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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

              Thursday, July 9, 2020, Vol. 24, No. 190

                            Headlines

AGROFRESH INC: Moody's Raises CFR to B3, Outlook Stable
ALPHA INVESTMENT: Incurs $257,000 Net Loss for March 31 Quarter
ALPINE 4 TECHNOLOGIES: Posts $250K Net Income in First Quarter
AMBAY PLASTIC: Voluntary Chapter 11 Case Summary
AMC ENTERTAINMENT: Plans to Reopen in July Amid $2.2B Quarterly Los

AMERICORE HOLDINGS: Trustee Selling All Ellwood Assets
AMERICORE HOLDINGS: Trustee Selling All St. Alexius Assets
ANIXTER INTERNATIONAL: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
ASTROTECH CORP: March 31 Quarter Results Cast Going Concern Doubt
AVANTOR FUNDING: Fitch Assigns BB Rating on Sr. Unsec. Notes

AVANTOR FUNDING: Moody's Affirms B1 CFR & Alters Outlook to Pos.
BLACKBERRY LIMITED: Egan-Jones Lowers Unsecured Debt Ratings to B-
BLUESTEM BRANDS: Sale of Substantially All Assets BLST Approved
BROOKS BROTHERS: Files Chapter 11 Petition to Facilitate Sale
CALAMP CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to CCC

CALIFORNIA RESOURCES: Moody's Lowers CFR to Ca, Outlook Negative
CAPSTONE OILFIELD: Sept. 15 Auction of SD Wells Set
CEDAR MART: Case Trustee Wins More Time to Decide on Gateway Lease
CEDAR TC: Proceeding in Chapter 7 Liquidation
CHOCTAW GENERATION: Fitch Affirms CCC on Series 2 Lessor Notes

CONDOR HOSPITALITY: Says Substantial Going Concern Doubt Exists
COWBOY PUMPING: Aug. 15 Auction of Rolling Stock Set
CYPRESS SEMICONDUCTOR: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
DENBURY RESOURCES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to C
DIEBOLD NIXDORF: Moody's Assigns B3 Rating on New Sr. Sec. Notes

DOROTHY ANN BEASLEY-SCHNIPER: Selling Birmingham Property for $1.5M
DOUBLE G BRANDS: Aug. 10 Auction of All Assets Set
EMPORIA PROPERTY: Selling Emporia Assets to Braun for $600K
ENDRA LIFE: Incurs $3.3M Net Loss for the Quarter Ended March 31
ENERGY TRANSFER: Moody's Affirms Ba2 Rating on Preferred Stock

FALL CREEK PLAZA: Owners File 3 Chapter 11 Bankruptcy Protection
FIELD OF FLOWERS: Case Summary & 20 Largest Unsecured Creditors
FURIE OPERATING: Exit Plan Provisionally OK'd After 2 Failed Deals
GAMESTOP CORP: 52.20% of Existing Senior Notes Validly Tendered
GAMESTOP CORP: S&P Puts 'B-' ICR on Watch Negative

GDS EXPRESS: Shane's Buying 2012 Volvo VNL64T 630 Trucks for $38K
GEORGIA DEER: Cash Collateral Hearing on July 21
GERALDINE R. ROSINE: Trustee Selling San Pablo Property for $360K
GRUPO AEROMEXICO: July 9 Deadline Set for Committee Questionnaires
GUARDION HEALTH: Incurs $2.3M Net Loss for Quarter Ended March 31

HI-CRUSH INC: Lenders Extend Forbearance Period Until July 12
HOSPITALITY INVESTORS: Events of Default Cast Going Concern Doubt
IMAGEWARE SYSTEMS: Enters Into $550K Promissory Notes
J.C. PENNEY: Skips Rent Payment on Plano Headquarters
JOSEPH MARTIN THOMAS: $287K Sale of Erie Property Withdrawn

KRS GLOBAL: Court Approves Counsel Fees
LATAM AIRLINES: Bondholders in Talks to Provide $1.5 DIP Loan
LIVEXLIVE MEDIA: Signs Deal to Sell $15 Million Convertible Note
LONGHORN SERVICE: Aug. 15 Auction of Rolling Stock Set
LSB INDUSTRIES: Adopts Shareholder Rights Plan to Protect NOLs

LUCKY BRANDS: July 14 Deadline Set for Committee Questionnaires
MACY'S INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
MCLEAN AFFILIATES: Fitch Rates 2020A&B Revenue Bonds 'BB+'
OVERSEAS SHIPHOLDING: Egan-Jones Withdraws B- Sr. Unsec. Ratings
P.P.S. TRUCKING: Sept. 15 Auction of Rolling Stock Set

PACIFIC ETHANOL: Has $25.1M Net Loss for Quarter Ended March 31
PATTERSON COMPANIES: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
PG&E CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CC
PIONEER NURSERY: Insurers Buying Insurance Policies for $4.5M
PIQUERO LEASING: Case Summary & 40 Largest Unsecured Creditors

RATTLER MIDSTREAM: Fitch Assigns BB+ LongTerm IDR, Outlook Stable
RATTLER MIDSTREAM: Moody's Assigns Ba2 CFR, Outlook Stable
REDWOOD GREEN: Has $3.6M Net Loss for the Quarter Ended March 31
REMARK HOLDINGS: Reports $2.4 Million Net Loss for First Quarter
RITE AID: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC

ROVIG MINERALS: Trustee Selling Property for $28K
SCHMAUS FAMILY: July 17 Hearing on $530K Sale of Helena Property
SERTA SIMMONS: S&P Upgrades ICR to 'CCC+' on Debt Exchange
STEVEN PARK: July 15 Hearing on Torrance Property Sale
SYNNEX CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB

TOWN SPORTS: Delays Filing of Quarterly Report Due to COVID-19
TRIPADVISOR INC: Moody's Assigns Ba3 CFR, Outlook Stable
TRIVASCULAR SALES: July 10 Deadline Set for Panel Questionnaires
TUESDAY MORNING: Sets Contingent Sale Procedures for All Assets
VIDEO RIVER: Incurs $68K Net Loss in First Quarter

VIVUS INC: Case Summary & 20 Largest Unsecured Creditors
WESTERN URANIUM: Shareholders Elect Three Directors
WESTWIND MANOR: Selling Buying Fletcher Property for $2.75M
WORTHINGTON INDUSTRIES: Egan-Jones Cuts FC Unsec. Rating to BB+
ZYLA LIFE: Incurs $18.2M Net Loss for the Quarter Ended March 31

[*] PPP Loan Borrowers Need Assistance for Forgiveness
[*] Retail Industry Turns to Bankruptcy Due to Covid
[^] Recent Small-Dollar & Individual Chapter 11 Filings

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AGROFRESH INC: Moody's Raises CFR to B3, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
AgroFresh, Inc. to B3 from Caa1, the probability of default rating
to B3-PD from Caa1-PD and the speculative-grade liquidity rating to
SGL-2 from SGL-4. Moody's also assigned a B3 rating to the proposed
new revolver and term loan. The proceeds of the new term loan and
the preferred equity issuance will be used to refinance the
existing credit facilities. Other ratings are unchanged and Moody's
will withdraw the rating on the existing credit facilities once the
transaction closes. Moody's upgraded the ratings because the
announced preferred equity issuance and debt refinancing, if both
close as proposed, will allow the company to reduce balance sheet
debt, improving credit metrics and liquidity and eliminating
near-term refinancing risk. The rating is contingent on the
transaction closing as proposed. The rating outlook is stable.

Assignments:

Issuer: AgroFresh, Inc.

Senior Secured Term Loan, Assigned B3 (LGD3)

Senior Secured Revolving Credit Facility, Assigned B3 (LGD3)

Upgrades:

Issuer: AgroFresh, Inc.

Corporate Family Rating, Upgraded to B3 from Caa1

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

Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-4

Outlook Actions:

Issuer: AgroFresh, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Agrofresh's B3 corporate family rating reflects improved credit
metrics pro forma for the new debt and preferred equity issuance
with Moody's adjusted debt/EBITDA at 4.4x, small scale and high
business risk due to technology product and crop concentration. The
rating also reflects low historic growth rates. EBITDA has remained
fairly flat as ramp up of new products and expansion into other
active ingredients or technologies was offset by lower prices and
volumes of its core products and poor harvests. Although the
company is more diversified now than when it was initially rated in
2015 as it was spun off from Dow, it has failed to generate EBITDA
growth and delever. The announced $150 million investment by an
affiliate of private equity firm Paine Schwartz Partners, LLC into
AgroFresh's convertible preferred stock, which is contingent on the
successful refinancing or extension of the credit facility, will
allow the company to reduce balance sheet debt and improve credit
metrics. The new convertible preferred stock has a high 16%
dividend, partially paid in cash, but it has no maturity date or a
put option and Moody's views it as equity and do not add to the
calculation of credit metrics. However, high coupon on the
preferred stock indicates that the company would have the incentive
to eventually redeem it, possibly with debt in the future, which
could result in higher leverage if EBITDA continues to stagnate.
AgroFresh has an option to redeem the preferred equity but it is
very expensive in the first three years and Moody's does not expect
the company to do so in the near-term. If both the new preferred
investment and refinancing close as announced, the company will
also improve its liquidity. The credit profile benefits from the
company's high EBITDA margins, completed cost optimization and
asset-light business model, free cash flow generation and
elimination of future payments to Dow Chemical Company (The) (Baa2
stable). The company is in litigation against former consultant
MirTech, Inc, a competitor Decco U.S. Post Harvest Inc. and Decco's
parent UPL, related to patent infringement. The new preferred
equity investment agreement allows the company to use any future
proceeds from the Decco litigation to either redeem debt or equity.
The company has to apply the litigation proceeds to debt or
preferred equity based on a pro rata repayment split (~2/3
repayment towards debt and ~1/3 repayment towards preferred
equity). Because the timing and the full amount of the proceeds
from the litigation are uncertain, Moody's currently does not
incorporate additional debt paydown into its projected metrics.

As a global provider of solutions, technologies and services to
enhance the quality and extend the shelf life of fresh produce,
Moody's views AgroFresh as having moderate environmental and social
risks. Moody's believes the company has established expertise in
complying with these risks, and has incorporated procedures to
address them in their operational planning and business models. The
company has been able to operate during the shutdowns in various
jurisdictions due to the coronavirus pandemic, which Moody's views
as a social risk. The proposed convertible preferred stock issuance
to an affiliate of a private equity firm Paine Schwartz Partners,
LLC increases governance risk and ownership concentration between
Paine Schwartz and Dow. On an as-converted basis, the preferred
stock would initially represent approximately 36% of AgroFresh's
pro-forma common shares outstanding. In connection with the
investment, AgroFresh would expand the size of its Board of
Directors to ten members, with Paine Schwartz initially designating
two members of the Board. After the first year, Paine Schwartz will
have the right to appoint additional directors. As of March 2020,
Dow held 41% of the company's stock and 3,000,000 of outstanding
warrants. Dow will hold 26% of the company stock on as converted
basis.

Agrofresh's SGL-2 Speculative Grade Liquidity Rating reflects its
good liquidity position, assuming the both the refinancing and
equity investments close as expected. The company held
approximately $28 million in cash at the end of March 2020 and is
projected to generate modest free cash flow in 2020. The majority
of cash at the end of the year was held in the US, but the share of
domestic and overseas cash changes throughout the year depending on
the season and some cash remains in jurisdictions that cannot be
easily repatriated. The proposed $25 million revolver is due June
2024 and is projected to be undrawn. The company is projected to
have full availability under the revolver, which is expected to
have a total net leverage covenant. There are no maintenance
covenants on the term loan, which amortizes at 1% per year. The
proposed term loan matures in December 2024. All assets are
encumbered under secured credit facilities.

The stable rating outlook reflects expectations of flat EBITDA
growth with new product growth offsetting loss of core SmartFresh
volume. The stable outlook also reflects expectations that the
preferred equity and refinancing close as proposed and the company
will remain free cash flow positive and will maintain good
liquidity.

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

There is limited upside to the rating at this time due to
AgroFresh's small size, single product concentration, and single
crop risk. There is also limited upside to the rating because of
high-coupon preferred stock in the capital structure. Moody's could
upgrade the rating if the company successfully commercializes its
new products while maintaining strong margins and cash generation,
grows the business and size without increasing leverage and
converts/or eliminates preferred stock. Moody's could upgrade the
rating if the company meaningfully reduces leverage below the pro
forma 4.4 times.

Moody's could downgrade the rating if the proposed transactions do
not close as proposed. Moody's could also downgrade the rating if
sales and EBITDA margins decline and leverage rises to and remains
above 6x due to weak performance or acquisitions, or interest
coverage falls below 1.5x. Moody's could also downgrade the rating
if free cash flow turns negative and liquidity deteriorates.

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

Headquartered in Philadelphia, PA, AgroFresh Solutions, Inc., the
parent company of AgroFresh, Inc., was originally incorporated as
Boulevard Acquisition Corp., a special purpose acquisition company,
and changed its name after completing its acquisition of the
AgroFresh business from Dow. AgroFresh is an agricultural chemicals
company in the area of fresh produce preservation, which provides
products and services for use in produce storage, transportation,
and harvest management. Revenues for the last twelve months ending
March 31, 2020 were approximately $164 million.


ALPHA INVESTMENT: Incurs $257,000 Net Loss for March 31 Quarter
---------------------------------------------------------------
Alpha Investment Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $256,592 on $9,438 of total income for the
three months ended March 31, 2020, compared to a net loss of
$526,236 on $27,113 of total income for the same period in 2019.

At March 31, 2020, the Company had total assets of $1,721,363,
total liabilities of $204,820, and $1,147,587 in total
stockholders' equity.

The Company said, "Future issuances of the Company's equity or debt
securities will be required in order for the Company to continue to
finance its operations and continue as a going concern.  The
Company's present revenues are insufficient to meet operating
expenses.  The Company has an accumulated deficit of $4,286,637 as
of March 31, 2020.  During the three months ended March 31, 2020,
the Company used $228,117 of cash in operations and incurred a net
loss of $256,592.  The Company requires capital for its
contemplated operational and marketing activities to take place.
The Company's ability to raise additional capital through the
future issuances of common stock is unknown.  Securing additional
financing, the successful development of the Company's contemplated
plan of operations, and its transition, ultimately, to the
attainment of profitable operations are necessary for the Company
to continue operations.  The ability to successfully resolve these
factors 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/iaE5KE

Alpha Investment Inc. focuses on real estate and other commercial
lending activities.  The company was formerly known as GoGo Baby,
Inc., and changed its name to Alpha Investment Inc. in April 2017
to reflect its new business plan.  Alpha Investment Inc. was
incorporated in 2013 and is based in Columbus, Ohio.  As of March
17, 2017, Alpha Investment Inc. operates as a subsidiary of Omega
Commercial Finance Corp.




ALPINE 4 TECHNOLOGIES: Posts $250K Net Income in First Quarter
--------------------------------------------------------------
Alpine 4 Technologies Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting net income
of $250,388 on $8.84 million of revenue for the three months ended
March 31, 2020, compared to net income of $989,511 on $7.13 million
of revenue for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $39.39 million in total
assets, $49.17 million in total liabilities, and a total
stockholders' deficit of $9.77 million.

Alpine 4 said, "We have financed our operations since inception
from the sale of common stock, capital contributions from
stockholders and from the issuance of notes payable and convertible
notes payable.  We expect to continue to finance our operations
from our current operating cash flow and by the selling shares of
our common stock and or debt instruments.

"Management expects to have sufficient working capital for
continuing operations from either the sale of its products or
through the raising of additional capital through private offerings
of our securities.  Additionally, the Company is monitoring
additional businesses to acquire which management hopes will
provide additional operating revenues to the Company. There can be
no guarantee that the planned acquisitions will close or that they
will produce the anticipated revenues on the schedule anticipated
by management.

"The Company also may elect to seek bank financing or to engage in
debt financing through a placement agent.  If the Company is unable
to raise sufficient capital from operations or through sales of its
securities or other means, we may need to delay implementation of
our business plans."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/06NHtT

                           About Alpine

Alpine 4 Technologies Ltd. is a publicly traded enterprise with
business related endeavors in, software, automotive technologies,
electronics manufacturing, and energy services & fabrication
technologies.  As of June 1, 2020, the Company was a holding
company that owned seven operating subsidiaries: ALTIA, LLC;
Quality Circuit Assembly, Inc.; American Precision Fabricators,
Inc.; Morris Sheet Metal, Corp; and JTD Spiral, Inc.; Deluxe Sheet
Metal, Inc,; and Excel Fabrication, LLC.

Alpine 4 Technologies Ltd. reported a net loss of $3.13 million on
$28.15 million of revenue for the year ended Dec. 31, 2019,
compared to a net loss of $7.91 million on $14.26 million of
revenue for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the
Company had $35.80 million in total assets, $47.77 million in total
liabilities, and a total stockholders' deficit of $11.97 million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
June 1, 2020 citing that the Company has suffered recurring losses
from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.


AMBAY PLASTIC: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Ambay Plastic Surgery, PA
        2441 Oak Myrtle Lane #102
        Wesley Chapel, FL 33544

Business Description: Ambay Plastic Surgery, PA offers facelift,
                      breast augmentation, body contouring, and
                      many non-surgical cosmetic enhancement.

Chapter 11 Petition Date: July 7, 2020

Court: United States Bankruptcy Court
       Middle District of Florida

Case No.: 20-05214

Debtor's Counsel: Alberto ("Al") F. Gomez, Jr., Esq.
                  JOHNSON, POPE, BOKOR, RUPPEL & BURNS, LLP
                  401 East Jackson Street #3100
                  Tampa, FL 33602
                  Tel: 813-225-2500
                  E-mail: al@jpfirm.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Raj S. Ambay, MD, president.

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

                      https://is.gd/HQddyH


AMC ENTERTAINMENT: Plans to Reopen in July Amid $2.2B Quarterly Los
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Hoai-Tran Bui, writing for Slash Film, reports that AMC Theaters
plans to re-open its theatres globally in July 2020.

AMC Theatres expects to be "fully open globally in July." The
national exhibition chain, which has suffered a massive quarterly
loss due to coronavirus (COVID-19) pandemic shutdowns, plans to
re-open in July 2020, in time for the release of potential box
office-salvaging blockbusters such as Christopher Nolan's Tenet and
Disney's Mulan. However, it's still unconfirmed whether AMC will
screen Universal films following the chain's feud with the studio
over their early VOD releases.

The AMC Theatres re-opening has been set for July, according to The
Hollywood Reporter, which reports that the announcement comes soon
after the theater exhibition chain posted a whopping $2.17 billion
in its first quarter.  This includes $1.85 billion of non-cash
impairment charges, against a year-earlier loss of $130 million.
The chain said it expects to be "fully open globally in July."

Re-opening couldn't come soon enough for AMC Theatres, which has
taken a major financial hit by the shutdowns of its locations
across the country due to the coronavirus pandemic.  With the
company saddled in debt even before the pandemic hit, AMC Theatres
has been on the verge of bankruptcy since it closed its locations
in mid-March, with many speculating that it may not survive the
pandemic.  To stay afloat, AMC Theatres may need to declare Chapter
11 bankruptcy filing or restructure its high debt load, THR
reports.

AMC has already re-opened 10 theaters in Norway, Germany, Spain,
and Portugal, according to CEO Adam Aron, with the U.S. and U.K.
expected to follow in July.  Aron didn't give a detailed
description of the pandemic safety guidelines that AMC would impose
during its theater re-openings, but told analysts that 14 of the 15
countries that the chain operates have "national safety guidelines"
except for Saudi Arabia.

The chain is relying on the box office boosts of Nolan's highly
anticipated action movie Tenet (July 17) and Disney's Mulan (July
24) to help stabilize their losses.  Additionally, AMC will hold
repertory screenings of classic movies, like theaters are doing
with success in China and Japan, but will quickly start screening
new Hollywood releases.

But it's still uncertain whether AMC Theatres will screen Universal
films, after the chain's feud with Universal Pictures over the
early VOD releases of Trolls World Tour and The King of Staten
Island.

"While we are in active dialogue with Universal, no movies made by
Universal Studios are currently on our docket," AMC said in a
statement, though Aron added, "Relations are warm with Universal.
Relations with Universal have always been warm.  There is nothing
personal about this issue with Universal...this is just an issue
about money. We’ll see how it all shakes out."

Following the announcement of AMC's re-opening plans, stock in AMC
Entertainment jumped over 15%, though Wall Street analysts remain
cautious over how receptive audiences will be when returning to
theaters, Deadline reports.

                    About AMC Entertainment

AMC Entertainment Holdings, Inc., is engaged in the theatrical
exhibition business.  It operates through theatrical exhibition
operations segment. It licenses first-run motion pictures from
distributors owned by film production companies and from
independent distributors.  The Company also offers a range of food
and beverage items, which include popcorn; soft drinks; candy; hot
dogs; specialty drinks, including beers, wine and mixed drinks, and
made to order hot foods, including menu choices, such as curly
fries, chicken tenders and mozzarella sticks.

It operates over 900 theatres with 10,000 screens globally,
including over 661 theatres with 8,200 screens in the United States
and over 244 theatres with approximately 2,200 screens in Europe.
The Company's subsidiary also includes Carmike Cinemas, Inc.



AMERICORE HOLDINGS: Trustee Selling All Ellwood Assets
------------------------------------------------------
Carol Fox, the Chapter 11 Trustee of Ellwood Medical Center, LLC,
Ellwood Medical Center Real Estate, LLC, and Ellwood Medical Center
Operations, LLC, asks the U.S. Bankruptcy Court for the Eastern
District of Kentucky to authorize the sale of substantially all of
the Debtors' assets in accordance with the Ellwood Bid Procedures
Order.

Since shortly after the Trustee's appointment, the Investment
Banker B. Riley, FRB, Inc. has worked diligently to comprehensively
market the Debtors' assets and identify potential bidders for the
Debtors' assets.  Following the Trustee's appointment, multiple
parties have reached out to the Trustee directly regarding the
Debtors' assets.  On April 21, 2020, the Investment Banker
delivered a teaser to 153 parties and invited them to participate
in the sale process.

On April 24, 2020, the Trustee filed the Trustee's Ellwood Bid
Procedures Motion.  The Bidding Procedures were designed to
maximize value for the Debtors' estates and ensure an orderly sale
process.  Among other things, the Bidding Procedures detail due
diligence procedures for interested parties, the manner in which
bids become Qualified Bids, the procedures governing any Auction
and selection of the Winning Bidder, and the deadlines that
correspond to the foregoing.

On May 5, 2020, the Court conducted a hearing on the Ellwood Bid
Procedures Motion, and on May 12, 2020, entered the Ellwood Bid
Procedures Order granting the motion.  The Ellwood Bid Procedures
Order provide that: (i) by June 1, 2020, the Trustee would file a
motion to approve the proposed sale of the Debtors' assets; (ii) by
June 8, 2020, the Trustee would either (a) file the terms of
proposed transactional documents consummating the Sale, or (b)
identify a stalking horse bidder and file the terms of the proposed
transactional documents to consummate the stalking horse bid.    

As of May 29, 2020, approximately 22 parties have executed
non-disclosure agreements with the Trustee while additional NDAs
continue to be in process.  Upon execution of an NDA, the
Investment Banker provides access to a virtual data room containing
information about the Debtors' assets and operations.

Under the Ellwood Bid Procedures Order, if more than one Qualified
Bid is received by the June 29, 2020 Bid Deadline, an auction with
respect to the sale of the Purchased Assets will take place on July
1, 2020 at 10:00 a.m. (ET).  If, however, multiple Qualified Bids
are not received by the Bid Deadline, then the Auction will not be
held and the Trustee may proceed to sell the Purchased Assets
pursuant to the any Qualified Bid received.  
  
In accordance with the Ellwood Bid Procedures, the Trustee files
the Sale Motion asking entry of an order authorizing and approving:
(i) the sale of the Purchased Assets to the Winning Bidder free and
clear of all liens, claims, encumbrances and interests pursuant to
the sale process set forth in the Ellwood Bid Procedures Order,
(ii) the assumption and assignment of certain executory contracts
and unexpired leases to the Winning Bidder pursuant to the
procedures set forth in the Ellwood Bid Procedures Order, and (iii)
all other relief that is appropriate under the circumstances.  

Prior to the hearing on the Sale Motion, the Debtors will
supplement the Sale Motion with the proposed terms and conditions
of the proposed sale.   

The Trustee's proposed sale of the Debtors' assets is in the best
interests of the Debtors and all parties in interest and is a
reasonable exercise of the Trustee's business judgment.

by the Sale Motion, the Trustee also asks authority to assume
and/or assign to the Winning Bidder all of their right, title, and
interest in and to the executory contracts, leases, and agreements
identified pursuant to the Assumption and Assignment Procedures
approved in the Ellwood Procedures Order.  The Trustee's assumption
and/or assignment to the Winning Bidder of the Executory Contracts
is conditioned upon the approval by the Court and the resolution of
any objections to such assumption and/or assignment filed with the
Court prior to the hearing on the Sale Motion.

                   About Americore Holdings

Americore Holdings, LLC and its affiliates, including Americore
Health LLC, own and operate the Ellwood City Medical Center in
Pennsylvania, Southeastern Kentucky Medical Center (formerly
Pineville Community Hospital), Izard County Medical Center in
Arkansas; and St. Alexius Hospital in St. Louis.

Americore Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No.
19-61608) on Dec. 31, 2019.  At the time of the filing, the Debtor
had estimated assets of less than $50,000 and liabilities of less
than $50,000.  

Judge Gregory R. Schaaf oversees the case.  

Bingham Greenebaum Doll, LLP is the Debtor's legal counsel.

Carol A. Fox was appointed as the Debtors' Chapter 11 trustee.
The
Trustee is represented by Baker & Hostetler LLP.  B. Riley, FRB,
Inc., is the investment banker.


AMERICORE HOLDINGS: Trustee Selling All St. Alexius Assets
----------------------------------------------------------
Carol Fox, the Chapter 11 Trustee of St. Alexius Properties, LLC,
St. Alexius Hospital Corporation #1, and Success Healthcare 2, LLC,
asks the U.S. Bankruptcy Court for the Eastern District of Kentucky
to authorize the sale of substantially all of the Debtors' assets
in accordance with the St. Alexius Bid Procedures Order.

Since shortly after the Trustee's appointment, the Investment
Banker B. Riley, FRB, Inc. has worked diligently to comprehensively
market the Debtors' assets and identify potential bidders for the
Debtors' assets.  Following the Trustee's appointment, multiple
parties have reached out to the Trustee directly regarding the
Debtors' assets.  On April 21, 2020, the Investment Banker
delivered a teaser to 153 parties and invited them to participate
in the sale process.

On April 24, 2020, the Trustee filed Trustee's St. Alexius Bid
Procedures Motion.  The Bidding Procedures were designed to
maximize value for the Debtors' estates and ensure an orderly sale
process.  Among other things, the Bidding Procedures detail due
diligence procedures for interested parties, the manner in which
bids become Qualified Bids, the procedures governing any Auction
and selection of the Winning Bidder, and the deadlines that
correspond to the foregoing.

On May 5, 2020, the Court conducted a hearing on the St. Alexius
Bid Procedures Motion, and on May 12, 2020, entered the St. Alexius
Bid Procedures Order granting the motion.  The St. Alexius Bid
Procedures Order provide that: (i) by June 1, 2020, the Trustee
would file a motion to approve the proposed sale of the Debtors'
assets; (ii) by June 8, 2020, the Trustee would either (a) file the
terms of proposed transactional documents consummating the Sale, or
(b) identify a stalking horse bidder and file the terms of the
proposed transactional documents to consummate the stalking horse
bid.    

As of May 29, 2020, approximately 22 parties have executed
non-disclosure agreements with the Trustee while additional NDAs
continue to be in process.  Upon execution of an NDA, the
Investment Banker provides access to a virtual data room containing
information about the Debtors' assets and operations.

Under the St. Alexius Bid Procedures Order, if more than one
Qualified Bid is received by the June 29, 2020 Bid Deadline, an
auction with respect to the sale of the Purchased Assets will take
place on July 1, 2020 at 10:00 a.m. (ET).  If, however, multiple
Qualified Bids are not received by the Bid Deadline, then the
Auction will not be held and the Trustee may proceed to sell the
Purchased Assets pursuant to the any Qualified Bid received.    
In accordance with the St. Alexius Bid Procedures, the Trustee
files the Sale Motion asking entry of an order authorizing and
approving: (i) the sale of the Purchased Assets to the Winning
Bidder free and clear of all liens, claims, encumbrances and
interests pursuant to the sale process set forth in the St. Alexius
Bid Procedures Order, (ii) the assumption and assignment of certain
executory contracts and unexpired leases to the Winning Bidder
pursuant to the procedures set forth in the St. Alexius Bid
Procedures Order, and (iii) all other relief that is appropriate
under the circumstances.  

Prior to the hearing on the Sale Motion, the Debtors will
supplement the Sale Motion with the proposed terms and conditions
of the proposed sale.   

The Trustee's proposed sale of the Debtors' assets is in the best
interests of the Debtors and all parties in interest and is a
reasonable exercise of the Trustee's business judgment.

by the Sale Motion, the Trustee also asks authority to assume
and/or assign to the Winning Bidder all of their right, title, and
interest in and to the executory contracts, leases, and agreements
identified pursuant to the Assumption and Assignment Procedures
approved in the St. Alexius Bid Procedures Order.  The Trustee's
assumption and/or assignment to the Winning Bidder of the Executory
Contracts is conditioned upon the approval by the Court and the
resolution of any objections to such assumption and/or assignment
filed with the Court prior to the hearing on the Sale Motion.

                 About Americore Holdings

Americore Holdings, LLC and its affiliates, including Americore
Health LLC, own and operate the Ellwood City Medical Center in
Pennsylvania, Southeastern Kentucky Medical Center (formerly
Pineville Community Hospital), Izard County Medical Center in
Arkansas; and St. Alexius Hospital in St. Louis.

Americore Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No.
19-61608) on Dec. 31, 2019.  At the time of the filing, the Debtor
had estimated assets of less than $50,000 and liabilities of less
than $50,000.  Judge Gregory R. Schaaf oversees the case.  Bingham
Greenebaum Doll, LLP is the Debtor's legal counsel.

Carol A. Fox was appointed as the Debtors' Chapter 11 trustee.
The
trustee is represented by Baker & Hostetler LLP.

On April 16, 2020, the Court appointed B. Riley, FRB, Inc., as the

investment banker.



ANIXTER INTERNATIONAL: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2020, withdrew its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Anixter International Inc.

Headquartered in Glenview, Illinois, Anixter International Inc. is
a global distributor of network and security, electrical and
electronic, and utility power solutions.



ASTROTECH CORP: March 31 Quarter Results Cast Going Concern Doubt
-----------------------------------------------------------------
Astrotech Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,068,000 on $118,000 of revenue for the
three months ended March 31, 2020, compared to a net loss of
$1,394,000 on $0 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $7,508,000,
total liabilities of $4,857,000, and $2,651,000 in total
stockholders' equity.

The Company said, "As of March 31, 2020, the Company had cash and
cash equivalents of $4.7 million and restricted cash of $0.1
million, and working capital was approximately $2.0 million.
Restricted cash consists of two letters of credit relating to
purchase orders for the TRACER 1000 product.  The Company reported
a net loss of $7.5 million for the fiscal year 2019 and a net loss
of $6.2 million for the nine months ended March 31, 2020, along
with net cash used in operating activities of $8.5 million for the
fiscal year 2019 and net cash used in operating activities of $5.0
million for the nine months ended March 31, 2020.  This raises
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/uFWfmD

Astrotech Corporation operates as a science and technology
development and commercialization company in the United States.  It
operates through two segments, Astro Scientific and Astral Images
Corporation.  The Astro Scientific segment manufactures chemical
detection and analysis instrumentation that detects and identifies
trace amounts of explosives and narcotics. Its product portfolio
include MMS 1000, a small, low-power desktop mass spectrometer; OEM
1000, a mass spectrometer component; MMS 2000, a gas monitor that
provides precise, real-time measurement of specific chemicals in a
process stream; and TRACER 1000, an explosives trace detector with
a swab-based thermal desorption sample inlet system.  The Astral
Images Corporation segment develops film restoration and
enhancement software. This segment offers Astral Black ICE, a
system targeted mainly towards the black-and-white feature film and
television series digitization and restoration markets; Astral
Color ICE, a standalone AI software solution that integrates into
film scanners to enable color image correction and enhancement;
Astral HDR ICE, high dynamic range solution that upgrades digital
and traditional films to the HDR10 standard; and Astral HSDR ICE, a
solution, which automatically converts HDR content to SDR.  The
Company was formerly known as SPACEHAB, Inc. and changed its name
to Astrotech Corporation in 2009.  Astrotech Corporation was
founded in 1984 is headquartered in Austin, Texas.


AVANTOR FUNDING: Fitch Assigns BB Rating on Sr. Unsec. Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB'/'RR2' rating to Avantor Funding
Inc.'s senior unsecured USD and EUR notes issuances. Fitch expects
proceeds to fund the partial redemption of the 9% senior unsecured
notes due 2025 and for the transaction to be leverage neutral. The
company also amended and extended its senior secured revolver,
rated 'BB+'/'RR1', increasing the committed borrowing capacity to
$500 million from $250 million. These transactions reduce overall
cash interest expense, extend the company's maturity schedule and
increase committed liquidity.

KEY RATING DRIVERS

Manageable Coronavirus Effects: Fitch expects some near-term demand
softness for Avantor's products as a result of business disruption
related to the coronavirus influencing the company's customers.
However, the business profile is relatively resilient because of
good end market diversification and non-cyclical demand for its
products. Avantor's biopharma end markets have performed well and
have benefited from testing demand related to COVID-19. The
industrials end markets have seen more significant business
disruption effects from the pandemic, but because of the diversity
of the customers served in the advanced technologies and applied
materials businesses, demand for the company's products has
remained relatively stable.

Fitch anticipates some EBITDA margin pressure in the near term due
to weaker demand but expects this to be partially offset by the
company's ability to reduce operating expenses and continued
synergy realization from the VWR, Inc. (VWR) acquisition. Fitch's
forecast incorporates roughly $220 million of annual cost synergies
by YE 2020.

Ample Liquidity during Pandemic: Fitch expects Avantor to maintain
a comfortable liquidity cushion throughout the business disruption
related to the pandemic. Between cash on hand, ongoing cash
generation and committed lines of revolving credit, including the
senior secured revolver and A/R securitization facility, Fitch
expects the company to have adequate liquidity to support
operations, capital spending needs, preferred dividends and
required term loan amortization during 2020. Avantor's good level
of FCF generation is supportive of the 'BB-' Issuer Default Rating
(IDR) and could exceed $300 million annually in 2020-2023, even
though 2020 will face operational headwinds related to the
coronavirus, representing a FCF margin of 5%-6%.

Leverage Continues to Decline: Avantor's gross debt/EBITDA was 4.7x
at March 31, 2020, and Fitch forecasts leverage of 5.0x at the end
of 2020, assuming some pressure related to the coronavirus on
EBITDA and limited debt reduction as the company prioritizes
maintaining liquidity in the near term. The company has
successfully reduced debt since the merger with VWR, from a
Fitch-calculated nearly 10x following the close of the transaction.
This is the result of the combined effects of EBITDA growth and
debt reduction, which was partly funded through the proceeds of an
IPO.

Good Progress Realizing Cost Synergies: EBITDA growth has been
helped by the realization of cost synergies since the VWR merger.
Continued progress will help to offset pressure related to the
coronavirus on operating margins during 2020. Since the closing of
the transaction, the company has realized $300 million of synergies
on a run-rate basis as of March 31, 2020, and Fitch's forecast
incorporates roughly $220 million of annual cost synergies by YE
2020. Fitch believes revenue synergies should also continue to be
achievable going forward but does not incorporate this in its
forecast.

Strong Competitive Position and Good Diversification: Avantor is
well diversified through end markets and product categories, with
biopharma representing about 50% of total sales. Advanced
technologies and applied materials end markets represent roughly
25% of sales and includes a mix of more cyclical end markets that
benefit from highly recurring consumable sales. Consistent cash
generation is supported through highly diversified consumables- and
service-focused revenues representing roughly 85% of sales, and
more limited exposure to equipment and instrumentation (15% of
sales) versus peers. Strength and diversification in high-growth
end markets should offset slower growth and cyclical end markets,
resulting in single-digit revenue growth above the average life
sciences industry.

DERIVATION SUMMARY

Avantor's strongest competitors are significantly larger, with
leading positions in the broader life sciences industry and greater
financial flexibility. Thermo Fisher (BBB/Stable) is Avantor's
closest peer within the lab products industry. Thermo Fisher, a
direct distribution competitor, is materially larger than Avantor,
has an industry-leading manufacturing business, and is much more
conservatively capitalized. Other 'BB-' rated healthcare companies
operating in different industry subsectors typically have leverage
sensitivities in the 4.0x - 5.0x range.

KEY ASSUMPTIONS

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

  -- Coronavirus affects 2Q20 revenue the most, but strengths in
biopharma and the expected return to work for Avantor's customers
in 2H20 will aid recovery in the second half of the year. As a
result, Fitch forecasts flat revenue growth for 2020. EBITDA
margins see some compression of roughly 30 bps, but variable cost
structure and continued cost synergies from VWR acquisition
somewhat offset dampened revenue pull-through;

  -- 2021-2023 organic revenue growth in the low- to
mid-single-digits;

  -- 2021-2023 EBITDA margins of 17.75% to 18%. Fitch's EBITDA
forecast includes $220 million of cost synergies by the third year
after the Avantor acquisition;

  -- CAPEX is forecasted to be around 1.5% of revenues;

  -- FCF exceeding $300 million in 2020-2023;

  -- Gross debt/EBITDA is maintained around 5.0x in 2020 and
maintained between 4.5x-5.0x through 2022.

RATING SENSITIVITIES

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

  -- Operating with gross debt/EBITDA sustained below 4.5x;

  -- Continued operational strength that results in (cash flow from
operations - capex)/total debt around or above 7.5%.

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

  -- Operating with gross debt/EBITDA sustained above 5.0x;

  -- Pressures to profitability or increased expenses that result
in (cash flow from operations - capex)/total debt sustained below
6%.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Liquidity was supported by cash on hand of $346
million and availability of $248 million under a $250 million first
lien secured revolver due 2022 as of March 31, 2020. Additionally,
working capital needs are supported by a $300 million accounts
receivable securitization facility, of which $287 million was
unused at March 31, 2020. The July 2020 amendment to the senior
secured revolver will further increase committed borrowing capacity
to $500 million from $250 million.

Debt Maturities Manageable: The company's debt maturities and
amortizations are manageable with term loan amortization of roughly
$20 million per year for the next two years. The first lien secured
notes mature in 2024, and the 9% unsecured notes mature in 2025.
The receivables facility matures in March 2023. The July 2020
unsecured notes will redeem a portion of the 9% unsecured notes due
2025, reducing the cash interest burden and extending maturities
further.

Senior Unsecured Notes Notched Up: Fitch rates the senior unsecured
notes 'BB'/'RR2', one notch above the IDR of 'BB-'. While the debt
structure is weighted toward secured debt at roughly 60% of the
total, Fitch estimates superior recovery for both the secured and
unsecured debt.


AVANTOR FUNDING: Moody's Affirms B1 CFR & Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Avantor Funding,
Inc., including the B1 Corporate Family Rating and B1-PD
Probability of Default Rating. Moody's assigned a Ba2 rating to
Avantor's new upsized senior secured revolving credit facility and
a B3 rating to the company's new senior unsecured notes. Moody's
also affirmed the Ba2 ratings on the existing senior secured credit
facilities and senior secured notes and the B3 rating on the
existing senior unsecured notes. The rating agency also changed the
outlook to positive from stable. There is no change to the
Speculative Grade Liquidity Rating of SGL-1.

The affirmation of the B1 CFR is supported by Moody's expectation
for good free cash flow generation of approximately $500 million
over the next year and reflects Moody's view that Avantor's
business will be only modestly impacted by the ongoing Coronavirus
outbreak. Further, the change in the rating outlook to positive
reflects Moody's expectation that Avantor will continue to
deleverage towards debt/EBITDA of 4.5 times over the next 12-18
months primarily through debt repayment and to a lesser extent,
earnings growth.

Moody's expects the aforementioned transaction to be leverage
neutral. Proceeds from the new senior unsecured notes will be used
for refinancing purposes and enable Avantor to reduce its interest
expense. The new upsized revolving credit facility will replace the
existing revolver and will enhance liquidity.

Avantor Funding, Inc.

Ratings assigned:

New senior secured revolving credit facility expiring 2025 at Ba2
(LGD2)

New senior unsecured notes at B3 (LGD5)

Ratings affirmed:

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

Senior secured credit facilities at Ba2 (LGD2)

Senior secured notes at Ba2 (LGD2)

Senior unsecured notes at B3 (LGD5)

Outlook change:

The rating outlook, previously stable, was changed to positive.

RATINGS RATIONALE

Avantor's B1 CFR reflects moderately high financial leverage with
adjusted debt/EBITDA of roughly 5.2 times as of March 31, 2020. The
rating is supported by the steady and largely recurring nature of
around 85% of revenue, as well as high customer switching costs
associated with the ultra-high purity materials business. It also
reflects good scale with revenues just over $6 billion and good
customer, geographic, and product diversification. Moody's expects
Avantor will generate strong free cash flow over the next 12-18
months despite the headwinds created by the coronavirus pandemic.

The positive outlook reflects Moody's expectation that Avantor's
will reduce adjusted debt/EBITDA to the 4.5 -- 5.0 times range over
the next 12-18 months, primarily through debt repayment and to a
lesser extent earnings growth.

Avantor faces some degree of environmental risk due to the handling
of, manufacturing, use or sale of substances that are or could be
classified as toxic or hazardous materials. From a governance
standpoint, Avantor has had a publicly stated leverage target range
of 2.0 - 4.0 times since its IPO in July 2019; however, it is
currently above that range. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

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

The ratings could be downgraded if Avantor is unable to
consistently produce positive free cash flow. A downgrade could
also occur if debt to EBITDA is sustained above 5.75 times.

The ratings could be upgraded if Avantor can sustain revenue and
earnings growth despite business headwinds arising from the ongoing
coronavirus outbreak. Specifically, debt to EBITDA below 5.0 times
would support an upgrade.

Avantor is a global provider of mission critical products and
services to the life sciences and advanced technologies & applied
materials industries. Headquartered in Pennsylvania, the company
generates revenue of roughly $6 billion annually.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.


BLACKBERRY LIMITED: Egan-Jones Lowers Unsecured Debt Ratings to B-
------------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by BlackBerry Ltd. to B- from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.

Headquartered in Waterloo, Canada, BlackBerry Ltd. designs,
manufactures, and markets wireless solutions for the worldwide
mobile communications market.


BLUESTEM BRANDS: Sale of Substantially All Assets BLST Approved
---------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware authorized Bluestem Brands, Inc. and affiliates to sell
substantially all their assets to BLST Acquisition Co., LLC,
formerly known as BLST Acquisition Co., LLC, for a consideration
composed of (i) a credit bid in an amount equal to $200 million,
(ii) the assumption of the Assumed Liabilities (including all
Determined Cure Costs with respect to any Assigned Contract), (iii)
repayment in full of all of the outstanding obligations under the
DIP Credit Agreement, and (iv) cash and cash equivalents in an
amount sufficient, together with cash and cash equivalents that are
Excluded Assets, to fund the Wind-Down Budget.

The Asset Purchase Agreement and all other ancillary documents, and
all of the terms and conditions thereof, and the Sale and related
transactions contemplated thereby, are approved in all respects,
except as otherwise expressly set forth in the Order.  Pursuant to
sections 363 and 365 of the Bankruptcy Code, entry by the Debtors
into the APA is authorized and approved as a valid exercise of
their business judgment.

The sale is free and clear of all Adverse Interests, with all such
Adverse Interests to attach to the proceeds of the Sale.

Pursuant to sections 105(a), 363, and 365 of the Bankruptcy Code,
and subject to and conditioned upon the occurrence of the Closing
Date, and subject to Paragraphs 4.7, 4.19 and 4.20 thereof, the
Sellers' assumption, assignment and sale to the Purchaser, and the
Purchaser's assumption on the terms set forth in the APA of the
Assigned Contracts is approved.

The Exhibit B lists executory contracts and unexpired leases for
which either (a) no Cure Objections were timely filed with the
Court or (b) informal responses were received by the Debtors and
resolved by mutual written agreement between the Purchaser, the
Debtors, and the applicable contract counterparty.  The Cure Costs
for the contracts listed on Exhibit B are fixed at the amounts set
forth in the Cure Notice or as otherwise agreed in writing by the
Purchaser, the Debtors, and the applicable contract counterparty,
and the contract counterparties to such executory contracts and
unexpired leases are forever bound by such Cure Costs.

At least one day prior to the Closing Date, the Purchaser will
provide the Debtors, and the Debtors will file, schedules of (a)
all Assigned Contracts to be assumed, assigned and sold as of the
Closing Date, and (b) all Non-Assigned Contracts.  Any Contract
that is not designated as an Assigned Contract or a Non-Assigned
Contract as of the Closing Date will constitute a Designation
Rights Asset under the APA.

The sale of personally identifiable information contemplated in the
APA is consistent with the Sellers' privacy policies and satisfies
the requirements of section 363(b)(1)(A) of the Bankruptcy Code.

Upon the Closing of the Sale, the Purchaser will deliver to the DIP
Agent, by wire transfer of immediately available funds of the
Purchaser, an amount equal to the DIP Repayment Amount in
accordance with Sections 2.11(a) and (c) of the DIP Credit
Agreement and pursuant to the terms of the APA.

The Trigger Notice will be deemed to be delivered on the Closing
Date, and the Carve-Out Reserve Amount will be reported in writing
to the DIP Agent on the Closing Date.  Upon the Closing of the
Sale, an escrow will be established and maintained by the Seller
and funded in the Carve-Out Reserve Amount, in accordance with
Section 2.3.3 of the DIP Order.  The distributions and priority of
the Carve Out and the DIP Repayment Amount will be governed by the
provisions of the DIP Order.

Nothing in the Order affects the priorities set forth in the DIP
Order, including with respect to professional fees and expenses
incurred by their retained professionals and the retained
professionals of the Official Committee of Unsecured Creditors.

The automatic stay pursuant to Section 362 is lifted to the extent
necessary, without further order of the Court, to (i) allow the
Purchaser to deliver any notice provided for in the APA and any
ancillary documents and (ii) allow the Purchaser to take any and
all actions permitted under the Sale Order, the APA and any
ancillary documents in accordance with the terms and conditions
thereof.

Within one Business Day of the occurrence of the Closing of the
Sale, the Debtors will file and serve a notice of the closing of
the Sale.  

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

Notwithstanding the provisions of the Bankruptcy Rules, including
Bankruptcy Rules 6004(h), 6006(d), and 7062, the Sale Order will
not be stayed after the entry thereof, but will be effective and
enforceable immediately upon entry, and the 14-day stay provided in
Bankruptcy Rules 6004(h) and 6006(d) is waived and will not apply.

A copy of the APA is available at https://tinyurl.com/yasu9g9q from
PacerMonitor.com free of charge.

                    About Bluestem Brands

Bluestem Brands, Inc. and its affiliates are a direct-to-consumer
retailer that offers fashion, home, and entertainment merchandise
through internet, direct mail, and telephonic channels under the
Orchard and Northstar brand portfolios.  Headquartered in Eden
Prairie, Minnesota, the Debtors employ approximately 2,200
individuals and own and/or lease warehouses, distribution centers,
and call centers in 10 other states, including New Jersey,
Massachusetts, Georgia, and California.  The Debtors' supply chain
consists of name-brand vendors -- e.g., Michael Kors, Samsung,
Keurig, Dyson -- as well as private label and non-branded sources
based in the United States and abroad.  For more information, visit
https://www.bluestem.com/

Bluestem Brands, Inc., based in Eden Prairie, MN, and its
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 20-10566) on March 9, 2020.  In its petition, Bluestem Brands
was estimated to have $500 million to $1 billion in both assets and
liabilities.  The petition was signed by Neil P. Ayotte, executive
vice president, general counsel and secretary.

The Hon. Mary F. Walrath oversees the case.

The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP, and
KIRKLAND & ELLIS LLP, KIRKLAND & ELLIS INTERNATIONAL LLP as
counsels; FTI CONSULTING, INC., as financial advisor; RAYMOND JAMES
& ASSOCIATES, INC., as investment banker; IMPERIAL CAPITAL LLC, as
restructuring advisor; and PRIME CLERK LLC as claims and noticing
agent.


BROOKS BROTHERS: Files Chapter 11 Petition to Facilitate Sale
-------------------------------------------------------------
Brooks Brothers, America's oldest apparel company, on July 8
disclosed that it has commenced Chapter 11 cases in the United
States Bankruptcy Court for the District of Delaware to facilitate
a value-maximizing sale process.  A transaction would ensure that
the iconic Brooks Brothers brand is positioned to continue serving
its loyal customers for years to come.

The Company has also secured commitments for a debtor-in-possession
("DIP") financing facility of $75 million from WHP Global, a
leading brand management firm, subject to court approval.  This
capital, together with cash flows from ongoing operations, will
provide liquidity to support the Company through the sale process.
This includes honoring certain employee-related wages and benefits
obligations, paying claims of certain critical vendors and
suppliers, and ensuring the continuation of other operations in the
ordinary course of business with as minimal interruption as
possible.

"For over 200 years, Brooks Brothers has remained resilient,
navigating evolving fashion trends, fluctuating economic cycles,
and even world wars," said Claudio Del Vecchio, Chairman and Chief
Executive Officer.  "Our long history is a testament to the
strength of our brand and our mission since 1818: serving customers
through innovation, fine quality, personal service, and exceptional
value."

Mr. Del Vecchio continued: "Our priority is to start this important
chapter with a new owner that has appreciation for the Brooks
Brothers legacy, a vision for its future, and aligns with our core
values and culture.  Prior to COVID-19, we were already conducting
an evaluation of various strategic options to position the Company
for future success in a rapidly transforming retail environment,
including a potential sale of the business.  Industry headwinds
were only intensified by the pandemic.  Seeking protection to
facilitate an efficient sale of the business is the best next step
for the Company to achieve its goals, over any other alternative."

Details on the Sale Process

   * The Company will commence a competitive auction where parties
can submit qualified bids.  Timing details for the process will be
made available in the coming days.

   * Brooks Brothers expects to complete the sale process in the
next few months, pending court approval.

   * Brooks Brothers will continue to operate its business in the
ordinary course throughout the court and sale process.

Omnichannel Business Update

   * The Company will continue to examine reopening stores that
have been temporarily closed due to COVID-19, and as local and
state public health and government officials allow and as it is
economical to do so.

   * Prior to the petition date, on account of the COVID-19
pandemic, the Company decided to close approximately 51 Brooks
Brothers stores in the United States, and have closed, or are in
the process of closing such stores.

   * Details on the store closures can be found in the Company's
first day motions, filed publicly with the court.

Information on the DIP Lender

WHP Global is a New York-based firm that owns and develops global
consumer brands.  The firm strategically invests in high-growth
distribution channels, digital commerce platforms, and global
expansion.  WHP Global owns the ANNE KLEIN and JOSEPH ABBOUD
brands.  For more information, please visit www.whp-global.com.

Additional Information

The Company's restructuring counsel is Weil, Gotshal, & Manges LLP,
its restructuring advisor is Ankura Consulting Group and its
financial advisor is PJ Solomon L.P.

Court filings and other documents related to the process are
available at http://cases.primeclerk.com/brooksbrothersor by
calling the Company's claims agent, Prime Clerk, at 877-930-4317
(toll-free) or 347-899-4592 (international) or sending an email to
brooksbrothersinfo@primeclerk.com

                       About Brooks Brothers

Established in 1818, Brooks Brothers was the first American brand
to offer ready-to-wear clothing and has continued throughout
history with iconic product introductions including: seersucker,
madras, argyle, the non-iron shirt, and the original polo
button-down collar.  Over two centuries later, Brooks Brothers is
proud to uphold the same traditions and values and to be the
destination for ladies and gentlemen from every generation.  Since
its founding 202 years ago in New York, Brooks Brothers has become
a legendary international retailer with 200 stores in North America
and 500 worldwide in 45 countries while maintaining a steadfast
commitment to exceptional service, quality, style, and value.



CALAMP CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to CCC
--------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by CalAmp Corporation to CCC from CCC+.

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



CALIFORNIA RESOURCES: Moody's Lowers CFR to Ca, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded California Resources
Corporation's Corporate Family Rating to Ca from Caa3, ratings on
its senior secured first lien term loan due 2022 to Caa3 from Caa1
and ratings on its senior secured first lien term loan due 2021 to
Ca from Caa3. At the same time, Moody's downgraded CRC's
Probability of Default Rating to Ca-PD/LD from Caa3-PD and affirmed
its senior secured revolving credit facility rating at B2. There is
no change to the SGL-4 Speculative Grade Liquidity Rating. The
rating outlook is negative.

The downgrade of CRC's ratings reflects the high probability that
the company will restructure its debt in the very near term, as
well as Moody's view of recovery. The "LD" designation appended to
the PDR reflects the expiration of a grace period following the
company's decision to skip its May 29, 2020 interest payments.

Downgrades:

Issuer: California Resources Corp.

Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa3-PD

Corporate Family Rating, Downgraded to Ca from Caa3

Senior Secured Term Loan, Downgraded to Ca (LGD4) from Caa3 (LGD4)

Senior Secured Term Loan, Downgraded to Caa3 (LGD3) from Caa1
(LGD2)

Affirmations:

Issuer: California Resources Corp.

Senior Secured Revolving Credit Facility, Affirmed B2 (LGD2) from
(LGD1)

Senior Secured Second Lien Notes, Affirmed C (LGD5) from (LGD6)

Senior Unsecured Notes, Affirmed C (LGD6)

Outlook Actions:

Issuer: California Resources Corp.

Outlook, Remains Negative

RATINGS RATIONALE

CRC's Ca CFR reflects the company's high financial leverage, the
imminent risk of debt restructuring underscored by CRC's decision
to skip its interest payments due May 29, and Moody's view of
overall recovery. The company's capital structure is comprised of
(in order of decreasing priority of claim): the revolving credit
facility (rated B2), first lien term loan due 2022 (Caa3), first
lien term loan due 2021 (Ca), second lien notes due 2022 (C) as
well as senior unsecured notes (C). The ratings reflect the
priority of claim of the individual debt issues and Moody's
expectation of a very high recovery on the revolver and weak
recovery for the unsecured and second lien debt.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on CRC of the deterioration in credit quality it has
triggered, given CRC's exposure to oil demand and prices, which has
left CRC vulnerable to shifts in market demand and sentiment in
these unprecedented operating conditions.

The SGL-4 Speculative Grade Liquidity Rating reflects Moody's' view
that CRC has weak liquidity. Although CRC had available liquidity
at May 31, 2020 of $165 million, consisting of $148 million in
unrestricted cash and $17 million of available borrowing capacity
under the company's revolving credit facility, this amount was
substantially impaired by a $150 million month-end minimum
liquidity requirement. Furthermore, the company's Forbearance
Agreement with its lenders prohibits it from borrowing under its
revolver. CRC stated in its first quarter 2020 10-Q filing that it
believes its operating cash flow and expected available credit
capacity will not be sufficient to meet its commitments over the
next twelve months.[1]

The company has cut its capital spending to a level that maintains
mechanical integrity of its operations, to preserve liquidity.
However, this significantly reduced level of spending will not
generate new production to offset natural decline. As a result,
Moody's expects CRC's production to decline at least 10% through
the first quarter of 2021 before giving effect to any potential
shut-in production, further constraining cash flow. In addition to
its revolver, which matures in June 2021, CRC has $2.4 billion of
debt maturities in 2021 (assuming the springing maturity on the
term loan due 2022 is activated) and $1.8 billion in 2022.

The negative outlook reflects the possibility that a low commodity
price environment and protracted restructuring process could
further weaken recovery values.

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

Ratings could be downgraded if asset values weaken further and
Moody's assessment of expected recovery worsens. Although unlikely
in the near term, an upgrade would be considered if CRC
satisfactorily addresses 2021 debt maturities and shores up its
liquidity.

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

California Resources Corporation, headquartered in Santa Clarita,
California, operates exclusively in California and had annual
production of 128,000 barrels of oil equivalent (boe) per day in
2019.


CAPSTONE OILFIELD: Sept. 15 Auction of SD Wells Set
---------------------------------------------------
Judge Janice D. Loyd of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Capstone Oilfield Disposal
Services, LLC's public action of its 10 saltwater disposal wells,
together with related equipment, located in Kingfisher, Major and
Woodward Counties, Oklahoma, as described on Exhibit A.

The sale of the SD Wells is authorized as follows:

     a. the SWD Wells will be sold at public auction to be
conducted by approximately Sept. 15, 2020;

     b. upon finalization of the Auction time and procedures, the
Debtor will file with the Court and serve on all creditors and
interested parties a Notice of Intent to Sell the SWD Wells at
Public Auction; and

     c. the employment of an auctioneer to conduct the Auction will
be dealt with by a separate order.

Pursuant to Section 363 of the Bankruptcy Code, the Debtor is
authorized to sell the SD Wells free and clear of all liens,
claims, interests and encumbrances, with such liens, claims and
encumbrances attaching to the proceeds of the sale pending further
order of the Court.  

A copy of the Exhibit A is available at
https://tinyurl.com/y893j988 from PacerMonitor.com free of charge.

            About Capstone Oilfield Disposal Services

Capstone Oilfield Disposal Services, LLC sought Chapter 11
protection (Bankr. W.D. Okla. Case No. 20-10461) on Feb. 14, 2020.
In the petition signed by Randy Holder, owner/managing member, the
Debtor disclosed total assets at $10,058,603 and $14,158,390 in
debt.  The Debtor tapped Stephen J. Moriarty, Esq., at Fellers,
Snider et al as counsel.


CEDAR MART: Case Trustee Wins More Time to Decide on Gateway Lease
------------------------------------------------------------------
Judge Harlin Dewayne Hale has granted the request of Robert
Yaquinto Jr., the Chapter 11 Trustee of Cedar Mart, Inc., for more
time to decide whether to assume the Debtor's non-residential real
property lease with Gateway to Lancaster, LLC.  The lease decision
deadline is extended by 60 days to September 2, 2020.

Judge Hale approved the appointment of Yaquinto as Chapter 11
Trustee at the behest of creditor Diane G. Reed, the duly appointed
Chapter 7 Trustee of the estate of Gateway to Lancaster, LLC.

The Gateway Trustee sought conversion of Cedar Mart's case to
Chapter 7 or, in the alternative, appointment of a Chapter 11
Trustee.

The Debtor leases and operates a shell gas station and convenience
store from Gateway located at 2625 N. Dallas Ave., Lancaster, Texas
75134 pursuant to a Commercial lease dated November 14, 2018.
Under the Gas Station Lease, Cedar Mart must maintain liability
insurance for the Leased Premises in the total aggregate sum
$1,000,000, and required to deliver appropriate evidence of the
insurance to Gateway upon request.  However, Cedar Mart failed to
submit the insurance documents to Gateway, and rather filed the
Chapter 11 case and continue to exercise control over the property
of the Gateway in violation of Section 362(a)(3) of the Bankruptcy
code.

Gateway owns equipment like the Underground Storage Tank registered
in the name of Gateway with the Texas Commission on Environmental
Quality.

According to the Gateway Trustee, Cedar Mart violated the Gas
Station lease provision for failing to comply with the Underground
Storage Tank regulations imposed by the TCEQ, including but not
limited to the failure to maintain required release detection
records for the UST system.

The Gateway Trustee argued that the case should be converted to
Chapter 7 for these reasons:

     1. The Debtor cannot continue to operate its business at the
leased premises due to lacks of financial means to relocate to
another leased location.

     2. The Debtor has consistently opposed the Trustee's sale to
Victron Energy, Inc.

     3. The Debtor filed a Chapter 11 petition in bad faith in
order to thwart the Trustee's effort to sell the Property to
Victron Energy Inc.

     4. The Debtor has failed to maintain $1,000,000 of liability
insurance required under the provision of Gas Station lease in
which poses a substantial risk to Cedar TC and Gateway bankruptcy
estates and creditors.

     5. The Gas Station Lease has not been terminated, and the
Debtor must continue to pay rent in the amount of $18,000 per
month; yet has no legal right to occupy the leased premises.

Counsel for the Gateway Chapter 7 Trustee:

     David W. Elmquist, Esq.
     REED & ELMQUIST, P.C.
     Waxahachie, TX 75165
     Tel: (972) 938-7339
     Fax: (972) 923-0430

                        About Cedar Mart Inc.

Cedar Mart, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 20-30813) on March 6,
2020.  At the time of the filing, the Debtor estimated between
$100,001 and $500,000 in assets, and less than $50,000 in
liabilities.  Judge Harlin Dewayne Hale oversees the case.  Joyce
W. Lindauer Attorney, PLLC served as the Debtor's legal counsel.



CEDAR TC: Proceeding in Chapter 7 Liquidation
---------------------------------------------
Cedar TC, LLC, is proceeding in Chapter 7 liquidation after the
U.S. Bankruptcy Court for the Northern District of Texas entered an
order converting the case from chapter 11 on May 5.

Areya Holder has been appointed Chapter 7 Trustee.  At a Status
Conference on May 12, the Trustee said the Debtor will cease
operations.

Creditor Diane G. Reed, the Chapter 7 Trustee of the estate of
Gateway to Lancaster, LLC, sought conversion of Cedar TC's case to
Chapter 7 or, in the alternative, appointment of a Chapter 11
trustee.

Cedar TC was formed as a Texas limited liability company on August
15, 2017, with Abbas Fawaz as the managing member. The Debtor
leased and operated a Taco casa restaurant from Gateway located at
2625 N. Dallas Ave., Lancaster, Texas 75134 pursuant to a
Commercial lease dated October 5, 2017.

Under the terms of the Taco Casa Lease, Cedar TC must maintain
liability insurance for the Leased Premises in the total aggregate
sum of $100,000, and required to deliver appropriate evidence of
the insurance to Gateway upon request.  However, Cedar failed to
submit the insurance documents to Gateway and rather filed the
Chapter 11 case and continue to exercise control over the property
of the Gateway in violation of Section 362(a)(3) of the Bankruptcy
Code.

The Gateway Trustee argued that the case should be converted to
Chapter 7 for these reasons:

     1. The Debtor cannot continue to operate its business at the
leased premises due to lack of financial means to relocate to
another leased location;

     2. The Debtor cannot continue to operate the Taco Casa
restaurant without paying monthly royalties to Taco Casa since
October 2018 in the amount of $160,000, and the Franchise Agreement
will soon be terminated;

     3. The Debtor filed a Chapter 11 petition in bad faith to
thwart the Gateway Trustee's effort to sell the Property to Victron
Energy Inc.

     4. The Debtor has failed to maintain $100,000 of liability
insurance required under the Franchise Agreement posing a
substantial risk to Cedar TC and Gateway bankruptcy estates and
creditors.

     5. The Taco Casa Lease has not been terminated, and the Debtor
continues to pay rent in the amount of $5,000 per month; yet has no
legal right to occupy the leased premises.

Counsel for the Gateway Chapter 7 Trustee:

     David W. Elmquist, Esq.
     REED & ELMQUIST, P.C.
     Waxahachie, TX 75165
     Tel: (972) 938-7339
     Fax: (972) 923-0430

The Cedar TC Chapter 7 Trustee may be reached at:

     Areya Holder
     LAW OFFICE OF AREYA HOLDER, P.C.
     901 Main Street, Suite 5320
     Dallas, TX 75202
     Tel: (972) 438-8800

The Cedar TC Chapter 7 Trustee is represented by:

     Kenneth A. Hill, Esq.
     QUILLING, SELANDER, ET AL
     2001 Bryan St., Suite 1800
     Dallas, TX 75201-4240
     Tel: (214) 871-2100
     E-mail: kenhill@qslwm.com

               About Cedar TC

Cedar TC, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 20-30814) on March 6, 2020.  At the
time of the filing, the Debtor estimated between $100,001 and
$500,000 in assets and between $500,001 and $1 million in
liabilities.  Judge Harlin Dewayne Hale oversees the case.  The
Mitchell Law Firm, L.P. served as the Debtor's legal counsel.



CHOCTAW GENERATION: Fitch Affirms CCC on Series 2 Lessor Notes
--------------------------------------------------------------
Fitch Ratings has taking the following rating actions on Choctaw
Generation Limited Partnership, LLLP's (CGLP) $294 million of pari
passu lessor notes:

  -- $235 million ($190 million outstanding) Series 1 lessor notes
     due December 2031 downgraded to 'B-' from 'B'; Outlook
     revised to Stable from Negative;

  -- $59 million ($94 million outstanding) Series 2 lessor notes
     due December 2040 affirmed at 'CCC'.

RATING RATIONALE

The rating downgrade reflects debt service coverage ratios (DSCR)
and financial performance persistently near break-even and reliance
on liquidity from subordinate accounts to support repayment. DSCRs
near break-even heightens repayment risk on the Series 1 notes due
to a lack of a debt service reserve to support cash shortfalls.
Fitch's forecasts include updates to the project's forecast
operating profile resulting in a weaker financial profile and a
limited margin of safety. Some flexibility exists to manage
liquidity through delaying major maintenance, although this could
lead to a weaker operational profile as the plant ages. Further
deterioration of the project's operational or financial profile
would erode the remaining limited margin of safety for repayment of
the Series 1 notes. Default is a real possibility for the Series 2
notes as deferred payments extend repayment beyond the purchase
power agreement (PPA) term and into the merchant period.

The outbreak of coronavirus and related government containment
measures worldwide create an uncertain global environment for the
power sector. While CGLP's performance data through most recently
available issuer data may not have indicated impairment, material
changes in revenue and cost profile are occurring across the power
sector and will continue to evolve as economic activity and
government restrictions respond to the ongoing situation. Fitch's
ratings are forward looking in nature. Fitch will monitor
developments in the sector as a result of the virus outbreak as it
relates to severity and duration, and incorporate revised base and
rating case qualitative and quantitative inputs based on
expectations for future performance and assessment of key risks.

KEY RATING DRIVERS

Lack of Dedicated Reserve - Operation Risk: Weaker

The owner-lessor, a subsidiary of Southern Company, funded
substantial modifications to improve plant performance. The
operator, also a Southern subsidiary, is considered strong but the
facility has experienced some volatility in operations since
completing the modifications. Lack of a dedicated O&M reserve
additionally weakens the project's ability to withstand periods of
underperformance, potentially eroding cash flow cushion available
for repayment.

Adequate Mine-Mouth Coal Supply - Supply Risk: Weaker

CGLP's mine-mouth location and reputable fuel supplier moderates
some supply risk. However, early termination or expiration of the
supply agreement in 2032 with potentially less favorable pricing
could lead to inadequate fuel cost recovery.

Revenue Contract with Strong Counterparty - Series 1 Revenue Risk:
Midrange

CGLP has a PPA with Tennessee Valley Authority (TVA; AA/Stable
Outlook) for the project's full capacity and energy output through
mid-2032. The Series 1 notes mature four months prior to PPA
expiration. Cash flows are moderately sensitive to dispatch levels
with some vulnerability to deterioration in the economic
environment.

Significant Merchant Exposure - Series 2 Revenue Risk: Weaker

Under a variety of sensitivity scenarios, a significant portion of
Series 2 debt would remain unpaid upon PPA expiration. There is a
high level of uncertainty regarding CGLP's ability to operate
economically in a fully merchant environment.

Debt Structure Lacks Typical Support Features - Debt Structure:
Weaker

Both series lack a dedicated debt service reserve, relying instead
on draws from other project accounts to fund Series 1 payment
shortfalls. The ability to defer Series 2 target interest and
principal payments introduces the risk of a high outstanding
balance to be repaid after the PPA expires resulting in exposure to
refinancing risk.

Financial Summary

Under Fitch's forecasts with revised operational assumptions, the
Series 1 DSCR will be close to 1.0x for most years. In the absence
of a debt service reserve, the project will need to access funds
from subordinate accounts or require equity support to avoid
payment default. This profile suggests that material default risk
is present and repayment is highly sensitive to moderate
underperformance. Additionally, historical operating costs have yet
to stabilize to within original expectations, eroding the limited
coverage cushion available.

The structural subordination on Series 2 notes yields weaker credit
metrics with higher repayment risk. Payment deferrals under rating
case conditions cause the outstanding balance to balloon to $207
million in 2031. Beyond 2031, there is a high degree of uncertainty
regarding project economics under fully merchant conditions and
ability to fully repay the Series 2 debt by maturity.

PEER GROUP

CLGP's rating is comparable with other privately rated thermal
projects in the 'B' category. Comparable projects typically
demonstrate low coverages with limited cushion available to
withstand moderate periods of underperformance and reliance on
reserves or available liquidity to support debt repayment. These
projects have a limited margin of safety available and are
vulnerable to deterioration in operations and/or economic
environment. Outside the U.S., a higher-rated coal project,
Minejesa Capital BV (BBB-/Stable Outlook), is supported by the
absence of merchant exposure under the PPA, favourable pass-through
of fuel costs, stable operating history, and a stronger average
rating case coverage of 1.45x.

RATING SENSITIVITIES

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

  -- Operational and financial performance consistently exceeding
     Fitch projections;

  -- Improvement in the rating of the Series 2 notes is
     considered unlikely barring a material repayment of the
     deferred balances.

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

  - Coverages persistently below Fitch projections on the Series
    1 notes;

  - Sustained operating and/or financial performance below Fitch
    projections;

  - Consistent draws that deplete liquidity for the Series 1
    notes.

CREDIT UPDATE

The project reported availability of 92% in 2019 compared with 89%
in 2018, improving capacity revenues for the year. The capacity
factor at the project declined to 61% in 2019 from 74% in 2018 as
more efficient generators in the region were called ahead of the
project reflecting the continued low gas price environment. As a
result, total revenues declined to $135 million in 2019 compared
with $145 million in 2018, a 7% decline.

Fuel costs declined to $66 million in 2019 from $79 million in
2018, which is in line with the lower dispatch of the plant.
Non-feedstock expenses in 2019 increased to $43 million from $41
million in 2018, a 5% increase. This was due to additional work
related to tube leak repairs, additional maintenance during the
reserve shut-down periods, and other minor work. There were no
major issues to note during the maintenance outages or unplanned
capex in 2019. The project continues to perform reliability
improvement projects on an as-needed basis in order to optimize
performance and preserve cash liquidity. For example, work is
expected to begin this year on partial tube replacements on the
external beds, which will be performed over the next eight years.
The project has budgeted approximately $1.2 million per year, which
is expected to improve operational performance. There is a
potential these projects could be delayed in the event of financial
underperformance with limited to no funding toward planned major
maintenance needs. This could heighten the project's difficulty in
maintaining current levels of performance if critical maintenance
needs are delayed as the plant ages.

The project reported a 2019 DSCR of 0.99x compared with a 2018 DSCR
of 1.02x on the Series 1 notes. Cash flow available for debt
service for both years was comparable at approximately $24 million,
although the decrease in coverages was due to the escalating debt
service that increased to $24 million in 2019 compared with $23
million in 2018. The cash shortfall of $182 thousand was covered by
available cash in the subordinate accounts which totaled
approximately $24 million after the December 2019 Series 1 debt
service. No payments on the Series 2 notes were made in 2019 or are
expected for 2020 due to the limited cash flow available.

As of June 2020, the project has approximately $26 million in
liquidity available in the subordinate accounts to support
temporary shortfalls, but no dedicated debt service reserve fund or
O&M reserve is available. Available liquidity has averaged around
$20 million to $25 million over the last year. A material decline
in liquidity below current levels would further heighten repayment
risk and potentially result in negative rating actions.

The project is conservatively forecasting a 2020 DSCR of 0.91x and
estimated cash shortfall of approximately $2 million on the Series
1 notes based on a budgeted availability of 90% and capacity factor
of 71%. The Series 1 notes scheduled debt service increases to
approximately $25 million in 2020, which places additional risk on
the project to generate sufficient cash flow for the year. Year to
date performance as of May 2020 is in line with forecasts with an
availability of 93% and capacity factor of 76%. Moderate
performance deviations from current levels for the remainder of the
year could result in reduced cash flow available for debt service.
The persistent low gas price environment has pushed the project
higher on the dispatch curve resulting in lower energy generation
and lower energy margins than originally forecast despite the
improved availability. To mitigate, the project is continuing to
work on realizing operating and maintenance cost savings due to the
lower generation to preserve cash flow. The low gas pricing
environment is expected to persist, and combined with an escalating
debt service further pressures the project's limited margin of
safety if it is unsuccessful in realizing the cost savings from the
lower dispatch or maintaining stable performance.

The project has been minimally impacted by the coronavirus pandemic
and continues to adhere to local guidelines and maintain necessary
precautions to ensure the safety of plant personnel. The project
has not experienced any material operational or fuel supply issues.
A force majeure notice was received from the offtaker, TVA, as a
precautionary measure where they may reduce generation from the
project due to the current coronavirus pandemic. The notice was
issued on April 7, 2020 and the project has not experienced any
force majeure downtime requests from TVA.

The change in ownership of the lessee, Choctaw Generation LP, is
not expected to materially impact project operations. The change in
ownership is anticipated to close by the end of July 2020 with no
changes to the asset management and O&M agreements.

FINANCIAL ANALYSIS

Fitch utilizes the sponsor's assumptions with moderated operational
stresses in creating a base case for expected performance. The base
case assumes availability of 90% and capacity factor of 70%, which
is more in line with the recent performance after completion of the
plant modifications and the sponsor's updated forecasts. The base
case for the Series 1 notes results in average DSCRs near
break-even through the remaining PPA term with reliance on
available liquidity to offset potential cash shortfalls. DSCRs
average 0.99x with a minimum of 0.90x in 2026, a major maintenance
year with an estimated cash shortfall of approximately $1.9
million. Under this scenario, the portfolio maintains a limited
margin of safety as repayment is highly sensitive to any
underperformance. Some uncertainty remains if the project can
maintain current performance without additional capex or equity
support.

Under a consolidated basis, the DSCR falls below breakeven through
the PPA term with a Series 2 estimated balance of $207 million by
2031. During the merchant period, Fitch's case layers on additional
availability and heat rate stress of 1%, cost stress of 5% and a
reduction in the capacity factor to 45% reflecting the projects
forecast heat rate and market implied heat rate during the merchant
period. It is assumed the project will only operate during peak
hours. The project demonstrates high sensitivity during this period
to any deterioration in operations or economic environment,
suggesting the project is unlikely to remain economical in a
merchant environment.

SECURITY

In December 2002, SE Choctaw purchased the 440MW lignite-fired Red
Hills Generation Facility from CGLP. Immediately following the
acquisition, the owner leased the facility back to CGLP under a
45-year lease, expiring Dec. 20, 2047. Lessor notes were issued in
accordance with the lease, but steady declines in performance
prompted a restructuring of the original lessor notes. The notes
were restructured to reduce interest rates, extend the debt term,
and introduce a PIK feature to Series 2. As part of the lease
restructuring, the owner-lessor agreed to make approximately $60
million in equity investments for needed repairs and maintenance
and to implement various modifications to improve the performance
of the facility. The restructuring also included a new operator and
new refined coal-purchase agreement. Along with the lease
restructuring, the ownership interest in lessee CGLP was sold to
two indirect wholly owned subsidiaries of PurEnergy I, LLC.

Prior to the acquisition of PurEnergy 1, LLC by NAES Corporation in
June 2016, those entities were transferred and became two indirect
wholly owned subsidiaries of PurEnergy II, LLC. CGLP is structured
as a leveraged lease transaction and the Series 1 and 2 notes are
pass-through trust certificates secured by the project's rent
payments. Although Series 2 is structurally subordinated in the
payment waterfall, the two series of notes are pari passu.

ESG CONSIDERATIONS

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


CONDOR HOSPITALITY: Says Substantial Going Concern Doubt Exists
---------------------------------------------------------------
Condor Hospitality Trust, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss (attributable to common shareholders)
of $3,169,000 on $13,227,000 of revenue for the three months ended
March 31, 2020, compared to a net loss (attributable to common
shareholders) of $129,000 on $15,903,000 of revenue for the same
period in 2019.

At March 31, 2020, the Company had total assets of $286,298,000,
total liabilities of $193,573,000, and $92,725,000 in total
equity.

The Company disclosed that there is substantial doubt about its
ability to continue as a going concern for the one year period
after the date the financial statements are issued.

The Company stated, "Due to the COVID-19 pandemic, the hospitality
industry has experienced significant drops in demand.  The Company
has temporarily closed two of our hotels while our remaining hotels
operate in a significantly reduced capacity.  We believe the
ongoing effects of the COVID-19 pandemic on our operations have
had, and will continue to have, a material negative impact on the
hospitality industry, and thus on our financial results and
liquidity, and such negative impact may continue beyond the
containment of the pandemic.  While we cannot assure you that that
the assumptions used to estimate our future liquidity will be
correct, the Company believes it can generate the liquidity
required to operate through the crisis through a combination of the
continued operation of a majority of our portfolio with significant
cost reduction measures in place and, if necessary, additional debt
and equity financings.  However, there can be no assurance that the
Company will be able to obtain such financing on acceptable terms
or at all.

"Additionally, although the Company was in compliance with all its
debt covenants as of March 31, 2020, management has determined that
the Company may violate certain financial covenants under its debt
agreements within the next twelve months if covenant waivers or
amendments are not obtained.  If the Company were to violate one or
more financial covenants, the lenders could declare the Company in
default and could accelerate the amounts due under a portion or all
of the Company's outstanding debt.  The Company believes it will
receive such waivers before any covenants are violated.  However,
any waivers would be granted at the sole discretion of the lenders,
and there can be no assurance that the Company will be able to
obtain such waivers.

"Based on a combination of these factors and the guidance in U.S.
generally accepted accounting principles ("U.S. GAAP") that
requires that in making this determination for the one year period
following the date of the financial statements, the Company cannot
consider future fundraising activities or the likelihood of
obtaining covenant waivers, all of which are outside of the
Company's sole control, the Company has determined that there is
substantial doubt about the Company's ability to continue as a
going concern for the one year period after the date the financial
statements are issued.  Management believes it will obtain required
waivers from its lenders before any covenants are violated given
that conditions are not exclusive to the Company and based on the
actions of lenders thus far in this crisis including waivers
already granted to the Company.  However, there can be no assurance
that the Company will be able to obtain waivers on acceptable terms
or at all.

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

                       https://is.gd/Ld0WGV

Condor Hospitality Trust, Inc. operates as a real estate investment
trust. The Company deals in the investment and ownership of hotels.
Condor Hospitality Trust serves customers in the United States. The
company is based in Norfolk, Nebraska.



COWBOY PUMPING: Aug. 15 Auction of Rolling Stock Set
----------------------------------------------------
Judge Janice D. Loyd of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Cowboy Pumping Unit Sales & Repair,
LLC's public auction of substantially all of its assets, including
equipment, vehicles, and other property ("Rolling Stock"),
identified and described at Exhibit A.

The sale of the Rolling Stock is authorized as follows:

     a. the Rolling Stock will be sold at public auction to be
conducted by approximately Aug. 15, 2020;

     b. upon finalization of the Auction time and procedures, the
Debtor will file with the Court and serve on all creditors and
interested parties a Notice of Intent to Sell the Rolling Stock at
Public Auction; and

     c. the employment of an auctioneer to conduct the Auction will
be dealt with by a separate order.

Pursuant to Section 363 of the Bankruptcy Code, the Debtor is
authorized to sell the Rolling Stock free and clear of all liens,
claims, interests and encumbrances, with such liens, claims and
encumbrances attaching to the proceeds of the sale.

A copy of the Exhibit A is available at
https://tinyurl.com/y7rkxjk3 from PacerMonitor.com free of charge.

                    About Cowboy Pumping

Cowboy Pumping Unit Sales & Repair, LLC, disassembles, repairs,
moves or reassembles any pumping unit equipment.  It was created to
provide service to oil and gas operators that have pumping units in
Central and Northwest Oklahoma.

Cowboy Pumping Unit Sales & Repair filed a voluntary petition under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Okla. Case No.
19-14561) on Nov. 7, 2019.  In the petition signed by Tom Holder,
vice-president, the Debtor was estimated to have $50,000 in assets
and $10 million to $50 million in liabilities.  Stephen J.
Moriarty, Esq.,at Fellers, Snider, Blankenship, Bailey & Tippens,
P.C., is the Debtor's counsel.


CYPRESS SEMICONDUCTOR: Egan-Jones Withdraws BB- Sr. Unsec. Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 2, 2020, withdrew its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Cypress Semiconductor Corporation.

Headquartered in San Jose, California, Cypress Semiconductor
Corporation designs, develops, manufactures, and markets a line of
digital and mixed-signal integrated circuits.



DENBURY RESOURCES: Egan-Jones Lowers Sr. Unsec. Debt Ratings to C
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Denbury Resources Inc. to C from CC. EJR also downgraded the
rating on commercial paper issued by the Company to D from C.

Headquartered in Plano, Texas, Denbury Resources Inc. produces
petroleum products.



DIEBOLD NIXDORF: Moody's Assigns B3 Rating on New Sr. Sec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned B3 ratings to the proposed
senior secured notes to be issued by Diebold Nixdorf, Inc. and its
Diebold Nixdorf Dutch Holding B.V. subsidiary, as well as a B3 to
Diebold's revolver for which maturity will be extended to 2023. As
part of the rating action, Moody's also affirmed Diebold's B3
corporate family rating, B3-PD probability of default rating, the
B3 ratings on the company's existing first lien credit facilities,
as well as the Caa2 ratings on Diebold's senior unsecured notes.
The rating action reflects the pro forma impact of Diebold's
planned repayment of its term loan A and A-1 debt as well as its
existing revolver borrowings with proceeds from the proposed bonds,
borrowings under its extended maturity revolver, and cash from the
company's balance sheet in an essentially debt leverage neutral
transaction. Although the resulting extension of the company's debt
maturity profile is beneficial to Diebold's liquidity, the
company's Speculative Grade Liquidity rating was maintained at
SGL-3 and the outlook is stable.

Affirmations:

Issuer: Diebold Nixdorf, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Bank Credit Facility, Affirmed B3 (LGD4)

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD6)

Assignments:

Issuer: Diebold Nixdorf Dutch Holding B.V.

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4)

Issuer: Diebold Nixdorf, Inc.

Senior Secured Bank Credit Facility, Assigned B3 (LGD4)

Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4)

Outlook Actions:

Issuer: Diebold Nixdorf Dutch Holding B.V.

Outlook, Assigned Stable

Issuer: Diebold Nixdorf, Inc.

Outlook, Remains Stable

RATINGS RATIONALE

Diebold's B3 CFR reflects the company's elevated pro forma gross
debt leverage of nearly 6x (Moody's adjusted) as of March 31, 2020
which is expected to rise moderately throughout 2020, ongoing
execution challenges relating to Diebold's restructuring program,
and Moody's expectation of a challenging operating environment in
the company's core automated teller machine ("ATM") market in the
coming year. The issuer's credit quality is constrained by
Diebold's limited financial flexibility which continues to be
negatively impacted by the company's inability to generate
meaningful free cash flow as well as potential reputational risk in
the event of a data security or customer privacy breach of the
company's hardware products or software systems.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial credit
implications of public health and safety. The pandemic has created
logistical challenges and pressured capital expenditure budgets
throughout Diebold's client base and the company's vulnerability to
shifts in market demand and sentiment in these unprecedented
operating conditions weigh on its credit rating.

However, Diebold's credit profile is supported by Diebold's
expansive geographic footprint and leading market positions across
its financial self service and retail point of sale business.
Additionally, the company's credit profile should benefit from the
ongoing shift in Diebold's sales mix towards higher margin software
and services offerings that should partially mitigate challenges in
the more mature hardware business and provide improved revenue
visibility.

The B3 ratings for Diebold's senior secured credit facility as well
as the proposed senior secured bonds to be issued by the company
and Diebold Dutch principally reflect the company's B3-PD PDR, a
loss given default ("LGD") assessment of LGD4, and the effective
subordination of the secured debt to Diebold's foreign non-debt
liabilities as the company's foreign non-guarantor subsidiaries
account for the vast majority of total assets and operations. The
credit facility ratings are consistent with the CFR and also
reflect the bank debt's priority in the collateral (principally
stock pledges) and senior ranking in the capital structure relative
to Diebold's senior unsecured notes rated Caa2 (LGD6). The
unsecured notes are not a sufficiently material portion of the debt
capital structure to provide lift to the secured debt ratings.

Diebold's liquidity is presently adequate, as indicated by the
SGL-3 rating. Liquidity is supported by pro forma cash and
short-term investments on the company's balance sheet that are
expected to approximate $350 million following the completion of
the proposed refinancing transaction. Liquidity is further
supported by pro forma aggregate borrowing capacity of
approximately $175 million under the company's revolvers
(approximately $330 million maturing July 2023 and approximately
$40 million maturing April 2022). As proposed, the revolver will
continue to be subject to maintenance covenant limitations
including a maximum leverage ratio of 7.0x (with step downs
beginning on June 30, 2020) and a minimum adjusted EBITDA to net
interest expense coverage ratio of 1.38x (with step ups beginning
on December 31, 2020). Based on current operating performance
expectations, Moody's anticipates that the company will remain in
compliance with these covenants, but with limited cushion, over the
next 12-18 months.

The stable outlook reflects Moody's expectation that Diebold will
experience a considerable contraction in its revenues and adjusted
EBITDA in 2020, resulting in a moderate increase in debt leverage
throughout this period.

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

The ratings could be upgraded if Diebold generates sustained
revenue growth and improves margins such that adjusted debt to
EBITDA is sustained below 6.0x with improved liquidity and FCF/Debt
is above 5% with adherence to disciplined financial policies.

The ratings could be downgraded if Diebold experiences ongoing
weakness in operating performance, market share declines
materially, or liquidity deteriorates.

Diebold has leading market positions in developing, manufacturing,
and servicing ATMs, electronic cash registers, and other related
physical security solutions for banks and retailers. Moody's
expects the company to generate annual revenues of over $3.7
billion in 2020.

The principal methodology used in these ratings was Diversified
Technology published in August 2018.


DOROTHY ANN BEASLEY-SCHNIPER: Selling Birmingham Property for $1.5M
-------------------------------------------------------------------
Dorothy Ann Beasley-Schniper asks the U.S. Bankruptcy Court for the
Northern District of Alabama to authorize the Commercial Sale
Agreement in connection with the private sale of her interest in
the real property located at 501 - 32nd Street South, Birmingham,
Jefferson County, Alabama for $1.5 million.

The Debtor proposes to sell the estate's interest in the Property
free and clear of any and all mortgages, liens, interests and/or
other encumbrances, but to the extent any lien exists, it would
attach to sale proceeds to the extent properly allowed.

The Debtor has determined that completion of the sale of the
property would be in the best interest of the Debtor's estate and
creditors.

The Debtor sets forth that the total sales price represents the
fair market Value of the realty.  

The Purchaser has already obtained financing and the sale can close
immediately after approval from the Court.

The real property is subject to the following liens, mortgages or
other interest:

     a) ServisFirst holds a first mortgage with a balance of
$4,866,805.

     b) ServisFirst holds a second mortgage with a balance of
$468,031.

     c) ServisFirst holds a third mortgage with a balance of
$244,522.

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

Dorothy Ann Beasley-Schniper sought Chapter 11 protection (Bankr.
N.D. Ala. Case No. 20-00074) on Jan. 8, 2020.

Counsel for the Debtor:

          C. Taylor Crockett, Esq.
          C. TAYLOR CROCKETT, P.C.
          2067 Columbiana Road
          Birmingham, AL 35216
          Telephone: (205) 978-3550
          Facsimile: (205) 978-3556


DOUBLE G BRANDS: Aug. 10 Auction of All Assets Set
--------------------------------------------------
Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the
Eastern District of Missouri authorized in part Double G Brands,
Inc.'s sale of substantially all assets to Naked Foods, LLC,
subject to higher and better offers.

A hearing on the Motion was held on July 6, 2020 at 11:00 a.m.

The bid procedures are approved.

Any Potential Bidder, other than Purchaser, interested in
participating in the acquisition of the Business Assets will have
until 5:00 p.m. (CT) on July 31, 2020, to conduct any and all
necessary due diligence.  Potential Bidders wishing to conduct due
diligence will notify the Debtor in writing of their intention and
shall, within the reasonable discretion of the Debtor, be granted
access to any and all information concerning the Business Assets
and the terms of the APA, upon the execution of a confidentiality
agreement to
be prepared by Debtor, if deemed necessary.

The salient terms of the Bidding Procedures are:

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

     b. Initial Bid: At least equal to the sum of the Purchase
Price plus a minimum of $50,000, which must be payable in cash to
the Debtor on or before the Closing Date established by the APA

     c. Deposit: $10,000 to be deposited in a trust account at
Carmody MacDonald PC

     d. Auction: If any Potential Bidders are determined to be
Qualified Bidders, the Debtor will conduct an auction for the sale
of the Acquired Assets, on Aug. 10, 2020, at Carmody MacDonald
P.C., 120 South Central, Suite 1800, Clayton, 63015 at a time to be
determined by the mutual consent of Potential Purchasers and Debtor
with the APA serving as the initial bid and in accordance with the
approved Bid Procedures.  In the event there are no bids other than
that of the Purchaser, Debtor will ask Court approval of the APA at
the Final Sale Hearing.

     e. Bid Increments: TBA

     f. Sale Hearing: Aug. 17, 2020 at 11:00 a.m.

     g. Sale Objection Deadline: Aug. 13, 2020 at 5:00 p.m. (CT)

Commerce Bank consents to the Sale Motion subject to the following:
Commerce's lien will be paid in full at the sale closing via wire
transfer.

The Debtor is directed to serve a copy of the Order upon the
parties listed on the mailing matrix filed in the case, not
receiving electronic notice in the matter.

                     About Double G Brands

Double G Brands, Inc., a manufacturer and wholesaler of pork
products, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. E.D. Mo. Case No. 20-42984) on June 10, 2020.  At the time
of the filing, the Debtor had estimated assets of between $500,000
and $1 million and liabilities of between $1 million and $10
million.  Carmody MacDonald, P.C. is the Debtor's legal counsel.


EMPORIA PROPERTY: Selling Emporia Assets to Braun for $600K
-----------------------------------------------------------
Emporia Property Group, LLC, asks the U.S. Bankruptcy Court for the
District of Kansas to authorize the auction sale of the real
property located at 2700 W. 18th Avenue, Emporia, Kansas, and
various equipment, furniture and fixtures, and other miscellaneous
property, to Braun Equities for $600,000.

The Debtor owns a hotel branded property as Clarion through Choice
Hotels International and is located at the Premises because of
ongoing financial difficulties and the COVID-19 Pandemic, the hotel
operations recently ceased.   

The Court previously approved the sale to The Kishan Group, but the
transaction failed to close.  The current sale changes the Buyer
and increases the sale price from $350,000 to $600,000.

The Debtor wishes to sell the Property.  It entered into a
Commercial Purchase & Sale Agreement with the Buyer on June 2, 2020
for the sale of the property for the sum of $600,000.  Pursuant to
the Sale Agreement, the Debtor proposes to sell the Property which
includes without limitation, all improvements thereon and all
rights and appurtenances, pertaining thereto, including any right,
title, and interest of Seller in and to adjacent streets, alleys or
rights-of-way, easements, gores or stripes of land, and any
entitlements relating thereof, development rights and all rights in
and to all permits, licenses, authorizations, approvals, maps,
students and plans specific to the Property.

The Debtor seeks the specific authority to sell the Real Property
free and clear of all liens pursuant to Section 363 of the
Bankruptcy Code, including, but not limited to the following:

     a. Mortgage from Emporia Property Group, LLC to JM Internet
Ventures, LLC, et al., dated May 4, 2016, filed May 27, 2016 and
recorded as Document #2016-01728.  Instrument recites that it
secures a debt in the original sum of $2,702,937.

     b. Mortgage from Emporia Property Group, LLC to John Gipson,
et al., dated June 1, 2017, filed June 5, 2017 and recorded as
Document #2017-01839.  Instrument recites that it secures a debt in
the original sum of $1,297,063.

     c. Mortgage from Emporia Property Group, LLC to Provident
Trust Group, et al., dated Jan. 30, 2018, filed Feb. 21, 2018 and
recorded as Document #2018-00554.  Instrument recites that it
secures a debt in the original sum of $393,600.

     d. Lyon County District Court Case 19SL3 Solid Rock Energy
Solutions, LLC v. Emporia Property Group, LLC, filed March 22, 2019
in the original sum of $27,457.

     e. Lyon County District Court Case 19SL5 Piping Contractors of
Kansas, Inc., doing business as PCI Mechanical Services v. Emporia
Property Group, LLC, filed April 2, 2019, in the original sum of
$87,546.

Prior to the case being filed, the Real Property was listed for
sale for approximately one year with a national seller of hotels.
The Debtor received very little interest.   

The Debtor employed Ten-X after the bankruptcy was filed for the
purpose of conducting an auction of the Real Property.  The
marketing efforts produced 99 registrations for view of data room
materials by signing a confidentiality agreement.

After reviewing due diligence materials, none of the 99 registered
to bid at the auction.  The Debtor previously entered into a
Commercial Purchase & Sale Agreement with The Kishan Group for sale
of the Property, but the sale failed to close.  Given the long
history and past marketing efforts, the Debtor believes that the
proposed Sale to Braun Equities is realistic and another auction
process is not necessary.

The Debtor asks the entry of an order by the Court (i) approving
and authorizing the sale of the Property as provided free and clear
of all Liens, and (ii) and the Sale Agreement.

As provided in the Sale Agreement, the Debtor has negotiated a sale
of the Property to Braun Equities, free and clear of Liens, for
$600,000.  Braun Equities will deposit with the Escrow Company the
sum of $25,000 within three business days of mutual execution of
the Sale Agreement, and an additional $35,000 upon expiration of
the inspection period, with the balance of $540,000 to be deposited
into escrow one business day before the close of escrow and will be
disbursed by the escrow company at the close of escrow.  The sale
of the Property to Braun Equities pursuant to the Sale Agreement is
subject to higher and better bids as provided in the Sale Agreement
and described below.  The Debtor believes the Purchase Price
constitutes fair value for the Property and the terms of the
proposed sale to Braun Equities are fair and reasonable.  

Should parties other than Braun Equities desire to submit competing
offers to purchase the Debtor's interest in the Property, those
offers will be submitted on or before June 15, 2020.  Given that
the Debtor has already had a live auction that was not successful
and a sale that failed to closed, the Debtor does not intend to
conduct another auction, but will entertain any competing offers
until June 15, 2020.  Any Competing Offer must be for a purchase
price of not less than $600,000 payable in cash at closing.

Any Competing Offer will be on terms which are no more burdensome
or conditional to the Debtor or less burdensome or conditional to
the bidder than are the terms of the Sale Agreement.  

The Debtor will notify its secured creditors and parties who have
expressed an interest in the Property during the Debtor’s
ownership of the Property.  The creditors of the Debtor will
receive greater value through an orderly sale in Chapter 11 than
they would receive if relief from stay is granted although no
creditor has sought relief from the automatic stay.  The Debtor
therefore requests that it be authorized to complete and to conduct
the sale of the Property after notice and hearing.

The proceeds from the sale of the Property will remain in escrow
subject to review, challenge, and final court approval and
thereafter will be distributed first to allowed administrative
claims, United States Trustee fees, and then up to $25,000 in legal
fees incurred by the Unsecured Creditors Committee to investigate
Chapter 5 claims as may exist and which may be assigned to the
Unsecured Creditors Committee pursuant to further Court order.
Thereafter, all remaining sale proceeds will be subject to liens
attaching thereto, subject to any rights and defenses of the Debtor
and other parties in interest with respect thereto.

A copy of the Agreement is available at
https://tinyurl.com/y82pg8mf from PacerMonitor.com free of charge.

                   About Emporia Property

Emporia Property Group LLC owns in fee simple a hotel property
located at 2700 W. 18th Avenue, Emporia, KS 66091 having an
appraised valued of $3.05 million.  The Clarion Inn & Conference
Center hotel -- https://www.emporiaclarion.com/ -- is 100%
non-smoking and pet-friendly hotel located nearby Emporia State
University, and businesses that include Tyson, Emporia Energy
Center Westar, and Hostess Brands.

Emporia Property Group LLC filed a Chapter 11 petition (Bankr. D.
Kan. Case No. 19-22155) on October 8, 2019. In the petition signed
by Lee Jones, authorized signer for Emporia Property Group, LLC,
the Debtor estimated $3,236,648 in assets and $6,406,053 in
liabilities.

The case is assigned to Judge Dale L. Somers.

Colin N. Gotham, Esq. at EVANS & MULLINIX, P.A., represents the
Debtor.


ENDRA LIFE: Incurs $3.3M Net Loss for the Quarter Ended March 31
----------------------------------------------------------------
ENDRA Life Sciences Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,322,797 on $0 of revenue for the three
months ended March 31, 2020, compared to a net loss of $2,748,736
on $0 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $4,398,887,
total liabilities of $1,876,849, and $2,522,038 in total
stockholders' equity.

The Company said, "During the three months ended March 31, 2020, we
incurred net losses of $3,322,797 and used cash in operations of
$3,088, 295.  These and other factors raise substantial doubt about
our ability to continue as a going concern for one year from the
issuance of the accompanying financial statements."

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

                       https://is.gd/AwYY1M

ENDRA Life Sciences Inc. develops medical imaging technology based
on the thermos-acoustic effect that improves the sensitivity and
specificity of clinical ultrasound. It offers diagnostic imaging
technologies, such as computed tomography, magnetic resonance
imaging, and ultrasound that allow physicians to look inside a
person's body to guide treatment or gather information about
medical conditions, such as broken bones, cancers, signs of heart
disease, or internal bleeding. It also offers Nexus-128 system that
combines light-based thermos-acoustics and ultrasound to address
the imaging needs of researchers studying disease models in
pre-clinical applications. ENDRA Life Sciences Inc. has
collaborative research agreement with General Electric Company. The
company was incorporated in 2007 and is based in Ann Arbor,
Michigan.



ENERGY TRANSFER: Moody's Affirms Ba2 Rating on Preferred Stock
--------------------------------------------------------------
Moody's Investors Service changed Energy Transfer Operating, L.P.'s
outlook to negative from stable while affirming its Baa3 senior
unsecured rating, its P-3 commercial paper rating, its Ba1 junior
subordinated notes rating and its Ba2 preferred stock ratings.

"The change in Energy Transfer Operating's outlook to negative is
in response to the US District Court ruling ordering that its 38%
owned and operating Dakota Access Pipeline (Dakota Access) be shut
down during a court-ordered environmental review that is expected
to extend into mid-2021," commented Andrew Brooks, Moody's Vice
President. "This negative event only exacerbates the company's
increased leverage expected in 2020 as a result of weak EBITDA and
elevated debt levels."

Outlook Actions:

Issuer: Energy Transfer Operating, L.P.

Outlook, Changed to Negative from Stable

Affirmations:

Issuer: Energy Transfer Operating, L.P.

Junior Subordinated Regular Bond/Debenture, Affirmed Ba1

Backed Senior Unsecured Shelf, Affirmed (P)Baa3

Preferred Stock, Affirmed Ba2

Commercial Paper, Affirmed P-3

Senior Unsecured Regular Bond/Debenture, Affirmed Baa3

RATINGS RATIONALE

The US District Court for the District of Columbia has ruled that a
federal permit granted by the US Army Corp of Engineers (USACE)
that permitted Dakota Access to cross North Dakota's Lake Oahe fell
short of National Environmental Policy Act requirements, and that
the pipeline must cease operations effective August 5 while the
USACE conducts a full Environmental Impact Statement (EIS). The EIS
will be a broader study than the Environmental Assessment
undertaken earlier by the USACE in support of its granting a
required easement to the pipeline, which enabled it to enter
commercial service in June 2017. The court ruling will likely be
appealed, prolonging the litigation. Dakota Access's 570,000
barrels per day (bpd) of capacity is fully contracted under
take-or-pay conditions that provide for 469,000 bpd of minimum
volume commitments.

The potential loss of up to a year's EBITDA derived from ETO's 38%
ownership of Dakota Access will exacerbate earnings weakness
already anticipated in 2020 resulting from covid-related supply and
demand shocks to domestic energy markets. Energy Transfer has
guided 2020's EBITDA to a range of $10.6 - $10.8 billion, at its
midpoint a 4.5% decline over 2019. Weakness is particularly acute
in ETO's liquids pipeline transportation segments, specifically
crude oil and refined products, whose throughput is exposed to
volumetric declines. Although 85% fee-based, midstream gathering
and processing (G&P) will also likely register declines in EBITDA.
Natural gas gathering remains vulnerable to volumetric declines,
while processing profitability is exposed to both volumetric and
commodity price risk depending on contract structures. The
broad-based energy sector is struggling in 2020 under the weight of
weak commodity prices, volumetric declines and a declining
counterparty credit profile, from which midstream energy is not
wholly immune.

Moody's expects that declining EBITDA as projected for 2020 will
reverse the recent trajectory of ETO's improved leverage metrics.
On proportionately consolidated debt approximating $52 billion,
Moody's expects ETO's leverage to revert back to around 5.5x in
2020. The potential loss of Dakota Access EBITDA, and the cost of
ETO's pro rata share of supporting the pipeline's operations and
debt service could further increase leverage to a level approaching
6x. The company has articulated a goal of reducing consolidated
leverage down to a range of 4.0x-4.5x (proportionately
consolidated). While encouraging, Moody's now sees this as being
made that much more difficult to achieve given 2020's earnings
weakness and the uncertainty around Dakota Access.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on Energy Transfer Operating of the deterioration in credit
quality it has triggered, given its exposure to ongoing Dakota
Access litigation risk, which has left it vulnerable to shifts in
market demand and sentiment in these unprecedented operating
conditions. The breadth and severity of crude oil demand and supply
shocks has had a negative impact on the operations of many
midstream energy companies. Dakota Access is also subject to the
risk that heightened concern regarding climate change will further
tighten the regulation of oil and gas operations and its attendant
infrastructure needs. Tightened emission regulations and stricter
approval processes for projects for environmental and other social
license reasons in certain regions can pose an added burden to
pipeline operators.

ETO's outlook is negative. The outlook could be changed to stable
should an unappealable ruling permitting Dakota Access to operate
be issued, and with ETO's leverage returning towards 5x.

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

ETO's rating could be downgraded should its debt/EBITDA remain
above 5x. The rating could be upgraded if the company reduces
consolidated debt/EBITDA (proportionately consolidated) below 4.5x
with strong distribution coverage remaining in the 1.8x area.

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

Energy Transfer Operating, L.P., headquartered in Dallas, Texas,
owns and operates a broad array of midstream energy assets. ETO is
controlled by Energy Transfer LP. (ET, not rated), which holds the
general partner interest in ETO.


FALL CREEK PLAZA: Owners File 3 Chapter 11 Bankruptcy Protection
----------------------------------------------------------------
Jeff Jeffrey, writing for Houston Business Journals, reports that
Fall Creek Plaza filed Chapter 11 bankruptcy protection.

On June 9, 2020, the owners of Fall Creek Plaza, which is located
at 9506-9526 N. Sam Houston Parkway East, submitted three separate
bankruptcy petitions related to the plaza, with each citing
liabilities of between $10 million and $50 million.  The bankruptcy
filings said the plaza's owners anticipate up to 49 creditors will
be seeking to collect on debt owned related to the plaza, including
Chicago-based JLL (NYSE: JLL), San Antonio-based IBC Insurance
Agency and Conroe-based D&I Lawn Improvements.

The three filings represent the owners of the three parcels of land
that constitute the site of Fall Creek Plaza.

Harris County Appraisal District records say that each piece of the
property is owned by a different legal entity: Fall Creek Plaza I,
Fall Creek Plaza II and Fall Creek Plaza III. All three entities
are seeking Chapter 11 bankruptcy protection.

Taken together, the three parcels have an appraised value of $21.5
million, according to HCAD records.

It is unclear who the people behind the shopping center are. HCAD
records list the owner's address as a P.O. Box in Hicksville, New
York.

However, the bankruptcy petitions were submitted by Qamar U.
Arfeen, who is listed as a court-appointed general partner
representing Fall Creek Plaza. The debtor's attorney, Dean W.
Greer, who is based in San Antonio, also signed the three filings.

The Houston Business Journal has reached out to Arfeen and Greer
for comment.

Fall Creek Plaza's bankruptcy filing comes at a particularly
difficult time for brick-and-mortar retail entities.

Already struggling to compete with online retailers like Amazon,
local brick-and-mortar stores suffered a second round of financial
hardships once social distancing mandates aimed at stopping the
spread of the Covid-19 coronavirus pandemic forced them to close
for most of March and April 2020.

Earlier, a national report released by New York-based Coresight
Research found that a record of up to 25,000 retailers could close
this year across the U.S. as Covid-19 continues to batter the
industry. Several chains including Stage Stores, Pier 1, Tuesday
Morning and J.C. Penney -- all based in Texas --- recently
announced they were filing for bankruptcy and closing stores, which
"spells bad news for malls," the report said.

The Chapter 11 cases are In re Fall Creek Plaza I, LP (Bankr. S.D.
Tex. Case No. 20-32989), Fall Creek Plaza II, LP (Case No.
20-32990), and Fall Creek Plaza III, LP (Case No. 32991), all filed
June 9, 2020.

The Debtors' attorneys:

         Dean W Greer
         Tel: 210-342-7100
         E-mail: lekatg@sbcglobal.net


FIELD OF FLOWERS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Field of Flowers, Inc.
        5123 S. University Drive
        Fort Lauderdale, FL 33328

Business Description: Field of Flowers, Inc. owns and operates
                      a landscaping and flower shop.

Chapter 11 Petition Date: July 7, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 20-17423

Judge: Hon. Paul G. Hyman, Jr.

Debtor's Counsel: Thomas L. Abrams, Esq.
                  GAMBERG & ABRAMS
                  633 S. Andrews Av.
                  Suite 500
                  Fort Lauderdale, FL 33301
                  Tel: (954) 523-0900
                  Email: tabrams@tabramslaw.com

Total Assets: $349,181

Total Liabilities: $1,692,973

The petition was signed by Donn F. Flipse, CEO.

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

                    https://is.gd/qLaZfi


FURIE OPERATING: Exit Plan Provisionally OK'd After 2 Failed Deals
------------------------------------------------------------------
Leslie Pappas, writing for Bloomberg Law, reports that oil and gas
exploration company Furie Operating Alaska obtained court approval
for its Chapter 11 restructuring plan after a tumultuous start to
bankruptcy marked by two failed deals.

Hex LLC, an Alaska-based company owned by local executive John
Hendrix, will pay $5 million in exchange for equity in the
reorganized company, according to the plan provisionally approved
by the U.S. District Court for the District of Delaware.

Hex initially bid $15 million for Furie in a December 2019
bankruptcy auction, but the deal fell apart a few weeks later after
Hex failed to make good...

To read the full article, log in at
https://news.bloomberglaw.com/bankruptcy-law/furie-1

                   About Furie Operating Alaska

Headquartered in Anchorage Alaska, Furie Operating Alaska LLC and
its affiliates operate as independent energy companies primarily
focused on the acquisition, exploration, production, and
development of offshore oil and gas properties in the State of
Alaska's Cook Inlet region. They hold a majority working nterest
in
35 competitive oil and gas leases in the Cook Inlet. Additionally,
they wholly own and operate an offshore production platform in the
middle of the Cook Inlet to extract natural gas under the oil and
gas leases.

Furie Operating Alaska and its affiliates, Cornucopia Oil & Gas
Company LLC, and Corsair Oil & Gas LLC, filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case Nos. 19-11781 to 19-11783) on Aug. 9, 2019. In the petitions
signed by Scott M. Pinsonnault, interim COO, the Debtors were
estimated to have $10 million to $50 million in assets and $100
million to $500 million in liabilities.

The Debtors tapped Womble Bond Dickinson (US) LLP and McDermott
Will & Emery LLP as legal counsel; Seaport Global Securities LLC as
investment banker; and Ankura Consulting Group as financial
advisor. Prime Clerk LLC is the claims and noticing agent, and
administrative advisor.



GAMESTOP CORP: 52.20% of Existing Senior Notes Validly Tendered
---------------------------------------------------------------
GameStop Corp. reports the expiration and final results for its
previously announced offer to exchange any and all of its
outstanding $414,600,000 aggregate principal amount of 6.75% Senior
Notes due 2021 for newly issued 10.00% Senior Secured Notes due
2023 and related solicitation of consents to certain proposed
amendments to the indenture governing the Existing Notes.

According to information provided by D.F. King & Co., Inc., the
information agent for the Exchange Offer and the Consent
Solicitation, the aggregate principal amount of the Existing Notes
that were validly tendered and not validly withdrawn as of 11:59
p.m., New York City time, on July 1, 2020 (the Expiration Date of
the Exchange Offer) was $216,422,000, or 52.20% of the outstanding
aggregate principal amount of Existing Notes.

The settlement date of the Exchange Offer is expected to be July 6,
2020.  On the settlement date, approximately $216,422,000 of New
Notes are expected to be issued.  As previously disclosed, the
Company has received consents sufficient to approve the Proposed
Amendments to the indenture governing the Existing Notes, and the
Company and the trustee for the Existing Notes entered into a
supplemental indenture, dated as of June 16, 2020, that gives
effect to the Proposed Amendments.  Such amendments to the
indenture governing the Existing Notes will become operative upon
the consummation of the Exchange Offer.

The Exchange and Information Agent for the Exchange Offer and
Consent Solicitation is D.F. King & Co., Inc. and can be contacted
by calling 866-829-0135 or emailing gamestop@dfking.com.

                         About GameStop

GameStop Corp., a Fortune 500 company headquartered in Grapevine,
Texas, is a video game retailer, operating approximately 5,300
stores across 14 countries, and offering a selection of new and
pre-owned video gaming consoles, accessories and video game titles,
in both physical and digital formats.  GameStop also offers fans a
wide variety of POP! vinyl figures, collectibles, board games and
more.

GameStop recorded a net loss of $470.9 million for fiscal year 2019
compared to a net loss of $673 million for fiscal year 2018. As of
May 2, 2020, the Company had $2.47 billion in total assets, $2.03
billion in total liabilities, and $435 million in total
stockholders' equity.


GAMESTOP CORP: S&P Puts 'B-' ICR on Watch Negative
--------------------------------------------------
S&P Global Ratings placed all ratings on U.S. based video-game
retailer GameStop Corp., including the 'B-' issuer credit rating,
on CreditWatch with negative implications following the company's
announcement that 52.2% of unsecured debt holders tendered their
positions for exchange into secured debt, which is below the rating
agency's base expectation that a substantial majority would
participate.

In addition, in June, activist shareholder representatives gained
two board seats and these activists had previously stated a
willingness to retire debt at less than par, an action S&P could
consider akin to default.

The CreditWatch placement reflects the potential for a lower rating
following S&P's review given the exchange offer participation level
and presence of activist investor representatives on the company's
board.

GameStop will retain nearly $200 million in unsecured debt that
matures in March 2021 after the exchange offer closes next week.
This amount is greater than S&P's base case expectations at the
time the offer was announced in early June, leaving a more material
near-term maturity for the company to address. S&P believes the
potential for GameStop to address its remaining unsecured debt at
less than par may have increased with its new board composition and
given the participation level in the exchange offer was lower than
the rating agency's original base expectations.

"In addition, the COVID-19 pandemic and higher nominal amount of
notes remaining present incremental risks, in our view. We hold
this view despite it maintaining sufficient balance sheet cash to
repay the notes and we expect it will continue to have the cash
following the likely benefits from next generation gaming console
launch in the fourth quarter," S&P said.

"We believe, the long-term secular headwinds GameStop faces will
require incremental investment in its store base to reposition
itself for long-term viability. Our review will also focus on the
prospects for the business given the economic uncertainty and
long-term business vulnerabilities," the rating agency said.

Pandemic and economic headwinds highlight vulnerability to cyclical
and structural gaming console dynamics.

Operating performance ahead of the launch of next-generation gaming
consoles is likely to remain weak throughout most of 2020.

"In our view, this highlights GameStop's performance volatility
risks related to the video game industry's highly cyclical nature,
its lack of supplier diversity, and its dependence on customer
acceptance and timing of new titles. In addition, we think these
near-term risks are exacerbated by the ongoing and long-term
structural evolution of the video game industry, as video games
become increasing digital," S&P said.

S&P expects to resolve the CreditWatch within the next 90 days
following a review of the likely approach to addressing the
remaining notes, the longer term business viability including
business investments, and operating trends. S&P could lower the
ratings into the CCC category or affirm the ratings pending this
review.


GDS EXPRESS: Shane's Buying 2012 Volvo VNL64T 630 Trucks for $38K
-----------------------------------------------------------------
G.D.S. Express, Inc., and its affiliates ask the U.S. Bankruptcy
Court for the Northern District of Ohio to authorize Debtor Better
Management Corporation of Ohio, Inc. ("BMC")'s sale of 2012 Volvo
VNL64T 630 trucks to Shane's Equipment Sales, LLC, as set forth in
their Asset Purchase Agreement, for $38,000.

On Sept. 5, 2019, BMC entered into an End of Term Promissory Note
and Security Agreement with Volvo Financial Services, a division of
VFS US, LLC in which Volvo Financial agreed to provide BMC
financing in the amount of $37,934 for the purpose of acquiring
four 2012 Volvo VNL64T 630 trucks identified by Vehicle
Identification Nos. 4V4NC9EH9CN558229, 4V4NC9EH5CN555764,
4V4NC9EH1CN555762 and 4V4NC9EH3CN555763, as more fully described in
the Financing Agreement.

Pursuant to the terms of the Financing Agreement, BMC (i) promised
to pay to Volvo Financial the Principal Amount, plus interest, over
an eighteen-month term, and (ii) granted Volvo Financial a security
interest in the Trucks.  Financing Agreement at pg.1 Volvo
Financial properly perfected its security interest in the Trucks
prior to the Petition Date by noting its lien on the title of the
Trucks.

In May of 2020, the Debtors received an offer from the Buyer to
purchase the Trucks for the total amount of $38,000.  After
consulting with Volvo Financial regarding the Buyer's Offer, the
Debtors prepared the Purchase Agreement in accordance with the
material terms thereof.

The only party with a perfected security interest in the Trucks is
Volvo Financial, who is consenting to the sale.  Upon information
and belief, Northwest Bank and the Committee do not object to the
relief sought in the Motion.  

As of May 25, 2020, Volvo Financial asserts that it is owed
approximately $39,435, which includes $31,828 in principal, $832 in
interest, $443 in late charges, $1,633 in a prepayment penalty, and
approximately $4,701 in accrued attorney's fees.  Volvo Financial
has agreed to accept $36,500 in full satisfaction of its claims.

By the Motion, the Debtors respectfully ask entry of the Order
authorizing the sale of the Trucks in accordance with the terms of
the Purchase Agreement, free and clear of all liens, claims,
interests and encumbrances, with all such liens and claims
attaching to the proceeds of the sale in the same validity,
enforceability, priority, force and effect as they attached to the
Trucks before the sale, subject to the rights, claims, defenses and
objections (if any) of all interested parties with respect to such
liens and claims.  Other than the interest of Volvo Financial, the
Debtors submit that there are no other liens, claims or
encumbrances on the Trucks.

The Debtors further asks authority to pay to Volvo Financial the
Settled Claim amount upon the closing of the sale of the Trucks.
They ask that the remaining amount be turned over to them to pay
the fees and costs associated with the disposition of the Trucks.


The private sale of the Trucks as set forth in the Purchase
Agreement maximizes the value of the Trucks for the Debtors'
estates.  The Trucks are currently sitting idle while Debtors
continue to incur significant administrative costs with respect to
storing, insuring and maintaining the Trucks.  Because the Debtors
are liquidating and there are no significant receivables, a fast
sale of the Trucks is more beneficial to the estate than a lengthy
marketing process that will result in very little interest.
Accordingly, the Debtors' determination, in consultation with Volvo
Financial, that the terms set forth in the Purchase Agreement
constitute the highest and best offer for the Trucks is a valid and
sound exercise of the Debtors' business judgment.   

The Debtors believe it would be in the best interests of their
estates to consummate the sale of the Trucks as soon as practicable
to avoid any additional time and resources being spent on the
matter.  As such, the Debtors ask that the Court waives the 14-day
stay provided in Bankruptcy Rules 6004(h) and 6006(d).  

A copy of the Agreement is available at
https://tinyurl.com/y9eee94w from PacerMonitor.com free of charge.

                     About G.D.S. Express

G.D.S. Express, Inc. -- http://www.gdsexpress.com/-- is a
family-owned trucking company that provides services in 48 states,
with general freight and garment-on-hangers service in both the
U.S. and Mexico. It operates with 75 owner operators and 60 company
trucks.  Headquartered in Akron, Ohio, G.D.S. Express was founded
in 1990 by Jack Delaney, a former Roadway Express executive.

G.D.S. Express and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 19-53034)
on Dec. 27, 2019.  At the time of the filing, G.D.S. Express had
estimated assets of less than $50,000 and liabilities of between $1
million and $10 million.  Judge Alan M. Koschik oversees the cases.
Brouse McDowell, LPA is the Debtors' legal counsel.

The U.S. Trustee for Region 9 appointed a committee of unsecured
creditors on Jan. 15, 2020.  The committee is represented by
Levinson LLP.


GEORGIA DEER: Cash Collateral Hearing on July 21
------------------------------------------------
The Hon. Lisa Ritchey Craig will convene a hearing July 21 at 10
a.m. to consider Georgia Deer Farm, Inc.'s continued use of cash
collateral on an interim basis.

The Court will also consider the Motion to Prohibit Use of Cash
Collateral, Motion for Relief from Stay Fee, Motion for Accounting
of Cash Collateral Receipts and Sold-Out-Of-Trust Items, and Motion
to Appoint Trustee filed by S. Jacob Carroll on behalf of AGCO
Corporation.

On May 22, the Court entered a Fourth Order Authorizing the Interim
Use of Cash Collateral through the next hearing.

AGCO, a secured creditor, is a manufacturer and distributor of
agricultural equipment with headquarters in Duluth, Georgia.
Georgia Deer Farm is an AGCO dealer doing business in Roopville,
Georgia. Since as early as 1994, ACGO has financed the Debtor's
purchase of equipment and parts to be sold to the public with an
agreement for wholesale financing under which the Debtor pledged
certain of its assets as collateral to secure payment of the
amounts borrowed.

On March 4, 2020, AGCO discovered inconsistencies in the Debtor's
accounting in sold-out-of-trust balance which was estimated to be
$236,714. Due to the Debtor's failure to remit payments to AGCO for
units of Collateral sold, AGCO terminated the dealer relationship
pursuant to the terms of the Agreements. However, the Debtor
continue to use AGCO trademarks, signs, decals and logos as dealer.


AGCO argued that the Debtor is liable for all costs, expenses and
attorney fees incurred by AGCO in connection with repossession or
collection activities. The Debtor is benefiting from the use of
certain collateral of AGCO, which continues to depreciate.

                           *     *     *

The Debtor has a pending deal to sell certain of its assets free
and clear of liens to Atlas Equipment LLC for a total purchase
price of $110,000.  The Debtor estimates that the business would
have a fair market value of approximately $110,000 were they not in
bankruptcy and have all of the associated long-term debt.  The
assets to be sold consist of goodwill and intangible assets;
fixtures, furnishings, tools, signs, signage displays, and in-place
advertising; equipment and vehicles; owner's restrictive
covenants; and seller's restrictive covenants.

The buyer is owned by Roger Harrod in Marietta, Ga.

A hearing to consider the sale is set for July 29.

Counsel for AGCO:  

     Jake Carroll Georgia, Esq.
     FREEMAN MATHIS & GARY
     100 Galleria Parkway Suite 1600
     Atlanta, GA 30339-5948
     Telephone: (770) 818-0000
     Facsimile: (770) 937-9960
     E-mail: jcarroll@fmglaw.com   

                       About Georgia Deer Farm

Georgia Deer Farm, Inc., a tractor and farm equipment dealer in
Roopville, Ga., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 20-10563) on March 13,
2020.  At the time of the filing, the Debtor had estimated assets
of less than $50,000 and liabilities of between $1 million and $10
million.  The Debtor is represented by The Falcone Law Firm, P.C.

The case was previously assigned to the Hon. W. Homer Drake and was
later reassigned to the Hon. Lisa Ritchey Craig.



GERALDINE R. ROSINE: Trustee Selling San Pablo Property for $360K
-----------------------------------------------------------------
Kari Bowyer, the Chapter 11 Trustee of the estate of Geraldine Rose
Rosine, asks the U.S. Bankruptcy Court for the Northern District of
California to authorize the sale of the real property located at
1220 Amador Street, San Pablo, California to Vintage Investment
Properties for $360,000, including the interest of the Mark Thorson
Revocable Trust and free and clear of the interests of Leslie
Rosine, Successor Trustee of the Exemption Trust of the R&G 1993
Family Trust UDT Dated Feb. 1, 1993, subject to overbid.

Among the assets of the Bankruptcy Estate is the Property.  The
Property is co-owned with the Exemption Trust which holds a 30%
interest in the Property.  The estate holds a 70% interest in the
Property through the Geraldine R. Rosine 2009 Revocable Living
Trust UDT dated Jan. 28, 2009.  There is a judgment lien recorded
against the Property by the Thorson Trust.  The Exemption Trust and
the Thorson Trust have entered into an agreement with the Trustee
that allows for the sale of the Property free and clear of their
interests.  An order was entered on Jan. 8, 2020 approving the
compromise.

The terms of the sale and the overbid procedure are set forth in
further detail in the Notice and Opportunity For Hearing on Chapter
11 Trustee's Motion For: (1) Authority To Sell Real Property
Located At 1220 Amador Street, San Pablo, California, Subject To
Overbid, and Free and Clear of Judgment Lien and Co-Owner Interest;
(2) Authority To Pay Real Estate Broker Commission; and (3)
Authority To Pay Associated Costs Of Sale and Taxes.  The Notice
was provided to the Debtor, all creditors, and other parties in
interest pursuant to Bankruptcy Local Rule 9014-1.

The Property was actively marketed by the broker and the offer from
the Buyer is the highest and best offer received.  Based on the
Trustee's real estate agent's assessment of value and the marketing
of the Property, the Trustee believes that the proposed sale is in
the best interest of the Bankruptcy Estate.

The Buyer has agreed to purchase the Property for the total sum of
$360,000, subject to Court approval and overbid.  The Trustee
anticipates paying from the proceeds of sale a real estate
commission of 6% of the commission on the Purchase Price to her
real estate broker, Andy Buchanan of Intero Real Estate Services -
Los Altos (to be split with the Buyer's agent).  The Trustee also
proposes to pay associated costs of sale, including but not limited
to, pro-rated real property taxes, county transfer taxes, and a
natural hazard zone disclosure report.

The Thorson Trust recorded an abstract of judgment in the amount of
$1,652,582 on Feb. 14, 2018 with the Contra Costa County recorder's
office as document no. 2018-0023584-00.  The current amount of the
Thorson Trust lien is approximately $2,051,605.  The Trustee and
the Thorson Trust reached an agreement that authorizes the sale of
the Property free and clear of the lien of the Thorson Trust.  The
Thorson Trust has agreed in the compromise to the sale of the
estate property free and clear of its lien pursuant to the terms of
the compromise that was approved by order entered on Jan. 8, 2020.


As provided in the agreement, the lien is to reattach to the net
proceeds attributable to the Bankruptcy Estate's interest in the
Property until it is paid and the Trustee is to pay 90% of the net
proceeds, i.e. proceeds remaining after payment of costs of sale,
pro rata property taxes, income tax incurred by the estate in
connection with the sale, broker commission, and other related
charges, attributable to the Bankruptcy Estate’s interest in the
Property to the Thorson Trust.  The Trustee asks authority to pay
this amount to the Thorson Trustee as a partial payment of the
lien.

The Exemption Trust holds a 30% interest in the Property.  Under
the terms of the compromise noted, the Exemption Trust has agreed
that the Trustee may sell the Property free and clear of their
co-owner interest and that the Trustee will hold the sale proceeds
attributable to this 30% interest until the closing of the case or
further Court order.  The Trustee's accountant in the case
estimates that there may be taxes incurred by the Exemption Trust
in connection with the sale of the Property in an amount up to
$4,400.  The Trustee requests authority to forward up to this
amount to the Exemption Trust from the proceeds attributable to the
Exemption Trust's interest in the Property, if requested by the
Exemption Trust, so that the Exemption Trust may pay taxes incurred
by it in connection with the sale.

The Trustee's accountant in the case, estimates that there may be
taxes incurred by the Bankruptcy Estate in connection with the sale
of the Property in an amount up to $10,100.  The Trustee asks
authority to pay this amount from the proceeds attributable to the
Bankruptcy Estate's interest in the Property.

There is substantial furniture and other personal property that
will need to be removed prior to the closing of the sale, and there
may be inspection and repair fees that will need to be paid prior
to closing of the sale.  The Trustee asks authority to pay these
costs, estimated to not exceed $10,000, and, in the event these
fees are advanced by the Trustee's real estate agent, the Trustee
asks authority to reimburse the agent.

The Trustee will ask that the Court's order allow the Trustee to
make minor modifications to the purchase agreement including how
title is to be vested to the Buyer as the Buyer may instruct.  The
Trustee will also ask that the Court's order provide that in the
event the Buyer does not close the sale transaction, the Trustee
will be authorized to sell the Property on the same terms and at
the same or greater price to an alternate purchaser without a
further order of the Court, unless the alternate purchaser is an
insider, then the Trustee would only be authorized to sell the
Property to the alternate purchaser after further order of the
Court after providing 24 hours' notice to the Debtor's counsel and
Office of the U.S. Trustee by an Ex Parte Application.  The Trustee
will also retain the right to negotiate minor changes to the sale
agreement, without further Court order.

The sale of the Property is on an "as is, where is" and "with all
faults" basis.  The Trustee expressly disclaims any and all
Warranties.  The sale of the Property is subject to Court approval.


The Trustee asks that the order approving the proposed sale state
be effective upon entry, and the stay otherwise imposed by Rule
62(a) of the Federal Rules of Civil Procedure and/or Bankruptcy
Rule 6004(h) not apply.  She also asks that the Court retains
jurisdiction to resolve any controversy or claim arising out of the
sale of the Property.
         
Geraldine Rose Rosine sought Chapter 11 protection (Bankr. N.D.
Cal. Case No. 18-42185) on Sept. 20, 2018.  The Debtor tapped
Craig
V. Winslow, Esq., at Law Office of Craig V. Winslow as counsel.
Kari Bowyer was appointed as Chapter 11 Trustee on Aug. 29, 2019.



GRUPO AEROMEXICO: July 9 Deadline Set for Committee Questionnaires
------------------------------------------------------------------
The U.S. Trustee will not be holding any in-person meeting for the
formation of an unsecured creditors committee in the bankruptcy
cases of Grupo Aeromexico, S.A.B. de C.V., et al.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it to the
Office of the United States Trustee by electronic mail to
USTPRegion02.NYECF@usdoj.gov so that it is received no later than
July 9, 2020 at 12:00 p.m. (EST).

The Committee represents the interest, and acts on behalf, of all
unsecured creditors.  Members of the Committee are generally
selected from the list of the twenty largest unsecured creditors.

Under the Bankruptcy Code, the Committee has the right to demand
that the Debtor consult with the Committee before making major
decisions or changes, to request the appointment of a trustee or
examiner, to participate in the formation of a plan of
reorganization, and in some cases, to propose its own plan of
reorganization.

                   About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. -- https://www.aeromexico.com --
is a holding company whose subsidiaries are engaged in commercial
aviation in Mexico and the promotion of passenger loyalty programs.
Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport.  Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.

Grupo Aeromexico and three of its subsidiaries filed for Chapter 11
(Bankr. S.D. M., Case No. 20-11563) on June 30, 2020.  The petition
was signed by Ricardo Javier Sanchez Baker, chief
financial officer.

The Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.

Timothy Graulich, Esq. of Davis Polk and Wardell LLP serves as
counsel to the Debtors.


GUARDION HEALTH: Incurs $2.3M Net Loss for Quarter Ended March 31
-----------------------------------------------------------------
Guardion Health Sciences, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $2,346,913 on $245,723 of total
revenue for the three months ended March 31, 2020, compared to a
net loss of $1,385,099 on $242,538 of total revenue for the same
period in 2019.

At March 31, 2020, the Company had total assets of $15,283,234,
total liabilities of $1,543,633, and $13,739,601 in total
stockholders' equity.

Guardion Health said, "The Company had a net loss of $2,346,913 and
utilized cash in operating activities of $1,735,410 during the
three months ended March 31, 2020.  The Company expects to continue
to incur net losses and negative operating cash flows in the
near-term.  As a result, management has concluded that there is
substantial doubt about the Company's ability to continue as a
going concern within one year of the date that the consolidated
financial statements are issued.

"The Company's independent registered public accounting firm has
also included explanatory language in their opinion accompanying
the Company's audited financial statements for the year ended
December 31, 2019, stating there is substantial doubt about the
Company's ability to continue as a going concern.  The financial
statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets
or the amounts and classifications of liabilities that may result
from the possible inability of the Company to continue as a going
concern.

"The Company will continue to incur significant expenses for
commercialization activities related to its medical foods,
nutraceuticals, the MapcatSF medical device, VectorVision
diagnostic equipment, the TDSI business and with respect to efforts
to continue to build the Company's infrastructure.  Development and
commercialization of medical foods, nutraceuticals and medical
devices involves a lengthy and complex process.  Additionally, the
Company's long-term viability and growth may depend upon the
successful development and commercialization of new complementary
products or product lines.

"The Company is seeking to raise additional debt and/or equity
capital to fund future operations, but there can be no assurances
that the Company will be able to secure such additional financing
in the amounts necessary to fully fund its operating requirements
on acceptable terms or at all.  If the Company is unable to access
sufficient capital resources on a timely basis, the Company may be
forced to reduce or discontinue its technology and product
development programs and curtail or cease operations."

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

                       https://is.gd/mDt5mv

Guardion Health Sciences, Inc., is a specialty health sciences
company, develops, formulates, and distributes medical foods that
replenishes and restores the macular protective pigment under the
Lumega-Z(R) brand.  The company also develops MapcatSF, a medical
device that measures the macular pigment optical density.  It
distributes its products through e-commerce at guardionhealth.com.
Guardion Health Sciences, Inc., was founded in 2009 and is based in
San Diego, California.


HI-CRUSH INC: Lenders Extend Forbearance Period Until July 12
-------------------------------------------------------------
Hi-Crush Inc. and certain of its subsidiaries entered into an
amendment with respect to the Forbearance Agreement with the ABL
Lenders, pursuant to which the ABL Lenders agreed to extend the
term of the Forbearance Agreement until the earlier of (a) 11:59
p.m., Houston time on July 12, 2020 or (b) the date the Forbearance
Agreement otherwise terminates in accordance with its terms.

On June 22, 2020, Hi-Crush Inc. and certain of its subsidiaries
entered into a forbearance agreement and amendment to the Company's
senior secured revolving credit facility with the lenders under the
ABL Credit Facility.  Pursuant to the Forbearance Agreement, the
ABL Lenders agreed to forbear from exercising default-related
rights and remedies with respect to the Company's failure to be in
compliance with the springing fixed charge coverage ratio financial
covenant under the ABL Credit Facility until the earlier of (a)
11:59 p.m., Houston time on July 5, 2020 or (b) the date the
Forbearance Agreement otherwise terminates in accordance with its
terms.

                       About Hi-Crush

Hi-Crush Inc. -- http://www.hicrushinc.com/-- is a
fully-integrated provider of proppant and logistics services for
hydraulic fracturing operations, offering frac sand production,
advanced wellsite storage systems, flexible last mile services, and
innovative software for real-time visibility and management across
the entire supply chain.  The Company's strategic suite of
solutions provides operators and service companies in all major
U.S. oil and gas basins with the ability to build safety,
reliability and efficiency into every completion.

Hi-Crush reported a net loss of $413.56 million for the year ended
Dec. 31, 2019, compared to net income of $137.59 million for the
year ended Dec. 31, 2018.

                           *   *   *

As reported by the TCR on April 3, 2020, Moody's Investors Service
downgraded Hi-Crush Inc.'s Corporate Family Rating to Caa2 from
Caa1.  Moody's said the downgrade reflects its expectations that in
2020, Hi-Crush's liquidity, profitability and key credit metrics
will deteriorate further due to ongoing volatility in the oil and
gas end market and the persistent weakness in the frac sand
industry.  Despite recent mine closures and production cuts,
Moody's does not expect a significant recovery in frac sand price
anytime soon.


HOSPITALITY INVESTORS: Events of Default Cast Going Concern Doubt
-----------------------------------------------------------------
Hospitality Investors Trust, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss and comprehensive loss of
$52,573,000 on $103,211,000 of total revenue for the three months
ended March 31, 2020, compared to a net loss and comprehensive loss
of $32,420,000 on $142,081,000 of total revenue for the same period
in 2019.

At March 31, 2020, the Company had total assets of $1,915,682,000,
total liabilities of $1,406,494,000, and $104,174,000 in total
equity.

The Company said, "Due to the existence of certain events of
default under the Company's debt obligations caused by liquidity
preservation measures taken by management in response to the
coronavirus pandemic, the Company is unable to conclude with
certainty that it is probable that it will be able to meet its
obligations arising within twelve months of the date of issuance of
these financial statements under the parameters set forth in the
accounting guidance.  The Company believes that finalizing the
preliminary agreements on their current terms will resolve these
events of default and thereby resolve this lack of certainty.
However, because there can be no assurance that the Company will be
able to finalize these preliminary agreements on their current
terms, or at all, the Company has determined in accordance with the
accounting guidance that there is substantial doubt about its
ability to continue as a going concern for one year after the date
the financial statements are issued."

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

                     https://is.gd/BW5y6W

Hospitality Investors Trust, Inc., incorporated on July 25, 2013,
is a self-managed real estate investment trust ("REIT") that
invests primarily in premium-branded select-service lodging
properties in the United States.  As of March 31, 2020, the Company
owns or has an interest in a total of 104 hotels with a total of
12,994 guest rooms located in 33 states.  As of March 31, 2020, all
but one of these hotels operated under a franchise or license
agreement with a national brand owned by one of Hilton Worldwide,
Inc., Marriott International, Inc., Hyatt Hotels Corporation, and
Intercontinental Hotels Group or one of their respective
subsidiaries or affiliates.  The Company's one unbranded hotel has
a direct affiliation with a leading university in Atlanta.


IMAGEWARE SYSTEMS: Enters Into $550K Promissory Notes
-----------------------------------------------------
ImageWare Systems, Inc. entered into promissory notes in the
principal amounts of $450,000 and $100,000, payable to Neal Goldman
and to S. James, Miller, respectively, members of the Company's
Board of Directors.  The Notes evidence amounts advanced to the
Company by Messrs. Goldman and Miller in April 2020, and are
convertible into shares of the Company's common stock, par value
$0.01 per share, for $0.16 per share.  The promissory notes bear
interest at the rate of 5% per annum, and mature on the earlier to
occur of Oct. 13, 2020 or on such date that the Company consummates
a debt and/or equity financing resulting in net proceeds to the
Company of at least $3.0 million.

As of July 6, 2020, an aggregate of $550,000 principal amount
remained outstanding under the terms of the Notes.

                     About ImageWare Systems

Headquartered in San Diego, CA, ImageWare Systems, Inc. --
http://www.iwsinc.com-- is a developer of mobile and cloud-based
identity management solutions, providing two-factor, biometric and
multi-factor cloud-based authentication solutions for the
enterprise.  The company delivers next-generation biometrics as an
interactive and scalable cloud-based solution.  ImageWare brings
together cloud and mobile technology to offer two-factor,
biometric, and multi-factor authentication for smartphone users,
for the enterprise, and across industries.  The Company's products
are used to manage and issue secure credentials, including national
IDs, passports, driver licenses and access control credentials.

ImageWare recorded a net loss available to common shareholders of
$17.25 million for the year ended Dec. 31, 2019, compared to a net
loss available to common shareholders of $16.46 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$7.96 million in total assets, $10.54 million in total liabilities,
$9.06 million in mezzanine equity, and $11.64 million in total
shareholders' deficit.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated May 15, 2020 citing that the Company does not generate
sufficient cash flows from operations to maintain operations and,
therefore, is dependent on additional financing to fund operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


J.C. PENNEY: Skips Rent Payment on Plano Headquarters
-----------------------------------------------------
Maria Halkias, writing for Dallas News, reports that retailer J.C.
Penney skips rental payment, thus landlord group headed by Sam Ware
asked the bankruptcy judge to force the company to pay rent.

J.C. Penney's landlord has asked the bankruptcy court to force the
retailer to pay the $2.45 million monthly rent on its Plano
headquarters.

Penney filed for Chapter 11 in May. The rent, which was due June 1,
2020 is a bankruptcy domino falling on local developer Sam Ware and
his partners, who bought the headquarters in late 2016.

The rent payment includes almost $1 million that is used to pay
operating expenses such as utilities, security and common area
maintenance. "There is no extra money available to pay these
expenses," Ware's group said in a filing Tuesday.

Penney is the largest tenant, with 1.13 million square feet of the
1.8 million-square-foot campus.

Ware's partnership is "burdened with its own liquidity problems,"
the filing said. Its lender has posted the property for foreclosure
and there is pending litigation.

"There have been hard negotiations to keep the loan in place," the
landlord's filing said.

Penney sold its large campus for $353 million in December 2016 to a
partnership headed by Ware’s Dreien Opportunity Partners. That
group took out a $388.7 million mortgage from Beal Bank, owned by
Dallas billionaire Andy Beal. The sale included 45 acres around the
building that was developed in the $5 billion Legacy West mixed-use
project.

The term of the headquarters lease is 15 years, and Ware's filing
said the company was already negotiating for a break before Penney
filed for bankruptcy.

J.C. Penney previously asked landlords to defer store rents for
June and July and asked for rent abatements for June, July and
August. Ware's group said that when Penney’s lawyers were asked
if that included rent on the headquarters, they said it did.

Ware said he's still working to refinance the property, even with
the question about Penney's continued rent payments.

"We are moving ahead," he said. "The pandemic has turned the world
upside down and slowed things. But I hope to have it done pretty
soon."

While bankruptcy allows for a 60-day extension on rents, there must
be cause, and Ware’s motion suggests that Penney has no cause for
rent relief. The motion noted that Penney secured $900 million in
financing last week to use during the bankruptcy reorganization.

Under the terms of that financing, Penney has access to $225
million so far.

Penney is permanently closing 150 stores, including stores in
Dallas and Lewisville. The retailer plans to announce more
permanent store closings soon, but it has reopened about 500 stores
that were closed during the coronavirus.

                       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, JCPenney 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


JOSEPH MARTIN THOMAS: $287K Sale of Erie Property Withdrawn
-----------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania withdrew Joseph Martin Thomas'
proposed sale of the real estate located at 9830 Wattsburg Road,
Erie, Pennsylvania, situate in the Township of Greene, County of
Erie, and Commonwealth of Pennsylvania, to Thomas Charlton and
Samantha Charlton for $287,000, without prejudice to refiling at a
later date.

Based upon market comparables, and consistent with the listing
price for the property, it is believed that the fair market value
of the property is approximately $299,900.

Joseph Martin Thomas sought Chapter 11 protection (Bankr. W.D. Pa.
Case No. 20-10334) on May 6, 2020.  The Debtor tapped Michael P.
Kruszewski, Esq., at The Quinn Law Firm as counsel.


KRS GLOBAL: Court Approves Counsel Fees
---------------------------------------
Bankruptcy Judge Mindy A. Mora has approved the payment of fees
to:

     -- Shraiberg, Landau & Page, PA as General Counsel to the
        Debtor:

        Fees awarded: $31,922.50
        Expenses awarded: $2,581.11

     -- Dickinson Wright PLLC, Special Counsel for the Debtor:

        Fees awarded: $82,455.00

     -- Brinkman Portillo Ronk APC, counsel to the Committee of
        Creditors Holding Unsecured Claims:

        Fees awarded: $70,510.50
        Expenses awarded: $550.00

The bankruptcy case is now dismissed pursuant to an April 26
order.

The Debtor sought dismissal of the case to take advantage of the
Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L.
116-136, that President Trump signed into law on March 27, 2020.

The CARES Act provides economic relief in the midst of the
Coronavirus pandemic. Among many other things, the CARES Act
provides for the provision of forgivable loans to small and
mid-sized businesses to permit those businesses to continue to pay
employees.  However, Title IV, Section 4003(c)(3)(D)(V) of the
CARES Act mandates that any business receiving such forgivable
loans certify that "the recipient is not a debtor in a bankruptcy
proceeding[.]" The application form for such forgivable loans also
contains a place for applicants to make a similar certification.

The Debtor believes that, other than being in bankruptcy, it
otherwise meets the qualifications to receive a forgivable loan
under the law, and therefore sought to apply for and receive a
forgivable CARES Act loan in the amount of $517,900 to pay for
payroll expenses.

Judge Mora dismissed the case without prejudice. All pending
Motions were denied as moot.

A mediation conference was scheduled on April 21 before Paul G.
Hyman, Jr.  According to the mediator's report dated April 22, the
Debtor and its landlord reached a complete settlement.  However,
the Debtor did not reach a settlement with the Creditor's
Committee.

Judge Mora said the order approving the settlement between the
Debtor and the landlord remains in full force and effect, and will
survive the Order of Dismissal.

The Court retained jurisdiction following the dismissal of the case
to adjudicate any applications for professional compensation and
reimbursement pursuant to 11 U.S.C. Sec. 330.

Judge Mora previously denied an Expedited Motion to Appoint Chapter
11 Trustee filed by the creditor and interested party, Riccardo
Roscetti, against the Debtor.

Attorneys for Roscetti:

     Stephen C. Breuer, Esq.
     Moffa & Breuer, PLLC
     1776 N. Pine Island Rd. #102
     Plantation, FL 33322
     Tel: 954-634-4733
     Fax: 954-337-0637
     Email: Stephen@moffa.law

               About KRS Global Biotechnology

KRS Global Biotechnology, Inc. -- http://krsbio.com/-- owns and
operates a human outsourcing facility that provides sterile and
non-sterile compounding services to patients, surgery centers,
ophthalmology clinics, hospitals, and universities.  It is
registered with the U.S. Food and Drug Administration as a DEA
manufacturer and holds State Board of Pharmacy licenses both
in-state and out-of- state.

Based in Boca Raton, Fla., KRS Global Biotechnology filed a
voluntary Chapter 11 petition (Bankr. S.D. Fla. Case No. 20-10350)
on Jan. 10, 2020.  At the time of filing, the Debtor was estimated
to have up to $50,000 in assets and $10 million to $50 million in
liabilities.  Judge Mindy A. Mora oversees the case.  Malinda L.
Hayes, Esq., at Markarian & Hayes, was initially hired as the
Debtor's legal counsel. The firm was later replaced by Shraiberg,
Landau & Page, PA as general counsel.



LATAM AIRLINES: Bondholders in Talks to Provide $1.5 DIP Loan
-------------------------------------------------------------
Reuters reports that a group of LATAM bondholders are negotiating
to supply the company debtor-in-possession loan worth up to $1.5
billion within the Chapter 11 proceeding in the United States, two
people with knowledge of the matter said.

The group of bondholders, which includes Blackrock Inc, Australia's
Macquarie Group, HSBC and Chile's Moneda Asset Management, hired
investment bank Moelis & Co to advise on the talks.

The exact value of the DIP loan will be defined during the talks,
but it is expected to be within the $1 billion to $1.5 billion
range, the sources added.

LATAM, the bondholders and Moelis did not immediately comment on
the matter. Blackrock declined to comment.

LATAM filed for U.S. bankruptcy protection last month, aiming to
restructure $18 billion in debt. It was the world's largest airline
to date to seek an emergency reorganization due to the coronavirus
pandemic.

The company said at the time its shareholders Cueto Group and Qatar
Airways had committed to supplying $900 million in additional
financing, but that it aimed to raise up to $2.5 billion to support
operations.

                     About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America.  Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within
Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020.  Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Prime Clerk LLC is the claims agent.


LIVEXLIVE MEDIA: Signs Deal to Sell $15 Million Convertible Note
----------------------------------------------------------------
LiveXlive Media, Inc. entered into a securities purchase agreement
with a certain existing institutional investor pursuant to which,
subject to the satisfaction of certain closing conditions, on the
closing date, the Company agreed to sell, in a private placement
transaction, for a cash purchase price of $15.0 million, the
Company's 8.5% Subordinated Secured Convertible Note in the
principal amount of $15.0 million.  In addition, on the Closing
Date, the Company agreed to issue to the Purchaser 500,000 shares
of its common stock, $0.001 par value per share.  The Note and the
Shares will be issued in a private placement transaction exempt
from the registration requirements of the Securities Act of 1933,
as amended.

The Note will mature on the 2nd anniversary of the Closing Date,
accrue interest at 8.5% per year, payable quarterly in cash in
arrears, and will be convertible into shares of Common Stock at a
conversion price of $5.00 per share at the Purchaser's option,
subject to certain customary adjustments such as stock splits,
stock dividends and stock combinations.

The closing of the Financing is subject to various customary
closing conditions and other conditions, including, among others,
consummation by the Company of an acquisition of a certain target
company as agreed to by the Purchaser in a manner and on a
structure and terms and conditions reasonably satisfactory to the
Purchaser, and either the Company (x) obtaining its current senior
lender's consent to the transaction contemplated by the Financing
Documents, and the Purchaser entering into a subordination
agreement with the senior lender in the form acceptable to the
Purchaser and the senior lender, pursuant to which the Note shall
be subordinated to the senior debt of the Company, (y) repaying in
full the outstanding obligations to its senior lender and the
agreements with the senior lender being terminated, or (z)
replacing its senior lender's loan arrangement with another senior
lender satisfactory to the Purchaser in its sole discretion, which
arrangement shall be on terms equal to or better than such
arrangement and the agreements with the senior lender, all as more
fully set forth in the SPA.

At the Company's election and subject to certain limitations, the
Company shall also have the right to pay interest under the Note in
shares of Common Stock.  If the Company elects to pay any interest
in shares of Common Stock, then, the shares shall be delivered
based on a price equal to the lesser of (a) a 10% discount to the
average of the three lowest daily volume weighted average prices of
the Common Stock over the 20 trading days preceding the payment
date, or (b) the Conversion Price, subject to a certain minimum
price per share and if certain conditions are met.  The Company
will not have the right to prepay any or all of the Note.

The Company's obligations under the Note could be accelerated upon
the occurrence of certain customary events of default or a Change
of Control Transaction.  The Company's obligations under the Note
will be guaranteed under a Subsidiary Guarantee, dated as of the
Closing Date, to be entered by all of its subsidiaries in favor of
the Purchaser.  The Company's obligations under the Note and the
Guarantors' obligations under the Subsidiary Guarantee will be
secured under a Security Agreement, dated as of the Closing Date,
by a lien on all of the Company's and the Guarantors' assets,
subject to certain exceptions.  The Company and the Purchaser
agreed to enter into the Subsidiary Guarantees and the Security
Agreement on or before the date of the Closing in such forms as
shall be agreed to by them on or before the Closing Date.  The Note
contains customary affirmative and restrictive covenants and
representations and warranties, including limitations on
organizational document amendments, issuance of disqualified stock,
stock repurchases, dividends, the creation of subsidiaries,
affiliate transactions, deposit accounts and certain other
matters.

The Company and the Purchaser also agreed to enter into a
Registration Rights Agreement, dated as of the Closing Date, which
shall grant the Purchaser "demand" and "piggyback" registration
rights to register the shares of Common Stock issuable upon the
conversion of the Note and the Shares with the U.S. Securities and
Exchange Commission for resale or other disposition.  Pursuant to
the RRA, the Company would be required to file with the SEC a
resale Registration Statement on Form S-3 (or another suitable
form), and have such Registration Statement be declared effective
by the SEC, within such period after the Closing Date as shall be
agreed to in the RRA.

There can be no assurance that the Financing and/or the proposed
acquisition of the Target will be consummated or as to the date by
which the Financing and/or the proposed acquisition of the Target
may be consummated, if at all.

                   About LiveXLive Media

Headquartered in West Hollywood, CA, LiveXLive --
http://www.livexlive.com/-- is a global digital media company
focused on live entertainment.  The Company operates LiveXLive, a
live music video streaming platform; and Slacker Radio, a streaming
music pioneer; and also produces original music-related content.
LiveXLive is at 'live social music network', delivering premium
livestreams, digital audio and on-demand music experiences from the
world's top music festivals and concerts, including Rock in Rio,
EDC Las Vegas, Hangout Music Festival, and many more.  LiveXLive
also gives audiences access to premium original content, artist
exclusives and industry interviews. Through its owned and operated
Internet radio service, Slacker Radio (www.slacker.com), LiveXLive
delivers its users access to millions of songs and hundreds of
expert-curated stations.

LiveXLive reported a net loss of $38.93 million for the year ended
March 31, 2020, compared to a net loss of $37.76 million for the
year ended March 31, 2019.  As of March 31, 2020, the Company had
$54.12 million in total assets, $61.25 million in total
liabilities, and a total stockholders' deficit of $7.13 million.

BDO USA, LLP, in Los Angeles, California, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 26, 2020, citing that the Company has suffered recurring
losses from operations, negative cash flows from operating
activities and has a net capital deficiency that raise substantial
doubt about its ability to continue as a going concern.  In
addition, the COVID-19 pandemic could have a material adverse
impact on the Company's results of operations, cash flows and
liquidity.


LONGHORN SERVICE: Aug. 15 Auction of Rolling Stock Set
------------------------------------------------------
Judge Janice D. Loyd the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized Longhorn Service Co., LLC's public
auction of substantially all of its assets, including equipment,
vehicles, and other property ("Rolling Stock"), identified and
described at Exhibit A.

The sale of the Rolling Stock is authorized as follows:

     a. the Rolling Stock will be sold at public auction to be
conducted by approximately Aug. 15, 2020;

     b. upon finalization of the Auction time and procedures, the
Debtor will file with the Court and serve on all creditors and
interested parties a Notice of Intent to Sell the Rolling Stock at
Public Auction; and

     c. the employment of an auctioneer to conduct the Auction will
be dealt with by a separate order.

Pursuant to Section 363 of the Bankruptcy Code, the Debtor is
authorized to sell the Rolling Stock free and clear of all liens,
claims, interests and encumbrances, with such liens, claims and
encumbrances attaching to the proceeds of the sale.

A copy of the Exhibit A is available at
https://tinyurl.com/y7ubhndr from PacerMonitor.com free of charge.

                   About Longhorn Service Co.

Longhorn Service Company LLC is a privately held company in the
well servicing business serving oil & gas operators.  Longhorn
Service was established in 1988 by Tom and Randy Holder.

Longhorn Service sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 19-14276) on Oct. 18,
2019.  The petition was signed by Tom Holder, member.  At the time
of the filing, the Debtor disclosed assets ranging between $10
million to $50 million and liabilities of the same range.  The
Debtor is represented by Stephen J. Moriarty, Esq. at FELLERS
SNIDER.


LSB INDUSTRIES: Adopts Shareholder Rights Plan to Protect NOLs
--------------------------------------------------------------
LSB Industries, Inc.'s Board of Directors adopted a shareholder
rights plan designed to protect the availability of LSB's net
operating loss carryforwards ("NOLs") and other tax attributes
under the Internal Revenue Code ("Section 382 Rights Plan").

As of Dec. 31, 2019, LSB had approximately $611 million of U.S.
federal NOLs that could be available to offset its future federal
taxable income.  LSB's ability to use these NOLs would be
substantially limited if it experienced an "ownership change"
within the meaning of Section 382 of the Internal Revenue Code. In
general, a company would undergo an ownership change if its
"5-percent shareholders" (determined under Section 382) increased
their ownership of the value of such company's stock by more than
50 percentage points over a rolling three-year period.  The Section
382 Rights Plan is intended to reduce the likelihood of such an
ownership change at LSB by deterring any person or group from
acquiring beneficial ownership of 4.9% or more of LSB's outstanding
common stock unless approved by the Board.

The Section 382 Rights Plan is similar to those adopted by numerous
other public companies with significant NOLs.  The Section 382
Rights Plan is not designed to prevent any action that the Board
determines to be in the best interest of LSB and its shareholders,
and will help to ensure that the Board of Directors remains in the
best position to discharge its fiduciary duties.

Under the Section 382 Rights Plan, the rights will initially trade
with LSB's common stock and will generally become exercisable only
if a person (or any persons acting as a group) acquires 4.9% or
more of LSB's outstanding common stock.  The Section 382 Rights
Plan does not aggregate the ownership of shareholders "acting in
concert" unless and until they have formed a group under applicable
securities laws.  If the rights become exercisable, all holders of
rights (other than any triggering person) will be entitled to
acquire shares of common stock at a 50% discount or LSB may
exchange each right held by such holders for one share of common
stock. Under the Section 382 Rights Plan, any person which
currently owns 4.9% or more of LSB's common stock may continue to
own its shares of common stock but may not acquire any additional
shares without triggering the Section 382 Rights Plan.  LSB's Board
of Directors has the discretion to exempt any person or group from
the provisions of the Section 382 Rights Plan.

LSB intends to submit the Plan to a vote of its shareholders at its
2021 annual meeting.  The Section 382 Rights Plan will expire on
the day following the certification of the voting results for LSB's
2021 annual meeting of shareholders, unless LSB's shareholders
ratify the Section 382 Rights Plan at or prior to such meeting, in
which case the Section 382 Rights Plan will continue in effect
until July 6, 2023, unless terminated earlier in accordance with
its terms.

                        LSB Industries

Headquartered in Oklahoma City, Oklahoma, LSB Industries, Inc. --
http://www.lsbindustries.com/-- manufactures and sells chemical
products for the agricultural, mining, and industrial markets. The
Company owns and operates facilities in Cherokee, Alabama, El
Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a
global chemical company in Baytown, Texas.  LSB's products are sold
through distributors and directly to end customers throughout the
United States.

LSB Industries reported a net loss attributable to common
stockholders of $96.44 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common stockholders of
$102.74 million for the year ended Dec. 31, 2018.  As of March 31,
2020, the Company had $1.11 billion in total assets, $111.11
million in total current liabilities, $480.84 million in long-term
debt, $14.51 million in non-current operating lease liabilities,
$5.15 million in other non-current accrued and other liabilities,
$35.34 million in deferred income taxes, $243.70 million in
redeemable preferred stock, and $219.49 million in total
stockholders' equity.

                          *    *    *

As reported by the TCR on May 7, 2018, S&P Global Ratings raised
its corporate credit rating on Oklahoma City, Oklahoma-based LSB
Industries Inc. to 'CCC+' from 'CCC'.  The outlook is stable. "The
upgrade reflects our view of the improvement in LSB's overall
operations for 2017 and the first quarter of 2018 and the completed
refinancing of its $375 million senior secured notes due August
2019, which eliminates near-term refinancing risks.

In November 2016, Moody's Investors Service downgraded LSB's
corporate family rating (CFR) to 'Caa1' from 'B3', its probability
of default rating to 'Caa1-PD' from 'B3-PD', and the $375 million
guaranteed senior secured notes to 'Caa1' from 'B3'. LSB's 'Caa1'
CFR rating reflects Moody's expectations that the combined
uncertainty over operational reliability and the compressed
margins, resulting from the low nitrogen fertilizer pricing
environment, could result in continued weak financial metrics for a
protracted period.


LUCKY BRANDS: July 14 Deadline Set for Committee Questionnaires
---------------------------------------------------------------
Lucky Brand Dungarees LLC, which filed for Chapter 11 protection,
authorizes the United States Trustee to appoint an Official
Committee of Unsecured Creditors in its bankruptcy case.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to juliet.m.sarkessian@usdoj.gov at the Office of the United
States
Trustee so that it is received no later than Tuesday, July 14, 2020
at 4:00 p.m.

Under the Bankruptcy Code, the Committee has the right to demand
that the debtor consult with the Committee before making major
decisions or changes, to request the appointment of a trustee or
examiner, to participate in the formation of a plan of
reorganization, and in some cases, to propose its own plan of
reorganization.

                   About Lucky Brand

Founded in Los Angeles, California in 1990, Lucky Brand --
https://www.luckybrand.com -- is an apparel lifestyle brand that
designs, markets, sells, distributes, and licenses a collection of
contemporary premium fashion apparel under the "Lucky Brand" name.

Lucky Brand and four of its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Tex., Case No.
20-11768) on July 3, 2020.  The petitions were signed by
Christopher Cansiani, chief financial
officer.  Hon. Christopher S. Sontch presides over the cases.

The Debtors estimated consolidated assets of $100 million to $500
million and consolidated liabilities of $100 million to $500
million.

Michael R. Nestor, Esq., Kara Hammond Coyle, Esq., Andrew L.
Magaziner, Esq., and Joseph M. Mulvihill, Esq. of Young Conaway
Stargatt & Taylor, LLP; as well as George A. Davis, Esq., Ted A.
Dillman, Esq., and Lisa K. Lansio, Esq. of Latham & Watkins LLP
serve as counsel to the Debtors.  Berkeley Research Group, LLC is
the Debtors'restructuring advisor.  Houlihan Lokey Capital, Inc. is
Debtors' investment banker.  Epiq Corporate Restructuring, LLC is
claims and noticing agent to the Debtors.



MACY'S INC: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC+
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2020, downgraded the local
currency senior and foreign currency unsecured ratings on debt
issued by Macy's Incorporated to CCC+ from B-. EJR also downgraded
the rating on commercial paper issued by the Company to C from B.

Headquartered in Cincinnati, Ohio, Macy's, Incorporated operates
department stores in the United States.



MCLEAN AFFILIATES: Fitch Rates 2020A&B Revenue Bonds 'BB+'
----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $65 million series
2020A, series 2020B-1, and series 2020B-2 revenue bonds issued by
State of Connecticut Health and Educational Facilities Authority on
behalf of McLean Affiliates, Inc. (McLean).

Bond proceeds are expected to be used to fund most of the costs
related to McLean's upcoming independent living unit (ILU)
expansion project, to pay certain capitalized interest costs, to
fund a debt service reserve fund (DSRF), and to pay costs of
issuance. The bonds are scheduled to sell via negotiated sale the
week of July 20, 2020.

The Rating Outlook is Stable.

SECURITY

The bonds are secured by a pledge of gross revenues of the
obligated group (OG), a mortgage lien on certain properties, a
DSRF, and an unconditional and irrevocable guarantee from the
Special Additions & Contingency Fund (SACF), the unrestricted
endowment of the McLean Fund (an affiliated non-OG entity).

KEY RATING DRIVERS

FUND GUARANTEE: In conjunction with McLean's upcoming bond
issuance, the SACF will guarantee timely payment of principal and
interest of the series 2020 bonds. Therefore, Fitch includes the
SACF, which held $16.8 million in unrestricted reserves at May 31,
2020, in McLean's liquidity metrics. With its inclusion, McLean's
pro forma unrestricted cash and investments (based upon fiscal
2019) measured a strong $33 million, which translates into 443 days
cash on hand (DCOH), 50.7% cash to pro forma debt, and 9.6x pro
forma cushion ratio. The guarantee from SACF is a key credit
strength that helps mitigate concerns over project execution issues
and short-term disruptions from the coronavirus pandemic.

UPCOMING CAPITAL PROJECT: McLean is about to begin its ILU
expansion project in July 2020, which entails building a new
four-story 55-ILU apartment building, including an underground
parking area. Additionally, the project will include a new bistro
and dining room that overlooks the adjacent country club golf
course. The project is expected to cost $57 million ($45 million in
hard costs and $9 million in soft costs) and is expected to be
funded by the series 2020 bond proceeds and a $2 million equity
contribution from McLean. The project is expected to generate $16
million in initial entrance fees that will be used to pay down the
$14 million in temporary debt (series 2020B-1 & B-2 bonds). The
'BB+' rating incorporates the full size and scope of the project.

SUFFICIENT CENSUS: McLean's favorable local reputation, desirable
location with access to its adjacent country club, and enhanced
marketing efforts has driven solid demand historically. In fiscal
2019, McLean averaged 92% in its ILUs, 86% in its assisted living
units (ALUs), and 88% in its skilled-nursing facility (SNF) beds.
Additionally, these solid census levels were maintained at the
three-month interim period (ending March 31, 2020) as evidenced by
its 93% occupancy in its ILUs, 86% occupancy in its ALUs, and 88%
occupancy in its SNF.

ADEQUATE OPERATIONS: McLean's solid census levels and low debt
burden have produced solid core operations historically as
evidenced by the 91.6% operating ratio, 7.4% net operating margin
(NOM), and 6.5% excess margin averaged over the last three fiscal
years. However, somewhat due to higher exposure to monthly rental
contracts, McLean's cash flow from net entrance fee receipts has
been somewhat weak in recent years as evidenced by its average
11.2% NOM-adjusted (NOMA) over the last three fiscal years. While
Fitch expects overall cash flow levels and cash flow from net
entrance fee receipts to improve following completion of its ILU
expansion project, core operations are expected to remain flat or
slightly deteriorate due to the increased debt burden/interest
expense associated with the project. Nonetheless, Fitch expects
operations and cash flow levels to remain sufficient to support
McLean's current rating level throughout project construction and
fill-up.

LONG-TERM LIABILITY PROFILE: Despite the new debt issuance,
McLean's long-term liabilities remain manageable and consistent
with its current rating level. Pro forma maximum annual debt
service (MADS) equates to a low 10.8% of fiscal 2019 revenues,
which compares favorably to Fitch's 'BIG' median of 16.7%. However,
pro forma debt to net available (measured at the six-month interim
period and includes temporary debt) equates to a weak 17.6x.
However, both metrics are expected to significantly improve
following completion of its ILU expansion project and pay down of
its temporary debt, which will boost McLean's cash flow levels and
revenue base.

NO ASYMMETRIC RISKS: There are no asymmetric risks affecting the
rating determination.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's expectations that McLean will
successfully execute on its upcoming capital project. Additionally,
the Stable Outlook also reflects Fitch's expectation that McLean's
strong liquidity position and solid demand provide enough financial
cushion to absorb short-term disruptions from the coronavirus while
maintaining operating metrics and unrestricted reserves consistent
with its current rating level over the two-year Outlook period.

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

  -- While outside the two-year Outlook period, successful
completion of its ILU expansion project coupled with debt service
coverage levels above 1.6x and cash to debt above 50%.

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

  -- Any project executions issues such as cost overruns,
construction delays, or fill-up delays.

  -- Unexpected deterioration in unrestricted cash reserves that
weakens cash to debt below 35%.

  -- Should economic conditions decline further than expected from
Fitch's current expectations or should a second wave of infections
occur, Fitch would expect further pressures on McLean's revenue
base. If there are significant additional pressures on McLean
revenue base due to the pandemic, which materially deteriorates its
operations, cash flow levels, or unrestricted reserves, there could
be rating pressure.

  -- The 'BB' rating incorporates an expectation of a full
guarantee of timely payment of principal and interest on the series
2020 bonds from the SACF. Any negative changes to the format of the
guarantee or elimination of the guarantee prior to bond closing may
result in a multi-notch downgrade of the ratings.

CREDIT PROFILE

McLean primarily operates a Type-C (fee-for-service) life plan
community (LPC) located on 125-acre campus in Simsbury,
Connecticut. In addition to its LPC, McLean provides home care,
hospice, adult day care, and Meals on Wheels services to residents
of Simsbury and the surrounding communities. McLean's LPC currently
consists of 88 ILUs (27 IL cottages, 13 IL villas, and 48 IL
apartments), 74 ALUs (including 3 residential care beds), and 89
SNF beds. McLean currently offers four types of contracts at its
LPC: a 90% refundable entrance fee contract, a 50% refundable
entrance fee contract, a 2% declining balance (traditional)
entrance fee contract, and a monthly rental contract. Currently,
approximately 3% of residents have chosen the 90% refundable
option, 22% have chosen the 50% refundable option, 28% of chosen
the declining balance option, and 47% have chosen the monthly
rental contract. While McLean's exposure to rental contracts is
somewhat high for a typical Type-C LPC, McLean management will not
offer rental contracts at its new ILUs and expects to diminish its
exposure to these agreements as existing ILUs turnover.

McLean has two non-OG affiliated entities: the McLean Game Refuge
and the McLean Fund. The McLean Refuge is a non-profit organization
that is dedicated to the protection of native wildlife, the
conservation of landscapes that they own, education, research, and
recreation. The Refuge currently has over 4,400 acres of land in
Simsbury, Granby, and Canton, which protects hundreds of animal
species while maintaining focus on conservation and recreation. The
McLean Fund is a non-profit organization established under the will
of Senator George P. McLean for the purposes of supporting McLean
and its affiliated entities. Additionally, the Fund owns the land
and property adjacent to McLean's LPC campus, which Hop Meadow
Country Club is located on. While the Country Club is operated by
another entity, all McLean residents receive social membership
privileges to the country club as part of its residency agreement.

For purposes of this analysis, Fitch includes the unrestricted
investments of a separate, obligated fund (SACF, the unrestricted
board-designated endowment of the McLean Fund). The SACF exists
solely to support McLean and its affiliates and guarantees the
timely payment of principal and interest on the series 2020 bonds.
This method is consistent with McLean's liquidity covenant
calculation. As of May 31, 2020, the Fund had unrestricted cash and
investments of approximately $16.8 million.

The recent outbreak of the coronavirus and rise in related
government containment measures worldwide have created an uncertain
environment for the entire healthcare system in the near term.
While McLean's financial performance through the most recently
available data (March 31, 2020) has not indicated any material
impairment as a direct result of the pandemic, material changes in
revenue and costs profiles will occur across the sector. Fitch's
ratings are forward-looking in nature, and Fitch will monitor
developments in the sector as a result of the virus outbreak as it
relates to severity and duration and incorporate revised
expectations for future performance and assessment of key risks.

UPCOMING CAPITAL PLANS

McLean is about to undertake an ILU expansion project at its campus
that entails building a four-story ILU apartment building that will
house 55 new ILU apartments, an underground parking garage, and a
new bistro and dining room that will have a patio that overlooks
their adjacent country club golf course. In conjunction with the
project, McLean is expected to remove 12 IL cottages from its
campus, which typically operate with lower census than its IL
apartments. Project construction is expected to begin in July 2020
and be completed by June 2022, with initial occupancy of the new 55
ILUs beginning in July 2022. Total project costs are currently
estimated at $57 million, which include approximately $45 million
in hard costs and $9 million in soft costs. Additionally, there is
a $3 million contingency fund for potential cost overruns.

McLean expects to enter into a guaranteed maximum price (GMP)
contract for $45 million with its construction manager to cover the
hard costs of the project. Additionally, the construction manager
is expected to provide a payment and performance bond for 100% of
the GMP and have a liquidated damages provision. The presence of
the GMP, payment and performance bonds, and the liquidated damages
provision help mitigate some concerns over construction risk. The
project is expected to be funded by the series 2020 bond proceeds
and a $2 million equity contribution from McLean.

Approximately $14 million of the series 2020 bonds (series 2020B-1
and 2020B-2) are expected to be temporary debt that will be paid
down by the $16 million in initial entrance fees generated from the
new ILUs. To date, McLean has presold 37/55 units (67.2%) with
prospective residents making a deposit of 10% of the initial
entrance fee. Despite the increased debt burden and short-term
project risks associated with expansion, the project is viewed
favorably as it will increase McLean's cash flow levels with high
net entrance fee receipts, grow its revenue base, and increase its
exposure to IL services and revenues. Due to its current unit
composition, IL revenues comprised a low 17% of fiscal 2019
resident service revenues.

CORONAVIRUS PANDEMIC DISRUPTIONS

Similar to most LPCs in its area, and the country, McLean faced
ongoing challenges brought on by the coronavirus pandemic. In May
2020, McLean reported a total 33 cases of COVID-19 that primarily
resided in its ALUs and SNF and resulted in 5 COVID-related
resident deaths. Currently, there are no active COVID-19 cases on
McLean's campus. As a result of the pandemic, and in order to
protect the health of its residents, McLean management voluntarily
closed its campus to new admissions in all service lines in
mid-late March. As of early June 2020, McLean began external
admissions for post-acute services and outpatient therapy services.
However, McLean has continued its lockdown on new admissions for
its ILU and ALU service lines, which are expected to begin
admitting new residents in July 2020. These lockdowns, along with
other disruptions caused by the pandemic, are expected to impact
census levels, top line revenues, and expenses for fiscal 2020.

McLean management reports that census levels have softened across
all service lines to 87% in its ILUs, 72% in its ALUs, and 69% in
its SNF beds in June 2020. However, with six IL applications and
eight ALU applications currently approved or in process, Fitch
expects McLean's IL and AL census to rebound quickly following
their opening of new admissions in July. Like most other LPCs, SNF
census is expected to have a slower recovery that depends somewhat
on the recovery of elective admissions in its primary service area.
McLean has received approximately $900,000 in stimulus funds to
date to help offset revenue disruptions due to the pandemic.
However, due to its large endowment, McLean management has not
applied for Payment Protection Program (PPP) loan under the
Coronavirus Aid, Relief, and Economic Security (CARES) ACT.

Regardless, Fitch believes McLean's solid demand indicators, strong
pipeline of prospective residents across multiple service lines,
and strong balance sheet (including SACF) provides enough financial
cushion to absorb any coronavirus related disruptions to census
and/or revenues at its current rating level. However, should
disruptions related to the pandemic be more prolonged than Fitch's
expectations or there is a second wave that further pressures
McLean's census levels, revenues, or unrestricted reserves, there
could be some negative rating pressure.

OPERATING PROFILE

Despite the presence of competition, McLean as demonstrated solid
census levels historically, which Fitch attributes to its favorable
local reputation, desirable location that includes access to the
adjacent country club, and its enhanced marketing efforts in recent
years. In fiscal 2019, McLean averaged a solid 93% in its ILUs, 86%
in its ALUs, and 89% in its SNF beds. Additionally, census across
all three service lines remained flat or improved at the
three-month interim period indicating solid demand indicators prior
to the coronavirus outbreak. Furthermore, despite marketing related
disruptions from the coronavirus, McLean has continued to pre-sell
its new ILUs, which are currently 65% presold.

McLean's main competitors include Duncaster (BBB/Stable), Seabury
(BB/Stable), and the Mercy Community, which all are not-for-profit
LPCs located within 12 miles of its campus. Each community offers
different contract types and primarily has solid census levels
across all service lines. Furthermore, a third-party feasibility
study indicates low penetration rates in McLean's primary service
area to absorb its new ILUs. With solid pre-sales to date, adequate
historical demand, low penetration rates, and solid census levels
across the primary service area, Fitch believes McLean is well
positioned to successfully fill its new ILUs.

FINANCIAL PROFILE

McLean's solid census levels and low historical debt burden have
produced solid historical operational performance. In fiscal 2019,
McLean had a 91% operating ratio, 8% NOM, and 5.9% excess margin,
which all are well above Fitch's 'BIG' medians of 100.7%, 3.8%, and
negative 2.4%, respectively. This solid core performance further
improved at the three-month interim period as evidenced by its
89.9% operating ratio, 9.1% NOM, and 7.4% excess margin. However,
while solid, McLean's cash flow from entrance fee receipts have
been somewhat weak historically as evidenced by its 11.7% NOMA in
fiscal 2019 and 8.7% NOMA at the three-month interim period, which
both trail the 'BIG' median of 19.4%.

Fitch attributes its weaker entrance fee receipts to its unit
composition as ILU only make up only 36% of its total units and its
high exposure to monthly rental contracts which make up 47% of its
current outstanding residency contracts. McLean's new ILUs are
expected to be accretive to its financial profile by improving its
top line revenues and total cash flow levels. Following completion
of the project, McLean is expected to have higher exposure to IL
revenues and entrance fee contracts which will improve cash flow
from net entrance fee receipts over the medium to long term.
However, core operational performance is likely to remain flat or
deteriorate due to the increased debt burden associated with the
project as McLean's interest expense will increase to $3 million
from $177,000. Current third-party forecasts illustrate a 101.3%
operating ratio, 6.4% NOM, 11.5% NOMA, and negative 6.4% excess
margin in fiscal 2025, which shows mixed results compared to
Fitch's 'BIG' medians and remains in line with McLean's current
rating level.

With the inclusion of the unrestricted endowment of the McLean
Fund, which is expected to guarantee debt service coverage of the
series 2020 bonds, McLean's pro forma unrestricted cash and
investments measured a strong $33 million, which translates into
443 DCOH, 50.7% cash to pro forma debt, and 9.6x pro forma cushion
ratio. All three metrics remain much stronger than Fitch's 'BIG'
medians of 312 DCOH, 33% cash to debt, and 4.3x cushion ratio.
Overall, McLean's strong liquidity position is a key credit
strength that mitigates concerns over disruptions related to the
coronavirus pandemic, upcoming project execution risk, and somewhat
weaker cash flow levels.

However, Fitch expects some deterioration in unrestricted reserves
over the medium term due to elevated capital needs at its existing
campus. McLean's elevated capital needs are expected to be
completed by 2023 and include upgrades/improvements to its HVAC and
air handling systems, SNF roof replacement, chapel roof and
interior renovations, and replacement of its main electrical
service. However, despite the erosion, McLean's liquidity position
is expected to remain a key credit strength and will be somewhat
offset by the large decline in its leverage position following the
expected pay down of its $14 million in temporary debt. Current
third-party forecasts show McLean's unrestricted reserves declining
by 17% to $27.3 million by 2025, which translates into 277 DCOH,
54% cash to debt, and 7.9x pro forma cushion ratio in 2025.

LONG-TERM LIABILITY PROFILE

McLean has no debt currently outstanding, and therefore, the series
2020 bonds will be its only debt outstanding following issuance.
The bonds are expected to be fixed-rate, have a final maturity of
2055, and are expected to have a MADS of approximately $4 million.
The $14 million in series 2020B-1 and series 2020B-2 bonds are
expected to be issued as temporary debt that will be paid down by
the $16 million in initial entrance fees generated from McLean's
new ILUs. McLean has no exposure to a pension liability or
derivative instruments.

Despite the additional debt, McLean's debt burden remains
manageable as evidenced by MADS equating to 10.8% of fiscal 2019
revenues, which compares favorably to Fitch's 'BIG' median of
16.7%. However, pro forma debt to net available (based upon
six-month interim statements) measured a weak 17.6x, which is
unfavorable to Fitch's 'BIG' median of 10.9x and primarily reflects
the inclusion of its $14 million in temporary debt. However,
McLean's debt burden is expected to moderate significantly
following completion of its IL expansion project and pay down of
its temporary debt which will improve its top line revenues and
cash flow levels. Current third-party forecasts illustrate pro
forma MADS equating to 8.9% of 2025 revenues and debt to net
available measuring 10.2%.


OVERSEAS SHIPHOLDING: Egan-Jones Withdraws B- Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 29, 2020, withdrew its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Overseas Shipholding Group Inc/Old. EJR also
withdrew its 'C' rating on commercial paper issued by the Company.


Headquartered in New York, New York, The Company charters its ships
to oil majors, traders, and United States, and international
governmental agencies.



P.P.S. TRUCKING: Sept. 15 Auction of Rolling Stock Set
------------------------------------------------------
Judge Janice D. Lloyd of the U.S. Bankruptcy Court for the Western
District of Oklahoma authorized P.P.S Trucking, LLC's public
auction of substantially all of its assets, including equipment,
vehicles, and other property ("Rolling Stock"), as identified and
described at Exhibit A.

The sale of the Rolling Stock is authorized as follows:

      a. the Rolling Stock will be sold at public auction to be
conducted by approximately Sept. 15, 2020;

      b. upon finalization of the Auction time and procedures, the
Debtor will file with the Court and serve on all creditors and
interested parties a Notice of Intent to Sell the Rolling Stock at
Public Auction; and
      
      c. the employment of an auctioneer to conduct the Auction
will be dealt with by a separate order.

Pursuant to Section 363 of the Bankruptcy Code, the Debtor is
authorized to sell the Rolling Stock free and clear of all liens,
claims, interests and encumbrances, with such liens, claims and
encumbrances attaching to the proceeds of the sale.

A copy of the Exhibit A is available at
https://tinyurl.com/y95bhmww from PacerMonitor.com free of charge.

                   About P.P.S. Trucking

P.P.S. Trucking, LLC, a provider of trucking services in
Hennessey,
Okla., filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 19-14563) on Nov. 7,
2019.  In the petition signed by Tom Holder, vice-president, the
Debtor estimated $50,000 in assets and $10 million to $50 million
in liabilities.  Stephen J. Moriarty, Esq., at Fellers, Snider,
Blankenship, Bailey & Tippens, P.C., is the Debtor's counsel.


PACIFIC ETHANOL: Has $25.1M Net Loss for Quarter Ended March 31
---------------------------------------------------------------
Pacific Ethanol, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss (attributed to Pacific Ethanol, Inc.) of
$25,100,000 on $311,404,000 of net sales for the three months ended
March 31, 2020, compared to a net loss (attributed to Pacific
Ethanol, Inc.) of $12,890,000 on $355,803,000 of net sales for the
same period in 2019.

At March 31, 2020, the Company had total assets of $571,109,000,
total liabilities of $370,389,000, and $200,720,000 in total
stockholders' equity.

The Company disclosed that there exists substantial doubt as to its
ability to continue as a going concern.

The Company stated, "As a result of ethanol industry conditions
that have negatively affected the Company's business, the Company
does not currently have sufficient liquidity to meet its
anticipated working capital, debt service and other liquidity needs
in the near-term.  The Company has reduced production at its
facilities by more than 60% subsequent to quarter-end in an effort
to conserve capital in response to a substantial reduction in
demand due to stay-at-home orders issued in response to the
coronavirus pandemic.  The Company has obtained additional
liquidity from the completion of the sale of its interest in
Pacific Aurora and through government loan programs.  The Company
has also taken and expects to take additional steps to preserve
liquidity.  However, despite these efforts, the Company does not
believe that it has sufficient working capital to continue
operations for the next twelve months, unless it successfully
restructures its debt, sells additional assets, experiences a
significant improvement in demand and margins for its products
and/or obtains other sources of liquidity.  In addition, if demand
and margins do not promptly and sustainably improve, the Company
may be forced to further curtail or cease production at its
operating facilities.

"The Company, as previously agreed with its lenders, has presented
and continues to negotiate a comprehensive plan to restructure its
assets and liabilities.  The Company has appointed a chief
restructuring officer to facilitate the development of such a plan
and to assist in the Company's present strategic initiatives.  The
Company expects the negotiated plan will include additional assets
sales, soliciting new investments in the Company or its assets,
further debt payment deferrals and reductions, cutting overhead
expenses and other cash preserving initiatives.  The Company
intends that the plan will provide the means to maintain sufficient
liquidity for the next twelve months."

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

                       https://is.gd/G7eWcs

Pacific Ethanol, Inc., produces and markets low- carbon renewable
fuels in the United States.  Pacific Ethanol, Inc., was founded in
2003 and is headquartered in Sacramento, California.



PATTERSON COMPANIES: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on June 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Patterson Companies Inc. to BB+ from BBB-.

Headquartered in ‎Mendota Heights, Minnesota, Patterson Companies
Inc. distributes dental products, veterinary supplies for companion
pets, and rehabilitation supplies.



PG&E CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to CC
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 2, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by PG&E Corporation to CC from D. EJR also downgraded the rating on
commercial paper issued by the Company to C from D.

Headquartered in San Francisco, California, PG&E Corporation is a
holding company that holds interests in energy-based businesses.



PIONEER NURSERY: Insurers Buying Insurance Policies for $4.5M
-------------------------------------------------------------
Pioneer Nursery, LLC, asks the U.S. Bankruptcy Court for the
Eastern District of California to authorize the sale of interests
in insurance policies to insurers for $4.5 million, free and clear
of any interest.

The Debtor's customers include the following: Lone Palm Ranch LLC;
Terra Linda Farms I; JG Boswell Co.; John Martins, also known as
Johnny Martin; King Gardiner Farms, also known as King & Gardiner;
Rod Stiefvater; Charles & Susie Nichols, doing business as Sierra
View Farms; JP Farms; Olam Farming, Inc.; Westside Ranch; New Dawn
Farms; Kings Ranch; Johnivia Farms (Macedo); FAE Hoss Fresno, LLC;
FAE Holdings 457722R, LLC ("Growers").

Each Grower alleges that (1) the Grower purchased rootstock and/or
trees from the Debtor; (2) the rootstock and/or trees the Grower
purchased was diseased, contaminated, and/or defective, and (3) the
Grower suffered damages as a result of the diseased, contaminated,
and/or defective rootstock and/or trees ("Grower Claims").  Prior
to the Bankruptcy Case, some of the Growers had filed state court
lawsuits on account of the Grower Claims.

Pursuant to the Notice of Chapter 11 Bankruptcy Case, the deadline
for filing a proof of claim against the Debtor was Dec. 19, 2017.
The Growers have all filed proofs of claim in the Bankruptcy Case
on account of the Grower Claims.  They are the only parties that
have proofs of claim against the Debtor on account of or relating
to diseased, contaminated, and/or defective rootstock and/or trees,
and all other proofs of claim are not related to diseased,
contaminated, and/or defective rootstock and/or trees, or have been
withdrawn.

In addition to the Growers, several other parties have asserted
claims against the Debtor similar to the Grower Claims.  Some of
those claims were released prior to the Petition Date in exchange
for replacement trees.  After the Petition Date, several additional
claims were released in exchange for replacement trees.

The Debtor scheduled all of its customers from 2015 and 2016 as
having potential claims in the case, but listed each of those
claims as disputed.  Notice of the Motion is being provided to
holders of Grower Claims, Pre-petition Released Claims,
Post-petition Released Claims, Disputed Claims, and other
interested parties.  

Prior to the Petition Date, the New Hampshire Insurance Co., and
National Union Fire Insurance Co. of Pittsburgh, PA issued
insurance policies that provide coverage to the Debtor.  The Debtor
has alleged that the Policies provide coverage for all or part of
the damages asserted by the Grower Claims, the Pre-petition
Released Claims, the Post-petition Released Claims, and the
Disputed Claims.

Concurrently with the motion, the Debtor has brought two motions to
approve settlements with various parties, one with grower creditors
with claims against the Debtor, and one with insurance entities
that the Debtor alleges is liable on those claims.  The Insurer
Settlement contemplates a sale of (a) all the insurance rights,
obligations, and policies issued to the Debtor by the Insurers and
(b) any right that the Debtor actually or allegedly has to obtain
coverage under a policy issued by the Insurers ("Debtor's Insurance
Rights").

The Grower Claims, the Pre-petition Released Claims, the
Post-petition Released Claims, the Disputed Claims, and any other
party receiving notice of the Motion may have interests in the
Debtor's Insurance Rights pursuant to, inter alia, California
Insurance Code Section 11580(b)(2).  

By the motion, the Debtor asks approval of the sale of the Debtor's
Insurance Rights to Insurers free and clear of Claimant Interests,
for the purchase price of $4.5 million.  The Debtor believes that
the agreement is the highest and best offer that can be obtained
for the Debtor's Insurance Rights, and Growers, comprising 99.5% of
all claims in the case, have consented to the sale.  

By way of the Motion, the Debtor is also asking that the Court
orders an injunction to protect the Insurers from any claim based
on the Debtor's Insurance Rights, as required by the Insurer
Settlement.  The amount of insurance available to cover Grower
claims under the Policies is subject to dispute in the pending
adversary proceeding, Pioneer Nursery, LLC v. New Hampshire
Insurance Company; National Union Fire Insurance Company of
Pittsburgh, PA.  However, the Debtor, Growers, and the Insurers
have been negotiating regarding the amount of insurance available
to satisfy Grower claims for years.  In November 2019, Growers, the
Debtor, and the Insurers spent two days mediating the question of
how much the Insurers should pay.  All of the Growers have agreed
that the Insurers should be able to purchase Debtor's Insurance
Rights for payment of $4.5 million.

                      About Pioneer Nursery

Founded in 1968, Pioneer Nursery Inc. is in the retail nurseries
and garden stores industry.  It owns crops -- either planted or
harvested -- of approximately 440,000 pistacio trees worth $7 per
tree having a total retail value of $3.08 million.  It posted gross
revenue of $4.55 million in 2016 and gross revenue of $7.78 million
in 2015.

Pioneer Nursery sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 17-13112) on Aug. 11,
2017.  Brian Blackwell, member, signed the petition.  At the time
of the filing, the Debtor disclosed $5.42 million in assets and
$245,701 in liabilities.  Judge Fredrick E. Clement oversees the
case.  Fear Waddell, P.C., is the Debtor's bankruptcy counsel.
Lewis Brisbois is the Debtor's insurance defense counsel.


PIQUERO LEASING: Case Summary & 40 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Piquero Leasing Limited
        PO Box 309, Ugland House
        Grand Cayman, Cayman Islands, KY1-104

Business Description: Piquero Leasing Limited is an affiliate of
                      LATAM Airlines Group S.A.

Chapter 11 Petition Date: July 7, 2020

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 20-11587

Debtor's Counsel: Lisa M. Schweitzer, Esq.
                  CLEARY GOTTLIEB STEEN & HAMILTON
                  One Liberty Plaza
                  New York, NY 10006
                  Tel: (212) 225-2629
                  E-mail: lschweitzer@cgsh.com

Estimated Assets
(on a consolidated basis): $10 billion to $50 billion

Estimated Liabilities
(on a consolidated basis): $10 billion to $50 billion

The petition was signed by Ramiro Alfonsin Balza, authorized
signatory.

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

                     https://is.gd/eHwQnM

List of Debtor's 40 Largest Unsecured Creditors:

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

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

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

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

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

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

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

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

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

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

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

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

13. American Express                Unsecured Debt     $52,511,111
Travel Related
Services Company, Inc
200 Vesey Street
New York, NY 10285
Liliana Gutierrez
Tel: +56 2 278 38733
Email: liliana.w.gutierrez@aexp.com

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

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

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

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

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

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

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

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

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

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

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

25. HSBC Bank Chile                 Unsecured Debt     $12,000,000

Av. Isidora Goyenechea 2800
Floor 23
Santiago, Metropolitana Chile
Alexandre Falcao
Tel: 212‐525‐4449
Email: alexandre.p.falcao@us.hsbc.com

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

27. Repsol S.A.                       Trade Debt       $11,135,377
2455 Technology Forest Blvd
The Woodlands, TX 7738
Josu Jon Imaz San Miguel, CEO
Tel: 832‐442‐1000
Email: infous@repsol.com;
ralvarezp.ir@repsol.com

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

29. General Directorate for           Contingent        $9,217,000
Competition of the European           Litigation
Commission Place
Madou Madouplein 1
Brussels, Saint‐Josse‐ten‐Noode1210
Belgium
Mr. OlivierGuersent, Director General
Tel: +32‐229‐65414
Email: Olivier.Guersent@ec.europa.eu

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

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

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

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

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

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

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

37. Everis Chile SA                   Trade Debt        $4,815,827
Libertador B Ohiggins 1449.1449
Santiago, Chile
Juan Pablo Buiatti
Tel: 2‐4215300
Email: juan.pablo.buiatti.dal.pietro@everis.com;
chile.finances@everis.com

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

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

40. Empresa Argentina de              Trade Debt        $4,215,496
Navegacion Aerea
Rivadavia 578
3nd Piso
Buenos Aires,AAQC‐1002
Argentina
Aerea Cristian Arnau
Email: carnau@eana.com.ar


RATTLER MIDSTREAM: Fitch Assigns BB+ LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned a first-time Long-Term Issuer Default
Rating (IDR) of 'BB+' to Rattler Midstream, LP (Rattler) and a
'BB+'/'RR4' rating to Rattler's proposed unsecured notes. The
Rating Outlook is Stable. Proceeds from the $500 million senior
unsecured notes will be used to repay the outstanding balance on
Rattler Midstream Operating, LLC's revolving credit facility
(OpCo).

OpCo will issue a note to Rattler relating to the note proceeds,
and this intercompany note will enjoy a priority status over the
units that Diamondback Energy (Diamondback; BBB/Stable) owns
directly in Opco. Fitch has reviewed the preliminary documentation
for the proposed notes offering. The assigned ratings assume there
will be no material variation from the draft previously provided.

Rattler's credit profile and ratings reflect Rattler's moderate
size, offset by its low leverage and the track record of oil and
gas producer Diamondback Energy (BBB/Stable) achieving
industry-leading production growth rates. Fitch's key concerns for
the water disposal and production company are customer
concentration with single basin focus and lack of business line
diversity, which raise the possibility of an outsized event risk
should there be any operating or financial issues at Diamondback.

KEY RATING DRIVERS

Production Fundamentals Challenge Volume Growth: Fitch believes the
Permian will remain challenged in the near term driven by capital
reductions by E&P producer customers against the backdrop of an
unfavorable commodity price environment. Rattler's significant
customer, Diamondback recently announced a 40% reduction of the
2020 capital budget. Fitch believes Diamondback's capital
reductions in the Permian will affect throughput revenues at
Rattler. While Fitch does expect a rebound in volume growth in the
medium-term, near-term volumetric risk is significant, stemming
from Diamondback's flat production and capital spending reduction
announced for 2020.

Customer Concentration: Rattler has significant customer
concentration to Diamondback. Rattler generated approximately 91%
of revenues from Diamondback in 2019. Fitch believes that Rattler's
midstream operations will remain integral to Diamondback's high
growth, low-operating cost production profile. Fitch expects
Diamondback and Rattler's development to move in lockstep with one
another. Rattler's dedicated acres overlay Diamondback's seven core
development areas, covering 87% of Diamondback's development
acreage. The reduction in drilling activities by Diamondback
exposes Rattler to some, albeit limited, volumetric risk as Fitch
expects Diamondback's production to remain relatively yoy, and
Diamondback has demonstrated a strong execution record against
production guidance.

Fitch believes Diamondback is well positioned in the current
commodity downturn given its competitive full-cycle breakeven oil
price, supportive hedging program, and credit-conscious capital
allocation strategy, which has financial and operational
flexibility. Rattler's water decline rate (approximately 36%) is
materially less than Diamondback's oil decline rate (approximately
40%), which may support near-term flat volumes at Rattler, assuming
Diamondback's production stays relatively flat. Fitch expects
Diamondback's reduced capital program to target its highest return
acreage in Northern Midland Basin, where Rattler has sizable water
infrastructure, minimizing near-term growth capital needs.

Limited Size and Line of Business: Rattler is a water
midstream/solutions provider that operates in the low-cost Delaware
and Midland regions of the Permian basin. While it also provides
oil and gas gathering and owns minority shares in long-haul
pipelines, Fitch expects the water business to remain the main
business and growth generator (85% of 2019 EBITDA). Fitch generally
views companies with EBITDA above $500 million as being consistent
with investment-grade IDRs. However, during the forecast period
through 2023, Fitch expects Rattler to generate annual EBITDA of
less than $300 million. Rattler possesses an outsized sensitivity
to a slow-down by Diamondback because of the single business line
and customer concentration.

Asset and Contract Profile: Cash flow from Diamondback for
Rattler's produced water disposal and source water services is
underpinned by long-term, fixed fee contracts. Ratings consider
that Rattler generates 90% of its cash flow under fixed fee
contract with a tenor of approximately 14 years, which eliminates
its direct commodity price risk, but is subject to volumetric risk.
These contracts are also backed by acreage dedication from
Diamondback and do not have minimum volume commitments. Fitch
believes that the Permian will continue to be the cornerstone of
growth for Diamondback and Rattler. Rattler has approximately 27
rigs operating dropping to 7 by the end of 2020 on its dedicated
acreage with Diamondback, in line with Fitch's view of flat yoy
production in 2020.

Low Leverage Provides Flexibility: Rattler's low leverage and
strong interest and distribution coverage is strong relative to
midstream peers. Leverage is expected to trend up in the near term
with the expectation of moderating producer activity by Diamondback
in the backdrop of macro headwinds in a low oil price environment.
Fitch expects near-term leverage in the range of 2.5x-2.9x from
2020-2021 barring unforeseen events such as increases in spending
or acquisitions, before dropping to around 2.5x as volumes begin to
rebound by 2023. Outside of the capital contributions to the EPIC
and Wink-to-Webster pipelines in 2020-2021, Fitch notes that
Rattler has modest capital needs as Diamondback focuses production
in acreage with existing water infrastructure to preserve its
competitive cost structure. Fitch believes leverage is critical to
Rattler's credit profile due to the company's concentrated customer
exposure and limited geographic diversity.

Parent Subsidiary Linkage: Fitch rates Rattler on a stand-alone
basis. Fitch considers Diamondback to be stronger than Rattler
under Fitch's Parent Subsidiary Linkage Criteria. Rattler is
consolidated into Diamondback's consolidated financial statements,
and Diamondback's two classes of ownership securities in the
Rattler family effectively give it a 92% stake.

Lacking debt guarantees or cross defaults, the legal ties are a
weak linkage between the two entities. Fitch views operational ties
as moderate-to-weak, on average and operational integration as
strong. Centralized Treasury link is weak as Rattler raises its'
own external funding and is self-funding. Management Commonality,
is, on balance, weak, with the independent board members on the
conflicts committee expected by Fitch to ensure that new contracts
(or amendments to old contracts) are properly handled. Strategic
ties, notwithstanding Diamondback's supportive commentary about
Rattler's importance, are expected to be weak over the rating
horizon, as Diamondback does have options, especially considering
the always-vibrant Midstream bolt-on M&A market, as to whether to
maintain its existing stake, partially sell down, or separate. With
each of the three ties rated weak (or moderate-to-weak in the case
of Operational ties), there is no uplift in the Rattler rating for
Diamondback's ownership.

ESG Relevance Factors: RTLR has an ESG Relevance Score of 4 for
Group Structure and Governance as the company operates under a
somewhat complex group structure as a master limited partnership
(MLP). This has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors. Also,
group structure considerations have an elevated scope for Rattler
given inter-family/related party transactions with affiliate
companies.

DERIVATION SUMMARY

Rattler's credit profile and ratings reflect its moderate size, and
are offset by its low leverage and track record of Diamondback
achieving industry-leading production growth rates. Fitch's key
concerns for the water disposal and production company are customer
concentration with single basin focus and lack of business line
diversity, which raise the possibility of an outsized event risk
should there be any further operating or financial issues at
Diamondback.

Rattler's size as measured by EBITDA supports its rating. Fitch
regards an EBITDA level of $500 million as a boundary, for generic
midstream companies, between the 'BB' and 'BBB' rating categories.
Rattler's run-rate for EBITDA is approximately $250 million - $300
million per annum.

Rattler is unusual in the midstream sector in that it is a
predominately a water solutions business. Many of the peers are
traditional midstream entities engaging in crude oil gathering, or
gas gathering and processing. Oryx (B/Negative) is a crude
gathering and intra-basin transportation service provider. Similar
to Rattler, it operates in the single basin, the Permian, but has
higher customer risk with over 60% of cash flows coming from
non-investment grade counterparties. The lower rated Oryx's
leverage metrics are much higher than Rattler with Fitch projecting
2020 leverage for Oryx in the range of 7.2x-7.5x.

Waterbridge (B/Negative) provides similar services as Rattler, as a
water provider located in the Permian basin and is smaller than
Rattler. Waterbridge only operates in the Delaware portion of the
Permian basin. Many of Waterbridge's customers have other areas
besides Waterbridge's territory in which to drill for oil. While
Waterbridge has a significant amount of dedicated acreage, Fitch
believes its counterparty risk is higher than Rattler and leverage
is much higher at 6.5x-7.0x peaking in 2020 before declining as
commodity prices improve and production volumes rebound.

DCP Midstream Operating, LP (BB+/Credit Watch Negative) is a
similarly-rated 'BB+' IDR company with a different profile, but it
is much larger and more operationally diversified than Rattler.
Rattler has advantages as to an absence of direct commodity price
risk, and, in the last five years, less volumetric risk. Rattler's
recent leverage is lower than DCP's leverage, with size and
diversity being the driving forces in arriving at the same
ratings.

KEY ASSUMPTIONS

  -- Fitch base case WTI assumption of $32/barrels (bbl) in 2020,
$42/bbl in 2021, $50/bbl in 2022, moving to a $52 long-term price
assumption;

  -- Flat volumes in 2020, followed by a slight decline in 2021
before recovering in 2022-2023. For 2021 and out, Fitch expects
Diamondback's production shifts to the Midland from the Delaware
basin in the Permian;

  -- No new acreage dedications assumed;

  -- Capital spending to support Diamondback's production focused
on the Midland basin; and remaining pipeline joint venture
investments are completed;

  -- Wink to Webster is operational in 1H21;

  -- Long-haul pipelines volumes ramp-up, contributing modest
dividends.

RATING SENSITIVITIES

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

  -- Independent acquisitions of midstream businesses that
increases size, geographic or business line diversity, with a focus
on EBITDA above $500 million per annum and leverage (Total Debt
with equity credit/Adjusted EBITDA) at or below 3.0x on a sustained
basis.

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

  -- Change in Diamondback's financial policies (or execution
against same) that may signal potential modifications to the
Diamondback-Rattler relationship, that impairs cash flow;

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

  -- A significant change in cash flow stability profile, driven by
a move away from current majority of revenue being fee based. If
revenue commodity price exposure were to increase above 25%, Fitch
would likely take a negative rating action;

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity in Near-Term: As of March 31, 2020, Rattler had
approximately $16 million in cash and cash equivalents. Rattler
also has a credit facility which provides a $600 million revolver.
The credit facility can be used to fund capital needs of Rattler
OpCo. As of March 31, 2020, $451 million was outstanding under the
revolver. Note proceeds will be used to repay the outstanding
balance.

Under the credit facility, OpcCo is required to maintain two
financial covenants: (1) a debt service coverage ratio of at least
2.50x and (2) net total leverage ratio not exceeding 5.25x. As of
March 31, 2020, OpCo was in compliance with the covenants, and
Fitch expects the company to maintain compliance in the near term.
Additionally, Rattler cannot make distributions unless outstanding
debt to consolidated cash flow is greater than 3.5x.

Debt Maturity Profile: The revolver matures in May 2024. There are
no other upcoming maturities.

SUMMARY OF FINANCIAL ADJUSTMENTS

ESG Commentary- should this be bold like the other headlines?

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

RTLR has an ESG Relevance Score of 4 for Group Structure as the
company operates under a somewhat complex group structure as a
master limited partnership (MLP). This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors. Also, group structure considerations have an
elevated scope for RTLR given inter-family/related party
transactions with affiliate companies.


RATTLER MIDSTREAM: Moody's Assigns Ba2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned first time ratings to Rattler
Midstream LP, including a Ba2 Corporate Family Rating, a Ba2-PD
Probability of Default Rating and a Ba3 rating to the company's
proposed senior unsecured notes due 2025. Moody's also assigned a
SGL-3 Speculative Grade Liquidity Rating reflecting adequate
liquidity through 2021. The rating outlook is stable.

Net proceeds from the proposed note offering will be used to repay
Rattler's revolving credit facility, which had $451 million in
outstanding balance as of March 31, 2020.

Assignments:

Issuer: Rattler Midstream LP

Probability of Default Rating, Assigned Ba2-PD

Speculative Grade Liquidity Rating, Assigned SGL-3

Corporate Family Rating, Assigned Ba2

Senior Unsecured Notes, Assigned Ba3 (LGD5)

Outlook Actions:

Issuer: Rattler Midstream LP

Outlook, Assigned Stable

RATINGS RATIONALE

Rattler's Ba2 CFR reflects its stand-alone credit profile of Ba3
with one-notch of uplift to reflect its strategic and operational
importance to Diamondback Energy, Inc. (Diamondback, Ba1 stable).
Rattler has long term fee-based water handling services, crude
gathering and natural gas gathering and compression contracts with
Diamondback. Substantially all of Diamondback's current acreage in
the Permian Basin has been dedicated to Rattler for water services.
The Ba2 CFR also reflects Rattler's projected low financial
leverage through 2021 and good long-term organic growth prospects
alongside Diamondback. Despite depressed oil prices in 2020,
Diamondback's year-on-year production volume should stay relatively
flat in 2020 due to its significant hedge protection. Diamondback
has historically been one of the lowest cost and fastest growing
E&P operators in the Permian Basin since 2017. Rattler's Ba2 CFR is
constrained by its much smaller scale relative to higher rated
midstream companies, reliance on a single customer, narrow
geographic exposure, significant near term growth capital
requirements, large projected negative free cash flow generation
through 2022, and higher business risks involving its water
handling businesses that are dependent on volatile drilling cycles.
While Rattler's partnership agreement does not require it to make
quarterly distributions, the current level of roughly $175 million
in annual distributions will remain a substantial financial burden
on the company and will push leverage well above its historical
levels.

Rattler was formed by Diamondback in July 2018 and was spun off as
a limited partnership in May 2019 through an IPO. Diamondback
controls and consolidates Rattler through its 100% ownership of
Rattler's general partner (GP), Rattler Midstream GP LLC. From a
governance perspective, three of the five Board members of
Rattler's GP are also Board members of Diamondback indicating
strong strategic alignment between the two entities. Diamondback
also owns 71% of Rattler's limited partnership (LP) units.
Rattler's low-cost midstream solutions are imperative to
Diamondback's own profitable growth. Diamondback has dedicated a
substantial portion of its Midland and Delaware basin acreage to
Rattler, including 96% of its gross acreage for produced water, 69%
for fresh water, 43% for crude gathering and 21% for natural gas
processing and compression services. While this tight relationship
with Diamondback is a key credit strength, Rattler is unlikely to
be rated above Diamondback without a substantially larger scale,
customer diversification and cash flow base.

The proposed unsecured notes are rated Ba3, one notch below
Rattler's Ba2 CFR because of the significant size of its secured
revolving credit facility. The notes will have upstream guarantee
from Rattler's principal operating subsidiaries. The notes will not
have any guarantee from Diamondback, Rattler's general partner, or
its equity investments in the EPIC and Gray Oak pipelines.
Rattler's $600 million revolver has an all-asset pledge and a
first-lien claim to substantially all of the partnership's assets.

Rattler should have adequate liquidity through 2021, which is
reflected in the assigned SGL-3 rating. Pro forma for the notes
offering, Rattler will have $60 million in cash and full
availability under its $600 million committed revolving credit
facility. Rattler will generate significant negative free cash flow
through 2021 as it completes the remaining growth spending and
maintains its high distributions. While management plans to cover
the projected negative free cash with revolver borrowings, Moody's
expects the distribution level to be reduced should cash flow
decline materially. The credit agreement may be used to fund
capital expenditures, to finance working capital, for general
company purposes, to pay fees and expenses related to the credit
agreement, and to make distributions permitted under the credit
agreement. The credit agreement has three financial covenants - a
minimum interest coverage ratio of 2.5x, a maximum senior secured
leverage of 3.5x and a maximum total leverage ratio of 5x. The
revolver expires on 28 May 2024 and Moody's expects ample covenant
compliance cushion through 2021. The partnership has limited
alternate liquidity given all its assets are encumbered to the
revolver lenders.

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

Rattler's stable outlook reflects its low leverage and the stable
rating outlook of Diamondback. Greater scale and diversification
will be the primary driver of any future rating increase. Moody's
could consider an upgrade if the partnership can achieve annual
EBITDA of about $500 million while maintaining low leverage and
sustaining a distribution coverage ratio (FFO - Maintenance capex /
Distributions) above 1.2x. The CFR could be downgraded if leverage
exceeds 3x, the distribution coverage falls below 1x or Diamondback
is downgraded. Any material reduction in Diamondback's ownership
interest or control will also likely lead to a downgrade given
Rattler's limited scale and diversification.

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

Rattler Midstream LP is a Midland, Texas based publicly traded
limited partnership with water disposal and sourcing, oil gathering
and natural gas gathering and compression assets in the greater
Permian Basin.


REDWOOD GREEN: Has $3.6M Net Loss for the Quarter Ended March 31
----------------------------------------------------------------
Redwood Green Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,597,309 on $1,593,790 of net sales for
the three months ended March 31, 2020, compared to a net loss of
$71,338 on $0 of net sales for the same period in 2019.

At March 31, 2020, the Company had total assets of $14,267,222,
total liabilities of $3,463,685, and $10,803,537 in total
shareholders' equity.

Redwood Green said, "The Company believes that there is substantial
doubt about the Company's ability to continue as a going concern.
The Company believes that its available cash balance as of the date
of this filing will not be sufficient to fund its anticipated level
of operations for at least the next twelve months.  The Company
believes that its ability to continue operations depends on its
ability to sustain and grow revenue and results of operations as
well as its ability to access capital markets when necessary to
accomplish the Company's strategic objectives.  The Company
believes that the Company will continue to incur losses for the
immediate future.  The Company expects to finance future cash needs
from the results of operations and, depending on the results of
operations, the Company will need additional equity or debt
financing until the Company can achieve profitability and positive
cash flows from operating activities, if ever.  There can be no
assurance that the Company will be able to attract needed financing
on reasonable terms, if at all.

"The continuation of our company as a going concern is dependent
upon the continued financial support from its shareholders, the
ability of our company to obtain necessary equity or debt financing
to continue operations, and ultimately the attainment of profitable
operations.  As of March 31, 2020, our company used $1,600,431 of
cash for operating activities, incurred a net loss of $3,597,309
and has an accumulated deficit of $7,510,596 since inception.
These factors raise substantial doubt regarding our company's
ability to continue as a going concern.  These financial statements
do not include any adjustments to the recoverability and
classification of recorded asset amounts and classification of
liabilities that might be necessary should our company be unable to
continue as a going concern.

"The 2019 novel coronavirus (COVID-19) pandemic and responses to
this crisis, including actions taken by federal, state and local
governments, have had an impact on the operations of the company,
including, without limitation, the following: reduced staffing due
to employee suspected conditions and social distancing measures;
constraints on productivity; management and staff non-essential
business-related travel was constrained due to stay-at-home orders;
most employees have shifted to remote work resulting in loss of
productivity; consumers visiting dispensaries operated under
license impacted by stay-at-home orders.  Management has made
reasonable alternative arrangements, including attempts to render
meetings and other workflow processes more efficient despite remote
work; however, these have had limited success as at-home working
conditions differ and certain employees roles are not amenable to
work from home.  Management continues to monitor the COVID-19
pandemic situation and federal, state and local recommendations and
will provide updates as appropriate."


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

                     https://is.gd/WodecN

Redwood Green Corp. provides a range of cannabis products to
enhance health and wellness in the United States.  The company was
formerly known as First Colombia Development Corp. and changed its
name to Redwood Green Corp. in November 2019.  Redwood Green Corp.
was incorporated in 2011 and is based in Denver, Colorado.


REMARK HOLDINGS: Reports $2.4 Million Net Loss for First Quarter
----------------------------------------------------------------
Remark Holdings, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2.42 million for the three months ended March 31, 2020,
compared to a net loss of $8.85 million for the three months ended
March 31, 2019.

As of March 31, 2020, the Company had $12 million in total assets,
$37.27 million in total liabilities, and a total stockholders'
deficit of $25.27 million.

"The first quarter of 2020 was one of renewed focus for Remark
Holdings as our development team localized our award winning
AI-solutions for the U.S. market, and improved our educational
thermal scanning product in response to the ongoing COVID-19
pandemic.  Our product line of high-quality, highly-effective
thermal imaging solutions leverages our innovative software to
provide customers with the ability to scan crowds and areas of high
foot traffic for indications that certain persons may require
secondary screening," noted Kai-Shing Tao, chairman and chief
executive officer of Remark Holdings.  "We spent much of the
quarter on product development and building out our U.S. sales and
support team, recently showing initial success with casinos,
entertainment complexes, sports venues, restaurants, hospitals and
medical centers as well as other industries."

Revenue for the first quarter of 2020 was $0.4 million, down from
$1.2 million during the first quarter of 2019.  The company's
business was adversely impacted by several factors including
January's Chinese New Year celebrations, the trade war between the
U.S. and China, the COVID-19-related quarantines and working
capital constraints, which factors combined to negatively affect
revenue by preventing personnel in China from continuing project
roll outs and by delaying project testing and customization work on
larger projects.  The result was a slight decrease in the Company's
Technology & Data Intelligence business segment instead of expected
revenue growth.

Additionally, Advertising and Other revenue decreased by nearly
$0.7 million due to certain Remark Entertainment contracts that
were not renewed as the company scaled back such business, and due
to a decline in e-commerce revenue resulting from the combined
effects of the COVID-19 pandemic changing consumer behavior and a
decision by the company to sell certain inventory at lower prices.

Total cost and expense for the first quarter of 2020 was $3.9
million, a decrease from the $7.1 million reported in the same
period of 2019.  The decrease is primarily attributable to a $1.6
million decline in the cost of revenue resulting from fewer project
completions, while a $1.0 million decrease in payroll and related
expense as well as in stock-based compensation expense as headcount
declined also contributed.  The fewer project completions and
headcount declines were heavily influenced by the trade war between
the U.S. and China, the COVID-19 pandemic and working capital
constraints.

Operating loss declined to $3.5 million in the first quarter of
2020 from $5.9 million in the first quarter of 2019 commensurate
with the cost and expense declines.

Loss from continuing operations totaled $2.4 million, or $0.05 per
diluted share, in the first quarter ended March 31, 2020, compared
to a net loss from continuing operations of $7.7 million, or $0.20
per diluted share in the first quarter ended March 31, 2019.

At March 31, 2020, the cash and cash equivalents balance was $1.6
million, compared to a cash position of $0.3 million at Dec. 31,
2019.  Cash increased primarily due to proceeds from common stock
issuances, which proceeds offset operating losses, as well as from
the timing of payments related to elements of working capital.

"We remain extremely optimistic about our current business
prospects as we have been installing our solutions throughout the
U.S. for a diverse group of customers.  We are pleased to be
helping the country safely get back to normal," concluded Mr. Tao.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/tiWQrb

                    About Remark Holdings

Remark Holdings, Inc. (NASDAQ: MARK) --
http://www.remarkholdings.com-- delivers an integrated suite of AI
solutions that enable businesses and organizations to solve
problems, reduce risk and deliver positive outcomes.  The company's
easy-to-install AI products are being rolled out in a wide range of
applications within the retail, financial, public safety and
workplace arenas.  The company also owns and operates digital media
properties that deliver relevant, dynamic content and ecommerce
solutions.  The company is headquartered in Las Vegas, Nevada, with
additional operations in Los Angeles, California and in Beijing,
Shanghai, Chengdu and Hangzhou, China.

As of Dec. 31, 2019, the Company had $14.83 million in total
assets, $42.56 million in total liabilities, and a total
stockholders' deficit of $27.73 million.

Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor
since 2011, issued a "going concern" qualification in its report
dated May 29, 2020, citing that the Company has suffered recurring
losses from operations and negative cash flows from operating
activities and has a negative working capital and a stockholders'
deficit that raise substantial doubt about its ability to continue
as a going concern.


RITE AID: Egan-Jones Lowers Sr. Unsec. Debt Ratings to CCC
----------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
Rite Aid Corporation to CCC from CC. EJR also downgraded the rating
on commercial paper issued by the Company to C from D.

Headquartered in Camp Hill, Pennsylvania, Rite Aid Corporation Rite
Aid Corporation operates a retail drugstore chain in various states
and the District of Columbia.



ROVIG MINERALS: Trustee Selling Property for $28K
-------------------------------------------------
Dwayne M. Murray, the Chapter 11 Trustee of Rovig Minerals, Inc.,
asks the U.S. Bankruptcy Court for the Western District of
Louisiana to authorize the sale of all the estate's right, title
and interest in the following property: (i) 160 Joints 7 5/8 39
P110 PE USED; (ii) 2 Joints 7 5/8 39 P110 SLIJII BAD THREADS USED;
(iii) 68 Joints 7 5/8 39 P110 STL BAD THREADS USED; and (iv) 33
Joints 5 1/2 23 P110EC STL, to Oil Country Tubular Corp. for
28,000, cash.

The sale will be "as is, where is," including any and all causes of
actions for trespass and/or encroachment, without any warranty or
recourse whatsoever on the part of the Trustee, even as to the
return of the purchase price, but with full substitution and
subrogation to all rights and actions of warranty against all
preceding owners, vendors or mortgagors.

The Purchaser will buy the property free and clear of any and all
taxes, claims, judgments, encumbrances, and liens affecting the
property.  The purchase price for the property will be paid in cash
at the sale or the Trustee is currently holding said sum in escrow.


The Trustee believes that the total sales price offered by the
Purchaser is the best value that he will receive for the property.
The Trustee believes that this sale is in the best interest of the
creditors.  The items to be sold are not necessary for an effective
reorganization.

                     About Rovig Minerals

Rovig Minerals, Inc. -- http://www.rovigminerals.com/-- was
founded in 1980 in Billings, Mont., to pursue exploration and
development of mineral, oil and gas projects around the world.

On Sept. 25, 2019, creditors FDF Energy Services LLC, Tri-City
Services Inc., Oil Country Tubular Corp., DH Rock Bit Inc., Aldonsa
Inc. filed an involuntary Chapter 11 petition against the Debtor
(Bankr. W.D. La. Case No. 19-51133).  The creditors are represented
by Michael A. Crawford, Esq., at Taylor, Porter, Brooks &
Phillips.

On Oct. 18, 2019, the Debtor and the Petitioning Creditors signed
a
joint stipulation to convert the involuntary to a voluntary
chapter
11 and for entry of a consent order for relief pursuant to 11
U.S.C. Sec. 303(h)(1).

The case is assigned to Judge John W. Kolwe.

The Debtor tapped H. Kent Aguillard, Esq., and Caleb Aguillard,
Esq., as its bankruptcy attorneys.


SCHMAUS FAMILY: July 17 Hearing on $530K Sale of Helena Property
----------------------------------------------------------------
Judge Benjamin P. Hursh of the U.S. Bankruptcy Court for the
District of Montana will convene a hearing on July 17, 2020, at
09:00 a.m. to consider Schmaus Family Properties, LLC's proposed
sale of the real property located at 3735 Melkat Lane, Helena,
Lewis and Clark County, Montana to Christopher and Angela Beuthien
for 530,000, free and clear of liens.

On July 6, 2020, the Debtor filed (1) the Sale Motion asking (i) to
sell the Property to the Buyers, with the sale to close by July 29,
2020; and (ii) for an expedited hearing; and (2) a Motion to
Shorten Notice.  In the Motion to Shorten Notice, the Debtor asks
that parties-in-interest be required to file any objection to its
proposed sale by July 10, 2020.  It does no explain why such
shortened notice is necessary.

The Debtor's Motion to Shorten Notice is granted in part and denied
in part, and the creditors and the other parties in interest will
have through July 14, 2020, to file written opposition to Debtor's
Sale Motion.   The Debtor'’s Request for Expedited Hearing is
granted

               About Schmaus Family Properties

Based in Helena, Montana, Schmaus Family Properties, LLC, filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
D. Mont. Case No. 20-60002) on Jan. 3, 2020.  On Jan. 6, 2020, the
case was transferred from the Butte Division to the Great Falls
Division and was assigned Case No. 20-40002.  

At the time of the filing, the Debtor had estimated assets of
between $500,001 and $1 million and liabilities of between $100,001
and $500,000.

Judge Benjamin P. Hursh oversees the case.  

Gary S. Deschenes, Esq., at Deschenes & Associates, is the Debtor's
legal counsel.


SERTA SIMMONS: S&P Upgrades ICR to 'CCC+' on Debt Exchange
----------------------------------------------------------
S&P Global Ratings raised its issue credit rating on U.S.-based
Serta Simmons Bedding LLC to 'CCC+' from 'SD' to reflect the
improved liquidity profile, although the capital structure is still
highly leveraged.

S&P is assigning a 'B+' issue-level rating to the new $200 million
first-out super-priority term loan due in 2023 with a '1+' recovery
rating, indicating its expectations for full recovery (greater than
100%) for lenders in the event of a payment default.

The rating agency is assigning a 'B' issue-level rating to the new
$851 million second-out super-priority debt with a '1' recovery
rating, indicating its expectations for very high recovery
(90%-100%). S&P is raising its issue-level rating on the remaining
unexchanged $895 million first-lien term loan to 'CCC-' from 'D'
and revising the recovery rating down to '6' from '3'. The '6'
recovery rating indicates S&P's expectations for negligible
recovery (0%-10%). These ratings reflect the debt's subordinated
payout status relative to the new money and super-priority
second-out debt.

S&P is also raising its issue-level rating on the remaining $127
million second-lien term loan to 'CCC-' from 'D. The recovery
rating remains '6', indicating S&P's expectations for negligible
recovery (0%-10%).

"Our ratings reflect the unsustainable capital structure and risk
of further earnings and liquidity pressures. Despite the improved
liquidity position and gross debt reduction by about $240 million,
we assess Serta Simmons' capital structure as unsustainable beyond
the next 12 months. We estimate pro forma leverage of around 11x,
down from around 12x for the 12 months ended March 31, 2020," S&P
said.

Additionally, S&P expects free cash flow generation to remain
substantially negative in fiscal 2020 due to COVID-19
pandemic-related store closures and weaker consumer discretionary
spending resulting from higher unemployment.

"Longer term, the company may have a hard time sustaining
sufficient interest coverage absent substantially improved
operating performance and restoration of consistent free operating
cash flow generation," the rating agency said.

The additional term loan proceeds and ABL extension provide
near-term liquidity relief, but fixed charges remain high, and
substantial business improvement is necessary to sustain the
capital structure.

Despite the incremental $200 million new money term loan proceeds,
Serta Simmons' path to longer-term sustainability requires improved
operating performance such that it internally generates sufficient
earnings to meet its debt service requirements. S&P expects the
company's liquidity position could be constrained in 2021 if free
cash flow generation does not materially recover from 2020 levels.
Serta Simmons' high debt service costs include around $20 million
in debt amortization payments and around $150 million in interest
payments. The ABL extension to August 7, 2023 ensures the company
will continue to have longer-term working capital funding as the
ABL was set to become current on Nov. 8, 2020. The liquidity
injection will also reduce Serta Simmons' reliance on its revolver,
which triggers a 1x fixed-charge covenant test if excess
availability declines below the greater of $15 million or 10% of
the line cap.

Despite store reopenings, macroeconomic indicators are weak.

Reopenings across the country beginning during the late second
quarter of fiscal 2020 should improve earnings performance in the
second half. But S&P expects EBITDA to remain substantially below
the previous year due to store and manufacturing facility closures
related to the COVID-19 pandemic and weaker consumer discretionary
spending. S&P expects unemployment of 9.3% and for real consumer
spending to decline 4.3% in 2020. While some initial release of
pent-up demand as stores reopen could improve near-term results,
the rating agency expects average selling prices to be lower in
2020 as consumers trade down. Longer-term growth will follow
recovery in employment trends.

The mattress industry remains highly competitive, and Serta Simmons
has lost market share.

Its U.S. mattress market share declined to 26.4% in 2019 from 29.4%
in 2018 and 34.6% in 2017. Revenues have declined since 2018. The
declines were largely attributable to the Mattress Firm bankruptcy
and resultant store closures, increased competition from new
entrants and imports, and increased competition within the regional
and independent channels (R&I). Recovery could remain challenged if
the company loses floor space at Mattress Firm or cannot regain R&I
share.

S&P believes the company and through its major customers have
robust e-commerce platforms that enable it to outcompete smaller
players lacking the infrastructure. This is especially important
due to the increased prominence of e-commerce sales, greatly
accelerated by the COVID-19 pandemic.

The negative outlook reflects the risk of a lower rating if
operating performance continues to deteriorate and the company
fails to meet S&P's expectations.

"We could lower our ratings if operating performance is below our
expectations and there is heightened risk of a default or
bankruptcy within the subsequent twelve month period. This could
happen if the macroeconomic recovery is weaker than expected
leading to lower demand or if the company is unable to regain lost
market share," S&P said.

"We could revise the outlook to stable or raise the ratings if
operating performance substantially improves, leading to FOCF in
excess of debt service payments; leverage declines such that the
capital structure becomes sustainable; and EBITDA interest coverage
approaches 1.5x." This could occur if macroeconomic conditions
improve and Serta Simmons regains market share, restoring revenue
and EBITDA growth and reducing its debt burden," the rating agency
said.


STEVEN PARK: July 15 Hearing on Torrance Property Sale
------------------------------------------------------
Judge Sandra R. Klein of the U.S. Bankruptcy Court for the Central
District of California will convene a hearing on July 15, 2020 at
9:00 a.m. to consider Steven Yong Chan Park's bidding procedures in
connection with the sale of the real property located at 2225
Sepulveda Boulevard, Torrance, California to Dr. Younes Safa for
$2.1 million, subject to higher and better offers.

The objection deadline is July 7, 2020 at 12:00 p.m. (PST).
Replies to any oppositions to the Motion will be filed by July 9,
2020, at 12:00 p.m. (PST).  No further briefing will be allowed or
considered.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: To be determined by the Court

     b. Initial Bid: $2,588,000

     c. Deposit: $250,000

     d. Auction: The Auction will be conducted at the Court, Roybal
Federal Building, 255 E. Temple Street, Courtroom 1575, Los
Angeles, California, 90012 or such other place as the Debtor may
determine, so long as such change is communicated reasonably in
advance to all qualified overbidders, the Stalking Horse Bidder and
other invitees, if any. If due to the Covid-19 pandemic, the local
guidelines in place on the date of the Auction do not permit
in-person meetings, the Debtor will conduct the Auction
electronically via video-conferencing.

     e. Bid Increments: $10,000

     f. Sale Hearing: The Debtor asks a hearing to consider
approval of the Sale to the Successful Bidder (or to approve the
Purchase Agreement if no Auction is held or the Successful Bid is
by the Stalking Horse Bidder) in the courtroom of the Hon. Sandra
R. Klein in the United States Bankruptcy Court for the Central
District of California, Roybal Federal Building, 255 E. Temple
Street, Courtroom 1575, Los Angeles, California.

     g. Break-up Fee and Expense Reimbursement: 3% of the ultimate
Cash Purchase Price for the Property

A copy of the Bidding Procedures is available at
https://tinyurl.com/yac2xkaa from PacerMonitor.com free of charge.

Steven Yong Chan Park sought Chapter 11 protection (Bankr. C.D.
Cal. Case No. 19-15009) on April 30, 2019.  The Debtor tapped
Jonathan C. Sandler, Esq., at Brownstein Hyatt Farber Schreck LLP,
as counsel.


SYNNEX CORP: Egan-Jones Lowers Sr. Unsecured Debt Ratings to BB
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by SYNNEX Corporation to BB from BB+.  

Headquartered in Fremont, California, SYNNEX Corporation provides
information technology supply chain services.



TOWN SPORTS: Delays Filing of Quarterly Report Due to COVID-19
--------------------------------------------------------------
Town Sports International Holdings, Inc. was unable to timely file
its Quarterly Report on Form 10-Q for the quarter ended March 31,
2020 due to disruptions resulting from the unprecedented
interruption in its business caused by the COVID-19 pandemic.  The
Company had availed itself of a valid extension of the original
deadline to file the Report which rendered the report due on June
29, 2020.  The Company also filed a Notification of Late Filing on
Form 12b-25 which would allow the Company until July 6, 2020 to
timely file the Report.  However, despite substantial effort by the
Company and its representatives to complete the Report, the Report
is not complete and will not be timely filed.

In order to address COVID-19 disruptions and their effect on the
Company, management is devoting significant time and attention to
assessing the existing and future impact of COVID-19 and its
related events on the Company's operations, financial position and
cash flows, and is developing operational and financial plans to
address such matters.

The Company cannot reasonably estimate the severity of COVID-19 or
the duration of the related orders that have closed its locations
and directed the public to stay at home, but it currently
anticipates a material adverse impact on its financial position,
results of operations and cash flows during fiscal 2020.  As such,
the Company's revenues, results of operations and cash flows have
been materially adversely impacted, which raises substantial doubt
about the Company's ability to continue as a going concern.

The Company said, "To the extent the COVID-19 pandemic adversely
affects our business and financial results, it may also have the
effect of heightening many of the other risks described in the
"Risk Factors" sections of our Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q, such as those risks relating to our
high level of indebtedness, our need to generate sufficient cash
flows to service our indebtedness and other liabilities, our
ability to comply with the covenants contained in the agreements
that govern our indebtedness, our ability to attract and retain
members in a competitive marketplace during a time when consumer
habits in personal fitness are changing rapidly, and our ability to
maintain our relationships with our vendors and landlords."

Since March 16, 2020, Town Sports has been required to close nearly
all of its clubs in order to maintain social distancing and align
with the Federal guidance on minimizing the impact of COVID-19.
Due to this and other factors, the Company has determined as of
July 6, 2020 that it will be required to recognize a material
impairment of the carrying values of the Company's right of use
assets, fixed assets and other long term assets including goodwill,
which the Company expects to be in the range of $135 million to
$155 million in the aggregate.


                       About Town Sports

                     Headquartered in Elmsford, New York, Town
Sports International Holdings, Inc. --
https://www.townsportsinternational.com/ -- is a diversified
holding company with subsidiaries engaged in a number of business
and investment activities.  The Company's largest operating
subsidiary has been involved in the fitness industry since 1973 and
has grown to become owner and operator of fitness clubs in the
Northeast region of the United States.

Town Sports recorded a net loss attributable to the company and
subsidiaries of $18.56 million for the year ended Dec. 31, 2019,
compared to net income attributable to the company and subsidiaries
of $77,000 for the year ended Dec. 31, 2018.  As of Dec. 31, 2019,
the Company had $794.28 million in total assets, $882.62 million in
total liabilities, and $88.34 million in total stockholders'
deficit.

PricewaterhouseCoopers LLP, in New York, New York, the Company's
auditor since at least 1996, issued a "going concern" qualification
in its report dated March 20, 2020 citing that the Company has a
term loan facility maturing in November 2020 and management has
determined that it does not have sufficient sources of cash to
satisfy this obligation.  In addition, the COVID-19 pandemic has
had a material adverse effect on the Company's results of
operations, cash flows and liquidity.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

                           *   *   *

As reported by the TCR on Nov. 21, 2019, S&P Global Ratings lowered
its issuer credit rating on Town Sports International Holdings Inc.
to 'CCC' from 'B-'.  S&P lowered the rating to 'CCC' because Town
Sports' term loan matures in November 2020 and it believes there is
an increased risk of a default over the next 12 months.


TRIPADVISOR INC: Moody's Assigns Ba3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a Ba3 Corporate Family Rating
and a Ba3-PD Probability of Default Rating to Tripadvisor, Inc. In
connection with the proposed debt issuance, Moody's also assigned a
B1 instrument rating to the new senior unsecured notes. The outlook
is stable.

Net proceeds from the new notes will be used for general corporate
purposes including repayment of advances under the secured revolver
(unrated), thereby enhancing Tripadvisor's liquidity. The rating
actions are summarized:

Assignments

Issuer: Tripadvisor, Inc.

Corporate Family Rating (CFR) -- Assigned Ba3

Probability of Default Rating -- Assigned Ba3-PD

Proposed Gtd senior unsecured notes -- Assigned B1 (LGD5)

Speculative Grade Liquidity Rating -- Assigned SGL-2

Outlook actions

Issuer: Tripadvisor, Inc.

Outlook, Assigned Stable

RATINGS RATIONALE

Tripadvisor's credit profile is significantly pressured by the
sharp decline in global travel as a result of the impact of
COVID-19 which has led to mandated travel restrictions within
countries and across country borders. Moody's expects that global
travel volume will be depressed over at least the next several
months. There are further downside risks in the event travel demand
remains weak beyond 2020 in a scenario in which COVID-19 is not
contained or travelers continue to maintain some degree of social
distancing practices. The rapid spread of the coronavirus outbreak,
deteriorating global economic outlook, low oil prices, and high
asset price volatility have created an unprecedented credit shock
across a range of sectors and regions. Moody's regards the
coronavirus outbreak as a social risk under Moody's ESG framework,
given the substantial implications for public health and safety.
The rating actions reflect the impact on Tripadvisor from the
deterioration in overall credit quality triggered by COVID-19,
given Tripadvisor's exposure to global economies which has left it
vulnerable to shifts in market demand and sentiment in these
unprecedented operating conditions.

The Ba3 Corporate Family Rating incorporates Tripadvisor's position
as a leading online travel company with a large audience of monthly
unique visitors. Tripadvisor's global travel platform connects
prospective travelers with travel service partners through rich
content (859 million reviews covering 8.6 million places), price
comparison tools, and online reservations as well as related
services for destinations, accommodations, travel activities &
experiences, and restaurants. The online travel market is highly
competitive, but Moody's believes Tripadvisor will be able to
navigate through current challenges and will adhere to prudent
financial policies, despite pressure on revenues and profit margins
caused by COVID-19 and uncertainties in the global economic
outlook. Moody's base case projections reflect revenues declining
roughly (60%) in 2020 compared to 2019, as a result of
significantly lower consumer and business travel demand and
mandated travel bans, followed by gradual recovery towards the end
of 2020 with revenues for 2021 approaching historical levels, but
remaining below the topline for 2019. Moody's expects EBITDA
margins (including Moody's standard adjustments) will return to the
upper end of their pre-COVID range of 19% to 23%, as a result of
cost cuts implemented in the first half of 2020, with high free
cash flow conversion reflecting low levels of projected interest
expense and working capital needs.

Rating are forward looking given expectations for adjusted EBITDA
to be negative in 2020, but Moody's expects adjusted debt to EBITDA
will improve to less than 3x in the second half of 2021 with
adjusted free cash flow to debt above 35%. Post-closing, cash
balances less deferred merchant payments will cover 50% or more of
funded debt for the remainder of 2020, before approaching 100%
coverage towards the end of 2021. Revenue and cash balances will
grow as travel demand increases around the globe. Moody's expects
the majority of travel destinations will initially be closer to
home before expanding to more distant locations within country
borders, and then eventually reaching across country borders and
global regions.

The online travel sector is very competitive with several deep
pocketed providers including social media platforms (e.g.
Facebook/Instagram, Pinterest) as well as online travel agencies,
Booking Holdings and Expedia Group, both of which are also
customers of Tripadvisor accounting for a combined 33% of revenues
in 2019, down from 43% in 2017. Despite competition from much
larger providers and the advantage Google possesses with its
proprietary search engines as it expands its own online travel
platform, Moody's believes the impact from competitive threats is
mitigated in the near term by Tripadvisor's success in growing
EBITDA since 2017 and diversifying revenues beyond hotel auctions.
EBITDA growth since 2017 provides some cushion for the company in
managing the COVID-19 pandemic, combined with the company's ample
cash balances and disciplined financial policies. Ratings are
supported by Tripadvisor's favorable free cash flow conversion even
at reduced revenue levels.

Through the second quarter of 2020, Tripadvisor significantly cut
costs in response to revenue declines and Moody's believes the
company could further reduce expenses and manage growth
investments, if needed, to preserve liquidity. Targeted expense
cuts, including layoffs and furloughs, are largely complete and
related restructuring costs have already been funded in the first
half of 2020. Beyond the near term, Tripadvisor benefits from its
large audience and global reach which better positions the company
when travel volumes rebound from currently depressed levels.
Moody's expects that Tripadvisor will benefit as travel demand
recovers given the need for hotels and other lodging providers to
fill longstanding vacancies, similar to what occurred for online
travel companies after prior recessions.

In addition to social risks from the coronavirus outbreak,
governance risk is another key consideration. Tripadvisor is
publicly traded with its shareholders, Vanguard, BlackRock, Eagle
Capital, owning roughly 7% to 8% of common shares each, followed by
other investment management companies holding 4% or less. Although
good governance is supported by a board of directors with six of
the company's nine board seats being held by independent directors,
combined ownership of common (14.6% of common shares) and super
voting (100% of Class B common shares) shares held by Liberty
Tripadvisor Holdings, Inc. ("LTRIP") represents roughly 58% of
total votes. As a result, LTRIP is a related party and controls
voting for most matters including election of six of the nine
director nominees, mergers, business combinations, divestitures, as
well as equity and debt issuances. Tripadvisor relies on NASDAQ
controlled company exemptions to avoid certain corporate governance
requirements. Accordingly, shareholders of Tripadvisor are not
afforded the same protections as shareholders of other
NASDAQ-listed companies with respect to corporate governance.

Moody's expects Tripadvisor will maintain good liquidity over the
next year notwithstanding the negative impact of COVID-19. Post
debt issuance and assuming repayment of $700 million of revolver
advances with a portion of excess cash and net proceeds from new
notes, Tripadvisor will have roughly $320 million of cash
(subtracting deferred merchant payables) in 3Q2020 before building
up consistently at each quarter end in 2021. In addition,
Tripadvisor will have nearly full availability under the secured $1
billion revolver due May 2022. Tripadvisor has historically
maintained large cash balances, most of which represents excess
liquidity given Moody's estimates that roughly $150 million is
needed to support global operations. Suspending share buybacks and
dividends allows the company to rebuild cash balances to historical
levels. For each of the four years ending 2019, Tripadvisor funded
$60 million to $250 million of annual share repurchases (represents
$515 million in aggregate) in addition to funding a $488 million
special dividend at the end of 2019. The new senior unsecured notes
are rated B1, one notch below the CFR, reflecting their position
behind the $1.0 billion senior secured revolver (unrated).

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

Despite significant uncertainty regarding the depth and duration of
the current decline in global consumer demand for travel related
services, the stable outlook reflects the company's position as a
leader in global travel with a large audience, good liquidity, and
ability to generate free cash flow even at reduced revenue levels.
Nevertheless, the online travel market is very competitive, and
Tripadvisor will need to balance investing to maintain its market
share while growing profitability, particularly for the Experiences
& Dining segment. Moody's recognizes Tripadvisor's intent to
maintain good liquidity with cash balances approaching outstanding
debt amounts as well as the company's efforts to manage cash
outflows including suspending share buybacks and dividends. In
addition, Moody's expects the company to remain proactive in
cutting costs and managing capital spending and other growth
investments, if needed.

Ratings could be upgraded if Tripadvisor demonstrates consistent
topline growth with improving adjusted EBITDA margins. Debt to
EBITDA (Moody's adjusted) would need to be maintained in the low 2x
range with growing free cash flow. Moody's would also need
assurances that Tripadvisor would adhere to conservative financial
policies. Moody's could downgrade Tripadvisor's ratings if revenue
or adjusted EBITDA margins decline after 2020 reflecting
underperformance, weak demand for new offerings, or competitive
pressures. Ratings could also be downgraded if the impact of
COVID-19 or debt financed transactions cause adjusted debt to
EBITDA to exceed 3.0x beyond next year on a sustained basis or if
adjusted free cash flow to debt deteriorates. Ratings could come
under pressure if cash balances or revolver availability fall below
expected levels, reflecting more aggressive financial policies.

Tripadvisor, Inc., founded in 2000 and based in Needham, MA, is a
leading online travel company that provides a global travel
platform connecting a large audience of prospective travelers with
travel partners through rich content, price comparison tools, and
online reservation as well as related services for destinations,
accommodations, travel activities & experiences, and restaurants.

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


TRIVASCULAR SALES: July 10 Deadline Set for Panel Questionnaires
----------------------------------------------------------------
The Office of the U.S. Trustee is soliciting members for an
unsecured creditors committee in the bankruptcy cases of
TriVascular Sales LLC, Endologix, Inc. and six. of their
affiliates.  The U.S. Trustee notifies that the committee formation
meeting will not be held in person.  

If a party wishes to be considered for membership on any official
committee that is appointed in the Debtors' cases, it should
complete a required Questionnaire Form and return it to the Office
of the United States Trustee no later than 12:00 p.m. (Central
Standard Time), July 10, 2020 by email to:

   nancy.s.resnick@usdoj.gov
   meredyth.a.kippes@usdoj.gov
   Attn: Nancy S. Resnick
         Meredyth A. Kippes
         Cindy Worthington

A representative from the U.S. Trustee's Office will contact
creditors submitting a questionnaire to schedule telephonic
interviews.  Questions should be sent to Nancy S. Resnick using the
email addresses listed.

               About TriVascular Sales

Endologix, Inc. is a publicly held company that develops,
manufactures, markets and sells innovative medical devices for the
treatment of aortic disorders in the United States and abroad.  

On July 5, 2020, TriVascular Sales, LLC and 7 affiliates, which
include Endologix Inc., each filed a voluntary petition for relief
under Chapter 11 of the United States Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of Texas.  The cases are
pending before the Honorable Stacey G. C. Jernigan and are being
jointly administered for procedural purposes under case number
20-31840.

As of May 31, 2020, the Debtors listed total assets of $279,588,585
and total liabilities of $244,701,230.

Andrew B. Zollinger, Esq., David E. Avraham, Esq., Rachel Nanes,
Esq. and Thomas R. Califano of DLA Piper  LLP (US) serve as counsel
to the Debtors.  FTI Consulting, Inc. serves as financial advisor
to the Debtors and Jefferies, LLC act as investment banker.   Omni
Agent Solutions is the Debtors' noticing and solicitation agent.


TUESDAY MORNING: Sets Contingent Sale Procedures for All Assets
---------------------------------------------------------------
Tuesday Morning Corp. and its affiliates ask the U.S. Bankruptcy
Court for the Northern District of Texas to authorize the
contingent sale procedures, in adherence to the DIP Financing
Milestones, in connection with the sale of all or substantially all
of the Debtors' inventory in the Debtors' stores.

Pursuant to the Court's Interim DIP Order, the Debtors obtained a
superpriority secured DIP revolving credit facility of up to $100
million.  The DIP Facility is the result of extensive and intense
negotiations between the Debtors and the DIP Agent.  As a result of
such negotiations, the terms of the Interim DIP Order and DIP
Facility require the Debtors to achieve the Milestones.

The first Milestone required entry of the Interim DIP Order and was
achieved on May 28, 2020.  The second Milestone requires the filing
of the Motion to obtain approval of orderly procedures for a sale
of all or substantially all of the Debtors' inventory in the
Debtors' stores if and only if certain contingencies occur; (i)
the Debtors' Total Liquidity3 drops below $20 million at any time;
(ii) the Debtors fail to satisfy the Plan/APA Milestone Date; or
(iii) the Debtors fail to obtain timely the DIP RE Commitment
Letter for, and file a motion seeking approval of, a Qualifying DIP
RE Facility, or consummate timely the Initial RE Funding or the
Final RE Funding.

The agreement reached with the DIP Agent reflects the only terms
under which the Debtors have been able to obtain the ABL financing
necessary to preserve value and pursue reorganization of their
estates. The DIP ABL Loans are necessary to fund critical expenses
and to provide the Debtors with an orderly transition into these
Chapter 11 Cases.  While the Debtors have no intention of
conducting a full-chain liquidation, and no reason to believe any
of the Contingencies will occur, they file the Motion as a means of
achieving the second Milestone and advancing the progression of
these Chapter 11 Cases.  

The second Milestone requires the Debtors to obtain approval of the
sale of, and procedures for a sale of all or substantially all of
the Debtors' assets via an orderly sale of their inventory at their
entire chain of stores and all assets relating thereto pursuant to
an agreement with a nationally-recognized liquidator acceptable to
the Agent and engaged by the Debtors' estates.  As indicated in the
Court's Interim Store Closing Sales Order, the Debtors assumed on
an interim basis their consulting agreement with Great American
Group, LLC, a nationally-recognized liquidator acceptable to the
Agent.

Upon the unlikely event that one or more of the Contingencies
occur, the Debtors and the Consultant have agreed, subject to
approval by the Court, that the Consultant will assist the Debtors
with the sale of all or substantially all of their assets
("Full-Chain Store Sale").  In the event of a Full-Chain Store
Sale, all of the terms and conditions set forth in the Consultant
Agreement will govern, except the Consultant's Base Fee will
increase from 1.5% to 1.75%.  The Full-Chain Store Sale Base Fee
reflects the increase in resources required by the Consultant to
conduct the Full-Chain Store Sale and was agreed to by the Debtors
and the Consultant in the second amendment to the Consultant
Agreement.

The Debtors ask the entry of an order authorizing, upon the
occurrence of one of the certain Contingencies set forth and in the
DIP Order, the a Full-Chain Store Sale pursuant to the DIP Order
and in accordance with the Store Closing Sales Order and the
Consultant Agreement, except as modified by the Order.

Upon the occurrence of one or more of the Contingencies, the
Debtors ask to expand the Consultant's retention to include a
Full-Chain Store Sale using the same procedures for conducting
store closing sales set forth in the Court's Store Closing Sales
Order, including the terms of the Consultant Agreement and Sale
Guidelines approved in the Store Closing Sales Order.  In addition,
the Debtors ask approval of the referenced Full-Chain Store Sale
Base Fee, as described in the Second Amendment to the Consultant
Agreement.

The Debtors ask approval to conduct the Full-Chain Store Sale on a
final "as is" basis, free and clear of any and all liens, claims,
and encumbrances.  They anticipate that, to the extent that there
are liens on the assets sold pursuant to the Full-Chain Store Sale,
all holders of such liens will consent to the sales contemplated by
the Motion because they provide the most effective, efficient, and
time-sensitive approach to realizing proceeds for, among other
things, the repayment of amounts due to such parties. Any and all
liens on the assets sold pursuant to the Full-Chain Store Sale
would attach to the remaining net proceeds of such sales.   

To the extent that the relief sought in the Motion constitutes a
use of property under Bankruptcy Code Section 363(b), the Debtors
ask a waiver of the 14-day stay under Bankruptcy Rule 6004(h).
Similarly, to the extent that the relief sought in the Motion
constitutes assumption of the Consulting Agreement under Bankruptcy
Code Section 365(a), the Debtors ask a waiver of the 14-day stay
under Bankruptcy Rule 6006(d).

A copy of the Agreements is available at
https://tinyurl.com/yar59rc6 from PacerMonitor.com free of charge.

A hearing on the Motion is set for July 8, 2020 at 2020 at 2:00
p.m.

                 About Tuesday Morning Corp.

Tuesday Morning Corporation, together with its subsidiaries, is a
closeout retailer of upscale home furnishings, housewares, gifts,
and related items.  It operates under the trade name "Tuesday
Morning" and is one of the original "off-price" retailers
specializing in providing unique home and lifestyle goods at
bargain values.  Based in Dallas, Tuesday Morning operated 705
stores in 40 states as of Jan. 1, 2020.  For more information,
visit http://www.tuesdaymorning.com/    

On May 27, 2020, Tuesday Morning and six affiliates sought Chapter
11 protection (Bankr. N.D. Tex. Lead Case No. 20-31476).  Tuesday
Morning disclosed total assets of $92 million and total liabilities
of $88.35 million as of April 30, 2020.

The Hon. Harlin Dewayne Hale is the case judge.

The Debtors tapped Haynes and Boone, LLP as general bankruptcy
counsel;
Alixpartners LLP as financial advisor; Stifel, Nicolaus & Co.,
Inc.
as investment banker; A&G Realty Partners, LLC as real estate
consultant; and Great American Group, LLC as liquidation
consultant.  Epiq Corporate Restructuring, LLC is the claims and
noticing agent.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on June 9, 2020.  The committee is represented by Munsch
Hardt Kopf & Harr, P.C.


VIDEO RIVER: Incurs $68K Net Loss in First Quarter
--------------------------------------------------
Video River Networks, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of $67,824 on $495,000 of revenue for the three months ended March
31, 2020, compared to a net loss of $0 on $0 of revenue for the
three months ended March 31, 2019.

As of March 31, 2020, the Company had $1.21 million in total
assets, $1.12 million in total liabilities, and $93,347 in total
shareholders' equity.

As of March 31, 2020, the Company had a working capital deficit of
$1,213,347, consisting of $5,362 in cash and $1,207,985 in
investment property inventory.
  
For the three months period ended March 31, 2020, the Company used
$137,532 on operating activities, generated cash of $482,035 from
investing activities, and used $339,991 in financing activities
resulting in an increase in total cash of $4,512 and a cash balance
of $5,362 for the period.  For the three months period ended March
31, 2019, the Company used cash of $0.00 in operating activities,
used cash of $0.00 for investing activities and obtained cash of
$0.00 from financing activities, resulting in an increase in cash
of $0.00 and a cash balance of $0.00 at the end of such period.
  
Total Notes Payable for related and unrelated parties was
$1,119,980, a decreased by $339,991from the fiscal period ended
Dec. 31, 2019 of $1,459,971.

As of March 31, 2020, total stockholders' equity decreased to
$93,347 from $161,171 as of the fiscal period ended Dec. 31, 2019.

As of March 31, 2020, the Company had a cash balance of $5,362.

Video River said, "The Company does not believe our current cash
balances will be sufficient to allow us to fund our operating plan
for the next twelve months.  Our ability to continue as a going
concern is dependent on us obtaining adequate capital to fund
operating losses until we become profitable.  If we are unable to
obtain adequate capital, we could be forced to cease operations or
substantially curtail its drug development activities.  These
conditions raise substantial doubt as to our ability to continue as
a going concern.

"Our principal sources of liquidity in the past has been cash
generated from loans to us by our major shareholder.  In order to
be able to achieve our strategic goals, we need to further expand
our business and implement our business plan.  To continue to
develop our business plan and generate sales, significant capital
has been and will continue to be required.  Management intends to
fund future operations through private or public equity and/or debt
offerings.  We continue to engage in preliminary discussions with
potential investors and broker-dealers, but no terms have been
agreed upon.  There can be no assurances, however, that additional
funding will be available on terms acceptable to us, or at all.
Any equity financing may be dilutive to existing shareholders.  We
do not currently have any contractual restrictions on our ability
to incur debt and, accordingly we could incur significant amounts
of indebtedness to finance operations.  Any such indebtedness could
contain covenants which would restrict our operations."

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/g0Nuse

                        About Video River

Video River Networks, Inc., previously known as Nighthawk Systems
Inc., used to be a provider of wireless and IP-based control
solutions for the utility and hospitality industries.  Since 2002,
the Company's Power Controls Division has used wireless technology
to control both residential utility meters and remote,
mission-critical devices.  The Set Top Box Division, acquired in
October 2007, enables hotels to provide in-room high definition
television broadcasts, integrated with video-on-demand, and
customized guest services information.

Albert Garcia, CPA, Dylan Floyd Accounting & Consulting, in
Newhall, California, the Company's auditor since 2020, issued a
"going concern" qualification in its report dated May 28, 2020
citing that the Company has an accumulated deficit of $18,952,701
for the year ended Dec. 31, 2019.  These factors raise substantial
doubt about the Company's ability to continue as a going concern.


VIVUS INC: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Lead Debtor: Vivus, Inc.
             900 E. Hamilton Ave, Suite 550
             Campbell, CA 95008

Business Description: VIVUS -- https://www.vivus.com -- is a
                      biopharmaceutical company committed to the
                      development and commercialization of
                      innovative therapies that focus on advancing

                      treatments for patients with serious unmet
                      medical needs.  VIVUS has three approved
                      therapies and one product candidate in
                      clinical development.  Qsymia (phentermine
                      and topiramate extended release) is approved
                      by FDA for chronic weight management.  The
                      Company commercializes Qsymia in the U.S.
                      through a specialty sales force supported by

                      an internal commercial team and license the
                      commercial rights to Qsymia in South Korea.
                      VIVUS was incorporated in 1991 in California

                      and reincorporated in 1996 in Delaware.  As
                      of the Petition Date, VIVUS is a publicly
                      traded company with its shares listed
                      on the Nasdaq Global Market LLC under the
                      ticker symbol "VVUS."  The Company maintains
                      its headquarters in Campbell, California.

Chapter 11
Petition Date:        July 7, 2020

Court:                United States Bankruptcy Court
                      District of Delaware

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

     Debtor                                     Case No.
     ------                                     --------
     Vivus, Inc. (Lead Debtor)                  20-11779
     Vivus Pharmaceuticals Limited              20-11780
     Vivus B.V.                                 20-11781
     Vivus Digital Health Corporation           20-11782

Judge:                Hon. Laurie Selber Silverstein

Debtors' Counsel:     Matthew S. Barr, Esq.
                      Gabriel A. Morgan, Esq.
                      Natasha S. Hwangpo, Esq.
                      WEIL, GOTSHAL & MANGES LLP
                      767 Fifth Avenue
                      New York, New York 10153
                      Tel: (212) 310-8000
                      E-mail: matt.barr@weil.com
                              gabriel.morgan@weil.com
                              natasha.hwangpo@weil.com

Debtors'
Local
Counsel:              Mark D. Collins, Esq.
                      Zachary I. Shapiro, Esq.
                      Brett M. Haywood, Esq.  
                      RICHARDS, LAYTON & FINGER, P.A.
                      One Rodney Square
                      920 North King Street
                      Wilmington, Delaware 19801
                      Tel: (302) 651-7700
                      E-mail: collins@rlf.com
                              shapiro@rlf.com
                              haywood@rlf.com

Debtors'
Financial
Advisor:              ERNST & YOUNG
                      5 Times Square
                      New York, New York 10036

Debtors'
Investment
Banker:               PIPER SANDLER COMPANIES
                      345 Park Avenue, Suite 1200
                      New York, New York 10154

Debtors'
Claims,
Noticing &
Solicitation
Agent and
Administrative
Advisor:              STRETTO
                      7 Times Square, Suite 1601
                      New York, New York 10036
                      https://cases.stretto.com/vivus

Total Assets as of May 31, 2010: $213,884,000

Total Debts as of May 31, 2020: $281,669,000

The petitions were signed by Mark Oki, chief financial officer.

A copy of Vivus, Inc.'s petition is available for fre at
PacerMonitor.com at:

                       https://is.gd/LNMYza

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Deutsche Bank Trust            Indenture Trustee   $170,849,639
Company Americas                to 4.50% Convertible
60 Wall Street, 24th Floor       Senior Notes Due
New York, NY 10005                       2020
Contact: Robert Pian
Tel: (201) 593-8265
Email: Robert.Pian@db.com

2. Sanofi Chimie                      Inventory         $5,227,480
20 Avenue Raymond Aron
92160 Antony
France
Contact: Emmanuelle Bommier
Tel: (908) 720-2007
Email: Emmanuelle.Bommier@sanofi.com

3. Nordmark Arzneimittel Gmbh         Inventory         $2,090,170
& Co. KG
Pinnaualle 4
25436 Uetersen
Germany
Contact: Birte Schueler
Tel: +49 (0) 4122 712 210
Email: birte.schueler@nordmark-pharma.de

4. Covance Inc.                       Trade Debt          $876,608
210 Carnegie Center
Princeton, NJ 08540
Contact: Diane Ostang
Tel: (440) 937-9152
Email: Diane.Ostang@Covance.com

5. Packaging Coordinators, LLC        Inventory           $391,779
3001 Red Lion Road
Philadelphia, PA 19114
Contact: Charles Booker
Tel: (215) 613-3675
Email: Charles.booker@pciservices.com

6. RxC Acquisition Company              Coupon            $213,482
10101 Woodloch Forest                Adjudicator
The Woodlands, TX 77380
Contact: Lori Ross
Email: Lori.Ross@McKesson.com

7. Schenker, Inc.                     Trade Debt          $150,099
2363 E. Perry Road Ste 191
Plainfield, IN 46168
Contact: Kelly Doss
Tel: (317) 561-2404
Email: kelly.doss@dbschenker.com

8. McKesson Specialty Arizona         Trade Debt          $149,738
Inc. (Specialty Health)
32085 Collections Center Drive
Chicago, IL 60693
Contact: Tiffany McRae
Tel: (480) 663-4390
Email: tiffany.mcrae@mckesson.com

9. PPD Development, LP                Trade Debt          $136,037
26361 Network Place
Chicago, IL 60673-1263
Contact: Rose Vella
Tel: (281) 785-9943
Email: rose.vella@ppdi.com

10. Sanofi Winthrop Industrie SA      Inventory           $112,480
20 Avenue Raymond Aron
92160 Antony
France
Contact: David Antonik
Tel: (609) 743-1831
Email: David.Antolik@sanofi.com

11. Catalent Pharma Solutions         Inventory            $30,305
25106 Network Place
Chicago, IL 60673-1251
Contact: Bijal Sata
Tel: (732) 537-4625
Email: bijal.sata@catalent.com

12. Granzer Regulatory                Trade Debt           $22,985
Consulting & Services
Kistlerhofstr. 172C
81379 Munchen
Germany
Contact: Ulrich Granzer
Tel: +49 (0)89 780 68 98 22
Email: Granzer@granzer.biz

13. Toppan Vintage Inc. DBA           Trade Debt           $20,044
Toppan Merrill LLC
PO Box 74007295
Chicago, IL 60674
Contact: Frank King
Tel: (415) 301-0626
Email: frankking@toppanmerrill.com

14. Cambridge Cognition Limited       Trade Debt           $11,543
Turnbridge Court, Turnbridge Lane
Bottisham
Cambridge
CB25 9TU
Contact: Janet Griffiths
Tel: +44 (0)1223 810710
Email: janet.griffiths@camcog.com

15. Performance Labs Digital Ltd.     Trade Debt            $7,000
5 Thyra Ave.
Toronto, ON M4C 5G4
Canada
Contact: Dave Hall
Tel: (416) 909-2975
Email: dave@performancelabs.ca

16. Chartwell Consulting Group        Trade Debt            $5,537
DBA Symphony Workplaces
89 Headquarters Plaza
Morristown, NJ 07960
Contact: Paulette Godfrey
Tel: (973) 644-3000
Email: billing@workplacesmail.com

17. IQVIA Inc. (FKA Quintiles         Trade Debt            $4,500
IMS Incorporated)
100 IMS Drive
Parsippany, NJ 07054
Contact: Gretchen Burda
Tel: (404) 825-7147
Email: gretchen.burda@iqvia.com

18. Reed Technology and               Trade Debt            $2,660
Information Services, Inc.
7 Walnut Grove Drive
Horsham, PA 19044
Contact: David Wilson
Tel: (215) 734-6531
Email: dmwilson@reedtech.com

19. VitalTech Affiliates, LLC         Trade Debt            $1,998
2745 Dallas Parkway
Suite 510
Plano, TX 75093
Contact: Athar Zafar
Tel: (903) 819-2266
Email: athar@vitaltech.com

20. Janssen Pharmaceuticals, Inc.      Rebates        Undetermined
1125 Trenton Harbourton Road
Titusville, NJ 08560
Contact: Matt McSherry
Tel: (609) 730-7077
Email: mmcsherr@its.jnj.com


WESTERN URANIUM: Shareholders Elect Three Directors
---------------------------------------------------
Western Uranium & Vanadium Corp. reports the results of the
Company's Annual General and Special Meeting held in Nucla,
Colorado on June 29, 2020.

At the Meeting, the shareholders elected the slate of directors
proposed by management to the Company's Board, namely, George
Glasier, Bryan Murphy, and Andrew Wilder.

The shareholders re-appointed MNP LLP as auditor of the Company,
and authorized the Board to fix the auditor's remuneration for the
ensuing year.

                        Board Meeting

At a meeting of the newly-elected Board immediately following the
shareholders' Meeting, the Board re-appointed Bryan Murphy as
Chairman of the Board.  At the same meeting of the Board, the
following management appointments were confirmed for the ensuing
year: George Glasier, president and chief executive officer; Robert
Klein, chief financial officer; Denis Frawley, corporate
secretary.

               About Western Uranium & Vanadium

Western Uranium & Vanadium Corp. is a Colorado based uranium and
vanadium conventional mining company focused on low cost near-term
production of uranium and vanadium in the western United States,
and development and application of kinetic separation.

Western Uranium reported a net loss of $2.11 million for the year
ended Dec. 31, 2019, compared to a net loss of $2.04 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $23.69 million in total assets, $3.90 million in total
liabilities, and $19.79 million in total shareholders' equity.

MNP LLP, in Mississauga, Ontario, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated April
14, 2020, citing that the Company has incurred continuing losses
and negative cash flows from operations and is dependent upon
future sources of equity or debt financing in order to fund its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


WESTWIND MANOR: Selling Buying Fletcher Property for $2.75M
-----------------------------------------------------------
Westwind Manor Resort Association, Inc., and affiliates ask the
U.S. Bankruptcy Court for the Southern District of Texas to
authorize the private sale of Broadmoor Golf Links located in
Fletcher, North Carolina to Greater Asheville Regional Airport
Authority for $2.75 million.

The Debtors operate two distinct business segments.  Warrior Custom
Golf, Inc. focuses on the manufacture and sale of custom golf
clubs.  Warrior Acquisitions, LLC, however, manages affiliates that
own golf courses.   

Warrior Acquisitions is the manager of six entities that own and
operate 18 golf courses and parcels of land located throughout
California, Florida, Colorado, Iowa, Alabama, North Carolina, South
Carolina, Tennessee and Georgia.  Warrior Acquisitions' golf
courses (i.e. those under its indirect management) serve their
local communities and are located in secondary and tertiary
markets.   

Warrior Acquisitions' managed courses generated approximately
267,500 rounds of golf in 2018.  Many of the golf courses have
additional amenities including golf pro shops, driving ranges,
clubhouses, restaurants, bars, swimming pools, private villas and
banquet facilities.  Warrior Acquisitions' managed courses
generated approximately $13 million in annual revenue over the past
few years but generated an operating loss of approximately $680,000
in 2018.  

Warrior Golf Management, LLC ("WGM") is the owner of the Broadmoor
located in Fletcher, North Carolina. Broadmoor features, among
other things, a nearly 7,000 yard, 18-hole championship golf course
complete with an approximately 15,000 square foot clubhouse
outfitted with dining and event facilities, as well as a driving
range and attendant maintenance facilities all situated on
approximately 140 acres.  Importantly, Broadmoor is located just
outside of Asheville, North Carolina near the Asheville Regional
Airport.

Post-Petition, beginning on June 7, 2019 before the Court and
continuing thereafter, the Debtors' engaged in substantial
litigation with the North Carolina Department of Transportation
("NC DoT") regarding relief from the automatic stay to conduct a
taking of certain portions of Broadmoor.  Such litigation with
respect to the automatic stay was resolved by agreement among the
Debtors, the Committee, and the NC DoT as Ordered.

Broadmoor is subject to a pre-petition lien in favor of Broadmoor
Group, Inc., Albert Robert Smoak, and Zoe Anne Smoak ("Broadmoor
Lenders") in the original principal amount of $2 million, as more
fully set forth in that certain Purchase Money Promissory Note,
dated March 5, 2010, and that certain North Carolina Purchase Money
Deed of Trust.  Post-Petition, on May 6, 2019, the Broadmoor
Lenders filed that certain Proof of Claim, asserting an aggregate
amount outstanding under the Broadmoor Loan of $1,312,649.

Additionally, Broadmoor serves as collateral of Serene WG Loan
Investors under the Debtors' DIP financing.  The sale of Broadmoor
is
subject to the terms of the court-approved Senior Secured,
Super-Priority DIP Loan and Security Agreement dated April 2, 2019,
as amended, or as may be agreed by the Debtors and the DIP Lender.


Since the commencement of the Chapter 11 Cases, the Debtors have
explored numerous avenues for selling their golf courses, including
Broadmoor, and have been marketing them, in one form or another,
since that time.  After the Petition Date, the Debtors received
numerous expressions of interest from investors and other
interested parties regarding the sale Broadmoor.  These expressions
of interested culminated in multiple offers to purchase Broadmoor.


After fulsome arms'-length negotiations on price and terms of sale,
the Debtors reached an agreement to sell Broadmoor to the Buyer for
a $2.75 million, as memorialized in the Agreement.  Although the
Debtors received numerous expressions of interest and multiple
offers for the sale of Broadmoor, the Agreement was markedly better
than any offer received by an interested party that was willing to
consummate such a sale.  Based on their marketing and negotiation
efforts to date, the Debtors believe that the terms of the
Agreement represent the highest and best offer they are likely to
receive with respect to Broadmoor under the circumstances and
represent limited risk to these Debtors' Estates.

The salient terms of the APA are:

     a. Purchaser: Greater Asheville Regional Airport Authority

     b. Purchase Price: $2.75 million

     c. Assets to be Sold: All of WGM's current right, title and
interest in the Real Property, Personal Property, Assumed
Contracts, permits, intangibles, entitlements, tradename and
trademark, books and records and insurance claims or proceeds with
respect to Broadmoor.  All other assets of WGM including all cash,
accounts, receivable and bank deposits as well as all causes of
action relating to Broadmoor are not being transferred to the
Purchaser.  The Due Diligence Period which will expire on July 17,
2020 at 5:00 p.m. (ET), and (ii) title, title objections will be
asserted no later than July 8, 2020.

     d. Qualified Expense Reimbursement: $75,000

     e. Brokers: Links Capital Advisors ("LCA") will be paid a
commission in an amount to be determined, not to exceed 5%.

     f. Closing: July 31, 2020  

     g. Deposit: $150,000

The Debtors have a sound business justification for selling
Broadmoor under the terms of the Agreement, subject to higher and
better offers which may be made at any time up to and including at
the hearing on the Motion.  Due to the Airport being a public
entity that is not well positioned to participate in an auction,
the Debtors' agreement to seek a private sale was a material
inducement to the Airport both agreeing to the price set forth in
the Agreement and its willingness to enter into the Agreement in
the first place.  The Debtors believe that a private sale of the
Broadmoor to the Airport, rather than a public auction, is value
maximizing in light of the prior sale efforts and the strong offer
made by the Airport in its Asset Purchase Agreement.   

By the Motion, the Debtors ask that the Court approves the sale of
Broadmoor free and clear of all liens, claim, and encumbrances.

Finally, the Debtors ask that the Court waives the 14-day stay
period under Bankruptcy Rule 6004(h).

A hearing on the Motion was set for June 15, 2020 at 2:00 p.m.

                      About Westwind Manor

Westwind Manor Resort Association, Inc., and its subsidiaries
operate two distinct business segments.  Warrior Custom Golf
focuses on the manufacture and sale of custom golf clubs.  Warrior
Acquisitions manages affiliates, like Warrior Golf, LLC, which own
and manage golf courses.

Warrior Custom Golf was founded in 1998 by Brendan Flaherty.  It
develops, manufactures markets and sells affordable custom golf
clubs and related equipment to golfers worldwide.  Warrior Custom
Golf's products are custom built to the specifications of each
customer.  Warrior Acquisitions is the manager of six entities that
own and operate 18 golf courses and parcels of land located
throughout the United States.  Both segments of the business are
headquartered in Irvine, California.

Westwind Manor Resort Association and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 19-50026) on March 4, 2019.

The Debtors were estimated to have assets and debt between $1
million and $10 million.

The cases have been assigned to Judge David R. Jones.

The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; Sidley
Austin LLP, as special counsel; Force Ten Partners LLC as
financial
advisor; and Donlin, Recano & Company, Inc. as claims and noticing
agent.

Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed
an
official committee of unsecured creditors on March 19, 2019.  The
committee is represented by Cozen O'Connor.


WORTHINGTON INDUSTRIES: Egan-Jones Cuts FC Unsec. Rating to BB+
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 1, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Worthington
Industries Inc. to BB+ from BBB.

Headquartered in Columbus, Ohio, Worthington Industries, Inc. is a
global diversified metals manufacturing company.



ZYLA LIFE: Incurs $18.2M Net Loss for the Quarter Ended March 31
----------------------------------------------------------------
Zyla Life Sciences filed its quarterly report on Form 10-Q,
disclosing a net loss of $18,239,000 on $19,066,000 of total
revenue for the three months ended March 31, 2020, compared to a
net loss of $10,483,000 on $15,810,000 of total revenue for the
period from Feb. 1, 2019 through March 31, 2019, and to a net
income of $107,240,000 on $15,810,000 of total revenue for the
period from Jan. 1, 2019 through Jan. 31, 2019.

At March 31, 2020, the Company had total assets of $229,479,000,
total liabilities of $204,783,000, and $24,696,000 in total
stockholders' equity.

The Company said, "The Company has incurred recurring operating
losses since inception.  As of March 31, 2020, the Company had an
accumulated deficit of $64.9 million and a working capital deficit
of $32.8 million.  Even though the Company emerged from bankruptcy,
it continues to have significant indebtedness and its ability to
continue as a going concern is contingent upon the successful
integration of the Iroko Products Acquisition, increasing its
revenue, managing its expenses and complying with the terms of its
debt agreements.  These factors, in combination with others,
resulted in the conclusion that there is substantial doubt about
the ability of the Company to continue as a going concern for the
one-year period after the date that these financial statements are
issued."

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

                     https://is.gd/2GR0qS

Zyla Life Sciences is a commercial-stage life sciences company
focused on developing and marketing important treatments for
patients and healthcare providers.  The Company currently has a
portfolio of innovative treatments for pain and inflammation.  Zyla
has seven commercially available products: SPRIX(R) (ketorolac
tromethamine) Nasal Spray, ZORVOLEX(R) (diclofenac), INDOCIN(R)
(indomethacin) suppositories, VIVLODEX(R) (meloxicam), TIVORBEX(R)
(indomethacin), INDOCIN(R) oral suspension and OXAYDO(R) (oxycodone
HCI, USP) tablets for oral use only -- CII.


[*] PPP Loan Borrowers Need Assistance for Forgiveness
------------------------------------------------------
Stanley Foodman of Foodman CPAs & Advisors wrote on JDSupra an
article titled "PPP Loan Borrowers will need Assistance when
Applying for Forgiveness of their PPP Loans":

On 4/15/20, the SBA and the U.S. Department of the Treasury
released an application form for Paycheck Protection Program (PPP)
loan forgiveness along with instructions for completing the form.
To apply for forgiveness of a Paycheck Protection Program (PPP)
loan, the Borrower must complete the application and submit it to
its Lender (or the Lender servicing the Borrower's loan).  The
Borrower may also complete this application electronically through
its Lender. The Loan Forgiveness Application has an Expiration Date
of 10/31/2020.

This application has the following components:

1. the PPP Loan Forgiveness Calculation Form
2. PPP Schedule A
3. the PPP Schedule A Worksheet
4. the (optional) PPP Borrower Demographic Information Form

All Borrowers must submit (1) and (2) to their Lender.

Representations and Certifications on Behalf of the Borrower for
which Forgiveness is Requested

PPP Borrowers must certify to ALL the following:

  * The dollar amount for which forgiveness is requested was used
to pay costs that are eligible for forgiveness (payroll costs to
retain employees; business mortgage interest payments; business
rent or lease payments; or business utility payments).

  * The dollar amount for which forgiveness is requested includes
all applicable reductions due to decreases in the number of
full-time equivalent employees and salary/hourly wage reductions.

  * The dollar amount for which forgiveness is requested does not
include nonpayroll costs in excess of 25% of the amount requested;
and does not exceed eight weeks’ worth of 2019 compensation for
any owner-employee or self-employed individual/general partner,
capped at $15,385 per individual.

  * An understanding that if the funds were knowingly used for
unauthorized purposes, the federal government may pursue recovery
of loan amounts and/or civil or criminal fraud charges.

  * An accurate verification of the payments for the eligible
payroll and nonpayroll costs for which the Borrower is requesting
forgiveness.

  * That they have submitted to the Lender the required
documentation verifying payroll costs, the existence of obligations
and service (as applicable) prior to February 15, 2020, and
eligible business mortgage interest payments, business rent or
lease payments, and business utility payments.

  * That the information provided in the application and the
information provided in all supporting documents and forms is true
and correct in all material respects.

  * An understanding  that knowingly making a false statement to
obtain forgiveness of an SBA-guaranteed loan is punishable under
the law, including 18 USC 1001 and 3571 by imprisonment of not more
than five years and/or a fine of up to $250,000; under 15 USC 645
by imprisonment of not more than two years and/or a fine of not
more than $5,000; and, if submitted to a Federally insured
institution, under 18 USC 1014 by imprisonment of not more than
thirty years and/or a fine of not more than $1,000,000.

  * That the tax documents submitted to the Lender are consistent
with those the Borrower has submitted/will submit to the IRS and/or
state tax or workforce agency.

  * An understanding, acknowledgement, and agreement that the
Lender can share the tax information with SBA's authorized
representatives, including authorized representatives of the SBA
Office of Inspector General, for the purpose of ensuring compliance
with PPP requirements and all SBA reviews.

  * An understanding, acknowledgement, and agreement that SBA may
request additional information for the purposes of evaluating the
Borrower's eligibility for the PPP loan and for loan forgiveness,
and that the Borrower's failure to provide information requested by
SBA may result in a determination that the Borrower was ineligible
for the PPP loan or a denial of the Borrower's loan forgiveness
application.

When signing the application, the Borrower is making
Representations and Certifications

The Borrower's eligibility for loan forgiveness will be evaluated
according with PPP regulations and guidance issued by SBA through
the date of the application.  SBA may direct a lender to disapprove
the Borrower's loan forgiveness application if the SBA determines
that the Borrower was ineligible for a PPP loan.


[*] Retail Industry Turns to Bankruptcy Due to Covid
----------------------------------------------------
EPIQ wrote on JDSupra an article titled "Retail Industry Turns to
Bankruptcy Due to COVID-19":

The COVID-19 pandemic has totally upended the U.S. economy.
Businesses have suffered serious financial distress and
unfortunately, many will be forced to file for bankruptcy
protection. While almost every industry has been affected, some
industries have been impacted more severely than others. Industries
exhibiting the most distress over these past few months include
retail, restaurants, energy, industrial, and hospitality. Retail is
probably one of the hardest hit industries to date. Even after
business and daily life resumes, restrictions on social
interactions and store capacities will remain for the foreseeable
future. Those limitations will undoubtedly affect the way Americans
shop for goods and services, which will result in people spending
less money on non-essential purchases.

Retailers will need to assess their business as well as explore
short and long-term strategies in order to evaluate how they will
proceed. Depending on the size of the business, hiring additional
resources including a financial advisor, and/or an investment
banker might be helpful. These seasoned professionals can help a
business analyze their financial status and offer advice on how to
withstand the economic shockwaves. Companies may file for
protection under Chapter 11 of the U.S. Bankruptcy Code to
reorganize while for others the businesses might need to liquidate.


Avoiding Corporate Bankruptcy

After a thorough financial assessment, businesses will need to
determine if they are financially stable and have enough cash on
hand to survive in this troubled economy. Businesses might be able
to negotiate rent payments or production costs under other business
contracts, which can buy valuable time. In the U.S., the CARES Act
has also provided loans and grants to certain businesses that fit
some particular criteria as well as businesses in certain
industries. If a business is able to take advantage of these loans
and grant programs, they could weather the storm, but for others,
bankruptcy will be the only option. It is also important that
businesses determine the financial state the business before the
pandemic and compare to how it is doing currently. If a business
was having financial difficulties before the stay at home orders
were put in place, they will likely struggle to survive when the
economy reopens. After taking these steps and performing a detailed
analysis, it will become clear if bankruptcy is a viable choice.

Corporate Bankruptcy Chapter 11 and Chapter 7

Whether a business seeks protection under Chapter 11 or Chapter 7
depends on the financial state of the business, its access to
funds, and its probability of survival in these uncertain times.
Liquidation will be the optimal route when a retailer wishes to
sell off all their assets and completely cease operations and may
be the best option to avoid high losses when the business will
likely not survive. Businesses that believe they can restructure
their debt and continue operating will choose the Chapter 11 option
and provides a chance to save the business through reorganization.
A Chapter 11 filing is optimal because it offers time to determine
whether the business can make it through the effects of the
pandemic.

Current and Predicted Retail Bankruptcies

Many experts observe that the pandemic will create a surge of
bankruptcy filings in late 2020. In the retail industry, many
businesses will file with stores closed during the shutdown. Once
stores reopen, rent and salaries become due. If sales are still
stagnant and these businesses have limited access to funds, more
organizations might explore bankruptcy down the line.

Still, some retailers have already filed for bankruptcy during this
time. In fact, corporate Chapter 11 filings increased to a record
560 new cases during the month of April, which is a 26% increase
from the 444 filings the previous year. The impact of the pandemic
will immediately hit retailers that were already in financial
trouble but stayed afloat from low-interest funds prior to the
pandemic. Some prime examples are JC Penney, Neiman Marcus, Centric
Brands, and J. Crew – all of which filed for bankruptcy the past
month to seek protection under Chapter 11. All of these businesses
have been struggling for years and the new economic crisis has
pushed them over the edge.

Another likely group to be hit hard by the latest economic
disruptions are brick and mortar stores since they were already on
the decline due to the increase in online sales. Arguably, marginal
retailers will likely worse off compared to larger retailers since
larger retailers tend to have more resources and brand recognition.
Thus, larger retailers could have greater successes in their
reorganization opportunity.  Smaller companies may have to call it
quits and liquidate. Lastly, many online retailers could be okay
but still experience financial loss from the interrupted supply
chain, lowered credit ratings, and a customer base who is not
buying as much due to decreased spending. As such, online retailers
may also need to explore bankruptcy options.

Another thing to watch is how retailers who had already filed for
bankruptcy before the pandemic are affected. The pandemic has
stalled many bankruptcy proceedings. For example, Modell's is a
sporting goods retailer that filed for bankruptcy before the
pandemic gained traction. However, the courts have been stalling
these proceedings to give the estate an opportunity to recover more
money from their going out of business sales. The judge used
bankruptcy laws that are not often cited and the hardship from the
pandemic to justify freezing the case and not making Modell's pay
rent during this time.

Conclusion

COVID-19 has disrupted the global economy and its effects will be
long lasting. As cases decline, more business will fully reopen,
but with consumer confidence shaken and high unemployment rates, it
will take years for the economy to reach pre-pandemic levels.
Retailers will need to be proactive on evaluating if their
businesses can survive. If things do not seem promises, business
should explore like bankruptcy to assist. If bankruptcy is the best
path for a business, there are resources that can help with this
process like restructuring consultants who can initially weigh in
on the best course of action. Small retailers should look for
solutions that offer tools to help with automating and managing the
bankruptcy process, which can be a big help with pre-filing and
post-filing needs. Mid-size and larger retailers should look into
hiring bankruptcy attorneys, financial advisors, investment
bankers, and claims administrators that can help with bankruptcy
administrative work like claims management and noticing. All of
this can help navigate the bankruptcy process and help some
retailers successfully reorganize and eventually flourish.



[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Encore Benefit Management, Inc.
   Bankr. D.P.R. Case No. 20-02627
      Chapter 11 Petition filed July 1, 2020
         See https://is.gd/k7bMZT
         represented by: Emily Darice Davila, Esq.
                         EMILY D DAVILA LAW FIRM
                         E-mail: davilalaww@prtc.net

In re James Toliver Craig
   Bankr. D. Colo. Case No. 20-14530
      Chapter 11 Petition filed July 1, 2020
         represented by: K. Jamie Buechler, Esq.
                         BUECHLER LAW OFFICE, LLC
                         Email: Jamie@kjblawoffice.com

In re Danial Lynn Millar, Jr.
   Bankr. W.D. Okla. Case No. 20-12240
      Chapter 11 Petition filed July 1, 2020
         represented by: Clayton Ketter, Esq.
                         PHILLIPS MURRAH PC
                         Email: cdketter@phillipsmurrah.com

In re Bradley Kent VanPelt
   Bankr. S.D. Ind. Case No. 20-03810
      Chapter 11 Petition filed July 1, 2020
         represented by: David Krebs, Esq.
                         HESTER BAKER KREBS LLC
                         E-mail: dkrebs@hbkfirm.com

In re Janet Carsula Ortiz
   Bankr. E.D. Cal. Case No. 20-23310
      Chapter 11 Petition filed July 1, 2020
         represented by: Arasto Farsad, Esq.

In re South Moon BBQ Incorporated
   Bankr. N.D. Ill. Case No. 20-81233
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/bAhSMK
         represented by: James E. Stevens, Esq.
                         BARRICK, SWITZER, LONG, BALSLEY &
                         VAN EVERA, LLP
                         E-mail: jstevens@bslbv.com

In re 155 Ryerson LLC
   Bankr. D.N.J. Case No. 20-18215
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/9Cg17q
         represented by: David L. Stevens, Esq.
                         SCURA, WIGFIELD, HEYER, STEVENS &
                         CAMMAROTA, LLP
                         E-mail: ecfbkfilings@scuramealey.com

In re Bulls Head Diner Inc.
   Bankr. S.D.N.Y. Case No. 20-22807
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/bZLAVp
         represented by: Lawrence F. Morrison, Esq.
                         MORRISON TENENBAUM, PLLC
                         E-mail: info@m-t-law.com

In re Paramount Investing, LLC
   Bankr. D.N.J. Case No. 20-18204
      Chapter 11 Petition filed July 1, 2020
         See https://is.gd/Rp1Csf
         represented by: Scott E. Kaplan, Esq.
                         LAW OFFICES OF SCOTT E. KAPLAN, LLC
                         E-mail: scott@sekaplanlaw.com

In re Adino Altamonte Springs, LLC
   Bankr. M.D. Fla. Case No. 20-03773
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/5EGvMW
         represented by: Michael A. Nardella, Esq.
                         NARDELLA & NARDELLA, PLLC
                         E-mail: mnardella@nardellalaw.com

In re Michael Benjamin Miller and Anthony Joel Stewart Moran
   Bankr. D. Minn. Case No. 20-41750
      Chapter 11 Petition filed July 1, 2020
         represented by: John Lamey III, Esq.
                         LAMEY LAW FIRM, P.A.
                          Email: jlamey@lameylaw.com

In re Jorge L. Paneque
   Bankr. D.N.J. Case No. 20-18253
      Chapter 11 Petition filed July 2, 2020
         represented by: Eric Horn, Esq.

In re Jared Allen Watts and Sarah Danielle Watts
   Bankr. E.D. Cal. Case No. 20-12258
      Chapter 11 Petition filed July 2, 2020
         represented by: Leonard Welsh, Esq.

In re Adesse Global Cosmetics, Inc.
   Bankr. D. Ariz. Case No. 20-07849
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/1IRscG
         represented by: Henk Taylor, Esq.
                         RYAN RAPP UNDERWOOD & PACHECO, PLC
                         E-mail: htaylor@rrulaw.com

In re Allied Hospitality, LLC
   Bankr. E.D. Ky. Case No. 20-51009
      Chapter 11 Petition filed July 2, 2020
         See https://is.gd/LjHxbG
         represented by: Peter Brackney, Esq.
                    BRACKNEY LAW OFFICE, PLLC
                         E-mail: peter@brackneylaw.com

In re Sparrow & Nightingale, LLC
   Bankr. E.D. Tex. Case No. 20-41515
      Chapter 11 Petition filed July 3, 2020
         See https://is.gd/KkCQgN
         represented by: Howard Marc Spector, Esq.
                         SPECTOR & COX, PLLC
                         E-mail: hms7@cornell.edu

In re Christopher Matthew McCarthy
   Bankr. M.D. Tenn. Case No. 20-03239
      Chapter 11 Petition filed July 3, 2020
          represented by: Griffin Dunham, Esq.

In re MCD Enterprises, LLC
   Bankr. N.D. Tex. Case No. 20-31855
      Chapter 11 Petition filed July 6, 2020
         See https://is.gd/7KbzbC
         represented by: Michael S. Mitchell, Esq.
                         DEMARCO MITCHELL, PLLC
                         E-mail: mike@demarcomitchell.com

In re TRB Richardson, LLC
   Bankr. N.D. Tex. Case No. 20-31866
      Chapter 11 Petition filed July 6, 2020
         See https://is.gd/ShZbl8
         represented by: John P. Henry, Esq.
                         HENRY & REGEL, PLLC
                         E-mail: John@henryregel.com

In re Imperial ROI, Inc.
   Bankr. N.D. Tex. Case No. 20-31868
      Chapter 11 Petition filed July 6, 2020
         See https://is.gd/iemHJQ
         represented by: E.P. Keiffer, Esq.
                         ROCHELLE MCCULLOUGH, LLP
                         E-mail: pkeiffer@romclaw.com

In re Stamatina Holdings, LLC
   Bankr. E.D. Tex. Case No. 20-41538
      Chapter 11 Petition filed July 6, 2020
         See https://is.gd/ya3gzi
         represented by: Gerrit M. Pronske, Esq.
                         PRONSKE & KATHMAN, P.C.
                         E-mail: gpronske@pronskepc.com

In re Luis Carlos Gomez
   Bankr. S.D. Fla. Case No. 20-17378
      Chapter 11 Petition filed July 6, 2020
         represented by: Lorenzo Rodriguez, Esq.

In re Johnnie B. Wiley and Dianne J. Wiley
   Bankr. N.D. Miss. Case No. 20-12249
      Chapter 11 Petition filed July 6, 2020
          represented by: Robert Gambrell, Esq.

In re Steven John Parker
   Bankr. N.D. Cal. Case No. 20-30547
      Chapter 11 Petition filed July 6, 2020

In re Jeffery David Halvorson
   Bankr. D. Minn. Case No. 20-60370
      Chapter 11 Petition filed July 6, 2020
         represented by: Erik A. Ahlgren, Esq.
                         AHLGREN LAW OFFICE

In re Carol Jenell Embery
   Bankr. S.D. Ga. Case No. 20-20289
      Chapter 11 Petition filed July 6, 2020
          represented by: Paul A. Schofield, Esq.

In re Clement C. Nwosu
   Bankr. M.D. Ga. Case No. 20-50976
      Chapter 11 Petition filed July 6, 2020
          represented by: Wesley Boyer, Esq.

In re Angelita Sophia Williams
   Bankr. N.D. Cal. Case No. 20-41135
      Chapter 11 Petition filed July 6, 2020

In re Dionne Marie Laffoon-Omilabu
   Bankr. N.D. Cal. Case No. 20-41136
      Chapter 11 Petition filed July 6, 2020

In re Ronald Leslie Chun and Deborah Elaine Liguori
   Bankr. N.D. Cal. Case No. 20-51016
      Chapter 11 Petition filed July 6, 2020

In re Selling N Atlanta, LLC
   Bankr. N.D. Ga. Case No. 20-67875
      Chapter 11 Petition filed July 7, 2020
         See https://is.gd/oQtE8f
         represented by: Leron E. Rogers, Esq.
                    LEWIS BRISBOIS BISGAARD & SMITH, LLP
                         E-mail: leron.rogers@lewisbrisbois.com

In re WSRE Georgia, LLC
   Bankr. N.D. Ga. Case No. 20-67876
      Chapter 11 Petition filed July 7, 2020
         See https://is.gd/IiwoU4
         represented by: Leron E. Rogers, Esq.
                         LEWIS BRISBOIS BISGAARD & SMITH, LLP
                         E-mail: leron.rogers@lewisbrisbois.com

In re Live Life Smart, Inc.
   Bankr. S.D.N.Y. Case No. 20-22825
      Chapter 11 Petition filed July 6, 2020
         See https://is.gd/B55Oz2
         represented by: Charles Higgs, Esq.
                         LAW OFFICE OF CHARLES A. HIGGS
                         E-mail: charles@freshstartesq.com

In re Jefferson254 Holding Company
   Bankr. E.D.N.Y. Case No. 20-72399
      Chapter 11 Petition filed July 7, 2020
         See https://is.gd/koPt82
         Filed Pro Se

In re CG&H LLC
   Bankr. S.D. W.Va. Case No. 20-20248
      Chapter 11 Petition filed July 7, 2020
         See https://is.gd/Mb6jll
         Filed Pro Se

In re WFS Asset Management, Ltd.
   Bankr. N.D. Tex. Case No. 20-50130
      Chapter 11 Petition filed July 7, 2020
         See https://is.gd/pWOKJD
         represented by: Brad W. ODell, esq.
                         MULLIN HOARD & BROWN, LLP
                         E-mail: bodell@mhba.com

In re Albert Todd Campbell, Sr.
   Bankr. N.D. Fla. Case No. 20-40274
      Chapter 11 Petition filed July 7, 2020
         represented by: Byron Wright, Esq.

In re Arnold B. Baker
   Bankr. S.D. Tex. Case No. 20-33465
      Chapter 11 Petition filed July 7, 2020

In re Danny James Cecile, Jr.
   Bankr. W.D.N.C. Case No. 20-30662
      Chapter 11 Petition filed July 7, 2020
         represented by: John Woodman, Esq.

In re Mohammad Reza Assadi
   Bankr. W.D. Tex. Case No. 20-10766
      Chapter 11 Petition filed July 7, 2020
         represented by: Laurie Boyd, Esq.

In re Vincent Galano, Jr.
   Bankr. D.N.J. Case No. 20-18344
      Chapter 11 Petition filed July 7, 2020
         represented by: David L. Bruck, Esq.
                         GREENBAUM, ROWE, SMITH & DAVIS LLP
                         E-mail: dbruck@greenbaumlaw.com

In re Vasken K. Kiladjian
   Bankr. C.D. Cal. Case No. 20-11939
      Chapter 11 Petition filed July 7, 2020
         represented by: Kelly Zinser, Esq.
                         ZINSER | HAYES
                         E-mail: kelly@zinserlawgroup.com


                            *********

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 ***