downtime in 2019 resulted an operating
rate of only 56% for the year, while the plant was down again for
roughly four weeks in April of this year. Downtime is mitigated by
insurance payments under a policy that covers equipment damage and
business interruption risk after 60 days of downtime.

Natgasoline's single product profile is also a negative factor in
the credit, with methanol markets at times are highly cyclical, as
end-market demand for many products are sensitive to the
construction, housing and energy markets. New industry supply is
also a source of market cyclicality.

On the positive side, Natgasoline's credit profile reflects the
scale, technology and competitiveness of the facility, while also
benefitting from very competitive gas costs and access to natural
gas pipelines on the Gulf Coast. With a nameplate capacity at 1.75
million tonnes per year of methanol production, the facility is the
largest in the U.S. and among the largest in the world. Given the
low-cost position in the global cost curve, Moody's expects free
cash flow to remain positive even through tough conditions,
assuming no extended unplanned downtime.

Financial policies are intended to be conservative and aimed at
managing to a gross leverage of 2-3x over the cycle. But leverage
is currently high due to weak operating performance and falling
methanol prices and leverage is likely to increase further if
prices and EBITDA decline to trough conditions. However, Moody's
expects cash flow to remain positive through all points in the
cycle, assuming no extended unplanned downtime. The company's gas
hedging policies utilize 3-5-year hedging contracts put in place in
2018 and locking in what was then low-priced gas and a feedstock
advantage. However, gas prices have fallen below the contracted
price resulting in unrealized losses on contracted amounts,
expected to be realized over the life of the contracts.

ESG factors are not material to this rating action or the credit
profile. ESG factors for methanol producers are not viewed as
substantial, on an absolute basis and relative to the chemical
commodity industry in general. Moreover, Natgasoline's
environmental legacy exposure is nil owing to the fact that its
single plant is new. Methanol is produced mainly from natural gas
with a limited by-product, relatively low energy requirements and a
carbon footprint that is much lower than most other petrochemicals.
As a wholly owned private company, governance via its two public
parents is viewed as adequate, although cash flow pressure at
either of its parents could result in future changes to financial
policies and thus its credit profile. Social concerns are viewed as
modest as methanol has not been targeted by activists and is not on
the list of Toxic and Priority Pollutants under the Clean Water
Act.

Natgasoline's liquidity position is adequate and consists of a cash
balance of $25 million at December 31, 2019 and undrawn $60 million
revolving credit facility that matures in 2023. The revolver
includes a $30 million sublimit for LOCs. The revolver has a
springing maintenance covenant: maximum first lien net leverage of
4.75x, tested when borrowings exceed 45% of commitments. The TL has
no maintenance covenants but has covenants that limit dividends if
First Lien Net Leverage is above 4.5x. TL covenants also limit debt
incurrence if this ratio is above 3.0x, except for modest new
borrowings within defined baskets. No dividends were paid in 2019,
and due to credit agreement restrictions, Moody's expects the
dividend will not consume cash during cyclical weakness. There are
no near-term maturities, aside from modest TL amortization. In the
event of extended downtime, the company has business interruption
insurance supporting liquidity if operations are curtailed beyond
60 days. Dowtime incurred last year has resulted in claims aginst
this policy with most proceeds recieved last year and the balance
this year.

Despite trough conditions, the plant's competitive cost position
with access to cheap US natural gas is expected to facilitate
positive free cash flow, assuming unscheduled downtime is not
excessive. In mid-cycle conditions with normal operation Moody's
expects the company to generate over $200 million in operating cash
flow.

The negative outlook reflects the poor operating performance since
the plant commenced operations in August 2018. As mentioned,
significant unscheduled downtime occurred last year and again this
year. To consider stabilzation of the ratings Moody's would need to
see improved operational reliability with only minimal downtime the
rest of this year and through much of 2021 as well. Further
disruptions and unscheduled downtime that impair EBITDA could
result in a downgrade.

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

Further downgrades of one or more of the parents' ratings could
trigger a review of the appropriateness of Natgasoline's ratings.
Difficulties in operating the plant at high and consistent
operating rates, loss or impairment of a significant portion of its
feedstock gas supplies, adjusted leverage above 4.5x or FCF below
5% of debt, on a consistent basis, could cause us to reconsider the
appropriateness of the ratings.

Moody's is unlikely to consider an upgrade given the parents'
current ratings as well as the single product and single plant
profile of the company. However, if the parents' ratings strengthen
significantly in the future and financial policies and balance
sheet leverage are conservatively managed below 3x over the cycle,
Moody's would consider an upgrade.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Natgasoline LLC, headquartered in Delaware, is a leading producer
of methanol, jointly owned by OCI N.V. (50%) (Ba2, negative) and
Consolidated Energy Limited (50%), which is the consolidating
parent of Consolidated Energy Finance, S.A. ("CEF", B1, negative).
Each sponsor has 3 board seats, with the board Chairman from CEF
casting a tie-breaking vote on non-reserve matters. Through OCI
Methanol Marketing LLC and Southern Chemical Corporation, the
parent sponsors provide offtake and marketing responsibilities and
are obligated to purchase all Natgasoline's production volumes at a
discount to market-based U.S. contract prices and to sell the
offtake into the regional and global methanol markets.
Natgasoline's sole product is methanol, an intermediate product
used in the manufacture of formaldehyde, acetic acid, methyl
tertiary butyl ether (MTBE, a gasoline oxygenates no longer used in
the US), and as a fuel additive, fuel alternative, and feedstock to
MTO facilities. Natgasoline has the potential to generate annual
revenues of $600 million, but this was not achieved in 2019 and is
unlikely to be achieved in 2020 due to weak market conditions and
unscheduled downtime.


NEIMAN MARCUS: 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 Neiman Marcus Group LTD LLC and its affiliates.

The committee members are:

     1. Wilmington Trust, National Association             
        Attn: Steven Cimalore/Rita Marie Ritrovato      
        1100 North Market Street      
        Wilmington, DE  19890      
        Tel: 302-656-5137      
        Fax: 302-656-4145
        Email: scimalore@wilmingtontrust.com                       
  
               rritrovato@wilmingtontrust.com       

        Counsel for Member:
        Reed Smith, LLP
        Kurt F. Gwynne, Esq.
        Lloyd A. Lim, Esq.
        Jason D. Angelo, Esq.
        811 Main St., Suite 1700
        Houston, TX  77002
        Tel: 713-469-3671
        Fax: 713-469-3899
        Email: kgwynne@reedsmith.com
               llim@reedsmith.com
               jangelo@reedsmith.com

     2. Pension Benefit Guaranty Corporation      
        Attn: Jack Butler      
        1200 K Street, N.W.       
        Washington D.C., 20005-4026      
        Tel: 202-229-3471      
        Fax: 202-326-4114      
        Email: butler.jack@pbgc.gov

        Counsel for Member:
        Joel Ruderman, Esq.
        Pegah Vakili, Esq.  
        Marc Pfeuffer, Esq.
        Office of the General Counsel
        1200 K Street N.W.
        Washington, D.C. 20005-4026
        Tel: 202-326-4020
        Fax: 202-326-4112
        Email: ruderman.joel@pbgc.gov
               vakili.pegah@pbgc.gov
               pfeuffer.marc@pbgc.gov

     3. UMB Bank, N.A.      
        Attn: Gavin Wilkinson      
        120 South Sixth Street, Suite 1400      
        Minneapolis, MN  55402      
        Tel: 612-337-7001      
        Fax: 612-337-7039      
        Email: gavin.wilkinson@umb.com
     
        Counsel for Member:
        McDermott Will & Emery LLP
        Nathan Coco, Esq.
        Two Allen Center
        1200 Smith Street
        Houston, TX 77002
        Tel: 713-653-1775
        Fax: 972-232-3098
        Email: ncoco@mwe.com

        -- and --

        Kramer Levin Naftalis & Frankel, LLP
        Douglas Mannal, Esq.
        1177 Avenue of the Americas
        New York, NY 10036
        Tel: 212-715-9313
        Fax: 212-715-8308
        Email: dmannal@kramerlevin.com

        -- and --

        Selendy & Gay, PLLC
        David Elsberg, Esq.
        1290 Avenue of the Americas
        New York, NY 10036
        Tel: 212-390-9000
        Fax: 212-390-9399
        Email: delsberg@selendygay.com

     4. Marble Ridge Capital LP
        on behalf of Marble Ridge Master Fund LP      
        Attn: Dan Kamensky      
        1250 Broadway, Suite 2601      
        New York, NY 10001     
        Tel: 212-858-0620      
        Email: dkamensky@marbleridgecap.com                
               kdaniels@marbleridgecap.com

        Counsel for Member:
        Brown Rudnick LLP
        Sigmund Wissner-Gross, Esq.
        7 Times Square
        New York, NY 10036
        Tel: 212-209-4930
        Email: swissner-gross@brownrudnick.com

     5. Simon Property Group, Inc.     
        Attn: Ronald M. Tucker     
        225 W. Washington Street     
        Indianapolis, IN 46204     
        Tel: 317-371-1787     
        Email: rsimon@tucker.com

     6. Chanel, Inc.     
        Attn:  Daniel Rosenberg     
        9 West 57th Street     
        New York, NY 10019     
        Tel: 212-715-4815     
        Email:  danielrosenberg@chanel.com

        Counsel for Member:
        Sheppard Mullin Richter & Hampton, LLP
        Justin Bernbrock, Esq.
        Michael Driscoll, Esq.
        70 West Madison Chicago, IL 60602
        Tel: 312-499-6321
        Email: jbernbrock@sheppardmullin.com         
               mdriscoll@sheppardmullin.com

     7. Kering Americas, Inc.     
        c/o Laurent Claquin     
        75 Bleecker Street, 2nd Floor     
        New York, NY 10012     
        Tel: 212-478-9080     
        Email: laurentclaquin@kering.com      

        Counsel for Member:
        Pryor Cashman, LLP
        Seth H. Lieberman, Esq.
        7 Times Square New York, NY 10036
        Tel: 212-326-0819
        Fax: 212-798-6917
        Email: slieberman@pryorcashman.com

     8. Estee Lauder Companies     
        c/o Kenneth I. Cruz     
        7 Corporate Center Drive     
        Melville, NY 11747     
        Tel: 347-534-8347     
        Email: kecruz@estee.com  

     9. Ebates Performance Marketing, Inc.     
        c/o Greg Kaplan     
        800 Concor Dr., Suite 175     
        San Mateo, CA  94402     
        Tel: 415-908-2200      
        Email: greg.a.kaplan@rakuten.com  

        Counsel for Member:
        Finestone & Hayes LLP
        Stephen Finestone, Esq.
        456 Montgomery St., 20th Floor
        San Francisco, CA 94104
        Tel: 415-421-2624
        Email: sfinestone@fhlawllp.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 Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- 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.

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020.  At the time of the filing, Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.


NORTHERN OIL: To Swap Notes for $3.9M Worth of Common Stock
-----------------------------------------------------------
Northern Oil and Gas, Inc., entered into an exchange agreement with
holders of the Company's 8.5% senior secured notes due 2023,
pursuant to which the Company agreed to issue $3.9 million in
agreed upon value of the Company's common stock, par value $0.001
per share in exchange for $4.5 million aggregate principal amount
of the Notes and accrued interest thereon.  The number of shares of
Common Stock to be issued in this exchange will be based on a
forward volume-weighted average price ("VWAP") mechanism.  This
transaction is expected to close and the shares of Common Stock are
expected to be issued on or about June 18, 2020.

Upon closing of this transaction, the Company expects to have
approximately $301.3 million remaining principal amount of Notes
outstanding.

The issuance of the shares of Common Stock in exchange for the
Notes is being made in reliance on the exemption from registration
provided in Section 3(a)(9) of the Securities Act of 1933, as
amended.

                       About Northern Oil

Northern Oil and Gas, Inc. -- http://www.northernoil.com/-- is an
exploration and production company with a core area of focus in the
Williston Basin Bakken and Three Forks play in North Dakota and
Montana.

Northern Oil recorded a net loss of $76.32 million for the year
ended Dec. 31, 2019.  As of March 31, 2020, the Company had $2.23
billion in total assets, $1.22 billion in total liabilities, and
$1.01 billion in total stockholders' equity.


                           *   *   *

As reported by the TCR on April 14, 2020, S&P Global Ratings
lowered its issuer credit rating on Northern Oil and Gas Resources
to 'CCC+' from 'B-'. The outlook is negative.  "Our downgrade
reflects the company's tight liquidity and history of distressed
exchanges.  The recent collapse in oil prices increases the risk
that the company's reserve-based lending (RBL) facility size could
be reduced at its next bank redetermination, which could further
strain its limited capacity," S&P said.


ONEWEB GLOBAL: Gets Final Approval to Use Cash Collateral
---------------------------------------------------------
OneWeb Global Limited and debtor affiliates sought and obtained
final approval from the Bankruptcy Court for the Southern District
of New York to use cash collateral, pursuant to an approved 13-week
budget.

Before the Petition Date, Debtor OneWeb Communications Limited
issued certain promissory notes in the principal amount of
$1,560,621,949.30 under a certain Amended and Restated Note
Purchase Agreement in favor of Global Loan Agency Services Limited,
as administrative agent and GLAS Trust Corporation Limited, as
collateral agent.  

As of the Petition Date, the notes remain outstanding in an
aggregate principal amount plus accrued and unpaid interest of not
less than $1,733,121,855.82, plus all fees, costs, expenses,
penalties, premiums, indemnities, and other obligations owing
under.  The pre-petition obligors are also a party to certain
pre-petition debentures and security agreements.    

Pursuant to the final order:

   (a) the pre-petition secured parties are granted valid,
perfected, post-petition security interests in and liens on all of
the property, assets or interests in property or assets of each
Debtor and each Debtor's estate to the extent of any diminution in
value of mortgages, security agreements, pledge agreements,
financing statements or other instruments or documents.

   (b) the notes agent, on behalf of the pre-petition secured
parties, on a final basis, is granted an allowed super priority
administrative expense claim having priority over any and all other
claims against the Debtors to the extent of any diminution in
value, subject to the carve-out.

As further compensation, the Court ruled that the notes agent or
the respective professional (as identified) will receive from the
Debtors payments of reasonable and documented fees and
disbursements, whether incurred before or subsequent to the
Petition Date:
    * Arnold & Porter Kaye Scholer LLP, as counsel to the notes
agent, and
    * professionals retained by Softbank Group Corp., including (i)
Morrison & Foerster LLP, (ii) Houlihan Lokey Capital, Inc., and
(iii) any local or foreign counsel, including those advising on
security or collateral matters.

The said fees and expenses incurred prior to the Petition Date,
however, will only be reimbursable to the extent they are
reimbursable under the notes documents.

Judge Drain also ruled that the Committee, or any other
party-in-interest (other than the Debtors) may investigate the
accuracy of the stipulations against the pre-petition secured
parties (including the amount, character, validity, priority, and
extent of the pre-petition obligations) until the day that is 75
days from the date of the entry of the final order.

A copy of the final order is available at https://is.gd/uueyjT from
PacerMonitor.com free of charge.

The Debtors' right to use the cash collateral is tied to compliance
under certain milestones, including, that:

   * no later than May 11, 2020, the Debtors shall have received
one or more non-binding letters of intent for the spectrum assets,
   * no later than June 12, 2020:
      (i) the Debtors shall have received one or more binding bids
to sell the spectrum assets in form and substance satisfactory to
the required holders;
     (ii) the Debtors shall have concluded any auction and entered
into a binding agreement to sell the spectrum assets, subject only
to approval from the Court and any applicable regulatory approvals
and otherwise in form and substance satisfactory to the required
holders;
   * no later than seven calendar days following the Debtors' entry
into a binding commitment to sell the spectrum assets, whether
following an auction or otherwise, to the extent the sale is not
proposed through a plan of reorganization, the Court shall have
entered a binding order approving the sale.
    * provided that a sale is proposed through a plan of
reorganization, no later than 35 calendar days after the auction or
entry by the Debtors into a binding agreement to sell the spectrum
assets if an auction is not held, the Court shall have entered an
order approving the disclosure statement for such plan of
reorganization.

A complete list of the milestones is available as Exhibit B at
https://is.gd/XB6WQ9 from PacerMonitor.com at no charge.

The Debtors have previously obtained interim approval for the use
of cash collateral.   


                                        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.

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.




ONEWEB GLOBAL: May Borrow Up to $300MM from Pre-petition Lenders
----------------------------------------------------------------
OneWeb Global Limited and debtor affiliates sought and obtained
approval from Judge Robert D. Drain to borrow up to an aggregate
principal amount of $300,000,000 under a senior secured DIP term
loan from GLAS USA LLC, as administrative agent, GLAS Trust
Corporation Limited, as collateral agent and the lenders party
thereto, with SoftBank Group Corp., as the lead lender.  SoftBank
Group is the Debtors' largest pre-petition secured creditor.

The DIP facility:

  * will bear interest at 12.5% per annum, paid-in-kind monthly so
long as no event of default has occurred and is continuing.
Default interest will accrue at a rate of 15.5% per annum.  

  * will mature on the earliest to occur of:

    i. March 26, 2021;
   ii. the effective date of a plan of reorganization;
  iii. the consummation of a sale or other disposition of all or
substantially all assets of the Debtors or all or substantially all
of the obligor Spectrum Rights, whether pursuant to Section 363 of
the Bankruptcy Code or otherwise;

  iv. the date of acceleration of the DIP loans and the termination
of the DIP commitments and upon and during the continuance of an
event of default; and

  v. the conversion or dismissal of the Debtors' cases.

Up to $75,000,000 of the total DIP loan commitment will be used in
accordance with the budget to pay operating expenses and to
effectuate the sale of some or all of the Debtors' assets.  The
balance of up to $225,000,000 will be used to substitute and
exchange outstanding pre-petition obligations (up three dollars
owing under a lender's pre-petition notes will be rolled up into
additional term loans under the DIP facility for every new dollar
that lender funds under the DIP facility).

Specifically, the $300MM DIP commitment consists of the following:

  (1) a first tranche consisting of:

     (a) $10,000,000 of new money loans to be made available on the
closing date and

     (b) $30,000,000 of roll-up loans, to be made available on the
second borrowing date;

  (2) a second tranche consisting of:

     (a) $20,000,000 of new money loans, and

     (b) $60,000,000 of roll-up loans, to be made available upon
the satisfaction or waiver of the conditions precedent specified in
the DIP loan documents for the funding of said tranche, including
the receipt by the lead lender of one or more non-binding letters
of intent regarding a sale of the Debtors' assets in form and
substance reasonably acceptable to the lead lender;

  (3) a third tranche consisting of:

     (a) $25,000,000 of new money loans and

     (b) $75,000,000 of roll-up loans, to be made available upon
the satisfaction or waiver of the conditions precedent specified in
the DIP loan documents for the funding of said tranche, including
the receipt by the lead lender of a binding asset purchase
agreement in form and substance reasonably acceptable to the lead
lender; and

  (4) a fourth tranche consisting of:

     (a) $20,000,000 of new money loans and

     (b) $60,000,000 of roll-up loans, to be made available in one
or more installments at the Lead Lender’s sole discretion, and in
no event earlier than upon the approval by the Court of a sale of
all or substantially all of the Debtors' assets, to the extent
necessary to obtain required regulatory approvals with respect to
said sale.

As security for the repayment under the DIP obligations, the DIP
collateral agent is granted:

   (a) a valid, perfected first priority priming security interest
and lien on all DIP collateral, to the extent that such property
and assets are subject to liens that secure the obligations of the
Debtors under the notes documents or the final cash collateral
order;

   (b) a valid, perfected first priority security interest and lien
on all DIP collateral;

   (c) a valid, perfected junior-priority security interest and
lien on all DIP collateral of the Debtors to the extent that said
property and assets are subject to valid, perfected, enforceable,
and non-avoidable permitted liens.

The DIP liens, however, shall not attach to any of WorldVu JV
HOLDINGS LLC's right, title, or interest in any of its membership
or other rights or interests in or to Airbus OneWeb Satellites
LLC.

All of the DIP Obligations will constitute allowed super priority
administrative expense claims of the DIP administrative agent,
subject to the carve-out.

The Court further ruled that in the event the DIP secured parties
elect not to fund the second tranche of the DIP facility, the lead
lender and the required holders agree that the Debtors may obtain
alternative post-petition financing in an aggregate amount not to
exceed $75,000,000 on a priming and super priority basis subject to
the carve-out.  The alternative DIP financing, however, shall have
been approved by the Court, and the initial draw thereunder shall
have been funded by no later than the 30th day following the
Tranche 2 Notice Deadline.  Tranche 2 notice deadline has been set
on May 11, 2020.

The proceeds of any alternative DIP financing will be used upon the
initial funding of said financing to repay all outstanding DIP
obligations in full and in cash.  Upon said repayment, the DIP
facility shall terminate for all purposes.

A full-text copy of the DIP order is available at
https://is.gd/MNGOZz from PacerMonitor.com at no charge.

                 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.

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.


OZ INDUSTRIES: Has Until June 21 to File Plan & Disclosures
-----------------------------------------------------------
Judge Joel D. Applebaum of the U.S. Bankruptcy Court for the
Eastern District of Michigan, Southern Division (Flint), has
ordered that the deadline for debtor Oz Industries, LLC to file a
combined plan and disclosure statement is June 21, 2020.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/ydz4geal from PacerMonitor at no charge.

                     About Oz Industries

Oz Industries, LLC, is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)). The Company owns a
commercial property located at 780 N. Van Dyke Road in Almont, MI
48003 having an appraised value of $500,000.

Oz Industries filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Mich. Case No. 19-32761) on Nov. 21, 2019.  In the petition
signed by David Mroz, sole member, the Debtor disclosed $514,555 in
total assets and $1,236,643 in total liabilities.  The Hon. Joel D.
Applebaum oversees the case.  The Debtor is represented by Mark H.
Shapiro, Esq., at Steinberg Shapiro & Clark.


PACE INDUSTRIES: Wins Interim OK on Up to $125M of DIP Facility
---------------------------------------------------------------
Judge Mary F. Walrath granted Pace Industries, LLC and debtor
affiliates interim approval to borrow:

(i) up to $125 million in aggregate principal amount under a
senior secured super-priority asset-based revolving credit facility
from certain DIP revolver lenders and Bank of Montreal (BMO), as
administrative agent, and

(ii) an aggregate principal amount not to exceed $21 million under
a senior secured super-priority multi-draw term loan facility from
certain DIP term lenders and TCW Asset Management Company LLC,  as
administrative agent and collateral agent.

The Debtors have sought approval to obtain up to $125 million under
the DIP revolver facility (of which up to $150,000 will be
available for the issuance of letters of credit), and up to $50
million under the DIP term loan facility.

Pursuant to the interim order, the Debtors may:

   * borrow under the DIP facilities and use cash collateral
through and including the earlier to occur of  (x) the date of
entry of the final order and (y) the occurrence of a DIP
termination event.

   * pay all interest, costs, fees, and other amounts and
obligations accrued or accruing under the DIP loan agreements and
other DIP loan documents, and

   * complete the ABL refinancing.

The Debtors are authorized to borrow under the revolver DIP
agreement the full amount necessary to fully and immediately pay
off in full all pre-petition ABL obligations.  All letters of
credit and credit product obligations shall continue in place and
all obligations thereunder shall be subject to the revolver DIP
documents and shall constitute DIP revolver obligations.

The DIP agents (for the benefit of themselves and the DIP lenders)
are granted:
   (a) continuing, valid, binding, enforceable, non-avoidable, and
automatically and properly perfected security interests in and
liens in and upon all DIP collateral, subject to permitted liens,
to secure performance and payment of the DIP Obligations.

   (b) allowed super priority administrative expense claims
pursuant to Section 364(c)(1) of the Bankruptcy Code, having
priority in right of payment over any and all other obligations,
liabilities, and indebtedness of the Debtors.

                Prepetition Secured Obligations

Before the Petition Date, the Debtors were indebted to BMO (as
administrative agent) under an amended and restated credit
agreement, pursuant to which up to $125 million in the aggregate is
available under an asset-based credit facility, secured by (a)
first priority security interests in and liens on certain of the
Debtors' property,

As of the Petition Date, approximately $92.1 million in principal
was outstanding under the prepetition ABL facility in the form of
revolving loans, plus letters of credit in the approximate stated
amount of $150,000, plus interest accrued and accruing.

The Debtors were also indebted pre-petition to TCW, as agent, under
a senior note agreement, pursuant to which senior secured notes in
the aggregate principal amount of $240 million were issued.  As of
the Petition Date, approximately $232 million under the
pre-petition senior note agreement was outstanding.  BMO, in its
capacity as pre-petition ABL agent and TCW, in its capacity as
pre-petition senior secured notes agent, were parties to an
inter-creditor agreement dated as of June 30, 2015.

The DIP lenders' willingness to make the DIP loans and the
pre-petition secured parties' willingness to consent to the use of
cash collateral is predicated upon (a) the Debtors' support for
confirmation of the joint prepackaged Chapter 11 Plan for Pace
Industries, LLC and affiliated debtors and (b) the continued
agreement of the sponsor to the proposed settlement contemplated by
the plan.

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

                     About Pace Industries

Pace Industries, LLC -- http://www.paceind.com/-- is a
full-service aluminum, zinc and magnesium die casting company.
Headquartered in Fayetteville, Ark., Pace Industries offers
end-to-end, nonferrous, die cast supply chain solutions, and a wide
array of capabilities and services, including advanced engineering,
tool and die fabrication, prototyping, precision machining,
assembly, finishing and painting.
  
Pace Industries and 10 affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10927)
on April 12, 2020.  At the time of the filing, Debtors disclosed
assets of between $100 million and $500 million and liabilities of
the same range.

Judge Mary F. Walrath oversees the cases.

Debtors tapped Young Conaway Stargatt & Taylor, LLP and Willkie
Farr & Gallagher, LLP as bankruptcy counsel; FTI Consulting, Inc.,
as financial advisor; Hughes Hubbard & Reed, LLP as special
counsel; and Kurtzman Carson Consultants, LLC as claims, noticing
and balloting agent.


PENA BUSINESS: Has Until Aug. 11 to File Plan & Disclosures
-----------------------------------------------------------
Judge Mark X. Mullin has ordered that Debtor Pena Business
Services, Inc. shall file the plan of reorganization and disclosure
statement no later than August 11, 2020, which is 180 days from the
entry of the order for relief under chapter 11 and to confirm a
plan no later than September 25, 2020.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/ydabvm9x from PacerMonitor at no charge.

                      About Pena Business

Pena Business Services, Inc., filed Chapter 11 Petition (Bankr.
N.D. Tex. Case No. 20-40634) on Feb. 13, 2020.  Alice Bower, Esq.
of THE LAW OFFICE OF ALICE BOWER is the Debtor's counsel.


PQ NEW YORK: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: PQ New York, Inc.
             50 Broad Street
             12th Floor
             New York, New York 10004


Business Description:     PQ New York, Inc. is a wholly-owned
                          subsidiary of PQ Licensing SA,
                          a Belgian company, and operated 98
                          restaurants in the United States under
                          the trade name Le Pain Quotidien.  The
                          Debtors are headquartered in New York
                          and, prior the COVID-19 outbreak,
                          operated in the following geographic
                          regions: the New York City metro area,
                          the Mid-Atlantic region, California,
                          Illinois, and Florida.  Visit
                          https://www.lepainquotidien.com/us/en/
                          for more information.

Chapter 11 Petition Date: May 27, 2020

Court:                    United States Bankruptcy Court
                          District of Delaware

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

    Debtor                                       Case No.
    ------                                       --------
    PQ New York, Inc. (Lead)                     20-11266
    PQ Meatpacking District, Inc.                20-11267
    33rd Street Bakery, Inc.                     20-11268
    PQ Melrose, Inc.                             20-11269
    Florence Bakery, Inc.                        20-11270
    PQ 97th Street, Inc.                         20-11271
    PQ Merrifield, Inc.                          20-11272
    LPQ 14th & K Street, Inc.                    20-11273
    PQ Mineral Springs, Inc.                     20-11274
    LPQ 205 Bleecker, Inc.                       20-11275
    PQ Alexandria, Inc.                          20-11276
    PQ Montague, Inc.                            20-11277
    LPQ 85 Broad, Inc.                           20-11278
    PQ Mt. Vernon, Inc.                          20-11279
    PQ Americana, Inc.                           20-11280
    LPQ Aventura, Inc.                           20-11281
    PQ New Canaan, Inc.                          20-11282
    LPQ Cabin John, Inc.                         20-11283
    PQ Bakery, LLC                               20-11284
    LPQ Claremont, Inc.                          20-11285
    PQ Newport Beach Bakery, Inc.                20-11286
    LPQ Coconut Grove, Inc.                      20-11287
    PQ Operations, Inc.                          20-11288
    PQ Battery Park, Inc.                        20-11289
    LPQ Garden City, Inc.                        20-11290
    PQ Park & 33rd, Inc.                         20-11291
    PQ Bethesda, Inc.                            20-11292
    LPQ King & Hudson, Inc.                      20-11293
    PQ Park Slope, Inc.                          20-11294
    LPQ N. Wells St, Inc.                        20-11295
    PQ Beverly Hills, Inc.                       20-11296
    PQ Robertson, Inc.                           20-11297
    LPQ Naperville, Inc.                         20-11298
    LPQ North Michigan, Inc.                     20-11299
    PQ Rye, Inc.                                 20-11300
    PQ Blaine Mansion, Inc.                      20-11301
    LPQ Pasadena, Inc.                           20-11302
    PQ San Vicente, Inc.                         20-11303
    LPQ Reston, Inc.                             20-11304
    PQ Bleecker, Inc.                            20-11305
    LPQ Sailboat Pond, Inc.                      20-11306
    PQ Brentwood, Inc.                           20-11307
    LPQ South End Ave, Inc.                      20-11308
    PQ Santa Monica, Inc.                        20-11309
    LPQ South Gayley, Inc.                       20-11310
    PQ Bryant Park, Inc.                         20-11311
    PQ Soho, LLC                                 20-11312
    PQ Calabasas, Inc.                           20-11313
    PQ Spring Valley, Inc.                       20-11314
    LPQ South Lasalle, Inc.                      20-11315
    LPQ Toluca Lake, Inc.                        20-11316
    PQ Studio City, Inc.                         20-11317
    LPQ West 55th & 8th St, Inc.                 20-11318
    PQ Capitol Hill, Inc.                        20-11319
    LPQ Woodbury, Inc.                           20-11320
    PQ 17th Street, Inc.                         20-11321
    PQ Carnegie Hill, Inc.                       20-11322
    PQ The Village at Topanga, Inc.              20-11323
    PQ 44th & Madison, Inc.                      20-11324
    PQ Tribeca, Inc.                             20-11325
    PQ Carroll Square, Inc.                      20-11326
    PQ 44th Street, Inc.                         20-11327
    PQ Tysons Corner, Inc.                       20-11328
    PQ Central Park, Inc.                        20-11329
    PQ UN, Inc.                                  20-11330
    PQ 53rd Street, Inc.                         20-11331
    PQ Chelsea, Inc.                             20-11332
    PQ 550 Hudson, Inc.                          20-11333
    PQ Union Square, Inc.                        20-11334
    PQ Chevy Chase, Inc.                         20-11335
    PQ 55th & 1st, Inc.                          20-11336
    PQ Union Station, Inc.                       20-11337
    PQ 6th & Olive, Inc.                         20-11338
    PQ Clarendon, Inc.                           20-11339
    PQ Upper West, Inc.                          20-11340
    PQ Culver Plaza, Inc.                        20-11341
    PQ 6th Ave., Inc.                            20-11342
    PQ Villa Marina, Inc.                        20-11343
    PQ East 65th St, Inc.                        20-11344
    PQ Walnut Street, Inc.                       20-11345
    PQ 8th & Walnut, Inc.                        20-11346
    PQ East 77th, Inc.                           20-11347
    PQ Wayne, Inc.                               20-11348
    PQ 8th Street, Inc.                          20-11349
    PQ East 83rd St, Inc.                        20-11350
    PQ West 72nd, Inc.                           20-11351
    PQ 933 Broadway, Inc.                        20-11352
    PQ West 84th, Inc.                           20-11353
    PQ Encino Bakery, Inc.                       20-11354
    PQ Westlake, Inc.                            20-11355
    PQ First Inc.                                20-11356
    PQ Wildwood, Inc.                            20-11357
    PQ French Market, Inc.                       20-11358
    PQ Georgetown Inc.                           20-11359
    Tuxedo Bakery, Inc.                          20-11360
    PQ Gold Coast, Inc.                          20-11361
    Walnut St. Bakery, Inc.                      20-11362
    PQ Granary, Inc.                             20-11363
    PQ Greenwich, Inc.                           20-11364
    PQ Harbor Point, Inc.                        20-11365
    PQ Larchmont, Inc.                           20-11366
    PQ Lexington, Inc.                           20-11367
    PQ Lincoln Park, Inc.                        20-11368
    PQ Lincoln Square, Inc.                      20-11369
    PQ Manhattan Beach, Inc.                     20-11370

Judge:                    Hon. John T. Dorsey

Debtors'
Attorneys:                Mark D. Collins, Esq.
                          Michael J. Merchant, Esq.
                          Jason M. Madron, Esq.
                          Brendan J. Schlauch, Esq.
                          RICHARDS, LAYTON & FINGER, P.A.
                          One Rodney Square
                          920 North King Street
                          Wilmington, Delaware 19801
                          Tel: (302) 651-7700
                          Fax: (302) 651-7701
                          Email: collins@rlf.com
                                 merchant@rlf.com
                                 madron@rlf.com
                                 schlauch@rlf.com

Debtors'
Restructuring and
Interim
Management
Services
Provider:                 PRICEWATERHOUSECOOPERS LLP

Debtors'
Investment
Banker:                   SSG ADVISORS, LLC

Debtors'
Claims &
Noticing
Agent and
Administrative
Advisor:                  DONLIN, RECANO & COMPANY, INC.
                   https://www.donlinrecano.com/Clients/pqny/Index

Estimated Assets
(on a consolidated basis): $100 million to $500 million

Estimated Liabilities
(on a consolidated basis): $100 million to $500 million

The petitions were signed by Steven J. Fleming, chief restructuring
officer.

A copy of PQ New York's petition is available for free at
PacerMonitor.com at:

                       https://is.gd/VJdXdC

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. PQ Licensing, SA                 Intercompany       $69,163,755
Rue des Colonies 11
1000 Brussels, Belgium
Gabrielle Molinier
Tel: +32 2 545 75 57
Email: gabrielle.molinier@lepainquotidien.com

2. Leesam Realty, Inc.                  Lease             $469,732
19 Woodland Dr.
Rye Brook, NY 10573
David Swerdloff
Tel: 914‐439‐7767
Email: dswerdloff@gmail.com

3. US Foods Inc.                       Vendor             $333,478
9399 W Higgins Road
Suite 500
Rosemont, IL 60018
Jim H. McCain
Tel: 480‐766‐5116 Ext. 0000
Email: NationalAR.Shared@usfoods.com

4. Imperial Bag & Paper Co. Inc.       Vendor             $295,799
255 Route 1&9
Jersey City, NJ 07306
Larry Schneider
Tel: 877‐477‐7427 Ext. 0000
Email: lschneider@imperialbag.com

5. Havi Logistics                      Vendor             $261,379
Lammerdries‐Oost 32
2250 Olen, Belgium
Kelly Van de Poel
Tel: +32 14 25 81 11
Email: Kelly.VanDePoel@havi.com

6. Nature's Produce                    Vendor             $248,525
3305 Bandini Blvd
PO Box 58366
Vernon, CA 90058
Mike Gatchalian
Tel: 323‐235‐4343 Ext. 0000
Email: mikeg@naturesproduce.com

7. Organic Valley                      Vendor             $212,050
One Organic Way
LaFarge, WI 54639
Nathan Sullivan
Tel: 608‐625‐2602
Email: nathan.sullivan@organicvalley.coop

8. Cuisine Solutions                   Vendor             $184,772
PO Box 79525
Baltimore, MD 21279‐0525
Donatella Vilgrain
Tel: 703‐270‐2900 Ext. 0000
Email: dvilgrain@cuisinesolutions.com

9. GTT Communication                   Vendor             $183,790
PO Box 842630
Dallas, TX 75284‐2630
Alison Harris
Tel: 214‐972‐0273
Email: Alison.Harris@gtt.net

10. Badger & Winters Group, Inc.       Vendor             $151,500
49 W 23rd St, 10th FL
New York, NY 10010
Jana Perzylo
Tel: 212‐533‐3222
Email: jperzylo@badgerandwinters.com

11. Con Edison                        Utility             $149,581
Jaf Station
PO Box 1702
New York, NY 10116‐1702
Tel: 800‐752‐6633
Email: ConEd‐bill@emailconed.com

12. Testa Produce Inc.                 Vendor             $134,628
PO Box 87618
Dept 10222
Chicago, IL 60680‐0618
Donna M. Langlois
Tel: 312‐455‐0078 Ext. 0000
Email: ar@testaproduce.com

13. L'Atelier Du Pain                  Vendor             $131,374
Pamelstraat Oost 430
B – 9400 Ninove, Belgium
Imelda Van Den Steen
Tel: +32 5 451 59 10
Email: imelda@latelierdupain.be

14. Chefs Warehouse                    Vendor             $123,850
PO Box 30943
New York, NY 10087‐0944
Tony Calderone
Tel: 786‐618‐0623 Ext. 0000
Email: TCalderone@chefswarehouse.com

15. LECOQ Cuisine Corp.                Vendor             $117,306
35 Union Avenue
Bridgeport, CT 06607
Ming Chin Yiong
Tel: 203‐334‐1010 Ext. 0000
Email: accounting@lecoqcuisine.com

16. Evolution Fresh, Inc.              Vendor              $95,896
PO Box 74008000
Chicago, IL 60674‐8000
Kay McCoy
Tel: 206‐318‐1604 Ext. 0000
Email: EFAR@evolutionfresh.com

17. White Coffee Corporation           Vendor              $95,000
18‐35 38th Street
Long Island City, NY 11105
Carlos Nazario
Tel: 718‐204‐7900 Ext. 0126
Email: CNazario@WhiteCoffee.com

18. Kettle Cuisine                     Vendor              $93,564
330 Lynnway
Lynn, MA 01901
Jenny Mabon‐Spiers
Tel: 617‐409‐1115
Email: jspiers@kettlecuisine.com

19. Catsmo LLC                         Vendor              $90,320
25 Myers Road
Wallkill, NY 12589
Renate Glyttov
Tel: 845‐895‐2296
Email: renate@solexcatsmo.com

20. Lorenzo Food Group, Inc.           Vendor              $87,041
196 Coolidge Ave
Englewood, NJ 07631
John Ohnkeanna
Tel: 201‐868‐9088
Email: johnkeanna@lorenzofoodgroup.com


PRESTIGE EMS: $5K Sale of Ambulance to Trinity Aparatus Approved
----------------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas authorized Prestige EMS, LLC's sale of an
ambulance, a 2011 Ford E350 Unite 308, VIN FDRF3GT2BEA57633, to
Trinity Aparatus for $5,088.

The vehicle is collateral for a loan from International Bank of
Commerce, whose lien is recorded on the Certificate of Title.
Prestige would pay off the lien with the sale proceeds to get the
title released. The amount owed to the bank is approximately the
same as the proposed sales price.
    
                      About Prestige EMS

Prestige EMS, LLC, is a Laredo, Texas-based ambulance service
provider, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Tex. Case No. 20-50044) on March 13, 2020.  At the
time of the filing, Debtor was estimated to have assets of between
$100,001 and $500,000 and liabilities of the same range. Judge
David R. Jones oversees the case. Carl M. Barto, Esq., at the Law
Offices of Carl M. Barto, is the Debtor's legal counsel.


PROTEC INSTRUMENT: May Use Cash Collateral Thru Plan Confirmation
-----------------------------------------------------------------
Judge Christopher J. Panos authorized Protec Instrument Corporation
to use cash collateral and non-cash collateral on a continuing
basis and in amounts pursuant to a budget through the confirmation
of the Debtor's reorganization plan, or as may be approved by
further Court order.  

Judge Panos ruled that the Debtor will continue to make adequate
protection payments to Berkshire Bank in the amount of $9,810 on or
before the 22nd day of each month hereafter until confirmation of
the Debtor's plan, as adequate protection of the Bank's secured
claim.  The Court confirmed the Debtor's plan of reorganization on
May 4, 2020.  

Accordingly, the hearing on the cash collateral motion set for May
28, 2020 was cancelled as unnecessary.

                  About Protec Instrument Corp.

Protec Instrument Corporation manufactures analytical instruments.
Protec RE Holdings owns a property located at 38-40 Edge Hill Road,
Waltham, Massachusetts having an appraised value of $2.17 million.

Protec Instrument Corp. and Protec RE Holdings sought Chapter 11
protection (Bankr. D. Mass. Lead Case No. 19-12164) on June 25,
2019.  As of the Petition Date, Protec Instrument disclosed assets
of $3,472,694 and liabilities of $2,725,521; and Protec RE
disclosed assets of $2,170,000 and liabilities of $2,458,971.  The
Hon. Christopher J. Panos is the case judge.  Parker & Associates
is the Debtors' counsel.


PROTECH METAL: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Protech Metal Finishing, LLC
        120 Tellico Port Road
        Vonore, TN 37885

Business Description: Protech -- https://protechfinishing.com --
                      is a woman-owned full-service metal
                      finishing company that has served customers
                      since 1980.  Protech is housed in a 32,000
                      square foot facility on 10 acres in Vonore,
                      Tennessee.  Specializing in anodizing and
                      rack plating, Protech services a large
                      customer base in the aerospace, defense,
                      industrial, medical and automotive fields.
                      The Company previously sought bankruptcy
                      protection on Aug. 27, 2019 (Bankr. E.D.
                      Tenn. 19-32732).

Chapter 11 Petition Date: May 26, 2020

Court: United States Bankruptcy Court
       Eastern District of Tennessee

Case No.: 20-31354

Debtor's Counsel: Griffin S. Dunham, Esq.
                  DUNHAM HILDEBRAND, PLLC
                  2416 21st Ave S, Ste 303
                  Nashville, TN 37212
                  Tel: 615-933-5850
                  E-mail: griffin@dhnashville.com

Total Assets: $431,811

Total Liabilities: $7,446,307

The petition was signed by Phillip Michael Huddleston, CEO.

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

                      https://is.gd/lHbJgY


PROVIDENT FUNDING: Moody's Confirms B1 CFR & Alters Outlook to Neg.
-------------------------------------------------------------------
Moody's Investors Service has confirmed Provident Funding
Associates, L.P.'s corporate family rating at B1 and its long-term
senior unsecured rating at B2, concluding the review for downgrade
initiated on March 16, 2020. The outlook was changed to negative
from ratings under review.

The ratings confirmation reflects Moody's assessment that Provident
has been able to mitigate the negative impact on liquidity and
capital from lower interest rates to date, which has reduced the
value of Provident's mortgage servicing rights, resulting in a
reduction in liquidity due to margin calls from providers of the
company's lines of credit.

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 profitability, capital and liquidity, the
mortgage servicing 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 framework,
given the substantial implications for public health and safety.

RATINGS RATIONALE

The confirmation of Provident's ratings reflects Moody's assessment
of the company's ability to manage its near-term liquidity needs
to-date, and largely maintain its capital level in the face of the
coronavirus pandemic unprecedented disruption. While the company's
capital and medium-term liquidity continue to be pressured in this
challenging environment, they are partly offset by Provident's
improving profitability. As Moody's expected, lower interest rates
led to an increase in refinancing volumes in the first quarter,
which combined with elevated gain on sale margins, resulted in a
positive impact on the company's profitability. The company
reported net income of approximately $8.4 million in the first
quarter, despite a $45 million MSR impairment, resulting in a net
income/average managed assets ratio of 1.6%, a significant
improvement over -3.6% for 2019.

The company's capital level, as measured by tangible common
equity/tangible managed assets (TCE/TMA), which excludes preferred
limited partnership interests, declined modestly to 8.3% as of
March 31, 2020 from 8.7% as of year-end 2019. When including these
interests, TCE/TMA at the end of the quarter increased modestly to
10.9% from 10.6% as of year-end 2019, driven in large part by the
$20 million investment, a capital injection, in March from the
holding company of Colorado Federal Savings Bank.

While Moody's expects non-bank mortgage companies such as Provident
to continue to experience liquidity pressure in this challenging
environment, the rating agency recognizes that Provident has taken
steps to boost its liquidity, including the investment, a capital
injection, from CFSB, extending the maturity of four of its
warehouse and MSR facilities, and increasing its cash balance to
approximately $26.0 million as of March 31, 2020 from $22.8 million
as of year-end 2019.

The assignment of the negative outlook to Provident reflects
Moody's view that challenging operating conditions will continue to
pressure the company's liquidity and capitalization from potential
further declines in the fair value of mortgage servicing rights and
the uncertain level of servicing advance obligations resulting from
increasing delinquencies. Servicers are obligated to make advance
principal and interest payments as well as payments for property
taxes, homeowners' insurance and default proceedings, when the
borrower fails to do.

The B1 corporate family rating currently assigned to Provident's
standalone credit profile reflects its weak but improving
profitability and, modest liquidity and capital levels, but also
incorporates its conservative credit risk appetite, which lessens
asset quality performance risks. Since before the 2008 credit
crisis, Provident has maintained its focus on very-high quality
prime loans, solid capital, and adequate liquidity, which
contributed to a long and stable operating history. With interest
rates continuing to remain low, Moody's expects the company's
profitability to continue to remain solid due to high origination
volumes and elevated gain on sale margins.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The non-bank mortgage sector has been one of
the sectors affected by the shock. Moody's regards the coronavirus
outbreak as a social risk under its environmental, social and
governance (ESG) framework, given the substantial implications for
public health and safety. Its actions reflect the impact on
Provident of the breadth and severity of the shock, and the
deterioration in credit quality it has triggered.

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

The negative outlook indicates that a ratings upgrade is unlikely
over the next 12-18 months. Provident's outlook could return to
stable if Moody's were to assess that the company was able to
preserve, if not improve, its liquidity and capital position
through challenging operating conditions while meeting the
projected increase in future servicing advance obligations.

The ratings could be downgraded if Provident's liquidity, funding
or asset quality deteriorate. The ratings could also be downgraded
if company's capital level (as measured TCE/TMA) remains below 10%,
if Moody's determines that Provident was unable to maintain modest
profitability measured as pre-tax income to assets of at least
0.5%, or if the company materially increases its reliance on
recourse, secured funding.

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


R & J BENTON: Taps Transport Management as Accountant
-----------------------------------------------------
R & J Benton Grading, Inc. received approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ
Transport Management Group, Inc. as its accountant.

Transport Management will provide these accounting services:

     (a) prepare tax returns;

     (b) advise Debtor regarding tax elections to be made;

     (c) represent Debtor before taxing authorities;

     (d) review any claims filed by creditors, the Internal Revenue
Service and other taxing authorities; and

     (e) assist in the preparation of financial analyses,
reconciliations and reports.

The firm will charge an hourly fee of $75 for field work and a flat
fee of $350 to $750 for the preparation and filing of tax returns.


David Cantrell, a certified public accountant and shareholder of
Transport 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:
    
     David Cantrell
     Transport Management Group, Inc.
     521 Forest Pkwy., Suite 200
     Forest Park, GA 30297
     Telephone: (404) 366-2002
     Facsimile: (404) 366-1676
     Email: dcantrell@tmg-ga.com
                     
                    About R & J Benton Grading

R & J Benton Grading, Inc. is a Georgia corporation providing
excavation services including land clearing, lot preparation and
development work for residential and commercial clients.

R & J Benton Grading filed a voluntary petition under Chapter 11 of
the Bankruptcy Code (M.D. Ga. Case No. 20-50346) on Feb. 21, 2020.
In the petition signed by R & J President Joshua Benton, Debtor
disclosed total assets of $1,004,524 and total liabilities of
$1,232,187 as of Dec. 31, 2019.  Judge James P. Smith oversees the
case.  Debtor tapped Akin Webster & Matson, PC as its legal
counsel.


RAVN AIR: Gets Final OK on $14M DIP Loan from Pre-petition Lenders
------------------------------------------------------------------
Ravn Air Group, Inc., and its affiliated debtors sought and
obtained final approval from Judge Brendan L. Shannon to borrow up
to $14,000,000 in aggregate principal amount from BNP Paribas, as
administrative agent for itself and certain other financial
institutions, under a multiple draw term loan, as follows:

   * $6,000,000 (which was made available upon entry of the interim
order).  The amount of the DIP facility, however, shall be reduced
by a reserve for the amount of the carve-out;

   * an additional $6,000,000 to be made available as a delayed
draw upon request of the Debtors following entry of the final order
and the filing of an acceptable plan, provided that the amount of
the DIP facility shall be reduced by a reserve for the amount of
the carve-out; and

   * up to an additional $2,000,000 of incremental facility, in the
sole discretion of the DIP lenders, following entry of the final
order.  The incremental facility has the same rate and security as
the DIP facility.

Pursuant to the DIP credit agreement, the outstanding principal
amount of the DIP facility bears interest at the Debtors' alternate
base rate plus 800 basis points per annum.

The DIP facility will terminate upon the date that is the earliest
of any the following:

  (a) ninety (90) days from the Petition Date;

  (b) the earlier of (i) the date upon which the final order
expires, or (ii) 35 days after the entry of the interim order, in
either case, if the final order has not been entered prior to the
expiration of said period;

  (c) if a plan of reorganization has been confirmed by order of
the Bankruptcy Court, the earlier of (i) the effective date of said
plan of reorganization or (ii) 30 days after the date of entry of
the confirmation order;

  (d) the closing of a sale of substantially all of the equity or
assets of the Debtors borrowers;

  (e) the date of the indefeasible prepayment in full in cash by
the Debtors of all obligations under the DIP facility;

  (f) the filing of a plan of reorganization that is not an
acceptable plan; or

  (g) an event of default and an acceleration of the DIP facility.

The DIP credit agreement also provided for these plan milestones:

  (a) No later than 20 days after the Petition Date, the Debtors
agree to file a (i) chapter 11 plan and (ii) disclosure statement
that indefeasibly either (x) pays the DIP obligations, roll-up
obligations, and pre-petition obligations in full in cash, or (y)
that is otherwise acceptable in form or substance to the DIP agent,
requisite DIP lenders, prepetition agent and prepetition required
lenders.

  (b) No later than 48 days from the Petition Date, the Debtors
agree to obtain approval of a disclosure statement for an
acceptable plan by the Bankruptcy Court acceptable in form and
substance to the DIP agent and the requisite DIP lenders.

  (c) No later than 76 days from the Petition Date, the Debtors
agree to obtain confirmation of an acceptable plan.

Following the confirmation of an acceptable plan that does not
indefeasibly pay the DIP obligations, roll-up obligations and
pre-petition obligations in full in cash, the Debtors agree that
any unpaid portions of the DIP obligations, roll-up obligations and
pre-petition obligations shall, subject to approval of the Court
and confirmation of the plan, be rolled to the liquidating trust or
other post-confirmation entity for payment in order of priority,
including by converting DIP obligations and some or all roll-up
obligations into loans evidenced by an exit financing facility
under the plan.  

The Debtors have disclosed that up $24,000,000 shall be subject to
the roll-up, plus accrued interest and other fees and amounts owing
under the respective loan documents.

The DIP facility will be available:

  * to fund the Debtors' working capital requirements, operating
expenses, capital expenditures related to aircraft maintenance and
other line items in accordance with the terms of the DIP budget
necessary to accomplish an orderly wind-down of the Debtors'
operations and a liquidation of the Debtors' assets;

  * to fund post-petition allowed fees and expenses incurred by the
retained professionals during the administration of the Chapter 11
cases;

  * to fund the roll-up obligations following payment of the DIP
obligations;

  * to fund the payment of cash-pay interest accrued on the DIP
facility;

  * to pay fees and expenses of the DIP agent related to the DIP
facility and the Chapter 11 cases; and

  * to pay fees and expenses of counsel to certain DIP lenders and
prepetition lenders.

                           DIP Liens

The DIP agent is granted, for the benefit of the DIP secured
parties:

  (a) a super priority administrative expense claim with priority
over all other administrative expenses pursuant to the Bankruptcy
Code;

  (b) a first priority, priming security interest in and lien on
all encumbered property of the Debtors and their estates, subject
only to the carve-out and liens on the property of a Debtor that
are in existence on the Petition Date other than the prepetition
liens to the extent a lien on any property is valid, perfected, and
not avoidable.

  (c) a first priority security interest and lien on all
unencumbered property of the Debtors, subject only to the
carve-out; and

  (d) a junior security interest and lien on all property of the
Debtors and their estates that is subject to a permitted prior
senior lien, subject to the carve-out.

                        Cash Collateral

Judge Shannon also authorized the Debtors to use cash collateral,
subject to the DIP budget, the final order and the DIP credit
documents.   

As of the Petition Date, the Debtors owe the pre-petition lenders
and BNP Paribas, as administrative agent and collateral agent under
the pre-petition secured obligations, an approximate amount of not
less than $90,907,954.51 in aggregate principal amount (plus all
accrued and unpaid interest, any additional amounts, charges, fees
and expenses).  

The pre-petition lenders have agreed to extend financial
accommodations to the prepetition loan parties from time to time,
including (i) term Loans in an aggregate principal amount of
$95,000,000, (ii) revolving loans in an aggregate principal
committed amount of up to $15,000,000, (iii) letters of credit, and
(iv) swing line loans.  

As adequate protection, subject and subordinate to the carve-out,
permitted prior senior liens, DIP obligations, DIP liens and DIP
super priority claims, the prepetition agent (for the benefit of
the pre-petition secured parties):

   * is granted valid, binding, enforceable and perfected security
interests and replacement liens upon all of the Debtors' property
to secure the pre-petition obligations against the aggregate
diminution in the value of the pre-petition collateral.

   * is granted an administrative expense claim with priority over
all other administrative expense to the extent allowed by Section
507(b) of the Bankruptcy Code.

The Court also ruled that all proceeds of the DIP facility shall be
held in a deposit account held at a depository institution
authorized by the U.S. Trustee for Region 3 or other depository
institution approved by the Bankruptcy Court, subject to an account
control agreement in favor of the DIP agent, and may only be
utilized in accordance with the DIP budget.

The 11-week budget (for the period from April 6, 2020 through June
19, 2020) provided for $11,345,000 in total operating
disbursements, including $7,760,000 in payroll, $1,900,000 in
insurance.  The budget also provided for $5,050,000 in professional
fees for the same period.  A copy of the budget is available at
https://is.gd/Zt5f66 from PacerMonitor.com free of charge.

Moreover, the Court ruled that the DIP agent shall have the
exclusive right:
   * to use the DIP obligations, DIP liens and DIP super priority
claim to credit bid with respect to any bulk or piecemeal sale of
all or any portion of the DIP collateral; and
   * to use the pre-petition obligations, the adequate protection
liens and Section 507(b) claims to credit bid with respect to any
bulk or piecemeal sale of all or any portion of the pre-petition
collateral, subject to the indefeasible payment in full in cash of
the DIP obligations.  

A copy of the final order is available at https://is.gd/M6dR2W from
PacerMonitor.com free of charge.

                     About Ravn Air Group

Ravn Air Group, Inc. -- https://www.flyravn.com/ -- was formed
through the combination of five Alaskan air transportation
businesses in 2009, creating the largest regional air carrier and
network in the state.  Ravn owns and, until the COVID-19-related
disruptions, operated 72 aircraft at 21 hub airports and 73
facilities, serving 115 destinations in Alaska with up to 400 daily
flights.  Until the COVID-19-related disruptions, Ravn Air Group
and its affiliates had over 1,300 employees (non-union), and it
carried over 740,000 passengers on an annual basis.  

Ravn Air Group provides air transportation and logistics services
to the passenger, mail, charter, and freight markets in Alaska,
pursuant to U.S. Department of Transportation approval as three
separate certificated air carriers.  Two of the carriers (RavnAir
ALASKA and PenAir) operate under Federal Aviation Administration
Part 121 certificates and the other (RavnAir CONNECT) operates
under an FAA Part 135 certificate.  In addition to carrying
passengers, many of whom fly on Medicaid-subsidized tickets, other
key customers include companies in the oil and gas industry, the
seafood industry, the mining industry, and the travel and tourism
industries.

Ravn Air Group and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-10755)
on April 5, 2020.  At the time of the filing, Debtors was estimated
to have assets of between and $100 million to $500 million and
liabilities of the same range.

Judge Brendan Linehan Shannon oversees the cases.

Debtors tapped Keller Benvenutti Kim LLP as bankruptcy counsel;
Blank Rome LLP as special corporate and local bankruptcy counsel;
Conway Mackenzie, LLC as financial advisor; and Stretto as claims
and noticing agent.


RAYONIER ADVANCED: Stockholders OK 3 Proposals at Annual Meeting
----------------------------------------------------------------
The 2020 Annual Meeting of Stockholders of Rayonier Advanced
Materials Inc. was held on May 18, 2020 at which the stockholders:
(1) elected De Lyle W. Bloomquist, Paul G. Boynton, and David C.
Mariano as directors to terms expiring in 2023, (2) did not approve
an amendment to the Company's Amended and Restated Certificate of
Incorporation to declassify the board of directors, (3) did not
approve an amendment to the Company's Amended and Restated
Certificate of Incorporation to eliminate the supermajority voting
provisions, (4) approved, on an advisory basis, the compensation of
the Company's named executive officers, and (5) ratified the
selection of Grant Thornton LLP as the Company's independent
registered public accounting firm for 2020.

                      About Rayonier Advanced

Headquartered in Jacksonville, Florida, Rayonier Advanced Materials
Inc. -- http://www.rayonieram.com/-- is a producer of
cellulose-based technologies, including high purity cellulose
specialties, a natural polymer commonly found in filters, food,
pharmaceuticals and other industrial applications.  The Company
also manufactures products for lumber, paper and packaging markets.
The Company has manufacturing operations in the U.S., Canada, and
France.

Rayonier Advanced reported a net loss available to common
stockholders of $31.03 million for the year ended Dec. 31, 2019.

                           *   *   *

As reported by the TCR on March 6, 2020 S&P Global Ratings lowered
its issuer credit rating on Rayonier Advanced Materials Inc. (RYAM)
to 'CCC+' from 'B-' and lowered its issue-level rating on its
senior unsecured notes to 'CCC' from 'CCC+'.  The downgrade
reflects the severe deterioration in RYAM's margins, which caused
its leverage to rise to more than 10x as of Dec. 31, 2019, from
3.6x as of Dec. 31, 2019 and 7.4x as of Sept. 30, 2019.


REGALIA UNITS: Voluntary Chapter 11 Case Summary
------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                        Case No.
     ------                                        --------
     Regalia Units Owner LLC (Lead Case)           20-15747
     3363 NE 163rd Street
     Suite 601
     North Miami Beach, FL 33160

     Regalia Beach Developers LLC                  20-15748
     3363 NE 163rd Street
     Suite 601
     North Miami Beach, FL 33160
  
Business Description:     The Debtors are engaged in activities
                          related to real estate.

Chapter 11 Petition Date: May 27, 2020

Court:                    United States Bankruptcy Court
                          Southern District of Florida

Judge:                    Hon. Laurel M. Isicoff
Debtors' Counsel:         Linda W. Jackson, Esq.
                          PARDO JACKSON GAINSBURG, PL
                          200 SE 1st Street Suite 700
                          Miami, FL 33131
                          Tel: 305-358-1001
                          E-mail: ljackson@pardojackson.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $10 million to $50 million

The petitions were signed by Christiane Bomeny, manager.

The Debtors did not include lists of their 20 largest unsecured
creditors at the time of the filing.  Copies of the petitions are
available for free at PacerMonitor.com at:

                    https://is.gd/XtCHzs
                    https://is.gd/7Gj3bD


REITMANS LIMITED: Obtains Initial Order in CCAA Proceedings
-----------------------------------------------------------
Reitmans (Canada) Limited obtained an initial order from the
Superior Court of the Province of Quebec (Commercial Division) to
commence proceedings under the Companies' Creditors Arrangement
Act.  The order contains a stay of proceedings in respect of the
Company, the appointment of Ernst & Young Inc., a licensed
insolvency trustee, as monitor and various other relief measures.

For the past three years, the Reitmans Group has incurred a
decrease in sales and incurred a net loss of $87 million for the
fiscal year ended on February 1, 2020.  The Reitmans Group has been
analysing its activities with a view to improve its operations to
enhance profitability.

Reitmans Canada has reduced the number of stores over the past few
years to optimize performance in select markets and respond to the
changing customer behaviours as they shift to online shopping.
Management continues to evaluate the marketplace for brick and
mortar store locations and evaluating opportunities to relocate
existing stores to improved locations.

The Covid-19 pandemic has caused a sharp decrease in sales as
stores were temporarily closed on March 17, 2020 to implement the
physical distancing measures necessary to combat COVID-19 while
continuing to incur fixed operating expenses.

The Covid-19 pandemic has affected the Company's business by
reducing store sales and causing store closures.  Given that
e-commerce sales represent less than 30% of total sales, the impact
of Covid-19 has been significant. As a result of the loss of
revenues, the Reitmans Group has been incurring substantial losses
since the onset of the Covid-19 crisis and is expecting to run out
of liquidity shortly.

The uncertainty surrounding the future of the retail industry as we
know it today, combined with decreasing sales and profitability in
the past few years and the ongoing Covid-19 crisis, makes it
difficult for the Reitmans Group to raise financing without
structural and operational changes.  This stark reality led the
Petitioner to conclude that a formal restructuring process is
necessary.

Reitmans Canada was incorporated under the laws of Canada on April
5, 1947 and continued under the Canada Business Corporations Act on
May 23, 1980. Reitmans Canada is a public company listed on the
Toronto Stock Exchange.  Among the different investors, Sherlex
Investments Inc. represents the most important in terms of
percentage of ownership.  Sherlex Investments Inc. beneficially
owns 6,700,800 Common Shares, representing approximately 49.9% of
the issued and outstanding Common Shares and 1,518,577 Class A
Non-Voting Shares, representing approximately 4.3% of the issued
and outstanding Class A Non-Voting Shares.

In addition, certain other related parties own or exercise control
or direction over, directly or indirectly, an aggregate of 904,016
Common Shares, representing approximately 6.7% of the issued and
outstanding Common Shares, and an aggregate of 1,493,416 Class A
Non-Voting Shares, representing approximately 4.2% of the issued
and outstanding Class A Non-Voting Shares.

Attorney for Reitmans (Canada) Limited:

   Davies Ward Phillips & Vineberg LLP
   155 Wellington Street West
   Toronto, ON M5V 3J7 Canada
   Tel: 1-416-863-0900

Ernst & Young can be reached at:

   Ernst & Young Inc.
   Representative: Martin Rosenthal
   900, Boul. De Maisonneuve Quest
   Bureau 2300
   Montreal, Quebec H3A 0AB
   Tel: 514-879-6549
   Email: reitmans.monitor@ca.ey.com
   Web page: http://www.ey.com/ca/reitmans

Attorneys for Ernst & Young Inc.:

   Sandra Abitan
   Ilia Kravtsov
   Osler, Hoskin & Harcourt LLP
   1000 rue de la Gauchetiere Ouest Bureau 2100
   Montreal QC H3B 4W5
   Tel: 514-904-5648
        514-904-5385
   E-mail: SAbitan@osler.com
          Ikravtsov@osler.com

Reitmans Ltd. -- https://www.reitmans.com/ -- is a Canadian
retailing company, specializing in women's clothing.


REMNANT OIL: May Borrow Up to $250K of Additional DIP Funds
-----------------------------------------------------------
Judge Craig A. Gargotta authorized Remnant Oil Company, LLC and
Remnant Oil Operating, LLC to borrow up to $250,000 of additional
post-petition financing from DIP lender Colorado Waterson, LLC.
The Debtors have obtained Court approval, on September 25, 2019, to
incur DIP financing amounting to $750,000 from the DIP lender.

Pursuant to the final order, the Debtors are authorized to execute
an amendment to the DIP loan and security agreement and to reflect
the amount of the additional DIP facility.  The liens granted to
the DIP lender under the existing DIP facility are extended to the
additional DIP facility.

The Debtors need the additional funds to (i) pay certain costs,
fees and expenses related to the Chapter 11 cases, and (ii) provide
working capital and for other general corporate purposes, pursuant
to the budget, until the closing of the sale of certain of their
assets to Circle Ridge Production, Inc.  

According to Court dockets, the Debtors' cases have been converted
to cases under Chapter 7 of the Bankruptcy Code on April 14, 2020.

                   About Remnant Oil Company

Remnant Oil Company, LLC -- https://www.remnantoil.com/ -- was
formed specifically to acquire and exploit conventional oil and gas
assets within the Permian Basin. Remnant Oil Operating currently
owns and operates 480 wells and a leasehold portfolio of 47,162
gross acres in Eddy, Lea, and Chaves counties, New Mexico.  Remnant
subdivides this leasehold into two groups of properties: the
Caprock properties and the non-Caprock properties.

Remnant Oil Company and Remnant Oil Operating filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Tex. Lead Case No. 19-70106) on July 16, 2019.  The
petitions were signed by CEO E. Will Gray II.

At the time of the filing, Remnant Oil Company was estimated to
have $10 million to $50 million in both assets and liabilities
while Remnant Oil Operating was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.

Bernard R. Given, II, Esq., at Loeb & Loeb LLP, serves as the
Debtors' bankruptcy bankruptcy counsel; and Modrall Sperling, LLP,
is special counsel to the Debtor.  Seaport Global Securities, LLC,
as the investment banker.


RENT-A-CENTER INC: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 22, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Rent-A-Center, Inc. to BB- from B+.

Headquartered in Plano, Texas, Rent-A-Center, Inc. operates
franchised and company-owned Rent-A-Center and ColorTyme
rent-to-own merchandise stores.



RICKEY CONRADT: Gets Approval to Hire Luis De Luna as Accountant
----------------------------------------------------------------
Rickey Conradt, Inc. received approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ Luis De Luna,
PLLC as its accountant.

Luis De Luna's services will include the preparation of the 2019
income tax return, franchise tax report and books utilizing
QuickBooks for the entire 2019.

The firm will be compensated as follows: flat rate of $500 for the
income tax return; $250 for the franchise tax report; and $4,200
for the 12 months of bookkeeping in QuickBooks for 2019.

Luis De Luna, the firm's accountant who will be providing the
services, disclosed in court filings that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
    
     Luis De Luna, CPA
     Luis De Luna, PLLC
     3003 NW Loop 410, Suite 100
     San Antonio, TX 78230
     Telephone: (210) 349-3892
     E-mail: Luis_D@delunataxlaw.com
                     
                        About Rickey Conradt

Rickey Conradt, Inc. is a boutique public insurance adjusting
company specializing in commercial, multi-family and industrial
property storm, fire and flood damages insurance claims.

Rickey Conradt sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Tex. Case No. 20-50612) on March 18, 2020,
listing under $1 million in both assets and liabilities.  Judge
Craig A. Gargotta oversees the case.  Debtor tapped James S.
Wilkin, P.C. as its legal counsel, and Luis De Luna, PLLC as its
accountant.


ROCKSTAR REMODELING: Case Summary & 9 Unsecured Creditors
---------------------------------------------------------
Debtor: Rockstar Remodeling and Diamond Decks, LLC
        20935 US Hwy. 281 N,#117
        San Antonio, TX 78258

Case No.: 20-50997

Business Description: The Debtor is a provider of construction
                      services.

Chapter 11 Petition Date: May 27, 2020

Court: United States Bankruptcy Court
       Western District of Texas

Judge: Hon. Craig A. Gargotta

Debtor's Counsel: James S. Wilkins, Esq.
                  JAMES S. WILKINS, P.C.
                  711 Navarro
                  Suite 711
                  San Antonio, TX 78205
                  Tel: 210-271-9212
                  Email: jwilkins@stic.net

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Donald Ferguson, managing member of the
Rockstar Remodeling Trust.

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

                       https://is.gd/ia0ncg


RUDY'S BARBERSHOP: Has Final OK on $1.9M of New Money DIP Funds
---------------------------------------------------------------
Rudy's Barbershop Holdings, LLC and debtor affiliates won final
approval from Judge Laurie Selber Silverstein to obtain up to
$1,900,000 of senior secured, super priority, post-petition, new
money term loan facility from RBS Salon Holdings, Inc.  The Debtors
may use the loan proceeds pursuant to the approved budget and to
repay in full the Debtors' obligations to the DIP lender under a
bridge loan executed between the parties.

The Court has authorized the Debtors to incur up to $715,000 of the
DIP loan commitment, on an interim basis, pursuant to the approved
budget.  Upon entry of the interim order, the Debtors' pre-petition
lenders are authorized to receive current payment in cash equal to
$50,000 subject to reallocation or re-characterization as payment
of principal or disgorgement as may be ordered by the Court in
connection with a timely and successful challenge.

The terms of the DIP facility provided that:   

  (1) The DIP loan bears interest (on the principal amount) at 10%
per annum.  All payments of interest upon the DIP note shall be
paid in kind and that interest paid in kind will be added to the
outstanding principal amount.

  (2) The default rate is equal to the applicable interest rate on
the DIP obligations plus 2.00% per annum.

  (3) Maturity date means the earliest to occur of:
    (a) May 15, 2020;
    (b) the date that is 25 days after the Petition Date (if the
final order has not been entered by the Bankruptcy Court on or
prior to said date);
    (c) the effective date of any plan of reorganization or plan of
liquidation of the obligors confirmed by the Bankruptcy Court;
    (d) the earlier of:
        * the 363 sale effective date or
        * consummation of a sale of substantially all of the
Debtors' assets;
    (e) the date the Bankruptcy Court:
        * orders the conversion of any obligor's bankruptcy case to
a case under Chapter 7 of the Bankruptcy Code, or
        * dismisses the Chapter 11 cases with respect to any
obligor; and
    (f) such earlier date on which all loans and other obligations
for the payment of money shall become due and payable in accordance
with the terms of the DIP note.

(4) DIP termination event include, among others:
    (a) any event of default pursuant to the terms of the DIP loan
agreement;
    (b) any failure to meet or satisfy any milestone (with respect
to the Chapter 11 proceedings and the 363 sale proceedings) in
accordance with the DIP loan agreement;
    (c) the maturity date under the DIP loan agreement;
    (d) entry of any order authorizing any party-in-interest to
reclaim any of the DIP collateral, granting any party-in-interest
relief from the automatic stay with respect to the DIP collateral,
or requiring that Debtors turnover any of the DIP collateral, in
each case prior to full, final and indefeasible repayment of all
pre-petition secured obligations;
    (e) any case is converted to a case under Chapter 7 of the
Code;
    (f) a Trustee is appointed or elected in any case, or an
examiner with the power to operate Debtors' businesses is appointed
in any case;
    (g) any ruling in favor of the plaintiff or movant of an
adversary proceeding or contested matter challenging or otherwise
objecting to the extent, validity or priority of any pre-petition
secured obligations and/or the pre-petition liens.

The final order provided that:

   (i) the DIP lender is granted, effective as of the Petition
Date, continuing, valid, binding, enforceable, non-avoidable, and
automatically and properly perfected security interests in and
liens to secure performance and payment under the DIP obligations
when due.

  (ii) the DIP lender is granted an allowed super priority
administrative expense claim pursuant to section 364(c)(1) of the
Bankruptcy Code.

The Court also authorized the Debtors to use cash collateral until
the occurrence of a DIP termination event.  During the remedies
notice period, however, the Debtors may use cash collateral solely
to pay expenses critical to the administration of the Debtors'
estates strictly in accordance with the approved Budget, or as
otherwise agreed by the DIP lender and pre-petition secured
parties.

The budget (for the 13-week period from April 3, 2020 through June
26, 2020) provided for $837,400 in total operating disbursements,
including $220,000 in rent, $201,418 in benefits to furloughed
employees, $11,147 in payroll costs to continuing employees, among
others.  

A copy of the approved budget is available at https://is.gd/qhI1zq
from PacerMonitor.com at no charge.
           
The Debtors' pre-petition secured lenders are:

(1) Northwood Ventures LLC; Northwood Capital Partners LLC;
PCG-Ares Sidecar Investment LP; Partnership Capital Growth III Main
Blocker, LP; Partnership Capital Growth Investors III Direct AIV,
L.P; and Partnership Capital Growth Investors III Blocked AIV,
L.P., with respect to:
    (i) those certain subordinated secured convertible promissory
notes dated between October 17, 2017, and February 22, 2019, and
   (ii) a senior secured demand loan agreement executed on March
20, 2020.
As of the Petition Date, the outstanding balance due on the (i)
pre-petition secured notes was $2,662,547.32 and the outstanding
balance due on the (ii) demand loan was $200,904.11.

(2) RBS Salon Holdings, Inc., with respect to:
(iii) a senior secured multi-draw term promissory note (bridge
loan) executed on March 24, 2020.  As of the Petition Date, the
outstanding balance due on the bridge loan was $237,295.93,
including interest.

                       Adequate Protection

The final order further provided that the pre-petition secured
parties are entitled to adequate protection in an amount equal to
the aggregate diminution in value of respective interests in the
pre-petition collateral, as well as valid and perfected
post-petition replacement security interests in and liens upon the
DIP collateral, subject to the carve-out, permitted liens and the
DIP liens.

The pre-petition secured parties are also granted allowed super
priority administrative expense claims pursuant to sections 503(b),
507(a), and 507(b) of the Bankruptcy Code.

A copy of the final order is available at https://is.gd/9dho3M from
PacerMonitor.com free of charge.

               About Rudy's Barbershop Holdings

Rudy's Barbershop Holdings, LLC and its affiliates operate 25
barbershops in five major cities, including 15 in Seattle, five in
Los Angeles, three in Portland, and one in Atlanta and New York
City.  

On April 2, 2020, Rudy's Barbershop and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 20-10746) on April 2, 2020.

At the time of the filing, Rudy's Barbershop had estimated assets
of between $100,000 and $500,000 and liabilities of between $1
million and $10 million.  

The Debtors hired Chipman Brown Cicero & Cole, LLP as legal
counsel; Glassratner Advisory & Capital Group, LLC as financial
advisor; and Stretto as claims and noticing agent.


SBA COMMUNICATIONS: Egan-Jones Lowers Sr. Unsecured Ratings to B-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 20, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by SBA Communications Corporation to B- from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Headquartered in Boca Raton, Florida, SBA Communications
Corporation owns and operates wireless communications
infrastructure in the United States.



SEABRAS 1 USA: Sponsor Agrees to Offer $27.5M Equity Investment
---------------------------------------------------------------
Seabras 1 USA, LLC and its affiliates asked the U.S. Bankruptcy
Court for the Southern District of New York filed a Disclosure
Statement for the Joint Plan of Reorganization dated May 5, 2020.

In February 2020, the Debtors, Partners Group Seabras, LLC (the
"Sponsor"), and the Existing Lenders commenced negotiations
regarding the potential terms of a comprehensive restructuring
transaction.  The negotiations spanned the next several months
while the parties also negotiated the terms of the Cash Collateral
Order.  In April 2020, the Debtors, the Sponsor, and the Existing
Lenders reached an agreement in principle under which (a) the
Sponsor agreed to provide the Debtors with a $27.5 million Equity
Investment, in accordance with the Plan Term Sheet, to, among other
things, fund distributions under the Plan and (b) the Existing
Lenders and the Existing Agent agreed to extend maturity date of
the outstanding debt under the Existing Facilities Agreement by
approximately six years, subject to certain post-Effective Date
amortization payments.

The commitments of the Debtors, the Existing Lenders, the Existing
Agent, and the Sponsor are inextricably linked and part of a
negotiated resolution to facilitate a successful, efficient, and
effective reorganization of the Debtors that provides for the
payment in full of all General Unsecured Claims, maintains the
Debtors’ existing equity structure, and otherwise maximizes
estate value.

The Plan is supported by the Debtors and all of its key
stakeholders—the Existing Lenders and the Sponsor. Furthermore,
the compromises and settlements to be implemented pursuant to the
Plan preserve value by enabling the parties to avoid costly and
time-consuming litigation that could potentially delay the
Debtors’ emergence from chapter 11. The formulation of the Plan,
with the full support of all of the Debtor’s secured creditors is
a significant achievement for the Debtors.

Each Class 4 General Unsecured Claim will be paid in the ordinary
course of business in accordance with the terms and conditions of
the particular transaction or agreement giving rise to such Allowed
General Unsecured Claim.

Class 7 Interests will be reinstated and the legal, equitable, and
contractual rights to which Holders of Interests are entitled will
remain unaltered.

The Reorganized Debtors will fund distributions under the Plan with
Cash held on the Effective Date by or for the benefit of the
Debtors or Reorganized Debtors, including Cash from operations, as
well as the following sources of consideration.

On the Effective Date, the DSR Account will be restored in
accordance with the terms of the Restructured Facilities Documents,
and the Reorganized Debtors and any other applicable parties in
interest shall execute and deliver documents formalizing the
restoration of the DSR Account.  The Reorganized Debtors shall use
Cash in the restored DSR Account in accordance with the terms of
the Cash Collateral Order, the Restructured Facilities Documents,
and the Plan.

On the Effective Date, the Reorganized Debtors will raise new money
financing through the Equity Investment.

A full-text copy of the Disclosure Statement dated May 5, 2020, is
available at https://tinyurl.com/yb3jz3ll from PacerMonitor at no
charge.

The Debtors are represented by:

          Joshua A. Sussberg, P.C.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          601 Lexington Avenue
          New York, New York 10022
          Telephone: (212) 446-4800
          Facsimile: (212) 446-4900
          
                 - and -

          Chad J. Husnick, P.C.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          300 North LaSalle
          Chicago, Illinois 60654
          Telephone: (312) 862-2000
          Facsimile: (312) 862-2200

          AnnElyse Scarlett Gains
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          1301 Pennsylvania Ave. N.W.
          Washington, D.C. 20004
          Telephone: (202) 389-5000
          Facsimile: (202) 389-5200

                        About Seabras 1 USA

Seabras 1 Bermuda LLC and its wholly-owned subsidiary Seabras 1 USA
LLC own a fiber optic cable system between New York USA and Sao
Paulo, Brazil known as Seabras-1. Seabras-1 itself is fully
operated by Seaborn Networks, a developer-owner-operator of
submarine fiber optic cable systems.

Seabras 1 Bermuda and Seabras 1 USA filed Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 19-14006) on Dec. 22, 2019.  In the
petitions signed by CEO Larry W. Schwartz, the Debtors were
estimated to have $50 million to $100 million in assets and $100
million to $500 million in liabilities.

The Debtors tapped Kirkland & Ellis LLP, Kirkland & Ellis
International LLP and Bracewell LLP as legal counsel; FTI
Consulting, Inc., as financial advisor; and Stretto as claims agent
and administrative advisor.


SEALED AIR: Egan-Jones Lowers Senior Unsecured Ratings to B+
------------------------------------------------------------
Egan-Jones Ratings Company, on May 21, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Sealed Air Corporation to B+ from BB-.

Headquartered in Charlotte, North Carolina, Sealed Air Corporation
manufactures packaging and performance-based materials and
equipment systems that serve food, industrial, medical, and
consumer applications.



SEHAR INC: Seeks Approval to Hire Fred Wehrwein as Legal Counsel
----------------------------------------------------------------
Sehar Inc. seeks approval from the U.S. Bankruptcy Court for the
Northern District of Indiana to employ Fred Wehrwein, P.C. as its
legal counsel.

The firm will handle Debtor's Chapter 11 case and will be paid an
hourly fee of $300.  It received a retainer in the amount of
$20,000, plus filing fees.

Fred Wehrwein, Esq., the firm's attorney who will be providing the
services, disclosed in court filings that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The professional can be reached at:
    
     Fred Wehrwein, Esq.
     Fred Wehrwein, P.C.
     1910 St. Joe Center Rd., Suite 52
     Fort Wayne, IN 46825
     Telephone: (260) 480-5700
     E-mail: Wehrweinpc@aol.com
                 
                         About Sehar Inc.

Sehar, Inc. is a privately held company in the gasoline service
stations industry based in Middlebury, Indiana.  On May 11, 2020,
Sehar sought Chapter 11 protection (Bankr. N.D. Ind. Case No.
20-30785).  The petition was signed by Sehar President Harpreet
Singh.  At the time of the filing, Debtor disclosed total assets of
$56,351,600 and total liabilities of $27,960,931.  Fred Wehrwein,
P.C. is Debtor's legal counsel.


SEMILEDS CORP: Believes to Have Regained Nasdaq Compliance
----------------------------------------------------------
SemiLEDs Corporation received a notice from The NASDAQ Stock Market
on Nov. 25, 2019, indicating that the Company did not meet the
minimum of $2,500,000 in stockholders' equity required by Listing
Rule 5550(b)(1) for continued listing.  The Company also did not
meet the alternatives of market value of listed securities or net
income from continuing operations.  Under the listing rule, the
Company had 45 calendar days to submit a plan to regain compliance,
which the Company did.  The plan was accepted by Nasdaq, and Nasdaq
granted an extension of up to
May 25, 2020 for the Company to regain compliance.

As reported in the Company's Quarterly Report on Form 10-Q, the
Company's total stockholders' equity as of Feb. 29, 2020 was
$2,393,000.  Since the Form 10-Q was filed on April 10, 2020, the
Company entered into a Common Stock Purchase Agreement dated May
25, 2020 with FengShuang Zhu to purchase 33,333 shares of common
stock for an aggregate purchase price of $100,000, and the partial
conversion of the convertible unsecured promissory note held by J.R
Simplot Company and the Company's Chairman and CEO Trung Doan to
Common stocks.  As a result of the stock sale, and partial
conversion of the promissory note to common stock, as of May 25,
2020, the Company believes that is has regained compliance with the
stockholders' equity requirement.
The Company understands that Nasdaq will continue to monitor the
Company's ongoing compliance with the stockholders' equity
requirement and, if at the time of its next periodic report the
Company does not evidence compliance, that it may be subject to
delisting.

                          About SemiLEDs

Headquartered in Miao-Li County, Taiwan, R.O.C., SemiLEDs --
http://www.semileds.com/-- develops and manufactures LED chips and
LED components for general lighting applications, including street
lights and commercial, industrial, system and residential lighting,
along with specialty industrial applications such as ultraviolet
(UV) curing, medical/cosmetic, counterfeit detection, horticulture,
architectural lighting and entertainment lighting.

SemiLEDs reported a net loss of US$3.56 million for the year ended
Aug. 31, 2019, compared to a net loss of US$2.98 million for the
year ended Aug. 31, 2018.  As of Feb. 29, 2020 the Company had
$14.89 million in total assets, $12.45 million in total
liabilities, and $2.44 million in total equity.

KCCW Accountancy Corp, in Diamond Bar, California, the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Nov. 20, 2019, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which factors raise substantial doubt about its ability to continue
as a going concern.


SOUTHWESTERN ENERGY: Egan-Jones Lowers Sr. Unsecured Ratings to B
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 20, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Southwestern Energy Company to B from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in Houston, Texas, Southwestern Energy Company is an
independent energy company.



SPARTAN PROPERTIES: June 23 Plan Confirmation Hearing Set
---------------------------------------------------------
On April 2, 2020, debtor Spartan Properties, LLC, filed with the
U.S. Bankruptcy Court for the Western District of North Carolina a
Disclosure Statement referring to a Plan.

On May 5, 2020, Judge J. Craig Whitley approved the Disclosure
Statement and established the following dates and deadlines:

   * June 16, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.

   * June 23, 2020, at 09:30 AM is fixed for the hearing on
confirmation of the plan at Charles R. Jonas Federal Building, 401
West Trade Street, Courtroom 1−4, Charlotte, NC 28202.

   * June 16, 2020, is fixed as the last day for filing and serving
pursuant to Rule 3020(b)(1) written objections to confirmation of
the plan.

A copy of the order dated May 5, 2020, is available at
https://tinyurl.com/yc3jbp8z from PacerMonitor at no charge.

                   About Spartan Properties

Spartan Properties filed a Chapter 11 petition (Bankr. W.D.N.C.
Case No. 20-30009) on January 6, 2020.  The Debtor's counsel is R.
Keith Johnson, Esq. of LAW OFFICES OF R. KEITH JOHNSON, P.A.


SPENCER SPIRIT: Moody's Alters Outlook on B2 CFR to Negative
------------------------------------------------------------
Moody's Investors Service affirmed Spencer Spirit IH LLC's B2
corporate family rating, B2-PD probability of default rating, and
B2 senior secured rating. The rating outlook was changed to
negative. The change in outlook reflects the longer than
anticipated closure of Spencer Gift's mall-based stores and the
likelihood that lingering safety concerns and weak economic
conditions will hurt consumer demand, particularly for the
company's Spirit Halloween segment. The affirmation considers the
company's adequate liquidity position comprised of cash balances
and revolver availability of $250 million between June and October
that supports the considerable working capital needs for the
Halloween and holiday seasons.

Affirmations:

Issuer: Spencer Spirit IH LLC

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Senior Secured Bank Credit Facility, Affirmed B2 (LGD4)

Outlook Actions:

Issuer: Spencer Spirit IH LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

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

Spencer Spirit IH LLC's (B2 negative) rating is constrained by
COVID-19 mandated store closures of its Spencer Gifts mall-based
stores, concern regarding the impact of the pandemic on the
Halloween season for the Spirit Halloween segment, and the
company's exposure to the secular transition to e-commerce in both
segments. The company's very high seasonality with the vast
majority of earnings and cash flow generated in the third quarter
also constrains its credit profile.

The company's credit profile is supported by positive consolidated
same store sales and growing EBITDA along with debt reduction which
allowed it to have moderate leverage prior to the pandemic. The
credit profile is also supported by the diversification in two
segments with Spirit Halloween and Spencer Gifts representing about
53% and 47% of revenues, respectively. Due to the nature of the
Halloween holiday, Spirit can carry over a significant portion of
Halloween inventory to the next season for perennially purchased
costumes and accessories, allowing it to maintain higher margins,
and which would reduce working capital needs next year if Halloween
demand drops in 2020. The ratings take into account that credit
metrics will weaken in 2020 due to the pandemic, and will rebound
below its downgrade triggers in 2021.

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

The ratings could be downgraded if the anticipated re-opening of
Spencer's Gift stores stalls or Halloween demand is significantly
below prior year, or if it appears liquidity will be insufficient
to support operations. Quantitatively, the ratings could be
downgraded if debt/EBITDA is sustained above 5.0 times or
EBIT/interest is below 1.5 times. The outlook could change to
stable if mall stores fully reopen and Halloween demand holds up
and the company maintains adequate liquidity.

The ratings could be upgraded if the company generates solidly
positive Spencer Gifts same store sales and grows the online
channel, which would signal a continued ability to generate
earnings growth in the Spencer Gifts segment. An upgrade would
require earnings stability and continued growth at the Spencer
Spirit level, with debt/EBITDA sustained below 4.0 times, and
EBIT/interest expense above 2.0 times.

Spencer Spirit IH LLC is an intermediate holding company of Spencer
Gifts, LLC and Spirit Halloween Superstores LLC. The company
operated 677 Spencer's and 1,377 Spirit stores during the fiscal
year ended February 1, 2020, and generated revenue of approximately
$1 billion. Spencer Spirit is predominantly owned by senior
management and employees following the purchase of ACON
Investments' equity stake in June 2015.

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


STANFORD JONES: Unsec. Creditors to Get 7% Dividend Over 5 Years
----------------------------------------------------------------
Debtor Stanford, Jones & Loyless, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Alabama, Southern
Division, a Disclosure Statement for Plan of Reorganization dated
May 5, 2020.

The Debtor sought relief under Chapter 11 to restructure debt
repayment to propose a repayment plan to the creditors.  The filing
of this bankruptcy was the result of the financial problems arising
from the Debtor's related business problems.  This caused the
Debtor to encumber the property, which is the basic asset of
Stanford, Jones & Loyless, LLC.  The Debtor tried to solve these
mortgage problems both by negotiations and litigation.  These
efforts failed and the Debtor was forced to file bankruptcy to save
the Debtor's business.

Unsecured claims are estimated to be in the amount of $5,161.  The
Debtor proposes to pay the unsecured claims their pro rata basis
share of $5,161 over five years from five annual payments of
$1,032.  The first annual payment will be due on the first
anniversary of the Effective Date of the Plan and each year here
after until five annual payments are made.  This Plan provides a 7%
dividend to this unsecured class.  As the Debtor's husband is
providing the funding for the Plan, he will also guarantee the
payments to unsecured creditors pursuant to the confirmed Plan.

The Equity Security Holder is the Debtor in this case, Robert
Stanford as sole member of the LLC.  The Debtor will retain all
assets as set out (1314 Cobb Lane Birmingham, AL 35205).

The Debtor's rental contracts are the primary source of money for
the Debtor and for the funding of payment of creditors in the Plan.


The Debtor offers the Debtor's best efforts and the Debtor's post
confirmation assets and earnings to the consummation of the
Debtor's Plan. Also, as the Debtor's husband is providing the
funding for the Plan, he will also guarantee the notes that will be
issued pursuant to the confirmed Plan.

A full-text copy of the Disclosure Statement dated May 5, 2020, is
available at https://tinyurl.com/yca52lwe from PacerMonitor at no
charge.

The Debtor is represented by:

         MICHAEL E. BYBEE, ESQUIRE
         2107 5th Avenue North, Suite 401 I
         Birmingham, Alabama 35203-3387
         Tel: (205) 252-1622

               About Stanford, Jones & Loyless

Based in Birmingham, Ala., Stanford, Jones & Loyless, LLC sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Ala. Case No. 20-00503) on Feb. 6, 2020, listing under $1 million
in both assets and liabilities. Michael E Bybee, Esq., at the Law
Office of Michael E. Bybee, is the Debtor's legal counsel.


SUNPOWER CORP: Egan-Jones Hikes Senior Unsecured Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 21, 2020, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by SunPower Corporation to CCC+ from CCC-.

Headquartered in San Jose, California, SunPower Corporation is an
integrated solar products and services company.



SUNSET BAY: Gets Veto on Cash Access After Three Interim Approvals
------------------------------------------------------------------
Judge Caryl E. Delano denied the motion filed by Sunset Bay
Landscaping, Inc., to use cash collateral.

Prior to being denied of its cash collateral request, the Debtor
has obtained interim approval to use cash collateral in January,
February and March 2020.

According to Court dockets, the Bankruptcy Court, on April 9, 2020,
granted the motion filed by the U.S. Trustee to dismiss the
Debtor's case or in the alternative to convert it to a case under
Chapter 7.  The Debtor's Chapter 11 case was dismissed on May 12,
2020.

                  About Sunset Bay Landscaping

Sunset Bay Landscaping, Inc., filed for Chapter 11 bankruptcy
(Bankr. M.D. Fla. Case No. 19-10019) on Oct. 22, 2019, listing
under $1 million in both assets and liabilities.  The petition was
signed by Shane J. Schanstra, president.  Buddy D. Ford, P.A.,
serves as counsel to the Debtor.




TA ESTATE: Secures $1.23M Credit Facility from HHM Aviation
-----------------------------------------------------------
TA Estate, Inc., f/k/a Thrush Aircraft, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of Georgia, Albany
Division, a Joint Liquidating Plan of Reorganization and a
Disclosure Statement on May 5, 2020.

As of the Petition Date, the Debtor valued its assets at
$10,093,808, primarily comprised of machinery, equipment and
vehicles valued at $8,172,014 and $1,921,794 in other personal
property primarily consisting of cash, deposits, accounts
receivable, customer orders, office furniture and equipment and
intellectual property.

As of the Petition Date, the Debtor listed total estimated
liabilities of approximately $41 million.  Such liabilities
included various secured obligations totaling approximately $27.6
million to various lenders, including Wells Fargo Bank, N.A., in
the amount $12,920,481 and Mr. Hughes with estimated liabilities in
excess of $13 million.  The remaining secured obligations consist
of various equipment loans due to multiple lenders, totaling
approximately $1,677,338.  The Debtor also scheduled various
unsecured liabilities, including disputed claims, trade payables,
priority claims, and credit cards totaling approximately
$13,350,822.

The primary objective of the Bankruptcy Case was to reorganize the
Business through a sale of substantially all of the Debtor's assets
as a going concern, which was accomplished through the sale to HHM
Aviation Financing.

Under the DIP Financing Order, the Bankruptcy Court authorized the
Debtor to obtain a credit facility from HHM Aviation Financing, LLC
(HHM) in an amount not to exceed $1,230,000 as necessary to meet
the operating capital needs of the Debtor between the Petition Date
and the sale of substantially all the Business.  The Court
authorized the Debtor to enter into a Management Services Agreement
with HHM.  HHM was granted a lien on the Debtor’s FAA-issued
aircraft type certificates, related drawing packages, and
specialized tooling. Mr. Hughes previously held a lien on a portion
of such collateral that he subordinated to HHM.

The Debtor commenced the Bankruptcy Case for the primary purpose of
consummating a sale of substantially all of its assets.  HHM was
selected as the Debtor's Stalking Horse Bidder to allow the Debtor
to market its assets to others to determine the highest and best
amount for the Debtor's assets.  The HHM sale closed on Nov. 5,
2019 at which time the Debtor changed its name to TA Estate, Inc.
In connection with the closing, the Debtor retired the DIP Facility
using a portion of the sale proceeds.

Class 4 consists of all Allowed Claims of General Unsecured
Creditors, including the Wells Fargo Stipulated Deficiency Claim,
WFEF Deficiency Claim, and the Hughes Subordinated Claim.  On the
Effective Date, each Holder of an Allowed Class 4 Claim will
receive in full satisfaction of its Class 4 Claim its pro rata
share of the Class 4 Interests in the Liquidating Trust.  On the
Effective Date, the Debtor will transfer the Liquidating Trust
Assets to the Liquidating Trust.

Class 5 consists of all interests in the Debtor.  Holders of a
Class 5 Interest will not receive any Distribution under this Plan
and all such Interests will be deemed canceled and terminated as of
the date of the entry of the Final Decree in the Case.

The Plan is a liquidating chapter 11 plan.  Within seven days after
the Effective Date, or as provided in the Confirmation Order, all
Assets of the Estate shall be assigned to the Liquidating Trust,
including but not limited to: (i) all Cash held by the Debtor; (ii)
any remaining personal property owned by the Debtor as of the
Effective Date; and (iii) the Causes of Action.

A full-text copy of the Disclosure Statement dated May 5, 2020, is
available at https://tinyurl.com/y99hy9jx from PacerMonitor at no
charge.

Counsel for Debtor:

         Ward Stone, Jr.
         Matthew S. Cathey
         Fickling & Company Building, Suite 800
         577 Mulberry Street
         Macon, Georgia 31201
         Tel: (478) 750-9898
         Fax: (478) 750-9899

Counsel to the Official Committee of Unsecured Creditors:

         Aaron L. Hammer
         John W. Guzzardo
         Nathan E. Delman
         500 W. Madison, Suite 3700
         Chicago, IL 60661
         Tel: (312) 606-3200
         Fax: (312) 242-3311

              - and -

         Wesley J. Boyer
         Christopher W. Terry
         348 Cotton Ave., Suite 200
         Macon, GA 31201
         Tel: (478) 742-6481
         Fax: (770) 200-9230

                     About Thrush Aircraft

Headquartered in Albany, Ga., Thrush Aircraft, Inc., manufactures a
full range of aerial application aircraft used in agriculture,
forestry, and firefighting roles. There are currently more than
2,400 Thrush aircraft operating in some 80 countries around the
world.  The company was founded in 2003.

Thrush Aircraft sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ga. Case No. 19-10976) on Sept. 4,
2019.  At the time of the filing, the Debtor disclosed assets of
between $10 million and $50 million and liabilities of the same
range.


TARWATER REAL ESTATE: Hires Strickland & Company as Accountant
--------------------------------------------------------------
Tarwater Real Estate Holdings, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Strickland & Company P.C. as its accountant.

Strickland & Company's services will include advising and assisting
Debtor in all accounting and financial matters and preparing tax
returns, schedules and other financial documents.

The firm will charge an hourly fee of $225.

Strickland and its principals have no connection with Debtor,
creditors or any other "party-in-interest," according to court
filings.

The firm can be reached through:
    
     Kendyl Strickland, CPA
     Strickland & Company P.C.
     4653 Olde Towne Parkway
     Marietta, GA 30068
     Telephone: (770) 977-6892
                 
                   About Tarwater Real Estate Holdings

Tarwater Real Estate Holdings, LLC is a privately held company in
the restaurants industry.  It conducts business under the name
Buzzy's Grille, Inc.

Tarwater Real Estate Holdings filed a voluntary Chapter 11 petition
(Bankr. N.D. Ga. Case No. 20-65242) on April 2, 2020.  At the time
of the filing, Debtor had estimated assets of between $1 million
and $10 million and liabilities of between $500,000 and $1
million.

Judge Sage M. Sigler oversees the case.

Debtor is represented by Michael Familetti, Esq.  Strickland &
Company P.C. is Debtor's accountant.


TECHNIPLAS LLC: June 2 Auction of Substantially All Assets Set
--------------------------------------------------------------
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware authorized the bidding procedures of
Techniplas, LLC and its debtor-affiliates in connection with the
auction sale of all or substantially all assets to Techniplas
Acquisition Co, LLC for the aggregate consideration consists of:
(1) the Credit Bid Amount, which is an amount equal to the amount
of all outstanding DIP Credit Agreement Indebtedness, plus certain
outstanding indebtedness under the Prepetition Notes plus cash for
the budgeted amounts (less actual amounts paid) for estate
professionals from the Petition Date through the Closing Date; (2)
the assumption of the Assumed Liabilities; (3) the amount of the
Wind-Down Amount Payment, which is an aggregate amount equal to
$500,000 to be used to pay wind-down expenses (including
professional fees); and (4) the amount of all outstanding
indebtedness under the DIP ABL Credit Agreement; subject to higher
and better offers.

In connection with the sale of the Non-Designated Assets, the
Debtors may, but are not obligated to, after consulting with the
Consultation Parties, designate one or more Additional Stalking
Horse Bidder for one or more of the Non-Designated Assets.  The
Debtors are authorized to offer each Additional Stalking Horse
Bidder certain Additional Stalking Horse Bid Protections, after
consulting with the Consultation Parties.  The Additional Stalking
Horse Objection Deadline is June 3, 2020 at 4:00 p.m. (ET).

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: June 1, 2020 at 1:00 p.m. (ET)

     b. Initial Bid: Bids that have been determined to be Qualified
Bids and the Auction Package applicable to such Qualified Bid

     c. Deposit: 10% of the proposed cash component of the purchase
price

     d. Auction: If there are two or more Qualified Bids for an
Auction Package, the Debtors may conduct one or more Auctions for
such Auction Package on June 2, 2020, at 10:00 a.m. (ET) at the
offices of White & Case LLP, 1221 Avenue of the Americas, New York,
New York 10020, or such other place and time as the Debtors, after
consultation with the Baseline Bidder and the Consultation Parties,
may notify all Qualified Bidders that have submitted Qualified Bids
(including the Stalking Horse Bidder).  Alternatively, the Auction
may be held telephonically or via video conferencing.  

     e. Bid Increments: $250,000

     f. Sale Hearing: June 5, 2020 at 10:00 a.m. (ET)

     g. Sale Objection Deadline: June 3, 2020 at 4:00 p.m. (ET)

     h. Closing: June 19, 2020

     i. Expense Reimbursement: $750,000

     j. Break-Up Fee: Equal to 2% of the Credit Bid Amount

     k. Additional Stalking Horse Objection Deadline: June 3, 2020
at 4:00 p.m. (ET)

     l.  In connection with the sale of all or a portion of the
Assets, a person or entity may seek to credit bid all or a portion
of their secured claims only with respect to the collateral by
which such person or entity's claim is secured by valid, perfected,
and unavoidable liens pursuant to section 363(k) of the Bankruptcy
Code.

The Sale Notice is approved, and no other or further notice of the
sale of the Assets, the Auctions, the Sale Hearings, or the
deadlines for Transaction Objections will be required if the
Debtors serve and publish such notice.

Within one calendar day after entry of the Bid Procedures Order,
the Debtors will file with the Bankruptcy Court, serve on the Sale
Notice Parties, and cause to be published on the Epiq Website the
Sale Notice.  Within three calendar days after entry of the Bid
Procedures Order, the Debtors will cause the information contained
in the Sale Notice to be published once in the Wall Street Journal.


As soon as practicable, but not later than May 26, 2020 at 12:00
p.m. (ET), the Debtors will file with the Court, serve on the Sale
Notice Parties, an initial Assumption and Assignment Notice.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 6006(d), 7062, or 9014, or any applicable provisions of
the Bankruptcy Rules or the Local Rules or otherwise stating the
contrary, the terms and conditions of the Order will be immediately
effective and enforceable upon its entry, and any applicable stay
of the effectiveness and enforceability of the Order is waived.

A copy of the Bididng Procedures is available at
https://tinyurl.com/y7x79gxp from PacerMonitor.com free of charge.

                     About Techniplas LLC

Techniplas, LLC, headquartered in Nashotah, Wisconsin USA, is a
privately held producer of technical plastic components for the
automotive, transportation and electrical industry.  Techniplas is
specialized in thermoplastic and thermo-set molding and has
expertise in metal-to-plastic conversion, light weighting and tool
design.  Techniplas employed about 2,357 employees in its
operations as of December 2018 and generated revenue of $529
million in 2018.

As of December 2020, Techniplas had total assets worth $258.6
million and liabilities worth $331 million, according to court
filing.

Techniplas, LLC, and its affiliates sought Chapter 11 protection
(D. Del. Lead Case No. 20-11049) on May 6, 2020.

The Debtors were estimated to have $100 million to $500 million in
assets and liabilities.

The Debtors tapped WHITE & CASE LLP as counsel; FOX ROTHSCHILD LLP
as restructuring counsel; MILLER BUCKFIRE & CO., LLC as investment
banker; FTI CONSULTING, INC., as restructuring advisor; and EPIQ
CORPORATE RESTRUCTURING, LLC, as claims agent.


TOOJAY'S MANAGEMENT: Hires Getzler Henrich as Financial Advisor
---------------------------------------------------------------
TooJay's Management LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Getzler
Henrich & Associates LLC as financial advisor effective May 7.

Getzler Henrich will provide these financial advisory services in
connection with the Chapter 11 cases filed by TooJay's Management
and its affiliates:

     (a) prepare financial projections and analysis of alternative
operating scenarios;

     (b) assess and monitor operations, and recommend and implement
the restructuring of operations and contractual commitments as
appropriate;

     (c) assist in the development of a plan of reorganization;

     (d) assist in the analysis and reconciliation of claims
against Debtors and other bankruptcy avoidance actions;

     (e) assist in the preparation of motions as requested by
Debtors' legal counsel;

     (f) assist in the preparation of a management retention plan,
if appropriate;

     (g) help Debtors comply with the reporting requirements,
including reports, monthly operating statements and schedules;

     (h) consult with lenders, creditors' committees, if any, and
other parties-in-interest; and

     (i) participate in court hearings and, if necessary, provide
testimony.

The firm's professionals will be paid at hourly rates as follows:

     Principal/Managing Director     $535 - $695
     Director/Specialists            $465 - $595
     Associate Professionals         $160 - $455

Getzler Henrich has requested a $75,000 retainer.

William Henrich, co-chairman of Getzler Henrich, 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 H. Henrich
     Getzler Henrich & Associates LLC
     295 Madison Avenue, 20th Floor
     New York, NY 10017
     Telephone: (212) 697-2400
     Facsimile: (212) 697-4812
     Email: whenrich@getzlerhenrich.com

                     About TooJay's Management

TooJay's Management LLC is a South Florida-based deli, bakery and
restaurant chain that serves guests in Palm Beach and Broward
counties, the Treasure Coast, the West Coast of Florida, the
Orlando area and The Villages. TooJay's offers homemade comfort
foods, handcrafted sandwiches and made-from-scratch soups, salads,
and baked goods. It operates 16 locations in different counties in
Florida.

TooJay's Management and 31 affiliates sought Chapter 11 protection
(Bankr. S.D. Fla. Case No. 20-14792) on April 29, 2020.  

TooJay's Management was estimated to have $50 million to $100
million in assets and $10 million to $50 million in liabilities as
of the bankruptcy filing.

The Hon. Erik P. Kimball is the case judge.

Akerman LLP, a law firm based in Fort Lauderdale, Fla., originally
served as Debtors' legal counsel.  Debtors later hired Berger
Singerman LLP as counsel, replacing Akerman.


TRILOGY INTL: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Trilogy International Partners LLC to Caa1 from B2 and
its probability of default rating to Caa1-PD from B2-PD. Trilogy's
senior secured notes due 2022 were downgraded to Caa2 from B3.
Moody's also downgraded Trilogy's speculative grade liquidity
rating to SGL-4 from SGL-2, indicating weak liquidity. These
downgrades are the result of expected weak revenue and EBITDA
growth in Bolivia, rising debt leverage, weakening margins, the
potential for rising bad debt trends due to COVID-19 stalling
operational momentum at New Zealand and negatively impacting cash
flow, and weakening liquidity.

The outlook change to negative from stable reflects Moody's view of
Trilogy's subscriber and EBITDA growth difficulties in Bolivia,
competitive pressures and continued political uncertainty in
Bolivia, and liquidity and capital market access risks associated
with refinancing $350 million of senior secured notes due May 2022.
While the company's business operations in New Zealand demonstrated
solid subscriber and revenue and EBITDA growth in local currency
dollars in 2019 and into the first quarter of 2020, COVID-19 and
foreign exchange impacts create uncertainties about near term
growth prospects and cash availability to service US dollar
denominated holding company debt at Trilogy itself.

Downgrades:

Issuer: Trilogy International Partners LLC

Corporate Family Rating, Downgraded to Caa1 from B2

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

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-2

Senior Secured Regular Bond/Debenture, Downgraded to Caa2 (LGD5)
from B3 (LGD5)

Outlook Actions:

Issuer: Trilogy International Partners LLC

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Trilogy's Caa1 CFR reflects the increased risk that elevated
leverage (Moody's adjusted) and a weakening liquidity position will
lead to distressed debt exchanges. Moody's expects rising debt
leverage (Moody's adjusted) in 2020 and continued elevated leverage
in 2021 as a result of weaker wireless service revenue growth due
to declining economic conditions in both New Zealand and Bolivia.
Moody's expects Trilogy's free cash flow will remain negative
despite efforts to reduce costs and capital spending. Although
largely immaterial historically, the company's recent suspension of
shareholder dividends highlights the uncertainty surrounding future
operating results and the necessity of prioritizing liquidity.
Efforts to sell the company's business operations in Bolivia have
failed to gain meaningful traction largely as a result of a
heightened competitive environment, recent political unrest and now
a weakening economy due to the impact of the COVID-19 crisis.
Moody's notes that the company had disclosed increased interest
from potential acquirors in the months leading up to the COVID-19
crisis. Capital market access is critical by year-end 2020 if
Trilogy is to avoid a looming liquidity hurdle when its sizable
secured notes issue becomes due in less than 18 months.

The rating also reflects the political, regulatory, economic, and
competitive risks that Trilogy faces at its Bolivian subsidiary,
NuevaTel, S.A, which contributed about 29% of consolidated EBITDA
in 2019. Partially offsetting these political risks, exposure to
Bolivia (rated B1, negative) had been declining with growth at the
company's New Zealand operations through Q1 2020.

Trilogy's speculative grade liquidity rating is SGL-4, indicating
weak liquidity, primarily supported by cash balances at Trilogy
itself and at subsidiary levels and modest availability under a new
three-year credit facility at the company's New Zealand subsidiary,
Two Degrees Mobile Limited (2degrees). No revolving bank facility
is in place at Trilogy itself. Currency fluctuations also impact
the cost of servicing US dollar denominated debt given that Trilogy
generates most of its cash flow in local currencies, although the
Bolivian currency is pegged to the US dollar. While Trilogy had a
consolidated cash balance of $47 million as of March 31, 2020,
Moody's expects cash usage to increase and cash levels at Trilogy
to decline. The company's ability to meet its approximate $31
million of annual interest payments on holding company secured debt
could be potentially impaired. Trilogy has the ability to reduce
some of its high capital intensity. However, despite efforts to
reduce its high capital intensity, Moody's still expects
consolidated negative free cash flow of greater than $50 million in
2020, with limited visibility into improvement in 2021.

A US-based holding company, Trilogy is the borrower of the $350
million senior secured notes due May 2022. Moody's rates the
Trilogy Notes Caa2, one notch lower than the Caa1 CFR due to the
liabilities ranked ahead of it in its loss given default analysis,
including structurally senior secured loans in local currency at
the company's Bolivian and New Zealand operating subsidiaries (that
could be increased in size) and trade payables at all operating
subsidiaries. In Moody's opinion, asset security for lenders of the
Bolivian and New Zealand loans and structural seniority for trade
creditors put these debtors in a better position than holders of
the Trilogy Notes. Holders of the Trilogy Notes have security in
domestic subsidiaries primarily consisting of shares in the
international operations of Bolivia and New Zealand, a significant
weakness from a collateral standpoint. Also, the foreign
jurisdiction of the operating assets could complicate access for
Trilogy Notes holders in bankruptcy, which also factors into the
one notch differential.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The telecom
industry globally is expected to be more resilient than many
sectors as the spread of the coronavirus outbreak widens and the
global economic outlook deteriorates. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

The negative outlook reflects the risk that Trilogy may not be able
to sustainably improve weak subscriber, revenue and EBITDA trends
primarily in Bolivia, reduce cash flow deficits, service holding
company interest obligations with ample cash cushion or refinance
upcoming debt maturities well in advance of maturity dates.
Trilogy's credit metrics will remain under pressure over the next
two years given rising debt leverage and constrained liquidity.

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

A substantial improvement in operating performance, an asset sale
or a reduction in leverage that significantly lowers default risk
could result in a positive rating action.

The rating could be downgraded if the probability of default
increases or expected recoveries in a default scenario decline due
to further profitability or liquidity erosion.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Based in Bellevue, WA, Trilogy International Partners LLC provides
mainly wireless communication services in Bolivia and New Zealand,
as well as fixed broadband communications services in New Zealand.
The company generated $659 million of revenue and had 3.28 million
total wireless subscribers as of the latest 12 months ending March
31, 2020.


TRONOX LIMITED: Egan-Jones Lowers FC Sr. Unsecured Rating to CCC-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on May 18, 2020, downgraded the foreign
currency senior unsecured ratings on debt issued by Tronox Limited
to CCC- from CCC.

Headquartered in ‎Stamford, Connecticut, Tronox Limited operates
mining and inorganic chemical businesses.



TRUCKING AND CONTRACTING: Seeks Access to Cash Until End of 2020
----------------------------------------------------------------
Trucking and Contracting Services, LLC seeks authorization from the
U.S. Bankruptcy Court for the District of New Mexico to use cash
collateral during the period beginning July 1 and running through
December 31, in accordance with the Third Operating Budget.

The creditors secured prepetition by collateral of TCS with amounts
due are as follows:

      (a) RTS Financial Service, Inc. is owed $661,965 on factored
accounts;

      (b) Celtic Capital Corporation is owed approximately
$381,686, secured with a blanket lien on vehicles and equipment;

      (c) New Mexico Taxation and Revenue Department is owed
$2,585,939, secured with a blanket lien on all assets;

      (d) Volvo Financial Services is owed $186,284 on heavy
equipment;

      (e) Advantage Funding Commercial Capital Corp is owed
$113,606 on dump trailers and Kenworth pump trucks;

      (f) Jeanne Mitchell is now owed approximately $66,000 on real
estate;

      (g) Delaware Leasing Group, LLC is owed $128,000 on Peterbilt
trucks;

      (h) New Mexico Workforce Solutions is owed $24,164 secured
with a blanket lien ;

      (i) Hitachi is owed $13,683.00 on equipment; and

      (j) Stearns Bank is owed $5,625.00 on a Champion truck and
trailer.

TCS will make adequate protection payments to Celtic as follows:
$10,000 for the months of July through December, 2020 and $13,000
for the months of May through June 2020 which payments will pay
interest and some principal on the Celtic note in order to
compensate Celtic for any possibility of decrease in value of its
asserted collateral position. TCS will also provide post-petition,
continuing and replacement liens on post-petition assets of the
Debtor of the same sort and in the same priority as Celtic asserts
it had pre-petition, including liens (in the same priority) on
Debtor's post-petition proceeds and profits hereof, to secure the
use of cash collateral, said pre- and post-petition liens to be
subordinate to RTS' first priority lien on post-petition accounts
and accounts receivable and subject to any claims, defenses or
avoiding powers that the pre-petition liens of Celtic may be
subject to.

TCS has also entered into agreements with its purchase money lien
creditors to pay the following amounts of adequate protection:

      (a) Delaware Leasing (collateral eight Peterbilt water
hauling semi-trucks) at $5,000 per month for January 2020 and then
$10,000 per month  from August through December, 2020 and the
agreement is Court approved;

      (b) Advantage Funding Commercial Capital Corp (collateral two
Armor Lite Belly Dump Trailers and six Kenworth Trucks with Vacuum
Pumps) at $2,500 per month and the agreement is pending Court
approval; and

      (c) Volvo Financial Services (two pieces of heavy equipment)
at $3,750 per month and the agreement is pending Court approval.

TCS proposes to provide post-petition, continuing and replacement
liens on postpetition assets of TCS of the same sort and in the
same priority as the cash collateral claimants had pre-petition,
including liens on TCS' post-petition proceeds and profits thereof,
to secure the use of cash collateral. Such post-petition liens
having the same validity and priority as the liens existing at the
time of the filing of the petition, except that said post-petition
liens will be subordinate to RTS' first priority lien on
post-petition accounts, accounts receivable and inventory as
ordered by the Court on the third longer term basis.

TCS will also make its premises and operations open to inspection
by cash collateral claimants for said claimant to monitor
operations and make its books and records open to inspection to the
creditors. TCS will also comply with such other measures as the
Court may determine to be appropriate to protect the interest of
the estate and the cash collateral claimants.

             About Trucking and Contracting Services

Trucking and Contracting Services, LLC, is a privately held company
that primarily operates in the local trucking business.  Trucking
and Contracting Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.N.M. Case No. 19-11319) on May 31, 2019.
In the petition signed by its member/manager, Melissa Acosta, the
Debtor was estimated to have assets of less than $50,000 and debts
of less than $10 million.  Judge Robert H. Jacobvitz is assigned to
the case.  The Debtor is represented by P. Diane Webb, Esq., at
Diane Webb Attorney At Law, P.C.



TTK RE ENTERPRISE: $193K Sale of Egg Harbor Township Property OK'd
------------------------------------------------------------------
Judge Jerrold N. Poslusny of the U.S. Bankruptcy Court for the
District of New Jersey authorized TTK RE Enterprises, LLC's sale of
the real property located at 5A Stafford Avenue, Egg Harbor
Township, New Jersey to Jorge Escoto and Milagros Escoto for
$193,000, less a Seller's concession of $11,580, as set forth in
their Contract for Sale.

The sale is free and clear of any and all liens, security
interests, encumbrances and claims which appear on the Title
Report.

At the time of closing the proceeds of the sale of the Property
will be paid as follows:

     a. Normal costs attendant with closing on the sale of the
Property;

     b. 5% of the Purchase Price commission to Century 21, to be
split equally with any participating broker in connection with the
sale of the Property;

     c. Tax Sale Certificate No. 19-00057; and

     d. All remaining proceeds to Fay Servicing, LLC, as servicer
for U.S. Bank Trust National Association, in its capacity as
trustee of HOF I Grantor Trust 5 on account of the its Secured
Claim secured by a mortgage against the Property.

The stay of the Order granting the Motion under Bankruptcy Rule
6004(h) is waived for cause.

Notwithstanding anything else in the Order: (i) nothing therein
will be deemed to constitute Loan Funder's consent to the sale of
any other properties of the Debtor, except the Property, and Loan
Funder specifically reserves and does not waive any rights against
Debtor or any other obligors who may be liable to Loan Funder; (ii)
Loan Funder's liens will attach in the same extent, validity and
priority to the sale proceeds of the Property as Loan Funder's lien
on the Property without further action, filing or notice by Loan
Funder.

After closing, the proceeds of the sale of the Property will be
paid to Loan Funder or as may be otherwise agreed by the Title Co.
and Loan Funder without further order of the Court and applied as
stated in the Loan Funder loan documents.

                    About TTK RE Enterprise

TTK RE Enterprise LLC is a privately held company in Somers Point,
New Jersey.  The Company is the 100% owner of 48 real estate
properties in New Jersey having a total current value of
$9,265,000.

TTK RE Enterprise sought Chapter 11 protection (Bankr. D.N.J. Case
No. 19-30460) on Oct. 29, 2019 in Camden, New Jersey.  In the
petition signed by Emily K. Vu, president, the Debtor disclosed
total assets of $9,269,950, and total liabilities of $6,432,457.
Judge Jerrold N. Poslusny Jr. oversees the case.  FLASTER GREENBERG
PC - CHERRY HILL is the Debtor's counsel.


TUESDAY MORNING: Case Summary & 40 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Tuesday Morning Corporation
             6250 LBJ Freeway
             Dallas, TX 75240

Business Description:     Tuesday Morning Corporation
                         (www.tuesdaymorning.com), together with
                          its subsidiaries, is a closeout
                          retailer of upscale home furnishings,
                          housewares, gifts, and related items.
                          The Debtors operate under the trade name
                          "Tuesday Morning" and are one of the
                          original "off-price" retailers
                          specializing in providing unique home
                          and lifestyle goods at bargain values.
                          Based in Dallas, Texas, the Debtors
                          operated 705 stores in 40 states as of
                          Jan. 1, 2020.

Chapter 11 Petition Date: May 27, 2020

Court:                    United States Bankruptcy Court
                          Northern District of Texas

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

     Debtor                                      Case No.
     ------                                      --------
     Tuesday Morning Corporation (Lead Case)     20-31476
     TMI Holdings, Inc.                          20-31477
     Tuesday Morning, Inc.                       20-31478
     Friday Morning, LLC                         20-31479
     Days of the Week, Inc.                      20-31480
     Nights of the Week, Inc.                    20-31481
     Tuesday Morning Partners, Ltd.              20-31482

Judge:                    Hon. Harlin Dewayne Hale

Debtors'
General
Bankruptcy
Counsel:                  Ian T. Peck, Esq.
                          Stephen M. Pezanosky, Esq.
                          Jarom J. Yates, Esq.
                          HAYNES AND BOONE, LLP
                          2323 Victory Avenue, Suite 700
                          Dallas, TX 75219
                          Tel: 214.651.5000
                          Fax: 214.651.5940
                          Email: ian.peck@haynesboone.com
                          Email: stephen.pezanosky@haynesboone.com
                          Email: jarom.yates@haynesboone.com

Debtors'
Financial
Advisor:                  ALIXPARTNERS LLP
                          2101 Cedar Springs Road, Suite 110
                          Dallas TX 75201
                          Tel: (214) 647-7500
                          Fax: (214) 647-7501
                          Attn: Ray Adams
                                Wilmer Cerda
                                JR Bryant

Debtors'
Investment
Banker:                   STIFEL, NICOLAUS & CO., INC.

                            - AND -

                          STIFEL, NICOLAUS-MILLER BUCKFIRE &
                          CO. LLC

Debtors'
Real Estate
Consultant:               A&G REALTY PARTNERS, LLC

Debtors'
Liquidation
Consultant &
Advisor:                  GREAT AMERICAN GROUP, LLC

Debtors'
Claims &
Noticing
Agent:                    EPIQ CORPORATE RESTRUCTURING, LLC
                  https://dm.epiq11.com/case/tuesdaymorning/info

Total Assets as of April 30, 2020: $92,000,000

Total Debts as of April 30, 2020: $88,350,000

The petitions were signed by Steven R. Becker, chief executive
officer.

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

                    https://is.gd/hwAPpO

Consolidated List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Revman International Inc.         Trade Vendor       $1,392,433
2901 N Blackstock Rd
Spartanburg, SC 29301
Brian Racioppi
Tel: 212-894-3173
Email: bracioppi@revman.com

2. Three Hands Corp                  Trade Vendor         $889,903
13259 Ralston Ave
Sylmar, CA 91342
Paul Rush
Tel: 818-833-1200 ext 123
Email: PaulR@threehands.com

3. American Crafts                   Trade Vendor         $823,657
P.O. Box 714884
Cincinnati, OH 45271-4884
Leandra Call
Tel: 801-226-0747
Email: accounts.receivable@americancrafts.com

4. Trade Lines Inc.                  Trade Vendor         $819,109
660 Montrose Ave
South Plainfield, NJ 07080
Jasmin Patel
Tel: 908-754-3232 ext 121
Email: accounts@tli.com

5. L R Resources Inc.                Trade Vendor         $810,943
P O Box 6131
Dalton, GA 30722
Foram Patel
Tel: 706-259-0155 ext 123
Email: foram@lrresources.com

6. Home Dynamix                      Trade Vendor         $780,062
100 Porete Ave
North Arlington, NJ 07031
Monica Rivers
Tel: 201-955-6000 ext 262
Email: mrivers@tncliving.com

7. Nourison Industries Inc           Trade Vendor         $743,599
5 Sampson Street
Saddle Brook, NJ 07663
Kayla Mansmann
Tel: 201-368-6900 ext 2277
Email: kayla.mansmann@nourison.com

8. Privilege International Inc       Trade Vendor         $684,953
2323 E Firestone Blvd
S Gate, CA 90280
Christine Alvarado
Tel: 323-585-0777
Email: credit@privilegeinc.com

9. Blue Ridge Home Fashions, Inc     Trade Vendor         $672,405
15761 Tapia St
Irwindale, CA 91706
Jenny Dam
Tel: 626-960-6069
Email: jenny.dam@blueridgehome.com

10. Sun N Sand Accessories           Trade Vendor         $656,518
1813 109th St
Grand Prairie, TX 75050
Rish Mehra
Tel: 972-641-3292 ext 206
Email: rish@sunnsand.com

11. Jofran Inc                       Trade Vendor         $655,934
One Jofran Way
Norfolk, MA 02056
Joff Roy
Tel: 508-384-6019
Email: joff@jofran.com

12. S.L. Home Fashions, Inc          Trade Vendor         $644,527
5601 Downey Rd
Vernon, CA 90058-3719
Lupe Garcia
Tel: 323-587-0800 ext 226
Email: ggarcia@slohomefashions.com

13. SMS Assist, LLC                  Trade Vendor         $593,042
875 N Michigan Ave
Suite 3000
Chicago, IL 60611
General Counsel
Tel: 312-698-7000
Email: AccountsReceivable@smsassist.com

14. AQ Textiles                      Trade Vendor         $580,915
7622 Royster Rd
Greensboro, NC 27455
Katie Overstreet
Tel: 336-298-4762
Email: Koverstreet@aqtextilesusa.com

15. American Textile Company         Trade Vendor         $577,303
10 North Linden St
Duquesne, PA 15110
Scott Neil
Tel: 412-948-1020 ext 263
Email: sneil@americantextile.com

16. Lifetime Brands Inc.             Trade Vendor         $570,326
DEPT CH 17745
Palatine, IL 60055-7745
Christine Kriegl
Tel: 609-373-1884
Email: christine.kriegl@lifetimebrands.com

17. Poolmaster Inc                   Trade Vendor         $570,031
770 W Del Paso Rd
Sacramento, CA 95834
Nancy Sloan
Tel: 800-854-1776 ext 118
Email: nsloan@poolmaster.com

18. Yankee Candle Co Inc.            Trade Vendor         $558,596
P O Box 405037
Atlanta, GA 30384-5037
Dion Alison
Tel: 800-792-6180 ext 7129839
Email: alison.Dixon@newellco.com

19. YMF Carpet Inc                   Trade Vendor         $557,336
201B Middlesex Center Blvd
Monroe Township, NJ 08831
Kelly Addessi
Tel: 732-393-1800 ext 312
Email: kaddessi@ymfinc.com

20. R.G. Barry Corporation           Trade Vendor         $542,585
PO Box 677257
Dallas, TX 75267-7257
Nancy Davis
Tel: 614-864-6400
Email: Ndavis@rgbarry.com

21. Loloi Rugs                       Trade Vendor         $527,454
PO Box 95344
Grapevine, TX 76099-9732
Alireza Soleimani
Tel: 972-503-5656 ext 266
Email: asoleimani@loloirugs.com

22. Peacock Alley                    Trade Vendor         $524,852
2050 Postal Way
Dallas, TX 75212
Kristen Taylor
Tel: 214-744-0499
Email: ktaylor@peacockalley.com

23. CHD Home Textiles LLC            Trade Vendor         $521,475
The Cit Group/Commercial
P.O. Box 1036
Charlotte, NC 28201-1036
Pricila Larcia
Tel: 212-293-3160
Email: priscila@chdcresthome.com

24. Benson Mills Inc                 Trade Vendor         $520,250
140- 58th St
Bldg A Unit 7J
Brooklyn, NY 11220
Gabe Levy
Tel: 718-532-1401
Email: gabe@bensonmills.com

25. Royale Linens, Inc               Trade Vendor         $519,277
325 Duffy Ave
Hicksville, NY 11801
Terri Collora
Tel: 201-9973700 ext 1004
Email: tcollora@royalelinenes.com

26. Creative Converting              Trade Vendor         $519,145
P.O. Box 88149 B110149
Milwaukee, WI 53288-8149
Ann Knapp
Tel: 800-826-0418 ext 5524
Email: Ann.knapp@creativeconverting.com

27. Popular Bath Products            Trade Vendor         $517,032
808 Georgia Ave
Brooklyn, NY 11207
Valentin Mena
Tel: 718-484-4469 ext 208
Email: Valentin.Mena@popularbath.net

28. Hasbro                           Trade Vendor         $510,065
Cust# 1000460
P.O. Box 281480
Atlanta, GA 30384-1480
Samantha Ortiz
Tel: 877-591-7098
Email: Samantha.Ortiz@c.hasbro.com

29. Casual Cushion Corp              Trade Vendor         $508,865
PO Box 603607
Charlotte, NC 28260-3607
Jason Siesel
Tel: 803-329-2932
Email: jason@casualcushion.com

30. Lenox Corporation                Trade Vendor         $494,846
PO Box 781473
Phila, PA 19178-1473
Lisa McDonell
Tel: 267-525-5537
Email: lisa_janusz-mcdonnell@lenox.com

31. Sunset Vista Designs Inc         Trade Vendor         $485,718
9850 6th St Bldg #1
Rancho Cucamonga, CA 91730
Connie Wong
Tel: 909-527-8870
Email: connie.wong@sunsetvistadesigns.com

32. Home Essentials And Beyond Inc    Trade Vendor        $473,571
200 Theodore Conrad Dr
Jersey City, NJ 07305
Louelda Santos
Tel: 732-590-3600
Email: lsantos@homeess.com

33. E & E Co Ltd A/R Dept             Trade Vendor        $471,496
45875 Northport Loop East
Fremont, CA 94538
Stacey Martinez
Tel: 510-490-9788
Email: stacey.martinez@jlahome.com

34. Best Brands Consumer              Trade Vendor        $449,405
Products Inc
20 West 33rd St, 5th Floor
New York, NY 10001
Max Kay
Tel: 646-432-4347
Email: Maxk@Bestbrands.Com

35. Classic Concepts                  Trade Vendor        $448,913
PO Box 846936
Los Angeles, CA 90084-6936
Norma Flores
Tel: 323-266-8993
Email: norma.mondragon@classichome.com

36. Azzure Home Inc                   Trade Vendor        $443,212
141 W 36th St, Ste 901
New York, NY 10018
Tal Chalough
Tel: 212-632-0300
Email: tal.chalouh@azzurehome.com

37. Aqua Leisure Industries           Trade Vendor        $436,123
525 Bodwell St Ext
Avon, MA 02322
Nikki Varela
Tel: 508-587-5400 ext 223
Email: Nvarela@aqualeisure.com

38. Argento SC PET                    Trade Vendor        $405,153
1407 Broadway, Suite 2201
New York, NY 10018
Diana Iser
Tel: 212-704-2006
Email: Diana.iser@argentosc.com

39. W C Home Fashions LLC             Trade Vendor        $402,684
20 Morris Lane
Scarsdale, NY 10583-4402
Melissa Camacho
Tel: 732-579-2220
Email: mcamacho@bcphome.com

40. McGarrah Jessee                   Trade Vendor        $391,188
121 West Sixth Street
Austin, TX 78701-2913
Rod Martin
Tel: 361-537-9605
Email: rod@mc-j.com


U.S.A. RUGBY: May Borrow Up to $550,000 from World Rugby Limited
----------------------------------------------------------------
Judge Brendan L. Shannon authorized United States of America Rugby
Football Union, Ltd., dba USA Rugby, to borrow funds of up to
$550,000, on a final basis, (including the $350,000 advanced under
the interim order) from World Rugby Limited, pursuant to the terms
and conditions of the DIP loan agreement.

The Court ruled that:

(a) The Debtor will repay the DIP obligations under the DIP loan
agreement on the maturity date, which will be the earliest to occur
of:

   * the date that is 90 days after July 1, 2020 which is the date
of the DIP loan agreement, provided that upon the entry of an order
in the Debtor's Chapter 11 case confirming a plan of
reorganization, [the plan] . . . contains a provision for repayment
in full of the DIP obligations in four equal installments on
January 1, 2021, July 1, 2021, January 1, 2022 and July 1, 2022;

   * the date on which a sale of all or substantially all of the
assets of the Debtor is consummated;

   * the effective date of a plan confirmation in the bankruptcy
case that does not contain a provision for repayment in full of the
DIP Obligations on or before the effective date of said plan or
plans or otherwise in four installments as provided in clause (a)
above;

    * the conversion of the bankruptcy case to a case under Chapter
7 of the Bankruptcy Code;

    * the appointment of a trustee pursuant to Section 1104 of the
Bankruptcy Code;

    * the dismissal or termination of the bankruptcy case; and

    * the date of any termination of the loan commitment period.

(b) the DIP lender is granted a valid, binding, enforceable and
perfected first priority priming lien upon the collateral, as
security for the repayment of the DIP obligations, which DIP lien
shall be senior and superior to the liens of JPMorgan Chase Bank,
N.A., or any affiliate thereof, but subject and subordinate to the
administrative carve-out.

As of the Petition Date, the Debtor owes JPMorgan Chase Bank
$467,820 pursuant to a certain credit agreement, secured by all of
the Debtor's current and after-acquired inventory, chattel paper,
equipment and general intangibles, and associated accessions,
additions, replacements, substitutions, records, and proceeds.  JP
Morgan Chase, however, shall retain a lien in an amount of $467,820
on the Debtor's unrestricted funds, and the Debtor shall not reduce
its unrestricted funds below $467,820.

(c) all of the DIP obligations shall constitute an allowed claim,
subject to payment of the administrative carve-out, against the
Debtor.  The administrative carve-out includes all statutory fees
payable to the U.S. Trustee, reasonable fees and expenses of
attorneys retained by the Debtor and by any committee of unsecured
creditors.

A copy of the final order is available at https://is.gd/c7WTxQ as
well as a copy of the approved budget at available at
https://is.gd/e7lz4M from PacerMonitor.com at no charge.

               About United States of America Rugby
                      Football Union Ltd

Founded in 1975, the Debtor is the national governing body for the
sport of rugby in America, a Full Sport Member of the United States
Olympic and Paralympic Committee, and World Rugby.  USA Rugby
oversees four national teams, multiple collegiate and high school
All-American sides, and an emerging Olympic development pathway for
elite athletes.  Currently headquartered in Lafayette, Colorado,
USA Rugby is charged with developing the game on all levels and has
over 120,000 active members.  USA Rugby was organized as a
non-profit Delaware corporation on Jan. 25, 1978, and is governed
by a Board of Directors, which in turn are overseen by the
Congress, which represents the interests of its members.

United States of America Rugby Football Union sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No.
20-10738) on March 31, 2020.  The petition was signed by Ross
Young, CEO.  The Debtor is represented by Mark M. Billion, Esq. at
BILLION LAW.  At the time of filing, the Debtor was estimated to
have $1 million to $10 million in assets and $1 million to $10
million in liabilities.


UC COLORADO: Seeks Approval to Hire Gibraltar Business Valuations
-----------------------------------------------------------------
UC Colorado Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Gibraltar Business
Valuations to conduct a valuation of its business and assets.  

Gibraltar Business will receive a fee of $4,000 for its business
valuation services and will be paid on an hourly basis for
additional services such as giving testimony at deposition and
producing documents.  A nonrefundable initial payment of $2,000 is
due upon the firm's retention.

Don Drysdale, a managing member of Gibraltar Business, 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:
    
     Don M. Drysdale
     Gibraltar Business Valuations
     1325 Dry Creek Drive Suite 201
     Longmont, CO 80503
     Telephone: (855) 231-1401
                 
                    About UC Colorado Corporation

UC Colorado Corporation is a wholly owned subsidiary of United
Cannabis Corporation based in Golden, Colo., that focused on
extracting products from industrial hemp plants, which it uses to
create unique therapeutics for a wide range of diseases that can be
utilized by patients globally.

UC Colorado filed a petition under Chapter 11 of the Bankruptcy
Code (Bankr. D. Colo. Case No. 20-12689) on April 20, 2020.  The
petition was signed by John Walsh, Debtor's chief financial
officer.  At the time of the filing, Debtor had estimated assets of
between $1 million and $10 million and estimated liabilities of the
same range.  

Judge Joseph G. Rosania Jr. oversees the case.

Wadsworth Garber Warner Conrardy, P.C. is Debtor's legal counsel.
Debtor tapped Gibraltar Business Valuations to conduct a valuation
of its business and assets.  


UNIT CORP: Fitch Cuts LongTerm IDR to 'D' on Chapter 11 Filing
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating of
Unit Corporation to 'D' from 'CC'. The senior secured revolver was
affirmed at 'CCC+'/RR1 and the senior subordinated notes were
downgraded to 'C'/'RR6' from 'CC'/'RR4'. The Rating Watch Negative
was removed.

The downgrade reflects Unit's announcement that it has signed a
restructuring support agreement and voluntarily filed for
reorganization under Chapter 11 plan of the U.S. Bankruptcy Code on
May 22, 2020. The company has reached agreement under the RSA with
more than 70% of the 6.625% senior subordinated notes due 2021 and
100% of senior secured reserve-based lenders. Unit had $789 million
of debt outstanding, including $139 million under the RBL and $650
million of senior subordinated notes.

The RSA required the company to file the plan of reorganization and
disclosure statement within 15 days after the petition date. The
deadline to solicit votes to accept or reject the plan is 45 days
following the petition date.

Subject to approvals, the restructuring transaction includes
exchanging the $650 million senior subordinated notes for equity of
the post-reorganization entity and a replacement of the existing
RBL facility and debtor-in-possession financing with a $180 million
exit facility. The exit facility includes a $140 million senior
secured revolving credit facility and a senior secured term loan of
$40 million. The company has received a commitment from the RBL
lenders that are parties to the RSA to provide up to $36 million in
new debtor-in-possession (DIP) financing.

Fitch expects to withdraw its ratings 30 days after the petition
date.

KEY RATING DRIVERS

Entrance into RSA: The RSA follows negotiations with noteholders
and lenders under the credit agreement, following the company's
unsuccessful exchange offer. Under the RSA, the subordinated debt
will be equitized and the existing RBL will be replaced with a new
exit facility. Existing equity holders will receive warrants. Unit
Corp. missed its May 15 coupon pay on its 6.625% subordinated
notes, triggering the 30-day grace period.

Unsuccessful Exchange: On November 12, 2019, Unit announced an
offer to exchange the senior subordinated notes for newly issued
10% senior secured notes due 2024 and 7% junior secured notes due
2025 to extend the maturity profile and reduce the springing
maturity risk of the RBL. The company terminated the exchange on
March 27, 2020 due to a lack of sufficient participation.

Weaker Oil Price Environment: Fitch expects historically low
commodity prices to pressure exploration & production (E&P)
profiles, cash flow generation, liquidity and capital market
access. This environment is the result of the global economic
shutdown related to the coronavirus, which exacerbated the
supply-demand imbalance perpetrated by the OPEC+ over-supply of oil
in early 2020, despite subsequent oil production cuts.

Fitch updated its West Texas Intermediateprice assumptions to
USD32/barrel (bbl) in 2020 and USD42/bbl in 2021.

No E&P Drilling Activity: Unit suspended its drilling program in
July 2019 to preserve liquidity. The company does not currently
plan to drill any operated wells in 2020. Unit did not book any
proved undeveloped reserves at YE 19.

DERIVATION SUMMARY

Unit Corporation's unique asset profile means it has no direct
publicly rated peers. In terms of the upstream business, Unit's
year-end 2019 production profile, at 46.1 mboepd (49% liquids), is
relatively smaller than peers Extraction Oil & Gas, Inc. (CC) and
SM Energy Company (C) and in line with Great Western Petroleum
(CCC-). The leverage profile (debt/flowing bbl, debt/PD, and
debt/EBITDA) is slightly better than peers. The company's lower
quality acreage position negatively impacts the company's unit
economics, compared to peers, with half cycle netbacks of $7.3/boe,
lower than Extraction ($16.7/boe), Great Western and SM Energy
($17.4/boe) as of December 31, 2019.

The credit ratings for SM, Great Western, and Extraction are all
impacted by limited capital market access to address near-term
maturity walls as well as elevated liquidity risks and less
representative of their leverage and production profiles.

Unit has added diversification with its other two businesses,
although both segments are relatively small. The company has fewer
top-tier drilling rigs (58 total rigs; 14 BOSS rigs) than pure
drilling companies Nabors Industries (B-/RWN) and Precision
Drilling (B+/Negative). The midstream business is conducted through
a 50/50 JV and has 22 active gathering systems, 12 gas processing
plants, three natural gas treatment plants for approximately 323
mmcfpd total processing capacity and about 1,500 miles of pipe.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS

Fitch's recovery analysis for Unit Corporation used both an asset
value-based approach on observed transactions of like assets and a
going-concern approach. The recovery analysis assumes that Unit
Corp. would be considered a going-concern in bankruptcy and that
the company would be reorganized rather than liquidated the
following assumptions:

Going-Concern (GC) Approach

  -- Unit's going concern EBITDA of $120 million is in line with
Fitch's 2020 and 2021 base case forecast EBITDA, lower than the
last review to reflect the current commodity price environment and
management's decision to halt drilling activity through the end of
2020.

  -- Fitch assigned an EV multiple of 2.25x, a weighted average
multiple of midstream, drilling and upstream segments. Fitch
assigned a lower multiple for the upstream segment based on weaker
unit economics, a loss of drilling inventory, and reserve
replacement declines. Fitch also lowered the multiple of the
drilling rig business.

  -- The GC approach led to a valuation of $270 million.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors.

  -- Fitch assumed an advance rate of 50% for accounts receivables.
Fitch used a lower percentage to reflect a decreasing "order book"
as demand for drilling services lowers given structurally lower
prices.

  -- Fitch assumed a liquidation value of $30 million for the
drilling rigs, given the current supply/demand economics of
drilling rig businesses.

  -- Fitch assumed an oil & gas valuation of $100 million, which
reflects the impact of lower commodity prices and asset base
declines.

These assumptions lead to a liquidation value of $266 million, less
than the going-concern approach.

Waterfall

The recovery is based on the assumed enterprise value of $270
million. After the assumed administrative claim of 10%, there is
$243 million available to creditors. The DIP financing facility is
assumed to be fully drawn at $38 million and the RBL is drawn at
$139 million, the amount outstanding at the petition date.

Fitch's recovery assumptions result in a recovery rating for the
senior secured revolver within the 'RR1' range and result in a
'CCC' rating and the senior subordinated notes recovery rating
falls within the 'RR6' range and results in a 'C' rating.

RATING SENSITIVITIES

The company has filed for bankruptcy protection.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

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).


UNIT CORP: Moody's Cuts PDR to D-PD on Bankruptcy Filing
--------------------------------------------------------
Moody's Investors Service downgraded Unit Corporation's Probability
of Default Rating to D-PD from Ca-PD following the company's
bankruptcy filing. Moody's concurrently downgraded Unit's Corporate
Family Rating to Caa3 from Caa1 and senior subordinated notes (due
May 2021) to Ca from Caa2. The SGL-4 Speculative Grade Liquidity
Rating was unchanged. The rating outlook remains negative.

Downgrades:

Issuer: Unit Corporation

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

Corporate Family Rating, Downgraded to Caa3 from Caa1

Senior Subordinated Notes, Downgraded to Ca (LGD4) from Caa2
(LGD2)

Outlook Actions:

Issuer: Unit Corporation

Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of the PDR to D-PD reflects Unit's voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the
Southern District of Texas on May 22, 2020 [1]. The Caa3 CFR and Ca
notes rating reflects Moody's view on expected recovery for the
subordinated noteholders.

Shortly after its rating action, Moody's will withdraw all of
Unit's ratings, and no changes to the ratings are expected prior to
the withdrawal.

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 oil price volatility. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety,
that will in turn reduce demand for oil products. Its action
reflects the impact on Unit's credit quality, the breadth and
severity of the oil demand and supply shocks, and the broad
deterioration in credit quality it has triggered.

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

Unit Corporation is a Tulsa, Oklahoma based exploration and
production company with significant contract drilling and midstream
gathering and processing operations.


UNITED CANNABIS: Seeks Approval to Hire BF Borgers as Accountant
----------------------------------------------------------------
United Cannabis Corporation seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ BF Borgers CPA, PC as
its accountant.

BF Borgers' services will include preparing Debtor's tax returns
and tax-related documents and schedules, and performing independent
audits and reviews for Securities and Exchange Commission and
regulatory compliance.

The firm's professionals will be paid at hourly rates as follows:

     Director      $450 - $500
     Manager              $350
     Supervisor           $250
     Senior               $200
     Staff                $150

Ben Borgers, a managing partner at BF Borgers, 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:
    
     Ben Borgers
     BF Borgers CPA PC
     5400 West Cedar Avenue
     Lakewood, CO 80226
     Telephone: (303) 953-1454
                 
                 About United Cannabis Corporation

United Cannabis Corporation is a biotechnology company dedicated to
the development of phyto-therapeutic-based products supported by
patented technologies for the pharmaceutical, medical and
industrial markets.  It has long advocated the application of
cannabinoids for medical applications and is building a platform
for designing targeted therapies to increase the quality of life
for patients around the world.  For more information, visit
www.unitedcannabis.us

United Cannabis sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Colo. Case No. 20-12692) on April 20,
2020. The petition was signed by John Walsh, Debtor's chief
financial officer. At the time of the filing, Debtor had estimated
estimated assets of between $1 million and $10 million and
liabilities of the same range.  Judge Kimberley H. Tyson oversees
the case. Debtor tapped Wadsworth Garber Warner Conrardy, P.C. as
its legal counsel.


VERONIQUE'S GOURMENT: Has Interim Cash Access, Discards Motion
--------------------------------------------------------------
Veronique's Gourmet Corporation sought and obtained interim
approval of an amended motion to use cash collateral (which it
filed on April 28, 2020).  By the interim order, the Debtor is
authorized to use cash collateral pursuant to a budget for the
period from April 10, 2020 to July 10, 2020 to pay all necessary
post-petition operating expenses of its business.

The Debtor, however, filed a notice of voluntary dismissal of the
said motion on May 14, 2020.  The reason for said dismissal was not
disclosed.

            About Veronique's Gourmet Corporation

Veronique's Gourmet Corporation operates a fine dining restaurant
serving the residents and visitors of Dana Point, California.

Veronique's Gourmet Corporation filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal.
Case No. 20-10803) on March 5, 2020, listing under $1 million in
both assets and liabilities.  The Law Offices of Lionel E. Giron,
led by principal Lionel E. Giron, serves as counsel to the Debtor.
The Hon. Scott C. Clarkson is assigned to the case.




VILLA VERDE: Gets Approval to Hire R. Craig Rastello as Accountant
------------------------------------------------------------------
Villa Verde Condominium Association, Inc. received approval from
the U.S. Bankruptcy Court for the Middle District of Florida to
employ R. Craig Rastello, C.P.A., P.A. as its accountant.

R. Craig Rastello's services will include:

     (a) the preparation of monthly operating reports during the
course of Debtor's bankruptcy proceeding;

     (b) general accounting services such as creating and
maintaining records of monthly or annual income and expenses;

     (c) the preparation of documents necessary to confirm Debtor's
Chapter 11 plan; and

     (d) accounting advice.

The firm will be paid at hourly rates as follows:

     Staff Accounting/Bookkeeping       $100
     CPA Accounting and Consulting      $200
     Attendance and Testimony at Court  $300

R. Craig President Robert Rastello disclosed in court filings that
he is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

The firm can be reached through:
    
     Robert C. Rastello
     R. Craig Rastello, C.P.A., P.A.
     1980 N Atlantic Ave.
     Cocoa Beach, FL 32931
     Telephone: (321) 784-2530
     Facsimile: (321) 392-4262
             
             About Villa Verde Condominium Association

Villa Verde Condominium Association, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-00837) on Feb. 11, 2020.  At the time of the filing, Debtor had
estimated assets of less than $50,000 and liabilities of between
$100,001 and $500,000.  Judge Karen Jennemann oversees the case.
Debtor is represented by Bartolone Law, PLLC.  R. Craig Rastello,
C.P.A., P.A. is Debtor's accountant.


WESCO INT'L: Fitch Assigns First Time 'BB-' Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has assigned WESCO International, Inc. and WESCO
Distribution, Inc. a first-time Issuer Default Rating of 'BB-'.
Fitch has also assigned ratings of 'BB+'/'RR1' to the company's
first lien secured ABL facility and 'BB-'/'RR4' to the company's
existing $850 million of unsecured notes and proposed issuance of
$2.825 billion of new unsecured notes to purchase Anixter
International. The Rating Outlook is Stable. Additionally, Fitch
also expects to rate WCC's preferred shares at 'B (EXP)'/'RR6' when
the instruments are issued at the close of the transaction.

WESCO's IDR of 'BB-' is driven by the significant increase in
leverage that is expected to occur from the issuance and assumption
of approximately $3.9 billion of debt to purchase Anixter
International, coupled with weak end markets as a result of the
coronavirus outbreak and low commodity prices. The company is
targeting a net leverage ratio of less than 3.5x within three
years; however, this is largely contingent on the full recovery of
end markets and the repayment of a significant amount of debt.

Fitch believes the company will be able to de-lever relatively
quickly following the close of the transaction as FCF generally
remains stable during downturns due to the selloff of working
capital, which will allow the company to deploy cash towards
reducing revolver balances and repaying upcoming 2021 bond
maturities. Supporting factors for the rating include a significant
increase in size and scale, and a strengthened market position from
the combination of the two businesses.

KEY RATING DRIVERS

High Post-Transaction Leverage: Fitch expects that WCC's leverage
(total debt with equity credit/EBITDA) will be elevated in the mid-
to high-7x range on a pro forma basis at YE 2020, due to debt
issued to buy Anixter International, including preferred shares,
and expected double-digit revenue declines from the impact of
coronavirus. The company has a net leverage target of less than
3.5x within three years of close; however, the current economic
disruption could delay the anticipated timeline. Fitch expects
leverage to decline materially to the mid-4x range by YE 2022 and
below 4.0x by YE 2023 as sales recover, cost synergies are
realized, and the company uses FCF to repay upcoming bond
maturities and ABL revolver balances.

Stable Cash Flow Generation: WESCO has consistently generated
strong FCF, which Fitch views as a positive credit driver. Cash
generation is typically counter-cyclical for distributors as they
have the flexibility to unload inventory while scaling back
purchases in periods of downturn. Fitch expects WCC will have FCF
margins above 2% in 2020 as the company liquidates working capital.
Consolidated FCF will be modestly lower in 2021 and 2022 as the
company spends cash on restructuring and capex in order to
integrate Anixter and achieve cost synergies. Fitch believes
long-term FCF margins will stabilize between 2.5% to 3.0% of annual
revenue.

Current Headwinds: Fitch believes that WESCO will experience a
moderate impact from the coronavirus outbreak, with sales to
industrial and construction end markets likely to be to most
effected in the near term. Fitch estimates organic 2020 sales are
likely to decline by mid-teen digits before mostly recovering in
2021. This will lead to higher near-term leverage; however, the
company's counter-cyclical cash flow should allow it to maintain
financial flexibility and repay debt including $500 million of
unsecured notes due December 2021.

Increased Diversification: The merger with Anixter International
increases the consolidated company's diversification, as legacy WCC
was somewhat concentrated in the industrial and construction end
markets. AXE's focus on data communications provides a
complementary and more stable business. Both companies are well
diversified by customer with no customer totalling more than 4% of
revenue. The majority (>70%) of the pro forma company's revenue
is generated in the U.S.; however, Anixter's larger international
presence expands legacy WESCO's geographic footprint which could
lead to cross selling opportunities.

Narrow Operating Margins: WCC's EBITDA margins have averaged about
5% over the last three years, which is relatively weak but in line
with industry peers. The merger with Anixter does not fundamentally
change the company's profitability profile; however, management
believes it can achieve cost synergies of $200 million or more
within three years mainly through supply chain, facility, and
administrative consolidation. Through the medium term this should
drive EBITDA margins towards 6%, with potential additional upside.

Strong Market Position: Fitch believes WCC's top market position in
the electrical distribution industry is a strong positive factor of
the credit profile. The combination with Anixter solidifies the
company as the number one electrical and data communication
distributor in North America with a market share of approximately
13%. The overall market remains highly fragmented, with few
competitors with meaningful market share. Fitch expects that WESCO
will resume its acquisitive posture once the integration with
Anixter is complete and the company is on track for its leverage
reduction targets.

Increased Size and Scale: WCC's purchase of Anixter effectively
doubles the company's size, which has beneficial impacts on the
operating profile. Fitch believes there are modest competitive
advantages provided by increased scale, including cost savings from
a consolidated supply chain and increased market position
defensibility through broad customer and supplier relationships.
Aside from the company's projected cost synergies, there could be
additional benefits from revenue synergies that accelerate growth.

DERIVATION SUMMARY

WESCO has an operating profile similar to IT focused distributors
such as Avnet, Inc. (BBB-/Stable), Ingram Micro Inc. (BBB-/Stable)
and Arrow Electronics, Inc. (BBB-/Stable) with EBITDA margins in
the mid-single digits and counter-cyclical free cash flow, however
post-acquisition leverage is expected to be significantly higher.
Compared to more industrial focused distributors such as W.W.
Grainger, Inc. (NPR) and HD Supply, Inc. (NPR), WESCO has greater
scale, significantly slimmer profitability margins, higher leverage
and comparable end-market cyclicality.

KEY ASSUMPTIONS

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

  -- The merger with Anixter International is completed in late Q2
or Q3 of 2020;

  -- Organic revenue declines by mid- to high-teen percentage in
2020 due to coronavirus impacts before rebounding mostly in 2021
and resuming growth in mid-single digits by 2022;

  -- Operating margins decline modestly in 2020 due to lower
revenue, but cost synergies are gradually realized with EBITDA
margins sustaining above 6% by 2023;

  -- Working capital reduction provides a cash inflow in 2020 and
2021 as the company unloads inventory and reduces purchases.
Working capital is a usage of cash in 2022 and beyond as the
company focuses on growth initiatives;

  -- The company spends approximately $140 million from 2020 to
2022 in order to achieve cost synergies;

  -- Capex is elevated in 2020 and 2021 in order to facilitate
growth efforts, mostly centered around IT investments. Capex
returns to approximately 0.5% in 2022;

  -- WCC repays all upcoming bond maturities with FCF;

  -- Excess cash flow is used to moderately repay AR and ABL
facility borrowings;

  -- The company's preferred shares will be sufficiently
subordinated to qualify for 50% equity-credit;

  -- Total debt with equity credit at YE 2020 is approximately $5.4
billion.

RATING SENSITIVITIES

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

  -- The company successfully executes on its deleveraging
strategy, with leverage (total debt with equity credit/operating
EBITDA) sustaining below 4.0x and FFO leverage sustaining below
4.5x;

  -- EBITDA margins sustain above 6%;

  -- FCF margins sustain above 3.5%.

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

  -- Leverage sustains above 5.0x;

  -- FFO Interest coverage sustains below 2.5x;

  -- FCF margins are consistently below 2%;

  -- Excess cash is used for share repurchases as opposed to debt
repayment.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity: As of March 31, 2020, WESCO had sufficient liquidity of
$790 million, comprised of $343 million of available cash and $447
million of ABL revolver availability, net of $100 million in
borrowings, letters of credit and borrowing base reserves. The
company had no available capacity under its AR securitization
facility.

Debt Structure: WCC's capital structure as of March 31, 2020
consisted of $100 million outstanding on a $600 million ABL
facility, a fully drawn $600 million AR securitization facility,
$850 million of senior unsecured notes, and $39 million of other
debt. WCC is issuing an additional $2.825 billion of unsecured
bonds in order to fund the Anixter 2023 and 2025 note tender offer
and the remaining cash purchase price

WCC expects to upsize its ABL revolver and AR securitization to
approximately $1.1 billion and $975 million, respectively, in
coordination with the close of the Anixter merger. WCC also
anticipates issuing approximately $540 million of perpetual
preferred stock, which Fitch expects will qualify for 50%
equity-credit.

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).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


WESCO INT'L: Moody's Cuts CFR & Unsec. Rating to B1, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service downgraded WESCO International, Inc.'s
Corporate Family Rating to B1 from Ba3, Probability of Default
Rating to B1-PD from Ba3-PD, and Speculative Grade Liquidity Rating
to SGL-2 from SGL-1. Moody's also downgraded the rating on the
company's senior unsecured notes at WESCO Distribution, Inc. to B2
from B1. The outlook was revised to stable, from ratings under
review. This action concludes the review of the ratings initiated
on January 14, 2020.

Concurrently, Moody's assigned a B2 rating to the company's
proposed $2.825 billion in new senior unsecured notes, issued in
various 5- and 8-year tranches. Proceeds from the new unsecured
notes offering will be used to redeem the outstanding senior
unsecured notes of Anixter International Inc., totaling
approximately $940 million, and partially finance the planned
acquisition of Anixter which is expected to close in the second or
third quarter of 2020.

The downgrade of WESCO's existing ratings reflects the substantial
increase in leverage associated with the acquisition of Anixter.
Moody's estimates that pro forma debt-to-EBITDA would increase to
6.1x from 4.0x as of March 31, 2020. Moody's also recognizes the
heightened integration and execution risk given the magnitude of
the transaction, which will double the size of the company.

Downgrades:

Issuer: WESCO International, Inc.

Corporate Family Rating, Downgraded to B1 from Ba3

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

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

Issuer: WESCO Distribution, Inc.

Gtd Senior Unsecured Regular Bond/Debenture, Downgraded to B2
(LGD4) from B1 (LGD5)

Senior Unsecured Regular Bond/Debenture, Downgraded to B2 (LGD4)
from B1 (LGD5)

Assignments:

Issuer: WESCO Distribution, Inc.

Senior Unsecured Regular Bond/Debenture, Assigned B2 (LGD4)

Outlook Actions:

Issuer: WESCO Distribution, Inc.

Outlook, Changed to Stable from Rating Under Review

Issuer: WESCO International, Inc.

Outlook, Changed to Stable from Rating Under Review

RATINGS RATIONALE

WESCO's B1 CFR reflects the company's well-established position as
a global distributor of electrical, industrial and communications
products and services and good liquidity position. Moody's also
considers corporate governance aspects of WESCO, including a
financial strategy characterized by conservative balance sheet
management, and a track record of maintaining leverage within its
target range of 2.0-3.5x (as calculated by the company). These
credit strengths are offset by high financial leverage, operating
margin volatility, competitive pressures and a limited ability to
pass on higher costs. Furthermore, WESCO is expected to face
headwinds in 2020 associated with the COVID-19 pandemic and
government-imposed shutdowns that impacted their customers and
suppliers across most end markets. This will result in top line
contraction and modest margin declines in 2020 followed by a slow
recovery in 2021.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. WESCO's exposure
to construction and industrial end markets has 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 stable outlook reflects Moody's expectation that WESCO's
financial leverage will remain high over the next 12 months, but
will decline over time through a combination of earnings growth and
debt repayment. The stable outlook also considers Moody's
expectation that WESCO will continue to generate solid free cash
flow and maintain good liquidity.

WESCO's SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation that the company's liquidity will remain good,
characterized by anticipated strong positive free cash flow,
despite increased interest expense and dividends on preferred
shares that will be used to fund a portion of the Anixter
acquisition, and ample revolver availability.

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

WESCO's ratings could be upgraded if adjusted debt-to-EBITDA were
sustained below 4.5x and interest coverage (measured as
EBITA-to-Interest Expense) is sustained above 3.0x. Furthermore, an
upgrade would require maintenance of positive free cash flow and a
conservative financial policy. Finally, an upgrade is predicated on
the successful integration of the Anixter acquisition.

The ratings could be downgraded should leverage not meaningfully
decline below pro forma levels within 12-18 months. In addition,
the ratings could be downgraded if the company's financial policies
become increasingly aggressive, including additional debt funded
acquisitions or shareholder returns. Finally, a downgrade of the
ratings would occur if the company's liquidity deteriorates,
including lack of free cash flow generation.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Headquartered in Pittsburgh, Pennsylvania, WESCO is a leading
distributor of electrical, industrial, construction products,
communications maintenance, repair and operating supplies in North
America. The company primarily operates in the US and Canada and
generated approximately $8.4 billion in revenues for the
twelve-month period ended March 31, 2020.


WEYERHAEUSER COMPNAY: Egan-Jones Lowers Sr. Unsec. Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on May 20, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Weyerhaeuser Company to BB from BB+.

Headquartered in Seattle, Washington, Weyerhaeuser Company is an
American timberland company that owns nearly 12.4 million acres of
timberlands in the U.S. and manages an additional 14.0 million
acres timberlands under long-term licenses in Canada. The company
also manufactures wood products.



WITTER HARVESTING: Has Cash Collateral Access Thru June 30
----------------------------------------------------------
Judge Mindy A. Mora authorized Witter Harvesting Inc., to use cash
collateral on an interim basis through and including June 30, 2020
to pay the Debtor's regular business operating expenses and
administrative expenses.

As adequate protection, (i) US Bank Equipment Finance, (ii) CIT
Bank, N.A., (iii) Navitas Credit Corp., (iv) Summit Funding Group,
LLC, (v) Sumitoto Mitsui Finance and Leasing and (vi) Wells Fargo
Equipment Finance, LLC are granted effective as of the Petition
Date, a replacement lien to the same extent as their pre-petition
lien, on and in all property set forth in the respective security
agreements and related lien documents.

Final hearing on the motion is scheduled for June 16, 2020 at 1:30
p.m.  

                   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 estimated 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.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Moore & Moore Trucking, LLC
   Bankr. E.D. La. Case No. 20-10925
      Chapter 11 Petition filed May 20, 2020
         See https://is.gd/8c8CXq
         represented by: Gary K. McKenzie, Esq.
                         THE STEFFES FIRM, LLC
                         E-mail: gmckenzie@steffeslaw.com

In re Echo Park Cooperations LLC
   Bankr. C.D. Cal. Case No. 20-14622
      Chapter 11 Petition filed May 20, 2020
         See https://is.gd/y7iAJc
         Filed Pro Se

In re Bradford L. Costello and Ardis A. Costello
   Bankr. E.D. Pa. Case No. 20-12358
      Chapter 11 Petition filed May 20, 2020
         represented by: Roger V. Ashodian, Esq.
                         SOUTHEASTERN PA, P.C.

In re Michael Chris Wold and Priscilla Ardine Wold
   Bankr. E.D. Wash. Case No. 20-01087
      Chapter 11 Petition filed May 21, 2020
         represented by: David Kazemba, Esq.
                         OVERCAST LAW OFFICES-NCW, PLLC

In re James A. McCallion
   Bankr. D.N.J. Case No. 20-16782
      Chapter 11 Petition filed May 22, 2020
         represented by: Robert N. Braverman, Esq.
                         MCDOWELL LAW, PC
                         Email: rbraverman@mcdowelllegal.com

In re Francine Dinnall
   Bankr. S.D. Fla. Case No. 20-15658
      Chapter 11 Petition filed May 22, 2020
         represented by: Alan R. Crane, Esq.
                         FURR COHEN P.A.
                         E-mail: acrane@furrcohen.com

In re Two Tales LLC
   Bankr. S.D.N.Y. Case No. 20-22687
      Chapter 11 Petition filed May 26, 2020
         See https://is.gd/R6r6Mr
         represented by: Anne Penachio, Esq.
                         PENACHIO MALARA, LLP
                         E-mail: frank@pmlawllp.com

In re Templer Acquisitions, LLC
   Bankr. N.D. Ga. Case No. 20-66657
      Chapter 11 Petition filed May 26, 2020

In re Vincent J. Reyes
   Bankr. C.D. Cal. Case No. 20-14764
      Chapter 11 Petition filed May 25, 2020
         represented by: Jonathan Lo, Esq.

In re David R. Nieves
   Bankr. D. Maine Case No. 20-20193
      Chapter 11 Petition filed May 26, 2020
         represented by: James Molleur, Esq.

In re Kenneth J. Starr
   Bankr. D. Maine Case No. 20-10247
      Chapter 11 Petition filed May 26, 2020

In re Kurtis James VanderMolen
   Bankr. W.D. Mich. Case No. 20-01818
      Chapter 11 Petition filed May 20, 2020


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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.

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