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

              Tuesday, June 23, 2020, Vol. 24, No. 174

                            Headlines

4-S RANCH: July 14 Hearing on Disclosure Statement
78 AVENUE GLENDALE: U.S. Trustee Unable to Appoint Committee
A&R COMPLETE: Unsecureds to Recover 50% Under Plan
ACHILLES ACQUISITION: Moody's Affirms B3 CFR, Outlook Stable
ADVANTAGE HOLDCO: June 24 Auction of Substantially All Assets Set

AIR CANADA: S&P Lowers US$400MM Unsecured Notes Rating to 'B+'
AKORN INC: Aug. 10 Auction of Substantially All Assets Set
AKORN INC: S&P Rates $30MM Debtor-In-Possession Term Loan 'BB+'
ALPHATEC HOLDINGS: Board Hikes Number of Directors to 12
ALPHATEC HOLDINGS: Stockholders Pass All Proposals at Meeting

ALTA MESA: Court Approves Disclosures and Confirms Plan
AMERITUBE LLC: Unsecured Creditors to Get Cash Payments for 5 Years
ANDREW RUGGIERO: $237K Cash Sale of Forest Lake Property Approved
ANDREW RUGGIERO: $268K Cash Sale of Scottsdale Property to Jin OK'd
APC AUTOMOTIVE: In Chapter 11 After Deal With Lenders & Sponsors

APEX ENERGY: June 31 Hearing on Disclosure Statement
APPLE LAND: Sale of Three Vehicles and a Boat for $40.75K Approved
ARTHUR V. KATZ: $191K Sale of Tristate Membership Units Approved
AT HOME GROUP: Board Approves Fiscal Year 2021 Bonus Structure
AT HOME GROUP: Swings to $358.9 Milion Net Loss in First Quarter

BASIN TRANSLOAD: Unsecured Claims Unimpaired Under Plan
BELLEAIR RESERVE: Unsecureds Unimpaired Under Plan
BILLINGS LODGE: Seeks to Hire Felt Martin as Legal Counsel
BLUE SKY: Proposed Auction Sale of Catering Business Assets Denied
BRIGGS & STRATTON: S&P Cuts ICR to 'SD' on Missed Interest Payment

C-CO HOLDINGS: Taps Corral Tran as Legal Counsel
CANNA CORP: Accumulated Deficit Raises Going Concern Doubt
CARROLS RESTAURANT: S&P Assigns Prelim B- Rating to New Term Loan
CELADON GROUP: $6.1M Sale of All Mexican Assets to Jaguar Approved
CENTRAL PALM BEACH SURGERY: Unsecureds to Split $1.8M in Plan

CENTRALSQUARE TECHNOLOGIES: Moody's Cuts CFR to Caa2, Outlook Neg.
CENTURY ALUMINUM: Glencore Entities Report 42.9% Equity Stake
CENTURY ALUMINUM: Launches Cash Tender Offer for 7.5% Senior Notes
CENTURY ALUMINUM: Prices $250-Mil. Senior Secured Notes Offering
CFO MANAGEMENT: Trustee's Plan Mulls Substantive Consolidation

CLARE OAKS: Mintz, Levin Represents UMB Bank, 2 Others
CLOUD PEAK: 8 Surety Firms Lose Bid to Block Chapter 11 Fees
COMSTOCK RESOURCES: S&P Rates Unsecured Debt Offering 'CCC+'
CREATIVE HAIRDRESSERS: Meyers Represents Multiple Parties
CREATIVE HAIRDRESSERS: Taps Littler Mendelson as Special Counsel

CUMULUS MEDIA: FCC Approves Complete Foreign Ownership
DANA INC: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
EASTMAN KODAK: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
ELITE INVESTMENT: Trustee Taps Steven Skarphol as Real Estate Agent
[Redacted]

EQM MIDSTREAM: S&P Rates Senior Unsecured Notes 'BB-'
FARM STATION: Proposed Auction Sale of Vint Hill Assets Denied
FARMER BROS: Potential Event of Default Casts Going Concern Doubt
FERRELLGAS PARTNERS: S&P Downgrades ICR to 'SD' on Missed Payment
FOODFIRST GLOBAL: $40M Sale of All Assets to GPEE Approved

FOSSIL GROUP: S&P Affirms 'B' ICR; Ratings Off Watch Negative
FRANKLIN CAMBRIDGE: Trustee's Sale of All Assets to Gold Approved
FRIDAY HEALTH: A.M. Best Affirms C-(Weak) Finc'l. Strength Rating
GENCANNA GLOBAL: Court Approves Sale of Assets
GENCANNA GLOBAL: Stites Updates on Dean Dorton, 4 Others

GOODRICH QUALITY: June 25 Auction of Substantially All Assets Set
GRANITE ACQUISITION: S&P Affirms 'B+' ICR, Alters Outlook to Dev.
GRAPEFRUIT USA: Needs Profit, Financing to Remain Going Concern
GTY TECHNOLOGY: March 31 Quarter Results Cast Going Concern Doubt
HAMPSTEAD GLOBAL: Seeks to Hire Amini LLC as New Counsel

HARB PROPERTIES: U.S. Trustee Objects to Amended Disclosure
HEARTLAND DENTAL: Moody's Confirms Caa1 CFR, Outlook Stable
HORNBECK OFFSHORE: Cole, Milbank Represent Altana Funds, 3 Others
INSIGHT TERMINAL: Bay Bridge Objects to AWL's Plan & Disclosures
INSIGHT TERMINAL: Says Autumn Wind Plan Unconfirmable

INSIGHT TERMINAL: Unsecured Creditors to Get Full Payment in Plan
J.C. PENNEY: Reopens Terre Haute, Indiana Location
KOPIN CORP: Reports $3.66-Mil. Net Loss for Quarter Ended March 28
KRISJENN RANCH: Hires Jerry G Miers, CPA as Accountant
LIBBEY GLASS: Pratt Corrugated Steps Down as Committee Member

LONGVIEW POWER: Joint Prepackaged Plan Confirmed by Judge
MIDCOAST ENERGY: Fitch Affirms, Then Withdraws 'BB-' IDR
MOHEGAN GAMING: Signs Waiver Agreement with U.S. Bank
MONOTYPE IMAGING: Moody's Cuts CFR to Caa1, Outlook Stable
MOSIER MANAGEMENT: $200 Cash Sale of All Assets to HIS Approved

MUNCHERY INC: $40K Sale of Customer Data & Content Assets Approved
NAPA MANAGEMENT: Moody's Cuts CFR to Caa2, Outlook Stable
NEIMAN MARCUS: Hires Ernst & Young to Provide Tax Services
NEIMAN MARCUS: Seeks to Hire Lazard Freres as Investment Banker
NEW CITIES: Humphreys & Partners Objects to Plan & Disclosures

NFINITY GROUP: $599K Sale of Phoenix Property to Keller Approved
OWENS & MINOR: Completes Sale of Movianto to EHDH Holding
OWENS & MINOR: Releases Early Results of Cash Tender Offers
PACE INDUSTRIES: Successful Emerges from Financial Restructuring
PG&E CORP: S&P Assigns 'BB-' Issuer Credit Rating; Outlook Stable

PYXUS INTERNATIONAL: Wachtell, Morris Represent Crossholder Group
RADIO SYSTEMS: S&P Rates New $625MM Senior Secured Notes 'B'
RALSTON, NE: S&P Affirms 'BB' GO Debt Rating; Outlook Negative
RAVN AIR: Bankruptcy Filing Hurts Alaska Communities
RAVN AIR: Creditors' Committee Objects to Disclosure Statement

ROMANS HOUSE: Pender West Objects to Disclosure Statement
SCIENTIFIC GAMES: Extends Term of Rights Agreement to June 2023
SERVICEMASTER GLOBAL: S&P Affirms 'BB-' ICR; Outlook Stable
SM ENERGY: S&P Downgrades ICR to 'SD' on Distressed Exchange
SPERLING RADIOLOGY: Unsec. to Get 57%, Rosenthal Claims Disallowed

TAYLOR BUILDING: $15K Sale of 2012 Kenworth T270 Truck Confirmed
TENNECO INC: Moody's Cuts CFR to B2 & Sr. Unsec. Debt to Caa1
TI GROUP: Moody's Confirms CFR & Senior Secured Rating at B1
TITAN INTERNATIONAL: S&P Affirms 'CCC+' ICR; Outlook Negative
TURIN AVIATION: Seeks to Hire Harder Law as Special Counsel

ULTRA PETROLEUM:Requests the Court to Nullify the Pipeline Contract
URS HOLDCO: Moody's Alters Outlook on B3 CFR to Negative
WANSDOWN PROPERTIES: July 14 Auction of New York Property Set
WATERBRIDGE MIDSTREAM: Moody's Cuts CFR to B3, Outlook Stable
[*] At Least 29 Hospitals Have Sought Bankruptcy in 2020

[*] Hinshaw: Expanding the Bankruptcy Code Under the CARES Act
[*] SBA Issues Interim Final Rule on PPP Loan Forgiveness
[^] Large Companies with Insolvent Balance Sheet

                            *********

4-S RANCH: July 14 Hearing on Disclosure Statement
--------------------------------------------------
On July 14, 2020 at 9:30 a.m. in the Courtroom of the Honorable
Ren?? Lastreto II, Courtroom 13 located at 2500 Tulare Street,
Fresno, California 93721, 4-S Ranch Partners, LLC,
Debtor-in-Possession , will move the Court to approve its
Disclosure Statement and to set a schedule for its reorganization
process.

Objections to the approval of the Disclosure Statement must be
filed and served not later than July 1, 2020.

                    Plan of Reorganization

4-S Ranch Partners, LLC's principal asset is real property commonly
known as known as Merced County Assessor???s Parcel Numbers:
049-200-005; 049-200-020; 049-200-022; 049-200-019; 049-200-023;
049-200-017; 049-200-021; 049-200-024; 049-220-018; 049-200-025;
049-220-019; 049-220-016; 049-220-020; 049-240-017; 065-030-004;
049-220-015; and 049-240-016, located on the at the north and south
sides of Green House Road, ?? 1.5 miles west of Dan McNamara Road,
southwest of Atwater, Merced County, California (the "Property").

The Plan centers upon the disposition of the Property for the
benefit creditors, other parties in interest, 4-S, and others that
may benefit from certain dispositions of the Property. The Plan
requires 4-S to secure new capital or new financing, or to sell the
Property, all subject to the approval of the United States
Bankruptcy Court for the Eastern District of California. 4-S is
pursuing new capital or new financing in a multipronged approach
the includes selling interest in the Property and/or signing long
term water contracts before refinancing the secured claim on the
Property. If 4-S can secure new capital or new financing to satisfy
the claims of holders of claims in Class 1, Class 2, and Class 3
(as directed by holders for Class 3) within one year of the
effective date of the plan, then 4-S need not sell part or all of
the Property.  Through one of those means, i.e., new capital, new
financing, or a sale of the Property, the Plan provides for the
payments to the different class of claims:

   * Class 1 consists of the allowed secured claim of Sandton
Credit Solutions Master Fund IV, LP.  

  * Class 2 consists of the Claims of general unsecured creditors
of the Debtor, to the extent they may be allowed.  

  * Class 3 consists of equity interests of the shareholder of the
Debtor.

On the first anniversary of the Plan's Effective Date, 4-S will
fund all payments required to be made on the Effective Date through
new capital, new financing or the proceeds of a sale of the
Property, all of which are subject to approval of the Bankruptcy
Court (the "Liquidity Event").  The Debtor is of the view that each
of these classes are impaired, and thus, the holders of claims in
those classes are entitled to vote on the Plan.

Class 2 General Unsecured Claims totaling $551,433 are impaired.
Under the Plan, holders of unsecured claims will receive a ratable
distribution of the net proceeds from the sale of the Property one
year after the Liquidity Event after, of course, the Class 1 claim
is satisfied.  The Plan also provides that that 4-S need not sell
all or part the Property if it can otherwise provide for the
satisfaction of claims in Class 2 (and claims in Class 1) prior to
the first anniversary of the Effective Date.

A full-text copy of the Disclosure Statement dated June 1, 2020, is
available at https://tinyurl.com/y89fyucl from PacerMonitor.com at
no charge.

Attorneys for the Debtor:

     Reno F.R. Fernandez III
     Alexander K. Lee
     MACDONALD | FERNANDEZ LLP
     914 Thirteenth Street
     Modesto, CA 95354
     Telephone: (209) 521-8100
     Facsimile: (415) 394-5544

                    About 4-S Ranch Partners

4-S Ranch Partners, LLC, is a Single Asset Real Estate debtor (as
defined in 11 U.S.C. Section 101(51B)).

4-S Ranch Partners filed its voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Cal. Case No. 20-10800) on March
2, 2020. The petition was signed by Stephen W. Sloan, managing
member.  At the time of filing, the Debtor was estimated to have
$500 million to $1 billion in assets and $50 million to $100
million in liabilities.

The case is assigned to Judge Rene Lastreto II.

Reno F.R. Fernandez III, Esq., at MACDONALD FERNANDEZ LLP,
represents
the Debtor.


78 AVENUE GLENDALE: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in the Chapter 11 case of
78 Avenue Glendale LLC (DE), according to court dockets.
    
                     About 78 Avenue Glendale

78 Avenue Glendale LLC (DE) is a privately held company whose
principal assets are located at 58-41 78th Ave., Ridgewood, N.Y.
  
78 Avenue Glendale sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-15329) on May 14,
2020.  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 Laurel M. Isicoff oversees the
case.  Joel M. Aresty, P.A., is Debtor's legal counsel.


A&R COMPLETE: Unsecureds to Recover 50% Under Plan
--------------------------------------------------
A&R Complete Service Corp., has proposed a Plan of Reorganization.

Class 1 Allowed Secured Property Claims are impaired.  Class 1(a)
consists of the secured claims of Wells Fargo Bank, N.A. for loans
guaranteed by the U.S. Small Business Administration, and secured
by security agreements covering all of Debtor's inventory
equipment, accounts, chattel paper, and general intangibles.  This
Class 1(a) claim, for the secured portion of the Wells Fargo SBA
guaranteed loans, is approximately $477,760.  The secured portion
of the Wells Fargo SBA guaranteed loans will be paid in full,
pursuant to signed stipulations between Debtor and Wells Fargo,
from the income of the Debtor over 60 months at payments of $8,856
per month.  Due to the COVID-19 pandemic and the resulting impact
on the Debtor's business, the SBA made Debtor's payments for the
months of March, April and May, and will continue to make the
monthly payments due for months of June, July and August 2020, in
the aggregate amount of $53,135.  These SBA payments will not
extend the maturity date of the loan.  Monthly payments due on the
secured portion of the Wells Fargo SBA guaranteed loans for the
months of February 2019 through July 2019 are deferred to the
present maturity date of those loans, as agreed by Debtor and Wells
Fargo.

Class 2 Secured Vehicle Claims are unimpaired.  Class 2(a) includes
secured claims held by Wells Fargo, which are separate and
independent from the Wells Fargo Class 1(a) claims.  The Class 2(a)
claims are secured by the Debtor???s vehicles under purchase money
security interests. The balance owed is approximately $57,770.  The
Debtor has made adequate protection payments on the vehicle
purchase obligations throughout this case with aggregate payments
of $3,932 per month.  At the request of the Debtor and due to the
COVID-19 pandemic, Wells Fargo N.A. has agreed to extend the
maturity date and defer payments for three months in connection
with Proof of Claims, 8, 9, 10, 11 and 12.  The Debtor will
continue to make these contractual installment payments and to
maintain insurance of all collateral vehicles.

Class 4 General Unsecured Claims are impaired.  Class 4(c) includes
vendors of the Debtor, the unsecured portion of the IRS tax claims,
unsecured portion of Wells Fargo loan in the amount of $37,634,
prepetition legal fees and other general unsecured claims.

With respect to the unsecured portion of the Wells Fargo loans, the
SBA, due to the impact of the COVID-19 crisis, has made the monthly
payments of $1,199,75 for the months of March, April and May, 2020,
and will continue to make the payments due for the months of June,
July and August 2020, in the aggregate amount of $7,198.50.  The
SBA payments will not extend the maturity date of the Wells Fargo
loans and Wells Fargo will not increase such monthly payments until
the SBA payments end.  Monthly payments due on the unsecured
portion of the Wells Fargo loans for the months of February 2019
through July 2019 are deferred to the present maturity date of the
Wells Fargo loans, as agreed by Debtor and Wells Fargo.  The
unsecured portion of the Wells Fargo loans will be repaid in full,
pursuant to a stipulation between Debtor and Wells Fargo.

Class 4 amounts to $110,129.  This class will be paid from the
remaining surplus operating funds in an amount to be determined and
distributed quarterly.  The anticipated recovery of these claims is
approximately 50% over the life of the Plan.

A full-text copy of the Disclosure Statement dated June 1, 2020, is
available at https://tinyurl.com/yas6tgcr from PacerMonitor.com at
no charge.

Attorney for the Debtor:

     Timothy P. Thomas, Esq.
     Law Office of Timothy P. Thomas, LLC
     1771 E. Flamingo Rd., Suite B-212
     Las Vegas, NV 89119
     Tel: (702) 227-0011
     Fax (702) 227-0334
     E-mail: tthomas@tthomaslaw.com

                  About A&R Complete Service

A&R Complete Service, Inc., based in Las Vegas, NV, filed a Chapter
11 petition (Bankr. D. Nev. Case No. 19-10321) on Jan. 21, 2019.
In the petition signed by David L. Snipes III, president, the
Debtor was estimated to have up to $50,000 in assets and $1 million
to $10 million in liabilities.  The Hon. Mike K. Nakagawa oversees
the case.  Timothy P. Thomas, Esq., at the Law Office of Timothy
Thomas, LLC, serves as bankruptcy counsel to the Debtor.


ACHILLES ACQUISITION: Moody's Affirms B3 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Achilles
Acquisition LLC (together with its affiliates, OneDigital), a
holding company for Digital Insurance LLC. The company is adding
$100 million of first-lien senior secured credit facilities ($75
million term loan and $25 million delayed draw term loan), which
Moody's has rated B2. OneDigital will use net proceeds of the
borrowings to help fund acquisitions, pay down the outstanding
revolver balance, and pay fees and expenses. The rating outlook for
OneDigital is stable.

RATINGS RATIONALE

For OneDigital and other employee benefits insurance brokers, the
coronavirus and related economic downturn will weigh on revenues,
earnings and cash flows, in Moody's view. While the employee
benefits sector will be hurt by lower levels of employment, the
effects will be tempered by remote work arrangements in many
sectors as well as furlough arrangements whereby employees continue
to receive benefits. The brokers also benefit from somewhat
variable cost structures.

Moody's expects that OneDigital will closely monitor its client
base through the downturn, and will limit its discretionary
spending and slow its pace of acquisitions as needed to conserve
liquidity and financial flexibility. The company's financial
leverage remains aggressive for its rating category, leaving little
room for error in managing its existing and newly acquired
operations. Moody's expects OneDigital to reduce its leverage in
the next few quarters through the integration of recent
acquisitions, expense controls and modest amortization of its term
loans. The firm's private equity sponsor, New Mountain Capital,
would likely provide additional support if needed, said Moody's.

OneDigital's ratings reflect its expertise in employee benefits,
consistent EBITDA margins, and moderate exposure to industries most
adversely affected by the coronavirus pandemic. OneDigital derives
most of its revenue from a growing national retail benefits
business servicing small to middle market employers primarily in
professional services sectors. The company serves its customers
with a proprietary technology platform, a national call center, and
locally based insurance professionals in markets across the
country. OneDigital's recent acquisition of investment advisory
firm Resources Investment Advisors has diversified its business
through the addition of a registered investment advisory platform
that offers retirement plan, wealth management and asset management
through a network of independent financial advisors focused on
corporate retirement plans.

Credit challenges for the company include aggressive financial
leverage, execution risk associated with acquisitions, and
significant cash outflows to pay contingent earnout liabilities.
The company is exposed to economic cycles and employment levels
through its focus on employee benefits.

Following the transaction, Moody's estimates that OneDigital will
have a pro forma debt-to-EBITDA ratio well above 7x, but the rating
agency expects this ratio to decline significantly in the next few
quarters. OneDigital's (EBITDA - capex) interest coverage will be
about 2x, and its free-cash-flow-to-debt ratio will be in the low
single digits. Free cash flow after payment of contingent earnouts
has been low or negative in recent periods, but Moody's expects
this metric to be positive in the year ahead. These pro forma
metrics reflect Moody's adjustments for operating leases,
contingent earnout liabilities, run-rate earnings from recent and
pending acquisitions, and certain non-recurring costs and other
items.

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

The following factors could lead to an upgrade of OneDigital's
ratings: (i) debt-to-EBITDA ratio below 5.5x, (ii) (EBITDA - capex)
coverage of interest consistently exceeding 2x, (iii) free
cash-flow-to-debt ratio exceeding 5%, and (iv) successful
integration of acquisitions.

The following factors could lead to a downgrade of OneDigital's
ratings: (i) debt-to-EBITDA remaining significantly above 7x, (ii)
(EBITDA - capex) coverage of interest below 1.2x, (iii)
free-cash-flow-to-debt ratio below 2%, or negative free cash flow
after contingent earnout payments and scheduled debt amortization,
or (iv) significant loss of revenue and decline in EBITDA resulting
from the economic downturn.

Moody's has assigned the following ratings (and loss given default
(LGD) assessments):

  - $75 million first-lien senior secured term loan maturing
    October 2025 at B2 (LGD3);

  - $25 million first-lien senior secured delayed draw term loan
    maturing October 2025 at B2 (LGD3).

Moody's has affirmed the following ratings:

  - Corporate family rating at B3;

  - Probability of default rating at B3-PD;

  - $100 million first-lien senior secured revolving credit
    facility maturing October 2023 at B2 (LGD3);

  - $796 million ($790 million outstanding) first-lien senior
    secured term loan maturing October 2025 at B2 (LGD3).

The rating outlook for OneDigital is stable.

The company also has a privately placed $100 million second-lien
senior secured term loan (unrated) that matures in October 2026.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in June 2018.

Based in Atlanta, Georgia, OneDigital has offices throughout the US
and serves 50,000 employers across the nation. The company was
established in 2000 to address the employee benefits needs of small
and mid-sized businesses. OneDigital generated revenue of $440
million for the 12 months through March 2020.


ADVANTAGE HOLDCO: June 24 Auction of Substantially All Assets Set
-----------------------------------------------------------------
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware authorized bidding procedures of Advantage Holdco, Inc.
and affiliates in connection with the auction sale of substantially
all their assets.

The salient terms of the proposed Bidding Procedures are:

     a. Bid Deadline: June 22, 2020 at 5:00 p.m. (ET)

     b. Initial Bid: Each Bid must clearly set forth the purchase
price to be paid for the Assets, including and identifying
separately any cash and non-cash components.

     c. Deposit: $100,000

     d. Auction: If two or more Qualified Bids have been received
by the Debtors prior to the Bid Deadline from Qualified Bidders,
the Debtors may conduct an Auction with respect to the Assets or
any portion thereof.  If the Auction will occur, the Auction will
be conducted at the offices of Cole Schotz P.C., 500 Delaware
Avenue, Suite 1410, Wilmington, Delaware, or by videoconference or
teleconference, at 11:00 a.m. (ET) on June 24, 2020, or such other
place and time as the Debtors will notify all Qualified Bidders who
have submitted Qualified Bids and expressed their intent to
participate in the Auction.  The bidding at the Auction will be
transcribed or videotaped.

     e. Bid Increments: Any Bid made at the Auction, if any, by a
Qualified Bidder subsequent to the Debtors' announcement of the
Opening Bid(s) is an overbid.

     f. Sale Hearing: June 26, 2020 at 2:00 p.m. (ET)

     g. Sale Objection Deadline: June 25, 2020 at 4:00 p.m. (ET)

     h. Closing: No later than July 1, 2020

At the Auction, if any, a Qualified Bidder who has a valid and
perfected lien on any Assets of the Debtors' estates may submit a
credit bid for all or a portion of the Assets, subject to such
lien, up to the amount of such Secured Creditor's claims, to the
extent permitted under section 363(k) of the Bankruptcy Code.

The assumption and assignment of the Debtors' executory contracts
and unexpired leases in connection with the Sale are approved.  

Within two business days after entry of the Bidding Procedures
Order or as soon thereafter as practicable, the Debtors will file
with the Court and serve the Cure Notice upon all Cure Notice
Parties.  The Cure Objection Dealine June 23, 2020 at 4:00 p.m.
(ET).  The Debtors will within 24 hours of receipt of a Qualified
Bid from a Bidder provide the Adequate Assurance Information.  The
Adequate Assurance Deadline is prior to the Sale Hearing.

Not later than two days after the entry of this Bidding Procedures
Order, the Debtors will cause the Auction and Sale Notice.

The Debtors will also publish within five business days of entry of
the Bidding Procedures Order or as soon thereafter as practical, a
notice of the Sale in The Wall Street Journal, The New York Times
or USA Today.  The form of the Publication Notice is approved.

The Debtors will file a form Asset Purchase Agreement and proposed
sale order by June 18, 2020.  Objections, if any, to any redlined
changes to the form Asset Purchase Agreement and the proposed sale
order can be made at the Sale Hearing.  The Debtors will file the
Asset Purchase Agreement of the Successful Bidder within 1 day of
the Auction.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 6006(d), 7062, 9014, or otherwise, the Court, for good
cause shown, orders that the terms and conditions of the Bidding
Procedures Order will be immediately effective and enforceable upon
entry of the Bidding Procedures Order.

A copy of the Bidding Procedures is available at
https://tinyurl.com/yb7avxhk from PacerMonitor.com free of charge.

                   About Advantage Rent a Carn

Advantage Rent A Car -- http://www.advantage.com/-- is a car
rental company with 50 locations in the U.S. and 130 international
affiliate locations.  The parent entity, Advantage Holdco, is owned
by Toronto-based Catalyst Capital Group.  Advantage has locations
in 27 markets, including New York, Los Angeles, Orlando, Las Vegas
and Hawaii, according to its website.

Advantage Holdco, Inc., doing business as Advantage Rent a Car,
sought Chapter 11 protection (Bankr. D. Del. Case No. 20-11259) on
May 26, 2020.
Six related entities also sought bankruptcy protection.

The Hon. John T. Dorsey is the case judge.

Advantage was estimated to have $100 million to $500 million in
assets and $500 million to $1 billion in liabilities as of the
bankruptcy filing.

The Debtors tapped COLE SCHOTZ P.C. as counsel; and MACKINAC
PARTNERS, LLC, as restructuring advisor.


AIR CANADA: S&P Lowers US$400MM Unsecured Notes Rating to 'B+'
--------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Air Canada's
US$400 million unsecured notes by one notch to 'B+' from 'BB-' and
revised its recovery rating on the notes to '5' from '3'.

S&P estimates weaker recovery prospects for Air Canada's unsecured
creditors. S&P's one-notch downgrade on Air Canada's US$400 million
unsecured notes primarily reflects the reduced recovery for
unsecured creditors that the rating agency estimates in its
hypothetical default scenario. The higher debt levels from recent
debt issuances, combined with lower aircraft valuations since the
start of the year, account for weaker estimated recovery. As a
result, S&P now expects unsecured claims, including the US$400
million unsecured note holders, to receive modest recovery
(10%-30%; rounded estimate of 25%) compared with S&P's previous
estimate of meaningful (50%-70%; rounded estimate: 65%) recovery.

"Our issuer credit rating on Air Canada is unchanged. We believe
that Air Canada has raised a little more than C$2 billion of new
debt, which excludes about C$1 billion that was drawn under its
revolving credit facilities. In our view, proceeds from recently
issued debt along with Air Canada's C$576 million equity issuance
strengthen the company's liquidity position and provide additional
financial flexibility to manage the uncertainty created by the
COVID-19 pandemic. However, there is no material effect on our
forecast credit measures since we net the majority of Air Canada's
cash against debt," S&P said.

The ratings are on CreditWatch with negative implications to
reflect the high degree of uncertainty about the timing of Air
Canada's recovery from the effects of the COVID-19 pandemic and how
severe they will be for the company. S&P expects to resolve the
CreditWatch within the next several months, at which point it
expects greater visibility regarding the effects of the outbreak on
Air Canada's financial position and timing of a recovery.


AKORN INC: Aug. 10 Auction of Substantially All Assets Set
----------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware authorized the bidding procedures of Akorn, Inc. and
affiliates in connection with the sale of substantially all assets
to an ad hoc group of lenders for a credit bid valued at
approximately $1.05 billion as of the expected closing of the sale
transaction, subject to overbid.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 3, 2020 at 5:00 p.m. (ET)

     b. Initial Bid: Any Qualified Bidder's initial Overbid will be
made in increments of at least $5 million in cash, cash
equivalents, or such other consideration that the Debtors deem
equivalent

     c. Deposit: 10% of the aggregate purchase price of the Bid

     d. Auction: The Auction will take place at 9:00 a.m. (ET) on
Aug. 10, 2020, at the offices of Kirkland & Ellis LLP, 601
Lexington Avenue, New York, New York 10022, or such later date,
time and location as designated by the Debtors.

     e. Bid Increments: $5 million

     f. Sale Hearing: Aug. 20, 2020 at 1:00 p.m. (ET)

     g. Contract & Sale Objection Deadline: Aug. 14, 2020 at 5:00
p.m. (ET)

     h. The Stalking Horse Bidder is deemed a Qualified Bidder, and
the Stalking Horse Bid as set forth in the Stalking Horse APA is
deemed a Qualified Bid.  The Stalking Horse Bidder will credit bid
the Credit Bid Amount to the extent permitted by section 363(k) of
the Bankruptcy Code and subject to the terms of the Final DIP
Order.

If the Debtors do not receive any Qualified Bids (other than the
Stalking Horse Bid):  (a) the Debtors will not hold the Auction;
(b) the Stalking Horse Bidder will be deemed the Successful Bidder
for the Acquired Assets; and (c) the Debtors will be authorized to
seek approval of the Stalking Horse APA at the Sale Hearing.

The Assumption Procedures are approved.  They will govern the
assumption and assignment of all of the Debtors' Assigned Contracts
to be assumed and assigned in connection with the Sale under the
Stalking Horse APA, subject to the payment of any payments
necessary to cure any defaults arising under any Assigned Contract.
The Assumption and Assignment Service Deadline is within five
business days of entry of the Order.

The Sale Hearing Notice is approved.  Within five business days
following entry of this Order, or as soon as reasonably practicable
thereafter, the Debtors will cause the Sale Hearing Notice to be
served on the Sale Hearing Notice Parties.

All time periods set forth in the Order will be calculated in
accordance with Bankruptcy Rule 9006(a).

The terms and conditions of the Order will be immediately effective
andenforceable upon its entry.

A copy of the Bidding Procedures and APA is available at
https://tinyurl.com/y7ocb253 from PacerMonitor.com free of charge.

                      About Akorn, Inc.

Akorn, Inc. -- http://www.akorn.com/is a specialty pharmaceutical
company that develops, manufactures, and markets generic and
branded prescription pharmaceuticals, branded as well as
private-label over-the-counter consumer health products, and animal
health pharmaceuticals.  Akorn is headquartered in Lake Forest,
Illinois, and maintains a global manufacturing presence, with
pharmaceutical manufacturing facilities located in Illinois, New
Jersey, New York, Switzerland, and India.

Akorn, Inc., sought Chapter 11 protection, as the Lead Debtor,
together with its 16 affiliates: (i) 10 Edison Street LLC (Bankr.
D. Del. Case No. 20-11178); (ii) 13 Edison Street LLC (Bankr. D.
Del. Case No. 20-11180); (iii) Advanced Vision Research, Inc.
(Bankr. D. Del. Case No. 20-11182); (iv) Akorn (New Jersey), Inc.
(Bankr. D. Del. Case No. 20-11183); (v) Akorn Animal Health, Inc.
(Bankr. D. Del. Case No. 20-11185); (vi) Akorn Ophthalmics, Inc.
(Bankr. D. Del. Case No. 20-11186); (vii) Akorn Sales, Inc.(Bankr.
D. Del. Case No. 20-11174); (viii) Clover Pharmaceuticals Corp.
(Bankr. D. Del. Case No. 20-11187); (ix) Covenant Pharma, Inc.
(Bankr. D. Del. Case No. 20-11188); (x) Hi-Tech Pharmacal Co., Inc.
(Bankr. D. Del. Case No. 20-11189); (xi) Inspire Pharmaceuticals,
Inc. ((Bankr. D. Del. Case No. 20-11190); (xii) Oak
Pharmaceuticals, Inc. (Bankr. D. Del. Case No. 20-11192); (xiii)
Olta Pharmaceuticals Corp. ((Bankr. D. Del. Case No. 20-11191);
(xiv) VersaPharm Incorporated (Bankr. D. Del. Case No. 20-11194);
(xv) VPI Holdings Corp. (Bankr. D. Del. Case No. 20-11193); and
(xvi) VPI Holdings Sub, LLC (Bankr. D. Del. Case No. 20-11195), on
May 20, 2020.  The cases asre assigned to Judge John T. Dorsey.

The Debtors tapped Patrick J. Nash, Jr., P.C., Gregory F. Pesce,
Esq., Christopher M. Hayes, Esq.
, Nicole L. Greenblatt, P.C., at Kirkland & Ellis LLP and Kirkland
& Ellis International LLP as their General Bankruptcy Counsel.

They tapped Paul N. Heath, Esq., Amanda R. Steele, Esq., Zachary I.
Shapiro, and Esq., Brett M. Haywood, Esq., at Ricahrds, Layton &
Finger, P.A. as their General Bankruptcy Counsel.

AlixPartners, LLP serves as the Debtors' Restructuring Advisor, PJT
Partners LP as their Financial Advisor and Investment Banker, Grant
Thornton LP as their Tax Advisor, and Kurtzman Carson Consultants,
LLC as their Notice and Claims Agent.

As of March 31, 2020, the Debtors' total assets is $1,032,275,000,
and $1,051,769,000 in total debt.

The petitions were signed by Joseph Bonaccorsi, authorized
signatory.



AKORN INC: S&P Rates $30MM Debtor-In-Possession Term Loan 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its point-in-time 'BB+' ratings to the
$30 million debtor-in-possession (DIP) term loan issued by Lake
Forest, Ill.-headquartered generic pharmaceutical manufacturer
Akorn Inc.

S&P's 'BB+' rating on Akorn's DIP term loan reflects the credit
risk borne by the DIP lenders.  This is based on S&P's view of the
company's ability to meet its financial requirements during
bankruptcy through the rating agency's debtor credit profile (DCP)
assessment, the prospects for full repayment through the company's
reorganization and emergence from Chapter 11 using the rating
agency's capacity for repayment at emergence (CRE) assessment, and
potential for full repayment in a liquidation scenario using its
additional protection in a liquidation scenario (APLS) assessment.
S&P's assessment of each of these factors is as follows:

-- S&P's DCP of 'b+' reflects its view of the company's vulnerable
business risk profile and significant financial risk profile,
together with its consideration of applicable ratings modifiers in
bankruptcy.

-- S&P believes the DIP term loan has strong coverage in an
emergence scenario for its CRE assessment (CRE >= 250%). Its CRE
assessment provides an uplift of two notches over the DCP. S&P
assesses repayment prospects for purposes of the CRE assessment as
if the DIP facilities are required to be repaid in full in cash at
emergence.

-- S&P's APLS assessment indicates more than 125% total value
coverage in a liquidation scenario, resulting in a further uplift
of one notch.

-- S&P's business risk assessment of vulnerable reflects its view
that Akorn operates with limited scale and scope in the highly
competitive generic pharmaceutical market.  It competes against
much larger participants with significantly greater financial
capacity and other smaller generic drug manufacturers. The company
produces drugs that are harder to manufacture than oral solids,
such as injectables, topicals, and inhalants. Still, pricing
pressure on generic drugs will limit overall organic growth rates.

--  S&P's financial risk assessment of significant reflects a
substantially reduced debt burden in bankruptcy due to a stay on
prepetition debt and the comparatively lower amount of DIP debt.
Despite the lower debt burden, S&P expects that free operating cash
flows will be negative, due to the adequate protection payments
that Akorn is required to pay to prepetition lenders. In addition
to reported debt, S&P's debt leverage calculation during the
bankruptcy period includes nondebt liabilities, such as lease
liabilities and unfunded pension liabilities. S&P assumes these
nondebt liabilities remain relatively unchanged in the bankruptcy
process.


ALPHATEC HOLDINGS: Board Hikes Number of Directors to 12
--------------------------------------------------------
Effective June 17, 2020, the Board of Directors of Alphatec
Holdings, Inc. increased the number of directors to serve on the
Board to 12 members and appointed David Pelizzon to serve as a
director for a term commencing on June 17, 2020, immediately
following the 2020 Annual Meeting of Stockholders of the Company,
and expiring at the Annual Meeting of Stockholders of the Company
in 2021.

Mr. Pelizzon will receive annual equity compensation in accordance
with the Company's standard remuneration for its non-employee
directors, as revised by the Compensation Committee of the Board
effective as of June 17, 2020, which provides that non-employee
directors will receive an annual Restricted Stock Unit ("RSU")
award with a grant value of $100,000 for service on the Board and,
as applicable, an annual RSU awards with a grant value of (i)
$25,000 to each non-employee director that serves as Chair or Lead
Director of the Board and (ii) $7,500 ($20,000 for Chair), $7,500
($20,000 for Chair), $5,000 ($13,750 for Chair) and $4,750 ($10,000
for Chair) to each non-employee director that serves as a member of
the Audit Committee, Finance Committee, Compensation Committee,
and/or Nominating and Corporate Governance Committee, respectively.
For continuing (incumbent) non-employee directors, the Board Grant
and, where applicable, any Committee Grant will be granted as of
the date of the annual meeting of stockholders, based upon the
volume-weighted average price of the Company's stock for the
30-trading day period prior to the grant date.  For newly elected
or newly appointed, non-employee directors and/or for newly
appointed committee Chairpersons and members, the Board Grant and,
where applicable, any Committee Grant shall be granted upon
election or appointment to the Board or Board committee, with a
grant value, as determined by the 30-trading day period prior to
date of election or appointment, pro-rated by the number of days
from the date of the prior annual meeting of stockholders to the
date of the grant, divided by 365.  In each case, the Board Grant
and any Committee Grant shall vest on the earlier of (a) the
12-month anniversary of the grant date and (b) the death or
resignation of the director.  In the event of death or resignation
of the director, the Board Grant and any Committee Grant shall vest
pro-rated based on the number of actual days served by the director
from the time of the grant to such death or resignation, divided by
365.

In addition, it is anticipated that Mr. Pelizzon will enter into
the Company's standard form of indemnification agreement for
non-employee directors.

                     About Alphatec Holdings

Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its
wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a medical device company dedicated to
revolutionizing the approach to spine surgery through clinical
distinction.  ATEC architects and commercializes approach-based
technology that integrates seamlessly with the SafeOp Neural
InformatiX System to provide real-time, objective nerve information
that can enhance the safety and reproducibility of spine surgery.

Alphatec reported a net loss of $57 million for the year ended Dec.
31, 2019, compared to a net loss of $28.97 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $153.84
million in total assets, $38.24 million in total current
liabilities, $53.03 million in long-term debt, $559,000 in
operating lease liability, $10.97 million in other long-term
liabilities, $23.60 million in redeemable preferred stock, and
$27.43 million in total stockholders' equity.


ALPHATEC HOLDINGS: Stockholders Pass All Proposals at Meeting
-------------------------------------------------------------
Alphatec Holdings, Inc. held its Annual Meeting of stockholders on
June 17, 2020, at which the stockholders:

  (a) elected Evan Bakst, Mortimer Berkowitz III, Quentin
      Blackford, Jason Hochberg, Karen K. McGinnis, Patrick S.
      Miles, David H. Mowry, Jeffrey P. Rydin, James L.L. Tullis,
      Donald A. Williams, and Ward W. Woods to serve on the
      Company's Board for a term of one year until the 2021
      Annual Meeting of Stockholders and until their respective
      successors have been duly elected and qualified, or until
      their earlier death or resignation;

  (b) ratified the selection of Mayer Hoffman McCann P.C. as the
      Company's independent registered public accounting firm for
      its fiscal year ending Dec. 31, 2020;

  (c) approved the amendment of the Company's 2016 Equity
      Incentive Plan by the following vote; and

  (d) approved, on a non-binding advisory basis, the compensation
      of the Company's named executed officers.

                       About Alphatec Holdings

Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its
wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp
Surgical, Inc., is a medical device company dedicated to
revolutionizing the approach to spine surgery through clinical
distinction.  ATEC architects and commercializes approach-based
technology that integrates seamlessly with the SafeOp Neural
InformatiX System to provide real-time, objective nerve information
that can enhance the safety and reproducibility of spine surgery.

Alphatec reported a net loss of $57 million for the year ended Dec.
31, 2019, compared to a net loss of $28.97 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $153.84
million in total assets, $38.24 million in total current
liabilities, $53.03 million in long-term debt, $559,000 in
operating lease liability, $10.97 million in other long-term
liabilities, $23.60 million in redeemable preferred stock, and
$27.43 million in total stockholders' equity.


ALTA MESA: Court Approves Disclosures and Confirms Plan
-------------------------------------------------------
Judge Marvin Isgur has ordered that all findings of fact and
conclusions of law announced by this Court at the Combined Hearing
in relation to final approval of the Disclosure Statement or
confirmation of the Plan of Kingfisher Midstream, LLC ("KFM") and
its subsidiaries, are incorporated into this Order.  Alta Mesa
Holdings, LP is an initial Debtor.

The Disclosure Statement is approved on a final basis.

The Plan and each of its provisions is confirmed pursuant to
section 1129 of the Bankruptcy Code.

To the extent that any objections (including any reservations of
rights contained therein) to approval of the Disclosure Statement
or confirmation of the Plan or other responses or reservations of
rights with respect thereto have not been withdrawn prior to entry
of this Order, such objections and responses shall be, and hereby
are, overruled on the merits and denied.

Each of Kingfisher Midstream, LLC, Kingfisher STACK Oil Pipeline,
LLC, Oklahoma Produced Water Solutions, LLC, and Cimarron Express
Pipeline, LLC, proposes the following Joint Chapter 11 Plan.

Class 3 Credit Agreement Claims are impaired.  The Credit Agreement
Claims will be deemed Allowed on the Effective Date in the
aggregate principal amount of $224,000,000.  The Administrative
Agent, on behalf of the Lenders, shall receive on the Effective
Date, Excess Distributable Cash of at least $1,300,000, and at
least quarterly thereafter, additional distributions of Excess
Distributable Cash, up to an amount necessary to satisfy the Credit
Agreement Claims in full.  Each Lender will receive an undivided
interest in and to the KFM ORRI in a percentage equal to the
quotient of the aggregate outstanding Credit Agreement Loans owed
to such Lender divided by the aggregate Credit Agreement Loans owed
to all Lenders under the Credit Agreement, which undivided interest
shall be transferred and distributed in accordance with section
5.12 of this Plan

Class 4 General Unsecured Claims are impaired.  Holders of Allowed
General Unsecured Claims shall not receive any Distribution under
this Plan.   

On the Effective Date, the KFM Debtors shall fund the Wind-Down
Reserve in accordance with the Wind-Down Budget and in an amount
acceptable to the Administrative Agent (acting at the direction of
the Required Lenders).  The Cash in the Wind-Down Reserve shall be
property of the Post-Effective Date KFM Debtors but shall remain
subject to the Liens of the Administrative Agent.  The Plan
Administrator may use the funds in the Wind-Down Reserve to fund
the Wind-Down and expenses of the Post-Effective Date KFM Debtors
in accordance with the Wind-Down Budget.  Any funds remaining in
the Wind-Down Reserve after the Post-Effective Date KFM Debtors
have completed the activities described in Section 5.7(a) of this
Plan shall be Excess Reserve Amounts distributed in accordance with
the terms of this Plan.

A full-text copy of the Joint Chapter 11 Plan dated May 27, 2020,
is available at https://tinyurl.com/y8jvxvzl from PacerMonitor.com
at no charge.

Attorneys for the KFM Debtors:

     Alfredo R. Perez
     WEIL, GOTSHAL & MANGES LLP
     700 Louisiana Street, Suite 1700
     Houston, Texas 77002
     Telephone: (713) 546-5000
     Facsimile: (713) 224-9511

     Ray C. Schrock, P.C.
     Kelly DiBlasi
     Lauren Tauro
     WEIL, GOTSHAL & MANGES LLP
     767 Fifth Avenue
     New York, New York 10153
     Telephone: (212) 310-8000
     Facsimile: (212) 310-8007

                   About Alta Mesa Resources

Alta Mesa Resources, Inc., is an independent energy company focused
on the development and acquisition of unconventional oil and
natural gas reserves in the Anadarko Basin in Oklahoma, and through
Kingfisher Midstream, LLC, provides best-in-class midstream energy
services, including crude oil and gas gathering, processing and
marketing and produced water disposal to producers in the STACK
play.

Alta Mesa reported $1.4 billion in assets and $864 million in
liabilities as of Dec. 31, 2018.

Alta Mesa and six affiliates sought Chapter 11 protection (Bankr.
S.D. Tex. Case No. 19-35133) on Sept. 11, 2019.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Porter Hedges LLP and Latham & Watkins LLP as
attorneys; and Perella Weinberg Partners LP and its affiliate Tudor
Pickering Holt & Co Advisors LP as investment banker.  Prime Clerk
LLC is the claims agent.


AMERITUBE LLC: Unsecured Creditors to Get Cash Payments for 5 Years
-------------------------------------------------------------------
Ameritube, LLC, submitted a Chapter 11 Plan and a Disclosure
Statement.

The Debtor's largest asset, as a group, is the equipment it owns.
The Debtor does not own any real property.  The Debtor leases its
building from another entity, Ravone Properties, LLC.  The Debtor
has some accounts receivable, the majority of which are factored
through Triumph Commercial Finance/TBK Bank. The Debtor does have a
claim against Cubex Tubing for breach of contract, but has not
pursued it to date.

Class 2 Any Allowed Secured Claim of Marco International, Class 3
Any Allowed Secured Claim of TBK Bank, and Class 4[a]-[b] Any
Allowed Secured Claim of Newtek Small Business Finance will
receive, in full and final satisfaction of each classes allowed
Secured Claims, a Plan Secured Note in the amount of their allowed
secured claims.  Each class will retain its Liens as they existed
on the Petition Date to secure the Plan Secured Note.  These
classes are all impaired.

Class 5 Allowed General Unsecured Claims are impaired.  On a
quarterly basis for a period of 5 years following the Effective
Date, each holder of an Allowed General Unsecured Non-Insider Claim
shall receive a cash payment in the amount of such holder's pro
rata share of the amount available in the Unsecured Claim
Distribution Fund for each such month. Quarterly payments shall be
made on the first day of each month of January, April, July, and
October in the 5 year period following the Effective Date.

Class 6 Interest in the Debtor will be cancelled.  The Reorganized
Debtor will issue new membership interests to AMGMT, Inc., in
exchange for new value contributed in the amount of $15,000.

All of the Debtor's assets are encumbered by liens from TBK Bank,
Newtek, and other smaller equipment financers.  In the event of a
liquidation, the Debtor believes its assets would not be sufficient
to make its secured creditors whole.  Accordingly, the Debtor does
not believe that holders of allowed general unsecured claims would
receive any distribution in the event of liquidation.

A full-text copy of the Disclosure Statement dated June 1, 2020, is
available at https://tinyurl.com/yc5xvazk from PacerMonitor.com at
no charge.

Attorneys for the Debtor:

     Sarah M. Cox
     Howard Marc Spector
     Spector & Cox, PLLC
     12770 Coit Road, Suite 1100
     Dallas, Texas 75251
     Phone: (214) 310-1321
     E-mail: sarah@spectorcox.com

                      About Ameritube LLC

Ameritube, LLC, is a manufacturer of alloys used in a variety of
processes in the oil and gas, HVAC, heat transfer, power, chemical,
marine and defense industries.  It is also a distributor of carbon
and stainless steel, seamless tubing, marine pipe, couplings,
fittings, and flanges used in the marine industry.

Ameritube sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. W.D. Tex. Case No. 19-60863) on Nov. 17, 2019.  In the
petition signed by Khariton G. Ravitsky, president, the Debtor was
estimated to have assets and liabilities ranging from $1 million to
$10 million.  Judge Ronald B. King oversees the case.  The Debtor
is represented by Sarah M. Cox, Esq. at Spector & Cox, PLLC.

The Office of the U.S. Trustee on Jan. 27, 2020, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in Debtor's case.


ANDREW RUGGIERO: $237K Cash Sale of Forest Lake Property Approved
-----------------------------------------------------------------
Judge Brenda K. Martin of U.S. the U.S. Bankruptcy Court for the
District of Arizona authorized Andrew Ruggiero's sale of the real
property located at 1401 Mineral Drive, Forest Lakes, Arizona to
Jason Enyart for $237,000, cash.

The Sale Hearing was held on June 9, 2020 at 11:00 a.m.

BMO Harris Bank, N.A. asserts that it is entitled to 100% of the
gross proceeds from the sale, and the Persevere Objection should be
summarily overruled.  Nevertheless, without waiving BMO's rights to
the gross sale proceeds or its rights with respect to the Persevere
Objection, BMO has consented to the sale of the Forest Lake
Property pursuant to the terms of the Order so long as its lien
attached to 100% of the gross sale proceeds.

Casey Keune agreed that his bid of $235,000 will act as a backup
bid for the purchase of the Forest Lakes Property, pursuant to the
terms and conditions of a purchase contract in substantially the
same form and content as the Forest Lakes Purchase Contract, in the
event that the sale of the Forest Lakes Property to the Buyer is
not consummated.

The sale is without any contingencies of any kind, and will be and
is "where is" and "as is," without any warranties or
representations whatsoever, express or implied.  The Buyer is not
entitled to rely upon any representations made by the Court, the
Debtor, or the Debtors' employees, representatives or agents
(including the Debtors' counsel and/or the Broker) regarding the
Cibola Property.

The sale is free and clear of any and all liens, claims, and
encumbrances, including any and all liens, claims and encumbrances
held or asserted by BMO.

Only the following amounts will be paid from the gross sales
proceeds at closing, all of which are hereby authorized and
approved:

     i. No more than $680.76 for the payment of real property
taxes;

     ii. No more than 6% of the gross sales price in broker
commissions; and

     iii. Other standard closing costs (e.g., title and recording
fees, etc.), approved by BMO.

The title company is authorized and directed to distribute all sale
proceeds remaining after payment of the amounts set forth to the
Sacks Tierney Trust Account held by the Debtor's Chapter 11
bankruptcy counsel, Sacks Tierney, P.A.  Sacks Tierney will hold
the Net Proceeds in trust pending further order of the Court.

BMO must approve the final settlement/closing statement prepared by
Title prior to the closing.

The 14-day stay imposed by Bankruptcy Rule 6004(h) is waived and
set aside to allow the sale contemplated to become immediately
final upon consummation of such sale following entry of the Order.

Andrew Ruggiero sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 20-01210) on Feb. 5, 2020.  The Debtor tapped Randy Nussbaum,
Esq., at Sacks Tierney P.A. as counsel.  On April 20, 2020, the
Court appointed Raymond J. Plato of Viza Realty, LLC as the
Debtor's Arizona Broker.



ANDREW RUGGIERO: $268K Cash Sale of Scottsdale Property to Jin OK'd
-------------------------------------------------------------------
Judge Brenda K. Martin of U.S. the U.S. Bankruptcy Court for the
District of Arizona authorized Andrew Ruggiero's sale of (i) the
real property located at 13093 East Cibola Road, Scottsdale,
Arizona to Wei Jin for $268,000, cash.

The Sale Hearing was held on June 9, 2020 at 11:00 a.m.

The sale is without any contingencies of any kind, and will be and
is "where is" and "as is," without any warranties or
representations whatsoever, express or implied.  The Buyer is not
entitled to rely upon any representations made by the Court, the
Debtor, or the Debtors' employees, representatives or agents
(including the Debtors' counsel and/or the Broker) regarding the
Cibola Property.

The sale is free and clear of any and all liens, claims, and
encumbrances, including any and all liens, claims and encumbrances
held or asserted by BMO.

Only the following amounts will be paid from the gross sales
proceeds at closing, all of which are hereby authorized and
approved:

     i. No more than $1,553 for the payment of real property taxes;


     ii. No more than 6% of the gross sales price in broker
commissions;

     iii. Approximately $1,150 for septic tank inspection fees; and



     iv. Other standard closing costs (e.g., title and recording
fees, etc.), approved by BMO.

The title company is authorized and directed to distribute all sale
proceeds remaining after payment of the amounts set forth to the
Sacks Tierney Trust Account held by the Debtor's Chapter 11
bankruptcy counsel, Sacks Tierney, P.A.  Sacks Tierney will hold
the Net Proceeds in trust pending further order of the Court.

BMO must approve the final settlement/closing statement prepared by
Title prior to the closing.

The 14-day stay imposed by Bankruptcy Rule 6004(h) is waived and
set aside to allow the sale contemplated to become immediately
final upon consummation of such sale following entry of the Order.

Andrew Ruggiero sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 20-01210) on Feb. 5, 2020.  The Debtor tapped Randy Nussbaum,
Esq., at Sacks Tierney P.A. as counsel.  On April 20, 2020, the
Court appointed Raymond J. Plato of Viza Realty, LLC as the
Debtor's Arizona broker.


APC AUTOMOTIVE: In Chapter 11 After Deal With Lenders & Sponsors
----------------------------------------------------------------
APC Automotive Technologies, LLC and its subsidiaries sought
Chapter 11 protection after Restructuring Support Agreement (the
"RSA") with key stakeholders, including its asset-based lenders,
74% of its term loan lenders that are eligible to vote, and
significant financial sponsors (the "RSA Parties").

The restructuring transaction contemplated under the RSA will
reduce APC's outstanding indebtedness by approximately $290 million
on a net basis, significantly strengthening the Company's balance
sheet and enhancing financial flexibility going forward.  The RSA
represents the commitment of the RSA Parties to support a
comprehensive restructuring of the Company's balance sheet.

Tribby Warfield, Chief Executive Officer of the Company, said, "The
agreement with our lenders and equity sponsors represents their
belief in APC's business and their confidence in its future
success. We are fortunate that APC possesses a market-leading
underbody portfolio of highly regarded brands including Centric
Parts, StopTech, AP Emissions, Durafit and Eastern Catalytic,
strong market recognition, and an exceptional customer base. Most
importantly, we have an amazing team that is committed to providing
quality products and excellent service to the industry."

"This restructuring was designed to ensure that our ongoing
business and service to customers continues without interruption,
and I am confident that the steps we are announcing today will
enable the Company to further enhance its ability to serve
customers and invest in additional growth for years to come."

To implement the financial restructuring contemplated under the
RSA, the Company has filed voluntary petitions for reorganization
pursuant to chapter 11 of the United States Bankruptcy Code in the
United States Bankruptcy Court for the District of Delaware on June
3, 2020.

The Company will continue to solicit votes on its plan of
reorganization during the chapter 11 filing.  Because the Company's
plan has already received significant support from its lenders, the
Company expects to complete the confirmation process and emerge
from bankruptcy within the next month.

In addition, the Company has negotiated agreements with certain of
its existing term loan lenders to provide APC $50 million of
additional financing in the form of debtor-in-possession financing,
which will roll into an exit term loan facility. This will ensure
APC's ability to operate on an uninterrupted basis.

APC will continue to operate in the ordinary course during the
restructuring process, with adequate liquidity to meet its
financial obligations to vendors, suppliers, and employees.  The
Company expects to continue making payments to these parties
without interruption. Furthermore, the Company will continue to
both receive inventory as well as take and fulfill customer orders
as usual.  The Company has also filed customary "first day" motions
to facilitate its day-to-day operations during the restructuring
process.

Parties with questions about the chapter 11 process may contact the
Company's Claims and Solicitation Agent, Stretto, at 855.260.9397
(toll-free in the U.S.) or 949.407.8590. Stretto has also set up a
website at https://cases.stretto.com/APC, which will be updated
with court documents and other information.

              About APC Automotive Technologies
                 Intermediate Holdings, LLC

APC Automotive Technologies Intermediate Holdings, LLC are
aftermarket suppliers of brake, chassis, exhaust, and emissions
parts for passenger vehicles, trucks, and commercial vehicles.  The
Debtors were formed through the merger of two companies in 2017, AP
Exhaust and Centric.

APC Automotive Technologies Intermediate Holdings, LLC and its
thirteen affiliates sought Chapter 11 protection (Bankr. D. Del.
Case No. 20-11466) on June 3, 2020.

Templar Energy was estimated to have $100 million to $500 million
in assets and $500 million to $1 billion in liabilities.

Jonathan S. Henes, P.C. of Kirkland & Ellis LLP and Kirkland &
Ellis International LLP serves as the Debtors' general bankruptcy
counsel; Domenic E. Pacitti, Esq., Morton R. Branzburg, Esq., and
Michael W. Yurkewicz, Esq. of Klehr Harrison Harvey Branzburg LLP
serve as the local bankruptcy counsel. Jefferies Group LLC acts as
the Company's financial advisor and Weinsweigadvisors LLC as
restructuring advisor. Ernst & Young LLP is acting as the Company's
tax advisor; and Bankruptcy Management Solutions, INC. serves as
the Company's Notice, Claims, & Balloting Agent and Administrative
Advisor.

The RSA Parties include, among others: (i) the Term Loan Lender
Group represented by King & Spalding LLP and FTI Consulting and
(ii) the financial sponsors represented by White & Case LLP.


APEX ENERGY: June 31 Hearing on Disclosure Statement
----------------------------------------------------
Judge Benjamin P. Hursh has ordered that on or before June 23,
2020, Apex Energy, LLC, and Regency Energy Services, LLC, will file
a statement on whether they have agreed to terms that can become
the foundation of a further amended plan.

To the extent necessary, on or before July 10, 2020, Debtors will
file a further amended disclosure statement and/or a further
amended Chapter 11 plan.

Any further amended disclosure statement will be conditionally
approved upon its filing.

July 24, 2020, is fixed as the last day for filing ballots and for
filing and serving written objections to confirmation of Debtor's
further amended Chapter 11 plan, and for filing written acceptances
or rejections of said Plan.

The hearing on final approval of Debtor's Second Amended Disclosure
Statement for Small Business Under Chapter 11, or any further
amended disclosure statement that Debtor may file, and on
confirmation of Debtor???s Second Amended Plan of Reorganization
for Small Business Under Chapter 11 (ECF No. 106), or any further
amended Chapter 11 plan that Debtor may file, scheduled for June
23, 2020, is continued to and shall instead be held Friday, July
31, 2020, at 09:00 a.m., or as soon thereafter as the parties can
be heard, in the CHIEF MOUNTAIN  COURTROOM, 3RD FLOOR, MISSOURI
RIVER COURTHOUSE, 125 CENTRAL AVENUE WEST, GREAT FALLS, MONTANA.

                       About Apex Energy

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

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

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

The Debtor is represented by counsel, JA Patten.


APPLE LAND: Sale of Three Vehicles and a Boat for $40.75K Approved
------------------------------------------------------------------
Judge Catherine J. Furay of the U.S. Bankruptcy Court for the
Western District of Wisconsin authorized Apple Land Sports Supply,
Inc.'s sale of the following vehicles: (i) 2018 Chevrolet
Silverado, VIN 3GCUKREC2JG309680, to Michael Pettit for $18,500;
(ii) 2001 Crestliner boat to Michael Pettit for $4,250; (iii) 2015
Dodge Caravan, VIN 2C4RDGBG6FR598883, to Robert Pettit for $5,000;
and (iv) 2016 Ford F150, VIN 1FTEW1EG7GKE59640, to Robert Pettit
for $13,000.

The lienholders shall be paid directly upon sale.  Any additional
proceeds from the sales of the three vehicles and the boat shall be
deposited in the DIP account for distribution under the chapter 11
plan.
    
                  About Apple Land Sports Supply

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


ARTHUR V. KATZ: $191K Sale of Tristate Membership Units Approved
----------------------------------------------------------------
Judge John K. Sherwood of the U.S. Bankruptcy Court for the
District of New Jersey authorized Arthur V. Katz's sale of the
membership units in Tristate Textile Restoration, LLC back to
Tristate for $191,000, payable over a 36-month term in varying
increments.

The Sale Hearing was held on June 16, 2020.

The Purchase Agreement, and all of the terms and conditions
contained therein, are approved in their entirety and are binding
upon the parties thereto.

The sale is free and clear of all liens, claims, interests and
encumbrances with all such liens, claims, interests and
encumbrances to attach to the proceeds of sale of the Purchased
Assets.

As provided by Bankruptcy Rule 7062, the Order will be effective
and enforceable immediately.  The provisions of Bankruptcy Rules
6004(h) and 6006(d) staying the effectiveness of the Order for 14
days are waived, and the Order will be effective, and the parties
may consummate the transactions contemplated by the Purchase
Agreement immediately upon entry of the Order.

Time is of the essence in closing the transaction and parties to
the Purchase Agreement will be authorized to close the sale as soon
as possible consistent with the terms of this Purchase Agreement.
The requirements of Bankruptcy Rule 6006(e)-(f) are waived.

Upon entry of the Order, the Buyer will immediately withdraw the
Proof of Claim filed in the Debtor's bankruptcy case, which claim
was designated Claim Number 12.

The Order will be served upon the parties listed in the Order.

Arthur V. Katz sought Chapter 11 protection (Bankr. D.N.J. Case No.
20-13539) on March 1, 2020.  The Debtor tapped Melinda
Middlebrooks, Esq., as counsel.



AT HOME GROUP: Board Approves Fiscal Year 2021 Bonus Structure
--------------------------------------------------------------
As detailed in the proxy statement of At Home Group Inc. for the
upcoming 2020 annual meeting of stockholders, the Compensation
Committee of the Board of Directors began to expedite the shift of
the Company's named executive officer compensation structure from a
private-equity sponsor model to a mature public company model in
fiscal 2020 and 2021.  These efforts were influenced by the
significant stockholder outreach conducted in the Fall 2019 and
additional analyses of the Compensation Committee, with input from
its independent compensation consultant.

Before the Compensation Committee finalized the fiscal year 2021
compensation program and established target annual compensation for
the named executive officers, the COVID-19 pandemic began to
significantly impact the U.S. economy and the Company's operations.
As part of the Board's decision to operate the Company to preserve
liquidity given the uncertain economic environment, as well as the
adverse impacts on the Company's general employee population and
stockholders, the Compensation Committee determined to delay the
implementation of the planned changes to the Company's compensation
program and to re-evaluate target annual compensation for the named
executive officers.  The Compensation Committee and Board took
action on June 16, 2020 to approve the fiscal year 2021 bonus
structure and annual equity award program for the named executive
officers, which reflects the Compensation Committee's commitment
resulting from the stockholder outreach to align the fiscal year
2021 compensation structure of the Company's Chairman and Chief
Executive Officer, Lewis L. Bird III, with the other named
executive officers, including participation in the same bonus
structure and similar annual equity award program.

Fiscal Year 2021 Bonus Structure

In recent years, the Company's bonus plan for named executive
officers was based on the achievement of two performance measures
with specified weighting.  The Company's performance for the fiscal
year determined the achievement multiple through the use of an
achievement table established annually by the Compensation
Committee, and each named executive officer's bonus was equal to
such person's bonus target (based upon a percentage of base salary)
multiplied by the bonus multiplier.

Due to the impact of the COVID-19 pandemic, the Compensation
Committee has determined that fiscal year 2021 management bonuses
will be based upon quarterly financial, operational and/or other
quantitative and qualitative measures tied to the revised budget
and strategic plan for the remainder of fiscal year 2021, as well
as the overall performance of the Company and the performance of
the named executive officers as a group and individually.  The
bonus target for each named executive officer (based upon a
percentage of base salary) was not changed for fiscal year 2021.

Grant of Nonqualified Stock Options

Since fiscal 2019, the Board has granted annual equity awards to
executive officers, other than Mr. Bird, and other key employees to
address incentive and retention objectives.  Fiscal 2019 and 2020
annual grants consisted of restricted stock units (25% of target
value) and nonqualified stock options (75% of target value).

On June 16, 2020, the Compensation Committee approved grants to the
Company's named executive officers, excluding Mr. Bird, of
nonqualified options to purchase the Company's common stock.  On
June 16, 2020, the independent directors of the Board approved a
grant to Mr. Bird of nonqualified options to purchase the Company's
common stock.  The stock options will be granted on June 22, 2020
pursuant to the terms and conditions of the Amended and Restated At
Home Group Inc.  Equity Incentive Plan and a notice of grant and
nonstatutory stock option award agreement in a form substantially
similar to a form previously filed by the Company.  The Committee
determined that the annual equity awards for the named executive
officers (other than Mr. Bird) would consist entirely of stock
options since options deliver value to the holder that is aligned
with stockholder return but, unlike performance stock units, do not
require the Committee to set objective performance metrics, which
are very difficult to establish in light of the impact of the
COVID-19 pandemic and therefore may not serve intended retention
and incentive purposes.

The stock options will have an exercise price equal to the closing
price for the Company's common stock on the Grant Date. The stock
options will vest in equal installments on each of the first three
anniversaries of the Grant Date, subject to the participant's
continued employment through each vesting date. The named executive
officers will receive the following stock options as of the Grant
Date:

                                               Number of Shares
                                               Underlying Option
  Name and Principal Position                       Award
  ---------------------------                  -----------------
  Lewis L. Bird III                                  890,000
  Chairman and CEO

  Peter S.G. Corsa                                   230,000
  COO and President

  Jeffrey R. Knudson                                 180,000
  Chief Financial Officer

  Chad C. Stauffer                                   190,000
  Chief Merchandising Officer

  Ashley F. Sheetz                                   100,000
  Chief Marketing Officer

Grant of PSUs

On June 16, 2020, the independent directors of the Board approved a
grant of 80,000 PSUs to Mr. Bird, which will be granted as of the
Grant Date.  The PSUs granted to Mr. Bird have the same terms as
the PSUs granted in September 2019 to the Company's other named
executive officers, which furthers the alignment of management to
achieve such performance metrics.  The PSUs will be granted
pursuant to the terms and conditions of the Equity Plan and a
notice of grant and PSU award agreement in a form substantially
similar to a form previously filed by the Company. The PSUs vest
based on achievement of the following two performance metrics over
the eight fiscal quarters ending on Jan. 29, 2022, subject to
continued employment through Jan. 29, 2022: (i) Comparable Store
Sales growth (50%), and (ii) percentage expansion of Adjusted Net
Income (50%).  The performance measures are defined in the same
manner as such terms are used for purposes of the Company's
earnings releases furnished to stockholders.  Management and the
Board use these performance metrics to assess the Company's
performance, to evaluate the effectiveness of business strategies,
to make budgeting decisions and to compare the Company's
performance against that of other peer companies using similar
measures.

The number of shares, if any, deliverable upon settlement of the
PSUs will equal 50% of target (for achievement of threshold
performance levels), 100% of target (for achievement of target
performance levels), and 200% of target (for achievement at or
above maximum performance levels), with vesting between threshold,
target, and maximum performance levels determined based on linear
interpolation.  If the grantee remains employed through a "change
in control" (as defined in the Equity Plan) that occurs prior to
the end of the performance period, the number of PSUs that would
have vested based on actual performance determined as of the date
of such change in control or, if greater, based on target
performance, will remain issued and outstanding and eligible to
vest subject only to the grantee's continued employment with the
Company through Jan. 29, 2022 or an earlier termination without
cause or resignation for good reason that occurs within one year
following consummation of the change in control.

                     About At Home Group Inc.

At Home (NYSE: HOME), is a home decor retailer offering more than
50,000 on-trend home products to fit any budget or style, from
furniture, mirrors, rugs, art and housewares to tabletop, patio and
seasonal decor.  At Home is headquartered in Plano, Texas, and
currently operates 219 stores in 40 states.

At Home recorded a net loss of $214.43 million for the year ended
Jan. 25, 2020, compared to net income of $48.99 million for the
year ended Jan. 26, 2019.  As of Jan. 25, 2020, the Company had
$2.68 billion in total assets, $2.07 billion in total liabilities,
and $608.61 million in total shareholders' equity.

                           *   *   *

As reported by the TCR on April 1, 2020, S&P Global Ratings lowered
its issuer credit rating on At Home Group Inc. by two notches to
'CCC+' from 'B'.  "The downgrade reflects our view that At Home's
operating performance will be substantially weakened this year due
to the coronavirus pandemic following a challenging fiscal year
2020.


AT HOME GROUP: Swings to $358.9 Milion Net Loss in First Quarter
----------------------------------------------------------------
At Home Group Inc. reported a net loss of $358.94 million on
$189.85 million of net sales for the 13 weeks ended April 25, 2020,
compared to net income of $13.88 million on $306.26 million of net
sales for the 13 weeks ended April 27, 2019.

As of April 25, 2020, the Company had $2.47 billion in total
assets, $2.22 billion in total liabilities, and $251.72 million in
total shareholders' equity.

Lee Bird, chairman and chief executive officer, stated, "Over the
last few months, our team has risen to the challenge and focused on
prioritizing the health and safety of our team members, customers,
and communities.  We have focused on preserving liquidity,
enhancing financial flexibility, and ensuring At Home can thrive
going forward.  Prior to the onset of COVID-19, we had seen an
improvement in comparable store sales trends.  However, as the
pandemic escalated and we temporarily closed our stores, sales were
materially impacted."

Mr. Bird continued, "We acted quickly and deliberately to continue
serving our customers during a time when they are spending more
time at home than ever and to provide them with safe and convenient
ways to shop with us.  Since early May, as local and state mandates
were lifted, we began reopening a majority of our stores.  Early
results are strong across all markets with initial sales in
reopened stores up solid double-digits during their reopening
period quarter-to-date.  As the low-price leader in our category
with a focus on expanding our omnichannel presence, I am confident
that At Home is well positioned for both the near and long-term to
take additional share of the large and fragmented home furnishings
market."

For the Thirteen Weeks Ended April 25, 2020

   * The Company opened six new stores in the first quarter of
     fiscal 2021 and ended the quarter with 218 stores in 39
     states.  The Company has opened a net 27 stores since the
     first quarter of fiscal 2020, representing a 14.1% increase.
  
   * Net sales decreased 38.0% in the first quarter of fiscal
     2020 as a result of temporary store closures due to the
     COVID-19 pandemic, partially offset by a net increase in the
     number of stores.  Comparable store sales decreased 46.5%
     compared to a decrease of 0.8% in the first quarter of
     fiscal 2020, as a result of temporary store closures due to
     the COVID-19 pandemic.

   * Gross profit decreased 81.4% to $16.4 million from $88.1
     million in the first quarter of fiscal 2020 primarily driven
     by the decrease in sales due to the COVID-19 pandemic.
     Gross margin decreased to 8.6% from 28.8% in the prior year
     period primarily due to deleverage on occupancy costs and
     depreciation as a result of the sales decline.

   * Selling, general and administrative expenses decreased 13.6%
     to $66.5 million from $76.9 million in the first quarter of
     fiscal 2020 primarily driven by the Company's actions to
     reduce store-level and home office labor, advertising, and
     other discretionary expenses in response to the COVID-19
     pandemic.  Adjusted SG&A decreased 12.5% to $66.5 million   
     compared to $76.0 million in the first quarter of fiscal
     2020.  Adjusted SG&A as a percentage of net sales increased
     to 35.0% from 24.8% primarily due to deleverage on lower
     sales, partially offset by the Company's successful efforts
     to reduce operating expenses.

   * Operating loss was $(372.1) million compared to operating
     income of $25.9 million in the first quarter of fiscal 2020
     primarily due to a non-cash goodwill impairment charge of
     $319.7 million recognized in the first quarter of fiscal
     2021 and the impact of temporary store closures due to the
     COVID-19 pandemic.  Adjusted operating income was a loss of
     $(52.3) million compared to income of $10.3 million in the
     first quarter of fiscal 2020.  Adjusted operating margin    
     was (27.6)% compared to 3.4% in the first quarter of fiscal
     2020 driven by the gross margin and adjusted SG&A factors.

   * Interest expense decreased to $7.0 million from $7.8 million
     in the first quarter of fiscal 2020 due to a year-over-year
     decrease in average interest rates, partially offset by
     increased borrowings under our revolving credit facility.

   * Income tax benefit was $20.1 million compared to income tax
     expense of $4.2 million in the first quarter of fiscal 2020.
     The effective tax rate decreased to 5.3% from 23.4% for the
     first quarter of fiscal 2020 due to the tax impact of the     

     non-cash goodwill impairment charge and net operating loss
     carryback provisions under the Coronavirus Aid, Relief, and
     Economic Security Act.

   * EPS was $(5.60) compared to $0.21 in the first quarter of
     fiscal 2020.  Adjusted EPS was $(0.61) compared to $0.03 in
     the first quarter of fiscal 2020.

   * Adjusted EBITDA was $(14.6) million compared to $33.8
     million in the first quarter of fiscal 2020.

Goodwill Impairment

During the first quarter of fiscal 2021, the Company conducted an
interim impairment test and concluded that our goodwill was fully
impaired.  As a result, the Company recognized a non-cash goodwill
impairment charge of $319.7 million.

Balance Sheet Highlights as of April 25, 2020

   * Net inventories decreased 0.3% to $407.0 million from $408.0
     million as of April 27, 2019 primarily due to reduced
     inventory purchases in response to the COVID-19 pandemic,
     partially offset by a 14.1% increase in the number of
     stores.

   * Total cash was $43.6 million and borrowings available under  

     the Company's ABL facility was $44.1 million; however, its
     ability to incur additional borrowings would have been
     limited by $38.7 million due to the consolidated fixed
     charge coverage ratio.  As of June 16, 2020, the Company's
     estimated total liquidity was more than $200 million.

   * Long-term debt was $334.2 million compared to $336.8 million
     as of April 27, 2019.  Additionally, there was $342.0
     million outstanding under the Company's ABL facility as of
     April 25, 2020 compared to $228.0 million as of April 27,
     2019.  Increased borrowings were primarily driven by a net
     increase of 27 new stores year-over-year as well as the
     Company's decision to draw an additional $55 million under
     its ABL facility during the quarter as a precautionary
     measure to provide more financial flexibility and maintain
     liquidity in response to the COVID-19 pandemic.

Subsequent Events

   * On June 12, 2020, the Company amended its ABL facility to
     provide for a new tranche of term loans in a principal
     amount of $35.0 million on a "first-in, last out" basis,
     subject to a borrowing base, the net proceeds of which were
     used to repay a portion of the outstanding revolving credit
     loans on that date.  Guggenheim Securities, LLC served as
     the Company's financial advisor.

Outlook & Key Assumptions

Given the unprecedented and continued uncertainty related to
COVID-19, the Company is not providing second quarter and fiscal
year 2021 guidance at this time.

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

                       https://is.gd/AVl2Ij

                     About At Home Group Inc.

At Home (NYSE: HOME), is a home decor retailer offering more than
50,000 on-trend home products to fit any budget or style, from
furniture, mirrors, rugs, art and housewares to tabletop, patio and
seasonal decor.  At Home is headquartered in Plano, Texas, and
currently operates 219 stores in 40 states.

At Home recorded a net loss of $214.43 million for the year ended
Jan. 25, 2020, compared to net income of $48.99 million for the
year ended Jan. 26, 2019.  As of Jan. 25, 2020, the Company had
$2.68 billion in total assets, $2.07 billion in total liabilities,
and $608.61 million in total shareholders' equity.

                           *   *   *

As reported by the TCR on April 1, 2020, S&P Global Ratings lowered
its issuer credit rating on At Home Group Inc. by two notches to
'CCC+' from 'B'.  "The downgrade reflects our view that At Home's
operating performance will be substantially weakened this year due
to the coronavirus pandemic following a challenging fiscal year
2020.


BASIN TRANSLOAD: Unsecured Claims Unimpaired Under Plan
-------------------------------------------------------
Basin Transload, LLC, filed a Chapter 11 Plan and a Disclosure
Statement.

The Debtor has approved the Plan and believes the Plan is in the
best interests of the Debtor's estate, its creditors and other
parties in interest.  The primary feature of the Plan is the
acquisition of 100 percent of the New Membership Interest in the
Reorganized Debtor by Global Companies LLC in exchange for the
Acquisition Price and as set forth in section 5.3 of the Plan.
Under section 5.2 of the Plan, the Reorganized Debtor shall fund
distributions to holders of Allowed Claims, and will have adequate
working capital, with (i Cash on hand, (ii) the Acquisition Price,
and (iii) by working capital, as appropriate, to be
provided by the New Member.

Class 1 General Unsecured Claims are Unimpaired.  Each Holder of an
Allowed General Unsecured Claim will receive payment in full in
Cash, including any interest to which it may be entitled under
applicable law.

Class 3 Interests are impaired.  On the Effective Date, all
Interests in the Debtor shall be extinguished and the Holders of
such Interests shall not receive or retain any distribution,
property, or other value on account of such Interests.

A full-text copy of the Disclosure Statement dated June 1, 2020, is
available at https://tinyurl.com/yask48ga from PacerMonitor.com at
no charge.

Proposed counsel to the Debtor:

     William P. Bowden
     Gregory A. Taylor
     Stacy L. Newman
     Katharina Earle
     ASHBY & GEDDES, P.A.
     500 Delaware Avenue
     P.O. Box 1150
     Wilmington, DE 19899
     Tel: (302) 654-1888
     Fax: (302) 654-2067

                    About Basin Transload

Basin Transload, LLC -- http://basintransload.com/-- is a
transloading and logistics company serving the Bakken region in
North Dakota.  The Debtor has two transloading and logistics
facilities located in Republic Rail Stop, Beulah, North Dakota, and
Stampede Rail Stop, Columbus, North Dakota.  The Debtor offers
transloading and logistics services (i) at the Beulah Facility for
crude oil and frac sand, and (ii) at the Stampede Facility for
crude oil.  In addition, the Debtor offers a variety of railcar
services at each of the Facilities, including railcar sorting,
cleaning, and storage.

Basin Transload, LLC, sought Chapter 11 protection (Bankr. D. Del.
Case No. 20-11462) on June 2, 2020.  The petition was signed by
William Davidson, president.

Basin Transload disclosed $3,861,825 in assets and $13,444,540 in
liabilities.

Gregory A. Taylor, Esq. of Ashby & Geddes, P.A. is the Debtor's
bankruptcy counsel.  Cohnreznick LLP acts as acting as
restructuring advisor to the Debtor.  Bankruptcy Management
Solutions, Inc., d/b/a Strettto, is the claims and noticing agent.


BELLEAIR RESERVE: Unsecureds Unimpaired Under Plan
--------------------------------------------------
Belleair Reserve Holdings, LLC, submitted a Chapter 11 Plan and a
Disclosure Statement.

The Debtor sought Chapter 11 protection as a result of foreclosure
actions pending against its properties and code enforcement liens
held by the City of Tarpon Springs.  Belleair Reserve Holdings,
LLC, had sold several building lots prepetition, but required the
protection of Chapter 11 to sell the remaining eight lots.

Class 5 General Non-Priority Unsecured Claims will be paid a pro
rata share of the net proceeds of the sale of each building lot
until 100% of the allowed claims have been paid.  This Class is
unimpaired.

Equity Security Holders of the Debtor in Class 6 will have the same
legal and equitable rights that they had at the time of the filing
of the Chapter 11 petition.  They will retain their equity
interests and will not contribute new value to the reorganized
Debtor.  They will receive no payments until all other claims are
paid in full.

The Plan will be funded from future income derived from the sale of
Debtor's unimproved residential lots.

full-text copy of the Disclosure Statement dated May 27, 2020, is
available at https://tinyurl.com/ycdb6vnx from PacerMonitor.com at
no charge.

Attorney for the Debtor:

     David W. Steen, Esquire
     DAVID W. STEEN, P.A.
     Florida Bar No.: 221546
     Post Office Box 270394
     Tampa, FL 33688
     Telephone: (813) 251-3000
     E-mail: dwsteen@dsteenpa.com

                About Belleair Reserve Holdings

Belleair Reserve Holdings, LLC, a real estate development and full
custom home construction company in Tarpon Springs, Fla., filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-01160) on Feb.
11, 2020.  In its petition, Debtor was estimated to have $1 million
to $10 million in assets and $500,000 to $1 million in liabilities.
Judge Catherine Peek Mcewen oversees the case.  David W. Steen,
Esq., at David W. Steen, P.A., is the Debtor's bankruptcy counsel.


BILLINGS LODGE: Seeks to Hire Felt Martin as Legal Counsel
----------------------------------------------------------
Billings Lodge, No. 394, Benevolent and Protective Order of Elks of
United States of America seeks authority from the U.S. Bankruptcy
Court for the District of Montana to hire Felt Martin, PC as its
legal counsel.

The firm's services will include a review of Debtor's financial
documents, statements, and contracts; the preparation of bankruptcy
schedules, pleadings and plan of reorganization; and representation
of Debtor throughout the course of its Chapter 11 bankruptcy.

The firm will be paid at hourly rates as follows:

     Jeff Hunnes        $325
     Martin Smith       $300
     Lynsey Ross        $225
     Joe Soueidi        $225
     Legal Assistants   $130

Felt Martin does not represent any interest adverse to Debtor and
its bankruptcy estate, according to court filings.

The firm can be reached through:

     Martin S. Smith, Esq.
     Felt Martin PC
     2825 3rd Avenue North, Suite 100
     Billings, MT 59101
     Tel: (406) 248-7646
     Email: msmith@feltmartinlaw.com

                   About Billings Lodge, No. 394

Billings Lodge, No. 394, Benevolent and Protective Order of Elks of
United States of America is a tax-exempt civic and social
organization.

Billings Lodge filed a voluntary Chapter 11 bankruptcy petition
(Bankr. D. Mon. Case No. 20-10110) on June 5, 2020.  At the time of
the filing, Debtor disclosed assets of between $1 million and $10
million  and liabilities of the same range.  Debtor is represented
by Felt Martin PC.


BLUE SKY: Proposed Auction Sale of Catering Business Assets Denied
------------------------------------------------------------------
Judge Klinette H. Kindred of the U.S. Bankruptcy Court for the
Eastern District of Virginia denied Blue Sky Events, LLC's auction
sale of tangible assets, to include furniture, fixtures, equipment,
supplies, and inventory located at 7146 Farm Station Road, Vint
Hill, Virginia where it operated a catering business.

A hearing on the Motion was held on June 9, 2020.

The Clerk will serve a copy of the Order on the parties listed
therein.

The Debtor proposed to sell the assets free and clear of all
liens.

                     About Blue Sky Events

Blue Sky Events LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 20-10683) on March 3,
2020, listing under $1 million in both assets and liabilities.
John P. Forest, II, Esq. is the Debtor's counsel.


BRIGGS & STRATTON: S&P Cuts ICR to 'SD' on Missed Interest Payment
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Briggs &
Stratton Corp. to 'SD' from 'CCC-' because it believes the company
is unlikely to make the interest payment on the notes within the
30-day grace period but expect that it will continue to pay
interest on its asset-based lending revolving credit facility
(unrated).

At the same time, S&P is lowering its issue-level rating on the
company's unsecured notes to 'D'.

Briggs & Stratton (BGG) did not make its semiannual June 15
interest payment on its unsecured notes due 2020 and has entered
into a 30-day grace period with its noteholders. S&P lowered the
issue-level rating on the unsecured notes to 'D' because it does
not expect Briggs & Stratton to make this interest payment over the
next 30 days. BGG's operating performance, which was soft during
fiscal year 2019 due to unfavorable weather and the Sears
bankruptcy, has faced much stronger headwinds in fiscal year 2020
due to the economic impact of the coronavirus pandemic. This
resulted in significant drop in profitability and cash flow
pressure.

S&P also lowered the issuer credit rating on BGG to 'SD'. While BGG
skipped the interest payment on its notes, S&P expects the company
will continue to pay interest on its asset-based lending (ABL)
revolver. It is unclear if BGG will undertake a debt restructuring
transaction and complete this prior to the end of the grace period.
Failure to make the interest payment on the notes by July 15, 2020
would result in a cross-default with the ABL revolver. S&P will
reevaluate its ratings when a restructuring is complete or if the
company announces its intention to file for bankruptcy.


C-CO HOLDINGS: Taps Corral Tran as Legal Counsel
------------------------------------------------
C-CO Holdings, LLC received approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire Corral Tran Singh, LLP
as its legal counsel.

Corral Tran will provide the following services:

     i. analyze the financial situation and render legal advice and
assistance to Debtor;

    ii. advise Debtor with respect to its rights, duties and powers
in its Chapter 11 case;

   iii. represent Debtor at court hearings and other proceedings;

    iv. prepare legal papers;

     v. represent Debtor at any meeting of creditors;

    vi. represent Debtor in other judicial or administrative
proceeding where its rights may be litigated or affected;

   vii. prepare and file a disclosure statement and Chapter 11 plan
of reorganization; and

  viii. analyze claims and negotiate with creditors.

The firm will be paid at hourly rates as follows:

     Susan Tran Adams    375
     Brendon Singh       390
     Adam Corral         350
     Krystyna Salinas    275

Susan Tran Adams, Esq., a partner at Corral Tran, assured the court
that the firm is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code.

Corral Tran can be reached at:

     Adam Corral, Esq.
     Susan Tran Adams, Esq.
     Brendon Singh, Esq.
     Corral Tran Singh, LLP
     1010 Lamar St., Suite 1160
     Houston TX 77002
     Tel: (832) 975-7300
     Fax: (832) 975-7301
     Email: brendon.singh@ctsattorneys.com

                      About C-CO Holdings

C-CO Holdings, LLC is a Stamford, Conn.-based company that provides
broadband communication services to residential and commercial
customers in the United States.  It operates as a subsidiary of CCH
II, LLC.

C-CO Holdings filed a voluntary petition for relief under Chapter
11 of the Bankrupty Code (Bankr. S.D. Tex. Case No. 20-32746) on
May 24, 2020. The petition was signed by C-CO Holdings President
Christopher George Cone.  At the time of filing, Debtor estimated
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities.  

Judge Eduardo V. Rodriguez oversees the case.  Corral Tran Singh,
LLP is Debtor's legal counsel.


CANNA CORP: Accumulated Deficit Raises Going Concern Doubt
----------------------------------------------------------
Canna Corporation filed its quarterly report on Form 10-Q/A,
disclosing a net loss of $2,098,274 on $10,391 of revenues for the
three months ended March 31, 2019, compared to a net income of
$3,989,500 on $0 of revenues for the same period in 2018.

At March 31, 2019, the Company had total assets of $1,485,586,
total liabilities of $4,870,745, and $3,573,459 in total
shareholders' deficit.

The Company said, "Based on our financial history since inception,
our auditor has expressed substantial doubt as to our ability to
continue as a going concern.  As reflected in the accompanying
consolidated financial statements, as of March 31, 2019, we had an
accumulated deficit totaling $5,581,732.  This raises substantial
doubts about our ability to continue as a going concern."

A copy of the Form 10-Q/A is available at:

                       https://is.gd/GImXGS

Canna Corporation, through its subsidiary, Northway Mining, LLC,
provides data center services in the United States. It offers
hosting and security services for third parties' cryptomining
processes, including continuous camera recording, night-vision,
motion activation, and automatic text notification to onsite staff.
The company was formerly known as Mining Power Group, Inc. and
changed its name to Canna Corporation in April 2019. Canna
Corporation was founded in 2013 and is headquartered in Miami,
Florida.



CARROLS RESTAURANT: S&P Assigns Prelim B- Rating to New Term Loan
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary 'B-' issue-level and '3'
recovery ratings on U.S.-based quick service restaurant franchisee
Carrols Restaurant Group Inc.'s  proposed incremental term loan.

S&P placed all of its existing ratings on Carrols, including its
'CCC+' issuer credit rating, on CreditWatch with positive
implications.

The rating action reflects S&P's view that performance has improved
over its prior forecast, although there is uncertainty around
completion of the proposed transaction at reasonable terms.

Carrols' proposed term loan add-on will bolster its liquidity
position and alleviate its covenants.

"In our view, the proposed $50 million term loan B add-on will
improve the company's financial flexibility during a period of
heightened uncertainty. Pro forma for the transaction, Carrols will
have more than $100 million of liquidity, including cash on hand
and availability on its $145 million revolver. The company has no
covenants on its term loan and a springing total net leverage
covenant of 5.75x on its cash flow revolver that is applicable when
borrowings exceed 35% of the commitment amount. We expect the
springing covenant will no longer be applicable after the company
partially pays down its revolver with the proceeds from the
proposed transaction," S&P said.

S&P anticipates improved operating performance for Carrols in the
second half of 2020 after the recent dip.

Carrols' operating performance has improved following a trough
period at the end of the first quarter, with sales recovering to
prior year levels by the first week of June.

"We attribute this to increased social-distancing practices, which
favor takeout and drive-thru restaurants. We now expect relatively
flat comparable sales for the remainder of the year and believe the
company will generate thinly positive free operating cash flow of
around $10 million for the full year. Still, we continue to
forecast a very high leverage and adjusted EBITDA margin remains
subdued in the mid-10% area in 2020," S&P said.

"The CreditWatch positive placement reflects the possibility that
we will raise our ratings on Carrols by one notch when the
transaction closes, reflecting an improved liquidity position and
adequate covenant headroom. Combined with our revised forecast,
this will likely result in our view that its capital structure is
no longer unsustainable. However, we also anticipate to assign a
negative outlook to reflect the continued uncertainty in the
operating environment, ongoing execution risks and Carrols' highly
leveraged capital structure, which we believe is vulnerable to
adversities," the rating agency said.


CELADON GROUP: $6.1M Sale of All Mexican Assets to Jaguar Approved
------------------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware authorized Celadon Group, Inc. and its affiliated
Debtors to sell substantially all their Mexican assets to Jaguar
Transport, Inc. for $6.1 million, pursuant to their Stock and Asset
Purchase Agreement, dated June 12, 2020.

An auction of the Mexican Assets was held on June 11, 2020.  RioRev
Partners, LLC was designated as the backup bidder with a second
highest or otherwise best bid for the Mexican Assets at the
conclusion of the Auction, with a bid of $6.6 million, which was
subsequently adjusted to $5.9 million, pursuant to that certain
Stock and Asset Purchase Agreement, dated June 14, 2020.

The Sale Motion, solely as it pertains to the request for allowance
of expense reimbursement to White Willow, is adjourned to the next
omnibus hearing date in these chapter 11 cases.

Upon the Closing Date, the Purchase Price will be paid as set forth
in the Purchase Agreement.  The proceeds of the sale will be
distributed in accordance with the Final DIP Order, as
supplemented.

The Buyer will assist the Debtors organized in the U.S. with the
recovery of the VAT Refunds and will remit to the Debtors: 90% of
the VAT Refund less (i) expenses incurred by Buyer associated with
obtaining the VAT Refund (subject to a 25% cap); and (ii) to the
extent payable, the VAT Backstop Payment in an amount up to
$400,000.  The Buyer''s receipt of VAT Refunds will be in trust for
the U.S. Debtors, and their successors and assigns, and with each
receipt, the Buyer will promptly account to the Debtors for their
out of pocket costs, which will not exceed 25% of such VAT Refund
and promptly remit the net VAT Refund to the U.S. Debtors, and
their successors and assigns.

RioRev Partners is approved as the Backup Bidder, and the Backup
Bid, as embodied by the Backup Bid Purchase Agreement is approved
and authorized as the Backup Bid.  
The Sale of the Mexican Assets to the Buyer, and the assumption and
assignment of the Assumed Contracts to the Buyer, will be, except
as otherwise provided in the Purchase Agreement with respect to the
Assumed Liabilities or set forth in this Sale Order, free and clear
of all Claims or Interests.  The Mexican Assets, excepting only the
Quitclaim Vehicles, will not be subject to any Claims or Interests
allowed in these Chapter 11 Cases.

Upon the Closing of the Sale, the Debtors are authorized to assume
and assign the Assumed Contracts to the Buyer free and clear of all
Claims or Interests, except for the obligation to pay the
applicable Cure Costs, if any, pursuant to the terms of the
Purchase Agreement.

Pursuant to Bankruptcy Rules 7062, 9014, 6004(h) and 6006(d), the
Sale Order will be effective immediately upon entry and the Debtors
and the Buyer are authorized to close the Sale immediately upon
entry of the Sale Order.  In the absence of any person or entity
obtaining a stay pending appeal, the Buyer and Debtors are free to
close the Sale under the Purchase Agreement at any time pursuant to
the terms of the Purchase Agreement.  

All time periods set forth in the Sale Order will be calculated in
accordance with Bankruptcy Rule 9006(a) and Local Rule 9006-1.

Upon the Closing of the Sale, the Debtors are authorized to dismiss
the Chapter 11 Cases solely with respect to the Mexican Debtors and
will promptly file a certification of counsel with respect to the
dismissal of the Mexican Debtors' Chapter 11 Cases, along with a
proposed order to effectuate the same.

A copy of the APA is available at https://tinyurl.com/ybo5lge5 from
PacerMonitor.com free of charge.

                         About Celadon

Founded in 1985, Celadon Group, Inc. --
http://www.celadongroup.com/-- began its operations as a small,
dry van carrier with just 50 leased trucks and 100 leased trailers.
Celadon was one of the first U.S.-based trucking companies to take
trailers into Mexico, and is considered a pioneer of the commerce
trail between the U.S. and Mexico.  Due to this early success,
Celadon was able to rapidly grow its operations and fleet, and in
1994, Celadon completed an initial public offering.  

Over the course of the last 34 years, Celadon vastly expanded its
footprint to offer point-to-point shipping, warehousing, supply
chain logistics, tractor leasing and other transportation and
logistics services and, specifically, to provide long haul,
regional, local, dedicated, intermodal, temperature-protect, and
expedited freight services across the U.S., Canada and Mexico.
With over 150,000 border crossings annually, Celadon was the
largest provider of international truckload services in North
America.

At the date of its shutdown, Celadon was operating a fleet of 3,300
tractors and 10,000 trailers with nearly 4,000 employees.



CENTRAL PALM BEACH SURGERY: Unsecureds to Split $1.8M in Plan
-------------------------------------------------------------
Central Palm Beach Surgery Center Ltd., and CPBS Management LLC,
submitted a Joint Disclosure Statement.

The Debtors filed for chapter 11 protection to finally resolve JP
II's claims by utilizing the judicial settlement conference process
to facilitate a fair resolution, while treating all creditors
fairly and maintaining ordinary business operations.  

The Debtors estimate that if this case were converted to a Chapter
7 case, the holders of Class 10 Allowed Unsecured Claims would
receive little or no distribution.  If the Plan is confirmed, each
holder of an Allowed general unsecured claim against the Debtors
will share in a total distribution of $1,800,000 pro rata.  Monthly
payments of $50,000 will be distributed pro rata on a quarterly
basis over three years, commencing on the first of the month after
the Effective Date, until the aggregate amount of $1,800,000 is
paid.  The Debtors may prepay any or all of the distributions
described herein with no prepayment penalty.  The pro rata
distribution to the Class 10 Claimholders will be in full
satisfaction, settlement, release and discharge of their respective
Allowed Class 10 Claims.

Holders of Class 11 Equity Interests will retain their Equity
Interests in the reorganized Debtors.  

The Plan will be funded primarily by the Debtors' cash on hand,
operating income, and any additional cash held by the Debtors as of
the date of the Confirmation Hearing.

A full-text copy of the Joint Disclosure Statement dated May 27,
2020, is available at https://tinyurl.com/yalpf4to from
PacerMonitor.com at no charge.

Attorneys for the Debtors:

     Robert C. Furr, Esq.
     Alvin S. Goldstein, Esq.
     Furr & Cohen, P.A.  
     2255 Glades Road, Suite 301E
     Boca Raton, Florida 33431
     Tel: (561) 395-0500
     Fax: (561) 338-7532
     E-mail: rfurr@furrcohen.com
             agoldstein@furrcohen.com

                About Central Palm Beach Surgery

Central Palm Beach Surgery Center Ltd. and CPBS Management LLC,
owners of an ambulatory surgery center in West Palm Beach, Fla.,
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 20-11127) on Jan. 28, 2020.  The
petitions were signed by Jonathan Cutler, authorized member. At the
time of the filing, Central Palm disclosed $7,115,518 in assets and
$12,270,801 in liabilities.

Judge Mindy A. Mora oversees the cases.

The Debtors tapped Robert C. Furr, Esq., at Furr & Cohen, P.A., as
legal counsel and Julie B. Hershman and the accounting firm of
Julie B. Hershman, CPA, PA as accountants.


CENTRALSQUARE TECHNOLOGIES: Moody's Cuts CFR to Caa2, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded CentralSquare Technologies,
LLC's corporate family rating to Caa2 from Caa1, and probability of
default rating to Caa2-PD from Caa1-PD. Moody's also downgraded the
ratings on the company's first lien credit facilities to Caa1 from
B3, and second lien credit facility to Ca from Caa3. The outlook is
negative.

The downgrade takes into account the following considerations: 1)
weakening liquidity, with a fully drawn revolver as of March 2020
and ongoing negative free cash flow; 2) uncertain timeline to
reduce leverage and achieve break-even free cash flow, given the
sizeable interest expense burden and a business profile with lower
than anticipated margins; 3) ongoing operational challenges since
the formation of the company in September 2018, leading to lower
than expected revenue, margin, cash flow and cash balances in 2018
and 2019; and 4) incremental headwinds in 2020 due to the COVID-19
recessionary environment, which creates operational difficulties
and increases uncertainty around the company's timeline to achieve
positive free cash flow.

Downgrades:

Issuer: CentralSquare Technologies, LLC

Corporate Family Rating, Downgraded to Caa2 from Caa1

Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD

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

Senior Secured Second Lien Bank Credit Facility, Downgraded to Ca
(LGD5) from Caa3 (LGD5)

Outlook Actions:

Issuer: CentralSquare Technologies, LLC

Outlook, Remains Negative

RATINGS RATIONALE

The ratings reflect CentralSquare's very high debt to EBITDA, above
11x as of March 2020, negative free cash flow to debt and lower
than anticipated growth and profitability. Aggressive financial
policies, evidenced by the debt-funded acquisitions of Lucity in
4Q18 and Tellus in 2Q19, and a lack of operating history as a
combined entity also weigh on the credit. Moody's considers the
public safety and administration enterprise resource planning
software market mature and competitive, which limits its growth
expectations. A new CEO and leadership team will seek to accelerate
the company's timeline to achieve break-even free cash flow, but
operational risks remain high.

The credit profile is supported by CentralSquare's recurring
revenue sources, which comprise over 70% of total revenue and
provide stability. High historical gross retention rates around 95%
evidence sticky product solutions that are deeply embedded in its
customers' workflows and operations, with average customer tenure
over 10 years. The company believes its customers face up to two
years to switch to a competitor's product solutions. The customer
base is diversified mainly across small and medium public sector
customers with low concentration.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. IT budgets
and new implementations across CentralSquare's client base will
experience delays as a result of the recessionary economic
environment and social distancing limitations caused by COVID-19,
which will result in lower than expected revenue and reduce cash
flow in 2020.

The negative outlook reflects Moody's expectation for low
single-digit percentage organic revenue declines in 2020 due to the
recessionary environment caused by the COVID-19 pandemic, with
positive low single-digit organic growth in the longer term. Debt
to EBITDA is expected to remain above 11x (Moody's adjusted
excluding deferred revenue add-backs), and free cash flow to debt
will remain negative over the next 12 months, which will continue
to weaken liquidity.

The individual debt instrument ratings are based on CentralSquare's
probability of default, as reflected in the Caa2-PD probability of
default rating, and the loss given default expectations of the
individual debt instruments. The Caa1 rating on the senior secured
first lien revolver and term loan reflects the Caa2-PD probability
of default rating and a loss given default assessment of LGD3,
reflecting their priority in Moody's waterfall of claims at default
ahead of all other obligations of the company. The credit facility
is secured by a first lien pledge of substantially all of the
domestic assets of the guarantor subsidiaries through secured
upstream guarantees. The Ca rating on the senior secured second
lien term loan reflects the Caa2-PD PDR and a loss given default
assessment of LGD5, reflecting the subordination to the first lien
debt and the uncertain support from unsecured obligations in a
default scenario. The loan is secured by a second lien pledge of
substantially all of the domestic assets of the guarantor
subsidiaries through secured upstream guarantees. The first lien
revolver, first lien term loan and second lien term loan mature in
2023, 2025 and 2026, respectively.

Liquidity is considered weak. Moody's expects operating cash flow
sources will not suffice to support interest expense combined with
ongoing restructuring costs and capex over the next 12 months. The
company will rely on its unrestricted cash balances ($62 million as
of March 2020) to cover the free cash flow deficit, given the $125
million revolving facility is fully drawn. Additional external
liquidity may be needed to support a minimum cash balance of
approximately $10 million on the balance sheet, if recessionary
conditions or operational challenges result in weaker than
anticipated operating performance. The revolver includes a
springing financial covenant. Moody's anticipates CentralSquare
will be in compliance given the generous credit agreement EBITDA
add-backs and high first lien net leverage threshold at 8.2x.
Moody's expects the timing of collections to result in a stronger
2H20, which will support some free cash flow improvement towards
the end of the year. The first lien term loan amortizes 1%
annually.

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

CentralSquare's ratings could be upgraded (all metrics Moody's
adjusted) if Moody's expects 1) debt to EBITDA will remain under
8x; 2) liquidity improvement with free cash flow trending towards
break-even; and 3) revenue growth and margin expansion,
demonstrating progress on improving operational efficiency.

CentralSquare's ratings could be downgraded (all metrics Moody's
adjusted) if 1) liquidity deteriorates further and the risk of
default increases; 2) ongoing operational challenges or increased
competitive pressure result in lower than anticipated revenue
growth or profitability, adding uncertainty to the company's
deleveraging capacity or ability to sustain positive free cash
flow; 3) the recessionary environment caused by COVID-19
deteriorates, extending the expected timeline to return to
break-even free cash flow; or 4) aggressive financial policies and
debt-funded M&A contribute to incremental leverage.

CentralSquare is a software provider serving the specialized needs
of the small and medium-sized enterprise segment of North American
local governments, public safety agencies, universities, research
foundations and non-profits. The public safety segment provides
computer aided dispatch, records management, jail management and
justice systems to streamline communication between multiple
agencies; the public administration segment provides finance, human
resources, community development, work management and utility
billing systems to enable citizen engagement and local government
operations. The company was formed in 2018 as a combination of
TriTech, Zuercher, Superion and the public sector and healthcare
business of Aptean. It is controlled equally by private equity
owners Bain and Vista. The company generated $414 million of
revenue in fiscal year 2019.

The principal methodology used in these ratings was Software
Industry published in August 2018.


CENTURY ALUMINUM: Glencore Entities Report 42.9% Equity Stake
-------------------------------------------------------------
Glencore International AG, Glencore plc, and Glencore AG reported
in an amended Schedule 13D filed with the Securities and Exchange
Commission that as of June 18, 2020, they beneficially own
38,391,838 shares of common stock of Century Aluminum Company,
which represents 42.9 percent of the shares outstanding.  The
beneficial ownership percentage reported is based upon 89,460,965
shares of Common Stock outstanding as of April 30, 2020, based on
the Company's quarterly report on Form 10-Q filed with the SEC on
May 4, 2020.

The shares of Common Stock beneficially owned by the Reporting
Persons (other than the Specified Shares or an equivalent number of
shares) are held directly by Glencore AG.  The shares reported as
beneficially owned by the Reporting Persons: (i) do not include the
6,614,109 shares of Common Stock issuable upon conversion of the
66,141.09 Series A Preferred Shares held directly by Glencore AG
that are convertible (A) upon the occurrence of events that have
not transpired, or (B) in circumstances that would not result in an
increase in the percentage of shares of Common Stock beneficially
owned by the Reporting Persons, and (ii) include 27,500,000 shares
of Common Stock which the Reporting Persons are deemed to
beneficially own by virtue of (x) having the right to acquire
directly under the presently exercisable Century Call Option and
indirectly under the presently exercisable Givolon Call Option a
number of shares of Common Stock equivalent to the Specified Shares
and (y) having the right to vote and direct the voting of the
Specified Shares.

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

                      https://is.gd/vgCeKD

                About Century Aluminum Company

Century Aluminum Company -- http://www.centuryaluminum.com/-- is a
global producer of primary aluminum and operates aluminum reduction
facilities, or "smelters," in the United States and Iceland.   

The Company reported a net loss of $80.8 million for the year ended
Dec. 31, 2019, compared to a net loss of $66.2 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $1.59
billion in total assets, $284.9 million in total current
liabilities, $632.4 million in total noncurrent liabilities, and
$673.8 million in total shareholders' equity.

                           *   *   *

As reported by the TCR on April 17, 2020, Moody's Investors Service
downgraded the Corporate Family Rating of Century Aluminum Company
to Caa1 from B3.  "The ratings downgrade reflects Moody's
expectations of further deterioration in Century's credit profile
due to the impact of the coronavirus outbreak on the global
aluminum demand, prices and regional premiums, which have declined
materially since the beginning of 2020," said Botir Sharipov, vice
president and lead analyst for Century Aluminum.

Also in April 2020, S&P Global Ratings lowered its issuer credit
rating on Chicago-based aluminum producer Century Aluminum Co. to
'CCC+' from 'B-' and its issue-level rating to 'B-'.  "We believe
the outbreak of COVID-19 is materially hindering capital market
accessibility and the risk of weak aluminum prices persisting might
make it more challenging for Century to refinance its debt. In the
next six to 12 months as the bond maturity gets closer and
Century's quarterly cash flow begins to reflect weaker aluminum
prices, we expect it could experience a potential liquidity
shortfall," S&P said.


CENTURY ALUMINUM: Launches Cash Tender Offer for 7.5% Senior Notes
------------------------------------------------------------------
Century Aluminum Company has commenced a cash tender offer to
purchase any and all of Century's 7.500% Senior Secured Notes due
2021.  The Tender Offer is being made pursuant to an Offer to
Purchase dated June 18, 2020 and the related Notice of Guaranteed
Delivery.

The Tender Offer will expire at 5:00 p.m., New York City time, on
June 26, 2020 unless extended or earlier terminated.  Tenders of
the Notes may be withdrawn at any time at or prior to 5:00 p.m.,
New York City time, on June 26, 2020, unless extended or earlier
terminated, but may not be withdrawn thereafter.

The Tender Offer is being undertaken to refinance the Notes with
longer maturity financing.

The consideration for each $1,000 principal amount of Notes validly
tendered, not validly withdrawn and accepted for purchase will be
as set forth below under "Tender Offer Consideration."  In
addition, all holders of Notes accepted for purchase will receive
accrued and unpaid interest on such Notes from the last interest
payment date up to, but not including, the Settlement Date (which
is expected to be July 1, 2020).

Title of Notes: 7.500% Senior Secured Notes due 2021

CUSIP No./ISIN (144A): 156431AK4/US156431AK47

CUSIP No./ISIN (Reg S): U1565PAC0/USU1565PAC06

Principal Amount Outstanding: $250,000,000

Tender Offer Consideration: $1,000.00

The Tender Offer is not conditioned on any minimum amount of Notes
being tendered.  However, Century's obligation to accept for
purchase and to pay for the Notes in the Tender Offer is subject to
the satisfaction or waiver of a number of conditions, including
Century's completion of a financing transaction, on terms
satisfactory to Century, pursuant to which Century receives net
proceeds in an amount sufficient to pay, together with available
cash on hand, the aggregate Tender Offer Consideration with respect
to the Notes accepted for purchase in the Tender Offer, the
aggregate redemption price of any Notes outstanding following the
completion of the Tender Offer and fees and expenses associated
with the Tender Offer.  Following consummation of the Tender Offer,
Notes that are purchased pursuant to the Tender Offer will be
retired and cancelled and no longer remain outstanding obligations.
Century reserves the right, subject to applicable law, to (i)
waive any and all conditions to the Tender Offer, (ii) extend or
terminate the Tender Offer or (iii) otherwise amend the Tender
Offer in any respect.

With respect to the payment for the Notes that are validly
tendered, that are not validly withdrawn and that are accepted for
purchase, including those tendered pursuant to the guaranteed
delivery procedures described in the Offer to Purchase, payment
will be made on the Settlement Date.  It is anticipated that the
Settlement Date for the Notes will be July 1, 2020, the third
business day after the Expiration Time.  Accrued interest will
cease to accrue on the Settlement Date for all Notes accepted for
purchase in the Tender Offer, including Notes accepted for purchase
that have been tendered pursuant to the guaranteed delivery
procedures described in the Offer to Purchase.  Under no
circumstances will additional interest accrue or be payable by
Century with respect to the Notes from or after the Settlement
Date, whether by reason of any delay of guaranteed delivery or
otherwise.

On or about the Settlement Date, Century expects to issue a notice
calling for the redemption on July 31, 2020 of any Notes not
purchased upon completion of the Tender Offer.  The Redemption will
be made under and in accordance with the indenture governing the
Notes.  The redemption price will be equal to 100.00% of the
principal amount of the Notes redeemed plus accrued and unpaid
interest to, but excluding, the redemption date as provided in the
indenture.  Notwithstanding such redemption notice, Notes that are
validly tendered, not validly withdrawn and accepted for purchase
in the Tender Offer will be purchased under the Tender Offer.

None of Century, its subsidiaries or its affiliates, its or their
respective boards of directors, officers or employees, the dealer
manager, the tender agent and information agent or the trustee for
the Notes makes any recommendation that holders tender or refrain
from tendering all or any portion of the principal amount of their
Notes, and no one has been authorized by Century or any of them to
make such a recommendation.  Holders must make their own decisions
as to whether to tender their Notes, and, if so, the principal
amount of Notes to tender.

All of the Notes are held in book-entry form.  Any beneficial owner
whose Notes are held in book-entry form through a custodian bank,
broker, dealer, commercial bank, trust company or other nominee and
who wishes to tender their Notes should contact such custodian
bank, broker, dealer, commercial bank, trust company or other
nominee promptly and instruct such nominee to submit instructions
on such beneficial owner's behalf.  In some cases, the custodian
bank, broker, dealer, commercial bank, trust company or other
nominee may request submission of such instructions on a beneficial
owner's instruction form.

Century has retained Credit Suisse Securities (USA) LLC to serve as
dealer manager for the Tender Offer, and D.F. King & Co., Inc. to
act as the tender agent and information agent in respect of the
Tender Offer.

For additional information regarding the terms of the Tender Offer,
please contact Credit Suisse Securities (USA) LLC at (212) 325-6340
or toll free at (800) 820-1653.  Copies of the Offer to Purchase
and the Notice of Guaranteed Delivery may be obtained be obtained
online at http://www.dfking.com/cacor by contacting D.F. King &
Co., Inc. at (212) 269-5550, toll free at (877) 283-0318 or
cac@dfking.com.

                 About Century Aluminum Company

Century Aluminum Company -- http://www.centuryaluminum.com/-- is a
global producer of primary aluminum and operates aluminum reduction
facilities, or "smelters," in the United States and Iceland.   

The Company reported a net loss of $80.8 million for the year ended
Dec. 31, 2019, compared to a net loss of $66.2 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $1.59
billion in total assets, $284.9 million in total current
liabilities, $632.4 million in total noncurrent liabilities, and
$673.8 million in total shareholders' equity.

                           *   *   *

As reported by the TCR on April 17, 2020, Moody's Investors Service
downgraded the Corporate Family Rating of Century Aluminum Company
to Caa1 from B3.  "The ratings downgrade reflects Moody's
expectations of further deterioration in Century's credit profile
due to the impact of the coronavirus outbreak on the global
aluminum demand, prices and regional premiums, which have declined
materially since the beginning of 2020," said Botir Sharipov, vice
president and lead analyst for Century Aluminum.

Also in April 2020, S&P Global Ratings lowered its issuer credit
rating on Chicago-based aluminum producer Century Aluminum Co. to
'CCC+' from 'B-' and its issue-level rating to 'B-'.  "We believe
the outbreak of COVID-19 is materially hindering capital market
accessibility and the risk of weak aluminum prices persisting might
make it more challenging for Century to refinance its debt. In the
next six to 12 months as the bond maturity gets closer and
Century's quarterly cash flow begins to reflect weaker aluminum
prices, we expect it could experience a potential liquidity
shortfall," S&P said.


CENTURY ALUMINUM: Prices $250-Mil. Senior Secured Notes Offering
----------------------------------------------------------------
Century Aluminum Company announced the pricing of its private
offering of $250,000,000 aggregate principal amount of senior
secured notes due 2025.  The New Notes will be issued at a price
equal to 99.0% of their face value.  The New Notes will pay
interest semi-annually in arrears on January 1 and July 1 of each
year, beginning on Jan. 1, 2021, at a rate of (i) 10.00% per annum
in cash and (ii) 2.00% per annum in the form of additional notes or
in cash, at Century's option.  The New Notes will mature on July 1,
2025, unless earlier redeemed or repurchased.  The sale of the New
Notes is expected to close on July 1, 2020, subject to customary
closing conditions.

Net proceeds from the sale of the New Notes, together with
available cash on hand, will be used to finance the purchase of any
and all of Century's $250,000,000 outstanding principal amount of
7.50% Senior Secured Notes due 2021 pursuant to Century's
previously announced cash tender offer for the Existing Notes and
the redemption of any Existing Notes not acquired in the Tender
Offer.

The New Notes have been offered and are being sold to qualified
institutional buyers in reliance on Rule 144A under the Securities
Act of 1933, to certain non-U.S. persons in transactions outside
the United States in reliance on Regulation S under the Securities
Act, and to certain institutional accredited investors in exempt
transactions under the Securities Act.  The New Notes have not been
and will not be registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

                   About Century Aluminum Company

Century Aluminum Company -- http://www.centuryaluminum.com-- is a
global producer of primary aluminum and operates aluminum reduction
facilities, or "smelters," in the United States and Iceland.   

The Company reported a net loss of $80.8 million for the year ended
Dec. 31, 2019, compared to a net loss of $66.2 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $1.59
billion in total assets, $284.9 million in total current
liabilities, $632.4 million in total noncurrent liabilities, and
$673.8 million in total shareholders' equity.

                           *   *   *

As reported by the TCR on April 17, 2020, Moody's Investors Service
downgraded the Corporate Family Rating of Century Aluminum Company
to Caa1 from B3.  "The ratings downgrade reflects Moody's
expectations of further deterioration in Century's credit profile
due to the impact of the coronavirus outbreak on the global
aluminum demand, prices and regional premiums, which have declined
materially since the beginning of 2020," said Botir Sharipov, vice
president and lead analyst for Century Aluminum.

Also in April 2020, S&P Global Ratings lowered its issuer credit
rating on Chicago-based aluminum producer Century Aluminum Co. to
'CCC+' from 'B-' and its issue-level rating to 'B-'.  "We believe
the outbreak of COVID-19 is materially hindering capital market
accessibility and the risk of weak aluminum prices persisting might
make it more challenging for Century to refinance its debt. In the
next six to 12 months as the bond maturity gets closer and
Century's quarterly cash flow begins to reflect weaker aluminum
prices, we expect it could experience a potential liquidity
shortfall," S&P said.


CFO MANAGEMENT: Trustee's Plan Mulls Substantive Consolidation
--------------------------------------------------------------
The Trustee of CFO Management Holdings, LLC, submitted a Disclosure
Statement under 11 U.S.C. Sec. 1125 in support of his proposed
Second Amended Plan of Liquidation for the Debtor.

Investor Claims include claims based on an unsecured promissory
note issued by an entity with a similar name to a Subsidiary Debtor
or a Non-Debtor Consolidated Entity provided that the funds
provided in exchange for such note were transferred to a Subsidiary
Debtor or Non-Debtor Consolidated Entity.  This is because, it is
the Trustee's understanding and belief that, in many instances,
promissory notes were issued in the names of similarly named
entities instead of the applicable Debtor entity involved, even
though such funds were ultimately transferred to that or another
Debtor entity.

Based on the Trustee's review of Debtor-related records and upon
information and belief, the Trustee believes that funds of
investors in the Subsidiary Debtors were commingled among the
entities or used for other purposes entirely.  Funds were regularly
moved between accounts to fund specific real estate projects as
needed and without corporate formalities and book notations.  For
these and related reasons, on July 19, 2019, the Trustee filed a
motion seeking to have CFO Management and the Subsidiary Debtors
substantively consolidated for all purposes, including the
consolidation of assets and liabilities, the solicitation of
acceptance of a plan, and distributions to creditors.  

On August 15, 2019, the Bankruptcy Court entered an order
substantively consolidating CFO Management and the Subsidiary
Debtors and their estates for all purposes under the name and case
of, debtor CFO Management.  See Docket No. 248.  Based on the same
reasons the Trustee pursued the substantive consolidation of the
Subsidiary Debtors with CFO Management, the Plan also proposes and
provides for the possibility of the substantive consolidation of
additional, non-debtor entities.

Non-Debtor Consolidated Entities

The Plan contemplates the possibility of substantively
consolidating additional entities with the CFO Management Holdings,
LLC, beyond those consolidated previously in this case.  Any and
each Non-Debtor Consolidated Entity sought to be substantively
consolidated by the Plan or by separate motion prior to the
Confirmation Date is similarly situated to the Subsidiary Debtors
and it is the Trustee's belief that the circumstances regarding
such entities warrant their consolidation with CFO Management
Holdings, LLC for the same reasons articulated in the motion
[Docket No. 231] that resulted in the previous substantive
consolidations.

The Plan specifically provides for the substantive consolidation of
Texas Cash Cow Investments, Inc. (or the deemed consolidation of
such entity, given its status as a terminated entity).  As an
entity used by the Phillip Carter business enterprise for the
receipt of Investor funds prior to the primary use of Subsidiary
Debtor North-Forty Development, LLC for such purpose, several
Investors received promissory notes in the name of Texas Cash Cow
Investments, Inc. (or a similarly named entity).  Under the Plan,
Claims based on such notes are provided the same treatment as other
Investor Claims, and, on the Confirmation Date, Texas Cash Cow
Investments would be substantively consolidated with CFO Management
Holdings for all purposes and all of its assets and liabilities
will be merged into that of the consolidated Debtor.  To the extent
that substantive consolidation is not appropriate given its status
as a terminated entity, Texas Cash Cow Investments, Inc. will be
deemed to be consolidated with CFO Management and as part of the
Debtor for all Plan purposes and, specifically, all Investor Claims
against Texas Cash Cow Investments, Inc. will be deemed as Claims
against the consolidated Debtor for all purposes of the Plan.   

While the creditors of Texas Cash Cow Investments, Inc. and any
other Non-Debtor Consolidated Entity are largely identical (if not
identical) to the creditors of CFO Management Holdings, LLC, as
consolidated, any creditor of a Non-Debtor Consolidated Entity who
had not previously received notice and opportunity to file a Claim
in the Chapter 11 Case would be permitted to file a Claim in
accordance with the same timeline and procedures provided in
Article 2.1 of the Plan for the filing of Administrative Claims.

A full-text copy of the Disclosure Statement dated May 27, 2020, is
available at https://tinyurl.com/ybkly3pf from PacerMonitor.com at
no charge.

Counsel to Chapter 11 Trustee David Wallace:

     Judith W. Ross
     Frances A. Smith
     Eric Soderlund
     Jessica L. Voyce Lewis, State Bar No. 24060956
     Ross & Smith, PC
     700 N. Pearl Street, Suite 1610
     Dallas, Texas 75201
     Telephone: 214-377-7879
     Facsimile: 214-377-9409
     E-mail: judith.ross@judithwross.com  
             frances.smith@judithwross.com  
             eric.soderlund@judithwross.com  
             jessica.lewis@judithwross.com

                     About CFO Management

CFO Management Holdings, LLC, through its subsidiaries, engages in
developing and selling residential and commercial real estate in
Collin County, Texas, and owns and manages a wild game ranch in
Southern Oklahoma.  The subsidiaries are Carter Family Office, LLC,
Christian Custom Homes, LLC, Double Droptine Ranch, LLC, Frisco
Wade Crossing Partners, LLC, Kingswood Development Partners, LLC,
McKinney Executive Suites at Crescent Parc Development Partners,
LLC, North-Forty Development LLC, and West Main Station
Development, LLC.

CFO Management Holdings and its subsidiaries sought Chapter 11
protection (Bankr. E.D. Tex. Case No. Lead Case No. 19-40426) on
Feb. 17, 2019.  In the petition signed by CRO Lawrence Perkins, CFO
Management was estimated to have $50 million to $100 million in
both assets and liabilities.  Annmarie Chiarello, Esq. and Joseph
J. Wielebinski Jr., Esq., at Winstead PC, serve as the Debtor's
bankruptcy counsel.

The Office of the U.S. Trustee appointed an official committee of
unsecured creditors on March 4, 2019.  The Committee is represented
by Singer & Levick PC as its legal counsel.

David Wallace was appointed as Chapter 11 trustee for the Debtors'
estates on April 10, 2019.


CLARE OAKS: Mintz, Levin Represents UMB Bank, 2 Others
------------------------------------------------------
In the Chapter 11 cases of Clare Oaks, the law firm of Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C. submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the following
creditors and parties:

   a. UMB Bank, N.A., as bond trustee and master trustee with
      respect to the following bonds: (i) $14,000,000 Revenue
      Bonds, Series 2012A (Clare Oaks) (consisting of the
      subseries Series 2012A-1 Bonds through the Series 2012A-3
      Bonds), (ii) $39,991,094 Subordinated Revenue Refunding
      Bonds, Series 2012B (Clare Oaks), and (iii) $35,008,974
      Subordinated Revenue Refunding Bonds, Series 2012C (Clare
      Oaks) (consisting of the subseries Series 2012C-1 Bonds
      through the Series 2012C-3 Bonds);

   b. Lapis Advisers, LP as holder of certain Bonds; provided,
      however, Lapis has retained separate counsel in connection
      with its offer to purchase the Debtor's assets under a plan
      of reorganization; and

   c. Amundi Pioneer Asset Management, Inc. as holder of certain
      Bonds.

UMB, serves as the bond trustee and the master trustee with respect
to the Bonds. Further information with respect to the nature and
amount of the claim of the Bond Trustee is set forth in the proof
of claim filed by the Bond Trustee (Claim Number 77) in this case.
The address of the Bond Trustee is as follows: UMB Bank, N.A., as
Trustee, c/o Michael G. Slade, 120 South Sixth Street, Suite 1400,
Minneapolis, MN 55402. Mintz represents UMB generally in the above
captioned chapter 11 case.

Lapis is the asset manager for funds holding certain Bonds. As of
the date of this statement, Lapis through its managed funds holds
par value $54,760,823 of the Bonds. Lapis acquired its economic
interests in the Bonds less than one year before the Debtor filed
its chapter 11 petition on June 11, 2019, including (a) $24,217,093
in the fourth quarter of 2018, and (b) $30,543,730 in the fourth
quarter of 2019. The address of Lapis is as follows: Lapis
Advisers, LP, 265 Magnolia Avenue, Suite 100, Larkspur, CA 94939.

Pioneer is the asset manager for funds holding certain Bonds. As of
the date of this statement, Pioneer through its managed funds holds
par value $13,099,162 of the Bonds. Pioneer acquired its economic
interests in the Bonds greater than one year before the Petition
Date. The address of Pioneer is as follows: Amundi Pioneer Asset
Management, Inc., 60 State Street, Boston, MA 02109.

The Clients are aware of and have consented to their
contemporaneous representation by Mintz in these bankruptcy
proceedings as set forth herein. Mintz is not currently aware of
any prepetition claims of Mintz against the Debtor.

Nothing contained herein is with prejudice to any right, remedy, or
claim of the Clients or otherwise and all such rights are expressly
preserved.

Mintz reserves its right to supplement or amend this statement.

Counsel for the Clients can be reached at:

          MINTZ, LEVIN, COHN, FERRIS, GLOVSKY and POPEO, P.C.
          Adrienne K. Walker, Esq.
          One Financial Center
          Boston, MA 02111
          Tel: (617) 542-6000
          Fax: (617) 542-2241
          Email: awalker@mintz.com

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

                    About Clare Oaks

Clare Oaks -- https://www.clareoaks.com/ -- is a not-for-profit
corporation that operates a continuing care retirement community.
Its facilities and services include independent living, assisted
living, skilled nursing, rehabilitation, and memory care services.

It previously sought bankruptcy protection (Bankr. N.D. Ill. Case
No. 11-48903) on Dec. 5, 2011 .

Clare Oaks sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ill. Case No. 19-16708) on June 11, 2019.  

At the time of the filing, the Debtor estimated assets of between
$10 million and $50 million and liabilities of between $100 million
and $500 million.  

Judge Donald R. Cassling oversees the case.

The Debtor tapped Polsinelli PC as legal counsel; Solic Capital
Advisors LLC as financial advisor; and Stretto LLC as claims and
balloting agent and as administrative advisor.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on June 28, 2019.  The
committee tapped Perkins Coie, LLP as its legal counsel.


CLOUD PEAK: 8 Surety Firms Lose Bid to Block Chapter 11 Fees
------------------------------------------------------------
Law360 reports that a Delaware bankruptcy judge  approved a request
by Cloud Peak Energy to pay $26 million in fees to its Chapter 11
professionals over objections by insurers insisting $280 million in
surety bond claims should get equal priority.  U.S. Bankruptcy
Judge Christopher S. Sontchi approved the request over an objection
by eight insurance companies including North American Specialty
Insurance Co., Arch Insurance Co. and Aspen American Insurance Co.,
which argued the motion unfairly favored the professionals over
their own administrative claims.

                 About Cloud Peak Energy Inc.

Cloud Peak Energy Inc. (OTC:CLDPQ)--http://www.cloudpeakenergy.com/
-- is a coal producer headquartered in Gillette, Wyo. It mines low
sulfur, subbituminous coal and provides logistics supply services.
Cloud Peak owns and operates three surface coal mines and owns
rights to undeveloped coal and complementary surface assets in the
Powder River Basin. It is a sustainable fuel supplier for
approximately two percent of the nation's electricity.

Cloud Peak Energy and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
19-11047) on May 10, 2019. The Debtors disclosed $928,656,000 in
assets and $634,982,000 in liabilities as of the bankruptcy
filing.

The cases are assigned to Judge Kevin Gross.

The Debtors tapped Vinson & Elkins LLP as lead counsel; Richards,
Layton & Finger, P.A., as local counsel; Centerview Partners LLC as
investment banker; FTI Consulting Inc. as operational advisor; and
Prime Clerk LLC as claims and noticing agent.


COMSTOCK RESOURCES: S&P Rates Unsecured Debt Offering 'CCC+'
------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level and '3' recovery
rating to Comstock Resources Inc.'s proposed issuance of $400
million of senior unsecured debt. The '3' recovery rating indicates
S&P's expectation of meaningful (50%-70%; rounded estimate: 50%)
recovery to creditors in the event of a payment default.

S&P is also placing all of its ratings, including the 'CCC+' issuer
credit rating, on CreditWatch with positive implications.

The CreditWatch placement reflects the possibility of an upgrade
following the close and funding of Comstock Resources' unsecured
notes offering. The debt issuance would significantly improve
Comstock's liquidity position, with pro forma revolver borrowings
reduced to around $870 million (or less, if the deal is upsized),
which equates to a 62% draw on the $1.4 billion borrowing base. At
quarter end, RBL availability was limited to just $150 million
(with almost 90% of the revolver drawn) following the spring
redetermination process, which resulted in a borrowing base
reduction to $1.4 billion from $1.575 billion. S&P's assessment of
financial leverage also improved following the successful
completion of a recent common stock offering that netted
approximately $197 million, which was used along with cash on hand
to redeem $210 million of series A convertible preferred stock.

"If the notes offering closes and funds without material
unfavorable changes to the proposed terms, we may raise our rating
on Comstock to reflect its improved liquidity position, lower
leverage, and our expectation that significant free cash flow
generation will enable the company to further reduce revolver
borrowings over the next two years. We expect a potential upgrade
would be limited to one notch," S&P said.


CREATIVE HAIRDRESSERS: Meyers Represents Multiple Parties
---------------------------------------------------------
In the Chapter 11 cases of Creative Hairdressers, Inc., the law
firm of Meyers, Rodbell & Rosenbaum, P.A. submitted a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure, to disclose that it is representing the following
creditors:

Prince George's County, Maryland
14721 Gov. Oden Bowie Drive
Upper Marlboro, Maryland 20772

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $1,475.89)
  Account No. 3340312

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $1,188.49)
  Account No. 3835808

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $771.48)
  Account No. 2677664

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $688.83)
  Account No. 2677672

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $600.78)
  Account No. 2690915

Charles County, Maryland
P.O. Box 2607
La Plata, Maryland 20646

* Statutory First Priority Lien
  Fiscal Year 2021
  Personal Property Taxes (Est. $1,266.76)
  Account No. F00688283

Counsel for Prince George's County, MD can be reached at:

          MEYERS, RODBELL & ROSENBAUM, P.A.
          Nicole C. Kenworthy, Esq.
          6801 Kenilworth Avenue, Suite 400
          Riverdale Park, MD 20737
          Tel: (301) 699-5800
          Email: bdept@mrrlaw.net

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/ZiT1lQ

                    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: Taps Littler Mendelson as Special Counsel
----------------------------------------------------------------
Creative Hairdressers and Ratner Companies, L.C. seek approval from
the U.S. Bankruptcy Court for the District of Maryland to employ
Littler Mendelson, P.C. as special counsel.

Littler Mendelson will provide legal services related to labor and
employment issues.  The firm will be paid at hourly rates as
follows:

     Bruce Millman    Shareholder   $910
     Robert C. Long   Shareholder   $995
     Paul Kennedy     Shareholder   $830
     Steve Friedman   Shareholder   $930
     Shawn Clark      Associate     $540
     Conor Kelly      Associate     $425

Paul Kennedy, Esq., shareholder of Littler Mendelson, assured the
court that the firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

Littler can be reached at:

     Paul Kennedy, Esq.
     Littler Mendelson, P.C.
     815 Connecticut Avenue NW, Suite 400
     Washington, DC 20006
     Phone: (202) 842-3400
     Fax: (202) 842-0011

                    About Creative Hairdressers

Creative Hairdressers, Inc. operates over 750 salons nationwide
under the trade names Hair Cuttery, BUBBLES, and Salon Cielo. The
company began in 1974 to create a quality whole-family salon where
stylists could make a good living.  Visit http://www.ratnerco.com/


Creative Hairdressers and Ratner Companies, L.C. sought Chapter 11
protection (Bankr. D. Md. Lead Case No. 20-14583) on April 23,
2020.  Creative Hairdressers was estimated to have $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.

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


CUMULUS MEDIA: FCC Approves Complete Foreign Ownership
------------------------------------------------------
Adam Jacobson, writing for RVR TVBR, reports that Cumulus Media
obtains the approval of the Federal Communications Commission to
allow the non-U.S. ownership of the company.

In May 2019, a reconstituted post-bankruptcy Cumulus Media sought
the FCC's approval to allow non-U.S. persons or entities to hold up
to 100% of its voting stock and capital stock generally in the
future.

On May 29, 2020, the Commission said yes.

In doing so, it granted a petition for declaratory ruling under
Section 310(b)(4) of the Act, formally entered as MB Docket No.
19-143.

While the petition was filed in connection with its joint
reorganization, and emergence from Chapter 11 bankruptcy
protection, the request for greater foreign ownership in Cumulus
dates to July 19, 2018. Going beyond the 25% foreign ownership
limitations of the Commission was sought, with 100% control by a
non-U.S. citizen or business requested.

Cumulus' petition was unopposed, and Audio Division Chief Al
Shuldiner believes granting the request is in the public interest.

Further, Shuldiner believes the capability of achieving 100%
foreign ownership will allow Cumulus "to be in a stronger financial
condition post-bankruptcy and provide the company greater
flexibility to access foreign investment capital, thereby allowing
Cumulus to better compete with other media companies, enhance its
programming, and better serve the public interest, facilitate
foreign investment in the U.S. broadcast radio market and
potentially encourage reciprocal investment opportunities for U.S.
companies in foreign markets."

                       About Cumulus Media

Cumulus Media Inc. -- http://www.cumulus.com/-- is a radio
broadcasting company. The Company is also a provider of country
music and lifestyle content through its NASH brand, which serves
through radio programming, NASH Country Weekly magazine and live
events.

Based in Atlanta, Georgia, Cumulus Media Inc. and 36 of its
affiliates, including NY Radio Assets, LLC, and Westwood One, Inc.,
sought voluntary protection under Chapter 11 of the Bankruptcy Code
(Bankr. S.D.N.Y. Lead Case No. 17-13381) on Nov. 29, 2017.

In the petition signed by Richard Denning, senior vice president
and general counsel, the Debtors estimated assets of $1 billion to
$10 billion and estimated liabilities of $1 billion to $10
billion.

The case is assigned to Hon. Shelley C. Chapman.

The Debtors were represented by Paul M. Basta, Esq., Lewis R.
Clayton, Esq., Jacob A. Adlerstein, Esq., and Claudia R. Tobler,
Esq., at Paul, Weiss, Rifkind, Wharton & Garrison LLP, in New York.
PJT Partners LP served as the Debtors' investment banker.  Alvarez
& Marsal North America, LLC, serves as the Debtors' restructuring
advisor.  EPIQ Bankruptcy Solutions, LLC, served as the Debtors'
claims, notice and balloting agent.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on Dec. 11, 2017.  The Committee tapped Akin
Gump Strauss Hauer & Feld LLP as its legal counsel, and Moelis &
Company LLC as its financial advisor.

Cumulus Media (PINK: CMIA) said June 4, 2018, it has successfully
completed its financial restructuring and emerged from Chapter 11
having reduced its debt by more than $1 billion. The Company plans
to utilize its enhanced financial flexibility to continue its
ongoing business transformation and drive value creation on behalf
of all its stakeholders.


DANA INC: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '5' recovery
rating to Dana Inc.'s proposed $400 million senior unsecured notes
and placed the issue-level rating on CreditWatch with negative
implications. The '5' recovery rating indicates S&P's expectation
for modest (10%-30%; rounded estimate: 20%) recovery in the event
of a default. S&P's ratings on Dana's existing senior unsecured
debt remain unchanged.

At the same time, S&P raised its issue-level rating on the
company's term loan B to 'BBB-' from 'BB+' and revised its recovery
rating to '1' from '2'. The '1' recovery rating indicates S&P's
expectation for very high (90%-100%; rounded estimate: 90%)
recovery in the event of a payment default. The issue-level rating
remains on CreditWatch, where S&P placed it with negative
implications on March 26, 2020. This action follows Dana's removal
of a $500 million senior secured bridge, which it replaced with
$400 million of senior unsecured notes.

"Our issuer credit rating on Dana remains unchanged because the
transaction is mostly leverage neutral. The company will use the
proceeds from the notes for general corporate purposes, including
to increase its liquidity and--potentially--pay down its revolver
borrowings. All of our ratings on Dana remain on CreditWatch with
negative implications," S&P said.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P values the company on a going-concern basis using a 5x
multiple of teh rating agency's projected emergence EBITDA.

-- S&P estimates that for the company to default its EBITDA would
need to decline significantly, which would represent a material
deterioration from the current state of its business.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: $448 million
-- EBITDA multiple: 5x

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $2.0
billion
-- Valuation split (obligors/nonobligors): 30%/70%
-- Total value available to secured claims: $1.46 billion
-- Recovery expectations: 90%-100% (rounded estimate: 90%)
-- Total value available to unsecured claims: $475 million
-- Senior unsecured debt and pari passu claims: $2.1 billion
-- Recovery expectations: 10%-30% (rounded estimate: 20%)

Note: All debt amounts include six months of prepetition interest.
Collateral value equals asset pledge from obligors after priority
claims plus equity pledge from nonobligors after nonobligor debt.


EASTMAN KODAK: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Rochester, N.Y.???based
Eastman Kodak Co. (Kodak) to negative from stable and affirmed the
'CCC+' issuer credit rating on the company.

Kodak has $100 million of senior secured convertible notes and $200
million of preferred stock both due in November 2021. Kodak had
balance sheet cash of $209 million as of March 2020, and the
company has only $17 million of availability on its asset-based
lending (ABL) credit facility, which expires in May 2021.

"Considering the firm's persistent negative free cash flow and low
balance sheet cash, we do not believe the company will have
sufficient liquidity to meet its financial obligations absent
refinancing or a maturity extension, in spite of recent efforts to
reduce expenses and refocus the firm's operations on core business
areas. In our view, Kodak's capital structure is unsustainable,"
S&P said.

"We expect that Kodak will continue to struggle to improve
profitability in its core businesses and that EBITDA and free cash
flow will be negative for calendar year 2020. Although Kodak has
been restructuring its business and exploring areas for further
cost reduction in 2019 and 2020, we think a return to positive
EBITDA and free cash flow on a sustainable basis is unlikely over
the next 12 months and that the marketplace remains extremely
competitive for Kodak. In addition, we believe the uncertainties
related to Kodak's core operations raises questions about the
long-term sustainability of its capital structure," the rating
agency said.

The negative outlook reflects S&P's view that Eastman Kodak's
current capital structure is unsustainable due to heightened
refinancing risk, particularly with respect to its convertible
notes and preferred stock, both due November 2021. As a result, S&P
believes Kodak is subject to increased risk of default within the
next 12 months.

"We could lower the rating to 'CCC' if it becomes clear that Kodak
will not be able to refinance to meet its 2021 debt obligations,
increasing the risk the company will default within 12 months," S&P
said.

"We could revise the outlook to stable if Kodak is able to
successfully refinance or extend the maturities within the next six
months. An upgrade is unlikely over the next 12 months because we
expect ongoing pressure on EBITDA/free cash flow growth. Over the
longer term, we would primarily look to sustainable positive free
cash flow generation and stable revenues as conducive to a 'B-'
rating," the rating agency said.



ELITE INVESTMENT: Trustee Taps Steven Skarphol as Real Estate Agent
-------------------------------------------------------------------
Eric Haley, the Chapter 11 trustee for Elite Investment Properties,
LLC, received approval from the U.S. Bankruptcy Court for the
District of Arizona to hire Steven Skarphol, PLLC as its real
estate agent.

The firm will assist the trustee in the sale of Debtor's real
property located at 6736 West Carson Road, Phoenix, Ariz.  

The firm will get a 6 percent commission on the total sales price.

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


The firm can be reached through:

     Steven Skarphol
     Steven Skarphol PLLC
     8388 E Hartford Dr #100
     Scottsdale, AZ 85255
     Phone: +1 602-317-5164

                 About Elite Investment Properties

Elite Investment Properties, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00135) on Jan.
6, 2020. At the time of the filing, Debtor was estimated to have
assets of between $50,001 and $100,000 and liabilities of between
$500,001 and $1 million.  Judge Paul Sala oversees the case.
Debtor is represented by Bankruptcy Legal Center (TM).


[Redacted]


EQM MIDSTREAM: S&P Rates Senior Unsecured Notes 'BB-'
-----------------------------------------------------
S&P Global Ratings assigned its 'BB-' rating to EQM Midstream
Partners L.P.'s (EQM) senior unsecured notes due in both 2025 and
2027. The company will use the proceeds to repay revolving credit
facility borrowings, and as a result total indebtedness and credit
metrics are not affected. The recovery rating is '3'. The 'BB-'
issuer credit rating and negative outlook are unaffected.

In an unrelated announcement on June 11, 2020, Mountain Valley
Pipeline LLC said it now expects the Mountain Valley Pipeline
(MVP), of which EQM is about 45% owner, to be in service in early
2021 rather than year-end 2020; the company cited judicial
decisions and regulatory changes for the delay, and said the total
project cost could increase about 5% above the $5.4 billion
estimate.

Cash flow expectations from MVP are a key driver of the rating on
EQM.

"We continue to assume under our base case that the pipeline
becomes operational in the first quarter of 2021. The updated
timeline now aligns with our expectations and the announced delay
does not affect our forecast credit metrics, therefore we are not
changing the issuer credit rating or outlook. We expect the
additional capital costs, which could translate to roughly $200
million for EQM, will have an immaterial effect on credit metrics
over the next two years." EQM has worked to reduce its capital
expenditures by shifting capital out of 2020 and the company's
capital expenditure needs have also lessened as a result of the
company's new gathering agreement with EQT Corp.," S&P said.

Significant further delays or pipeline cost overruns could affect
EQM's rating in the future. S&P expects leverage to decline sharply
in 2021 based on MVP's additional cash flows and an expected
one-time cash distribution that should coincide with the pipeline's
long-term financing. The negative outlook on EQM captures both the
risk of significant delays and cost overruns at MVP and its
exposure to EQT, which is its main customer and contributes roughly
70% of its revenue. The outlook on EQT is negative while market
conditions remain challenging for gas producers.

  Ratings List

  New Rating

  EQM Midstream Partners LP
   Senior Unsecured      BB-  
    Recovery Rating      3(55%)


FARM STATION: Proposed Auction Sale of Vint Hill Assets Denied
--------------------------------------------------------------
Judge Klinette H. Kindred of the U.S. Bankruptcy Court for the
Eastern District of Virginia denied Farm Station Cafe, LLC's sale
of tangible assets, to include furniture, fixtures, equipment,
supplies, and inventory located at 7146 Farm Station Road, Vint
Hill, Virginia where it operated its catering business.

A hearing on the Motion was held on June 9, 2020.

The Debtor proposed to sell the assets free and clear of liens.

The Clerk will serve a copy of the Order on the parties listed
therein.

                    About Farm Station Cafe

Farm Station Cafe LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 20-10684) on March 3,
2020, listing under $1 million in both assets and liabilities.
John P. Forest, II, Esq., is the Debtor's legal counsel.


FARMER BROS: Potential Event of Default Casts Going Concern Doubt
-----------------------------------------------------------------
Farmer Bros. Co. filed its quarterly report on Form 10-Q,
disclosing a net loss available to common stockholders of
$39,916,000 on $129,139,000 of net sales for the three months ended
March 31, 2020, compared to a net loss available to common
stockholders of $51,883,000 on $146,679,000 of net sales for the
same period in 2019.

At March 31, 2020, the Company had total assets of $395,323,000,
total liabilities of $247,587,000, and $147,736,000 in total
stockholders' equity.

The Company said, "The COVID-19 pandemic and the related
restrictive measures such as travel bans, quarantines,
shelter-in-place orders, and shutdowns as well as changes in recent
consumer behavior, have had an adverse impact on certain of the
Company's Direct-store- delivery ("DSD") customers, particularly
restaurants, hotels, casinos and coffeehouses.  Many of these
customers have been forced to close or curtail operations, and are
purchasing at reduced volumes, if at all.  As a result, sales from
the Company's DSD customers have declined between 65% to 70% from
pre COVID-19 average sales and there is uncertainty regarding the
rate at which these customers will resume operations and purchases
as the restrictive measures are lifted.  As a result, the Company
is projecting potential violations of its financial covenants under
the Amended Revolving Facility beginning June 30, 2020, which would
place it in an event of default.  The occurrence of a default would
permit the Company's lenders to declare as due all amounts
outstanding under its Amended Credit Facility which total $122.0
million as of May 7, 2020, and currently mature on November 6,
2023.  The Company does not have sufficient cash on hand or
available liquidity that can be utilized to repay the total
outstanding debt in the event of default.  These conditions and
events raise substantial doubt about the Company's ability to
continue as a going concern."

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

                     https://is.gd/YzJ3OH

Farmer Bros. Co. is a national coffee roaster, wholesaler and
distributor of coffee, tea and culinary products manufactured under
supply agreements, under the Company's owned brands, as well as
under private labels on behalf of certain customers.



FERRELLGAS PARTNERS: S&P Downgrades ICR to 'SD' on Missed Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Kansas-based
propane distributor Ferrellgas Partners L.P. to 'SD' (selective
default) from 'CC' and its issue-level rating on its senior
unsecured notes to 'D' from 'C'.

S&P's 'CC' issuer credit rating on Ferrellgas L.P., its 'CCC'
issue-level rating on Ferrellgas L.P.'s $700 million senior secured
notes due 2025, and its 'C' issue-level rating on its $1.5 billion
senior unsecured notes due 2021-2023 remain unchanged.

The downgrade reflects Ferrellgas Partners' decision not to make
the final maturity payment on its senior unsecured notes due June
15 and its subsequent decision to enter into a forbearance
agreement with the noteholders on June 7.

Pursuant to the forbearance agreement, the debtholders agreed to
not exercise or enforce certain remedies with respect to this
nonpayment until July 31, 2020, subject to Ferrellgas' satisfaction
of certain milestones. This represents a selective default because
Ferrellgas Partners did not meet its contractual obligation to pay
the principal and interest due on the notes in a timely manner
despite S&P's expectation that it will continue to honor its other
obligations.

The negative outlook on Ferrellgas L.P. reflects S&P's view that
given its weak liquidity and unsustainable capital structure,
Ferrellgas LP will pursue an exchange or restructuring of its $1.5
billion senior notes due 2021-2023.

S&P would lower its rating on Ferrellgas LP if the partnership
defaults or completes a distressed debt exchange.

S&P could raise its rating on Ferrellgas LP if it expects it to
refinance or repay the 2021-2023 debt maturity at par.


FOODFIRST GLOBAL: $40M Sale of All Assets to GPEE Approved
----------------------------------------------------------
Judge Lori V. Vaughn of the U.S. Bankruptcy Court for the Middle
District of Florida authorized the private sale by Foodfirst Global
Restaurants, Inc. and its debtor-affiliates of at least 45 of their
restaurant locations, the associated assets, and the assumption and
assignment of certain contracts and leases, together with the real
property located at 8651 Castlecreek Parkway, Indianapolis,
Indiana, to GPEE Lender, LLC for a credit bid of up to $40 million,
pursuant to their Asset Purchase Agreement, dated April 10, 2020.

The hearing on the Motion was held on June 10, 2020 at 10:00 a.m.

The sale is free and clear of any and all Liens, with all such
Liens of any kind or nature whatsoever will attach to the net
proceeds.
The sale of the Purchased Assets, the terms and conditions of the
Purchase Agreement (including all schedules and exhibits affixed
thereto), and the Transactions are authorized and approved in all
respects.

As announced at the Hearing and as reflected in the Purchase
Agreement, the Buyer has agreed to, upon entry of the Order, escrow
with the Debtors' counsel (Shuker & Dorris, P.A.) the sum of
$500,000 to be used for payment of allowed administrative claims,
including the claims of CNB in respect of reimbursement of its
legal fees as set forth in the DIP Order.  Upon the Debtor's filing
of a motion to dismiss each of the chapter 11 cases with a list of
proposed administrative claims (to be filed no later than July 1,
2020), the Buyer will increase the sum of the Administrative Escrow
by $300,000 so that the total Administrative Escrow will be
$800,000.  

If, upon entry of an order granting said motion to dismiss and
setting forth the allowed administrative claims, the allowed amount
is in excess of $800,000, the Buyer will use the first proceeds of
the sale of the Indiana Real Property to increase the sum of the
Administrative Escrow, but in no event will the sum of the
Administrative Escrow exceed $1,050,000.  The Buyer will have six
months to sell the Indiana Real Property proceeds and remit the
required proceeds and, failing such, will increase the balance on a
date (up to the $1,050,000 cap) no later than Jan. 10, 2021.

Subject to the terms of the Purchase Agreement and the Order, the
occurrence of the Closing Date, and payment of the applicable Cure
Amount, the assumption by the Debtors of the Agreed Leases and the
sale and assignment of such Leases to the Buyer, as provided for or
contemplated by the Purchase Agreement, are authorized and
approved, effective as of the Closing Date.

These Lease Assignment Procedures, as announced at the Hearing are
approved:   

     a. Each Lease assumption and assignment is subject to
definitive documentation;

     b. Any Lease listed in the Assumed Contracts Notice with "Per
Agreement of Parties" for cure amount, may be assumed and assigned
without further court order upon the parties execution of agreed
assignment documents;

     c. Any Lease: (i) listed in the Assumed Contracts Notice with
"TBD" for cure amount; or (ii) listed as "Per Agreement of Parties"
but for which a respective written agreement is not reached by June
19, 2020, will not be assigned pursuant to this Order, nor impacted
by any of the findings therein;

     d. No later than June 19, 2020, Debtors will file a
supplemental notice containing a list of each of the Pending
Assignment Leases noting either "Per Agreement of Parties" or, for
the leases without a written agreement, a specific proposed cure
amount;

     e. Any landlord who objects to the proposed cure amount or
disagrees that an agreement has been reached, will file an
objection by no later than June 22, 2020; and

     f. All unresolved issues relating to the assumption and
assignment of Lease will be considered at a hearing on June 24,
2020 at 10:00 a.m.

The Debtors and thBuyer will provide expedited discovery responses
in advance of the Assignment Hearing and the Evidentiary Hearing.

In connection with the assumption by the Debtors and assignment to
the Buyer of any Agreed Leases pursuant to the Purchase Agreement,
(i) the agreed amounts, if any, necessary to cure all pre-petition
and post-petition monetary defaults, if any, and to pay all actual
pecuniary losses, if any, that have resulted from such defaults
under the Agreed Leases, will be paid by the Buyer based upon the
agreement of the parties to the respective Agreed Lease, and
neither the Cure Amounts paid by the Buyer nor any other expense or
obligation set forth in the Purchase Agreement will reduce,
directly or indirectly, any consideration payable to the Sellers
under the Purchase Agreement and (ii) solely with respect to
contracts that are Agreed Leases, the Debtors and the Buyer have
provided sufficient evidence adequate assurance of future
performance as of the Hearing necessary to satisfy the conditions
contained in Bankruptcy Code Sections 365(b)(1)(C) and 365(f) with
respect to such Agreed Lease.

The following provisions address the Sellers' Liquor Licenses:

     A. Possession of any and all alcohol Inventory will be
surrendered to the Buyer at the earliest of (a) immediately
following Closing where allowed by applicable law; (b) receipt by
the Buyer of authorization from the applicable Governmental Entity
where required by applicable law; or (c) receipt by the Buyer of
the applicable Liquor License.

     B. To the extent any license or permit necessary for the
operation of the Business at the Assumed Locations is not an
assumable and assignable executory contract, the Buyer and the
Debtors will cooperate reasonably with the Buyer in those efforts.
All existing licenses or permits, including but not limited to the
Liquor Licenses identified in the Purchase Agreement will remain in
place for the Buyer's benefit until either new licenses and permits
are obtained or existing licenses and permits are transferred in
accordance with applicable administrative procedures.

     C. With regard to the sale of alcohol at the premises subject
to the Agreed Leases, pursuant to the Purchase Agreement, the
Debtors and all other parties in interest will cooperate fully with
and support the Buyer in executing such applications and furnishing
such documents as are necessary for the Buyer to obtain, in its
name, a temporary new alcohol beverage license or transferred
Liquor License.  To the fullest extent allowed by applicable law,
the Buyer may continue to operate at the Assumed Locations under
existing ABC Licenses, state food service licenses, local
occupational licenses, and any other licenses needed to operate at
the premises subject to the Agreed Leases, with no interruption of
the business conducted at the premises, until the ABC Licenses and
other licenses and permits have been transferred to the Buyer, or
new alcohol beverage licenses and other licenses and permits have
been issued to the Buyer.

     D. To the maximum extent permitted by Bankruptcy Code Sections
525, no governmental unit may revoke or suspend any permit or
license, including but not limited to Liquor Licenses, relating to
the operation of the Purchased Assets sold, transferred, or
conveyed to the Buyer on account of the filing or pendency of the
Debtors' chapter 11 cases.

Notwithstanding anything to the contrary in the Motion, the
Purchase Agreement, any list of Assumed Contracts or Assumption
Notice, any document related to any of the foregoing or the Order,
(a) nothing will permit or otherwise effect a sale, an assignment
or any other transfer at this time of (i) any insurance policies
that have been issued by ACE American Insurance Co., ACE Property
and Casualty Insurance Company, Agri General Insurance Co.,
Indemnity Insurance Co. of North America, ACE Fire Underwriters
Insurance Co. and Federal Insurance Co. and all program, collateral
and security, claims servicing and other agreements, documents or
instruments relating thereto; and/or (ii) any rights, proceeds,
benefits, claims, rights to payments and/or recoveries under such
Chubb Insurance Contracts, unless and until a further order is
entered by this Court, at a subsequent hearing, or as submitted by
agreement of the Debtors, the Buyer, CNB and the Chubb Companies,
with the rights of the parties fully preserved pending entry of
such further order; (b) nothing will alter, modify or otherwise
amend the terms or conditions of the Chubb Insurance Contracts; and
(c) for the avoidance of doubt, the Buyer is not, and will not be
deemed to be, an insured under any of the Chubb Insurance
Contracts, provided, however, that to the extent any claim with
respect to the Purchased Assets arising from an occurrence or event
prior the closing of the sale of the Purchased Assets by the Buyer
that is covered by the Chubb Insurance Contracts, the Debtors may
pursue such claim in accordance with the terms of the Chubb
Insurance Contracts, and, if applicable, turn over to the Buyer any
such insurance proceeds.

The stays imposed by Bankruptcy Rules 6004(h), 6006(d), and 7062
are waived, and the Order will be effective and enforceable
immediately upon entry and its provisions will be self-executing.

As soon as practicable after the Closing, the Debtors will file a
report of sale in accordance with Bankruptcy Rule 6004(f)(1).

                About Foodfirst Global Restaurants

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

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

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


FOSSIL GROUP: S&P Affirms 'B' ICR; Ratings Off Watch Negative
-------------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on Fossil Group
Inc., including its 'B' issuer credit rating, and removed them from
CreditWatch with negative implications, where it placed them on
April 13, 2020.

Fossil Group recently entered into an amendment of its term loan
credit agreement, providing relief from potential noncompliance of
its maximum leverage ratio covenant for the quarter ended April 4,
2020. The waiver to the leverage covenant extends through the third
quarter of fiscal 2021.

S&P believes Fossil Group will maintain adequate liquidity and
remain in compliance with the covenants under its recently amended
term loan agreement. It believes that the company has sufficient
liquidity sources, including $245 million in cash and about $33
million available revolver borrowing at the end of its first fiscal
quarter (April 4, 2020), to fund working capital and pay mandatory
term loan amortization. Under the terms of the amendment entered on
June 5, 2020, Fossil's required amortization will be $43 million in
2020, including a $15 million pro rata paydown, and $3 million and
$5 million additional amortization in its third and fourth fiscal
quarters, respectively. In subsequent quarters, required
amortization will be $10 million. So far, the company has
successfully offset cash burn due to store closures through
inventory liquidation and cost management, enabling it to partially
pay down revolver borrowings in the near term.

Additionally, S&P believes the amendment will provide the company
with sufficient relief as its maximum leverage ratio covenant has
been waived through the third quarter of fiscal 2021, and will be
restored to the original 1.5x thereafter. Until then, Fossil needs
to comply with minimum liquidity, minimum EBITDA, and maximum
capital expenditure (capex) covenants. S&P expects the company to
remain compliant with these covenants over the next 12 months.

Under S&P's base-case assumptions for 2021, Fossil's modest sales
growth and cost-savings initiatives will result in improved cash
flows and leverage declining toward the 4x-area. While S&P
continues to believe that Fossil's fiscal 2020 operating results
will be severely affected by the COVID-19 pandemic and weak
consumer demand, the rating agency believes that better operating
conditions in 2021 will enable it to significantly improve its
deteriorated credit metrics. Before mandated store closures
beginning globally in early March, sales trends were positive,
particularly for the company's connected watch segment. S&P expects
modest sales growth in 2021 following sharp declines in 2020,
driven by demand for the company's connected devices and latest
generation of smartwatches. While inventory liquidation and
increased promotional activity will significantly hamper the
company's EBITDA margin in the 2020, S&P anticipates a return
toward 10% the next year. The rating agency expects margins to
expand due to restructuring initiatives to realign the company's
cost structure, improve merchandizing, and accelerate the focus on
direct-to-consumer sales. The company's leverage was modest at 3.1x
before COVID-19. S&P forecasts leverage will increase to the high
double digit area in fiscal 2020 because of significant decline in
EBITDA. Subsequently, S&P expects margin improvement and debt
reduction as governed by required amortization to drive further
improvement in credit metrics and leverage to improve to around 4x
in 2021.

The negative outlook reflects the risk that S&P could lower the
rating within the next few quarters if the company's operating
performance does not improve or liquidity weakens.

"We could lower the rating if we believe the company's liquidity
position will become constrained such that it will have difficulty
complying with covenants or won't be able to restore credit metrics
and cash flows in 2021. Risks to our base-case forecast include a
poor holiday selling season, prolonged store closures, or another
merchandising misstep," S&P said.

"We could revise the outlook to stable if the company's revenue
stabilizes and profitability recovers. We believe this could result
from improved macroeconomic conditions, strong consumer demand in
connected devices, and the successful realignment of its cost
structure," the rating agency said.


FRANKLIN CAMBRIDGE: Trustee's Sale of All Assets to Gold Approved
-----------------------------------------------------------------
Judge Nicholas W. Whittenburg of the U.S. Bankruptcy Court for the
Eastern District of Tennessee authorized Elisabeth B. Donnovin,
Chapter 11 trustee of Bristol Healthcare Investors, L.P. and
Franklin Cambridge Operations, LLC, to sell substantially all
assets to Gold River Holdings, LLC.

Clearview Healthcare Management, LLC has been designated as the
Back-Up Bidder pursuant to the Notice of Successful Auction and
Bidder

The Sale Hearing was held on June 12, 2020 at 10:00 a.m.

The Purchase and Sale Agreement and Operations Transfer Agreement,
dated as of June 11, 2020, and all of the terms and conditions
thereof, are approved in all respects.

The sale is free and clear of all Liens and Claims, with all such
Liens and Claims attaching to the proceeds of the sale.

Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and
subject to and conditioned upon, the Closing of the Sale, the
assumption and assignment to the Successful Bidder of the Assumed
Contracts is approved.

Upon the Closing Date and the payment of the relevant Cure Costs,
the Successful Bidder will be deemed to be substituted for the
relevant Debtor(s) as a party to the applicable Assumed Contracts,
and the Debtors will be relieved from all liability on such Assumed
Contracts arising on or after the Closing Date.

The automatic stay under section 362 of the Bankruptcy Code is
vacated and modified to the extent necessary to implement the terms
and provisions of the Sale Agreement and the Related Agreements and
the provisions of the Sale Order.

The Successful Bidder will assume Franklin Cambridge Operations,
LLC's existing legal obligations to the State for unpaid bed taxes
(as referenced in Rule of Tennessee Department of Finance and
Administration, Bureau of TennCare 1200-13-01-.03(10)(a)).  The
Successor liability associated with Franklin Cambridge Operations,
LLC's Medicaid Provider Agreement with TennCare will not follow the
Successful Bidder.

The provisions of Bankruptcy Rules 6004(g) and 6006(d) will not
apply to stay consummation of the sale of the Purchased Assets to
the Successful Bidder under the Sale Agreement, as contemplated in
the Sale Motion and approved by the Sale Order, and the Sellers and
the Successful Bidder are authorized to consummate the transactions
contemplated and approved immediately upon entry of the Sale Order.


              About Franklin Cambridge Operations

Franklin Cambridge Operations, LLC, is a Medicare and Medicaid
provider operating a skilled nursing facility known as The
Cambridge House in Bristol, Tenn.

Franklin Cambridge filed a Chapter 11 petition (Bankr. E.D. Tenn.
Case No. 20-10327) on Jan. 27, 2020. At the time of the filing, the
Debtor was estimated to have up to $50,000 in assets and $1 million
to $10 million in liabilities.  Judge Nicholas W. Whittenburg
oversees the case.  The Debtor hired Chambliss Bahner & Stophel,
P.C. as its bankruptcy counsel.


FRIDAY HEALTH: A.M. Best Affirms C-(Weak) Finc'l. Strength Rating
-----------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of C- (Weak) and the
Long-Term Issuer Credit Rating of "ccc-" of Friday Health Plans of
Colorado, Inc. (Friday Health of Colorado) (Alamosa, CO).

These Credit Ratings (ratings) reflect Friday Health of Colorado's
balance sheet strength, which AM Best categorizes as very weak, as
well as its marginal operating performance, limited business
profile, and weak enterprise risk management (ERM).

The revision of the outlooks to positive is based on AM Best's
expectation of a continued trend of improvement of the balance
sheet strength assessment. While capital and surplus was modest in
2019, Friday Health of Colorado's parent has received capital
commitments totaling $50 million in 2020, which are expected to be
deployed to support Friday Health of Colorado's business expansion
and improve risk-adjusted capitalization. Furthermore, Friday
Health of Colorado has entered into a three-year quota share
reinsurance agreement with AXA, which will provide capital relief
and for its current business, as well as for new business
development.

Friday Health of Colorado has grown its business through a
reinsurance agreement to assume business from New Mexico Health
Connections effective Jan. 1, 2020, as well as from increased
enrollment from its exchange business. However, underwriting
results have fluctuated as the company struggles to gain scale and
from investments in its operations. Friday Health of Colorado's
current business is mainly derived from individual exchange
business in select geographies in Colorado and New Mexico. The
company is working on market evaluations and licensing for
geographic expansion of its business. While there have been
improvements in operational and financial controls, the company's
ERM practices still are not developed and lag industry norms.  



GENCANNA GLOBAL: Court Approves Sale of Assets
----------------------------------------------
David Zoeller Dzoeller, writing for Paducah Suns, reports that U.S.
Bankruptcy Court approves the sale of the substantial assets of
Winchester-based GenCanna Global.

The sale of its assets to a long-term investor will allow
Winchester-based GenCanna Global to continue its hemp-related
operations in Kentucky, the company announced.

The company said in a news release it has received approval from
the United States Bankruptcy Court for the Eastern District of
Kentucky to sell substantially all of its assets to funds managed
by its long-term investor, MGG Investment Group.

Details of the sale were not released.

The transaction will enable GenCanna "to maintain its operations in
Kentucky as a leading standalone CBD and wellness business with
significantly reduced debt and substantial new capital to pursue
growth opportunities," according to the company.

Paducah City Manager Jim Arndt called the announcement potentially
"great news" for the 120,000 square-foot building at 322 N. Third
St.

"The city is hopeful that the owner of the facility will have great
success in their endeavors," he said.

"We look forward to seeing them create jobs in Paducah, update the
facility, and occupy this downtown asset."

As part of the sale to MGG, GenCanna has appointed Andrew Barnett
as chief executive officer.

"I am pleased to join GenCanna at this critical time in its
evolution and look forward to stewarding the company into its next
chapter," Barnett said.

"Today, GenCanna is a stronger, better capitalized, and more
competitive company that is poised to further its leadership
position in the still emerging hemp industry."

Barnett has served in a number of capacities overseeing the
strategic, operational and financial needs of private and publicly
held companies, from start-up to mature enterprises in health care
and wellness, retail, manufacturing and distribution.

                      About GenCanna Global

GenCanna Global USA, Inc. -- https://www.gencanna.com/ -- is a
vertically-integrated producer of hemp and hemp-derived CBD
products with a focus on delivering social, economic and
environmental impact through seed-to-scale agricultural
production.

GenCanna Global USA was the subject of an involuntary Chapter 11
proceeding (Bankr. E.D. Ky. Case No. 20-50133) filed on Jan. 24,
2020.  The involuntary petition was signed by alleged creditors
Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture,
PLLC.  

On Feb. 6, 2020, GenCanna Global USA consented to the involuntary
petition and on Feb. 5, 2020, two affiliates, GenCanna Global Inc.
and Hemp Kentucky LLC, filed their own voluntary Chapter 11
petitions.

Laura Day DelCotto, Esq., at DelCotto Law Group PLLC, represents
the petitioners.

The Debtors tapped Benesch Friedlander Coplan & Aronoff, LLP and
Dentons Bingham Greenebaum, LLP as legal counsel; Huron Consulting
Services, LLC as operational advisor; and Jefferies, LLC as
financial advisor. Epig is the claims agent, which maintains the
page https://dm.epiq11.com/GenCanna

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on Feb. 18, 2020.  The committee tapped Foley & Lardner
LLP as its bankruptcy counsel, DelCotto Law Group PLLC as local
counsel, and GlassRatner Advisory & Capital Group, LLC as financial
advisor.


GENCANNA GLOBAL: Stites Updates on Dean Dorton, 4 Others
--------------------------------------------------------
In the Chapter 11 cases of Gencanna Global USA, Inc., the law firm
of Stites & Harbison, PLLC said that it is supplementing the
disclosures of multiple parties under Rule 2019 of the Federal
Rules of Bankruptcy Procedure.

The names and addresses of the entities currently represented by
Stites are as follows:

     a. Dean Dorton Allen Ford, PLLC, Attention: Elizabeth
        Woodward, 250 W. Main Street, Suite 1400, Lexington,
        Kentucky 40507, Telephone: (859) 255-2341.

     b. Central Bank & Trust Co., Attention: Ellen Sharp, 300 W.
        Vine Street, Lexington, Kentucky 40507, Telephone: (859)
        253-6235.

     c. Louisville Dryer Company, Attention: F. Larkin Fore, FORE
        LAW PLLC, 9100 Shelbyville Road, Paragon Place, Suite 160,
        Louisville, KY 40222, Telephone: (502) 708-1547.

     d. Specialty Oil Extractors Manufacturer, LLC, Attention: Don
        Palmer, 311 Washington Street, Darlington, SC 29532,
        Telephone: (562) 964-6888.

     e. Oracle America, Inc., successor in interest to NetSuite,
        Inc., Attention: Shawn M. Christianson, c/o Buchalter, a
        Professional Corporation, 55 Second Street, 17th Floor,
        San Francisco, CA 94105, Telephone: (415) 227-3575.

Dean Dorton Allen Ford, PLLC has a claim arising from unpaid
invoices for goods and services.

Central Bank & Trust Co. has a claim arising from a note commercial
note, mortgage, and assignment of leases and rents.

Louisville Dryer Company has a claim arising from a breach of
contract by the Debtor.

Specialty Oil Extractors Manufacturer, LLC has a claim arising from
breach of contract by the Debtor.

Oracle America, Inc. has a claim arising from unauthorized use of
software.

Each entity named above in its capacity as a creditor of the Debtor
separately requested that the law firm of Stites & Harbison, PLLC
serve as its counsel in connection with the Debtor's Chapter 11
case. Each entity named above is aware of and has consented to
Stites' simultaneous representation of each other in this
proceeding. The circumstances and terms and conditions of
employment of Stites by the entities is protected by the
attorney-client privilege and attorney work product doctrine.

The undersigned and Stites do not have any interest in the entities
named above or their claims against the Debtor in the above-styled
proceeding.

Stites may undertake additional representations of other
individuals or entities in this bankruptcy case, and does hereby
reserve the right to revise and supplement this Rule 2019 Verified
Statement as appropriate.

Counsel for Dean Dorton Allen Ford, PLLC, Central Bank & Trust Co.,
Louisville Dryer Company, and Oracle America, Inc. can be reached
at:

          STITES & HARBISON PLLC
          Chrisandrea L. Turner, Esq.
          250 West Main Street
          Suite 2300
          Lexington, KY 40507-1758
          Telephone: (859) 226-2300
          E-mail: clturner@stites.com-

Counsel for Specialty Oil Extractors Manufacturer, LLC can be
reached at:

          STITES & HARBISON PLLC
          Elizabeth Lee Thompson, Esq.
          250 West Main Street
          Suite 2300
          Lexington, KY 40507-1758
          Telephone: (859) 226-2300
          E-mail: ethompson@stites.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/Qj7rAK

                    About GenCanna Global

GenCanna Global USA, Inc. -- https://gencanna.com/ -- is a
vertically-integrated producer of hemp and hemp-derived CBD
products with a focus on delivering social, economic, and
environmental impact through seed-to-scale agricultural
production.

GenCanna Global USA was the subject of an involuntary Chapter 11
proceeding (Bankr. E.D. Kent. Case No. 20-50133-GRS) filed on Jan.
24, 2020.  The involuntary petition was signed by alleged
creditors
Pinnacle, Inc., Crawford Sales, Inc., and Integrity/Architecture,
PLLC.  Laura Day DelCotto, Esq., at DELCOTTO LAW GROUP PLLC, is
representing the petitioners.



GOODRICH QUALITY: June 25 Auction of Substantially All Assets Set
-----------------------------------------------------------------
Judge Scott W. Dales of the U.S. Bankruptcy Court for the Western
District of Michigan authorized Goodrich Quality Theaters, Inc.'s
bidding procedures in connection with the sale of substantially all
assets to Goodrich Theater Newco, LLC ("GTN") and Tivoli
Enterprises, Inc., subject to overbid.

The Bidding Procedures will govern all bids and bid proceedings
relating to the sale of the Assets.

In conjunction with the sale process, the Debtor will be
represented by Stout, the Operating Debtor's CEO, Bob Goodrich, and
Novo ("Debtor Auction Team") in consultation with the Committee,
DIP Lender, Prepetition Agent, and the Prepetition Lenders for all
purposes in publicizing the Sale, evaluating bids and generally
guiding the course of the auction process, consistent with, inter
alia, the Interim DIP Order.

The Good Faith Deposits of the Buyers and any other Potential
Bidder will be held in escrow by the Deposit Agent and will not
become property of the Debtor???s bankruptcy estate unless and
until released from escrow to the Debtor pursuant to the terms of
the applicable escrow agreement.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: June 22, 2020 at 5:00 p.m. (ET)

     b. Initial Bid: The Debtor, after consultation with the
Consultation Parties, will select what they determine to be the
highest or best Qualified Bid (or collection of Qualified Bids) for
the Assets to serve as the starting point at the Auction.

     c. Deposit: 10% of the cash purchase price set forth in the
Marked Agreement

     d. Auction: If more than one Qualified Bid is received by the
General Bid Deadline, then the Debtor will conduct an auction to
take place at 10:00 a.m. (CT) on June 25, 2020, at the offices of
Stout Risius Ross, LLC, One South Wacker Drive, 38th Floor,
Chicago, IL, 60606, or such other time and/or place as the Debtor,
after consultation with the Consultation Parties, may notify
Qualified Bidders who have submitted Qualified Bids.

     e. Bid Increments:

          i. Tivoli Minimum Overbid: In increments of at least
$35,000.  The first minimum overbid must include the Purchase
Price, Break-Up Fees, and Expense Reimbursement to be considered.
The Tivoli First Minimum Overbid is $5,210,000.  

          ii. GTN Minimum Overbid: In increments of at least
$100,000.  The first minimum overbid must include the Purchase
Price, Break-Up Fees, and Expense Reimbursement to be considered.
The GTN First Minimum Overbid is $12,535,000.    

     f. Sale Hearing: June 29, 2020 at 10:00 a.m. (ET)

     g. Sale Objection Deadline: June 22, 2020 at 4:00 p.m. (ET)

     h. Closing: June 30, 2020

     i. In recognition of the considerable time, energy, and
resources that the Buyers have expended in connection with the
Purchase Agreements and related transaction, the Debtor has agreed
that if either of the Buyers is not the successful bidder (or if
the Debtor consummates any sale of all or substantially all of the
Debtor's Assets other than with the Buyers), the Buyer will be
entitled to the following Bid Protections: (1) a Break-Up Fee of
approximately 3% of the Purchase Price ($150,000 for Tivoli and
$360,000 plus any cure costs for GTN), and (2) Expense
Reimbursement ($25,000 for Tivoli, and $75,000 for GTN).

The form of the Sale Notice is approved in all respects.

In recognition of the considerable time, energy, and resources that
the Buyers have expended in connection with the Purchase Agreements
and related transactions, the Debtor has agreed that if the Buyers
are not the successful bidders (or if the Debtor consummates any
plan or sale of all or substantially all of the Debtor's Assets
other than the Purchase Agreements), the Buyers will be entitled to
the Bid Protections pursuant to each Purchase Agreement, including
a Break-Up Fee of approximately 3% of the Purchase Price ($150,000
pursuant to the Tivoli Stalking Horse APA, and $360,000 plus any
cure costs pursuant to the GTN Stalking Horse APA) and an Expense
Reimbursement ($25,000 pursuant to the Tivoli Stalking Horse APA,
and $75,000 pursuant to the GTN Stalking Horse APA).  

With respect to any Sale, the DIP Lender (or one or more of its
designees, affiliates, or assignees, alone or together with the
Prepetition Agent) and the Prepetition Agent on behalf of the
Prepetition Lenders (or one or more of its designees, affiliates,
or assignees, alone or together with the DIP Lender) will have the
unqualified right to credit bid under Section 363(k) of the
Bankruptcy Code up to the full amount of the DIP Loan, in the case
of the DIP Lender, and up to the full amount of the Prepetition
Obligations, in the case of the Prepetition Agent, in any sale of
DIP Collateral or Prepetition Collateral, as the case may be.

Beginning at the closing of the first Sale to close, and for each
subsequent closing, except in the event a Credit Bid is the
Successful Bid in such Sale, the net purchase price will be
distributed, first, to the Debtor in an amount necessary to fund or
escrow for any unpaid Budgeted expenses under the Interim Order
through the date of the entry of such Sale Order and the Carve-out
in an amount necessary to fund the Post-trigger Carve-out Account
as if a Carve-out Trigger Notice had been given under the Interim
Order on the day of the entry of such Sale Order; second, to the
DIP Lender on account of the DIP Loan; and third, to the
Prepetition Lenders on account of the Prepetition Loans.  

The form of the Cure Notice is approved in all respects.  Not less
than 14 days prior to the Sale Hearing, the Debtor will file with
the Court the Contract and Cure Schedule and will include the same
with the service of the Cure Notice.

As soon as practicable after the receipt of a Qualified Bid (which
is due by 5:00 p.m. (ET) on June 22, 2020) asking the assumption
and assignment of any Seller Contract or any executory contract or
unexpired lease of the Debtor not listed on the Contract and Cure
Schedule, the Debtor will file notice of such election with the
Court and serve upon each affected counterparty of the applicable
Seller Contract or Alternative Bidder Contracts  the Cure Notice
and the amount of any Cure Costs associated with such Seller
Contract or Alternative Bidder Contracts.  The Adequate Assurance
Objection is June 23, 2020 at 5:00 p.m. (ET).

Any and all fees due and owing to Stout in connection with any Sale
that is consummated and approved pursuant to the Order will be paid
in cash directly to Stout by the Buyer directly out of the proceeds
of the Sale at closing without further order of the Court.

A copy of the Bidding Procedures is available at
https://tinyurl.com/y7gpdrv9 from PacerMonitor.com free of charge.

                About Goodrich Quality Theaters

Goodrich Quality Theaters, Inc. -- http://www.gqti.com/-- owns and
operates 30 theaters with 281 screens in cities throughout
Michigan, Indiana, Illinois, Florida and Missouri.  

Goodrich Quality Theaters sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Mich. Case No. 20-00759) on Feb. 25,
2020.  At the time of the filing, the Debtor had estimated assets
of between $50 million and $100 million and liabilities of between
$10 million and $50 million.  Judge Scott W. Dales oversees the
case.  The Debtor tapped Keller & Almassian, PLC as legal counsel;
Stout Risius Ross Advisors, LLC as investment banker and Novo
Advisors as financial advisor.


GRANITE ACQUISITION: S&P Affirms 'B+' ICR, Alters Outlook to Dev.
-----------------------------------------------------------------
S&P Global Ratings affirmed the 'B+' issuer credit rating on
Granite Acquisition Inc., but revised the outlook to developing
from positive.

Granite Acquisition Inc. is an indirect, wholly owned subsidiary of
Wheelabrator Technologies Inc. (WTI), a U.S.-based firm that owns
and/or operates waste-to-energy (WtE) facilities. The ultimate
owner is Macquarie Infrastructure Partners (MIP), which S&P views
as a financial sponsor.

Although the sale of the U.K. portfolio has been delayed, the
company expects the sale to close at the end of 2020 or first
quarter of 2021.

S&P expects the sale of Granite's U.K. project finance portfolio to
occur as planned, and that the company will use pro forma proceeds
to repay debt.Granite Acquisition will financially consolidate by
the end of 2020 or early 2021 with Tunnel Hill Partners, another
waste player also owned by Macquarie Infrastructure Partners. Both
companies are run by the same management team, but currently have a
separate legal and capital structure. Tunnel Hill is engaged in the
collection, transfer, processing, and disposal of waste through its
City Carting business, which collects and recycles waste primarily
within Fairfield (Conn.) and Westchester (N.Y.) counties, transfer
station processing--taking in both City Carting and third-party
volumes through a rail network, and with its landfills, which takes
in volume from transfer stations and City Carting.

"Once the two companies financially consolidate, and once the U.K.
portfolio is sold, we expect a new capital structure will emerge,
considering also that Granite needs to refinance its around $1.3
billion term loan due December 2021. S&P has seen attractive
valuations in recent transactions in the U.K. WtE market, so it
expects Granite to be able to sell its U.K. facilities portfolio
and subsequently repay a substantial portion of corporate debt,"
S&P said.

If the pro forma consolidated leverage is substantially lower than
current levels and management explicitly commits to keeping
leverage at a lower level, S&P would view it as an improvement to
the company's financial risk profile, which could translate into a
higher rating. S&P would look for explicit commitment to keep
leverage low as it views financial sponsors such as Macquarie to
generally prefer higher distributions rather than debt repayment.

"We believe Tunnel Hill's business is weaker than that of Granite
because it is more volatile and exposed to economic drivers (Tunnel
Hill revenues come mostly from nonrecurring construction and
demolition), while Granite revenues come mostly from long-term
contracted disposal fees and hedged power revenues. Because of
this, once the two companies financially consolidate, we will
evaluate the overall business profile, although we note that
Granite's contracted cash flows will represent most of the pro
forma EBITDA. Tunnel Hill's EBITDA was around $50 million in 2019,
compared to Granite's EBITDA of around $200 million excluding the
U.K. business," S&P said.

The ratings could come under pressure if the U.K. portfolio is not
sold and consolidated leverage remains above 6x. In the event the
company does not sell the U.K. portfolio, S&P expects leverage to
decrease but still remain high. Given that 2020 financial figures
will start showing U.K. facilities' contribution (Parc Adfer and
FM2 WtE facilities came online in December 2019 while Kemsley
facility is expected to come online in July 2020), S&P expects
consolidated leverage to be around 7x by 2021, from current figures
above 9x (in which the rating agency includes U.K. assets' EBITDA
and debt). S&P considers a consolidated leverage above 6x as
elevated for the current 'B+' rating when compared to other peers
such as Covanta, also a WtE player rated 'B+' with a highly
leveraged profile but a much larger scale than Granite. Granite
processes about 7 million tons of waste per year, compared to
Covanta's about 22 million tons of waste per year.

The developing outlook reflect S&P's view that in the next 12
months the credit quality of the financially consolidated entity
could improve if pro forma leverage drops materially from current
levels, together with an explicit commitment from the sponsor that
the company will maintain a prudent leverage. However, if the sale
of the U.K. assets is not realized, S&P would lower the rating as
it expects consolidated leverage to remain above 6x.

"We would upgrade the company to 'BB-' if the new capital structure
shows a consolidated leverage materially lower than the current
one, while also seeing an explicit commitment from the sponsor to
maintain that leverage level," S&P said.

"We could lower the rating if the sale of the U.K. assets does not
materialize and consolidated leverage remain above 6x (in which we
include U.K. assets' EBITDA and debt). Although we expect the
company will deleverage thanks to the about $150 million EBITDA
from the U.K. assets coming online since the end of 2019, we still
project consolidated leverage would remain above 6x, which could be
commensurate with a lower rating," the rating agency said.


GRAPEFRUIT USA: Needs Profit, Financing to Remain Going Concern
---------------------------------------------------------------
Grapefruit USA, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,772,723 on $393,559 of total revenues
for the three months ended March 31, 2020, compared to a net loss
of $234,194 on $328,696 of total revenues for the same period in
2019.

At March 31, 2020, the Company had total assets of $2,649,063,
total liabilities of $9,183,394, and $6,534,331 in total
stockholders' deficit.

The Company said, "During the three months ended March 31, 2020, we
incurred a net loss of US$2,772,723, had a working capital deficit
of US$6,440,882 and had an accumulated deficit of US$10,037,221 at
March 31, 2020.  Our ability to continue as a going concern is
dependent upon our ability to generate profitable operations in the
future and, or, obtaining the necessary financing to meet our
obligations and repay our liabilities arising from normal business
operations when they come due.  There is no assurance that these
events will be satisfactorily completed.  As a result, there is
substantial doubt about our ability to continue as a going concern
for one year from the issuance date of these financial
statements."

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

                       https://is.gd/47T767

Grapefruit USA, Inc., is headquartered in Los Angeles, California.
The company owns two acres of fully entitled cannabis real property
located in the Coachillin' Industrial Cultivation and Ancillary
Canna-Business Park.
The company intends on building out the real property into a
distribution, manufacturing and high-tech cultivation facility to
further its goal to become a seed to sale, fully vertically
integrated Cannabis and CBD product Company.  Grapefruit's plans
include an indoor 22,000 square foot multi-tiered canopy and
adjoining tissue culture rooms.


GTY TECHNOLOGY: March 31 Quarter Results Cast Going Concern Doubt
-----------------------------------------------------------------
GTY Technology Holdings Inc. filed its quarterly report on Form
10-Q, disclosing a comprehensive loss of $13,743,000 on $11,276,000
of revenues for the three months ended March 31, 2020, compared to
a comprehensive loss of $40,052,000 on $3,034,000 of revenues for
the period from Feb. 19, 2019 to March 31, 2019, and compared to a
comprehensive loss of $1,713,000 on $4,928,000 of revenues for the
period from January 1, 2019 to February 18, 2019.

At March 31, 2020, the Company had total assets of $431,366,000,
total liabilities of $114,131,000, and $317,235,000 in total
shareholders' equity.

The Company had an accumulated deficit of approximately $100.8
million at March 31, 2020, a net loss of approximately $15.8
million and approximately $10.3 million net cash used in operating
activities for the three months ended March 31, 2020.  According to
the Company, these factors raise substantial doubt about its
ability to continue as a going concern.

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

                       https://is.gd/PGS4DG

GTY Technology Holdings Inc. (f/k/a GTY Govtech, Inc.), a
Massachusetts corporation, is headquartered in Las Vegas, Nevada.
GTY is a public sector SaaS company which offers a cloud-based
suite of solutions primarily for North American state and local
governments.  GTY's cloud-based suite of solutions for state and
local governments addresses functions in procurement, payments,
grant management, budgeting and permitting.



HAMPSTEAD GLOBAL: Seeks to Hire Amini LLC as New Counsel
--------------------------------------------------------
Hampstead Global, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to hire Amini LLC as its new
legal counsel nunc pro tunc to June 5.

Amini will substitute for Kirby Aisner & Curley LLP, the firm that
initially handled Debtor's Chapter 11 case.

The firm will provide the following services:

     (a) file an amended voluntary petition for relief electing
treatment under Subchapter V;

     (b) assist Debtor in the solicitation of votes and in the
implementation of its Chapter 11 plan, and seek approval of a
disclosure statement to accompany the plan if directed by the court
or if treatment under Subchapter V is denied;

     (c) prepare and consult on briefs and affidavits in support of
confirmation of the plan; and

     (d) negotiate with creditors.

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

     Avery Samet      $550
     Jeffrey Chubak   $500
     Paralegal        $130 - $150

Amini neither holds nor represents an interest adverse to Debtor
and  its bankruptcy estate, according to court filings.

The firm can be reached through:

     Avery Samet
     Amini LLC
     131 W 35th Street, 12th floor
     New York, NY 10001
     Phone: 212-490-4700

                      About Hampstead Global

Hampstead Global LLC, a privately held company in Tarrytown, N.Y.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 19-22721) on March 30, 2019.  At the time of the
filing, Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Robert D. Drain
oversees the case.  Kirby Aisner & Curley, LLP is Debtor's counsel.



HARB PROPERTIES: U.S. Trustee Objects to Amended Disclosure
-----------------------------------------------------------
Andrew R. Vara, United States Trustee for Region 9, objects to the
Amended Disclosure Statement filed by Harb Properties, LLC.

The United States Trustee states that the Amended Disclosure
Statement does address when payments will be made to secured
creditors but it is unclear when payments will be made to unsecured
creditors.  A sentence should be included to state how often
payments will be made to unsecured claimants.

The United States Trustee asserts that the Amended Disclosure
Statement does not address post confirmation financial reporting or
the payment of fees due to the United States Trustee during the
life of the case.  At a minimum, the Disclosure Statement should
state that post confirmation reports will be filed and quarterly
fees paid to the United States Trustee pursuant to 28 U.S.C. Sec.
1930 until the case is converted, dismissed or a final decree is
entered.

The United States Trustee claims that quarterly fees are calculated
on all disbursements of the reorganized debtor, not just plan
payments.  Based on post confirmation disbursements, quarterly fees
have been higher than $325 per quarter. Although this is an
estimate, the projections should include a more accurate amount for
quarterly fees to be paid during the life of the plan.

The United States Trustee requests the Court to order the Debtor to
amend the Amended Disclosure Statement to conform to the above
stated objections or to deny approval of the Disclosure Statement
as not containing adequate information as required by 11 U.S.C.
Sec. 1125 and for such further relief as the Court deems
appropriate.

A copy of the United States Trustee's objection to Amended
Disclosure Statement dated May 26, 2020, is available at
https://tinyurl.com/ycmhf7nx from PacerMonitor at no charge.

                    About Harb Properties

Harb Properties, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 18-10436) on Jan. 26,
2018.  Judge Jessica E. Price Smith oversees the case.  Susan M.
Gray Law Offices, Inc., is the Debtor's legal counsel.


HEARTLAND DENTAL: Moody's Confirms Caa1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service confirmed the ratings of HEARTLAND
DENTAL, LLC including the Corporate Family Rating at Caa1, the
Probability of Default Rating at Caa1-PD, the first lien senior
secured debt rating at B3, and the senior unsecured notes at Caa3.
At the same time, Moody's changed the outlook to stable from rating
under review. This concludes the rating review that was initiated
on March 26, 2020.

The confirmation of the Caa1 CFR reflects Moody's expectation that
the company's leverage -- which was already high before the
pandemic -- will remain elevated given volume declines in the first
and second quarters due to the coronavirus. However, Heartland's
liquidity has improved (even without any CARES funds) and volumes
have been ramping up in recent weeks. Despite its high cash
interest expense relative to its earnings, the improved liquidity
and volume outlook reduces the risk that there is an event of
default, including a liquidity shortfall or distressed exchange.

The stabilization of the outlook reflects Moody's view that
Heartland has sufficient liquidity after reducing variable costs to
manage through the public health emergency. The stable outlook also
reflects Heartland's large size as a leading dental service
organization, and geographic diversity that should limit the
coronavirus impact from any particular region.

Confirmations:

Issuer: HEARTLAND DENTAL, LLC

Probability of Default Rating, Confirmed at Caa1-PD

Corporate Family Rating, Confirmed at Caa1

Senior Secured 1st Lien Bank Credit Facility, Confirmed at B3
(LGD3)

Senior Unsecured Regular Bond/Debenture, Confirmed at Caa3 (LGD6
from LGD5)

Outlook Actions:

Issuer: HEARTLAND DENTAL, LLC

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Heartland's Caa1 Corporate Family Rating reflects its very high
leverage, moderate free cash flow, and aggressive growth strategy.
The credit profile is also constrained by weaker operational
performance resulting from volume declines experienced amidst the
coronavirus pandemic. The rating is supported by the company's
position as the largest dental support organization in the US,
favorable industry dynamics and good geographic diversity.
Additionally, Heartland has some ability to further improve cash
flow and liquidity by reducing new office openings and new dentist
affiliation investments.

Moody's considers Heartland to have adequate liquidity. The company
has historically had negative free cash flow due to growth and
acquisition spending. While the company can reduce these
expenditures, Moody's believes that Heartland will have negative
free cash flow in 2020 given the weakness following the coronavirus
pandemic. Liquidity is supported by the company's $188 million cash
balance as of March 31, 2020, which includes $130 million drawn on
the $135 million revolver. Moody's expects Heartland's cash balance
will remain over $100 million through the end of 2020.

Moody's considers coronavirus to be a social risk given the risk to
human health and safety. Aside from coronavirus, Heartland Dental
faces other social risks such as the rising concerns around the
access and affordability of healthcare services. However, Moody's
does not consider the DSOs to face the same level of social risk as
many other healthcare providers, and Heartland Dental, in
particular, generates most of its revenues from commercial
insurance.

From a governance perspective, Moody's views Heartland's growth
strategy to be extremely aggressive given its history of
debt-funded acquisitions and high leverage. Heartland has added
over 200 offices since its acquisition by KKR in March 2018, either
through acquisition or opening new dental offices. While there is
execution risk to rapid growth, acquisitions and new store openings
have generally been executed successfully.

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

The ratings could be downgraded if Heartland experiences material
disruption caused by aggressive expansion strategy, further erosion
of liquidity or earnings deterioration from the coronavirus
pandemic, or an increased risk of a distressed exchange.

The ratings could be upgraded if Heartland improves liquidity, has
Debt to EBITDA approaching 7.5 times, or exhibits less aggressive
financial policies resulting in significant improvement in credit
metrics.

Heartland provides support staff and comprehensive business support
functions under administrative service agreements to its affiliated
dental offices, organized as professional corporations. Heartland
currently operates 1,022 offices across 37 states. Heartland is
majority-owned by KKR, and Ontario Teachers' Pension Plan Board
maintains partial ownership. The company generated about $1.6
billion in net patient service revenue as of March 31, 2020.

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


HORNBECK OFFSHORE: Cole, Milbank Represent Altana Funds, 3 Others
-----------------------------------------------------------------
In the Chapter 11 cases of Hornbeck Offshore Services, Inc., et
al., the law firms of Cole Schotz P.C. and Milbank LLP submitted a
verified statement under Rule 2019 of the Federal Rules of
Bankruptcy Procedure, to disclose that they are representing Altana
Funds Ltd, Ares Management LLC, Merced Capital, L.P. and Morgan
Stanley & Co. LLC.

In or around June 2017, the Ad Hoc Committee engaged Milbank to
represent it in connection with the Members' 2020 Notes Claims and
2021 Notes Claims. In May 2020, the Ad Hoc Committee engaged Cole
Schotz to act as co-counsel in the Chapter 11 Cases.

Counsel represents the Ad Hoc Committee. Cole Schotz also
represents Wilmington Trust, National Association, in its
capacities as ABL Agent, First Lien Agent, Second Lien Agent, and
DIP Agent.  Counsel does not otherwise represent or purport to
represent any other entity or entities in connection with the
Chapter 11 Cases. In addition, the Ad Hoc Committee does not claim
or purport to represent any other entity and undertakes no duties
or obligations to any entity.

As of June 17, 2020, members of the Ad Hoc Committee and their
disclosable economic interests are:

Altana Funds Ltd
27 Hospital Road
George Town
Grand Cayman KY1-9008
Cayman Islands

* $800,000 in aggregate principal amount of 2020 Notes Claims
* $400,000 in aggregate principal amount of 2021 Notes Claims

Ares Management LLC
2000 Avenue of the Stars 12th Floor
Los Angeles, CA 90067

* $16,750,000 in aggregate principal amount of DIP Claims
* $60,150,000 in aggregate principal amount of 2020 Notes Claims
* $168,147,000 in aggregate principal amount of 2021 Notes Claims

Merced Capital, L.P.
601 Carlson Parkway Suite 200
Minnetonka, MN 55305

* $2,000,000 in aggregate principal amount of DIP Claims
* $8,017,750 of Second Lien Term Loan Claims
* $12,000,000 in aggregate principal amount of 2020 Notes Claims
* $35,000,000 in aggregate principal amount of 2021 Notes Claims

Morgan Stanley & Co. LLC
1585 Broadway
New York, NY 10036

* $20,292,000 in aggregate principal amount of 2020 Notes Claims
* $22,443,000 in aggregate principal amount of 2021 Notes Claims

Counsel to the Ad Hoc Committee can be reached at:

          COLE SCHOTZ P.C.
          Michael D. Warner, Esq.
          301 Commerce Street, Suite 1700
          Fort Worth, TX 76102
          Telephone: (817) 810-5250
          Facsimile: (817) 810-5255
          Email: mwarner@coleschotz.com

             - and -

          MILBANK LLP
          Gerard Uzzi, Esq.
          Eric K. Stodola, Esq.
          55 Hudson Yards
          New York, NY 10001
          Telephone: (212) 530-5000
          Facsimile: (212) 530-5219
          Email: guzzi@milbank.com
                 estodola@milbank.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/tjM7US

                    About Hornbeck Offshore Services

Hornbeck Offshore Services, Inc. provides marine transportation
services to exploration and production, oilfield service, offshore
construction and U.S. military customers.  Hornbeck and its
affiliates were incorporated in 1997 and are headquartered in
Covington, La.

On May 19, 2020, Hornbeck Offshore Services and its affiliates
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
20-32679).  Hornbeck Offshore disclosed total assets of
$2,691,806,000 and total liabilities of $1,493,912,000 as of Sept.
30, 2019.

The Hon. David R. Jones is the case judge.

The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Winstead PC as co-counsel; Guggenheim Securities, LLC as
financial advisor; and Portage Point Partners, LLC as restructuring
advisor.
Stretto is the claims agent.


INSIGHT TERMINAL: Bay Bridge Objects to AWL's Plan & Disclosures
----------------------------------------------------------------
Bay Bridge Exports, LLC, objects to Disclosure Statement for Autumn
Wind Lending, LLC's Chapter 11 Plan of Reorganization filed for
debtors Insight Terminal Solutions, LLC and Insight Terminal
Holdings, LLC.

In support of its objection, Bay Bridge asserts that:

   * The AWL Disclosure Statement provides no information regarding
the projected amount of Administrative Claims or Professional Fee
Claims that will further reduce the $380,000 before payment of the
Priority Claims and General Unsecured Creditors.

   * The AWL Disclosure Statement should not be approved because
creditors cannot tell if, when and what they will be paid. The AWL
Disclosure Statement and AWL Plan purport to treat the class of
General Unsecured Claims as unimpaired and represent that all
Administrative Claims, Priority Claims and General Unsecured Claims
will be paid in full on or after the Effective Date.

   * The AWL Disclosure Statement should not be approved because it
is misleading.  The Holders of General Unsecured Claims are told
they will be paid in full when, in fact, they may never be paid at
all.  Moreover, the AWL Disclosure Statement provides no
information at all regarding Claims against the Debtors.

   * The AWL Plan is patently unconfirmable because it treats the
class of General Unsecured Claims as unimpaired and, therefore, not
entitled to vote when, in fact, the class of General Unsecured
Claims is impaired.

A full-text copy of Bay Bridge Exports' objection to Autumn Wind's
Disclosure Statement dated May 26, 2020, is available at
https://tinyurl.com/ybw8hhkn from PacerMonitor at no charge.

Counsel for Bay Bridge Exports:

         BRADLEY ARANT BOULT CUMMINGS LLP
         Roger G. Jones
         Roundabout Plaza, Suite 700
         1600 Division Street
         Nashville, Tennessee 37203
         Phone: 615-252-2323
         E-mail: rjones@bradley.com

               About Insight Terminal Solutions

Insight Terminal Solutions -- http://insightterminals.com-- is an
Oakland, Calif.-based company that provides terminal and
stevedoring services at the Oakland Bulk and Oversized Terminal
(OBOT) for a variety of bulk agriculture and mineral commodities.

Insight Terminal Solutions and its affiliate Insight Terminal
Holdings, LLC filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Ky. Lead Case No. 19-32231) on
July 17, 2019. The petitions were signed by John J. Siegel, Jr.,
manager.

At the time of filing, Insight Terminal Solutions was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities.  Insight Terminal Holdings was estimated to
have up to $50,000 in assets and $1 million to $10 million in
liabilities.

Andrew David Stosberg, Esq., at Middleton Reutlinger, represents
the Debtor.


INSIGHT TERMINAL: Says Autumn Wind Plan Unconfirmable
-----------------------------------------------------
Debtors Insight Terminal Solutions, LLC and Insight Terminal
Holdings, LLC object to Disclosure Statement (DS) for Autumn Wind
Lending, LLC's (AWL) Plan of Reorganization.

In support of this Objection, the Debtors state as follows:

   * AWL fails to explain how its $4,400,000 cash contribution is
sufficient for funding all AWL Plan obligations.  AWL's proposed
plan funding is actually a staggering $8,000,000 short of
satisfying all AWL Plan obligations based on the following alleged
claim calculations.

   * The AWL DS still fails to explain why Class 3 General
Unsecured Claimants are unimpaired when they, in fact, do not paid
in full in cash on the Effective Date of the AWL Plan.  Instead,
AWL provides that it will pay such claims 30 days after the
Effective Date or 30 days after such claim is allowed.

   * The AWL DS fails to describe the nature and basis of the
impairment for AWL's Class 2 Prepetition Lender Claim in the AWL
Plan.

   * The AWL Plan is patently unconfirmable, and its corresponding
disclosure statement fails to provide adequate information
concerning the AWL Plan and its fatal deficiencies.

Based on the foregoing, the AWL DS should not be approved by the
Court.

A full-text copy of the Debtors' objection to Autumn Wind's
Disclosure Statement dated May 26, 2020, is available at
https://tinyurl.com/ya48wevt from PacerMonitor at no charge.

Counsel for the Debtors:

           Andrew D. Stosberg
           MIDDLETON REUTLINGER
           401 S. Fourth Street, Suite 2600
           Louisville, Kentucky 40202
           Tel: (502) 625-2734
           E-mail: astosberg@middletonlaw.com

             About Insight Terminal Solutions

Insight Terminal Solutions -- http://insightterminals.com-- is an
Oakland, Calif.-based company that provides terminal and
stevedoring services at the Oakland Bulk and Oversized Terminal
(OBOT) for a variety of bulk agriculture and mineral commodities.

Insight Terminal Solutions and its affiliate Insight Terminal
Holdings, LLC filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Ky. Lead Case No. 19-32231) on
July 17, 2019. The petitions were signed by John J. Siegel, Jr.,
manager.

At the time of filing, Insight Terminal Solutions was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities.  Insight Terminal Holdings was estimated to
have up to $50,000 in assets and $1 million to $10 million in
liabilities.

Andrew David Stosberg, Esq., at Middleton Reutlinger, represents
the Debtor.


INSIGHT TERMINAL: Unsecured Creditors to Get Full Payment in Plan
-----------------------------------------------------------------
Debtors Insight Terminal Solutions, LLC (ITS) and Insight Terminal
Holdings, LLC (ITH) filed with the U.S. Bankruptcy Court for the
Western District of Kentuckky, Louisville Division, a Disclosure
Statement for Chapter 11 Plan of Reorganization dated May 26,
2020.

Holders of Class 3: General Unsecured Claims will receive payment
in Cash in the full amount of an Allowed General Unsecured Claim,
which payment shall occur on the later of (i) 30 days after the
Effective Date, (ii) 30 days after the Claim is Allowed, and (iii)
the date due in the ordinary course of business in accordance with
the terms and conditions of the particular transaction giving rise
to such Allowed General Unsecured Claim.

Cecelia has agreed that ITS shall assume the Allowed Cecelia
Unsecured Claim and payment due thereon shall be deferred until
after the Effective Date and after all the distributions under the
Plan have been made or the Reorganized Debtors have reserved
sufficient funds for any distributions not yet made. For avoidance
of doubt, such treatment does not apply to Cecelia???s DIP
Financing Claim. The Allowed Cecelia Unsecured Claim shall be
subordinate in right of payment to any financing provided to the
Reorganized Debtors on the Effective Date. Cecelia shall also
subordinate the Allowed Cecelia Unsecured Claim in right of payment
to the extent necessary or required for the Reorganized Debtors to
obtain future financing.

Holders of Class 4 Interests shall retain those interests.  AWL's
interests are limited to the warrants and are disputed. The Debtors
will object to and seek the disallowance of the warrants because
they are unenforceable against Debtors due to the failure of a
condition precedent to the exercise of the warrants.

On July 1, 2016, at the request of the Utah Counties of Carbon,
Sevier, Emery, and Sanpete, the State of Utah passed S.B. 246 and
on April 1, 2019, the State of Utah passed S.B. 248, which together
set aside funding of $53 million to finance the acquisition and
construction of the Project. The Utah Funding remains available to
assist ITS in constructing the Terminal.

On the Effective Date, at the request of the Four Counties, the
State of Utah has agreed to contribute funds to the Reorganized
Debtors in an amount sufficient to fund the Plan, as reflected in
those certain letters from the Commissioners of the Four Counties.
The Utah Funds shall be used solely to pay all Allowed Claims in
accordance with the Plan and after payment of all Allowed Claims,
may be retained by the Reorganized Debtors as working capital to
further the Project. The Reorganized Debtors shall be authorized to
execute, deliver, and enter into and perform under the Plan without
any further corporate or limited liability company action and
without further action by the Holders of Claims.

The Reorganized Debtors shall make all distributions in accordance
with the terms of the Plan. In the event that any payment or act
under the Plan is required to be made or performed on a date that
is not a Business Day, then the making of such payment or the
performance of such act may be completed on the next succeeding
Business Day, but shall be deemed to have been completed as of the
required date. Holders of Allowed Claims entitled to distributions
under the Plan shall provide any information requested by the
Reorganized Debtors necessary for making such distribution.

A full-text copy of the Disclosure Statement dated May 26, 2020, is
available at https://tinyurl.com/yc943vy4 from PacerMonitor at no
charge.

Counsel for the Debtors:

           Andrew D. Stosberg
           MIDDLETON REUTLINGER
           401 S. Fourth Street, Suite 2600
           Louisville, Kentucky 40202
           Tel: (502) 625-2734
           E-mail: astosberg@middletonlaw.com

             About Insight Terminal Solutions

Insight Terminal Solutions -- http://insightterminals.com-- is an
Oakland, Calif.-based company that provides terminal and
stevedoring services at the Oakland Bulk and Oversized Terminal
(OBOT) for a variety of bulk agriculture and mineral commodities.

Insight Terminal Solutions and its affiliate Insight Terminal
Holdings, LLC filed voluntary petitions for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Ky. Lead Case No. 19-32231) on
July 17, 2019. The petitions were signed by John J. Siegel, Jr.,
manager.

At the time of filing, Insight Terminal Solutions was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities.  Insight Terminal Holdings was estimated to
have up to $50,000 in assets and $1 million to $10 million in
liabilities.

Andrew David Stosberg, Esq., at Middleton Reutlinger, represents
the Debtor.


J.C. PENNEY: Reopens Terre Haute, Indiana Location
--------------------------------------------------
Howard Greninger, writing for Tribune Star, reports that J.C.
Penney reopened its store at Haute City Center, in Terre Haute,
Indiana on June 3, 2020.  That announcement came from Laura
Neroulias, associate vice president of Quinn PR, which represents
mall owners Out of the Box Ventures LLC.  

Haute City Center reopened on May 15, 2020 with reduced hours and
limited entrances in line with Gov. Eric Holcomb's phased-in
reopening strategy to reduce transmission of the COVID-19 virus.
However, not all stores immediately opened.

Last month, J.C. Penney said it would permanently close nearly 30%
of its 846 stores as part of a restructuring plan under Chapter 11
bankruptcy protection.  The company would close about 192 stores by
February 2021, then another 50 in 2022.

J.C. Penney opened stores in Indiana last month including
Greenwood, Seymour, Mishawaka, Plymouth, Plainfield, Noblesville
and Valparasio.

                        About J.C. Penney

J.C. Penney Corporation, Inc., is an American retail company,
founded in 1902 by James Cash Penney and today engaged in marketing
apparel, home furnishings, jewelry, cosmetics, and cookware.  The
company was called J.C. Penney Stores Company from 1913 to 1924,
when it was reincorporated as J.C. Penney Co.

On May 15, 2020, J.C. Penney announced that it has entered into a
restructuring support agreement with lenders holding 70% of
JCPenney's first lien debt.  The RSA contemplates agreed-upon terms
for a pre-arranged financial restructuring plan that is expected to
reduce several billion dollars of indebtedness.  To implement the
Plan, the Company and its affiliates on May 15, 2020, filed
voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182).

Kirkland & Ellis LLP is serving as legal advisor, Lazard is
serving
as financial advisor, and AlixPartners LLP is serving as
restructuring advisor to the Company.  Prime Clerk is the claims
agent, maintaining the page http://cases.primeclerk.com/JCPenney


KOPIN CORP: Reports $3.66-Mil. Net Loss for Quarter Ended March 28
------------------------------------------------------------------
Kopin Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,656,991 on $7,878,605 of total revenues
for the three months ended March 28, 2020, compared to a net loss
of $11,319,910 on $5,542,925 of total revenues for the same period
in 2019.

At March 28, 2020, the Company had total assets of $38,436,381,
total liabilities of $13,441,927, and $24,994,454 in total
stockholders' equity.

The Company said, "We incurred net losses of $29.4 million and net
cash outflows from operations of $21.0 million for the fiscal year
ended 2019.  We incurred a net loss of $3.6 million for the three
months ended March 28, 2020 and net cash outflows from operations
of $3.9 million.  In addition, we have continued to experience a
significant decline in its cash and cash equivalents and marketable
debt securities, which was primarily a result of funding operating
losses, of which a significant component relates to our ongoing
investments in the research and development of Wearable products.
These negative financial conditions raise substantial doubt
regarding our ability to continue as a going concern.  We have an
At-The-Money (ATM) registration statement in place which provides
us a method of selling equity securities into the market on a
periodic basis to raise funds.  In addition we have in the past
sold equity securities to fund our operations.  We estimate we will
have sufficient liquidity to fund operations at least through the
end of the first quarter of 2021.  If our actual results are less
than projected or we need to raise capital for additional
liquidity, we may be required to do an equity financing, reduce
expenses or enter into a strategic transaction.  However, we can
make no assurance that we will be able to raise additional capital,
reduce expenses sufficiently, or enter into a strategic transaction
on terms acceptable to us, or at all."


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

                       https://is.gd/l1Y5bQ

Kopin Corporation invents, develops, manufactures, and sells
various components and systems in the United States, the
Asia-Pacific, Europe, and internationally.  It offers miniature
active-matrix liquid crystal displays, liquid crystal on silicon
displays/spatial light modulators, organic light emitting diode
displays, application specific integrated circuits, backlights,
optical lenses, and audio integrated circuits, as well as SOLOS
smart glasses, which are hands-free head-worn devices that obtain
information from sensors or the Internet via a smartphone and
displays the information on the sunglass lens.  The company's
products are used in industrial and public safety applications;
consumer augmented and virtual reality wearable headsets; soldier,
avionic, and military armored vehicle applications; 3D optical
inspection systems; and training and simulation markets.  Kopin
Corporation was founded in 1984 and is headquartered in
Westborough, Massachusetts.



KRISJENN RANCH: Hires Jerry G Miers, CPA as Accountant
------------------------------------------------------
KrisJenn Ranch, LLC received approval from the U.S. Bankruptcy
Court for the Western District of Texas to employ an accountant.

KrisJenn Ranch request authority to employ Jerry G Miers, CPA as
its accountant to assist Debtor with preparing financial statements
and account entry adjustments, conduct Debtor's bookkeeping,
prepare quarterly tax returns, and prepare tax returns.

Jerry G Miers, CPA, will be paid their standard hourly rates.

Mr. Miers Miers assures the court that he is a "disinterested
person" as that term is defined by 11 U.S.C. Sec. 101(14).

The accountant can be reached through:

     Jerry G Miers, CPA
     16414 San Pedro Ave # 930
     San Antonio, TX 78232

                      About KrisJenn Ranch

KrisJenn Ranch, LLC, KrisJenn Ranch, LLC Series Uvalde Ranch, and
KrisJenn Ranch, LLC Series Pipeline Row, a privately held company
in the livestock farming industry, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 20-50805) on
April 27, 2020.  The petition was signed by Larry Wright, Debtor's
manager.

At the time of the filing, Debtor disclosed total assets of
$16,246,409 and total liabilities of $6,548,315.  Judge Ronald B.
King oversees the case. Muller Smeberg PLLC is Debtor's legal
counsel.


LIBBEY GLASS: Pratt Corrugated Steps Down as Committee Member
-------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 announced the resignation of
Pratt Corrugated Holdings, Inc. from the official committee of
unsecured creditors appointed in the Chapter 11 cases of Libbey
Glass, Inc. and its affiliates.

As of June 19, 2020, the members of the committee are:

     1. Pension Benefit Guaranty Corp.
        Attn: Cynthia Wong
        1200 K Street, NW
        Washington, DC 20005
        Phone: (202) 229-3033
        Fax: (202) 842-2643
        Email: wong.cynthia@pbgc.gov

     2. United Steelworkers (USW)
        Attn: David Jury
        60 Boulevard of the Allies
        Pittsburgh, PA 15222
        Phone: (412) 562-2545
        Fax: (412) 562-2574
        Email: djury@usw.org

     3. Packaging Corp. of America
        Attn: Jack Mauro
        1 North Field Court
        Lake Forest, IL 60045
        Phone: (847) 482-2134
        Fax: (847) 440-5498
        Email: JMauro@Packagingcorp.com

     4. A.A. Boos & Sons, Inc.
        Attn: Cheryl Koeniger
        2015 Pickle Road
        Oregon, OH 43616
        Phone: (419) 691-2329
        Fax: (419) 691-2057
        Email: CherylKoeniger@aaboos.com

                         About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. (NYSE American: LBY) is one of
the largest glass tableware manufacturers in the world.  Libbey
operates manufacturing plants in the U.S., Mexico, China, Portugal
and the Netherlands.  In existence since 1818, Libbey supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries.  Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey Signature,
Master's Reserve, Crisa, Royal Leerdam, World Tableware, Syracuse
China, and Crisal Glass.  In 2019, Libbey's net sales totaled
$782.4 million.  For more information,
visit http://www.libbey.com/

Libbey Glass Inc. and 11 of its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11439) on June 1, 2020.
In the petition signed by CEO Michael P. Bauer, Libbey Glass was
estimated to have $100 million to $500 million in assets and $500
illion to $1 billion in liabilities as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

Debtors tapped Latham & Watkins LLP and Richards, Layton & Finger,
P.A., as counsel; Alvarez & Marsal North America, LLC as financial
advisor; and Lazard Ltd as investment banker.  Prime Clerk LLC is
the claims agent, maintaining the page
https://cases.primeclerk.com/libbey


LONGVIEW POWER: Joint Prepackaged Plan Confirmed by Judge
---------------------------------------------------------
Judge Brendan L. Shannon has entered findings of fact, conclusions
of law and order approving the Disclosure Statement and confirming
the Modified Joint Prepackaged Plan of Reorganization of Longview
Power, LLC and its Debtor Affiliates.

The Plan satisfies the requirements of Section 1129(a)(3) of the
Bankruptcy Code. I n so determining, the Bankruptcy Court has
examined the totality of the circumstances surrounding the filing
of the Chapter 11 Cases, the Plan itself, the process leading to
Confirmation of the Plan, including the overwhelming support of
Holders of Claims entitled to vote on the Plan, and the
transactions to be implemented.

The Plan does not satisfy the requirements of section 1129(a)(8) of
the Bankruptcy Code.  Classes 1, 2, and 5 constitute Unimpaired
Classes, each of which is conclusively presumed to have accepted
the Plan in accordance with section 1126(f) of the Bankruptcy Code.
Notwithstanding the foregoing, the Plan is confirmable because it
satisfies sections 1129(a)(10) and 1129(b) of the Bankruptcy Code.

A copy of the order dated May 22, 2020, is available at
https://tinyurl.com/y8ejjrav from PacerMonitor at no charge.

                     About Longview Power

Longview Power, LLC, together with Longview Intermediate Holdings
C, LLC and its non-debtor affiliates, operates a 710 megawatt
advanced supercritical coal fired power generation facility located
in Maidsville, West Virginia that uses equipment,  processes,
designs, and technology developed specifically for use at the
Maidsville site.  Longview is a privately owned power company that
was formed in 2003 for the purpose of constructing and operating
the coal-burning Longview Plant in Monongalia County, West
Virginia.

Longview Power, LLC and affiliate Longview Intermediate Holdings C,
LLC sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
20-10951) on April 14, 2020.

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

The Debtor tapped KIRKLAND & ELLIS LLP as bankruptcy counsel;
RICHARDS, LAYTON & FINGER, P.A., as local counsel; 3CUBED ADVISORY
SERVICES, LLC as restructuring advisor; and HOULIHAN LOKEY, INC. as
financial advisor.  DONLIN, RECANO & COMPANY, INC. is the claims
agent.


MIDCOAST ENERGY: Fitch Affirms, Then Withdraws 'BB-' IDR
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the following rating on
Midcoast Energy, LLC:

  -- Long-Term Issuer Default Rating at 'BB-'/Stable Rating
Outlook.

The rating was withdrawn for commercial purposes.

KEY RATING DRIVERS

Deleveraging Transaction: Midcoast has completed a transaction with
another affiliate of ArcLight Capital Partners, LLC and a
consortium of institutional investors whereby minimal debt remains
outstanding within the Midcoast family of companies. This
transaction involved the entity that holds a 35% interest in the
Texas Express pipeline. A $200 million asset backed loan remains at
Midcoast's marketing subsidiary.

Geographic Diversity: Midcoast has two gas gathering regions
(Haynesville and Granite Wash), and indirectly a third (Barnett),
which should diversify away some geological risk. In relation to
single-basin (mostly Permian) gathering and processing peers,
Midcoast's presence in multiple distinct basins is an advantage.
Additionally, producers in the Haynesville are targeting dry gas
with drilling activities, versus natural gas production in the
Permian that is largely driven by oil exploration and development
activities (which has declined significantly versus expectations
thus far in 2020).

Volume Risk: The shale formations in which Midcoast gathers and
processes are relatively mature, in the context of the era of
hydraulic fracturing. As such, these territories have seen periods
of volume decline (partly triggered by some warm winters and
weakness in liquids prices). Midcoast's Haynesville formation has
shown strong growth in recent years, while the other regions are
approximately level against trailing quarters. Given the company's
lack of a meaningful portfolio of minimum volume commitment or
take-or-pay contracts, volume risks remain.

Near-Term Hedging Benefit: For 2019, Midcoast posted good results,
and part of the outperformance was attributable to good commodity
price realization. Roughly 40% of 2019 Midcoast gross margin
(including joint ventures) was derived from selling commodities to
which it took title. In 2019, Midcoast substantially hedged its
commodity price exposure, more than Fitch had expected. The
deleveraging transaction aside, Midcoast exceeded Fitch
expectations in 2019 as it was able to lock in relatively elevated
NGL prices, as well as slightly better than expected gathered
volumes. The company has certain hedges in place for 2020-2021,
albeit at lower levels compared to 2019.

ESG - Governance: Midcoast has an ESG Relevance Score of 4 for
Group Structure as private-equity backed midstream entities
typically have less structural and financial disclosure
transparency than publicly traded issuers. Also, group structure
considerations have elevated scope for Midcoast given the
interfamily/related party transactions with affiliate companies.
This has a negative impact on the credit profile, and is relevant
to the rating in conjunction with other factors.

DERIVATION SUMMARY

Midcoast is a small-to-medium-sized natural gas gathering and
processing midstream company. The company may be distinguished from
other G&P companies with similar EBITDA run rates by Midcoast's
gas-gathering presence in two producing basins, as well as,
indirectly, a third region. The other small G&P companies in
Fitch's coverage are in only one producing basin.

Given the regional diversity of cash flows Midcoast enjoys, DCP
Midstream, LP (DCP; BB+/RWN) is the best comparable for the
borrower. Based on operating EBITDA after Associates and
Minorities, Midcoast is approximately one-fifth of the size of DCP,
and this difference accounts for the main reason that DCP has a
higher IDR than Midcoast. As expected with a bigger company, DCP is
more geographically diverse.

Another reason DCP is a good comparable is contract mix.
Approximately 70% of DCP's gross margin is expected to be
fixed-fee, with roughly 10% of 2020 margin supported by product
hedges. Past 2020, Fitch expects Midcoast's gross margin to be
about two-thirds fee-based. So, by the breakdown of fee-based and
non-fee-based, the two companies are similar.

Midcoast was previously expected to have approximately 1.5 turns of
lower leverage versus DCP, partly offsetting DCP's size advantage.
Accordingly, Midcoast is rated two notches below DCP, at 'BB-'.

KEY ASSUMPTIONS

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

  -- Fitch price deck with respect to natural gas and crude oil.
The Fitch price deck assumption for Henry Hub natural gas for 2020
is $1.85/thousand cubic feet (mcf) and $2.45/mcf from 2021 and
beyond. The Fitch price deck for WTI is $32.00/barrel for 2020,
$42/barrel in 2021, $50/barrel in 2022 and $52/barrel thereafter.

  -- Gas gathering trends consistent with recent performance.

RATING SENSITIVITIES

Rating sensitivities are no longer applicable given the rating
withdrawal.

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: Midcoast has liquidity stemming from a Dec. 31,
2019 cash balance of $75 million. Additionally, the company has an
asset backed loan facility through its Marketing & Logistics
subsidiary. Borrowings under this facility are typically made to
fund seasonal purchases of commodities inventory, and other types
of forward-contracting. Forward contracting includes the use of
derivative instruments, such as swaps, to reduce cash flow
volatility. As of Dec. 31, 2019, the company had $25 million
outstanding on the ABL with a total commitment of $200 million. In
addition to the outstanding debt as of Dec. 31, 2019, the company
had $51.8 million in LOC outstanding.

SUMMARY OF FINANCIAL ADJUSTMENTS

With respect to unconsolidated investees, Fitch calculates EBITDA
by use of cash distributions from those entities, rather than by
the use of equity in earnings.

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

Midcoast Energy, LLC has an ESG Relevance Score of 4 for Group
Structure as private-equity backed midstream entities typically
have less structural and financial disclosure transparency than
publicly traded issuers. Also, group structure considerations have
elevated scope for Midcoast Energy, LLC given the
interfamily/related party transactions with affiliate companies.
These factors have a negative impact on the credit profile, and are
relevant to the rating in conjunction with other factors.

Except for the matters discussed, 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).

Midcoast Energy, LLC

  - LT IDR BB-; Affirmed

  - LT IDR WD; Withdrawn


MOHEGAN GAMING: Signs Waiver Agreement with U.S. Bank
-----------------------------------------------------
The Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming &
Entertainment entered into a waiver in respect of the indenture
governing its 7.875% Senior Notes due 2024, by and among MGE, The
Mohegan Tribe of Indians of Connecticut, and U.S. Bank National
Association, as trustee.

The Waiver waives any default or event of default that may occur
with respect to the Notes under Section 6.01(j) of the Indenture
that is the direct result of the cessation of gaming operations
that commenced in March 2020 due to the recent global outbreak of a
novel strain of coronavirus (COVID-19).

              About Mohegan Gaming & Entertainment

The Mohegan Tribal Gaming Authority d/b/a Mohegan Gaming &
Entertainment  -- http://www.mohegangaming.com/-- is primarily
engaged in the ownership, operation and development of integrated
entertainment facilities, both domestically and internationally,
including: (i) Mohegan Sun in Uncasville, Connecticut, (ii) Mohegan
Sun Pocono in Plains Township, Pennsylvania, (iii) Niagara
Fallsview Casino Resort, Casino Niagara and the future 5,000-seat
Niagara Falls Entertainment Centre, all in Niagara Falls, Canada,
(iv) Resorts Casino Hotel in Atlantic City, New Jersey, (v) ilani
Casino Resort in Clark County, Washington, (vi) Paragon Casino
Resort in Marksville, Louisiana and (vii) INSPIRE Entertainment
Resort, a first-of-its-kind, multi-billion dollar integrated resort
and casino under construction at Incheon International Airport in
South Korea.

Mohegan Tribal reported a net loss of $2.37 million for the fiscal
year ended Sept. 30, 2019.  As of Dec. 31, 2019, the Company had
$2.85 billion in total assets, $2.71 billion in total liabilities,
and $145.96 million in total capital.

                          *    *    *

As reported by the TCR on May 14, 2020, S&P Global Ratings lowered
all of its ratings on casino operator Mohegan Tribal Gaming
Authority (MTGA) and hotel owner Mohegan Tribal Finance Authority
(MTFA), including its issuer credit ratings, by one notch to 'CCC+'
from 'B-' and removed the ratings from CreditWatch, where it placed
them with negative implications
on March 20, 2020.

In April 2020, Moody's Investors Service downgraded Mohegan Tribal
Gaming Authority's Corporate Family Rating to 'Caa2' from 'B3'.
The downgrade reflects that significant pressure on earnings and
free cash flow will increase leverage and elevate default risk.


MONOTYPE IMAGING: Moody's Cuts CFR to Caa1, Outlook Stable
----------------------------------------------------------
Moody's Investors Service downgraded Monotype Imaging Holdings
Inc.'s existing ratings, including its Corporate Family Rating to
Caa1 from B3. The outlook is stable.

"The downgrade reflects deterioration in Monotype's liquidity and
earnings arising from the coronavirus outbreak. These disruptions
will further stress the company's credit metrics, which were
already weakly positioned following the buy-out transaction in
October 2019", said Dilara Sukhov, the lead analyst on Monotype at
Moody's.

Moody's took the following rating actions:

Downgrades:

Issuer: Monotype Imaging Holdings Inc.

Corporate Family Rating, Downgraded to Caa1 from B3

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

Gtd Senior Secured First Lien Term Loan, Downgraded to B3 (LGD3)
from B2 (LGD3)

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

Outlook Actions:

Issuer: Monotype Imaging Holdings Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Monotype was already facing high execution risk prior to the
coronavirus outbreak, given the need to continue the transition to
an enterprise sales model while also attempting to extract
substantial cost savings in 2020 and 2021. The revenue and earnings
pressure caused by the coronavirus will exacerbate these execution
risks and delay the deleveraging trajectory. Monotype's variable
costs structure helps to reduce the cost base in response to the
expected revenue declines. However, with a low point of under $30
million in total liquidity expected between a $70 million dollar
revolver and cash on hand combined in Q2 2020, the margin of error
is very thin and leaves little to no room for further earnings
declines. The company has good track record demonstrating its
ability to reduce costs though and has additional cost cutting
levers to lower its cost base in response to the COVID-related
revenue declines. The company's aggressive financial strategy
further hinders its liquidity. In May 2020, Monotype agreed to
acquire a German-based font foundry URW for roughly $8 million that
came on the hills of another tuck-in acquisition of the U.K.-based
font foundry Fontsmith in January 2020.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The business and
consumer services industry has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
Monotype's credit profile have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions.
Monotype's Q1 2020 revenue declined 24% from prior year, with its
largest Enterprise segment (38% of 2019 revenue) declining 16.9%
and the Display segment (19% of 2019 revenue) dropping 20.9% in Q1
as new booking got delayed and royalty revenue slowed. The company
remains vulnerable to the outbreak continuing to spread and
deteriorating macroeconomic conditions. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its actions reflects the impact on Monotype of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

Monotype's Caa1 CFR reflects a business model that remains in
transition and high leverage following the buyout by the private
equity sponsor HGGC in October 2019. The company was taken private
as it was transitioning from declining and slow growth sales
channels to an enterprise sales model. High leverage of 8.3x (as of
LTM 3/2020, Moody's-adjusted debt-to-EBITDA, not giving credit for
the pull-forward of $18 million of cost savings), a plethora of
free substitutes, and its third wave of restructuring activities in
as many years, creates risks during its transition efforts.
Nevertheless, the company has increasingly converted its license
revenues from a perpetual to subscription-based sales model,
improving its overall revenue stability. Near-term free cash flow
generation will be constrained by diminished earnings due to the
coronavirus outbreak, restructuring costs, and its ability to
eliminate or minimize cash burn from the Olapic business.
Governance risks Moody's considers in the Monotype credit profile
include an aggressive financial strategy under a private equity
ownership supportive of acquisition-oriented growth, operating with
high leverage and a likelihood of owner distributions when
performance improves.

Monotype's liquidity is weak, constrained by the diminished
operating cash flows due to the coronavirus outbreak, limited cash
on hand and heavy reliance on the revolver to fund growth and meet
on-going cash needs over the next 12 -18 months and helped by lack
of near-term debt maturities. As of March 31, 2020, the company had
$21 million of cash and $19 million available on its $70 million
revolver due October 2024. The revolver is subject to a springing
first lien net leverage ratio (as defined in the facility
agreement) of 7.35x which will only be in effect when utilization
exceeds 35%. The first lien net leverage ratio was 4.6x as of LTM
3/31/2020, with a 37% cushion over the requirement. Moody's expects
the covenant will be tested quarterly in the next 12 months, and
the headroom will diminish from the current level but remain
adequate. The company is able to add back run-rate cost savings to
EBITDA for a period of up to 24 months, subject to a cap of 25%.

The stable outlook reflects Moody's expectation that in 2021
Monotype will return to revenue growth, improve liquidity and
generate break-even to positive free cash flow. The stable outlook
also assumes that Monotype will take the necessary steps to
eliminate the cash burn from the Olapic business and refrain from
debt-funded acquisitions until its liquidity recovers.

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

The ratings could be upgraded if liquidity improves, cost savings
are enacted successfully, enterprise sales continue to grow while
the other segments stabilize, and the company commits to balanced
financial policies. An upgrade will also require that leverage and
interest coverage improve materially.

A downgrade could occur if the company's liquidity deteriorates, if
customer retention and revenue continue to decline beyond 2020, or
Moody's expects negative free cash flow to persist.

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

Headquartered in Woburn, Massachusetts, and majority owned by
affiliates of private equity sponsor HGGC, Monotype Imaging
Holdings Inc. owns and licenses well-known fonts and the associated
software and services. The company generated approximately $252
million of revenue as of the last twelve months ended March 30,
2020.


MOSIER MANAGEMENT: $200 Cash Sale of All Assets to HIS Approved
---------------------------------------------------------------
Judge Robyn L. Moberly of the U.S. Bankruptcy Court for the
Southern District of Indiana authorized Mosier Management, LLC's
sale of substantially all assets to HIS German Autoparts, LLC for
$200,000 cash, less a credit for the Assumed Liabilities in an
amount not to exceed $25,000.

No objections having been received to the Motion, the Stalking
Horse Bid, or the Sale and Bid procedures, and no bids other than
the Stalking Horse Bid having been received, the Sale to the
Stalking Horse Bidder pursuant to the Stalking Horse Asset Purchase
Agreement is approved and authorized as allowed and required under
Local Rule B-6004-4(e)(1).

The sale is free and clear of all liens, interests, claims,
encumbrances and charges of any kind or nature whatsoever, whether
known or unknown, choate or unchoate, existing as of the Closing
Date.

The automatic stay provisions of section 362 of the Bankruptcy Code
are lifted and modified to the extent necessary to implement the
terms and conditions of the Stalking Horse Agreement and the
provisions of the Sale Order.

Notwithstanding Bankruptcy Rules 6004(h), 7062, 9014, or otherwise,
the Court, for good cause shown, orders that the terms and
conditions of the Order will be immediately effective and
enforceable upon its entry.

                   About Mosier Management

Mosier Management LLC, which operates under the name Adsit Company
-- https://www.adsitco.com/ -- specializes in parts exclusively for
Mercedes Benz automobiles.  

Mosier Management sought protection under Chapter 11 of the
Bankruptcy Court (Bankr. S.D. Ind. Case No. 20-00640) on Feb. 3,
2020.  In the petition signed by Josiah Mosier, sole member, Debtor
was estimated to have  $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.  Terry E. Hall, Esq., at
Terry Hall Law PC, represents the Debtor.


MUNCHERY INC: $40K Sale of Customer Data & Content Assets Approved
------------------------------------------------------------------
Judge Hannah L. Blumensteil of the U.S. Bankruptcy Court for the
Northern District of California authorized Munchery, Inc.'s sale of
customer data and content assets to Rolliyo, Inc. for $40,000.

The sale is free and clear of all liens.

The 14-day stay imposed by Fed. R. Civ. P. 62(a) and/or Fed. R.
Bankr. P. 6004(h) is waived.

Munchery is authorized to take the steps it deems necessary to
implement the Term Sheet, and the Asset Purchase Agreement without
further Court order.

Pursuant to the Motion, Term Sheet, and Asset Purchase Agreement,
Rolliyo will pay $40,000 directly to TriplePoint Venture Growth BDC
Corp. upon closing.

                        About Munchery

Munchery, Inc. d/b/a Munchery -- http://www.munchery.com/-- is a
food delivery startup offering "fresh, local, and delicious" meals
to its customers across the country.  On Jan. 21, 2019, Munchery
ceased business operations and all its employees were terminated.

Munchery sought Chapter 11 bankruptcy protection (Bankr. N.D. Cal.
Case No. 19-30232) on Feb. 28, 2019.  In the petition signed by
James Beriker, president and CEO, Munchery estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.  The case is assigned to Judge Hannah L. Blumenstiel.
Munchery tapped Finestone Hayes LLP as its bankruptcy counsel;
Armanino LLP as its financial consultant; and Omni Management Group
as its noticing agent.


NAPA MANAGEMENT: Moody's Cuts CFR to Caa2, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded NAPA Management Services
Corporation's Corporate Family Rating to Caa2 from Caa1 and its
Probability of Default Rating to Caa2-PD from Caa1-PD. Moody's also
downgraded NAPA's first lien credit facility ratings to Caa1 from
B3. The outlook is stable. This concludes the rating review that
was initiated on March 27, 2020.

The downgrade of NAPA's ratings reflects the company's weak
liquidity, rising refinancing risk and uncertainties surrounding
the timing of business recovery. The company has been particularly
negatively impacted by the coronavirus crisis given its focus on
anesthesiology and its geographic concentration in the New York
metro area. The company has fully drawn its $40 million revolver
(which expires in April 2021) and Moody's expects negative free
cash flow in the near-term as a result of the postponement of
elective procedures during the COVID-19 outbreak. In addition,
there is the risk that the company will pursue a transaction that
Moody's considers to be a distressed exchange, and hence a default
under Moody's definition.

The change of outlook to stable reflects Moody's view that the
current ratings adequately reflect default risk and recovery
prospects.

The following ratings were downgraded:

Issuer: NAPA Management Services Corporation

Corporate Family Rating to Caa2 from Caa1, previously on review for
downgrade

Probability of Default Rating to Caa2-PD from Caa1-PD, previously
on review for downgrade

$40 million senior secured first lien revolver expiring in 2021 to
Caa1 (LGD3) from B3 (LGD3), previously on review for downgrade

$353 million senior secured first lien term loan due 2023 to Caa1
(LGD3) from B3 (LGD3), previously on review for downgrade

Outlook Action:

Outlook changed to stable from rating under review

RATINGS RATIONALE

NAPA's Caa2 CFR reflects the company's weak liquidity, rising
revolver refinancing risk and very high financial leverage amid the
unfolding COVID-19 outbreak. It also reflects the company's limited
scale and high geographic concentration in northeastern states that
have been heavily impacted by the outbreak.

The Caa2 rating is supported by an expectation that the demand for
the company's services will return once the COVID outbreak
subsides.

Moody's considers NAPA's liquidity to be weak. The company had
approximately $22 million in cash at the end of March 2020. Moody's
estimates that the company currently has $35-$40 million of
liquidity which includes the impact of a fully drawn revolver,
consolidation of NAPA NY and benefits from the CARES Act. While the
company has reduced costs significantly since the coronavirus
outbreak, Moody's expects that the company will remain free cash
flow negative in the next 1-2 quarters.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. In addition, as a provider of physician staffing
services, NAPA faces significant social risk. Several legislative
proposals have been introduced in the US Congress that aim to
eliminate or reduce the impact of surprise medical bills. Surprise
medical bills are received by insured patients who receive care
from providers outside of their insurance networks, usually in
emergency situations. NAPA, owned by a private equity firm, has
been acquisitive in the last few years. Most recently, NAPA's
sponsor acquired the anesthesia business from MEDNAX Inc. in May
2020. Moody's expects that the anesthesia business acquired from
MEDNAX will be merged with the NAPA's existing business in the next
12 months. While this merger would provide opportunities for scale
and synergies, it will also entail considerable execution risk.

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

The ratings could be downgraded if at any point Moody's believes
that NAPA will be unable to pay back the borrowings under its
revolver and/or refinance the revolver in the coming months. The
rating could also be downgraded if the company's liquidity
deteriorates further or if there is an increased likelihood that
the company pursues a transaction that Moody's would consider a
default, including a distressed exchange.

The ratings could be upgraded if the company's operating
performance stabilizes, it refinances its revolver and its
liquidity improves.

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

Headquartered in Melville, NY, NAPA Management Services Corporation
is a specialty anesthesia management company in the United States.
The company partners with hospitals, ambulatory surgery centers and
physician offices to provide anesthesia services and perioperative
care. NAPA, which is owned by private equity sponsor American
Securities, reported revenues of $541 million in the twelve months
ended December 31, 2019.


NEIMAN MARCUS: Hires Ernst & Young to Provide Tax Services
----------------------------------------------------------
Neiman Marcus Group LTD LLC, and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Ernst & Young LLP to provide auditing, accounting and tax
services.

Ernst & Young will perform the following services:

-- provide tax advisory services to Debtors in connection with
their restructuring, which includes the Chapter 11 filing and plan
of reorganization;

-- prepare the U.S., Federal income tax return, Form 1120 for
Neiman Marcus Group, Inc for the year ended August 3, 2019, and the
state and local income and franchise tax returns;

-- perform an analysis to determine the appropriate U.S. federal
income tax treatment of certain costs and expenses incurred by
Debtors in connection with their bankruptcy filing;

-- assist Debtors in implementing accounting method changes to
comply with or avail themselves of Section 263A for inventory;

-- provide certain federal tax advisory services related to
revenue and expense recognition under IRC Section 451 and IRC
Section 461 for the tax year ended Aug. 3, 2019;

-- provide routine tax advisory services concerning issues as
requested by Debtors when such projects are not covered by a
separate SOW and do not involve any significant tax planning or
projects;

-- prepare Form 5500 series return and Form 8955-SSA, Annual
Registration Statements for Debtors' plans;

-- audit and report on the financial statements and supplement
schedules of the Neiman Marcus Group LLC Retirement Savings Plan
and the Neiman Marcus Group LLC Retirement Plan for the year ended
December 31, 2019 and the Retirement Plan for the year ended July
31, 2019, which are to be included in the Plan Form 5500 filings
with the Employee Benefit Security Administration of the Department
of Labor; and

-- audit Debtors' financial statements subsequent to the filing of
their Chapter 11 cases.

Ernst & Young will be paid at hourly rates as follows:

The TCA SOW, Inventory SOW, Revenue SOW, Routine SOW

                   West Region   National Tax

     Partner              $735   $885
     Executive Director   $685   $820
     Senior Manager       $655   $785
     Manager              $510   $610
     Senior               $370   $445
     Staff                $210   $255
     Intern                $80   $80

Debt Restructuring SOW

     Partner/Principal     $878
     Executive Director    $778
     Senior Manager        $735
     Manager               $600
     Senior                $450
     Staff                 $250

The Debtors' will pay Ernst & Young a fee of $197,050 for the tax
compliance services for the tax year ending August 3, 2019, of
which $177,050 has been billed and collected.  It will pay the firm
a fee of $10,600 for the compliance services for the years ending
July 31, 2019 and December 31, 2019.

Ernst & Young estimates that its fees for the services under the
2019 Retirement Plan Audit Engagement Letter will be approximately
$88,000, plus expenses.

The firm estimates that its fees for the audit of the fiscal 2020
consolidated financial statements and their review of the unaudited
interim financial information of Neiman Marcus Group LTD LLC will
be $1,270,000 and $88,000, respectively, plus related expenses.

Brandon David Rowland, a partner at Ernst & Young, assures the
court that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Brandon David Rowland
     Ernst & Young LLP
     5 Houston Center
     1401 McKinney St, Suite 2400
     Houston, TX 77010
     Phone:+1 713 750 1500
     Fax: +1 713 750 1501

                     About Neiman Marcus Group

Neiman Marcus Group LTD, LLC is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names. It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories. Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States.  For
more information, visit https://www.neimanmarcus.com/

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

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.


NEIMAN MARCUS: Seeks to Hire Lazard Freres as Investment Banker
---------------------------------------------------------------
Neiman Marcus Group LTD LLC and its debtor affiliates seek approval
from the U.S. Bankruptcy Court for the Southern District of Texas
to employ Lazard Freres & Co. LLC as investment banker to the
Debtors, effective as of May 7, 2020.

Lazard will, to the extent reasonably requested by the Debtors,
perform the following investment banking services:

     (a) review and analyze the Debtors' businesses, operations,
and financial projections;

     (b) evaluate the Debtors' potential debt capacity in light of
its projected cash flows;

     (c) assist in the determination of an appropriate capital
structure for the Debtors;

     (d) assist in the determination of a range of values for the
Debtors on a going concern basis;

     (e) evaluate the financial terms of any proposed Transaction;

     (f) assist in analyzing potential liability management
transactions or other capital structure alternatives, including any
Sale Transaction, Restructuring, or Financing, among others;

     (g) advise the Debtors on tactics and strategies for
negotiating with Transaction counterparties and the Debtors'
stakeholders;

     (h) render financial advice to the Debtors and participate in
meetings or negotiations with the Debtors' stakeholders or other
appropriate parties in connection with any Transaction;

     (i) assist in preparing documentation within Lazard's area of
expertise that is required in connection with any Transaction;

     (j) advise the Debtors on the timing, nature, and terms of new
securities, other consideration, or other inducements to be offered
pursuant to any Transaction;

     (k) advise and assist the Debtors in evaluating any potential
Financing by the Debtors and, subject to Lazard's agreement to so
act, on behalf of the Debtors, contacting potential sources of
capital as the Debtors may designate and assisting the Debtors in
implementing such Financing;

     (l) assist the Debtors in identifying and evaluating
candidates for any potential Sale Transaction, advise in connection
with negotiations, and aide in the consummation of any Sale
Transaction;

     (m) attend meetings of the Board of Directors of the Debtors
with respect to matters on which Lazard has been engaged to advise
under the Engagement Letter;

     (n) provide testimony in any proceeding before the Court, as
necessary, with respect to matters on which Lazard has been engaged
to advise under the Engagement Letter; and

     (o) provide the Debtors with other advice relevant to the
foregoing.

Subject to Court approval, and in accordance with the Bankruptcy
Code, the Bankruptcy Rules, and the Local Rules, the Debtors will
compensate Lazard in accordance with the terms and provisions of
the Engagement Letter, which provides the Fee and Expense Structure
summarized as follows:

     (a) A monthly fee of $225,000 per month beginning with March
2020, payable on the first day of each month until the earlier of
the consummation of a Restructuring, a Sale Transaction
incorporating all or a majority of the assets or all or a majority
or controlling interest in the equity securities of the Debtors, or
termination of Lazard's engagement pursuant to Section 10 of the
Engagement Letter. The Monthly Fee payable with respect to March
2020 shall be pro-rated based on the number of days from and
including the date of execution of the Engagement Letter until the
end of the month. Fifty percent (50%) of all Monthly Fees paid in
excess of $1,350,000 shall be credited, without duplication,
against any Restructuring Fee, Sale Transaction Fee, Partial Sale
Transaction Fee, or Financing Fee (each as defined in the
Engagement Letter);

     (b) A fee of $15,000,000 payable upon the consummation of a
Restructuring (the Restructuring Fee);

     (c) A fee (each a Financing Fee) equal to the total gross
proceeds provided for in any Financing (including all amounts
committed but not drawn down under credit lines or other
facilities) multiplied by (i) 1.0% with respect to any senior
secured debt Financing or government Financing, (ii) 2.0% with
respect to any junior secured or unsecured debt or government
Financing or (iii) 3.0% with respect to any other Financing. Each
Financing Fee shall be payable upon consummation of the Financing;
provided, however, that with respect to any debtor-in-possession
Financing, the Financing Fee shall be paid upon the earlier of
signing a commitment letter or signing definitive documentation for
such Financing. Fifty percent (50%) of any Financing Fee(s) paid
shall be credited (without duplication) against any Restructuring
Fee subsequently payable.

     (d) If, whether in connection with the consummation of a
Restructuring or otherwise, the Debtors consummate a Sale
Transaction incorporating all or a majority of the assets or all or
a majority or controlling interest in the equity securities of the
Debtors, a fee (the Sale Transaction Fee), shall be payable upon
consummation of such Sale Transaction, equal to the greater of
$15,000,000 or the fee calculated as set forth in Schedule I of the
Engagement Letter based on the Aggregate Consideration of such Sale
Transaction.

     (e) If, whether in connection with the consummation of a
Restructuring or otherwise, the Debtors consummate any Sale
Transaction not covered by clause (d) above, a fee (each a Partial
Sale Transaction Fee), payable upon consummation of each such Sale
Transaction, equal to the greater of $1,000,000 or the fee
calculated as set forth in Schedule I of the Engagement Letter
based on the Aggregate Consideration of such Sale Transaction.
Fifty percent (50%) of any Partial Sale Transaction Fee paid shall
be credited (without duplication) against any Restructuring Fee or
Sale Transaction Fee.

     (f) For the avoidance of doubt, fees may be payable pursuant
to all of clauses (a) through (e) above, and more than one fee may
be payable pursuant to clauses (a), (c), and (e) above; provided,
that to the extent a transaction qualifies as both a Restructuring
and a Sale Transaction described in clause (d) above, Lazard shall
only be entitled to the higher of the Restructuring Fee and Sale
Transaction Fee payable on account of such Transaction, and not
both.

     (g) In addition to any fees that may be payable to Lazard and,
regardless of whether any Transaction occurs, the Debtors shall
promptly reimburse Lazard for all reasonable document production
charges and reasonable out-of-pocket expenses incurred by Lazard
prior to any termination or expiration of the Engagement Letter and
specifically related to its engagement there under (including
travel and lodging, data processing and communications charges,
courier services, and other expenditures, but excluding any
corporate overhead or similar administrative charges) and the
reasonable fees and expenses of counsel, if any, retained by
Lazard. In no case shall the Debtors be obligated to reimburse such
expenses of Lazard and its affiliates to the extent (i) any such
single expense or series of related expenses exceeds $30,000 and
(ii) the total amount of all such expenses exceeds $150,000,
unless, in each case, the Debtors have provided their written
consent (which shall not be unreasonably withheld). If the Debtors
so request, Lazard shall provide the Debtors with reasonably
detailed documentation of expenses submitted for reimbursement.

During the 90 period prior to the Petition Date, Lazard was paid in
the ordinary course certain fees and expense reimbursements.
Specifically, (a) on April 7, 2020, Lazard was paid $348,387.10 on
account of a prorated March Monthly Fee and the April Monthly Fee
under the Engagement Letter; (b) on April 24, 2020, Lazard was paid
a $6,250,000 Financing Fee on account of the debtor-in-possession
financing (the DIP Financing) obtained by the Debtors and $10,000
representing a retainer for reimbursement of expenses; and (c) on
May 1, 2020, Lazard was paid an additional $500,000 on account of
the Financing Fee earned on account of the increase in DIP
Financing facility size and $225,000 on account of the May Monthly
Fee. Lazard will apply the $10,000 in retainer amounts received
from the Debtors before the Petition Date first to any prepetition
expenses incurred but not reimbursed prepetition, and second to any
post-petition expenses.

Tyler Cowan, a managing director of the firm Lazard Freres & Co.
LLC, 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:
   
     Tyler Cowan
     LAZARD FRERES & CO. LLC
     30 Rockefeller Plaza
     New York, NY 10112
     Telephone: (212) 632-6000

                     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, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.

The Debtors also hired Willkie Farr & Gallagher LLP as counsel and
Perella Weinberg Partners LP as financial advisor and investment
banker to the disinterested managers of Neiman Marcus Group LTD
LLC.


NEW CITIES: Humphreys & Partners Objects to Plan & Disclosures
--------------------------------------------------------------
Creditor Humphreys & Partners Architects, L.P. (HPA) objects to
confirmation of Chapter 11 Plan and to the Disclosure Statement
filed by debtor New Cities Investment Partners LLC, as follows:

  * HPA entered into Contract/Agreements with Debtor and a separate
entity, The Sands Apartments, L.P., relating to the Sands Apartment
development in Palm Desert, California, and an Agreement with
Debtor relating to a Project located at 777 West San Carlos, San
Jose, California.

  * Given Debtor (and The Sands) breach of the agreements, Debtor
and The Sands no longer have any right to use any of HP and its
consultants' work product and any conditional license to do so is
no longer in effect. Unless and until the payment defaults are
cured, Debtor has no license to use HPA Instruments of Service and
doing so will not only be a breach of contract, but of copyright
and other relevant law.

  * To the extent that Debtor's plan provides that the HPA
agreement will not be assumed by the Plan and HPA will be made
whole, HPA has no objection to it. However, to the extent that
Debtor intends at some point in the future to assume the contracts,
cure payments in the amount of money due together with evidence of
an Assignee's ability to pay the balance of the contract price are
required.

A full-text copy of HPA's objection to Disclosure Statement and
Plan dated May 26, 2020, is available at
https://tinyurl.com/yco8qnfk from PacerMonitor at no charge.

Humphreys & Partners' counsel:

         Noel E. Macaulay, Esq.
         SCHWARTZ & JANZEN, LLP
         12100 Wilshire Boulevard, Suite 1125
         Tel: 310 979-4090
         Fax: 310 207-3344

            About New Cities Investment Partners

New Cities Investment Partners, LLC, is engaged in activities
related to real estate.  The company owns a vacant real property
located in Palm Desert, Calif.

New Cities Investment Partners sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-52584) on Dec.
23, 2019.  The petition was signed by Lee E. Newell, CEO of New
Cities Land Company, Inc., the Debtor's manager.  At the time of
the filing, the Debtor disclosed assets of between $1 million and
$10 million and liabilities of the same range.  Judge M. Elaine
Hammond oversees the case.  MacDonald Fernandez LLP is the Debtor's
legal counsel.


NFINITY GROUP: $599K Sale of Phoenix Property to Keller Approved
----------------------------------------------------------------
Judge Brenda K. Martin of the U.S. Bankruptcy Court for the
District of Arizona authorized Nfinity Group, Inc.'s sale of the
real property located at 5335 North 34th Street, Phoenix, Arizona
to Donna G. Keller and/or her nominee for $599,000.

The sale is on "as is" basis, free and clear of all liens, claims,
and interests, with any liens, claims and interests to attach to
the sale proceeds only and paid directly from escrow.

Nfinity and the Purchaser will close the sale on June 25, 2020 or
such other date as specified in the contract or such date as the
parties may mutually agree.  If the Purchaser fails to close this
sale, the Purchaser's escrow/earnest deposit will be handled in
accordance with the terms of the Purchase Contract and paid over
immediately to Nfinity.  

American Title Service Agency is directed, that it will immediately
disburse to pay the closing costs directly from escrow, without
further order of the Court.  

The Title Company is further directed to immediately pay the
following creditors directly out of escrow in the following
priority, out of the net sale proceeds:

      a. Maricopa County Treasurer ??? the Debtor's pro-rated
obligations

      b. Wells Fargo Bank, N.A. ??? pursuant to the payoff
statement

      c. Chase Bank, N.A./Bayview ??? pursuant to the payoff
statement

      d. Capital One Bank (USA), N.A. ??? $7,696

      e. United States Trustee - $4,875

      f. City of Phoenix ??? $5,150 (or the Debtor's pro-rated
obligations)

The net sale proceeds will then be paid over to the trust account
of the counsel for the Debtor.   

The remaining net sale proceeds held in trust will be used to pay
administrative claims of the bankruptcy estate as will be
determined by the Court on a separate order or such further claims
of the bankruptcy estate as will be determined by the Court on a
separate order.

Any 14-day stay that might exist as to closing of the sale is
waived.
  
                     About Nfinity Group

Nfinity Group, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00376) on Jan. 12,
2020.  At the time of the filing, the Debtor was estimated to have
assets of less than $50,000 and liabilities of less than $50,000.
Judge Brenda K. Martin oversees the case.  The Debtor tapped
Greeves & Roethler, PLC, as its legal counsel.


OWENS & MINOR: Completes Sale of Movianto to EHDH Holding
---------------------------------------------------------
Owens & Minor, Inc. completed the sale of its European logistics
business, Movianto, to EHDH Holding Group, one of Europe's leading
providers of healthcare logistics.

"Today's divestiture enables Owens & Minor to concentrate focus on
our strategic pillars - Products, Services and Distribution - and
to continue expanding our PPE manufacturing capacity in the U.S.
and North America," said Edward A. Pesicka, president and CEO of
Owens & Minor.  "This transaction also contributes to the continued
financial and operational strength of Owens & Minor."

In January, Owens & Minor announced its intention to sell the
European logistics business, with $133 million in proceeds from the
sale to be used to further reduce company debt.  In addition, on
June 5, 2020, the company announced a tender offer for its
outstanding senior notes due in 2021, to further improve long-term
financial stability.

                    About Owens & Minor

Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. --
http://www.owens-minor.com/-- is a global healthcare solutions
company with integrated technologies, products, and services
aligned to deliver significant and sustained value for healthcare
providers and manufacturers across the continuum of care.  Owens &
Minor helps to reduce total costs across the supply chain by
optimizing episode and point-of-care performance, freeing up
capital and clinical resources, and managing contracts to optimize
financial performance.  Owens & Minor was founded in 1882 in
Richmond, Virginia, where it remains headquartered today.

Owens & Minor reported a net loss of $62.37 million for the year
ended Dec. 31, 2019, compared to a net loss of $437.01 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $3.71 billion in total assets, $3.29 billion in total
liabilities, and $416.34 million in total equity.

                         *    *    *

As reported by the TCR on March 11, 2020, Fitch Ratings affirmed
Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating at
'CCC+'.  The rating affirmation reflects OMI's limited financial
flexibility as a result of customer losses, heightened competition,
accelerating pricing pressure, and significantly reduced earnings
relative to debt levels.


OWENS & MINOR: Releases Early Results of Cash Tender Offers
-----------------------------------------------------------
Owens & Minor, Inc. reported the early results of its previously
announced offers to purchase for cash up to a maximum aggregate
purchase price (subject to the sub-cap and Acceptance Priority
Levels as set forth in the table below), excluding accrued
interest, equal to $240 million of the Company's 3.875% senior
notes due 2021 and 4.375% senior notes due 2024 and related Consent
Solicitation, upon the terms and conditions described in the
Company's Offer to Purchase and Consent Solicitation Statement
dated June 5, 2020.

According to information received from D.F. King & Co., Inc., the
Tender Agent and Information Agent for the Tender Offers and
Consent Solicitation, as of 5:00 p.m., New York City time, on June
18, 2020 (that date and time, the "Early Tender Time"), the Company
had received valid tenders from holders of the Notes as outlined in
the table below.

                                                  Total
                                              Consideration
                                               per $1,000
                                 Principal     Principal
                                  Amount       Amount of
  Series of Notes                Tendered        Notes
  ---------------               -----------   -------------
  3.875% Senior Notes due 2021  $54,146,000      $1,000
  4.375% Senior Notes due 2024  $29,020,000      $900

Because the purchase of all 2024 Notes validly tendered in the
applicable Tender Offer would cause the Company to purchase an
aggregate principal amount of the 2024 Notes that would result in
an aggregate purchase price, excluding accrued interest, in excess
of $15,000,000, the Company has increased the sub-cap for the 2024
Notes to an amount of $29,020,000 and, subject to the satisfaction
or waiver of all conditions to the Tender Offers described in the
Offer to Purchase, intends to accept for purchase (a) all tendered
2021 Notes, and (b) all tendered 2024 Notes.

Notes that have been validly tendered on or prior to the Early
Tender Time cannot be withdrawn, except as may be required by
applicable law.  Because the Tender Offer with respect to the 2024
Notes was fully subscribed at the Early Tender Time, holders of the
2024 Notes who tender after the Early Tender Time will not have any
of their 2024 Notes accepted for purchase.  Any tendered Notes that
are not accepted for purchase will be returned or credited without
expense to the holder's account.

Holders of Notes that were validly tendered prior to the Early
Tender Time and that are accepted for purchase pursuant to the
applicable Tender Offer will receive the applicable Total
Consideration for each series of Notes as set forth in the table
above, which includes the early tender premium of $50.00 per $1,000
principal amount of Notes, together with accrued and unpaid
interest on such Notes from the last interest payment date with
respect to such Notes to, but not including, the settlement date.

For Notes tendered at or prior to the Early Tender Time and not
subsequently validly withdrawn and accepted for purchase, the
Company has the option for settlement to occur on an early
settlement date, which is expected to occur on June 22, 2020.
Settlement for any Notes tendered after the Early Tender Time, but
at or prior to the Expiration Date, and accepted for purchase is
expected to occur on July 6, 2020, the second business day
following the Expiration Date, unless extended.

As part of the Tender Offer for the 2021 Notes, the Company also
solicited consents from the holders of the 2021 Notes to certain
proposed amendments described in the Offer to Purchase to, among
other things, remove certain covenants and events of default
contained in the Indenture dated as of Sept. 16, 2014 among the
Company, the guarantors party thereto and U.S. Bank National
Association, as trustee, with respect to the 2021 Notes.  As of the
Early Tender Time, holders of $54,146,000 aggregate principal
amount of the 2021 Notes, representing approximately 23% of the
outstanding 2021 Notes had validly tendered their 2021 Notes and
were deemed to have delivered their consents to the Proposed
Amendments with respect to such series by virtue of such tender. As
a result, the number of consents required to approve the Proposed
Amendments with respect to the 2021 Notes have not been received,
and such Proposed Amendments will not become effective.
The Tender Offers and Consent Solicitation are subject to, and
conditioned upon, the satisfaction or waiver of certain conditions
described in the Offer to Purchase, including the consummation of
the sale of the Company's Movianto business and certain support
functions in the Company's Dublin office to Walden Group SAS or an
affiliate pursuant to the terms of the Purchase Agreement, dated as
of April 6, 2020, by and among the Company, Owens & Minor
International Logistics, Inc., the Buyer and EHDH and the receipt
by the Company of unrestricted net cash proceeds of at least $133.0
million.  The Movianto Sale Condition was satisfied on June 18,
2020.

The Company intends to fund the Tender Offers with cash on hand,
the proceeds of the Movianto Sale and/or use of funds from its
accounts receivable securitization program.

The Tender Offers will each expire at 11:59 p.m., New York City
time, on July 2, 2020, unless extended or terminated by the
Company.

Citigroup Global Markets Inc. is the Dealer Manager for the Tender
Offers and Solicitation Agent in the Consent Solicitation. D.F.
King & Co., Inc. has been retained to serve as the Tender Agent and
Information Agent for the Tender Offers and Consent Solicitation.
Persons with questions regarding the Tender Offers and Consent
Solicitation should contact Citigroup Global Markets Inc. at (toll
free) (800) 558-3745 or (collect) (212) 723-6106. Requests for the
Offer to Purchase should be directed to D.F. King & Co., Inc. at
(toll free) (866) 796-6898 or by email to omi@dfking.com.

                       About Owens & Minor

Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. --
http://www.owens-minor.com-- is a global healthcare solutions
company with integrated technologies, products, and services
aligned to deliver significant and sustained value for healthcare
providers and manufacturers across the continuum of care.  Owens &
Minor helps to reduce total costs across the supply chain by
optimizing episode and point-of-care performance, freeing up
capital and clinical resources, and managing contracts to optimize
financial performance.  Owens & Minor was founded in 1882 in
Richmond, Virginia, where it remains headquartered today.

Owens & Minor reported a net loss of $62.37 million for the year
ended Dec. 31, 2019, compared to a net loss of $437.01 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $3.71 billion in total assets, $3.29 billion in total
liabilities, and $416.34 million in total equity.

                         *    *    *

As reported by the TCR on March 11, 2020, Fitch Ratings affirmed
Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating at
'CCC+'.  The rating affirmation reflects OMI's limited financial
flexibility as a result of customer losses, heightened competition,
accelerating pricing pressure, and significantly reduced earnings
relative to debt levels.


PACE INDUSTRIES: Successful Emerges from Financial Restructuring
----------------------------------------------------------------
Pace Industries, LLC, on June 3, 2020, announced that it has
emerged from Chapter 11 bankruptcy protection, successfully
completing its financial restructuring plan to deleverage the
Company's balance sheet and create a sustainable capital structure.
This milestone marks the implementation of the Company's Plan of
Reorganization ("the Plan"), which was confirmed by the U.S.
Bankruptcy Court for the District of Delaware on May 29, 2020. The
Company completed its restructuring in approximately a month and a
half and met all commitments to the Company's stakeholders
throughout the Chapter 11 process.

The Company emerges from Chapter 11 protection with a strengthened
balance sheet and well-positioned to realize the full benefit of
its previously initiated operational improvements as well as
additional cost structure improvements. Through the Plan, the
Company has converted its existing senior secured notes into 100%
of the equity of the reorganized Company and looks forward to
benefiting from the support and operational expertise of its two
largest senior secured lenders, TCW Group and Cerberus Capital
Management, L.P.

Effective immediately, Donald (Donnie) Hampton, Jr. has been
appointed as Chief Executive Officer to lead the Company going
forward.

"We begin this next chapter for Pace Industries as a financially
stronger company, which will enable us to capture the full benefit
of the cost-saving initiatives implemented prior to the COVID-19
outbreak as well as new market strategies," said Donnie Hampton,
Jr., incoming Chief Executive Officer. "I am excited to lead Pace
Industries forward as we execute on our strategic growth
opportunities and continue to harness our market-leading
capabilities to deliver for our customers as a fully-integrated
provider."

Mr. Hampton joins Pace Industries with more than two decades of
industry experience and global P&L leadership. He has leveraged Six
Sigma, Kanban, JIT and synchronous manufacturing strategies for
companies such as Honeywell International (previously Allied
Signal), Hayes Lemmerz, Rea Magnet Wire Company and, most recently,
Faurecia. In his roles he has consistently ignited revenue and
profit growth, equity value creation and world-class standards of
operational excellence. He is a member of the Association for
Manufacturing Excellence, Automotive Industry Professionals
Worldwide and OPEX - Global Operating Excellence Network.

Outgoing Chief Executive Officer Scott Bull will be supporting Mr.
Hampton in an advisory capacity to ensure a smooth transition. The
Board is grateful to Mr. Bull for his 41 years of service to the
Company ??? including 12 years as Chief Executive Officer ??? and
wishes him well in his future endeavors.

"Pace Industries has a bright future ahead of it, and I am
confident handing the reins to Donnie, who I know will do an
outstanding job leading the Company," said Scott Bull. "He is
committed to maintaining the same energy with which Pace Industries
serves its customers and provides high-quality products to meet
their unique needs. Donnie's experience and leadership will help
the Company execute on its strategy and position Pace Industries
for success."

Looking forward, the Company plans to pursue a new go-forward
growth strategy, focused on building its position in key industries
and expanding in growth markets. Pace Industries will continue to
keep customers at the core of everything it does and, with a
bolstered financial foundation, is poised to invest in the
capabilities to meet their needs now and in the future. The Company
will continue to maintain and build on its current standards for
safety, quality and corporate citizenship moving forward.

"From the implementation of new programs and initiatives, through
the COVID-19 outbreak and this Chapter 11 process, this Company
would not have been able to reach today's milestone without the
dedication and support of our team members," Mr. Hampton continued.
"I look forward to meeting many of the Company's employees and
customers in the weeks and months to come and am excited to roll up
my sleeves and get to work."

Filings and additional information on the Company's emergence from
bankruptcy can be found at http://www.kccllc.net/pace.

The Company was represented in this matter by Willkie Farr &
Gallagher LLP and Young Conaway Stargatt & Taylor, LLP. FTI
Consulting served as financial advisor. The senior secured
noteholders were represented by Schulte Roth & Zabel LLP and the
revolving credit facility lenders were represented by McGuireWoods
LLP and Conway MacKenzie.

                     About Pace Industries LLC

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.

The 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.


PG&E CORP: S&P Assigns 'BB-' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' issuer credit rating to
California utility holding company PG&E Corp. and its subsidiary,
Pacific Gas & Electric Co. (Pac Gas).

S&P is also assigning a 'BB-' issue rating to PG&E's senior notes.
The recovery rating is '3', reflecting S&P's expectation for
meaningful (estimated at about 65%) recovery under a hypothetical
default scenario.

In addition, S&P is assigning a 'BBB-' issue rating to Pac Gas'
senior secured debt. The recovery rating is '1+', reflecting S&P's
expectations for full recovery under a hypothetical default
scenario.

S&P's issuer credit rating on both PG&E and Pac Gas is 'BB-'.  This
is predicated on the rating agency's assessment of both business
risk profiles as satisfactory and its assessment of the financial
risk profiles as significant. The rating agency assesses the
management and governance modifier for both entities as weak,
lowering the rating by a notch. It also assesses the comparable
rating analysis modifier for both entities as negative, lowering
the rating by another notch.

S&P assesses the business risk profile at the lower end of the
range for the satisfactory business risk profile category."   The
business risk profile reflects the company's large regulated
utility that mostly consists of transmission and distribution (T&D)
assets but also incorporates the significant risks of catastrophic
wildfires in its service territory. A large percentage (about
two-thirds by land or about 50% by circuit miles) of the company's
service territory operates within high fire-threat districts, which
considerably increases the risks for PG&E compared to peers.

Furthermore, as a direct result of the catastrophic wildfires and
other adverse incidents, the public sentiment toward PG&E is very
negative, which S&P believes will make it more difficult for the
company to effectively manage regulatory risk compared to its
peers. S&P believes that, based on the lack of confidence that many
stakeholders have toward the company, regulators' willingness and
ability to consistently implement measures that protect the
company's credit quality could be limited. Over the past decade,
the company has faced many operational challenges including the San
Bruno gas explosion and the more recent devastating Camp Fire.
While PG&E has taken considerable steps to reduce the possibility
of causing a catastrophic wildfire including hardening its system,
increasing the number of weather stations and high definition
cameras, and significantly enhancing it vegetation management, S&P
believes that it will likely take significant time and a consistent
longer-term track record of operational excellence, including
safety and reliability, for the company to regain the trust of all
of its stakeholders. Given these higher risks, which are further
detailed below, S&P assesses the company toward the lower end of
the range for its business risk profile category, relative to
peers. Additionally, to fully account for these higher risks, S&P
assesses the company's comparable rating analysis modifier as
negative.

California wildfires were less devastating in 2019 than in prior
wildfire seasons.  The California Department of Forestry and Fire
Protection (Cal Fire) reported that statewide 2019 wildfire damages
consisted of about 700 structures and three fatalities. This
compares favorably to Cal Fire's reported figures for 2018 (more
than 24,000 structures with 100 fatalities) and 2017 (more than
11,600 structures with 44 fatalities). While PG&E proactively
contributed to the considerably less destructive 2019 wildfire
season by hardening its system, implementing technology, and
de-energizing power lines, power shut offs of electricity to more
than 1 million customers adds risk by further stressing the
company's relationship with its customers.

The degree of rainfall is another potential environmental risk that
S&P Global Ratings continues to assess and could affect the
company's credit quality. The 2017 and 2018 rainfalls were below
average but the 2019 rainfall improved to average, which had the
effect of shortening the wildfire season. To date, the 2020
rainfall appears to be below average, potentially signaling a
longer wildfire season, increasing the possibility of a
catastrophic wildfire. COVID-19 is another risk that S&P Global
Ratings is actively monitoring and could also present unique
challenges for the 2020 wildfire season if emergency response time
is affected.

While PG&E and Pac Gas will benefit from various credit-supportive
measures under assembly bill (AB) 1054 longer-term, unaddressed
credit risks remain.  Under AB 1054, S&P expects that PG&E's (and
Pac Gas') credit quality will significantly benefit from the use of
the wildfire fund as a source of liquidity, a predetermined cap
that limits PG&E's liability, and revised standards of a utility's
reasonable conduct that S&P believes will increase the likelihood
that PG&E will recover future wildfire costs from ratepayers. These
measures should enhance the company's regulatory construct and
reduce its credit risk exposure related to California's wildfires
and California's interpretation of the legal doctrine of inverse
condemnation.

While S&P views this legislation as evidence of California's
support for its utilities' credit quality and threating agency
expects the measures within AB 1054 will protect credit quality
over the medium term, longer-term risks exist. Such longer-term
risks include the lack of an automatic replenishing mechanism and
the possibility of depleting the wildfire fund whenever there is a
catastrophic wildfire caused by a participating investor-owned
electric utility. If the fund becomes fully depleted, PG&E loses
the credit benefit of using the wildfire fund as a source of
liquidity and more importantly loses the credit protection of the
liability cap. Accordingly, AB 1054 directly associates PG&E's
credit quality to the operations of its electric utility peers in
California. Meaning even if PG&E significantly improves its
operations and is not found to be the cause of a future
catastrophic wildfire, its longer-term benefit of the
credit-supportive liability cap is ultimately also dependent on the
operations of California's other investor-owned electric utilities
that contributed to the wildfire fund. Another longer-term risk is
the uncertainty as to how the California Public Utility Commission
(CPUC), which is responsible for implementing much of the new law,
will interpret AB 1054. If the CPUC does not implement AB 1054 in a
credit-supportive manner then much of the new law's
credit-supportive elements related to the revised standards of a
utility's reasonable conduct could potentially be negligible.

S&P assesses wildfire victim settlements as potentially raising
risk.  It views the company's settling of its uncapped wildfire
victims claims ($13.5 billion) at a multiple of the subrogation
claims ($11 billion) as possibly increasing business risk. S&P's
prior base case assumed that the wildfire victim claims would be
settled at a fraction of the subrogation claims. Furthermore, the
company's decision to settle claims with the Tubbs wildfire victims
despite CAL FIRE determining that PG&E was not the cause of the
wildfire, also may increase risk. This is because, in S&P's view,
these settlements may set a precedent, possibly increasing future
payments to wildfire victims and depleting the wildfire fund at a
faster rate than previously expected.

S&P assesses PG&E's financial measures to be at the lower end of
the range for the significant financial risk profile category.  It
expects PG&E's consolidated FFO to debt will be in the 13%-15%
range for the next two years, which is consistent with the lower
end of the financial risk profile category. S&P adds about $2
billion of adjusted debt to incorporate AB 1054's tax-effected
liability cap, which reflects 20% of the company's T&D equity rate
base. This adjustment is similarly applied to California's other
investor-owned electric utilities. S&P expects that PG&E will
continue to have negative discretionary cash flow reflecting its
large capital spending program. S&P assesses the company's
financial risk profile using its medial volatility table,
consistent with the company's regulated utility business.

S&P assesses the comparable ratings analysis modifier as negative.
This reflects the company's challenging business environment due to
the risks of California's catastrophic wildfires and S&P's
expectation that PG&E's financial measures will remain at the lower
end of the range for its financial risk profile category. The
negative comparable rating analysis modifier lowers the issuer
credit rating by one notch.

S&P assesses the management and governance modifier as weak.  This
reflects the company's history of, at times, a confrontational and
contentious relationship with regulatory authorities in addition to
the legal infractions that have occurred over the past two decades.
In S&P's view, this is beyond an isolated episode and outside
industry norms and leads to an adverse impact on the company's
reputation, representing significant risk to the company. While the
company is actively looking to hire a permanent chief executive
officer (CEO) and replaced the vast majority of its board of
directors, S&P believes that it could take many years for the
company to improve its culture and to consistently demonstrate
improved oversight that is necessary to account for the company's
unique enterprise risks. The assessment of management and
governance as weak also lowers the issuer credit ratings by one
notch.

The stable outlooks on PG&E and Pac Gas reflect S&P's expectation
that the investments that California investor-owned electric
utilities, including Pac Gas, have made in system hardening,
incorporating technology, wildfire mitigation efforts, operational
enhancements, and improvements to the legal framework, will reduce
the possibility of them being found to be the cause of a future
catastrophic wildfire. S&P's base case assumes that over the next
two years PG&E's consolidated financial measures will reflect FFO
to debt in the 13%-15% range.

S&P could downgrade PG&E and Pac Gas over the next 12 months if
risks increase, such as any of California's investor-owned electric
utilities are found to be the cause of a catastrophic wildfire,
thereby increasing the probability that the wildfire fund could
deplete sooner than expected. S&P could also lower ratings if
PG&E's consolidated FFO to debt weakens to below 13%.

Although highly unlikely, S&P could upgrade PG&E and Pac Gas over
the next 12 months if PG&E's consolidated financial measures
materially improve, reflecting FFO to debt consistently greater
than 18% and PG&E's risks significantly decrease, including
California's investor-owned electric utilities not being found to
be the cause of a catastrophic wildfire, and Pac Gas consistently
demonstrates effective management of regulatory risk.


PYXUS INTERNATIONAL: Wachtell, Morris Represent Crossholder Group
-----------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Wachtell, Lipton, Rosen & Katz and Morris,
Nichols, Arsht & Tunnell LLP submitted a verified statement that
they are representing the Ad Hoc Crossholder Group in the Chapter
11 cases of Pyxus International, Inc., et al.

Wachtell, Lipton, Rosen & Katz and Morris, Nichols, Arsht & Tunnell
LLP represent the members of the Ad Hoc Crossholder Group and
Cortland Capital Markets Services LLC, as administrative and
collateral agent under the Company's Superpriority
Debtor-in-Possession Credit Agreement dated as of June 17, 2020.

As of June 17, 2020, members of the Ad Hoc Crossholder Group and
their disclosable economic interests are:

Glendon Capital Management LP
2425 Olympic Blvd., Suite 500E
Santa Monica, CA 90404

* First Lien Notes: $2,000,000
* Second Lien Notes: $131,964,000
* DIP Loans and Commitments: $77,663,043

Monarch Alternative Capital LP
535 Madison Avenue
New York, NY 10022

* First Lien Notes: $92,169,000
* Second Lien Notes: $100,152,000
* DIP Loans and Commitments: $58,941,143

Owl Creek Asset Management, L.P
640 Fifth Avenue, 20th Floor
New York, NY 10019

* Second Lien Notes: $33,569,000
* DIP Loans and Commitments: $19,755,923

Intermarket Corporation
888 Seventh Avenue, 27th Floor
New York, NY 10106

* First Lien Notes: $27,609,000
* Second Lien Notes: $18,997,000
* DIP Loans and Commitments: $11,180,055

Members of the Ad Hoc Crossholder Group and their advisors have
coordinated with, but do not represent, a broader group of holders
of First Lien Notes and Second Lien Notes.

No member of the Ad Hoc Crossholder Group represents or purports to
represent any other member in connection with the Debtors' Chapter
11 Cases. In addition, each member of the Ad Hoc Crossholder Group
(a) does not assume any fiduciary or other duties to any other
member of the Ad Hoc Crossholder Group and (b) does not purport to
act or speak on behalf of any other member of the Ad Hoc
Crossholder Group in connection with these Chapter 11 Cases.

Nothing contained in this Statement (or Exhibit A hereto) is
intended to or should be construed to affect or impair any claims
against the Debtors held by any member of the Ad Hoc Crossholder
Group. Nothing herein should be construed as a limitation upon, or
waiver of, any rights of any member of the Ad Hoc Crossholder Group
to assert, file, and/or amend any proof of claim in accordance with
applicable law. This Statement may be amended or supplemented as
necessary in accordance with Bankruptcy Rule 2019.

Counsel for the Ad Hoc Crossholder Group can be reached at:

          WACHTELL, LIPTON, ROSEN & KATZ
          Joshua A. Feltman, Esq.
          Angela K. Herring, Esq.
          Benjamin S. Arfa, Esq.
          Elyssa C. Eisenberg, Esq.
          51 West 52nd Street
          New York, NY 10019
          Telephone: (212) 403-1000
          Facsimile: (212) 403-2000
          Email: jafeltman@wlrk.com
                 akherring@wlrk.com
                 bsarfa@wlrk.com
                 eceisenberg@wlrk.com

                   - and -

          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          Derek C. Abbott, Esq.
          Paige N. Topper, Esq.
          1201 North Market Street, Suite 1600
          Wilmington, DE 19801
          Telephone: (302) 658-9200
          Facsimile: (302) 658-3989
          Email: dabbott@mnat.com
                 ptopper@mnat.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/cuK562 and https://is.gd/V3bBVF

                    About Pyxus International

Pyxus International Inc. -- http://www.pyxus.com/-- is a global
agricultural company with 145 years' experience delivering
value-added products and services to businesses, customers and
consumers.

Pyxus reported a net loss of $71.17 million for the year ended
March 31, 2019, compared to net income of $51.91 million for the
year ended March 31, 2018.  As of March 31, 2019, the Company had
$1.86 billion in total assets, $1.67 billion in total liabilities,
and $192.02 million in total stockholders' equity.


RADIO SYSTEMS: S&P Rates New $625MM Senior Secured Notes 'B'
------------------------------------------------------------
S&P Global Ratings is assigning a 'B' rating and a '3' recovery
rating to the proposed $625 million senior secured notes that will
be used to finance a leveraged buyout transaction whereby Clayton,
Dubilier & Rice (CD&R) will acquire U.S. pet products supplier
Radio Systems Corp. (RSC) and repay all existing debt, including
all outstanding preferred equity.

The transaction financing also includes an undrawn (unrated) $100
million asset-based lending (ABL) facility and common equity from
CD&R.

S&P assigned its 'B' issuer credit rating to CD&R Smokey Buyer,
Inc, the proposed borrower of the senior secured facility and the
new financial reporting entity upon transaction close.

Although RSC's proposed capital structure improves leverage, cash
generation will decline and financial policy could be more
aggressive under private equity ownership.  The company is
financing the proposed transaction with a new $625 million facility
issued by CD&R Smokey Buyer Inc., along with equity from the new
sponsor, which comprises ordinary shares. The company will also
issue a $100 million ABL revolving credit facility (unrated) that
is expected to be undrawn upon transaction close. S&P forecasts pro
forma adjusted debt to EBITDA will be high at 6x but decline from
7.3x at the end of fiscal year 2019 because the transaction takes
out the preferred stock held by TSG Consumer Partners which the
rating agency considered debt. S&P expects leverage to remain in
the high-5x area at the end of 2020, improving to the low-5x area
in 2021 on improving sales volumes leading to expanding EBITDA
generation. However, annual discretionary cash flow generation will
decline to about $45 million under the new capital structure
because annual interest expense will increase by more than $30
million offset by the positive contribution from dividends (about
$15 million annually) not being paid post-transaction close.
Although S&P expects this level of cash flow generation to be
sufficient to fund tuck-in acquisitions, the company could pursue a
more aggressive growth strategy by funding acquisitions with
incremental debt under its new financial sponsor owner. Although it
does not forecast any dividend payments in its base-case, S&P
believes private equity owners usually seek a return on their
investment with the potential to extract returns in the form of
debt-financed dividends." The current rating does not anticipate
any significant debt-financed acquisitions or dividends although
event risk is high with the new private equity ownership while
expectation of a deep recession in the U.S. could also weaken
EBITDA and increase leverage.

Sales trends have improved and the company's variable cost
structure and cost productivity initiatives should mitigate the
effects of COVID-19 on cash flow and liquidity.   RSC suffered an
initial dip in sales volumes in late March through mid-April 2020
when potential buyers for its Invisible Fence products dropped by
25% and the company experienced shipping delays due to labor
shortages at a third-party logistics provider and retail partners
facing difficulties in fulfilling the significantly inflated
volumes from online orders. However, operating performance has
since rebounded and recent point-of-sales data signal a positive
trajectory within consumer spending on pet products--a trend
supported by recent evidence of a spike in pet adoptions and foster
applications spurred by the coronavirus. Industry trends will
likely continue to improve as the economy gradually reopens,
leading to pet retailers drawing higher traffic. Moreover, RSC
continued to benefit from strong volumes in the e-commerce channel,
which remained above pre-coronavirus levels as customers valued the
convenience of shopping online for their pet product needs while
shelter-in-place measures were in place. S&P expects adjusted
EBITDA margins will continue to recover following the recent trough
in early 2019, to close to mid-20% levels towards the end of fiscal
2020, supported by positive trends in procurement costs and lower
transition costs. Moreover, the company's highly variable cost
structure and low capital expenditure (capex) requirements should
somewhat shield it from steep EBITDA declines, if demand for the
company's products drops significantly.

Still, S&P's outlook remains negative as it sees continued
uncertainty around the severity and duration of the downturn caused
by the coronavirus pandemic and its impact on discretionary
consumer spending.   Although S&P expects economic trends to
improve over next few months, the recovery will be slow and the
economy could remain very weak, depressing discretionary consumer
spending. S&P believes the company's offering in the containment
category could be particularly exposed to sales and profitability
declines in such a scenario. Furthermore, spikes in infection rates
could cause additional government lockdowns, likely leading to
unemployment remaining high and consumer spending being restricted
to essential items. In such a scenario, sales and EBITDA could
contract mid-to-high single digits and possibly cause leverage to
increase closer to or above 7x.

Strong profitability and good execution capabilities are offset by
RSC's narrow focus and risks related to outsourcing business model
with a narrow supplier base.   RSC focuses on higher-margin,
technologically advanced, growing categories such as wireless pet
containment and sport electronics, where innovation is important.
The company's strong patent portfolio enables it to maintain some
pricing power leading to above-average margins. RSC also benefits
from increased scale and improving product and brand diversity from
tuck-in acquisitions and the company has a track record of
successfully integrating new businesses and improving their scope
substantially. While the company also has modest customer
concentration with top 5 customers contributing more than 50% of
total sales, S&P believes the channel shift to internet retailing
has meaningfully expanded the reach of Radio Systems' products to
end users while enabling better customer service and improving
brand perception. Nevertheless, the company's business risk
assessment is constrained by risks related to outsourcing
substantially all of its manufacturing and warehousing to third
parties with more than 60% of total supplies coming from top 5
suppliers, a large proportion of which are based in China. Thus,
possible earnings weakness from supply chain disruptions is an
ongoing risk to the company's business. In addition, the company
has a narrow product focus in the highly competitive and
discretionary pet supplies industry and has limited bargaining
power given its relatively small scale.

The negative outlook reflects the potential for a lower rating in
the next 12 months if RSC's operating performance declines
substantially as a result of the economic downturn from COVID-19
becoming more pronounced than S&P's current expectations.

"We could lower the rating on RSC if S&P Global Ratings' adjusted
debt to EBITDA is sustained around 7x and annual free operating
cash flow generation decreases below $20 million in such a
scenario. This could happen if a pronounced recession causes
disruption in consumer discretionary spending, resulting in
significant volume declines in the discretionary sub-segments of
the company's portfolio and the company's cost-management efforts
are not sufficient to avoid a substantial erosion of EBITDA," S&P
said.

"We could revise our outlook to stable if consumer demand and RSC's
operating performance are not negatively impacted by the impact of
the pandemic over the next couple of quarters despite the slowing
economy such that its leverage declines from pro forma levels of
about 6x and remains on track to approach the mid-5x area over then
next year," the rating agency said.


RALSTON, NE: S&P Affirms 'BB' GO Debt Rating; Outlook Negative
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' underlying rating (SPUR) on
Ralston, Neb.'s series 2011A, 2011B, 2012A, and 2012B general
obligation (GO) arena bonds and removed the rating from CreditWatch
with negative implications, where it was placed on May 8, 2020. The
outlook is negative.

"The resolution of the CreditWatch reflects timely payment of the
unrated 2018 promissory notes due May 15, 2020," said S&P Global
Ratings credit analyst Blake Yocom, "and successful placement of
its unrated taxable series 2020 promissory notes that, in effect,
rolled over its 2018 notes."

"We removed the rating from CreditWatch because the city
demonstrated an ability and willingness to make its $1.1 million
note payment with available liquidity," said Mr. Yocom.
Subsequently, it has secured financing to replenish its liquidity
by privately placing the unrated $1.015 million taxable series 2020
promissory notes. maturity date is May 15, 2021.

The rating incorporates S&P's view of the indirect risks posed by
the COVID-19 pandemic and related recession. This could affect
various sources of Ralston's general fund tax revenue, but also the
revenue generated at its arena, which is temporarily closed due to
social distancing measures. Depending on the duration of the
closure, this may require the city to provide a higher degree of
operational support from its general operations than it had
previously been providing. In S&P's view, this represents an
elevated social risk above the sector norm. S&P views the risks
posed by COVID-19 to public health and safety as a social risk
under its ESG factors. Additionally, the city has elevated
governance risk above the sector standard given perpetual
refinancing risk and vulnerable financial policies and practices.
In S&P's view, the city's environmental risk is in line with the
sector."

The city's full faith and credit unlimited ad valorem tax GO pledge
secures the outstanding bonds. Ralston used 2011 and 2012 bond
proceeds to construct an arena for recreational ice sports,
spectator hockey games, collegiate basketball, and other public
indoor sporting events and performances. Voters authorized $29
million for the arena and related projects in May 2011 with more
than 80% approval. The city expected that revenues from the project
would be sufficient to cover the debt service on the bonds and that
it would not need to levy taxes. However, arena revenues have
fallen short and in 2015, the city began to increase property and
other taxes for debt service, albeit not enough to reduce its
reliance on operating funds for debt service.

An obligation rated in the 'BB' category indicates the obligor
faces major ongoing uncertainties or exposure to adverse business,
financial, or economic conditions that could lead to the obligor's
inadequate capacity to meet its financial commitments on the
obligation.


RAVN AIR: Bankruptcy Filing Hurts Alaska Communities
----------------------------------------------------
Chris Loh, writing for Simple Flying, reports that the bankruptcy
filing of Ravn Air brought significant implications on rural
communities of Alaska.

On May 27, 2020, Ravn Air announced that the US Bankruptcy Court
had approved the airline???s liquidation of assets. The regional
Alaskan carrier filed for Chapter 11 protection in April 2020,
following a 90% drop in bookings and revenue due to the arrival of
COVID-19.  Unfortunately, the company and its services were
critical for many remote communities in Alaska.

According to 570 News, residents of some remote arctic villages
were unable to receive their grocery orders as a result of Ravn
Air's shutdown. This was the case for Atqasuk resident and
tribal-coordinator Millie Frankson, who had a $535 order that was
supposed to be flown in.

Instead, Frankson had to drive two hours on a makeshift road across
the ice to reach the city of Utqiagvik, where her purchase was
stored. Commenting on the fact that this is not always possible,
Frankson said, "I was lucky enough that the ice road was still
open," adding "[Ravn's closure] was just a big shock to the whole
North Slope Borough. Like, how are we gonna get our food, our mail,
our medical needs?" Indeed, the supply chain of remote Alaska is
heavily reliant on air travel, delivering everything from building
supplies and car parts to everyday groceries and mail.

With only a few hours notice, Ravn had shut down its operations on
April 4th, catching many of its customers off-guard. With the
airline grounded, more than 115 Alaskan communities were left in a
difficult place, having had little to no time to make other
arrangements. In fact, 570 News reports that nearly all the
communities are accessible only by plane or boat as 82% lack road
connections, according to the state's transportation agency.
Furthermore, for about 20 villages, RavnAir was their sole air
service provider.

The early-April shutdown of Ravn Air left many people across Alaska
scrambling to find a replacement service for passenger and cargo
transportation. Community leaders, the U.S. Postal Service, and
other local air carriers moved in to ensure passengers and
essential freight would get to the remote villages of Alaska.

"I was impressed with the leadership, and just how adaptable we
were in a couple days," said U.S. Postal Service representative
David Rupert to 570 News.
In the immediate aftermath of Ravn's shutdown, villages took quick
action wherever possible. The Native Village of Deering provided
additional fuel and ammunition to its residents so that they could
hunt for wildlife in the event that cargo shipments were delayed.
Similarly, another village requested emergency permits to hunt deer
and moose out of season in case of supply delays.

It's been nearly two months since Ravn's departure from the market,
and many villages have found ways to cope and/or recover from the
sudden disruption. Much of this has relied on other operators
taking on much larger loads while still ensuring they have the
necessary equipment to safely perform their duties.

While a small note on Ravn Air's sale page says, "If Ravn is
successful in finding a buyer, it intends to resume operations
later this summer," no news has surfaced of such a deal coming
forward. With last week???s Bankruptcy Court approval for
liquidation, it seems like we might be seeing the last of Ravn
Air.

It's possible that other regional Alaskan operators could scoop up
some of those assets and expand their offerings. However, with the
pandemic still firmly active, it's too soon to tell.

                           About Ravn Air

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.

The 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.


RAVN AIR: Creditors' Committee Objects to Disclosure Statement
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
chapter 11 cases of Ravn Air Group, Inc. and its affiliated debtors
submitted an objection to the Debtors' motion for an order
approving proposed Disclosure Statement.

The Committee claims that while the Disclosure Statement suffers
from many deficiencies, above all it impermissibly solicits
acceptances of a patently unconfirmable plan that does not meet the
requirements of Section
of the 1129(a)(1) the Bankruptcy Code.

The Committee asserts that the Debtors have not properly marketed
the assets and little thought has been paid to whether the proposed
sale process would benefit the Debtors' estates as a whole as
opposed to merely facilitating the secured creditors' piecemeal
liquidation.

The Committee further asserts that the Disclosure Statement also
cannot establish that unsecured creditors' recoveries under the
Plan satisfy the "best interests" test and will not be less than in
a chapter 7 liquidation.  The Debtors do not and cannot provide a
proper liquidation analysis because they are already proposing a
process identical to a chapter 7 liquidation.

The Committee claims that the Disclosure Statement provides
inadequate information about the nature and value of the Debtors'
potentially unencumbered assets and the proposed substantive
consolidation of the Debtors' estates -- typically an unusual and
extreme remedy -- and why it is appropriate in these cases.

A copy of the Committee's objection to the Disclosure Statement
dated May 22, 2020, is available at https://tinyurl.com/yd4e2mgp
from PacerMonitor at no charge.

Proposed Counsel to the Committee:

         POLSINELLI PC
         Christopher A. Ward
         Shanti M. Katona
         222 Delaware Avenue, Suite 1101
         Wilmington, Delaware 19801
         Telephone: (302) 252-0920
         Facsimile: (302) 252-0921
         E-mail: cward@polsinelli.com
                 skatona@polsnielli.com

             - and -

        BROWN RUDNICK LLP
        Robert J. Stark
        Oksana P. Lashko
        Max D. Schlan
        Seven Times Square
        New York, New York 10036
        Telephone: (212) 209-4800
        Facsimile: (212) 209-4801
        E-mail: rstark@brownrudnick.com
                olashko@brownrudnick.com
                mschlan@brownrudnick.com

                     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.


ROMANS HOUSE: Pender West Objects to Disclosure Statement
---------------------------------------------------------
Pender West Credit 1 REIT, L.L.C., the Debtors' senior secured
creditor, submits this limited objection and reservation of rights
to the approval of the Disclosure Statement for Romans House,
LLC???s and Healthcore Systems Management LLC???s Joint Plan of
Reorganization.

Pender is concerned that the Disclosure Statement has not been
amended to reflect the terms of the Amended Plan. Pender believes
that the Disclosure Statement should be amended to prevent the risk
that the Amended Plan may need to be resolicited, which would cause
the Debtors to miss certain milestones agreed to by the Debtors.

Pender believes that those milestones should be disclosed in the
to-be-amended Disclosure Statement:

    * Debtors' Amended Plan will be approved for solicitation on or
before June 1, 2020;
    * Debtors' Amended Plan will be confirmed on or before July 8,
2020; and
    * Debtors' Amended Plan goes effective and the agreed
distribution to Pender is made on or before July 15, 2020.  

Pender reserves its right to object to any amendments the Debtors
may make to the Disclosure Statement. Pender further reserves all
of its rights to object to confirmation of the Plan and to
supplement this Limited Objection at any time prior to the hearing
on the approval of the Disclosure Statement.

A full-text copy of Pender's objection to Disclosure Statement
dated May 26, 2020, is available at https://tinyurl.com/ybas589p
from PacerMonitor at no charge.

Counsel to Pender Capital:

        ROSS AND SMITH, PC
        Judith W. Ross
        Frances A. Smith
        Plaza of the Americas
        700 N. Pearl Street, Suite 1610
        Dallas, Texas 75201
        Telephone: (214) 377-7879
        Facsimile: (214) 377-9409
        E-mail: judith.ross@judithwross.com
        frances.smith@judithwross.com

              - and -

        BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP
        Michael J. Barrie
        Kevin M. Capuzzi
        222 Delaware Avenue, Suite 801
        Wilmington, Delaware 19801
        Telephone: (302) 442-7010
        Facsimile: (302) 442-7012
        E-mail: mbarrie@beneschlaw.com
                kcapuzzi@beneschlaw.com

                      About Romans House

Based in Forth Worth, Texas, Romans House, LLC, operates Tandy
Village Assisted Living, a continuing care retirement community and
assisted living facility for the elderly in Fort Worth, Texas.
Affiliate Healthcore System Management, LLC, operates Vincent
Victoria Village Assisted Living, also an assisted living facility
for the elderly.

Romans House, LLC, and Healthcore System sought Chapter 11
protection (Bankr. N.D. of Tex. Case No. 19-45023 and 19-45024) on
Dec. 9, 2019.  Romans House was estimated to have $1 million to $10
million in assets and liabilities while Healthcore was estimated to
have $1 million to $10 million in assets and $10 million to $50
million in liabilities. The Hon. Edward L. Morris is the case
judge.  DEMARCO MITCHELL, PLLC, is the Debtors' counsel.


SCIENTIFIC GAMES: Extends Term of Rights Agreement to June 2023
---------------------------------------------------------------
Scientific Games Corporation entered into the amendment to its
Amended and Restated Rights Agreement, dated as of Jan. 10, 2018,
between the Company and American Stock Transfer & Trust Company,
LLC, as rights agent, to extend the term of the Rights Agreement to
June 19, 2023 (subject to earlier expiration as described in the
Rights Agreement).

The Board of Directors of the Company had previously adopted the
Rights Agreement in an effort to protect stockholder value by
strengthening the Company's ability to secure and maintain the
Company's good standing with respect to its licenses, contracts,
franchises and other regulatory approvals related to the operation
of gaming and related businesses now or hereafter engaged in by the
Company or any of its affiliates, which licenses, contracts,
franchises or other approvals are conditioned upon some or all of
the holders of the Company's securities possessing certain
prescribed qualifications.

The Board will submit the extension of the Rights Agreement
pursuant to the Amendment to a vote by the Company's stockholders
at the Company's 2021 annual stockholders' meeting.

                     About Scientific Games

Based in Las Vegas, Nevada, Scientific Games Corporation
(NASDAQ:SGMS) -- http://www.scientificgames.com/-- is a developer
of technology-based products and services and associated content
for the worldwide gaming, lottery, social and digital gaming
industries.  Its portfolio of revenue-generating activities
primarily includes supplying gaming machines and game content,
casino-management systems and table game products and services to
licensed gaming entities; providing instant and draw-based lottery
products, lottery systems and lottery content and services to
lottery operators; providing social casino solutions to retail
consumers and regulated gaming entities, as applicable; and
providing a comprehensive suite of digital RMG and sports wagering
solutions, distribution platforms, content, products and services.


Scientific Games reported a net loss of $118 million for the year
ended Dec. 31, 2019, compared to a net loss of $352 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$7.46 billion in total assets, $9.82 billion in total liabilities,
and a total stockholders' deficit of $2.35 billion.


SERVICEMASTER GLOBAL: S&P Affirms 'BB-' ICR; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed all of its ratings on Memphis,
Tenn.-based pest and termite control business ServiceMaster Global
Holdings Inc., including its 'BB-' issuer credit rating.

S&P believes ServiceMaster will emerge from the COVID-19 pandemic
relatively unscathed.   Although its operations are not immune to
the pandemic-related disruptions, especially in late March when the
initial shock of the shelter-in-place mandates prompted customers
to postpone service requests, the subsequent improvements in the
second quarter and ServiceMaster's ability to recover most of the
postponed services indicates that it is in a relatively stable
position to emerge from the pandemic. This reflects the resiliency
of the business because termite and some pest control can only be
pushed out for a limited time, given the damage pests can do to a
home. S&P believes ServiceMaster's adjusted leverage will be
modestly higher, in the low-4x area, from the rating agency's
previous expectation of about 4x. It believes the company's growth
trajectory pre-COVID-19 will stall in the near term, as its
commercial business segment grapples with lower demand from
business closures."

Demand for ServiceMaster's residential pest control and termite
business remains stable.   

"We expect the pandemic will only modestly hurt ServiceMaster's
residential business because it eliminated its door-to-door sales
program, which is largely responsible for new unit sales, for a
portion of the sales season. Still, an active termite swarming
season for the year helped fuel healthy organic demand in April and
May. Therefore, we estimate that ServiceMaster's residential
business will remain flat in 2020. The company generates about 70%
of its business from residential pest control and termite
completions," S&P said.

The company's commercial business will be hurt by pandemic-related
business closures. S&P estimates this segment could decline close
to 10% this year, as about 20% of ServiceMaster's commercial
businesses are in heavily affected industry verticals such as
retail, restaurants, and hospitality. S&P believes this will set
back the company's growth plan because it had previously expected
the growth in the commercial segment to outpace the residential
segment. It still believes this segment will return to growth in
the long term as a result of increased hygiene-related regulatory
requirements, and service requests will return as businesses reopen
because pest control is not a discretionary service.

S&P expects ServiceMaster will remain acquisitive, and leverage
will remain elevated at above 4x.  It expects the pest control
market to consolidate, given competition remains fierce among
larger players. S&P believes ServiceMaster will prioritize
acquisitions in its capital allocations strategy. The pest control
industry is approximately $15 billion-$20 billion globally. The
U.S. market makes up about $8 billion-$9 billion and is primarily
dominated by a few large players, with small local competitors
serving the remainder. ServiceMaster and Rollins Inc. are the
leading U.S. residential pest control providers, including termite
service, in the U.S. Both have market shares of about 20%. Given
the fragmented nature of the market, European competitors Rentokill
and Anticimex have aggressively entered the U.S. market via
acquisitions of smaller players. S&P believes most of
ServiceMaster's acquisitions will be U.S.-based, but the company is
also looking at opportunities abroad, as evidenced by the recent
acquisition of Swedish pest control company Nomor Holdings. Despite
its expectation that ServiceMaster's asset-light business model
will generate healthy cash flow, S&P believes the company's
adjusted leverage will likely remain elevated at above 4x because
of the accelerated consolidation in the industry and its history of
debt-funded acquisitions.

ServiceMaster is a sound operator in the pest control industry.  
ServiceMaster has a history of successfully integrating
acquisitions into its existing platform. It has also executed on
its digital transformation in the past couple years to better adapt
to new consumer trends. S&P believes the digital transformation
also increased consolidation pressure in the industry, given that
mom and pop competitors do not have the capital to invest in large
technology platforms. ServiceMaster is focusing on improving
retention rates and customer services levels, which should lead to
improved margins in the longer term. Additionally, ServiceMaster
has a track record of successfully monetizing its portfolio of
businesses, as evidenced by the spin-off of the home warranty
business American Home Shields in 2018.

"Thus, we believe the company would be able to sell its
ServiceMaster Brands business, but we do not incorporate that in
our base-case forecast because of the uncertainty regarding the
timing and price of the sale. We believe that if a successful sale
were to occur, ServiceMaster would use a portion of the proceeds to
pay down debt and fund future acquisitions," S&P said.

The stable outlook reflects S&P's expectation that ServiceMaster
will remain resilient during this turbulent time. Although the
company's operations are not immune to the disruptions across the
U.S. economy, S&P believes the company's predominately
consumer-facing residential business will be stable, given the
damage termites and some pests can cause in a home. The rating
agency expects the company to end 2020 with leverage in the low-4x
area, absent a sale of its ServiceMaster Brands business unit.

"We could lower our rating if the company's operating performance
suffers from higher-than-expected commercial customer attrition, or
if home services become associated with spread of the coronavirus,
resulting a sharp decline in services and leverage increasing to
and staying above 4.5x. Additionally, a reputationally damaging
event to its brands, incremental claims costs, and unexpected
litigation could also lower profitability and weaken cash flow
generation. This could occur if the company's EBITDA declines 5%
from current pro forma levels and does not improve in 2021. We
could also lower our rating if the company's financial policy
becomes more aggressive, such that it continues to fund large
acquisitions with debt, keeping leverage above 4.5x. This could
also occur if ServiceMaster does not pay down debt with proceeds
from the sale of the ServiceMaster Brands business unit," S&P
said.

"While not likely over the next 12 months, we could raise our
rating if ServiceMaster demonstrates its commitment to its stated
leverage target, and operate with adjusted leverage sustained in
the low-3x area. This could occur if the company successfully
completes the sale of its ServiceMaster Brands business and uses
the proceeds to pay down debt. In addition, ServiceMaster would
also need to demonstrate a commitment to the stated leverage target
by funding future acquisitions with internally generated cash
instead of incremental debt. At the same time, we expect
ServiceMaster to grow its top line by taking share from competitors
while improving EBITDA and cash flow generation from operating
efficiencies and scale expansion," the rating agency said.


SM ENERGY: S&P Downgrades ICR to 'SD' on Distressed Exchange
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. oil and
gas exploration and production (E&P) company SM Energy Co. to 'SD'
(selective default) from 'CC'. At the same time, S&P lowered its
issue-level ratings on its senior unsecured notes due 2022, 2024,
2025, 2026, and 2027 to 'D' from 'CC'.

The downgrade follows SM's announcement that it agreed to exchange
new second-lien secured notes due 2025 for a portion of its
outstanding 2022, 2024, 2025, 2026, and 2027 senior unsecured notes
held by certain noteholders. The company consented to exchange the
unsecured notes at between 55% and 70% of par value. SM reported
that it tendered $295.8 million of its old notes, not including the
bonds exchanged by noteholders backstopping the transaction.
Including the backstop group and 1.5% convertible notes due 2021,
SM Energy expects to exchange $447 million of new 10% secured
second-lien notes for approximately $612 million of its old senior
notes and $107 million of its old convertible notes.

The transaction agreement includes (not including backstop
holders):

-- $45.0 million 6.125% senior unsecured notes due 2022;
-- $81.2 million 5% senior unsecured notes due 2024;
-- $104.6 million 5.625% senior unsecured notes due 2025;
-- $43.1 million 6.75% senior unsecured notes due 2026; and
-- $22.0 million 6.625% senior unsecured notes due 2027.

The company expects the exchange to close on June 17, 2020.

"We view the unsecured debt transaction as a distressed exchange
because we believe the offer implies that the investors will
receive less value than they were promised under the original
securities. Specifically, the company is exchanging the notes at
between 55% and 70% of par value. We also view the offer as
distressed rather than purely opportunistic," S&P said.

"We expect to review our issuer credit rating and issue-level
ratings on SM shortly and will reassess the company in light of its
new capital structure," the rating agency said.


SPERLING RADIOLOGY: Unsec. to Get 57%, Rosenthal Claims Disallowed
------------------------------------------------------------------
Sperling Radiology P.C., P.A. d/b/a Sperling Prostate Center filed
with the U.S. Bankruptcy Court for the Southern District of
Florida, West Palm Beach Division, a Disclosure Statement in
support of Chapter 11 Plan dated May 26, 2020.

The Debtor intends to sell substantially all of its assets, free
and clear of all liens, claims and encumbrances to Advanced MRI
Interventions, LLC, or its assigns (the Buyer) for $450,000.00
pursuant to the Agreement for Sale of Medical Practice. The Buyer
intends to guaranty and/or assume the remaining debt obligations
owing to TD Equipment Finance, Inc. and Ascentium Capital, LLC,
pursuant to the repayment terms set forth in the Plan. The Buyer
also intends to assume the remaining debt obligation to Insightec
pursuant to agreements.

The Purchase Price shall be used to fund the distributions set
forth in the Plan. The Debtor estimates that the Buyer will be
assuming or guarantying a total of approximately $1.7 million in
debt pursuant to the Plan. Given the leveraged nature of the
Debtor???s practice, the Debtor believes the Purchase Price is more
than reasonable and will provide a distribution to unsecured
creditors far greater than they would ever receive in a liquidation
under Chapter 7.

The Buyer is owned 85% by DERECS Holdings, LLC and 15% by Even Chen
Holdings, LLC. DERECS Holdings, LLC is owned 100% by Eve Sperling,
who is the wife of the Debtor???s principal, Dan Sperling. Even
Chen Holdings, LLC is owned 50% by Sam Farbstein, the Debtor???s
Chief Operating Officer, and 50% by Jordana Farbstein, who is the
wife of Sam Farbstein. Sam Farbstein is the Debtor???s chief
operating officer. Dr. Sperling intends to work for the Buyer
pursuant to a Physician Services Employment Agreement. Dr. Sperling
will receive a yearly salary of $400,000.00, plus additional annual
compensation of $100,000.00 in consideration for his agreement to
serve as medical director. Dr. Sperling will also receive
additional customary benefits such as health insurance and payment
of continuing education expenses.

Class 3 consists of the Allowed General Unsecured Claims, including
any Allowed Rejection Claims. This Class includes the General
Unsecured Claims of Alan and Janet Rosenthal in the collective
amount of $22,804,000, but excludes the unsecured guaranty claim of
TD Bank, N.A. and the unsecured claim of Insightec, which are being
assumed by the Buyer. The Debtor estimates that total Allowed
General Unsecured Claims will be between $963,000.00 and
$23,767,000.00 depending upon the State Court???s resolution of the
claims asserted by Alan and Janet Rosenthal in the collective
amount of $22,804,000. If the Debtor prevails in its litigation
with the Rosenthals, the Debtor believes that total Allowed General
Unsecured Claims will be approximately $963,000.00.

The holders of the Class 3 Claims shall receive, in full and final
satisfaction, settlement, release, extinguishment and discharge of
such Claims, their Pro Rata share of $150,000.00 pursuant to the
Sale Transaction, plus their Pro Rata share of the cash on hand of
the Debtor on the Confirmation Date, which is presently estimated
to be $400,000.00. If the Debtor???s objections to the Rosenthal
Claims are sustained and the Rosenthal Claims are disallowed,
holders of Class 3 Claims are estimated to receive a distribution
of approximately 57% of the allowed amount of their claim. If, the
Debtor???s objections to the Rosenthal Claims are overruled and the
Rosenthal Claims are ultimately allowed, holders of Class 3 Claims
are estimated to receive a distribution of approximately 2% of the
allowed amount of their claim.

Class 4 consists of Equity Interests. Equity Interests consist of
any share of preferred stock, common stock or other instrument
evidencing an ownership interest in the Debtor, whether or not
transferable, and any option, warrant or right, contractual or
otherwise, to acquire any such interest. On the Effective Date, all
Allowed Equity Interests in the Debtor shall be deemed canceled and
extinguished, and shall be of no further force and effect, whether
surrendered for cancellation or otherwise.

Subject to Rule 9010, and except as otherwise provided in the Plan,
all distributions under the Plan shall be made by the Debtor to the
holder of each Allowed Claim, in the manner provided for in the
Plan and Confirmation Order, at the address of such holder as
listed on the Schedules and/or Proof of Claim as of the
Confirmation Date, or other date as ordered by the Court, unless
the Debtor has been notified in writing of a change of address,
including by the filing of a proof of Claim by such holder that
provides an address different from the address reflected on the
Schedules.

A full-text copy of the Disclosure Statement dated May 26, 2020, is
available at https://tinyurl.com/ydajk2wx from PacerMonitor at no
charge.

Attorneys for the Debtor:

          Philip J. Landau, Esq.
          Joshua B. Lanphear, Esq.
          SHRAIBERG, LANDAU & PAGE, P.A.
          2385 NW Executive Center Drive, Ste. 300
          Boca Raton, FL 33431
          Telephone: (561) 443-0800
          Facsimile: (561) 998-0047
          E-mail: plandau@slp.law
                  jlanphear@slp.law

                    About Sperling Radiology

Sperling Radiology P.C., P.A., is a privately held company in
Delray Beach, Fla., that offers radiology services.

Sperling Radiology filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
19-26480) on Dec. 10, 2019.  In the petition signed by Sam
Farbstein, chief operating officer, the Debtor was estimated to
have $1 million to $10 million in both assets and liabilities.
Judge Mindy A. Mora oversees the case.  Philip J. Landau, Esq. at
Shraiberg, Landau & Page, P.A., is the Debtor's counsel.


TAYLOR BUILDING: $15K Sale of 2012 Kenworth T270 Truck Confirmed
----------------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania confirmed Taylor Building
Products, LLC's private sale of its 2012 Kenworth T270 truck,
Vehicle Identification Number 2NKHHM6X6CM327709, to American
Roofing, Inc., for $14,800.

A hearing on the Motion was held on July 8, 2020 at 10:00 a.m.

The liens, claims and interests of the Respondents, if any, is
transferred to the proceeds of sale, and the sale is free, clear
and divested of said liens, claims and interests.  The sale is also
"as is, where is," without representations or warranties of any
kind whatsoever.  

The Buyer will remit payment to the counsel for the DIP, Spence,
Custer, Saylor, Wolfe & Rose, LLC.

The sale proceeds will be disbursed in accordance with the Motion.


The Movant will serve a copy of the within Order on each Respondent
(i.e., each party against whom relief is sought) and its attorney
of record, if any, upon any attorney or party who answered the
motion or appeared at the hearing, the attorney for the Debtor, the
Purchaser, and the attorney for the Purchaser, if any, and file a
certificate of service.

The closing will occur within 30 days of the Order and the Movant
will file a report of sale within seven days following closing.

                About Taylor Building Products

Taylor Building Products LLC, a privately held company that
provides concrete building products, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
19-70426) on July 15, 2019.  At the time of the filing, the Debtor
was estimated to have assets of between $1 million and $10 million
and liabilities of the same range.  Judge Jeffery A. Deller
oversees the case.  Spence, Custer, Saylor, Wolfe & Rose, LLC is
the Debtor's bankruptcy counsel.


TENNECO INC: Moody's Cuts CFR to B2 & Sr. Unsec. Debt to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded certain the ratings of Tenneco
Inc. including the Corporate Family and Probability of Default
ratings to B2 and B2-PD, from B1 and B1-PD, respectively; and the
senior unsecured debt to Caa1 from B3. The senior secured debt was
confirmed Ba3. The Speculative Grade Liquidity Rating remains
SGL-3. The outlook is stable. This action concludes the review for
downgrade initiated on March 26, 2020.

Ratings Downgraded

Issuer: Tenneco Inc.

Corporate Family Rating, Downgraded to B2 from B1

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

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD6)
from B3 (LGD5)

Ratings Confirmed

Issuer: Tenneco Inc.

Senior Secured Bank Credit Facility, at Ba3 (LGD3)

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

The senior secured debt initially issued by Federal-Mogul Holdings
LLC and Federal-Mogul LLC is now reflected within Tenneco, Inc.'s
Senior Secured Regular Bond/Debentures.

Outlook Actions:

Issuer: Tenneco Inc.

Outlook, Changed to Stable from Rating Under Review

RATINGS RATIONALE

Tenneco's ratings reflect Moody's expectation that the company's
credit metrics will remain weak through the second half of 2021.
Yet, recent financial covenant relief under the bank credit
facilities, cash on hand, and undrawn revolver capacity for total
liquidity of approximately of $1.57 billion at March 31, 2020 are
expected to support sufficient liquidity to manage recessionary
conditions well into next year.

Tenneco has a strong competitive position as Tier One OEM auto
supplier, with a sizeable aftermarket business composed of
well-known brand names. Tenneco's Clean Air business (about 28% of
value-added revenues) will stay important as auto OEMs address the
increasingly more stringent emission regulations. The MotorParts
business (22% of value-added revenues) should continue to benefit
from increasing average vehicle age and stable growth. The Ride
Performance business (19% of value-added revenues) will experience
growth consistent with global automotive production.

The Powertrain business (about 31% of value-added revenues),
however, faces long-term pressures as the auto industry progresses
towards increasing adoption of electric propulsion. Moody's
believes the internal combustion engine will have very sizeable
vehicle penetration for some time, and Tenneco's product suite will
have a high share. Yet, engines will get smaller pressuring the
company's average content per vehicle.

Tenneco's Debt/EBITDA for the last twelve months ending March 31,
2020 was 7.6x (after Moody's standard adjustments) and
EBITA/interest was 0.6x, were already weak Debt leverage and
interest coverage are expected to improve steadily through the
second half of 2021. Management has taken a number of actions to
support operating flexibility in addition to what was planned in
2018 with acquisition of Federal-Mogul LLC, including additional
headcount reductions, salary reductions, and further improving in
working capital and capital investment spending. Common stock
dividends were previously suspended in early 2019.

The stable outlook reflects Tenneco's cash and the financial
covenant relief which should provide liquidity through early 2022
as industry conditions recover, balanced against the expectation of
weak, albeit improving, credit metrics through 2021 and improving
further with recovering global automotive conditions in 2022. Yet,
the expected gradual recovery of automotive industry conditions
impacted by the coronavirus pandemic could be interrupted from a
second wave of infection rates, or from weakening vehicle demand
with a more extended recessionary conditions from job losses.

Tenneco's liquidity is adequate, reflected by the SGL-3 Speculative
Grade Liquidity Rating, supported by cash on hand and financial
maintenance covenant flexibility. Cash as of March 31, 2020 was
$770 million. Tenneco borrowed an additional $800 million under the
$1.5 billion revolving credit facility after March 31, 2020,
eliminating the facility's availability. Moody's now believes
Tenneco's negative free cash flow for 2020 could be as much as $300
million. The credit facility has two financial covenants, a maximum
net leverage ratio and a minimum interest coverage ratio. These
financial covenants were recently amended to provided additional
flexibility through 2022. Tenneco relies on a significant amounts
of accounts receivable factoring/securitization as a source of
financing (included in Moody's adjusted debt calculations). If
unable to maintain and extend these securitizations, additional
borrowings under the revolving credit facility would be required to
meet liquidity needs.

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

The ratings could be upgraded with stronger than anticipated profit
and cash flow growth from stability in global automotive demand or
the ability to manage the volatility, with increasing product
penetration and with faster than expected realized synergies.
Consideration for a higher rating could result from Debt/EBITDA
sustained below 5.5x, and EBITA/Interest coverage, inclusive of
restructuring, above 1.5x, while maintaining an adequate liquidity
profile.

The ratings could be downgraded if the company is unable to
demonstrate operating performance resulting from previously
announced merger synergies and additional cost saving actions in
2021 above levels experience in 2019. The ratings could also be
downgraded if Debt/EBITDA is expected to be sustained over 6.5x, or
EBITA/Interest coverage expected also to be sustained below 1x
through the second half of 2021.

The automotive industry exposes the company to material
environmental risks arising from increasing regulations on carbon
emissions. Tenneco's Clean Air division helps the company address
this customer risk with products targeting emission reduction. Yet,
the company's Powertrain division products my face pressure as
increasing build rates of hybrid vehicles reduce the size of
internal combustion engines paired with these vehicles. The
Powertrain division's ability to develop competitive products
driving engine efficiency will be important to the company's
competitive position.

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

Tenneco Inc., headquartered in Lake Forest, Illinois, is one of the
world's leading designers, manufacturers and marketers of
Aftermarket, Ride Performance, Clean Air and Powertrain products
and technology solutions for light vehicle, commercial truck,
off-highway, industrial and the aftermarket. On October 1, 2018,
Tenneco completed the acquisition of Federal-Mogul LLC, a leading
global supplier to original equipment manufacturers and the
aftermarket. Tenneco expects to separate its businesses to form two
new, independent companies, an Aftermarket and Ride Performance
company as well as a new Powertrain Technology company. Revenues
for the LTM period ending March 31, 2020 were $16.8 billion.


TI GROUP: Moody's Confirms CFR & Senior Secured Rating at B1
------------------------------------------------------------
Moody's Investors Service confirmed the ratings of TI Group
Automotive Systems L.L.C.'s - Corporate Family and Probability of
Default Ratings at B1 and B1-PD, respectively, and senior secured
at B1. The Speculative Grade Liquidity Rating remains SGL-3. The
outlook is stable. TI Group is the US debt issuing subsidiary of TI
Fluid Systems plc. This action concludes the review for downgrade
initiated on March 26, 2020.

Ratings Confirmed:

Issuer: TI Group Automotive Systems L.L.C.

Corporate Family Rating, confirmed B1

Probability of Default Rating, confirmed B1-PD

Senior Secured Bank Credit Facility, confirmed B1 (LGD3)

Outlook Actions:

Issuer: TI Group Automotive Systems L.L.C.

Outlook, Changed to Stable from Rating Under Review

RATINGS RATIONALE

TI Group's ratings reflect the company's position as a leading auto
supplier for fluid storage, carrying and delivery systems, and the
diverse customer and geographic exposure. In 2019 the company
supplied the 19 of the top selling 20 vehicle nameplates in Europe,
12 of the top 20 selling vehicle nameplates in North America, and 9
of the top selling 20 vehicle nameplates in China. Approximately
40% of TI Group's revenues in 2019 were generated in Europe, Middle
East, & Africa, 30% in Asia; and 28% in North America, and 2% in
Latin America. This exposure to Asia negatively impacted TI Group's
operating performance in the first quarter of 2020, as a result of
the coronavirus pandemic. Yet, the early recovery of this region
through the second quarter of 2020 is expected help offset the
negative impact of coronavirus pandemic-driven temporary vehicle
plant closures in North America and Europe. Similarly, TI Group's
exposure to the EMEA region should provide some benefit to profits
given that region started up auto production before North America.

TI Group's credit metrics were well positioned going into the
recession. At year end 2019, Debit/EBITDA was 2.9x (after Moody's
standard adjustments), with EBITA margin of 9.6% and EBITA/Interest
at 4.5x for the year. These metrics were strongly positioned prior
to the coronavirus pandemic's impact on temporary plant closures in
the automotive industry. These metrics will deteriorate reflecting
temporary closures of customer plants, but should gradually recover
as global automotive manufacturing production ramps up. Management
has taken a number of actions to support operating flexibility
including hiring freezes, postponement of salary increases, salary
reductions, and utilization of worker furlough programs. The
company's primary owner, Bain Capital (54%), also voted to block
the company's planned quarterly dividend given current industry
conditions, preserving some additional cash within the company.

The stable outlook reflects TI Group's well positioned credit
metrics entering 2020 and strong cash balances. This operating
flexibility will help mitigate lower near-term profit levels as the
automotive industry gradually recovers through 2020, from potential
interruptions from brief spikes in coronavirus infection rates, and
from potentially slower recovering vehicle demand with a more
extended recessionary conditions from job losses.

TI Group has adequate liquidity to support operations through next
year. This includes borrowings under its revolving credit
facilities to boost cash to about EUR600 million at March 31, 2020.
At December 31, 2019, the $100 million asset based revolving credit
facility availability of $73.9 million after $3.8 million of
outstanding letters of credit, and the $125 million cash flow
revolving credit facility was undrawn. In March 2020, the company
borrowed EUR146 million under the revolving credit facilities.

Moody's anticipates nominally positive free flow by year-end 2020
with the recovery of global automotive production in the second
half of 2020. The primary financial covenant under the ABL is a
springing fixed charge covenant of 1.0 to 1.0 when certain
availability levels are triggered. The cash flow revolver also has
a springing net leverage ratio covenant when certain availability
levels are triggered. Moody's does not anticipate that the
thresholds under either facility will be test during 2020. The term
loan does not have financial maintenance covenants.

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

The ratings could be upgraded with sustained profit amounts that
provide the expectation of continued free cash flow, along with
debt reduction such that Debt/EBITDA is sustained below 2.5x and
EBITA/Interest sustained over 4.5x. Important considerations for
any upgrade would be good liquidity and financial policies which
balance shareholder returns with capital reinvestment and debt
reduction.

The ratings could be downgraded with the expectation of
EBITA/Interest under 3.5x, Debt/EBITDA sustained above 4x into
2021, or a deteriorating liquidity profile. The ratings could be
downgraded if shareholder distributions or acquisitions are made
resulting in leverage expected to being sustain at the above
threshold.

TI Group's products and services are exposed to material
environmental risks arising from increasing regulations on carbon
emissions. Automotive manufacturers continue to announce the
introduction of electrified products to meet increasingly stringent
regulatory requirements. As automotive sales shift to hybrid
electric and electric vehicles, TI Group has the opportunity to
shift its product mix more toward to thermal cooling and heating
products and plastic and pressure-resistant fuel tanks.
Nonetheless, even with shifting vehicle sales, internal combustion
engines will remain an important part of the powertrain which will
require the company's product mix.

TI Group has strong policies supporting debt holders as
demonstrated by the cancelation of the company's second quarter
2020 dividend by the company's majority owner.

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

TI Automotive is the trade name for the operations of TI Fluid
Systems plc, the parent company of TI Group Automotive Systems,
L.L.C. TI Automotive is a leading global manufacturer of fluid
storage, carrying and delivery systems, primarily serving
automotive OEMs of light duty vehicles with fuel tank and delivery
systems representing about 40% of revenue and other fluid carrying
systems 60%. Revenues for 2019 were approximately EUR3.4 billion.
TI Fluid Systems plc is majority owned by affiliates of and funds
advised by Bain Capital, LP.


TITAN INTERNATIONAL: S&P Affirms 'CCC+' ICR; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Titan International
Inc., including the 'CCC+' issuer credit rating and issue-level
rating on its secured notes. S&P's '4' recovery rating (rounded
estimate: 40%) on the notes is unchanged.

S&P expects weak demand to lower Titan's profitability, causing
negative free operating cash flow (FOCF) generation in 2020. It
forecasts significant demand declines during 2020 in both
agriculture and construction end markets. Although this will be
partially offset by cost cuts, Titan's profitability will likely
weaken somewhat as lower production volume impedes fixed cost
absorption. Factory shutdowns, particularly in Europe, due to the
coronavirus will pressure profitability in the second quarter
before margins improve sequentially in the second half of the year.
Overall, S&P forecasts weak earnings will likely result in negative
FOCF and very high leverage in 2020.

The rating agency does not expect Titan will face a liquidity
crunch or other default scenario over the next 12 months. Titan's
European operations maintain several small short-term overdraft and
working capital facilities with various banks. Aside from these
facilities, which S&P expects the company will roll over, Titan
does not face significant debt maturities until its asset-based
lending (ABL) facility expires in February 2022. Although weak
profitability and limited internal cash flow will likely prevent
Titan from significantly improving liquidity over the next 12
months, S&P expects Titan to prevent its liquidity from
deteriorating significantly by reducing its working capital and
capital expenditure needs. In addition, the company may generate
cash through non-core asset sales in 2020.

Inability to roll over short-term overdraft and working capital
facilities could pressure liquidity. At March 31, 2020, about $46
million was outstanding on Titan's short-term credit facilities
(primarily consisting of European credit facilities). While its
liquidity analysis treats these amounts as due within 12 months,
S&P expects the company will roll the obligations over without any
significant use of cash. Historically, Titan has been able to
extend the facilities, and it has not experienced challenges doing
so during 2020. If these do become a cash outflow over the next 12
months, S&P forecasts that sources of liquidity will be roughly
equal to uses.

Although S&P expects Titan will manage inventory,
higher-than-expected working capital requirements could pressure
liquidity.

Seasonal intra-year working capital needs are generally significant
as Titan builds inventory during the second half of the year ahead
of its first quarter selling season. However, S&P expects working
capital to be a moderate source of cash during 2020, driven by
declining production and actions Titan is taking, such as
eliminating infrequently ordered products, which reduce inventory
requirements. Still, higher-than-expected working capital
requirements could pressure liquidity.

The negative outlook on Titan reflects S&P's view that liquidity
could be constrained if operating performance does not improve in
the second half of 2020, or if the company is unable to extend its
short-term overdraft and working capital facilities.

"We could lower our ratings if Titan's liquidity deteriorates,
which could result from weaker operating performance or higher cash
needs than we expect, causing us to envision a specific default
scenario taking place within the next 12 months," S&P said.

"We could revise our outlook to stable or raise our ratings if
Titan's profitability and cash flow generation improve
significantly, leading us to conclude the company is very likely to
repay its debt maturities in full and on time," the rating agency
said.


TURIN AVIATION: Seeks to Hire Harder Law as Special Counsel
-----------------------------------------------------------
The Turin Aviation Group, LLC seeks authority from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
Harder Law Group, LLC as its special counsel.

Harder Law will advise Debtor with respect to all matters
associated with the prosecution of claims for damages against
Skyport Holdings Tampa, LLC, Wings of Dream Aviation Museum, and
Edward Geyman.

Harder Law will be compensated as follows:

     1. Before the filing of an answer or the demand for
appointment of arbitrators:

        a. 33-1/3 percent of any recovery up to $1 million; plus
        b. 30 percent of any porting of the recovery between $1
million and $2 million; plus
        c. 20 percent of any porting of the recovery exceeding $2
million.

     2. Before the filing of an answer or the demand for
appointment of arbitrators:
      
        a. 40 percent of any recovery up to $1 million; plus
        b. 30 percent of any porting of the recovery between $1
million and $2 million; plus
        c. 20 percent of any porting of the recovery exceeding $2
million.     

     3. If all defendants admit liability at the time of filing
their answers and request a trial only on damages:

        a. 33-1/3 percent of any recovery up to $1 million; plus
        b. 20 percent of any porting of the recovery between $1
million and $2 million; plus
        c. 15 percent of any porting of the recovery exceeding $2
million.         

     4. An additional 5 percent of any recovery after institution
of any appellate proceeding is files or post judgement relief or
action is required for recovery on the judgement.  

George Harder, Esq., at Harder Law Group, assures the court that
his firm does not hold any interest adverse to Debtor and its
bankruptcy estate.

The firm can be reached through:

     George Harder, Esq.
     Harder Law Group, LLC
     23110 FL-54
     Lutz, FL 33549
     Phone: +1 813-455-4551

                    About Turin Aviation Group

Turin Aviation Group is a family of companies that include Falcon
Aircraft Services, Vintage Aero, Inc., and the newly established
Turin Advance Concepts.

Turin Aviation Group filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
19-01890) on March 6, 2019.  At the time of the filing, Debtor had
estimated assets of between $500,001 and $1 million and liabilities
of between $100,001 and $500,000.  

Judge Catherine Peek Mcewen oversees the case.  Johnson Pope Bokor
Ruppel & Burns, LLP is Debtor's legal counsel.


ULTRA PETROLEUM:Requests the Court to Nullify the Pipeline Contract
-------------------------------------------------------------------
Greg Avery, writing for Denver Business Journal,reports that
natural gas company Ultra Petroleum wants the bankruptcy court to
nullify a contract that obligates the company to pay $176 million
to access the natural gas in the Rockies Express pipeline.

Ultra Petroleum's pre-packaged Chapter 11 bankruptcy, its second
since 2016, is hitting a familiar snag -- over the company???s
contract reserving space for Rocky Mountain natural gas in a major
U.S. pipeline.

The Denver-operated pipeline company Rockies Express asked the
Federal Energy Regulatory Commission, the national regulator of
interstate pipelines, to stop Ultra Petroleum from backing out of
its contract. Meanwhile, Ultra Petroleum has countered by asking
the federal bankruptcy court in Houston to issue a stay keeping
FERC from intervening.

Ultra Petroleum Corp. sought bankruptcy protection in May after
reaching an agreement with its largest lenders trading debt for
equity and sought an expedited Chapter 11 reorganization with the
"prepackaged" plan.

But the pipeline contract, and whether Ultra Petroleum can walk
away from it, has emerged as a significant issue.

Since April 2020, Ultra Petroleum has essentially sublet its access
in the Rockies Express completely to Houston-based Occidental
Petroleum Corp. (NYSE: OXY), but at a discount to the rate compare
to what Ultra agreed to with Rockies Express; and Occidental's
agreement to use the pipeline expires Oct. 31, 2020.

"This was not a difficult decision," the company wrote. "Ultra
Resources has never used - and does not intend to use - the
capacity."

The company noted it could be obliged to pay nearly $178 million
for pipeline capacity it doesn???t need and can find no shippers
willing to use.

Ultra Petroleum operates wells and associated infrastructure on
83,000 net acres, primarily in the Pinedale and Jonah fields of
western Wyoming???s Green River Basin. It moved its headquarters
from Houston to Centennial in 2018.

The Rockies Express pipeline stretches 1,700 miles from western
Wyoming and Colorado east to a major pipeline junction for natural
gas in eastern Ohio. It's one of the nation's biggest natural gas
pipelines, connecting natural gas fields in the Rocky Mountain
region and Appalachia to major population centers.

Ultra Petroleum got out of the three years of a 10-year commitment
to reserve capacity in the Rockies Express in its last bankruptcy.
It had paid $625 million to the Rockies Express pipeline company in
the years before declaring bankruptcy.  Ultra Petroleum negotiated
a new agreement in the 2016 bankruptcy, reserving space at a
specified monthly rate per dekatherm of natural gas.

In the run-up to Ultra Petroleum's bankruptcy filing, Rockies
Express turned to FERC to force the natural gas producer to make
good on its payments for pipeline access. Ultra argues to the
bankruptcy court that going to FERC is inappropriate.

"FERC has never asserted that it has any role to play, much less
concurrent jurisdiction, regarding a Chapter 11 debtor's rejection
of such agreements," Ultra Petroleum wrote.

But the pipeline company argues that its arrangement with Ultra
Petroleum set wholesale rates for the natural gas transmitted into
the Rockies Express pipeline, making it more than just a contract
to be handled in a Chapter 11 reorganization.

A contract establishing interstate gas rates isn't just a private
arrangement but carries the force of law under the federal Natural
Gas Act, the pipeline's attorneys argue, making FERC "the only
appropriate forum for a challenge to a filed rate."

The court shouldn't keep FERC from having a say just because Ultra
Petroleum's pre-packaged Chapter 11 bankruptcy plan tries to
reorganize the company on an accelerated timeline, Rockies Express'
attorneys argue.

The projections of Ultra Petroleum's funding upon emerging from
bankruptcy protection show the company would have enough cash to
make its pipeline payment obligations, argued Rockies Express.

   
                     About Ultra Petroleum

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker LLP as local bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special counsel; Centerview
Partners LLC as investment banker; and FTI Consulting, Inc. as
financial advisor. Prime Clerk LLC is the claims agent.


URS HOLDCO: Moody's Alters Outlook on B3 CFR to Negative
--------------------------------------------------------
Moody's Investors Service confirmed the ratings of URS Holdco,
Inc., including the Corporate Family Rating and senior secured debt
rating at B3, and the Probability of Default Rating at B3-PD. The
outlook is negative. This concludes the review for downgrade that
was initiated on March 31, 2020.

RATINGS RATIONALE

The ratings, including the B3 CFR, reflect Moody's expectation for
credit metrics to weaken substantially due to depressed demand
fundamentals likely into 2021, before a gradual recovery. URS is
exposed to the auto industry cycle with about 73% of its revenue
from Original Equipment Manufacturers for which there has been a
material decline in shipments from a severe contraction in economic
activity. Moody's anticipates debt/EBITDA (after Moody's standard
adjustments) will approach 8x this year, from about 6x. This is
high for the company's business risk. Given the leverage profile
and weak external liquidity of less than $5 million of ABL revolver
availability, there is limited cushion to withstand further
business challenges in a weak and an uncertain environment,
notwithstanding the cash balance of about $35 million.
Shelter-in-place orders related to the coronavirus are anticipated
to be lifted across various U.S. states and should support some
pick in demand. Auto plants have also begun to re-open, which
should increase the need for vehicle shipments. However, elevated
unemployment levels and the lingering uncertainty around the timing
and effects of the coronavirus pandemic create considerable
uncertainty around demand.

The ratings consider United Road's good market position in the auto
carrier industry and its somewhat less cyclical remarketed (used
car) segment, although even used car transit was down meaningfully
over the last few months. The company's use of third-party carriers
provides some flexibility to adjust its costs in response to the
significant pressure on its revenue, which is likely to decline at
20% in 2020, from sustained weakness in the market fundamentals.

Liquidity is adequate for the near term, primarily from efforts to
preserve cash through cost reduction measures, working capital
unwind and some flexibility to reduce capital spending to adapt to
the sales volume declines, given the relatively young fleet of
about 5.5 years on average. However, Moody's does not view this as
sustainable as cash likely will be consumed by working capital
needs and an increase in capex investments as the car shipments
pick up. Given these factors and the earnings headwinds, Moody's
anticipates free cash flow will moderate towards breakeven levels
through at least 2020.

The negative outlook reflects Moody's expectation of meaningful
downwards pressure on revenue and earnings likely into 2021, which
could also lead to weaker-than-expected liquidity and metrics in an
uncertain environment.

In terms of corporate governance, event risk remains high for
aggressive financial policies given private equity ownership and
the company's acquisitive nature with debt-funded growth primarily
that has slowed de-leveraging prospects. This could constrain the
metrics if also funded with debt.

Moody's took the following actions:

Confirmations:

Issuer: URS Holdco, Inc.

Corporate Family Rating, Confirmed at B3

Probability of Default Rating, Confirmed at B3-PD

Senior Secured Bank Credit Facility, Confirmed at B3 (LGD4)

Outlook Actions:

Issuer: URS Holdco, Inc.

Outlook, Changed To Negative From Rating Under Review

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

The ratings could be downgraded if Moody's expects liquidity to
deteriorate, including negative free cash flow, a material decline
in the cash balance or sustained weak revolver availability. The
ratings could also be downgraded with expectations of weakening
operating performance, including if Moody's expects interest
coverage to materially worsen or a lack of progress with reducing
debt/EBITDA towards 6x through 2021. Downward ratings momentum
would also be driven by aggressive financial policies.

Upward rating pressure is unlikely until demand/shipment volumes
broadly increase along with general economic activity in the US.
Over time, the ratings could be upgraded with sustained earnings
growth that results in stronger credit metrics, including Moody's
expectation of debt/EBITDA around 4.5x or better, EBITDA less
capex-to-interest exceeding 1.5x, and a material improvement in
operating margins, as well as consistently positive free cash flow
and greater revolver availability.

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

URS Holdco Inc., based in Romulus, Michigan, is a leading provider
of over-the-road transportation of automobiles and vehicle
logistics in the United States and Canada through its principal
operating subsidiary, United Road Services, Inc. Revenues were
approximately $700 million as of the last twelve months ended March
31, 2020. URS Holdco Inc. is a portfolio company of The Carlyle
Group, a private equity firm.


WANSDOWN PROPERTIES: July 14 Auction of New York Property Set
-------------------------------------------------------------
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York authorized the bidding procedures of
Wansdown Properties Corp. N.V. in connection with the sale of the
real property located at 29 Beekman Place, New York, New York to
FCF Beekman Realty, LLC, pursuant to the Residential Contract of
Sale dated June 4, 2020, for $11.5 million, subject to overbid.

The Hearing on the Motion was June 16, 2020.

The Sale Hearing may be adjourned by the Court or the Debtor from
time to time by notice of adjournment filed on the docket in the
Chapter 11 Case.  If the Sale Hearing is adjourned, the Sale
Objection Deadline will be extended to a date that is two days
prior to the rescheduled Sale Hearing.

The Bid Protections (consisting of a break-up fee of 2% of the
purchase price under the Sale Contract, and an expense
reimbursement of up to $15,000) are approved.

If the Auction is conducted, each bidder participating in the
Auction will be required to confirm that it has not engaged in any
collusion with respect to the bidding process or the sale.  The
Auction may be conducted by telephonic conference, as the Debtor
may determine in consultation with the Brokers.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: One business day prior to the Auction

     b. Initial Bid: $11,770,000

     c. Deposit: 10% of the Bid

     d. Auction: The Auction sale of the Property will take place
on July 14, 2020 at 10:00 a.m. at the offices of Blank Rome, LLP,
1271 Avenue of the Americas, New York, New York 10020, or
telephonically in accordance with telephonic procedures to be
implemented in the sole discretion of the Debtor in consultation
with its professionals, with notice of such procedures given to all
interested parties prior to the Auction.  

     e. Bid Increments: $25,000

     f. Sale Hearing: July 16, 2020, at 10:00 a.m. (EST)

     g. Sale Objection Deadline:

     h. In the Debtor's sole discretion, interested parties may
appear and bid at the Auction telephonically, provided that any
party making a bid telephonically must have paid an amount equal to
5% of its highest bid in Acceptable Funds to the Debtor's special
real estate counsel at least one business day prior to the Auction.
Such funds will be returned by the Debtor's special real estate
counsel to such bidder within three business days after the
conclusion of the Auction in the event that such bidder did not
submit the highest bid for the Property.

A copy of the Agreement is available at
https://tinyurl.com/y9qsygvh from PacerMonitor.com free of charge.

                  About Wansdown Properties

Wansdown Properties Corporation, N.V.'s primary asset is a
seven-story townhouse located at 29 Beekman Place, New York, New
York. It was incorporated in 1979 under the laws of Curacao, in
accordance with Article 38 of the Commercial Code of the
Netherlands Antilles and continues to exist under the laws of the
Netherland Antilles.  Wansdown Properties was formed as a holding
company to own and manage the Property for an affluent individual
who deceased in January 2016.

Wansdown Properties Corporation sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13223) on Oct.
8, 2019. At the time of the filing, the Debtor was estimated to
have assets of between $10 million and $50 million and liabilities
of the same range. The case is assigned to Judge Stuart M.
Bernstein.

Counsel for the Debtor:

     Paul A. Rubin
     Hanh V. Huynh
     RUBIN LLC
     345 Seventh Avenue, 21st Floor
     New York, New York 10001
     Tel: 212.390.8054
     Fax: 212.390.8064
     E-mail: prubin@rubinlawllc.com
             hhuynh@rubinlawllc.com


WATERBRIDGE MIDSTREAM: Moody's Cuts CFR to B3, Outlook Stable
-------------------------------------------------------------
Moody's Investors Service downgraded WaterBridge Midstream
Operating LLC Corporate Family Rating to B3 from B1, Probability of
Default Rating to B3-PD from B1-PD, and the senior secured term
loan rating to B3 from B1. The outlook remains stable.

"The downgrade of WaterBridge's ratings reflects its expectation of
decreased water transportation and handling volumes resulting from
a high level of upstream producer shut-ins in the Delaware Basin,"
said Arvinder Saluja, Moody's Vice President. "A path for
materially increasing volumes and cash flow to support an improved
leverage profile would need higher capex and production from its
upstream customers, who are in turn reliant on a sustained
supportive commodity price environment."

Downgrades:

Issuer: WaterBridge Midstream Operating LLC

Probability of Default Rating, Downgraded to B3-PD from B1-PD

Corporate Family Rating, Downgraded to B3 from B1

Senior Secured Term Loan, Downgraded to B3 (LGD4) from B1 (LGD4)

Outlook Actions:

Issuer: WaterBridge Midstream Operating LLC

Outlook, Remains Stable

RATINGS RATIONALE

WaterBridge's B3 CFR reflects high leverage as well as produced
water volumetric risks in the weak commodity price environment amid
reduced upstream capital spending. WaterBridge's credit profile is
tempered by the company's modest existing scale, limited basin
diversification, and reliance on successful ramp up in hydrocarbon
production volumes and the resulting water volumes from its
customers on its gathering pipelines and produced water disposal
facilities. Moody's expects that WaterBridge will grow its EBITDA
as volumes ramp up, but at a slower than earlier expected pace.
This would result in leverage improving but staying higher for
longer which raises risks in the context of a leveraged balance
sheet and uncertainties looking into 2021. The company's large
water midstream infrastructure, presence primarily in the Delaware
Basin, acreage dedications, and strong (but concentrated) customer
base provide support. The company also has low working capital
requirements, and an excess cash flow sweep that will require
repayment of debt if net first lien leverage ratio is above 3.5x.
The contracts are predominantly long-term fixed fee in nature
leaving WaterBridge limited direct commodity price risk, although
since only a small portion of its volumes are underpinned by
minimum volume commitments, it is heavily exposed to volume risks.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The exploration
and production sector has been one of the sectors most affected by
the shock given its sensitivity to demand and oil prices, and this
in turn has affected some midstream companies who move E&P
production volumes, both hydrocarbons and produced water. More
specifically, the weaknesses in WaterBridge's credit profile and
liquidity have left it vulnerable to shifts in market sentiment in
these unprecedented operating conditions and WaterBridge remains
vulnerable to the oil prices remaining weak. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on WaterBridge of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The $1 billion senior secured term loan facility due 2026 is rated
B3, the same as the CFR given that the $150 million super-priority
revolver (unrated and maturing in 2024) is small relative to the
term loan. The lack of notching relative to the CFR also reflects
the fact that the debt under the proposed credit facilities
comprises all of the company's third-party debt, excluding
preferred equity.

WaterBridge will have adequate liquidity primarily supported by its
modest, but positive, cash flow from operations and $35 million
equity contribution that has been provided by its sponsor. It has
minimal capital spending requirements for the remainder of 2020.
Capital spending needs in 2021 will be tied to volumetric growth,
and are somewhat discretionary if the volumes do not ramp up as
planned. The $150 million revolver has only $45 million drawn as of
March 31, but further revolver borrowings are unavailable due to
the springing net leverage covenant of 5.5x which triggers when
over 30% of the revolver is drawn. Both the revolver and term loan
are subject to a debt service coverage ratio covenant of at least
1.10x. There is an excess cash flow sweep mechanism under the term
loan facility that requires repayment of debt with excess cash flow
as long as the consolidated net leverage ratio is above 3.5x. The
company has no near-term debt maturities.

The stable outlook reflects Moody's expectation of increased
volumes and EBITDA into 2021 driving a steady deleveraging and
improving liquidity position.

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

The ratings could be downgraded if Moody's expects that debt/EBITDA
will not approach 6x and EBITDA/interest will remain below 2x by
the end of 2021, or if liquidity worsens. The ratings could be
upgraded if Moody's expects significant increases in volumes and
EBITDA to result in leverage sustainably below 5.5x and the company
is able to maintain adequate liquidity.

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

WaterBridge Midstream Operating LLC owns and operates water
infrastructure systems in the Delaware (part of Permian basin) and
Arkoma basins. The company's assets consist primarily of integrated
water management networks of gathering pipelines and produced water
disposal facilities that provide gathering, treating and disposal
of produced water.


[*] At Least 29 Hospitals Have Sought Bankruptcy in 2020
--------------------------------------------------------
Ayla Ellison, writing for Beckers Hospital, reports on the
hospitals that filed for bankruptcy protection in 2020.
  
From reimbursement landscape challenges to dwindling patient
volumes, many factors lead hospitals to file for bankruptcy. At
least 29 hospitals across the U.S. have filed for bankruptcy this
year, and the financial challenges caused by the COVID-19 pandemic
may force more hospitals to enter bankruptcy in coming months.

COVID-19 has created a cash crunch for many hospitals across the
nation. They're estimated to lose $200 billion between March 1 and
June 30, 2020, according to a report from the American Hospital
Association. More than $161 billion of the expected revenue losses
will come from canceled services, including nonelective surgeries
and outpatient treatment. Moody's Investors Service said the sharp
declines in revenue and cash flow caused by the suspension of
elective procedures could cause more hospitals to default on their
credit agreements this year than in 2019.

The hospitals that have filed for bankruptcy this year, which are
part of the health systems listed below, have not cited the
pandemic as a factor that pushed them into bankruptcy. Though most
of the hospitals are operating as normal throughout the bankruptcy
process, at least two of the hospitals that entered bankruptcy this
year have shut down.

  * Quorum Health ??? filed for Chapter 11 bankruptcy on April 7,
2020. The company, a spinoff of Franklin, Tenn.-based Community
Health Systems, said the bankruptcy filing is part of a plan to
recapitalize the business and reduce its debt load.

  * Randolph Health ??? filed for Chapter 11 bankruptcy on March 6,
2020.Randolph Health leaders have taken several steps in recent
years to improve the health system's financial picture, and they've
made progress toward that goal. Entering Chapter 11 bankruptcy will
allow Randolph Health to restructure its debt, which officials said
is necessary to ensure the health system continues to provide care
for many more years.  

  * Faith Community Health System ??? filed for bankruptcy
protection on February 29, 2020. The health system, part of the
Jack County (Texas) Hospital District, entered Chapter 9 bankruptcy
??? a bankruptcy proceeding that offers distressed municipalities
protection from creditors while a repayment plan is negotiated.

  * Pinnacle Healthcare System ??? filed for Chapter 11 bankruptcy
protection on February 12, 2020. Pinnacle Regional Hospital in
Boonville, Mo., formerly known as Cooper County Memorial Hospital,
entered bankruptcy about a month after it abruptly shut down.
Pinnacle Regional Hospital in Overland Park, formerly called Blue
Valley Hospital, closed about two months after entering bankruptcy.


  * Thomas Health ??? filed for Chapter 11 bankruptcy on January
10, 2020. In an affidavit filed in the bankruptcy case, Thomas
Health President and CEO Daniel J. Lauffer cited several reasons
the health system is facing financial challenges, including reduced
reimbursement rates and patient outmigration. The health system
said the bankruptcy process will help it address its long-term debt
and pursue strategic opportunities.



[*] Hinshaw: Expanding the Bankruptcy Code Under the CARES Act
--------------------------------------------------------------
Mina Beshara of Hinshaw & Culbertson wrote on JDSupra an article
titled "Exploring the Expansion of the Bankruptcy Code under the
CARES Act":

The Coronavirus Aid, Relief, and Economic Security Act, also known
as the CARES Act, provides widespread economic relief for
individuals and businesses adversely affected by the coronavirus
outbreak and includes several key modifications and amendments to
the U.S. Bankruptcy Code. We explore how these revisions will
immediately impact the bankruptcy landscape for both individual
debtors and small businesses below.

Revisions to Chapter 7 and 13 Filings

The CARES Act provides short-term relief to individual debtors
filing petitions under Chapters 7 and 13. Notably, the CARES Act
amends the definition of "Current Monthly Income" to exclude
coronavirus-related federal stimulus payments from being treated as
disposable income when determining whether a debtor is eligible to
file for bankruptcy under either chapter. Under the CARES Act,
Chapter 13 debtors with confirmed plans can amend and extend their
plans for up to seven years from when the first payment was due
under the confirmed plan, following presentation of a material
financial hardship suffered as a result of the COVID-19 pandemic.
Any amendment to a confirmed plan requires notice to all creditors,
a hearing, and court approval. The amendments apply to pending
Chapter 7 and Chapter 13 filings and will apply for one year from
the effective date of the CARES Act.

It remains unclear what the courts will consider a "material
financial hardship" when granting modifications of confirmed plans,
but we expect courts to allow most debtors to meet the standard due
to the widespread effects of the pandemic.

Revisions to Chapter 11 Filings

One of the more important amendments provides enhanced protections
for small businesses. The CARES Act amended the Small Business
Reorganization Act of 2019 (SBRA) to increase the debt threshold
for small businesses filing under newly added Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code from $2.7 million to $7.5
million in aggregate debt. This amendment expands bankruptcy
protection for small businesses suffering economic distress during
the  pandemic.

Nationwide, many small businesses are likely to take advantage of
the streamlined reorganization provisions of the SBRA as amended by
the CARES Act. However, this increased debt threshold applies only
to cases filed after the CARES Act became effective and will expire
on March 27, 2021, after which the debt threshold will decrease
back to $2.7 million.



[*] SBA Issues Interim Final Rule on PPP Loan Forgiveness
---------------------------------------------------------
Timothy Sullivan of Hinshaw & Culbertson LLP wrote that on May 22,
2020, the Small Business Administration (SBA) and the U.S.
Department of the Treasury released an Interim Final Rule on
Paycheck Protection Program (PPP) Loan Forgiveness (the "Loan
Forgiveness Rule"). Although this rule clarifies further several
issues already raised in previously issued guidance from the
agencies, it still leaves others unanswered. The agencies have
indicated that further guidance will be forthcoming.

The Loan Forgiveness Rule and the PPP Forgiveness Loan Application
(the "Application") highlight problems some borrowers have
concerning the 75/25 split on permitted payroll and nonpayroll
costs that may be forgiven, as well as the eight week period during
which borrowers must spend the PPP loan proceeds on permitted
costs.

A second Interim Final Rule was also issued by the SBA and Treasury
on May 22, which addresses the SBA loan review process, and
borrower and lender loan responsibilities. We will address this
Interim Final Rule in a separate alert.

Here, we first consider the various issues that remain unresolved
by the Loan Forgiveness Rule. We conclude with a review of the
issues the guidance does address.

Loan Forgiveness Issues Unresolved by the Guidance

75/25 Split on Permitted Payroll and Nonpayroll Expenses
A significant concern for a number of businesses is the fact that
75% of the loan proceeds must be used for payroll costs. This
severely impacts businesses with high rent and overhead expenses.
These businesses believe they will not be able to meet this
standard, because in many cases their payroll costs will not equal
75% of the PPP loan amount. They are hopeful that this percentage
will be reduced, and that the list of permitted non-payroll
expenses will be expanded. The 75/25 split is not mandated by the
Coronavirus Aid, Relief, and Economic Security Act (the "CARES
Act"), it was included in the rules by the agencies.

Eight Week Covered Period
Similarly, businesses that have been closed during the crisis or
have laid off a significant number of employees are concerned about
the requirement that payroll costs have to be incurred and paid
during the eight week period following the borrower's receipt of
the loan proceeds (the "Covered Period"). Many of these businesses
do not feel they can restart or ramp up operations during such a
short period of time, making it difficult???if not impossible???for
them to maximize their ability to have some or all of the loan
forgiven. They are hoping that the Covered Period will be extended.
However, because the length of the Covered Period is set by the
CARES Act, it would have to be changed by appropriate legislation.

Legislative Proposals
Legislation has been introduced in the Senate which would extend
the eight week Covered Period to 16 weeks. Alternatively,
legislation proposed in the House would extend the Covered Period
to 24 weeks.

In addition, legislation has been proposed to eliminate the
requirement that at least 75% of the loan proceeds must be spent on
permitted payroll costs. If enacted, this legislation would prevent
the SBA from limiting the percentage of a loan that can be used for
permitted nonpayroll expenses, and are thus eligible to be
forgiven.

Notably, there is also legislation being considered that would
expand the list of permitted nonpayroll expenses.

For PPP borrowers facing one or both of the issues discussed above,
we recommend that if at the end of the eight week Covered Period
they cannot seek forgiveness of the entire loan, they should delay
seeking forgiveness for a limited time to see if the Covered Period
is extended or the limit on nonpayroll expenses is lifted.

The adoption of the extension proposal would allow such borrowers
to increase the amount of permitted payroll and nonpayroll expenses
paid during the expanded Covered Period. Alternatively, the
adoption of the second or third proposals would allow borrowers to
increase the amounts spent on permitted nonpayroll expenses.

Other Legislative Proposals
Two Year Loan Period
If a PPP loan is not totally forgiven, the unforgiven balance of
the loan must be paid within two years.

Although the CARES Act provides that the term of a PPP loan can be
up to ten years, the SBA and Treasury settled on a two-year term.
Legislation has been proposed that would direct that a PPP loan
have a maturity of at least five years, providing borrowers extra
time to repay the unforgiven portion of the loan.

Delayed Payment of the Employers Portion of the Social Security
Taxes
According to rules set forth by the IRS, starting on March 27,
2020, a PPP borrower could delay paying the employer's share of the
social security taxes, but that deferment ends when the PPP loan is
forgiven. For example, if a loan is forgiven on August 1, 2020, the
borrower must pay the employer's current share of the social
security taxes starting on August 1, 2020. The amount deferred
until that point would be due as follow: 50% by the end of 2021 and
50% by the end of 2022.

For a borrower, the deferment ends when the PPP loan is forgiven. A
borrower should consider the benefits obtained by continuing the
deferment of the employer's shares of the social security taxes
versus continuing to pay interest (1%) on the portion of the loan
that will be forgiven. If it makes sense, a borrower may delay
seeking forgiveness.

Legislation has been proposed that would allow a PPP borrower to
delay payment of the employer's share of the social security taxes
after the loan has been forgiven for the remainder of 2020.

Deductibility of Forgiven Expenses
The IRS has taken the position that expenses paid with PPP loan
proceeds that are forgiven are not deductible. Legislation is being
considered that would reverse its position on deductibility.

Loan Forgiveness Issues Clarified by the Guidance

Alternative Payroll Covered Period
In the Application, the agencies allowed one minor change to the
Covered Period rule. Borrowers with a biweekly or more frequent
payroll schedule will be allowed to calculate payroll costs with
the eight week period beginning on the first day of the first
payroll period following the date they received the PPP loan
proceeds.

For example, if the loan proceeds were received on April 20 and the
first day of a borrower's next payroll period is April 24, the
first day of the Alternative Payroll Covered Period would be April
24 and the last day of the period would be June 19. This only
applies to payroll costs; it does not apply to tracking the
non-payroll costs.

The Loan Forgiveness Rule makes it clear that the Alternative
Payroll Covered Period is only available to borrowers who have
bi-weekly or more frequent payroll periods. It is not available for
borrowers with semi-monthly payroll periods.

Bonuses, Hazard Pay, and Payment to Furloughed Employees
The Loan Forgiveness Rule states that bonuses, hazard pay, and
payments to furloughed employees are eligible payroll costs. These
payments may be included as long as the employee's annualized
salary does not exceed $100,000 (or $15,385) during the relevant
period (8/52 times $100,000).

It is not clear if the bonus has to be pro-rated for the Covered
Period (or the Alternative Payroll Covered Period). Payments to
furloughed employees would be permitted payroll costs; such
employees would also count as full-time equivalents (FTEs) for
purposes of the PPP forgiveness rules.

Loan Forgiveness Rule

Loan Forgiveness Process
A borrower must complete and submit the Application???either the
SBA form or a lender equivalent???to its lender, or the loan
servicer. The lender must provide the SBA with the lender's
decision within 60 days of the lender's receipt of a complete
application.

The 60-day process starts upon the receipt of a complete
application. If the application is deemed deficient by the lender,
the 60-day period does not start until the borrower cures the
application's deficiencies.

If the lender determines that the borrower is entitled to
forgiveness of some or all of the amount applied for, the lender
must request payment from the SBA at the time the lender provides
its decision to the SBA. The SBA may review the loan or loan
application upon the receipt of the lender's decision.

The SBA must remit to the lender the approved forgiveness
amount???plus accrued interest, if any???within 90 days of the date
the lender provides its decision to the SBA. If applicable, the SBA
will deduct Economic Injury Disaster Loan (EIDL) advance amounts
from the forgiveness amount remitted to the lender.

Additionally, the SBA may decide that a borrower is ineligible for
the PPP loan based on (1) the provisions of the CARES Act, (2) the
SBA rules or guidance available at the time of the borrower's loan
application or (3) the terms of the borrower's PPP loan application
(e.g. the borrower lacked an adequate basis for the certifications
that it made in its PPP loan application). If it does so, the loan
will not be eligible for loan forgiveness.

The lender will notify the borrower of the SBA's decision. If a
forgiveness request is denied, or only a portion of the loan is to
be forgiven, any remaining balance due on the loan must be repaid
by the borrower on or before the two-year maturity of the loan.

If the amount remitted by SBA to the lender exceeds the remaining
principal balance of the PPP loan???because the borrower made
payments on the loan after the expiration of the initial six-month
deferment period???the lender must remit the excess amount,
including accrued interest, to the borrower.

Payroll Costs
Payroll costs consist of compensation to employees whose principal
place of residence is the United States). This includes salary,
wages, commissions, or similar compensation; cash tips or the
equivalent (based on employer records of past tips or, in the
absence of such records, a reasonable, good-faith employer estimate
of such tips); payment for vacation, parental, family, medical, or
sick leave; allowance for separation or dismissal; payment for the
provision of employee benefits consisting of group health care
coverage, including insurance premiums, and retirement; and payment
of state and local taxes assessed on compensation of employees.

For an independent contractor or sole proprietor, payroll costs
consist of wages, commissions, income, or net earnings from
self-employment, or similar compensation (see Owner-Employee, Self
Employed Individuals, and General Partners for a discussion on
forgivable payroll costs).

Payroll Costs Eligible for Loan Forgiveness
Payroll costs paid or incurred during the eight consecutive week
period are eligible for forgiveness. Borrowers may seek forgiveness
for payroll costs for the eight weeks beginning on either:

??? the date of disbursement of the borrower's PPP loan proceeds
from the lender (at the start of the Covered Period); or
??? the first day of the first payroll cycle in the Covered Period
(the "Alternative Payroll Covered Period").
Payroll costs are considered paid on the day that paychecks are
distributed or the borrower originates an ACH credit transaction.

Payroll costs incurred during the borrower's last pay period of the
relevant covered period???either the Covered Period or the
Alternative Covered Period???are eligible for forgiveness if paid
on or before the next regular payroll date. In all other
circumstances, payroll costs must be paid during the relevant
period to be eligible for forgiveness.

Generally, payroll costs are incurred on the day the employee
worked. For employees who are not performing work but are still on
the borrower's payroll (see Furloughed Employees), payroll costs
are incurred based on the schedule established by the borrower
(typically, each day that the employee would have performed work).

Example from the Loan Forgiveness Rule
A borrower has a bi-weekly payroll schedule (every other week). The
borrower's eight-week covered period begins on June 1 and ends on
July 26. The first day of the borrower's first payroll cycle that
starts in the covered period is June 7. The borrower may elect an
Alternative Payroll Covered Period for payroll cost purposes that
starts on June 7 and ends 55 days later (for a total of 56 days) on
August 1. Payroll costs paid during this period are eligible for
forgiveness. In addition, payroll costs incurred during this period
are eligible for forgiveness as long as they are paid on or before
the first regular payroll date occurring after August 1. Payroll
costs that were both paid and incurred during the Covered Period
(or Alternative Payroll Covered Period) may only be counted once.

Bonuses, Hazard Pay, and Payment to Furloughed Employees
See discussion above.

Owner-Employees, Self Employed Individuals, and General Partners
The amount of loan forgiveness requested for owner-employees and
self-employed individuals' payroll compensation can be no more than
the lesser of 8/52 of 2019 compensation (i.e., approximately 15.38%
of 2019 compensation) or $15,385 per individual in total across all
businesses.

Owner-employees are capped by the amount of their 2019 employee
cash compensation and employer retirement and health care
contributions made on their behalf.

Schedule C filers are capped by the amount of their owner
compensation replacement, calculated based on 2019 net profit.

General partners are capped by the amount of their 2019 net
earnings from self-employment (reduced by claimed section 179
expense deduction, unreimbursed partnership expenses, and depletion
from oil and gas properties) multiplied by 0.9235.

No additional forgiveness is provided for retirement or health
insurance contributions for self-employed individuals, including
Schedule C filers and general partners, as such expenses are paid
out of their net self-employment income.

Permitted Nonpayroll Expenses
A nonpayroll cost is eligible for forgiveness if it was:

??? paid during the Covered Period; or
??? incurred during the Covered Period and paid on or before the
next regular billing date, even if the billing date is after the
Covered
???
Note, permitted nonpayroll expenses are measured during the Covered
Period and not the Alternative Covered Period.

Example from the Loan Forgiveness Rule
A borrower's Covered Period begins on June 1 and ends on July 26.
The borrower pays its May and June electric bill during this period
and pays its July electric bill on August 10, which is the next
regular billing date. The borrower may seek loan forgiveness for
its May and June electric bills, because they were paid during this
period. In addition, the borrower may seek loan forgiveness for the
portion of its July electric bill through July 26 (the end of the
Covered Period), because it was incurred during the Covered Period
and paid on the next regular billing date.

Prepayment of Mortgage Interest Obligations and Payment of Mortgage
Principal
Advance payments of interest on a covered mortgage obligation are
not eligible for loan forgiveness.

Principal on mortgage obligations is not eligible for forgiveness.

Reductions to Loan Forgiveness Amount
A borrower's loan forgiveness amount can be reduced based on
reductions in FTE employees (the "Employee Test") or in employee
salary and wages (the "Wage Test") during the relevant period. This
reduction can be eliminated for borrowers who have rehired
employees and restored salary and wage levels by June 30, 2020,
with limitations.

Treatment of Laid Off Employees and Employees with Reduced Hours
Employers are concerned that the elevated level of unemployment
benefits could dissuade laid-off employees from returning to work.
To address this, the rules provide that employees whom the borrower
offered to rehire are generally exempt from the loan forgiveness
reduction calculation. This exemption is also available to a
borrower who previously reduced the hours of an employee and
offered to restore the employee's hours at the same salary or
wages.

In calculating the loan forgiveness amount, a borrower may exclude
any reduction in FTE headcount that is attributable to an
individual employee if:

   * the borrower made a good faith, written offer to rehire such
employee (or, if applicable, restored the reduced hours of such
employee) during the Covered Period or the Alternative Payroll
Covered Period;

   * the offer was for the same salary or wages and same number of
hours as earned by such employee in the last pay period prior to
the separation or reduction in hours;

   * the offer was rejected by such employee;

   * the borrower has maintained records documenting the offer and
its rejection; and

   * the borrower notified the state unemployment office of such
employee's rejected offer of reemployment within 30 days of the
employee's rejection of the employer's offer.

Impact of Reduction in FTE Employees on Loan Forgiveness: The
Employee Test

A reduction in FTE employees during the relevant period reduces the
loan forgiveness amount by the same percentage as the percentage
reduction in FTE employees. The borrower must first select a
Reference Period: February 15, 2019 ??? June 30, 2019 or January 1,
2020 ??? February 29, 2020. A seasonal employer may select either
of the two preceding periods or a consecutive 12-week period
between May 1, 2019 and September 15, 2019.

If the average number of FTE employees during the relevant period
(the Covered Period or the Alternative Payroll Covered Period) is
less than during the selected Reference Period, the total eligible
expenses available for forgiveness is reduced proportionally by the
percentage reduction in FTE employees. For example, if a borrower
had 10 FTE employees during the selected Reference Period and only
8 FTE employees during the relevant covered period, the percentage
of FTE employees declined by 20%. As a consequence, only 80% of
otherwise permitted expenses may be forgiven.

Calculation of FTEs

An FTE is defined as an employee who, on average, works 40 hours or
more each week. As discussed below, the hours of employees who work
less than 40 hours are calculated as proportions of a single FTE
and aggregated, as discussed below.

Borrowers must document their average number of FTE employees
during the Covered Period (or the Alternative Payroll Covered
Period) and their selected Reference Period. Borrowers must divide
the average number of hours paid for each employee per week by 40,
capping this quotient at 1.0. For example, an employee who was paid
48 hours per week during the covered period would be considered an
FTE employee of 1.0.

For employees who were paid for less than 40 hours per week,
borrowers may choose to calculate the full-time equivalency in one
of two ways. The borrower may calculate the average number of hours
a part-time employee was paid per week during the relevant covered
period.

An Example from the Loan Forgiveness Rule

If an employee was paid for 30 hours per week on average during the
relevant covered period, the employee could be considered to be an
FTE employee of 0.75. Similarly, if an employee was paid for ten
hours per week on average during the covered period, the employee
could be considered to be an FTE employee of 0.25.

Instead of the forgoing, a borrower may elect to use a full-time
equivalency of 0.5 for each part-time employee.

Borrowers may select only one of these two methods. When it selects
one, it must apply that method consistently to all their part-time
employees for the Covered Period or the Alternative Payroll Covered
Period and the selected Reference Period.

In either case, the borrower shall provide the aggregate total of
FTE employees for both the selected Reference Period and the
relevant covered period, by adding together all of the
employee-level FTE employee calculations. The borrower must then
divide the average FTE employees during the covered period or the
alternative payroll covered period by the average FTE employees
during the selected reference period, resulting in the reduction
quotient.

Impact of Reduction in Wages/Salary on Loan Forgiveness: The Wage
Test

Unless an exception applies, a 25% or greater reduction in an
employee's salary or wages will generally result in a reduction in
the loan forgiveness amount, this is known as the Wage Test. For
each new employee in 2020 and each existing employee who was not
paid more than the annualized equivalent of $100,000 in any pay
period in 2019, the borrower must reduce the total forgiveness
amount by the total dollar amount of the salary or wage reductions
that are in excess of 25% of base salary or wages paid between
January 1, 2020 and March 31, 2020 (the "wage reference period"),
subject to exceptions for borrowers who restore reduced wages or
salaries (see Avoiding the Impact of the Wage Test and the Employee
Test of Loan Forgiveness).

This reduction calculation is performed on a per employee basis,
not in the aggregate.

Example from the Loan Forgiveness Rule

A borrower reduced an FTE's weekly salary from $1,000 per week
during the selected Reference Period to $700 per week during the
relevant covered period. The employee continued to work on a
full-time basis during such period resulting in an FTE of 1.0. In
this case, the first $250 (25 percent of $1,000) is exempted from
the loan forgiveness reduction. A borrowers seeking forgiveness
would list $400 as the salary/hourly wage reduction for that
employee (the extra $50 weekly reduction multiplied by eight
weeks).

Impact of the Wage Test on the Employee Test: Double Counting

To ensure that borrowers are not doubly penalized, the salary/wage
reduction applies only to the portion of the decline in employee
salary and wages that is not attributable to an FTE reduction under
the Employee Test discussed above.

Example from the Loan Forgiveness Rule

An hourly wage employee had been working 40 hours per week during
the borrower selected Reference Period (an FTE employee of 1.0) and
the borrower reduced the employee's hours to 20 hours per week
during the selected covered period (an FTE employee of 0.5). There
was no change to the employee's hourly wage during the selected
covered period. Because the hourly wage did not change, the
reduction in the employee's total wages is entirely attributable to
the FTE employee reduction and the borrower is not required to
conduct a salary/wage reduction calculation for that employee.

Avoiding the Impact of the Employee Test and the Wage Test on Loan
Forgiveness

If certain employee salaries and wages were reduced during a safe
harbor period???between February 15, 2020 and April 26, 2020???but
the borrower eliminates those reductions by June 30, 2020 or
earlier, the borrower is exempt from any reduction in loan
forgiveness amount that would otherwise be required under the Wage
Test. If a borrower eliminates any reductions in FTE employees
occurring during the safe harbor period by June 30, 2020 or
earlier, the borrower is exempt from any reduction in loan
forgiveness amount that would otherwise be required under the
Employee Test.

Legislation has been proposed that would extend the cure period
until December 31, 2020.

Firing Employees for Cause, Voluntarily Resignation of Employee, or
Employee Request for a Reduced Schedule

When an employee of the borrower is fired for cause, voluntarily
resigns, or voluntarily requests a reduced schedule during the
Covered Period or the Alternative Payroll Covered Period (an "FTE
Reduction Event"), the borrower may count such employee at the same
full-time equivalency level before the FTE Reduction Event when
calculating the employee reduction penalty required under the
Employee Test.

Borrowers who wish to rely on this exemption must maintain records
demonstrating that each such employee was fired for cause,
voluntarily resigned, or voluntarily requested a schedule
reduction. The borrower shall provide such documentation upon
request.

Documentation Requirements

The Application details the documentation that (1) must be provided
by a borrower when submitting its Application (SBA Form 3508 or a
lender equivalent), (2) a borrower is required to maintain and make
available upon request, and (3) that a borrower may voluntarily
submit with its Application.


[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------

                                               Total
                                              Share-       Total
                                   Total    Holders'     Working
                                  Assets      Equity     Capital
  Company         Ticker            ($MM)       ($MM)       ($MM)
  -------         ------          ------    --------     -------
ABBVIE INC        4AB TE        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV AV       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV US       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB TH        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV SW       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV* MM      91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB GZ        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBVEUR EU    91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB QT        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB GR        91,199.0    (7,415.0)   35,287.0
ABBVIE INC-BDR    ABBV34 BZ     91,199.0    (7,415.0)   35,287.0
ABSOLUTE SOFTWRE  ABT2EUR EU       108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  ALSWF US         108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  ABT CN           108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  OU1 GR           108.7       (44.7)      (26.3)
ACCELERATE DIAGN  AXDX* MM         120.0       (22.9)      100.1
ACCELERATE DIAGN  1A8 SW           120.0       (22.9)      100.1
ACCELERATE DIAGN  1A8 GR           120.0       (22.9)      100.1
ACCELERATE DIAGN  AXDX US          120.0       (22.9)      100.1
ADAPTHEALTH CORP  AHCO US          661.8       (29.4)        3.4
AGENUS INC        AJ81 GZ          180.1      (175.6)      (24.6)
AGENUS INC        AJ81 GR          180.1      (175.6)      (24.6)
AGENUS INC        AGEN US          180.1      (175.6)      (24.6)
AGENUS INC        AJ81 TH          180.1      (175.6)      (24.6)
AGENUS INC        AGENEUR EU       180.1      (175.6)      (24.6)
AGENUS INC        AJ81 QT          180.1      (175.6)      (24.6)
AMC ENTERTAINMEN  AMC* MM       11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 TH        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 QT        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 GR        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AMC4EUR EU    11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AMC US        11,238.3    (1,074.0)   (1,060.3)
AMER RESTAUR-LP   ICTPU US          33.5        (4.0)       (6.2)
AMERICA'S CAR-MA  CRMT US          562.1      (246.9)      447.6
AMERICA'S CAR-MA  HC9 GR           562.1      (246.9)      447.6
AMERICA'S CAR-MA  CRMTEUR EU       562.1      (246.9)      447.6
AMERICAN AIR-BDR  AALL34 BZ     58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL US        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G GR        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL* MM       58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G TH        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL11EUR EU   58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL AV        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL TE        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G SW        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G GZ        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G QT        58,580.0    (2,636.0)  (12,038.0)
AMYRIS INC        3A01 SW          167.3      (176.1)     (107.3)
AMYRIS INC        AMRS US          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 GR          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 TH          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 QT          167.3      (176.1)     (107.3)
AMYRIS INC        AMRSEUR EU       167.3      (176.1)     (107.3)
AQUESTIVE THERAP  AQST US           64.5       (20.8)       35.7
ARYA SCIENCES AC  ARYBU US           0.2        (0.0)       (0.2)
AUTODESK I - BDR  A1UT34 BZ      5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK AV        5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSKEUR EU     5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK TE        5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD GR         5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK US        5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD TH         5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK* MM       5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD GZ         5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD QT         5,543.9      (139.1)     (554.0)
AUTOZONE INC      AZ5 GZ        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO AV        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 TE        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO* MM       12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO US        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 GR        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 TH        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZOEUR EU     12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 QT        12,902.1    (1,632.7)     (371.1)
AVID TECHNOLOGY   AVD GR           308.4      (161.5)       11.8
AVID TECHNOLOGY   AVID US          308.4      (161.5)       11.8
B RILEY PRINCIPA  BMRG/U US          0.0        (0.0)       (0.0)
B. RILEY PRINC-A  BMRG US            0.0        (0.0)       (0.0)
BENEFITFOCUS INC  BNFTEUR EU       313.6       (42.5)      102.0
BENEFITFOCUS INC  BNFT US          313.6       (42.5)      102.0
BENEFITFOCUS INC  BTF GR           313.6       (42.5)      102.0
BLOOM ENERGY C-A  1ZB GR         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  BE1EUR EU      1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  1ZB QT         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  1ZB TH         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  BE US          1,312.6      (259.2)      177.2
BLUE BIRD CORP    4RB GR           396.1       (65.1)       24.8
BLUE BIRD CORP    BLBDEUR EU       396.1       (65.1)       24.8
BLUE BIRD CORP    4RB GZ           396.1       (65.1)       24.8
BLUE BIRD CORP    BLBD US          396.1       (65.1)       24.8
BOEING CO-BDR     BOEI34 BZ    143,075.0    (9,360.0)   16,509.0
BOEING CO-CED     BA AR        143,075.0    (9,360.0)   16,509.0
BOEING CO-CED     BAD AR       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA AV        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BAEUR EU     143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO GR       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA EU        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BOE LN       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO TH       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BOEI BB      143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA US        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA SW        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA* MM       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA TE        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA CI        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BAUSD SW     143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO GZ       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO QT       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE TR  TCXBOE AU    143,075.0    (9,360.0)   16,509.0
BOMBARDIER INC-B  BBDBN MM      24,127.0    (5,365.0)   (1,093.0)
BRINKER INTL      BKJ GR         2,585.4      (574.7)     (204.7)
BRINKER INTL      EAT US         2,585.4      (574.7)     (204.7)
BRINKER INTL      BKJ QT         2,585.4      (574.7)     (204.7)
BRINKER INTL      EAT2EUR EU     2,585.4      (574.7)     (204.7)
BRP INC/CA-SUB V  B15A GZ        4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOOEUR EU      4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOO CN         4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  B15A GR        4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOOO US        4,236.8      (793.6)     (194.9)
CADIZ INC         CDZIEUR EU        74.1       (19.7)        6.7
CADIZ INC         2ZC GR            74.1       (19.7)        6.7
CADIZ INC         CDZI US           74.1       (19.7)        6.7
CAMPING WORLD-A   C83 TH         3,402.6      (184.4)      378.4
CAMPING WORLD-A   C83 QT         3,402.6      (184.4)      378.4
CAMPING WORLD-A   CWH US         3,402.6      (184.4)      378.4
CAMPING WORLD-A   C83 GR         3,402.6      (184.4)      378.4
CAMPING WORLD-A   CWHEUR EU      3,402.6      (184.4)      378.4
CATASYS INC       HY1N GR           22.9       (27.5)        4.4
CATASYS INC       CATSEUR EU        22.9       (27.5)        4.4
CATASYS INC       HY1N GZ           22.9       (27.5)        4.4
CATASYS INC       CATS US           22.9       (27.5)        4.4
CDK GLOBAL INC    CDK* MM        2,964.8      (621.2)      315.2
CDK GLOBAL INC    CDK US         2,964.8      (621.2)      315.2
CDK GLOBAL INC    C2G QT         2,964.8      (621.2)      315.2
CDK GLOBAL INC    CDKEUR EU      2,964.8      (621.2)      315.2
CDK GLOBAL INC    C2G TH         2,964.8      (621.2)      315.2
CDK GLOBAL INC    C2G GR         2,964.8      (621.2)      315.2
CEDAR FAIR LP     FUN US         2,389.5      (274.2)      (84.9)
CHESAPEAKE E-BDR  CHKE34 BZ      7,808.0    (3,924.0)     (442.0)
CHESAPEAKE ENERG  CHK* MM        7,808.0    (3,924.0)     (442.0)
CHEWY INC- CL A   CHWY US        1,123.4      (396.5)     (482.0)
CHOICE HOTELS     CZH GR         1,704.0       (43.9)      275.9
CHOICE HOTELS     CHH US         1,704.0       (43.9)      275.9
CINCINNATI BELL   CIB1 GR        2,599.6      (188.7)     (124.9)
CINCINNATI BELL   CBB US         2,599.6      (188.7)     (124.9)
CINCINNATI BELL   CBBEUR EU      2,599.6      (188.7)     (124.9)
CITRIX SYS BDR    C1TX34 BZ      4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS AV        4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS TE        4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX GR         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX TH         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS* MM       4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX GZ         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXSEUR EU     4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX QT         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS US        4,331.2      (218.9)     (413.0)
CLOVIS ONCOLOGY   C6O GR           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   CLVS US          601.8      (127.0)      179.1
CLOVIS ONCOLOGY   C6O TH           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   C6O QT           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   CLVSEUR EU       601.8      (127.0)      179.1
COGENT COMMUNICA  CCOI* MM         913.6      (222.2)      366.4
COGENT COMMUNICA  CCOIEUR EU       913.6      (222.2)      366.4
COGENT COMMUNICA  CCOI US          913.6      (222.2)      366.4
COGENT COMMUNICA  OGM1 GR          913.6      (222.2)      366.4
COMMUNITY HEALTH  CYH US        15,445.0    (1,634.0)    1,195.0
COMMUNITY HEALTH  CG5 TH        15,445.0    (1,634.0)    1,195.0
CYTODYN INC       296 GZ            38.8        (4.4)      (16.4)
CYTODYN INC       CYDYEUR EU        38.8        (4.4)      (16.4)
CYTODYN INC       CYDY US           38.8        (4.4)      (16.4)
CYTODYN INC       296 GR            38.8        (4.4)      (16.4)
CYTOKINETICS INC  KK3A TH          256.6       (45.7)      205.2
CYTOKINETICS INC  CYTK US          256.6       (45.7)      205.2
CYTOKINETICS INC  KK3A GR          256.6       (45.7)      205.2
CYTOKINETICS INC  KK3A QT          256.6       (45.7)      205.2
CYTOKINETICS INC  CYTKEUR EU       256.6       (45.7)      205.2
DELEK LOGISTICS   DKL US           946.2       (44.4)       (0.0)
DENNY'S CORP      DENNEUR EU       484.1      (200.5)        5.5
DENNY'S CORP      DENN US          484.1      (200.5)        5.5
DENNY'S CORP      DE8 GR           484.1      (200.5)        5.5
DIEBOLD NIXDORF   DBD SW         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBD GR         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DLD TH         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBDEUR EU      3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DLD QT         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBD US         3,838.8      (710.6)      399.7
DINE BRANDS GLOB  DIN US         2,185.5      (236.4)      209.4
DINE BRANDS GLOB  IHP GR         2,185.5      (236.4)      209.4
DOMINO'S PIZZA    EZV GZ         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZ AV         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZ* MM        1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV SW         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZEUR EU      1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV GR         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZ US         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV TH         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV QT         1,389.9    (3,392.2)      342.2
DOMO INC- CL B    1ON GZ           197.2       (64.0)        1.1
DOMO INC- CL B    DOMOEUR EU       197.2       (64.0)        1.1
DOMO INC- CL B    1ON TH           197.2       (64.0)        1.1
DOMO INC- CL B    DOMO US          197.2       (64.0)        1.1
DOMO INC- CL B    1ON GR           197.2       (64.0)        1.1
DRAFTKINGS INC-A  DKNG US          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  8DEA GR          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  DKNG1EUR EU      309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  DKNG* MM         309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  8DEA TH          309.6      (102.0)      (12.8)
DUNKIN' BRANDS G  2DB GR         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB TH         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  DNKN US        3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB QT         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  DNKNEUR EU     3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB GZ         3,877.3      (636.3)      287.2
ECOARK HOLDINGS   ZEST US            4.5        (3.3)       (7.1)
EMISPHERE TECH    EMIS US            5.2      (155.3)       (1.4)
ESPERION THERAPE  0ET TH           179.6       (50.2)       99.2
ESPERION THERAPE  ESPREUR EU       179.6       (50.2)       99.2
ESPERION THERAPE  0ET QT           179.6       (50.2)       99.2
ESPERION THERAPE  ESPR US          179.6       (50.2)       99.2
ESPERION THERAPE  0ET GR           179.6       (50.2)       99.2
FLEXION THERAPEU  FLXN US          204.6       (52.3)      145.7
FLEXION THERAPEU  F02 GR           204.6       (52.3)      145.7
FLEXION THERAPEU  F02 TH           204.6       (52.3)      145.7
FLEXION THERAPEU  FLXNEUR EU       204.6       (52.3)      145.7
FLEXION THERAPEU  F02 QT           204.6       (52.3)      145.7
FORTUNE VALLEY T  FVTI US            0.3        (0.9)       (0.9)
FRONTDOOR IN      FTDREUR EU     1,291.0      (178.0)      113.0
FRONTDOOR IN      3I5 GR         1,291.0      (178.0)      113.0
FRONTDOOR IN      FTDR US        1,291.0      (178.0)      113.0
GLOBAL EAGLE ENT  ENT11EUR EU      668.6      (375.2)      (63.4)
GLOBALSCAPE INC   32X GR            36.6       (32.7)       (5.5)
GLOBALSCAPE INC   GSB US            36.6       (32.7)       (5.5)
GNC HOLDINGS INC  GNC* MM        1,416.0      (191.0)     (631.5)
GOLDEN STAR RES   GSC CN           375.5       (30.9)      (27.6)
GOOSEHEAD INSU-A  GSHD US           75.9       (30.0)       13.9
GOOSEHEAD INSU-A  2OX GR            75.9       (30.0)       13.9
GOOSEHEAD INSU-A  GSHDEUR EU        75.9       (30.0)       13.9
GORES HOLDINGS I  GHIVU US         427.4       411.8         0.9
GORES HOLDINGS-A  GHIV US          427.4       411.8         0.9
GRAFTECH INTERNA  G6G GZ         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  EAF US         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  EAFEUR EU      1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G GR         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G TH         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G QT         1,534.2      (680.4)      483.6
GREEN PLAINS PAR  GPP US           106.4       (76.6)     (138.2)
GREENSKY INC-A    GSKY US          938.4      (213.5)      248.0
HANGER INC        HNGREUR EU       869.2       (16.0)      163.1
HANGER INC        HNGR US          869.2       (16.0)      163.1
HANGER INC        HO8 GR           869.2       (16.0)      163.1
HCA HEALTHC-BDR   H1CA34 BZ     45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH TE        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCA* MM       45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH TH        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCA US        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH GR        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCAEUR EU     45,421.0      (703.0)    3,997.0
HERBALIFE NUTRIT  HOO TH         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO GR         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HLF US         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO GZ         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HLFEUR EU      2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO QT         2,715.3      (388.5)      587.3
HEWLETT-CEDEAR    HPQ AR        33,773.0      (743.0)   (5,616.0)
HEWLETT-CEDEAR    HPQD AR       33,773.0      (743.0)   (5,616.0)
HEWLETT-CEDEAR    HPQC AR       33,773.0      (743.0)   (5,616.0)
HILTON WORLD-BDR  H1LT34 BZ     15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLTW AV       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 TE       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 GR       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 TH       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 SW       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLT* MM       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLT US        15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLTEUR EU     15,788.0      (904.0)      929.0
HOME DEPOT - BDR  HOME34 BZ     58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    0R1G LN       58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD AV         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD TE         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI TH        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI GR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD US         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD* MM        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD CI         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDUSD SW      58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI GZ        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD SW         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDEUR EU      58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI QT        58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HDD AR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HDC AR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HD AR         58,737.0    (3,490.0)    3,929.0
HP COMPANY-BDR    HPQB34 BZ     33,773.0      (743.0)   (5,616.0)
HP INC            HPQ AV        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ TE        33,773.0      (743.0)   (5,616.0)
HP INC            7HP GR        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ US        33,773.0      (743.0)   (5,616.0)
HP INC            7HP TH        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ CI        33,773.0      (743.0)   (5,616.0)
HP INC            HPQUSD SW     33,773.0      (743.0)   (5,616.0)
HP INC            7HP GZ        33,773.0      (743.0)   (5,616.0)
HP INC            HPQEUR EU     33,773.0      (743.0)   (5,616.0)
HP INC            HPQ SW        33,773.0      (743.0)   (5,616.0)
HP INC            HWP QT        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ* MM       33,773.0      (743.0)   (5,616.0)
HUMANIGEN INC     HGEN US            0.4       (16.3)      (15.1)
IAA INC           3NI GR         2,215.5      (103.6)      256.2
IAA INC           IAA-WEUR EU    2,215.5      (103.6)      256.2
IAA INC           IAA US         2,215.5      (103.6)      256.2
IMMUNOGEN INC     IMGN* MM         298.8        (4.1)      185.2
IMMUNOGEN INC     IMU SW           298.8        (4.1)      185.2
IMMUNOGEN INC     IMGNEUR EU       298.8        (4.1)      185.2
IMMUNOGEN INC     IMU GR           298.8        (4.1)      185.2
IMMUNOGEN INC     IMGN US          298.8        (4.1)      185.2
IMMUNOGEN INC     IMU TH           298.8        (4.1)      185.2
IMMUNOGEN INC     IMU QT           298.8        (4.1)      185.2
IMMUNOGEN INC     IMU GZ           298.8        (4.1)      185.2
IMV INC           IMV CN            15.3        (2.4)        4.6
INSPERITY INC     NSP US         1,522.4        (3.3)      190.8
INSPERITY INC     ASF GR         1,522.4        (3.3)      190.8
INTERCEPT PHARMA  ICPT* MM         662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P TH           662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P QT           662.4       (34.7)      478.2
INTERCEPT PHARMA  ICPT US          662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P GR           662.4       (34.7)      478.2
IRONWOOD PHARMAC  I76 GR           404.0       (71.6)      306.3
IRONWOOD PHARMAC  I76 TH           404.0       (71.6)      306.3
IRONWOOD PHARMAC  IRWD US          404.0       (71.6)      306.3
IRONWOOD PHARMAC  I76 QT           404.0       (71.6)      306.3
IRONWOOD PHARMAC  IRWDEUR EU       404.0       (71.6)      306.3
JACK IN THE BOX   JBX GR         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JACK US        1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JBX GZ         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JBX QT         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JACK1EUR EU    1,861.3      (876.9)      (79.8)
JOSEMARIA RESOUR  JOSES I2          22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSE SS           22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  NGQSEK EU         22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSES EB          22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSES IX          22.3       (36.4)      (27.2)
KONTOOR BRAND     3KO TH         1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO GR         1,901.8       (18.5)      893.1
KONTOOR BRAND     KTBEUR EU      1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO QT         1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO GZ         1,901.8       (18.5)      893.1
KONTOOR BRAND     KTB US         1,901.8       (18.5)      893.1
L BRANDS INC      LBRA AV        9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD SW         9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD GR         9,439.0    (1,858.0)      166.0
L BRANDS INC      LB US          9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD TH         9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD QT         9,439.0    (1,858.0)      166.0
L BRANDS INC      LBEUR EU       9,439.0    (1,858.0)      166.0
L BRANDS INC      LB* MM         9,439.0    (1,858.0)      166.0
L BRANDS INC-BDR  LBRN34 BZ      9,439.0    (1,858.0)      166.0
LENNOX INTL INC   LII* MM        2,128.4      (318.3)      330.5
LENNOX INTL INC   LXI TH         2,128.4      (318.3)      330.5
LENNOX INTL INC   LXI GR         2,128.4      (318.3)      330.5
LENNOX INTL INC   LII US         2,128.4      (318.3)      330.5
LENNOX INTL INC   LII1EUR EU     2,128.4      (318.3)      330.5
LIVEXLIVE MEDIA   351 GR            54.1        (7.1)      (30.1)
LIVEXLIVE MEDIA   LIVX US           54.1        (7.1)      (30.1)
MARRIOTT - BDR    M1TT34 BZ     25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ SW        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR AV        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR TE        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ GR        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR US        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ TH        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ GZ        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAREUR EU     25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ QT        25,549.0       (20.0)   (2,467.0)
MASCO CORP        MAS* MM        4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ TH         4,840.0      (165.0)    1,241.0
MASCO CORP        MAS US         4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ GR         4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ GZ         4,840.0      (165.0)    1,241.0
MASCO CORP        MAS1EUR EU     4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ QT         4,840.0      (165.0)    1,241.0
MCDONALD'S CORP   TCXMCD AU     50,568.0    (9,293.4)    3,569.1
MCDONALDS - BDR   MCDC34 BZ     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    0R16 LN       50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD AV        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO TH        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD SW        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD US        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO GR        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD* MM       50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD TE        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD CI        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCDUSD SW     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO GZ        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCDEUR EU     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO QT        50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCDD AR       50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCD AR        50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCDC AR       50,568.0    (9,293.4)    3,569.1
MICHAELS COS INC  MIKEUR EU      4,307.6    (1,515.4)      347.9
MICHAELS COS INC  MIK US         4,307.6    (1,515.4)      347.9
MICHAELS COS INC  MIM GR         4,307.6    (1,515.4)      347.9
MONEYGRAM INTERN  MGI US         3,895.7      (267.7)     (133.6)
MOTOROLA SOL-BDR  M1SI34 BZ     10,716.0      (930.0)      602.0
MOTOROLA SOL-CED  MSI AR        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MOSI AV       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA GR       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MOT TE        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MSI US        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA TH       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA GZ       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MSI1EUR EU    10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA QT       10,716.0      (930.0)      602.0
MSCI INC          3HM GZ         3,911.8      (354.3)      821.5
MSCI INC          MSCI* MM       3,911.8      (354.3)      821.5
MSCI INC          3HM SW         3,911.8      (354.3)      821.5
MSCI INC          3HM GR         3,911.8      (354.3)      821.5
MSCI INC          MSCI US        3,911.8      (354.3)      821.5
MSCI INC          3HM QT         3,911.8      (354.3)      821.5
MSG NETWORKS- A   1M4 GR           797.6      (612.0)      210.8
MSG NETWORKS- A   MSGN US          797.6      (612.0)      210.8
MSG NETWORKS- A   1M4 TH           797.6      (612.0)      210.8
MSG NETWORKS- A   1M4 QT           797.6      (612.0)      210.8
MSG NETWORKS- A   MSGNEUR EU       797.6      (612.0)      210.8
NANTHEALTH INC    NEL TH           261.0       (33.6)       28.2
NANTHEALTH INC    NH US            261.0       (33.6)       28.2
NANTHEALTH INC    NEL GR           261.0       (33.6)       28.2
NANTHEALTH INC    NHEUR EU         261.0       (33.6)       28.2
NATHANS FAMOUS    NATHEUR EU       105.3       (66.4)       75.2
NATHANS FAMOUS    NATH US          105.3       (66.4)       75.2
NATHANS FAMOUS    NFA GR           105.3       (66.4)       75.2
NATIONAL CINEMED  NCMI US        1,204.6      (136.3)      247.0
NATIONAL CINEMED  NCMIEUR EU     1,204.6      (136.3)      247.0
NAVISTAR INTL     NAVEUR EU      6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR TH         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR QT         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR GZ         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     NAV US         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR GR         6,440.0    (3,856.0)    1,842.0
NESCO HOLDINGS I  NSCO US          815.1       (27.5)       62.5
NEW ENG RLTY-LP   NEN US           294.7       (38.0)        -
NOVAVAX INC       NVV1 TH          328.1       (24.0)      236.3
NOVAVAX INC       NVAXEUR EU       328.1       (24.0)      236.3
NOVAVAX INC       NVV1 GR          328.1       (24.0)      236.3
NOVAVAX INC       NVAX US          328.1       (24.0)      236.3
NOVAVAX INC       NVV1 GZ          328.1       (24.0)      236.3
NUNZIA PHARMACEU  NUNZ US            0.1        (3.2)       (2.5)
NUTANIX INC - A   0NU GZ         1,773.3      (184.0)      381.8
NUTANIX INC - A   NTNX US        1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU GR         1,773.3      (184.0)      381.8
NUTANIX INC - A   NTNXEUR EU     1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU TH         1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU QT         1,773.3      (184.0)      381.8
OCULAR THERAPEUT  0OT GZ            72.9       (10.7)       44.0
OCULAR THERAPEUT  OCUL US           72.9       (10.7)       44.0
OCULAR THERAPEUT  OCULEUR EU        72.9       (10.7)       44.0
OCULAR THERAPEUT  0OT TH            72.9       (10.7)       44.0
OCULAR THERAPEUT  0OT GR            72.9       (10.7)       44.0
OMEROS CORP       3O8 QT           118.2      (131.9)       27.7
OMEROS CORP       OMER US          118.2      (131.9)       27.7
OMEROS CORP       3O8 GR           118.2      (131.9)       27.7
OMEROS CORP       3O8 TH           118.2      (131.9)       27.7
OMEROS CORP       OMEREUR EU       118.2      (131.9)       27.7
OTIS WORLDWI      4PG GR         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      OTIS* MM       9,524.0    (4,189.0)      159.0
OTIS WORLDWI      OTISEUR EU     9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG GZ         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG TH         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG QT         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      OTIS US        9,524.0    (4,189.0)      159.0
PAPA JOHN'S INTL  PP1 GZ           718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PZZAEUR EU       718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PZZA US          718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PP1 GR           718.3       (68.4)      (30.5)
PARATEK PHARMACE  PRTK US          233.7       (55.2)      183.9
PARATEK PHARMACE  N4CN GR          233.7       (55.2)      183.9
PARATEK PHARMACE  N4CN TH          233.7       (55.2)      183.9
PHILIP MORRI-BDR  PHMO34 BZ     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM* MM        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  0M8V LN       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMOR AV       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 GR        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM US         37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1CHF EU     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 TH        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1 TE        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1EUR EU     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMI SW        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMIZ IX       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMIZ EB       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 GZ        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 QT        37,494.0   (11,063.0)      277.0
PLANET FITNESS-A  PLNT US        1,875.6      (692.2)      484.3
PLANET FITNESS-A  3PL TH         1,875.6      (692.2)      484.3
PLANET FITNESS-A  3PL GR         1,875.6      (692.2)      484.3
PLANET FITNESS-A  PLNT1EUR EU    1,875.6      (692.2)      484.3
PLANET FITNESS-A  3PL QT         1,875.6      (692.2)      484.3
PLANTRONICS INC   PLT US         2,257.2       (82.8)      209.2
PLANTRONICS INC   PTM GR         2,257.2       (82.8)      209.2
PLANTRONICS INC   PTM GZ         2,257.2       (82.8)      209.2
PLANTRONICS INC   PLTEUR EU      2,257.2       (82.8)      209.2
PPD INC           PPD US         5,814.8    (1,047.2)      212.3
QUANTUM CORP      QNT2 GR          165.3      (195.5)      (16.1)
QUANTUM CORP      QMCO US          165.3      (195.5)      (16.1)
QUANTUM CORP      QTM1EUR EU       165.3      (195.5)      (16.1)
RADIUS HEALTH IN  1R8 GR           201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 SW           201.6       (74.2)      124.6
RADIUS HEALTH IN  RDUS US          201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 TH           201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 QT           201.6       (74.2)      124.6
RADIUS HEALTH IN  RDUSEUR EU       201.6       (74.2)      124.6
REC SILICON ASA   RECO I2          280.6        (9.8)       (2.7)
REC SILICON ASA   RECO B3          280.6        (9.8)       (2.7)
REC SILICON ASA   REC SS           280.6        (9.8)       (2.7)
REC SILICON ASA   RECO S1          280.6        (9.8)       (2.7)
REVLON INC-A      REV* MM        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 SW        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 TH        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      REVEUR EU      2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 GR        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      REV US         2,779.6    (1,435.8)     (447.5)
RIMINI STREET IN  RMNI US          201.3       (91.6)      (89.0)
ROSETTA STONE IN  RST US           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RS8 TH           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RS8 GR           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RST1EUR EU       182.6       (19.0)      (70.2)
SALLY BEAUTY HOL  SBHEUR EU      2,921.2       (53.2)      533.2
SALLY BEAUTY HOL  S7V GR         2,921.2       (53.2)      533.2
SALLY BEAUTY HOL  SBH US         2,921.2       (53.2)      533.2
SBA COMM CORP     SBAC* MM       9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB GR         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBAC US        9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBJ TH         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB GZ         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBACEUR EU     9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB QT         9,359.5    (4,302.8)     (624.5)
SBA COMMUN - BDR  S1BA34 BZ      9,359.5    (4,302.8)     (624.5)
SCIENTIFIC GAMES  TJW GZ         7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  SGMS US        7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  TJW GR         7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  TJW TH         7,458.0    (2,358.0)      761.0
SEALED AIR CORP   SEE1EUR EU     5,671.0      (181.9)      192.4
SEALED AIR CORP   SEE US         5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA GR         5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA TH         5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA QT         5,671.0      (181.9)      192.4
SELECTA BIOSCIEN  SELB US           88.8        (8.8)       44.4
SERES THERAPEUTI  MCRB1EUR EU      110.6       (61.6)       36.4
SERES THERAPEUTI  MCRB US          110.6       (61.6)       36.4
SERES THERAPEUTI  1S9 GR           110.6       (61.6)       36.4
SHELL MIDSTREAM   SHLX US        1,988.0      (774.0)      311.0
SHIFT4 PAYMENT-A  FOUR US          840.8      (140.6)        -
SIRIUS XM HOLDIN  SIRI AV       10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRI US       10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO GR        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO TH        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO GZ        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRIEUR EU    10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRI SW       10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO QT        10,935.0      (747.0)   (2,219.0)
SIX FLAGS ENTERT  6FE TH         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  6FE QT         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  SIXEUR EU      2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  6FE GR         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  SIX US         2,720.5      (323.6)     (168.7)
SLEEP NUMBER COR  SNBREUR EU     1,013.8      (155.9)     (422.3)
SLEEP NUMBER COR  SNBR US        1,013.8      (155.9)     (422.3)
SLEEP NUMBER COR  SL2 GR         1,013.8      (155.9)     (422.3)
SOCIAL CAPITAL    IPOC/U US          0.7         0.0        (0.6)
SOCIAL CAPITAL    IPOB/U US          0.5         0.0        (0.3)
SOCIAL CAPITAL-A  IPOC US            0.7         0.0        (0.6)
SOCIAL CAPITAL-A  IPOB US            0.5         0.0        (0.3)
STARBUCKS CORP    USSBUX KZ     27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    0QZH LI       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX AV       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUXEUR EU    27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX TE       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX IM       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX* MM      27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB GR        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB TH        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX PE       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX CI       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX US       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUXUSD SW    27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB GZ        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX SW       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB QT        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-BDR     SBUB34 BZ     27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-CEDEAR  SBUX AR       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-CEDEAR  SBUXD AR      27,478.9    (7,532.9)   (2,515.9)
TAILORED BRANDS   TLRD* MM       2,419.0       (98.3)      206.4
TAUBMAN CENTERS   TCO2EUR EU     4,727.0      (241.7)        -
TAUBMAN CENTERS   TU8 GR         4,727.0      (241.7)        -
TAUBMAN CENTERS   TCO US         4,727.0      (241.7)        -
TG THERAPEUTICS   NKB2 QT          101.8        (1.4)       24.9
TG THERAPEUTICS   NKB2 TH          101.8        (1.4)       24.9
TG THERAPEUTICS   TGTX US          101.8        (1.4)       24.9
TG THERAPEUTICS   NKB2 GR          101.8        (1.4)       24.9
TRANSDIGM - BDR   T1DG34 BZ     16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDG* MM       16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D TH        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDG US        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D GR        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDGEUR EU     16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D QT        16,635.0    (4,205.0)    3,544.0
TRIUMPH GROUP     TGIEUR EU      2,980.3      (781.3)      573.9
TRIUMPH GROUP     TGI US         2,980.3      (781.3)      573.9
TRIUMPH GROUP     TG7 GR         2,980.3      (781.3)      573.9
TRIUMPH GROUP     TG7 TH         2,980.3      (781.3)      573.9
TUPPERWARE BRAND  TUP SW         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP TH         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP1EUR EU     1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP US         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP GR         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP GZ         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP QT         1,295.2      (364.0)     (192.3)
UBIQUITI INC      3UB GZ           620.6      (356.0)      305.0
UBIQUITI INC      UI US            620.6      (356.0)      305.0
UBIQUITI INC      3UB GR           620.6      (356.0)      305.0
UBIQUITI INC      UBNTEUR EU       620.6      (356.0)      305.0
UNISYS CORP       UISEUR EU      2,971.6      (209.4)      572.4
UNISYS CORP       UISCHF EU      2,971.6      (209.4)      572.4
UNISYS CORP       USY1 TH        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 GR        2,971.6      (209.4)      572.4
UNISYS CORP       UIS US         2,971.6      (209.4)      572.4
UNISYS CORP       UIS1 SW        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 GZ        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 QT        2,971.6      (209.4)      572.4
UNITI GROUP INC   8XC TH         5,014.1    (1,595.5)        -
UNITI GROUP INC   8XC GR         5,014.1    (1,595.5)        -
UNITI GROUP INC   UNIT US        5,014.1    (1,595.5)        -
VALVOLINE INC     VVV US         2,917.0      (237.0)      983.0
VALVOLINE INC     0V4 GR         2,917.0      (237.0)      983.0
VALVOLINE INC     0V4 TH         2,917.0      (237.0)      983.0
VALVOLINE INC     VVVEUR EU      2,917.0      (237.0)      983.0
VALVOLINE INC     0V4 QT         2,917.0      (237.0)      983.0
VECTOR GROUP LTD  VGR TH         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGREUR EU      1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR US         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR GR         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR QT         1,494.8      (719.0)      238.5
VERISIGN INC      VRSN* MM       1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS TH         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS GR         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRSN US        1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS GZ         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRSNEUR EU     1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS QT         1,753.9    (1,409.1)      229.8
VERISIGN INC-BDR  VRSN34 BZ      1,753.9    (1,409.1)      229.8
VERISIGN-CEDEAR   VRSN AR        1,753.9    (1,409.1)      229.8
VIVINT SMART HOM  VVNT US        2,670.4    (1,439.3)     (275.6)
WARNER MUSIC-A    WA4 GZ         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WA4 GR         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WMGEUR EU      6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WMG AV         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WA4 TH         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WMG US         6,124.0      (285.0)   (1,149.0)
WATERS CORP       WAT* MM        2,666.5      (338.0)      776.7
WATERS CORP       WAZ TH         2,666.5      (338.0)      776.7
WATERS CORP       WATEUR EU      2,666.5      (338.0)      776.7
WATERS CORP       WAZ QT         2,666.5      (338.0)      776.7
WATERS CORP       WAT US         2,666.5      (338.0)      776.7
WATERS CORP       WAZ GR         2,666.5      (338.0)      776.7
WAYFAIR INC- A    1WF GZ         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    W US           2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF QT         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    W* MM          2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF GR         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF TH         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    WEUR EU        2,751.4    (1,171.4)     (215.7)
WESTERN UNION     W3U GR         8,365.4      (149.7)     (435.3)
WESTERN UNION     WU US          8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U TH         8,365.4      (149.7)     (435.3)
WESTERN UNION     WU* MM         8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U GZ         8,365.4      (149.7)     (435.3)
WESTERN UNION     WUEUR EU       8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U QT         8,365.4      (149.7)     (435.3)
WIDEOPENWEST INC  WU5 GR         2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WOW1EUR EU     2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WU5 QT         2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WOW US         2,494.7      (246.8)      (90.6)
WINGSTOP INC      WING1EUR EU      188.5      (202.9)        7.6
WINGSTOP INC      WING US          188.5      (202.9)        7.6
WINGSTOP INC      EWG GR           188.5      (202.9)        7.6
WINMARK CORP      WINA US           59.9       (29.8)       29.9
WINMARK CORP      GBZ GR            59.9       (29.8)       29.9
WORKHORSE GROUP   1WO TH            44.2       (22.0)      (15.0)
WORKHORSE GROUP   1WO GZ            44.2       (22.0)      (15.0)
WORKHORSE GROUP   WKHSEUR EU        44.2       (22.0)      (15.0)
WORKHORSE GROUP   1WO GR            44.2       (22.0)      (15.0)
WORKHORSE GROUP   WKHS US           44.2       (22.0)      (15.0)
WW INTERNATIONAL  WTW AV         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 TH         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 SW         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW US          1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 GR         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 GZ         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WTWEUR EU      1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 QT         1,633.7      (700.8)     (127.6)
WYNDHAM DESTINAT  WD5 SW         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WYND US        7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 GR         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 TH         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 QT         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WYNEUR EU      7,776.0      (891.0)    4,030.0
XPRESSPA GROUP I  V9G GZ            28.7        (2.5)      (12.3)
XPRESSPA GROUP I  FHEUR EU          28.7        (2.5)      (12.3)
XPRESSPA GROUP I  V9G TH            28.7        (2.5)      (12.3)
XPRESSPA GROUP I  V9G GR            28.7        (2.5)      (12.3)
XPRESSPA GROUP I  XSPA US           28.7        (2.5)      (12.3)
YUM! BRANDS -BDR  YUMR34 BZ      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM AV         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR TE         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM* MM        6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR TH         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR GR         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM US         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUMUSD SW      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR GZ         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUMEUR EU      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR QT         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM SW         6,085.0    (8,229.0)      491.0



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***