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

              Monday, July 13, 2020, Vol. 24, No. 194

                            Headlines

1934 BEDFORD: Congregation Objects to 1930 Bedford Disclosures
1934 BEDFORD: Debtor Says 1930 Beford Plan Unconfirmable
24 HOUR FITNESS: Closes East Pasadena Location Permanently
417 RENTALS: Seeks to Hire Special Counsel
430 LAKE ST KIRKLAND: Voluntary Chapter 11 Case Summary

929485 FLORIDA: Unsecureds Expected to Be Paid in Full in 1 Year
AERKOMM INC: Incurs $2.4 Million Net Loss in First Quarter
AGROFRESH INC: S&P Affirms 'B-' ICR on Announced Refinancing
ALAMO BUS: Court Approves Disclosure Statement and Confirms Plan
ALASKA AIRLINES: To Layoff Thousands of Workers and Downsize

ALL STAR MATERIALS: Settlement Proceeds to Pay Claims in Full
ARGO GROUP: S&P Rates Series A Perpetual Preferred Shares 'BB'
ASBURY AUTOMOTIVE: S&P Affirms 'BB+' ICR on Renegotiated Park Deal
ATLANTIC 111ST: MLF3 Atlantic Objects to Disclosure Statement
ATLANTIC 111ST: Plan Includes $6 Million Refinancing

AUTHENTIC BRANDS: Along with Landlord Simon in Talks to Buy Brooks
AUTHENTIC BRANDS: S&P Rates Incremental First-Lien Term Loan 'B'
AUXILIUS HEAVY: Seeks to Hire Richey Mills as Financial Advisor
AVANTOR FUNDING: S&P Rates New Senior Unsecured Notes 'B-'
BAGELS N' CREAM: Unsecureds Get 12% of Its Claim

BATTER'S BOX: Seeks to Hire Dorta & Ortega as Litigation Counsel
BIONIK LABORATORIES: Reports $25M Net Loss for Fiscal 2020
BLUE RACER: Fitch Rates Sr. Unsec. Notes Due 2025 BB-, Outlook Neg.
BLUE RACER: Moody's Rates $400MM Senior Unsecured Notes 'B2'
BLUE RACER: S&P Affirms 'B+' Issuer Credit Rating; Outlook Stable

BROWN BROS: July 23 Hearing on Small Business Plan
CALIFORNIA RESOURCES: Lenders Extend Forbearance Period to July 12
CAMBER ENERGY: Viking Re-Activates Certain Wells
CARBO CERAMICS: Ernst & Young Raises Going Concern Doubt
CARPENTER TECHNOLOGY: Moody's Rates New Unsecured Notes 'Ba3'

CENTRIC BRANDS: Committee Hires McDermott Will as Counsel
CENTRIC BRANDS: Committee Taps Berkeley as Financial Advisor
CHARLES WILLIS: Closes After Over 60 Years
CHOICE CLINICAL: Voluntary Chapter 11 Case Summary
CLEAN ENERGY: Incurs $314K Net Loss in First Quarter

CLEAN ENERGY: Issues $164,800 Convertible Note to LGH Investments
COLLEGIATE OF MADISON: July 13 Hearing on Amended Disclosures
CONFLUENT HEALTH: S&P Affirms 'B-' ICR on Improved Liquidity
COTY INC: S&P Cuts ICR to 'B-' on High Leverage; Outlook Stable
CR COMMERCIAL: Court Confirms Reorganization Plan

DIEBOLD NIXDORF: S&P Affirms 'B-' ICR on Debt Maturity Extension
DUN & BRADSTREET: S&P Upgrades ICR to 'B+' on Debt Repayment
E&D ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
ECOARK HOLDINGS: Incurs $12.1 Million Net Loss in Fiscal 2020
ELITE PHARMACEUTICALS: Posts $2.24 Million Net Loss in Fiscal 2020

ENCORE BENEFIT: Seeks to Hire Emily D. Davila as Attorney
ENVIRO TECHNOLOGIES: Has $271,000 Net Loss for March 31 Quarter
EXTRACTION OIL: Paul Weiss, Young Represent Senior Noteholders
FOUNDERS ACADEMY: S&P Rates 2020 A-B Charter School Rev. Bonds BB-
FREDERICKSBURG STADIUM: Fitch Affirms B- Rating on 2019B Bonds

FRESH MARKET: S&P Upgrades ICR to 'CCC+'; Outlook Negative
GALLEON CONTRACTING: To Recover 11% in 84 Months
GENCANNA: Ex-CFO Says Firm Misled Investors Before Bankruptcy
GENERAL CANNABIS: Errors Found in 2019 Financial Statements
GENERAL CANNABIS: Incurs $2.01 Million Net Loss in First Quarter

GNC HOLDINGS: Hires FTI Consulting as Financial Advisor
GNC HOLDINGS: Hires Lax O'Sullivan as Canadian Conflict Counsel
GNC HOLDINGS: Hires MPA Inc as Real Estate Advisor
GNC HOLDINGS: Hires Torys LLP as Canadian Restructuring Counsel
GOLD COAST: Filing of Reorganization Plan Extended Until Aug. 7

HADDINGTON FUND: Kidwell Objects to Disclosure Statement
HAIR CUTTERY: Removes Courthouse, Virginia Branch From Listing
HELMET CENTER: Unsecureds Will Get $7,500 Over Five Years
HERTZ GLOBAL: Selling Used Cars at Bargain Prices
HORIZON GLOBAL: Extends Maturity of Term Loans to June 2022

HYGEA HOLDINGS: Plan Approved After Reductions in Exculpation
IHEARTCOMMUNICATIONS INC: S&P Rates Senior Secured Term Loan 'B+'
INFOBLOX INC: Fitch Affirms B LongTerm IDR, Outlook Stable
INTELSAT S.A.: Mitsui, Yamasa Acquires Spaceflight Inc.
INVESTVIEW INC: Incurs $21.3 Million Net Loss in Fiscal 2020

ISLAND CAPITAL: Case Summary & 3 Unsecured Creditors
J.C. PENNEY: Amazon Taking a Look at Penney's Store Portfolio
J.C. PENNEY: Gets Court Approval to Defer the $34M Lease Payments
J.C. PENNEY: Several Stores in Upstate New York Closing
JAGGED PEAK: Unsecureds to Recover 9.8% in Plan

JAKKS PACIFIC: Has $12M Net Loss for Quarter Ended March 31
JASON INDUSTRIES: Brown Rudnick Represents Second Lien Group
KRAFT HEINZ: S&P Lowers Rating on Pound Sterling Notes to 'BB+'
LEXARIA BIOSCIENCE: Posts $1.39 Million Net Loss in Third Quarter
LIFE PARTNERS: Wiley Law Updates Amicus Curiae Holders For 3rd Time

LIMENOS CORPORATION: Hires Monge Robertin as Restructuring Advisor
LOVE FREIGHTWAYS: Hearing on Exit Plan Continued to July 29
LUCKY'S MARKET: Whole Woods to Replace Boulder, Colorado Location
MEDICAL ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors
MEDICAL SIMULATION: Holland Represents Hirschmann, 6 Others

MICHAEL KORS: Moody's Lowers Sr. Unsec. Notes to Ba2, Outlook Neg.
MIDCOAST ENERGY: Moody's Withdraws B2 CFR on Debt Repayment
MRC CRESTVIEW: Fitch Rates $46.4MM Series 2016 Bonds 'BB+'
MUJI U.S.A.: Case Summary & 20 Largest Unsecured Creditors
MYADERM INC: Hires Jaurigue Law as Bankruptcy Counsel

NANO MAGIC: Incurs $378K Net Loss in First Quarter
NEIMAN MARCUS: Committee Taps BBM/MSG as Valuation Consultant
NEIMAN MARCUS: Committee Taps M-III Advisory as Financial Advisor
NEIMAN MARCUS: Creditors' Committee Hires PSZJ as Lead Counsel
NEIMAN MARCUS: Files Debt-For-Equity Reorganization Plan

NEW CITIES: Court Tentatively Approves Disclosure Statement
NPC INTERNATIONAL: Jackson, Gibson Represent Priority/1L Group
OLD TIME POTTERY: U.S. Trustee Appoints Creditors' Committee
OWENS & MINOR: Releases Final Results of Tender Offer
PAID INC: Has $142,000 Net Loss for the Quarter Ended March 31

PAL DISTRIBUTION: Case Summary & 20 Largest Unsecured Creditors
PARK TRANSPORTATION: Legal Woes Force the Carrier to File Ch. 11
PG&E CORP: Reaches Deal With Fire Victims on Stock Settlement
PG&E CORP: SF Officials Oppose Plan's Surcharges
PINNACLE GROUP: Seeks to Defer Hearing on Disclosures for 90 Days

PRINCETON AVENUE: Unsecureds to Recover 3.1% in Plan
PUERTO RICO HOSPITAL: Taps Raul E. Gonzalez as Litigation Counsel
PUERTO RICO: ERS Bondholders File 5th Modified Statement
PULMATRIX INC: Expects to Get $13.6-Mil. from Warrants Exercise
PYXUS INT'L: Benesch, Ellis Represent Former Executive Group

ROCHESTER DRUG: Hiscox Ordered to Fund Legal Costs
ROCHESTER DRUG: S&L, Keller, Morgan Represent Insurance Plaintiffs
RV RENTALS: Unsec. Creditors to Recover 20% of Claims
RWDT FOODS: Seeks to Hire Kelley Galloway as Accountant
RYFIELD PROPERTIES: Hires Coldwell Banker as Broker

S.A. SPECIALTIES: Court Approves Disclosure Statement
SETHCO LLC: Case Summary & 10 Unsecured Creditors
SKILLSOFT CORPORATION: Hires AlixPartners as Financial Advisor
SKILLSOFT CORPORATION: Hires Ernst & Young as Auditor
SKILLSOFT CORPORATION: Hires Houlihan Lokey as Investment Banker

SKILLSOFT CORPORATION: Hires Kurtzman as Administrative Advisor
SKILLSOFT CORPORATION: Hires Stikeman Elliott as Special Counsel
SKILLSOFT CORPORATION: Hires William Fry as Irish Law Advisor
SKIP LLC: Court Approves Disclosure Statement
SKIP LLC: Unsecureds to Get 100% of Claims

STAGE STORES: Committee Hires Province Inc. as Financial Advisor
STAGE STORES: Creditors' Committee Hires Cole Schotz as Co-Counsel
STAGE STORES: Creditors' Committee Taps Cooley as Co-Counsel
STURBRIDGE YANKEE: July 14 Amended Hearing on Disclosure Statement
SUN PACIFIC: Incurs $377K Net Loss in First Quarter

SUNPOWER CORP: Extends Investment Deal Termination Date to Sept. 25
TAYLOR MORRISON: S&P Rates $400MM Senior Unsecured Notes 'BB'
TELKONET INC: Has $653,000 Net Loss for Quarter Ended March 31
TEMERITY TRUST: Hires Levene Neale as Bankruptcy Counsel
TNP SPRING: Voluntary Chapter 11 Case Summary

TRIPADVISOR INC: S&P Assigns 'BB-' ICR; Outlook Stable
TWISTLEAF HOLDINGS: Unsecureds get Payment of 2% of its Claim
ULTRA PETROLEUM: Talarico Objects to Disclosure Statement
URBAN ONE: Moody's Alters Outlook on B3 CFR to Negative
US ANTIMONY: Has $321,000 Net Loss for the Quarter Ended March 31

USA GYMNASTICS: Judge Says Nassar Settlement Is Beneficial
VALERITAS HOLDINGS: Court Approves Plan and Disclosures
VHN SERVICES: Seeks to Hire Eric A. Liepins as Counsel
VIKING ENERGY: Has $20.2M Net Income for Quarter Ended March 31
VISTAGEN THERAPEUTICS: Posts $22 Million Net Loss in Fiscal 2020

VOYAGER AVIATION: Fitch Maintains BB- LT IDR on Watch Negative
WILLIAMS TOWN: Case Summary & 5 Unsecured Creditors
WOOD PROTECTION: Seeks Approval to Tap Warren Katz as Attorney
YIELD10 BIOSCIENCE: Capital Resources Cast Going Concern Doubt
YRC WORLDWIDE: Expects to Get $700M CARES Act Loan from Treasury

YUNHONG CTI: Plante & Moran Raises Going Concern Doubt
[*] Bankruptcy Does Not Mean Texas Companies Will Disappear
[*] Fox Rothschild's PPP Loan Forgiveness Reminder
[*] How U.S. Oil Companies Prevent Bankruptcy
[*] Loan Forgiveness Options for Hospitality Employers

[*] More Farmers File for Bankruptcy Protection
[*] Rising Interest in Stocks of Bankrupt Companies
[^] BOND PRICING: For the Week from July 6 to 10, 2020

                            *********

1934 BEDFORD: Congregation Objects to 1930 Bedford Disclosures
--------------------------------------------------------------
Congregation Bnai Jacob filed an objection to the proposed Seconded
Amended Disclosure Statement and Second Amended Plan filed by 1930
Bedford Avenue LLC for debtor 1934 Bedford LLC's estate.

Objectant is a secured creditor holding a duly filed and perfected
mortgage claim upon the Debtor's in excess of $2,000,000 as of
March 1, 2020.

Once again the first Mortgagee proceeds to interject itself
impermissibly in the case by submitting a new Plan and Disclosure
Statement based solely on the purely hypothetical and speculative
possibility that a duly executed real estate contract between the
Debtor and the Purchaser will not close and will thus require
"immediate" relief to obtain a backup bidder.  This latest Plan and
Disclosure Statement constitutes but the latest in a series of
actions by the Mortgagee since the real estate contract was entered
into between the Debtor and the Purchaser dated Feb. 14, 2020 which
should have dispositively and positively resolved the issues
concerning the way forward in this Chapter 11 case by a sale and
payment in full to all creditors.  Instead, the Mortgagee has
battled with the Debtor at each juncture, on objections to the
Disclosure Statement, on submission of the Mortgagee's first
Chapter 11 Plan undated but filed on Feb. 26, 2020, on the
Mortgagee's amended Plan on April 8, 2020, on the Mortgagee's
Motion to Estimate its claim, surely to be an issue of much
litigation, in connection with the Mortgagee's "credit bid" Plan,
on the Mortgagee's Motion to Appoint a Chapter 11 Trustee, on top
of its existing request for the Appointment of a Plan Administrator
in its Second Amended Plan, and finally on an objection by the
Mortgagee to unsecured claims filed by the principals which the
Mortgagee's Plan reserves to the Plan Administrator (Par. ¶108 of
Mortgagee's Second Amended Plan) and which will have absolutely no
effect on the Mortgagee’s secured position.

One would think that a Mortgagee who was promised payment in full
pursuant to an executed contract with a $1,000,000 deposit which
has become "hard" and should close would feel sufficiently certain
of a closing to convince such Mortgagee to adopt a "wait and see"
posture. Here, however, this Mortgagee has constantly made the
refrain in front of the Purchaser at various hearings that the
values of the Real Property were diminishing and expressed concerns
about the Purchaser proceeding with Closing of the sale and in
other ways proceeding to "chill" the Purchaser's interest in
purchasing the Real Property. This is not a Mortgagee that seeks to
collect its mortgage but rather a Mortgagee that would "credit bid"
and attempt to own this valuable property at the discounted price
of its Mortgage.  It is for these reasons, that the Mortgagee is
not acting in its economic best interest as a Mortgagee but rather
in furtherance of its intention to acquire the property at a
discount.  These actions should result in complete suspicion of any
plan submitted by this Mortgagee and in favor of proceeding with
the Debtor's Plan which is executed in good faith.

Objectants object to the approval of the Creditors Disclosure
Statement because: (i) the Disclosure Statement does not contain
adequate information as the same is required under Sec. 1125(b) of
Title 11 of the United States Code, 11 U.S.C. Sec. 101 et seq. and
(ii) the Plan cannot be confirmed as a matter of law.

Attorney for Congregation Bnai Jacob:

     Leo Fox, Esq.
     630 Third Avenue – 18th Floor
     New York, New York 10017
     (212) 867-9595
     leo@leofoxlaw.com

                     About 1934 Bedford LLC

1934 Bedford LLC operates and develops a multi-unit building in
Brooklyn, New York.

An involuntary petition for relief under Chapter 11 of the
Bankruptcy Code was filed by creditors Simply Brooklyn Realty, HTC
Construction Management, Inc., HTC Plumbing, Inc. against Bedford
(Bankr. E.D.N.Y. Case No. 19-44751) on Aug. 2, 2019. On Sept. 12,
2019, Bedford consented to the entry of an order for relief under
Chapter 11 of the Bankruptcy Code.

Wayne Greenwald, P.C. is the Debtor's counsel.

The Creditors are represented by Rosenberg Musso & Weiner LLP.


1934 BEDFORD: Debtor Says 1930 Beford Plan Unconfirmable
--------------------------------------------------------
Debtor 1934 Bedford LLC objects to the confirmation of the Second
Amended Plan of Reorganization and approval of the Second Amended
Disclosure Statement filed by 1930 Bedford Avenue LLC for the
Debtor's estate.

The Debtor points out that the Plan is unconfirmable and the
disclosure statement contains inadequate information.

The Debtor asserts that the Court should prohibit 1930 Bedford from
credit-bidding under Sec. 363(k), because the plan violates Sec.
1129(a)(1) of the Bankruptcy Code.

The Debtor complains that the 1930's freedom to manipulate the
auction process runs counter to Sec. 363(n), further violating Sec.
1129(a)(1).

According to Debtor, the plan violates Sec. 1129(a)(4) and (5)(a)
as to the plan administrator and the broker.

The Debtor points out that the Plan cannot be confirmed because
1930 has proposed it in bad faith.

The Debtor asserts that the Plan fails to set forth the injunction
provision in "conspicuous language," violating Bankruptcy Rule
3016; the disclosure statement does not mention the injunction at
all.

The Debtor complains that the plan contains no deadline for
objecting to requests for administrative expense payments, making
it impossible to comply with Sec. 1129(a)(9)(a).

According to Debtor, the disclosure statement contains many other
seriously misleading statements, so this court should reject it as
inadequate.

Proposed Substitute Counsel to the Debtor:

     Schuyler G. Carroll
     William M. Hawkins
     LOEB & LOEB LLP
     345 Park Avenue
     New York, NY 10154
     Tel: (212) 407-4000
     Fax: (212) 407-4990
     E-mail: scarroll@loeb.com
             whawkins@loeb.com

                     About 1934 Bedford LLC

1934 Bedford LLC operates and develops a multi-unit building in
Brooklyn, New York.

An involuntary petition for relief under Chapter 11 of the
Bankruptcy Code was filed by creditors Simply Brooklyn Realty, HTC
Construction Management, Inc., HTC Plumbing, Inc. against Bedford
(Bankr. E.D.N.Y. Case No. 19-44751) on Aug. 2, 2019. On Sept. 12,
2019, Bedford consented to the entry of an order for relief under
Chapter 11 of the Bankruptcy Code.

Wayne Greenwald, P.C. is the Debtor's counsel.

The Creditors are represented by Rosenberg Musso & Weiner LLP.


24 HOUR FITNESS: Closes East Pasadena Location Permanently
----------------------------------------------------------
Pasadena Now reports that fitness company 24-Hour Fitness closed
its location in East Pasadena, California permanently.
    
The same week Pasadena announced that fitness facilities are
authorized to reopen in the city, 24-Hour Fitness announced it has
permanently closed one of its two Pasadena locations.

The facility in East Pasadena at 465 N Halstead St. was closed June
11 along with 99 other locations across the United States, 24-Hour
Fitness said on its website.

The other location -- in the former Star-News building at 525 E.
Colorado Blvd. -- is projected to reopen June 29, according to the
company.  It is not known how many employees were terminated
because of the closure, or how many people were members of the East
Pasadena location.

"The COVID-19 pandemic has accelerated the 24 Hour Fitness strategy
to transform our business," company officials said in a statement.
"And, the pace by which we have had to make difficult decisions has
been accelerated as well.  In order to meet the changing needs of
our club members, we are re-evaluating staffing needs and the
overall company's club footprint... The goal is to reposition 24
Hour Fitness to create a sustainable, long-term business for our
team members and the millions of club members that we serve."

"At the same time, we will continue with a phased club reopening
process as we are operationally prepared and state and local
governments and public health agencies indicate it is safe to do
so."

The company seek Chapter 11 bankruptcy, according to media
reports.
In late May, the Wall Street Journal reported that the company was
talking with landlords about closing some clubs as part of the
reorganization and was seeking a bankruptcy loan of $200 million,
according to Club Industry magazine.

                About 24 Hour Fitness Worldwide

24 Hour Fitness Worldwide, Inc., owns and operates fitness centers
in the United States. As of March 31, 2017, the company operated
426 clubs serving approximately 3.6 million members across 13
states and 23 markets, predominantly in California, Texas and
Colorado.  For the 12 months ended March 31, 2017, the company
generated total revenue of about $1.4 billion. In May 2014, 24 Hour
Fitness was acquired by affiliates of AEA Investors LP, Fitness
Capital Partners and Ontario Teachers' Pension Plan for a total
purchase price of approximately $1.8 billion.

24 Hour Fitness Worldwide and its affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-11558) on June 15,
2020.  24 Hour Fitness was estimated to have $1 billion to $10
billion in assets and liabilities as of the bankruptcy filing.

The Hon. Karen B. Owens is the case judge.

The Debtors tapped Weil, Gotshal & Manges, LLP as lead bankruptcy
counsel; Pachulski Stang Ziehl & Jones, LLP as local counsel; FTI
Consulting, Inc. as financial advisor; Lazard Freres & Co. LLC as
investment banker; and Prime Clerk, LLC as claims agent.


417 RENTALS: Seeks to Hire Special Counsel
------------------------------------------
417 Rentals, LLC, seeks authority from the United States Bankruptcy
Court for the Western District of Missouri to hire a special
counsel.

Debtor proposes to employ Joseph C. Greene, Esq., an attorney in
Springfield, Missouri, for the purpose of pursuing rent and
possession, unlawful detainer, defense litigation and other
non-bankruptcy related legal work. The Debtor proposes to pay Mr.
Greene a salary of $6,000 per month.

Mr. Greene assures the court that he is a "disinterested person"
within the meaning of 11 U.S.C. Secs. 101(14) and 327.

The counsel can be reached at:

     Joseph C. Greene, Esq.
     3654 East Cherry St.
     Springfield, Missouri 65809
     Phone: (417) 869-4150
     Email: greenejoseph@att.net

                 About 417 Rentals, LLC

417 Rentals is primarily engaged in renting and leasing real estate
properties.

417 Rentals, LLC, filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mo. 20-41005) on May
28, 2020. In the petition signed by Christopher Eric Gatley,
member, the Debtor estimated $50,000 in assets and $1 million to
$10 million in liabilities. Joseph Christopher Greene, Esq. at THE
LAW OFFICE OF CHRIS GREENE represents the Debtor as counsel.


430 LAKE ST KIRKLAND: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: 430 Lake St Kirkland Wa, LLC
        430 Lake Street
        Kirkland, WA 98033

Business Description: 430 Lake St Kirkland Wa, LLC is a Single
                      Asset Real Estate (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: July 9, 2020

Court: United States Bankruptcy Court
       Western District of Washington

Case No.: 20-11864

Debtor's Counsel: Zeshan Q. Khan, Esq.
                  LAW OFFICE OF ZESHAN Q. KHAN, PLLC
                  600 First Ave., Suite 410
                  Seattle, WA 98104
                  Tel: (206) 914-1110
                  E-mail: Zeshan@ZQKLaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Alexey Sokolov, managing co-owner.

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

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

                     https://is.gd/f5vNI1


929485 FLORIDA: Unsecureds Expected to Be Paid in Full in 1 Year
----------------------------------------------------------------
929485 Florida, Inc., submits this Disclosure Statement.

The Debtor’s annual net operating income for 2017, 2018 and 2019
was $195,367, $195,367, $299,121, and $ $163,080, respectively.

Class 2: All Allowed Stearns Bank Claims. This class is impaired.
Stearns Bank shall retain its liens on the Project until paid in
full from the proceeds from the sale of the Project, after which
Stearns Bank shall record a satisfaction of its mortgage and
release any liens or other security interests held under the
Stearns Bank Loan Documents or otherwise.

Class 4: Unsecured Claims (Unsecured Claims Not Otherwise
Classified). This class is impaired.  Sunset Waypoint has filed a
$4.3 million rejection damages claim, which the Debtor disputes.
Under the Plan, Holders of Allowed Class 4 Claims will be paid in
full from a fund, the source of which shall be the excess cash
flow, if any, of business operations after debt service and
expenses, payable in equal yearly payments, beginning on the date
that is 30 days after the first anniversary of the Effective Date
and thereafter on an annual basis until paid in full.  It is
currently anticipated (but not guaranteed) the all Allowed Class 4
Claims will be paid in full through the first annual installment.

The Plan shall be implemented on the Effective Date, and the
primary source of the funds necessary to implement the Plan will
come from the sale of the Project.

A full-text copy of the Disclosure Statement dated June 10, 2020,
is available at https://tinyurl.com/yd5sj7yn from PacerMonitor.com
at no charge.

Counsel for the Debtor:

     Edmund S. Whitson III
     ADAMS AND REESE LLP
     101 East Kennedy Boulevard, Suite 4000
     Tampa, Florida 33602
     Telephone:(813) 402-2880
     Facsimile: (813) 402-2887
     Email: edmund.whitson@arlaw.com

                     About 929485 Florida

929485 Florida, Inc., classifies its business as single asset real
estate (as defined in 11 U.S.C. Section 101(51B)).
  
929485 Florida sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 19-09424) on Oct. 3, 2019.  At the
time of the filing, Debtor disclosed assets of between $1 million
and $10 million and liabilities of the same range.  Judge Caryl E.
Delano oversees the case. Debtor is represented by Edmund S.
Whitson, III, Esq., at Adams and Reese, LLP.


AERKOMM INC: Incurs $2.4 Million Net Loss in First Quarter
----------------------------------------------------------
Aerkomm Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q, disclosing a net loss of $2.37
million on $0 of net sales for the three months ended March 31,
2020, compared to a net loss of $2.38 million on $0 of net sales
for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $52.32 million in total
assets, $8.13 million in total liabilities, and $44.19 million in
total stockholders' equity.

As of March 31, 2020, the Company had cash and cash equivalents of
$2,254,083.  To date, the Company has financed its operations
primarily through cash proceeds from financing activities,
including through its completed public offering, short-term
borrowings and equity contributions by its stockholders.

Net cash used for operating activities was $978,009 for the three
months ended March 31, 2020, as compared to $534,882 for the three
months ended March 31, 2019.  In addition to the net loss of
$2,366,494, the increase in net cash used for operating activities
during the three-month period ended March 31, 2020 was mainly due
to increase in inventory and prepaid expenses and other current
assets of $1,256,423 and $537,262, respectively, offset by the
decrease in accounts receivable and increase in accounts payable
and accrued expense and other current liabilities of $451,130,
$862,932 and $1,041,102, respectively.  

Net cash used for investing activities for the three months ended
March 31, 2020 was $205,085 as compared to $1,275 for the three
months ended March 31, 2019.  The net cash used for investing
activities for the three months ended March 31, 2020 was mainly for
the purchase of trading securities and the purchase of property and
equipment.

Net cash provided by financing activities for the three months
ended March 31, 2020 and 2019 was $2,116,573 and $182,500,
respectively.  Net cash provided by financing activities for the
three months ended March 31, 2020 were mainly attributable to net
proceeds from the borrowing of short-term loan from an affiliate in
the amount of $2,119,669.

The Company has not generated significant revenues, excluding
non-recurring revenues from affiliates in the second quarter of
fiscal 2018, and will incur additional expenses as a result of
being a public reporting company.  For the three-month period ended
March 31, 2020, the Company incurred a comprehensive loss of
$2,022,719 and had working capital of $2,861,759 as of March 31,
2020.  Currently, the Company has taken measures that management
believes will improve its financial position by financing
activities, including through its ongoing public offering,
short-term borrowings and equity contributions.

                Paycheck Protection Program Loan

On April 16, 2020, the Company received loan proceeds in the amount
of $163,200 under the Paycheck Protection Program.  The PPP,
established as part of the Coronavirus Aid, Relief and Economic
Security Act, provides for loans to qualifying businesses for
amounts up to 2.5 times of the average monthly payroll expenses of
the qualifying business.  The loans and accrued interest are
forgivable after eight weeks as long as the borrower uses the loan
proceeds for eligible purposes, including payroll, benefits, rent
and utilities, and maintains its payroll levels.  The amount of
loan forgiveness will be reduced if the borrower terminates
employees or reduces salaries during the eight-week period.  The
unforgiven portion of the PPP loan is payable over two years at an
interest rate of 1%, with a deferral of payments for the first six
months.  The Company intends to use the proceeds for purposes
consistent with the PPP.  While the Company currently believes that
its use of the loan proceeds will meet the conditions for
forgiveness of the loan, the Company cannot assure it  will not
take actions that could cause the Company to be ineligible for
forgiveness of the loan, in whole or in part.

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

                      https://is.gd/bkvfZx

                         About Aerkomm

Headquartered in Nevada, USA, Aerkomm Inc. --
http://www.aerkomm.com/-- is a full-service development stage
provider of in-flight entertainment & connectivity (IFEC)
solutions, intended to provide airline passengers with a broadband
in-flight experience that encompasses a wide range of service
options.  Those options include Wi-Fi, cellular, movies, gaming,
live TV, and music.  The Company plans to offer these core
services, which it is currently still developing, through both
built-in in-flight entertainment systems, such as a seat-back
display, as well as on passengers' own personal devices.

Aerkomm recorded a net loss of $7.98 million for the year ended
Dec. 21, 2019, compared to a net loss of $8.15 million for the year
ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $49.99
million in total assets, $4.17 million in total liabilities, and
$45.82 million in total stockholders' equity.


AGROFRESH INC: S&P Affirms 'B-' ICR on Announced Refinancing
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
AgroFresh Inc. and its 'B' issue-level rating on its senior secured
credit facility and are removed all of its ratings on the company
from CreditWatch, where S&P placed them with negative implications
on March 25, 2020. S&P's '2' recovery rating on the senior secured
facility remained unchanged. S&P expected to withdraw its ratings
on the company's existing debt once it has been fully repaid.

At the same time, S&P is assigning its 'B' issue-level rating and
'2' recovery rating to AgroFresh's proposed senior secured credit
facilities. The '2' recovery rating indicates S&P's expectation for
substantial (70%-90%; rounded estimate: 85%) recovery in the event
of a payment default.

"We expect that the company will successfully complete its
refinancing, which will address any refinancing concerns. We are
affirming our ratings on AgroFresh and removing them from
CreditWatch following the company's announcement that it will
refinance its capital structure by issuing $150 million of
convertible preferred equity and $300 million of new senior secured
credit facilities. We expect AgroFresh to use the equity and term
loan proceeds primarily to pay down its existing term loan B due
2021. We believe this will be a leverage-neutral refinancing and
expect it to have little effect on the company's cash flows and
credit measures," S&P said.

"We expect AgroFresh to maintain appropriate credit measures for
the current rating. The affirmation reflects our expectation that
the company will maintain sufficient liquidity, with sources of
liquidity of at least 1.2x its uses, and generate positive free
cash flow. We anticipate that AgroFresh's S&P-adjusted debt to
EBITDA will remain between 7x and 8x over the next two years," the
rating agency said.

The stable outlook reflects S&P's expectation that AgroFresh will
maintain its solid market position and operating performance in the
highly niche postharvest food-preservation industry. The rating
agency anticipates the company will sustain credit measures that
are appropriate for the current rating, including debt to EBITDA of
between 7x and 8x over the next 12 months. It also expects patent
expirations and new entrants to the market to remain key risk
factors and believes AgroFresh will try to partially offset this by
investing in innovation and new products and continuing its efforts
on product registrations. S&P also expects that the company will
preserve sufficient liquidity sources over the next 12 months to
support its seasonal working capital swings and other liquidity
uses. Additionally, S&P views debt-funded acquisitions or growth
projects as unlikely due to the $30 million at-the-market common
equity sales agreement the company entered into with Virtu as of
the end of the second quarter. S&P's base-case scenario assumes the
company closes the refinancing transaction and pushes its nearest
debt maturity out to 2024.

S&P would likely lower its ratings on AgroFresh over the next
couple of weeks if the company is unable to close the proposed
refinancing transaction. If the deal does not go through, the
company's term loan will become current, which would heighten its
refinancing risk and constrain its liquidity. S&P could lower its
ratings over the next 12 months if AgroFresh's credit metrics
weaken because of adverse weather conditions, a decline in its
market share, a shift in consumer preferences toward more organic
produce, or if its prices and margins decline due to increased
competition. S&P could also consider a downgrade in the next 12
months if those conditions reduce the company's revenue by at least
5% and lead to a 400 basis point (bps) decline in its EBITDA
margins such that it sustains a debt-to-EBITDA ratio nearing the
double digits. Additionally, S&P could lower its rating if, unlike
its current expectation, the company's financial policies become
more aggressive and the company pursues a large debt-funded
acquisition or increases its shareholder rewards.

"We could consider upgrading AgroFresh in the next 12 months if it
is able to reduce its debt to EBITDA below 6.5x and we believe it
will sustain this improvement. This could occur if the company's
earnings and cash flows are stronger than we project due to a
strong apple crop that benefits SmartFresh or a
better-than-expected performance from its products such as
Harvista, RipeLock, and Tecnidex," S&P said.

"AgroFresh's leverage metrics could also improve if the company
commits to significantly reduce its debt and avoid acquisitions. We
would view any acquisition funded with equity, such that acquired
EBITDA effectively reduces its leverage, as a potentially positive
credit factor," the rating agency said.


ALAMO BUS: Court Approves Disclosure Statement and Confirms Plan
----------------------------------------------------------------
Judge David T. Thuma has ordered that the Disclosure Statement is
approved, and the Debtor's Plan, as modified, is confirmed.

That the references to the "Class 7" claim of BMO Harris Bank,
N.A., at Page 7 of the Plan and Page 10 of the Disclosure Statement
are hereby amended to refer to the "Class 5" claim of BMO Harris
Bank, N.A., and BMO Harris Bank, N.A. shall be treated for all
purposes as a Class 5 Claimant pursuant to the Plan. With regard to
Class 6 General Unsecured Claims, all references to "over $500.00"
or to a "Class 7 Administrative convenience claim" are omitted.

That the treatment of Class 2 Claimant Alamogordo Public Schools in
Article IV, Section 4.01, Class 2 of the Plan at pages 5 and 6 is
hereby deleted, and the following is substituted in its entirety
for such treatment:

"The Debtor has filed an objection to the claim of Alamogordo
Public Schools, and Alamogordo Public Schools has filed a timely
response. To the extent that the Court finds that Alamogordo Public
Schools holds an Allowed Secured Claim, Alamogordo Public Schools
shall be treated as a Class 2 secured creditor as set forth
herein.

To the extent that the Court finds that Alamogordo Public Schools
does not hold an Allowed Secured Claim, any remaining unsecured
claim held by Alamogordo Public Schools shall be treated as a
general unsecured claim under Class 6, as set forth below, upon the
timely filing of an amended Proof of Claim. Alamogordo Public
Schools shall also execute and deliver Releases of Lien to the
Debtor, and shall otherwise release any registration or title to
the Debtor.

To the extent that the Court finds that Alamogordo Public Schools
holds an Allowed Secured Claim, the Debtor shall surrender
Alamogordo Public Schools' collateral to Alamogordo Public Schools
upon request, without the necessity of an Order modifying the
automatic stay or any other order of the Bankruptcy Court.

Alternatively, and only if requested in writing, the Debtor may
sell the collateral of Alamogordo Public Schools in a commercially
reasonable sale through the Debtor's own efforts, through Charles
F. Dickerson, Inc., (Charles F. Dickerson) Auctioneer, or through
additional liquidators or auctioneers, and shall pay the net
proceeds of the sale of the collateral to Alamogordo Public
Schools. To the extent necessary, the sale shall be free and clear
of any and all liens, claims and interests. The lien of Alamogordo
Public Schools shall attach to the net proceeds of the sale to the
same validity, extent and priority as it possessed prepetition.

After payment of the net sales proceeds or surrender of the
collateral to Alamogordo Public Schools, any balance remaining due
and owing to Alamogordo Public Schools on its Allowed Secured Claim
shall be treated as a general unsecured claim under Class 6, as set
forth below, upon the timely filing of an amended Proof of Claim.

To the extent that the Court finds that Alamogordo Public Schools
holds an Allowed Secured Claim, Alamogordo Public Schools shall
retain the lien(s) securing such claim, to the extent allowed as a
secured claim under Code *506. To the extent that this Plan is
confirmed and thereafter the Allowed Secured Claim is paid in full
then, within 10 days of payment in full, Alamogordo Public Schools
shall execute and deliver Releases of Lien to the Debtor, and shall
otherwise release any registration or title to the Debtor."

That, with regard to the Objection to the Disclosure Statement and
Confirmation filed by APS, nothing in the Plan or in this Order
shall conclusively establish that the APS claim is not an Allowed
Secured Claim or is otherwise unsecured, invalid or unenforceable.
The Debtor and APS reserve all of their rights, claims and defenses
with regard to APS's secured Proof of Claim No. 12, to which the
Debtor has objected, and reserve all of their other rights, claims
and defenses. The Debtor's Objection to APS's secured Proof of
Claim No. 12 shall be resolved in claims objection proceedings to
be concluded post-confirmation. Nothing in this Order shall operate
as an admission or waiver with regard to such rights, claims and
defenses, and the Debtor and APS shall be bound by the rulings of
the Court with regard to APS and its claims.

That, pursuant to an agreement with Signature Financial, LLC, the
Plan is modified as follows:

    * Any holder of a Secured Claim in Classes l, 2, 3, 4 and 5 may
file a Motion with the Bankruptcy Court at any time to recover its
collateral and the Bankruptcy Court will retain jurisdiction for
that purpose. The Debtor retains all of its rights, claims and
defenses with regard to any such Motion.

    * To the extent that holders of claims in Classes l, 2, 3, 4 or
5 assert a deficiency claim, such holders must file an amended
proof of claim in order to assert a General Unsecured Claim under
Class 6, but said amended proof of claim need not be filed before
the Confirmation Date. If no such amended proof of claim is filed,
such creditors shall receive nothing on any asserted deficiency
claim.

    * The following sentence is added to the definition of "Net
Sales Proceeds" in Article VIII, Section 8.01, page 15 of the
Plan:

             With regard to sales of personal property, "Net Sale
Proceeds" refers to the proceeds to seller remaining after sale of
assets as set forth herein and after payment of customary costs of
sale, which may include broker commissions and property taxes.

    * Article VIII, Section 8.12 shall be revised as follows:

8.12 Vesting of Assets. Upon the Confirmation Date, all Property of
the Estate shall vest in the Debtor subject to all security
interests and liens as otherwise provided in this Plan.

    * The second paragraph of Article IX, Section 9.01 of the Plan
is deleted, and the following is substituted for such treatment in
its entirety, and the Plan is modified as follows:

          Confirmation of this Plan will be deemed to preclude all
persons from asserting against the Debtor, its successors, assets,
or properties, a further Claim based upon any act or omission,
transaction, or other activity of any kind or nature that occurred
prior the Effective Date, except as expressly allowed by or
pertaining to an obligation undertaken as a result of this Plan.

    * The treatment of the Department's priority claim as set forth
in Article Ill, Section 3.03 of the Plan is modified to include the
following:

          Under 11 U.S.C. Sec. 1129(a)(9)(C), the present value as
of the Effective Date of the Department's priority Claim must be
paid in full in regular installments within the five-year period
from the Petition Date. The Debtor shall pay the Department's
priority Claim in full, including interest at the applicable New
Mexico Statutory rate of 5% per annum, no later than 15 days from
the date upon which the Debtor's assets are auctioned as set forth
in this Plan. The Debtor may pay the Department's priority Claim in
full at any time prior to the auction date, in its sole
discretion.

The Debtor's 2019 Sub-Chapter S Pass-through Entity income tax
return is not yet due. The Debtor shall file such return and pay
any liability when due, subject to standard and ordinary
extensions.

Plan Payments to the Department will be delivered to the
Department's Bankruptcy Section, P.O. Box 8575, Albuquerque, NM
87198-8575, and checks will be annotated as Plan Payments and shall
contain the Debtor's case number. Failure to pay a plan installment
payment to the Department when due is an event of default, that if
not cured within fourteen (14) days after notice is transmitted
electronically to Counsel for the Department and Counsel for the
Reorganized Debtor, will result in all remaining Claims held by the
Department becoming immediately due and owing, and the Department
shall then be permitted to collect the balance then due through any
administrative or judicial means provided by applicable
non-bankruptcy law. The Department is not required to file a
request for payment as a precondition for allowance of an expense
claim, and the Department is exempted from the requirements for
expense claims set out in Article V, Section 5.04(b) of the Plan.

Attorneys for the Debtor:

     Thomas W. Walker
     Chris W. Pierce
     WALKER & ASSOCIATES, P.C.
     500 Marquette N.w., Suite 650
     Albuquerque, New Mexico 87102
     Tel: (505) 766-9272
     E-mail: twalker@walkerlawpc.com
             cpierce@walkerlawpc.com

                      About Alamo Bus Co.

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


ALASKA AIRLINES: To Layoff Thousands of Workers and Downsize
------------------------------------------------------------
Dominic Gates, writing for The Seattle Times, reports that airline
company Alaska Airlines plans to cut thousands of jobs and to
downsize the company to survive the COVID-19 induced downturn.

Alaska Airlines projects a slow recovery from the rapid decline in
air travel caused by the coronavirus pandemic, and it's preparing
to shed as many as 3,000 jobs next year from its 23,000-strong
workforce.

"Things will likely not go back to pre-COVID levels in the next 12
months," said Alaska Air Group President Ben Minicucci in a video
interview. "We see a smaller company in 2021. We see a smaller
industry, in fact. We think we'll be smaller by about 3,000
people."

In April 2020, the government provided Alaska $992 million in
relief aid as it doled out payroll-protection grants and loans to
the major airlines. That money will maintain jobs through the end
of September. The job cuts will likely begin in October 2020.

Minicucci also said the airline is in talks with Boeing over when
it may take delivery of its first 737 MAX jets once the grounding
is lifted, a development now expected in the fourth quarter.

Alaska has orders for 32 MAX-9s, with options for 37 more. At the
end of March, the plan was to take three of those jets this year,
with another seven MAX deliveries pushed out into 2021.

Minicucci said it's hard to say now if the airline will take any
MAXs in 2020.

"We haven't made firm decisions," he said. "Long term, we'll have
MAXs in the Alaska fleet, for sure. We're big Boeing supporters."

Coronavirus forces dramatic course change

As 2020 began, Alaska was emerging from the complexities of
acquiring Virgin America three years earlier. In late February,
management internally outlined a plan for aggressive growth that
anticipated the airline buying 200 new jets over the next decade.

A month later, the virus pandemic quickly floored the worldwide
aviation industry and trashed Alaska's planning.

"It was like someone had their hand on a valve and just turned off
the valve," Minicucci said. "We went from carrying 130,000
passengers a day to a trough of just 5,000 a day."

He said traffic has come back up to around 24,000 passengers per
day. But revenue is still down 80% compared to a year ago. While
he's hopeful that domestic leisure travel will pick up
substantially later this year, the prospect is worse for the return
of more lucrative business and international travelers.

"We don't see that coming back either in the fourth quarter or into
next year," Minicucci said.

He said Alaska this summer will bring back into service 20 jets
that are now in storage. The company's total seat capacity will be
40% of last year's figure in July, and about 50% in August 2020.

Minicucci said the airline's models predict revenue in the fourth
quarter will only be around half of what it was last year, and "we
see revenues down 20% to 35% in 2021."

Alaska's determination that it must shrink and cut jobs is in
contrast to a buoyant outlook at rival carrier Southwest Airlines.

In an interview published Wednesday by Forbes, Southwest CEO Gary
Kelly outlined a boldly optimistic recovery plan, foreseeing a
return to a full flying schedule by year's end, paired with an
aggressive expansion strategy — offering fare sales, opening new
routes and adding 737 MAXs to the fleet — that aims to take
market share away from the big three U.S. airlines.

Burning cash

Alaska shares some of Southwest's advantages: It has developed into
a low-cost airline and is mostly a domestic carrier. However, it
has only $2.8 billion in liquidity and is much smaller. (At the end
of March, Southwest had a fleet of 742 jets, all Boeing 737s;
Alaska had 225 equivalent mainline jets.)

Asked about the wide difference in outlook, Minicucci said Alaska
will try to respond flexibly if the recovery proves better than its
models now project.

"As we see demand improve and restrictions being lifted ... if
there's an opportunity to grow, Alaska will grow," Minicucci said.

"We're trying to be optimistic, yet also brutally honest and
realistic," he said.

That realism focuses on cutting costs to stanch the bleed of cash.
Last month, the company was spending $5.5 million more each day
than it took in. Management has said that to survive the crisis it
needs to reach zero cash burn by year's end.

In addition to the paycheck-protection funding in the Coronavirus
Aid, Relief and Economic Security (CARES) Act, Alaska is also
negotiating with the U.S. Treasury the terms of $1.1 billion in
federal loans. And in May it obtained a further $88 million in
secured financing in the private market.

Minicucci said that while those loans provide a cushion, "If you
burn through that cash, you still owe that money back," and the
"debt hole will be so big it will limit our ability to buy
airplanes in future."

So, he added, "The quicker we stop burning cash, the quicker we can
start rebuilding."

                      About Alaska Airlines

Alaska Airlines is a major United States airline headquartered in
SeaTac, Washington, within the Seattle metropolitan area of the
state of Washington.  It is the fifth-largest airline in the United
States when measured by fleet size, scheduled passengers carried,
and number of destinations served.


ALL STAR MATERIALS: Settlement Proceeds to Pay Claims in Full
-------------------------------------------------------------
All Star Materials, LLC, substantively consolidated with Magnum
Materials, LLC, filed an Amended Plan of Reorganization.

This Plan provides for: 2 classes of priority claims; 1 class of
secured claims; 1 class of unsecured claims; and 1 class of equity
security holders.

Class 1 CenterState.  The Allowed Class 1 Secured Claim is
estimated at $247,536.  The Debtor contends the value of the
collateral and therefore the allowed amount of the secured claim is
$247,536.  The Reorganized Debtor will make 60 equal monthly
payments of principal and interest of $3,901, which payment amount
is calculated based upon amortizing the amount of the Allowed
Secured Claim over a five-year period at the Till Rate.  Class 1 is
impaired.

Class 2 Weaver Parties.  The Allowed Class 2 Secured Claim is
approximately $0.00 for financial projection purposes only. Debtor
contends the value of the collateral securing the claim and
therefore the allowed amount of the secured claim is $0.00.
Accordingly, Debtor has not proposed any payment amount for this
Class. This class is impaired.

Class 3 General Unsecured Claims.  The liquidation value or amount
that unsecured creditors would receive in a hypothetical chapter 7
case is approximately $0.00.  The Debtor proposes to pay unsecured
creditors in full. Holders of such Claims shall receive their
respective pro rata portion of the Partially Guaranteed Hybrid Cash
Flow Note equal to the total outstanding balance of such Holder's
Allowed Claim on the later of the Effective Date or such date that
the Holder's Claim becomes an Allowed Claim.  The Hybrid Note shall
not accrue interest and shall be paid as follows: at the end of any
calendar year when the CWCR reaches $150,000, any funds in excess
of $150,000 will be distributed pro rata to the individual holders
of such claims pro rata such that additional monies received will
be divided pro rata among holders of Allowed Class 3 Claims;
provided, however, that the Debtor will guarantee a minimum
quarterly dividend payment to the Allowed Class 3 Hybrid Note
Holders in the amount of $10,000 per quarter.  The Reorganized
Debtor will make quarterly payments (the "Hybrid Note Payments")
commencing on or before the first day of the month 60 days after
the Effective Date.

The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.  The Reorganized Debtor believes the
Settlement Agreement will provide monies to pay all claims in full
on the Effective Date.  Except as explicitly set forth in this
Plan, all cash in excess of operating expenses generated from
operation until the Effective Date will be used for Plan Payments
or Plan implementation.

A full-text copy of the First Amended Plan of Reorganization dated
June 10, 2020, is available at https://tinyurl.com/yd9m23wf from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Jeffrey S. Ainsworth, Esquire
     BransonLaw, PLLC
     1501 East Concord Street
     Orlando, Florida 32803
     Telephone: (407) 894-6834
     Facsimile: (407) 894-8559
     E-mail: jeff@bransonlaw.com

                   About All Star Materials

All Star Materials, LLC, is a foreign limited liability company
organized under the laws of the State of Delaware and authorized to
transact business in Florida since March 8, 2019.  It has been in
the business of production and sale of construction materials such
as concrete block, aggregate, dirt and fill products.

Magnum Materials sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 19-03010) on May 3, 2019.

All Star Materials filed a voluntary Chapter 11 petition (Bankr.
M.D. Fla. Case No. 19-05191) on Aug. 7, 2019.

The Debtors are represented by:

         Jeffrey S. Ainsworth, Esquire
         BransonLaw, PLLC
         1501 E. Concord Street
         Orlando, Florida 32803
         Tel: (407) 894-6834
         Fax: (407) 894-8559
         E-mail: jeff@bransonlaw.com


ARGO GROUP: S&P Rates Series A Perpetual Preferred Shares 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BBB-' long-term issuer credit
rating to Argo Group International Holdings Ltd. and its 'BB'
issue-level rating to the company's series A fixed-rate reset
non-cumulative perpetual preferred shares. The outlook is
negative.

The negative outlook reflects Argo's underperformance, mainly in
its international operations, its high expense load, and its
ability to successfully execute on its strategic initiatives to
address the shortcomings. Furthermore, changes to the governance
framework, processes, and internal controls are recent and it will
take time to assess their effectiveness.

S&P could lower the ratings during the next 12-18 months if Argo's
operating results are weaker than its expectations, or are worse
than similarly rated peers', or if the company's capitalization
declines materially because of underwriting or investment losses.

S&P could revise the outlook to stable and affirm its ratings
during the next 12-18 months if:

-- Argo is able to successfully execute on its strategy leading to
stabilization of earnings that are in line with those of similarly
rated peers and S&P's expectations;

-- Capitalization is sustainably redundant at the 'AA' confidence
level; and

-- S&P believes that the recently announced changes to the
company's governance framework and related policies and practices
are adequate, internal controls are strong, and the board is
independent, effective, and transparent.

S&P rates Argo 'BBB-' three notches lower than the issuer and
financial strength ratings on the company's core operating
subsidiaries despite the ultimate holding company's being domiciled
in Bermuda. This is because Argo's U.S. operations constitute the
majority of the group's consolidated capital and operating
earnings.

Subsequent to board-level changes and the appointment of the new
CEO, Kevin Rehnberg, S&P expected Argo to undertake strategic
actions, including management changes to address the shortcomings
in its international operations and elevated operating expenses,
which the company has been executing on. The current review of its
strategy, various businesses, and execution will remain the focus
in the short term. However, Argo faces headwinds due to the
COVID-19 outbreak and stressed economic climate, which could
exacerbate adverse trends, although these are partially offset by
the hardening re/insurance rate environment. As a result, S&P
expects lower net earnings in 2020, the impact of which will emerge
in coming quarters. The first-quarter combined ratio was 104%
(including corporate expenses; 103% as reported), which included
COVID-19-related losses of $26.2 million contributing six points to
the combined ratio." While the U.S. business continues to fuel
operating earnings, Argo's international business recorded another
quarter of underwriting losses dealing with COVID-19 claims and
higher expenses. In addition, the company recorded $36 million in
net realized investment losses and $130 million of unrealized
investment losses. Although the capital markets have recovered
subsequent to the first quarter, due to a lag in alternative
investments reporting, additional losses could be recognized in the
second quarter. Argo reduced the proportion of equities and
alternative investments relative to its total investments over the
last two quarters to 11% at the end of first-quarter 2020 compared
with 17% as of the third-quarter 2019.

S&P expects Argo to generate a combined ratio of 102%-105% in 2020,
including additional COVID-19-related losses, and thereafter
improving to 95%-98% in 2021-2022. With the new issuance of
preferred stocks and the repayment of the existing term loan, pro
forma financial leverage as of March 31, 2020 didn't change
materially and stood at 30%; S&P expects it will remain at that
level in 2021-2022. Fixed-charge coverage will decline below 4x in
2020 because of lower earnings before recovering to above 4x in
2021-2022, supported by expected improvement in operating results.
S&P also expects capitalization to be redundant at the 'AA'
confidence level through 2022.

The rating on the $150 million preferred shares reflects the
issue's subordination to the holding company's senior obligations
and the dividend-deferral features. The preferred shares will also
be contractually subordinated in the right of payment to all
obligations of Argo's operating subsidiaries, including all
existing and future policyholders' obligations. The company intends
to use the net proceeds to repay its term loan of $125 million and
for working capital to support its insurance operations. Argo can
call the preferred shares at the first call date, set at five
years, or thereafter. However, it can optionally redeem the
preferred shares prior to five years under certain events. Argo
does not have any obligation to pay dividends, and deferred
payments are non-cumulative. However, dividend deferral restricts
the company's ability to pay common dividends and repurchase
shares, and if certain conditions are met, gives preferred
shareholders' right to two board members. These preferred shares
are classified as Tier 2 capital under the Bermuda Monetary
Authority's (BMA) capital requirements. As a result of the BMA Tier
2 classification and the preferred shares meeting S&P's hybrid
criteria, the rating agency assesses these securities as having
intermediate equity content.


ASBURY AUTOMOTIVE: S&P Affirms 'BB+' ICR on Renegotiated Park Deal
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on auto
retailer Asbury Automotive Group Inc. after the company
renegotiated its agreement to acquire most of Park Place
Dealerships' locations in the Dallas/Fort Worth market.  

The rating agency expects Asbury's cash flow adequacy metrics to
weaken because of the increase in the company's debt due to the
acquisition as well as its significantly lower vehicle sales
volumes and reduced service traffic at its dealerships in 2020 due
to the coronavirus.

The negative outlook reflects S&P's view that the deteriorating
macroeconomic conditions will reduce the company's revenue and
increase the risk its free operating cash flow (FOCF)-to-debt ratio
will fall below 10% for an extended period if the scale and
duration of the pandemic exceed the rating agency's expectations.

Despite the ongoing uncertainty related to the pandemic and its
slightly weaker credit metrics following the acquisition, S&P
expects Asbury to generate a FOCF-to-debt ratio of at least 10% by
2021 before reporting further improvement in 2022.  Asbury plans to
fund the purchase price, excluding inventory, of approximately $735
million with a combination of its existing credit and mortgage
facilities, seller notes, and cash on hand. S&P believes management
has a track record of making acquisitions that deliver
above-sector-average operating margins at reasonable prices. Though
S&P expects the company's debt-to-EBITDA ratio to be over 4.0x as
of the close of the transaction (3.6x per Asbury's calculations),
the rating agency estimates leverage will improve towards 3.0x in
2021 as its FOCF-to-debt ratio approaches the 10%-15% range in 2021
and 2022.

The negative outlook reflects the potential that Asbury will be
unable to maintain credit metrics in line with S&P's base-case
assumptions due to tougher macroeconomic trends and
lower-than-expected margins following the Park Place acquisition.

"We could lower our rating on Asbury if we expect its FOCF to debt
to approach 10% or less on a sustained basis due to the ongoing
economic downturn. We could also downgrade the company if, contrary
to our base case, its financial policy supports more debt-funded
acquisitions or share repurchases ahead of any potential debt
reduction over the next 12 months," S&P said.

"We could revise our outlook on Asbury to stable if we believe its
debt to EBITDA is on track to approach 3.0x-3.5x by 2021 while it
maintains a FOCF-to-debt ratio of over 10% through a combination of
debt reduction and EBITDA recovery," the rating agency said.


ATLANTIC 111ST: MLF3 Atlantic Objects to Disclosure Statement
-------------------------------------------------------------
Lender MLF3 Atlantic LLC submitted an objection to the Second
Amended Disclosure Statement and Second Amended Plan of
Reorganization filed by Atlantic 111st LLC.

According to the Lender, the Debtor's Amended Plan is premised upon
its attempt to ask this Court to ignore both the Rooker-Feldman
doctrine and principles of res judicata so that it can re- litigate
the merits of a contested state court action.

The Lender points out that the Debtor's Amended Plan and the
Debtor's Amended Disclosure Statement show on their face that the
Debtor does not have sufficient cash on hand or committed funds in
an amount needed to confirm any plan.

The Lender asserts that even if the Debtor obtained its
contemplated $6,000,000 loan from CCI, the Debtor's Amended Plan
would still fail because the Debtor cannot establish that
confirmation of the Debtor’s Amended Plan will not likely be
followed by a liquidation as required pursuant to 11 U.S.C. Sec.
1129(a)(11).

Lender complains that the Debtor's Amended Plan also fails because
it is ambiguous, it impairs Lender's collateral, and improperly
grants third-party releases to Mr. Singh and his affiliates.

According to Lender, the Debtor's Amended Plan filed on June 6,
2020 principally differs from the one it filed on May 29, 2020 by
creating a "Plan B" (i.e., a "Second Alternative Treatment")
treatment of the Lenders claims.

The Lender points out that the Debtor's Amended Plan also fails
because it was filed in bad faith to hinder and delay the Lender
and it violates the absolute priority rule.  Under the Debtor's
Amended Plan, Jarnail Singh retains 100% of his interests in the
Debtor while creditors remain impaired.

Attorneys for MLF3 Atlantic LLC:

     Steven H. Newman, Esq.
     Robert A. Abrams, Esq.
     KATSKY KORINS LLP
     605 Third Avenue
     New York, New York 10158-0038
     Tel: (212) 953-6000

                  About Atlantic 111st LLC

Atlantic 111st LLC, filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 19-42317) on April 18, 2019, estimating under $1
million in both assets and liabilities.  The Debtor hired Weinberg
Gross & Pergament LLP, replacing Dahiya Law Offices LLC, as
bankruptcy counsel.


ATLANTIC 111ST: Plan Includes $6 Million Refinancing
----------------------------------------------------
Atlantic 111st LLC submitted a Second Amended Disclosure Statement
explaining its proposed Chapter 11 Plan.

To the extent that the loan offer by CCI is less than $6,000,000,
due to the present COVID-19 crisis which has depressed market
values of real property, then the Debtor will seek to make up such
shortfall by seeking contributions and/or loans from the Debtor's
Principal and insiders of the Debtor's Principal and/or businesses
owned or operated by the Debtor's Principal and insiders of the
Debtor's Principal, so that in all events, the Debtor has
$6,000,000 on hand as of Confirmation of the Plan.

In the event that the Debtor receives the full $6 Million
Refinancing, the Debtor will request the Bankruptcy Court to
approve the $6 Million Refinancing under Bankruptcy Code Section
364 and/or 1123.

In the event that the full $6 Million Refinancing Sum is not
obtained, then (i) unless, before the expiration of the offer
letter from CCI, a Final Order is entered fixing the amounts owed
to MLF3 on its Disputed Claims, or the Debtor is able to reach an
agreement in writing with MLF3 as to the full amount due to MLF3 on
its Claims includable in Class 1 and Class 2 in writing which is
"so ordered" by the Bankruptcy Court, and the full amount of
Refinancing which is obtained by the Debtor, as supplemented by
loans and/or contributions from the Debtor’s Principal and
insiders of the Debtor's Principal and/or businesses owned or
operated by the Debtor's Principal and insiders of the Debtor's
Principal, is sufficient to pay such Allowed Claim(s) of MLF3, in
which event the Debtor will request the Court to approve and
authorize Six Million Dollar Refinancing under Bankruptcy Code
Section 364 and/or 1123, (ii) the Debtor shall reject the Offer
Letter from CCI and shall make all the payments required under the
Plan, using revenues derived from rental payments it receives from
Richi Rich, and/or contributions and/or loans made to the Debtor by
the Debtor’s Principal, other businesses owned by the Debtor's
Principal, insiders of the Debtor’s Principal and/or other
businesses owned or operated by insiders of the Debtor's Principal,
to make the payments required under this Plan on and after the
Effective Date, expect as expressly set forth in Sections 5.1.2 and
5.2.2 of the Plan, expect as expressly set forth in Sections 5.1.2
and 5.2.2 of the Plan with respect to MLF3.

However, in the event that the full $6 Million Dollar Refinancing
Sum is not obtained, then (i) unless, before the expiration of the
offer letter from CCI, a Final Order is entered fixing the amounts
owed to MLF3 on its Disputed Claims, or the Debtor is able to reach
an agreement in writing with MLF3 as to the full amount due to MLF3
on its Claims includable in Class 1 and Class 2 in writing which is
"so ordered" by the Bankruptcy Court, and the full amount of
Refinancing which is obtained by the Debtor, as supplemented by
loans and/or contributions from the Debtor's Principal and insiders
of the Debtor's Principal and/or businesses owned or operated by
the Debtor's Principal and insiders of the Debtor's Principal, is
sufficient to pay such Allowed Claim(s) of MLF3, in which event the
Debtor shall request the Court to approve and authorize Six Million
Dollar Refinancing under Bankruptcy Code Section 364 and/or 1123,
(ii) the Debtor shall reject the Offer Letter from CCI and shall
make all the payments required under the Plan, using revenues
derived from rental payments it receives from Richi Rich, and/or
contributions and/or loans made to the Debtor by the Debtor’s
Principal, other businesses owned by the Debtor's Principal,
insiders of the Debtor's Principal and/or other businesses owned or
operated by insiders of the Debtor’s Principal, to make the
payments required under this Plan on and after the Effective Date,
expect as expressly set forth in the Second Alternative Treatments
to MLF3 with respect to its Disputed Claims as set forth in
Sections 5.1.2 and 5.2.2 of the Plan, with respect to MLF3. These
Sections provide that if a Final Order is entered or an agreement
in writing between the parties which is "so ordered" by the
Bankruptcy Court, that fixes the Allowed amount which is due to
MLF3 on its Disputed Claims, the Debtor shall pay MLF3 the full
Allowed amount of such Claims within ninety (90) days following the
entry of such Final Order or "so ordered" agreement between the
parties, through refinancing that the Debtor shall obtain of the
Debtor's Property as well as, to the extent needed, the refinancing
of other parcels of real property owned by businesses owned by the
Debtor’s Principal and insiders of the Debtor’s Principal,
and/or contributions and/or loans made to the Debtor by the
Debtor’s Principal, other businesses owned by the Debtor's
Principal, insiders of the Debtor's Principal and/or other
businesses owned or operated by insiders of the Debtor's
Principal.

On May 29, 2020, the Debtor filed its First Amended Plan of
Reorganization and its First Amended Disclosure Statement, and MLF3
filed a Chapter 11 Plan of Liquidation and a Disclosure Statement.


The Debtor is now filing its Second Amended Plan of Reorganization
and this Second Amended Disclosure Statement.

The terms "Effective Date of the Plan" or "Effective Date" are
referred to often in this description as the date on which payments
are to be made to holders of Allowed Claims.  The terms "Effective
Date of the Plan" or "Effective Date" are defined in Section 1.37
of the Plan to mean the thirtieth (30th) date following the
Confirmation Date, or if such date is a Saturday, Sunday or "legal
holiday" as that term is defined in Bankruptcy Rule 9006(a), the
next Business Day thereafter, provided that if a party in interest
appeals the Confirmation Order and obtains a stay pending appeal (a
"Stay Order"), within 14 days after the Confirmation Date, then the
Effective Date shall mean the earlier of (i) the thirtieth (30th)
date following the date that the Confirmation Order becomes a Final
Order (or if such date is a Saturday, Sunday or "legal holiday" as
that term is defined in Bankruptcy Rule 9006[a], the next Business
Day thereafter), or (ii) the thirtieth (30th) date following the
date that the Stay Order terminates or expires or is reversed by an
appellate court of competent jurisdiction (or if such date is a
Saturday, Sunday or "legal holiday" as that term is defined in
Bankruptcy Rule 9006[a], the next Business Day thereafter),. (As
defined in Section 1.25 of the Plan, the Confirmation Date is the
date upon which the Confirmation Order entered by the Bankruptcy
Court, confirming and approving the Debtor's Plan, is entered on
the docket maintained by the Clerk of the Bankruptcy Court with
respect to the Debtor's Chapter 11 Case.  This will occur, as set
forth in the Bankruptcy Rules, and as defined at Section 1.40 of
the Plan on the 15th day following the date that the Confirmation
Order is entered, unless a party in interest appeals the
Confirmation Order and obtains a Stay Order, within 14 days after
the Confirmation Date, in which event the Effective Date shall mean
the earlier of (i) the thirtieth (30th) date following the date
that the Confirmation Order becomes a Final Order (or if such date
is a Saturday, Sunday or "legal holiday" as that term is defined in
Bankruptcy Rule 9006[a], the next Business Day thereafter), or (ii)
the 30th date following the date that the Stay Order terminates or
expires or is reversed by an appellate court of competent
jurisdiction. (or if such date is a Saturday, Sunday or "legal
holiday" as that term is defined in Bankruptcy Rule 9006[a], the
next Business Day thereafter).

By way of illustration, if the Confirmation Order is, for example,
entered on June 10, 2020, then it will become a Final Order on June
25, unless a party in interest appeals the Confirmation Order and
obtains a Stay Order, no or before June 24. If this occurs, then
the Effective Date of the Plan shall be 30 days following the
Effective Date shall mean the earlier of (i) the 30th date
following the date that the Confirmation Order becomes a Final
Order (or if such date is a Saturday, Sunday or "legal holiday" as
that term is defined in Bankruptcy Rule 9006[a], the next Business
Day thereafter), or (ii) the 30th date following the date that the
Stay Order terminates or expires or is reversed by an appellate
court of competent jurisdiction , or if such date is a Saturday,
Sunday or "legal holiday" as that term is defined in Bankruptcy
Rule 9006(a), the next Business Day thereafter.

Class 1 - Secured Claim of MLF3 under its first mortgage on the
Debtor's Property

Class 1 consists of the Secured Claim of MLF3 under its first
mortgage on the Property.  This Claim is a Disputed Claim.  The
Plan provides for two Alternative Treatments with respect to the
Claim included in this Class, which is a Disputed Claim.

As set forth in Section 5.1.1 of the Plan, the First Alterative
Treatment for this Claim shall apply if (i) the Debtor receives the
full Six Million Dollar Refinancing at the Closing (the "First
Event"), or (ii) if the Debtor does not receive the full Six
Million Dollar Refinancing, but before the expiration of the offer
letter from CCI, a Final Order is entered fixing the amounts owed
to MLF3 on its Disputed Claims in this Class and Class 2, or the
Debtor is able to reach an agreement in writing with MLF3 as to the
full amount due to MLF3 on its Claims includable in this Class and
in Class 2 in writing which is "so ordered" by the Bankruptcy
Court, and the full amount of refinancing which is obtained by the
Debtor, as supplemented by loans and/or contributions from the
Debtor's Principal and insiders of the Debtor's Principal and/or
businesses owned or operated by the Debtor's Principal and insiders
of the Debtor's Principal, is sufficient to pay both such Allowed
Claim(s) of MLF3 (the "Second Event").  If either the First Event
or the Second Event occurs, the Debtor shall request the Court to
approve and authorize the Six Million Dollar Refinancing or
whatever lesser amount of Refinancing is obtained by the Debtor,
under Bankruptcy Code Section 364 and/or 1123.  If the Second Event
occurs, and if the Bankruptcy Court grants such authorization and
approval, then the Debtor shall pay MLF3 the full amount of its
Allowed Claim on the Effective Date of the Plan.  If the First
Event occurs, and the Bankruptcy Court grants such authorization
and approval, but on the Effective Date of the Plan, there has not
been a Final Order entered fixing the Allowed amount of this Claim,
and the Debtor and the holder of this Claim have not reached
agreement as to the amount due and owing on this Claim in writing
which is "so ordered" by the Bankruptcy Court, then (i) on the
Effective Date of the Plan, the Debtor will pay MLF3 the $17,869
remaining due of the $50,869 Post-Petition real estate taxes that
MLF3 paid that came due on the Property on or around July 1, 2019,
of which the Debtor has thus far reimbursed MLF3 $33,000, and (ii)
MLF3 will retain the Lien securing such Claim to the extent of the
allowed amount of such Claim, which will attach to the proceeds of
the Six Million Dollar Refinancing, which monies shall be held in a
DIP account until Confirmation, and after Confirmation, either in
an escrow account maintained by the Debtor's attorney or a bank
account in the name of the Reorganized Debtor from which no monies
may be disbursed without the signature or prior written
authorization of the Debtor’s attorney herein, pending the entry
of a Final Order or an agreement between the Debtor and the holder
of this Claim in writing which is “so ordered” by the
Bankruptcy Court, fixing the Allowed Amount of this Disputed Claim.
The amount of the Disputed Claim that is Allowed shall be paid in
full within five (5) business days to the holder of this Claim
following (i) the entry of a Final Order determining the Allowed
amount of this Claim or (ii) the “so ordering” by the
Bankruptcy Court of a written agreement between the Debtor and the
holder of this Claim setting forth the amount in which this Claim
shall be Allowed, in the manner and to the place as may be directed
by the holder of this Claim by email sent to the Debtor’s counsel
within two (2) business days following (i) the entry of a Final
Order determining the Allowed amount of this Claim or (ii) the
entry of such “so ordered” stipulation between the parties by
the Bankruptcy Court, with any excess sum which has been held by
the Debtor’s attorney in escrow to be returned to the Debtor
within 5 days thereafter unless otherwise ordered by this Court.

The Second Alternative Treatment of this Claim shall apply if
neither the First Event nor the Second Event occur. Under this
Second Alternative Treatment, ss set forth in Section 5.1.2 of the
Plan, (i) on the Effective Date of the Plan, the Debtor shall pay
MLF3 $303,129.35, consisting of 12 monthly adequate protection
payments in the sum of $23,772, and the $17,869 remaining due of
the $50,869 Post-Petition real estate taxes that MLF3 paid that
came due on the Property on or around July 1, 2019, of which the
Debtor has thus far reimbursed MLF3 $33,000, (ii)) the Debtor shall
continue its Objection to MLF3's Claim which is in this Class, and
MLF3 shall retain the Lien on the Property securing this Claim
until MLF3 receives full payment of the full amount due on this
Claim as set forth herein, under a Final Order fixing the amount
due on this Claim, or an agreement that is reached by and between
the Debtor and MLF3 as to the amount due on this Claim in writing
which is “so ordered” by the Bankruptcy Court, (iii) the Debtor
shall pay all real estate taxes and water and sewer charges that
come due on the Debtor’s Property within no more than thirty (30)
days after the Debtor receives notice that such taxes and charges
have come due, and the Debtor shall maintain insurance on the
Property, pending the entry of such Final Order or an agreement in
writing between the parties which is “so ordered” by the
Bankruptcy Court, fixing the Allowed amount which is due on this
Claim (giving credit to the Debtor for $285,260 of the $303,129
which the Debtor is paying to MLF3 as set forth above on the
Effective Date of the Plan, representing 12 monthly adequate
protection payments in the sum of $23,772), and (iv) the Debtor
shall pay MLF3 the full Allowed amount of this Claim within ninety
(90) days following the entry of a Final Order or an agreement
reached in writing between the parties which is "so ordered" by the
Bankruptcy Court, fixing the Allowed amount which is due on this
Claim, through refinancing that the Debtor will obtain of the
Debtor's Property as well as, to the extent needed, the refinancing
of other parcels of real property owned by businesses owned by the
Debtor’s Principal and insiders of the Debtor's Principal, and/or
contributions and/or loans made to the Debtor by the Debtor's
Principal, other businesses owned by the Debtor's Principal,
insiders of the Debtor’s Principal and/or other businesses owned
or operated by insiders of the Debtor’s Principal.

Section 5.1.2 of the Plan further provides that in respect of this
Second Alternative Treatment, in the event that MLF3 alleges that
the Debtor has defaulted in making any payment due under Section
5.1.2 prior to MLF3's receipt and clearance of full and final
payment of the Allowed amount of its Claim under a Final Order or
an agreement in writing between the parties which is “so
ordered” by the Bankruptcy Court, then (i) MLF3 shall provide
written notice of the asserted default by email (proof of delivery
requested) sent to the Debtor’s counsel (na@pryormandelup.com)
and to the Debtor’s Principal (atlantic111st@yahoo.com and
jsmetroc@yahoo.com), and the Debtor shall be permitted to cure any
such asserted Default within seven (7) business days following the
date such written notice of Default is emailed. If the default is
not cured within such time, then the Debtor shall deliver a quit
claim deed of its interest in the Property to MLF3 within five
business days thereafter, unless the Debtor has filed a motion with
the Bankruptcy Court prior to the close of such five business day
period, disputing that there has been a default, in which event the
Bankruptcy Court shall determine whether a default has in fact
occurred, and the Bankruptcy Court's resolution as to this issue
shall be accepted as final by the parties.

Section 5.1.2 of the Plan further expressly provides that the
Debtor and the Debtor's Principal, who is signing the Plan, agree
that in the event that the Debtor defaults under Section 5.1.2 of
the Plan, and such default remains uncured, in no event shall the
Debtor's Property be transferred other than as set forth above to
MLF3 or otherwise hypothecated, and in the event that the
Debtor’s Property is transferred other than as set forth above or
hypothecated, such transfer or hypothecation of the Debtor's
Property will be deemed invalid and void ab initio.

Section 5.1.3 of the Plan sets forth that in respect of either of
the two Alternative Treatments to this Class, payment to the holder
of this Claim of the amount Allowed by Final Order, or as otherwise
agreed upon by the parties in writing which is "so ordered" by the
Bankruptcy Court, shall represent full payment of this Claim and
(as combined with the payment that will be made to MLF3 under 5.2
of the Plan) any and all claims against the Debtor's Principal
under the Guaranty or otherwise; and thereafter neither the Debtor
nor the Debtor's Principal or any other guarantors, or any other
Persons or Entities (including but not limited to Satya Kaur,
Amarjit Singh, BMSL Management LLC, Richi Rich, JFK Liquor NY Inc.
or any of their affiliates or insiders) shall have any other or
further responsibility or owe any debt on, in respect of, in
connection with, and/or arising under or through this Claim or
mortgage to the holder of this Claim or any other any Person or
Entity. Within no more than five (5) business days following
receipt and clearance of this payment, the holder of this Claim
shall (i) in the event the Debtor has obtained Bankruptcy Court
approval of the borrowing from CCI, execute and deliver an
assignment of this Claim and the first mortgage, to the Debtor's
attorney and/or CCI in form satisfactory to the Debtor and to CCI,
or (ii) in the event the Debtor has not obtained Bankruptcy Court
approval of the borrowing from CCI, a release of the claim and a
cancellation of the mortgage, in form satisfactory for filing, to
the Debtor's attorney herein. Additionally, within no more than
five business days following receipt and clearance of this payment,
the holder of this Claim shall deliver to the Debtor’s attorney
herein, a cancellation of the Guaranty and a release of the
Debtor’s Principal, a satisfaction of its judgment of foreclosure
with respect to this mortgage, a cancellation of any notice of
pendency which was filed in respect of the Debtor's Property, a
notice of discontinuance of any action in any New York State Court
against or otherwise pertaining to Richi Rich, and any and all
ancillary and other and further documents in form satisfactory to
be filed, which are necessary to clear the Lien of record of this
Claimant, and to demonstrate the discontinuance of any actions or
lawsuits which have been commenced, filed or are otherwise pending
pursuant to or in connection with its claim under this Claim, the
first mortgage, and the Guaranty, against any Person or Entity,
including but not limited to Jarnail Singh, Satya Kaur, Amarjit
Singh, the Debtor, BMSL Management LLC, Richi Rich, JFK Liquor NY
Inc. or any of their insiders or affiliates.

Class 1 is impaired under the Plan.

Class 2 – Secured Claim of MLF3 under its second mortgage on the
Debtor’s Property

Class 2 consists of the Secured Claim of MLF3 under its second
mortgage on the Property. This Claim is a Disputed Claim. The Plan
provides for two Alternative Treatments with respect to the Claim
included in this Class.

As set forth in Section 5.2.1 of the Plan, the First Alterative
Treatment for this Claim shall apply if the First or Second Event
occurs, in either which Event, the Debtor shall request the Court
to approve and authorize the Six Million Dollar Refinancing or
whatever lesser amount of Refinancing is obtained by the Debtor,
under Bankruptcy Code Section 364 and/or 1123. If the Second Event
occurs, and if the Bankruptcy Court grants such authorization and
approval, then the Debtor shall pay MLF3 the full amount of its
Allowed Claim on the Effective Date of the Plan. If the First Event
occurs, and the Bankruptcy Court grants such authorization and
approval, but on the Effective Date of the Plan, there has not been
a Final Order entered fixing the Allowed amount of this Claim, and
the Debtor and the holder of this Claim have not reached agreement
as to the amount due and owing on this Claim in writing which is
"so ordered" by the Bankruptcy Court,, there has not been a Final
Order entered fixing the Allowed amount of this Claim, and the
Debtor and the holder of this Claim have not reached agreement as
to the amount due and owing on this Claim in writing which is “so
ordered” by the Bankruptcy Court, thenthen MLF3 shall retain the
Lien securing this Claim to the extent of the allowed amount of the
Claim, which shall attach to the proceeds of the Six Million Dollar
Refinancing which monies will be held in a DIP account until
Confirmation, and after Confirmation, either in an escrow account
maintained by the Debtor’s attorney herein or a bank account in
the name of the Reorganized Debtor from which no monies may be
disbursed without the signature or prior written authorization of
the Debtor’s attorney herein, pending the entry of a Final Order
or an agreement between the Debtor and the holder of this Claim in
writing which is “so ordered” by the Bankruptcy Court, fixing
the Allowed Amount of this Disputed Claim. The amount of the
Disputed Claim that is Allowed shall be paid in full to the holder
of this Claim within five (5) business days following (i) the entry
of a Final Order determining the Allowed amount of this Claim or
(ii) the “so ordering” by the Bankruptcy Court of a written
agreement between the Debtor and the holder of this Claim setting
forth the amount in which this Claim shall be Allowed, in the
manner and to the place as may be directed by the holder of this
Claim by email sent to the Debtor's counsel within two business
days following (i) the entry of a Final Order determining the
Allowed amount of this Claim or (ii) the entry of such "so ordered"
stipulation between the parties by the Bankruptcy Court, with any
excess sum which has been held by the Debtor's attorney in escrow
to be returned to the Debtor within 5 days thereafter, unless
otherwise ordered by this Court.

As set forth in Section 5.2.2 of the Plan, the Second Alternative
Treatment will apply if neither the First Event nor the Second
Event occur.  Under this Second Alternative Treatment, set forth in
Section 5.1.2 of the Plan, (i) the Debtor shall continue its
Objection to MLF3's Claim which is in this Class, and MLF3 shall
retain the Lien on the Property securing this Claim until MLF3
receives full payment of the full amount due on this Claim  under a
Final Order fixing the amount due on this Claim, or an agreement
that is reached by and between the Debtor and MLF3 as to the amount
due on this Claim in writing which is “so ordered” by the
Bankruptcy Court, and (ii) the Debtor shall pay MLF3 the full
Allowed amount of this Claim within ninety (90) days following the
entry of a Final Order or an agreement reached in writing between
the parties which is "so ordered" by the Bankruptcy Court, fixing
the Allowed amount which is due on this Claim, through refinancing
that the Debtor shall obtain of the Debtor's Property as well as,
to the extent needed, the refinancing of other parcels of real
property owned by businesses owned by the Debtor's Principal and
insiders of the Debtor's Principal, and/or contributions and/or
loans made to the Debtor by the Debtor's Principal, other
businesses owned by the Debtor's Principal, insiders of the
Debtor’s Principal and/or other businesses owned or operated by
insiders of the Debtor’s Principal.

Section 5.2.2 of the Plan further provides that in the event that
MLF3 alleges that the Debtor has defaulted in making any payment
due under Section 5.2.2 prior to MLF3’s receipt and clearance of
full and final payment of the Allowed amount of its Claim under a
Final Order or an agreement in writing between the parties which is
"so ordered" by the Bankruptcy Court, then (i) MLF3 shall provide
written notice of the asserted default by email (proof of delivery
requested) sent to the Debtor’s counsel (na@pryormandelup.com)
and to the Debtor’s Principal (atlantic111st@yahoo.com and
jsmetroc@yahoo.com), and the Debtor shall be permitted to cure any
such asserted Default within seven (7) business days following the
date such written notice of Default is emailed. If the default is
not cured within such time, then the Debtor shall deliver a quit
claim deed to MLF3 within five business days thereafter, unless the
Debtor has filed a motion with the Bankruptcy Court prior to the
close of such five business day period, disputing that there has
been a default, in which event the Bankruptcy Court shall determine
whether a default has in fact occurred, and the Bankruptcy Court's
resolution as to this issue shall be accepted as final by the
parties.

Section 5.2.2 of the Plan further explicitly provide that the
Debtor and the Debtor's Principal, who is signing the Plan, agree
that in the event that the Debtor defaults under Section 5.2.2, and
such default remains uncured, in no event shall the Debtor's
Property be transferred other than as set forth above to MLF3 or
otherwise hypothecated, and in the event that the Debtor’s
Property is transferred other than as set forth above or
hypothecated, such transfer or hypothecation of the Debtor's
property shall be deemed invalid and void ab initio.

As set forth in Section 5.2.3 of the Plan, under either of the
above Alternative Treatments, the payment to MLF3 of the amount
Allowed by Final Order, or as otherwise agreed upon by the parties
in writing which is "so ordered" by the Bankruptcy Court, will
represent full payment of this Claim and the second mortgage on the
Debtor's property, the Collateral Mortgage on the real properties
located at 131-09 Hillside Avenue, Richmond Hill, New York 11418
and 95-25 120th Street, South Richmond Hill, NY 11419, and (as
combined with the payment that shall be made to MLF3 under 5.1 of
the Plan) any and all claims against the Debtor's Principal under
the Guaranty or otherwise; and thereafter neither the Debtor, the
owners of the real properties located at 131-09 Hillside Avenue,
Richmond Hill, New York 11418 and 95-25 120th Street, South
Richmond Hill, NY 11419, the Debtor's Principal or any other
guarantors, or any other Persons or Entities (including but not
limited to Satya Kaur, Amarjit Singh, BMSL Management LLC, Richi
Rich, JFK Liquor NY Inc. or any of their affiliates or insiders)
shall have any other or further responsibility or owe any debt on,
in respect of, in connection with, and/or arising under or through
this Claim or mortgage to the holder of this Claim or any other any
Person or Entity. Within no more than five (5) business days
following receipt and clearance of this payment, the holder of this
Claim shall execute and deliver (i) in the event the Debtor has
obtained Bankruptcy Court approval of the borrowing from CCI,
execute and deliver an assignment of this Claim and the first
mortgage, to the Debtor's attorney and/or CCI in form satisfactory
to the Debtor and to CCI, or (ii) in the event the Debtor has not
obtained Bankruptcy Court approval of the borrowing from CCI, a
release of the claim and a cancellation of the mortgage, in form
satisfactory for filing,, to the Debtor's attorney herein.

Additionally, within no more than five business days following
receipt and clearance of this payment, the holder of this Claim
shall deliver to the Debtor’s attorney herein, a cancellation of
the Collateral Mortgage, a cancellation of the Guaranty and a
release of the Debtor’s Principal, a notice of discontinuance of
its foreclosure action with respect to the second mortgage and any
foreclosure action which may have been commenced with respect to
the Collateral Mortgage, a notice of discontinuance of any action
in any New York State Court against or otherwise pertaining to the
tenant(s) of 131-09 Hillside Avenue, Richmond Hill, New York 11418,
a cancellation of any notice of pendency which was filed in respect
of the Debtor’s Property and/or the real properties located at
131-09 Hillside Avenue, Richmond Hill, New York 11418 and 95-25
120th Street, South Richmond Hill, NY 11419, and all ancillary and
other and further documents in form satisfactory to be filed, which
are necessary to clear the Lien of record of this Claimant and to
demonstrate that it has discontinued any actions or lawsuits which
have been commenced, filed or are otherwise pending pursuant to or
in connection with the second mortgage, the Collateral Mortgage,
the Guaranty or otherwise, against any Person or Entity, including
but not limited to Jarnail Singh, Satya Kaur, Amarjit Singh, the
Debtor, BMSL Management LLC, Richi Rich, JFK Liquor NY Inc. or any
of said Entities’ insiders or affiliates.

Class 2 is impaired under the Plan.

Class 3 - Allowed General Unsecured Claim of Atlantic Avenue
Commons

Section 5.3 of the Plan further provides that in the event that by
reason of an uncured default under Sections 5.1. 2 or 5.2.2 of the
Plan, the Debtor has delivered a quit claim deed of the Debtor's
Property to MLF3, then the Debtor's Principal, Jarnail Singh,
agrees that he shall be personally liable to pay the holder of the
Class 3 Claim any unpaid Monthly Payments as and when they
otherwise shall come due as set forth above, and the Balance
Payment on or before the first date of the twenty fifth month after
the Effective Date, unless otherwise agreed to by and between the
holder of this Claim and the Debtor's Principal, Jarnail Singh.
Prepayment of this Claim in such event shall be permitted without
penalty.

A full-text copy of the Second Amended Disclosure Statement dated
June 6, 2020, is available at https://tinyurl.com/yaudlv3k from
PacerMonitor.com at no charge.

Counsel for the Debtor:

     Neil Ackerman, Esq.
     PRYOR & MANDELUP, L.L.P.
     675 Old Country Road, Westbury, New York 115901
     Office Phone: (516) 997-0999
     Direct Dial: (516) 425-5365
     Fax: (516) 333-7333
     E-mail: na@pryormanedlup.com

                  About Atlantic 111st LLC

Atlantic 111st LLC, filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 19-42317) on April 18, 2019, estimating under $1
million in both assets and liabilities.  The Debtor hired Weinberg
Gross & Pergament LLP, replacing Dahiya Law Offices LLC, as
bankruptcy counsel.


AUTHENTIC BRANDS: Along with Landlord Simon in Talks to Buy Brooks
------------------------------------------------------------------
Lauren Coleman-Lochner and Eliza Ronalds-Hannon of Bloomberg News
report that Authentic Brands Group LLC and mall landlord Simon
Property Group Inc. are in talks on a joint bid to purchase Brooks
Brothers Inc. as part of the bankruptcy reorganization of men's
clothing retailer, according to individuals familiar with the
matter.

Brooks has been seeking buyer as some of its stores struggle.

Authentic and Simon, which have teamed up before on deals for
Forever 21 Inc. and Aeropostale Inc., is in discussions with Brooks
Brothers to buy it in a court-supervised sale after a Chapter 11
filing being contemplated by the retailer, said the people, who
asked not to be identified because the process is private.

To read the full article log in at
https://news.bloomberglaw.com/bankruptcy-law/authentic-simon-in-talks-to-buy-brooks-brothers-in-bankruptcy

                   About Authentic Brands Group

Headquartered in New York, NY, ABG Intermediate Holdings 2 LLC is
the borrowing entity for holding company Authentic Brands Group,LLC
(dba Authentic Brands). Authentic Brands is a brand management
company with a portfolio of 28 brands - 31 pro forma for Nautica
and two global accessories fashion brands - including Jones New
York, Juicy Couture, Spyder, Aeropostale, and Hickey-Freeman. The
company also has control over the use of the name, image and
likeness of Marilyn Monroe, Elvis Presley, Muhammad Ali, and
Shaquille O'Neal among other celebrities. The company is majority
owned (about 70% in aggregate) by two private equity firms, with
affiliates of Leonard Green & Partners, L.P. being the largest
shareholders, followed closely by General Atlantic. Lion Capital
and management own the remaining equity. Authentic Brands is
privately owned and does not publicly disclose its financial
information. The company generated revenue for the twelve-month
period ended December 31, 2017 of approximately $340 million, pro
forma for the pending acquisition of Nautica and two global
accessories fashion brands.

                  About Simon Property Group

Simon Property Group, Inc. is an American commercial real estate
company, the largest retail real estate investment trust, and the
largest shopping mall operator in the US.

                      About Brooks Brothers

Brooks Brothers -- https://www.brooksbrothers.com/ -- is a clothing
retailer with over 1,400 locations in over 45 countries.  While
famous for its clothing offerings and related retail services,
Brooks Brothers is known as a lifestyle brand for men, women, and
children, which markets and sells footwear, eyewear, bags, jewelry,
watches, sports articles, games, personal care items, tableware,
fragrances, bedding, linens, food items, beverages, and more.
Brooks Brothers Group, Inc. is the Debtors' ultimate corporate
parent, which directly or indirectly owns each of the other Debtor
entities.

On July 8, 2020, Brooks Brothers Group, Inc., and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Case No. 20-11785).

Brooks Brothers was estimated to have $500 million to $1 billion in
assets and liabilities.

The Hon. Christopher S. Sontchi is the case judge.

The Debtors tapped WEIL, GOTSHAL & MANGES LLP and RICHARDS, LAYTON
& FINGER, P.A., as counsel; PJ SOLOMON, L.P., as investment banker;
and ANKURA CONSULTING GROUP LLC as financial advisor.  PRIME CLERK,
LLC is the claims agent.


AUTHENTIC BRANDS: S&P Rates Incremental First-Lien Term Loan 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating to Authentic
Brands Group LLC's (ABG's) proposed $150 million incremental
first-lien term loan. The recovery rating is '3', indicating S&P's
expectation for meaningful (50%-70%, rounded estimate: 50%)
recovery in the event of a payment default. S&P also affirmed its
'B' issue-level rating on the company's existing first-lien credit
facility, including a $100 million revolver and a $1.6 billion
first-lien term loan. The recovery rating remains '3', indicating
S&P's expectation for meaningful (50%-70%, rounded estimate: 50%)
recovery in the event of a payment default.

ABG plans to use a portion of the proceeds to fund the acquisition
of Lucky Brand, and it will retain the rest for future
acquisitions. The offering will increase ABG's leverage slightly to
about 4.8x from 4.6x at the end of first-quarter 2020 on a pro
forma basis. The company's total current reported debt is about
$1.75 billion pro forma for the proposed incremental add-on. ABG
had about $115 million of cash on its balance sheet and full
availability under its $100 million revolver at the end of the
second quarter, 2020.

S&P's rating on ABG reflects its aggressive acquisition growth
strategy and significant debt burden. It expects the company's
financial policy will remain aggressive with debt-funded
acquisitions such that its debt-to-EBTIDA ratio will remain
elevated above 5x. ABG has made 9 acquisitions since 2018,
including well-known brands such as Forever 21, Barneys, Nine West,
and Nautica. It also expanded its businesses in the media and
entertainment segment with the acquisition of Sports Illustrated.
Although S&P expects the company's 2020 performance will be hurt by
the COVID-19 pandemic such that leverage could peak above 7x, the
rating agency believes ABG will maintain adequate liquidity as it
navigates the shifts in consumer behaviors. S&P believes ABG will
remain a strong cash flow generator, as its capital-lite brand
management operation model enable the company to quickly flex costs
in reaction to revenue changes to maintain margins and generate
cash. The negative outlook reflects the possibility that S&P could
downgrade ABG if the heightened uncertainty regarding the COVID-19
pandemic and a U.S. recession further affect ABG's operating
performance such that leverage increases to above 7x and remains at
that level in 2021.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's simulated default scenario contemplates a default in 2023
stemming from an unexpected failure of one of ABG's major customers
or termination of one of its key licensing contracts that drives
the company's EBITDA and cash flow significantly lower, straining
liquidity and capital resources such that ABG could not operate
without an equity infusion or bankruptcy filing.

-- S&P values the group as a going concern and expect it would
reorganize in the event of a default.

-- S&P's recovery analysis assumes a reorganization value for ABG
of about $1.05 billion, reflecting emergence EBITDA of about $191
million and a 5.5x multiple. S&P has netted out 3% from the net
enterprise value to reflect the amount of the non-guarantor
subsidiary values that are not otherwise pledged to ABG's credit
facility because ABG does not own them.

Simulated default assumptions

-- Simulated year of default: 2023
-- Debt service assumptions: $151.4 million (assumed default year
interest plus amortization)
-- Minimum capital expenditure assumptions: $1.7 million
-- Operational adjustment: 25%
-- EBITDA at emergence: $191.4 million
-- EBITDA multiple: 5.5x
-- Gross enterprise value: $1.05 billion

Simplified waterfall

-- Net enterprise value (after 5% administrative costs): $1
billion
-- Less 3% value not available to ABG creditors: $25 million
-- Collateral value available to secured creditors: $975 million
-- Secured first-lien debt: $1.85 billion
—- Recovery expectations: 50%-70% (rounded estimate: 50%)


AUXILIUS HEAVY: Seeks to Hire Richey Mills as Financial Advisor
---------------------------------------------------------------
Auxilius Heavy Industries, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to employ Ken
Wolff of Richey, Mills & Associates, LLP as its financial advisor.

The professional services that Ken Wolff will render are
specifically limited to avoid duplication of efforts of the
financial accountant already employed by the estate and proposed
forensic accountant, and are listed as follows:

     (a) understand, accumulate and present financial, tax,
operational and corporate historical information to support the
analysis of the best mechanism for sale of the Debtor;

     (b) understand and develop the marketplace for the sale
contemplated by this motion and identify and embrace potential
buyers;

     (c) assist the Debtor in advertising, conducting and closing a
sale;

     (d) perform such other Financial Advisor as may be required
and in the interest of the estate herein without duplicating the
effort of other professionals herein.

The hourly billing rates of Richey, Mills & Associates'
professionals are as follows:

     Kenneth K. Wolff            $350
     Stan Mills                  $250
     Daniel D. Bowser            $250
     Mike Cobb                   $175
     David Sullivan              $150
     Sandy Clidence              $140
     Taisha Haywood              $100
     Amanda Martin               $100

In the event of a completed sale transaction for the estate the
financial advisor will augment the fees quoted above and will
receive a Success Fee equal calculated as follows:

     10% of all Proceeds up to $1,000,000.
     8% of all Proceeds from $1,000,001 to $2,000,000.
     6% of all Proceeds from $2,000,001 to $3,000,000.
     4% of all Proceeds from $3,000,001 to $4,000,000.
     2% of all Proceeds in excess of $4,000,000.

The financial advisor did not receive a retainer to work on this
case.

To the best of the Debtor's knowledge, Ken Wolff and the firm
represent no other entity in connection with this case, are
disinterested persons, and represent or hold no interest adverse to
the matters upon which they are to be employed.

The financial advisor can be reached at:
     
     Ken Wolff
     RICHEY, MILLS & ASSOCIATES, LLP
     3815 River Crossing Pkwy. Suite 170
     Indianapolis, IN 46240
     Telephone: (317) 713-7540
     Facsimile: (317) 713-7541
     E-mail: kwolff@rmaadvisors.com

                           About Auxilius Heavy Industries

Auxilius Heavy Industries, LLC is a privately held company that
operates in the wind industry. The company offers wind turbine
services, including blade inspections and repairs, end of warranty
inspections, turbine cleaning, and supplemental manning. The
company serves wind farms located in the following states:
California, Colorado, Illinois, Indiana, Iowa, Michigan, Nebraska,
New Mexico, Texas, and Pennsylvania. It also has offices located in
Los Angeles, CA; Bradfod, Illinois, and Fowler, Indiana.

Auxilius Heavy Industries, LLC filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind.
Case No. 20-01963) on March 26, 2020. The petition was signed by
Michael Kidwel, its president. At the time of the filing, the
Debtor disclosed total assets of $639,911 and total liabilities of
$2,025,877. Hon. James M. Carr oversees the case. The Debtor tapped
KC Cohen, Lawyer, PC as its counsel and Ken Wolff of Richey, Mills
& Associates, LLP as financial advisor.


AVANTOR FUNDING: S&P Rates New Senior Unsecured Notes 'B-'
----------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '6'
recovery rating to Avantor Funding Inc.'s proposed senior unsecured
notes, which it will issue in two traches of $1.0 billion and
EUR400 million, respectively. The '6' recovery rating indicated its
expectation for modest (0%-10%; rounded estimate: 5%) recovery in
the event of a payment default. The new notes will be issued by
Avantor Funding Inc., which is a subsidiary of Avantor Inc. S&P
expects the company to use the proceeds from the unsecured notes to
repay its existing $2 billion 9% unsecured notes.

S&P's 'B+' issuer credit rating on Avantor reflects its position as
one of the largest distributors of laboratory supplies, its strong
presence in North America and Europe, its broader array of products
and services than many of its smaller, regional competitors, as
well as the rating agency's expectation that the company's adjusted
leverage will remain near 6x in 2020. The positive outlook reflects
that S&P could upgrade the company once it demonstrates the ability
to generate solid annual free cash flow in excess of $250 million
on a sustained basis and reduces its long-term adjusted leverage to
less than 5.5x.


BAGELS N' CREAM: Unsecureds Get 12% of Its Claim
------------------------------------------------
Bagels N' Cream, LLC, submitted a Combined Plan of Reorganization
and Disclosure Statement.

This is a plan of reorganization whereby the Proponent seeks to
accomplish payments under the Plan by positive cash flow, added new
value, from the following sources: the Debtor, under its present
management and operating systems, will continue its efforts to
refine and improve operating practices and procedures, economizing
business practices by all available means, to adjust to dynamic
market changes (Planet Fitness, Dollar Store and a new day care
center will soon be tenants in the same strip mall occupying areas
that have been vacant for many years) and adopt new strategies and
operating procedures so as to enhance business productivity while
decreasing business operating costs, and thereby create the
necessary monthly cash flow requirements to fund the plan and an
additional capital contribution from the equity interest holder of
$15,000.  The Debtor's present Chapter 11 Small Business Plan
consists of:

   a. Paying allowable, priority tax claims to the State of New
Jersey (Estimated at up to $35,613), with interest, within 39
months from the Effective Date; and

   b. Paying a 12% dividend of $12,682.00 pro-rata to allowable,
unsecured claims beginning on the 40th month and continuing through
the 48th month following the Effective Date.

The Plan will provide for the Debtor to eliminate incorrectly
imposed tax liabilities that are the subject of a State of New
Jersey Proof of Claim, 2-1 that is being disputed with cogent
evidence by the Debtor’s professionals, and continue to
reorganize and focus its operations on increasing market share
while decreasing business operating costs including
proportionalizing its payroll requirements and associated costs or
a combination of both, thereby creating the necessary monthly cash
flow requirements to fund its plan.

A full-text copy of the Combined Plan of Reorganization And
Disclosure Statement dated June 8, 2020, is available at
https://tinyurl.com/ycwv6sns from PacerMonitor.com at no charge.

Attorney for the Debtor:

     Law Offices of Scott E. Kaplan, LLC
     5 S. Main Street, P. O. Box 157
     Allentown, New Jersey 08501
     Tel: (609) 259-1112

                    About Bagels N' Cream

Bagels N' Cream, LLC filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 19-29019) on Oct. 7, 2019, estimating under $1
million in assets and liabilities.  Judge Michael B. Kaplan
oversees the case.  

The Debtor hired The Law Offices of Scott E. Kaplan, LLC as
bankruptcy counsel; the Law Offices of Sklar Smith-Sklar as special
counsel; and Anthony Nini, CPA, as accountant.


BATTER'S BOX: Seeks to Hire Dorta & Ortega as Litigation Counsel
----------------------------------------------------------------
Batter's Box Miami, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Omar Ortega,
Esq. of Dorta & Ortega, P.A. as special counsel.

The Debtor desires to employ Omar Ortega as special counsel in this
case to bring a counterclaim against Landlord, Coral 97 Associates,
LTD.

The Debtor has numerous serious grievances against the Landlord
which must be brought as a counterclaim.

The current hourly rates of Dorta & Ortega's attorneys and
professionals are as follows:

     Partners                     $510.00
     Senior Associates            $367.50
     Associates                   $350.00

In addition, the firm will charge the Debtor for out-of-pocket
expenditures incurred in connection to this representation.

Omar Ortega, Esq., an attorney at Dorta & Ortega, P.A., disclosed
in court filings that neither him nor the firm represent any
interest adverse to the Debtor, or the estate, and they are
"disinterested persons" as that term is defined in section 101(14)
of the Bankruptcy Code, as required by section 327(a) of the
Bankruptcy Code.

The attorney can be reached at:
   
     Omar Ortega, Esq.
     DORTA & ORTEGA, P.A.
     3860 S.W. 8th Street
     PH Coral Gables, FL 33134
     Telephone: (305) 461-5454
     Facsimile: (305) 461-5226
      
                               About Batter's Box Miami

Batter's Box Miami, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Fla. Case No. 20-10638) on Jan. 17, 2020, disclosing
under $1 million in both assets and liabilities. Judge Laurel M.
Isicoff oversees the case. The Debtor tapped Richard Siegmeister,
P.A. as its legal counsel; Lillian Urbandt as accountant; and Omar
Ortega, Esq., of Dorta & Ortega, P.A., as special counsel.


BIONIK LABORATORIES: Reports $25M Net Loss for Fiscal 2020
----------------------------------------------------------
Bionik Laboratories Corp. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K, reporting a net loss
and comprehensive loss of US$25.02 million on US$2.15 million of
sales for the year ended March 31, 2020, compared to a net loss and
comprehensive loss of US$10.56 million on US$3.25 million of sales
for the year ended March 31, 2019.

The decrease in sales reflects the sale of 17 InMotion robots for
the fiscal year ended March 31, 2020 compared to 33 InMotion robots
during the fiscal year ended March 31, 2019.  In addition, deferred
revenue, comprised of training to be provided and extended
warranties, increased to $616,063 at March 31, 2020 from $467,778
at March 31, 2019.  Extended warranties and training are important
and growing parts of the Company's business.

Gross margin for the fiscal year ended March 31, 2020 was
$1,259,980 or 58.5%, compared to $1,615,872 or 49.8%, for the
fiscal year ended in March 31, 2019.  The high gross margin
percentages reported for the fiscal year are due to efficiencies in
the Company's outsourced manufacturing of its InMotion robots.

The Company reported a comprehensive loss for the fiscal year ended
March 31, 2020 of $(25,016,497), or a loss per share of $(5.61),
compared with a comprehensive loss of $(10,556,601), or a loss per
share of $(4.47), for the fiscal year ended March 31, 2019.  The
higher loss is principally due to impairment losses from a
write-off of goodwill of $11,222,291 and technology and other
assets of $2,700,540.

BIONIK had cash and cash equivalents of $2,269,747 as of March 31,
2020, compared with $446,779 as of March 31, 2019.  The Company's
working capital surplus was $626,923 as of March 31, 2020, compared
a surplus of $479,408 as of March 31, 2019.

Commenting on the 2020 fiscal year, Dr. Eric Dusseux, BIONIK's
chief executive officer, said, "Over the past two years, BIONIK has
reimagined its portfolio of products, software, and data-management
solutions.  In the last year, the launch of an improved Graphic
User interface for our InMotion products, and now the launch of
InMotion ConnectTM in June 2020 improved greatly the interest in
BIONIK's suite of products but delayed some strategic account
opportunities, given their decision cycles.  Although BIONIK put in
place a Business Continuity Plan to assure a minimal impact to our
customers and our business partners, the COVID-19 pandemic impacted
negatively the sales during our last quarter.  BIONIK shipped
several units during this quarter and donated one InMotion robotic
system to Einstein Healthcare Network's MossRehab for use in its
new pioneering COVID-19 rehab unit.  Additionally, we successfully
installed for one of our U.S. clients our recently launched
cloud-based data solution platform InMotion ConnectTM, the single
platform that can be accessed anywhere, anytime, and helps increase
technology adoption due to convenience and ease-of-use for the
clinician, hospital management and headquarter teams.  This is a
new step for BIONIK in providing powerful data solutions to improve
neurological rehabilitation."

As of March 31, 2020, the Company had US$18.52 million in total
assets, $5.20 million in total current liabilities, and $13.32
million in total shareholders' equity.

MNP LLP, in Toronto, Ontario, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated
June 25, 2020, citing that the Company's accumulated deficit,
recurring losses and negative cash flows from operations raise
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the Form10-K is available for free at:

                     https://is.gd/eSh23p

                   About BIONIK Laboratories

BIONIK Laboratories -- http://www.BIONIKlabs.com/-- is a robotics
company focused on providing rehabilitation and mobility solutions
to individuals with neurological and mobility challenges from
hospital to home.  The Company has a portfolio of products focused
on upper and lower extremity rehabilitation for stroke and other
mobility-impaired patients, including three products on the market
and three products in varying stages of development.


BLUE RACER: Fitch Rates Sr. Unsec. Notes Due 2025 BB-, Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Blue Racer
Midstream, LLC's senior unsecured notes due 2025. The notes are
being co-issued with Blue Racer Finance Corp. The Rating Outlook is
Negative.

The ratings reflect Blue Racer's reasonable credit metrics and the
benefits from the strategic location of its midstream assets within
the Appalachian Basin (Rich Utica, Rich Marcellus, and Dry Gas
Utica). The ratings consider that Blue Racer's system is largely
constructed and operational. Blue Racer's ratings are limited by
the size and scale of its system. The Negative Outlook reflects
lower expected trends in production forecasts by customers.

The Negative Outlook also reflects the uncertainty over volume
flows as the producers cut capital spending and reduced drilling
activity. The actions on Blue Racer's processing operations occur
in a context of the near-term challenge driven by capital
reductions by E&P producer customers against the backdrop of an
unfavorable commodity price environment. Since the beginning of
2020, a number of natural gas producers, some of which include Blue
Racer's major customers, have announced reduction in planned
development spending, tempered production expectations and
curtailed production.

Fitch's calculation of Blue Racer's leverage, as of March 31, 2020,
was about 5.0x, which is below 2019's 5.2x and above Fitch's
expectation of 4.5x. Higher than expected construction costs for
the 200 mmbcf/d expansion of the Natrium processing plant and lower
volumes drove results. While volumes were down from Fitch's 2019
forecast, this represents a tough comparison as processed volumes
were up 17% in 2019 over 2018. Under its forecast, Fitch expects
leverage to range from 4.5x - 5.1x over the forecast horizon,
within the negative sensitivity of leverage higher than 5.5x.

KEY RATING DRIVERS

Customer Exposure: The ratings recognize that Blue Racer is
significantly exposed to lower rated or unrated counterparties,
with 83% of revenue as of the 2019 coming from 'B' category or
unrated producers. Ascent Resources (not rated) is the largest
totaling 27% of 2019 revenues. About twenty percent of the revenues
are from minimum volume contracts, including CNX Resources Corp.
(BB/Stable). As such, customer production and volumetric risks are
overriding concerns.

Volumetric Risks: Blue Racer's ratings reflect that its operations
are exposed to volumetric risks associated with the domestic
production and demand for natural gas and NGLs extracted from the
Utica formation of the Appalachian basin. 2019 was a good year for
volumes. With an increase in wells turned in line by customers, and
the start-up of a new processing plant, Blue Racer posted a 17%
increase in processed volumes in 2019 over 2018.

Fitch believes 2020 will be a challenging year for volumes. Despite
being in one of the most prolific gas basins in the U.S., all-time
low natural gas prices have impacted Appalachian producers drilling
plans and production. Fitch expects Blue Racer's processing volumes
to be weaker in 2020 compared to 4Q19 driven by slower producer
activity. Processed volumes in June 2020 remain down 10% from
curtailments as producers began bringing shut-in volumes back
online. Curtailments peaked at 20% in May. Fitch expects a return
to volume growth by 2022.

Limited Scale and Scope: Blue Racer's ratings recognize the limited
scale and scope of the gathering and processing company. Fitch
views small scale, single basin focused midstream service providers
with high geographic, customer, and business line concentration and
with EBITDA below $500 million as being consistent with 'B' to 'BB'
category IDRs dependent on contract structure and volumetric
exposure. As an Appalachian basin focused a gas gathering and
processing operation with limited geographic and business line
diversity, the rating reflects that Blue Racer could be exposed to
concentration risk and outsized event risk should there be a
downturn in commodity production from the Appalachian region where
Blue Racer's producers operates or a significant operating or
production event with one of its major counterparties.

The ratings favorably reflect that the assets are located within
some of the lowest breakeven cost's gas production regions in the
Appalachian Basin and should continue to experience growth in the
intermediate term.

Reasonable Credit Metrics: Blue Racer's credit metrics are
generally reasonable with Fitch forecasting leverage (Total
Debt/EBITDA) from 2020 through 2023 in the 4.5x to 5.1x range. Blue
Racer's leverage, as of March 31, 2020, was about 5.0x, above
Fitch's expectation of 4.5x as Blue Racer completed construction of
the 200mmbcfd crypto Natrium IV to address Q4 2019 processing
volumes that exceeded plant capacity. The forecast reduction in
leverage comes on Fitch's expected flat 2021 volumes levels and
debt reduction funded from reinvested dividends ahead of the 2022
senior note maturity. Fitch typically looks for 'BB' median
leverage for midstream service providers in the 5.0x range,
dependent on other factors including, but not limited to, scale,
diversity, business line (with gathering and processing being on
the higher risk end of the business risk spectrum within midstream,
and revenue and counterparty profile.

Group structure Complexity: Blue Racer has an ESG Relevance Score
of 4 for Group Structure and Financial Transparency as
private-equity backed midstream entities typically have less
structural and financial disclosure transparency than publicly
traded issuers. This has a negative impact on the credit profile
and is relevant to the rating in conjunction with other factors.

DERIVATION SUMMARY

Blue Racer's credit metrics are strong in the context of
single-region gathering and processing companies rated by Fitch
with Fitch forecasting leverage in 2020 through 2023 in the 4.5x to
5.1x range. Blue Racer's leverage, as of March 31, 2020, on an LTM
basis, was about 5.0x. This is better than other single basin
gathering and processing names in the 'B+' and 'BB-' IDR range with
single basin exposure.

Relative to somewhat smaller Lucid Energy Group (B-/Negative), a
Permian focused name with gas producer, Blue Racer's leverage
metrics are better between the entities as Lucid's 2019 leverage
(Total adjusted debt/adjusted EBITDAR) above 9.0x in 2019, much
higher than the negative sensitivity of 5.5x. From a counterparty
exposure, Fitch views Lucid to have slightly less risk given its
portfolio of three large-scale, investment grade producers with
fixed fee, long-term contracts and significant acreage dedications
and minimum volume commitment from its largest counterparty.

KEY ASSUMPTIONS

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

  -- Growth capital spending of between $100 million to $120
million annually;

  -- Maintenance capital spending of between $15 million to $20
million annually;

  -- Volume declines in 2020 and is flat in 2021 with an increase
in 2022;

  -- 100% of Cash Available for Distribution (CAFD) paid out to
owners;

  -- Capital spending funded by revolver; notes refunded in 2021
and revolver in 2022 with long-term notes.

RATING SENSITIVITIES

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

  -- Improvement to the credit profile of or increased
diversification to Blue Racer's counterparty credit profile, with
leverage maintained below 5.0x on a sustained basis;

  -- Leverage at or better than 4.0x on a sustained basis, without
any improvement in counterparty credit profile.

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

  -- Leverage at or above 5.5x on a sustained basis;

  -- Funds Flow from Operations Fixed Charge Coverage Ratio below
2.5x;

  -- A significant customer filing for, or appears to be
approaching bankruptcy;

  -- A significant change in cash flow stability profile, driven by
a move away from current majority of revenue being fee based with
revenue commodity price exposure above 25%;

  -- A sustained moderation or decline in volumes expected across
Blue Racer's system.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity Adequate: Blue Racer's liquidity is supported by its $1.0
billion first-lien secured revolver, which had $260 million drawn
at March 31, 2020. Fitch believes the maturity profile improves
following this issuance. Note proceeds will be used to fund a
portion of the 2022 notes, reducing the outstanding balance to
about $300 million which are due in October. The secured credit
revolving facility matures in March 2022, ahead of the notes and
had $350 million outstanding as of June 30, 2020. Fitch expects any
cash needs for growth capital spending will be funded with
borrowings under the revolving credit facility. Funding for a
portion of the $15-20 million sustaining capital is available
through the Board established $49 million cash reserve. The Board
allocated $46 million for debt reduction and $3 million for
capital), and funded it through withheld Board distributions in Q1
2020. Blue Racer, under its operating agreement, is required to pay
out all of its cash available for distributions to its JV owners.
Cash available for distribution is defined as cash EBITDA less
maintenance capital expenditures and debt service.

Blue Racer is required to maintain a consolidated total leverage
ratio (as defined in the agreement) not to exceed 5.5x and
consolidated secured debt to EBITDA not to exceed 3.50x.
Additionally Blue Racer is required to maintain a consolidated
interest coverage ratio of no less than 2.5x. As of March 31, 2020,
Blue Racer was in compliance with these covenants and Fitch expects
that Blue Racer will remain in compliance with these covenants for
the forecast.

ESG CONSIDERATIONS

Blue Racer has an ESG Relevance Score of 4 for Group Structure and
Financial Transparency as the company operates under a somewhat
complex group structure as a private-equity backed midstream. This
has a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


BLUE RACER: Moody's Rates $400MM Senior Unsecured Notes 'B2'
------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Blue Racer
Midstream, LLC's proposed $400 million senior unsecured notes due
2025. Blue Racer's other ratings, including its B1 Corporate Family
Rating and negative outlook remained unchanged.

The net proceeds from this debt offering will be used to redeem a
portion of its 6.125% senior unsecured notes due 2022 through a
tender offer, which was launched simultaneously.

"This offering will reduce refinancing risk and enhance financial
flexibility by pushing out a significant portion of the company's
near-term maturities," said Sajjad Alam, Moody's Vice President --
Senior Analyst.

Assignments:

Issuer: Blue Racer Midstream, LLC

  Senior Unsecured Notes, Assigned B2 (LGD5)

RATINGS RATIONALE

The new 2025 notes will rank equally in right of payment with all
of Blue Racer's existing senior unsecured notes and hence were
rated the same. Blue Racer's senior unsecured notes are rated B2,
one notch below the company's B1 CFR, given the company's sizeable
$1 billion senior secured committed revolving credit facility,
which expires in March 2022. The revolver has a priority claim and
is secured by substantially all the assets of Blue Racer and its
current and future material subsidiaries.

Blue Racer's B1 CFR reflects its increasing financial leverage,
elevated counterparty risk arising from the weakening credit
profiles of its customers, single asset concentration in the Utica
and Marcellus Shale plays, and strong industry headwinds the
company will face amid low natural gas prices and reduced producer
spending through 2021. The rating also considers Blue Racer's
remaining 2022 notes maturity and its potential capital needs to
support future capital projects, as well as its private ownership.
The B1 rating is supported by long-term fee-based cash flow backed
by a diversified group of customers, a well-established integrated
midstream operation in the liquids-rich sections of the Utica
Marcellus Shale plays, a track record of significant organic
expansion, and continued strong equity support from its private
owners that have routinely reinvested distributions back into the
company during 2016-2020 to support growth and reduce financial
leverage. Blue Racer has historically exhibited good capital
flexibility during weak industry conditions, and Moody's expects
management to take measures to protect the company's liquidity and
balance sheet.

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

Blue Racer's CFR could be downgraded should a sustained industry
slowdown materially reduce throughput volume and EBITDA, further
raise counterparty risks, or push the debt-to-EBITDA ratio above
6x. Diminished liquidity, including tightening covenant headroom or
elevated refinancing risk, could also trigger a downgrade. Although
a positive rating action is unlikely in 2020, the CFR could be
upgraded if the company can sustain a debt-to-EBITDA ratio near 4x
and an interest coverage ratio above 4x in a stable to improving
industry environment.

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

Blue Racer Midstream, LLC is a private midstream company that
provides gathering, processing, fractionation and natural gas
liquids transportation, and marketing services to natural gas
producers in the Utica and Marcellus Shale plays.


BLUE RACER: S&P Affirms 'B+' Issuer Credit Rating; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on Blue
Racer Midstream LLC after the company announced a private offering
of $400 million senior notes due 2025. The outlook is stable.

S&P assigned a 'B' issue-level rating to Blue Racer's new 2025
notes and affirmed its 'B' issue-level ratings on the remaining
notes due in 2022 and 2026. Its '5' recovery rating indicates
modest (10%-30%, rounded estimate: 25%) recovery in the event of a
payment default.

Blue Racer intends to use net proceeds to repurchase its existing
senior unsecured notes due 2022 via a tender offer. As of June 30,
2020, Blue Racer had $700.3 million of 2022 notes outstanding. The
company might use proceeds from the issuance for general corporate
purposes, including retiring $300 million notes due 2026.

The affirmation of S&P's 'B+' issuer credit rating on Blue Racer
reflects its relatively small scale of operations and asset
concentration in Marcellus and Utica. Also, the company's contract
profile remains highly exposed to volumetric and counterparty risk.
As of the first quarter of 2020, 85% of Blue Racer's service
revenue was derived from acreage dedications and well pad connects
while the remaining 15% consisted of minimum volume commitments
(MVC) and volumetric demand payments. At the same time, the
customer portfolio mainly includes lower credit quality producers,
which might result in additional cash flow volatility due to
heightened counterparty risk.

"We expect Blue Racer's adjusted debt to EBITDA to be below 5x in
2020 and 2021 due to lower than previously expected volume growth
affected by the general economic decline and Marcellus and Utica
natural gas drillers reevaluating their production plans," S&P
said.

"The stable outlook on Blue Racer reflects our expectation of
leverage below 5x this year despite lower-than-expected volumes
offset by a flexible capital budget, the potential reduction of
distributions, and adequate liquidity," the rating agency said.

S&P could consider lowering its ratings on Blue Racer if the
company's debt to EBITDA exceeded 5x on a sustained basis due to a
further decline in volumes, or if Blue Racer's distributions to its
parent companies led to a higher debt balance and a deterioration
in its liquidity.

"We do not expect to take a positive rating action on Blue Racer
during the next 12 months due to the company's limited scale and
the macroeconomic environment. However, we could consider raising
our rating if the company sustained total adjusted leverage of less
than 4x, increased its operating scale, and secured a higher
percentage of MVCs," S&P said.


BROWN BROS: July 23 Hearing on Small Business Plan
--------------------------------------------------
The Hon. Shelley D. Rucker will hold a telephonic hearing on July
23 at 11:00 a.m. to consider approval of the Chapter 11 Small
Business Subchapter V Plan filed by Debtor Brown Bros. Telecom &
Utility, Inc.

The Debtor proposes that all allowed non-priority unsecured
creditors who were scheduled by the Debtor, not disputed and who
did not file a claim -- grouped in Class 4.1 under the Plan -- will
be paid on a pro-rata basis from a total of $26,944.55.

The Debtor, as plan proponent, projects that it will have
disposable income as defined by Section 1191(d) of the Bankruptcy
Code of about $3,850 per month.  The Debtor expects that final plan
payment will be made on June 11, 2025.

However, the Debtor cautioned that due to the COVID-19 Pandemic and
recent storm damage, the numerical projections may not be in accord
with the Plan Proponent's past experience.

A full-text copy of the Plan is available at https://is.gd/118g0C
from PacerMonitor.com

      About Brown Bros. Telecom & Utility

Brown Bros. Telecom & Utility, Inc. sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 20-11022) on
March 13, 2020.  At the time of the filing, the Debtor was
estimated assets of between $100,001 and $500,000 and liabilities
of the same range.  Judge Shelley D. Rucker oversees the case.  The
Debtor is represented by Richard Banks & Associates, P.C.

The United States Trustee appointed as Sub-chapter V trustee:

    Robert J. Wilkinson, Esq.
    LAW OFFICE OF W. THOMAS BIBLE, JR.
    6918 Shallowford Rd., Suite 100
    Chattanooga, TN 37421
    Tel: (423) 424-3116
    Fax: (423) 499-6311
    Email: Robert@tombiblelaw.com



CALIFORNIA RESOURCES: Lenders Extend Forbearance Period to July 12
------------------------------------------------------------------
California Resources Corporation and certain of its subsidiaries
further amended the forbearance agreements, dated June 2, 2020,
with:

   * certain lenders representing a majority of the outstanding
     principal amount of the loans under its Credit Agreement,
     dated as of Sept. 24, 2014, by and among the Company, as the
     Borrower, the subsidiary guarantors party thereto, the
     various Lenders identified therein, JPMorgan Chase Bank,
     N.A., as Administrative Agent, a Lender and a Letter of
     Credit Issuer, and Bank of America, N.A., as a Lender and a
     Letter of Credit Issuer;

   * certain lenders representing a majority of the outstanding
     principal amount of the term loans under its Credit
     Agreement, dated Aug. 12, 2016, by and among the Company, as
     the Borrower, the various Lenders identified therein and The
     Bank of New York Mellon Trust Company, N.A., as
     Administrative Agent; and

   * certain lenders representing a majority of the outstanding
     principal amount of the term loans under its Credit
     Agreement, dated as of Nov. 17, 2017, by and among the
     Company, as the Borrower, the subsidiary guarantors party
     thereto, the various Lenders identified therein and The Bank
     of New York Mellon Trust, N.A., as Administrative Agent.

The Forbearing Parties agreed to extend the period in which they
will forbear from exercising any remedies under the Credit
Agreements with respect to certain specified events of default
until the earlier of (a) 11:59 p.m. (New York time) on July 12,
2020 and (b) the date the Forbearance Agreements otherwise
terminate in accordance with their terms.  The Forbearance
Agreements include certain covenants with which the Company must
comply during the forbearance period.  The failure to comply with
such covenants, among other things, would result in the early
termination of the forbearance period.

                   About California Resources

California Resources Corporation -- http://www.crc.com/-- is an
oil and natural gas exploration and production company
headquartered in Los Angeles, California.  CRC operates its
resource base exclusively within the State of California, applying
complementary and integrated infrastructure to gather, process and
market its production.

California Resources reported a net loss attributable to common
stock of $28 million for the year ended Dec. 31, 2019, compared to
net income attributable to common stock of $328 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$4.97 billion in total assets, $543 million in total current
liabilities, $4.86 billion in long-term debt, $135 million in
deferred gain and issuance costs, $715 million in other long-term
liabilities, $816 million in mezzanine equity, and a total deficit
of $2.09 billion.

                           *   *   *

As reported by the TCR on July 3, 2020, S&P Global Ratings lowered
its long-term issuer credit rating on U.S.-based oil and gas
exploration and production company California Resources Corp. (CRC)
to 'D' (default) from 'CC'.  "The downgrade reflects our view that
CRC will not make the aggregate interest payments on its 1.5-lien
term loan due 2021, its first-lien term loan due 2022, or its 8%
second-lien notes due 2022 within the 30-day grace period.  The
company continues discussions with its debtholders, and we believe
these will result in a comprehensive debt restructuring or a
bankruptcy filing," S&P said.

As reported by the TCR on July 9, 2020, Moody's Investors Service
downgraded California Resources Corporation's Corporate Family
Rating to Ca from Caa3.  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.


CAMBER ENERGY: Viking Re-Activates Certain Wells
------------------------------------------------
Viking Energy Group, Inc. and Camber Energy, Inc., report that
Viking has started to re-activate certain wells within its
portfolio that were purposely turned off or dialed-back due to the
collapse of oil prices caused in part by the COVID-19 pandemic and
certain geo-political factors.

Viking has endeavored to be as proactive as possible in terms of
increasing storage capacity and lowering production rates of
certain wells to avoid selling oil from certain leases at prior low
prices.  For example, in May, Viking, through various subsidiaries,
rented approximately 44 portable storage containers to situate on
certain properties to store product until commodity prices
increased.  Viking also reduced production rates and/or ceased
producing hydrocarbons from approximately 13 wells, with a view to
re-activating the wells when pricing improved.

As commodity prices began to rise in June due to increased demand
for oil, Viking started the process to re-activate applicable
wells, including, for example, well API No. 42-361-30914, located
in Orange County, Texas, owned by Viking's subsidiary, Ichor
Energy, LLC, which was shut-in on May 5, 2020.  Production within
Viking's Ichor division for the week ending June 27, 2020, was 31%
higher than the week ending May 27, 2020, as a result of Viking's
initial re-activation efforts.  Viking has also taken steps to sell
oil that has been stored on certain properties since May.
  
Viking estimates the entire re-activation process will be completed
by the end of July, subject to commodity prices remaining at or
near current levels.  There are no guarantees all wells will
perform at the same rates as prior to being de-activated.

James Doris, president & CEO of Viking, stated, "We're encouraged
by the increase in oil prices, recognizing we have to remain as
strategic and resolute as possible in a volatile market.  We
believe the company will be in an even better position upon
completion of our planned merger with Camber Energy, Inc., as the
combined company's trading on a major exchange will provide the
company with further optionality and enhanced visibility."

Louis Schott, interim chief executive officer of Camber, stated,
"Viking's operational experience is one of the primary reasons for
the planned merger with Viking as Viking brings this expertise to
the combined companies."

      Details on Planned Merger between Camber and Viking
As disclosed previously, the planned merger between Viking and
Camber Energy, Inc. contemplates Camber issuing newly-issued shares
of common stock to the equity holders of Viking in exchange for
100% of the outstanding equity securities of Viking by means of a
reverse triangular merger in which a newly formed wholly-owned
subsidiary of Camber will merge with and into Viking, with Viking
continuing as the surviving corporation and as a wholly-owned
subsidiary of Camber after the Merger.  If the closing of the
Merger occurs, the Viking equity holders prior to the Merger will
own approximately 80% of Camber's issued and outstanding common
stock immediately after the Merger, and the Camber equity holders
prior to the Merger will own approximately 20% of Camber's issued
and outstanding common stock immediately after the Merger, subject
to adjustment mechanisms set out in the merger agreement, as
amended, and in each case on a fully-diluted, as-converted basis as
of immediately prior to the Closing (including options, warrants
and other rights to acquire equity securities of Viking or Camber),
but without taking into account any shares of common stock issuable
to the holder of Camber's Series C Preferred Stock upon conversion
of the Series C Preferred Stock.  Completion of the Merger is
subject to a number of closing conditions and required consents, as
set out in the merger agreement, and there is no assurance that
such Merger will close on a timely basis, if at all.

                       About Camber Energy

Based in Houston, Texas, Camber Energy -- http://www.camber.energy
-- is primarily engaged in the acquisition, development and sale of
crude oil, natural gas and natural gas liquids from various known
productive geological formations, including from the Hunton
formation in Lincoln, Logan, Payne and Okfuskee Counties, in
central Oklahoma; the Cline shale and upper Wolfberry shale in
Glasscock County, Texas; and Hutchinson County, Texas, in
connection with its Panhandle acquisition which closed in March
2018.

Camber Energy reported a net loss of $3.86 million for the year
ended March 31, 2020, compared to net income of $16.64 million  for
the year ended March 31, 2019.  As of March 31, 2020, the Company
had $9.69 million in total assets, $2.07 million in total
liabilities, $5 million in temporary equity, and $2.62 million in
total stockholders' equity.

Marcum LLP, in Houston, Texas, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated June 29,
2020, citing that the Company has incurred significant losses from
operations and had an accumulated deficit as of March 31, 2020 and
2019.  These factors raise substantial doubt about its ability to
continue as a going concern.


CARBO CERAMICS: Ernst & Young Raises Going Concern Doubt
--------------------------------------------------------
CARBO Ceramics Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$304,201,000 on $161,707,000 of revenues for the year ended Dec.
31, 2019, compared to a net loss of $75,433,000 on $210,745,000 of
revenues for the year ended in 2018.

The audit report of Ernst & Young LLP states that as a result of
the Company's financial condition, the defaults under the Credit
Agreement and the risk of uncertainties surrounding the Chapter 11
Cases, substantial doubt exists regarding the Company's ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $191,514,000, total liabilities of $152,207,000, and a total
shareholders' equity of $39,307,000.

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

                       https://is.gd/OVfaA4

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



CARPENTER TECHNOLOGY: Moody's Rates New Unsecured Notes 'Ba3'
-------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Carpenter
Technology Corporation's new senior unsecured notes. All other
ratings remain unchanged, including the speculative grade liquidity
rating.

Proceeds from the new note issue will be used to refinance the 5.2%
senior unsecured notes due in July 2021 and for general corporate
purposes.

"The new debt issue improves Carpenter's debt maturity profile
providing a better runway for improving performance as key markets
slowly recover" said Carol Cowan, Moody's Senior Vice President and
lead analyst for Carpenter. As there is no secured debt in the
company's capital structure the unsecured notes are rated at the
same level as the Ba3 Corporate Family Rating.

Assignments:

Issuer: Carpenter Technology Corporation

  Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)

RATINGS RATIONALE

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.

More specifically, Carpenter's substantial exposure to the
aerospace and defense sector (roughly 59% of revenues excluding
surcharges and automotive roughly 6% of revenues net of surcharges
makes the company vulnerable to the material drop in build and
production rates across these industries in these unprecedented
operating conditions.

Carpenters Ba3 CFR considers the company's strong position in the
specialty metals markets as a producer of high strength, high
temperature, corrosion resistant alloys. The company's,
technological capabilities, which allow it to provide necessary
products such as special alloys and titanium products for demanding
end use industries such as aerospace, oil & gas drilling -
particularly directional drilling - and medical applications are
also acknowledged. These attributes position the company to achieve
stronger performance in the markets served, although the duration
of recovery time remains uncertain and is expected to be extended
in the aerospace and transportation segments.

Carpenter participates in the following market segments: Aerospace
and Defense, Medical, Transportation, Energy, and Industrial and
Consumer. In the Aerospace and Defense segment, with respect to
product mix within that segment, approximately 40% is engines, 20%
fasteners, 30% structural and 10% defense although these
percentages can fluctuate depending on build rates.

As Carpenter has a June 30 fiscal year-end, its 2020 performance
will remain reasonable although the 4th quarter will be more
materially impacted on the production curtailments in aerospace,
the ongoing issues with and grounding of the Boeing 737 MAX and
automotive (domestic auto production curtailed from roughly
mid-March to mid-May) and ramp up will be slow in these industries.
Additionally, the postponement of elective surgeries in the recent
months will impact the company's sales to medical end markets in
the near term although this market is expected to show improving
trends over the balance of calendar 2020. Carpenter's exiting of
its Amega West oil and gas business will remove this drain on
earnings. Recovery in aerospace is expected to be protracted over a
period of several years.

Given that Moody's expects EBITDA to fall significantly more than
revenues given the value-added component in the aerospace and
defense segment, leverage, as measured by the debt/EBITDA ratio
(including Moody's standard adjustments for pension and leases) is
expected to exceed 12x in fiscal 2021 and remain above 5x in 2022.
Moody's has assumed EBITDA of around adjusted $320 million in 2020.
Adjusted EBITDA for the three quarters to March 31, 2020 was $283
million.

In response to the coronavirus, the company has taken a number of
steps including a review of capital investments, which is expected
to improve cash flow by $50 million in fiscal 2021 and a 20%
reduction in global salaried positions among other actions. These
actions are expected to yield roughly $60/$70 million in cost
savings. Carpenter is expected to be modestly free cash flow
generative in 2020 and 2021 on working capital benefits and the
reduction of inventory.

The SGL-3 Speculative Grade Liquidity rating considers the
company's adequate liquidity profile. This was comprised of $93
million in cash at March 31, 2020 and $224 million of availability
under its $400 million revolving credit facility (RCF) after
considering $170 million in borrowings and $5.9 million in Letters
of Credit issued. Given the expectation of free cash flow
generation in fiscal 2020, some level of repayment under the RCF is
anticipated. With the refinancing of the 5.2% notes due in July
2021, Carpenter's next debt maturity is in March 2023.

The negative outlook contemplates that improvement in key end
markets, most importantly aerospace and defense, will be more
protracted than currently anticipated and that improving trends
over the next 12 -- 18 months will be slow with risk to a more
protracted recovery time frame.

Carpenter, like others in the steel, specialty metals and alloys
industry are engaged in manufacturing processes that are energy
intensive and produce carbon dioxide and greenhouse gases. The
company, together with others in its industry faces numerous
environmental regulations and pressures to reduce greenhouse gas
and air pollution emissions, among a number of other sustainability
issues and will likely incur costs to meet increasingly stringent
regulations. Carpenter, as a US company, is subject to numerous
regional, state and Federal regulations, including but not limited
to the Clean Air Act, the Clean Water Act, the Comprehensive
Environmental Responsible Compensation & Liabilities Act. From a
social perspective, a portion of Carpenter's workforce is covered
by various collective bargaining agreements. From a governance
perspective, the company has evidenced a conservative and
disciplined approach to its capital structure

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

Moody's would consider an upgrade of Carpenter's credit ratings if
leverage (adjusted debt/EBITDA) improves, on a sustainable basis,
to below 3.5x, interest coverage, on a sustainable basis (adjusted
EBIT/Interest) increases to above 3x and an adjusted EBIT margin to
above 7% on a sustained basis. Expectations of sustainable positive
Moody's adjusted free cash generation is also a prerequisite the
ratings upgrade.

Carpenter's ratings could be downgraded if liquidity, measured as
cash plus revolver availability, evidences a material
deterioration. Expectations of significantly prolonged production
rate cuts by the company's key customers or an extended slump in
the aerospace markets beyond what is currently contemplated
(approximately 2-3 years) could lead to negative pressure on the
ratings. Quantitatively, ratings could be downgraded if the
adjusted EBIT margin is expected to be sustained below 5%, (Cash
flow from operations less dividends)/debt is sustained below 20% or
free cash flow is negative.

Carpenter Technology Corporation, headquartered in Philadelphia,
PA, is a producer and distributor of specialty materials, including
stainless steel, titanium alloys and specialty alloys. The company
operates through two business segments: Specialty Alloys Operations
and Performance Engineered Products (PEP), with the SAO segment
contributing the bulk of the revenues and earnings. The company
continues to focus on strategic investments in metal powder
solutions and additive manufacturing capability. Revenues for the
twelve months ended March 31, 2020 were $2.4 billion.

The principal methodology used in this rating was Steel Industry
published in September 2017.


CENTRIC BRANDS: Committee Hires McDermott Will as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of Centric Brands Inc. and its debtor affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ McDermott Will & Emery LLP as its
counsel, nunc pro tunc to May 29, 2020.

McDermott will provide the following legal services to the
Committee:

     (a) advise the Committee with respect to its rights, duties
and powers in the Chapter 11 Cases;

     (b) assist and advise the Committee in its consultations and
negotiations with the Debtors and other parties-in-interest
relative to the administration of the Chapter 11 Cases;

     (c) assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;

     (d) assist the Committee in its investigation of the acts,
conduct, assets, liabilities and financial condition of the Debtors
and their insiders and of the operation of the Debtors'
businesses;

     (e) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third party concerning matters related to,
among other things, the assumption or rejection of certain leases
of non-residential real property and executory contracts, asset
dispositions, financing of other transactions and the terms of one
or more plans of reorganization for the Debtors and accompanying
disclosure statements and related plan documents;

     (f) assist and advise the Committee as to its communications
with the general creditor body regarding significant matters in the
Chapter 11 Cases;

     (g) represent the Committee at all hearings and other
proceedings before this Court;

     (h) review and analyze applications, orders, statements of
operations and schedules filed with the Court and advise the
Committee as to their propriety and, to the extent deemed
appropriate by the Committee, support, join or object thereto;

     (i) advise and assist the Committee with respect to any
legislative, regulatory or governmental activities;

     (j) assist the Committee in its review and analysis of the
Debtors' various agreements;

     (k) prepare, on behalf of the Committee, any pleadings,
including, without limitation, motions, memoranda, complaints,
adversary complaints, objections or comments in connection with any
matter related to the Debtors or the Chapter 11 Cases;

     (l) investigate and analyze any claims belonging to the
Debtors' estates; and

     (m) perform such other legal services as may be required or
are otherwise deemed to be in the interests of the Committee in
accordance with the Committee's powers and duties, as set forth in
the Bankruptcy Code, Bankruptcy Rules or other applicable law.

The current standard hourly rates charged by McDermott for
professionals and paraprofessionals employed in its offices are
provided below:

     Partners                     $1,050 — $1,375
     Senior Counsel                 $720 - $1,670
     Employee Counsel               $320 — $1,310
     Associates                     $180 — $1,105
     Paraprofessionals                $115 — $580

The standard hourly rates for McDermott's attorneys currently
expected to have primary responsibility for providing services to
the Committee are as follows:

     Timothy W. Walsh, Partner             $1,375
     Kristin K. Going, Partner             $1,055
     Andrew B. Kratenstein, Partner        $1,185
     David R. Hurst, Partner               $1,050
     Stacy A. Lutkus, Employee Counsel       $890
     Daniel Thomson, Associate               $675
     Natalie Rowles, Associate               $610

In addition, McDermott will charge for all other services provided
and for other charges and disbursements incurred in rendering
services to the Committee.

The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Revised U.S. Trustee
Guidelines:

Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?

Response: McDermott did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement.

Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

Response: No rate for any of the professionals included in this
engagement varies based on the geographic location of the Chapter
11 Cases.

Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

Response: McDermott did not represent any member of the Committee
in connection with the Chapter 11 Cases prior to its retention by
the Committee.

Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

Response: McDermott expects to develop a prospective budget and
staffing plan to comply reasonably with the U.S. Trustee's request
for information and additional disclosures, as to which McDermott
reserves all rights. The Committee has approved McDermott's
proposed hourly billing rates. The McDermott attorneys set forth
above in paragraph 12 will be the primary attorneys staffed on the
Chapter 11 Cases, subject to modification based on the facts and
circumstances of the Chapter 11 Cases and the needs of the
Committee.

Timothy W. Walsh, a partner of the firm of McDermott Will & Emery
LLP, disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Timothy W. Walsh, Esq.
     Kristin K. Going, Esq.
     MCDERMOTT WILL & EMERY LLP
     340 Madison Avenue
     New York, NY 10173
     Telephone: (212) 547-5615
     Facsimile: (212) 547-5444
     E-mail: twwalsh@mwe.com
             kgoing@mwe.com

            - and –

     David R. Hurst, Esq.
     MCDERMOTT WILL & EMERY LLP
     The Nemours Building
     1007 North Orange Street, 4th Floor
     Wilmington, DE 19801
     Telephone: (302) 485-3900
     Facsimile: (302) 351-8711
     E-mail: dhurst@mwe.com
       
                                 About Centric Brands

Centric Brands Inc. designs, produces, merchandises, manages and
markets kids wear, accessories, and men's and women's apparel under
owned, licensed and private label brands. Currently, the company
and its affiliates license over 100 brands, including AllSaints,
BCBG, Buffalo, Calvin Klein, Disney, Frye, Herve Leger, Jessica
Simpson, Joe's, Kate Spade, Kenneth Cole, Marvel, Michael Kors,
Nautica, Nickelodeon, Spyder, Timberland, Tommy Hilfiger, Under
Armour, and Warner Brothers. The companies sell licensed products
through both retail and wholesale channels.

Centric Brands and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-22637)
on May 18, 2020. As of March 31, 2020, Debtors disclosed
$1,855,722,808 in total assets and $2,014,385,923 in total
liabilities.  

Judge Sean H. Lane oversees the cases.

The Debtors tapped Ropes & Gray, LLP as bankruptcy counsel; PJT
Partners, Inc. as investment banker; Alvarez & Marsal, LLC as
financial advisor; and Prime Clerk, LLC as notice, claims and
balloting agent.

The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped McDermott Will & Emery LLP as its counsel
and Berkeley Research Group, LLC as its financial advisor.


CENTRIC BRANDS: Committee Taps Berkeley as Financial Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed to the
Chapter 11 cases of Centric Brands Inc. and its debtor affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of New York to employ Berkeley Research Group, LLC (BRG)
as its financial advisor, effective as of June 1, 2020.

BRG will provide the following financial advisory services to the
Committee:

     (a) developing a periodic monitoring report to enable the
Committee to evaluate effectively the Debtors' financial
performance relative to projections and any relevant operational
issues;

     (b) monitoring liquidity and cash flows throughout the cases
and scrutinizing cash disbursements and capital requirements;

     (c) analyzing relief requested by the Debtors in connection
with their cash management system;

     (d) evaluating the Debtors' proposed Restructuring Support
Agreement and Debtor-in-Possession financing terms;

     (e) analyzing both historical and ongoing related party
transactions;

     (f) advising the Committee in its analysis of the Debtors' and
non-Debtor affiliates' historical, current, and projected financial
affairs;

     (g) assisting in the review of financial related disclosures;

     (h) analyzing the Debtors' business plan/supply chain
management/ operational restructuring and monitoring the
implementation of any strategic initiatives and preparing reports
related thereto;

     (i) advising and assisting the Committee in its assessment of
the Debtors' employee needs and related costs;

     (j) assisting in the development and review of a cost/benefit
analysis with respect to the assumption or rejection of executory
contracts and leases;

     (k) providing support for MWE as necessary to address
restructuring issues;

     (l) advising and assisting the Committee and MWE in reviewing
and evaluating any court motions, applications, or other forms of
relief, filed or to be filed by the Debtors or any other
parties-in-interest, as necessary and appropriate;

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

     (n) identifying and developing strategies related to the
Debtors' intellectual property;

     (o) assessing the Debtors' international operations and
analyzing the impact of any insolvency proceedings in foreign
countries;

     (p) advising the Committee with respect to any potential
preference payments, fraudulent conveyances, and other potential
causes of action that the Debtors' estates may hold against
insiders and/or third parties;

     (q) providing support to the Committee and MWE regarding
potential litigation strategies;

     (r) monitoring the Debtors' claims management process;

     (s) preparing a waterfall of expected recoveries to creditor
classes under various settlement scenarios;

     (t) reviewing liquidity, cash flow, and budget projections and
forecasts in connection with evaluating feasibility of any proposed
plan of reorganization and/or business plan;

     (u) working with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured in a tax efficient
manner;

     (v) negotiating with parties-in-interest;

     (w) attending Committee meetings and court hearings as may be
required; and

     (x) performing other matters as may be requested by the
Committee from time to time.

The current standard hourly rates for BRG personnel that will work
on this engagement are as follows:

     Managing Director              $825 - $1,095
     Director                         $625 - $835
     Professional Staff               $280 - $740
     Support Staff                    $135 - $260

The standard hourly rates for the BRG professionals anticipated to
be assigned to this engagement are as follows:

     Christopher Kearns                    $1,095
     Stephen Coulombe                      $1,095
     David Galfus                          $1,040
     Jeffrey Dunn                            $825
     Christopher Goodrich                    $760
     Rebecca Feygenson                       $675
     Brian Hulse                             $625
     John Witkowski                          $365

In addition, BRG will charge for all other services provided and
for other charges and disbursements incurred in rendering services
to the Committee.

David Galfus, a managing director of Berkeley Research Group, LLC,
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     David Galfus
     BERKELEY RESEARCH GROUP, LLC
     250 Pehle Avenue, Suite 301
     Saddle Brook, NJ 07663
     Telephone: (201) 587-7100
     Facsimile: (201) 587-7102
     E-mail: dgalfus@thinkbrg.com
      
                                  About Centric Brands

Centric Brands Inc. designs, produces, merchandises, manages and
markets kids wear, accessories, and men's and women's apparel under
owned, licensed and private label brands. Currently, the company
and its affiliates license over 100 brands, including AllSaints,
BCBG, Buffalo, Calvin Klein, Disney, Frye, Herve Leger, Jessica
Simpson, Joe's, Kate Spade, Kenneth Cole, Marvel, Michael Kors,
Nautica, Nickelodeon, Spyder, Timberland, Tommy Hilfiger, Under
Armour, and Warner Brothers. The companies sell licensed products
through both retail and wholesale channels.

Centric Brands and its affiliates sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-22637)
on May 18, 2020. As of March 31, 2020, Debtors disclosed
$1,855,722,808 in total assets and $2,014,385,923 in total
liabilities.  

Judge Sean H. Lane oversees the cases.

The Debtors tapped Ropes & Gray, LLP as bankruptcy counsel; PJT
Partners, Inc. as investment banker; Alvarez & Marsal, LLC as
financial advisor; and Prime Clerk, LLC as notice, claims and
balloting agent.

The Official Committee of Unsecured Creditors appointed to these
Chapter 11 cases tapped McDermott Will & Emery LLP as its counsel
and Berkeley Research Group, LLC as its financial advisor.


CHARLES WILLIS: Closes After Over 60 Years
------------------------------------------
Caleb J. Spivak, writing for What Now Atlanta, reports that jewelry
and gift retailer Charles Willis closed its doors after over 60
years of business due to financial hardship brought on by the novel
coronavirus.

"We are saddened to let you know that after 60 years we have found
it necessary to close Charles Willis," the company wrote in a
letter to its bridal clients this week.

"Due to the COVID-19 interruption and the uncertainty of many of
our suppliers to deliver in a timely manner, if at all, we are
unable to sustain our business."

The company's social media has since been deleted and calls to
Charles Willis Thursday went unanswered.

Worden Willis, the child of Founder Charles Willis, posted this
statement Thursday on Facebook regarding the closure:

To: Everyone Who Loved Charles Willis Inc. in Atlanta

I am so very touched to feel everyone's sympathy here and my Father
Charles and Uncle Walter would be as well. After Charles passed
away the shop was sold and it has been run so beautifully ever
since. He had a good run of it. My Father, Charles Willis, started
the business originally on Baltimore block in Atlanta (or so I have
been told) in the 1940s and it has made it into 2020! I am So proud
of the staff throughout those years for making that happen and so
thankful to all who have shopped there over the years. I send my
love to everyone who has been associated with~ Charles Willis,
Inc.

With much love, Worden

Charles Willis—which might have been around even longer than 60
years (the "About Us" page on its website states the company was
founded in 1948)—joins other landmark retailers in closing with
attribution to COVID-19 including nearby Jeffrey.

                      About Charles Willis

Charles Willis is an Atlanta-based gift and jewelry retailer.  It
offers novelty and seasonal decorations, greeting cards and jewelry
items.


CHOICE CLINICAL: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Two affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

     Debtor                                        Case No.
     ------                                        --------
     Choice Clinical Lab, L.L.C.                      20-42307
     9517 Fairway Vista Dr.
     Rowlett, TX 75089
    
     Greenleaves Diagnostic Laboratories LLC          20-42308
     12000 Ford Rd., Suite 150
     Farmers Branch, TX 75234

Business Description: Greenleaves Diagnostic Laboratory --
                      (http://www.greenleavesdiagnostic.com)and
                      Choice Clinical Laboratory
                      (http://www.choiceclab.com)are
                      state-of-the-art laboratories specialized in
                      molecular diagnostic testing and diagnostic
                      assay development.  GDL and  CCL perform
                      advanced (molecular) diagnostic testing on
                      behalf of pharmaceutical companies and
                      clinical laboratories, within the complex
                      framework of preclinical studies and Phase
                      clinical trials.  They also design,
                      develop, and validate novel diagnostic
                      assays, which can be tailor-made for
                      specific diagnostic purposes.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       Northern District of Texas

Judge: Hon. Edward L Morris

Debtor's Counsel: Jeff P. Prostok, Esq.
                  FORSHEY & PROSTOK, LLP
                  777 Main St., Suite 1550
                  Fort Worth, TX 76102
                  Tel: 817-877-8855
                  E-mail: jprostok@forsheyprostok.com

Greenleaves Diagnostic's
Total Assets as of May 31, 2020: $273,054

Greenleaves Diagnostic's
Total Liabilities as of May 31, 2020: $4,532,710

Choice Clinical's
Estimated Assets: $100,000 to $500,000

Choice Clinical's
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Daniel Kandhorov, managing member.

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

                      https://is.gd/EWmDy8
                      https://is.gd/QLL0yl


CLEAN ENERGY: Incurs $314K Net Loss in First Quarter
----------------------------------------------------
Clean Energy Technologies, Inc., filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q, reporting a
net loss of $313,574 on $858,816 of sales for the three months
ended March 31, 2020, compared to a net loss of $726,777 on
$224,363 of sales for the three months ended March 31, 2019.  The
decrease in the net loss in 2019 was mainly due to the increase in
revenue.

The company also had an accumulated deficit of $14,529,292 as of
March 31, 2020.  Therefore, the Company said there is substantial
doubt about its ability to continue as a going concern.  There can
be no assurance that the Company will achieve its goals and reach
profitable operations and is still dependent upon its ability (1)
to obtain sufficient debt and/or equity capital and/or (2) to
generate positive cash flow from operations.

For the three months ended March 31, 2020, the Company's gross
margin was 65% compared to 34% for the same period in 2019 mainly
due to the decrease in material cost for the two-unit sale from the
HRS segment.  For the three months ended March 31, 2020, the
Company's operating expense was $476,210 compared to $401,878 for
the same period in 2019.

As of March 31, 2020, the Company had $4.57 million in total
assets, $9.97 million in total liabilities, and a total
stockholders' deficit of $5.41 million.

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

                     https://is.gd/mMw6ow

                     About Clean Energy

Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com/-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables.

Clean Energy reported a net loss of $2.56 million for the year
ended Dec. 31, 2019, compared to a net loss of $2.81 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$4.31 million in total assets, $9.56 million in total liabilities,
and a total stockholders' deficit of $5.25 million.  Fruci &
Associates II, PLLC, the Company's auditor since 2015, issued a
"going concern" qualification in its report dated  May 27, 2020,
citing that the Company has a significant accumulated deficit, net
losses, and negative working capital and has utilized significant
net cash in operations.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.


CLEAN ENERGY: Issues $164,800 Convertible Note to LGH Investments
-----------------------------------------------------------------
Clean Energy Technologies, Inc., entered into a securities purchase
agreement with LGH Investments, LLC, pursuant to which the Company
issued to the Investor a convertible promissory note in the
original principal amount of $164,800, a warrant to purchase
1,500,000 shares of the Company's common stock, par value $.001 per
share and one million restricted shares of Common Stock.  The Note
carried an original issue discount of $4,800 with interest of 8%
per annum payable at maturity.  The Note matures 8 months from the
issue date and is convertible at any time into the Common Stock at
a conversion price equal to $0.02 per share, subject to adjustment.
The conversion of the Note is limited to 4.99% of the issued and
outstanding shares of the Common Stock unless the market
capitalization falls below $2,000,000 in which case the limitation
is increased to 9.99%.  If an event of default occurs, the
conversion price changes to the lesser of (a). $0.02 (two) cents or
(b) 70% of the lowest traded price in the prior fifteen trading
days immediately preceding a notice of conversion.  In the event
that the Company issues a convertible note on more favorable terms
the terms of the Note will be revised to reflect such terms.

The Warrant has an exercise price of $0.04 per share, have a term
of two years, and may be exercised on a cashless basis.  The
exercise price and number of shares subject to purchase under the
Warrant are subject to adjustment for certain corporate actions.

The proceeds received by the Company from the Note issued to the
Investor will be used to pay off the Company's obligations under
the $103,000 Note previously issued to Power Up Lending Group, Ltd.
and for general working capital purposes

                      About Clean Energy

Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables.

Clean Energy reported a net loss of $2.56 million for the year
ended Dec. 31, 2019, compared to a net loss of $2.81 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $4.57 million in total assets, $9.97 million in total
liabilities, and a total stockholders' deficit of $5.41 million.

Fruci & Associates II, PLLC, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated
May 27, 2020, citing that the Company has a significant accumulated
deficit, net losses, and negative working capital and has utilized
significant net cash in operations.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


COLLEGIATE OF MADISON: July 13 Hearing on Amended Disclosures
-------------------------------------------------------------
Judge Catherine J. Furay has ordered that the hearing on the
Amended Disclosure Statement of The Collegiate of Madison, LLC,
will be on July 13, 2020 at 11:30.

Counsel for the Debtor:

     Kristin J. Sederholm
     (608) 258 - 8555

                 About Collegiate of Madison

The Collegiate of Madison, LLC, is primarily engaged in renting and
leasing real estate properties.  The Collegiate of Madison sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Wis. Case No. 19-13930) on Nov. 23, 2019.  At the time of the
filing, the Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Kristin J. Sederholm,
Esq., Krekeler Strother, S.C., is the Debtor's legal counsel.


CONFLUENT HEALTH: S&P Affirms 'B-' ICR on Improved Liquidity
------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Louisville, Ky.-based outpatient physical therapy provider
Confluent Health LLC and removed it from CreditWatch negative,
where the rating agency placed it on March 31, 2020.

The company's current liquidity position provides sufficient
headroom to weather the COVID-19 impact.   The company reported its
liquidity improved to about $78.6 million as of June 15, 2020 (a
cash balance of $28.6 million and full availability on its $50
million revolver) from about $62 million as of March 31, 2020. In
part, the improvement stemmed from the funds the company received
from the COVID-19 relief bill grants (about $5 million) and from
Medicare advanced payments program (about $6 million). However,
most importantly, it reflected the company's ability to adjust its
cost structure in the physical therapy (PT) segment in response to
the sales reduction experienced in the past few months because of
the pandemic. S&P also believes the company's two other segments
saw less disruption, with minimal impact on the educational
business and some headwinds for select customers in the
occupational health and safety business.

S&P expects the pandemic to cause both revenue and EBITDA margins
to decline in 2020 and free cash flow to decline to a minimal
amount or even a deficit. However, S&P believes the company limited
the decline through successful cost control efforts since
mid-March. Management partially reduced work hours in the clinics,
implemented executive salary reductions, and negotiated rent
deferrals and/or abatements with landlords. These measures,
combined with the government relief programs, enabled the company
to maintain and improve liquidity. S&P expects Confluent will
successfully manage its cost structure for the remainder of the
pandemic, resulting in solid liquidity for at least the next 12
months. Even though it anticipates higher leverage in 2020, S&P now
believes the company's liquidity is adequate to meet its
obligations and its capital structure is sustainable.

S&P projects the impact of the pandemic will dissipate in 2021 and
the company's operating metrics and profitability will return to
pre-COVID-19 levels because the rating agency believes Confluent's
business fundamentals remain solid. The company's operating
performance in the first quarter of fiscal year 2020 was generally
in line with S&P's projections. Same-store revenue in the PT
segment grew about 6%, with a partial offset from the pandemic in
the last half of March when COVID-19 spread globally and strict
stay-at-home measures were implemented in most of the U.S. The
other segments showed double-digit growth and free cash flow
(before accounting for acquisitions) was positive. Leverage
remained around 6.9x as of March 31, 2020, in line with S&P's
expectations.

"While we expect internal cash flow generation to recover in 2021,
we project discretionary cash flow will be negligible after
dividend distributions.   The company's acquisition strategy relies
on partnerships with physical therapists that retain minority
ownerships in their clinics," S&P said.

"In our view, this business model better aligns the interests of
the company with those of physical therapists and clinic
management, but dilutes earnings due to distributions to these
partners. We expect the company to use its excess cash for both
distributions to minority owners as well as general dividends. For
example in 2019, the company paid about $16 million in dividends
resulting in a $6 million discretionary cash flow deficit. In 2020,
we expect dividends to be smaller, limited to covering
shareholders' tax liabilities. At the same time, we believe that
when the company's operations recover, it may resume its more
generous dividend payouts," the rating agency said.

The stable outlook reflects S&P's view that the company has
sufficient liquidity to meet its needs and will not need to draw on
the revolver for the remainder of 2020 to cover potential cash flow
deficits. In addition, the rating agency expects procedure volume
will return to a pre-COVID-19 level in 2021 and leverage will fall
from its temporarily elevated level in 2020 to below 7x in 2021.

"We could consider lowering the rating on Confluent if unforeseen
operating issues or significant headwinds related to reimbursement
risk, such as actual rate cuts, result in prolonged cash flow
deficits. This would suggest the company's capital structure is
unsustainable. Such a scenario could occur if EBITDA margins
decline by about 300 basis points from our base case for 2021," S&P
said.

"Although unlikely in the coming 12 months, we could consider
raising the rating if the company expands its EBITDA margin or
maintains adjusted debt leverage at 5x or below and its
discretionary cash flow increases to more than $25 million on a
sustained basis. This would involve successful execution of
internal growth strategy without a significant increase in debt,"
the rating agency said.


COTY INC: S&P Cuts ICR to 'B-' on High Leverage; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating to 'B-' from
'B' on Coty Inc. and removed all ratings from CreditWatch, where
S&P had placed them with negative implications on March 24, 2020.
The outlook is stable.

Concurrently, S&P is lowering its rating on the company's senior
secured debt to 'B' from 'B+'. The recovery rating remains '2',
indicating S&P's expectation of substantial (70%-90%; rounded
estimate: 70%) recovery in the event of a payment default.
Subsidiary Coty B.V. is a co-borrower under the revolving credit
facility. In its rating analysis, S&P views Coty Inc. and its
operating subsidiaries as a group. It is also lowering the rating
on the company's senior unsecured debt to 'B-' from 'B'. The
recovery rating remains '4', indicating S&P's expectation for
average (30%-50%; rounded estimate: 30%) recovery in the event of a
payment default.

The downgrade reflects S&P's expectation Coty's leverage will
remain high, despite the application of $2.1 billion of divestiture
proceeds to repay debt, given the severe profit deterioration in
its recently completed fiscal 2020. In addition, S&P now expects
that overall demand for cosmetics and fragrances will be weak for
the next few quarters given S&P Global's economic forecast for
global GDP to contract 3.8% in 2020, which is worse than the 2.4%
contraction it previously expected. S&P also believes there is risk
to its base case forecast given Coty's large restructuring
programs, history of poor operating execution, and high senior
management turnover.

The constant senior management changes are a risk. The appointment
of Sue Y. Nabi as CEO, effective Sept. 1, 2020, marks its third CEO
this year and the sixth since the company acquired the P&G beauty
assets in 2015. Although Peter Harf, current CEO since June 1,
2020, will be elevated to the role of Executive Chairman, Sue Nabi
could change the company's strategy in terms of restructuring the
company. Peter Harf announced the implementation of a new
restructuring program on June 1, 2020. The company is still in the
process of completing Pierre Laubies', then CEO, "Rediscover
Growth" and "Regain Operational Leadership" programs announced in
July 2019 which focus on improving the consistency of top-line
growth. The current "All-In-To-Win" program broadens the revenue
and savings targets of the July 2019 restructuring programs with
particular focus on reducing fixed costs.

Coty's business was also significantly affected by store closures
related to COVID-19. S&P forecasts Coty's sales declined about 20%,
EBITDA dropped more than 45%, and discretionary cash flow was
negative $630 million in fiscal 2020 (ended June 30, 2020). Store
re-openings in U.S. and Europe, its key markets, as well as its
cost restructuring program, should help drive some improvement in
its operating performance in fiscal 2021. Nevertheless, Coty had a
significant debt burden before COVID-19 because of its poorly
executed merger with P&G beauty assets and structural headwinds in
the mass beauty channel. S&P expects the company's consumer beauty
and luxury businesses' EBITDA to remain below the fiscal 2019
levels in fiscal 2021 despite stores re-opening. The rating agency
believes store foot traffic will be weak given consumers' need to
social distance because of COVID-19, a higher number of consumers
working at home compared with 2019, high unemployment, and weak
consumer discretionary spending.

Coty's credit metrics should remain weak through fiscal 2022. S&P
forecasts leverage will be close to 13x in fiscal 2020 (including
the preferred equity as debt and EBITDA from Wella since the
transaction has not closed). S&P modestly revised its forecast for
fiscals 2021 and 2022 given S&P Global's economist's expectation
for slower economic recovery. Pro forma for the Wella transaction,
the rating agency expects leverage to decline to 7.5x in fiscal
2021 (6.5x excluding the preferred) and to 6.5x in fiscal 2022
(5.8x excluding the preferred).

Notwithstanding the struggles with its consumer beauty segment,
Coty's luxury business, which was 55% of its pro forma net revenue,
should remain healthy. Its luxury business has historically
generated organic sales at a mid- to high-single-digit rate and has
had good operating performance. The company holds the No. 1
position in the global fragrance market. Although S&P expects
fiscal 2021's organic sales growth rate to be below its historical
growth rate, S&P expects it to return to historical levels once
retailers sell-through existing inventory, consumers return to more
typical shopping behavior, and the global economy returns to
growth.

The stable outlook reflects Coty's fortified liquidity position
after raising $1 billion from the issuance of convertible preferred
equity to KKR Rainbow Aggregator L.P. (KKR). Coty has indicated
that it has $1.8 billion to $2.0 billion of available liquidity by
the end of July. S&P believes this will enable the company to
withstand significant industry headwind and fund cash outflows
because of depressed profits over the next 12 months caused by the
COVID-19 pandemic. In addition, S&P expects free cash flow will
turn positive in fiscal 2021 under its base case forecast.

"We could lower the rating if we believed Coty's capital structure
would become unsustainable or it would face a liquidity crisis.
This could occur if Coty did not effectively execute its
restructuring programs. They are broad, and there is risk that
there will be missteps that could keep credit metrics at elevated
levels because of further market share losses and additional
restructuring charges. Its progress toward stabilizing the business
could also be affected by a prolonged global recession and
consumers dramatically reducing spending because of high
unemployment. We could lower the rating if leverage remained above
10x or if the company continued to burn cash and its liquidity
position became constrained such that it fell below $1 billion,"
S&P said.

"We could raise the ratings if Coty demonstrated traction lowering
its cost structure, stabilized sales, and expanded its EBITDA
margin close to 15% and if we believed leverage would be sustained
below 7x. In addition, it would need to have at least 15% cushion
under the covenants in its credit facility that go into effect in
its fiscal fourth quarter of 2021," the rating agency said.


CR COMMERCIAL: Court Confirms Reorganization Plan
-------------------------------------------------
Judge Eddward P. Ballinger Jr. has ordered that the Amended Plan of
Reorganization filed by CR Commercial Contractors, Inc., is
confirmed and a discharge is entered subject to the following terms
and conditions:

Administrative Claims (Class 1). These claims are for the expenses
of administration of the estate, including attorney fees for
Debtor's counsel, fees paid to the Court appointed Special Counsel
and to the U.S. Trustee, if any.  The total amount of attorneys
fees incurred to Debtor's Bankruptcy Counsel, Allan D. NewDelman,
as of March I, 2020 is $65,250 subject to an offset against
retainers of $30,336 leaving a balance due through March 1, 2020 of
$34,915.  The claim will be paid in cash, or in the amounts allowed
by the Court, upon the Plan distribution date unless otherwise
agreed to between the Debtor and the administrative creditor and as
reflected in Exhibit A.

Administrative Claims (Class IA). On April 29, 2019 the Court
entered an Order authorizing the appointment of Special Counsel,
Chase Halsey of Murphy Cordier, PLC, to represent the Debtor in all
matters described within the application to appoint special
counsel.  The total amount of attorneys fees incurred to Special
Counsel as of Sept. 6, 2019 is $2,368 subject to an offset against
retainers of $2,045 leaving a balance due of $322.78.  This claim
will be paid in cash, or in the amounts allowed by the Court, upon
the Plan distribution date.

Alleged Administrative Claim (Class 1B).  The Arizona Department of
Revenue has filed an "Administrative Claim", Claim 31-1 asserting
post petition penalties in the amount of $325.  To the extent that
such amount is actually due by the Debtor, it shall be paid on the
Effective Date.

Secured Claim - Celtic Bank/Kabbage (Class 2) - No Claim Filed
Celtic Bank/Kabbage is secured by a first position lien on all of
the Debtor's assets as set forth in its UCC-I Financing Statement
in the total amount of $175,000.  The secured claim of $175,000
with interest at the rate of 6% per annum will be paid at the rate
of $3,383 per month over a period of 60 months.

Secured Claim of Pearl Capital/Pearl Delta Funding, LLC (Class 3) -
Claim No. 19-1.  Pearl Capital/Pearl Delta Funding, LLC, is secured
by a second position lien on all of the Debtor's assets as set
forth in its UCC-I Financing Statement and its Proof of Claim in
the total amount of $197,341.  The secured claim of $197,341 with
interest at the rate of 6% per annum will be paid at the rate of
$4,139 per month over a period of 55 months.

Secured Claim of Ford Motor Credit Company LLC (Class 4) - Claim
No. 26-1.  Ford Motor Credit Company is secured by a 2015 Ford F150
truck (VIN ending 6547).  Said creditor will receive regular
monthly payments pursuant to the terms of its contract.

Secured Claim of Wells Fargo (Class 5) - Claim No. 17-1.  Wells
Fargo is secured by a 2017 Ford F150 truck (VIN ending 3727). Said
creditor shall receive regular monthly payments pursuant to the
terms of its contract.

Secured Claim of NEC Financial Services (Class 6) - No Claim Filed.
NEC Financial Services ("NEC") asserts in its contract with the
Debtor, that the Debtor is "leasing" the NEC SV9100 Phone System.
However, the terms of the contract shows that the parties have
entered into a purchase agreement for the equipment, therefore, NEC
is deemed a secured creditor, secured by equipment that is being
purchased by the Debtor (end of lease purchase option of $1.00).
It is estimated that the Creditor is owed $9,635.  The equipment
that secures this loan has a Fair Market Value slightly in excess
of the amount owed, as stated in the Debtor's Schedules.  As a
result, said Creditor will have a secured claim of $9,635 to be
paid with interest at 4% in payments of $177.44 per month for a
total of 60 months.

Secured Claim of Pacific Office Automation (Class 7) - Claim 25-1.
Pacific Office Automation ("POA") filed Claim 25-1 on August 12,
2019. Attached to Claim 25-1.  As part of Claim 25-1, POA asserts
in its contract with the Debtor, that the Debtor is "leasing" the
HP Elite Book 850 G2; HP Ultra Slim Docking Station, HP Wireless
Keyboard & Mouse, 1--1P Prodisplay, and a Datto SP 2000 Hybrid.
Said creditor acknowledges that is has been paid in full under this
contract.

Secured Claim of TCF Equipment Finance (Class 8) - Claim 29-1.  On
or about Nov. 21, 2019, TCF Equipment Finance C'TCF"), as assignee
of De Lage Laden, who, in turn, was the assignee of Pacific Office
Automation, filed Proof of Claim 29-1 asserting that it held a
leasehold interest in an IT Small Stack (HP/DL 360P).  The terms of
the contract shows that the original parties had entered into a
purchase agreement for the equipment, therefore, TCF, as the
assignee, is deemed a secured creditor, secured by equipment that
is being purchased by the Debtor (end of lease purchase option of
$1.00).  It is estimated that, as of the Petition date, the amount
owed for the equipment was $11,081. The Proof of Claim sets the
amount at $11,308.  The Debtor, during the course of the Chapter
11, had been making payments on the secured claim.  As of December
9, 2019 the balance owed on the contract was $8,876.50. The Debtor
and TCF negotiated a payment of $6,657.37 in full satisfaction of
the balance owed on the contract. On December 17, 2019 the Debtor
tendered payment in the amount of $6,657.37 to TCF in exchange for
a full and complete release of its claim.  TCF has amended its
claim to reflect $0.00 owed.

Unsecured Priority Claim - Internal Revenue Service (Class 9) -
Claim No. 2-2.  The Internal Revenue Service ("IRS") will have a
priority claim in the amount of $7,131.  The IRS's priority claim
will be paid with interest at the statutory rate set forth in
I.R.C. #6621 and 6622 that is in effect during the month that the
Plan is confirmed, as required by 11 U.S.C. *511.  This priority
amount, will be paid at the rate of $177.34 per month until paid in
full.  Payments will begin 30 days after Plan Confirmation.

Priority Tax Claim of the Arizona Department of Revenue (Class 10)
- Claim No. 1-2.  The Arizona Department of Revenue ("ADOR") shall
have a priority claim in the amount of $162,972.09. The ADOR's
priority claim shall be paid with interest at the statutory rate as
set forth in ARS S 42-1123(A), that is in effect during the month
that the Plan is confirmed, as required by 11 U.S.C. *511. This
priority amount shall be paid at the rate of $4,031.47 per month
until paid in full. Payments shall begin 30 days after Plan
Confirmation.

General Unsecured Claims (Class 11).  All allowed and approved
claims under this Class shall be paid in full from all funds
available for distribution as set forth in the Disbursement
Schedule.  Interest in this class will not be paid unless required
by law.  It is anticipated that payments under this class will
begin in the first month of the Plan, disbursed on a pro rata
basis.  The maximum length of the payout under the Plan shall not
exceed 84 months.  However, the Debtor does anticipate that certain
creditors in Class 11 may be paid by third parties.  In that event,
the duration of this Plan may be shortened from what is currently
anticipated.

Unsecured Claims - Administrative Convenience Class (Class 1 IA).
This class will consist of all allowed and approved general
unsecured claims if the claim amount owed as of the filing of the
Disclosure Statement is no greater than $5,000 and if the general
unsecured creditor holding such claim ("eligible creditor") elects
to be treated as a member of Class IIA.  The creditors have
accepted the election and shall receive 20 percent of the allowed
and approved claim on the Effective Date of the Plan of
Reorganization.

Debtor's Interest (Class 12).  The Debtor will retain all of the
legal and equitable interest in assets of this estate, as all
reconciliation issues have been met. All estate property will vest
in the Debtor at confirmation.

Unless the terms of a particular class specifies otherwise, the
Debtors' failure to make any payment under the Plan within 60 days
after demand for payment after its due date will constitute a
default unless the Debtors and the affected creditor agree to
delayed payment.

              About CR Commercial Contractors

Based in Phoenix, Arizona, CR Commercial Contractors, Inc. --
http://crcontractors.com/-- a privately held company that offers
general contractor services, filed a voluntary Chapter 11 petition
(Bankr. D. Ariz. Case No. 19-02937) on March 18, 2019.  In the
petition signed by COO Douglas R. Terrill, the Debtor disclosed
total assets of $881,104 and total liabilities of $2,268,945.  The
case is assigned to Judge Eddward P. Ballinger Jr.  The Debtor is
represented by Allan D. Newdelman, Esq., Phoenix, Ariz.  No
official committee of unsecured creditors has been appointed in the
Debtor's case.


DIEBOLD NIXDORF: S&P Affirms 'B-' ICR on Debt Maturity Extension
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on global
ATM, point-of-sale, and self-checkout terminal assembler and
distributor Diebold Nixdorf Inc. and its 'B-' issue-level rating on
its existing senior secured debt. S&P's '3' recovery rating
(rounded estimate: 60%) on the secured debt remains unchanged.

The rating affirmation follows Diebold Nixdorf's announcement that
it plans to refinance its 2022 debt maturities with $1.1 billion of
secured notes. S&P notes the debt issuance will be split between US
dollar debt due in 2027 and Euro debt due in 2025. The company also
plans to extend the maturity of $344 million of its revolver to
2023 from 2022. S&P would view a successful near-term debt
refinancing as a positive development for the company's credit
quality.

Meanwhile, S&P assigned its 'B-' issue-level rating and '3'
recovery rating to the proposed $1.2 billion secured debt
offering.

S&P expects Diebold Nixdorf's earnings and margins to be somewhat
resilient in 2020 despite COVID-19 headwinds and other revenue
growth challenges.  The company's June earnings preannouncement and
re-establishment of its 2020 guidance indicate that it has begun to
see signs of an earnings recovery. It now expects Diebold Nixdorf's
2020 S&P-adjusted EBITDA and margins to be better than its
previously forecasted. Pro forma for its restructuring costs, the
company's EBITDA margins improved by about 400 basis points (bps)
year over year in April and May despite a 15% decline in its
revenue (net of management's divestments and revenue
rationalization efforts). The improvement in Diebold Nixdorf's
margin reflects its progress on its comprehensive DN Now business
improvement plan, which it has continued to implement despite the
disruption to its business operations stemming from the coronavirus
outbreak. For full year 2020, the rating agency expects the
company's S&P-adjusted EBITDA margins (the rating agency does not
add back restructuring costs) to improve to 9.5%, from 8% in 2019,
and its EBITDA to remain about flat year over year. This level of
earnings, combined with S&P's expectation for reduced capital
expenditure (capex) of about $30 million and working capital
outflows of $20 million, will likely support flat to slightly
positive free operating cash flow (FOCF) generation in 2020. S&P
anticipates that Diebold Nixdorf's 2020 cash flow will be lower
than in 2019 ($91 million) because of COVID-19 related headwinds,
less favorable working capital movements, and continued high
restructuring costs, which the rating agency expects will roll off
over the next two years.

The company's ability to sustain its cost improvements will be
critical to S&P's view of the company's credit quality.  Diebold
Nixdorf's execution risks remain elevated because it is in the
middle of implementing its DN Now business improvement plan. S&P
expects the company to realize $90 million of savings in 2020,
though management expects to achieve $130 million. S&P forecasts
that Diebold Nixdorf will realize about half to two-thirds of its
planned $470 million of gross savings from the cost-savings plan by
the end of 2020. Since 2018, management has been focused on
improving the efficiency of all of Diebold Nixdorf's operational
areas. The company has since revamped its organizational structure
and made efforts to improve its efficiency by implementing its
services modernization plan, rationalizing its manufacturing
footprint, and reducing its general and administrative (G&A)
spending. While Diebold Nixdorf has shown strong execution in light
of the difficult operating environment, it is unclear whether the
company will be able to sustain the recent improvement in its
margins and further improve its FOCF generation. S&P notes that not
all of the expected cost savings will fall to the company's profits
because some will be lost to cost inflation, foreign-exchange
translation costs, or divestments or used to reinvest in the
business." Furthermore, if the company is unable to manage its
business amid the longer term industry headwinds to cash payments
and brick and mortar retail stores or if weak macroeconomic trends
reemerge, it may pursue additional restructuring programs.

S&P expects hardware upgrades to lift the end-market demand for
Diebold Nixdorf's goods and contracted services and support a
somewhat stable revenue trajectory over the next 1-2 years.
Diebold Nixdorf's global installed base of ATMs and retail point of
sale (POS) equipment has remained fairly consistent over the past
few years (at about 1 million ATMs and 1.3 million POS units). The
company has signed service contracts for about 60% of its ATM
installed base and services account for roughly half of its annual
revenue. Diebold Nixdorf's service renewal rates have remained
strong even as it experienced cost-related issues in 2018 and
embarked on its multi-year cost savings program. The majority of
its demand comes from ATMs and consumer cash usage, which face
long-term secular pressures (the company derives about 75% of its
revenue from its Eurasia Banking and America Banking segments).
However, S&P believes the company can increase its revenue at a
slightly slower pace than global GDP growth after 2020. Diebold
Nixdorf's updated software, DN Vynamic, its new DN Series of ATM
hardware launched in 2020, ATM refresh cycles, and branch
transformation activities in advanced economies support S&P's view
that its revenue will remain fairly consistent after 2020 excluding
divestitures.

"The negative outlook reflects our view that the company could
experience further margin pressure and generate persistent negative
FOCF if it is unable to sustain its recent restructuring efforts or
if the revenue headwinds stemming from COVID-19 related disruptions
and longer-term ATM hardware installation trends persist. These
challenges could threaten Diebold Nixdorf's refinancing of its debt
maturities in 2022," S&P said.

S&P could lower its rating on Diebold Nixdorf if the company's
operating performance does not improve on a sustained basis or if
the company is unable to make progress in refinancing its 2022
maturities before they become current. This could occur if it is
unable to sustain the recent improvement in its margin from its DN
Now business improvement plan, leading its leverage to remain above
7.5x, and its prospects for positive FOCF generation remain weak.
The rating agency's leverage calculation does not net cash and
includes the expense of restructuring costs.

"We could revise our outlook on Diebold Nixdorf to stable if it
reduces its liquidity risk by successfully refinancing its 2022
maturities before April 2021. We could also revise our outlook to
stable if we believe the company will sustain its recent cost
savings such that its FOCF remains positive and the declines in its
annual revenue (pro forma for divestitures) stabilize. We would
also have to expect the company to maintain good covenant headroom
and stable end-market demand for its products before revising the
outlook," S&P said.

"Over the longer term, we could raise our rating on Diebold Nixdorf
by one notch if it achieves and sustains its identified cost
savings and operational improvements such that its leverage
declines below 6.5x while it maintains a FOCF-to-debt ratio of more
than 5%," the rating agency said.


DUN & BRADSTREET: S&P Upgrades ICR to 'B+' on Debt Repayment
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Short Hills,
N.J.-based information services company The Dun & Bradstreet Corp.
(D&B) to 'B+' from 'B-' and its issue-level ratings on its
first-lien and unsecured debt to 'B+' and 'B-', respectively. S&P's
recovery ratings on the company's debt remain unchanged.

The company's planned repayment of its high-cost debt with the
proceeds from its IPO will help deleverage its balance sheet and
free up its cash flows. The upgrade primarily reflects S&P's
expectation that D&B will use a substantial portion of the $2.38
billion of proceeds it raised through its IPO primary offering to
repay approximately $1.07 billion of the principal outstanding on
its preferred stock and $300 million of the principal outstanding
under its unsecured notes (as well as associated costs related to
the debt repayment and IPO of over $350 million) through an equity
claw back. The repayment of this debt, including the preferred
stock that S&P treats as debt, will improve the company's leverage
by over two turns and reduce its debt service costs by almost $160
million, meaningfully improving free cash flow generation. With
over $3.8 billion of debt pro forma for the repayment as of March
31, 2020, D&B will continue to have high leverage in S&P's view.
However, S&P expects the company to benefit from its improved free
cash flow profile such that its free operating cash flow
(FOCF)-to-debt ratio would improve to the 7% to 9% area over the
next 12 months as compared to the rating agency's prior
expectations of about 2% to 3%. The rating agency also expects
D&B's leverage to improve to approximately 5.6x as of year-end 2020
from almost 7.9x previously.

The positive outlook reflects D&B's good deleveraging potential
over the next 12 months. The IPO will allow the company to add
almost $640 million of cash to its balance sheet and improve its
internal cash flow generation by reducing its debt servicing costs.
S&P expects that management will look to use its significant cash
balances to reduce its leverage over the next 12 months either
through acquisitions or debt reduction. In addition, S&P expects
that D&B will maintain a steady operating performance with flat to
modest revenue growth and significant EBITDA growth supported by
cost cuts despite the economic headwinds stemming from the
coronavirus pandemic.

D&B's recurring subscription revenue base will limit the effects of
the COVID-19 related recession on its revenue. D&B's benefits from
good revenue visibility due to its high percentage of
subscription-based revenue, especially in its risk management
business where its Data Universal Numbering System (DUNS; a
proprietary system that assigns a unique number to a single
business entity) is widely used. In addition, the company's
products provide significant value to its customers looking to
manage their risk or reinvigorate their sales in a recessionary
environment. S&P believes these factors will likely alleviate the
effects of the COVID-19 related recession on D&B's revenue and
expect its organic revenue growth to remain flat to modestly
positive for 2020.

Cost cuts continue to support EBITDA margin improvement. D&B's
EBITDA margins have historically lagged those of its industry peers
in part because of its substantial cost base and significant
consulting spending for its reorganization initiatives. However,
the company's new management team has materially improved its
profitability by undertaking aggressive restructuring initiatives
mainly aimed at reducing its workforce, implementing simplified
pricing structures, shifting toward multiyear subscriptions, and
clarifying roles and responsibilities to improve the performance of
its sales team. As of March 31, 2020, D&B had achieved over $200
million in annualized pro forma cost savings, which exceeded the
cost cuts the company had committed to when it went private in
early 2019.

The company relies on its sales force to ensure its contracts are
renewed and its performance since the LBO has assuaged some of
S&P's concerns that the company's revenue would contract due to the
significant staff turnover stemming from its restructuring
initiatives, especially because it has historically struggled to
consistently expand and operate with a low-cost base. D&B's revenue
increased by 3% year over year on a like-for-like basis for the
quarter ended March 31, 2020. Notwithstanding this improvement, S&P
believes the company continues to face operating risks and must
execute efficiently to ensure it operates with the lower cost base
while continuing to increase its revenue.

D&B participates in a competitive market with good underlying
secular growth characteristics. D&B is a leading global provider of
trade credit and related risk management solutions and data to
support business-to-business sales and marketing. The size, global
scope, and quality of the company's firmographic data and the
widespread reliance on its DUNS by corporations and governments for
their risk management practices are key differentiators for its
business. However, its competition in the data and analytics
industry has increased along with the rising demand for data. D&B
has historically struggled to reinvigorate its growth as evidenced
by the multiple reorganization efforts it undertook prior to its
2019 LBO. In addition, the availability of business data and
analytics has increased with technological advances, which has
further fueled competition.

"While D&B's market share remains formidable, in our view it has
lost some share to competitors such as Experian, Moody's Bureau Van
Dijk, and various marketing data and solutions companies. The
company's new management team recognizes that it will need to make
material investments in product development and build an effective
sales force to support future growth," S&P said.

"In our view, D&B is well placed to capitalize on the industry
trends toward using data-as-a-service as well as the rising demand
for enterprise risk management tools for compliance and supply
chain management, the greater use of marketing analytics, the
implementation of decision automation, and the growth in
programmatic advertising." However, it also operates in an
increasingly competitive environment against well-capitalized
competitors, which suggests that any future market share gains will
likely be hard fought," the rating agency said.

The positive outlook reflects S&P's expectation that D&B may use
its significant cash balances to pursue acquisitions or debt
reduction over the next 12 months, which could lead to a reduction
in its leverage below 5x from the rating agency's base-case
assumption of the mid-5x area. S&P's base-case scenario reflects
its expectation that the company will maintain a steady operating
performance despite the economic headwinds caused by the COVID-19
pandemic and assumes flat to modest revenue growth in 2020 and
EBITDA margins improving toward the high-30% range on management's
ongoing cost actions.

"We could raise our issuer credit rating on D&B to 'BB-' if it pays
down debt or uses its substantial cash balances to make accretive
acquisitions that reduce its leverage below 5x and improves its
FOCF-to-debt ratio towards the 10% area on a sustained basis. An
upgrade would also be contingent on the company reporting a solid
operating performance with consistent low single digit percent or
higher revenue growth and EBITDA margins in the high 30% range,"
S&P said.

"We could revise our outlook on D&B to stable if we expect its
leverage to remain in the 5x-6x range for a prolonged period,
likely due to its use of its significant cash holdings to fund
longer-term growth initiatives with limited near-term earnings
benefits, or it experiences operating challenges stemming from the
ongoing recession," the rating agency said.


E&D ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: E&D Enterprises LLC
          d/b/a Rapid Care;
          f/d/b/a Medical Reliance Transportation
        7231 Poss Rd.
        San Antonio, TX 78240

Business Description: E&D Enterprises LLC provides support
                      activities for the transportation industry.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       Western District of Texas

Case No.: 20-51270

Judge: Hon. Craig A Gargotta

Debtor's Counsel: Morris E. "Trey" White III, Esq.
                  VILLA & WHITE LLP
                  1100 N.W. Loop 410 Ste. 802
                  San Antonio, TX 78213
                  Tel: (210) 225-4500
                  E-mail: treywhite@villawhite.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by David Martinez, member.

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

                       https://is.gd/xC5Rzg


ECOARK HOLDINGS: Incurs $12.1 Million Net Loss in Fiscal 2020
-------------------------------------------------------------
Ecoark Holdings, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K, reporting a net loss of
$12.14 million on $581,000 of revenues for the year ended March 31,
2020, compared to a net loss of $13.65 million on $1.06 million of
revenues for the year ended March 31, 2019.

As of March 31, 2020, the Company had $24.92 million in total
assets, $19.17 million in total liabilities, and $5.75 million in
total stockholders' equity.

For the year ended March 31, 2019, the Company disclosed that there
was substantial doubt about the Company's ability to continue as a
going concern to carry out its business plan.  For the years ended
March 31, 2020 and 2019, the Company had a net loss of $12,137,000
and $13,650,000 respectively, and has an accumulated deficit as of
March 31, 2020 of $128,023,000.  As of March 31, 2020, the Company
has $406,000 in cash and cash equivalents

Ecoark said, "The Company alleviated the substantial doubt
regarding this uncertainty as of March 31, 2020 as a result of the
Company's acquisition of Banner Midstream on March 27, 2020 which
bring revenue generating subsidiaries with reserves of oil
properties over $6 million and existing customer relationships over
$2 million, coupled with the raising of over $6 million in the
exercise of warrants and the entering into a secured funding of $35
million for accretive cash flow producing oil assets for its new
business venture with Banner Midstream

"If the Company raises additional funds by issuing equity
securities, its stockholders would experience dilution. Additional
debt financing, if available, may involve covenants restricting its
operations or its ability to incur additional debt.  Any additional
debt financing or additional equity that the Company raises may
contain terms that are not favorable to it or its stockholders and
require significant debt service payments, which diverts resources
from other activities.  If the Company is unable to obtain
additional financing, it may be required to significantly scale
back its business and operations. The Company's ability to raise
additional capital will also be impacted by the recent outbreak of
COVID-19.

"Based on this acquisition, company-wide consolidation, and
management's plans, the Company believes that the current cash on
hand and anticipated cash from operations is sufficient to conduct
planned operations for one year from the issuance of the
consolidated financial statements."

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

                       https://is.gd/o9sLgI

                       About Ecoark Holdings

Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011,
Ecoark is an AgTech company modernizing the post-harvest fresh food
supply chain for a wide range of organizations including growers,
suppliers, distributors and retailers.  The Company's wholly-owned
subsidiary, Zest Labs, offers the Zest FreshTM solution, a
breakthrough approach to quality management of fresh food, is
specifically designed to help substantially reduce the amount of
food loss the U.S. experiences each year.  Through item-level
monitoring and real-time predictive analytics, Zest Fresh enables
customers to improve the freshness and quality of produce and
proteins, realize substantial cost savings and reduce food waste.


ELITE PHARMACEUTICALS: Posts $2.24 Million Net Loss in Fiscal 2020
------------------------------------------------------------------
Elite Pharmaceutials, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K, reporting a net loss
attributable to common shareholders of $2.24 million for the year
ended March 31, 2020, compared to a net loss attributable to common
shareholders of $9.28 million for the year ended March 31, 2019.

Consolidated revenues for Fiscal 2020 were $18.0 million, an
increase of $10.4 million or approximately 137% from the comparable
period of the prior fiscal year.  The increase in revenues was
largely attributed to revenues from products launched during the
2020 Fiscal Year, generic immediate release Adderall, generic
extended release Adderall, and generic Dantrolene Capsules, as well
as strong growth in revenues relating to the sales of Isradipine
capsules.

As of March 31, 2020, the Company had $24.95 million in total
assets, $14.30 million in total liabilities, and $10.65 million in
total shareholders' equity.

Net cash used in operating activities for the year ended March 31,
2020 was $1.8 million, which included a net loss of $2.2 million,
and net use of cash resulting from changes in operating assets and
liabilities of $3.2 million.  The changes in the balance of assets
and liabilities include increases in account receivables of $2.8
million and decrease in deferred revenues and customer deposits of
$1.2 million, which result in a net decrease in cash offset by
decreases in inventory of $0.4 million, which results in a net
increase in operating cash flow.  The net loss of $2.2 million is
offset by non-cash expenses which include, without limitation,
depreciation, and amortization of $1.5 million, change in fair
value of derivative financial instruments - warrants of $1.1
million and non-cash compensation of $1.0 million.

Net cash used in investing activities for the year ended
March 31, 2020 was $0.03 million, which primarily resulted from
cash payments made in relation to equipment purchases.

Net cash provided by financing activities for the year ended March
31, 2020 was $0.7 million.  This consisted of proceeds from the
sale of common stock to Lincoln Park Capital of $1.5 million,
offset by $0.7 million in loan principal payments, including
repayment of an NJEDA Bonds of $0.1 million.

Overall, as a result of the foregoing, the Company had a net
decrease in cash of $1.1 million during the year ended March 31,
2020.

Net cash used in operating activities for the year ended March 31,
2019 was $6.8 million, which included a net loss of $9.3 million,
and net use of cash resulting from changes in operating assets and
liabilities of $0.9 million.  The changes in the balance of assets
and liabilities include increases in account receivables of $0.5
million and decrease in deferred revenues of $1.0 million, which
result in a net decrease in cash offset by decreases in inventory
of $0.4 million, which results in a net increase in operating cash
flow.  The net loss of $9.3 million is offset by non-cash expenses
which include, without limitation, depreciation and amortization of
$1.3 million, non-cash compensation of $1.7 million and non-cash
loss realized on the sale and discontinuance of intangible assets
of $0.6 million.

Net cash provided by investing activities for the year ended March
31, 2019 was $0.3 million, which primarily resulted from cash
proceeds realized from the sale of intangible assets.

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

                      https://is.gd/nl32Zp

                   About Elite Pharmaceuticals

Elite Pharmaceuticals, Inc. -- http://www.elitepharma.com/-- is a
specialty pharmaceutical company which is developing a pipeline of
niche generic products.  Elite specializes in oral sustained and
controlled release drug products which have high barriers to entry.
Elite owns generic products which have been licensed to TAGI
Pharma, Glenmark Pharmaceuticals, Inc., USA., and Lannett Company,
Inc.  Elite currently has eleven approved generic products, three
generic products filed with the FDA, one approved generic products
pending manufacturing site transfer, and an NDA filed for
SequestOx.


ENCORE BENEFIT: Seeks to Hire Emily D. Davila as Attorney
---------------------------------------------------------
Encore Benefit Management Inc., seeks authority from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ the Law
Offices of Emily D. Davila, as attorney to the Debtor.

Encore Benefit requires Emily D. Davila to:

   a. prepare bankruptcy schedules, pleadings, applications
      and  conducting  examinations  incidental  to  any  related
      proceedings or to the administration of this case;

   b. develop the relationship of the status of the Debtor
      to the claims of creditors in this case;

   c. advise the Debtor of his rights, duties, and obligations as
      Debtor operating under Chapter 11 of the Bankruptcy Code;

   d. take any and all other necessary action incident to
      the proper preservation and administration of this Chapter
      11 case; and

   e. advise and assist the Debtor in the formation and
      preservation of a plan pursuant to Chapter 11 of the
      Bankruptcy Code, the Disclosure Statement, and any and all
      matters related thereto.

Emily D. Davila will be paid at the hourly rate of $200, and a
retainer in the amount of $10,000.

Emily D. Davila will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Emily D. Davila, partner of the Law Offices of Emily D. Davila,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Emily D. Davila can be reached at:

     Emily D. Davila, Esq.
     420 Ponce De Leon
     Midtown Bldg. Suite 311
     San Juan, P.R. 00918
     Tel: 759-8090\759-9620
     E-mail: davilalawe@prtc.net

                About Encore Benefit Management

Encore Benefit Management Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 20-02627) on July 1, 2020,
disclosing under $1 million in both assets and liabilities.  The
Debtor is represented by the Law Offices of Emily D. Davila.


ENVIRO TECHNOLOGIES: Has $271,000 Net Loss for March 31 Quarter
---------------------------------------------------------------
Enviro Technologies, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $270,750 on $4,528 of net revenues for the
three months ended March 31, 2020, compared to a net loss of
$251,831 on $4,863 of net revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $1,405,503,
total liabilities of $1,470,200, and $64,697 in total shareholders'
deficiency.

The Company said, "Since entering into the Technology Purchase
Agreement, Supply Agreement and Grant Back License in June 2017, we
have generated limited revenues under the terms of any of these
agreements.  There are no assurances that the Technology Purchase
Agreement, the Supply Agreement and/or the Grant Back License will
ever generate any material revenues.  Our ability to generate
future revenues will depend on a number of factors, many of which
are beyond our control, including the impact of Covid-19,
competitive efforts and general economic trends.  There are no
assurances we will be able to continue to generate revenues or
report profitable operations in the future.  The Supply Agreement
expires in June 2020 and there is no certainty that Cameron
Industries will seek to renew the agreement.  If the Supply
Agreement is not renewed or renegotiated, we will potentially lose
additional sales from Schlumberger.  Without a Supply Agreement, we
would have to redevelop our relationships with customers in the oil
and gas industry to generate revenues from this industry.  However,
with or without a new Supply Agreement, the oil industry will
potentially be challenging as the price of oil has decreased by
approximately 60% from approximately $60 per barrel in January 2020
to approximately $24 per barrel by May 11, 2020.  Further, with the
current economic condition impacted by the Covid-19 virus,
including weak oil prices, this may have a negative effect on the
potential for sales of Voraxial under the Supply Agreement or sales
of V-inline Separators outside the oil and gas industry.

"At March 31, 2020, we had a working capital deficit of $321,562,
an accumulated deficit of $15,162,371.  We do not have any external
sources of liquidity.  Our revenues have declined for the first
quarter of 2020 from the fourth quarter of 2019 as a result of the
impact of the Covid-19 pandemic and the significant drop in oil
prices.  In an effort to conserve our cash resources to sustain our
operations until such time as the economy begins returning to
pre-Covid-19 pandemic activity levels, we have reduced employee
hours and have begun marketing our machining capabilities to local
manufactures.  In addition, we reorganized our manufacturing in
order to supply face guards to the community, including the medical
industry starting in April 2020.  To date we have generated limited
revenues from the sales of face guards.  There are no assurances,
however, that these efforts will be sufficient to permit us to pay
our operating expenses.  In that event, we may be required to scale
back or cease operations, sell or liquidate our assets and possibly
seek bankruptcy protection.

"As a result of the above, there is substantial doubt about the
ability of the Company to continue as a going concern and the
accompanying condensed consolidated financial statements have been
prepared assuming that the Company will continue as a going
concern.  The accompanying condensed consolidated financial
statements do not include any adjustments that may result from the
outcome of this uncertainty."

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

                     https://is.gd/E52LA2

Enviro Technologies, Inc., provides environmental and industrial
separation technology.  The company manufactures, sells, and rents
its patented technology, the Voraxial Separator, which is a
continuous flow turbo machine that separates liquid/liquid,
liquid/solid, or liquid/liquid/solids fluid mixtures with distinct
specific gravities.  It serves oil exploration and production, oil
refineries, oil spill, mining, manufacturing, waste-to-energy, and
food processing industries.  The company was formerly known as
Enviro Voraxial Technology, Inc., and changed its name to Enviro
Technologies, Inc., in November 2017.  Enviro Technologies was
founded in 1964 and is based in Fort Lauderdale, Florida.


EXTRACTION OIL: Paul Weiss, Young Represent Senior Noteholders
--------------------------------------------------------------
In the Chapter 11 cases of Extraction Oil & Gas, Inc., et al., the
law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Young
Conaway Stargatt & Taylor, LLP submitted a verified statement under
Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose
that they are representing the Ad Hoc Group of Senior Noteholders.

In or around February 2020, certain members of the Group engaged
Paul Weiss to represent the Group in connection with the Members'
holdings of the Senior Notes. In June 2020, the Group also engaged
Young Conaway to represent it in connection with the Members'
holdings of the Senior Notes.

As of June 29, 2020, Members of Group and their disclosable
economic interests are:

KIMMERIDGE ENERGY MANAGEMENT COMPANY, LLC
412 West 15th Street, 11th Floor
New York, NY 10011

* $103,817,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* $264,070,000.00 in aggregate principal amount of 5.625% Senior
  Notes due 2026

PGIM FIXED INCOME
Prudential Tower
655 Broad Street, 8th Floor
Newark, NJ 07102

* $35,623,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* $109,617,000.00 in aggregate principal amount of 5.625% Senior
  Notes due 2026

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

* $51,315,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* $47,920,000.00 in aggregate principal amount of 5.625% Senior
  Notes due 2026

CAPITAL RESEARCH AND MANAGEMENT COMPANY
333 South Hope St.
Los Angeles, CA 90071

* $19,760,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* $63,920,000.00 in aggregate principal amount of 5.625% Senior
  Notes due 2026

BRIGADE CAPITAL MANAGEMENT, LP
399 Park Avenue, 16th Floor
New York, NY 10022

* $72,380,000 in aggregate principal amount of 5.625% Senior Notes
  due 2026

EATON VANCE TRUST CORP
Two International Place
Boston, MA 02110

* $11,867,000 in aggregate principal amount of 7.375% Senior Notes
  due 2024

* $27,719,000 in aggregate principal amount of 5.625% Senior Notes
  due 2026

ARES MANAGEMENT LLC
2000 Avenue of the Stars 12th Floor
Los Angeles, CA 90067

* $34,962,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* $367,000.00 in aggregate principal amount of 5.625% Senior Notes
  due 2026

WHITEBOX ADVISORS LLC
3033 Excelsior Blvd. Suite 500
Minneapolis, MN 55416

* $28,369,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

WELLS FARGO SECURITIES, LLC
550 S. Tryon St.
Charlotte, NC 28202

* $3,205,000.00 in aggregate principal amount of 7.375% Senior
  Notes due 2024

* 2,060,000.00 in aggregate principal amount of 5.625% Senior
  Notes due 2026

Co-Counsel to the Ad Hoc Group of Senior Noteholders can be reached
at:

          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          Pauline K. Morgan, Esq.
          Sean T. Greecher, Esq.
          Rodney Square, Esq.
          1000 North King Street
          Wilmington, DE 19801
          Email: pmorgan@ycst.com
                 sgreecher@ycst.com

                   - and -

          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          Andrew N. Rosenberg, Esq.
          Alice Belisle Eaton, Esq.
          Christopher Hopkins, Esq.
          Omid Rahnama, Esq.
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000
          Facsimile: (212) 757-3990
          Email: arosenberg@paulweiss.com
                 aeaton@paulweiss.com
                 chopkins@paulweiss.com
                 orahnama@paulweiss.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/8DS6kU

                  About Extraction Oil & Gas

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


Extraction Oil & Gas and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
20-11548) on June 14, 2020.  At the time of the filing, the Debtors
disclosed assets of between $1 billion and $10 billion and
liabilities of the same range.

Judge Christopher S. Sontchi oversees the cases.

The Debtors have tapped Kirkland & Ellis, LLP, Kirkland & Ellis
International, LLP and Whireford, Taylor & Preston, LLC as legal
counsel; Alvarez & Marsal North America, LLC as restructuring
advisor; and Moelis & Company and Petrie Partners Securities, LLC,
as investment banker and financial advisor.  Kurtzman Carson
Consultants, LLC is the claims and balloting agent and
administrative advisor.


FOUNDERS ACADEMY: S&P Rates 2020 A-B Charter School Rev. Bonds BB-
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term rating to the
Public Finance Authority, Wis.' series 2020A and 2020B charter
school revenue bonds (combined estimated par amount of
approximately $19 million), issued on behalf of Founders Academy of
Las Vegas (FALV). The outlook is stable.

Pledged school revenues secure the bonds, which S&P essentially
considers a general obligation of the school. Financial covenants
include 45 days' cash on hand and an annual debt service
requirement of 1.1x effective July 1, 2021.

"We understand management will use proceeds from the series 2020A
and 2020B bonds to finance the costs of acquiring, renovating,
constructing, improving and equipping, the school's currently
leased campus, including constructing, improving, and equipping
approximately 10,000 square feet of additional classroom space at
the campus. This acquisition of the leased facility is projected to
yield yearly savings per management," S&P said.

"The stable outlook reflects our expectation that the school will
continue to demonstrate a solid and growing demand profile,
maintain positive operations on a full-accrual basis, while at
least preserve liquidity, if not improving in line with projected
enrollment increases. Although our outlook is stable, the impacts
of the COVID-19 pandemic and continued economic recession are
uncertain and could lead to near-term pressure, which we expect to
monitor as the situation unfolds," the rating agency said.

The charter school sector is facing elevated social health and
safety risks due to the impact of COVID-19 social distancing on
state tax revenues, which are the main source of charter school
funding. Despite the elevated social risk, S&P believes the
school's environmental and governance risks are in line with its
view of the sector as a whole.


FREDERICKSBURG STADIUM: Fitch Affirms B- Rating on 2019B Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed the 'B-' rating on the City of
Fredericksburg, VA Economic Development Authority's series 2019B
revenue bonds (Fredericksburg Stadium Project), issued on behalf of
SAJ Baseball LLC. The Rating Outlook has been revised to Negative
from Stable.

The Negative Outlook reflects the increased uncertainty of stadium
liquidity presented by the novel coronavirus outbreak, which has
resulted in the cancellation of the 2020 Minor League Baseball
season. The club has seen solid initial demand resulting in
sponsorship, suites and ticketing revenues in anticipation of the
would-be inaugural 2020 season, but the 2020 season cancellation
has created liquidity pressures likely extending to 2021. The
series 2019B debt service reserve fund is sufficient to cover debt
service through September 2021, which provides some cushion if
social distancing measures remain in place or revenues underperform
in the 2021 season. Slower revenue generation could result in fully
depleting the DSRF in 2021 and reliance on alternative sources of
liquidity to fully meet all debt and operating expense costs in
2022. The club is exploring alternate sources of liquidity and is
also working with the City of Fredericksburg to identify other
non-baseball events to generate additional revenues in 2020,
subject to social distancing guidelines.

RATING RATIONALE

The 'B-' rating on the 2019B bonds reflects the comparably weaker
league strength of MiLB and the weaker franchise strength of the
Fredericksburg Nationals, who recently relocated to the market.
MiLB and its clubs have a long and relatively stable history, but
the project faces uncertainties related to the new location of the
ballpark, an unproven track record of renewals associated with key
revenue and a lack of demonstrated operations. While initial
ticket, suites, sponsorships and other revenue sales have been
positive, the lack of history is a rating constraint. Further,
renewals risks are exacerbated by the 25 year maturity and minimal
additional structural protections in the event of a material
decline in revenues or constrained financial operations. These are
partially mitigated by a 2.0x distribution test; however,
significant distributions are projected over the first 10 years,
with sponsor case DSCR metrics projected at above 3.0x, exposing
bondholders to longer-term operational risks.

The outbreak of coronavirus and related government containment
measures worldwide create an uncertain global environment for the
sports sector. While SAJ Baseball's most recently available
performance data may not fully reflect impairment, material changes
in revenue and cost profile are occurring across the sports 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, 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 base and rating case
qualitative and quantitative inputs based on expectations for
future performance and assessment of key risks.

KEY RATING DRIVERS

As a result of the significant progress on construction to date,
the stadium received the temporary certificate of occupancy in
April 2020 and is ready for play. As such, Fitch no longer views
Completion Risk as a Key Rating Driver for the project.

Long League History but Small Base: Revenue Risk: League Business
Model - Weaker: While the Carolina League and other Class-A
Advanced affiliates of MiLB leagues have a long history, the sheer
size of the league and game day attendance is significantly smaller
than other professional leagues and other AAA and AA baseball
leagues. MiLB has a significant track record of local support in
established markets and the prior franchise location in Potomac
tracked similarly to peers in relation to historical attendance.
Fitch notes that all player costs are an obligation of the Major
League Baseball team (typically the largest expense line of a
professional franchise), which limits financial pressure on the
MiLB team but also demonstrates the lack of control by the MiLB
affiliate. Further, the negotiations between MiLB and MLB in 2020,
including potential reduction of the number of affiliated MiLB
teams, present additional risk around the MiLB league structure.

Stable History and Support: Franchise Strength - Weaker: The
Potomac Nationals have a long history of support prior to
relocating to Fredericksburg, and an affiliation agreement with the
Washington Nationals, albeit subject to future renewals. While the
initial support from Fredericksburg has been strong, the impending
move presents uncertainties related to medium-to-long fan support
for game day ticket sales and corporate support for suites and
sponsorships over the debt term. While a relatively limited risk,
the team is subject to renewals of future affiliation agreements
that could weaken support.

New Facility, Not Overly Complex: Infrastructure Development and
Renewal: Midrange: Given the overall limited complexity of the
stadium, near-to-medium term capex are expected to be limited.
However, as with all sports facilities, maintaining the fan
experience and value to corporate sponsorships is key to long-term
interest and attendance levels. To the extent that excess cash flow
is limited, the ability to fund capital needs in the future to
maintain interest may be constrained.

Senior, Level and Amortizing but Long Dated: Debt Structure:
Midrange While the debt structure is senior in ranking, amortizing
and level, the 25-year maturity is a risk to this transaction and
an outlier amongst Fitch rated sports facilities. Covenants are
adequate, including a cash-funded DSRF at maximum annual debt
service, a 2.0x distribution lockup test and limitations on
additional borrowing, but there are limited additional bondholder
protections in the event financial performance does not meet
expectations.

Financial Analysis: The 2020 season cancellation will result in
significantly reduced revenues in 2020 relative to Fitch's original
projections. Fitch expects the team will collect approx. $3 million
in revenues in 2020, which in conjunction with operating expense
reductions should be sufficient to fully cover operating expenses
and debt service payments in September 2020. However, Fitch notes
that inability to reduce operating costs or further revenue
reductions could result in draws on the DSRF or a need for
additional sources of liquidity. Management has projected social
distancing requirements will continue into 2021, with a return to
previous projections of sponsor case revenues of $10 million in the
2022 season and EBITDA of $6 million (60% margin, stabilizing
around 56% over the 10-year forecast), with average DSCR of around
3.0x from 2022-2029. Fitch's base and rating cases apply various
sensitivities to attendance and other key revenues, including
slower revenue growth following the coronavirus, as well as
operational expense sensitivities. EBITDA under the Fitch base case
is flat from 2023 through 2044 with average/minimum debt service
coverage ratio of 2.0x/1.7x, while under the rating case higher
expense growth and lower renewals result in a -0.1% CAGR and
average/minimum DSCR of 1.7x/1.5x.

PEER GROUP

There are no direct peers rated in the 'B' category rated publicly
by Fitch. Fitch publicly rates league-wide borrowing programs in
the 'A' category secured by long-term contractually obligated media
contracts with a long-history of renewals and a proven, widespread
media audience. Fitch publicly and privately rates professional
sports league stadium and arena projects in the 'BBB' and 'BB'
categories. Facilities in the 'BBB' category includes facilities
and franchises with midrange and stronger league assessment scores
combined with a long-demonstrated history of fan and corporate
support with conservative debt structures. 'BB' category
professional facilities include more midrange attribute assessment
scores with moderate levels of financial flexibility compared to
peers in the 'BBB' category. While the Fredericksburg Stadium
benefits from some league oversight through MiLB, the lack of
proven track record of support in the new market limits the initial
rating.

RATING SENSITIVITIES

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

  -- A demonstrated track record of operations and stable
attendance combined with a positive renewal cycle associated with
sponsorships and suites may lead to positive rating migration but
the rating is largely capped in the 'B' category given the league
and franchise assessments combined with the 25 maturity.

  -- Quicker recovery in the 2021 season to normal operations or
revenue collections leading to ability to meet all operating costs
without relying on external liquidity or DSRF draws could lead to a
Stable Outlook over the next one to two years.

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

  -- Slower revenue collections in the 2020 and 2021 seasons
without commensurate reductions in operating costs could lead to
full depletion of the DSRF following the September 2021 payment,
which could lead to a multiple notch downgrade.

  -- Following the initial coronavirus period, lower than
anticipated attendance driving ticket revenues or higher initial
operating expenses, leading to materially lower financial
flexibility and DSCRs.

  -- Over the medium-to-longer term, a material reduction in
renewal levels or price that leads to continued strained financial
flexibility.

  -- Weak financial performance leading to DSCR below the rate
covenant (1.75x) on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

Coronavirus Update: Minor League Season Cancelled

The 2020 season was set to be the inaugural year at the
Fredericksburg Nationals' new stadium, following the team's
relocation from Potomac last year. On June 30, MiLB announced the
cancellation of its 2020 season. While the MLB season is set to
resume at the end of July 2020, MLB will not be providing players
to MiLB teams, due primarily to the disruption of the season due to
the coronavirus outbreak. This is the first full season
cancellation in the 100+ year history of MiLB.

The stadium project's 2020 operations are expected to deviate
materially from Fitch's original projections as a result of the
season cancellation. To date, the project has experienced solid
sales in season tickets, suites and sponsorships, resulting in some
revenue collections and build-up of cash balances. The majority of
season ticketholders and sponsors are signed to contracts ranging
from three to five years, and Fitch expects that the contracts will
be extended by one year, with payments received for the 2020 season
applied to the 2021 season. The stadium is also working closely
with the city of Fredericksburg to pursue additional non-baseball
events in 2020 in accordance with state social distancing
guidelines.

While operating costs will be significantly lower in 2020 than
originally forecast, these costs are expected to reduce cash
balances in 2020, and may require partially tapping the debt
service reserve fund for the 2019B bonds. Depending on the recovery
in the 2021 season, additional draws on the DSRF are possible.
Fitch notes that the DSRF is sufficient to fully cover all debt
service payments through September 2021, which provides some
cushion for revenue generation in the 2021 season. Nonetheless,
there are no dedicated reserves for operating expenses, which will
be funded through stadium revenues or, if insufficient, alternative
sources of liquidity including potentially ownership equity.

Construction Update

Project construction began in July 2019 upon closing of the series
2019 bonds. Construction has continued through the coronavirus
outbreak in spring 2020, and remains on track from both a budget
and time perspective. The stadium received a temporary certificate
of occupancy from the City of Fredericksburg on April 23, 2020, as
originally expected under the construction timeline. The TCO
reflects that the stadium would have been ready to host baseball
games, if the start of the season had not been cancelled due to the
coronavirus outbreak. Upon receipt of the TCO, the city of
Fredericksburg's funding obligation for annual payments of $1.05
million per year commenced. The city's annual payment requirement
is used to support debt service on the 2019A bonds.

The June 2020 construction update reports that 70% of the $34
million construction budget has been disbursed through June 19,
2020. Remaining works are focused on interior fittings, with
completion expected by September 2020. While not expected at this
time, the cancellation of the 2020 season provides additional
flexibility to the construction timeline if needed.

Minor League Update

The operating agreement between MLB and MiLB expires at the end of
the 2020 season. Negotiations are ongoing over the future
relationship between the two leagues, with preliminary reports
indicating a potential reduction of the number of MiLB clubs
affiliated with Major League clubs, among other potential
restructurings of MiLB. The Fredericksburg Nationals are currently
affiliated with the Washington Nationals MLB franchise and have not
been mentioned on any preliminary lists of MiLB teams subject to
dis-affiliation.

There are some positive features supporting the team's new location
in Fredericksburg, which partially mitigate the risk of
dis-affiliation from the Washington Nationals. The close proximity
of Fredericksburg to Washington, D.C. reinforces the ties to the
MLB franchise. In addition, the high quality of the stadium (once
fully completed) will improve player conditions, which has been
cited by MLB as a concern at certain MiLB facilities. Lastly,
Fredericksburg has signed a non-relocation agreement as part of the
2019 financing, which imposes penalties on the club in the event of
a relocation outside of Fredericksburg. While Fitch does not expect
any risk of dis-affiliation for Fredericksburg, the potential is
noted as an additional unique risk factor in the MiLB system and is
reflected in the 'B-' project rating.

FINANCIAL ANALYSIS

Fitch estimates revenues of approximately $3 million in 2020
through previously signed sponsorships, suites and ticket revenues.
Fitch expects that the club is able to make a modest amount of
operating expense reductions in 2020, and in conjunction with
available cash on hand of approx. $1.3 million as of June 30, 2020
should be sufficient to meet all debt service and expense
obligations through nearly the end of 2020. The club is working on
additional revenues including sales for 2021 tickets and additional
sponsorship sales.

Fitch's base and rating cases are based on management's
expectations of some social distancing in place in 2021 resulting
in reduced revenue collections. Fitch assumes full expenses in line
with the sponsors original projections, resulting in DSCR of 0.6x
and partials draws on the DSRF. From 2022 onward, Fitch's base case
projects revenues approximately 14% below the sponsor case, while
the Fitch rating case revenues are approximately 20% below the
sponsor case resulting in DSCR of around 2x through 2030, and no
additional draws on the DSRF. Longer term, lower renewals in the
rating case lead to DSCR of approximately 1.5x through final
maturity in 2044.

To reflect a potential downturn in attendance, whether due to a
combination of lingering effects from the coronavirus or weaker
economic conditions, Fitch's COVID-19 sensitivity case includes
additional delays in revenues extending into the 2022 and 2023
seasons resulting in continued partial draws on the DSRF but not
fully tapped. From 2024 onward, revenues are reduced by
approximately 30% relative to the sponsor case, with longer term
revenue growth of approximately 1% following 2030. This scenario
approximates a breakeven, with partial draws on the DSRF but not
full depletion through final maturity.

The cases reflect a limited margin of safety in the event of
sustained revenue declines, due to either lingering effects of the
coronavirus or weaker economic conditions. Fitch will closely
monitor project liquidity over the 2020 and 2021 seasons to assess
the risk of draws on the DSRF.

SECURITY

The 2019B bonds are secured by the net revenues generated from the
operation of the stadium project. Further structural protections
include a non-relocation agreement, as well as a lien on the
leasehold deed of trust for the stadium.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


FRESH MARKET: S&P Upgrades ICR to 'CCC+'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Greensboro,
N.C.-based specialty grocer The Fresh Market (TFM) to 'CCC+' from
'CCC'. At the same time, S&P raised its issue-level rating on the
company's secured notes to 'CCC+' from 'CCC'. S&P's '4' recovery
rating on the notes remains unchanged.

The upgrade reflects S&P's view that TFM's near-term (over the next
12 months) default risks have receded.

The company's recent refinancing of its super-priority notes, which
effectively extended the maturity of the facility to May 2023,
supports this position. That said, S&P views TFM's capital
structure as potentially unsustainable over the long term and note
that it has $800 million of outstanding secured notes maturing in
May 2023.

The company's sales and EBITDA margins have stabilized in recent
quarters, which is a trend S&P expects to continue over the next 12
months.

TFM's operating performance trends stabilized in recent quarters,
including its same-store sales, EBITDA margins, and free operating
cash flow (FOCF) generation, partly due to management's strategic
initiatives, which have included price investments, changes to its
product mix, improved costs management at the corporate and store
levels, and the closing of underperforming stores last year. In
addition, the company increased its investment in its omni-channel
and customer engagement strategies, including the roll-out of
Instacart and curb-side pickup at its stores. S&P believes these
initiatives have resonated with its customers, especially during
the coronavirus pandemic.

Moreover, S&P thinks the health and safety practices TFM
implemented throughout the pandemic have been appreciated by its
customers, which tend to be older on average than those of other
grocers. These trends, which S&P expects to continue over the next
12 months, have improved the company's comparable sales, including
a 12.9% increase in its same-store sales in the first quarter of
2020. In addition, TFM's adjusted EBITDA margin rose by more than
300 basis points over the same time period. Furthermore, although
it reported negative FOCF for full year 2019, the company generated
a significant level of positive FOCF in the first quarter of 2020.

S&P believes the risk that the company will undertake a distressed
exchange over the next 12 months has lessened because of the
improvement in its operating performance and positive trends in the
credit markets.

"In our opinion, TFM's improved FOCF generation of more than $50
million this year, from negative $24 million a year ago, and
increased balance sheet cash of more than $140 million, from $77
million at the year-ended in 2019, have limited its near-term
default risks. We also project that the company will maintain an
acceptable level of liquidity over the next 12-18 months, limiting
the potential for a restructuring," S&P said.

"In addition, the indicative pricing on the company's secured notes
has improved in recent months and recently traded in the low- to
mid-80% of par range compared with the 50% range a few months ago.
We believe the increased pricing signifies the credit markets'
improving view of TFM, which further reduces the likelihood for a
distressed exchange," the rating agency said.

Despite its reduced near-term default risks, S&P still views the
company's capital structure as potentially unsustainable over the
long term.

"Our ratings on TFM reflect its small operating scale and regional
concentration in the Southeast U.S. It also incorporates the
company's focus on premium specialty grocery products, which is a
space that we believe has become increasingly crowded in recent
years. The overall grocery industry has become more competitive as
larger players use scale economics to capture price advantages not
afforded to smaller competitors, such as TFM. However, we expect
the company's operating performance to benefit from the bankruptcy
of smaller competitors and changing customer habits amid the
coronavirus pandemic over the near term," S&P said.

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

-- Health and safety

The negative outlook reflects S&P's view that TFM's operating
performance remains susceptible to forces outside of management's
control, including the high level of competition and structural
changes in the grocery industry amid the pandemic," S&P said.

"We could lower our rating on TFM if its operating results weaken
such that we believe its liquidity will deteriorate and lead it to
undertake a distressed exchange or general restructuring in the
next 12 months. This scenario would likely occur if the company is
unable to refinance its $800 million secured notes," S&P said.

"We could raise our rating on TFM if we believe it will
successfully refinance its $800 million of senior secured notes and
secure a revolving credit facility. This scenario would likely
occur along with a consistent improvement in its operating
performance, including sustained positive same-store sales growth
and a continued stabilization in its EBITDA margins along with
further positive FOCF generation," the rating agency said.


GALLEON CONTRACTING: To Recover 11% in 84 Months
------------------------------------------------
Galleon Contracting, LLC, filed a Chapter 11 Plan and a Disclosure
Statement.

The Debtor will pay $2,500 for 12 months and then pay $7,500 a
month for months 13 to 84.  General unsecured creditors are
classified in Class 12, and will receive a distribution of 11% of
their allowed claims, to be distributed as follows: in 2 monthly
payments starting in the 83rd month.

Class 1 Secured Claim of Ally Financial. This class is impaired
with a total claim of $30,607.  Monthly payment of $134.26 for 12
months and $402.82 for 71 months with interest rate of 5%.

Class 2 Secured Claim of Ally Financial. This class is impaired
with a total claim of $27,916.83. Monthly Payment of $107.42 for 12
months and $322.26 for 71 months. Interest rate of 5%.

Class 3 Secured claim of Ally Financial. This class is impaired
with a total claim of $15,702.32. Monthly payment of $64.451 for 12
months and $193.36 for 57 months. Interest rate of 5%.

Class 5 Secured claim of Funding Circle. This class is impaired
with a total claim of 18,114.45. Monthly payment of $97.29 for 12
months and $291.87 for 71 months. Interest rate of 5%.

Class 7 Secured claim of LG Funding LLC. This class is impaired
with a total claim of $37,380.00. Monthly payment of $200.77 for 12
months and S602.30 for 71 months. Interest rate of 5%.

Class 8 Secured claim of Wintrust Specialty Finance assigned from
Oakmont Capital Services, LLC. This class is impaired with a total
claim of $20,930.88. Monthly payment of $26.85 for 12 months and
$80.56 for 71 months. Interest rate of 5%.

Class 9 Secured claim of On Deck Business Loans. This class is
impaired with a total claim of $56,343.21. Monthly payment of
$302.62 for 12 months and $907.85 for 71 months. Interest rate of
5%.

Class 10 Secured claim of Sheffield Financial. This class is
impaired with a total claim of $15,046.72. Monthly payment of
$80.82 for 12 months and $242.44 for 71 months. Interest rate of
5%.

Class 11 Secured claim of Steams Bank. This class is impaired with
a total claim of 157,273.00. Monthly payment of $844.71 for 12
months and $2,535 for 71 months. Interest rate of 5%.

Class 12 General Unsecured Class. This class is impaired. Two
payments in months 83 and 84 of $2,088.58 and $7,500.  Estimated
recovery of 11%.

Payments and distributions under the Plan will be funded by the
Debtors' ongoing operations.

A full-text copy of the Disclosure Statement dated June 8, 2020, is
available at https://tinyurl.com/ydzbr7c8 from PacerMonitor.com at
no charge.

                  About Galleon Contracting
  
Galleon Contracting, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-52911) on Dec. 9,
2019. The petition was signed by its sole managing member, Maurice
Martinez. At the time of filing the Debtor was estimated to have
both assets and liabilities of less than $1 million.  Judge Ronald
B. King oversees the case.  The Debtor is represented by Todd J.
Malaise, Esq., at Malaise Law Firm.


GENCANNA: Ex-CFO Says Firm Misled Investors Before Bankruptcy
-------------------------------------------------------------
Law360 reports that its ex-CFO alleges that GenCanna has misled
investors before it filed bankruptcy protection.  Its past chief
financial officer Mark Stegeman claims that company's accounting
could have inflated assets and misled potential investors, and that
he was fired after reporting it to company leadership, according to
court filings.

Stegeman claims he was fired by GenCanna in December after he gave
the company's general counsel and executive vice president a memo
detailing what he believed to be "inaccurate, misleading and even
fraudulent" accounting of sales, according to documents filed in
GenCanna's bankruptcy case.

A copy of the full-report is available at
https://www.law360.com/securities/articles/1282608/gencanna-misled-investors-before-bankruptcy-ex-cfo-says

                      About GenCanna Global

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

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

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

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

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

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


GENERAL CANNABIS: Errors Found in 2019 Financial Statements
-----------------------------------------------------------
The audit committee of the board of directors and management of
General Cannabis Corp. concluded that the Company's previously
issued audited consolidated financial statements for the year ended
Dec. 31, 2019, should no longer be relied upon because of an error
in the Company's accounting for certain outstanding common stock
warrants.

The error relates to the determination of the number of shares of
common stock subject to warrants that were issued by the Company in
May 2019, which contain certain anti-dilution adjustment provisions
with respect to subsequent issuances of securities by the Company
at a price below the exercise price of such warrants. At the time
of issuance, the warrants represented the right to purchase
3,000,000 shares of common stock at a per share exercise price of
$1.30.  In the Company's Form 10-K for the year ended Dec. 31,
2019, the Company accounted for certain dilutive issuances of
securities by the Company during the fourth quarter of 2019 by
reflecting that the exercise price of such warrants had decreased
to $0.45 per share as a result of the anti-dilution adjustment
provisions contained in the warrants, but the Company did not
correctly account for the increase in shares subject to such
warrants resulting from the anti-dilution adjustment provisions
contained in the warrants.  Such adjustment provisions increased
the number of shares subject to such warrants to 8,666,666 shares
as of Dec. 31, 2019.  The error results in an increase in the
amount of the Company's warrant derivative liability as of Dec. 31,
2019 from $1.6 million to $4.6 million, and a corresponding
increase in the Company's net loss for the year ended Dec. 31, 2019
from $12.5 million to $15.5 million.  The error is non-cash and
does not impact the Company's revenue, operating expenses,
operating income, cash flows or cash and cash equivalents as
previously reported.

The audit committee of the board of directors and management of the
Company have discussed the foregoing matter with the Company's
independent registered public accounting firm, Marcum LLP.  The
Company filed a Form 10-K/A for the year ended Dec. 31, 2019 on
July 6, 2020, which corrected the error in the financial statements
described above, a copy of which is available for free at
https://is.gd/jUe1Ft

                  About General Cannabis Corp

Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com/-- provides services to the cannabis
industry.  The company is a trusted partner to the cultivation,
production and retail sides of the cannabis business.  It achieves
this through a combination of strong operating divisions, capital
investments and real estate.

General Cannabis reported a net loss of $12.46 million for the year
ended Dec. 31, 2019, compared to a net loss of $16.97 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $2.66 million in total assets, $8.35 million in total current
liabilities, and a total stockholders' deficit of $5.69 million.

Marcum LLP, in Melville, NY, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 14,
2020, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


GENERAL CANNABIS: Incurs $2.01 Million Net Loss in First Quarter
----------------------------------------------------------------
General Cannabis Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q, reporting a net loss
of $2.01 million on $1.66 million of total revenues for the three
months ended March 31, 2020, compared to a net loss of $4.51
million on $794,922 of total revenues for the three months ended
March 31, 2019.

As of March 31, 2020, the Company had $2.66 million in total
assets, $8.35 million in total current liabilities, and a total
stockholders' deficit of $5.69 million.

The Company had cash of $775,289 and $224,994, respectively, as of
March 31, 2020 and Dec. 31, 2019.

Net cash used in operating activities decreased in 2020 by $240,889
compared to 2019, primarily due to a reduction of cash-based
expenses, such as salaries for reduced personnel.

Net cash provided by investing activities in 2020 relates primarily
to the sale of the Company's building in March 2020.  2019 related
primarily to issuing notes receivable, along with purchasing fixed
assets.

General Cannabis said, "As of the date of this Quarterly Report on
Form 10-Q, we have not experienced significant disruption in our
operations as a result of the COVID-19 pandemic and are conducting
business with modifications to employee travel and employee work
locations, among other modifications.  We will continue to actively
monitor the development of the COVID-19 pandemic and may take
further actions that alter our business operations as may be
required by federal, state or local authorities or that we
determine are in the best interests of our employees, clients,
partners, and stockholders.

"The full extent of the pandemic, related business and travel
restrictions, governmental regulations and changes to consumer
behavior intended to reduce its spread are uncertain as of the date
of this Quarterly Report on Form 10-Q, and the timing of the peak
of the pandemic and its ultimate impact on the U.S. and global
economies remains uncertain.  Therefore, the full extent to which
the COVID-19 pandemic may impact our results of operations,
liquidity or financial position is uncertain.  In addition, the
COVID-19 pandemic has had and is likely to continue to have adverse
effects on our clients, suppliers and third-party business
partners.  Management continues to monitor the impact that the
COVID-19 pandemic is having on the Company and the economies in
which we operate.  We anticipate that our liquidity may be
materially impacted by the COVID-19 pandemic and we expect that the
effect of the COVID-19 pandemic will not be fully reflected in our
results of operations and overall financial performance until
future periods."

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

                       https://is.gd/tPVDiH

                   About General Cannabis Corp

Headquartered in Denver, Colorado, General Cannabis Corp --
http://www.generalcann.com/-- provides services to the cannabis
industry.  The company is a trusted partner to the cultivation,
production and retail sides of the cannabis business.  It achieves
this through a combination of strong operating divisions, capital
investments and real estate.

General Cannabis reported a net loss of $12.46 million for the year
ended Dec. 31, 2019, compared to a net loss of $16.97 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$3.50 million in total assets, $6.24 million in total current
liabilities, and $2.74 million in total stockholders' deficit.

Marcum LLP, in Melville, NY, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 14,
2020, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


GNC HOLDINGS: Hires FTI Consulting as Financial Advisor
-------------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
FTI Consulting, Inc., as financial advisor to the Debtors.

GNC Holdings requires FTI Consulting to:

   a. evaluate existing liquidity forecasts and methodology, as
      well as historical activity to determine major drivers and
      liquidity and cash flow;

   b. identify cash flow enhancement opportunities, working
      capital efficiency, and cash conservation strategies and
      implement them as practical;

   c. understand and drive strategic initiatives implemented or
      identified by management to improve liquidity;

   d. refine the Debtors' 13-week cash forecast as required;

   e. review the Debtors' current business outlook and near-term
      business plan;

   f. analyze the Debtors' business plan and projections taking
      into considerations both recent performance and the current
      state of the global economy;

   g. understand management's internal forecasting processes;

   h. evaluate the Debtors' 2019 results and the 2020 forecast
      and methodology, including revenue, run rate EBITDA and
      cost savings;

   i. analyze strategic and operational initiatives to improve
      profitability and growth;

   j. identify risks and opportunities in near- and long-term
      forecasts;

   k. review status of operations and relationships with critical
      vendors and customers;

   l. analyze near- and long-term capital expenditure
      requirements;

   m. review the Debtors' data and systems to further understand
      the general availability of data and key points of contact;
      and

   n. perform such other services and analyses relating to the
      Debtors that are or become required, to the extent
      requested by the Debtors.

FTI Consulting will be paid at these hourly rates:

   Senior Managing Directors                       $920 to $1,295
   Directors/Senior Directors/Managing Directors   $690 to $905
   Consultants/Senior Consultants                  $370 to $660
   Administrative/Paraprofessionals                $150 to $280

Prior to the Petition Date, the Debtors provided FTI Consulting
with a retainer payment of $250,000. During the ninety-day (90)
period prior to the Petition Date, FTI Consulting received from the
Debtors payments aggregating $5,480,971, excluding the Retainer
which was paid on April 8, 2020, in respect of invoices for
services and reimbursement of expenses.

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

Robert A. Del Genio, managing director of FTI Consulting, Inc.,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

FTI Consulting can be reached at:

     Robert A. Del Genio
     FTI Consulting, Inc.
     Three Times Square, 9th Floor
     New York, NY 10036
     Tel: (212) 247-1010
     Fax: (212) 841-9350

                        About GNC Holdings

GNC Holdings Inc. is a global health and wellness brand with a
diversified omni-channel business.  In its stores and online, GNC
Holdings sells an assortment of performance and nutritional
supplements, vitamins, herbs and greens, health and beauty, food
and drink, and other general merchandise, featuring innovative
private-label products as well as nationally recognized
third-party
brands, many of which are exclusive to GNC Holdings.  Visit
www.gnc.com for more information.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020.  Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc. as financial
advisor; and Prime Clerk as claims and noticing agent.  Torys LLP
is the legal counsel in the Companies' Creditors Arrangement Act
case.


GNC HOLDINGS: Hires Lax O'Sullivan as Canadian Conflict Counsel
---------------------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Lax O'Sullivan Lisus Gottlieb LLP, as Canadian conflict counsel to
the Debtors.

GNC Holdings requires Lax O'Sullivan to provide advice and
representation regarding the Debtors ancillary proceeding under
Part IV of the Companies' Creditors Arrangement Act (Canada) (the
"CCAA") in Toronto, Ontario, Canada before the Ontario Superior
Court of Justice, to deal with issues that may arise concerning the
leases and other matters related to the Debtors' landlords.

Lax O'Sullivan will be paid at these hourly rates:

     Partners                   $675 to $1,000
     Counsel                        $600
     Associates                 $425 to $550
     Law Clerks/Paralegals      $265 to $410

During the 90-day period prior to the Petition Date, Lax O'Sullivan
received payments and advances in the aggregate amount of $50,000
for services performed and expenses incurred, and to be performed
and incurred, including in preparation for the commencement of the
Chapter 11 Cases. As of the Petition Date, Lax O'Sullivan has a
remaining credit balance in favor of the Debtors in the amount of
approximately $50,000.

Lax O'Sullivan will also be reimbursed for reasonable out-of-pocket
expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  No.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the 12
              months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Not applicable.

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Lax O'Sullivan has provided the Debtors with a
              prospective budget and staffing plan setting forth
              the types of timekeepers, numbers thereof, and
              applicable hourly rates it expects during the
              Chapter 11 Cases, which has been approved by the
              Debtors. The budget and staffing plan cover the
              period from June 23, 2020 to September 30, 2020.

Matthew Gottlieb, partner of Lax O'Sullivan Lisus Gottlieb LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

Lax O'Sullivan can be reached at:

     Matthew Gottlieb, Esq.
     LAX O'SULLIVAN LISUS GOTTLIEB LLP
     Suite 2750, 145 King Street W
     Toronto ON M5H 1J8 Canada
     Tel: (416) 598-1744
     Fax: (416) 598-3730
     E-mail: mgottlieb@lolg.ca

              About GNC Holdings, Inc.

GNC Holdings Inc. is a global health and wellness brand with a
diversified omni-channel business. In its stores and online, GNC
Holdings sells an assortment of performance and nutritional
supplements, vitamins, herbs and greens, health and beauty, food
and drink, and other general merchandise, featuring innovative
private-label products as well as nationally recognized third-party
brands, many of which are exclusive to GNC Holdings. Visit
www.gnc.com for more information.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020. Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

Debtors have tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc. as financial
advisor; and Prime Clerk as claims and noticing agent. Torys LLP is
the legal counsel in the Companies' Creditors Arrangement Act case.


GNC HOLDINGS: Hires MPA Inc as Real Estate Advisor
--------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
MPA Inc., as real estate advisor to the Debtors.

GNC Holdings requires MPA Inc. to:

   a. consult with the Debtors to discuss the Debtors' goals,
      objectives and financial parameters in relation to the
      Debtors' Canadian leases and properties;

   b. provide ongoing advice and guidance related to individual
      financial and non-financial lease restructuring
      opportunities;

   c. review the Debtors' real estate data with the Debtors and
      their advisors;

   d. negotiate with the Landlords of the Canadian leases on
      behalf of the Debtors to obtain Lease Modifications
      acceptable to the Debtors;

   e. if requested by the Debtors, negotiate with Landlords on
      behalf of the Debtors to obtain Early Termination Rights
      acceptable to the Debtors;

   f. provide weekly update reports to the Debtors regarding the
      status of the Services or more frequently as may be
      requested by the Debtors;

   g. develop reporting and deal submission process for the
      Canadian lease restructurings to be tracked by the Debtors;
      and

   h. coordinate with the Debtors' internal team and legal
      counsel to assist in resolving business problems that may
      arise.

MPA Inc. will be paid as follows:

   a. Security Retainer. The Debtors have provided MPA Inc. a
      security retainer in the amount of $150,000. The security
      retainer shall be applied to the final invoice for fees and
      expenses due under the terms of the Services Agreement.

   b. Early Termination Rights. For each Early Termination Right
      obtained by MPA Inc. on behalf of the Debtors, MPA Inc.
      shall earn and be paid a fee in the amount of one (1)
      month's Gross Occupancy Cost per Lease.

   c. Monetary Lease Modifications. For each Monetary Lease
      Modification obtained by MPA Inc. on behalf of the Debtors,
      MPA Inc. shall earn and be paid a fee of 10% of the
      Occupancy Cost Savings per Lease.

   d. Non-Monetary Lease Modifications. For each Non-Monetary
      Lease Modification obtained by MPA Inc. on behalf of the
      Debtors, MPA Inc. shall earn and be paid a fee of $1,250.

   e. Landlord Consents. If (a) required by the circumstances of
      these Chapter 11 Cases and (b) requested by the Debtors,
      for each Landlord Consent obtained by MPA Inc. to extend
      the Debtors' time to assume or reject a Lease as a part of
      these Chapter 11 Cases, MPA Inc. shall earn and be paid a
      fee in the amount of $500 per Canadian Lease.

Michael Parker, partner of MPA Inc., assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

MPA Inc. can be reached at:

     Michael Parker
     MPA INC.
     Suite 917-270 Wellington St. West
     Toronto, Ontario, Canada M5V 3P5
     Tel: (416) 591-3790

                       About GNC Holdings

GNC Holdings Inc. -- http://www.gnc.com/-- is a global health and
wellness brand with a diversified omni-channel business.  In its
stores and online, GNC Holdings sells an assortment of performance
and nutritional supplements, vitamins, herbs and greens, health and
beauty, food and drink, and other general merchandise, featuring
innovative private-label products as well as nationally recognized
third-party brands, many of which are exclusive to GNC Holdings.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020.  The Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc. as financial
advisor; and Prime Clerk as claims and noticing agent. Torys LLP is
the legal counsel in the Companies' Creditors Arrangement Act case.


GNC HOLDINGS: Hires Torys LLP as Canadian Restructuring Counsel
---------------------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates, seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Torys LLP, as Canadian restructuring counsel to the Debtors.

GNC Holdings requires Torys LLP to provide Canadian legal advice
with respect to (a) the Debtors' proceedings under chapter 11 of
the Bankruptcy Code and (b) recognition and enforcement of the
chapter 11 proceedings in Canada pursuant to the Debtors ancillary
proceeding under Part IV of the Companies' Creditors Arrangement
Act (Canada) (the "CCAA") in Toronto, Ontario, Canada before the
Ontario Superior Court of Justice.

Torys LLP will be paid at these hourly rates:

     Partners                    $865 to $1,395
     Counsels                    $820 to $1,360
     Associates                  $475 to $950
     Law Clerks/Paralegals       $205 to $510

During the 90-day period prior to the Petition Date, Torys LLP
received payments and advances in the aggregate amount of
$227,098.04. As of the Petition Date, Torys LLP has a remaining
credit balance in favor of the Debtors in the amount of $50,000.

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

Scott Bomhof, partner of Torys LLP, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Torys LLP can be reached at:

     Scott Bomhof, Esq.
     TORYS LLP
     79 Wellington St. W., 30th Floor
     Box 270, TD South Tower
     Toronto, Ontario M5K 1N2 Canada
     Tel: (416) 865-0040
     Fax: (416) 865-7380
     E-mail: sbomhof@torys.com

                        About GNC Holdings

GNC Holdings Inc. -- http://www.gnc.com/-- is a global health and
wellness brand with a diversified omni-channel business. In its
stores and online, GNC Holdings sells an assortment of performance
and nutritional supplements, vitamins, herbs and greens, health and
beauty, food and drink, and other general merchandise, featuring
innovative private-label products as well as nationally recognized
third-party brands, many of which are exclusive to GNC Holdings.

GNC Holdings and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on
June 23, 2020.  The Debtors disclosed $1,415,957,000 in assets and
$895,022,000 in liabilities as of March 31, 2020.

Judge Karen B. Owens oversees the cases.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Evercore Group, LLC as investment
banker and financial advisor; FTI Consulting, Inc., as financial
advisor; and Prime Clerk as claims and noticing agent.  Torys LLP
is the legal counsel in the Companies' Creditors Arrangement Act
case.


GOLD COAST: Filing of Reorganization Plan Extended Until Aug. 7
---------------------------------------------------------------
Judge Timothy A. Barnes has ordered that the time for Gold Coast
Partners, LLC, to file its Plan of Reorganization is extended to
and including August 7, 2020.

Attorney for the Debtor:

     Joel A. Schechter
     53 West Jackson Blvd., Suite 1522
     Chicago, IL 60604
     Tel: (312) 332-0267

                   About Gold Coast Partners

Gold Coast Partners, LLC, is an operator of coin-operated
laundromats in the city of Chicago.

It previously sought bankruptcy protection (Bankr. N.D. Ill. Case
No. 18-09765) on April 3, 2018.

Gold Coast Partners filed a Chapter 11 petition (Bankr. N.D. Ill.
Case No. 20-06636) on March 9, 2020.  In the petition signed by
Tracey Brooks Holloway, member, the Debtor was estimated to have
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities.  The Hon. Jacqueline P. Cox oversees the case.  The
Law Offices of Joel A. Schechter, serves as bankruptcy counsel to
the Debtor.


HADDINGTON FUND: Kidwell Objects to Disclosure Statement
--------------------------------------------------------
Bradley S. Kidwell Family Limited Partnership ("Kidwell Family
LP"); and Equity Trust Company custodian FBO Mary Coe Kidwell, IRA
("Mary Kidwell IRA") submitted an objection to the Disclosure
Statement filed by Haddington Fund, LP.

Kidwell points out that the Disclosure Statement fails to disclose
adequate information about the judgment against the Debtor and the
Debtor's then general partner, JB Wealth Management, LLC.

Kidwell complains that the Disclosure Statement does not adequately
disclose the secured nature of the Kidwell Family LP claim, as it
states that the Class 4 Claims (unsecured claims) will include the
Kidwell Family LP claim.

Kidwell asserts that the Disclosure Statement does not contain
adequate information relating to PPTX, LLC ("PPTX") and Knightvest
Preserve, LLC ("Knightvest") (collectively, the "LLCs").

According to Kidwell, the Disclosure Statement is deficient in that
it fails to disclose any basis why the "funds currently held by the
Debtor from the liquidation of Debtor's interest in one of the
LLC's" should be used to pay the Debtor's owners/limited partners,
rather than the Debtor's creditors.

Kidwell points out that the Disclosure Statement does not contain
adequate information because it fails to disclose any information
about its purported leases and rental income.

Kidwell complains that the Disclosure Statement does not contain
adequate information about personal property held by the Debtor for
others.

Attorneys for the Kidwells:

     Martin J. Lehman
     Palmer Lehman Sandberg, PLLC
     8350 N. Central Expressway, Suite 1111
     Dallas, Texas 75206
     Tel: (214) 242-6444
     Fax: (214) 265-1950

     J. B. Peacock, Jr.
     Gagnon, Peacock & Vereeke, P.C.
     1349 Empire Central Drive
     Suite 500, Lock Box 56
     Dallas, Texas 75247
     Tel: (214) 824-1414
     Fax: (214) 824-5490

                     About Haddington Fund

Haddington Fund L.P. filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Tex. Case No. 19-42853) on Oct. 21, 2019.  In its
petition, the Debtor was estimated to have $1 million to $10
million in both assets and liabilities.  The petition was signed by
James Bresnahan, managing member of general partner.  The Hon.
Brenda T. Rhoades oversees the case.  The Debtor tapped Eric A.
Liepins, Esq., at Eric A. Liepins, P.C., as bankruptcy counsel, and
Jones Allen & Fuquay, LLP, as special counsel.


HAIR CUTTERY: Removes Courthouse, Virginia Branch From Listing
--------------------------------------------------------------
Vernon Miles, writing for Arlnow, reports that Hair Cuttery has
removed the Courthouse branch in Arlington County, Virginia, from
the company's official listings.

It seems Hair Cuttery has trimmed Courthouse from its list of
locations and barbershop/salon is now closed.

The location at 2020 Wilson Blvd is now empty, with a sign in the
windows saying the space is available to lease. The site is also no
longer listed on the company’s index of locations.

The Hair Cuttery in Courthouse opened alongside retail shops on
that block in late 2014.

The next closest Hair Cuttery is at 3307 Lee Highway, but there are
still other barbershops closer in Courthouse and along Wilson
Blvd.

Other Hair Cuttery locations throughout the region have closed as
well while the parent company has filed Chapter 11 bankruptcy.

                    About Hair Cuttery

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

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

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

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

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


HELMET CENTER: Unsecureds Will Get $7,500 Over Five Years
---------------------------------------------------------
The Helmet Center LLC, submitted a Chapter 11 Plan and a Disclosure
Statement.

As a retail-based entity, inventory represents the majority of the
Debtor's assets.  The Debtor's inventory largely consists of
apparel and miscellaneous equipment for recreational vehicles.

The Plan classifies and treat claims as follows:

  * Class I(a) - Secured Claim of AZBT.  The Class I(a) Claim shall
hold a total Allowed Claim in the amount of $130,000, the estimated
value of the Debtor’s encumbered assets.  The Class I(a) Claim
shall accrue interest from the Effective Date.  Beginning on the
Effective Date and continuing the same day of each month
thereafter, the Debtor shall pay Class I(a) in full through 24
equal monthly payments of $2,602, followed by 12 equal monthly
payments of $2,637.60, followed by 24 equal monthly payments of
$2,662.  The Class I(a) Claim is impaired.

  * Class I(b) – Secured Claim of Houston.  Class I(b) will hold
a total Allowed Claim in the amount of $4,000.  The Class I(b)
Claims shall accrue interest from the Effective Date at a rate of
3.5% per annum.  The Debtor will pay Class I(b) in full through 60
equal monthly payments of $72.46 beginning on the Effective Date
and continuing on the same day each month thereafter until paid in
full.  Class I(b) is impaired.

  * Class II – General Unsecured Creditors.  The Debtor will pay
holders of Class II Claims their pro rata share of $7,500 over five
years.  The Class II Claims will not accrue interest.  The Debtor
will pay five equal annual aggregate payments of $2,500 to Class II
Claims beginning on the Initial Payment Date and continuing on the
same day each year thereafter.  Class II is impaired.

The Debtor will fund payments under the Plan through post-petition
revenue and income.

A full-text copy of the Disclosure Statement dated June 8, 2020, is
available at https://tinyurl.com/y8g3s3pd from PacerMonitor.com at
no charge.

Attorneys for the Debtor:

     Thomas H. Allen
     David B. Nelson
     ALLEN BARNES & JONES, PLC
     1850 N. Central Ave., Suite 1150
     Phoenix, Arizona 85004
     Ofc: (602) 256-6000
     Fax: (602) 252-4712
     E-mail: tallen@allenbarneslaw.com
             dnelson@allenbarneslaw.com

                      About Helmet Center

The Helmet Center LLC filed a Chapter 11 petition (Bankr. D. Ariz.
Case No. 19-15367), on Dec. 5, 2019.  The petition was signed by
David Steele, member and manager. At the time of filing, the Debtor
had $50,001 to $100,000 in assets and $100,001 to $500,000 in
liabilities. Judge Brenda K. Martin oversees the case.  The Debtor
is represented by Thomas H. Allen, Esq., at Allen Barnes & Jones,
PLC.


HERTZ GLOBAL: Selling Used Cars at Bargain Prices
-------------------------------------------------
Sherry Knight, writing for KYXY Radio, reports that car rental
company Hertz Global Holdings filed for Chapter 11 bankruptcy in
May and is now selling used cars at discounted prices.  They have
thousands of used cars available on their website HertzCarSales.com
and the volune depends on your location.  Vehicles are delivered
free up to 75 miles too.

                       About Hertz Corp.

Hertz Corp. and its subsidiaries -- http://www.hertz.com/--
operate a worldwide vehicle rental business under the Hertz,
Dollar, and Thrifty brands, with car rental locations in North
America, Europe, Latin America, Africa, Asia, Australia, the
Caribbean, the Middle East, and New Zealand.  The Company also
operates a vehicle leasing and fleet management solutions
business.

On May 22, 2020, The Hertz Corporation  and certain of its U.S.
and
Canadian subsidiaries and affiliates filed voluntary petitions for
reorganization under Chapter 11 in the U.S. Bankruptcy Court
(Bankr. D. Del. Case No. 20-11218).

The Hon. Mary F. Walrath is the presiding judge.

White & Case LLP is serving as legal advisor, Moelis & Co. is
serving as investment banker, and FTI Consulting is serving as
financial advisor.  Richards, Layton & Finger, P.A., is the local
counsel.

Prime Clerk LLC is the claims agent, maintaining the page
https://restructuring.primeclerk.com/hertz


HORIZON GLOBAL: Extends Maturity of Term Loans to June 2022
-----------------------------------------------------------
Horizon Global Corporation extended the maturity of its term loans
to June 30, 2022.  Specifically, the Company entered into the 2020
Replacement Term Loan Amendment (Eleventh Amendment to Credit
Agreement) with Cortland Capital Market Services LLC (as successor
to JPMorgan Chase Bank, N.A.), as administrative agent, and the
other institutions named on the signature pages thereto, to amend
the Term Loan Credit Agreement, dated as of June 30, 2015, by and
among the Company, as borrower, Cortland Capital Market Services
LLC (as successor to JPMorgan Chase Bank, N.A.), as administrative
agent and the other lenders that are parties thereto.  The
Amendment provides for a 1.00% closing fee, which is payable in
kind and added to the principal amount of the replacement term
loans on the closing date.  Additionally, the Amendment amended the
Credit Agreement to, among other things, (i) provide for
replacement term loans that will in part refinance and replace the
term loans, plus any accrued interest thereon, outstanding under
the Credit Agreement immediately prior to the effectiveness of the
Amendment and in part refinance and replace the term loans, plus
any accrued interest thereon, outstanding under the Second Lien
Term Loan Credit Agreement, dated as of March 15, 2019, (ii) set
the maturity date for such replacement term loans to be the earlier
of (a) June 30, 2022 and (b) April 1, 2022 if the Convertible Notes
(as defined in the Credit Agreement) are not repaid or otherwise
discharged prior to such date, (iii) provide for an interest rate
on such replacement term loans equal to 10.75% per annum, of which
4.00% shall be payable in cash and 6.75% shall be PIK interest
(provided that the Company may elect on not more than one occasion
to pay all interest as PIK interest), (iv) provide for a prepayment
penalty on the entire principal amount of such replacement term
loans in an amount equal to 3.0% of the aggregate principal amount
prepaid to the extent prepaid prior to Dec. 31, 2021, and (v)
modify the minimum fixed charge coverage ratio requirement by
increasing the covenant levels to 1.10:1.00 for the period ending
June 30, 2021, 1.25:1.00 for the period ending Sept. 30, 2021 and
1.40:1.00 for all periods thereafter.

                        About Horizon Global

Horizon Global -- http://www.horizonglobal.com/-- is a designer,
manufacturer, and distributor of a wide variety of
custom-engineered towing, trailering, cargo management and other
related accessory products in North America, Australia and Europe.
The Company serves OEMs, retailers, dealer networks and the end
consumer.

As of March 31, 2020, the Company had $445.8 million in total
assets, $458.2 million in total liabilities, and a total
shareholders' deficit of $12.41 million.

                          *    *    *

As reported by the TCR on Dec. 16, 2019, S&P Global Ratings
affirmed the 'CCC' issuer credit rating on Horizon Global Corp. and
revised the outlook to negative from developing.  The outlook
revision to negative reflects S&P's view that despite recent debt
reduction and temporary improvement in liquidity, Horizon's credit
metrics and liquidity remain quite weak and could worsen as the
rating agency expects the company to generate negative free flow.

As reported by the TCR on June 24, 2020, Moody's Investors Service
withdrew its ratings for Horizon Global Corporation, including the
C corporate family rating.  Moody's decided to withdraw the ratings
for its own business reasons.


HYGEA HOLDINGS: Plan Approved After Reductions in Exculpation
-------------------------------------------------------------
Law360 reports that health care network Hygea Holdings Corp.
obtained the approval for its Chapter 11 reorganization plan on
June 12, 2020 after a Delaware judge said she would cut back
provisions releasing the case's parties from liability for their
work.  During a confirmation hearing conducted over the phone, U.S.
Bankruptcy Judge Karen B. Owens said the Delaware bankruptcy bench
has been fairly consistent in requiring limitations on exculpation
provisions in Chapter 11 plans, and she would likewise impose those
limitations on Hygea's plan.

A copy of the full-report is available at
https://www.law360.com/articles/1282489/hygea-gets-ch-11-plan-approval-with-trimmed-exculpation

                   About Hygea Holdings Corp.

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

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

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


IHEARTCOMMUNICATIONS INC: S&P Rates Senior Secured Term Loan 'B+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '2'
recovery rating to the proposed $450 million senior secured term
loan due in 2026 issued by San Antonio-based radio broadcaster
iHeartMedia Inc. subsidiary iHeartCommunications Inc.

The '2' recovery rating indicates S&P's expectation for substantial
(70%-90%; rounded estimate: 70%) recovery for lenders in the event
of a payment default. iHeartMedia plans to use the proceeds to
fully repay the outstanding balance on its asset-backed lending
(ABL) revolver ($350 million as of March 31, 2020) and to provide
additional liquidity.

S&P's 'B' issuer credit rating and negative outlook on iHeartMedia
are unchanged because the proposed transaction will not affect net
leverage. The negative outlook reflects uncertainty around the
extent of the coronavirus pandemic's impact on iHeartMedia's
performance and the potential that steeper-than-expected declines
or a delayed recovery in radio advertising could cause free
operating cash flow (FOCF) to debt to decline below 5% and remain
there over the next year.

ISSUE RATINGS—RECOVERY ANALYSIS

Key analytical factors:

-- iHeartCommunications Inc. is the borrower of a $450 million
senior secured ABL facility (unrated) maturing in 2023, the
proposed $450 million senior secured term loan maturing in 2026, a
$2.1 billion senior secured term loan maturing in 2026, $800
million of 6.375% senior secured notes due in 2026, $750 million of
5.25% senior secured notes due in 2027, $500 million of 4.75%
senior secured notes due in 2028, and $1.5 billion of 8.375% senior
unsecured notes due in 2027.

-- The senior secured debt is secured by a first-priority lien on
substantially all of the company's assets and those of its
guarantors. The ABL facility has a first-priority lien on accounts
receivable, qualified cash, and related assets.

-- All debt is guaranteed by iHeartCommunications' existing and
future material wholly owned subsidiaries and iHeartMedia Capital I
LLC (its direct parent).

Simulated default assumptions:

-- S&P's simulated scenario contemplates a default occurring in
2023 primarily due to increased competition from alternative media
and a cyclical downturn in advertising that materially reduce
iHeartMedia's revenue and cash flow given its largely fixed cost
base.

-- Other default assumptions include a 60% draw on the ABL
facility, LIBOR of 2.5%, and all debt includes six months of
prepetition interest.

-- S&P has valued the company on a going-concern basis using a 6x
multiple of its projected emergence EBITDA, which is in line with
that of other radio companies it rates.

Simplified waterfall:

-- EBITDA at emergence: $640 million
-- EBITDA multiple: 6x
-- Gross recovery value: $3.8 billion
-- Net recovery value for waterfall after administrative expenses
(5%): $3.65 billion
-- Estimated priority claims: $215 million
-- Value available for senior secured debt: $3.4 billion
-- Estimated senior secured debt claims: $4.7 billion
-- Recovery expectations: 70%-90%; rounded estimate: 70%
-- Value available for senior unsecured debt: $0
-- Estimated senior unsecured debt claims: $1.5 billion
-- Recovery expectations: 0%-10%; rounded estimate: 0%


INFOBLOX INC: Fitch Affirms B LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed the ratings for Infoblox, Inc.,
including the 'B' Long-Term Issuer Default Rating and 'B+'/'RR3'
first lien senior secured rating. The Rating Outlook is Stable.
Fitch's actions affect $785 million of total debt, including the
undrawn $50 million first lien senior secured revolving credit
facility.

The ratings and Outlook reflect Fitch's expectation that recurring
revenue, driven by the mission critical nature of DDI and product
refresh cycle, will more than offset the impact of the coronavirus
pandemic on new logos and expansions bookings over the near term.
Infoblox's 14% YoY revenue growth lagged new bookings for the
quarter ended April 30, 2020 (April quarter) due to
coronavirus-related execution constraints but the company's
strategic pivot from hardware and perpetual software licenses to
subscriptions remains solid. For the quarter and LTM ending April
30, 2020, bookings momentum yielded record subscription penetration
(85%) and recurring revenue (80%), respectively.

GAAP revenue for the April quarter increased 14% YoY, while net
bookings grew 11% (the 11th consecutive quarter) driven by higher
spending on DDI by large enterprises, the latter metric, a trend
that Fitch expects will continue over the longer term. The
company's early stage product refresh cycle should accelerate in
the current quarter and remain a tailwind through calendar 2021 but
constrain growth beginning in calendar 2022. Execution on the
company's customer facing initiatives will determine Infoblox's
ability to offset the product down-cycle with customer adoption of
expansions and Infoblox's software-as-a-service security platform,
the latter of which is relatively small but rapidly growing.

Fitch expects only modest profit margin expansion after
profitability peaked in the first half of fiscal 2020 and fell to
the high teens in the April quarter due to a higher than expected
mix of lower margin hardware sales and higher accrued bonuses and
sales-related hiring expenses. Fitch forecasts more than $110
million of Fitch estimated EBITDA for fiscal 2020 and high teens to
low 20% margins through the forecast period. Growing deferred
revenue and solid cash collections drove record cash levels of $112
million exiting the April quarter, supporting liquidity through the
coronavirus pandemic. Minimal mandatory tem loan amortization will
result in total debt to operating EBITDA ranging from 6.5x for
fiscal 2020 to 6.0x through the forecast period.

KEY RATING DRIVERS

Coronavirus Impact: Fitch expects a modest impact on Infoblox's
operating results from the coronavirus, due to the mission critical
nature of DDI and an early stage product refresh cycle. Large
enterprise customers, to which Infoblox is highly indexed,
generally are better positioned to invest through the pandemic than
their smaller peers. Customer demand surged in the April quarter to
strengthen networks to support work-from-home (WFH) and digital
transformation. Infoblox's product refresh cycle (typically lasting
24 months) began in the April quarter, should accelerate in the
current quarter and last through calendar 2021 before weighing on
revenue growth in calendar 2022, offsetting lower the WFH demand
pull forward. From a supply perspective, modest supply chain
constraints resulted in elevated backlog exiting the April quarter
that should be filled over the current to next quarters.

Market Leadership: Fitch expects Infoblox's market leadership in
DDI, which includes domain name services, dynamic host
configuration protocol and internet protocol address management, to
support improved operating performance through the rating horizon.
Infoblox has roughly 50% share in worldwide DDI software and
appliance markets (excluding DNS security) and higher for large
enterprises, to which the company is highly indexed, large
installed base that drives product refreshes, expansion
opportunities and recurring revenue. Competition includes small
niche providers without comprehensive solutions or public cloud
service providers focused on larger addressable markets.

Strengthening FCF: Fitch expects higher recurring revenue from net
bookings and revenue (including deferred revenue) growth, as well
as the adoption of the company's subscription model, will drive
stronger FCF. The current product refresh cycle should accelerate
in the current quarter and be sustained through calendar 2021,
driving higher cash flow, after which point Infoblox's focus will
shift to new logos and expansions and adoption of its SaaS security
business through the down-cycle. Over the nearer term, cash
collections have been strong despite the coronavirus pandemic and
Fitch expects more than $90 million of FCF in fiscal 2020, up from
only $1 million if fiscal 2019, and $50 million to $100 million
annually through the forecast period.

High but Improving Leverage: Fitch expects Infoblox's leverage will
improve but remain high through the forecast period due to minimal
mandatory term loan amortization until their November 2023
maturities, despite anticipated profitability and FCF growth. Fitch
forecasts total debt to operating EBITDA will end fiscal 2020 at
6.5x and remain in the 6.5x to 7.5x range through the forecast
period, down from high single digit levels in fiscal 2019 (when
adjusted for ASC 606). Higher FCF will drive total debt to FCF to
the mid- to high-single digits but likely support tuck-in
acquisitions rather than result in voluntary debt reduction.

Reduced Revenue Cyclicality: Fitch expects higher mix of
subscription revenue reduces revenue cyclicality historically
associated with product refresh cycles. Infoblox's product cycles
typically last four years and the company should benefit from a
product refresh through calendar 2021, after which the company will
require solid execution on expansion and new logos, as well as SaaS
security solutions adoption, to offset negative product refresh
revenue. Infoblox's strategic pivot from hardware and perpetual
software licenses to SaaS provider should partially offset product
refresh cycles with recurring revenue, which was 86% for the April
quarter.

Threat of Larger Entrants: Fitch continues to believe Infoblox
faces potential risks that larger players enter the growing and
fragmented DDI market via acquisition and affect industry pricing
and profitability by bundling DNS services with a broad set of
service offerings and leveraging a global sales footprint.
Infoblox's competitors include Microsoft's in-house open-source
software-based solution provided as attach to Windows server and
AWS' Route 53 addressing the commodity external authoritative
market. Fitch believes the small size of the DDI market and
Infoblox's installed base leadership reduces the threat of new
entrants.

Term Loan Recovery: Consistent with the vast majority of software
providers, Fitch believes Infoblox would be reorganized rather than
liquidated were the company to default. To calculate the recovery
waterfall, Fitch assumes a going concern EBITDA of $75 million,
which incorporates Fitch's belief that distress would most likely
be the result of share losses from the deterioration of product
competitiveness. Fitch assumes a reorganization multiple of 6.5x,
which is in line with similar leveraged software peers at Fitch.
After taking administrative claims into account, Fitch estimates
recovery of 56% for the first lien term loan, which maps to a 'RR3'
Recovery Rating.

DERIVATION SUMMARY

Fitch believes Infoblox is positioned in-line with similarly rated
Barracuda Networks and Gigamon, due to Infoblox's comparable
mission critical nature and improving financial flexibility.
Renewal rates are comparable and consistent for as-a-service
companies and Infoblox's market share is solid at over 50%, even
higher with large enterprise customers, despite the DDI market's
relatively small size. Fitch expects positive annual FCF through
the rating horizon, driven by solid net bookings and growth,
including cash from higher deferred revenue. However, leverage
metrics, including total debt to operating EBITDA or FCF are likely
to remain higher than those of 'B'-rated peers, given minimal
mandatory term loan amortization and Fitch's expectation for no
voluntary debt reduction.

KEY ASSUMPTIONS

  -- High single digit sequential revenue growth in the fourth
quarter of fiscal 2020, resulting in 17% YoY growth after adjusting
for ASC 6060. The acceleration of the product refresh cycle will
drive low- to mid-single digit revenue growth in fiscal 2021 and
2022 followed by mid-single digit negative growth in fiscal 2023.

  -- Deferred revenue growth converges with organic revenue growth
rates over the forecast period reflecting the pivot to the
subscription model and new accounting.

  -- Operating EBITDA is in the high-teens to low-20% through the
forecast period, driven by high hardware sales mix associated with
the product refresh cycle and higher investments in customer facing
resources.

  -- Capex returns to normalized levels following completion of ERP
deployment.

  -- Acquisitions of $100 million in each of fiscal 2022 and 2023
at 3x revenue and operating EBITDA margins in-line with Infoblox.

  -- Company refinances the term loan due November 2023.

RATING SENSITIVITIES

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

  -- End market or product diversification from expansion or
acquisitions into adjacent markets representing at least 25% of
consolidated revenue.

  -- Debt to FCF in the mid-single-digits from operating EBITDA
margins above 25% and double FCF margins in the high-teens.

  -- Continued mid-single-digit revenue growth, signifying share
gains within a growing market and validating Infoblox's GTM
strategy and services platform.

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

  -- Below market revenue growth from deterioration of product
competitiveness and lower than previously expected product
stickiness.

  -- Expectations for total debt to operating EBITDA sustained
above 7.5x or total debt to FCF in the double digits from operating
EBITDA margin compression to mid- to high-teens and near breakeven
FCF margins.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch believes Infoblox's liquidity remains
adequate and, as of April 30, 2020, was supported by: i) $112.5
million of cash and cash equivalents ($3.5 million restricted cash
will become available in calendar 2021) and ii) an undrawn $50
million first lien senior secured RCF expiring Nov. 5, 2021.
Fitch's expectation for annual FCF of $50 million to $100 million
through the forecast also supports liquidity but will be inadequate
to meet its $733 million of debt maturities due in Nov. 7, 2023.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3. This indicates 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch made no material financial statements adjustments to the
financial statements for Infoblox Inc.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


INTELSAT S.A.: Mitsui, Yamasa Acquires Spaceflight Inc.
-------------------------------------------------------
Japan's Mitsui & Co., working in partnership with Yamasa Co. Ltd.,
has completed the acquisition of Seattle-based Spaceflight Inc.
from its parent company, Spaceflight Industries.

Today's announcement of the transaction's completion follows up on
February's announcement of the sale for an undisclosed amount.
Spaceflight Industries' other subsidiary, BlackSky Global, isn't
part of the transaction and will continue to operate as a privately
held company with offices in Seattle and Herndon, Va.

Spaceflight Industries also has a 50% share in LeoStella, a
satellite manufacturing company based in Tukwila, Wash. The other
half of that joint venture is owned by Thales Alenia Space, a
French-Italian aerospace company.

Mitsui and Yamasa will similarly split ownership of Spaceflight
Inc. as a 50-50 joint venture, operating independently with its
headquarters remaining in Seattle.

The sale brings a parting of the ways for Spaceflight Inc., which
focuses on arranging launch services for rideshare satellites; and
BlackSky, which is building a satellite constellation for Earth
observation and provides geospatial data analysis tools.

"The funds secured through this transaction will be reinvested in
BlackSky to capitalize on what we see is an expanding market
opportunity in global monitoring," Brian O'Toole, president of
Spaceflight Industries and CEO of BlackSky, said in a news
release.

Spaceflight's CEO and president, Curt Blake, also heralded the
opportunities ahead.

"The completion of this deal is an exciting step for Spaceflight,"
Blake said in a news release. "Joining the high-growth Mitsui & Co.
portfolio positions Spaceflight to deliver and expand on the
comprehensive launch services we offer."

Blake said Spaceflight is exploring the development of new
standardized deployment systems, new digital initiatives and other
programs to make access to space more affordable and flexible.

"Our biggest priority, as always, is ensuring all our customers are
fully supported through this transition and we're taking the
necessary steps to establish infrastructure to meet their needs,"
he said.

Spaceflight Inc. is the first space venture acquired by Mitsui, one
of Japan’s largest conglomerates. Mitsui's properties include
food and beverage companies, banking and insurance firms, mining
companies and heavy industry.

"Spaceflight has contributed significantly to the space industry,
pushing boundaries and achieving great success making rideshare a
credible and reliable option for smallsat launches," said Tomohiro
Musha, a general manager in Mitsui's transportation and machinery
business unit. "The acquisition of this industry leader will allow
us to expand our business in exciting new ways."

Over the past seven years, Spaceflight has made arrangements for
271 satellites flying on 29 launches, most notably including a
64-satellite mission that made use of a dedicated SpaceX Falcon 9
rocket in 2018. It was also involved in setting up the launch of
the Israeli-made Beresheet lunar lander on a different Falcon 9 in
2019.

One of Spaceflight Inc.'s steady customers has been BlackSky.
Launch arrangements for the first four satellites in BlackSky's
Global constellation were all made through Spaceflight, working
with the Indian Space Research Organization, SpaceX and Rocket
Lab.

During an interview last month, O'Toole told GeekWire that there'll
be more emphasis on the BlackSky brand and less emphasis on the
Spaceflight Industries brand going forward. "We'll have a little
transition period there, but you'll primarily be hearing about
BlackSky, and we're not going to get into another complex kind of
holding-company messaging," he said.

Between the time that the acquisition was announced and finalized,
the deal had to pass review by the federal government's Committee
on Foreign Investment in the United States. The committee signed
off on the terms of the deal in April.

Finalizing the deal was also dependent on Intelsat working out a
complex arrangement for distributing the proceeds from Spaceflight
Inc.'s sale. Intelsat, which is currently going through Chapter 11
bankruptcy proceedings, provided BlackSky with $50 million in
financing last November. Space Intel Report said the U.S.
bankruptcy court cleared the financial arrangements.

Although they're no longer owned by the same holding company,
BlackSky and Spaceflight Inc. will continue to do business
together. Four BlackSky satellites are due to be launched by
India's SSLV rocket later this year.

But the two companies are also free to go their own way. Two
BlackSky satellites are scheduled to go into orbit later this month
courtesy of SpaceX — which now has a rideshare launch program
that competes with Spaceflight Inc.'s offerings.

                      About Spaceflight Inc.

Spaceflight Inc provides satellite payload launching services. It
also integrates, manifests and certifies small satellites on a
network of emerging and established launch and space transportation
vehicles. It also offers technical expertise to launch satellite or
payload on the selected launch vehicle.

                      About Mitsui & Co. Ltd.

MITSUI & CO., LTD. is a general trading company that operates in
various operating groups like general merchandise, textile, energy,
foods, chemicals, machinery, non-ferrous metals, and iron and
steel. It also operates overseas development and real estate
projects.

                        About Yamasa Co.

Yamasa Co. Ltd. manufactures leisure equipment. It also develops,
sells and manufactures different amusement facilities such as
simulators, game consoles, slot machines, and pachinko machines.

                    About Intelsat S.A.

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

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

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


INVESTVIEW INC: Incurs $21.3 Million Net Loss in Fiscal 2020
------------------------------------------------------------
Investview, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K, reporting a net loss of $21.28
million on $24.18 million of net total revenue for the year ended
March 31, 2020, compared to a net loss of $4.98 million on $29.66
million of net total revenue for the year ended March 31, 2019.

As of March 31, 2020, the Company had $10.40 million in total
assets, $24.66 million in total liabilities, and a total
stockholders' deficit of $14.26 million.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2017, issued a "going concern" qualification in its report
dated June 29, 2020, citing that the Company has suffered losses
from operations and its current cash flow is not enough to meet
current needs.  This raises substantial doubt about the Company's
ability to continue as a going concern.

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

                     https://is.gd/uIJHom

                       About Investview

Headquartered in Salt Lake City, Utah, Investview, Inc., is a
diversified financial technology organization that operates through
its subsidiaries, to provide financial products and services to
individuals, accredited investors and select financial
institutions.


ISLAND CAPITAL: Case Summary & 3 Unsecured Creditors
----------------------------------------------------
Debtor: Island Capital, Inc.
        353 Hambley Blvd
        Pikeville, KY 41502

Business Description: Island Capital, Inc. is a Single Asset Real
                      Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).

Chapter 11 Petition Date: July 9, 2020

Court: United States Bankruptcy Court
       Eastern District of Kentucky

Case No.: 20-70342

Debtor's Counsel: Noah Friend, Esq.
                  NOAH R FRIEND LAW FIRM
                  P.O. Box 341
                  Versailles, KY 40383
                  Tel: (606) 369-7030
                  E-mail: noah@friendlawfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Anthony Baker, director.

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

                      https://is.gd/7ysMLL


J.C. PENNEY: Amazon Taking a Look at Penney's Store Portfolio
-------------------------------------------------------------
Carly Stevenson, writing for Pineville Voice, reports that Amazon
has been tipped to take over collapsed US department-store giant JC
Penney in a move that could redefine the nature of US retailing.
According to an exclusive report in WWD, Amazon has a team of
senior management and consultants at JC Penney's Texas headquarters
going through the numbers and the store portfolio.

And while JC Penney says it is planning to permanently shutter 245
of its 846 stores across the country as part of a restructure under
Chapter 11 bankruptcy protection, Amazon may take over as much as
the entire fleet.

Amazon has made no official comment on its plans with the news
leaked by people with close knowledge of the proceedings. That
makes all of the following commentary speculation.

The Seattle-based Amazon already dominates the US e-commerce market
with a market share of around 49 percent.  Small businesses across
the U.S. reportedly sell some 4,000 items every minute on the
platform.  However, as a digital-native company, Amazon has very
little physical presence in the form of brick-and-mortar stores.
It bought the upmarket Whole Foods grocery chain in 2017 which it
has now expanded to 500 stores in the US and it also developed a
high-tech, small-format hybrid grocery-convenience store model
called Amazon Go which now numbers 26 outlets.

If Amazon was to buy JC Penney, it is hard to see the brand name
enduring.  Analysts estimate, on average, that Amazon has cash
reserves of around US$43.7 billion, so buying the business, taking
over the properties and completely reformatting stores would be a
lesser challenge cost-wise than for any other retailer.

The vast majority of JC Penney stores anchor shopping malls, many
of which are struggling to retain footfall and have relatively
short life expectancies, worsened in a post-Covid-19 world where
social distancing is likely to endure until a vaccine is found or
the coronavirus dies out of its own accord.

Amazon could potentially convert the JC Penney stores into a
tech-driven, hybrid model of fulfilment centre and retail showcase.
This would give its online customers a place to view goods in a
truly omnichannel business model similar to what traditional
brick-and-mortar retailers around the world -- and e-commerce
giants like Alibaba and JD in China -- have been trying to develop
during the latter half of the last decade.

Many of the JC Penney stores are larger than they need to be, so
Amazon is likely to hand back some of the space to landlords, a
palatable solution to property owners who would have serious doubts
about JC Penney's ability to survive and continue paying rent long
term and very few other opportunities to replace them with another
anchor tenant. Some of the unwanted retail space could be kept and
converted to storing stock, allowing faster delivery promises to
online shoppers.

New Whole Foods stores could be opened and Amazon could sublease
spaces to selected retail partners, including – for example –
the Seattle’s Best Coffee which already has cafes in many JC
Penney stores.

JC Penney also has its own warehouse and logistics systems which
Amazon could absorb into its own.

One source told WWD that Amazon was interested in JC Penney for its
strength in apparel in both range and brands. "I'm told it has a
lot to do with Amazon eager to expand its apparel business — for
sure,' the unnamed source said.

For now, this is all speculation, but it seems to be reliable
information that Amazon executives are in "dialogue" with the
stricken retailer.

                       About Amazon.Com

Amazon.com, LLC, is a limited liability company with principal
offices in Seattle, Washington. Amazon Logistics, Inc., is a
corporation with principal offices in Seattle. Amazon.com is an
e-commerce company and one of the largest -- if not the largest --
Internet retailers in the world, operating the Web site
http://www.amazon.com/

                       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


J.C. PENNEY: Gets Court Approval to Defer the $34M Lease Payments
-----------------------------------------------------------------
Law360 reports that the Texas bankruptcy judge granted the request
of J.C. Penney on June 11, 2020 to delay the lease payments worth
$34 million until the middle of July 2020, although for one day
fewer than the retailer asked for after landlords expressed concern
the company would run out of cash before they got paid.

U.S. Bankruptcy Judge David Jones granted the retailer a delay in
paying its June and July rent, but only until July 13, not July 14
as the company had initially requested, saying he was addressing
the concerns of landlords who said they were worried a possible
toggle from restructuring to liquidation on July 14 could mean
administrative. . .

A copy of the full-report is available at
https://www.law360.com/texas/articles/1282283/jc-penney-gets-nod-to-postpone-34m-in-rent-payments

                       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


J.C. PENNEY: Several Stores in Upstate New York Closing
-------------------------------------------------------
Melissa Krull, writing for Spectrum Local News, reports that the
closure of regional locations of J.C. Penney is considered a huge
blow to loyal customers.   JCPenney announced that it plans to
close many of their stores nationwide, including a store in Rome,
New York.  Many other JCPenney stores across Upstate New York will
also be closing, including the ones in Oswego Plaza, Sangertown
Square, Fingerlakes Mall, and Destiny USA.

The closures are part of JCPenney's bankruptcy process.

About 500 stores have been able to reopen as they continue to also
deal with coronavirus-related closures.

                       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


JAGGED PEAK: Unsecureds to Recover 9.8% in Plan
-----------------------------------------------
Jagged Peak, Inc., et al., and their Official Committee of
Unsecured Creditors filed a Chapter 11 Plan and a Disclosure
Statement.

On October 24, 2019, the U.S. Trustee appointed the Committee to
represent the interests of the creditors holding unsecured claims
in these Cases.  Since the Committee's formation, the Debtors have
consulted and coordinated with the Committee concerning various
aspects of the Cases, including, without limitation, the sale of
substantially all of the Debtors' operating assets, the formulation
of the Plan, and expected recoveries for creditors thereunder.

Holders of general unsecured claims against Jagged Peak in Class
III(a) will recover 9.8 percent.  Holders of general unsecured
claims against TradeGlobal Class III(b) will recover 75 percent.

Holders of general unsecured claims against TGNA in Class III(c)
and holders of general unsecured claims against Jagged Peak Canada
in Class III(d) are impaired.  Each holder of Class III(c)and Class
III(d) General Unsecured Claim will receive (a) its Pro Rata
Proceeds and (b) its Pro Rata share of any remaining Cash from the
Claims Reserves and only Class III(d) get the Professional Fee
Escrow.

The Nespresso Jagged Peak claim in Class IV will recover 9.8%.

SingPost Jagged Peak Claims Class V(a) are impaired.  The SingPost
Jagged Peak Claim will be deemed Allowed in full in the amount of
$26,614,392.  The holder of the SingPost Jagged Peak Claim will be
treated pari passu with the Nespresso Jagged Peak Deficiency Claim
and shall receive, in full and complete settlement, satisfaction
and discharge of such Allowed SingPost Jagged Peak Claim, (a) its
Pro Rata share of the Jagged Peak Net Recoveries, (b) its Pro Rata
share of Jagged Peak Other Net Proceeds, and (c) its Pro Rata share
of any remaining Cash from the Claim Reserves.

SingPost TradeGlobal Claims in Class V(b) are impaired.  The
SingPost TradeGlobal Claim will be deemed allowed in full in the
amount of $33,506,413.  The holder of the SingPost TradeGlobal
Claim will receive, in full and complete settlement, satisfaction
and discharge of such SingPost TradeGlobal Claim, (a) its pro rata
share of the of the TradeGlobal Litigation Recoveries, (b) its pro
rata share of TradeGlobal Other Net Proceeds, and (c) its Pro Rata
share of any remaining Cash from the claim reserves.

Holders of Equity Interests in Class 7 will not receive any
distribution under the Plan on account of such equity interests.
Upon the effective date of the Plan, all Equity Interests shall be
cancelled.

On the Effective Date, the Liquidation Trustee shall sign the
Liquidation Trust Agreement and, in his capacity as Liquidation
Trustee, accept all Assets on behalf of the beneficiaries thereof,
and be authorized to obtain, seek the turnover of Assets,
liquidate, and collect all of the Assets not in his possession.

A full-text copy of the Disclosure Statement dated June 8, 2020, is
available at https://tinyurl.com/yclm353u from PacerMonitor.com at
no charge.

Attorneys for the Debtors:

     Gregory E. Garman, Esq.
     Gabrielle A. Hamm, Esq.
     Mark M. Weisenmiller, Esq.
     GARMAN TURNER GORDON LLP
     7251 Amigo St., Suite 210
     Las Vegas, NV 89119
     Tel: (725) 777-3000
     Fax: (725) 777-3112
     E-mail: ggarman@gtg.legal
             ghamm@gtg.legal
             mweisenmiller@gtg.legal

     Ryan J. Works, Esq.
     Amanda M. Perach, Esq.
     MCDONALD CARANO LLP
     2300 West Sahara Avenue, Suite 1200
     Las Vegas, NV 89102
     Tel: (702) 873-4100
     E-mail: rworks@mcdonaldcarano.com
             aperach@mcdonaldcarano.com

           - and -

     Thomas J. Francella, Esq.
     COZEN O'CONNOR
     1201 North Market Street, Suite 1001
     Wilmington, DE 19801
     Tel: (302) 295-2000
     Fax: (302) 295-2013
     E-mail: tfrancella@cozen.com

Counsel for the Official Committee Of Unsecured Creditors of Jagged
Peak, Inc. and TradeGlobal, LLC:

     Cathrine M. Castaldi, Esq.
     Max Schlan, Esq.
     BROWN RUDNICK LLP
     2211 Michelson Dr., Seventh Floor
     Irvine, CA 92612
     Tel: (949) 752-7100
     E-mail: ccastaldi@brownrudnick.com
             mschlan@brownrudnick.com

                       About Jagged Peak

Jagged Peak Inc. and its subsidiaries are software companies in
Tampa, Florida. The Debtors deliver end-to-end global eCommerce
solutions that help companies break into new markets and build
customer base by creating a seamless experience across borders for
all product types.

Jagged Peak, Inc., based in Tampa, FL, and its affiliates sought
Chapter 11 protection (Bankr. D. Nev. Lead Case No. 19-15959) on
Sept. 16, 2019.  In the petitions signed by CRO Jeremy Rosentha,
Jagged Peak, and TradeGlobal, LLC, were estimated to have assets of
$50 million to $100 million and liabilities of $10 million to $50
million; and TradeGlobal North America Holding, Inc. was estimated
to have assets of $1 million to $10 million and estimated
liabilities of less than $50,000.

The Hon. Mike K. Nakagawa oversees the cases.

Gregory E. Garman, Esq., at Garman Turner Gordon, serves as
bankruptcy counsel to the Debtors.  BMC Group, Inc., is the claims
and noticing agent to the Debtors.


JAKKS PACIFIC: Has $12M Net Loss for Quarter Ended March 31
-----------------------------------------------------------
JAKKS Pacific, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $11,998,000 on $66,557,000 of net sales
for the three months ended March 31, 2020, compared to a net loss
of $29,127,000 on $70,826,000 of net sales for the same period in
2019.

At March 31, 2020, the Company had total assets of $276,913,000,
total liabilities of $285,961,000, and $9,838,000 in total
stockholders' deficit.

JAKKS Pacific said, "The Company was in compliance with the
financial covenants under the New Term Loan Agreement as of March
31, 2020.  Given the current uncertainties created by the COVID-19
pandemic, there can be no assurance as to our ability to achieve
the minimum EBITDA threshold required under the New Term Loan
Agreement.  Failure to satisfy such requirement would constitute an
event of default under the New Term Loan Agreement and Amended ABL
Credit Agreement unless the lenders agree to waive compliance with
such requirement.  The Company's ability to fund operations and
retire debt when due is dependent on a number of factors, some of
which are beyond the Company's control and/or inherently difficult
to estimate, including the Company's future operating performance
and the factors mentioned, among other risks and uncertainties.  To
the extent the Company is unable to fund its operations or retire
debt when due, no assurances can be given that the Company will
have the financial resources required to obtain, or that the
conditions of the capital markets will support, any future debt or
equity financings, which could have a material adverse impact on
the Company's business, results of operations and financial
condition.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern for a period of
one year from the date the financial statements are issued.

"The Company plans to negotiate waivers or obtain other
accommodations to the satisfaction of its existing lenders,
inclusive of Wells Fargo, the Term Loan group and the Company's
unsecured creditors.  Although the lenders under the existing
credit facilities may waive such covenants or provide other
accommodations in event of default, they are not obligated to do
so.  The Company cannot make any assurances regarding the
likelihood or certainty in being successful in obtaining these
waivers in the event the Company is unable to achieve the minimum
EBITDA threshold.  Failure to obtain such a waiver would have a
material adverse effect on the Company's liquidity, financial
condition and results of operations."

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

                     https://is.gd/oc2EMC

JAKKS Pacific, Inc. develops, produces, and markets consumer and
related products worldwide. The company operates through three
segments: U.S. and Canada, International, and Halloween. JAKKS
Pacific, Inc. was founded in 1995 and is headquartered in Santa
Monica, California.


JASON INDUSTRIES: Brown Rudnick Represents Second Lien Group
------------------------------------------------------------
In the Chapter 11 cases of Jason Industries Inc., et al., the law
firm of Brown Rudnick LLP submitted a verified statement under Rule
2019 of the Federal Rules of Bankruptcy Procedure, to disclose that
it is representing the Second Lien Ad Hoc Committee.

The Second Lien Ad Hoc Committee formed by certain lenders under
(i) the First Lien Credit Agreement and (ii) the Second Lien Credit
Agreement.

As of June 30, 2020, the Second Lien Ad Hoc Committee and their
disclosable economic interests are:

CORRE PARTNERS MANAGEMENT LLC
12 East 49th St., 40th Floor
New York, NY 10017

* First Lien: $30,223,450
* Second Lien: Second Lien: $45,370,739
* Preferred Stock: $21,097,000
* Common Stock: 1,726,120 shares

NEWPORT GLOBAL ADVISORS
21 Waterway Ave., Suite 150
The Woodlands, TX 77380

* First Lien: $7,680,216.12
* Second Lien: $21,953,430.04

Nothing contained in this Verified Statement (or Exhibit A hereto)
is intended to, nor should be construed to, constitute: (a) a
waiver or release of any claims filed or to be filed against, or
interests in, any Debtor held by any Member or any other entity; or
(b) an admission with respect to any fact or legal theory. Nothing
herein should be construed as a limitation upon, or waiver of, any
rights of any Member to assert, file and/or amend any proof of
claim in accordance with applicable law and any Orders entered in
these Bankruptcy Cases.

Other than as disclosed herein, Counsel does not represent or
purport to represent any other entities with respect to the
Bankruptcy Case. In addition, the Members and the Second Lien Ad
Hoc Committee do not purport to act, represent, or speak on behalf
of any other entities in connection with the Bankruptcy Case.

The undersigned declares under penalty of perjury that this
Verified Statement is true and accurate to the best of their
knowledge, information and belief.

Counsel reserves the right to amend or supplement this Verified
Statement as necessary and in accordance with Bankruptcy Rule
2019.

Second Lien Ad Hoc Committee Counsel can be reached at:

          BROWN RUDNICK LLP
          Kenneth Aulet, Esq.
          Seven Times Square
          New York, NY 10036
          Telephone: (212) 209-4800
          Facsimile: (212) 209-4801
          Email: kaulet@brownrudnick.com

             - and -

          Steven D. Pohl, Esq.
          Sharon I. Dwoskin, Esq.
          One Financial Center
          Boston, MA 02111
          Tel: (617) 856-8200
          Email: spohl@brownrudnick.com
                 sdwoskin@brownrudnick.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/Zyjy5h

                    About Jason Industries

Jason Industries, Inc., headquartered in Milwaukee, Wisconsin, is a
diversified manufacturing company serving the finishing, seating,
acoustics and components end markets.

Jason Industries, Inc., and 7 affiliates sought Chapter 11
protection  (S.D.N.Y. Lead Case No. 20-22766) after reaching a deal
with lenders on terms of a plan that will cut debt by $250
million.

As of June 24, 2020, the Company reported total assets of
$204,886,939 and total debt of $428,374,343.

The Hon. Robert D. Drain is the case judge.

Moelis & Company LLC, is acting as financial advisor, Kirkland &
Ellis LLP is acting as legal counsel, and AlixPartners, LLP, is
acting as restructuring advisor to the Company in connection with
the Restructuring.  Houlihan Lokey Capital, Inc., is acting as
financial and restructuring advisor and Weil, Gotshal & Manges LLP
is acting as legal counsel to the Consenting Creditors.  Epiq
Corporate Restructuring, LLC, is the claims agent.


KRAFT HEINZ: S&P Lowers Rating on Pound Sterling Notes to 'BB+'
---------------------------------------------------------------
S&P Global Ratings lowered its issue-level rating on Kraft Heinz
Co.'s (KHC) 6.25% British pound sterling notes (approximately $157
million equivalent outstanding) due in 2030 to 'BB+' from 'BBB-'
and revised the recovery rating to '3' (50%-70%; rounded estimate:
65%) from '1'.

These notes, which were issued by finance entity H.J. Heinz Finance
UK PLC, continue to be guaranteed by the group's principal
operating subsidiary, Kraft Heinz Foods Co. (KHFC); however, the
guarantee is no longer secured following the redemption of the
4.875% second-lien secured notes due in 2025. The KHFC guarantee of
the British pound sterling notes arose from an equal and ratable
clause in the indenture when the second-lien secured notes were
issued in 2015. Now that the second-lien notes have been redeemed,
the collateral securing KHFC's guarantee of the British pound notes
has been released.

S&P also assigned its 'BB+' rating to the $3.9 billion extended
portion of the $4 billion revolver. The rating agency withdrew its
'BBB-' rating on the second-lien notes due in 2025 and 'BB+' rating
the $300 million 3.375% senior notes due in 2021, both of which
were redeemed as part of the tender/refinance transaction completed
in June 2020. S&P withdrew its 'BB+' ratings on the now matured
2.8% notes due July 2, 2020, and Canadian dollar floating rate
notes due July 6, 2020. The recovery rating on group's senior
unsecured debt remains '3', however the rounded recovery estimate
is revised to 65% from 60% following the removal of substantially
all secured debt from the capital structure.

All of S&P's other ratings are unchanged, including its 'BB+'
issuer credit rating. The outlook is negative. Although demand for
KHC products improved materially because of the coronavirus
pandemic, S&P believes the company has overall ceded market share
to branded and private-label rivals, the latter of which may in
particular continue to attract new customers given weak economic
conditions. S&P does not have evidence that Kraft Heinz remedied
the operational problems that contributed to its steep profit
deterioration over the last 24 months, though recognize its
management team is seeking to turnaround the business and plans to
unveil its strategy in September of 2020.

ISSUE RATINGS - RECOVERY ANALYSIS

Key analytical factors

Capital structure

The debt capital structure following the recent tender/refinance
transaction consists of:

-- A $4 billion senior unsecured revolving credit facility,
including $3.9 billion maturing July 6, 2024, and $100 million
maturing July 6, 2023.

-- Over $28 billion senior unsecured notes with maturity dates out
to 2050.

-- S&P views all of the debt as pari passu senior unsecured
obligations.

Security and guarantee package

KHFC is the issuer of the majority of senior unsecured bonds that
are guaranteed by parent KHC.

Insolvency regime

KHC is a Pennsylvania corporation with headquarters co-located in
Chicago and Pittsburgh. In the event of an insolvency proceeding,
S&P anticipates the company would file for bankruptcy protection
under the auspices of the U.S. federal bankruptcy court system and
would not involve foreign jurisdictions.

"We believe creditors would receive maximum recovery in a payment
default scenario if the company reorganized instead of liquidated.
This is due to the well-known brand names in KHC's portfolio, many
of which operate in large categories. Therefore, in evaluating
recovery prospects for debtholders, we assume the company continues
as a going concern and arrive at our emergence enterprise value by
applying a multiple to our assumed emergence EBITDA," S&P said.

Simulated default assumptions

S&P's simulated default scenario contemplates a default in 2025,
reflecting KHC's inability to anticipate changing consumer
preferences, substantial share gains by both branded and
private-label rivals, renewed operational problems, and an
inability to pass along severe commodity cost inflation. These
factors would constrain KHC's ability to generate sufficient cash
flow to service its large debt burden, resulting in a payment
default.

Valuation

Calculation of EBITDA at emergence:

-- Debt service: $1.57 billion (default year interest)
-- Maintenance capital expenditures: $516 million
-- Default EBITDA proxy: $2.09 billion
-- Cyclicality adjustment: $0 million (standard assumption)
-- Preliminary emergence EBITDA: $2.09 billion
-- Operational adjustment: $1.04 billion (50%)
-- Emergence EBITDA: $3.13 billion

S&P estimates $21.9 billion gross emergence enterprise value, which
incorporates a 7x multiple to emergence EBITDA; the multiple is
above levels used for U.S.-based branded nondurables issuers
considering KHC's scale and well-known brands, notwithstanding weak
long-term growth potential.

Simplified waterfall

-- Emergence EBITDA: $3.13 billion
-- Multiple: 7x
-- Gross recovery value: $21.9 billion
-- Net recovery value for waterfall after administrative expenses
(5%): $20.8 billion
-- Obligor/nonobligor valuation split: 75%/25%
-- Estimated senior unsecured claims: $32 billion
-- Value available for unsecured claims: $20.8 billion
-- Recovery range: 50%-70% (rounded estimate: 65%)


LEXARIA BIOSCIENCE: Posts $1.39 Million Net Loss in Third Quarter
-----------------------------------------------------------------
Lexaria Bioscience Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, reporting a net loss
and comprehensive loss of $1.39 million on $81,423 of revenue for
the three months ended May 31, 2020, compared to a net loss and
comprehensive loss of $1.19 million on $59,931 of revenue for the
three months ended May 31, 2019.

For the nine months ended May 31, 2020, the Company reported a net
loss and comprehensive loss of $3.31 million on $250,804 of revenue
compared to a net loss and comprehensive loss of $3.04 million on
$97,489 of revenue for the same period in 2019.

As of May 31, 2020, the Company had $3.32 million in total assets,
$119,728 in total liabilities, and $3.20 million in total
stockholders' equity.

Lexaria stated, "We have accumulated a large deficit since
inception that has primarily resulted from executing our business
plan including research and development expenditures we have made
in seeking to identify and develop our intellectual property
patents for licensing and product creation.  We expect to continue
to incur losses for at least the short term.

"To date, we have obtained cash and funded our operations primarily
through equity financings and limited amounts from revenue
generation while our licensees ramp up production and expansions.
We expect to continue to evaluate various funding alternatives on
an ongoing basis as needed to maintain operations, to continue our
research programs and to expand our patent portfolio.  If we
determine it is advisable to raise additional funds, there is no
assurance that adequate funding will be available to us or, if
available, that such funding will be available on terms that we or
our stockholders view as favorable.  Market volatility and concerns
over a global recession may have a significant impact on the
availability of funding sources and the terms at which any funding
may be available."

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

                    https://is.gd/WKIhbn

                       About Lexaria

Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is
a global innovator in drug delivery platforms.  Its patented
DehydraTECH drug delivery technology changes the way Active
Pharmaceutical Ingredients enter the bloodstream, promoting
healthier ingestion methods, lower overall dosing, and higher
effectiveness for lipophilic active molecules.  DehydraTECH
increases bio-absorption, reduces time of onset, and masks unwanted
tastes for orally administered bioactive molecules, including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs
(NSAIDs), nicotine, and other molecules.  Lexaria has licensed
DehydraTECH to multiple companies in the cannabis industry for use
in cannabinoid beverages, edibles and oral products and to a
world-leading tobacco producer for the development of smokeless,
oral-based nicotine products.  Lexaria operates a licensed in-house
research laboratory and holds a robust intellectual property
portfolio with 16 patents granted and over 60 patents pending
worldwide.

Lexaria reported a net loss and comprehensive loss of $4.16 million
for the year ended Aug. 31, 2019, compared to a net loss and
comprehensive loss of $6.61 million for the year ended Aug. 31,
2018.

Davidson & Company LLP, in Vancouver, Canada, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated Nov. 13, 2019, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


LIFE PARTNERS: Wiley Law Updates Amicus Curiae Holders For 3rd Time
-------------------------------------------------------------------
In the Chapter 11 cases of Life Partners Holdings, Inc., et al.,
the law firm of The Wiley Law Group, PLLC submitted a third amended
verified statement under Rule 2019 of the Federal Rules of
Bankruptcy Procedure, to disclose an updated list of members in
Amicus Curiae Holders of Life Partners Fractional Interest that it
is representing.

This Statement may be further amended, supplemented or otherwise
modified as necessary. The Wiley Law Group has been employed to
represent the Clients listed below in this matter.

Information required under Rule 2019 is shortened due to dispute
whether holders of fractional interest are indeed creditors or
holders of equity interest. Further information with respect to the
value of fractional interest owned by the investors on this list is
available to LPI and is, upon information and belief, set forth on
LPI's schedules. The Wiley Law Group, PLLC has obtained signed fee
agreements, and will provide same upon request to the Office of the
United States Trustee and/or Official Committee of Unsecured
Creditors as redacted to preserve attorney-client communications.

Barnes, Ed
edbarnes46@gmail.com

Bossier, Joseph & Barnes, Ed
joebossier@yahoo.com

Bowen, Ted
ttbow@me.com

Bowling, Clint & Nancy
clintbowl@aol.com

Bratz, Kenneth
kbratz@lrandc.com

Brinkley, Joe & Cheryl
joejeanbrink@gmail.com

Broadfoot, Jeffrey
jbroadfoot@naturalwoodsolutions.com

Bybee, Kelly
kbybee8@pacbell.net

Caperton, Patty
plcapeton@tx.rr.com

Carnine, Dennis
archer190@sbcglobal.net

Counsel for Amicus Curiae Holders of Life Partners Fractional
Interest can be reached at:

          THE WILEY LAW GROUP, PLLC
          Kevin S. Wiley, Sr., Esq.
          325 N. St. Paul, Suite 2250
          Dallas, TX 75201
          Tel: (214) 537-9572
          Fax: (972) 449-5717
          Email: kwiley@mahomesbolden.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/PF4hy9

                    About Life Partners Holdings

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the
secondary market for life insurance, commonly called "life
settlements."  Since its incorporation in 1991, Life Partners,
Inc., has completed over 162,000 transactions for its worldwide
client base of over 30,000 high net worth individuals and
institutions in connection with the purchase of over 6,500
policies
totaling over $3.2 billion in face value.

LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).

Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
2015.  LPHI disclosed $2,406,137 in assets and $52,722,308 in
liabilities as of the Chapter 11 filing.

The case was assigned to Judge Russell F. Nelms.  

J. Robert Forshey, Esq., at Forshey & Prostok, LLP, served as
counsel to the Debtor.

The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.

Tracy A. Bolt of BDO USA, LLP was named as examiner for the
Debtor's case.  

At the behest of the U.S. Securities and Exchange Commission, the
U.S. Trustee, and the Creditors Committee, the Court ordered the
appointment of a Chapter 11 trustee.  On March 13, 2015, H. Thomas
Moran II was appointed as Chapter 11 trustee in LPHI's case.  The
trustee was represented by Thompson & Knight LLP.

The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).


LIMENOS CORPORATION: Hires Monge Robertin as Restructuring Advisor
------------------------------------------------------------------
Limenos Corporation seeks approval from the US Bankruptcy Court for
the District of Puerto Rico to hire Jose M Monge Robertin, CPA, and
Monge Robertin Advisors, LLC, as its insolvency and restructuring
advisor, in the exercise of its powers and duties, on all financial
matters pertaining to the reorganization in its Chapter 11
proceedings.

Monge Robertin received from the Debtor a retainer in the amount of
$10,000.

Monge Robertin will be paid at these hourly rates:

     Jose M. Monge Robertin, CPA      $275
     Maria Pena, MST, CIRA            $175
     Systems Support Staff            $65
     Accounting Assistants            $35

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

The advisor can be reached at:

     Jose M Monge Robertin, CPA
     Monge Robertin Advisors, LLC
     60 Calle Georgetti
     San Juan, 00925, PR
     Phone: +1 787-745-0707

                 About Limenos Corporation

Based in San Juan, Puerto Rico, Limenos Corporation sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 20-02169) on June 5, 2020, listing under $1 million in
both assets and liabilities. Francisco J. Ramos Gonzalez, Esq. at
FRANCISCO J RAMOS & ASOCIADOS CSP represents the Debtor as counsel.


LOVE FREIGHTWAYS: Hearing on Exit Plan Continued to July 29
-----------------------------------------------------------
The hearing to consider approval of the Chapter 11 Small Business
Subchapter V Plan filed by Love Freightways, Inc., has been
continued to July 29 at 1:30 p.m.

The Debtor filed its proposed Plan on May 6, 2020. The Plan
proposes to pay the allowed secured claims of its various secured
creditors pursuant to section 506 of the Bankruptcy Code over a
three-year period, and also make a small pro rata distribution to
general unsecured creditors in the "second two years of the Plan."


The Debtor's secured lenders are comprised of three truck lenders
-- De Lage, BMO Harris Bank, N.A., and Hitachi Capital America
Corp. -- a Small Business Administration Loan with Five Star Bank,
and AAA Leasing involving 12 truck trailers.

A valuation of the personal property collateral of various of the
Debtor's secured creditors is required in conjunction with
determining confirmation of the Plan.

In a Stipulation approved by Judge August B. Landis on July 1, the
Debtor and Hitachi agree that the lender's collateral shall be
valued at the sum of $30,000, and thus pursuant to section 506,
Hitachi will have an allowed secured claim in the amount of
$30,000, and an allowed general unsecured deficiency claim in the
amount of $8,318.94.

Hitachi agrees to allow the Debtor to have the balance of the
adequate protection payments owed to Hitachi under the Adequate
Protection Orders, which are in the present amount of $7,684.56
through June 2020, to be included in the Debtor's payments to
Hitachi under the Plan.

In resolution of a potential objection to confirmation of the
Debtor's Plan as it applies to Hitachi, the Debtor will file a
modification to its existing Plan providing for the treatment of
the Hitachi Claim in accordance with the Stipulation, together with
interest thereon at 5% per annum, and with payments over a
four-year period.

Subject to the Debtor's filing an amended Plan incorporating the
Stipulation with Hitachi in full and without change, and providing
for the treatment of the Hitachi Claim, which determination shall
be made by Hitachi in its sole and absolute discretion, Hitachi
will not object to confirmation of the Debtor's Plan, as amended,
providing that the amended Plan is confirmed on or before July 30,
2020.

           About Love Freightways, Inc.

Love Freightways, Inc. operates a trucking carrier service that
provides a wide range of services, including regional, long haul,
dry-van, air-ride, and expedited services. It is owned and
controlled by its principal, Nemanja Lovre.  

Love Freightways, Inc. filed its voluntary petition under Chapter
11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 20-11469) on
March 13, 2020, listing under $1 million in both assets and
liabilities. Matthew C. Zirzow, Esq. at Larson Zirzow represents
the Debtor as counsel.

The United States Trustee appointed as Sub-chapter V trustee:

          Edward Burr
          10191 E. Shangri La Rd.
          Scottsdale, AZ 85260
          Tel: (602) 418-2906
          Email: Ted@macrestructuring.com



LUCKY'S MARKET: Whole Woods to Replace Boulder, Colorado Location
-----------------------------------------------------------------
Dan Mika, writing for BizWest Media, reports that Whole Foods
Market is scheduled to replace the location of bankrupt Lucky's
Market at its anchor unit in Table Mesa Shopping Center in South
Boulder, Colorado.

In a statement, property manager W.W. Reynolds Real Estate Services
said the Amazon Inc. subsidiary recently signed a lease to take
over the 32,000 square feet at 695 S. Broadway.  It is not known
when the store plans to open.

Whole Foods operates two other stores in Boulder at 2905 Pearl St.
and 1275 Alpine Ave., which operates as Ideal Market.

Lucky's, headquartered in Niwot, filed for Chapter 11 bankruptcy in
late January after announcing that it would close 32 stores out of
its peak size of 39.  The closures came about a month after grocery
titan Kroger Co. (NYSE: KR) announced that it would divest its
investment stake in Lucky's.

Bo and Trish Sharon, the Boulder couple that founded the stores,
agreed to buy seven stores across the country, including the north
Boulder and Fort Collins locations.

BizWest confirmed that Alfalfa's Market Inc. was planning to take
over the former Lucky's location at 700 Ken Pratt Blvd. in Longmont
after filing for a sales-tax license.

                    About Whole Foods Market

Whole Foods Market Group, Inc. manufactures, distributes, markets,
labels and sells graham crackers that are said to be sweetened
primarily with honey and contains whole grain graham flour under
their Organic 365 brand. Campbell claims that honey and whole grain
flour are minimal compared to cane sugar and enriched flour
content.

                     About Lucky's Market

Lucky's Market Parent Company, LLC -- https://www.luckysmarket.com/
-- together with its owned direct and indirect subsidiaries, is a
specialty grocery store chain offering a broad range of grocery
items through the Company's "L" private label.  Each of the
company's stores has full-service departments, which include
produce, meat, seafood, culinary, apothecary, beer and wine, and
grocery.  In addition to the stores, the company operates a produce
warehouse in Orlando, Fla., to supply nearly all produce for its
Florida and Georgia stores.

Lucky's Market Parent and 21 of its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No.
20-10166) on Jan. 27, 2020.  At the time of the filing, the Debtors
were  estimated to have $100 million to $500 million in assets and
$500 million to $1 billion in liabilities.  The petitions were
signed by Andrew T. Pillari, chief financial officer.  Judge John
T. Dorsey presides over the cases.

Christopher A. Ward, Esq. and Liz Boydston, Esq., of Polsinelli PC,
serve as counsel to the Debtors.  Alvarez & Marsal acts as
financial advisor; PJ Solomon as investment banker; and Omni Agent
Solutions as notice and claims agent.


MEDICAL ASSOCIATES: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Medical Associates of Mt. Vernon, P.C.
           d/b/a Mt. Vernon Internal Medicine
           f/k/a Mt. Vernon Internal Medicine, P.C.
        8988 Lorton Station Blvd., Suite 100
        Lorton, VA 22079

Business Description: Medical Associates of Mt. Vernon, P.C.
                      is a medical practice with locations in
                      Alexandria, Lorton, and Springfield.
                      Its internal medicine care includes, but is
                      not limited to: physical examinations,
                      routine and sick appointments,
                      pre-operative examinations, immunizations,
                      well-woman examinations, and annual wellness
                      visits for medicare.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       Western District of Virginia

Case No.: 20-11615

Judge: Hon. Klinette H. Kindred

Debtor's Counsel: Kevin M. O'Donnell, Esq.
                  HENRY & O'DONNELL, PC
                  300 N. Washington Street, Suite 204
                  Alexandria, VA 22314
                  Tel: (703) 548-2100
                  E-mail: kmo@henrylaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Dr. Albert Herrera, president.

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

                       https://is.gd/G9WO0X


MEDICAL SIMULATION: Holland Represents Hirschmann, 6 Others
-----------------------------------------------------------
In the Chapter 11 cases of MEDICAL, the law firm of Holland & Hart
LLP submitted a verified statement under Rule 2019 of the Federal
Rules of Bankruptcy Procedure, to disclose that it is representing

James W. Hirschmann III, Laura Hirschmann, Equity Trust Company
d.b.a. Sterling Trust Custodian FBO James W. Hirschmann III Roth
IRA, S. Kenneth Leech, Eileen Leech, Sicily FO LLC, and Greywacke,
LLC.

Prior to November 22, 2019, James W. Hirschmann III invested and
loaned millions of dollars in and to the Debtor. Mr. Hirschmann's
address is c/o Western Asset Management Company, LLC, 385 E.
Colorado Boulevard, Pasadena, CA 91101. Before transferring and
assigning his claims and interests to Sicily FO, as described in
detail below, Mr. Hirschmann held promissory notes with the Debtor
in amounts not less than $4,775,536 (Claim no. 14) and equity
interests in the Debtor in quantities not less than 12,345,198
shares (Claim no. 13).

Prior to the Petition Date, Laura Hirschmann invested and loaned
millions of dollars in and to the Debtor. Ms. Hirschmann's address
is c/o Western Asset Management Company, LLC, 385 E. Colorado
Boulevard, Pasadena, CA 91101. Before transferring and assigning
her claims and interests to Mr. Hirschmann, who then transferred
and assigned his claims and interests to Sicily FO, as described in
detail below, Ms. Hirschmann held promissory notes with the Debtor
in amounts not less than $1,196,610 (Claim no. 16) and equity
interests in the Debtor in quantities not less than 10,485,849
shares (Claim no. 17).

Hirschmann Roth IRA invested in the Debtor in July of 2013.
Hirschmann Roth IRA's address is c/o Charles Willhoit, IWP, 2719 E.
3rd Avenue, Denver, CO 80206. Hirschmann Roth IRA holds equity
interests in the Debtor in quantities not less than 292,144 shares
(Claim no. 15).

Prior to the Petition Date, S. Kenneth Leech invested and loaned
millions of dollars in and to the Debtor. Mr. Leech's address is
c/o Western Asset Management Company, LLC, 385 E. Colorado
Boulevard, Pasadena, CA 91101. Before transferring and assigning
his claims and interests to Greywacke, as described in detail
below, Mr. Leech held promissory notes with the Debtor in amounts
not less than $6,366,648 (Claim no. 18) and equity interests in the
Debtor in quantities not less than 17,627,901 shares (Claim no.
19).

Prior to the Petition Date, Eileen Leech invested and loaned
millions of dollars in and to the Debtor. Ms. Leech's address is
c/o Western Asset Management Company, LLC, 385 E. Colorado
Boulevard, Pasadena, CA 91101. Before transferring and assigning
her claims and interests to Mr. Leech, who then transferred and
assigned his claims and interests to Greywacke, as described in
detail below, Ms. Leech held promissory notes with the Debtor in
amounts not less than $1,622,492 (Claim no. 20) and equity
interests in the Debtor in quantities not less than 14,976,386
shares (Claim no. 21).

Sicily FO is a limited liability company organized under the laws
of Delaware, with its principal office located at 2719 E. 3rd
Avenue, Denver, CO 80206. Upon transfer and assignment of the
claims and interests from the Hirschmanns, as described above,
Sicily FO is the current holder of certain promissory notes with
the Debtor, including the claims and interests asserted in proof of
claim nos. 14 and 16, in amounts not less than $5,972,146. Also,
upon transfer and assignment of the claims and interests of the
Hirschmanns, Sicily FO holds equity interests in the Debtor,
including the claims and interests asserted in proof of claim nos.
13 and 17, in quantities not less than 22,831,047 shares.

Greywacke is a limited liability company organized under the laws
of Colorado, with its principal office located at 2719 E. 3rd
Avenue, Denver, CO 80206. Upon transfer and assignment of the
claims and interests from the Leeches, as described above,
Greywacke is the current holder of certain promissory notes with
the Debtor, including the claims and interests asserted in proof of
claim nos. 18 and 20, in amounts not less than $7,989,140. Also,
upon transfer and assignment of the claims and interests of the
Leeches, Greywacke holds equity interests in the Debtor, including
the claims and interests asserted in proof of claim nos. 19 and 21,
in quantities not less than 32,604,287 shares.

Mr. Hirschmann, Ms. Hirschmann, Hirschmann Roth IRA, Mr. Leech, Ms.
Leech, Sicily FO, and Greywacke have consented to multiple
representation by Holland & Hart LLP in this Bankruptcy Case and
any related case and proceeding.

The information contained in this Verified Statement is provided
solely for the purpose of complying with Bankruptcy Rule 2019 and
is not intended for any other use or purpose.

By filing this Verified Statement, Mr. Hirschmann, Ms. Hirschmann,
Hirschmann Roth IRA, Mr. Leech, Ms. Leech, Sicily FO, and Greywacke
make no admission of fact or law and reserve any rights, claims,
objections, and defenses that may be available to them before this
Court and any other court with competent jurisdiction. Nothing in
this Verified Statement constitutes a limitation, waiver, or
release of any rights of Mr. Hirschmann, Ms. Hirschmann, Hirschmann
Roth IRA, Mr. Leech, Ms. Leech, Sicily FO, or Greywacke in any
agreement or interest of any kind.

Holland & Hart LLP reserves the right to amend or supplement this
Verified Statement in accordance with the requirements set forth in
Bankruptcy Rule 2019.

Counsel for James W. Hirschmann III, et al. can be reached at:

          Matthew J. Ochs, Esq.
          Jonathan S. Bender, Esq.
          J. Lee Gray, Esq.
          HOLLAND & HART LLP
          555 Seventeenth Street
          Suite 3200
          P.O. Box 8749
          Denver, CO 80201-8749
          Telephone: (303) 295-8299
          Email: mjochs@hollandhart.com
                 jsbender@hollandhart.com
                 lgray@hollandhart.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/dh9t0Q

                  About Medical Simulation Corp.

Medical Simulation Corp., a manufacturer of medical equipment and
supplies, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case No. 19-20101) on Nov. 22, 2019.  At the time
of the filing, the Debtor had estimated assets of between $10
million and $50 million and liabilities of between $1 million and
$10 million.  The case is assigned to Judge Elizabeth E. Brown.


MICHAEL KORS: Moody's Lowers Sr. Unsec. Notes to Ba2, Outlook Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Michael Kors (USA), Inc.'s
senior unsecured notes to Ba2 from Ba1. All other ratings were
affirmed including its Ba1 corporate family rating, Ba1 issuer
rating and Ba1-PD probability of default rating. Michael Kors'
speculative grade liquidity rating is SGL-2. The outlook remains
negative.

"The downgrade of its senior unsecured notes reflects their more
junior position in the capital structure following Michael Kors'
amendment to its revolving credit and term loan facilities which
included the pledging of security", stated Vice President Christina
Boni. "The amendment also provided additional short-term liquidity
support through an additional $230 million 364 revolving credit
commitment and covenant relief" Boni added.

Downgrades:

Issuer: Michael Kors (USA), Inc.

  Senior Unsecured Regular Bond/Debenture, Downgraded to
  Ba2 (LGD5) from Ba1 (LGD4)

Affirmations:

Issuer: Michael Kors (USA), Inc.

  Issuer Rating (Local Currency), Affirmed Ba1

  Probability of Default Rating, Affirmed Ba1-PD

  Corporate Family Rating, Affirmed Ba1

Outlook Actions:

Issuer: Michael Kors (USA), Inc.

  Outlook, Remains Negative

RATINGS RATIONALE

Michael Kors (USA), Ba1 CFR reflects the its ownership of
well-known brands of Michael Kors, Versace, and Jimmy Choo and
their solid market position in the US and Western European women's
accessible luxury accessories markets, with a growing focus on the
Asia-Pacific region. It also reflects the company's significant
industry scale, with LTM revenue of approximately $5.6 billion.
Leverage, which is currently 3.7x, is expected to continue to be
pressured as the luxury sector contends with the effects of
COVID-19. Michael Kors' recent bank amendment secured its bank
credit facility, which puts its senior unsecured notes in a more
junior position. The company has good liquidity consists of $1.1
billion of cash and revolving credit availability. Its liquidity
has been temporarily enhanced by securing an additional $230
million 364-day revolving credit commitment and recent covenant
relief. The amendment waives its leverage covenant through the
first quarter of fiscal 2022 and resets the level from 3.75x to
4.0x (as per the bank definition). Prior to the recent amendment,
the company extended $267 million of its $315 million term loan due
November 2023 which improved its maturity profile.

The negative outlook reflects the risks associated with the
unfavorable operating environment posed by COVID-19 as well as the
potential for a slowdown in luxury spending as a result. The
negative outlook also reflects the concern that its exposure to the
wholesale channel will pose a drag to its recovery.

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

While unlikely over the near-term, ratings could be upgraded over
time if Michael Kors has sustained positive organic revenue and
operating income growth with consistent growth at all of its brands
while maintaining a conservative financial policy and excellent
liquidity. Quantitative metrics include debt/EBITDA sustained below
2.5 times and interest coverage above 5.5 times while maintaining
very good liquidity and an unsecured capital structure.

Ratings could be downgraded to the extent organic sales growth and
operating income growth do not return to more stabilized levels or
liquidity deteriorates. Ratings could also be downgraded if
financial policies were to become more aggressive, such as through
debt-financed acquisitions, or a resumption of share repurchases
prior to significant debt reduction. Quantitative metrics include
debt/EBITDA sustained above 3.5 times or EBIT/interest below 4.5
times.

Michael Kors (USA), Inc. is a wholly owned subsidiary of Capri
Holdings Limited, a global fashion luxury group. Its portfolio
consists of iconic brands, which include Michael Kors, Versace and
Jimmy Choo. Its brands cover the full spectrum of fashion luxury
categories including women's and men's accessories, footwear and
ready-to-wear as well as wearable technology, watches, jewelry,
eyewear and a full line of fragrance products.

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


MIDCOAST ENERGY: Moody's Withdraws B2 CFR on Debt Repayment
-----------------------------------------------------------
Moody's Investors Service withdrew its ratings for Midcoast Energy,
LLC, including the company's B2 corporate family rating and B2-PD
probability of default rating since the company has repaid the
borrowings and terminated its rated senior secured credit facility
(previously rated B2).

Withdrawals:

Issuer: Midcoast Energy, LLC

  Probability of Default Rating, Withdrawn, previously rated B2-PD

  Corporate Family Rating, Withdrawn, previously rated B2

  Senior Secured Term Loan, Withdrawn, previously rated B2 (LGD3)

  Senior Secured Revolving Credit Facility, Withdrawn, previously
  rated B2 (LGD3)

Outlook Actions:

Issuer: Midcoast Energy, LLC

  Outlook, Changed to Rating Withdrawn from Stable

RATINGS RATIONALE

The ratings were withdrawn given that Midcoast does not have any
rated obligations outstanding.

Midcoast Energy, LLC is a midstream company headquartered in
Houston, Texas with gathering, processing, and transportation
operations.


MRC CRESTVIEW: Fitch Rates $46.4MM Series 2016 Bonds 'BB+'
----------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' rating on the following bonds
issued by New Hope Cultural Education Facilities Finance
Corporation Retirement Facility on behalf of MRC Crestview.

  -- $46.4 million series 2016 revenue bonds.

The Rating Outlook is revised to Negative from Stable.

SECURITY

The bonds are secured by a lien on and security interest in certain
mortgaged properties, a gross revenue pledge, and a debt service
reserve fund.

KEY RATING DRIVERS

WEAKER OPERATIONS DUE TO CORONAVIRUS DRIVES NEGATIVE OUTLOOK:

The revision of the Outlook to Negative from Stable reflects
Fitch's expectation for thin operations due to the effects of the
coronavirus that will slow external skilled nursing facility
admissions and independent living unit move-ins in 2020. Though
operations will weaken, Fitch does not see an event of default as a
risk in 2020 as the community's 516 days cash on hand as of March
30, 2020 is well above the 210 day level that must be breached in
combination with a debt service coverage below 1x for an event of
default. Crestview received $277 thousand in stimulus funds from
HHS and is not eligible for a PPP loan.

HIGH DEBT POSITION: Crestview's long-term liability profile is
elevated as maximum annual debt service of 21.9% of fiscal 2019
revenues is very elevated compared to Fitch's below investment
grade median of 16.7%. Debt to net available of 11.2x in fiscal
2019 was slightly unfavorable to the 10.9x BIG median. Capital
metrics are expected to weaken in fiscal 2020 due to pressured
operating performance.

SOLID OPERATING PROFILE: Though Crestview is facing operational
headwinds, the community has a strong reputation in the growing
Bryan-College Station region that should allow the community to
return to a strong overall occupancy above 90% over time. ILU,
assisted living unit and SNF occupancies have averaged 98%, 95% and
92% over the past four years.

ADEQUATE LIQUIDITY: Unrestricted cash and investments of $19
million as of March 31, 2020 equated to 37.8% cash to debt and 6x
cushion ratio. Liquidity metrics may be pressured this year as
Crestview's ability to generate entrance fees and maintain adequate
revenues to cover expenses will depend on the local impact of the
coronavirus and the ability to bring new admissions onto campus.

ASYMMETRIC RISK FACTORS: No asymmetric risk factors were
incorporated into the rating determination.

RATING SENSITIVITIES

The Negative Outlook reflects the operational uncertainty caused by
the coronavirus pandemic that has limited ILU move-ins and hindered
external admissions into the SNF. Fitch currently expects
operational weakness to be temporary in nature, but the potential
for sustained losses due to the uncertainty surrounding the
coronavirus pandemic remains a risk.

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

  -- Rebound in occupancy and cash flow to historical levels that
produces growth in liquidity and improves balance sheet metrics to
be more in line with Fitch's 'BBB' category medians.

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

  -- Balance sheet weakening that results in cash/debt falling to
below 30%;

  -- Unexpectedly sustained material operating disruption related
to the coronavirus pandemic, particularly if compounded with the
aforementioned weaker balance sheet metrics.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Crestview is a Type A life care community located in Bryan, TX,
about 100 miles equidistant from Houston and Austin. Crestview's
fiscal 2019 operating revenues totaled $14.3 million. Crestview's
sole corporate member and manager is MRC. In addition to Crestview,
the MRC affiliated ministries include seven life plan communities
and several affordable senior housing communities. The MRC
affiliation provides Crestview with resources and expertise that
are not typically available to single-site communities. MRC is not
obligated on any of Crestview's debt.

Current operations include 91 ILUs, 48 ALUs, 18 memory care units,
and 48 SNF beds. The vast majority of ILUs are contracts with a 90%
refundable contract, under which 90% of the total entrance fee,
without interest, is refundable upon termination of the life care
agreement and after receipt of proceeds to fully fund the refund
from the next resale and occupancy of any like-kind ILU.

The recent outbreak of the coronavirus and rise in related
government containment measures worldwide have created an uncertain
environment for the entire health care system in the near term.
While Crestview's financial performance through the most recently
available data has not indicated any material impairment as a
direct result of the pandemic, material changes in revenue and cost
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.

RISKS RELATED TO HIGH DEBT LOAD

Crestview's debt load is high as MADS of $3.1 million equated to
21.9% of the community's fiscal 2019 revenues (above the 16.7% BIG
median) and debt to net available of 11.2x was slightly above the
10.9x BIG median. These metrics are expected to weaken in fiscal
2020, particularly due to the effects of the coronavirus on
external admissions into the SNF. Skilled nursing drives a high
percentage of the community's net resident revenue (38.5% in 2019)
and the majority of the SNF net revenue is from Medicare
admissions, which is a large risk at this time given these
admissions depend on referrals from local hospitals and surgery
centers that have been operationally limited in recent months.

EXPECTED OPERATIONAL CHALLENGES

Crestview has historically maintained solid occupancy across all
service lines, which continued in 2019 with ILU occupancy of 97.6%,
ALU occupancy of 95%, memory care occupancy of 96.7% and SNF
occupancy of 89.2%. Robust occupancy levels and a strong Medicare
and private pay census in the SNF produced good profitability in
2019 as seen in the community's operating ratio of 92.3% and net
operating margin of 25.5%.

Though Fitch's view of Crestview's ability to produce solid
occupancy and profitability in normal business conditions is
unchanged, the community's small unit count/revenue base and
reliance on external admissions for SNF occupancy is driving the
current Negative Outlook on the rating. Crestview had 95% ILU
occupancy, 96% ALU occupancy and 100% memory care occupancy, as of
March 31, 2020, mitigating some of the risk related to weaker SNF
occupancy, which ended the quarter at 77.1%.

The governor of Texas issued an executive order on March 22, 2020
directing the postponement of all non-essential medical procedures.
This resulted in Crestview temporarily experiencing a drop in SNF
occupancy, which hit a low of 73% following the executive order.
The governor released a subsequent executive order that allowed
hospitals to begin ramping up elective surgeries starting April 22,
2020 allowing Crestview's SNF occupancy to temporarily rebound and
reach a high above 90%. Management continues to reach out to all
its SNF referral sources to bring new admissions, but maintaining a
consistently high volume of external admissions is a major
challenge in the current operating environment. Coronavirus cases
have risen significantly over recent weeks in Crestview's local
area, but the governor of Texas has not ordered a postponement of
non-essential surgeries and procedures in Brazos County, where
Crestview is located. Though the future of coronavirus infections
in Brazos County and any related political action are uncertain, a
potential executive order to postpone non-essential surgeries in
Crestview's area remains a possibility given the governor has
recently taken this action in eight Texas counties that have
experienced major upticks in coronavirus cases and
hospitalizations.

ADEQUATE LIQUIDITY

Crestview's $19.0 million in unrestricted cash and investments at
March 31, 2020 was down nearly $1.0 million since Dec. 31, 2020 due
to unrealized losses on investments of $1.6 million over the
three-month period. Despite the lower unrestricted cash and
investments, liquidity ratios of 514 DCOH, 37.8% cash to debt and
6.0x cushion ratio remain favorable to Fitch's respective BIG
medians of 312 days, 33% cash to debt and 4.3x. Crestview has
limited capital needs on campus as seen in its 8.6 year average age
of plant. Management is expected to limit capex in fiscal 2020 to
control the number of non-essential personnel entering onto campus
and preserve liquidity.

Though Fitch currently believes that Crestview has adequate
unrestricted funds to navigate operational challenges at the
current rating, the Negative Outlook reflects the heightened
pressure that is on Crestview as a result of the community's
reliance on the SNF for profitability and net entrance fees for
balance sheet stability and debt service coverage. As of March 31,
2020, Crestview had 21 lifecare residents in assisted living,
memory care or the SNF, which represented approximately $4 million
of entrance fees that the community would need to repay upon the
resident's departure. If Crestview experiences a prolonged slowdown
of SNF external admissions and ILU move-ins, the balance sheet
could be pressured especially if net entrance fees turn negative.
Management's ability to prevent a material decline in liquidity or
to return the community to historical profitability levels through
rebounding occupancy or expense reductions would likely allow
Crestview to maintain its current rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


MUJI U.S.A.: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Muji U.S.A. Limited
        250 West 39th Street, Suite 202
        New York, NY 10018

Business Description: Muji U.S.A. Limited -- https://www.muji.com/
                      us -- originally founded in Japan in 1980,
                      is a retailer of a wide variety of products,
                      including household goods, apparel, and
                      foods.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       District of Delaware

Case No.: 20-11805

Judge: Hon. Mary F. Walrath

Debtor's Counsel: Dennis A. Meloro, Esq.
                  GREENBERG TRAURIG, LLP
                  The Nemours Building
                  1007 North Orange Street, Suite 1200
                  Wilmington DE 19801
                  Tel: (302) 661-7000
                  Fax: (302) 661-7360
                  Email: melorod@gtlaw.com

                     - and -

                  Shari L. Heyen, Esq.
                  David R. Eastlake, Esq.
                  GREENBERG TRAURIG, LLP
                  1000 Louisiana Street
                  Suite 1700
                  Houston, TX 77002
                  Tel: (713) 374-3500
                  Fax: (713) 374-3505
                  Email: heyens@gtlaw.com
                         eastlaked@gtlaw.com

                    - and -

                  David M. Guess, Esq.  
                  18565 Jamboree Road
                  Suite 500
                  Irvine, CA 92612
                  Tel: (949) 732-6500
                  Fax: (949) 732-6501
                  Email: guessd@gtlaw.com



Debtor's
Financial
Advisor:          MACKINAC PARTNERS LLC

Debtor's
Real
Property
Lease
Consultant:       B. RILEY REAL ESTATE, LLC

Debtor's
Claims &
Noticing
Agent:            DONLIN, RECANO & COMPANY, INC.  
                  https://www.donlinrecano.com/Clients/mu/Dockets

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $50 million to $100 million

The petition was signed by John Bittner, chief restructuring
officer.

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

                        https://is.gd/pDKm6W

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Kent & Wythe Owners LLC             Lease              $273,688
C/O C&C Affordable Management
1735 Park Avenue
Suite 300
New York NY 10035
Cynthia Oleago
Tel: (212) 348-3248
Email: coleaga@ccmanagers.com
   
2. Westland Garden State Plaza         Lease              $262,096
Limited Partnership
Attn: Legal Department
2049 Century Park East
41st Floor
Los Angeles CA 90067
Mariela Chapina
Tel: (310) 689-3983
Email: mariela.chapina@urw.com

3. EOSII/SB Portland, LLC              Lease              $230,969
1001 SW 5th Ave #1100
Portland OR 97204
Carole Woodruff
Tel: (503) 462-1485
Email: cwoodruff@sterlingbay.com

4. FC Eighth Ave LLC                   Lease              $146,289
50 Public Square, Suite 700
Cleveland OH 44113-2203
Felicia Mena
Tel: (216) 416-3062
Email: fmena@halstead.com

5. Santa Anita Shoppingtown LP         Lease              $120,686
Attn: Legal Department
2049 Century Park East
41st Floor
Los Angeles CA 90067
Mariela Chapina
Tel: (310) 689-3983
Email: mariela.chapina@urw.com

6. The Mapama Corporation              Lease              $120,000
545 Broadway
New York NY 10022
Virginia Parisi
Tel: (212) 608-1234
Email: parisi_virana@verizon.net;
virginiabook@yahoo.com

7. IGS Realty Company                  Lease               $31,332
336 W. 37th St, 12th Fl W.
New York NY 10018
Natia DiVincenti
Tel: (212) 563-1098
Email: natiadv@aol.com

8. Print City Corporation              Trade               $29,993
117W 29th Street
New York NY 10001
Tel: (212) 487-9778
Email: sales@printcityny.com

9. Fast Signs                          Trade               $23,809
335 North La Clenega Blvd
Los Angeles CA 90048
Catherine Monson
Tel: (323) 456-4500
Email: 570@fastsigns.com

10. Mitsubishi Corporation         Reimbursement           $21,036
(Americas)
655 3rd Ave
New York NY 10017
Juan L. Ramirez
Tel: (212) 605-2526
Fax: (212) 605-2597

11. Camron Public Relations Ltd        Trade               $13,000
Attn: Lorraine Parker
270 Lafayette Street
Suite 600
New York NY 10012
Tim Monaghan
Tel: (917) 675-4380
Email: Tim.Monaghan@camronpr.com

12. New Horizon Communications         Trade               $12,779
P.O. Box 981073
Boston MA 02298
Douglas Fabbricatore
Tel: (781) 290-4600
Email: custservice@nhcgrp.com

13. Factory Direct Promos              Trade               $11,391
6490 S Sprinkle Rd
Portage MI 49002
Tel: (866) 222-0949

14. BKNY Printing                      Trade               $10,594
105 Jamaica Ave
Brooklyn NY 11207
Tel: (718) 875-4219

15. Los Angeles County Tax Collector    Tax                 $8,964
P.O. Box 514818
Los Angeles CA 90051-4818
Mark Saladino
Tel: (213) 974-2111
Email: unsecured@ttc.lacounty.gov

16. Granata Sign Co., LLC              Trade                $7,816
80-90 Lincoln Ave
Stamford CT 06902
Ivo Granata
Tel: (203) 358-0780
Fax: (203) 358-8049
Email: Ivo@granatasigns.com

17. Gardaworld                         Trade                $5,310
Garda CL Atlantic, Inc.
LOCKBOX #233209
Chicago IL 60689-5332
Christopher Jenkins
Tel: (877) 287-8889
Fax: (971) 445-1291
Email: christopher.jenkins@garda.com

18. Uline                              Trade               $4,949
PO Box 88741
Chicago IL 60680-1741
Patrick Milne
Tel: (800) 295-5510
Fax: (800) 295-5571
Email: customer.service@uline.com

19. Cayan                              Trade                $4,351
One Federal Street
Boston MA 02110
Mark Porzucek
Tel: (617) 275-7905
Email: mporzuczek@cayan.com

20. New York State Insurance Fund       Tax                 $3,661
Disability Benefits
P.O. Box 5239
New York NY 10008
Tel: (212) 312-9000


MYADERM INC: Hires Jaurigue Law as Bankruptcy Counsel
-----------------------------------------------------
Myaderm, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Colorado to employ Jaurigue Law Group, as
bankruptcy counsel to the Debtor.

Myaderm, Inc. requires Jaurigue Law to:

   a. provide legal advice to the Debtor with respect to its
      powers and duties as debtor-in-possession;

   b. advise the Debtor with respect to its responsibilities in
      complying with the U.S. Trustee's Operating Guidelines and
      Reporting Requirements and with the rules of the Court;

   c. prepare motions, pleadings, orders, applications,
      complaints, and other legal documents necessary in the
      administration of the case;

   d. protect the interests of the Debtor in all matters pending
      before the Court; and

   e. represent the Debtor in negotiating with its creditors to
      prepare a plan of reorganization or other exit plan.

Jaurigue Law will be paid at these hourly rates:

     Michael J. Jaurigue              $550
     Ryan A. Stubbe                   $375
     Paralegals                       $100

On June 25, 2020, the Debtor paid Jaurigue Law a retainer of
$25,000, which is held in trust in the firm's trust account.

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

Michael J. Jaurigue, partner of Jaurigue Law Group, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Jaurigue Law can be reached at:

     Michael J. Jaurigue, Esq.
     Ryan A. Stubbe, Esq.
     JAURIGUE LAW GROUP
     300 W. Glenoaks Blvd. Ste. 300
     Glendale, CA 91202
     Tel: (818) 630-7280
     Fax: (888) 879-1697
     E-mail: michael@jlglawyers.com
             ryan@jlglawyers.com

                       About Myaderm Inc.

Myaderm, Inc., based in Englewood, CO, filed a Chapter 11 petition
(Bankr. D. Colo. Case No. 20-14417) on June 28, 2020.  In the
petition signed by Eric C. Smart, CEO, the Debtor was estimated to
have $500,000 to $1 million in assets and $1 million to $10 million
in liabilities.  The Hon. Joseph G. Rosania Jr. oversees the case.
JAURIGUE LAW GROUP, serves as bankruptcy counsel to the Debtor.


NANO MAGIC: Incurs $378K Net Loss in First Quarter
--------------------------------------------------
Nano Magic Inc. filed with the Securities and Exchange Commission
its Quarterly Report on Form 10-Q, reporting a net loss of $377,815
on $448,174 of total revenues for the three months ended March 31,
2020, compared to a net loss of $70,239 on $757,861 of total
revenues for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $1.70 million in total
assets, $1.65 million in total liabilities, and $51,804 in total
stockholders' equity.

The Company had working capital deficit of $162,523 and $574,059 of
unrestricted cash as of March 31, 2020 and working capital deficit
of $673,040 and $216,801 of unrestricted cash as of Dec. 31, 2019.

Net cash used in operating activities was $(467,889) for the three
months ended March 31, 2020 as compared to net cash provided by
operating activities of $4,651 for the three months ended March 31,
2019, a net change of $(472,540) or -102%.  Net cash used by
operating activities for the three months ended March 31, 2020
primarily reflected a net loss of $(377,815) adjusted for add-backs
of $44,200 and changes in operating assets of $(134,274).

Net cash flow used in investing activities was $(1,475) for the
three months ended March 31, 2020 and $(2,482) for the three months
ended March 31, 2019.

Net cash provided by financing activities was $826,622 for the
three months ended March 31, 2020 reflecting $840,000 in proceeds
from sales of common stock and warrants, as compared to $239,944
for the same period in 2019.  The 2019 period reflected the payoff
of the revolving credit facility totaling $348,369.

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

                       https://is.gd/U0hZqz

                       About Nano Magic Inc.

Nano Magic Inc. (OTCMKT: NMGX) -- http://www.nanomagic.com--
develops, commercializes and markets consumer and industrial
products powered by nanotechnology that solve everyday problems for
customers in the optical, transportation, military, sports and
safety industries.  Its primary business is the formulation,
marketing and sale of products powered by nanotechnology including
the ULTRA CLARITY brand eyeglass cleaner, its defogging products
and nanocoating products for glass and ceramics.

Nano Magic recorded a net loss of $964,987 for the year ended Dec.
31, 2019, compared to net income of $22,072 for the year ended Dec.
31, 2018.

UHY LLP, in Sterling Heights, Michigan, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
May 13, 2020, citing that the Company has recurring losses from
operations, limited cash flows from operations, and an accumulated
deficit.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


NEIMAN MARCUS: Committee Taps BBM/MSG as Valuation Consultant
-------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Neiman Marcus Group LTD LLC and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Back Bay Management
Corporation and its division, The Michel-Shaked Group, (BBM/MSG) as
expert valuation consultant and Dr. Israel Shaked as expert
valuation witness effective as of June 3, 2020.

The professional services that BBM/MSG and Dr. Shaked will render
to the Committee include:

     (a) expert valuation consulting services and expert testimony
regarding, among other things, (i) the enterprise value of the
Debtors; (ii) the enterprise value of certain affiliates of the
Debtors; and (iii) the value of certain assets, including
MyTheresa;

     (b) expert consulting services and expert testimony in
connection with the valuation of the Debtors' business and any
litigation arising in these cases as reasonably requested by the
Committee consistent with BBM/MSG's and Dr. Shaked's roles in these
cases and not duplicative of services being performed by other
professionals retained by the Committee;

     (c) assisting with the preparation of affidavits/declarations,
depositions, witness examinations, and briefing in these cases, if
necessary, concerning the issues for which they are providing
expert consulting services and expert testimony; and

     (d) preparing for and providing both deposition and court
testimony in these cases regarding the issues for which they are
providing expert consulting services and expert testimony.

BBM/MSG will not duplicate any services performed by other
professionals retained by the Committee.

BBM/MSG will be paid on an hourly basis, subject to the approval of
the Court. The firm's current standard hourly rates are:

     Managing directors             $850
     Paraprofessionals              $175
     Dr. Israel Shaked              $850
     Brad Orelowitz                 $650

Dr. Israel Shaked, a managing director at Back Bay Management
Corporation and its division, The Michel-Shaked Group, disclosed in
court filings that neither the firm nor any of its professionals
represent any interest adverse to that of the Committee, the
Debtors, their creditors or estates with respect to the matters on
which they are to be retained.

The firm can be reached through:
   
     Dr. Israel Shaked
     BACK BAY MANAGEMENT CORPORATION
     2 Park Plaza, Suite 500
     Boston, MA 02116
     Telephone: (617) 426-4455
     Facsimile: (617) 426-6555

                               About Neiman Marcus Group

Neiman Marcus Group LTD, LLC is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names. It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories. Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States. For more
information, visit https://www.neimanmarcus.com/

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Pachulski Stang Ziehl & Jones LLP as lead
counsel; Cole Schotz P.C. as co-counsel; M-III Advisory Partners,
LP as financial advisor; and Back Bay Management Corporation and
its division, The Michel-Shaked Group, (BBM/MSG) as expert
valuation consultant and Dr. Israel Shaked as expert valuation
witness.


NEIMAN MARCUS: Committee Taps M-III Advisory as Financial Advisor
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Neiman Marcus Group LTD LLC and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ M-III Advisory Partners, LP as
financial advisor, effective as of May 22, 2020.

The professional services that M-III Advisory Partners will render
to the Committee include:

     (a) reviewing and analyzing the Debtors' operations, financial
condition, business plan, strategy, and operating forecasts;

     (b) assisting the Committee in evaluating any proposed
debtor-in-possession financing;

     (c) advising the Committee in assessing the Debtors' executory
contracts, including the determination of whether certain executory
contracts should be assumed or rejected by the Debtors;

     (d) assisting and advising the Committee in connection with
strategies to maximize recovery for unsecured creditors under the
Debtors' Chapter 11 plan;

     (e) assisting the Committee in evaluating, structuring, and
negotiating the terms and conditions of the proposed plan of
reorganization, or any alternative plan/transaction pursued by the
Debtors;

     (f) assisting the Committee in its analysis of the Debtors'
plan of reorganization and related disclosure statement;

     (g) assisting the Committee and its legal counsel on any
investigations or other claims against the Debtors or any of their
stakeholders, including the Committee's investigation into certain
claims and causes of action concerning the Designation and
Distribution of MyTheresa, the PropCo Transactions, and the
Recapitalization Transactions;

     (h) if required, assisting in the evaluation of any asset sale
process, including identifying potential buyers and evaluating
terms, conditions, and impact of any asset sale transactions
proposed by the Debtors;

     (i) providing testimony, as required, in any proceeding before
the Bankruptcy Court; and

     (j) providing other services incidental and ancillary to the
foregoing and such other services as M-III and the Committee shall
otherwise agree in writing.

M-III Advisory Partners will not duplicate the services of other
professionals retained by the Committee.

M-III Advisory Partners will be paid on an hourly basis, subject to
the approval of the Court. The firm's current standard hourly rates
are:

     Managing Partner                $1,150
     Managing Director        $900 - $1,025
     Director                   $725 - $825
     Vice President                    $650
     Senior Associate                  $550
     Associate                         $475
     Analyst                           $375

The firm will also charge the Committee for its reasonable and
necessary out-of-pocket expenses.

Mohsin Y. Meghji, a managing partner at M-III Advisory Partners LP,
disclosed in court filings that the firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Mohsin Y. Meghji
     M-III ADVISORY PARTNERS LP
     130 West 42nd Street, 17th Floor
     New York, NY 10036
     Telephone: (212) 716-1492
     E-mail: mmeghji@miiipartners.com

                               About Neiman Marcus Group

Neiman Marcus Group LTD, LLC is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names. It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories. Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States. For more
information, visit https://www.neimanmarcus.com/

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Pachulski Stang Ziehl & Jones LLP as lead
counsel; Cole Schotz P.C. as co-counsel; M-III Advisory Partners,
LP as financial advisor; and Back Bay Management Corporation and
its division, The Michel-Shaked Group, (BBM/MSG) as expert
valuation consultant and Dr. Israel Shaked as expert valuation
witness.


NEIMAN MARCUS: Creditors' Committee Hires PSZJ as Lead Counsel
--------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Neiman Marcus Group LTD LLC and its debtor
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Pachulski Stang Ziehl & Jones
LLP (PSZJ) as lead counsel to the Committee, effective as of May
22, 2020.

The professional services that PSZJ will render to the Committee
include:

     (a) assisting, advising, and representing the Committee in its
consultations with the Debtors regarding the administration of
these cases;

     (b) assisting, advising, and representing the Committee in
analyzing the Debtors' assets and liabilities, investigating the
extent and validity of liens and participating in and reviewing any
proposed asset sales, any asset dispositions, financing
arrangements and cash collateral stipulations or proceedings;

     (c) assisting, advising, and representing the Committee in any
manner relevant to reviewing and determining the Debtors' rights
and obligations under leases and other executory contracts;

     (d) assisting, advising, and representing the Committee in
investigating the acts, conduct, assets, liabilities, and financial
condition of the Debtors, the Debtors' operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to these cases or to the formulation
of a plan;

     (e) assisting, advising, and representing the Committee in its
participation in the negotiation, formulation, and drafting of a
plan of liquidation or reorganization;

     (f) advising the Committee on the issues concerning the
appointment of a trustee or examiner under section 1104 of the
Bankruptcy Code;

     (g) assisting, advising, and representing the Committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and in performing other services as are in
the interests of those represented by the Committee;

     (h) assisting, advising, and representing the Committee in the
evaluation of claims and on any litigation matters; and

     (i) providing such other services to the Committee as may be
necessary or appropriate in these cases.

PSZJ will not duplicate any services performed by other
professionals retained by the Committee.

PSZJ will be paid on an hourly basis, subject to the approval of
the Court. The firm's current standard hourly rates are:

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

In addition, PSZJ will charge the Committee for all other expenses
incurred in connection with these cases.

The firm has not received any retainer or payment from the Debtors
or the Committee.

The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the Guidelines for
Reviewing Applications for Compensation and Reimbursement of
Expenses Filed under 11 U.S.C. Sec. 330 by Attorneys in Larger
Chapter 11 Cases (the Revised Guidelines):

Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?

Response: No.

Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

Response: No.

Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

Response: N/A

Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

Response: As Committee counsel, PSZJ anticipates that the budget
for Committee professionals will be governed by the Debtors'
Emergency Motion for Entry of Interim and Final Orders (I)
Authorizing the Debtors to (A) Obtain Post-petition Financing and
(B) Utilize Cash Collateral, (II) Granting Adequate Protection to
Prepetition Secured Parties, (III) Modifying the Automatic Stay,
(IV) Scheduling a Final Hearing, and (V) Granting Related Relief
[ECF No. 104], subject to any rights that the Committee may have to
object if an agreement cannot be reached between the Debtors and
the Committee. The Committee and its professionals reserve all
rights to seek approval of Committee professional fees.

Richard M. Pachulski, a partner with the law firm of Pachulski
Stang Ziehl & Jones LLP, disclosed in court filings that neither
the firm nor any of its attorneys represent any interest adverse to
that of the Committee in the matters on which they are to be
retained.

The firm can be reached through:
   
     Richard M. Pachulski, Esq.
     PACHULSKI STANG ZIEHL & JONES LLP
     10100 Santa Monica Blvd., 13th Floor
     Los Angeles, CA 90067-4003
     Telephone: (310) 277-6910
     Facsimile: (310) 201-0760
     E-mail: rpachulski@pszjlaw.com

                                About Neiman Marcus Group

Neiman Marcus Group LTD, LLC is a luxury omni-channel retailer
conducting store and online operations principally under the Neiman
Marcus, Bergdorf Goodman, and Last Call brand names. It also
operates the Horchow e-commerce website offering luxury home
furnishings and accessories. Since opening in 1907 with just one
store in Dallas, Neiman Marcus and its affiliates have
strategically grown to 67 stores across the United States. For more
information, visit https://www.neimanmarcus.com/

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Pachulski Stang Ziehl & Jones LLP as lead
counsel; Cole Schotz P.C. as co-counsel; M-III Advisory Partners,
LP as financial advisor; and Back Bay Management Corporation and
its division, The Michel-Shaked Group, (BBM/MSG) as expert
valuation consultant and Dr. Israel Shaked as expert valuation
witness.


NEIMAN MARCUS: Files Debt-For-Equity Reorganization Plan
--------------------------------------------------------
Neiman Marcus Group LTD LLC, et al., filed a Chapter 11 Plan that
provides that:

  * Each holder of Extended Term Loans, 2028 Debentures, Second
Lien Notes, and Third Lien Notes was eligible to participate in the
DIP Facility pursuant to syndication procedures implemented
following entry of the Interim DIP Order;

  * Holders of claims on account of the Asset-Based Revolving
Credit Facility and FILO Facility will receive value, as of the
effective date of the Plan, equal to the allowed amount of such
claims, as applicable, in each case not to exceed the value of such
holders' interests in the Debtors' interest in the property
securing such claims;

  * Holders of 2019 Term Loan Claims shall receive their pro rata
share of and interest in (a) 87.5 percent of the reorganized equity
(subject to dilution) and (b) 87.5 percent of the rights to
participate in the Exit Facility (the "Exit Rights"), subject, in
each case, to upward adjustment if the holders of 2013 Term Loan
Claims do not vote in favor of the Plan;

  * If the class of 2013 Term Loan Claims votes in favor of the
Plan, holders of 2013 Term Loans will receive their pro rata share
of and interest in (a) 0.2 percent of the reorganized equity
(subject to dilution) and (b) 0.2 percent of the Exit Rights, or,
if the class of 2013 Term Loan Claims does not vote in favor of the
Plan, holders of 2013 Term Loan Claims will receive value, as of
the Effective Date of the Plan, equal to the allowed amount of such
claims not to exceed the value of each holder's interest in the
estate's interest in the property securing such claims;

  * Holders of 2028 Debentures Claims will receive their pro rata
share of and interest in (a) 2.8 percent of the reorganized equity
(subject to dilution) and (b) 2.8 percent of the Exit Rights,
subject, in each case, to upward adjustment if the holders of 2013
Term Loan Claims do not vote in favor of the Plan;

  * Holders of Second Lien Notes Claims will receive their pro rata
share of and interest in (a) 1.0 percent of the reorganized equity
(subject to dilution), (b) 1.0 percent of the Exit Rights, and (c)
seven-year warrants (no Black-Scholes protection) to purchase up to
25.0 percent of the reorganized equity at an agreed-upon strike
price;

  * Holders of Third Lien Notes Claims will receive their pro rata
share of and interest in (a) 8.5 percent of reorganized equity
(subject to dilution) and (b) 8.5 percent of the Exit Rights;

  * Holders of general unsecured claims with projected amount of
claims $329,338,000 will receive their pro rata share of a cash
pool to be determined; and

- stakeholders' economic and governance rights with respect to
MyTheresa shall be consistent with such stakeholders' prepetition
rights, claims, and controls.

Sources of Consideration for Plan Distributions are Exit Facility
and New Equity.

A full-text copy of the Disclosure Statement dated June 6, 2020, is
available at https://tinyurl.com/ybkm6cn2 from PacerMonitor.com at
no charge.

Proposed Co-Counsel to the Debtors:

     Matthew D. Cavenaugh
     Jennifer F. Wertz
     Kristhy M. Peguero
     Veronica A. Polnick
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, Texas 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com

Proposed Co-Counsel to the Debtors:

     Anup Sathy, P.C.
     Chad J. Husnick, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     300 North LaSalle Street
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: anup.sathy@kirkland.com
             chad.husnick@kirkland.com

             - and -

     Matthew C. Fagen
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, New York 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: matthew.fagen@kirkland.com

                  About Neiman Marcus Group

Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is
a luxury omni-channel retailer conducting store and online
operations principally under the Neiman Marcus, Bergdorf Goodman,
and Last Call brand names. It also operates the Horchow e-commerce
website offering luxury home furnishings and accessories. Since
opening in 1907 with just one store in Dallas, Neiman Marcus and
its affiliates have strategically grown to 67 stores across the
United States.

Neiman Marcus Group LTD and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32519) on May 7, 2020. At the time of the filing, the Debtors
were each estimated to have assets of between $1 billion and $10
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Jackson Walker, LLP as
local counsel; Berkeley Research Group, LLC as restructuring
advisor; Lazard Freres & Co. LLC as investment banker; and Stretto
as claims, noticing and solicitation agent.


NEW CITIES: Court Tentatively Approves Disclosure Statement
-----------------------------------------------------------
Judge M. Elaine Hammond has ordered that the Disclosure Statement
of New Cities Investment Partners, LLC, is tentatively approved.

The hearing on final approval of the Disclosure Statement and on
confirmation of the Plan will occur by phone or video on July 16,
2020, at 2:30 p.m.

Written objections to the Disclosure Statement or to confirmation
of the Plan must be filed and served by July 9, 2020.

Written ballots accepting or rejecting the Plan must be submitted
and received by July 9, 2020.

              About New Cities Investment Partners

New Cities Investment Partners, LLC, is engaged in activities
related to real estate. The company owns a vacant real property
located in Palm Desert, Calif.

New Cities Investment Partners sought protection under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 19-52584) on Dec.
23, 2019.  The petition was signed by Lee E. Newell, CEO of New
Cities Land Company, Inc., the Debtor's manager.  At the time of
the filing, the Debtor disclosed assets of between $1 million and
$10 million and liabilities of the same range.  Judge M. Elaine
Hammond oversees the case.  MacDonald Fernandez LLP is the
Debtor's
legal counsel.


NPC INTERNATIONAL: Jackson, Gibson Represent Priority/1L Group
--------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Jackson Walker LLP and Gibson, Dunn & Crutcher LLP
submitted a verified statement to disclose that they are
representing the Ad Hoc Priority/1L Group in the Chapter 11 cases
of NPC International, Inc., et al.

In July 2019, the members of the Ad Hoc Priority/1L Group retained
counsel, who as of October 2019 joined Gibson, Dunn & Crutcher LLP
to represent them as counsel in connection with a potential
restructuring of the outstanding debt obligations of the
above-captioned debtors and certain of their subsidiaries and
affiliates. Subsequently, on or about June 24, 2020, Gibson Dunn
contacted Jackson Walker LLP to serve as Texas co-counsel to the Ad
Hoc Priority/1L Group.

Gibson Dunn and Jackson Walker represent the members of the Ad Hoc
Priority/1L Group in their capacities as lenders under:

    (i) that certain Super-Priority Term Loan Credit Agreement,
        dated as of January 21, 2020, among NPC Restaurant
        Holdings, as Holdings and guarantor, NPC International,
        NPC Quality and NPC Operating, as borrowers and
        guarantors, KKR Loan Administration Services LLC, as
        administrative Agent, and Deutsche Bank Trust Company
        Americas, as collateral agent, and the several lenders
        from time to time parties thereto, and

   (ii) that certain First Lien Credit Agreement, dated as of
        April 20, 2017, among NPC Restaurant Holdings, as Holdings
        and guarantor, NPC International, NPC Quality and NPC
        Operating, as borrowers and guarantors, KKR, as
        administrative agent, Deutsche Bank Trust Company
        Americas, as collateral agent, and the lenders from time
        to time party thereto.

Gibson Dunn and Jackson Walker do not represent or purport to
represent any other entities in connection with the Debtors'
chapter 11 cases. Gibson Dunn and Jackson Walker do not represent
the Ad Hoc Priority/1L Group as a "committee" and do not undertake
to represent the interests of, and are not fiduciaries for, any
creditor, party in interest, or other entity that has not signed a
retention agreement with Gibson Dunn or Jackson Walker. In
addition, the Ad Hoc Priority/1L Group does not represent or
purport to represent any other entities in connection with the
Debtors' chapter 11 cases. Each member of the Ad Hoc Priority/1L
Group does not represent the interests of, nor act as a fiduciary
for, any person or entity other than itself in connection with the
Debtors' chapter 11 cases.

Upon information and belief formed after due inquiry, Gibson Dunn
and Jackson Walker do not hold any disclosable economic interests
in relation to the Debtors.

As of July 2, 2020, members of the Ad Hoc Priority/1L Group and
their disclosable economic interests are:

CMAC Fund 1, L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $97.21
* First Lien Term Loan Indebtedness: $1,165.96

Bain Capital Specialty Finance, Inc.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $411,584.93
* First Lien Term Loan Indebtedness: $4,936,708.86

Suzuka INKA
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $88,679.23
* First Lien Term Loan Indebtedness: $1,063,653.01

AVAW Loans Sankaty
z.H Internationale Kapitalanlagegesellschaft
GmbH
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $36,146.14
* First Lien Term Loan Indebtedness: $433,550.79

Aon Hewitt Group Trust
High Yield Plus Bond Fund
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $75,142.95
* First Lien Term Loan Indebtedness: $901,293.63

Baloise Senior Secured Loan Fund II
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $106,418.64
* First Lien Term Loan Indebtedness: $1,276,426.33

CHI Operating Investment Program L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $44,833.07
* First Lien Term Loan Indebtedness: $537,745.18

Catholic Health Initiatives Master Trust
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $42,697.14
* First Lien Term Loan Indebtedness: $512,125.92

Bain Capital Distressed and
Special Situations 2019 (A), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $3,122.35
* First Lien Term Loan Indebtedness: $37,450.69

Bain Capital Distressed and
Special Situations 2019 (B Master), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $8,264.32
* First Lien Term Loan Indebtedness: $99,125.46

Bain Capital Distressed and
Special Situations 2019 (F), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $2,905.83
* First Lien Term Loan Indebtedness: $34,853.63

Bain Capital DSS 2019 Investment Vehicle, L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $1,058.99
* First Lien Term Loan Indebtedness: $12,701.94

FirstEnergy System Master Retirement Trust
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $47,837.23
* First Lien Term Loan Indebtedness: $573,778.21

Future Fund Board of Guardians
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $78,732.26
* First Lien Term Loan Indebtedness: $944,345.20

Bain Capital Credit Managed Account (FSS), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $160,549.25
* First Lien Term Loan Indebtedness: $1,925,689.80
* Second Lien Term Loan Indebtedness: $7,206,329.76

Government Employees Superannuation Board
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $83,776.52
* First Lien Term Loan Indebtedness: $1,004,848.03

Global Loan Fund
c/o Bain Capital Credit, LP
200 Clarendon Street Boston, MA 02116

* Priority Term Loan Indebtedness: $148,735.48
* First Lien Term Loan Indebtedness: $1,783,990.90

Floating Rate Income Fund
a series of John Hancock Funds II
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $144,340.06
* First Lien Term Loan Indebtedness: $1,731,270.55

Kaiser Foundation Hospitals
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* First Lien Term Loan Indebtedness: $906,521.92

Kaiser Permanente Group Trust
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* First Lien Term Loan Indebtedness: $346,611.32

Los Angeles County Employees Retirement Association
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $37,983.84
* First Lien Term Loan Indebtedness: $455,592.87

Future Fund Board of Guardians for and
on behalf of Medical Research Future Fund
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $67,746.62
* First Lien Term Loan Indebtedness: $812,579.22

Bain Capital Credit Rio Grande FMC, L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $20,068.66
* First Lien Term Loan Indebtedness: $240,711.22

City of New York Group Trust
New York City Employees' Retirement System
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* First Lien Term Loan Indebtedness: $447,750.07

$447,750.07
City of New York Group Trust
New York City Fire Department Pension Fund System
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* First Lien Term Loan Indebtedness: $227,664.20

Bain Capital Credit Managed Account (PPF) L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $1,907.94
* First Lien Term Loan Indebtedness: $22,884.62

Bain Capital Credit Managed Account (PSERS), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $44,610.90
* First Lien Term Loan Indebtedness: $535,080.40

Retail Employees Superannuation Trust
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $184,696.76
* First Lien Term Loan Indebtedness: $2,215,324.41

San Francisco City and
County Employees’ Retirement System
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $16,893.30
* First Lien Term Loan Indebtedness: $202,624.78

Bain Capital High Income Partnership, L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $186,966.58
* First Lien Term Loan Indebtedness: $2,242,549.50

Bain Capital Senior Loan Fund, L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $272,673.63
* First Lien Term Loan Indebtedness: $3,270,553.00

Bain Capital Senior Loan Fund (SRI), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $25,927.38
* First Lien Term Loan Indebtedness: $310,982.89

Sunsuper Pooled Superannuation Trust
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $20,545.01
* First Lien Term Loan Indebtedness: $246,424.76

Bain Capital Credit Managed Account (Blanco), L.P.
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $21,260.12
* First Lien Term Loan Indebtedness: $255,002.12

Blue Cross of California
c/o Bain Capital Credit, LP
200 Clarendon Street Boston, MA 02116

* Priority Term Loan Indebtedness: $72,512.08
* First Lien Term Loan Indebtedness: $869,737.89
* Second Lien Term Loan Indebtedness: $1,726,167.54

Community Insurance Company
c/o Bain Capital Credit, LP
200 Clarendon Street
Boston, MA 02116

* Priority Term Loan Indebtedness: $35,369.65
* First Lien Term Loan Indebtedness: $424,237.27

Drawbridge Special Opportunities Fund LP
and Drawbridge Special Opportunities Fund Ltd.
1345 Avenue of the Americas, 46th Floor
New York, NY 10105

* Priority Term Loan Indebtedness: $1,955,407.72
* First Lien Term Loan Indebtedness: $24,965,933.52

Investcorp Credit Management US LLC
280 Park Avenue
New York, NY 10017

* Priority Term Loan Indebtedness: $1,588,399.35
* First Lien Term Loan Indebtedness: $20,280,103.87

KKR Credit Advisors (US) LLC
555 California Street, 50th Floor
San Francisco, CA 94104

* Priority Term Loan Indebtedness: $4,699,382.07
* First Lien Term Loan Indebtedness: $62,511,834.89

Monarch Alternative Capital LP
535 Madison Avenue, 26th Floor
New York, NY 10022

* Priority Term Loan Indebtedness: $19,297,629.08
* First Lien Term Loan Indebtedness: $267,864,749.11

Octagon Credit Investors, LLC
250 Park Avenue
New York, NY 10177

* Priority Term Loan Indebtedness: $1,320,729.36

Solel Partners LP
699 Boylston Street, 15th Floor
Boston, MA 02116

* Priority Term Loan Indebtedness: $3,991,011.38
* First Lien Term Loan Indebtedness: $65,955,779.52
* Second Lien Term Loan Indebtedness: $14,012,418.15

Sound Point Capital Management, L.P.
375 Park Avenue, 33rd Floor
New York, NY 10152

* Priority Term Loan Indebtedness: $2,002,657.73
* First Lien Term Loan Indebtedness: $30,569,203.97

Counsel for the Ad Hoc Priority/1L Group can be reached at:

          Bruce Ruzinsky, Esq.
          JACKSON WALKER LLP
          1401 McKinney St., Suite 1900
          Houston, TX 77010
          Telephone: (713)-752-4200
          Facsimile: (713) 308-4155
          Email: bruzinksy@jw.com

             - and -

          Scott J. Greenberg, Esq.
          Michael J. Cohen, Esq.
          GIBSON, DUNN & CRUTCHER LLP
          200 Park Avenue
          New York, NY 10166
          Telephone: (212) 351-4000
          Facsimile: (212) 351-4035
          Email: sgreenberg@gibsondunn.com
                 mcohen@gibsondunn.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/0ZGbpN

The Chapter 11 case is In re NPC International, Inc., et al.
(Banks. S.D. Tex. Case No. 20–33353 (DRJ)


OLD TIME POTTERY: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------------
Paul Randolph, acting U.S. trustee for Region 8, on July 8, 2020,
appointed a committee to represent unsecured creditors in the
Chapter 11 cases of Old Time Pottery, LLC and OTP Holdings, LLC.

The committee members are:

     1. Jordan Manufacturing Inc
        David Jordan
        1200 South 6th Street
        Monticello, IN, 47960
        574-583-6008
        davej@jordanmanufacturing.com

     2. G & I IX Southgate Shopping Center LLC
        c/o Woolbright Development Inc.
        Soraya Tyriver
        3200 North Military Tr., 4th Floor
        Boca Raton, FL, 33431
        561-989-2240
        styriver@woolbright.net

     3. Pillow Perfect
        Paul Ratner
        P.O. Box 260, 318 Bell Park Drive
        Woodstock, GA, 30188
        800-866-9865
        pratner@pillowperfect.com

     4. Three Hands
        Shant Anan
        13259 Ralston Avenue
        Sylmar, CA, 91342
        818-833-1200
        shantanan@threehands.com

     5. Kennedy International Inc.
        Mendy Reich
        1800 Water Works Road
        Old Bridge, NJ, 08857
        732-654-3826
        mendy@kennedy-intl.com

     6. Pigeon River Crossings, LLC
        Tim Zitzman
        3928 Maloney Road
        Knoxville, TN, 37920,
        865-453-7316
        tzitzman@comcast.net

     7. Creative TomCo Limited
        Tony Lee
        RM601 Block A, Po Lung Centre
        11 Wang Chiu Road, Kowloon Bay
        Hong Kong
        852-27550971
        tony@tomco.hk
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                      About Old Time Pottery

Old Time Pottery, LLC, is a retailer that focused on selling home
decor and seasonal items.  It  operates 43 retail locations in 11
states.  Visit https://oldtimepottery.com for more information.

Old Time Pottery, LLC and its affiliate, OTP Holdings, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.
Tenn. Lead Case No. 20-03138) on June 28, 2020.  

At the time of the filing, Old Time Pottery disclosed assets of
between $50 million and $100 million and liabilities of the same
range.  OTP Holdings had estimated assets of between $1 million and
$10 million and liabilities of between $10 million and $50 million.
Judge Marian F. Harrison oversees the cases.  The Debtors are
represented by Bass, Berry & Sims, PLC.


OWENS & MINOR: Releases Final Results of Tender Offer
-----------------------------------------------------
Owens & Minor, Inc., reports the final results and expiration of
its previously announced offers to purchase for cash up to a
maximum aggregate purchase price (subject to the sub-cap and
Acceptance Priority Levels), excluding accrued interest, equal to
$240 million of the Company's 3.875% senior notes due 2021 and
4.375% senior notes due 2024 and related consent solicitation, upon
the terms and conditions described in the Company's Offer to
Purchase and Consent Solicitation Statement dated June 5, 2020.

According to information received from D.F. King & Co., Inc., the
Tender Agent and Information Agent for the Tender Offers and
Consent Solicitation, as of 5:00 p.m., New York City time, on June
18, 2020 ("Early Tender Time") and as of 11:59 p.m., New York City
time, on July 2, 2020 ("Expiration Date"), the Company had received
valid tenders from holders of the Notes as outlined in the table
below.

                                                   Principal
                                                    Amount
                                                   Tendered
                                                After the Early
                    Principal                    Tender Time &
                     Amount                       Prior to the
                   Tendered as                   Expiration Date
                   of the Early      Total         & Accepted
Series of Notes   Tender Time   Consideration    for Purchase
---------------   -----------   -------------  ----------------
3.875% Senior     $54,146,000      $950            $113,000
Notes due 2021

4.375% Senior     $29,020,000      $900                  $0
Notes due 2024

Subject to the satisfaction or waiver of all conditions to the
Tender Offers described in the Offer to Purchase, the Company
intends to accept for purchase all 2021 Notes tendered after the
Early Tender Time but before the Expiration Date.

On the "Final Settlement Date," which is currently expected to
occur on July 7, 2020, the Company will purchase the Final Tender
Amount.  Any tendered Notes that are not accepted for purchase will
be returned or credited without expense to the holder's account.

The Company intends to fund the Tender Offers with cash on hand,
the proceeds of the sale of the Company's Movianto business and/or
use of funds from its accounts receivable securitization program.
Citigroup Global Markets Inc. acted as the Dealer Manager for the
Tender Offers and Solicitation Agent in the Consent Solicitation.
D.F. King & Co., Inc. served as the Tender Agent and Information
Agent for the Tender Offers and Consent Solicitation.  Persons with
questions regarding the Tender Offers and Consent Solicitation
should contact Citigroup Global Markets Inc. at (toll free) (800)
558-3745 or (collect) (212) 723-6106. Requests for the Offer to
Purchase should be directed to D.F. King & Co., Inc. at (toll free)
(866) 796-6898 or by email to omi@dfking.com.

                       About Owens & Minor

Headquartered in Mechanicsville, Virginia, Owens & Minor, Inc. --
http://www.owens-minor.com-- is a global healthcare solutions
company with integrated technologies, products, and services
aligned to deliver significant and sustained value for healthcare
providers and manufacturers across the continuum of care.  Owens &
Minor helps to reduce total costs across the supply chain by
optimizing episode and point-of-care performance, freeing up
capital and clinical resources, and managing contracts to optimize
financial performance.  Owens & Minor was founded in 1882 in
Richmond, Virginia, where it remains headquartered today.

Owens & Minor reported a net loss of $62.37 million for the year
ended Dec. 31, 2019, compared to a net loss of $437.01 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $3.71 billion in total assets, $3.29 billion in total
liabilities, and $416.34 million in total equity.

                           *   *   *

As reported by the TCR on March 11, 2020, Fitch Ratings affirmed
Owens & Minor, Inc.'s (OMI) Long-Term Issuer Default Rating at
'CCC+'.  The rating affirmation reflects OMI's limited financial
flexibility as a result of customer losses, heightened competition,
accelerating pricing pressure, and significantly reduced earnings
relative to debt levels.


PAID INC: Has $142,000 Net Loss for the Quarter Ended March 31
--------------------------------------------------------------
PAID, Inc. filed its quarterly report on Form 10-Q, disclosing a
net loss (available to common stockholders) of $141,774 on
$2,675,322 of net revenues for the three months ended March 31,
2020, compared to a net loss (available to common stockholders) of
$254,957 on $2,289,020 of net revenues for the same period in
2019.

At March 31, 2020, the Company had total assets of $4,505,940,
total liabilities of $2,206,204, and $2,299,736 in total
shareholders' equity.

The Company has generally incurred losses, although it has taken
significant steps to reduce them.  For the three months ended March
31, 2020, the Company reported a net loss of $113,242.  The Company
has an accumulated deficit of $67,506,479 and has a working capital
deficit of $410,572 as of March 31, 2020.  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/RtmgmV

PAID, Inc., provides online shipping and tax management tools.  It
operates through three segments, Entertainment Services, Shipping
Calculator Services, and Brewery Management Software.  The Company
was founded in 1986 and is headquartered in Marlborough,
Massachusetts.



PAL DISTRIBUTION: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: PAL Distribution, Inc.
          d/b/a DDI Distribution
        16875 Heacock St.
        Moreno Valley, CA 92551

Chapter 11 Petition Date: July 8, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-14663

Judge: Hon. Scott H. Yun

Debtor's Counsel: Jonathan M. Hayes, Esq.
                  RESNIK HAYES MORADI, LLP
                  17609 Ventura Blvd.
                  Ste 314
                  Encino, CA 91316
                  Tel: (213) 572-0800
                  E-mail: jhayes@rhmfirm.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Peter Larios, chief executive officer.

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

                      https://is.gd/SnLOEA


PARK TRANSPORTATION: Legal Woes Force the Carrier to File Ch. 11
----------------------------------------------------------------
Clarissa Hawes, writing for FreightWaves, reports that
Bensenville-based carrier Park Transportation Inc. filed for
Chapter 11 bankruptcy protection due to legal issues.   

The decision to file Chapter 11 comes after its principal lender,
Royal Savings Bank, and its landlord DCT Cargo LLC, filed lawsuits
against the carrier because it was unable to pay its financial
obligations, according to court filings.

In its filing with the U.S. District Court for the Northern
District of Illinois, Park Transportation lists assets of up to
$50,000 and its liabilities ranging from $1 million to $10 million.
It lists up to 199 creditors in its bankruptcy filing.

At the time of its bankruptcy filing, the carrier had 98 power
units and 83 drivers, according to FMCSA's SAFER website. Eric
Seongwoo Seo is listed as the president of Park Transportation.

Over the past 24 months, Park Transportation’s trucks have been
inspected 70 times and 25 trucks were placed out of service,
resulting in a 35.7% out-of-service rate, which is higher than the
industry's national average of around 21%, according to FMCSA data.


Its drivers were inspected 121 times and four were placed out of
service in the same two-year period, resulting in a 3.3%
out-of-service rate, which is below the national average of around
5.5%. The company has been involved in two tow-aways over the past
24 months.

The company, which hauls general freight, intermodal containers and
household goods, also has a warehousing and brokerage division,
according to its website.

                   About Park Transportation

Park Transportation, Inc. is a privately held company in the
general freight trucking industry.

Park Transportation, Inc., based in Bensenville, IL, filed a
Chapter 11 petition (Bankr. N.D. Ill. Case No. 20-12058) on June 7,
2020.  In its petition, the Debtor disclosed $4,736,675 in assets
and $2,382,041 in liabilities. The petition was signed by Eric
Seongwoo Seo, president.  The Hon. Lashonda A. Hunt oversees the
case.  Abraham Brustein, Esq., at DiMonte & Lizak, LLC, serves as
bankruptcy counsel to the Debtor.


PG&E CORP: Reaches Deal With Fire Victims on Stock Settlement
-------------------------------------------------------------
Mark Chediak of Bloomberg News reports that PG&E has reached a deal
with the official committee that represents the fire victims in its
bankruptcy over how long a settlement trust would have to hold
stock, resolving the last major dispute in the power company's
Chapter 11 case.

Victims trust would have a 90-day lockup for PG&E shares if the
company completes a marketed offering of stock in the reorganized
company, according to filing with the U.S. Securities and Exchange
Commission

Agreement includes provisions that fire victims trust will own
22.19% of outstanding shares in PG&E when it emerges from Chapter
11

To read the full article log in
athttps://news.bloomberglaw.com/bankruptcy-law/pg-e-fire-victims-reach-deal-over-stock-portion-of-settlement

                     About PG&E Corporation

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related  activities. Morrison &
Foerster LLP, as special regulatory counsel. Munger Tolles & Olson
LLP, as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PG&E CORP: SF Officials Oppose Plan's Surcharges
------------------------------------------------
Rebecca Picciotto, writing for The SF News, reports that the
officials of San Francisco City objected to the proposed bankruptcy
plan of Pacific Gas and Electricity Company (PG&E).

On June 12, 2020, San Francisco City Attorney Dennis Herrera
announced that the city has brought forward a legal objection to
the funding plan of Pacific Gas and Electric Company (PG&E), which
has been trying to exit bankruptcy since January 2019.

PG&E originally filed for Chapter 11 bankruptcy due to a heap of
liability charges resulting from connections between the company's
equipment and a series of wildfires in Northern California.

Since then, it has been trying to raise the funds to come out of
bankruptcy.  The company is now in its final phase of bankruptcy
exit.

One way PG&E intended to come up with the money to finance its
bankruptcy exit was to add an extra charge to customer bills and
initiate a payback program that would reimburse customers for the
surcharge over time.

According to the City Attorney's Office, these surcharges would
impact most of PG&E's ratepayers, even those who receive utility
services from other companies in addition to PG&E.

The company submitted this funding proposal to the California
Public Utilities Commission (CPUC), which approved it on May 28,
2020.

California law requires that PG&E's bankruptcy exit plan is
ratepayer-neutral -- that is, customers should not be financially
affected by the company's reorganization.

By promising to pay ratepayers back for the extra payment on their
utility bills, PG&E aimed to achieve ratepayer neutrality with this
new plan.

As the utility company stated in its proposal, "In the matter at
hand, costs already incurred for customers ideally would be
recovered from customers as soon as possible. Understandably,
perfect alignment is not possible. Nonetheless, greater alignment
is a goal to promote and achieve when practicable."

The City of San Francisco has taken issue with the legality of this
financial model though, despite the approval the plan received from
the CPUC.

Herrera said in a public statement, "PG&E's securitization plan is
a financial house of cards."

The city holds that PG&E's fiscal projections are too unstable to
ensure that ratepayers would be paid back in the long run, which
would violate state law.

Supervisor Aaron Peskin stated, "This looks like yet another bait
and switch from Pacific Gas & Electric. Once again, they are trying
to shoulder the ratepayers with huge increases that they will never
return. I hope the CPUC will not be bamboozled by PG&E again."

The City Attorney's Office will now work with the CPUC and other
stakeholders to review PG&E's ratepayer cost model and determine
whether it is legally permissible.

                       About PG&E Corp.

PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.

As of Sept. 30, 2018, the Debtors, on a consolidated basis, had
reported $71.4 billion in assets on a book value basis and $51.7
billion in liabilities on a book value basis.

PG&E Corp. and Pacific Gas employ approximately 24,000 regular
employees, approximately 20 of whom are employed by PG&E Corp. Of
Pacific Gas' regular employees, approximately 15,000 are covered by
collective bargaining agreements with local chapters of three labor
unions: (i) the International Brotherhood of Electrical Workers;
(ii) the Engineers and Scientists of California; and (iii) the
Service Employees International Union.

On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088).

PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, said they are facing extraordinary challenges
relating to a series of catastrophic wildfires that occurred in
Northern California in 2017 and 2018. The utility said it faces an
estimated $30 billion in potential liability damages from
California's deadliest wildfires of 2017 and 2018.

Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP are
serving as PG&E's legal counsel, Lazard is serving as its
investment banker and AlixPartners, LLP is serving as the
restructuring advisor to PG&E. Prime Clerk LLC is the claims and
noticing agent.

In order to help support the Company through the reorganization
process, PG&E has appointed James A. Mesterharm, a managing
director at AlixPartners, LLP, and an authorized representative of
AP Services, LLC, to serve as Chief Restructuring Officer. In
addition, PG&E appointed John Boken also a Managing Director at
AlixPartners and an authorized representative of APS, to serve as
Deputy Chief Restructuring Officer. Mr. Mesterharm, Mr. Boken and
their colleagues at AlixPartners will continue to assist PG&E with
the reorganization process and related  activities. Morrison &
Foerster LLP, as special regulatory counsel. Munger Tolles & Olson
LLP, as special counsel.

The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.

On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants.  The tort claimants' committee is represented by
Baker & Hostetler LLP.


PINNACLE GROUP: Seeks to Defer Hearing on Disclosures for 90 Days
-----------------------------------------------------------------
Pinnacle Group, LLC, Paradigm Gateway International, Inc. and
Partes Mundo, SA, Inc., filed a motion to continue hearings
scheduled for June 25, 2020.

Hearings were scheduled for:

  a. The Debtors' Continued Emergency Motion to Use Cash
Collateral;

  b. The Debtors' Continued Motion to Permit Inter-Company
Transfers;

  c. The Debtors’ Continued Motion to Approve Post Petition
Financing;

  d. The Debtors' motion for approval of its Disclosure Statement.

In response to the changes in the auto industry, the Debtors
altered the purchasing strategy for June and July to allow it to
reduce the inventory.

The Debtors also believe that as the Country continues to reopen,
particularly in the Northeast corridor, and more and more cars get
back on the road that it will see progressive growth in revenue.
Debtors expect that revenue will return to prepandemic levels, but
as there are many variables in that equation, it is difficult to
predict exactly what month that is going to happen.

The Debtors are continuing to pay all employees, U.S. Trustee's
fees and the agreed upon payments to secured creditors, LSQ and
Rapid Advance.  The Debtors' goals remain the same and, but for the
once in a generation pandemic, the Debtors would have likely been
close to confirmation already.

The Debtors requested that these hearings be continued for a period
of 90 days to be able to reevaluate its income and expenses.

Attorneys for the Debtor:

     JORDAN L. RAPPAPORT, ESQ.
     RAPPAPORT OSBORNE & RAPPAPORT, PLLC
     Suite 203, Squires Building
     1300 North Federal Highway
     Boca Raton, Florida 33432
     Telephone: (561) 368-2200

                      About Pinnacle Group

Based in Sunrise, Fla., Pinnacle Group and its subsidiaries are
wholesalers of motor vehicle parts and accessories.  Pinnacle Group
and its subsidiaries sought Chapter 11 protection (Bankr. S.D. Fla.
Lead Case No. 19-13519) on March 19, 2019.  In its petition,
Pinnacle Group was estimated to have assets of $500,000 to $1
million and liabilities of $1 million to $10 million. Judge John K.
Olson oversees the case. Jordan L. Rappaport, Esq., at Rappaport
Osborne & Rappaport, PLLC, is the Debtor's bankruptcy counsel.


PRINCETON AVENUE: Unsecureds to Recover 3.1% in Plan
----------------------------------------------------
Princeton Avenue Group, Inc., submitted a Second Modified
Disclosure Statement.

The Debtor is a New Jersey corporation.  Its principal business is
the ownership of certain real estate in Swedesboro, New Jersey
which it rents to commercial tenants.

Class 2 Liberty Bell Bank with claim of $601,888 is impaired.  The
Debtor is in arrears one month dating from before the petition was
filed; arrearage will be paid over two consecutive equal monthly
payments commencing on Effective Date; balance will be paid in
accordance with prepetition note and security agreement.

Class 3 Small Business Administration with claim of $560,507 is
impaired.  Lien avoided due to lack of equity in Property; claim
allowed as general unsecured claim.

Class 3A Jill Swersky is impaired. Lien avoided due to lack of
equity in Property; claim allowed as general unsecured claim upon
determination by Court of appropriate amount of claim.

Class 4 General unsecured claims with a total amount of claims of
$1,147,675 will receive $750 per month beginning on August 1, 2020
and ending on July 1, 2024 with zero interest rate.  Total payout
is $36,000 (3.1 percent recovery).

The Plan will be funded by the following: post-confirmation revenue
of the Debtor as well as cash on hand.

A full-text copy of the Second Modified Disclosure Statement dated
June 8, 2020, is available at https://tinyurl.com/yaduzrty from
PacerMonitor.com at no charge.

                  About Princeton Avenue Group

Princeton Avenue Group, Inc., is the fee simple owner of a property
located at 1301 Kings Highway, Swedesboro having an appraised value
of $710,000.

Princeton Avenue Group sought Chapter 11 protection (Bankr. D.N.J.
Case No. 19-19841) on May 14, 2019.  The Debtor disclosed $722,600
in assets and $2,020,505 in liabilities as of the bankruptcy
filing.  The Hon. Jerrold N. Poslusny Jr. is the case judge.
McDowell Law, PC, led by Ellen M. McDowell, is the Debtor's
counsel.


PUERTO RICO HOSPITAL: Taps Raul E. Gonzalez as Litigation Counsel
-----------------------------------------------------------------
Puerto Rico Hospital Supply, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ Raul E.
Gonzalez & Associates, P.L.C. as special counsel.

The Debtor desires to employ the firm to represent the Debtor in
four collection actions against accounts debtors including Hospital
del Maestro, Inside Radiology, and Plaza del Carmen Medical.

The Debtor and Raul E. Gonzalez & Associates have agreed on the
following compensation terms and conditions in connection to the
firm's engagement:

     (a) Fees to be computed under the percentage basis below:

        (i) 15% if the collection action is settled before the
pre-trial conference
        (ii) 17% if the collection action is settled after the
pre-trial conference
        (iii) 20% of the total amount of a favorable judgment if
the case goes to trial

     (b) An initial non-refundable advance fee of $1,650.00 for
each of the four cases, payable in $550.00 installments, the first
installment due upon the approval of the instant application by the
Court, the second payment 30 days thereafter and the third payment
due 30 days after the second installment. The $1,650.00 as to each
case is to be credited to the fees corresponding to the firm as
indicated in paragraph (a) above as to each case.

     (c) The Debtor shall pay the firm on an hourly basis
consisting of $150.00 for work of attorneys and $80.00 for
paralegal work, plus the expenses incurred up to that time, in the
event that the Debtor decides to terminate the firm's engagement
for any reason, or not to continue with the prosecution of the
cases.

     (d) If by judgment or settlement the Debtor receives any
periodic or deferred funds as to each of the four cases, the
percentages set forth in paragraph 2 (a) above will be applicable
as to the firm's compensation upon receipt of the funds.

     (e) The Debtor will pay all direct litigation expenses and
related costs.

     (f) The Debtor can't settle on its own any of the four cases
and in the event it does, the Debtor will be responsible for the
fees set forth above.

     (g) The Debtor shall cooperate with the firm in all that may
be necessary.

     (h) The Debtor's representatives will appear at the taking of
all depositions timely notified thereto from time to time; and will
provide requested documents and answers under oath to those
interrogatories and requests for admissions which may be notified
by the Defendants.

     (i) The firm will be at liberty to contract other parties to
assist in any judicial process.

     (j) The firm shall maintain the Debtor informed of the
collection actions undertaken on its behalf.

     (k) The aforesaid terms and conditions are applicable only to
the four cases indicated above.

     (l) Statements pending or amounts owed by the Debtor to the
firm in excess of 30 days will accrue a sur-charge of 1% per
month.

The Debtor believes that the firm is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Raul E. Gonzalez Reyes, Esq.
     RAUL E. GONZALEZ & ASSOCIATES, P.L.C.
     Capital Center Building, Suite 706
     239 Arterial Hostos
     San Juan, PR 00918-1476
     Telephone: (787) 754-9192
      
                            About Puerto Rico Hospital Supply

Puerto Rico Hospital Supply, Inc., distributes medical supplies in
Puerto Rico. Customed Inc., founded in 1991, manufactures surgical
appliances and supplies.

Puerto Rico Hospital Supply, Inc. and Customed, Inc., filed
voluntary Chapter 11 petitions (Bankr. D.P.R. Case Nos. 19-01022
and 19-01023) on Feb. 26, 2019. The petitions were signed by Felix
B. Santos, president. The cases are assigned to Judge Enrique S.
Lamoutte Inclan.

At the time of the filing, Puerto Rico Hospital estimated $50
million to $100 million in assets and $10 million to $100 million
in liabilities while Customed, Inc. estimated $10 million to $50
million in both assets and liabilities. Alexis Fuentes Hernandez,
Esq., at Fuentes Law Offices, represents the Debtors.


PUERTO RICO: ERS Bondholders File 5th Modified Statement
--------------------------------------------------------
In the Chapter 11 cases of The Financial Oversight And Management
Board For Puerto Rico, as representative of The Commonwealth Of
Puerto Rico, et al., the law firms of Jones Day and Delgado &
Fernandez, LLC submitted a fifth supplemental verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to
disclose an updated list of ERS Secured Creditors that they are
representing.

In May 2015, certain of the ERS Secured Creditors or the investment
advisors or managers on behalf of the ERS Secured Creditors
retained Jones Day to represent them as counsel in connection with
a potential restructuring of the secured bonds issued by the
Employees Retirement System of the Government of the Commonwealth
of Puerto Rico. From time to time thereafter, certain additional
holders of ERS Bonds have joined the ERS Secured Creditors, and
certain holders have ceased to be a part of the ERS Secured
Creditors. Jones Day appears in the above-captioned case on behalf
of the ERS Secured Creditors as presently constituted.

Jones Day represents the ERS Secured Creditors in their capacities
as beneficial holders of ERS Bonds. Jones Day does not represent
the ERS Secured Creditors in their capacities as beneficial holders
of any bonds issued or guaranteed by the Commonwealth or of any
bonds issued by any other Title III Debtor.

Other than the parties described in this Fifth Verified Statement,
Jones Day does not represent or purport to represent any other
entities in connection with the ERS or Commonwealth Title III
cases. Jones Day does not represent the ERS Secured Creditors as a
"committee" and does not undertake to represent the interests of,
and is not a fiduciary for, any creditor, party in interest, or
other entity. In addition, the ERS Secured Creditors do not
represent or purport to represent any other entities in connection
with the ERS or Commonwealth Title III cases.

As of July 2, 2020, the ERS Secured Creditors and their disclosable
economic interests are:

Andalusian Global Designated Activity Company
c/o Appaloosa LP
51 JFK Parkway
Short Hills, NJ 07078

ERS Bonds:

* $2,240,000 Series A, 5.85%, maturity date of 7/1/23
* $5,000,000 Series B, 6.25%, maturity date of 7/1/31
* $4,500,000 Series A, 6.15%, maturity date of 7/1/32
* $29,500,000 Series A, 6.15%, maturity date of 7/1/38
* $1,185,000 Series C, 6.25%, maturity date of 7/1/38
* $13,100,000 Series A, 6.2%, maturity date of 7/1/40
* $19,000,000 Series A, 6.2%, maturity date of 7/1/41
* $10,000,000 Series C, 6.3%, maturity date of 7/1/43
* $3,275,000 Series A, 6.45%, maturity date of 7/1/55
* $5,800,000 Series B, 6.55%, maturity date of 7/1/55
* $35,520,000 Series B, 6.55%, maturity date of 7/1/56
* $45,075,000 Series A, 6.45%, maturity date of 7/1/57
* $11,500,000 Series B, 6.55%, maturity date of 7/1/57
* $15,275,000 Series A, 6.45%, maturity date of 7/1/58
* $5,000,000 Series B, 6.55%, maturity date of 7/1/58

Crown Managed Accounts for and
on behalf of Crown/PW SP
Grand Pavilion, Commercial Centre
1st Floor, 802 West Bay Road
George Town
Grand Cayman KY1- 1207
Cayman Islands

LMA SPC for and
on behalf of Map 98
Segregated Portfolio Oceana Master Fund Ltd.
Pentwater Merger Arbitrage Master Fund Ltd
PWCM Master Fund Ltd.
Cayman Corporate Centre
27 Hospital Road, George Town
Grand Cayman KY1- 9008
Cayman Islands

ERS Bonds:

* $51,775,000 Series A, 6.15%, maturity date of 7/1/38
* $6,229,000 Series A, 5.85%, maturity date of 7/1/23
* $4,000,000 Series A, 6.2%, maturity date of 7/1/39
* $1,000,000 Series A, 6.2%, maturity date of 7/1/40
* $2,710,000 Series A, 6.2%, maturity date of 7/1/42
* $3,835,000 Series A, 6.45%, maturity date of 7/1/56
* $1,000,000 Series A, 6.45%, maturity date of 7/1/57
* $42,350,000 Series B, 0%, maturity date of 7/1/29
* $180,000 Series B, 6.25%, maturity date of 7/1/31
* $7,090,000 Series B, 6.3%, maturity date of 7/1/37
* $6,345,000 Series B, 6.55%, maturity date of 7/1/56
* $10,000,000 Series B, 6.55%, maturity date of 7/1/57
* $13,295,000 Series B, 6.55%, maturity date of 7/1/58
* $3,360,000 Series C, 6.15%, maturity date of 7/1/28
* $1,115,000 Series C, 6.25%, maturity date of 7/1/38
* $7,040,000 Series C, 6.3%, maturity date of 7/1/43

Glendon Opportunities Fund, L.P.
Ugland House, South Church Street
Grand Cayman, Cayman Islands, KY1-1104

ERS Bonds:

* $1,500,000 Series B, 6.3%, maturity date of 7/1/38
* $2,500,000 Series C, 6.15%, maturity date of 7/1/28

Mason Capital Master Fund, LP
110 East 59th Street, 30th Floor
New York, NY 10022

General Obligation Bonds:

* $230,835,000 Series 2014 A, 8%, maturity date of 7/1/35
* $505,000 Series 2012 A, 4%, maturity date of 7/1/20
* $535,000 Series 2012 A, 4%, maturity date of 7/1/21
* $290,000 Series 2012 A, 4%, maturity date of 7/1/24
* $365,000 Series 2012 A, 4.125%, maturity date of 7/1/22
* $315,000 Series 2012 A, 4.5%, maturity date of 7/1/25
* $965,000 Series 2007 A, 5%, maturity date of 7/1/19
* $5,000 Series 2006 A, 5%, maturity date of 7/1/21
* $5,415,000 Series 2012 A, 5%, maturity date of 7/1/21
* $930,000 Series 2006 A, 5%, maturity date of 7/1/24
* $500,000 Series 2005 A, 5%, maturity date of 7/1/24
* $140,000 Series 2005 A, 5%, maturity date of 7/1/29
* $9,040,000 Series 2004 A, 5%, maturity date of 7/1/33
* $210,000 Series 2005 A, 5%, maturity date of 7/1/34
* $7,827,000 Series 2012 A, 5%, maturity date of 7/1/41
* $820,000 Series 2008 A, 5.125%, maturity date of 7/1/24
* $17,385,000 Series 2001, 5.125%, maturity date of 7/1/31
* $1,310,000 Series 2007 A, 5.25%, maturity date of 7/1/37
* $2,430,000 Series 2005 A, 5.25%, maturity date of 7/1/21
* $250,000 Series 2012 A, 5.25%, maturity date of 7/1/23
* $3,000,000 Series 2007 A, 5.25%, maturity date of 7/1/30
* $6,081,000 Series 2006 A, 5.25%, maturity date o 7/1/30
* $2,865,000 Series 2006 B, 5.25%, maturity date of 7/1/32
* $10,000 Series 2007 A, 5.25%, maturity date of 7/1/33
* $1,055,000 Series 2007 A, 5.25%, maturity date of 7/1/34
* $1,050,000 Series 2008 A, 5.375%, maturity date of 7/1/33
* $2,120,000 Series 2001, 5.5%, maturity date of 7/1/18
* $200,000 Series 2001, 5.5%, maturity date of 7/1/19
* $1,765,000 Series 2012 A, 5.5%, maturity date of 7/1/26
* $70,000 Series 2001, 5.5%, maturity date of 7/1/29
* $25,025,000 Series 2008 A, 5.5%, maturity date of 7/1/32
* $3,485,000 Series 2011, 5.625%, maturity date of 7/1/32
* $195,000 Series 2008 C, 5.7%, maturity date of 7/1/23
* $165,000 Series 2011 C, 5.75%, maturity date of 7/1/32
* $10,329,000 Series 2011 C, 5.75%, maturity date of 7/1/36
* $21,648,000 Series 2009 B, 5.75%, maturity date of 7/1/38
* $80,000 Series 2009 B, 5.875%, maturity date of 7/1/36
* $80,000 Series 2008 C, 5.9%, maturity date of 7/1/28
* $2,000,000 Series 2011, 6%, maturity date of 7/1/29
* $35,000 Series 2011 C, 6%, maturity date of 7/1/32
* $15,000 Series 2011 C, 6%, maturity date of 7/1/35
* $4,625,000 Series 2008 A, 6%, maturity date of 7/1/38
* $14,531,000 Series 2011 A, 6%, maturity date of 7/1/40
* $25,000 Series 2011 C, 6.5%, maturity date of 7/1/40

Puerto Rico Building Authority Bonds:

* $5,000,000 Series I, 5.25%, maturity date of 7/1/29
* $2,710,000 Series I, 5.25%, maturity date of 7/1/33
* $41,820,000 Series U, 5.25%, maturity date of 7/1/42
* $15,000,000 Series D, 5.375%, maturity date of 7/1/33
* $15,000,000 Series Q, 5.625%, maturity date of 7/1/39
* $5,000,000 Series P, 7%, maturity date of 7/1/21
* $3,000,000 Series P, 7%, maturity date of 7/1/25

ERS Bonds:

* $3,700,000 Series B, 0%, maturity date of 7/1/28
* $10,000 Series A, 0%, maturity date of 7/1/28
* $40,000,000 Series B, 0%, maturity date of 7/1/29
* $5,000,000 Series B, 0%, maturity date of 7/1/30
* $27,900,000 Series B, 0%, maturity date of 7/1/31
* $10,000,000 Series B, 0%, maturity date of 7/1/33
* $28,440,000 Series A, 5.85%, maturity date of 7/1/23
* $560,000 Series C, 6.15%, maturity date of 7/1/28
* $115,285,000 Series A, 6.15%, maturity date of 7/1/38
* $75,545,000 Series A, 6.2%, maturity date of 7/1/39
* $7,535,000 Series A, 6.2%, maturity date of 7/1/40
* $2,403,000 Series A, 6.2%, maturity date of 7/1/41
* $1,025,000 Series A, 6.2%, maturity date of 7/1/42
* $3,920,000 Series B, 6.25%, maturity date of 7/1/31
* $6,880,000 Series C, 6.25%, maturity date of 7/1/38
* $9,975,000 Series B, 6.3%, maturity date of 7/1/37
* $2,595,000 Series B, 6.3%, maturity date of 7/1/39
* $50,625,000 Series C, 6.3%, maturity date of 7/1/43
* $340,000 Series A, 6.45%, maturity date of 7/1/55
* $580,000 Series A, 6.45%, maturity date of 7/1/57
* $13,875,000 Series B, 6.55%, maturity date of 7/1/56
* $15,000,000 Series B, 6.55%, maturity date of 7/1/57
* $13,081,000 Series B, 6.55%, maturity date of 7/1/58

Puerto Rico Sales Tax Financing Corporation Bonds:

* $50,875,000 Series 2007-A, 0%, maturity date of 8/1/54

Oaktree Opportunities Fund X, L.P.
Oaktree Opportunities Fund IX, L.P.
Oaktree Opportunities Fund IX (Parallel 2), L.P.
Oaktree Huntington Investment Fund II, L.P.
Oaktree Value Opportunities Fund Holdings, L.P.
Oaktree-Forrest Multi-Strategy, LLC (Series B)
333 South Grand Avenue, 28th Floor,
Los Angeles, CA 90071

ERS Bonds:

* $38,725,000 Series A, 0%, maturity date of 7/1/28
* $47,015,000 Series A, 6.15%, maturity date of 7/1/38
* $18,550,000 Series A, 6.2%, maturity date of 7/1/41
* $10,655,000 Series A, 5.85%, maturity date of 7/1/23
* $27,170,000 Series A, 6.2%, maturity date of 7/1/39
* $3,675,000 Series A, 6.2%, maturity date of 7/1/40
* $2,160,000 Series A, 6.45%, maturity date of 7/1/55
* $16,260,000 Series A, 6.45%, maturity date of 7/1/56
* $3,920,000 Series A, 6.45%, maturity date of 7/1/57
* $12,945,000 Series B, 0%, maturity date of 7/1/28
* $46,510,000 Series B, 0%, maturity date of 7/1/29
* $14,410,000 Series B, 0%, maturity date of 7/1/30
* $13,000,000 Series B, 0%, maturity date of 7/1/31
* $4,025,000 Series B, 0%, maturity date of 7/1/32
* $24,120,000 Series B, 6.25%, maturity date of 7/1/31
* $24,865,000 Series B, 6.3%, maturity date of 7/1/36
* $16,765,000 Series B, 6.3%, maturity date of 7/1/37
* $16,980,000 Series B, 6.3%, maturity date of 7/1/38
* $10,760,000 Series B, 6.3%, maturity date of 7/1/39
* $3,000,000 Series B, 6.55%, maturity date of 7/1/56
* $22,230,000 Series B, 6.55%, maturity date of 7/1/58
* $1,740,000 Series C, 6.15%, maturity date of 7/1/28
* $805,000 Series C, 6.25%, maturity date of 7/1/38

Ocher Rose, L.L.C.
909 3rd Avenue
PO Box 6303
New York, NY 10022

ERS Bonds:

* $3,445,000 Series B, 0%, maturity date of 7/1/32
* $13,050,000 Series A, 5.85%, maturity date of 7/1/23
* $8,260,000 Series C, 6.15%, maturity date of 7/1/28
* $17,580,000 Series A, 6.2%, maturity date of 7/1/39
* $6,000,000 Series A, 6.2%, maturity date of 7/1/40
* $16,675,000 Series A, 6.2%, maturity date of 7/1/42
* $2,125,000 Series B, 6.25%, maturity date of 7/1/31
* $1,510,000 Series B, 6.3%, maturity date of 7/1/38
* $2,285,000 Series B, 6.3%, maturity date of 7/1/39
* $9,695,000 Series C, 6.3%, maturity date of 7/1/43
* $6,790,000 Series A, 6.45%, maturity date of 7/1/56
* $7,250,000 Series B, 6.55%, maturity date of 7/1/55
* $8,250,000 Series B, 6.55%, maturity date of 7/1/56
* $9,500,000 Series B, 6.55%, maturity date of 7/1/57
* $5,000,000 Series A, 6.45%, maturity date of 7/1/58
* $14,725,000 Series A, 6.45%, maturity date of 7/1/57

Redwood Master Fund, Ltd.
910 Sylvan Avenue
Englewood Cliffs, NJ 07632

ERS Bonds:

* $6,000,000 Series A, 5.85%, maturity date of 7/1/23
* $3,000,000 Series C, 6.15%, maturity date of 7/1/28
* $4,805,000 Series A, 6.15%, maturity date of 7/1/38
* $16,550,000 Series A, 6.2%, maturity date of 7/1/40
* $7,040,000 Series C, 6.3%, maturity date of 7/1/43
* $6,520,000 Series B, 6.3%, maturity date of 7/1/38
* $3,845,000 Series B, 6.3%, maturity date of 7/1/36
* $1,000,000 Series B, 6.55%, maturity date of 7/1/57
* $12,500,000 Series B, 6.55%, maturity date of 7/1/58

GO Bonds:

* $25,000 Series 2012A, 5%, maturity date of 7/1/22
* $15,000 Series 2006A, 5%, maturity date of 7/1/22
* $45,000 Series 2008A, 5%, maturity date of 7/1/23
* $62,000 Series 2007A, 5%, maturity date of 7/1/25
* $15,000 Series 1999, 5%, maturity date of 7/1/28
* $45,000 Series 2005A, 5%, maturity date of 7/1/29
* $92,000 Series 2006B, 5%, maturity date 7/1/35
* $532,000 Series 2012A, 5%, maturity date of 7/1/41
* $20,000 Series 2005A, 5.25%, maturity date of 7/1/20
* $20,000 Series 2006A, 5.25%, maturity date of 7/1/21
* $66,000 Series 2006A, 5.25%, maturity date of 7/1/24
* $20,000 Series 2008A, 5.25%, maturity date of 7/1/26
* $110,000 Series 2007A, 5.25%, maturity date of 7/1/33
* $3,110,000 Series 2012A, 5.5%, maturity date of 7/1/26
* $440,000 Series 2012A, 5.5%, maturity date of 7/1/39
* $1,904,000 Series 2008C, 5.7%, maturity date of 7/1/23
* $82,000 Series 2011, 5.75%, maturity date of 7/1/41
* $355,000 Series 2011 A, 6%, maturity date of 7/1/34
* $5,720,000 Series 2009C, 6%, maturity date of 7/1/39

Puerto Rico Electric Power Authority Bonds:

* $242,000 Series DDD, 3.875%, maturity date of 7/1/23
* $330,000 Series TT, 4.2%, maturity date of 7/1/19
* $470,000 Series ZZ, 4.25%, maturity date of 7/1/20
* $512,000 Series CCC, 4.25%, maturity date of 7/1/23
* $1,315,000 Series CCC, 4.625%, maturity date of 7/1/25
* $2,326,000 Series XX, 4.625%, maturity date of 7/1/25
* $690,000 Series XX, 4.75%, maturity date of 7/1/26
* $405,000 Series CCC, 4.8%, maturity date of 7/1/28
* $330,000 Series 2012A, 4.8%, maturity date of 7/1/29
* $890,000 Series ZZ, 5%, maturity date of 7/1/17
* $1,000,000 Series ZZ, 5%, maturity date of 7/1/18
* $230,000 Series DDD, 5%, maturity date of 7/1/19
* $570,000 Series DDD, 5%, maturity date of 7/1/20
* $270,000 Series TT, 5%, maturity date of 7/1/20
* $1,655,000 Series CCC, 5%, maturity date of 7/1/21
* $215,000 Series TT, 5%, maturity date of 7/1/21
* $250,000 Series ZZ, 5%, maturity date of 7/1/22
* $1,440,000 Series DDD, 5%, maturity date of 7/1/22
* $160,000 Series TT, 5%, maturity date of 7/1/23
* $10,000 Series CCC, 5%, maturity date of 7/1/26
* $193,000 Series CCC, 5%, maturity date of 7/1/27
* $280,000 Series WW, 5%, maturity date of 7/1/28
* $129,000 Series 2012A, 5%, maturity date of 7/1/29
* $1,392,000 Series TT, 5%, maturity date of 7/1/32
* $2,600,000 Series TT, 5%, maturity date of 7/1/37
* $1,578,000 Series 2012A, 5%, maturity date of 7/1/42
* $9,532,000 Series 2012A, 5.05%, maturity date of 7/1/42
* $2,587,000 Series ZZ, 5.25%, maturity date of 7/1/18
* $1,540,000 Series ZZ, 5.25%, maturity date of 7/1/19
* $320,000 Series ZZ, 5.25%, maturity date of 7/1/20
* $50,000 Series 2010 AAA, 5.25%, maturity date of 7/1/21
* $1,850,000 Series ZZ, 5.25%, maturity date of 7/1/22
* $945,000 Series 2010 AAA, 5.25%, maturity date of 7/1/23
* $105,000 Series WW, 5.25%, maturity date of 7/1/25
* $340,000 Series XX, 5.25%, maturity date of 7/1/26
* $14,109,000 Series ZZ, 5.25%, maturity date of 7/1/26
* $165,000 Series 2010 AAA, 5.25%, maturity date of 7/1/26
* $540,000 Series CCC, 5.25%, maturity date of 7/1/26
* $98,000 Series XX, 5.25%, maturity date of 7/1/27
* $110,000 Series 2010 AAA, 5.25%, maturity date of 7/1/30
* $2,685,000 Series 2010 AAA, 5.25%, maturity date of 7/1/31
* $678,000 Series WW, 5.25%, maturity date of 7/1/33
* $970,000 Series XX, 5.25%, maturity date of 7/1/35
* $9,270,000 Series XX, 5.25%, maturity date of 7/1/40
* $3,317,000 Series WW, 5.375%, maturity date of 7/1/24
* $120,000 Series WW, 5.375%, maturity date of 7/1/23
* $1,090,000 Series BBB, 5.4%, maturity date of 7/1/28
* $24,845,000 Series WW, 5.5%, maturity date of 7/1/38
* $23,696,000 Series YY, 6.125%, maturity date of 7/1/40
* $1,040,000 Series 2013A, 7%, maturity date of 7/1/33
* $3,690,000 Series 2013A, 7%, maturity date of 7/1/43
* $1,140,000 Series UU, 4.064%, maturity date of 7/1/17

SV Credit, L.P.
1209 Orange Street
Wilmington, New Castle County
Delaware 19801

ERS Bonds:

* $55,000,000 Series A, 0%, maturity date of 7/1/28
* $27,835,000 Series B, 0%, maturity date of 7/1/29
* $59,955,000 Series B, 0%, maturity date of 7/1/30
* $6,310,000 Series A, 5.85%, maturity date of 7/1/23
* $5,615,000 Series C, 6.15%, maturity date of 7/1/28
* $1,665,000 Series C, 6.25%, maturity date of 7/1/38
* $14,315,000 Series B, 6.3%, maturity date of 7/1/37
* $23,885,000 Series C, 6.3%, maturity date of 7/1/43
* $6,785,000 Series A, 6.45%, maturity date of 7/1/56
* $7,250,000 Series B, 6.55%, maturity date of 7/1/55
* $7,085,000 Series B, 6.55%, maturity date of 7/1/56
* $7,710,000 Series B, 6.55%, maturity date of 7/1/57

Counsel for the ERS Secured Creditors be reached at:

          Alfredo Fernández-Martínez, Esq.
          DELGADO & FERNÁNDEZ, LLC
          PO Box 11750
          Fernández Juncos Station
          San Juan, PR 00910-1750
          Tel. (787) 274-1414
          Fax: (787) 764-8241
          Email: afernandez@delgadofernandez.com
          USDC-PR 210511

          Bruce Bennett, Esq.
          JONES DAY
          555 South Flower Street Fiftieth Floor
          Los Angeles, CA 90071
          Tel. (213) 489-3939
          Fax: (213) 243-2539
          Email: bbennett@jonesday.com

          Benjamin Rosenblum, Esq.
          JONES DAY
          250 Vesey Street
          New York, NY 10281
          Tel. (212) 326-3939
          Fax: (212) 755-7306
          Email: brosenblum@jonesday.com

             - and -

          Geoffrey S. Stewart, Esq.
          Beth Heifetz, Esq.
          Sparkle L. Sooknanan, Esq.
          JONES DAY
          51 Louisiana Ave. N.W.
          Washington, DC 20001
          Tel: (202) 879-3939
          Fax: (202) 626-1700
          Email: gstewart@jonesday.com
                 bheifetz@jonesday.com
                 ssooknanan@jonesday.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/UbXhHl, https://is.gd/4U6ISI and
https://is.gd/FrbNjC

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70
billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of
the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III
of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that
may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets
Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.


PULMATRIX INC: Expects to Get $13.6-Mil. from Warrants Exercise
---------------------------------------------------------------
Pulmatrix, Inc., entered into letter agreements with certain
existing accredited investors to exercise certain outstanding
warrants to purchase up to an aggregate of 10,085,741 shares of the
Company's common stock at the existing exercise price per share of
$1.35.  The Existing Warrants were issued in an underwritten public
offering pursuant to a registration statement on Form S-1 (File No.
333-230395) and an additional registration statement on Form S-1
filed pursuant to Rule 462(b) under the Securities Act of 1933, as
amended (File No. 333-230714) that was consummated in April 2019.
In consideration for the exercise of the Existing Warrants for
cash, the exercising holders will receive new unregistered warrants
to purchase up to an aggregate of 10,085,741 shares of common stock
at an exercise price of $1.80 per share and with an exercise period
of five years from the initial closing date.

The gross proceeds to the Company from the Exercise are expected to
be approximately $13.62 million, prior to deducting placement agent
fees and offering expenses.  The Company currently intends to use
the net proceeds from the Exercise for working capital and general
corporate purposes.  The initial closing of the Exercise is
expected to take place on or about July 13, 2020.

H.C. Wainwright & Co., LLC is acting as the exclusive placement
agent for the Exercise.  Pursuant to a letter agreement dated as of
April 16, 2020, the Company agreed to issue Wainwright (or its
designees) warrants to purchase up to an aggregate of 655,573
shares of common stock of the Company, which is equal to 6.5% of
the aggregate number of shares issued to the investors upon the
Exercise.  The Placement Agent Warrants will have an exercise price
of $2.25 per share and otherwise have identical terms to the New
Warrants.  In addition, the Company has agreed to pay Wainwright an
aggregate cash fee equal to 7.0% of the gross proceeds received by
the Company from the Exercise and the sale of the New Warrants.
The Company also agreed to pay Wainwright $75,000 for
non-accountable expenses.  The Placement Agent Warrants, and the
shares issuable upon exercise thereof, will be issued in reliance
on the exemption from registration provided by Section 4(a)(2) of
the Securities Act and Rule 506 of Regulation D promulgated
thereunder.

                       About Pulmatrix

Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology.  The Company's proprietary product
pipeline is initially focused on advancing treatments for serious
lung diseases, including Pulmazole, an inhaled anti-fungal for
patients with ABPA, and PUR1800, a narrow spectrum kinase inhibitor
in lung cancer.  Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
achieving optimal local drug concentrations and reducing systemic
side effects to improve patient outcomes.

Pulmatrix reported a net loss of $20.59 million for the year ended
Dec. 31, 2019, compared to a net loss of $20.56 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$30.82 million in total assets, $23.88 million in total
liabilities, and $6.94 million in total stockholders' equity.


PYXUS INT'L: Benesch, Ellis Represent Former Executive Group
------------------------------------------------------------
In the Chapter 11 cases of Pyxus International, Inc., et al., the
law firms of Ellis & Winters LLP and Benesch, Friedlander, Coplan &
Aronoff LLP submitted a verified statement under Rule 2019 of the
Federal Rules of Bankruptcy Procedure, to disclose that they are
representing the Ad Hoc Former Executive Group.

In April 2020, certain former executives of the Pyxus Entities and
surviving spouses of former executives of the Pyxus Entities
retained Ellis Winters as counsel with respect to the potential
restructuring of the Debtors. From time to time thereafter,
additional former executives and surviving spouses of former
executives of the Pyxus Entities joined the Ad Hoc Former
Executives Group. In late May 2020, the Ad Hoc Former Executives
Group retained BFCA to act as Delaware counsel.

As of July 2, 2020, members of the Ad Hoc Former Executive Group
and their disclosable economic interests are:

                                         Address
                                         -------

Adams, Hugh D.                     c/o Pamela W. McAfee, Esq.
Cooley, James A.                   ELLIS & WINTERS LLP
Corbett, Larry R.                  4131 Parklake Avenue, Suite 400
Crane, Donald                      Raleigh, NC 27612
Daniels, Steven B.
Denny, James Henry
Dibrell, Louis N. III
Faucett, Thomas H.
Green, H. Peyton III
Green, Richard C.
Griffin, Elijah Shelton
Harker, Brian J.
Harrison, Robert Edward
Hines, John M.
Horton, Joseph Loyd III
Hunnicutt, John O. III
Hywood, Anthony James
Knott, Douglas E.
Lang, Roland Scott
Lloyd, William L.
Monk, Albert C. III
Monk, Robert T. Jr.
Oakes, T. Wayne
Owen, Claude
Pappas, William D.
Parker, Jerry L.
Parrish, Thomas C.
Reynolds, Thomas G.
Roberts, Michael John Mills
Schneeberger, James M.
Scott, John Martin Jr.
Taberer, Paul
Tilley, Randall E.
Van Lelyveld, Dudley
Williams, Allen Warren

Each member of the Ad Hoc Former Executives Group is a creditor of
one or more of the Debtors. The members of the Ad Hoc Former
Executives Group are unable to estimate the liquidated amounts of
their respective claims at this time.

Counsel represent the Ad Hoc Former Executives Group and do not
represent or purport to represent any entities other than the Ad
Hoc Former Executives Group in connection with the Debtors' cases.
In addition, neither the Ad Hoc Former Executives Group nor any
member of the Ad Hoc Former Executives Group represents or purports
to represent any other entities in connection with these cases.

Counsel to the ad hoc committee of certain retiree executives and
surviving spouses thereof of Pyxus International, Inc., and certain
affiliated and predecessor entities can be reached at:

          BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP
          Gregory W. Werkheiser, Esq.
          Noelle B. Torrice, Esq.
          222 Delaware Avenue, Suite 801
          Wilmington, DE 19801
          Telephone: (302) 442-7010
          Facsimile: (302) 442-7012
          Email: gwerkheiser@beneschlaw.com
                 ntorrice@beneschlaw.com

             - and -

          ELLIS & WINTERS LLP
          Pamela W. McAfee, Esq.
          4131 Parklake Avenue, Suite 400
          Raleigh, NC 27612
          Telephone: (919) 865-7019
          Facsimile: (919) 865-7010
          Email: pam.mcafee@elliswinters.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/4GTTbI

                    About Pyxus International

Pyxus International Inc. -- http://www.pyxus.com/-- is a global  
agricultural company with 145 years of experience delivering
value-added products and services to businesses, customers and
consumers.

Pyxus reported a net loss of $71.17 million for the year ended
March 31, 2019, compared to net income of $51.91 million for the
year ended March 31, 2018.  As of March 31, 2019, Pyxus had $1.86
billion in total assets, $1.67 billion in total liabilities, and
$192.02 million in total stockholders' equity.

On June 15, 2020, Pyxus and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
20-11570).  Judge Laurie Selber Silverstein oversees the cases.

Debtors have tapped Simpson Thacher & Bartlett, LLP as general
bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware bankruptcy counsel; and Lazard Freres & Co. LLC and RPA
Advisors, LLC as restructuring advisors.  Prime Clerk, LLC is the
claims and noticing agent and administrative advisor.



ROCHESTER DRUG: Hiscox Ordered to Fund Legal Costs
--------------------------------------------------
Law360 reports that a New York federal judge ruled on June 11, 2020
that Hiscox Insurance Co. Inc. must continue funding a bankrupt
drug distributor's legal costs for an upcoming trial over its
alleged role in the opioid epidemic, saying it is unclear whether
any exclusions or limitations in the distributor's directors and
officers policy preclude coverage.  U.S. District Judge Elizabeth
A. Wolford denied Hiscox's motion to dismiss, finding that the
insurer must continue advancing Rochester Drug Co-Operative Inc.
money for attorney fees and expert witnesses ahead of a trial in
New York state court.

A copy of the full-report is available at
https://www.law360.com/health/articles/1282033/hiscox-must-fund-ny-drug-biz-s-defense-in-opioid-trial

                  About Hiscox Insurance

Hiscox Insurance Company Inc. is an insurance provider based in
Chicago, Illinois.

               About Rochester Drug Co-Operative

Rochester Drug Cooperative, Inc., is an independently owned New
York cooperative corporation formed in 1905 and incorporated in
1948 with a principal office and place of business located at 50
Jet View Drive, Rochester, New York 14624.  Its principal business
is to warehouse, merchandise, and then distribute, on a cooperative
basis, drugs, pharmaceutical supplies, medical equipment and other
merchandise commonly sold in drug stores, pharmacies, health and
beauty stores, and durable medical equipment business.  It is a
wholesale regional drug cooperative that operates as both a buying
cooperative and a traditional drug distribution company created for
the purpose of helping independent pharmacies compete in the
current healthcare environment.

Rochester Drug Cooperative sought Chapter 11 protection (Bankr.
W.D.N.Y. Case No. 20-20230) on March 12, 2020.

The Debtor was estimated to have $50 million to $100 million in
assets and $100 million to $500 million in liabilities.

The Hon. Paul R. Warren is the case judge.

The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A.
Donato, as counsel and Epiq Corporate Restructuring, LLC as the
claims and noticing agent.


ROCHESTER DRUG: S&L, Keller, Morgan Represent Insurance Plaintiffs
------------------------------------------------------------------
Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure,
the law firms of Stevens & Lee, P.C., Keller Lenkner LLC and Morgan
& Morgan, P.A. submitted a verified statement to disclose that they
are representing the Private Insurance Plaintiffs in the Chapter 11
cases of Rochester Drug Cooperative, Inc.

S&L and its Co-counsel represent Eric Hestrup, plaintiff in a
nationwide class action further described below, as well as the
following class action plaintiffs in 28 federal district court
lawsuits: Ronald D. Stracener, F. Kirk Hopkins, Jordan Chu, Amel
Eiland, Nadja Streiter, Michael Konig, Eli Medina, Barbara Rivers,
Marketing Services of Indiana, Inc., Glenn Golden, Gretta Golden,
Michael Christy, Edward Grace, Debra Dawsey, Darcy Sherman,
Kimberly Brand, Lou Sardella, Michael Klodzinski, Kevin Wilk,
Heather Enders, Jason Reynolds, MSI Corporation, Deborah
Green-Kuchta, W. Andrew Fox, Dora Lawrence, Michael Lopez, Zachary
R. Schneider, William Taylor, William Stock and Al Marino, Inc., in
their individual and representative capacities in their respective
actions. All of the Private Insurance Class Actions have been and
remain stayed in connection with In re National Prescription Opiate
Litigation, No. 1:17-md-2804 (N.D. Ohio).

Dr. Eric Hestrup is the lead class claimant in a nationwide class
action complaint in the United States District Court for the
Northern District of Illinois, Hestrup v. Mallinckrodt PLC, et al.,
Case No. 19-cv-08453. The Hestrup Complaint was subsequently
transferred to the MDL and all proceedings in connection therewith
are currently stayed.

Generally, the Private Insurance Class Actions seek to hold
manufacturers and distributors of opioids, as well as pharmacies,
liable for their role in creating the opioid epidemic. While
Private Insurance Plaintiffs have not yet named Debtor in any of
the Private Insurance Class Actions, Debtor sold opioids and is
therefore responsible for the opioid epidemic. As a result, Private
Insurance Plaintiffs will be asserting claims herein on behalf of
the Private Insurance Class Claimants.

The direct and proximate consequence of the misconduct of Opioid
Defendants including the Debtor is that every purchaser of private
health insurance in the United States paid higher premiums,
co-payments, and deductibles. Insurance companies have considerable
market power and pass onto their insureds the expected cost of
future care—including opioid-related coverage. Accordingly,
insurance companies factored in the unwarranted and exorbitant
healthcare costs of opioid-related coverage caused by Debtor and
other Opioid Defendants and passed all or virtually all of these
increased costs through to insureds in the form of higher premiums,
deductibles and co-payment.

None of these plaintiffs has any "disclosable economic interest"
other than as disclosed in the preceding paragraphs.

Other than as disclosed herein, S&L does not currently represent or
claim to represent any other entity with respect to the Debtor's
case, and does not hold any claim against or interest in the Debtor
or its estate.

Certain of the Co-counsel do represent other entities in actions
also currently stayed in connection with the MDL. They and the
parties they represent are identified in the attached Exhibit A.

Keller Lenkner LLC and Morgan & Morgan have filed the following
nationwide class action against Opioid Defendants:

Hestrup v. Mallinckrodt PLC, et al., Case No. 19-cv-08453

Morgan & Morgan has filed actions against Opioid Defendants on
behalf of the following:

----Oklahoma:
              Mayes County
              Rogers County
              Nowata County
              Creek County
              Washington County
              Okmulgee County

----Kansas:
            Crawford County
            Neosho County

---- West Virginia Counties:
                             Barbour County
                             Clay County
                             Hardy County
                             Lincoln County
                             Mason County
                             McDowell County
                             Mercer County
                             Mingo County
                             Preston County
                             Taylor County
                             Tucker County
                             Webster County
                             Addison
                             Camden-on-Gauley
                             Chapmanville
                             Cowen
                             Delbarton
                             Gilbert
                             Hamlin and West Hamlin
                             Kermit
                             Matewan
                             Oceana
                             Grafton
                             Philippi
                             Point Pleasant
                             Welch
                             Williamson
                             Village of Barboursville

----Missouri:
              City of Springfield

---- Florida:
              Boca Raton
              Broward County (Multi-Firm)
              City of Hollywood
              Cutler Bay
              Dade City
              Deerfield Beach
              Ft. Lauderdale
              Hallandale
              Lauderhill
              Miramar
              Monroe County
              Orlando
              Pembroke Pines
              Pine Crest

S&L reserves its right to revise or supplement this verified
statement as may be necessary or appropriate. This statement is
provided without prejudice to the right of S&L and its clients to
file any further statements, claims, adversary complaints,
documents, notices or pleadings in these chapter 11 cases.

Counsel for Eric Hestrup, et al. can be reached at:

          Nicholas F. Kajon, Esq.
          Constantine D. Pourakis, Esq.
          Stevens & Lee, P.C.
          485 Madison Avenue, 20th Floor
          New York, NY 10022
          Tel: (212) 319-8500
          Fax: (212) 319-8505
          E-mail: nfk@stevenslee.com
                 cp@stevenslee.com

          Seth Meyer, Esq.
          Ashley Keller, Esq.
          Keller Lenkner LLC
          150 North Riverside Plaza
          Suite 4270
          Chicago, IL 60606
          Tel: (312) 741-5220
          E-mail: sam@kellerlenkner.com
                 ack@kellerlenkner.com

          James Young, Esq.
          Morgan & Morgan, P.A.
          Complex Litigation Group
          76 S. Laura St., Suite 1100
          Jacksonville, FL 32202
          Tel: (904) 361-0012
          E-mail: jyoung@ForThePeople.com

             - and -

          Juan R. Martinez, Esq.
          Morgan & Morgan, P.A.
          Complex Litigation Group
          201 N. Franklin Street, 7th Floor
          Tampa, FL 33602
          Tel: (813) 223-5505
          E-mail: juanmartinez@ForThePeople.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com,
is available at https://is.gd/O0kLJj

              About Rochester Drug Co-Operative

Rochester Drug Cooperative, Inc., is an independently owned New
York cooperative corporation formed in 1905 and incorporated in
1948 with a principal office and place of business located at 50
Jet View Drive, Rochester, New York 14624.  Its principal business
is to warehouse, merchandise, and then distribute, on a cooperative
basis, drugs, pharmaceutical supplies, medical equipment and other
merchandise commonly sold in drug stores, pharmacies, health and
beauty stores, and durable medical equipment business.  It is a
wholesale regional drug cooperative that operates as both a buying
cooperative and a traditional drug distribution company created for
the purpose of helping independent pharmacies compete in the
current healthcare environment.

Rochester Drug Cooperative sought Chapter 11 protection (Bankr.
W.D.N.Y. Case No. 20-20230) on March 12, 2020.

The Debtor was estimated to have $50 million to $100 million in
assets and $100 million to $500 million in liabilities.

The Hon. Paul R. Warren is the case judge.

The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A.
Donato, as counsel and Epiq Corporate Restructuring, LLC as the
claims and noticing agent.


RV RENTALS: Unsec. Creditors to Recover 20% of Claims
-----------------------------------------------------
RV Rentals Inc, filed a small business Plan of Reorganization.

This Plan Reorganization under Chapter 11 of Bankruptcy Code
proposes to pay creditors of RV Rentals Seattle Inc. from future
income, sales of inventory, and brokerage commissions from rental
of other parties' trailers and recreational vehicles.

Class 2 Secured claims of Automotive Finance Corp. ("AFC").  This
class is impaired.  AFC has a total claim of $276,400.  The claim
will be paid at the rate of $5,208 per month at 5%.

Class 3 Secured claim of FC Marketplace, LLC ("FC") is impaired.
FC will have an allowed secured claim in the amount of $28,655 and
an unsecured claim in the amount of $195,592.  The secured portion
of the claim will be paid at the rate of $553.98 per month at 5%
interest.  The unsecured portion of the claim will be paid as in
unsecured claim pursuant to Class 5.

Class 4 Secured Claim of Ally Bank with a claim of $27,392 is
impaired. The Debtor will continue to make normal payments in the
ordinary course until paid in full.

Class 5 Creditors with allowed, timely filed, unsecured,
non-priority claims of more than $2,000 are impaired.  Creditors
with allowed class 5 claims will receive 57 equal monthly payments
of $1,854 with first payment due 90 days after the Effective Date.
Claims payments will total $106,678 over the course of the Plan.
This results in a pro rata distribution of approximately 20% of the
claims.

Class 6 Creditors with allowed, timely filed, unsecured,
non-priority claims $2,000 are also impaired.  Creditors with Class
6 claims will receive a single payment on account of their claims
in the amount of 50% of the claim, if less than $2000 and $2000 if
so reduced by the 1st day of the third month following the
Effective Date.

The major source of the Debtor's income is from the rental on short
to intermediate bases of trailers or recreational vehicles, mostly
for temporary housing.

A full-text copy of the Plan of Reorganization dated June 8, 2020,
is available at https://tinyurl.com/y99h8e52 from PacerMonitor.com
at no charge.

                    About RV Rentals Seattle

RV Rentals Seattle, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Wash. Case No. 20-10759) on March 9, 2020, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Marc S. Stern, Esq.


RWDT FOODS: Seeks to Hire Kelley Galloway as Accountant
-------------------------------------------------------
RWDT Foods, Inc., has filed an amended application with the U.S.
Bankruptcy Court for the Middle District of North Carolina seeking
approval to hire Kelley Galloway Smith Goolsby, PSC, as
accountant.

On June 24, 2020, the Debtor filed an Application to employ Kelley
Galloway, and the Amended Application is filed to address a
division of services for purposes of payment procedures, as
follows:

   a. Ordinary Course: general bookkeeping services such as
      payroll, payroll tax filings, sales tax filings, bill
      payment, deposit recordation, verification of franchisor's
      deposits and franchise fee withdrawals, bank
      reconciliations, financial statement preparation, and
      management services such as assisting with insurance
      renewals, providing items to the bank, contract review; and

   b. Bankruptcy Case: services related to the Chapter 11 case,
      such as monthly reports, DIP Account work, claims analysis,
      projections, disclosure statement, and providing
      information to Bankruptcy Counsel as requested.

Kelley Galloway will be paid at the hourly rate of $225.

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

Geoffrey K. Griffith, partner of Kelley Galloway Smith Goolsby,
PSC, assured the Court that the firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code and
does not represent any interest adverse to the Debtor and its
estates.

Kelley Galloway can be reached at:

     Geoffrey K. Griffith
     KELLEY GALLOWAY SMITH GOOLSBY, PSC
     1200 Corporate Court
     Ashland, KY 41102
     Tel: (606) 329-8756

                        About RWDT Foods

RWDT Foods, Inc., owns Denny's restaurant franchises.

RWDT Foods, Inc., based in Durham, NC, filed a Chapter 11 petition
(Bankr. N.D.N.C. Case No. 20-80300) on June 24, 2020.  In the
petition signed by Larry D. Thompson, president, the Debtor
disclosed $3,047,359 in assets and $8,825,879 in liabilities.  The
Hon. Lena M. James oversees the case.  NORTHEN BLUE, LLP, serves as
bankruptcy counsel to the Debtor.  WYRICK ROBBINS YATES & PONTON
LLP, is special counsel.


RYFIELD PROPERTIES: Hires Coldwell Banker as Broker
---------------------------------------------------
Ryfield Properties Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Coldwell
Banker Uptown Realty as its real estate broker.

The Debtor desires to employ the firm to assist the Debtor with the
sale of two pieces of real property commonly known as (i) 91
Marshall Road, Sequim, Washington and (ii) 1006 Lemon Road, Sequim,
Washington.

The broker will have an exclusive listing on the Lemon Road
Property from February 28, 2020 through and including March 2, 2021
in accordance with the Listing Agreement. The list price for Lemon
Road was originally $300,000 and was subsequently reduced to
$240,000. Upon the presentation of an acceptable purchase offer for
Lemon Road, the Trustee will file a motion seeking court authority
to sell the property and pay the total broker's commission of eight
percent (8%) from the sale proceeds through escrow. A commission
shall be paid only if Lemon Road is sold by the Debtor.

Prior to the Petition Date, the broker had an exclusive listing for
Marshall Road that endured until April 20, 2017. The list price for
Marshall Road was $250,000. On or about March 22, 2019, the Debtor
entered into a Purchase and Sale Agreement with Brianna and Josiah
Hill. The Sale Agreement has been extended from time to time as a
result of a well dispute and has a current closing date of July 30,
2020. Upon the resolution of the issues surrounding the well
dispute, the Trustee will file a motion seeking court authority to
sell Marshall Road and pay the total broker's commission of eight
percent (8%) from the sale proceeds through escrow. A commission
shall be paid only if Marshall Road is sold by the Debtor.

Coldwell Banker Uptown Realty did not receive a retainer in this
case.

Marc Thomsen and Pat Thomsen, real estate agents of Coldwell Banker
Uptown Realty, disclosed in court filings that the firm is a
"disinterested person" as that term is defined in sections 101(14)
and 327(a) of the Bankruptcy Code.

The firm can be reached through:
   
     Marc Thomsen
     Pat Thomsen
     COLDWELL BANKER UPTOWN REALTY
     115 E. Front Street
     Port Angeles, WA 98362
     Telephone: (360) 452-7861
      
                               About Ryfield Properties

Ryfield Properties, Inc. is a privately held company in the
quarrying business. The company sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 20-11360) on May
7, 2020. The petition was signed by Katy Rygaard, its principal. At
the time of filing, the Debtor was estimated to have $1 million to
$10 million in assets and liabilities. Hon. Christopher M. Alston
oversees the case. The Debtor is represented by Faye C. Rasch, Esq.
at Law Office of Faye C. Rasch.


S.A. SPECIALTIES: Court Approves Disclosure Statement
-----------------------------------------------------
Judge Craig A. Gargotta has ordered that the Disclosure Statement
filed by S.A. Specialties San Antonio, LLC, is approved.

June 30 2020 at 9:30 a.m., is fixed for the telephonic hearing on
confirmation of the Plan in Courtroom No. 3, 5th Floor, Old U.S.
Post Office Building, 615 E. Houston St., San Antonio, Texas, by
dialing in to (877) 848-7030; Passcode: 4494028#.

June 25 2020, is fixed as the last day for filing and serving
written Objections to Confirmation of the Chapter 11 Plan of
Reorganization.

June 25 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.

All ballots are to be filed by creditors with the Debtor's counsel,
William R. Davis, Jr./David S. Gragg, Langley & Banack, Inc., 745
E. Mulbeny, Suite 700, San Antonio, TX 78212, not the United States
Bankruptcy Clerk's Office, no later than June 25 2020.

The Debtor shall file a ballot summary with the Court on or before
June 26 2020.

The Debtor's counsel:

     William R. Davis, Jr.
     Langley & Banack, Inc.
     745 E. Mulberry, Suite 700
     San Antonio, TX 78212

                    About S.A. Specialties

Founded in 2004, S.A. Specialties San Antonio --
https://saspecialties.com/ -- is an air conditioning, heating, and
insulation company. It installs and repairs air conditioning and
heating systems; inspects ductwork systems; and installs and
repairs gas, electric, and heat pumps. S.A. Specialties is based in
San Antonio, Texas.

S.A. Specialties San Antonio filed a Chapter 11 petition (Bankr.
W.D. Tex. Case No. 19-52405) on Oct. 1, 2019.  In its petition, the
Debtor was estimated to have $500,000 to $1 million in assets and
$1 million to $10 million in liabilities.  The petition was signed
by Jason A. Roberds, managing member.  Judge Craig A. Gargotta
oversees the case.  William R. Davis Jr., Esq., at Langley &
Banack, Inc., is the Debtor's bankruptcy counsel.


SETHCO LLC: Case Summary & 10 Unsecured Creditors
-------------------------------------------------
Debtor: Sethco, LLC
        101 Pine Street, Unit 205
        Lexington, KY 40508

Business Description: Sethco, LLC owns and operates Two Keys
                      Tavern (http://twokeystavern.com),a bar and

                      restaurant located in S. LimestoneLexington,

                      Kentucky.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       Eastern District of Kentucky

Case No.: 20-51030

Judge: Hon. Gregory R. Schaaf

Debtor's Counsel: J. Christian A. Dennery, Esq.
                  DENNERY, PLLC
                  P.O. Box 121241
                  Covington, KY 41012
                  Tel: 859-445-5495
                  E-mail: jcdennery@dennerypllc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Seth M. Bennett, manager.

A copy of the petition containing, among other items, a list of the
Debtor's 10 unsecured creditors is available for free at
PacerMonitor.com at:

                         https://is.gd/Pwi93v


SKILLSOFT CORPORATION: Hires AlixPartners as Financial Advisor
--------------------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ AlixPartners, LLP, as financial advisor to the Debtors.

Skillsoft Corporation requires AlixPartners to:

   -- assist in the development of a rolling 13-week cash
      receipts and disbursements forecasting tool designed to
      provide on-time information related to the Debtors'
      liquidity;

   -- assist with the development and implementation of cash
      management strategies, tactics and processes, and identify
      and implement both short-term and long-term liquidity
      generating initiatives for the Debtors;

   -- assist with the development of a revised business plan, and
      such other related forecasts as may be required by the bank
      lenders in connection with negotiations or by the Debtors
      for other corporate purposes;

   -- assist in advising the Debtors in the design and
      implementation of a restructuring strategy designed to
      maximize enterprise value for the Debtors, taking into
      account the unique interests of all constituencies;

   -- assist in the development of contingency plans and
      financial alternatives in the event an out-of-court
      restructuring cannot be achieved;

   -- assist in the negotiation and implementation of
      restructuring initiatives and evaluation of strategic
      alternatives;

   -- assist with communications and/or negotiations with outside
      parties including the Debtors' stakeholders, banks and
      potential acquirers of Debtors assets;

   -- assist the Debtors to obtain covenant relief from its bank
      lenders and other creditors;

   -- assist the Debtors' financial function, without limitation,
      with (i) strengthening the core competencies of the finance
      organization, particularly cash management, planning,
      general accounting and financial reporting information
      management and (ii) formulation and negotiation with
      respect to a reorganization of the Debtors;

   -- assist with analyzing performance improvement and cash
      enhancement opportunities for the Debtors, including
      assisting with cost reduction initiatives, plant
      operational improvement initiatives, accounts receivable
      management and accounts payable process improvement
      opportunities; and

   -- assist with such other matters as may be requested that
      fall within AlixPartners' expertise and that are mutually
      agreeable.

AlixPartners will be paid at these hourly rates:

     Managing Director               $1,000 to $1,195
     Director                          $800 to $950
     Senior Vice President             $645 to $735
     Vice President                    $470 to $630
     Consultant                        $175 to $465
     Paraprofessional                  $295 to $315

In the 90 days prior to the Petition Date, the Debtors paid
AlixPartners a total of $4,183,328.68 for professional services
performed and expenses incurred. AlixPartners holds unapplied
advance payments and a retainer in the aggregate amount of
$570,720.43

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

Thomas Studebaker, partner of AlixPartners, LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

AlixPartners can be reached at:

     Thomas Studebaker
     ALIXPARTNERS, LLP
     909 Third Avenue, Floor 30
     New York, NY 10022
     Tel: (212) 490-2500
     Fax: (212) 490-1344

              About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering ¯million learners and counting, Skillsoft democratizes
learning through an intelligent learning experience and a
customized, learner-centric approach to skills development with
resources for Leadership Development, Business Skills, Technology &
Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

Weil Gotshal & Manges LLP, as counsel; Richards Layton & Finger, as
co-counsel; Stikeman Elliott LLP, as special Canadian counsel;
William Fry, as Irish law advisor; FTI Consulting, Inc., as
financial advisor; Houlihan Lokey Capital, Inc., as investment
banker; AlixPartners, LLP, as financial advisor; Kurtzman Carson
Consultants LLC, as administrative advisor.


SKILLSOFT CORPORATION: Hires Ernst & Young as Auditor
-----------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Ernst & Young LLP, as auditor and tax advisor to the
Debtors.

Skillsoft Corporation requires Ernst & Young to:

   A. Audit Services

     i. Audit and report on the Debtors' consolidated financial
        statements as of and for the fiscal year ended January
        31, 2020.

   B. Tax Services

     i. January 31, 2020 Compliance and Routine On Call Advice:

         -- prepare US Federal and State Income Tax Returns for
            the tax period ending January 31, 2020.

         -- routine-on-call tax advice and assistance concerning
            issues as requested by the Debtors when such projects
            are not covered by a separate Statement of Work and
            do not involve any significant tax planning or
            projects.

     ii. January 31, 2020 Transfer Pricing Documentation:

         -- assist in the preparation of transfer pricing
            documentation files in accordance with the standards
            under the Organization for Economic Cooperation and
            Development's based erosion and profit-sharing
            initiative, including a master file as well as a
            local file for the US and Ireland to comply with
            local requirements.

     iii. Bankruptcy Restructuring Services:

         -- continued assistance with modeling related to
            cancellation of debt impact and restructuring
            scenarios in Ireland, Luxembourg & United States.

Ernst & Young will be paid as follows:

   A. Audit Services

     i. EY LLP estimates that its fees for the audit of the
        Debtors' consolidated financial statements as of and for
        the fiscal year ended January 31, 2020 (as defined in the
        Engagement Letters) will ultimately be approximately
        $1,200,000 which excludes out-of-pocket expenses,
        and of which $1,200,000 has been paid to date. However,
        the Firm's actual fees and expenses may exceed this
        amount based on changes to the business (e.g., nature of
        the business or change in business entities), changes to
        information originally provided to EY LLP, or additional
        unplanned effort. EY LLP estimates that its non-
        bankruptcy "out of scope" fees will be charged at a rate
        per hour of $250. EY LLP will discuss any material "out
        of scope" audit effort and related fees and expenses with
        the Debtors prior to the commencement of work.

   B. Tax Services

     i. January 31, 2020 Compliance and Routine On Call Advice:

         -- The Firm estimates its fees for the preparation of US
            Federal and State Income Tax Returns for the tax
            period ending January 31, 2020 will be $270,000.
            However, the Firm's actual fees and expenses may
            exceed this amount based on changes to the business
            (e.g., nature of the business or change in business
            entities), changes to information originally provided
            to the Firm, or additional unplanned effort.

         -- on-call tax advisory services are intended to include
            responding to general tax questions and assignments
            that are expected, at the beginning of the project,
            to involve total professional time not to exceed
            (with respect to the specific project) $25,000 in
             professional fees.

     ii. January 31, 2020 Transfer Pricing Documentation:

         -- the Firm estimates its fees for the preparation of
            transfer pricing documentation master file and local
            files will be $100,000.

     iii. Bankruptcy Restructuring Services:

         -- The Firm estimates its fees for the assistance with
            modeling related to cancellation of debt impact and
            restructuring scenarios in Ireland, Luxembourg &
            United States will be approximately $1,500,000.

Justin Vogel, partner of Ernst & Young LLP, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Ernst & Young can be reached at:

     Justin Vogel
     ERNST & YOUNG LLP
     200 Clarendon Street
     Boston, MA 02116
     Tel: (617) 266-2000
     Fax: (617) 266-5843

                  About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering millions of learners and counting, Skillsoft
democratizes learning through an intelligent learning experience
and a customized, learner-centric approach to skills development
with resources for Leadership Development, Business Skills,
Technology & Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

On June 14, 2020, Skillsoft Corp. and its affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11532).

The Debtors tapped Weil Gotshal & Manges LLP, as counsel; Richards
Layton & Finger, as co-counsel; Stikeman Elliott LLP, as special
Canadian counsel; William Fry, as Irish law advisor; FTI
Consulting, Inc., as financial advisor; Houlihan Lokey Capital,
Inc., as investment banker; AlixPartners, LLP, as financial
advisor; and Kurtzman Carson Consultants LLC, as administrative
advisor.


SKILLSOFT CORPORATION: Hires Houlihan Lokey as Investment Banker
----------------------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Houlihan Lokey Capital, Inc., as investment banker to the
Debtors.

Skillsoft Corporation requires Houlihan Lokey to:

   a. analyze strategic alternatives;

   b. assist in structuring any Transaction(s);

   c. assist the Debtors with the negotiation of any
      Transaction(s), including participating in negotiations
      with creditors and other parties involved in any
      Transaction(s), except as otherwise provided in the
      Engagement Letter;

   d. assist the Debtors in the development and distribution of
      selected information, documents and other materials (e.g.
      teasers, confidential information memoranda, or management
      presentations), including, if appropriate, advising the
      Company in the preparation of an offering memorandum;

   e. assist the Debtors in identifying potential acquisition
      targets, lenders, equity investors, acquirers, and
      strategic partners;

   f. assist the Debtors in evaluating indications of interest
      and proposals regarding any Transaction(s) from current/or
      potential lenders, equity investors, acquirers and
      strategic partners, except as otherwise provided
      in the Engagement Letter;

   g. except as otherwise provided in the Engagement Letter,
      acting as Dealer Manager, Solicitation Agent or Financial
      Advisor, as applicable in connection with a
      Recapitalization Transaction;

   h. provide expert advice and testimony regarding financial
      matters related to any Transaction(s), if necessary;

   i. attend meetings of the applicable Boards of Directors of
      the Debtor, creditor groups, official constituencies and
      other interested parties, including prospective acquirers,
      lenders and/or strategic partners, as the Debtor and
      Houlihan Lokey mutually agree, except as otherwise
      provided in the Engagement Letter; and

   j. provide such other financial advisory and investment
      banking services as may be required by additional issues
      and developments not anticipated on the Effective Date.

Houlihan Lokey will be paid as follows:

   a. Monthly Fees: In addition to the other fees provided for in
      the Engagement Letter, upon March 15, 2020, and on every
      monthly anniversary of the during the term of the
      Engagement Letter, the Debtors shall pay Houlihan Lokey in
      advance, without notice or invoice, a non-refundable cash
      fee of $175,000 ("Monthly Fee"); provided, however, that in
      the final month in which the Monthly Fee is earned, the
      Monthly Fee shall be pro-rated through the consummation
      date of the Transaction. Each Monthly Fee shall be earned
      upon Houlihan Lokey's receipt thereof in consideration of
      Houlihan Lokey accepting this engagement and performing
      services as described herein. All of the Monthly Fees
      previously paid on a timely basis to Houlihan Lokey under
      this Agreement shall be credited against the next
      Transaction Fee to which Houlihan Lokey becomes entitled
      under the Engagement Letter (it being understood and agreed
      that no Monthly Fee shall be credited more than once),
      except that, in no event, shall such Transaction Fee be
      reduced below zero.

   b. Minimum Recapitalization Fee: In addition to the other fees
      provided in the Engagement Letter, an additional cash fee
      of $4,750,000 ("Recapitalization Transaction Fee") shall be
      due upon the closing of a Recapitalization Transaction. The
      sum of the Recapitalization Progress Fee and the
      Recapitalization Transaction Fee shall constitute the
      Minimum Recapitalization Fee (the "Minimum Recapitalization
      Fee"). In the event the Recapitalization Transaction is
      undertaken as a 3(a)(9) Offer, 50% of the Minimum
      Recapitalization Fee shall be earned and payable
      immediately upon the first mailing, delivery or other
      dissemination of offering documents pursuant to the 3(a)(9)
      Offer, and 50% of such fees shall be payable upon the
      consummation of such Transaction.

   c. Sale Transaction Fee: Upon the closing of each Sale
      Transaction, Houlihan Lokey shall earn, and the Debtors
      shall thereupon pay immediately and directly from the gross
      proceeds of such Sale Transaction, as a cost of such Sale
      Transaction, a cash fee ("Sale Transaction Fee") based upon
      Aggregate Gross Consideration ("AGC"), calculated as
      follows:

        i. For a SumTotal Sale Transaction:

               For AGC up to $375 million: 1.0% of such AGC,
               plus For AGC above $375 million: 3.5% of such
               incremental AGC; provided, however, in the event
               that both a Recapitalization Transaction and a
               SumTotal Sale Transaction occur, 50% of the Sale
               Transaction Fee shall be credited against the
               Recapitalization Transaction Fee that may be due
               upon consummation of the Transaction, except
               that, in no event, shall the Recapitalization
               Transaction fee be reduced below zero.

               Should a bona fide written SumTotal Sale
               Transaction Proposal be received during the term
               hereof for an AGC of at least $300 million, but
               the Debtors elects not to consummate a SumTotal
               Sale Transaction for any reason, the Debtors shall
               pay Houlihan Lokey a fee ("SumTotal Sale Work
               Fee") equal to $1,000,000. For purposes of the
               Engagement Letter, a "SumTotal Sale Transaction
               Proposal" is defined as a proposal which (i) has
               been received from a party with the financial
               wherewithal to consummate the contemplated
               SumTotal Sale Transaction, and (ii) otherwise
               contains terms and conditions that are customary
               for transactions of that type. The SumTotal Sale
               Work Fee shall be paid to Houlihan Lokey upon the
               earlier of (i) the closing of a Recapitalization
               Transaction and (ii) the expiration or termination
               of this Agreement; provided, however, that in the
               event that either a WholeCo Sale Transaction or a
               SumTotal Sale Transaction occur, 100% of the
               SumTotal Sale Work Fee shall be credited against
               the Sale Transaction Fee that may be due upon
               consummation of the Transaction.

        ii. For a WholeCo Sale Transaction:

               1% of such AGC. In the event of a WholeCo Sale
               Transaction, all Monthly Fees paid on a timely
               basis to Houlihan Lokey under the Engagement
               Letter and any Recapitalization Transaction Fee
               and/or Financing Transaction Fee that may be due
               upon consummation of the Transaction shall be
               credited against the Sale Transaction Fee to which
               Houlihan Lokey becomes entitled under the
               Engagement Letter (it being understood and agreed
               that no Monthly Fees shall be credited more than
               once), except that, in no event, shall such Sale
               Transaction Fee be reduced below zero.

               In the event of a Sale Transaction in respect of
               the Debtors' equity or a significant portion of
               its assets that is not (a) a SumTotal Sale
               Transaction or (b) a WholeCo Sale Transaction, the
               Debtors and Houlihan Lokey shall mutually agree
               upon an appropriate transaction fee and other
               terms and conditions in advance of such sale.

               For the avoidance of doubt, in the event that both
               a SumTotal Sale Transaction and a WholeCo Sale
               Transaction are consummated, Houlihan Lokey shall
               be compensated based on the AGC from the WholeCo
               Sale Transaction, calculated in the manner set
               forth above.

   d. Financing Transaction Fee: Upon the closing of each
      Financing Transaction, Houlihan Lokey shall earn, and the
      Debtors shall thereupon pay immediately and directly from
      the gross proceeds of such Financing Transaction, as a cost
      of such Financing Transaction, a cash fee (the "Financing
      Transaction Fee") equal to the sum of: (a) 1% of the gross
      proceeds of any indebtedness raised or committed that is
      senior to other indebtedness of the Debtors, secured by a
      first priority lien and unsubordinated, with respect to
      both lien priority and payment, to any other obligations of
      the Debtors (other than with respect to debtor-in-
      possession financing); (b) 2.5% of the gross proceeds of
      any indebtedness raised or committed that is secured by a
      lien (other than a first lien), is unsecured and/or is
      unsubordinated; and (c) 5% of the gross proceeds of
      all equity or equity-linked securities (including, without
      limitation, convertible securities and preferred stock)
      placed or committed; provided, however, that the Financing
      Transaction Fee earned for gross proceeds raised or
      committed from the Sponsor shall be reduced by 50%. Any
      warrants issued in connection with the raising of debt or
      equity capital shall, upon the exercise thereof, be
      considered equity for the purpose of calculating the
      Financing Transaction Fee, and such portion of the
      Financing Transaction Fee shall be paid upon such exercise
      and from the gross proceeds thereof, regardless of any
      prior termination or expiration of this Agreement. It is
      understood and agreed that if the proceeds of any
      such Financing Transaction are to be funded in more than
      one stage, Houlihan Lokey shall be entitled to its
      applicable compensation under the Engagement Letter upon
      the closing date of each stage. The Financing Transaction
      Fee(s) shall be payable in respect of any sale of
      securities whether such sale has been arranged by Houlihan
      Lokey, by another agent (or other issuer of the Securities
      in such Financing Transaction) or directly by the Debtors.
      Any non-cash consideration provided to or received in
      connection with the Financing Transaction (including but
      not limited to intellectual or intangible property) shall
      be valued for the purposes of calculating the Financing
      Transaction Fee as equaling the number of Securities issued
      in exchanged for such consideration multiplied by (in the
      case of debt securities) the face value of each such
      Security or (in the case of equity securities) the price
      per Security paid in the then current round of financing.
      The fees set forth in the Engagement Letter shall be in
      addition to any other fees that the Debtors may be required
      to pay to any investor or other purchaser of Securities to
      secure its financing commitment. Houlihan Lokey shall earn,
      and the Debtors shall thereupon pay immediately and
      directly from the gross proceeds of such Financing
      Transaction, a Financing Transaction Fee for any debtor-in-
      possession financing that is raised of 1%. In lieu of a new
      money capital raise, upon the closing of an Amend & Extend
      Transaction, Houlihan Lokey shall earn and the Debtors
      shall promptly pay to Houlihan Lokey a cash fee of 1%
      of the principal amount of indebtedness amended or
      modified. Unless agreed to in writing by Houlihan Lokey,
      Houlihan Lokey shall be the exclusive financial advisor to
      the Debtors to provide it financial advisory and investment
      banking services in connection with a Financing
      Transaction. For the avoidance of doubt, "financial
      advisor" shall include any role as joint bookrunner or
      joint lead arranger or similar role for the Debtors in
      connection with any Financing Transaction.

   e. Discretionary Fee: In addition to the other fees provided
      in the Engagement Letter, Houlihan Lokey shall be paid a
      discretionary fee of up to $1,500,000 paid at the sole
      discretion of the Debtors as additional compensation based
      on Houlihan Lokey's performance, results achieved and any
      other factors considered by the Debtors.

In the 90 days prior to the Commencement Date, the Debtors paid
Houlihan Lokey a total of $2,950,571 for professional services
performed and expenses incurred. In March 2020, the Debtors paid
Houlihan Lokey a $2,000,000 fee for the work completed during the
course of the engagement.

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

Christopher A. Wilson, managing director of Houlihan Lokey Capital,
Inc., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.

Houlihan Lokey can be reached at:

     Christopher A. Wilson
     HOULIHAN LOKEY CAPITAL, INC.
     10250 Constellation Blvd. 5th Floor
     Los Angeles, CA 90067
     Tel: (310) 553-8871

                  About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering millions of learners and counting, Skillsoft
democratizes learning through an intelligent learning experience
and a customized, learner-centric approach to skills development
with resources for Leadership Development, Business Skills,
Technology & Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

On June 14, 2020, Skillsoft Corp. and its affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11532).

The Debtors tapped Weil Gotshal & Manges LLP, as counsel; Richards
Layton & Finger, as co-counsel; Stikeman Elliott LLP, as special
Canadian counsel; William Fry, as Irish law advisor; FTI
Consulting, Inc., as financial advisor; Houlihan Lokey Capital,
Inc., as investment banker; AlixPartners, LLP, as financial
advisor; and Kurtzman Carson Consultants LLC, as administrative
advisor.


SKILLSOFT CORPORATION: Hires Kurtzman as Administrative Advisor
---------------------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Kurtzman Carson Consultants LLC, as administrative advisor
to the Debtors.

Skillsoft Corporation requires Kurtzman to:

   (a) assist with, among other things, solicitation, balloting
       and tabulation of votes, and prepare any related reports,
       as required in support of confirmation of a chapter 11
       plan, and in connection with such services, process
       requests for documents from parties in interest,
       including, if applicable, brokerage firms, bank back-
       offices and institutional holders;

   (b) prepare an official ballot certification and, if
       necessary, testify in support of the ballot tabulation
       results;

   (c) assist with the preparation of the Debtors' schedules of
       assets and liabilities and statements of financial affairs
       and gather data in conjunction therewith, to the extent
       this requirement is not waived;

   (d) provide a confidential data room, if requested;

   (e) manage and coordinate any distributions pursuant to a
       chapter 11 plan; and

   (f) provide such other processing, solicitation, balloting and
       other administrative services described in the Engagement
       Agreement, but not included in the Section 156(c)
       Application, as may be requested from time to time by the
       Debtors, the Court or the Office of the Clerk of the
       Bankruptcy Court (the "Clerk").

Kurtzman will be paid based upon its normal and usual hourly
billing rates.

Kurtzman will be paid a retainer in the amount of $60,000.

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

Robert Jordan, partner of Kurtzman Carson Consultants LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Kurtzman can be reached at:

     Robert Jordan
     Kurtzman Carson Consultants LLC
     222 N. Pacific Coast Highway, 3rd Floor
     El Segundo, CA 90245
     Tel: (310) 823-9000
     Fax: (310) 823-9133

                 About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering millions of learners and counting, Skillsoft
democratizes learning through an intelligent learning experience
and a customized, learner-centric approach to skills development
with resources for Leadership Development, Business Skills,
Technology & Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

On June 14, 2020, Skillsoft Corp. and its affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11532).

The Debtors tapped Weil Gotshal & Manges LLP, as counsel; Richards
Layton & Finger, as co-counsel; Stikeman Elliott LLP, as special
Canadian counsel; William Fry, as Irish law advisor; FTI
Consulting, Inc., as financial advisor; Houlihan Lokey Capital,
Inc., as investment banker; AlixPartners, LLP, as financial
advisor; and Kurtzman Carson Consultants LLC, as administrative
advisor.


SKILLSOFT CORPORATION: Hires Stikeman Elliott as Special Counsel
----------------------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ Stikeman Elliott LLP, as special Canadian counsel to the
Debtors.

Skillsoft Corporation requires Stikeman Elliott to:

   a. commence and prosecute the Canadian Recognition Proceeding
      as counsel to Skillsoft Canada as Foreign Representative;

   b. draft, review and assist with corporate approvals for the
      Debtors in connection with transactions and actions to be
      undertaken by the Debtors;

   c. advise the Debtors as to Canadian corporate governance
      matters and other Canadian restructuring matters (including
      any cross border insolvency issues);

   d. assist with Canadian conditions precedent and conditions
      subsequent documents for the Debtors including any post
      completion and compliance filings required in Canada; and

   e. advise as general Canadian banking and finance counsel for
      finance related matters, including advising on issues
      related to Canadian security, collateral, guarantee and
      filing requirements.

Stikeman Elliott will be paid at these hourly rates:

     Partners/Counsel              $460 to $765
     Associates                    $280 to $390
     Paralegals                    $185 to $305

Stikeman Elliott received from the Debtor a total payments of
$142,890 during the 90-day period prior to the Petition Date for
services performed and expenses incurred.

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

Howard J. Rosenoff, a partner of Stikeman Elliott LLP, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Stikeman Elliott can be reached at:

     Howard J. Rosenoff, Esq.
     STIKEMAN ELLIOTT LLP
     1155 Rene-Levesque Blvd. West
     41st Floor Montreal
     Quebec H3B 3V2, Canada
     Tel: (514) 397-3000
     Fax: (514) 397-3222

                  About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering millions of learners and counting, Skillsoft
democratizes learning through an intelligent learning experience
and a customized, learner-centric approach to skills development
with resources for Leadership Development, Business Skills,
Technology & Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

On June 14, 2020, Skillsoft Corp. and its affiliates sought Chapter
11 protection (Bankr. D. Del. Lead Case No. 20-11532).

The Debtors tapped Weil Gotshal & Manges LLP, as counsel; Richards
Layton & Finger, as co-counsel; Stikeman Elliott LLP, as special
Canadian counsel; William Fry, as Irish law advisor; FTI
Consulting, Inc., as financial advisor; Houlihan Lokey Capital,
Inc., as investment banker; AlixPartners, LLP, as financial
advisor; and Kurtzman Carson Consultants LLC, as administrative
advisor.


SKILLSOFT CORPORATION: Hires William Fry as Irish Law Advisor
-------------------------------------------------------------
Skillsoft Corporation, and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ William Fry, as Irish law advisor to the Debtors.

Skillsoft Corporation requires William Fry to:

   (a) advise as general Irish corporate counsel for corporate
       governance matters, including any cross border insolvency
       issues;

   (b) advise the Debtors on various restructuring alternatives,
       including with respect to the Irish Debtors;

   (c) consult in connection with the negotiation and
       implementation of the Debtors' restructuring;

   (d) provide Irish law tax advice on the Prepackaged Plan; and

   (e) advise as general Irish banking and finance counsel for
       finance related matters, including to advise on issues
       related to Irish security, collateral, guarantee and
       filing requirements.

William Fry will be paid at these hourly rates:

     Senior Partner                $638.97
     Partner                       $582.92
     Senior Associate              $470.82
     Associate Level 2             $442.79
     Associate Level 1             $381.14
     Trainee/Paralegal             $235.41

William Fry received total payments in the amount of $1,101,979.81
during the 90 day period prior to the Petition Date for services
performed and expenses incurred.

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

Fergus Doorly, partner of William Fry, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

William Fry can be reached at:

     Fergus Doorly
     WILLIAM FRY
     2 Grand Canal Square
     Dublin 2, D02 A342, Ireland

                 About Skillsoft Corporation

Skillsoft -- http://www.skillsoft.com/-- delivers online learning,
training, and talent solutions to help organizations unleash their
edge. Leveraging immersive, engaging content, Skillsoft enables
organizations to unlock the potential in their best assets -- their
people -- and build teams with the skills they need for success.
Empowering ¯million learners and counting, Skillsoft democratizes
learning through an intelligent learning experience and a
customized, learner-centric approach to skills development with
resources for Leadership Development, Business Skills, Technology &
Development, Digital Transformation, and Compliance.

SumTotal provides a unified, comprehensive Learning and Talent
Development suite that delivers measurable impact across the entire
employee lifecycle. With SumTotal, organizations can build a
culture of learning that is critical to growth, success, and
business sustainability.  SumTotal's award-winning technology
provides talent acquisition, onboarding, learning management, and
talent management solutions across some of the most innovative,
complex and highly regulated industries, including technology,
airlines, financial services, healthcare, manufacturing, and
pharmaceuticals.

Skillsoft and SumTotal are partners to thousands of leading global
organizations, including many Fortune 500 companies. The company
features three award-winning systems that support learning,
performance and success: Skillsoft learning content, the Percipio
intelligent learning experience platform, and the SumTotal suite
for Talent Development, which offers measurable impact across the
entire employee lifecycle.

Weil Gotshal & Manges LLP, as counsel; Richards Layton & Finger, as
co-counsel; Stikeman Elliott LLP, as special Canadian counsel;
William Fry, as Irish law advisor; FTI Consulting, Inc., as
financial advisor; Houlihan Lokey Capital, Inc., as investment
banker; AlixPartners, LLP, as financial advisor; Kurtzman Carson
Consultants LLC, as administrative advisor.


SKIP LLC: Court Approves Disclosure Statement
---------------------------------------------
The Court has ordered that the disclosure statement explaining the
Chapter 11 Plan of Skip, LLC, is approved.

The hearing on confirmation of the Plan is set for July 22, 2020 at
11:00 a.m., at Sacramento Courtroom 35, Department C.

July 15, 2020, is fixed as the last day for filing objections to
confirmation, and/or written acceptances or rejections of the
plan.

                        About Skip LLC

Skip, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal.
Case No. 19-26679) on Oct. 28, 2019, estimating under $1 million in
both assets and liabilities.  The Law Office of W. Steven Shumway
is the Debtor's counsel.


SKIP LLC: Unsecureds to Get 100% of Claims
------------------------------------------
Skip, LLC, filed a Chapter 11 Plan and a Disclosure Statement.

General unsecured creditors are classified in Class 5, and will
receive a distribution of 100% of their allowed claims.

The Debtor's Plan proposed plan of reorganization is to sell the
business to a third party, Prakash Chandra, who will manage and
control the business after the effective date of the order
confirming the Plan.  Mr. Chandra will purchase the interests of
the limited liability members and will become the owner and sole
member of the LLC.

Class 1 Swift Financial is impaired with a total claim of $68,197.
The Creditor will be paid the value of the collateral, $20,000 upon
confirmation of the Plan.  The unsecured portion of the creditor's
claim will be paid under Class 2.

Class 2 General unsecured claims.  This class is impaired.
Estimated percent of claim paid: 0.00%

Class 3 General Unsecured Claims of Insiders.  This class is
impaired.  Subordinated to all other claims. Estimated percent of
claim paid: 0.00%.

Class 4 Equity interest holder Redi Ahad is impaired.  Equity
interest sold to Prakash Chandra.

Payments and distributions under the Plan will be funded through
the limited liability company will be sold to Prakash Chandra for
$45,000.  The consideration received will be distributed to
creditors pursuant to the terms of the plan.

The hearing at which the Court will determine whether to finally
approve this Disclosure Statement and confirm the Plan will take
place on July 22, 2020, in Courtroom 35, at the United States
Courthouse, 501 "I" Street, 6th Floor, Sacramento, California
95814.

Objections to this Disclosure Statement or to the confirmation of
the Plan must be filed with the Court and served upon Debtor,
Debtor’s attorney and the United States Trustee by July 15,
2020.

A full-text copy of the Disclosure Statement dated June 10, 2020,
is available at https://tinyurl.com/y7wycgsw from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     W. STEVEN SHUMWAY, ESQ. CSB #119351
     3400 Douglas Blvd., Suite 250
     Roseville, California 95661
     Tel: (916) 789-8821
     Fax: (916) 789-2083
     E-mail: sshumway@shumwaylaw.com

                         About Skip LLC

Skip, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal.
Case No. 19-26679) on Oct. 28, 2019, estimating under $1 million in
both assets and liabilities. The Law Office of W. Steven Shumway is
the Debtor's counsel.


STAGE STORES: Committee Hires Province Inc. as Financial Advisor
----------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Debtors Stage Stores, Inc. and Specialty
Retailers, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Province, Inc. as
financial advisor, effective as of May 22, 2020.

Province will perform the following services to the Committee:

     (a) becoming familiar with and analyzing the Debtors' cash
collateral budget, assets and liabilities, and overall financial
condition;

     (b) reviewing financial and operational information furnished
by the Debtors;

     (c) monitoring the sale process, reviewing bidding procedures,
stalking horse bids, APAs, interfacing with the Debtors'
professionals, and advising the Committee regarding the process;

     (d) scrutinizing the economic terms of various agreements;

     (e) analyzing the Debtors' proposed business plans and
developing alternative scenarios, if necessary;

     (f) assessing the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;

     (g) preparing, or reviewing as applicable, avoidance action
and claim analyses;

     (h) assisting the Committee in reviewing the Debtors'
financial reports;

     (i) advising the Committee on the current state of these
chapter 11 cases;

     (j) advising the Committee in negotiations with the Debtors
and third parties as necessary;

     (k) if necessary, participating as a witness in hearings
before the bankruptcy court with respect to matters upon which
Province has provided advice; and

     (l) other activities as are approved by the Committee, the
Committee's counsel, and as agreed to by Province.

Province shall use its best efforts to avoid unnecessary
duplication of services rendered by other retained professionals of
the Committee.

The range of hourly rates of professionals who will be involved in
this matter are as follows:

     Principal                      $880 - $975
     Managing Director              $670 - $790
     Senior Director                $600 - $670
     Director                       $550 - $600
     VP                             $510 - $550
     Senior Associate               $430 - $510
     Associate                      $360 - $430
     Analyst                        $240 - $430
     Paraprofessionals                     $185

In addition, Province will charge the Committee for out-of-pocket
expenses incurred related to the representation.

Province did not receive a retainer with respect to this
representation.

David Dachelet, a managing director of Province, Inc., disclosed in
court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     David Dachelet
     PROVINCE, INC.
     2360 Corporate Circle, Suite 330
     Henderson, NV 89074
     Telephone: (702) 685-5555
     E-mail: ddachelet@provincefirm.com
     
                                  About Stage Stores

Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.

Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.

The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019.

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

The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon,
L.P., is investment banker; Berkeley Research Group, LLC as
restructuring advisor; and A&G Realty Partners, LLC as real estate
consultant. Gordon Brothers Retail Partners, LLC, will manage the
Company's inventory clearance sales. Kurtzman Carson Consultants
LLC is the claims agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and Province, Inc. as financial advisor.


STAGE STORES: Creditors' Committee Hires Cole Schotz as Co-Counsel
------------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Debtors Stage Stores, Inc. and Specialty
Retailers, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Cole Schotz P.C. as
co-counsel, effective as of May 22, 2020.

Cole Schotz will perform the following services to the Committee:

     (a) advise the Committee with respect to its rights, duties,
and powers in these Cases;

     (b) assist and advise the Committee in its consultations with
the Debtors relative to the administration of these Cases;

     (c) assist the Committee in analyzing the Debtors' use of cash
collateral in these Cases;

     (d) assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims;

     (e) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;

     (f) assist the Committee in its investigation of the liens and
claims of the Debtors' lenders and the prosecution of any claims or
causes of action revealed by such investigation;

     (g) assist the Committee in its analysis of, and negotiations
with, the Debtors or any third-party concerning matters related to,
among other things, the assumption or rejection of leases of
nonresidential real property and executory contracts, asset
dispositions, financing or other transactions, and the terms of one
or more plans of reorganization for the Debtors and accompanying
disclosure statements and related plan documents;

     (h) assist and advise the Committee in communicating with
unsecured creditors regarding significant matters in these Cases;

     (i) represent the Committee at hearings and other
proceedings;

     (j) review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise the
Committee as to their property;

     (k) assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives;

     (l) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections or comments in connection with any
of the foregoing; and

     (m) perform such other legal services as may be required or as
may otherwise be deemed in the interests of the Committee in
accordance with the Committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules or other applicable law.

Cole Schotz will coordinate with co-counsel Cooley LLP to avoid
unnecessary duplication of services rendered on behalf of the
Committee.

Cole Schotz's attorneys and paralegals primarily responsible for
representing the Committee, and their current standard hourly rates
are:

     Seth Van Aalten, Member             $800
     Michael Warner, Member              $840
     Justin P. Alberto, Member           $625
     Sarah A. Carnes, Associate          $650
     Benjamin Wallen, Associate          $350
     Shelby Nace, Associate              $325
     Kerri LaBrada, Paralegal            $265

The range of hourly rates for other professionals are as follows:

     Members                      $375 - $990
     Special Counsel              $480 - $625
     Associates                   $210 - $650
     Paralegals                   $210 - $330

In addition, Cole Schotz will charge the Committee for
out-of-pocket expenses incurred related to the representation.

Cole Schotz did not receive any retainer from the Debtors, the
Committee, or any other entity in these cases.

The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:

Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?

Response: No.

Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

Response: No.

Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

Response: Cole Schotz did not represent the Committee in the 12
months prepetition.

Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

Response: The Committee has approved a budget and staffing plan for
Cole Schotz covering the first interim period of May 22, 2020
through July 31, 2020. Cole Schotz will work with Cooley and the
Committee on future budget and staffing plans in these Cases to the
extent necessary.

Seth Van Aalten, a member at Cole Schotz P.C., disclosed in court
filings that the firm is a "disinterested person" as that term is
defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Seth Van Aalten, Esq.
     COLE SCHOTZ P.C.
     1325 Avenue of the Americas, 19th Floor
     New York, NY 10019
     Telephone: (212) 752-8000
     Facsimile: (212) 752-8393
     E-mail: svanaalten@coleschotz.com
     
                                  About Stage Stores

Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.

Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.

The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019.

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

The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon,
L.P., is investment banker; Berkeley Research Group, LLC as
restructuring advisor; and A&G Realty Partners, LLC as real estate
consultant. Gordon Brothers Retail Partners, LLC, will manage the
Company's inventory clearance sales. Kurtzman Carson Consultants
LLC is the claims agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and Province, Inc. as financial advisor.


STAGE STORES: Creditors' Committee Taps Cooley as Co-Counsel
------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 Cases of Debtors Stage Stores, Inc. and Specialty
Retailers, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Cooley LLP as co-counsel,
effective as of May 22, 2020.

Cooley will perform the following services to the Committee:

     (a) attend the meetings of the Committee;

     (b) review financial and operational information furnished by
the Debtors to the Committee;

     (c) assist co-counsel as necessary in analyzing and
negotiating the budget and the terms of the Debtors' use of cash
collateral;

     (d) assist in the Debtors' efforts to market and sell their
assets in a manner that maximizes value for creditors;

     (e) assist the Committee in negotiations with the Debtors and
other parties-in-interest on the Debtors' proposed chapter 11 plan
and/or exit strategy for these chapter 11 cases;

     (f) confer with the Debtors' management, counsel, and
financial advisor and any other retained professional;

     (g) confer with the principals, counsel, and advisors of the
Debtors' lenders and equityholders;

     (h) review the Debtors' schedules, statements of financial
affairs, and business plan;

     (i) advise the Committee as to the ramifications regarding all
of the Debtors' activities and motions before this Court;

     (j) review and analyze the Debtors' financial advisors' work
product and report to the Committee;

     (k) investigate and analyze certain of the Debtors'
prepetition conduct, transactions, and transfers;

     (l) provide the Committee with legal advice in relation to
these chapter 11 cases;

     (m) prepare various pleadings to be submitted to the Court for
consideration; and

     (n) perform such other legal services for the Committee as may
be necessary or proper in these proceedings.

Cooley will coordinate with co-counsel Cole Schotz to avoid
unnecessary duplication of services rendered on behalf of the
Committee.

Cooley's attorneys and paralegals primarily responsible for
representing the Committee, and their current standard and adjusted
hourly rates are:

   Attorney/Paraprofessional    Standard Hourly Rate  Adjusted
Hourly Rate
     Jay R. Indyke, Partner            $1,400               
$1,000
     Michael Klein, Special Counsel    $1,015                 
$863
     Evan Lazerowitz, Associate          $875                 
$744
     Joseph Brown, Associate             $800                 
$680
     Mollie Canby, Paralegal             $300                 
$255

The range of hourly rates for other professionals are as follows:

     Members                      $375 - $990
     Special Counsel              $480 - $625
     Associates                   $210 - $650
     Paralegals                   $210 - $330

In addition, Cooley will charge the Committee for out-of-pocket
expenses incurred related to the representation.

Cooley did not receive a retainer with respect to this
representation.

The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the U.S. Trustee
Guidelines:

Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?

Response: Yes. Cooley agreed to an adjustment of its customary
hourly rates, which will be the lesser of $1,000/hour or a 15%
discount.

Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?

Response: No.

Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.

Response: Cooley has not represented the Committee or any member
thereof in the 12 months preceding the Petition Date.

Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

Response: Yes. For the period from May 22, 2020 through July 31,
2020.

Jay R. Indyke, a partner of the law firm of Cooley LLP, disclosed
in court filings that the firm is a "disinterested person" as that
term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:
   
     Jay R. Indyke, Esq.
     COOLEY LLP
     55 Hudson Yards
     New York, NY 10001-2157
     Telephone: (212) 479-6080
     Facsimile: (212) 479-6275
     E-mail: jindyke@cooley.com
     
                                  About Stage Stores

Stage Stores, Inc. (SSI) and its affiliates --
http://www.stagestoresinc.com/-- are apparel, accessories,
cosmetics, footwear, and home goods retailers that operate
department stores under the Bealls, Goody's, Palais Royal, Peebles,
and Stage brands and off-price stores under the Gordmans brand.
Stage Stores operates approximately 700 stores across 42 states.
Stage's department stores predominately serve small towns and rural
communities, and its off-price stores are mostly located in
mid-sized Midwest markets.

Stage Stores, Inc. and affiliate Specialty Retailers, Inc., sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32564) on
May 10, 2020.

The Company disclosed $1,713,713,000 of total assets and
$1,010,210,000 of total debt as of Nov. 2, 2019.

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

The Debtors tapped Kirkland & Ellis LLP as bankruptcy counsel;
Jackson Walker L.L.P. as local bankruptcy counsel; PJ Solomon,
L.P., is investment banker; Berkeley Research Group, LLC as
restructuring advisor; and A&G Realty Partners, LLC as real estate
consultant. Gordon Brothers Retail Partners, LLC, will manage the
Company's inventory clearance sales. Kurtzman Carson Consultants
LLC is the claims agent.

The Official Committee of Unsecured Creditors appointed in these
Chapter 11 Cases tapped Cooley LLP and Cole Schotz P.C. as
co-counsels and Province, Inc. as financial advisor.


STURBRIDGE YANKEE: July 14 Amended Hearing on Disclosure Statement
------------------------------------------------------------------
The Honorable Peter G. Cary will conduct a hearing on the adequacy
of the Disclosure Statement with respect to Sturbridge Yankee
Workshop Corporation's Plan of Reorganization.  The hearing will be
held at 9:00 a.m. on Tuesday, July 14, 2020, at the U.S. Bankruptcy
Court, 537 Congress Street, Portland, Maine.

The deadline for filing objections to the Disclosure Statement is
July 6, 2020 at 5:00 p.m. EST.

Attorneys for the Debtor:

     George J. Marcus, Esq.
     David C. Johnson, Esq.
     MARCUS | CLEGG
     16 Middle Street – Unit 501
     Portland, ME 04101
     Tel: (207) 828-8000
     E-mail: bankruptcy@marcusclegg.com

               About Sturbridge Yankee Workshop

Sturbridge Yankee Workshop Corporation, a company that offers
furniture and home decor items, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Maine Case No. 20-20043) on Feb.
14, 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.

Judge Peter G. Cary oversees the case.

David C. Johnson, Esq., at Marcus Clegg, is the Debtor's legal
counsel.


SUN PACIFIC: Incurs $377K Net Loss in First Quarter
---------------------------------------------------
Sun Pacific Holding Corp. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net loss
of $376,770 on $70,690 of revenues for the three months ended March
31, 2020, compared to a net loss of $620,754 on $108,365 of
revenues for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $8.87 million in total
assets, $13.39 million in total liabilities, and a total
stockholders' deficit of $4.52 million.

As of March 31, 2020, the Company had a working capital deficit of
approximately $11,500,000.  The Company intends to seek additional
financing for its working capital, in the form of equity or debt,
to provide it with the necessary capital to accomplish its plan of
operation.  There can be no assurance that the Company will be
successful in its efforts to raise additional capital.

During the three months ended March 31, 2020, the Company used
$426,690 of cash in operating activities driven materially from its
operating loss offset by non-cash expenses.  During the three
months ended March 31, 2019, the Company used $299,173 in operating
activities driven materially from its operating loss offset by
non-cash expenses.

During the three months ended March 31, 2020, the Company used
$658,442 for the buildout of the new facility, including equipment
deposits and capitalized interest, and $450,909 was released from
escrow to pay accrued interest.  During the three months ended
March 31, 2019, the Company used $1,723,926 for equipment deposits
and $3,599,760 of project financing proceeds were held in escrow.

During the three months ended March 31, 2020, the Company received
approximately $436,250 from financing proceeds driven materially
from the extension fee added to the principal proceeds of the
bridge financing for the Waste to Energy project.

A full-text copy of the Quarterly Report is available for free at:

                     https://is.gd/l2Fw27

                      About Sun Pacific

Headquartered in Manalapan NJ, Sun Pacific Holding Corp --
http://www.sunpacificholding.com/-- offers "Next Generation" solar
panel and lighting products by working closely with design,
engineering, integration and installation firms in order to deliver
turnkey solar and other energy efficient solutions. It provides
solar bus stops, solar trashcans and "street kiosks" that utilize
advertising offerings that provide State and local municipalities
with costs efficient solutions. The Company provides general,
electrical, and plumbing contracting services to a range of both
public and commercials customers in support of its goals of
expanding its green energy market reach.

Sun Pacific reported a net loss of $1.78 million for the year ended
Dec. 31, 2019, compared to a net loss of $1.77 million for the year
ended Dec. 31, 2018.

Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company's
auditor since 2017, issued a "going concern" qualification in its
report dated May 20, 2020, citing that the Company has suffered
recurring losses from operations since inception and has a
significant working capital deficiency, both of which raise
substantial doubt about its ability to continue as a going concern.


SUNPOWER CORP: Extends Investment Deal Termination Date to Sept. 25
-------------------------------------------------------------------
SunPower Corporation, Maxeon Solar Technologies, Pte. Ltd. and
Tianjin Zhonghuan Semiconductor Co., Ltd. entered into a Letter
Agreement regarding Consent and Waiver Relating to Replacement
Financing and Certain Other Matters, with respect to the Investment
Agreement dated Nov. 8, 2019, by and among the Company, Maxeon
Solar, TZS, and, with respect to certain sections, Total Solar INTL
SAS.  Pursuant to the Consent and Waiver, the parties agreed to,
among other things, (a) additional forms of financing that would
constitute replacement financing under the Investment Agreement,
(b) certain changes to the form of Shareholders Agreement attached
as Exhibit K to the Investment Agreement and certain related
documents, which changes and related documents are intended to
avoid any dilution to the rights of TZS as a result of such
replacement financing, and (c) the extension of the Termination
Date (as defined in the Investment Agreement) to Sept. 25, 2020.
There can be no assurance that the spin-off or investment
contemplated by the Investment Agreement, as modified by the
Consent and Waiver, will ultimately be completed.

                        About SunPower

Headquartered in San Jose, California, SunPower Corporation --
http://www.sunpower.com/-- is a global energy company that
delivers complete solar solutions to residential, commercial, and
power plant customers worldwide through an array of hardware,
software, and financing options and through solar power solutions,
operations and maintenance services, and "Smart Energy" solutions.
The Company's Smart Energy initiative is designed to add layers of
intelligent control to homes, buildings and grids -- all
personalized through easy-to-use customer interfaces.

SunPower reported a net loss of $7.72 million for the fiscal year
ended Dec. 29, 2019, compared to a net loss of $917.5 million for
the fiscal year ended Dec. 30, 2018.  As of March 29, 2020, the
Company had $1.99 billion in total assets, $1.98 billion in total
liabilities, and $20.06 million in total stockholders' equity.


TAYLOR MORRISON: S&P Rates $400MM Senior Unsecured Notes 'BB'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level and '3' recovery
ratings to Taylor Morrison Communities Inc.'s proposed $400 million
senior unsecured notes due 2030. The '3' recovery rating indicates
its expectation for meaningful (50%-70%; rounded estimate: 65%)
recovery in the event of payment default. S&P expects the company
to use the proceeds from this offering and up to $125 million of
cash on hand for partial redemptions of its 6% and 5.875% senior
notes--due in 2023 and 2025, respectively--which were exchanged in
the William Lyon Homes acquisition that closed in early February.



TELKONET INC: Has $653,000 Net Loss for Quarter Ended March 31
--------------------------------------------------------------
Telkonet, Inc. filed its quarterly report on Form 10-Q, disclosing
a net loss (attributable to common stockholders) of $652,501 on
$1,803,424 of total net revenue for the three months ended March
31, 2020, compared to a net loss (attributable to common
stockholders) of $845,604 on $2,763,202 of total net revenue for
the same period in 2019.

At March 31, 2020, the Company had total assets of $7,008,770,
total liabilities of $3,199,607, and $3,809,163 in total
stockholders' equity.

The Company said, "Since inception through March 31, 2020, we have
incurred cumulative losses of $125,758,040 and have never generated
enough cash through operations to support our business.  For the
three-month period ended March 31, 2020, we had a cash flow deficit
from operations of $109,888.  Since 2012, the Company has made
significant investments in the engineering, development and
marketing of an intelligent automation platform, including but not
limited to, hardware and software enhancements, support services
and applications.  The funding for these development efforts has
contributed to the ongoing operating losses and use of cash.
Operating losses have been financed by debt and equity
transactions, credit facility capacity, the sale of a wholly-owned
subsidiary and management of working capital levels.  The report
from our previous independent registered public accounting firm on
our consolidated financial statements for the year ended December
31, 2019 stated there is substantial doubt about our ability to
continue as a going concern."

The Company also stated that in light of its historic losses, there
is substantial doubt about its ability to continue as a going
concern.

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

                       https://is.gd/zvBS0T

Telkonet, Inc., formed in 1999 and incorporated under the laws of
the state of Utah, is the creator of the EcoSmart Platform of
intelligent automation solutions designed to optimize energy
efficiency, comfort and analytics in support of the emerging
Internet of Things ("IoT"). The platform is deployed primarily in
the hospitality, educational, governmental and other commercial
markets, and is specified by engineers, HVAC professionals,
building owners, and building operators.


TEMERITY TRUST: Hires Levene Neale as Bankruptcy Counsel
--------------------------------------------------------
Temerity Trust Management, LLC, seeks authority from the U.S.
Bankruptcy Court for the Central District of California to employ
Levene Neale Bender Yoo & Brill LLP, as bankruptcy counsel to the
Debtor.

Temerity Trust requires Levene Neale to:

   a. advise the Debtor with regard to the requirements of the
      Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the
      Office of the United States Trustee as they pertain to
      the Debtor;

   b. advise the Debtor with regard to certain rights and
      remedies of its bankruptcy estate and the rights, claims
      and interests of creditors;

   c. represent the Debtor in any proceeding or hearing in the
      Bankruptcy Court involving its estate unless the Debtor is
      represented in such proceeding or hearing by other special
      counsel;

   d. conduct examinations of witnesses, claimants or adverse
      parties and represent the Debtor in any adversary
      proceeding except to the extent that any such adversary
      proceeding is in an area outside of Levene Neale's
      expertise or which is beyond Levene Neale's staffing
      capabilities;

   e. prepare and assist the Debtor in the preparation of
      reports, applications, pleadings and orders including, but
      not limited to, applications to employ professionals,
      interim statements and operating reports, initial filing
      requirements, schedules and statement of financial affairs,
      lease pleadings, cash collateral pleadings, financing
      pleadings, and pleadings with respect to the Debtor's use,
      sale or lease of property outside the ordinary course of
      business;

   f. represent the Debtor with regard to obtaining use of debtor
      in possession financing and/or cash collateral including,
      but not limited to, negotiating and seeking Bankruptcy
      Court approval of any debtor in possession financing and/or
      cash collateral pleading or stipulation and preparing any
      pleadings relating to obtaining use of debtor in possession
      financing and/or cash collateral;

   g. assist the Debtor in the negotiation, formulation,
      preparation and confirmation of a plan of reorganization
      and the preparation and approval of a disclosure statement
      in respect of the plan; and

   h. perform any other services which may be appropriate in
      Levene Neale's representation of the Debtor during its
      bankruptcy case.

Levene Neale will be paid at these hourly rates:

     Attorneys                 $495 to $635
     Paralegals                    $250

During the one-year period prior to the Petition Date, the Debtor
paid Levene Neale the sum of $100,000, inclusive of the $1,717
filing fee. The Debtor obtained the first $10,000 of the Retainer
from its sole member, Hanan Kadadu, who borrowed the funds and
contributed them to the Debtor. The Debtor obtained the $90,000
portion of the Retainer by obtaining a loan from Jonathan and
Beverly Neville.

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

Kurt Ramlo, senior counsel of Levene Neale Bender Yoo & Brill
L.L.P., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtor and its
estates.

Levene Neale can be reached at:

     Kurt Ramlo, Esq.
     LEVENE NEALE BENDER YOO & BRILL L.L.P.
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, CA 90067
     Tel: (310) 229-1234
     Fax: (310) 229-1244

                About Temerity Trust Management

Temerity Trust Management, LLC, based in Beverly Hills, CA, filed a
Chapter 11 petition (Bankr. C.D. Cal. Case No. 20-15015) on June 1,
2020.  In the petition signed by William K. Sadleir, manager, the
Debtor was estimated to have $10 million to $50 million in both
assets and liabilities.  The Hon. Barry Russell oversees the case.
Kurt Ramlo, at Levene Neale Bender Yoo & Brill L.L.P., serves as
bankruptcy counsel to the Debtor.




TNP SPRING: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: TNP Spring Gate Plaza, LLC
        8875 Research Dr.
        Irvine, CA 92618

Business Description: TNP Spring Gate Plaza is a Single Asset Real
                      Estate (as defined in 11 U.S.C. Section
                      101(51B)).

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-11963

Judge: Hon. Scott C. Clarkson

Debtor's Counsel: Leonard M. Shulman, Esq.
                  SHULMAN BASTIAN FRIEDMAN & BUI LLP        
                  100 Spectrum Center Drive, Suite 600
                  Irvine, CA 92618
                  Tel: (949) 340-3400
                  Fax: (949) 340-3000
                  E-mail: lshulman@shulmanbastian.com

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Anthony W. Thompson, officer of managing
member of TNP Spring Gate Plaza, LLC.

The Debtor stated it has no unsecured creditors.

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

                    https://is.gd/ZtFGAC


TRIPADVISOR INC: S&P Assigns 'BB-' ICR; Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issuer credit rating to
Needham-Mass.-based online travel company Tripadvisor, Inc. S&P
also assigned its 'BB-' issue-level and '3' recovery ratings to the
company's proposed $500 million unsecured notes due 2025.

S&P's rating on Tripadvisor reflects its participation in the
highly competitive digital advertising space against larger and
better capitalized competitors. Competitors include Google, a unit
of Alphabet Inc. the largest global search engine and digital
advertising company; modest revenue growth trends, particularly in
its hotels, media, & platform segment; and dependence on online
travel agencies (OTAs) such as Booking and Expedia for over half of
revenues in that segment. Over time, OTAs may have the economic
incentive to reduce their performance marketing spend including the
use of Tripadvisor. These weaknesses are somewhat offset in S&P's
view by the company's excellent brand recognition trusted by
consumers and suppliers, relatively low debt levels compared with
historical EBITDA and cash flow generation, and expected healthy
adjusted EBITDA margins after the recovery in the mid- to high-20%
area. In S&P's view, Tripadvisor's $517 million cash balance,
modest debt balances, and $1 billion revolving credit facility
(unrated) provide sufficient liquidity and financial flexibility to
weather the decline in demand for travel resulting from social
distancing efforts to stem the spread of COVID-19.

S&P's ratings also reflect some longer-term risk relating to the
company's voting control by Liberty TripAdvisor (LTRIP). LTRIP
holds a 23% economic interest, yet has a 59% voting interest.
Although its ownership by LTRIP has not historically translated
into an aggressive financial policy by Tripadvisor, a significant
addition of debt at LTRIP or change in the financial policy could
pressure the ratings.

The Global Travel sector is disproportionately impacted by the
pandemic. Restrictions on movement globally have put a severe dent
in economic activity and S&P believes the travel sector has faced a
disproportionate impact from the economic contraction resulting
from the pandemic. Mass gatherings such as sporting events and
theater performances have been canceled or postponed, with knock-on
effects on related hospitality industries and travel. As a travel
platform that generates a majority of its revenues from
travel-related advertising, Tripadvisor is particularly vulnerable
to the impact of the global health crisis from the coronavirus as
hotels, restaurants, and other companies serving the travel sector
cut advertising spending and as booking-related revenue stemming
from bookings of hotels, experiences, and restaurant reservations
decline precipitously. In addition, local and regional governments
have enacted lockdowns, with all but essential societal functions
on hold and as economies begin to reopen, concerns relating to an
increase in the spread of infections could cause governments to
re-impose restrictions further prolonging a recovery for
Tripadvisor. S&P expects a decline in U.S. GDP of approximately 5%
in 2020; however, the rating agency expects revenues for
Tripadvisor to decline almost 60% in 2020 with revenues in the
second quarter declining over 80%. It expects the recovery will
start in 2021 and continue to 2022.

S&P expects leverage to remain temporarily elevated in 2020 but
decline by year-end 2021 benefiting from significant cost cuts,
resumption of recreational travel, and economic recovery.

The sharp decline in revenues will cause Tripadvisor to generate a
substantial EBITDA loss and negative cash flows in 2020, and
temporarily elevate leverage until travel trends begin to gradually
improve starting in the second half of 2020 into 2021. S&P believes
that travel spending is unlikely to recover to 2019 levels before
the second half of 2022 at the earliest, although significant cost
cuts including a reduction in staff pursued by Tripadvisor would
allow the company to improve EBITDA at a faster rate as travel
recovers, allowing it to reduce leverage to the low-2x range by
year-end 2021.

Tripadvisor participates in a highly competitive industry. Lead
generation for the travel and leisure industry is highly
competitive with moderate barriers to entry, requiring sizable
ongoing investments to drive organic traffic. Tripadvisor competes
with OTA giants such as Expedia and Booking, which together
dominate the online travel booking market, have a significant user
base, large number of partners, significant financial resources,
and own rival advertising driven metasearch engines such as Trivago
and Kayak. Expedia owns Trivago, and Booking owns Kayak.
Tripadvisor also competes against Google, which is the dominant
global search engine and has been expanding its own trip-planning,
hotel, and airline-booking capabilities for the majority of the
past decade. Additionally, the company drives a significant amount
of free traffic through search-engine optimization (SEO), which has
been under pressure in recent years and vulnerable to changes
Google has made to its search-engine results pages, such as an
increase in the number of paid ads moved to the top of search
results. This pushes SEO results lower and hampers Tripadvisor's
ability to grow profitably on these channels by making it harder
for consumers to find Tripadvisor content.

S&P expects the company to return to profitability, though client
concentration could be a risk. Although Tripadvisor works with
thousands of suppliers across its three distinct segments, it has a
significant earnings concentration in its hotels, media, & platform
segment, which generated 60% of its revenues and more than 86% of
its EBITDA in 2019. Furthermore, there is significant client
concentration as revenue from brands under Expedia Group Inc. and
Booking Holdings Inc. accounted for a majority of its hotel segment
revenue. S&P believes the dependency poses a significant risk as
both Bookings and Expedia consider Tripadvisor as a competitor, and
the rating agency expects that they will lower their spending on
third-party-owned metasearch platforms.

The company's second-largest and fastest-growing segment is
experience and dining, which generated 29% of 2019 revenue, yet
only 1% of the EBITDA because the company invested heavily to
expand the segment. It also competes against a number of rivals
including OTAs, and Airbnb, looking to provide a better-connected
trip experience as well as other niche restaurant and experience
booking sites.

The company has a history of strong EBITDA and cash flow generation
and conservative financial policy, which underpins its financial
risk profile and S&P expects this to continue. In 2019, Tripadvisor
generated $382 million of adjusted EBITDA and $362 million of
adjusted free operating cash flow. The company's relatively low
capital expenditures, minimal interest expense, and positive
working capital dynamic contributed to the high EBITDA to cash flow
conversion. Before the proposed debt issuance, Tripadvisor
maintained a relatively conservative financial policy with minimal
debt and ample availability on its revolving credit facility. S&P
expects that following the proposed transaction, its financial
policy will remain conservative and the company's leverage will
decline steadily to the low-2x area by the end of 2021.

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

-- Health and safety factors

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P is using this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, S&P will update its assumptions and
estimates accordingly.

As a shareholder with a controlling position, S&P considers
publicly traded LTRIP as the group parent for Tripadvisor and
include LTRIP's payment-in-kind (PIK) preferred stock as debt in
the rating agency's computation of the group credit profile. S&P
considers Tripadvisor as insulated from the group credit profile at
LTRIP through various provisions. Tripadvisor is incorporated as a
separate legal entity with its own capital structure; there are no
cross-default provisions between LTRIP and Tripadvisor; it does not
commingle funds; as a public company, it has a majority independent
board; and its controlling shareholders have fiduciary
responsibilities toward minority shareholders. Furthermore, S&P
believes there is a strong economic basis for LTRIP to preserve the
credit strength of Tripadvisor. TripAdvisor's stand-alone credit
profile is higher than the group credit profile because S&P
believes these provisions provide sufficient insulation to support
the 'BB-' issuer-credit rating on TripAdvisor.

"The stable outlook reflects our view that the company's liquidity
sources including its $517 million cash balance (pro forma for the
proposed debt offering) and access to its $1.0 billion revolving
credit facility are sufficient to navigate through the current
pandemic and assuming a slow recovery into the second half of 2021
without the need to raise additional capital. Also, we expect the
company's gross adjusted leverage will improve to the low-2x area
in 2021, and that there is no material change in the debt profile
at LTRIP," S&P said.

S&P could lower the rating over the next 12 months if travel
disruptions caused by the pandemic or government-imposed shutdowns
significantly exceed its expectations, and consumers become even
more reticent to travel until there is a vaccine or proven
treatment for COVID-19. S&P believes this could cause Tripadvisor's
leverage to remain above 3x or increase further. In this scenario,
the company would likely utilize more of its cash balances,
potentially resulting in the need for additional capital, and
reduced cushion on its covenant and revolver borrowings. While less
likely over the next year or so, S&P could lower the rating if it
sees a significant change in the travel advertising market that
hurts metasearch companies such as Tripadvisor and its future
ability to generate EBITDA. For example, this could occur if Google
changes its algorithms or suppliers change their preferences. S&P
would also consider a lower rating if there were a significant
addition of debt at LTRIP or change in the financial policy at
Tripadvisor.

"Although unlikely over the next 12 months, we could raise the
rating if global travel improves, likely following a reduction in
social distancing measures, and we see signs of a recovery such
that our forecast for TripAdvisor's adjusted leverage was to
improve to below 2x on a sustained basis. Additionally, we could
raise the rating if the company increases its scale and diversity
trough growth in its experience and dining segment as well as
relying less on large OTA customers," S&P said.


TWISTLEAF HOLDINGS: Unsecureds get Payment of 2% of its Claim
-------------------------------------------------------------
Twistleaf Holdings LLC, a Nevada limited-liability company,
submitted a Chapter 11 Plan and a Disclosure Statement.

Pursuant to section 1123(a)(1) of the Bankruptcy Code, Allowed
Administrative Claims and Allowed Priority Tax Claims are not
designated as Classes.  The holders of such unclassified Claims
shall be paid in full under the Plan consistent with the
requirements of section 1129(a)(9)(A) of the Bankruptcy Code and
thus are not entitled to vote on the Plan.  As of the filing date
of this Disclosure Statement, Debtor believes it owes $0 in
Priority Tax Claims and the only known and unpaid Administrative
Claims are Professionals Fees of Debtor's general reorganization
counsel, the law firm of Andersen Law Firm, Ltd., in the
approximate amount of $13,174 and U.S. Trustee's Fees, which are
current.  At present, the Debtor anticipates that the total
remaining unpaid Administrative Claims as of the Confirmation
Hearing will total no more than $13,174.

Holders of Class 5 General Unsecured Claims will receive payment of
2% of each allowed claim in cash as soon as reasonably practicable
after the later of (i) the Effective Date of the Plan, (ii) the
date such Class 5 Claim becomes Allowed, or (iii) such other date
as may be ordered by the Bankruptcy Court.  Class 5 is an Impaired
Class.

The Debtor owns real properties consisting of  Sea Venture Property
with a value of $205,000, Roundup Property with a value of
$260,000, Sweeping Glen Property with a value of $170,000 and
Eastern Property.

The Court will hold a combined hearing for the final approval of
the Disclosure Statement and confirmation of the Plan on July 22,
2020, at 1:30 p.m.

A full-text copy of the Disclosure Statement dated June 8, 2020, is
available at https://tinyurl.com/ycc95ky5 from PacerMonitor.com at
no charge.

Counsel for the Debtor:

     Ryan A. Andersen, Esq.
     Ani Biesiada, Esq.
     ANDERSEN LAW FIRM, LTD.
     3199 E Warm Springs Rd, Suite 400
     Las Vegas, Nevada 89120
     Phone: 702-522-1992
     Fax: 702-825-2824
     E-mail: ryan@vegaslawfirm.legal
             ani@vegaslawfirm.legal

                  About Twistleaf Holdings

Based in Las Vegas, Twistleaf Holdings LLC filed a Chapter 11
petition (Bankr. D. Nev. Case No. 19-10654) on Feb. 4, 2019. In the
petition signed by Shawn Samol, authorized representative, the
Debtor disclosed $399,233 in assets and $1,306,756 in liabilities.
The Hon. August B. Landis oversees the case.  Andersen Law Firm,
Ltd., is the Debtor's bankruptcy counsel.


ULTRA PETROLEUM: Talarico Objects to Disclosure Statement
---------------------------------------------------------
Louis C. Talarico, III, is an owner of equity interests in Ultra
Petroleum Corp. and submits this objection to the (I) Confirmation
of Plan of Reorganization, and (II) Approval of Debtors’
Disclosure Statement.

Talarico asserts that the bankruptcy filing, plan of
reorganization, Disclosure statement and valuation analysis are in
bad faith.

Talarico adds that the disclosure statement lacks information
critical to an understanding of the proposed plan.

Talarico complains that the Disclosure Statement fails to
accurately address events leading to Ultra's bankruptcy.

According to Talarico, the Disclosure Statement fails to provide
financial projections consistent with the stated future operating
plan of the debtors.

Talarico asserts that the Disclosure Statement fails to provide any
meaningful market valuation information or information regarding an
appropriate market check.

Appearing Pro Se:

     Louis C. Talarico, III
     80 Pascal Ln
     Austin, Texas 78746
     Tel: (512) 291-6038

                     About Ultra Petroleum

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as local bankruptcy counsel; CENTERVIEW
PARTNERS LLC as investment banker; and FTI CONSULTING, INC. as
financial advisor. Prime Clerk LLC is the claims agent.


URBAN ONE: Moody's Alters Outlook on B3 CFR to Negative
-------------------------------------------------------
Moody's Investors Service affirmed Urban One, Inc.'s B3 Corporate
Family Rating and B3-PD Probability of Default Rating. The $350
million senior secured term loan and $350 million senior secured
notes ratings were downgraded to B3 from B2. The outlook was
changed to negative from stable.

The change in the outlook to negative reflects the impact of the
coronavirus outbreak on the economy which Moody's expects will
substantially reduce radio advertising revenue in the near term and
lead to significantly higher leverage levels and lower cash from
operations. The outlook also considers the need to refinance
approaching debt maturities in the near term. The downgrade of the
senior secured note and term loan ratings reflect the reduced
amount of subordinated debt outstanding in the capital structure.
Urban One's Speculative Grade Liquidity (SGL) rating remains
unchanged at SGL-3.

Downgrades:

Issuer: Urban One, Inc.

  Senior Secured Bank Credit Facility, Downgraded to B3 (LGD3)
  from B2 (LGD3)

  Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD3)
  from B2 (LGD3)

Affirmations:

Issuer: Urban One, Inc.

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

Outlook Actions:

Issuer: Urban One, Inc.

  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Urban One's B3 CFR reflects the high leverage level of 7.1x as of
Q1 2020 (excluding Moody's standard lease adjustments) and Moody's
projection that leverage levels will increase substantially in the
near term due to the impact of the coronavirus outbreak on the
economy. The radio industry has been particularly hard hit by the
pandemic and is also being negatively affected by the shift of
advertising dollars to digital mobile and social media as well as
heightened competition for listeners from a number of digital music
providers. Secular pressures and the cyclical nature of radio
advertising demand have the potential to exert substantial pressure
on EBITDA performance over time in the radio division. Moody's
expects that Urban One will take aggressive cost cutting actions
and continue to be focused on preserving liquidity in the near
term.

Urban One benefits from diversified operations in radio, cable TV,
syndicated programming, and digital media that primarily targets
African-American and urban consumers as well as a minority
ownership position in MGM National Harbor gaming resort which helps
reduce the impact of the pandemic. Urban One has diversified its
operations over the past several years through investments in Reach
Media and TV One, completing the company's transition from a pure
play radio operator to a diversified media company. The cable TV
division is supported by carriage fees from cable and satellite
companies and lower programming costs in the near term, but faces
challenges from strong competition for its primary audience and the
transition of media consumption to OTT services. While leverage is
high, the diversified operations reduce the volatility in
performance and the shifting business mix of Urban One to cable TV
is expected to partly mitigate the impact of the secular pressures
of the radio industry over time.

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. Its action reflects the
impact on Urban One of the deteriorations in credit quality it has
triggered, given its exposure to advertising spending, which has
left it vulnerable to shifts in market demand and sentiment in
these unprecedented operating conditions.

A governance consideration Moody's considers in Urban One's credit
profile is the expectation of a more moderate financial policy
going forward. Since 2011, the company has issued debt to fund
increasing ownership interests of partially held operations that
include Reach Media and TV One, and following its 2015 purchase of
Comcast's remaining interest in TV One, represents Urban One's
efforts to diversify operations. In the past few years, Urban One
has pursued a more moderate financial policy and has applied most
of its free cash flows to debt repayment. The Chairperson and
President are both family members and maintain voting control as
well as a significant ownership position in the company.

The SGL-3 Speculative Grade Liquidity rating reflects Moody's
expectation of an adequate liquidity position with a cash balance
of $66 million at March 31, 2020 and free cash flow as a percentage
of debt of 6%. Urban One has an ABL facility that was previously
upsized to $37.5 million which matures in April 2021 with $27.5
million drawn as of Q1 2020. Other uses of cash over the last three
quarters of 2020 include $2.5 million of required amortization on
the term loan and $14.4 million of required amortization on the
2018 Unsecured Credit Facility ($22.5 million in total required
amortization in 2021).

Urban One receives an annual distribution from its ownership
position in the MGM National Harbor Casino, although the amount
will be reduced as a result of the impact of the pandemic. Urban
One currently has an adequate cushion of compliance on the term
loan financial covenants including a 5.85x senior secured net
leverage test compared to 4.6x and a 1.25x interest coverage test
compared to 2.0x as of Q1 2020. While Urban One has an adequate
cushion currently, Moody's projects the level of compliance will
tighten as EBITDA declines in the near term.

The negative outlook reflects Moody's view that Urban One will
experience significant declines in revenues and EBITDA in the next
few quarters due to the economic recession driven by the
coronavirus outbreak and the impact on radio advertising revenue.
The outlook also incorporates Moody's expectation for the company's
debt-to-EBITDA leverage to increase substantially in the near term
as well as the need to refinance the debt structure in advance of
approaching debt maturities. Political advertising revenue should
support results as the election approaches towards the end of
2020.

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

Although not likely in the near term given the expected weakness in
the economy, the ratings for Urban One could be upgraded if
debt-to-EBITDA is sustained below 6.0x, supported by positive
organic growth in the radio and cable network operations. A good
liquidity position, including mid-single digit percentage free cash
flow-to-debt, and the refinancing of all near term debt maturities
would also need to be completed.

Ratings could be downgraded if economic weakness or increased
competition in one or more key markets results in debt-to-EBITDA
sustained above 7.0x. The inability to refinance approaching
maturities well in advance of the maturity date, a likely violation
of a financial covenant, or a weakened liquidity positions would
also lead to a downgrade.

Urban One, Inc., formerly known as Radio One, Inc., headquartered
in Silver Spring, MD, is an urban oriented multi-media company that
operates or owns interests in radio broadcasting stations (40% of
revenue as of Q1 2020 generated by 61 stations in 14 markets), TV
One, a cable television network (43% of revenue), an 80% ownership
in Reach Media (10% of revenue), and ownership of Interactive One,
its digital platform, as well as other internet based properties
(7% of revenue), largely targeting an African-American and urban
audience. The Chairperson, Catherine L. Hughes, and President,
Alfred C. Liggins III (Chairperson's son), maintain voting control
and hold a significant ownership position. The company reported
consolidated revenue of $433 million as of the LTM ended Q1 2020.

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


US ANTIMONY: Has $321,000 Net Loss for the Quarter Ended March 31
-----------------------------------------------------------------
United States Antimony Corporation filed its quarterly report on
Form 10-Q, disclosing a net loss (available to common stockholders)
of $321,044 on $1,742,991 of revenues for the three months ended
March 31, 2020, compared to a net loss (available to common
stockholders) of $719,622 on $2,456,365 of revenues for the same
period in 2019.

At March 31, 2020, the Company had total assets of $13,431,992,
total liabilities of $5,211,232, and $8,220,760 in total
stockholders' equity.

At March 31, 2020, the Company's consolidated financial statements
show negative working capital of approximately $2.8 million and an
accumulated deficit of approximately $29.7 million.  With the
exception of 2018, the Company has incurred losses for the past
several years.  The net income in 2018 was primarily due to
non-recurring events which contributed approximately $2.5 million
to net income.  These factors indicate that there is substantial
doubt regarding the ability to continue as a going concern for the
next twelve months.

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

                     https://is.gd/OGVwla

United States Antimony Corporation produces and sells antimony,
silver, gold, and zeolite products in the United States and Canada.
It was founded in 1968 and is headquartered in Thompson Falls,
Montana.


USA GYMNASTICS: Judge Says Nassar Settlement Is Beneficial
----------------------------------------------------------
A U.S. Bankruptcy Court judge said the U.S. Olympic and Paralympic
Committee would receive an "enormous" benefit from a settlement
agreement proposal to survivors that would release the organization
from legal liability even though there was a "distinct possibility
of liability on the part of USOPC" should civil lawsuits related to
the sexual abuse of young gymnasts by Larry Nassar and others
proceed.

Robyn L. Moberly, the chief judge for U.S. Bankruptcy Court
Southern District, in a telephonic hearing also accused the USOPC
of not "playing ball" in lawsuits filed by more than 500 women who
allege they were sexually abused by Nassar, the former U.S. Olympic
and women's national team physician, and other Olympic and national
team coaches, according to a previously undisclosed hearing
transcript obtained by the Southern California News Group.

Mitchell A. Kamin, an attorney for the USOPC, suggested in the
hearing that the organization did not have a legal responsibility
to alert authorities at Michigan State after top USOPC officials
were made aware of sexual abuse allegations against Nassar in 2015,
a year before the allegations became public. Nassar continued to
treat young athletes at Michigan State's sport medicine clinic
until September 2016.

The remarks were made during a hearing conducted by Moberly related
to a USA Gymnastics $217 million settlement proposal that would
release the USOPC from liability without paying anything to
survivors in hundreds of lawsuits related to the sexual abuse by
Nassar, former U.S. Olympic coach Don Peters and others.

A disclosure statement filed with the U.S. Bankruptcy Court Feb. 21
outlines a settlement agreement in which USA Gymnastics asked
survivors to accept a deal releasing the USOPC, former USA
Gymnastics CEO Steve Penny, Peters, former national team directors
Bela and Martha Karolyi, 2012 Olympic coach John Geddert and others
from "any and all claims arising from or related to Abuse Claims or
Future Claims."

The settlement agreement, however, does not address the extent USA
Gymnastics, USOPC and FBI officials were aware of the predatory
behavior of Nassar and others and to what steps, if any, they took
to conceal that sexual abuse from unknowing potential victims.

USA Gymnastics filed for Chapter 11 bankruptcy protection in
December 2018.

"The only way the USOPC will agree to" the settlement "is if it is
protected by the release and injunctions described" according to
the settlement proposal.

Alex Cunny, an Orange County-based attorney representing more than
140 survivors, last month served notice for subpoenas for former
USOPC CEO Scott Blackmun, current USOPC board chairman Susanne
Lyons, former chairman Larry Probst, current CEO Sarah Hirshland
and four other current or former USOPC top officials. All legal
proceedings involving USA Gymnastics, including discovery, have
been frozen by the bankruptcy proceedings.

Cunny told the court he was willing to withdraw the subpoena
request for Hirshland, who hired by the USOPC in July 2018.

Attorneys for the USOPC initiated the hearing Monday to oppose the
subpoenas and other requests for discovery.

Moberly, however, admonished Kamin and the USOPC and questioned the
settlement proposal.

"As I've stated before, I have some attention to the fact that the
USOPC is reaping the full benefits of gathering all of these tort
suits in this forum, in the bankruptcy of USAG and not having to go
through it themselves, not having to pay for it and what little did
I know which is not everything is that there certainly is a
distinct possibility of liability on the part of USOPC themselves
so they are getting an enormous benefit," Moberly said according to
the transcript.

"And my observation thus far from the limited view of any judge is
that USOPC hasn't really played  ball. I mean I wasn't the judge
presiding over the (civil) case in California. I don't know what
those orders were, how many depositions there were, I haven't seen
the questions, the answers, the limitations, et cetera. So I think
it would certainly behoove USOPC to play ball a little bit more.
That's my opinion."

Moberly was further irritated by Kamin's response.

"I'd like to correct any perception to the contrary that we're not
participating or playing ball because we are," he said.

"I'm sorry,” Moberly responded, “I thought the only thing
you're offering is you're not going to bankruptcy, you're not
paying all these bankruptcy counsel, you're not throwing a dime
into the settlement pot, you're just throwing in insurance and
obviously, at least from your arguments, financial statement, you
have hundreds of millions of dollars versus USAG which doesn't.

"So if you interpret that as fully playing ball with an association
that's going through bankruptcy, you and I don't see matters eye to
eye on that one particular topic. I don't think — I mean coming
to a mediation is a lot different than forking over settlement
dollars, especially when you represent a very well-financed
organization that is not filing bankruptcy, at least not at this
point. And if you're getting the benefit, as I've said multiple
times before, you're not getting the message. You're not getting
the message from me. Okay."

The USOPC is a tax exempt, non-profit organization based in
Colorado Springs. It reported $322.8 million in revenue for the
fiscal year 2018, according to a filing with the Internal Revenue
Service. The USOPC also reported $265.8 million in assets in the
same filing and listed four employees receiving compensation over
$500,000 with nine employees paid more than $400,000 and 14
receiving at least $300,000.

Blackmun received a $2.4 million buy-out from the USOPC after he
was forced to resign in 2018 amid allegations he was involved in
the cover-up of sexual abuse by Nassar, according to financial
documents. Blackmun was referred to the Department of Justice and
FBI in December 2018 for criminal investigation by two U.S.
Senators who accused him of making false statements and misleading
Congress.

The USOPC has been named in suits in both California and Michigan.
Kamin argued in the hearing that attorneys for survivors have
already conducted depositions of USOPC officials for the suits.

But Cunny complained to Moberly Monday that USOPC employees were
uncooperative during those depositions, often at the instruction of
their attorneys.

"I can tell you they were littered with instructions not to
answer," Cunny said.

Further depositions are needed, attorneys for the survivors
maintain, to provide the women with an accurate account of the
USOPC's finances before signing off an agreement that releases the
organization from financial and legal liability.

The depositions would also shine new light on why Michigan State
was not contacted by USOPC officials, along with USA Gymnastics and
FBI officials, after they were presented with allegations of sexual
abuse against Nassar by multiple gymnasts in the summer of 2015.

An investigation commissioned by the USOPC found that that Blackmun
and Alan Ashley, then USOC chief of sport performance, were first
notified by Penny of allegations against Nassar in July 2015. Yet
neither Blackmun nor Ashley took action or reported it to Michigan
State or USOC board members, according to the report and court
documents.

Nassar, according to court documents, sexually abused at least 40
young athletes between Penny’s first informing the USOPC and the
FBI agent in charge of the bureau's Indianapolis office about
Nassar in July 2015 and September 2016, when Nassar's abuse became
public. The number of victims in that window could actually surpass
100, according to persons familiar with dozens of Nassar-related
lawsuits.

                       About USA Gymnastics

USA Gymnastics -- https://www.usagym.org/ -- is a not-for-profit
organization incorporated in Texas. Based in Indianapolis, Indiana,
USAG's organization encompasses six disciplines: women's
gymnastics, men's gymnastics, trampoline and tumbling, rhythmic
gymnastics, acrobatic gymnastics, and group gymnastics. USAG
provides educational opportunities for coaches and judges, as well
as gymnastics club owners and administrators, and sanctions
approximately 4,000 competitions and events throughout the United
States annually. More than 200,000 athletes, professionals, and
clubs are members of USAG. USAG sets the rules and policies that
govern the sport of gymnastics in the United States, including
selecting and training the United States gymnastics teams for the
Olympics and World Championships. As of the Petition Date, USAG
employs 53 individuals, nearly all of whom work for USAG
full-time.

USA Gymnastics sought Chapter 11 protection (Bankr. S.D. Ind. Case
No. 18-09108) on Dec. 5, 2018. USAG estimated $50 million to $100
million in assets and liabilities as of the bankruptcy filing. The
petition was signed by James Scott Shollenbarger, chief financial
officer.

The Hon. Robyn L. Moberly is the case judge.

USAG tapped Jenner & Block LLP as counsel; Hilder & Associates,
P.C., as ordinary course counsel; Alfers GC Consulting, LLC, and
Scramble Systems, LLC, as business consulting services providers;
and OMNI Management Group, Inc. as claims agent.


VALERITAS HOLDINGS: Court Approves Plan and Disclosures
-------------------------------------------------------
Judge Laurie Selber Silverstein entered findings of fact,
conclusions of law, and revised order of Valeritas Holdings, Inc.,
et al., (i) approving Combined Disclosure Statement and Joint
Chapter 11 Plan of Liquidation as containing adequate information
on a final basis and (ii) confirming Combined Disclosure Statement
and Joint Chapter 11 Plan of Liquidation.

The Debtors were not required to solicit votes from the holders of
Claims in Class 1 (Other Priority Claims) as such class is
unimpaired under the Combined Disclosure Statement and Plan and,
thus, is conclusively presumed to have accepted the Combined
Disclosure Statement and Plan.

The Debtors also were not required to solicit votes from the
holders of Claims or Interests in Classes 5 (Intercompany Claims)
and 6 (Interests (Preferred Stock and Common Stock)) (together, the
"Deemed Rejecting Classes") as each such Class will receive no
recovery under the Combined Disclosure Statement and Plan and,
therefore, is deemed to reject the Combined Disclosure Statement
and Plan.

Class 1 was deemed to accept the Combined Disclosure Statement and
Plan and Classes 2, 3, and 4 voted to accept the Combined
Disclosure Statement and Plan.  

On the Effective Date, Emerald Advisors Capital Corp. will be
appointed as the Liquidating Trustee of the Creditors' Trust.  From
and after the Effective Date, the Liquidating Trustee will be the
exclusive representative of each Debtor and of each Estate with all
rights and powers of a trustee under the Bankruptcy Code.

Upon the Effective Date, (i) the sole remaining member of each
Debtor’s board of directors or managers, as the case may be, will
be deemed to have resigned, (ii) the Creditors' Trust Assets will
be transferred to the Creditors' Trust in accordance with the terms
of the Combined Disclosure Statement and Plan and the Creditors'
Trust Agreement, and (iii) the Creditors' Trust Assets will vest in
the Creditors' Trust free and clear of all Liens, claims and
interests.  Subject to the limitations set forth in the Creditors'
Trust Agreement, on and after the Effective Date, the Liquidating
Trustee shall have sole authority and responsibility for
investigating, analyzing, compromising, collecting, liquidating and
otherwise administering all Creditors' Trust Assets.  Upon the
transfer of the Creditors' Trust Assets to the Creditors' Trust,
the Debtors will have no further duties or responsibilities in
connection with the implementation of the Plan.

The Debtors and the Liquidating Trustee, as applicable, are hereby
authorized to execute, deliver, file or record such documents,
contracts, instruments, releases, and other agreements, and take
such other actions as may be necessary to effectuate, implement and
further evidence the terms and conditions of the Combined
Disclosure Statement and Plan.  On the Effective Date, the
Liquidating Trustee is authorized and empowered to issue, execute,
file and deliver or record such documents, contracts, instruments,
releases and other agreements in the name of the Creditors' Trust
and on behalf of the Debtors.

                    About Valeritas Holdings

Valeritas Holdings, Inc. (OTCPK: VLRXQ) --
https://www.valeritas.com/ -- is a commercial-stage medical
technology company focused on improving health and simplifying life
for people with diabetes by developing and commercializing
innovative technologies.

Valeritas' flagship product, V-Go Wearable Insulin Delivery device,
is a simple, affordable, all-in-one basal-bolus insulin delivery
option for adult patients requiring insulin that is worn like a
patch and can eliminate the need for taking multiple daily shots.
V-Go administers a continuous preset basal rate of insulin over 24
hours, and it provides discreet on-demand bolus dosing at
mealtimes.  It is the only basal-bolus insulin delivery device on
the market today specifically designed keeping in mind the needs of
type 2 diabetes patients.  

New Jersey-based Valeritas operates its R&D functions in
Marlborough, Mass.

Valeritas Holdings and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 20-10290) on Feb. 9, 2020.
Valeritas Holdings disclosed $49.2 million in total assets and
$38.2 million in total debt as of Sept. 30, 2019.

Judge Laurie Selber Silverstein oversees the cases.

The Debtors tapped DLA Piper LLP (US) as legal counsel; Lincoln
International as investment banker; PricewaterhouseCoopers LLP as
financial advisor; and Kurtzman Carson Consultants LLC as claims
agent.

The U.S. Trustee for Regions 3 and 9 appointed a committee of
unsecured creditors in the Debtors' cases.


VHN SERVICES: Seeks to Hire Eric A. Liepins as Counsel
------------------------------------------------------
VHN Services, LLC, seeks authority from the US Bankruptcy Court for
the Eastern District of Texas to Eric A. Liepins, P.C., as counsel
to the Debtor.

VHN Services requires Eric A. Liepins to provide legal services and
represent the Debtor in the Chapter 11 proceedings.

Eric A. Liepins will be paid at these hourly rates:

     Attorneys               $275
     Paralegals           $30 to $50

Eric A. Liepins received from the Debtor a retainer in the amount
of $5,000, plus $1,717 filing fee.

Eric A. Liepins will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Eric A. Liepins, a partner of Eric A. Liepins, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Eric A. Liepins can be reached at:

     Eric Liepins, Esq.
     ERIC A. LIEPINS, P.C.
     12770 Coit Road, Suite 1100
     Dallas, TX 75251
     Tel: (972) 991-5591
     Fax: (972) 991-5788

                About VHN Services, LLC

Based in Murphy, Texas, VHN Services, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
20-41448) on June 26, 2020, listing under $1 million in both assets
and liabilities. The Debtor is represented by Eric A. Liepins, Esq.



VIKING ENERGY: Has $20.2M Net Income for Quarter Ended March 31
---------------------------------------------------------------
Viking Energy Group, Inc., filed its quarterly report on Form 10-Q,
disclosing a net income of $20,249,159 on $11,787,952 of revenue
for the three months ended March 31, 2020, compared to a net loss
of $11,931,481 on $9,346,592 of revenue for the same period in
2019.

At March 31, 2020, the Company had total assets of $177,709,794,
total liabilities of $148,376,870, and $29,332,924 in total
stockholders' equity.

The Company disclosed that conditions exist that raise substantial
doubt regarding its ability to continue as a going concern.

Viking Energy said, "The Company's ability to continue as a going
concern is dependent upon its ability to utilize the resources in
place to generate future profitable operations, to develop
additional acquisition opportunities, and to obtain the necessary
financing to meet its obligations and repay its liabilities arising
from business operations when they come due.  Management believes
the Company will be able to continue to develop new opportunities,
and will be able to obtain additional funds through debt and / or
equity financings to facilitate its development strategy; however,
there is no assurance of additional funding being available."

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

                       https://is.gd/roE3R7

Viking Energy Group, Inc., an independent exploration and
production company, focuses on the acquisition and development of
oil and natural gas properties in North America.  The company owns
oil and gas leases in Kansas, Missouri, Texas, Louisiana,
Mississippi, and Alberta.  The Company was formerly known as Viking
Investments Group, Inc. and changed its name to Viking Energy
Group, Inc. in March 2017.  Viking Energy Group was founded in 1989
and is headquartered in Houston, Texas.  Viking Energy Group is a
subsidiary of Viking Investments Group, LLC.


VISTAGEN THERAPEUTICS: Posts $22 Million Net Loss in Fiscal 2020
----------------------------------------------------------------
VistaGen Therapeutics, Inc., filed with the Securities and Exchange
Commission its Annual Report on Form 10-K, disclosing a net loss
attributable to common stockholders of $22.04 million for the
fiscal year ended March 31, 2020, compared to a net loss
attributable to common stockholders of $25.73 million for the
fiscal year ended March 31, 2019.

As of March 31, 2020, the Company had $5.77 million in total
assets, $11.50 million in total liabilities, and a total
stockholders' deficit of $5.73 million.

At March 31, 2020, VistaGen had cash and cash equivalents of $1.4
million.  Subsequent to March 31, 2020, the Company received
proceeds of approximately $3.0 million, including proceeds of
approximately $2.8 million from equity sales and approximately
$200,000 from a potentially forgivable loan under the Paycheck
Protection Act.  In addition, in June 2020, the Company entered
into a strategic licensing and collaboration agreement with
EverInsight for the development and commercialization of PH94B for
anxiety disorders in multiple key Asian markets.  Under the
agreement, VistaGen is eligible to receive up to $177 million in
upfront and potential milestone payments, in addition to royalties,
including a $5 million upfront payment.

OUM & CO. LLP, in San Francisco, California, the Company's auditor
since 2006, issued a "going concern" qualification in its report
dated June 29, 2020, citing that the Company has not yet generated
sustainable revenues, has suffered recurring losses and negative
cash flows from operations and has a stockholders' deficit, all of
which raise substantial doubt about its ability to continue as a
going concern.

                           CEO's Comments

"As these unprecedented times persist, with the chaotic
implementation of public safety measures and the civil unrest in
the fight for social justice, we continue to live in a world filled
with heightened uncertainty and unfamiliarity.  The spike in the
number of individuals experiencing anxiety and depression is
unparalleled and it appears the upward trajectory will continue.
While innovative means of providing mental health support have been
initiated, many needs are still not being met," stated Shawn Singh,
chief executive officer of VistaGen.

Singh continued, "VistaGen is uniquely positioned to develop a
robust investigational pipeline of novel treatments for millions of
people globally today and for generations to come who are
unfortunately suffering due to this heightened mental health
pandemic.  We have continued to make progress across our CNS
pipeline, notably, with PH94B, our first-in-class, rapid-onset
neuroactive nasal spray for social anxiety disorder, having
recently announced a strategic collaboration with EverInsight for
up to $177 million in upfront and potential milestone payments to
develop and commercialize PH94B in key Asian markets.  This
partnership further highlights the value of this asset, which has
global market potential as a rapid-onset and safe, acute anxiety
therapy, and provides our company with additional working capital
to continue the significant progress we have made in preparation
for our Phase 3 program in parallel with emphasis on additional
strategic collaborations for development and commercialization of
our pipeline in key regional markets outside the U.S."

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

                      https://is.gd/4oQbGg

                         About VistaGen

Headquartered in San Francisco, California, VistaGen Therapeutics
-- http://www.vistagen.com/-- is a clinical-stage
biopharmaceutical company developing new generation medicines for
CNS diseases and disorders where current treatments are inadequate,
resulting in high unmet need.  VistaGen's pipeline is focused on
clinical-stage CNS drug candidates with a differentiated mechanism
of action, an exceptional safety profile in all clinical studies to
date, and therapeutic potential in multiple large and growing CNS
markets.


VOYAGER AVIATION: Fitch Maintains BB- LT IDR on Watch Negative
--------------------------------------------------------------
Fitch Ratings has maintained Voyager Aviation Holdings, LLC's and
related entities Issuer Default Rating and senior secured and
senior unsecured ratings on Rating Watch Negative.

These rating actions are being taken in conjunction with a broader
aircraft leasing industry peer review conducted today by Fitch,
covering ten publicly rated firms.

KEY RATING DRIVERS

The Voyager's ratings are supported by its cash flow generative
business model, as evidenced by long-term contractual lease
revenue; well-defined business model of owning and leasing
predominantly young, widebody aircraft; long-term lease contracts;
above average exposure to flagship carriers that are more likely to
receive sovereign support during the ongoing downturn in the
commercial aviation industry; and stable leverage.

Rating constraints include Voyager's secured funding profile;
limited liquidity; relatively short track record; limited customer
and geographic diversification; smaller and less liquid fleet of
widebody aircraft when compared with other aircraft lessors focused
on more broadly utilized/traded narrowbody aircraft; and private
equity ownership, which has resulted in elevated balance sheet
leverage and weaker corporate governance when compared to public
peers.

Rating constraints applicable to the aircraft leasing industry more
broadly include the monoline nature of the business; vulnerability
to exogenous shocks; potential exposure to residual value risk;
sensitivity to oil prices; reliance on wholesale funding sources;
and increased competition.

The maintenance of the Rating Watch Negative reflects Fitch's
continued expectation for a slow recovery for the aircraft leasing
sector following the unprecedented downturn in commercial aviation,
driven by a dramatic decline in global air traffic as a result of
the coronavirus pandemic.

The spread of the coronavirus has resulted in a prolonged worldwide
grounding of the majority of commercial passenger aircraft, leading
to widespread rent deferral requests and numerous airline
bankruptcies, which will pressure earnings for the company relative
to historical levels. Fitch believes Voyager has limited
capitalization headroom to withstand impairments, a weaker
near-term liquidity position (particularly in the event of
materially reduced cash flows from leases), and high lessee
concentrations with meaningful exposure to less liquid, albeit
young, current technology widebody aircraft such as Boeing
777-300ERs.

Fitch also notes potential refinancing risk associated with the
company's senior unsecured notes due on Aug. 15, 2021. Voyager's
ratings would be more adversely affected in a downside scenario
where there are several waves of the coronavirus, followed by a
slower than expected recovery in air traffic, higher airline
insolvency events and turmoil in the capital markets limiting
financing availability well into 2021.

Since the onset of the pandemic, Voyager refinanced its April 2020
debt maturity while all seven of the company's customers were
current on their lease payments as of March 31, 2020. In March,
2020, Italy announced that it would nationalize Alitalia, its
national flag carrier and one of the Voyager's customers. Voyager
understands the re-organized airline will retain the two leased
A330-200 aircraft following the government-led reorganization.

Fitch anticipates Voyager will re-negotiate related lease payments
downwards, but expects it not to have a material effect on the
company's performance as Alitalia contributed less than 6% of the
company's revenues for the TTM ended March 31, 2020. As of June 11,
2020, the company has reached deferral agreements with Sichuan
Airlines Co., Ltd. and Air France. Voyager expects the deferrals
will be fully repaid in 2020 and will be revenue and cash flow
neutral for the calendar year.

Fitch's sector outlook for aircraft lessors remains negative, as
further deterioration of airline credit metrics could lead to a
second round of deferral requests, additional insolvencies,
aircraft repossessions and impairments, which in turn could impair
lessor operating cash flow generation and erode capitalization
levels over the Outlook horizon.

Fitch's updated 'Global Economic Outlook' published on June 29,
2020 maintained expectations for global GDP to be down 4.6% in
2020, noting economic activity picking up and global growth
forecasts stabilizing, but also signaled that downside risks from a
resurgence in the virus and renewed lockdown restrictions remain
high. Despite massive policy interventions, the climb back to
pre-virus levels of economic activity will be much slower than the
recent descent. Fitch's base case scenario assumes the U.S. will
not return to pre-virus GDP levels (4Q19) until 2022 while the
eurozone will take longer. Country-by-country and regional
variations will depend on the intensity of lockdown measures,
relative exposure to heavily affected industries (such as tourism)
and scale of policy responses playing a key role in the depth of
the downturn and pace of expected economic recovery. That said, the
lack of major financial or inflationary imbalances prior to the
crisis - along with unprecedented policy largesse - means that the
return to pre-crisis GDP will be more rapid than after the global
financial crisis, when it took the U.S. three-and-a-half years, the
U.K. five years and the eurozone seven years.

Fitch's rating review and sensitivity analysis for Voyager
incorporated forecast quantitative credit metrics for the company,
with particular focus on liquidity coverage and leverage under base
case and downside case assumptions, which were broadly derived from
the agency's GEO.

Under the base case scenario, Fitch assumes that the commercial
aviation industry recovers slower than other corporate sectors, due
to lower business and leisure travel, especially for long haul,
international routes. As a result, Fitch expects a sizable portion
of the global fleet will remain grounded in 3Q20, airlines will
operate at approximately 45% capacity in 3Q20 and 50% capacity in
4Q20, and air traffic will return to 2019 levels only by 2022.
Fitch's base case assumptions for Voyager include up to 35%
cumulative lease deferrals for a five-month period, among other
assumptions.

Under the downside case scenario, Fitch assumes there to be a
second wave of the global spread of the coronavirus, followed by a
re-imposition of lockdown measures and travel bans in 2H20. Air
traffic falls back to 2Q20 levels after a brief recovery in demand
during the summer 2020 travel season. The global aircraft fleet is
grounded in 4Q20 and airlines operate at 45% capacity in 3Q20, 10%
in 4Q20, 45% in 1Q21 and 55% in 2Q21. Oil prices are not expected
to rebound and remain at current levels through mid-2021; having a
positive impact on airlines when they resume operations. Fitch's
downside assumptions for Voyager include up to 30% cumulative lease
deferrals for a five-month period; the default of up to 27% of
fleet; and up to 15% impairment of the net book value of the
defaulted fleet, among other assumptions.

Fitch expects the company's leverage would remain manageable in the
base case forecast. However, in the downside case forecast where
pandemic reductions in air traffic, airline solvency and financing
availability last well into 2021, Fitch anticipates the company's
leverage would breach the agency's 4.5x leverage downgrade
threshold at the beginning of 2021 and will remain in a range of
5.5x to 6.0x over the rating horizon.

While there are limited mitigating factors in the current
environment, Fitch acknowledges that there are indicators that
point to the beginning of an air traffic recovery in China,
although traffic remains well-below pre-coronavirus levels. This
dynamic suggests a potential recovery path for global air traffic
should similar measures be employed in other countries and regions,
as the majority of worldwide governments have started a multiphase
re-opening of economies with corresponding easing of the previously
imposed air travel bans. That said, given a recent surge in new
cases, particularly in the US, Fitch expects a recovery in the
region will be more prolonged. Fitch also notes that since the
negative sector outlook was put in place on March 16, 2020, order
books have been meaningfully delayed or canceled, funding markets
are increasingly accommodative and government support of national
airlines is increasingly commonplace.

Voyager tends to lease to well-established and/or flagship
carriers, which may be more likely to receive government support,
somewhat mitigating the company's high customer and geographic
concentrations and exposure to widebody aircraft. As an example,
Fitch's concerns about lease exposure to Alitalia (5.3% of 3Q19
lease revenue) diminished as the Italian government effectively
took control of, and announced EUR600 million of additional funding
for, the airline.

Despite its long-dated contracted lease stream, adequate lease
yield for the business model and consistently positive operating
cash flow generation, the company's historical profitability is
weak given high depreciation and interest expenses. The company
reported losses in 2018 and 2019 due to large impairment charges
related to fleet optimization activities as the company sold 12
aircraft. Under Fitch's base case scenario, the agency expects
Voyager will report losses in 2020 driven by lower revenues due to
the deferral of lease payments for one of its two top customers
(Philippine Airlines or Turkish Airlines) and high depreciation
costs, although Fitch anticipates the company will return to
profitability in 2021.

Voyager's leverage, measured as debt/tangible equity, was 3.9x as
of March 31, 2020, up from 3.6x year over year, but down from 4.7x
at year-end 2017 and 4.8x at year-end 2016. The recent increase in
the company's leverage was primarily driven by equity erosion
related to losses on the sale of four aircraft in 2019 as the
company completed its portfolio realignment efforts, which started
in 2018. Fitch believes Voyager's private ownership was the main
driver of the historically elevated balance sheet leverage, when
compared to peers. Fitch believes the company's leverage could
stabilize within a lower range by 2021.

Voyager held $32 million of unrestricted cash as of March 31, 2020
and Fitch expects it will generate approximately $10 million of
cash from operations over the next twelve months. Voyager does not
have significant operational liquidity coverage needs given the
secured nature of its funding and the lack of forward purchase
commitments. However, Voyager does have $416 million of unsecured
debt coming due in August 2021, which the company could be
challenged to refinance if access to the capital markets is
constrained.

The senior secured debt ratings are equalized with Voyager's IDR
given the heavily secured funding profile and reflect average
recovery prospects for secured debtholders under a stress scenario.
The senior unsecured debt rating is one notch below Voyager's IDR
given the subordination of these obligations, the lack of an
unencumbered asset pool, and below average recovery prospects under
a stress scenario.

The IDR and ratings on the senior unsecured notes issued by Voyager
Finance Co. are supported by the guarantee from Voyager and are
therefore equalized with the IDR of Voyager and the senior
unsecured debt ratings of the company, respectively.

RATING SENSITIVITIES

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

  -- Removal of the Negative Rating Watch, including if the health
crisis eases in or before 2021 and is met with a general resumption
of air travel and broader economic activity returning towards
pre-coronavirus levels, combined with maintenance of leverage below
4.5x and successful refinancing of the senior unsecured notes prior
to their maturity on August 15, 2021.

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

  -- A second wave of the coronavirus over the next year, followed
by a slower than expected recovery in air traffic, higher airline
insolvencies, reduced propensity for government support, and
increased capital markets volatility, thus limiting financing
availability well into 2021. The magnitude of rating actions under
such a scenario would be influenced by the extent to which
Voyager's leverage is expected to approach or exceed 4.5x or if the
company is unsuccessful in refinancing its senior unsecured notes
prior to their maturity on August 15, 2021.

The ratings of the senior secured debt are primarily sensitive to
changes in Voyager's IDR and secondarily to the relative recovery
prospects of the instruments.

The ratings of the unsecured debt are primarily sensitive to
changes in Voyager's IDR. A meaningful increase in the proportion
of unsecured funding and the creation of an unencumbered asset
pool, which results in a meaningful improvement in recovery
prospects for unsecured creditors, could result in an upgrade of
the unsecured debt rating.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

Pajun Aviation Leasing 1 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Panamera Aviation Leasing XII DAC

  - Senior secured; LT BB-; Rating Watch Maintained  

Pajun Aviation Leasing 2 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Pajun Aviation Leasing 3 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Cayenne Aviation MSN 1135 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Cayenne Aviation MSN 1123 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Panamera Aviation Leasing XI Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

A330 MSN 1552 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Panamera Aviation Leasing XIII DAC

  - Senior secured; LT BB-; Rating Watch Maintained  

A330 MSN 1579 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

A330 MSN 1542 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

A330 MSN 1602 Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Voyager Finance Co.

  - LT IDR BB-; Rating Watch Maintained  

  - Senior unsecured; LT B+; Rating Watch Maintained

Panamera Aviation Leasing IV Limited

  - Senior secured; LT BB-; Rating Watch Maintained  

Voyager Aviation Holdings, LLC

  - LT IDR BB-; Rating Watch Maintained  

  - Senior unsecured; LT B+; Rating Watch Maintained


WILLIAMS TOWN: Case Summary & 5 Unsecured Creditors
---------------------------------------------------
Debtor: Williams Town Properties, LLC
           d/b/a The Pike Inn
        1861 N. Black Horse Pike
        Williamstown, NJ 08094

Business Description: Williams Town Properties, LLC --
                      http://www.pikein.com/-- owns and
                      operates Pike Inn, a motel in
                      Williamstown, New Jersey.

Chapter 11 Petition Date: July 10, 2020

Court: United States Bankruptcy Court
       District of New Jersey

Case No.: 20-18423

Debtor's Counsel: Melinda D. Middlebrooks, Esq.
                  MIDDLEBROOKS SHAPIRO, P.C
                  841 Mountain Avenue
                  First Floor
                  Springfield, NJ 07081
                  Tel: (973) 218-6877
                  E-mail: middlebrooks@middlebrooksshapiro.com

Total Assets: $1,769,574

Total Liabilities: $1,390,043

The petition was signed by Dayakar Dasi Reddy, managing member.

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

                   https://is.gd/8GkxIK


WOOD PROTECTION: Seeks Approval to Tap Warren Katz as Attorney
--------------------------------------------------------------
Wood Protection Technologies, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Warren
Katz, Esq., as its attorney.

Warren Katz will perform the following services to the Debtor:

     (a) provide the Debtor with legal advice with respect to its
powers and duties;

     (b) aid the Debtor in the development of a plan of
reorganization under Chapter 11;

     (c) file the necessary petitions, pleadings, reports, and
actions that may be required in the continued administration of the
Debtor's property under Chapter 11; and

     (d) perform all other legal services for the Debtor that may
be necessary herein, subject to potential requirements of the
Debtor for the engagement of special counsel for certain specified,
limited purposes, if, when, and as required.

Mr. Katz does not hold a pre-petition retainer for payment of
post-petition fees and costs. He was paid for his pre-petition fees
and costs, including the filing fee, by the Debtor in the amount of
$3,717.00.

Warren Katz, Esq., disclosed in court filings that he is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code.

The attorney can be reached at:
   
     Warren Katz, Esq.
     2949 North Broadway, Unit 2
     Chicago, IL 60657
     Telephone: (949) 697-4111
     E-mail: wkatz@kentlaw.itt.edu
   
                          About Wood Protection Technologies

Wood Protection Technologies, Inc., a company based in Escondido,
Calif. that is engaged in the business of paint, coating, and
adhesive manufacturing, sought Chapter 11 protection (Bankr. D.
Colo. Case No. 20-14273) on June 23, 2020. The petition was signed
by Steven Plumb, its representative. At the time of the filing, the
Debtor disclosed total assets of $360,000 and total liabilities of
$1,837,195. Warren Katz, Esq., is the Debtor's counsel.


YIELD10 BIOSCIENCE: Capital Resources Cast Going Concern Doubt
--------------------------------------------------------------
Yield10 Bioscience, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,600,000 on $179,000 of total revenue
for the three months ended March 31, 2020, compared to a net loss
of $2,260,000 on $124,000 of total revenue for the same period in
2019.

At March 31, 2020, the Company had total assets of $15,046,000,
total liabilities of $5,717,000, and $9,329,000 in total
stockholders' equity.

The Company said, "We currently anticipate $9,000 - $9,500 of cash
usage during 2020 to fund our operations and to make capital
purchases to support our research.  We estimate that our current
cash resources will be sufficient to fund operations and meet our
obligations, when due, into the second quarter of 2021.  This
forecast of cash resources is forward-looking information that
involves risks and uncertainties, and the actual amount of expenses
could vary materially and adversely as a result of a number of
factors.

"Our ability to continue operations after its current cash
resources are exhausted depends on our ability to obtain additional
financing through, among other sources, public or private equity
financing, secured or unsecured debt financing, equity or debt
bridge financing, additional government research grants or
collaborative arrangements with third parties, as to which no
assurances can be given.  We do not know whether additional
financing will be available on terms favorable or acceptable to us
when needed, if at all.  If adequate additional funds are not
available when required, we may be forced to curtail our research
efforts, explore strategic alternatives and/or wind down our
operations and pursue options for liquidating our remaining assets,
including intellectual property and equipment.  We have determined,
based on our cash forecast, that our present capital resources will
likely not be sufficient to fund our planned operations for the
twelve months from the date that these interim financial statements
are filed, which raises substantial doubt about our ability to
continue as a going concern."

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

                       https://is.gd/tPqF1y

Yield10 Bioscience, Inc. -- http://www.yield10bio.com/-- is an
agricultural bioscience company that uses its "Trait Factory" and
the Camelina oilseed "Fast Field Testing" system to develop high
value seed traits for the agriculture and food industries.  Yield10
is headquartered in Woburn, Massachusetts and has an Oilseed Center
of Excellence in Saskatoon, Saskatchewan, Canada.



YRC WORLDWIDE: Expects to Get $700M CARES Act Loan from Treasury
----------------------------------------------------------------
The United States Department of the Treasury intends to provide a
$700 million loan to YRC Worldwide Inc. under authorization
provided by Subtitle A of Title IV of the CARES Act.

YRCW and its operating companies Holland, New Penn, Reddaway, and
YRC Freight have been significantly impacted by the COVID-19
pandemic.  These companies collectively employ 30,000 trucking
professionals, including 24,000 Teamsters.  The CARES Act
assistance will be used to pay for deferred employee healthcare and
pension costs and other contractual obligations as well as to
support essential capital investment.

YRCW CEO Darren Hawkins stated, "We would like to thank Congress
for passing the CARES Act and the U.S. Department of the Treasury
for providing this vital funding which recognizes the essential
role YRCW plays in the nation's supply chain.  Through our work
with over 200,000 customers, including being a leading
transportation provider for the Departments of Defense, Energy,
Homeland Security, and Customs and Border Protection, YRCW's
freight professionals have developed a deep understanding of, and
expertise in, the importance of a secure and reliable supply
chain.

"Our 30,000 employees have continued to serve hundreds of
quarantined communities across the country during the pandemic and
this financial assistance will enable us to bridge this
pandemic-related crisis and continue to provide essential shipping
services for the nation's supply chain.  The funding will also
enable us to continue successfully implementing our multi-year
strategic plan to transform our five powerful brands to operate as
ONE Company, ONE network to better serve our customers and the
nation's supply chain as economic recovery takes hold."

Transaction Terms

YRCW has entered into an agreement on June 30th under which UST
will receive 29.6% fully diluted equity ownership in YRCW (pro
forma for dilution from the UST equity issuance), described in
further detail below, in connection with the loan from UST to
YRCW.
YRCW will receive a loan of $700 million in two tranches, subject
to completion of definitive documentation:

   * Tranche A of approximately $350 million, will be used to
     cover short-term contractual obligations and certain other
     obligations including pension and healthcare payments.  The
     loan terms are LIBOR plus 3.5%, consisting of 1.5% cash and
     2.0% payment in kind.  This loan matures on Sept. 30, 2024.

   * Tranche B of approximately $350 million, will be used for
     essential capital investment in trailers and tractors and is
     expected to carry an interest rate of LIBOR plus 3.5% in
     cash.  This loan also matures on Sept. 30, 2024.

YRC's existing credit facilities are expected to be amended to
permit the new loan.

Equity Grant

The Company has agreed to issue to the UST shares of common stock
that, after the issuance, will constitute approximately 29.6% of
the Company's fully diluted common stock outstanding.  The Company
is relying on Nasdaq's temporary COVID-related exception to its
stockholder approval requirements.  The Audit & Ethics Committee of
the Board of Directors of the Company, which is comprised solely of
independent, disinterested directors, expressly approved reliance
on Nasdaq's COVID-related exception and determined that the
transaction is in the best interest of the Company's stockholders.

UST will hold the shares of the Company's common stock through a
voting trust, which will be required to vote the shares in the same
proportion as all other unaffiliated shares of the Company's common
stock are voted.  The shares will be subject to certain transfer
restrictions and the Company has agreed to register the shares for
resale pursuant to a registration rights agreement.

                      About YRC Worldwide

YRC Worldwide Inc., headquartered in Overland Park, Kan., is a
holding company for a portfolio of less-than-truckload (LTL)
companies including Holland, New Penn, Reddaway, and YRC Freight,
as well as the logistics company HNRY Logistics.   YRC Worldwide
companies -- http://www.yrcw.com/-- offer expertise in flexible
supply chain solutions, ensuring customers can ship industrial,
commercial and retail goods with confidence.

YRC Worldwide reported a net loss of $104 million for the year
ended Dec. 31, 2019.  As of March 31, 2020, the Company had $1.85
billion in total assets, $704.5 million in total current
liabilities, $838.3 million in long-term debt and financing, less
current portion, $230.5 million in pension and postretirement, $223
million in operating lease liabilities, $290.5 million in claims
and other liabilities, and a total shareholders' deficit of $433.8
million.

                        *   *   *

As reported by the TCR on June 2, 2020, S&P Global Ratings lowered
its issuer credit rating on Overland Park, Kan.-based
less-than-truckload and logistics company YRC Worldwide Inc. to
'CCC' from 'CCC+'.  "The downgrade reflects our view that YRC's
2020 EBITDA will be negatively affected by the coronavirus
pandemic.  Following an industry recession in 2019, the freight
industry and U.S. economy have experienced significant declines due
to the coronavirus pandemic."

In April 2020, Moody's Investors Service downgraded the ratings of
truck carrier YRC Worldwide Inc., including the Corporate Family
Rating to Caa1 from B2.  Moody's said the rapid and widening spread
of the coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets.


YUNHONG CTI: Plante & Moran Raises Going Concern Doubt
------------------------------------------------------
Yunhong CTI Ltd. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$8,074,448 on $40,537,030 of net sales for the year ended Dec. 31,
2019, compared to a net loss of $3,738,724 on $49,421,411 of net
sales for the year ended in 2018.

The audit report of Plante & Moran, PLLC states that the Company
has suffered losses from operations and liquidity limitations that
raise substantial doubt about its ability to continue as a going
concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $31,321,086, total liabilities of $30,194,576, and a total
equity of $1,126,507.

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

                       https://is.gd/hXKwNc

Yunhong CTI Ltd. f/k/a CTI Industries --
http://www.ctiindustries.com/-- is a manufacturer and marketer of
foil balloons and producer of laminated and printed films for
commercial uses.  Yunhong CTI also distributes Candy Blossoms and
other gift items and markets its products throughout the United
States and in several other countries.


[*] Bankruptcy Does Not Mean Texas Companies Will Disappear
-----------------------------------------------------------
Brenda Valdivia and Michael Hagerty wrote on Houston Public Media
that there are plenty of companies in Texas that filed bankruptcy
protection but it doesn't mean that these companies will be out of
business for good.

A Houston bankruptcy judge says, more often than not, bankruptcy is
used to prevent such companies from going out of business
completely.

The Houston company behind Men's Wearhouse, JoS. A. Bank, and K&G
is considering filing for Chapter 11 bankruptcy.  As Bloomberg
reported, Tailored Brands Inc. was already struggling before
COVID-19 soured the market.

And that company is not alone.  Several hundred Texas firms have
filed for Chapter 11 bankruptcy protection since the beginning of
the year.  That includes several oil and gas companies and popular
retailers like J.C. Penney, Neiman Marcus, and Dallas-based Tuesday
Morning.

But just because a company's considering bankruptcy doesn't mean
it's going out of business. In fact, more often than not,
bankruptcy is used to prevent the total loss of business. It can
allow potential buyers to come in, merge the company with their
own, and reduce its debts.

Jeffrey P. Norman is a judge in the U.S. District and Bankruptcy
Courts for the Southern District of Texas. He told Houston Matters
with Craig Cohen these are companies simply having trouble making
money because they couldn't open their doors to customers for
several weeks.

"I haven’t seen case statistics for May, but for April we had a
100 percent increase in the filing of Chapter 11 in the Southern
District of Texas," Norman said.

How Bankruptcy Works

To help us better understand why and how businesses file for
bankruptcies, Norman walks us through the process and terminology.
He says most business bankruptcies generally fall into two broad
categories.

"The first category would be those businesses that are highly
leveraged — that are having problems making debt service," Norman
said. "And then the second category would be those debtors who
basically are simply unprofitable. And I think that's what we’ve
seen...with the COVID situation."

The Big Book of Bankruptcy

To better understand the types of bankruptcy, it might be helpful
to think of it as a book, with a title and chapters.

* Title 11: United States Bankruptcy Code The playbook that
debtors, lenders, and courts adhere to when declaring bankruptcy.

* Chapter 7: Liquidation Bankruptcy When a debt holder agrees to
liquidate inventory and assets to discharge debts. The requestor
must pass a Means Test Calculation, during which the government
determines if the debt holder has limited income below the state
median. Housing and vehicles may be held on to so the debtor does
not become homeless.

* Chapter 11: Reorganization Bankruptcy A corporation or
partnership can present a reorganization repayment plan to the
court for bankruptcy approval. There is a risk with this type of
bankruptcy. If the lenders do not like the debtor's plan, a lender
can change Chapter 11 to Chapter 7 and claim their stock, property,
and assets. Corporate owner's personal assets are usually not at
risk, only their stock and the company itself. On the other hand, a
sole proprietor will be on the hook for their private property.
Credit is typically frozen and companies need to use cash on
delivery for purchases. Chapter 11 is currently the most common
type of bankruptcy due to the pandemic.

* Chapter 13: Wage Earners Plan This type of bankruptcy may be a
misnomer since the debt holder is protected from liquidated assets.
This type of bankruptcy calls on a reduced payment plan to lenders,
usually small business owners. A debt holder must make over a
certain amount per year to have a five-year repayment plan. If the
debt holder makes less than the state median, they must repay their
debts within three years.

Less Common Bankruptcies:

* Chapter 9: Municipal This plan works similarly to Chapter 11 but
with a city, town, county, or even a school district. In 2013, the
City of Detroit filed for this type of bankruptcy after the fall of
the automotive industry.

* Chapter 12: Family Farmers Farmers and fishermen are under this
plan that works similarly to Chapter 13.

* Chapter 15: International Debtor When international firms declare
bankruptcy, Chapter 15 provides resources to connect with foreign
courts and lenders.

Bankruptcy Sometimes Means A New Beginning

In 1996, Marvel Comics declared Chapter 11 bankruptcy after the
company began publicly trading its stock, which caused a sales boom
when the company flooded the market with collector’s items in
order to satisfy stockholders. The boom was followed by an almost
immediate bust.

However, bankruptcy reorganization allowed the company to create
the 2008 Iron Man film whose success drew the attention of Disney
which bought the company for $4 billion dollars in 2009.

"[Bankruptcy] is a mechanism for reorganization — for
restructuring and hopefully returning to profitability," Norman
said.


[*] Fox Rothschild's PPP Loan Forgiveness Reminder
--------------------------------------------------
Bryn Goodman of Fox Rothschild LLP wrote on JDSupra an article "PPP
Loan Forgiveness Reminder: Notify Unemployment Insurance Office Of
Rejected Offers To Hire Or Rehire":

Employers seeking Paycheck Protection Program (PPP) loan
forgiveness should notify their state's unemployment insurance
office if they have offered to hire or rehire an employee who has
then rejected that offer. The Small Business Administration (SBA)
has implemented an interim final rule effective May 28, 2020 that
provides a safe harbor for employers who have made good faith
attempts to hire employees, but the employment offers have been
rejected, provided that the employer informs their state's
unemployment insurance office within 30 days of an individual
rejecting the offer of employment or reemployment.

In general, a reduction in full-time equivalent employees during
the covered period of the PPP loan reduces the loan forgiveness
amount by the same percentage as the percentage reduction in
full-time employees. However, because of the unemployment insurance
benefit enhancements provided by the government, many employers
have complained that their offers of employment (or reemployment)
have been rejected because individuals can earn more on
unemployment than while working. This interim final rule is
designed to protect those employers in such situations.

The interim final rule contemplates a scenario in which the
employer is unable to hire or rehire a sufficient number of
employees during the covered period. Under this new interim rule,
when calculating whether a portion of an employer's PPP loan will
be forgiven, the SBA will not include an individual who rejects an
offer of employment in the headcount calculation of employees not
rehired. In short, the failure to hire or rehire an individual who
rejects an offer will not affect loan forgiveness, if the employer
takes the following steps:

1) Makes a good faith, written offer to rehire such employee (or,
if applicable, restore the reduced hours of such employee) during
the covered period or the alternative payroll covered period;

2) Offers employment for the same salary or wages and same number
of hours as earned by such employee in the last pay period prior to
the separation or reduction in hours, which is rejected;

3) Maintains records documenting the offer and its rejection; and

4) Informs the applicable state unemployment insurance office of
such employee’s rejected offer of reemployment within 30 days of
the employee’s rejection of the offer.

Some states have created (or already had) a mechanism for reporting
an employee's rejection of an offer to rehire, but New York has no
formal mechanism to inform the state of such employment rejection
within 30 days.

Accordingly, if a New York employer wants to maximize the amount of
PPP loan forgiveness, the employer should ensure that its offer of
employment (or reemployment) is in writing. If the offer is
rejected, the employer should work with counsel to prepare a letter
to the New York Department of Labor’s Unemployment Insurance
Office to identify those individuals who rejected written offers of
employment (or reemployment) and include copies of the written
correspondence they sent offering such individuals jobs.

Below are two sample letters:

[ADDRESS FOR LOCAL OFFICE OF STATE UNEMPLOYMENT INSURANCE OFFICE]

To whom it may concern:

Please accept this as notice that [INSERT FULL LEGAL NAME OF
EMPLOYER] (Company) offered [NAME OF EMPLOYEE] employment [or
reemployment] consistent with the terms of the enclosed offer
letter [or email] and on [DATE] [NAME OF EMPLOYEE] rejected the
Company's offer.

If you have any questions or concerns, please do not hesitate to
contact me.

Very truly yours,
[COMPANY REPRESENTATIVE]

-OR-

[ADDRESS FOR LOCAL OFFICE OF STATE UNEMPLOYMENT INSURANCE OFFICE]

To whom it may concern:

Please accept this as notice that [INSERT FULL LEGAL NAME OF
EMPLOYER] (Company) offered the following individuals:

[NAME OF EMPLOYEES] employment [or reemployment] on [DATE] and they
rejected the Company's offer within the last 30 days. Enclosed
please find the copies of the Company's offer letters and the
employees’ rejections of such offers of employment.

If you have any questions or concerns, please do not hesitate to
contact me.

Very truly yours,
[COMPANY REPRESENTATIVE]



[*] How U.S. Oil Companies Prevent Bankruptcy
---------------------------------------------
Tsvetana Paraskova, writing for oilprice.com, said many U.S. shale
firms have cruised through the past couple of years by borrowing
money and drilling new wells, making the United States the world's
top crude oil producer.  The strategy worked for a while,
especially when oil prices were around $60 a barrel.

But this 2020's oil price crash exposed the financial vulnerability
of many U.S. shale companies who are now fighting for survival. All
producers across the U.S. patch pulled back production volumes in
April and May in response to the collapse in prices.    

For some oil and gas firms, reduced capital budgets will not be
enough to save them from defaulting on debt or seeking
restructuring as cash flows are shrinking, while the window of
access to capital markets and new debt remains, for the most part,
closed.

Those firms who choose not to seek (or are not forced to seek)
protection from creditors via Chapter 11 restructuring could look
at other options to avoid bankruptcy, some of which may be a little
unconventional.

Today, unconventional may be an understatement when it comes to
describing the oil industry's state of affairs.  All options --
regardless of how (un)common they are -- are on the table for
struggling oil producers.

Industry consolidation, private equity firms acquiring assets or
distressed companies, banks ending up holding oil and gas assets,
or power utilities buying their providers of energy could be some
of the options that oil firms might consider, Suzy Taherian, who
worked with Exxon and Chevron at the start of her career, writes in
Forbes.

Mergers & Acquisitions Hit By Uncertainty

U.S. shale firms have fewer financing options now than they did in
the 2015-2016 downturn.  Thus could drive consolidation in the
industry with some attractive M&A opportunities emerging, according
to Robert Polk, principal analyst with Wood Mackenzie's U.S.
Corporate Research team, covering Lower 48 independents.

However, the industry isn't launching into a buying spree just yet,
due to the heightened uncertainty and volatility in the oil
market.

The U.S. upstream deal market collapsed in the first quarter of
2020, with all M&A transactions occurring before the oil price
crash in early March, according to the Q1 2020 U.S. Upstream M&A
Review of energy data analytics company Enverus. The largest deals
in Q1 included bankruptcy sales and a royalty deal, Enverus's
analysis showed. There may be opportunities ahead for select buyers
who have access to capital, but the restart of M&As will likely
take place when oil prices stabilize.

In Texas alone, M&A deals plummeted in Q1 with the collapse in oil
prices. The deals dropped off so much so that the energy industry
was not the leading sector in dealmaking in Texas for the first
time in more than 12 years, Claire Poole from The Texas Lawbook
wrote in the Houston Chronicle last month.

Going forward, the international oil majors will be the only
companies left who can afford to buy shale assets at bargain
prices, Boston Consulting Group said in an analysis in April.
However, the current priorities of super majors—preserving cash
and, where possible, dividends--and the uncertainty about the
market recovery would likely mean slow M&A activity in the coming
months. Majors will also be likely looking to scoop top-quality
assets if they consider acquisitions, BCG said.

"Given these constraints, oil and gas deals will be thin on the
ground in the months ahead. Although many billions of dollars of
assets and companies are up for sale, the supply of large,
world-class ones is limited," BCG noted.

Banks Could End Up Managing Oil & Gas Assets

Lenders to the oil and gas industry may choose to refinance loans
to struggling firms with some kind of transaction that converts
debt into equity rather than allowing them to default on debt and
declare bankruptcy, Taherian argues.

According to research firm CreditSights, cited by MarketWatch,
Citigroup, Wells Fargo, Bank of America, and JP Morgan had the
highest amounts of loans outstanding to energy firms as of the end
of 2019. In terms of the percentage of energy loans of all loans,
Goldman Sachs leads the ranking with 11.2 percent.

According to Reuters sources familiar with plans at the banks,
Citigroup, Wells Fargo, Bank of America, and JP Morgan started
working in early April on forming independent companies that would
manage oil and gas assets in case distressed oil firms became
unable to pay back loans. The process could take months, but it
could allow banks to hold to the assets until conditions and oil
prices improve to sell them at fair values, instead of at
fire-sales for pennies on the dollar.

Utilities Acquiring Their Energy Providers

Some distressed energy producers could find their potential saviors
among their utility customers, according to Taherian, who says that
struggling oil and gas firms have approached some utilities looking
for a possible friendly buyer.

This would be an unconventional approach to saving oil firms from
going under, but these days, nothing is off the table when it comes
to the oil industry.

North American Oil Bankruptcies Set To Surge

Meanwhile, between January and May, a total of 18 oil and gas firms
filed for bankruptcy protection in North America – five in Q1 and
13 in the first two months of Q2, law firm Haynes and Boone said in
its latest Oil Patch Bankruptcy Monitor with data to May 31.  

"Lower for longer remains the watchword for producers and their
creditors. It is reasonable to expect that a substantial number of
producers will continue to seek protection from creditors in
bankruptcy even if oil prices recover over the next few months,"
Haynes and Boone said.


[*] Loan Forgiveness Options for Hospitality Employers
------------------------------------------------------
Alexander Bogdan, Glenn Grindlinger, and Carolyn Richmond of Fox
Rothschild LLP wrote on JDSupra an article titled "Hospitality
Employers Get More Options For Loan Forgiveness In Paycheck
Protection Flexibility Act":

The U.S. Senate passed an amendment to the CARES Act on June 3
called the Paycheck Protection Flexibility Act of 2020 (PPFA),
extending the time for employers to use funds received in a
Paycheck Protection Program (PPP) Loan. The House of
representatives had already passed the PPFA and the President is
expected to sign the bill into law. Once enacted, employers,
especially those in the hospitality industry, will have greater
flexibility for using funds received through a PPP loan and an
increased chance to have those loans forgiven. The effective date
of the loan forgiveness provisions of the PPFA is retroactive to
the date of the enactment of the CARES Act, meaning that these
changes to the loan forgiveness requirements will apply to existing
borrowers.

For employers in the hospitality industry and in other industries
where business would not be able to return to business during the
original covered period under the CARES Act, these new amendments
may make a PPP loan more enticing. Employers with existing PPP
loans or who are now considering applying for a PPP loan should
work with counsel to determine how the PPFA will affect their loan
or application.

Key Points of the Paycheck Protection Flexibility Act

The major provisions of the PPFA are as follows:

  * The "covered period" for using funds received under the PPP
loan has been extended from eight weeks after loan origination to
the earlier of (1) 24 weeks after loan origination, or (2) December
31, 2020. The PPFA also extends the deadline for employers to
rehire employees to achieve loan forgiveness from June 30, 2020 to
December 31, 2020. Borrowers who already received a PPP loan may
elect to use either the new definition of "covered period" or the
original period of eight weeks after loan origination set forth in
the CARES Act.

  * The PPFA formally adds an exemption for loan forgiveness based
on employee availability. Small Business Administration guidance on
the PPP program previously stated that employees who refused to
return to work would not be held against an employer in determining
the amount of employees who were rehired for loan forgiveness
purposes. The PPFA has now added an exemption for employers for
both employees who do not return to work and a reduction in the
number of employees that an employer could rehire because of
reduced business activity.

Specifically, this exemption provides that during the period from
February 15, 2020 to December 31, 2020, the amount of loan
forgiveness shall be determined without regard to a proportional
reduction in the number of full-time equivalent employees if a
recipient in good faith:

   (a) Is able to document (i) an inability to rehire individuals
who were employees of the eligible recipient on February 15, 2020;
and (ii) an inability to hire similarly qualified employees for
unfilled positions on or before December 31, 2020; or

   (b) Is able to document an inability to return to the same level
of business activity the business was operating at before February
15, 2020, due to compliance with requirements or guidelines
established or issued by the Secretary of Health and Human
Services, the Director of the Centers for Disease Control and
Prevention or the Occupational Safety and Health Administration
between March 1, 2020 and December 31, 2020 related to maintaining
standards for sanitation, social distancing or any other worker or
safety requirement related to COVID-19.

  * The amount of PPP loan proceeds that can be used on non-payroll
costs and still be forgiven was increased from 25% to 40%.
Employers can now use up to 40% of the PPP loan to pay interest on
any covered mortgage obligation (not including prepayment of or
payment of principal on a covered mortgage obligation), any payment
on a covered rent obligation, or any covered utility payment. The
remaining 60% of the PPP loan must still be used for payroll costs
during the covered period to be eligible for forgiveness of the
loan.

  * Although the payroll expenditure requirement has dropped to 60%
from 75%, under the language of the House bill there is no partial
forgiveness. Borrowers must spend at least 60% on payroll costs or
none of the loan will be forgiven. Under the original text of the
CARES Act, a borrower's loan forgiveness amount would be reduced if
less than 75% of eligible funds are used for payroll costs, but is
not completely eliminated. Senators have suggested that technical
revisions could still be made to the bill to restore the
availability of partial forgiveness.

  * The deferment period for repaying PPP loan has also been
extended. Under the CARES Act, lenders were required to offer
lenders complete payment deferment relief for a period of at least
six months, but no more than one year. The PPFA extends this
deferment obligation to the date on which the amount of loan
forgiveness is determined and such determination is remitted to the
lender. If an eligible borrower does not apply for loan forgiveness
within 10 months after the last day of the covered period, the
borrower must begin repaying the PPP loan within 10 months from the
end of the covered period.

  * The PPFA also removes an exception that was in the CARES Act
that made PPP loan recipients ineligible for payroll tax deferrals
available under the Act. That exception has now been removed from
the CARES Act and PPP loan recipients can now defer payment of a
portions of their payroll taxes until 2021 and 2022.

  * The maturity date of PPP loans was also extended from two years
to five years. This provision applies to all loans made on or after
the date of the PPFA. Lenders and borrowers are allowed to modify
the maturity terms of any existing covered loan to conform to the
new maturity requirements.


[*] More Farmers File for Bankruptcy Protection
-----------------------------------------------
Matthew Weather of Capital Press reports that a survey of court
documents by the Capital Press found during the first quarter of
2020, 170 U.S. family farms filed for Chapter 12 bankruptcy
protection, a part of the law designed specifically for family
farmers.

That's up from 130 for the same period in 2019. Across the country,
595 family farmers sought Chapter 12 protection in 2019, a 46%
increase from 407 in 2015.

An American Farm Bureau Federation Market Intel report showed a
total of 627 Chapter 12 filings during the 12-month period ending
in March 2020, marking five consecutive years of increases. The
incidence of bankruptcies is low, approximately 3 per 10,000 farms,
but the trend is concerning, according to the Farm Bureau’s
national president, Zippy Duvall.

"Each bankruptcy represents a farm in America struggling to survive
or going under, which is both heartbreaking and alarming," Duvall
said in a press release. "Even more concerning, the difficulty
staying afloat is made worse by the pandemic and related shutdowns
as farmers are left with fewer markets for their products and lower
prices for the products they do sell."

The tumultuous trade picture was only made more concerning when the
coronavirus shutdowns came along, experts say.  Most U.S. farmers
depend heavily on trade with Asia and other parts of the world.

"Without doubt financial stress is increasing and a concern but the
key factor is we need to recover fully our international trade,"
said Shannon Neibergs, Washington State University Extension
economist. "And move forward with economic recovery."

A producer files for bankruptcy protection to protect the farm only
after the bank has initiated foreclosure, Neibergs said.

Farmers have several options, according to the Administrative
Office of the U.S. Courts:

  * Chapter 7: This provides a "fresh start" for debtors. It
releases individual debtors from personal liability for most debts
and divides available collateral among lenders and other
creditors.

  * Chapter 11: This provision is typically used to reorganize a
business, which may be a corporation, sole proprietorship or
partnership. Many farms are similarly organized.

  * Chapter 12: Designed for "family farmers" or "family fishermen"
with regular annual income to propose and carry out a plan to repay
all or part of their debts.

  * Chapter 13: The "wage earner's plan" allows individuals with
regular income to develop a plan to repay all or part of their
debts.

If appropriate, Chapter 12 is "significantly advantageous" for
farmers, Neibergs said. "They'll get the most lenient treatment to
reorganize" based on the farm's cash flow, he said. The farm often
survives, he said.

Filing typically occurs when a farmer becomes delinquent on loan
payments, and communication efforts with the lender fail, Neibergs
said. The farmer files to protect collateral from being seized.

Neibergs recommends farmers keep their financial picture in sharp
focus. "They think they know it in their head, but they might be
surprised if they actually put the pencil to it and use the strict
accounting rules (that) farm management ag economists recommend,"
he said. "It might not be as rosy as they think when it's really
put down on paper."

Craig Crider, senior vice president of Northwest Farm Credit
Services, said his company's litigation numbers have declined since
2016.

Crider said farmers should maintain open lines of communication
with banks, providing full financial disclosure to allow the lender
and borrower to consider all possible solutions. Changes to the
current business may be required to return to financial viability,
he said.

"Status quo may not get you there," he said.

The bank offers "streamlined" financing paths, such as disaster
assistance loans and payment deferrals, to help customers caught up
in the COVID-19 pandemic.

"We desire to demonstrate as much flexibility as we possibly can,"
Crider said. "It's in the bank’s best interest to help customers
through financial difficulty."

Now, more than ever, banks should take a "Yes, we can do this"
approach, when working with customers, Crider said. The goal, he
said, is "if at all possible, return the business to viability."

Build a 'war chest' Bankruptcy cases used to be 10% of Toni
Meacham's job as an attorney. In the past few years, they have
risen to half of her caseload.

Meacham is an attorney and rancher in Connell, Washington. She is
also executive director of the Washington State Agriculture Legal
Foundation.

Restructuring under Chapter 11 or 12 allows farmers to "fight
another day," but Meacham says they also need a “war chest” of
cash collateral to be approved.

"That means you don't have to get money from a bank, you have
enough money built up that you can continue to operate — bare
bones operation, but operation nonetheless," she said. "You can’t
restructure if you don’t have the funds to do it."

How big that war chest should be depends on the type of farm and
its budget, she said. "It seems like an oxymoron that a bankrupt
person's got to have cash to file bankruptcy, but you do," she
said.

Brian Newhouse, an accountant in Prosser, Washington, recommends
farmers work with experienced professionals as they navigate the
process.

"A lot of the stress comes from the unknown and the uncertainty,"
he said.

Success might mean negotiating to liquidate the farm to pay off the
bank or creditors. Or it could mean allowing the farm enough time
to change things and pay creditors as they continue to work, he
said.

Newhouse expects more bankruptcies, or more family farms deciding
to get out and sell, in the years ahead.

"It doesn't always end as, 'We get to keep the farm,' Newhouse
said. 'Sometimes it's, We get to exit the farm appropriately."


[*] Rising Interest in Stocks of Bankrupt Companies
---------------------------------------------------
Ethan Wolff-Mann, writing for Yahoo Finance, reports that the
stocks of financially troubled companies are very popular among
many users.

There's been a surge of interest in stocks of companies in
financial trouble, most notably Hertz (HTZ), which filed for
Chapter 11 bankruptcy and was dumped by activist investor Carl
Icahn only to be picked up by many users on Robinhood and other
stock-trading platforms.

The interest in Hertz has been so hot that the company asked and
was granted the right to sell $1 billion in new shares of stock
that are essentially worthless.

"What you're getting right now is this great disconnect between
fundamentals and finance," said Mohamed El-Erian, chief economic
adviser at Allianz, on CNBC. "Take Hertz. A company in a bankruptcy
procedure that saw its share price go up....now they're talking
about issuing stocks, warning investors they may be worthless."

On June 9, Hertz opened at $3.37 and saw highs and lows of $6.25
and $3.09, respectively, which represent massive swings over 80%.
The whole week was like this, with moments during the day where the
stock was up or down to a huge degree. Even on June 11, the
flattest day for the stock, there were moments when the stock was
up 7%.

Hertz isn't the only stock like this; J.C. Penney, which is also in
Chapter 11, and other risky companies, like Chesapeake Energy (CHK)
have also had wild rides in the market of late. Chesapeake shares
went from the low teens on June 4 to a session high of $77.50 on
June 8 (around a 397% gain), finishing the week at just under $20.


Many see the trend as part of the narrative of retail traders,
bored from a lack of sports and betting — potentially armed with
stimulus money — to use the stock market as a casino.

"With the volatility, it is kind of like watching a sports game,"
Barstool Sports' Dave Portnoy, who has become a day trader,
recently told Bloomberg.

The latest trend of investing in bankrupt and otherwise distressed
companies is standard day-trading on steroids. These investors
appear not to be looking for long-term gains, but rather the chance
that they will be on the winning side of wild volatility. In other
words, they are speculating.

According to Robintrack, Hertz has been an especially hot stock for
Robinhood users. Over the past week, the company has been the No. 2
most popular stock in portfolios. Only electric car company Nikola
(NKLA) has seen a bigger surge. While J.C. Penney has been
unavailable.

Robinhood users may love mega cap stocks like Apple (AAPL) and
Amazon (AMZN), but they’ve also consistently shown interest in
stocks with low prices, like Ford (F) and GE (GE), which are
currently the top two on the company’s popularity board. GoPro
(GPRO) is also in the top 10. Hexo (HEXO), which is almost a penny
stock at a dollar per share, is currently in more portfolios than
Amazon (AMZN). The lower the price, the easier to trade.

"Clearly there's some speculative fever going on right now," said
Kathy Jones, Charles Schwab's chief fixed income strategist. "Money
is cheap trading is cheap, and this is what they're doing."

Very risky business

A huge profit in a day or week is sweet, but the volatility swings
both ways, and just like how the house always wins, bankrupt
companies often end with a loss — because they are literally
bankrupt and have no money.

There's a reason why bankrupt companies aren’t worth much, and
whoever ends up holding the bag may not want to. For those who are
looking for a piece of a bankrupt company, investors are the last
in line for any remaining asset value — everyone gets paid back
before them when a company goes bust.

While the rewards are easily imaginable when you see big swings,
the risk isn't. Unlike a roulette wheel, there is no obvious
measure of risk/reward. On the other hand, for someone who is using
the market in lieu of the casino — say, for small amounts —
maybe that’s not a bug.





[^] BOND PRICING: For the Week from July 6 to 10, 2020
------------------------------------------------------
  Company                    Ticker  Coupon Bid Price   Maturity
  -------                    ------  ------ ---------   --------
24 Hour Fitness Worldwide    HRFITW   8.000     0.500   6/1/2022
24 Hour Fitness Worldwide    HRFITW   8.000     0.888   6/1/2022
AMC Entertainment Holdings   AMC      5.750    29.205  6/15/2025
Ahern Rentals Inc            AHEREN   7.375    47.245  5/15/2023
Ahern Rentals Inc            AHEREN   7.375    47.811  5/15/2023
America West Airlines
  2001-1 Pass Through Trust  AAL      7.100    86.000   4/2/2021
American Airlines 2011-1
  Class A Pass
  Through Trust              AAL      5.250    83.945  1/31/2021
American Airlines 2013-1
  Class B Pass
  Through Trust              AAL      5.625    86.063  1/15/2021
American Airlines Group      AAL      5.000    53.145   6/1/2022
American Airlines Group      AAL      5.000    52.481   6/1/2022
American Energy- Permian
  Basin LLC                  AMEPER  12.000     1.750  10/1/2024
American Energy- Permian
  Basin LLC                  AMEPER  12.000     1.500  10/1/2024
American Energy- Permian
  Basin LLC                  AMEPER  12.000     1.500  10/1/2024
BPZ Resources Inc            BPZR     6.500     3.017   3/1/2049
Basic Energy Services Inc    BASX    10.750    11.500 10/15/2023
Basic Energy Services Inc    BASX    10.750    11.248 10/15/2023
Bon-Ton Department Stores    BONT     8.000     9.487  6/15/2021
Briggs & Stratton Corp       BGG      6.875    32.169 12/15/2020
Bristow Group Inc/old        BRS      6.250     5.795 10/15/2022
Bristow Group Inc/old        BRS      4.500     5.750   6/1/2023
Bruin E&P Partners LLC       BRUINE   8.875     1.591   8/1/2023
Bruin E&P Partners LLC       BRUINE   8.875     1.824   8/1/2023
Buffalo Thunder
  Development Authority      BUFLO   11.000    50.125  12/9/2022
CBL & Associates LP          CBL      5.250    30.250  12/1/2023
CBL & Associates LP          CBL      4.600    27.481 10/15/2024
CEC Entertainment Inc        CEC      8.000    12.250  2/15/2022
CSI Compressco LP / CSI
  Compressco Finance Inc     CCLP     7.250    50.381  8/15/2022
Calfrac Holdings LP          CFWCN    8.500     7.448  6/15/2026
Calfrac Holdings LP          CFWCN    8.500     6.896  6/15/2026
California Resources Corp    CRC      8.000     2.902 12/15/2022
California Resources Corp    CRC      6.000     0.328 11/15/2024
California Resources Corp    CRC      8.000     2.866 12/15/2022
California Resources Corp    CRC      5.500     1.960  9/15/2021
California Resources Corp    CRC      6.000     1.374 11/15/2024
Callon Petroleum Co          CPE      6.250    32.791  4/15/2023
Callon Petroleum Co          CPE      6.125    29.356  10/1/2024
Callon Petroleum Co          CPE      8.250    30.371  7/15/2025
Callon Petroleum Co          CPE      6.125    28.504  10/1/2024
Callon Petroleum Co          CPE      6.125    28.504  10/1/2024
Chaparral Energy Inc         CHAP     8.750    16.000  7/15/2023
Chaparral Energy Inc         CHAP     8.750     8.596  7/15/2023
Chesapeake Energy Corp       CHK     11.500    10.715   1/1/2025
Chesapeake Energy Corp       CHK      5.500     3.688  9/15/2026
Chesapeake Energy Corp       CHK     11.500    10.750   1/1/2025
Chesapeake Energy Corp       CHK      7.000     2.820  10/1/2024
Chesapeake Energy Corp       CHK      8.000     3.688  6/15/2027
Chesapeake Energy Corp       CHK      8.000     3.625  1/15/2025
Chesapeake Energy Corp       CHK      5.750     3.141  3/15/2023
Chesapeake Energy Corp       CHK      4.875     4.172  4/15/2022
Chesapeake Energy Corp       CHK      7.500     2.856  10/1/2026
Chesapeake Energy Corp       CHK      8.000     3.500  3/15/2026
Chesapeake Energy Corp       CHK      8.000     3.450  3/15/2026
Chesapeake Energy Corp       CHK      8.000     3.364  1/15/2025
Chesapeake Energy Corp       CHK      8.000     3.465  6/15/2027
Chesapeake Energy Corp       CHK      8.000     3.465  6/15/2027
Chesapeake Energy Corp       CHK      8.000     3.450  3/15/2026
Chesapeake Energy Corp       CHK      8.000     3.364  1/15/2025
Citigroup Inc                C        5.950    94.515       N/A
Dean Foods Co                DF       6.500     2.250  3/15/2023
Dean Foods Co                DF       6.500     1.996  3/15/2023
Denbury Resources Inc        DNR      9.000    42.249  5/15/2021
Denbury Resources Inc        DNR      6.375    10.000 12/31/2024
Denbury Resources Inc        DNR      7.750    41.731  2/15/2024
Denbury Resources Inc        DNR      5.500     1.035   5/1/2022
Denbury Resources Inc        DNR      4.625     0.896  7/15/2023
Denbury Resources Inc        DNR      9.000    42.065  5/15/2021
Denbury Resources Inc        DNR      9.250    41.727  3/31/2022
Denbury Resources Inc        DNR      6.375     3.000  8/15/2021
Denbury Resources Inc        DNR      7.750    40.416  2/15/2024
Denbury Resources Inc        DNR      9.250    40.531  3/31/2022
Denbury Resources Inc        DNR      7.500    44.000  2/15/2024
Denbury Resources Inc        DNR      7.500    39.204  2/15/2024
Diamond Offshore Drilling    DOFSQ    7.875    12.250  8/15/2025
Diamond Offshore Drilling    DOFSQ    5.700    12.250 10/15/2039
Diamond Offshore Drilling    DOFSQ    4.875    12.250  11/1/2043
Diamond Offshore Drilling    DOFSQ    3.450    12.250  11/1/2023
ENSCO International Inc      VAL      7.200    12.690 11/15/2027
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   7.750    25.000  5/15/2026
EP Energy LLC / Everest
  Acquisition Finance Inc    EPENEG   7.750    24.041  5/15/2026
Eldorado Resorts Inc         ERI      6.000   109.028  9/15/2026
EnLink Midstream Partners    ENLK     6.000    36.050       N/A
Energy Conversion Devices    ENER     3.000     7.875  6/15/2013
Energy Future Competitive
  Holdings Co LLC            TXU      1.068     0.072  1/30/2037
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    21.512  7/15/2023
Exela Intermediate LLC /
  Exela Finance Inc          EXLINT  10.000    21.580  7/15/2023
Extraction Oil & Gas Inc     XOG      7.375    20.000  5/15/2024
Extraction Oil & Gas Inc     XOG      5.625    19.065   2/1/2026
Extraction Oil & Gas Inc     XOG      5.625     8.700   2/1/2026
Extraction Oil & Gas Inc     XOG      7.375    16.050  5/15/2024
FTS International Inc        FTSINT   6.250    27.722   5/1/2022
Federal Farm Credit Banks
  Funding Corp               FFCB     1.050    99.343  4/13/2023
Federal Home Loan
  Mortgage Corp              FHLMC    1.050    99.411  4/13/2022
Federal National
  Mortgage Association       FNMA     1.350    99.440  7/13/2020
Fleetwood Enterprises Inc    FLTW    14.000     3.557 12/15/2011
Forum Energy Technologies    FET      6.250    41.524  10/1/2021
Frontier Communications      FTR     10.500    33.750  9/15/2022
Frontier Communications      FTR      6.875    29.500  1/15/2025
Frontier Communications      FTR      7.125    29.750  1/15/2023
Frontier Communications      FTR      7.625    32.250  4/15/2024
Frontier Communications      FTR      8.750    33.625  4/15/2022
Frontier Communications      FTR      6.250    35.250  9/15/2021
Frontier Communications      FTR      9.250    31.750   7/1/2021
Frontier Communications      FTR     11.000    33.637  9/15/2025
Frontier Communications      FTR     10.500    33.867  9/15/2022
Frontier Communications      FTR     11.000    33.637  9/15/2025
Frontier Communications      FTR     10.500    33.867  9/15/2022
Frontier Communications      FTR     11.000    34.000  9/15/2025
Frontier Communications      FTR      7.875    31.000  1/15/2027
GameStop Corp                GME      6.750    82.658  3/15/2021
General Electric Co          GE       5.000    78.250       N/A
General Electric Co          GE       4.050    99.806  7/15/2020
General Electric Co          GE       3.900    99.867  7/15/2020
Global Eagle Entertainment   ENT      2.750     6.299  2/15/2035
Goodman Networks Inc         GOODNT   8.000    19.875  5/11/2022
Great Western Bancorp Inc    GWB      4.875    93.916  8/15/2025
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST   9.000    59.885  9/30/2021
Great Western Petroleum
  LLC / Great Western
  Finance Corp               GRTWST   9.000    61.856  9/30/2021
Grizzly Energy LLC           VNR      9.000     6.000  2/15/2024
Grizzly Energy LLC           VNR      9.000     6.000  2/15/2024
Guitar Center Inc            GTRC     9.500    71.729 10/15/2021
Guitar Center Inc            GTRC     9.500    72.765 10/15/2021
Hertz Corp/The               HTZ      6.250    39.000 10/15/2022
Hertz Corp/The               HTZ      7.000    22.988  1/15/2028
Hi-Crush Inc                 HCR      9.500    10.643   8/1/2026
Hi-Crush Inc                 HCR      9.500    10.963   8/1/2026
High Ridge Brands Co         HIRIDG   8.875     2.000  3/15/2025
High Ridge Brands Co         HIRIDG   8.875     2.000  3/15/2025
HighPoint Operating Corp     HPR      7.000    22.384 10/15/2022
HighPoint Operating Corp     HPR      8.750    34.592  6/15/2025
International Wire Group     ITWG    10.750    79.649   8/1/2021
International Wire Group     ITWG    10.750    79.649   8/1/2021
J Crew Brand LLC / J Crew
  Brand Corp                 JCREWB  13.000    50.500  9/15/2021
JC Penney Corp Inc           JCP      6.375     0.500 10/15/2036
JC Penney Corp Inc           JCP      7.625     0.750   3/1/2097
JC Penney Corp Inc           JCP      7.400     0.750   4/1/2037
JC Penney Corp Inc           JCP      5.875    38.970   7/1/2023
JC Penney Corp Inc           JCP      5.650     2.125   6/1/2020
JC Penney Corp Inc           JCP      8.625     2.000  3/15/2025
JC Penney Corp Inc           JCP      8.625     2.500  3/15/2025
JC Penney Corp Inc           JCP      5.875    32.000   7/1/2023
JC Penney Corp Inc           JCP      7.125     0.726 11/15/2023
JC Penney Corp Inc           JCP      6.900     0.511  8/15/2026
Jonah Energy LLC / Jonah
  Energy Finance Corp        JONAHE   7.250    19.566 10/15/2025
Jonah Energy LLC / Jonah
  Energy Finance Corp        JONAHE   7.250    16.243 10/15/2025
K Hovnanian Enterprises Inc  HOV     10.500    41.000  7/15/2024
K Hovnanian Enterprises Inc  HOV      5.000    10.967   2/1/2040
K Hovnanian Enterprises Inc  HOV     10.500    45.000  7/15/2024
K Hovnanian Enterprises Inc  HOV      5.000    10.967   2/1/2040
LSC Communications Inc       LKSD     8.750     9.000 10/15/2023
LSC Communications Inc       LKSD     8.750     2.875 10/15/2023
Lexicon Pharmaceuticals Inc  LXRX     5.250    63.148  12/1/2021
Liberty Media Corp           LMCA     2.250    48.000  9/30/2046
Lonestar Resources America   LONE    11.250    10.349   1/1/2023
Lonestar Resources America   LONE    11.250    10.204   1/1/2023
MAI Holdings Inc             MAIHLD   9.500    16.029   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    16.029   6/1/2023
MAI Holdings Inc             MAIHLD   9.500    16.029   6/1/2023
MF Global Holdings Ltd       MF       9.000    15.625  6/20/2038
MF Global Holdings Ltd       MF       6.750    15.625   8/8/2016
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    79.254  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    79.920  2/15/2021
Martin Midstream Partners
  LP / Martin Midstream
  Finance Corp               MMLP     7.250    79.920  2/15/2021
Mashantucket Western
  Pequot Tribe               MASHTU   7.350    15.778   7/1/2026
McClatchy Co/The             MNIQQ    6.875     2.500  3/15/2029
McClatchy Co/The             MNIQQ    6.875     1.611  7/15/2031
McClatchy Co/The             MNIQQ    7.150     1.559  11/1/2027
Men's Wearhouse Inc/The      TLRD     7.000     1.017   7/1/2022
Men's Wearhouse Inc/The      TLRD     7.000     1.971   7/1/2022
Murray Energy Corp           MURREN  12.000     0.635  4/15/2024
Murray Energy Corp           MURREN  12.000     0.635  4/15/2024
NWH Escrow Corp              HARDWD   7.500    53.250   8/1/2021
NWH Escrow Corp              HARDWD   7.500    53.250   8/1/2021
Nabors Industries Inc        NBR      0.750    32.750  1/15/2024
Neiman Marcus Group LLC/The  NMG      7.125     8.100   6/1/2028
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG     14.000    29.500  4/25/2024
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.000     7.000 10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.750     3.312 10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.000     6.964 10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG      8.750     5.220 10/25/2024
Neiman Marcus Group
  LTD LLC / Neiman Marcus
  Group LLC / Mariposa
  Borrower / NMG             NMG     14.000    29.033  4/25/2024
Neiman Marcus Group Ltd LLC  NMG      8.000    57.248 10/15/2021
Neiman Marcus Group Ltd LLC  NMG      8.750    53.625 10/15/2021
Neiman Marcus Group Ltd LLC  NMG      8.000    57.248 10/15/2021
Neiman Marcus Group Ltd LLC  NMG      8.750    53.625 10/15/2021
Northwest Hardwoods Inc      HARDWD   7.500    35.000   8/1/2021
Northwest Hardwoods Inc      HARDWD   7.500    34.665   8/1/2021
OMX Timber Finance
  Investments II LLC         OMX      5.540     1.660  1/29/2020
Oasis Petroleum Inc          OAS      6.875    15.649  3/15/2022
Oasis Petroleum Inc          OAS      6.875    16.776  1/15/2023
Oasis Petroleum Inc          OAS      2.625    11.000  9/15/2023
Oasis Petroleum Inc          OAS      6.250    17.600   5/1/2026
Oasis Petroleum Inc          OAS      6.500    16.550  11/1/2021
Oasis Petroleum Inc          OAS      6.250    17.489   5/1/2026
Omnimax International Inc    EURAMX  12.000    82.250  8/15/2020
Omnimax International Inc    EURAMX  12.000    82.308  8/15/2020
Optimas OE Solutions
  Holding LLC / Optimas OE
  Solutions Inc              OPTOES   8.625    50.500   6/1/2021
Optimas OE Solutions
  Holding LLC / Optimas OE
  Solutions Inc              OPTOES   8.625    50.013   6/1/2021
PDC Energy Inc               PDCE     6.250    84.196  12/1/2025
PHH Corp                     PHH      6.375    59.895  8/15/2021
Party City Holdings Inc      PRTY     6.625    18.960   8/1/2026
Party City Holdings Inc      PRTY     6.125    15.432  8/15/2023
Party City Holdings Inc      PRTY     6.625    19.531   8/1/2026
Party City Holdings Inc      PRTY     6.125    16.907  8/15/2023
Pride International LLC      VAL      7.875     6.537  8/15/2040
Pyxus International Inc      PYX      9.875     5.250  7/15/2021
Pyxus International Inc      PYX      9.875     5.118  7/15/2021
Pyxus International Inc      PYX      9.875     5.118  7/15/2021
Renco Metals Inc             RENCO   11.500    24.875   7/1/2003
Revlon Consumer
  Products Corp              REV      5.750    61.035  2/15/2021
Revlon Consumer
  Products Corp              REV      6.250    20.633   8/1/2024
Rolta LLC                    RLTAIN  10.750     6.361  5/16/2018
SESI LLC                     SPN      7.125    39.983 12/15/2021
SESI LLC                     SPN      7.125    33.737 12/15/2021
SESI LLC                     SPN      7.750    35.862  9/15/2024
SanDisk LLC                  SNDK     0.500    84.746 10/15/2020
Sears Holdings Corp          SHLD     6.625     9.000 10/15/2018
Sears Holdings Corp          SHLD     8.000     1.175 12/15/2019
Sears Holdings Corp          SHLD     6.625     8.355 10/15/2018
Sears Roebuck
  Acceptance Corp            SHLD     7.500     1.106 10/15/2027
Sears Roebuck
  Acceptance Corp            SHLD     6.750     1.236  1/15/2028
Sears Roebuck
  Acceptance Corp            SHLD     6.500     0.652  12/1/2028
Sears Roebuck
  Acceptance Corp            SHLD     7.000     1.013   6/1/2032
Sempra Texas Holdings Corp   TXU      5.550    13.500 11/15/2014
Summit Midstream Partners    SMLP     9.500    14.875       N/A
Tapstone Energy LLC /
  Tapstone Energy
  Finance Corp               TAPENE   9.750     0.685   6/1/2022
Tapstone Energy LLC /
  Tapstone Energy
  Finance Corp               TAPENE   9.750     0.685   6/1/2022
Teligent Inc/NJ              TLGT     4.750    39.103   5/1/2023
TerraVia Holdings Inc        TVIA     5.000     4.644  10/1/2019
Tesla Energy
  Operations Inc/DE          TSLAEN   3.600    95.761   8/6/2020
Transworld Systems Inc       TSIACQ   9.500    26.827  8/15/2021
Tupperware Brands Corp       TUP      4.750    64.929   6/1/2021
Tupperware Brands Corp       TUP      4.750    65.967   6/1/2021
Tupperware Brands Corp       TUP      4.750    65.967   6/1/2021
Ultra Resources Inc/US       UPL     11.000     5.500  7/12/2024
Ultra Resources Inc/US       UPL      7.125     0.250  4/15/2025
Ultra Resources Inc/US       UPL      7.125     0.976  4/15/2025
Unit Corp                    UNTUS    6.625    13.750  5/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co   VAHLLC   8.500    74.197  8/15/2021
Voyager Aviation Holdings
  LLC / Voyager Finance Co   VAHLLC   8.500    74.579  8/15/2021
Whiting Petroleum Corp       WLL      5.750    16.625  3/15/2021
Whiting Petroleum Corp       WLL      6.625    16.750  1/15/2026
Whiting Petroleum Corp       WLL      6.250    16.000   4/1/2023
Whiting Petroleum Corp       WLL      6.625     6.750  1/15/2026
Whiting Petroleum Corp       WLL      6.625    16.567  1/15/2026
Windstream Services LLC /
  Windstream Finance Corp    WIN      9.000     4.738  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN     10.500     5.000  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      7.500     5.000   6/1/2022
Windstream Services LLC /
  Windstream Finance Corp    WIN      8.750     5.000 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      6.375     5.000   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN      6.375     4.694   8/1/2023
Windstream Services LLC /
  Windstream Finance Corp    WIN      9.000     4.666  6/30/2025
Windstream Services LLC /
  Windstream Finance Corp    WIN      8.750     2.350 12/15/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN     10.500     4.720  6/30/2024
Windstream Services LLC /
  Windstream Finance Corp    WIN      7.750     2.018  10/1/2021



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***