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

              Tuesday, July 14, 2020, Vol. 24, No. 195

                            Headlines

24 HOUR FITNESS: In Chapter 11 to Shutter 100 of 400 Gyms
AKORN INC: Committee Hires Jenner & Block as Counsel
AKORN INC: Committee Hires Saul Ewing as Co-Counsel
ALION SCIENCE: Moody's Raises CFR to B1, Outlook Stable
ALION SCIENCE: S&P Raises ICR to B+ on Refinancing; Outlook Stable

ALPHA KING ELECTRIC: Seeks to Hire Moster Law as Counsel
AMERICAN AIRLINES: Stops HQ Upgrades to Cut Costs
AMERICAN EAGLE: S&P Lowers Ratings on 2018 Bonds to 'D(sf)'
AMERICORE HOLDINGS: Creditor Offers Plan to Take Control
AMERICORE HOLDINGS: Lender Third Friday Proposes Plan

AMPLE HILLS: Schmitt Industries Acquires Ice Cream Business
AMYNTA AGENCY: Moody's Withdraws Caa2 Rating on 2nd Lien Loan
ANDES INDUSTRIES: July 28 Hearing on Disclosure Statement
ARADIGM CORP: Confirmed Plan Has June 29, 2020 Effective Date
ARIA ENERGY: S&P Affirms 'B+' ICR on Improved Financial Outlook

ATHENAHEALTH INC: Fitch Affirms B+ LongTerm IDR, Outlook Stable
AUDIOEYE INC: Has $1.7MM Net Loss for the Quarter Ended March 31
AVMED INC: A.M. Best Affirms C++(Marginal) Finc.'l Strength Rating
BARKATH PROPERTIES: Court Approves Disclosure Statement
BASANITE INC: Needs More Financing to Continue as a Going Concern

BERGIO INTERNATIONAL: BF Borgers CPA PC Raises Going Concern Doubt
BIOCORRX INC: Net Losses Since Inception Cast Going Concern Doubt
BIOPLAN USA: S&P Downgrades ICR to 'CCC' on Elevated Liquidity
BLACK RIDGE: Amends Sept. 30 Form 10Q, Posts $11.2M Net Income
BLUE RACER: Fitch Withdraws BB- Rating on Cancelled 2025 Notes

BROOKS BROTHERS: July 15 Deadline Set for Committee Questionnaires
CHRIST THE CORNERSTONE: Plan to Pay Claims in Full in 10 Years
CLEVELAND BIOLABS: Incurs $602,000 Net Loss for March 31 Quarter
COASTAL INTERNATIONAL: Unsecureds to Have 3.25% Recovery in Plan
COLT V. LLC: Plan and Disclosures Due Sept. 9

COSMOS HOLDINGS: Has $627K Comprehensive Loss for March 31 Quarter
CP#1109 LLC: Court Conditionally Approves Disclosure Statement
CTE 1 LLC: July 23 Hearing on Plan and Disclosures
CUSTOM TRUCK: S&P Alters Outlook to Negative, Affirms 'B+' ICR
DATABASEUSA.COM: 8th Circuit Affirms Infogroup Judgment

DIAMOND PERFECTION: Court Conditionally Approves Disclosures
DINKEL FAMILY: Hires Sherman Sherman as Special Counsel
DIOCESE OF BUFFALO: Hires Chelus Herdzik as Special Counsel
DIXON PAVING: Asks to Defer Plan Filing Deadline to Aug. 14
DPW HOLDINGS: Stockholders Pass All Proposals at Special Meeting

EDWARD DON & CO: S&P Affirms 'B-' ICR on Slight Demand Improvement
ENTREC CORP: Starts Looking for Buyers of Subsidiaries
ENVIRO-SAFE REFRIGERANTS: Aug. 11 Hearing on Amended Disclosures
ETHEMA HEALTH: Incurs $15 Million Net Loss in 2019
EXTRACTION OIL: In Chapter 11 Due to Low Consumption, Prices

EXTRACTION OIL: In Chapter 11 With $125M Financing
FLEXPOINT SENSOR: Has $255,000 Net Loss for March 31 Quarter
FLINT HILLS: Permanently Closes Georgia Ethanol Plant
FOCUS UNIVERSAL: Has $922,000 Net Loss for Quarter Ended March 31
FREEDOM COMMUNICATIONS: July 15 Hearing on Plan Disclosures

GARDEN FRESH: Liquidating All Assets Under Chapter 7
GLOBAL HEALTHCARE: Posts $892K Net Loss in 2019
GNC HOLDINGS: Hires Young Conaway as Co-Counsel
GRAY LAND: Bank Plan Okayed; Critical Point Named Plan Agent
GREEN VISION: Has $1.4M Net Loss for the Year Ended Dec. 31, 2018

GREEN4ALL ENERGY: Hires Chamberlain & Henningfield as Accountant
HAGUE TEXTILES: Unsecureds to Recover 20% in Bootstrap Plan
HARRAH WHITES: Unsecured Creditors to Recover 100% in Plan
HI-CRUSH INC: Case Summary & 30 Largest Unsecured Creditors
ICONIC BRANDS: Has $838,000 Net Loss for Quarter Ended March 31

ICORECONNECT INC: Incurs $780,000 Net Loss for March 31 Quarter
IMH FINANCIAL: Has $4.0M Net Loss for the Quarter Ended March 31
INTERACTIVE HEALTH: Files for Chapter 7 Liquidation
J.C. PENNEY: Simon Property, Brookfield Might Submit Bid
JAZZ IT UP: Unsecureds to Get Pro Rata of Cash From Plan Trust

JOY ENTERPRISES: No Payouts to Unsecureds in First 48 Months
K & L TRAILER: Seeks to Hire Gentry Tipton as Attorney
KAIROS HOMES: Aug. 27 Hearing on Plan & Disclosure Statement
LICK INDUSTRIES: Plan Disclosures Have Preliminary Approval
LIVE PRIMARY: Voluntary Chapter 11 Case Summary

MIDLAND CREDIT: Cabrales Sues over Debt Collection Practices
NORDSTROM: Closes 16 Stores, Atlanta Not Included
NORTH VALLEY DERMATOLOGY: Proceeds in Chapter 7 Liquidation
NWPA PIZZA: Fails to Pay Minimum Wage, Chludzinski Claims
OCULUS SKIN: Case Summary & 5 Unsecured Creditors

PAPA MERCHANT: Faces Alleman Suit Over Unpaid Overtime
PATSY MCGIRL: Seeks to Hire Mueller Pye as Accountant
PEABODY ENERGY: S&P Downgrades ICR to 'B' on Weak Credit Measures
PETERSEN-DEAN: Files for Chapter 11 Bankruptcy
PROTEUS DIGITAL: Smart Pill Maker Ends Up in Bankruptcy

PYXUS INT'L: In Chapter 11 With Prepackaged Plan
RENNOVA HEALTH: Issues 22K Convertible Shares to Former Director
RGIS SERVICES: Moody's Assigns Caa1 CFR, Outlook Negative
ROCKY MOUNTAIN: Seeks to Hire Gordon Mosley as Attorney
RTW RETAILWINDS: Case Summary & 20 Largest Unsecured Creditors

SALUBRIO LLC: Seeks to Hire Bridgehead as Consultant
SANUWAVE HEALTH: Has $3.01M Net Loss for Quarter Ended March 31
SKILLSOFT CORP: Unsecureds to Recover 100% in Deal With Lenders
SONADOR CAPITAL: Seeks to Hire Hilco as Real Estate Agent
SONOMA PHARMACEUTICALS: Incurs $2.95-Mil. Net Loss in Fiscal 2020

SOUTHERN GENERAL: A.M. Best Hikes Finc'l Strength Rating to B/Fair
STAR PETROLEUM: Opposes Bautista Cayman Bid to Delay Plan
STHEALTH CAPITAL: Says Substantial Going Concern Doubt Exists
SUNDANCE ENERGY: Deloitte & Touche Raises Going Concern Doubt
THEE TREE HOUSE: Unsecureds to be Paid in Full

TUPPERWARE BRANDS: Retires $97.6M of Outstanding 4.750% Sr Notes
TUPPERWARE BRANDS: S&P Raises ICR to 'CCC-'; Outlook Developing
ULTRA PETROLEUM: Seeks to Hire Brown Rudnick as Co-Counsel
UNITED AIRLINES: S&P Lowers ICR to 'B+' on Steep Demand Decline
Updated Provider Relief Payment Reporting Requirements

V.S. INVESTMENT: Hires Windermere as Real Estate Agent
VERITAS FARMS: Incurs $2.3 Million Net Loss in First Quarter
VIVUS INC: July 17 Deadline Set for Committee Questionnaires
WESTON INSURANCE: A.M. Best Keeps B(Fair) FSR Under Review
X-TREME BULLETS: July 22 Hearing on Disclosure Statement

YRC WORLDWIDE: S&P Upgrades ICR to 'CCC+' on Improved Liquidity
[*] Bankruptcies, Batteries and the Future of Renewable Energy
[*] Hawaii Baknkruptcies Drop in June Due to Federal Loan Program
[*] Hurdles Faced by Hotels in Avoiding Default During Pandemic
[*] Liens Pass Thru Bankruptcy Even if Claim Is Disallowed

[*] Major Changes to the PPP (Updated)
[*] Small Biz. Ch. 11 Solution for Adverse PPP Loan Outcomes
[*] Updates to PPP After the New SBA Guidance
[^] Large Companies with Insolvent Balance Sheet

                            *********

24 HOUR FITNESS: In Chapter 11 to Shutter 100 of 400 Gyms
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CNN reports that the national gym chain 24 Hour Fitness company
filed for bankruptcy, announcing plans to close 100 gyms
permanently in 14 states.

About 300 of the 24 Hour Fitness clubs will remain as the company
comes of out of bankruptcy.  The pandemic forced its workout
centers shut for months.

"If it were not for Covid-19 and its devastating effects, we would
not be filing for Chapter 11," CEO Tony Ueber said. "We expect to
have substantial financing with a path to restructuring our balance
sheet and operations to ensure a resilient future."

Competitor Gold's Gym filed for bankruptcy in May in the wake of
rapidly changing business conditions.

Because of coronavirus, there has been a surge of in-home fitness
alternatives like Peloton, while others have been choosing
lower-cost alternatives like Planet Fitness.

The pandemic has convinced others to choose boutique studio classes
like Orange Theory instead.

                       About 24 Hour Fitness

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.


AKORN INC: Committee Hires Jenner & Block as Counsel
----------------------------------------------------
The Official Committee of Unsecured Creditors of Akorn, Inc., and
its debtor-affiliates, seeks authorization from the U.S. Bankruptcy
Court for the District of Delaware to retain Jenner & Block LLP, as
counsel to the Committee.

The Committee requires Jenner & Block to:

   a. provide legal advice regarding the Committee's
      organization, duties, and powers in these cases; assist the
      Committee and represent it in the preparation of motions,
      applications, objections, notices, orders and other
      documents necessary in the discharge of the Committee's
      duties;

   b. evaluate and participate in the Debtors' restructuring
      process to ensure such process proceeds in the most
      efficient manner to maximize recoveries to the unsecured
      creditors;

   c. assist the Committee in its investigation of the acts,
      conduct, assets, liabilities, and financial condition of
      the Debtors and participating in and reviewing any proposed
      asset sales or dispositions, and any other matters relevant
      to these cases;

   d. attend meetings of the Committee and meetings with the
      Debtors and secured creditors, and their attorneys and
      other professionals, and participating in negotiations with
      these parties, as requested by the Committee;

   e. take all necessary action to protect and preserve the
      interests of the Committee, including possible prosecution
      of actions on its behalf and investigations concerning
      litigation in which the Debtors are involved;

   f. assist the Committee in the review, analysis, and
      negotiation of any financing or proposed use of cash
      collateral;

   g. assist the Committee with respect to communications with
      the general unsecured creditor body about significant
      matters in these cases;

   h. review and analyze claims filed against the Debtors'
      estates;

   i. represent the Committee in hearings before the Court,
      appellate courts, and other courts in which matters may be
      heard, and representing the interests of the Committee
      before those courts and before the U.S. Trustee;

   j. assist the Committee in preparing all necessary motions,
      applications, responses, reports, and other pleadings in
      connection with the administration of these cases;

   k. assist the Committee in the review, formulation, analysis,
      and negotiation of any chapter 11 plan(s) and accompanying
      disclosure statement(s) that have been or may be filed; and

   l. provide such other legal assistance as the Committee may
      deem necessary and appropriate.

Jenner & Block will be paid at these hourly rates:

     Partners                     $650 to $1,400
     Counsel                      $600 to $1,300
     Associates                   $510 to $880
     Staff Attorneys              $440 to $525
     Discovery Attorneys          $265 to $275
     Paraprofessionals            $230 to $400

Jenner & Block 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:

     a. Jenner & Block did not agree to any variations from, or
        alternatives to, its standard or customary billing
        arrangements for this engagement.

     b. None of the professionals included in this engagement
        vary their rate based on the geographic location of the
        bankruptcy case.

     c. Jenner & Block has not represented the Committee in the
        12 months prepetition.

     d. Jenner & Block and the Committee are currently in the
        process of formulating a budget and staffing plan,
        recognizing that in the course of large cases like
        these chapter 11 cases, it is highly likely that there
        may be a number of unforeseen circumstances that will
        need to be addressed by the Committee and its counsel
        giving rise to additional fees and expenses.

Catherine L. Steege, partner of Jenner & Block 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 (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Jenner & Block can be reached at:

     Catherine L. Steege, Esq.
     JENNER & BLOCK LLP
     353 North Clark Street
     Chicago, IL 60654.
     Tel: (312) 222-9350

                       About Akorn, Inc.

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

Akorn, Inc., and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-11178) on May 20, 2020. As of
March 31, 2020, Debtors disclosed total assets of $1,032,275,000
and total liabilities of $1,051,769,000.

Judge John T. Dorsey oversees the cases.

Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as their general bankruptcy counsel. Richards,
Layton & Finger, P.A., is Debtors' local counsel. AlixPartners,
LLP, serves as the Debtors' restructuring advisor while PJT
Partners LP is the financial advisor and investment banker.
Kurtzman Carson Consultants, LLC, is the notice and claims agent.

The U.S. Trustee for Region 3 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Akorn Inc. and its
affiliates.  The Committee retained Jenner & Block LLP, as counsel;
Saul Ewing Arnstein & Lehr LLP, as co-counsel; Huron Consulting
Services LLC, as financial advisors.



AKORN INC: Committee Hires Saul Ewing as Co-Counsel
---------------------------------------------------
The Official Committee of Unsecured Creditors of Akorn, Inc., and
its debtor-affiliates seeks authorization from the U.S. Bankruptcy
Court for the District of Delaware to retain Saul Ewing Arnstein &
Lehr LLP, as co-counsel to the Committee.

The Committee requires Saul Ewing to:

   a. serve as Delaware bankruptcy counsel to the Committee;

   b. provide legal advice with respect to the Committee's
      powers, rights, duties, and obligations in the Chapter 11
      Cases;

   c. assist and advise the Committee in its consultations with
      the Debtors regarding the administration of the Chapter 11
      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 and equity interests;

   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'
      businesses;

   f. 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 nonresidential real property and
      executory contracts, asset dispositions, and the terms of
      one or more chapter 11 plans, accompanying disclosure
      statements, and related plan documents;

   g. prepare on behalf of the Committee all necessary motions,
      applications, complaints, answers, orders, reports, papers,
      and other pleadings and filings in connection with the
      Committee's duties in the Chapter 11 Cases;

   h. advise and represent the Committee in hearings and other
      judicial proceedings in connection with all necessary
      motions, applications, objections, and other pleadings, and
      otherwise protecting the interests of those represented by
      the Committee; and

   i. perform all other necessary legal services as may be
      required and authorized by the Committee that are in the
      best interests of creditors.

Saul Ewing will be paid at these hourly rates:

     Partners                 $410 to $1025
     Special Counsels         $395 to $850
     Associates               $260 to $475
     Paraprofessionals        $125 to $370

Saul Ewing 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:

     a. Saul Ewing did not agree to any variations from, or
        alternatives to, its standard or customary billing
        arrangements for this engagement.

     b. None of the professionals included in this engagement
        vary their rate based on the geographic location of the
        bankruptcy case.

     c. Saul Ewing has not represented the Committee in the 12
        months prepetition.

     d. Jenner & Block, lead counsel to the Committee, and the
        Committee are currently in the process of formulating a
        budget and staffing plan, recognizing that in the course
        of large cases like these chapter 11 cases, it is highly
        likely that there may be a number of unforeseen
        circumstances that will need to be addressed by the
        Committee and its counsel giving rise to additional fees
        and expenses.

Mark Minuti, partner of Saul Ewing Arnstein & Lehr 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 (a) is not
creditors, equity security holders or insiders of the Debtors; (b)
has not been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Saul Ewing can be reached at:

     Mark Minuti, Esq.
     SAUL EWING ARNSTEIN & LEHR LLP
     1201 N. Market Street, Suite 2300
     Wilmington, DE 19899
     Tel: (302) 421-6848
     E-mail: john.demmy@saul.com

                 About Akorn, Inc.

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

Akorn, Inc., and its affiliates sought Chapter 11 protection
(Bankr. D. Del. Lead Case No. 20-11178) on May 20, 2020. As of
March 31, 2020, Debtors disclosed total assets of $1,032,275,000
and total liabilities of $1,051,769,000.

Judge John T. Dorsey oversees the cases.

Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as their general bankruptcy counsel. Richards,
Layton & Finger, P.A., is Debtors' local counsel. AlixPartners,
LLP, serves as the Debtors' restructuring advisor while PJT
Partners LP is the financial advisor and investment banker.
Kurtzman Carson Consultants, LLC, is the notice and claims agent.

The U.S. Trustee for Region 3 appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Akorn Inc. and its
affiliates.  The Committee retained Jenner & Block LLP, as counsel;
Saul Ewing Arnstein & Lehr LLP, as co-counsel; Huron Consulting
Services LLC, as financial advisors.


ALION SCIENCE: Moody's Raises CFR to B1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating for
Alion Science and Technology Corporation -- to B1 from B3 -- in
recognition of the company's pending debt
reduction/recapitalization and concurrent mezzanine debt repayment
using its extra cash and refinanced debt. The company's probability
of default rating was upgraded to B1-PD from B3-PD, and new Ba1 and
B1 ratings were assigned to the planned first-out/first-lien
revolver and second-out/first-lien term loan. Existing Ba3/B1
ratings for the first-out/second-out secured debt that is being
refinanced are unchanged and will be withdrawn following successful
completion of the pending recapitalization. The ratings outlook is
stable.

According to lead analyst Bruce Herskovics, "The improved corporate
family rating reflects deleveraging to the mid-4x range, from the
low-6x range, that will accompany Alion's debt recapitalization,
along with good booking and revenue momentum that should continue
as the company's technical qualifications are increasingly well
suited to the equipment/system modernization phase unfolding across
the US defense sector."

Herskovics continued, "However, the B1 rating assigned to the
planned second-out/first-lien term loan reflects its standing as
the preponderance of debt capital in the consolidated structure
following repayment of junior-ranking mezzanine debt with
previously derived divestiture proceeds, and the ensuing reduced
recovery prospects for this debt in a default scenario given the
absence of such junior-ranking claims."

The spread of the coronavirus outbreak, the deteriorating global
economic outlook, low and volatile oil prices, and asset price
declines are creating a severe and extensive credit shock across
many sectors, regions and markets. The combined credit effects of
these developments are unprecedented. The commercial aerospace and
defense sector have been adversely affected by the shock given its
indirect exposure to the severely pressured airline industry and
its sensitivity to consumer demand and sentiment. Alion's exposure
to government services programs render it vulnerable to shifts in
market sentiment in these unprecedented operating conditions, but
the company's contracts have largely been deemed essential and
service hours continue without much disruption. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
The actions reflect the impact on Alion of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

RATINGS RATIONALE

The B1 CFR broadly reflects supportive leverage and coverage levels
despite somewhat less robust scale, and a healthy backlog and
revenue trend of late suggesting market share gains which,
notwithstanding ownership by a financial sponsor, reduces the
likelihood of M&A activity. The company's strong R&D heritage is
becoming more relevant as US defense modernization requires
innovative adapters of new technology to existing systems. Alion
possesses a competitive set of qualifications for the contracts it
will likely lead because the range of US defense sub-systems
requiring incremental changes is very broad. Moody's expects the
company will generate free cash flow of $20 million near term, and
increasing amounts growing to more than $50 million in FY2022, or
about 10%-15% of debt.

Alion's focus on technology development will likely sustain a
cost-based contract portfolio emphasis, constraining EBITDA margins
to no higher than 8% despite good revenue growth. The ability to
quickly recruit talent to continue growing backlog may prove a
limitation, as well, but Moody's nonetheless envisions a runway
toward $1.2 billion in revenue by FY2022, up from $1 billion for
the LTM period ended March 31, 2020.

The Ba1 rating assigned to the first-out/first-lien revolving
credit facility reflects its effectively senior position relative
to the larger second-out/first-lien term loan. The B1 rating for
the term loan is on par with the CFR as it constitutes the bulk of
debt in the company's consolidated capitalization, now with only a
modest amount of debt cushion afforded by Alion's general unsecured
claims in an event of default scenario.

The stable ratings outlook reflects Moody's expectation of an
adequate liquidity profile for Alion, with Moody's-adjusted
debt-to-EBITDA of less than 4x and EBITDA-to-interest in excess of
4x during FY2022 (ending September 2022). Alion's two largest
contracts comprise almost 25% of sales, but these programs will not
be up for recompete for several years, and contract concentration
beyond the top two programs is low. New business development goals
could result in contracts that carry some investment requirements
or that ramp up at a rate that lessens working capital efficiency,
and thereby lessens the realization of anticipated free cash flow.
Assuming leverage and liquidity considerations meanwhile remain
commensurate, Moody's would likely view such a circumstance to be a
product of the company's size and not necessarily inconsistent with
the rating.

The first lien draft credit agreement contains provisions for
incremental debt capacity of up to $50 million plus all non-debt
funded voluntary prepayments and commitment reductions, plus an
additional uncapped ratio-based amount with a maximum First Lien
Net Leverage Ratio of 4.05x. The additional debt capacity would
have the same guarantees and be secured by the same collateral on a
pari-passu basis as the senior secured facilities provided that no
event of default exists or would exist after the incremental debt
raise, the representations and warranties in the credit agreement
are true and correct, and the final maturity date of the additional
revolver or term loan commitments shall be no earlier than the
revolving maturity date in 2024 or the term loan maturity date in
2025, respectively. The guarantors are the collective of the
holding company and subsidiaries excluding any foreign subsidiary,
non-material subsidiary, and a subsidiary for which a guarantee is
legally prohibited.

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

Upward ratings momentum would depend on revenues approaching $2
billion, leverage sustained below 4x, free cash flow-to-debt above
15% and a good liquidity profile.

Downward ratings pressure would mount with negative contract
developments, leverage exceeding 5x, free cash flow below $20
million, or a weakening of the liquidity profile such as from
dependence on the revolving credit facility or diminishing covenant
headroom cushion.

The following rating actions were taken:

Upgrades:

Issuer: Alion Science and Technology Corporation

Corporate Family Rating, Upgraded to B1 from B3

Probability of Default Rating, Upgraded to B1-PD from B3-PD

Assignments:

Issuer: Alion Science and Technology Corporation

Senior Secured 1st Lien, 1st Out Revolving Credit Facility,
Assigned Ba1 (LGD1)

Senior Secured 1st Lien Term Loan, Assigned B1 (LGD3)

Outlook Actions:

Issuer: Alion Science and Technology Corporation

Outlook, Remains Stable

Alion Science and Technology Corporation is a provider of advanced
engineering, intelligence surveillance and reconnaissance, research
development test and evaluation, live virtual and constructive
training, electronic warfare, and cybersecurity solutions primarily
to U.S. Department of Defense and Intelligence Community customers.
Last twelve months revenue as of March 31, 2020 were $1 billion.
Alion is majority-owned by entities of financial sponsor Veritas
Capital.

The principal methodology used in these ratings was Aerospace and
Defense Methodology published in July 2020.


ALION SCIENCE: S&P Raises ICR to B+ on Refinancing; Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating to 'B+' from 'B'
on Alion Science and Technology Corp., which has plans to refinance
its first-lien credit facilities and use the proceeds from a
divestiture to reduce debt.  The outlook is stable.

At the same time, S&P assigned a 'BB' rating and '1' recovery
rating to Alion's new $40 million first-lien super priority
revolving credit facility.  It also assigned a 'BB-' and '2'
recovery rating to the company's new $360 million first-lien term
loan.

The upgrade reflects Alion's improved credit ratios as a result of
the refinancing and debt reduction, as well as S&P's expectation
that it will maintain lower leverage. Alion is planning to
refinance its first-lien credit facilities by issuing a new $40
million super-priority revolver as well as a new $360 million
first-lien term loan to replace its existing revolver and pay off
its existing first-lien term loan. As part of the proposed
transaction, the company will repay the $183 million of mezzanine
notes using proceeds from the Naval Systems business unit (NSBU)
divestiture last year, which is a requirement of the credit
agreement. Given the lower debt amount, S&P expects Alion's
interest expense to decrease by about $20 million, resulting in
stronger annual cash flow. As a result of the lower debt, S&P
expects debt to EBITDA to decrease to 4.2x-4.6x in fiscal year 2020
from 6.4x in fiscal year 2019 and to continue to decline thereafter
with higher earnings, even with potential future acquisitions."

Alion is likely to see solid organic earnings growth from recent
acquisitions and solid defense spending. Continued new business
wins from the MacAulay-Brown acquisition, as well a robust defense
budget with a focus on research and development should allow Alion
to achieve significant annual organic revenue growth, despite the
loss of business from NSBU. Alion is shifting its focus to more
electronic warfare(EW), cyber solutions, and intelligence,
surveillance, and reconnaissance(ISR) contracts, which typically
carry much higher margins than NSBU work. EBITDA margins increased
to 10.7% in fiscal year 2019, up from 7.5% the year prior after it
divested of NSBU. Although S&P expects margins to drop somewhat as
costs associated with new business increase, S&P still expects
margins to remain in the 9%-10% range, higher than in the past.

Leverage likely to decline despite possible acquisitions. While S&P
expects the company will always be in the market for potential
acquisitions that will add more capabilities, new customers, and
scale, the rating agency doesn't expect Alion to pursue any large
enough to increase leverage above 5x for an extended period. S&P
believes Alion's financial sponsor, Veritas Capital, which has held
the company for almost five years, is more likely to maintain lower
leverage as it nears the end of the typical holding period. S&P
does not expect Veritas to take any dividends over the forecast
period.

Revenue and earnings are unlikely to be materially affected by the
coronavirus pandemic. Almost all of the company's work has been
deemed essential, and the workforce has been able to work on-site
when necessary and capable. Classified work has been marginally
disrupted while some is able to be done from home, though if the
pandemic extends longer than expected, work could be disrupted
further. Near-term defense spending should remain solid but could
come under pressure in the next few years due to the substantial
amounts the government is spending to offset the economic impacts
of the pandemic. The Department of Defense is trying to help the
industry by accelerating payments and some additional costs related
to the disruptions may be covered. However, requests for new
programs and awards on existing competitions may be delayed.

The stable outlook reflects S&P's expectations that Alion's credit
ratios will improve over the next 12 months due to meaningful
organic revenue and earnings growth and significant debt reduction
using proceeds from the divestiture of the NSBU. S&P expects debt
to EBITDA to decline to 4.2x-4.6x in fiscal 2020 and 3.7x-4.1x in
fiscal 2021.

"We could lower ratings on Alion if debt to EBITDA rises above 5x
and we believe it will stay there for a sustained period. This
could occur if Alion pursues significant debt-financed
acquisitions, it is unable to attract new business, loses material
contracts, or experiences operational problems. We could also lower
the rating if Alion is unable to close on the proposed transaction
to refinance its first-lien credit facilities before the revolver
matures and the term loan becomes current in August," S&P said.

"It is very unlikely we would raise the rating under current
financial sponsor ownership. Any potential positive rating action
would likely result from a significant increase in scale and
diversity through acquisitions, while credit measures remained
stable," the rating agency said.


ALPHA KING ELECTRIC: Seeks to Hire Moster Law as Counsel
--------------------------------------------------------
Alpha King Electric LLC seeks authority from the U.S. Bankruptcy
Court for the Western District of Texas to employ The Moster Law
Firm, P.C., as counsel to the Debtor.

Alpha King Electric requires Moster Law to:

   a. give the Debtor legal advice with respect to its powers and
      duties as Debtor-in-Possession and the continued operation
      and management of its business;

   b. attend the Initial Debtor Conference and 341 Meeting of
      Creditors;

   c. prepare necessary applications, answers, ballots,
      judgments, motions, adversary proceedings, notices,
      objections, orders, reports and any other legal instrument
      necessary in furtherance of its reorganization;

   d. review pre-petition executory contracts and unexpired
      leases entered into by the Debtor, and to determine any
      such contracts or leases which should be assumed or
      rejected;

   e. assist the Debtor in preparation and submission of a Plan
      of Reorganization with the creditors in its case, and any
      amendments thereto, and seeking confirmation of such Plan
      of Reorganization;

   f. perform all other legal services for the Debtor which may
      become necessary to effectuate a reorganization of the
      Bankruptcy Estate.

Moster Law will be paid at these hourly rates:

     Charles Moster              $350
     B. Blaze Taylor             $300
     Erica B. Sisemore           $250
     Randy Sherwood              $175
     Paralegals                  $150

Prepetition, the Debtor paid Moster Law a retainer of $50,067,
inclusive of the filing fee.

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

B. Blaze Taylor, partner of The Moster Law Firm, 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.

Moster Law can be reached at:

     B. Blaze Taylor, Esq.
     THE MOSTER LAW FIRM, P.C.
     4920 S. Loop 289, Suite 101
     Lubbock, TX 79414
     Tel: (806)778-6484

                    About Alpha King Electric

Alpha King Electric LLC -- https://www.alphakingelectric.net/ --
produces comprehensive oilfield electrical solutions designed for
harsh midstream operations. Its technicians are equipped to
upgrade, repair, program and manage electrical systems.

Alpha King Electric LLC, based in Midland, TX, filed a Chapter 11
petition (Bankr. W.D. Tex. Case No. 20-70080) on June 30, 2020.  In
the petition signed by Eder Soto, president, the Debtor disclosed
$961,330 in assets and $1,421,436 in liabilities.  The MOSTER LAW
FIRM, serves as bankruptcy counsel to the Debtor.




AMERICAN AIRLINES: Stops HQ Upgrades to Cut Costs
-------------------------------------------------
Simple Flying reports that airline company American Airlines
announces its decision to halt the renovation of its headquarters
to save costs.

American Airlines has announced that it will curtail plans to
upgrade its headquarters in Dallas, Fort Worth. T he airline had
planned to make nearly half a billion dollars in changes to the
sprawling facility.  However, COVID-19 developments and intense
cash burn have forced the carrier to put its plans on hold.

In a rush of spending before the COVID-19 pandemic, American
Airlines had been eager to develop improvements to its headquarters
in Fort Worth. It was planning a new conference room and training
center as well as a $250 million hotel complete with restaurants
and a new operations center.

American had hoped that it would be able to use the facilities to
train its cabin crews and host more exuberant corporate events.
That's still the plan; however, American Airlines has now been
forced to put its expansion plans on hold.

With an average daily cash burn of $70 million, it's clear that the
airline cannot continue to fund the project while plagued by a
slump in travel demand.  It's been cutting expenditure where it can
and plans to reduce its costs by $700 million by the end of the
year through cutting non-aircraft spending.

American will reinvest in the project when it can

American Airlines remains unswayed in its decision to upgrade the
HQ.  It's clear that some of the renovations, like the new
conference center, are much needed given the current dated
facilities.  What's more, investments in a new flight kitchen at
Dallas Fort Worth and a new Parts Distribution Center are also much
needed.  American plans to use the new kitchen to combat
overcrowding at the current facility.  Likewise, the parts center
will help American's efficiency.

Though the project is on hold, American intends to restart it when
it can.  An American Airlines spokesperson told The Dallas Morning
News, "We will continue to evaluate this project, as we do all
capital investments within this current environment."

American Airlines' current focus is on how it can reduce costs and
plan for the future. In a recent earnings call held on April 30th,
Doug Parker Chairman and CEO of American Airlines said that while
the CARES package had helped, it did not fix the airline’s
revenue generation.

Doug Parker said, "We've enacted a comprehensive cash conservation
plan to eliminate all unnecessary operating and capital
expenditures. We expect this will reduce our daily cash burn rate
[…] to approximately $50 million a day for the month of June. As
a result of all that, we expect to end this quarter with
approximately $11 billion of liquidity and a significant amount of
unencumbered assets still in place. And that forecast assumes
little to no increase in demand for air travel throughout the
quarter."

When will the project continue?

Despite what looks like a dismal forecast for American Airlines,
there is hope that the project will continue soon. With a reduced
cash burn, American is also looking to ramp up its load factor over
the coming months. For the month so far, its international
scheduled capacity and domestic capacity load factor is 58%.

Besides this, the airline will also fly 55% of its domestic
capacity next month in July. This network improvement will see
American Airlines operating 40% of its July 2019 schedule in July
2020. Bankruptcy is not an option for American, and neither is a
total collapse of the market.

Accordingly, we could be seeing the airline restarting some of its
upgrades sooner than thought. Despite that, it is expected to be a
while before capacity returns to normal. American Airlines has also
been explicit in addressing the issue of its size. It will need to
reevaluate how large the airline remains from summer 2021 onwards.
That will then dictate how much of the upgrades go ahead.

                       About American Airlines

American Airlines Group Incorporated is an American publicly traded
airline holding company headquartered in Fort Worth, Texas. It was
formed on December 9, 2013, in the merger of AMR Corporation, the
parent company of American Airlines, and US Airways Group, the
parent company of US Airways.

Before the Coronavirus pandemic, American Airlines offered
customers 6,800 daily flights to more than 365 destinations in 61
countries from its hubs in Charlotte, Chicago, Dallas-Fort Worth,
Los Angeles, Miami, New York, Philadelphia, Phoenix and Washington,
D.C.  As of Dec. 31, 2018, the company operated a mainline fleet
of
956 aircraft.


AMERICAN EAGLE: S&P Lowers Ratings on 2018 Bonds to 'D(sf)'
-----------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'D(sf)' from
'CC(sf)' on Capital Trust Agency, Fla.'s series 2018A-1, 2018A-2,
and 2018B senior-living revenue bonds, issued for American Eagle
Delaware Holding Co. LLC, and removed the bonds from CreditWatch,
where they had been placed with negative implications on April 6,
2020. The outlook is not meaningful for issues rated 'D'.

The downgrade follows non-payment of principal and interest on the
2018A-1, 2018A-2, and 2018B bonds on July 1, 2020. While it was
expected that a forbearance agreement between the trustee and the
bondholders would be entered into and a conditional interest
payment would be made on the bonds, S&P understands that no
agreement was executed on July 1, 2020, and therefore no payment of
principal and interest on the 2018A-1, 2018A-2 bonds was paid. S&P
understands that interest on the 2018B bonds was paid out of the
2018B debt service reserve fund, but principal on the 2018B bonds
was not paid. According to S&P's criteria, "Methodology: Timeliness
Of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD'
Ratings" (published Oct. 24, 2013), if a payment is missed on its
due date and the rating agency does not believe a payment will be
made in the relevant (stated or imputed) grace period, it would
constitute a default.

"We do not expect payment to happen within the next 30 days or any
relevant grace period," said S&P Global Ratings credit analyst
Jean-Baptiste Legrand.

The project has been affected significantly by the COVID-19 crisis,
which led the borrower to prioritize operations compared with the
payment of its debt service obligations. As a result, the borrower
discontinued making monthly interest and principal payments on the
bonds as of April 15, 2020, and requested that the trustee enter
into a six-month forbearance agreement on debt service. This
agreement was executed on July 1, 2020. According to S&P's
criteria, it views the forbearance agreement as a distressed
exchange or restructuring, which would also warrant a rating of
'D'.

The two series total roughly $197.3 million outstanding, issued to
fund (along with an unrated subordinate class of debt) the
acquisition of 17 senior-living communities with 1,292
units--assisted living (56%), independent living (28%), and memory
care (16%)--in Alabama, Colorado, Florida, Minnesota, Ohio,
Tennessee, Texas, and Wisconsin. American Eagle LifeCare Corp., a
Tennessee 501(c)(3) nonprofit tax-exempt corporation, is the sole
member of American Eagle Delaware Holding Co. LLC, the borrower.


AMERICORE HOLDINGS: Creditor Offers Plan to Take Control
--------------------------------------------------------
Jacob Kirn, writing for St. Louis Business Journal, reports that a
primary creditor of the owner of St. Alexius Hospital in south St.
Louis has offered a plan to take control of the facility, which is
for sale after filing for Chapter 11 bankruptcy protection in
December.

A hedge fund called The Third Friday Fund Total Return LP, of
Delray Beach, Florida, earlier this month filed a plan in which it
would give up its $25 million claim against Americore Holdings in
exchange for complete control of the company and affiliates,
including St. Alexius.  Under the plan, Third Friday also would pay
up to $22 million to secured creditors, plus $5 million to
unsecured creditors.

Any such plan would need the approval of creditors and the court.

Third Friday's proposal comes with just two weeks left for
potential buyers of the property to submit bids. So far the
hospital has not received any bids, which are due June 29.

Americore in January 2018 entered into a loan agreement with Third
Friday. A year later, it received approval to pay $10 million to
acquire St. Alexius, a 190-bed facility at 3933 S. Broadway, out of
bankruptcy court from its prior owner, Florida-based Promise
Healthcare Group.

Then, in December 2019, Americore and St. Alexius filed for Chapter
11 protection in a Louisville bankruptcy court. In court filings,
Americore CEO Grant White blamed Lewitt for Americore's bankruptcy
filing, claiming Third Friday transferred money out of St. Alexius
accounts. Lewitt saw the bankruptcy filing as fraudulent, and
alleged that Americore had been mismanaged by White.

A bankruptcy court judge in February removed White as CEO of
Americore and later appointed Carol Fox to oversee operations as
trustee.

Meanwhile, Fox filed filed a motion in bankruptcy court to sell the
hospital's medical residency slots to SSM Health for $2.5 million.
SSM would get 140.5 residency slots for the 2021 academic training
year.

Documents seeking approval for the sale say St. Alexius has 190
licensed beds and 340 employees. Over 80% of its inpatients are
psychiatric patients, they say.

                    About Americore Holdings

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

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

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


AMERICORE HOLDINGS: Lender Third Friday Proposes Plan
-----------------------------------------------------
The Third Friday Total Return Fund, LLP, filed a Plan of
Reorganization for Americore Holdings, LLC, et al.

Article I of the Plan defines "Purchase Price" as the sum of (i)
Third Friday's credit bid in the amount of all outstanding
principal, interest and fees due under the Third Friday Loan
Agreements and the Third Friday Forbearance Agreements as of the
Petition Date; and (ii) $22,000,000 in cash provided by Third
Friday or its assigns to the Plan Administrator on or before the
Effective Date to be used first for payment of the Allowed
Administrative Claim Payment, second for distributions to holders
of Allowed Other Secured Claims in accordance with the
classification and treatment proscribed in Class 2 of this Plan,
and third for Pro Rata distributions to holders of Allowed General
Unsecured Claims in accordance with the classifications and
treatment proscribed in Class 3 of this Plan.  In the event that
that the balance of the $22,000,000 after payment of the Allowed
Administrative Claim Payment and payments to holders of Allowed
Other Secured Claims does not equal at least $1,000,000, Third
Friday agrees to increase the Cash component of the Purchase Price
to an amount necessary to provide, at a minimum, a Pro Rata
distribution of $1,000,000 to holders of Allowed General Unsecured
Claims on the Effective Date.

Third Friday submits that it has sufficient capital to fund the
Purchase Price.

Class 1 Allowed Third Friday Secured Claim is impaired. The
approximate amount asserted and allowed amounts is $25,780,016.  In
exchange for the Purchase Price, Third Friday will receive 100% of
the equity in each of the Debtors and the transfer of all estate
actions.

Class 3 Allowed General Unsecured Claims are impaired.  The
approximate amount asserted and allowed amounts is less than
$113,911,487.  Creditors will get pro rata distribution of $5
million. On the Effective Date, each holder of an Allowed General
Unsecured Claim will receive from the $22,000,000 in cash
comprising a portion of the Purchase Price, a pro rata distribution
of $5,000,000 from the Purchase Price net of allowed administrative
claims and allowed other secured claims.

Class 4 Allowed Equity Interests in the Debtors are impaired. On
the Effective Date, all Allowed Equity Interests in each the
Debtors shall be deemed sold to Third Friday, and the holders of
Allowed Equity Interests in each of the Debtors shall receive no
distribution on account of such Allowed Equity Interest.

The Plan Proponent believes that it will be able to provide the
payments contemplated under the Plan based on the fact that the
Plan Proponent possesses the wherewithal and intent to provide the
Purchase Price.  Based on the foregoing, the Plan Proponent
believes it will be able to provide for all payments required
pursuant to the Plan.  Accordingly, the Plan Proponent asserts that
it is able to perform all of its obligations under the Plan, and as
such, the Plan satisfies Section 1129(a)(11) of the Bankruptcy
Code.

A full-text copy of the Disclosure Statement dated June 10, 2020,
is available at https://tinyurl.com/y9zuz2sn from PacerMonitor.com
at no charge.

Attorneys for The Third Friday:

     Bradley S. Shraiberg, Esq.
     Joshua B. Lanphear, Esq.
     SHRAIBERG, LANDAU & PAGE, P.A.
     2385 NW Executive Center Drive, #300
     Boca Raton, Florida 33431
     Telephone: 561-443-0800
     Facsimile: 561-998-0047
     E-mail: bss@slp.law
             jlanphear@slp.law

                   About Americore Holdings

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

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

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


AMPLE HILLS: Schmitt Industries Acquires Ice Cream Business
-----------------------------------------------------------
Harry Sauers, writing for Seeking Alpha, reports that Schmitt
Industries purchased Ample Hills in the latter's bankruptcy
proceedings.

In an 8-K filing, Schmitt Industries announced that it had acquired
a business in bankruptcy proceedings called Ample Hills Creamery.

Schmitt paid $1 million plus the assumption of various leases, the
value of which is currently unknown.  Ample Hills currently pays
around $118,000 per month in rent.

Ample Hills is a distressed but fast-growing ice cream chain that
filed Chapter 11 bankruptcy in March.  They do around $10 million
in revenue and have pretty staggering losses.

Schmitt's CEO has a strong record of successful turnarounds and
distressed situations, and Ample Hills is a rare wonderful business
at a wonderful price.

                  About Schmitt Industries   

Schmitt Industries (SMIT) is a manufacturing company now controlled
by activist hedge fund manager Michael Zapata.

                 About Ample Hills Holdings

Ample Hills Holdings, Inc. -- https://www.amplehills.com/ -- is a
Brooklyn-based producer, distributor, and retailer of ice cream
and
related merchandise.  Ample Hills was founded in 2010-2011 by
husband and wife team Brian Smith and Jackie Cuscana out of a
push-cart, and later a small brick and mortar storefront.  It grew
to a chain of 10 retail stores and kiosks, which are primarily
located in the metropolitan New York area, and a factory in the Red
Hook neighborhood of Brooklyn.  Ample Hills has been called "New
York's best ice cream' and is often viewed as a Brooklyn
destination following their wild success.

On March 15, 2020, Ample Hills Holdings and its affiliates sought
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 20-41559).  In the
petition signed by Phillip Brian David Smith, CEO, Ample Hills
Holdings was estimated to have $1 million to $10 million in assets
and $10 million to $50 million in liabilities.

The Hon. Nancy Hershey Lord is the case judge.

Debtors tapped Herrick Feinstein, LLP as legal counsel, and SSG
Capital Advisors, LLC as investment banker.  Bankruptcy Management
Solutions, Inc., doing business as Stretto, is the claims agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors on April 16, 2020.  The committee is represented by
Porzio, Bromberg & Newman, P.C.


AMYNTA AGENCY: Moody's Withdraws Caa2 Rating on 2nd Lien Loan
-------------------------------------------------------------
Moody's Investors Service withdrew the debt rating and loss given
default (LGD) assessment on Amynta Agency Borrower, Inc.'s senior
secured second-lien term loan rating of Caa2 (LGD5) for business
reasons. Prior to the withdrawal, the debt was rated in line with
the senior secured second-lien term loan class rating of Amynta
Agency Borrower, Inc.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.


ANDES INDUSTRIES: July 28 Hearing on Disclosure Statement
---------------------------------------------------------
Judge Paul Sala has ordered that the Court will consider approval
of the Disclosure Statement of Andes Industries, Inc., and PCT
International, Inc. at a hearing on July 28, 2020, at 11:00 a.m..
The Disclosure Statement Hearing will be held in Courtroom 601, at
the U.S. Bankruptcy Court, 230 N. First Ave., Phoenix, AZ 85003.

The objection must be filed by July 17, 2020.

                    About Andes Industries
                    and PCT International

Creditors EZconn Corporation, Crestwood Capital Corporation, and
Devon Investment Inc. filed involuntary bankruptcy petitions
against Andes Industries, Inc. and PCT International, Inc., under
Chapter 7 of the Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Arizona.  

On Dec. 4, 2019, the Chapter 7 cases were converted to cases under
Chapter 11 (Bankr. D. Ariz. Lead Case No. 19-14585).

Judge Paul Sala oversees the cases.  

Sacks Tierney P.A. is the Debtors' legal counsel.


ARADIGM CORP: Confirmed Plan Has June 29, 2020 Effective Date
-------------------------------------------------------------
Aradigm Corporation (OTC PINK: ARDM) announced on June 12, 2020,
the Bankruptcy Court entered an order confirming the Debtor's
Modified Combined Chapter 11 Plan and Disclosure Statement (the
"Combined Plan") filed by Aradigm Corporation (the "Company"). The
Effective Date (the "Effective Date") of the Plan will be June 29,
2020. The Company will be dissolved and its stock cancelled as of
the Effective Date after market close and the Company's assets will
be contributed to a Liquidating Trust.

As described in the Forms 8K filed by the Company on April 3, 2020
and on April 13, 2020, the Company sold its assets and intellectual
property that pertain to Lipoquin, Free Ciprofloxacin, Apulmiq and
any derivatives thereof to Grifols S.A. for cash, the right to
receive milestone payments on the occurrence of certain events and
the right to receive royalty payments based on future sales of the
product. The Combined Plan provides that on the Effective Date of
the Combined Plan these assets (less amounts paid for certain
expenses), as well as the Company's other assets, will be
contributed to a Liquidating Trust for the benefit of the Company's
creditors and shareholders. As mentioned above, the Company's stock
will be cancelled as of the Effective Date (June 29) after market
close and the Company will be dissolved. Creditors and shareholders
will receive a pro rata interest in the Liquidating Trust. The
Liquidating Trust will satisfy the claims of the Company's priority
creditors and will collect any milestone payments and royalty
payments that are earned and distribute the proceeds to the
Company's creditors. After creditors are paid in full with
interest, the Liquidating Trust will distribute any remaining
proceeds that are received to the Company's shareholders.

The address of the Liquidating Trust from and after June 29, 2020
will be Aradigm Corporation Liquidating Trust, c/o Susan L. Uecker,
Liquidating Trustee, Uecker & Associates, Inc., 1613 Lyon Street,
Suite A, San Francisco, CA 94115.
The Combined Plan is on file with the Bankruptcy Court. This
description of the Combined Plan is qualified in its entirety by
the terms of the Combined Plan.

                       About Aradigm Corp.

Aradigm Corporation -- http://www.aradigm.com/-- is an emerging
specialty pharmaceutical company focused on the development and
commercialization of products for the treatment and prevention of
severe respiratory diseases. Over the last dsecade, the company
invested a large amount of capital to develop drug delivery
technologies, particularly the development of a significant amount
of expertise in respiratory (pulmonary) drug delivery as
incorporated in its lead product candidate that recently completed
two Phase 3 clinical trials, Linhaliq inhaled ciprofloxacin,
formerly known as Pulmaquin. The company is headquartered in
Hayward, Calif.

Aradigm Corporation sought Chapter 11 protection (Bankr. N.D. Cal.
Case No. 19-40363) on Feb. 15, 2019. In the petition signed by John
M. Siebert, executive chairman and interim principal executive
officer, the Debtor was estimated to have $10 million to $50
million in both assets and liabilities.

The case is assigned to Judge William J. Lafferty.

The Debtor tapped Jeffer, Mangels, Butler & Mitchell LLP as
bankruptcy counsel; Sheppard Mullin Richter & Hampton LLP as
special patent counsel; and EMA Partners, LLC as investment
banker.



ARIA ENERGY: S&P Affirms 'B+' ICR on Improved Financial Outlook
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit ratings on Aria
Energy Operating LLC and its senior secured debt. The recovery
rating remains '3'. S&P revised its outlook to stable from
negative.

Aria's 2020 financial outlook has improved materially. S&P
forecasts Aria will end 2020 with adjusted debt to EBITDA of about
3.25x, with significant cushion to its 4x downgrade threshold.
Following a court ruling against the EPA in January 2020, D3 RIN
prices rebounded significantly from their low of about $0.8/gallon
at the end of 2019 to a range of about $1.20/gallon to $1.50/gallon
over the past few months. Since more than 50% of Aria's projected
2020 EBITDA is exposed to variable D3 RIN prices, this price
increase has significantly improved the company's 2020 financial
outlook. This improved forecast results in significant
deleveraging. Following poor financial performance in 2019, Aria
began 2020 with, by its measure, adjusted debt to EBITDA of 4.4x.

In the RIN markets, the Renewable Volume Obligation (RVO) set by
the Environment Protection Agency (EPA) drives the demand side and
the RIN production drives the supply side. The January court ruling
found that the EPA improperly granted economic hardship waivers and
exemptions to small refiners in 2018 and 2019, which contributed to
a sustained fall in RIN prices in 2019. The EPA is not appealing
the decision and has not granted any exemptions in 2020 to small
refiners.

For full-year 2020, S&P expects EBITDA to be $40 million to $45
million, which is about 20% higher than the rating agency's
previous forecast. S&P also expects Aria will sweep about $5
million against its term loan B balance through the excess cash
sweep mechanism in the company's credit agreement.

S&P expects RIN prices to remain volatile. Aria has demonstrated
significant volatility in its EBITDA and revenues. Unstable RIN
prices are primarily responsible for Aria's volatile earnings and
EBITDA. Because the RIN market is still in a nascent stage of
development, it suffers from typical issues such markets face.
These include unbalanced demand/supply dynamics and price
instability, lack of historical long-term price data, and
regulatory and political uncertainty. Because the EPA sets RVO
obligations annually, S&P expects some fluctuation in RIN prices
will be a permanent feature of the RIN market but the rating agency
expects more stability as the market matures, which is a long-term
process. In addition, S&P expects a good percentage of Aria's
EBITDA growth to come from yet-to-be constructed projects, which
are exposed to typical construction and permitting risks.

"The stable outlook reflects our view of a stabilized RIN price
environment continuing in 2020, resulting in continued business and
financial performance improvements for Aria. We expect EBITDA to be
between $40 million and $45 million in 2020 with adjusted debt to
EBITDA of about 3.25x in 2020 and about 3x in 2021," S&P said.

"We could lower our rating on Aria if its adjusted debt to EBITDA
consistently exceeds 4.0x. This would most likely result from a
sharp reversal in the current upward trend of RIN prices," the
rating agency said.

S&P sees the possibility of an upgrade over the next 12 months as
unlikely.

"Given Aria's financial sponsor ownership and limited scale, a
higher rating would most likely come from an improvement in our
view of the company's business risk. This would require long-term
RIN price stability at levels meaningfully above our current
forecasts," the rating agency said.


ATHENAHEALTH INC: Fitch Affirms B+ LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed athenahealth, Inc. (athenahealth), VVC
Holding Corp. (Virence) and athenahealth Intermediate Holdings
LLC's (formerly Virence Intermediate Holdings LLC) Long-Term Issuer
Default Ratings (IDRs) at 'B+'/Stable Outlook. In addition, Fitch
has affirmed the 'BB'/'RR2' senior secured first-lien term loan
rating and the 'B-'/'RR6' senior secured second-lien term loan
rating co-issued by athenahealth, Inc. and VVC Holding Corp.
Fitch's actions affect approximately $4.4 billion of outstanding
debt.

KEY RATING DRIVERS

COVID Impact: The pandemic and resulting lockdowns have had a
profound impact on medical practices and the delivery of healthcare
as medical providers have been forced to defer routine elective and
preventive visits and utilize telemedicine where possible. Fitch
estimates the volume of U.S. healthcare visits declined 50%-60%
during the peak of the lockdowns, with declines moderating to down
25%-35% in early May as reopening proceeded. Fitch believes that
athenahealth's predominantly transaction-based revenue model
results in high correlation to medical visit volumes. However,
Fitch forecasts the effects on the top-line to be significantly
more benign with a low single-digit decline as in-person visit
volumes have recovered rapidly while Fitch expects that the
remaining gap in volumes relative to pre-lockdown levels will be
partially filled by telehealth and expanded providers. In addition,
GAAP requires the company to estimate volumes over the life of a
contract and recognize revenue ratably over the term.

Management has responded to the environment with the launch of a
new telehealth offering, virtual implementations for onboarding new
customers, increased use of remote systems for work-at-home efforts
and leveraging of data collected across over 100 million patients
to contribute to the national response to the pandemic. The company
maintains access to its $400 million undrawn revolver and cash
balances near $700 million, ensuring strong liquidity through the
course of the downturn. Fitch expects the near-term revenue
declines to result in a moderate delay in the pace of reducing
leverage, but maintains the expectation that leverage will decline
below its negative sensitivity threshold of 6.5x total debt with
equity credit/operating EBITDA in 2020.

Strong Growth Opportunity: As the U.S. gradually reopens, Fitch
expects athenahealth to return to its reliable, consistent high
mid-single-digit organic growth as a result of strong secular
trends in U.S. healthcare spending. The Centers for Medicare and
Medicaid Services (CMS) forecasts national health expenditure
growth of 5.4% per annum through 2028 due to long-standing trends
in medical procedure/drug cost and utilization growth.
athenahealth's pricing model results in strong correlation with the
underlying secular growth in U.S. healthcare spending. Growth
prospects are further supported by strong retention rates resulting
from high switching costs that include staff training,
implementation costs, business interruption risks and reduced
productivity when swapping vendors. Fitch believes that the secular
tailwinds and high switching costs produce a dependable growth
trajectory that benefits the credit profile.

Low Cyclicality: Closely related to the underlying healthcare
expenditure secular growth driver, Fitch expects athenahealth,
which has experienced positive growth in every year since its 2007
IPO, to continue to exhibit low cyclicality for the foreseeable
future, excluding the extraordinary environment resulting from the
pandemic. Fitch believes the company's pricing model is likely to
ensure strong correlation to overall U.S. healthcare spending,
which is highly non-discretionary and has experienced uninterrupted
growth since at least 2000 according to CMS. As a result, Fitch
believes athenahealth will demonstrate a stable credit profile with
little sensitivity to macroeconomic cycles.

Margin Improvement Opportunity: The combined athenahealth-Virence
has experienced meaningful EBITDA margin expansion due to strong
execution on cost reduction plans and synergy achievements with
Fitch-calculated EBITDA margins expanding nearly 1150 bps since the
transaction. Management identified synergies that are primarily
derived from headcount reductions through elimination of
unnecessary R&D, duplicative sales efforts, branding, third-party
spend and public company costs, as well as through expanded use of
offshore product development and customer service. Fitch believes
the improved margin profile provides for a strengthened credit
profile with the potential for significant reduction in leverage as
revenue growth eventually resumes as the pandemic recedes.

High Leverage: athenahealth was purchased by Veritas Capital and
combined with portfolio holding Virence in a transaction that was
funded in part by $4.5 billion of secured term debt and $600
million of preferred equity. Fitch-calculated initial pro forma
leverage is above the 5.6x median for technology issuers rated 'B+'
and the 4.4x median for rated healthcare IT issuers. Fitch believes
the impacts of the pandemic and resulting lockdowns will delay the
pace of leverage reduction. However, Fitch maintains its forecast
for leverage to decline below its negative sensitivity threshold of
6.5x total debt with equity credit/operating EBITDA during 2020.
Fitch believes the affirmation of the rating is warranted based on
the company's achievement of its leverage threshold within its
typical tolerance of 18-24 months and is further supported by a
highly strengthened credit profile resulting from margin expansion,
strong FCF, dependable growth prospects, low cyclicality, strong
market share and high cash balances that position the company to
further reduce leverage by more than half a turn using excess cash
to prepay debt.

Target Customer Segment Facing Pressure: athenahealth's target
market may contract over the longer term. athenahealth has
typically targeted smaller, ambulatory practice sizes of less than
20 physicians with particular strength in the less than
10-physician segment. Smaller providers continue to face pressure
as rising regulatory, operating and legal costs have resulted in
increased consolidation, so that providers can operate at the scale
needed to remain profitable. According to CMS, practices of 10
physicians or less have maintained an 89% share of total physician
visits from 2013 to 2015. However, with consolidation expected to
accelerate, the portion of visits served by small ambulatory care
providers may eventually contract, resulting in a potential
headwind for athenahealth's growth prospects. Fitch notes that the
combination with Virence, which typically targets practices with
over 75 physicians, moderates this risk. In addition, Fitch
believes provider consolidation is slow moving, and any impacts are
likely well outside of the ratings horizon.

Evolving Marketplace: athenahealth faces risks from a continually
evolving healthcare marketplace where efforts to slow cost growth
will eventually require all constituents to modify their
strategies. Most importantly, the nascent efforts to shift to
value-based care, in which reimbursements are directed toward
successful outcomes rather than toward volume of procedures, will
require athenahealth to re-examine its current pricing model.
athenahealth will need to develop a pricing strategy that aligns
more closely with the emerging incentives that are based on medical
outcomes. Fitch believes that such a major shift in pricing
strategy introduces a risk of disruption and rejection from the
marketplace that may result in decreased growth. However, Fitch
notes that the transition to a value-based case is also slow
moving, and any impacts are outside of the ratings horizon.

DERIVATION SUMMARY

Fitch is evaluating athenahealth under its current ownership by
Private Equity sponsor, Veritas Capital. Fitch-calculated pro forma
leverage is high for the rating compared with 'B+' rated issuers in
the technology sector, where median leverage is 5.6x. However,
Fitch believes athenahealth's favorable long-term prospects and
strong positioning relative to peers and competitors are indicative
of a stronger credit profile than balance sheet metrics suggest.
Fitch believes athenahealth benefits from a clear, reliable growth
path with a pricing and revenue model that creates a close
correlation to the underlying secular growth in U.S. healthcare
expenditures. Furthermore, Fitch expects the correlation to
persist, given strong client retention rates, high switching costs,
robust sales efforts, and a history of share gains. As a result,
Fitch expects athenahealth to exhibit minimal cyclicality and
durable resistance to economic cycles. Combining Fitch's growth
expectations with management's strong execution on their cost
reduction plan, Fitch believes that athenahealth has demonstrated
significant deleveraging capacity with EBITDA growth generating a
decline in leverage of approximately two since the initiation of
the rating, with the ability to use excess cash to prepay debt and
reduce leverage further by at least another half turn. Despite the
strength of the underlying business, attractive growth prospects,
low cyclicality, consistent results, share gains, the rapid
deleveraging trajectory and the attractive margin expansion
opportunity, Fitch is recommending a rating of 'B+' as a result of
the high leverage throughout the rating horizon.

No Country Ceiling had an impact on the rating. Fitch applied its
parent/subsidiary linkage criteria and determined that all rated
entities should be assigned the same IDR. Fitch also applied its
corporate hybrids treatment and notching criteria to evaluate the
outstanding preferred stock and determined that the issuance should
receive 100% equity credit. No operating environment aspects had an
impact on the rating.

KEY RECOVERY RATING ASSUMPTIONS

  -- The recovery analysis assumes that athenahealth would be
reorganized as a going-concern in bankruptcy rather than
liquidated.

  -- Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

  -- The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
enterprise valuation (EV). Fitch contemplates a scenario in which
acquisition integration challenges and salesforce disruption impair
growth, margin expansion and thus debt-servicing ability. As a
result, Fitch expects that athenahealth would likely be reorganized
with reduced debt outstanding, a similar product strategy and
higher than planned levels of operating expenses as the company
reinvests to ensure customer retention and defend against
competition.

  -- Under this scenario, Fitch believes revenue growth would slow
significantly too low to mid-single digits per annum with EBITDA
margins declining such that the resulting going-concern EBITDA is
approximately equal to Fitch calculated pro forma 2019 EBITDA,
excluding unrealized synergies.

  -- An EV multiple of 7.0x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered a number of factors.

Comparable Reorganizations: In Fitch's 13th edition of its
"Bankruptcy Enterprise Values and Creditor Recoveries" case study,
the agency notes seven past reorganizations in the technology
sector, where the median recovery multiple was 4.9x. Of these
companies, only two were in the software subsector: Allen Systems
Group, Inc. and Aspect Software Parent, Inc., which received
recovery multiples of 8.4x and 5.5x, respectively. Fitch believes
the Allen Systems Group, Inc. reorganization is highly supportive
of the 7.0x multiple assumed for athenahealth given the mission
critical nature of both companies' offerings.

M&A Multiples: A study of M&A transactions in the healthcare IT
industry from 2010 to 2017, particularly those with capabilities
that overlap with athenahealth, establishes an average EV/EBITDA
transaction multiple of 14x. The completed transaction with
athenahealth represented a 15.2x multiple, not including
synergies.

The recovery model implies a 'BB' and 'RR2' Recovery Rating for the
company's first-lien senior secured facilities, reflecting Fitch's
belief that lenders should expect to recover 71%-90% in a
restructuring scenario. The recovery model also implies a 'B-'
rating and 'RR6' Recovery Rating for the second-lien senior secured
term loan, reflecting an expected recovery of 0%-10%.

KEY ASSUMPTIONS

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

  -- Revenue: pro forma organic revenue decline of mid-single
digits in 2020, followed by gradual acceleration to mid- to high
single-digit growth over the remainder of the forecast horizon;

  -- Margins: moderate EBITDA margin expansion of 250bps over the
forecast horizon;

  -- Capex: capital intensity of 6.5%, consistent with recent
history.

RATING SENSITIVITIES

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

  -- Total adjusted debt/operating EBITDAR leverage sustained below
4.5x.

  -- Cash flow from operations - capex)/total debt with equity
credit sustained above 8%;

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

  -- Total adjusted debt/operating EBITDAR leverage sustained above
6.5x;

  -- FCF margins excluding transaction costs sustained below 10%.

LIQUIDITY AND DEBT STRUCTURE

Abundant Liquidity: Fitch expects athenahealth to maintain strong
liquidity throughout the forecast horizon given strong FCF margins
and moderate liquidity requirements resulting from a short cash
conversion cycle. As of 1Q20, liquidity comprised readily available
cash and the revolving credit facility (RCF), which remains
undrawn. Fitch expects rapid growth in liquidity due to its
forecasts for strong, improving FCF over the ratings horizon, and
for the RCF to remain undrawn.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch made standard financial adjustments as described in the
applicable ratings criteria.

ESG CONSIDERATIONS

athenahealth has an ESG Relevance Score of '4' for Governance
Structure due to its ownership by private equity sponsor Veritas
Capital, which is assumed to be heavily biased in favor of
shareholder returns.

athenahealth has an ESG Relevance Score of '4' for Financial
Transparency due to its lower quality disclosure and discussion of
financial results.


AUDIOEYE INC: Has $1.7MM Net Loss for the Quarter Ended March 31
----------------------------------------------------------------
AudioEye, Inc., filed its quarterly report on Form 10-Q, disclosing
a net loss (available to common stockholders) of $1,677,000 on
$4,261,000 of revenues for the three months ended March 31, 2020,
compared to a net loss (available to common stockholders) of
$2,154,000 on $1,986,000 of revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $8,677,000,
total liabilities of $8,519,000, and $158,000 in total
stockholders' equity.

As of March 31, 2020, the Company had cash and cash equivalents of
approximately $1,785,000 and a working capital deficit of
approximately $2,467,000.  In addition, the Company used actual net
cash in operations of approximately $54,000 during the quarter
ended March 31, 2020.  The Company has incurred net losses since
inception.  These conditions 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/5hOuS7

AudioEye, Inc., provides Web accessibility solutions to Internet,
print, broadcast, and other media to people regardless of their
network connection, device, location, or disabilities in the United
States. The Company was founded in 2005 and is headquartered in
Tucson, Arizona.


AVMED INC: A.M. Best Affirms C++(Marginal) Finc.'l Strength Rating
------------------------------------------------------------------
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term
ICR) to "b+" from "b" and affirmed the Financial Strength Rating of
C++ (Marginal) of AvMed, Inc. (AvMed) (Miami, FL). The outlook of
these Credit Ratings (ratings) has been revised to positive from
stable.

The ratings reflect AvMed's balance sheet strength, which AM Best
categorizes as weak, as well as its marginal operating performance,
limited business profile and appropriate enterprise risk management
(ERM).

The revision of the outlooks to positive is based on the
improvement in risk-adjusted capitalization to the adequate level
from weak, as measured by Best Capital Adequacy Ratio (BCAR). AvMed
reported higher underwriting gains and net earnings in each of the
past two years, which have contributed to growth in its absolute
level of capital and surplus. AvMed's focus on profitability in
various segments resulted in lower premium, which when coupled with
higher capital, has also led to a stronger level of risk-adjusted
capitalization, and improvement in its BCAR. The company expects
this trend to continue in 2020 with premium continuing to moderate;
however, net results are expected to decline. AM Best will closely
monitor AvMed's capital trends, with the expectation that they
remain within the range for the ratings.

AvMed's operating performance is assessed as marginal, although
operating results have improved vastly over the past two years.
During 2019, AvMed initiated significant improvements to its
information technology infrastructure, which has been outsourced;
AM Best expects that the completion of this project will create
operating efficiencies. Despite the large commitment spend to the
information technology transformation, AvMed reported higher
underwriting gains and net income in 2019 mainly from more
favorable claims experience. However, the company expects the
information technology transformation project to cause substantial
moderation in earnings for 2020. AM Best expects that earnings for
2020 will be within the projections provided by senior management.


The company's business profile remains limitecd as it remains
pressured to gain profitable market share, while competing against
larger local and national players in Florida.

Based on the improvement in operational and financial controls, the
company's ERM has been upgraded from marginal to appropriate. AvMed
has made significant progress from prior years with the assistance
of an external consultant several years ago, which has helped with
underwriting practices and refinements, as evidenced by higher net
operating results and improving capital position in recent years.
Furthermore, AvMed's ERM program is now more formalized, with a
developed governance structure, process and controls, senior
leadership involvement and support. The ERM program includes robust
risk appetite and tolerances, as well as risk identification and
reporting tools, which are embedded in AvMed's operations.


BARKATH PROPERTIES: Court Approves Disclosure Statement
-------------------------------------------------------
Judge A. Benjamin Goldgar has ordered that the Amended Disclosure
Statement filed by Barkath Properties, LLC, Libertyville Imaging
Associates, Inc., and MRI of Libertyville, LLC is approved.

The hearing on confirmation is set for August 3, 2020, at 10:00
a.m.

July 20, 2020, is fixed as the last day for filing and serving
written objections to confirmation of the Plan.

July 20, 2020 is fixed as the last day for filing written
acceptances or rejections of the Plan.

July 27, 2020, is fixed as the date by which the Debtors must file
with the court a ballot report using the court's form.

                   About Barkath Properties

Barkath Properties is a privately held company engaged in
activities related to real estate. The Company owns in fee simple a
shopping mall unit in Libertyville, Illinois valued at $1.80
million and a commercial building in Waukegan, Illinois valued at
$150,000.

Barkath Properties sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 19-23544) on Aug. 21, 2019.  The petition was signed by
Shoukath Ahmed, manager. As of the Petition Date, the Debtor
recorded $2,097,271 in total assets and $5,177,277 in total
liabilities.  The LAW OFFICE OF O. ALLAN FRIDMAN is serving as the
Debtor's counsel.


BASANITE INC: Needs More Financing to Continue as a Going Concern
-----------------------------------------------------------------
Basanite, Inc. filed its quarterly report on Form 10-Q, disclosing
a net loss of $561,305 on $1,625 of revenue for the three months
ended March 31, 2020, compared to a net loss of $687,681 on $0 of
revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,369,311,
total liabilities of $3,957,894, and $1,588,583 in total
stockholders' deficit.

Since inception, the Company has incurred net operating losses and
used cash in operations.  As of March 31, 2020, the Company had an
accumulated deficit of $26,005,361.  The Company has incurred
general and administrative expenses associated with its product
development and compliance while concurrently preparing the
facility and developing the manufacturing business.

The Company said, "We expect operating losses to continue in the
short term and require additional financing for continued support
of our BFRP manufacturing business until the Company can generate
sufficient revenues and positive cash flow.  These conditions 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/wZEVHt

Basanite, Inc. engages in the basalt fiber reinforced polymer
business worldwide. It produces basalt fiber reinforced polymer
products that are used as replacements for steel products, which
reinforce concrete, such as rebar. The company was formerly known
as PayMeOn, Inc. and changed its name to Basanite, Inc. in December
2018. Basanite Inc. was founded in 2006 and is headquartered in
Oakland Park, Florida.



BERGIO INTERNATIONAL: BF Borgers CPA PC Raises Going Concern Doubt
------------------------------------------------------------------
Bergio International, Inc., filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $3,035,043 on $600,981 of net sales for the year ended
Dec. 31, 2019, compared to a net loss of $417,314 on $608,790 of
net sales for the year ended in 2018.

The audit report of BF Borgers CPA PC states that the Company’s
significant operating losses 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 $1,490,809, total liabilities of $2,103,525, and a total
stockholders' deficit of $612,716.

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

                       https://is.gd/OcvmyK

Headquartered in Fairfield, NJ, Bergio International, Inc. --
https://www.bergio.com/ -- is engaged in the product design,
manufacturing, distribution of fine jewelry primarily in the United
States.  The Company also have two retail stores located in
Closter, NJ and Atlantic City, NJ.


BIOCORRX INC: Net Losses Since Inception Cast Going Concern Doubt
-----------------------------------------------------------------
BioCorRx Inc. filed its quarterly report on Form 10-Q, disclosing a
net loss of $1,078,188 on $36,895 of net revenues for the three
months ended March 31, 2020, compared to a net loss of $1,770,479
on $65,274 of net revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $4,362,983,
total liabilities of $6,382,453, and $2,019,470 in total deficit.

As of March 31, 2020, the Company had cash of $1,970,843 and
working capital of $(333,762).  During the three months ended March
31, 2020, the Company used net cash in operating activities of
$675,009.  The Company has not yet generated any significant
revenues and has incurred net losses since inception.  These
conditions 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/nFxlkS

BioCorRx Inc., through its subsidiaries, provides alcoholism and
opioid addiction treatment program for use in rehabilitation and
treatment centers in the United States. It distributes and licenses
BioCorRx recovery program, a medication-assisted treatment program
that includes a counseling program coupled with its proprietary
naltrexone implant.  The company is also developing BICX101, an
injectable naltrexone product; and BICX102, an implantable
naltrexone implant for the treatment of alcohol and opioid
addiction.  It distributes its program to healthcare providers,
independent licensed clinics, and licensed healthcare
professionals.  The company was formerly known as Fresh Start
Private Management, Inc. and changed its name to BioCorRx Inc. in
January 2014.  BioCorRx Inc. is headquartered in Anaheim,
California.



BIOPLAN USA: S&P Downgrades ICR to 'CCC' on Elevated Liquidity
--------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on New York
City-based beauty and personal care sampling and packaging provider
Bioplan USA Inc. to 'CCC' from 'CCC+'.

S&P is also lowering its issue-level ratings on the company's
first-lien debt to 'CCC' from 'B-'. It is also revising the
recovery rating to '3' from '2'. In addition, S&P is lowering its
issue-level rating on the company's second-lien debt to 'CCC-' from
'CCC'. The '5' recovery rating is unchanged.

The downgrade reflects Bioplan's continued weak operating
performance due to secular pressures within its client base and the
added impact of COVID-19 retailer closures. S&P expects the company
to face elevated liquidity and refinancing risks over the next
12-15 months when its first-lien term loan comes due in September
2021.

Bioplan is currently factoring its accounts receivable to
supplement its liquidity needs.

"We forecast continued revenue deterioration driven by factors
largely outside the company's control, including the secular
pressures affecting the retail and print industries. As revenue
declines, we would expect there to be less receivables available to
factor and reduced liquidity," S&P said.

COVID-19 retail closures compounded Bioplan's existing challenges
from secular pressures affecting its client base and competition in
the global sampling market. Although the company holds a dominant
position in the global sampling market, it has faced some market
share erosion from competitors through price-based competition and
product differentiation. Furthermore, its client base is
concentrated within retail, print, and the consumer packaged goods
industries, which are all facing material secular pressures and
pursuing cost rationalization strategies. S&P views product
sampling as a secondary marketing strategy for most of Bioplan's
clients, making the company more vulnerable to changing marketing
budgets and macroeconomic conditions.

The COVID-19 retail closures will have a material impact on
Bioplan's product volumes and accelerate the company's revenue
declines in the current year. The economic slowdown due to the
outbreak could also result in lower marketing spending by clients.

Bioplan's adjusted leverage remains elevated while its organic cash
flow generation is negligible.

"While the company has been supplementing its weak cash flow
generation by factoring its accounts receivable, we don't expect
this to be sustainable, in particular given the trend of revenue
declines that we expect will adversely affect the accounts
receivable balances over the next 12 months. Adjusted leverage was
9.8x as of March 31, 2020, on a rolling 12 months basis. We
forecast adjusted leverage to remain very high, above 10x in 2020
and 2021," S&P said.

The negative outlook reflects S&P's expectation that Bioplan's
continued operating weakness and the added impact from COVID-19
shutdowns could affect its ability to continue factoring its
receivables for its liquidity needs, leading to an increased risk
of non-payment of interest obligations on its debt or a debt
restructuring within the next 12 months.

S&P could lower its rating on Bioplan under one or more of the
following circumstances:

-- If S&P believed the company would miss its interest obligations
within the next six months.

-- If in the first quarter of 2021 the company had no firm plans
in place to refinance its first-lien term loan due September 2021.

-- If the company announced its intention to pursue some form of
debt restructuring.

While unlikely over the next 12 months, S&P could raise its ratings
on Bioplan if it were able to extend maturities on all its existing
debt while improving its operating performances such that free
operating cash flow (FOCF) to debt were at least 3% (approximately
$10 million) and adjusted leverage declining below 6x.


BLACK RIDGE: Amends Sept. 30 Form 10Q, Posts $11.2M Net Income
--------------------------------------------------------------
On May 15, 2020, Black Ridge Oil & Gas, Inc. filed its quarterly
report on Form 10-Q/A, disclosing a net income attributable to the
Company of $11,175,456 on $153,279 of total revenues for the three
months ended Sept. 30, 2019, compared to a net income attributable
to the Company of $1,603,035 on $0 of total revenues for the same
period in 2019.

For the nine months ended Sept. 30, 2019, the Company reported net
income attributable to the Company of $9,874,432 on $153,279 of
total revenues, compared to a net income attributable to the
Company of $438,431 on $0 of total revenues for the same period in
2018.

At Sept. 30, 2019, the Company had total assets of $14,317,091,
total liabilities of $2,891,279, and $11,425,812 in total
stockholders' equity.

Net cash used in operating activities was $9,759,160 for the nine
months ended September 30, 2019, and net cash provided by operating
activities was $473,366 for the nine months ended September 30,
2018, a period over period decrease of $10,232,526.  The decrease
was primarily due to net settlement income $2,137,500 received in
2018, and an increase of $6,342,561 in net losses in discontinued
operations of BRAC due primarily to the recognition of $7,917,500
of contingent fees upon BRAC's business combination.  Changes in
working capital from continuing operating activities resulted in a
decrease in cash of $181,718 in the nine months ended September 30,
2019, as compared to a decrease in cash of $11,218 for the same
period in the previous year.

Net cash provided by investing activities were $6,888,299 and
$187,773 for the nine months ended September 30, 2019 and 2018,
respectively.  In 2019, cash disposed upon deconsolidation resulted
in a decrease of $9,992,493.  In the 2019 and 2018 periods, cash
provided from discontinued operations of $16,880,792 and $187,773,
respectively, was the result of transfers and withdrawals from the
Trust Account.

Net cash provided by financing activities was $1,431,974 and $450
for the nine months ended September 30, 2019.  All of the 2019
activity was the result of activities in the discontinued
operations of BRAC.

The Company said, "As of September 30, 2019, the Company had a cash
balance of $64,613 and total working capital of negative
$2,620,633.  The Company's management consulting agreement with
BRAC calls for management fees of $313,316 from October 1, 2019
through December 31, 2019 and does not continue into 2020.  Based
on projections of cash expenditures in the Company's current
business plan, the cash on hand would be insufficient to fund the
Company's general and administrative expenses over the next year.

"We continue to pursue sources of additional capital through
various financing transactions or arrangements, including joint
venturing of projects, equity or debt financing or other means.  We
may not be successful in identifying suitable funding transactions
in a sufficient time period or at all, and we may not obtain the
capital we require by other means.  If we do not succeed in raising
additional capital, our resources may not be sufficient to fund our
business.

"The report of the Company's independent registered public
accounting firm that accompanies its audited consolidated financial
statements in the Company's Annual Report on Form 10-K contains an
explanatory paragraph regarding the substantial doubt about the
Company's ability to continue as a going concern.  The consolidated
financial statements do not include any adjustments that might
result from the outcome of the going concern uncertainty."

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

                       https://is.gd/lCCkik

Black Ridge Oil & Gas, Inc. -- http://www.blackridgeoil.com/-- is
focused on acquiring, investing in, and managing the oil and gas
assets for its partners.  The Company continues to pursue asset
acquisitions in all major onshore unconventional shale formations
that may be acquired with capital from its existing joint venture
partners or other capital providers.  Additionally, as the sponsor
and manager of Black Ridge Acquisition Corp., the Company is
focused on assisting BRAC in its efforts to identify a prospective
target business for a merger, share exchange, asset acquisition or
other similar business combination.  Black Ridge is based in
Minneapolis, Minnesota.



BLUE RACER: Fitch Withdraws BB- Rating on Cancelled 2025 Notes
--------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-/RR4' rating on Blue Racer
Midstream, LLC's proposed senior unsecured notes due 2025. The
notes were to be co-issued with Blue Racer Finance Corp. Fitch has
withdrawn the ratings because the bond issuance was canceled by the
issuer.

The ratings were withdrawn with the following reason:

Bonds were cancelled.

KEY RATING DRIVERS

Ratings have been withdrawn as the issuance did not proceed as
previously planned.


BROOKS BROTHERS: July 15 Deadline Set for Committee Questionnaires
------------------------------------------------------------------
Brooks Brothers Group, Inc., which filed for Chapter 11 protection,
authorizes the United States Trustee to appoint an Official
Committee of Unsecured Creditors in its bankruptcy case.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to richard.Schepacarter@usdoj.gov at the Office of the United
States Trustee so that it is received no later than Wednesday, July
15, 2020 at 5:00 p.m.

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

                    About 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.

Brooks Brothers Group, Inc. and 12 of its affiliates filed for
Chapter 11 protection (Bankr. D. Del., Lead Case No. 20-11785) on
July 8, 2020.  The petitions were signed by Stephen Marotta, chief
restructuring officer.

The Debtors estimated assets and liabilities to total $500 million
to $1 billion.

Hon. Christopher Sontchi presides over the cases.

Richards, Layton & Finger, P.A. and Weil, Gotshal & Manges LLP
serve as counsel to the Debtors.  PJ Solomon, L.P acts as
investment banker; Ankura Consulting Group LLC as financial
advisor; and Prime Clerk LLC as claims and noticing agent.


CHRIST THE CORNERSTONE: Plan to Pay Claims in Full in 10 Years
--------------------------------------------------------------
Christ the Cornerstone Community Church, submitted a Combined Plan
of Reorganization and Disclosure Statement.

The Plan provides for payment in full to holders of allowed claims
against the Debtor over a maximum 10-year period.  In accordance
with the Plan, the Debtor will continue to operate the church and
provides outreach services to the surrounding community.

All Allowed Secured Claims of Baptist Church Loan Corporation -
Class 3.  The estimated Class 3 claim is $355,883.  The Class 3
Claim will bear interest at the rate of four and a quarter percent
per annum (4.25%).  The Allowed Class 3 Claim will be paid in
monthly installments of $3,645.58 per month over 120 months
commencing 30 days after the Effective Date of the Confirmed Plan.
The Class 3 Claim is impaired.

All Allowed Secured Claims of Baptist Church Loan Corporation in
Class 4.  The estimated Class 4 claim is $126,863.  The Class 4
claim will bear interest at the rate of 4.25 percent per annum.
The Allowed Class 4 Claim will be paid in monthly installments of
$1,300 per month over 120 months commencing 30 days after the
Effective Date of the Confirmed Plan.  The Class 4 Claim is
impaired.

All Allowed Unsecured Claims in Class 6.  Based on Debtor's
schedules, the Debtor has a single disputed unsecured claim in the
amount of $11,820.  The Debtor is unaware of any other unsecured
claims, and no unsecured creditors have filed claims in the case.
The deadline to file claims was March 10, 2020, and Debtor
estimates the total of Allowed unsecured claims will be $0.  The
Class 6 claims are impaired.

The Reorganized Debtor will continue to operate a church and engage
community outreach programs.  The Debtor's projections for the next
ten years will permit it to make the payments contemplated by the
Plan.  In addition, the Debtor is actively marketing the property
at 1010 W. Pleasant Run Road in DeSoto for sale.  It is currently
listed with a broker, and Debtor anticipates selling the Property
in order to retire CCCC's existing debt in full.

A full-text copy of the Combined Plan of Reorganization and
Disclosure Statement dated June 10, 2020, is available at
https://tinyurl.com/y72jhorw from PacerMonitor.com at no charge.

Attorney for the Debtor:

     Areya Holder Aurzada
     HOLDER LAW
     901 Main Street, Suite 5320
     Dallas, Texas 75202
     Telephone: (972) 438-8800
     Email: areya@holderlawpc.com

          About Christ the Cornerstone Community Church

Christ the Cornerstone Community Church is a tax-exempt religious
organization (as described in 26 U.S.C. Section 501). It owns eight
real estate properties (consisting of vacant land and commercial
property) in Desoto, Texas, having an aggregate current value of
$4.5 million.

The Church sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
19-33649) on Nov. 1, 2019. The Debtor disclosed $4,494,083 in total
assets and $555,234 in total liabilities as of the bankruptcy
filing.  The Hon. Stacey G. Jernigan is the case judge.  Areya
Holder, Esq., at HOLDER LAW, is the Debtor's counsel.


CLEVELAND BIOLABS: Incurs $602,000 Net Loss for March 31 Quarter
----------------------------------------------------------------
Cleveland BioLabs, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $601,728 on $156,042 of revenues for the
three months ended March 31, 2020, compared to a net loss of
$893,312 on $197,919 of revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $1,864,586,
total liabilities of $1,085,222, and $779,364 in total
stockholders' equity.

The Company said, "At March 31, 2020, we had cash, cash equivalents
and short-term investments of $1.4 million in the aggregate.
Management believes this capital will be sufficient to support
operations into August 2020.  To ensure continuing operations
beyond that point, management is evaluating all opportunities,
including seeking additional capital through debt or equity
financing, the sale or license of drug candidates, the sale of
certain of our tangible and/or intangible assets, the sale of
interests in our subsidiaries or joint ventures, obtaining
additional government research funding, or entering into other
strategic transactions.  Management believes that sufficient
sources of financing will be available to support operations into
the future, however there can be no assurances at this time.  These
matters 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/3C4DAl

Cleveland BioLabs, Inc. -- http://www.cbiolabs.com/-- is a
biopharmaceutical company developing novel approaches to activate
the immune system and address serious medical needs.  The Company's
proprietary platform of Toll-like immune receptor activators has
applications in radiation mitigation, immuno-oncology, and
vaccines.  The Company's most advanced product candidate is
entolimod, which is being developed as a medical radiation
countermeasure for the prevention of death from acute radiation
syndrome, an immunotherapy for oncology and other indications.  The
Company conducts business in the United States and in the Russian
Federation through a wholly-owned subsidiary, BioLab 612, LLC, and
a joint venture with Joint Stock Company RUSNANO, Panacela Labs,
Inc.  The company maintains strategic relationships with the
Cleveland Clinic and Roswell Park Cancer Institute.


COASTAL INTERNATIONAL: Unsecureds to Have 3.25% Recovery in Plan
----------------------------------------------------------------
Coastal International, Inc., a Nevada corporation, submitted a
Third Amended Disclosure Statement describing its Chapter 11 Plan.

The Plan will be funded from (a) future business income, third
party funding and assets of the Reorganized Debtor and (b) a new
value contribution.  In exchange for retaining control of the
Company, Coastal International Holdings, LLC, ("Principal") will
provide $350,000 in the form of the new value contribution to fund
the Plan which will be advanced by the principal on or before the
Effective Date.

The New Value Contribution will be subject to an auction process
which will be open to third parties who may bid on the equity of
the Debtor.  A separate motion has been filed by the Debtor to
determine the amount of the New Value Contribution and will be
heard prior to or concurrently with the hearing to approve the
Plan.

Secured Administrative Claim of TAB Bank:

With respect to the Post-Petition Factoring Agreement between the
Debtor and TAB Bank, the current outstanding amount owed to TAB
Bank is approximately $800,000.  The outstanding balance projected
to be owing on the Effective Date is approximately $15,000.  Under
the Plan, the interest rate set forth in the Post-Petition
Factoring Agreement will be reduced by 1% from LIBOR plus 7.5% to
LIBOR plus 6.5%. The definition of Early Termination Fee in the
Post-Petition Factoring Agreement is also replaced in its entirety
to state: The Early Termination Fee represents the costs incurred
by TAB Bank to set up the required accounting system. This cost is
factored into the charges over time but must be recouped in the
event of an early termination. The Early Termination Fee is the
amount equal to the Minimum Monthly Fee multiplied by the number of
months (prorated for partial months) by which the termination date
requested by Debtor precedes the date that is twenty four (24)
months after the date of the Post-Petition Factoring Agreement,
provided, however, that no Early Termination Fee shall be due if
the Debtor elects for a termination of the agreement to be
effective on or after September 21, 2020, so long as the Debtor
provides no less than four months’ advance notice of such
termination. Further, the Post-Petition Factoring Agreement shall
include the amendments, deletions ad revisions as set forth in the
order entered by the Court approving the Post-Petition Factoring
Agreement entered on April 9, 2020. A copy of the Pre-Petition
Factoring Agreement and the Post-Petition Factoring Agreement is
attached as Exhibit B.

Class 1 Allowed Secured Claims (Impaired):  

Secured Claims are Claims secured by liens on property of the
Estate.  Class 1 consists of the Allowed Secured Claim of TAB Bank
which is made up of the prepetition outstanding amounts secured by
all assets of the Debtor pursuant to a UCC-1 financing statement
attached as Exhibit E.  With respect to the Pre-Petition Factoring
Agreement entered into between TAB Bank and Debtor, TAB Bank
asserts it is still owed $30,000 for account debtor charge backs
and attorneys' fees.  Under the Plan, TAB Bank will have no right
to a termination fee and will be limited to recovering $5,000 of
the $30,000 TAB Bank asserts is still owed under the Pre-Petition
Factoring Agreement with the Debtor.

Class 2 Priority Unsecured Claims (Impaired):

Priority Unsecured Claims will receive monthly payments over the
course of approximately 1 year with no interest.  The Reorganized
Debtor shall have the right to pay the Allowed Claims in Class 2
the full amount of their claims at any time without premium or
penalty of any kind.  To the extent Priority Unsecured Claims are
for accrued vacation of Debtor's employees, they will not be paid
out, but will be retained by the Debtor's employees in the ordinary
course of business.  The total amount of Class 2 Claims is
approximately $62,000.

Class 3 General Unsecured Claims Other Than the Claims of AHAC
(Impaired):

Allowed General Unsecured Claims (including the Claim of AHAC in
Class 4) will receive: (1) $350,000 on the Effective Date of the
Plan; (2) a percentage of recovery of the Hartford Claim; and (3) a
percentage of recovery of the Avoidance Action.  The Debtor
estimates that the total of $350,000 to be paid to Class 3 and
Class 4 equals approximately 3.25% recovery (plus the percentage
recovery on the Hartford Claim and the Avoidance Action) on the
total amount of the Class 3 Claims.  The total amount of Class 3
Claims is currently estimated at $580,000.

Class 3 Claims will share pro rata with the Class 4 Claim a total
of $350,000.  In other words, the total of all payments to be made
to the Class 3 Claims and Class 4 Claim is $350,000 which will be
paid pro rata to the Class 3 Claims and the Class 4 Claim.

Class 4 General Unsecured Claim of AHAC (Impaired):

AHAC and the General Unsecured Claims in Class 3 will receive: (1)
$350,000 on the Effective Date of the Plan; (2) a percentage of
recovery of the Hartford Claim; and (3) a percentage of recovery of
the Avoidance Action.  The Debtor estimates that the total of
$350,000 to be paid to Class 3 and Class 4 equals approximately
3.25% recovery (plus the percentage recovery on the Hartford Claim
and the Avoidance Action) on the total amount of the Class 4 Claim.
The total amount of the Class 4 Claim is $10,185,442.

A full-text copy of the Third Amended Disclosure Statement dated
June 10, 2020, is available at https://tinyurl.com/ya5fxpsd from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Jeffrey I. Golden
     Reem J. Bello
     WEILAND GOLDEN GOODRICH LLP
     650 Town Center Drive, Suite 600
     Costa Mesa, California 92626
     Telephone 714-966-1000
     Facsimile 714-966-1002
     E-mail: jgolden@wgllp.com
             rbello@wgllp.com

                  About Coastal International

Coastal International, Inc., is a Nevada corporation formed in
1984, which provides trade show installation and dismantling
services in the exhibit and event industry. Its operations extend
into major cities across the United States, and the Company
maintains a staff of trained, full-time employees to handle most
any installation and dismantling project from start to finish.
Coastal generated approximately $24 million in revenues during
2018.

Coastal International sought creditor protection under Chapter 11
of the Bankruptcy Code (Bankr. C.D. Cal. Case No.19-13584) on Sept.
15, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $1 million and $10 million and liabilities
of between $10 million and $50 million.  The case has been assigned
to Judge Theodor Albert.  The Debtor tapped Weiland Golden Goodrich
LLP as counsel; and Finestone Hayes LLP, as co-counsel.


COLT V. LLC: Plan and Disclosures Due Sept. 9
---------------------------------------------
Judge Mark A. Randon has ordered deadlines and hearing dates in the
Chapter 11 case of Colt V., LLC.

The deadline for parties to request the Debtor to include any
information in the disclosure statement is Aug. 10, 2020.

The deadline for the Debtor to file a combined plan and disclosure
statement is Sept. 9, 2020.

The deadline to return ballots on the plan, as well as to file
objections to final approval of the disclosure statement and
objections to confirmation of the plan is Oct. 26, 2020.

The hearing on objections to final approval of the disclosure
statement and confirmation of the plan will be held on Nov. 2,
2020, at 11:00 a.m., before the Honorable Mark A. Randon, in
Courtroom 1825, 211 West Fort Street, Detroit, Michigan 48226.

The deadline to file a motion to extend the deadline to file a plan
is Aug. 10, 2020.

These dates and deadlines are subject to change upon notice if the
debtor files a plan before Sept. 9, 2020.

                       About Colt V. LLC

Colt V., LLC, owns in fee simple a property located at 6900
Whitmore Lake Rd., Whitmore Lake, Mich., valued by the company at
$1.7 million. Colt sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-40179) on Jan. 7,
2020.  At the time of the filing, the Debtor disclosed $1,900,000
in assets and $2,817,129 in liabilities. Judge Mark A. Randon
oversees the case.  David I. Goldstein, Esq., is the Debtor's
bankruptcy attorney.


COSMOS HOLDINGS: Has $627K Comprehensive Loss for March 31 Quarter
------------------------------------------------------------------
Cosmos Holdings Inc. filed its quarterly report on Form 10-Q,
disclosing a total comprehensive loss of $627,072 on $11,933,248 of
revenue for the three months ended March 31, 2020, compared to a
total comprehensive loss of $155,544 on $9,683,341 of revenue for
the same period in 2019.

At March 31, 2020, the Company had total assets of $23,472,163,
total liabilities of $30,560,064, and $7,087,901 in total
stockholders' deficit.

For the three months ended March 31, 2020, the Company had revenue
of $11,933,248, a net loss of $483,310 and net cash used in
operations of $1,144,739.  Additionally, as of March 31, 2020, the
Company had an accumulated deficit of $20,054,920 a working capital
deficit of $7,673,520 and stockholders' deficit of $7,087,901.

Cosmos Holdings said, "It is management's opinion that these
conditions raise substantial doubt about the Company's ability to
continue as a going concern for a period of twelve months from the
date of this filing."

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

                     https://is.gd/vHuN6K

Cosmos Holdings Inc., through its subsidiaries, develops, imports,
exports, markets, distributes, and sells pharmaceutical and
wellness products for human use primarily in the European Union. It
offers branded pharmaceutical products, over-the-counter medicines,
and generic pharmaceutical products. The company provides its
products to wholesale drug distributors, and wholesalers and retail
healthcare providers.  Cosmos Holdings is based in Chicago,
Illinois.


CP#1109 LLC: Court Conditionally Approves Disclosure Statement
--------------------------------------------------------------
Judge Mindy A. Mora has conditionally approved the disclosure
statement explaining the Chapter 11 Plan of CP#1109, LLC.

The hearing on final approval of the Disclosure statement, and
confirmation of the Plan will be on Friday July 17, 2020 at 10:00
a.m., in United States Bankruptcy Court, Flagler Waterview
Building, 1515 North Flagler Drive, 8th Floor, Courtroom A, West
Palm Beach, FL 33401.  The Court will also hear fee applications at
the hearing.

The Debtor's deadline for serving the Conditional Order, Disclosure
Statement, Plan, and Ballot will be on June 17, 2020.

The deadline for objections to claims will be on July 3, 2020.

The deadline for filing ballots accepting or rejecting the Plan
will be on July 7, 2020.

The deadline for objections to confirmation of the Plan will be on
July 14, 2020.

The deadline for objections to final approval of Disclosure
Statement will be on July 14, 2020.

                        About CP#1109 LLC

CP#1109, LLC, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 18-25821) on Dec. 20, 2018.  At the
time of the filing, the Debtor was estimated to have assets of less
than $1 million and liabilities of less than $500,000.  The case is
assigned to Judge Mindy A. Mora.  AM Law, LLC, is the Debtor's
counsel.


CTE 1 LLC: July 23 Hearing on Plan and Disclosures
--------------------------------------------------
A combined hearing  to consider (a) final approval of the adequacy
of disclosures and (b) confirmation of the Combined Plan and
Disclosure Statement of CTE 1 LLC will be held before the Honorable
Vincent F. Papalia, United States Bankruptcy Judge, in Courtroom 3B
at the United States Bankruptcy Court for the District of New
Jersey, Martin Luther King, Jr. Federal Building, 50 Walnut Street,
Newark, NJ 07102, on July 23, 2020. at 11:00 a.m. (Eastern Time).

The Bankruptcy Court established July 3, 2020 at 4:00 p.m. (Eastern
Time) as the deadline by which Ballots accepting or rejecting the
Combined Plan and Disclosure Statement must be received.

Objections, if any, to confirmation of the Combined Plan and
Disclosure Statement, including any supporting memoranda, must be
filed and served so as to be actually received on or before July
10, 2020, at 4:00 p.m. (Eastern Time).

Counsel to the Official Committee of Unsecured Creditors of CTE 1
LLC:

     Robert K. Malone, Esq.
     Brett S. Theisen, Esq.
     GIBBONS P.C.
     One Gateway Center
     Newark, New Jersey 07102
     Telephone: (973) 596-4500
     Facsimile: (973) 596-0545
     E-mail: rmalone@gibbonslaw.com
             btheisen@gibbonslaw.com

                         About CTE 1 LLC

CTE 1 LLC -- https://www.lexusofenglewood.com/ -- is a car dealer
in Englewood, N.J., offering a selection of new and pre-owned Lexus
vehicles. It offers a full lineup of vehicles, including Lexus LS
sedan, Lexus RX SUV and ES Hybrid.

CTE 1 sought Chapter 11 protection (Bankr. D.N.J. Lead Case No.
19-30256) on Oct. 27, 2019, in New Jersey.  In the petitions signed
by Carmine DeMaio, operating manager, the Debtor was estimated to
have $10 million to $50 million of assets and the same range of
liabilities.

Judge Vincent F. Papalia oversees the case.

The Debtor tapped Robert M. Hirsh, Esq., at Arent Fox LLP, as its
legal counsel.  Steven F. Agran of Carl Marks Advisory Group LLC is
the Debtor's chief restructuring officer.


CUSTOM TRUCK: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on specialty truck
manufacturer Custom Truck One Source L.P. to negative from stable.
At the same time, S&P affirmed its 'B+' issuer- and issue-level
credit ratings.

The rating agency expects debt leverage levels to remain elevated
over the next 12 months. Custom Truck's S&P-adjusted debt to EBITDA
was 4.2x as of March 31, 2020, which is almost a turn of leverage
higher than in the same period last year. S&P anticipates leverage
levels to increase toward the 5x range over next 12 months, due to
a decrease in demand for its products and services, as well as
lower utilization rates driven by the impact of COVID-19 and the
recession. S&P believes some of this weakness will be offset by
relatively stable demand in its transmission, infrastructure, and
forestry end-markets. S&P anticipates the company will reduce
capital expenditures (capex) and to begin to generate positive free
operating cash flow (FOCF) in the second half of 2020. The rating
agency believes the company's end-markets will gradually recover in
2021 and that this rebound in demand combined with positive FOCF
generation will allow the company to reduce debt leverage towards
the 4x area in 2021.

"In our view, the company should be able to generate good free
operating cash flow due to lower growth capex. We expect Custom
Truck's revenues to decline in the low double-digit percent area in
2020, and for its EBITDA to contract, driven by a decline in
demand," S&P said.

Custom Truck is not a pure-play equipment rental company as it
provides complete solutions to fulfill its customers' equipment
needs; however, similar to equipment rental companies that S&P
rates, the rating agency expects Custom Truck to reduce its net
rental capex in a downturn to preserve liquidity. S&P believes the
company has a greater ability to reallocate equipment from its new
and used sales to rentals, and re-manufacture equipment that it can
customize to sell or rent in a recessionary environment. S&P
expects Custom Truck's FOCF to increase and turn positive in 2020,
driven by the lower growth capex spending for the year. S&P expects
the company to continue with investments that were planned prior to
the coronavirus outbreak, such as its investment in an enterprise
resource planning (ERP) system and facility expansion in Kansas
City; however, the rating agency forecasts a halt in rental
equipment investment during this time.

"The negative outlook on Custom Truck reflects our expectation that
debt leverage will be higher than our previous forecast due to
impacts from COVID-19 hurting product demand. We expect debt
leverage to increase toward the 5x area in 2020 before declining
towards the 4x area in 2021," S&P said.

S&P could lower the rating on Custom Truck if:

-- The company underperforms S&P's forecast, driven by a greater
than expected decline in demand in the company's end-markets and
customer capital spending, that results in adjusted debt to EBITDA
increasing above 5x on a sustained basis. S&P would expect the
company to maintain leverage below 4x during an economic expansion
to provide cushion for the volatility in its business.

-- S&P could also lower its rating if the company fails to limit
its net capex such that it expects FOCF to remain negative this
year.

-- S&P could revise the outlook to stable on Custom Truck if the
demand environment begins to improve and the company reduces debt
leverage to about 4x or below. While the economic environment
remains uncertain, it would also need to observe prudent capital
spending so that it expects the company will generate positive FOCF
during a period of weaker demand.


DATABASEUSA.COM: 8th Circuit Affirms Infogroup Judgment
-------------------------------------------------------
DatabaseUSA.com LLC gives notice of filing its Supplement to First
Amended Disclosure Statement.

Pursuant to the Disclosure Statement Order, the hearing on
confirmation of Debtors First Amended Plan of Reorganization is
scheduled for August 26-28, 2020.  The Disclosure Statement Order
provided that solicitation of the Plan was to occur on or about
June 15, 2020.

The Disclosure Statement provided information related to certain
litigation pending between Debtor and Infogroup, Inc.  As it
related to certain of the litigation filed by Infogroup against
Debtor, the Disclosure Statement provides:

On Feb. 12, 2014, Infogroup filed a complaint against Debtor and
Gupta in the Nebraska District Court, thereby commencing case no.
8:14-cv-00049-JMG-SMB. Infogroup alleged that Debtor and Gupta
improperly recruited Infogroup's employees, falsely advertised, and
accessed Infogroup's computer secrets.  After significant discovery
and briefing over a year after its filing, on March 30, 2015, the
Nebraska District Court denied Infogroup's motion for a preliminary
injunction related to the Infogroup Claims.  However, a jury later
issued a judgment in Infogroup's favor, which judgment was
substantially reduced by nearly 75% by the Nebraska District Court
following post-trial briefing.

On Dec. 20, 2018, Debtor filed an appeal of the judgment with the
Eighth Circuit Court of Appeals citing significant errors made
during the trial and the resulting judgment, which appeal is
pending in the Eighth Circuit as appeal no. 18-2723 (the "Appeal").
On Jan. 11, 2019, the Debtor and Infogroup filed a Stipulation for
Relief from Automatic Stay to Prosecute an Appeal Pending at the
Eight Circuit Court of Appeals, which was approved by this Court on
Jan. 16, 2019.  Briefing in the Appeal is now concluded.

Since entry of the Disclosure Statement, but prior to the
Solicitation Date, the Eighth Circuit issued its opinion in the
Appeal affirming the underlying judgment.  The Supplement is made
and filed for the purposes of updating the Disclosure Statement to
reflect that the Eighth Circuit issued its Opinion.

Attorneys for DatabaseUSA.com LLC:

     TALITHA GRAY KOZLOWSKI, ESQ.
     TERESA M. PILATOWICZ, ESQ.
     GARMAN TURNER GORDON LLP
     7251 Amigo Street, Suite 210
     Las Vegas, Nevada 89119

             - and -

     HEATHER (VOGELE) ANDERSON, ESQ.
     DVORAK LAW GROUP, LLC
     9500 W. Dodge Rd., Ste. 100
     Omaha, Nebraska 68114

                   About DatabaseUSA.com LLC

DatabaseUSA.com LLC -- https://databaseusa.com/ -- provides
full-service database and email marketing solutions.  It offers
customers a database of 15 million businesses.

DatabaseUSA.com sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Nev. Case No. 19-10001) on Jan. 1, 2019.
At the time of the filing, the Debtor was estimated to have assets
of $10 million to $50 million and liabilities of $10 million to $50
million as of the bankruptcy filing.  The case is assigned to Judge
Bruce T. Beesley.  The Debtor tapped Dvorak Law Group, LLC, as its
bankruptcy counsel.


DIAMOND PERFECTION: Court Conditionally Approves Disclosures
------------------------------------------------------------
Judge Stephani W. Humrickhouse has ordered that the disclosure
statement of Diamond Perfection, Inc., is conditionally approved.

The hearing on confirmation of the plan is scheduled on Wednesday,
July 22, 2020 at 10:30 a.m., in Room 208, 300 Fayetteville Street,
Raleigh, NC 27601.

July 20, 2020 is fixed as the last day for filing and serving
written objections to the disclosure statement.

July 20, 2020 is fixed as the last day for filing written
acceptances or rejections of the plan. The enclosed ballot should
be completed and filed with the plan proponent on or before that
date.

July 20, 2020 is fixed as the last day for filing and serving
written objections to confirmation of the plan.

                  About Diamond Perfection

Diamond Perfection, Inc., filed a Chapter 11 petition (Bankr.
E.D.N.C. Case No. 19-03270) on July 18, 2019, estimating less than
$500,000 in both assets and liabilities.  James B. Angell, Esq., at
HOWARD, STALLINGS, FROM, ATKINS, ANGELL & DAVIS, P.A., is the
Debtor's counsel.


DINKEL FAMILY: Hires Sherman Sherman as Special Counsel
-------------------------------------------------------
Dinkel Family Farms, LLC, seeks authority from the U.S. Bankruptcy
Court for the District of Oregon to employ Sherman Sherman Johnnie
& Hoyt, LLP, as special counsel to the Debtor.

Dinkel Family requires Sherman Sherman to provide legal advice
regarding insurance coverage for claims against Ryen Farms, LLC.

Sherman Sherman will be paid at these hourly rates:

     Attorneys                 $190 to $350
     Paralegals                 $95 to $190
     Law Clerks                 $75 to $125
     Legal Assistants/Staffs       $50

The Debtor paid Sherman Sherman $1,974 for legal services
rendered.

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

Gina Anne Johnnie, partner of Sherman Sherman Johnnie & Hoyt, LLP,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.

Sherman Sherman can be reached at:

     Gina Anne Johnnie, Esq.
     SHERMAN SHERMAN JOHNNIE & HOYT, LLP
     693 Chemeketa St. NE
     Salem, OR 97301
     Tel: (503) 364-2281

                 About Dinkel Family Farms

Dinkel Family Farms, LLC, a Culver, Ore.-based company engaged in
the crop farming business, sought Chapter 11 protection (Bankr. D.
Ore. Case No. 20-31938) on June 18, 2020.  The petition was signed
by Barry Dinkel, Debtor's manager.  At the time of the filing,
Debtor disclosed assets of $10 million to $50 million and estimated
liabilities of the same range.  Judge Trish M. Brown oversees the
case.  The Debtor has tapped Vanden Bos & Chapman, LLP as its legal
counsel and Northwest Financial Consulting as its financial
advisor.


DIOCESE OF BUFFALO: Hires Chelus Herdzik as Special Counsel
-----------------------------------------------------------
The Diocese of Buffalo, N.Y., seeks authority from the U.S.
Bankruptcy Court for the Western District of New York to employ
Chelus Herdzik Speyer & Monte PC, as special counsel to the
Debtor.

Diocese of Buffalo requires Chelus Herdzik to:

   -- provide insurance defense and litigation matters involving
      the Diocese and/or other participants in the Diocese's
      self-insurance program (the "SIP"); and

   -- represent and defend the Debtor in a number of cases
      alleging liability for child sexual abuse under the CVA
      ("CVA Cases").

Chelus Herdzik will be paid based upon its normal and usual hourly
billing rates.

In the 90 days prior to the Petition Date, the Debtore paid Chelus
Herdzik the amount of $118,306.50 for pre-petition services
rendered, and $1,632.60 for disbursements. Chelus Herdzik is owed
$14,291.50 with respect to unpaid prepetition services rendered,
and $1,572.70 in unpaid prepetition disbursements.

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

Thomas J. Speyer, partner of Chelus Herdzik Speyer & Monte PC,
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.

Chelus Herdzik can be reached at:

     Thomas J. Speyer, Esq.
     CHELUS HERDZIK SPEYER & MONTE PC
     438 Main St.
     Buffalo, NY 14202
     Tel: (716) 852-3600

                 About The Diocese of Buffalo

The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics
over eight counties in Western New York. The territory of the
diocese is co-extensive with the counties of Erie, Niagara,
Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus and Allegany in
New York State, comprising 161 parishes. There are 144 diocesan
priests and 84 religious priests who reside in the Diocese.

The diocese through its central administrative offices (a) provides
operational support to the Catholic parishes, schools and certain
other Catholic entities that operate within the territory of the
Diocese "OCE"; (b) conducts school operations through which it
provides parish schools with financial and educational support; (c)
provides comprehensive risk management services to the OCEs; (d)
administers a lay pension trust and a priest pension trust for the
benefit of certain employees and priests of the OCEs; and (e)
provides administrative support for St. Joseph Investment Fund,
Inc.

Dealing with sexual abuse claims, the Diocese of Buffalo sought
Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb.
28, 2020. The diocese was estimated to have $10 million to $50
million in assets and $50 million to $100 million in liabilities as
of the bankruptcy filing.

The Hon. Carl L. Bucki is the case judge.

Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is
the diocese's counsel; Connors LLP is its special litigation
counsel; Chelus Herdzik Speyer & Monte PC, as special counsel; and
Phoenix Management Services, LLC is its financial advisor. Stretto
is the claims agent, maintaining the page
https://case.stretto.com/dioceseofbuffalo/docket.



DIXON PAVING: Asks to Defer Plan Filing Deadline to Aug. 14
-----------------------------------------------------------
Dixon Paving, Inc., requests entry of an order extending the
deadline, within which it is required to file a plan of
reorganization and disclosure statement, up to and including August
14, 2020.

The Debtor is a North Carolina corporation, with its principal
place of business located in Wake County, North Carolina and owns
and operates a milling and paving business throughout North
Carolina and in South Carolina.  The Debtor filed a voluntary
petition seeking relief under chapter 11 of the Bankruptcy Code on
Feb. 14, 2020 and operates as a Debtor-in-Possession.

Currently, the deadline by which the Debtor is required to file its
plan of reorganization and disclosure statement is June 15, 2020.
Thus, this request -- having been made prior to said deadline -- is
timely and in accordance with the Federal Rules of Civil Procedure
and the Federal Rules of Bankruptcy Procedure.

Counsel for the Debtor is in need of additional time to file the
plan and disclosure statement in order for the Debtor to make
informed projections based upon continued and future work through
the N.C. Department of Transportation ("NCDOT") and contractors of
the NCDOT through whom the Debtor contracts work.  The coronavirus
pandemic has caused significant project delays for NCDOT, which is
affecting the Debtor's operations, and its ability to formulate a
feasible plan at this time.

Counsel for debtor Dixon Paving:

     LAURIE B. BIGGS
     STUBBS & PERDUE, P.A.
     9208 Falls of Neuse Road, Suite 201
     Raleigh, North Carolina 27615
     Telephone: (919) 870-6258
     E-mail: lbiggs@stubbsperdue.com

                      About Dixon Paving

Based in Raleigh, North Carolina, Dixon Paving, Inc., is a
commercial paving and milling company.  Dixon Paving filed a
Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 20-00656)
on Feb. 14, 2020.  At the time of the filing, the Debtor was
estimated to have $1 million to $10 million in liabilities.  Judge
David M. Warren oversees the case.  The Debtor's counsel is Trawick
H. Stubbs, Jr., Esq., at Stubb & Perdue, P.A.


DPW HOLDINGS: Stockholders Pass All Proposals at Special Meeting
----------------------------------------------------------------
DPW Holdings, Inc., reports the results of the Company's 2020
Special Meeting of Stockholders, which was held at 9:00 a.m. PT on
July 8, 2020 and at which time the four proposals voted upon, as
set forth in the Company's Definitive Proxy Statement, were
approved by stockholders.

Specifically, the stockholders:

  (i) approved the issuance of shares of common stock to Esousa
      Holdings LLC, in accordance with the Master Exchange
      Agreement dated Feb. 10, 2020, and the exercise of warrants
      issued in connection therewith;

(ii) approved the exercise of warrants issued or issuable to
      Esousa to purchase up to an aggregate of 2,000,000 shares
      of Common Stock, issued in connection with certain term
      promissory notes in an aggregate amount of up to
      $2,000,000;

(iii) approved the conversion of a $1,000,000 Convertible
      Promissory Note issued on Feb. 5, 2020, to Ault & Company,
      Inc., which is convertible into 717,241 shares of Common    

      Stock at $1.45 per share (which figure presumes conversion
      of principal and accrued but unpaid interest as of Aug. 5,
      2020, the maturity date of the Ault Note); and

(iv) ratified the appointment of Marcum LLP, as the Company's
      independent registered public accounting firm for the
      fiscal year ending Dec. 31, 2020.

"Today's vote represents a substantial opportunity for the Company
to return the growth and put behind it the last few years of debt
that was very costly and needed to be dealt with.  We appreciate
the shareholders who supported our efforts.  With our global
defense business improving and the vote behind us we look forward
to improving results and achieving greater stability," said Milton
C. Ault, III, chief executive officer of DPW.

                      About DPW Holdings

DPW Holdings, Inc. -- http://www.DPWHoldings.com-- is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact.  Through its wholly and majority-owned subsidiaries and
strategic investments, the Company provides mission-critical
products that support a diverse range of industries, including
defense/aerospace, industrial, telecommunications, medical, and
textiles.  In addition, the Company owns a select portfolio of
commercial hospitality properties and extends credit to select
entrepreneurial businesses through a licensed lending subsidiary.
DPW's headquarters are located at 201 Shipyard Way, Suite E,
Newport Beach, CA 92663.

DPW Holdings recorded a net loss available to common stockholders
of $32.93 million for the year ended Dec. 31, 2019, compared to a
net loss available to common stockholders of $32.34 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$37.76 million in total assets, $35.28 million in total
liabilities, and $2.48 million in total stockholders' equity.

Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the
Company's auditor since 2012, issued a "going concern"
qualification in its report dated May 29, 2020 citing that the
Company has a 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.


EDWARD DON & CO: S&P Affirms 'B-' ICR on Slight Demand Improvement
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
U.S.-based food service equipment and supplies (FE&S) distributor
Edward Don & Co. Holdings LLC (Don) and removed it from
CreditWatch, where the rating agency placed it with negative
implications on March 19, 2020.

At the same time, S&P is affirming its 'B-' issue-level rating on
the $210 million term loan and removing it from CreditWatch. The
'4' recovery rating is unchanged.

While industry sales are improving, there's still much uncertainty
around the severity and duration of the pandemic's impact on the
FE&S industry. The massive sales drop that bottomed out around the
end of March 2020 (70% sales decline) has begun to reverse, which
S&P attributes primarily to rebounding demand in some areas of the
country that reopened early, and increased sales of disposable
products such as paper plates and plastic cutlery. Though demand is
still weak, sales trends improved from a very depressed level in
late March. April and May sales were down around 50% and June sales
were down around 40%. S&P's forecast reflects gradually improving
sales and EBITDA trends as the U.S. economy reopens; however, S&P
assumes quarterly sales do not return to pre-coronavirus levels
until the back half of 2021.

The slow recovery considers the probability some people will be
reluctant to return to normal food consumption behavior due to
coronavirus risk and that the economy could remain very weak, which
will force some people to save money and reduce restaurant visits.
Also, more people will likely work from home, potentially reducing
use of food-away-from-home venues. There could also be additional
coronavirus outbreaks and capacity limits imposed on restaurants by
municipal governments, which could lead to more severe and
sustained industry declines than reflected in S&P's base-case
forecast.

Adequate liquidity should enable the company to withstand industry
headwinds and profit deterioration in the coming quarters caused by
the COVID-19. Borrowings under the company's asset-based lending
(ABL) revolver totaled about $49 million at the end of June, and
cash pro forma for the ABL draw was about $29 million.

"We forecast liquidity will be sufficient to weather significant
industry headwinds through 2021. The company has no substantial
debt maturities until 2025. The ABL credit agreement has a
springing 1x fixed-charge coverage ratio covenant that is in effect
when excess availability on the ABL revolver is less than the
greater of $7 million and 10% of the line cap. We do not expect the
company to trigger the covenant as availability is about $50
million and our base-case forecast does not reflect a sizable cash
burn," S&P said.

The negative outlook reflects the potential for a lower rating if
the pandemic causes more severe and prolonged stress to Don's cash
flows than S&P forecasts, resulting in an unsustainable capital
structure and a potential liquidity crisis.

S&P could lower the rating within the next 12 months if adjusted
leverage is sustained above 9x; EBITDA interest coverage does not
improve as it expects and remains below 1.5x in 2021; or free cash
flow (FCF) remains negative. This could occur if restrictions on
restaurant capacity, widespread permanent restaurant closures, or
consumer hesitancy to resume food away from home consumption
continue to hurt sales. This could also occur if infection rates
spike and lead to additional lockdowns, a protracted recession and
high unemployment rates dramatically reduce consumer discretionary
spending on food away from home, competition escalates, or the
company struggles to manage food cost volatility.

S&P could revise the outlook to stable if infection rates subside;
and food away from home consumption steadily expands as states and
municipalities reopen, giving it confidence that Don will restore
and sustain leverage below 7.5x, while maintaining positive FCF and
adequate liquidity.


ENTREC CORP: Starts Looking for Buyers of Subsidiaries
------------------------------------------------------
NBate Tabak, writing for Freight Waves, reports that bankrupt
ENTREC has started looking for buyers for its heavy haul trucking
and crane services subsidiaries -- ENT Oilfield Group in Canada and
ENTREC Cranes & Heavy Haul in the U.S.

The Alberta-based company is marketing the subsidiaries
individually, according to investment teasers from Sequeira
Partners and Ernst & Young.  Bid deadlines for the subsidiaries are
set for June 26, with final agreements anticipated by August 4.

ENTREC Cranes & Heavy Hauling, based in North Dakota, has 48
tractors, 212 trailers and 70 cranes.  The U.S. subsidiary's 2019
earnings before interest, taxes, depreciation and amortization
(EBITDA) came in about $12.8 million on $59.5 million in revenue,
according to the investment teaser from Sequeira Partners and FMI
Capital Advisors, which is assisting with the U.S. sale.

The investment teaser projects a weaker 2020 for ENTREC Cranes &
Heavy Hauling, with EBITDA of about $6 million on revenue of $45.2
million. But it anticipates a recovery in 2021, with EBITDA of
$15.8 million on $67.2 million.

ENT Oilfield Group, based in Alberta, has 63 tractors, 48 picker
trucks, 343 trailers and two all-terrain cranes. ENT had more than
C$50 million in revenue in 2019, according to the investment teaser
from Ernst & Young.  The teaser does not provide details on ENT's
profitability but notes that ENT recently signed a five-year
exclusive contract with Imperial Oil.

ENTREC sought creditor protection in May 2020.

Both subsidiaries have continued to operate under creditor
protection.  ENTREC is under creditor protection through Canada's
Companies' Creditors Arrangement Act (CCAA) and Chapter 7
bankruptcy in the United States.

In May, courts in both countries approved ENTREC's plans to find
buyers and or investors for its heavy haul trucking and crane
services businesses.

ENTREC filed for CCAA creditor protection in May 2020, under a
process similar to Chapter 11 bankruptcy in the U.S.  The Chapter 7
case serves as a recognition of ENTREC's CCAA case and its
designation as the primary venue for cross-border creditor
protection proceedings.

Much of ENTREC's business came from the Canadian and U.S. oil
patches.  The COVID-19 pandemic and the collapse in energy prices
hit the company that already had been undergoing restructuring.

                       About ENTREC Corp.

Alberta, Canada-based ENTREC Corporation --
http://www.entrec.com/--provides heavy lift and specialized
transportation services with offerings encompassing crane services,
heavy haul transportation, engineering, logistics and support. It
is a heavy haul transportation and crane solutions provider to the
oil and natural gas, construction, petrochemical, mining, and power
generation industries.  It specializes in transporting oversized
and overweight loads in Canada and the U.S. ENTREC's core
businesses consist of Alberta-based Capstan Hauling and ENT
Oilfield Group, and Texas-based ENTREC Cranes & Heavy Haul.  The
company has a fleet of 115 tractors and 125 cranes and picker
trucks.  ENTREC specializes in moving oversized and overweight
loads.

ENTREC filed for creditor protection in the Court of Queen's Bench
of Alberta Judicial Centre Calgary under Canada's Companies'
Creditors Arrangement Act on May 14, 2020.

ALVAREZ & MARSAL CANADA INC. is the monitor in the CCAA
proceedings. NORTON ROSE FULBRIGHT US LLP is the Canadian counsel
for the monitor.

ENTREC Corporation and its affiliates filed Chapter 15 petitions
(Bankr. S.D. Tex. Lead Case No. 20-32643) on May 15, 2020, to seek
U.S. recognition of the CCAA proceedings.  The Hon. Marvin Isgur is
the U.S. judge.

HUNTON ANDREWS KURTH LLP is the Debtors' U.S. counsel.


ENVIRO-SAFE REFRIGERANTS: Aug. 11 Hearing on Amended Disclosures
----------------------------------------------------------------
Judge Thomas L. Perkins has ordered that Aug. 11, 2020 at 10:00
a.m., is fixed for the hearing on approval of the Amended
Disclosure Statement filed by Enviro-Safe Refrigerants, Inc.  July
27, 2020 is fixed as the last day for filing and serving  written
objections to the Amended Disclosure Statement.

                  About Enviro-Safe Refrigerants

Headquartered in Pekin, Illinois, Enviro-Safe Refrigerants Inc. --
http://www.es-refrigerants.com/-- provides refrigerant and support
fluids. Its products include air conditioning tools, automotive
fluids, green gas and industrial supplies.

Enviro-Safe Refrigerants filed for Chapter 11 bankruptcy protection
(Bankr. C.D. Ill. Case No. 17-80827) on June 5, 2017. In the
petition signed by Julie C. Price, president, the Debtor was
estimated to have assets and liabilities of between $1 million and
$10 million.  

Judge Thomas L. Perkins oversees the case.

Sumner Bourne, Esq., at Rafool, Bourne & Shelby, P.C., serves as
the Debtor's bankruptcy counsel.

On July 11, 2017, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The Committee tapped
Armstrong Teasdale LLP as counsel.


ETHEMA HEALTH: Incurs $15 Million Net Loss in 2019
--------------------------------------------------
Ethema Health Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K, reporting a net loss of
$14.96 million on $359,947 of revenues for the year ended Dec. 31,
2019, compared to a net loss of $8.18 million on $432,515 of
revenues for the year ended Dec. 31, 2018.

As of Dec. 31, 2019, the Company had $3.21 million in total assets,
$23.23 million in total liabilities, and a total stockholders'
deficit of $20.02 million.

Daszkal Bolton LLP, in Fort Lauderdale, Florida, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated July 10, 2020, citing that the Company had accumulated
deficit of approximately $45.5 million and negative working capital
of approximately $18.3 million at Dec. 31, 2019, which raises
substantial doubt about its ability to continue as a going
concern.

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

                     https://is.gd/EfkpGo

                      About Ethema Health

Headquartered in West Palm Beach, Florida, Ethema Health
Corporation -- http://www.ethemahealth.com/-- operates in the
behavioral healthcare space specifically in the treatment of
substance use disorders.  Ethema developed a unique style of
treatment over the last eight years and has had much success with
in-patient treatment for adults.  Ethema will continue to develop
world class programs and techniques for North America.



EXTRACTION OIL: In Chapter 11 Due to Low Consumption, Prices
------------------------------------------------------------
Vince Sullivan of Law360 reports that Colorado energy exploration
company Extraction Oil & Gas Inc. filed Chapter 11 bankruptcy
protection late June 14, 2020 in Delaware, citing reduced energy
consumption brought by COVID-19 outbreak and the ongoing
international price war for liquidity problems.

Extraction said in initial court filings that its liquidity has
been strained for several months and it could not survive past June
on its current cash holdings. It intends to exchange hundreds of
millions of dollars' worth of secured note debt for the bulk of the
equity in a reorganized company.

"Facing a liquidity shortfall at the end of June 2020, no
actionable line of sight to meaningfully extend that runway without
jeopardizing the value of their assets, and limited ability to
achieve the consensus needed to deleverage, the debtors file these
Chapter 11 cases to obtain access to mission-critical financing and
provide a 'breathing spell' in which to further negotiate the terms
of a comprehensive restructuring," Extraction President and CEO
Matthew R. Owens said in a first-day declaration.

The company has been negotiating with holders of about $1.4 billion
of secured debt for the last several weeks and has gained the
support of most of its senior noteholders for a debt-for-equity
swap. Lenders under a reserve-based lending facility have pledged
$125 million of post-petition financing, with $15 million in cash
being sought on an interim basis.

The debtor-in-possession loans consist of $50 million in new money
lending and a roll-up of $75 million of the RBL lenders'
prepetition debt, according to the filings.

Extraction's capital structure consists of $1.1 billion in senior
secured notes and $600 million under the RBL facility, Owens said
in the declaration.

The debtor's restructuring support agreement with its lenders calls
for a Chapter 11 plan and disclosure statement to be filed within
21 days of the petition date and the company anticipates exiting
bankruptcy within 130 days.

Extraction is seeking permission through a slate of first-day
motions to make payments on its working interest and royalty
obligations, continue its insurance programs and to pay its
employees' wages.

Other energy producers have fallen into bankruptcy in recent weeks,
laying the blame for their woes at the feet of COVID-19 and a
pricing war between Russia and the Organization of Petroleum
Exporting Countries led by Saudi Arabia. Both entities have
increased their oil production since March, further driving down
already declining oil commodity prices.

Extraction operates in the Wattenberg Field of the Denver-Julesburg
Basin in Colorado, working 295,000 acres in the Rocky Mountain
region. Through 2019, the company produced a daily average of more
than 88,000 barrels of oil equivalent per day, the declaration
said.

                  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 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.


EXTRACTION OIL: In Chapter 11 With $125M Financing
--------------------------------------------------
Extraction Oil & Gas, Inc. (NASDAQ: XOG) along with its affiliates
in mid-June voluntarily filed for petitions for relief under
chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the District of Delaware.   

Financial Times reported on Extraction Oil's plans to file for
bankruptcy.  The report noted that the company was nearing the end
of a grace period after skipping a $14.8 million interest payment
in May, and was expected to file for bankruptcy by June 14, the
deadline to pay the debt on June 14.

Extraction had announced earlier it would pay $16.7 million in
retention agreements to 16 executives to keep them with the
company, a move seen by investors as a precursor to bankruptcy.

In a statement announcing the bankruptcy filing, the Company said
it has obtained a committed $125 million debtor-in-possession
financing facility, which contemplates $50 million in new money, up
to $15 million of which will become immediately available upon
Bankruptcy Court's order, and a "roll up" of $75 million of
revolving loans under the Company’s existing revolving credit
agreement.  

The DIP Facility is underwritten by Wells Fargo Bank, National
Association and the $50 million in new money is financed by certain
lenders under the Company's existing revolving credit agreement.
Subject to Court approval, the DIP financing, combined with the
Company's cash from operations, is expected to provide sufficient
liquidity during the chapter 11 cases to support its continuing
business operations and minimize disruption.  Further, to
facilitate the Company's swift exit from chapter 11, the Company
announced it has entered into a restructuring support agreement
(the "Agreement") with certain of its unsecured noteholders.  The
Agreement outlines a restructuring plan that will effectuate a
significant deleveraging of the Company's balance sheet through a
debt-for-equity swap, pursuant to either a standalone restructuring
or a combination transaction, that will leave the Debtors'
unsecured noteholders with the majority of the Company's equity
while still providing a meaningful recovery to junior stakeholders.
Though the Company was unable to obtain consensus across its entire
prepetition capital structure prior to filing, the Company plans
to use the chapter 11 process to build  consensus for a
comprehensive restructuring transaction that will allow the Company
to emerge from chapter 11 with a right-sized, flexible balance
sheet.  

"After months of liability management and careful analysis  of  our
strategic options, we determined that a voluntary chapter 11 filing
with key creditor support provides the best possible outcome for
Extraction," said Extraction CEO Matt Owens.  "The restructuring
steps we have announced today are necessary to strengthen our
balance sheet, improve our overall cost structure, and position
Extraction for future success."  

"I would like to thank our customers, employees, suppliers and
partners for their support through the COVID-19 pandemic," Owens
said.  "We are working tirelessly on expediting an efficient
in-court restructuring that will allow us to maintain our
operational momentum and uphold the obligations we have to our
employees, customer, vendors and stakeholders."

Extraction has filed a series of motions with the court that, when
granted, are expected to generally enable the company to maintain
its operations as usual throughout the restructuring process.
Included in these first day motions are requests to continue to pay
employee wages, honor existing employee benefit programs, continue
to pay taxes, and pay royalties to mineral owners under the terms
of the applicable agreements.  The Company has also filed motions
seeking authority to pay expenses associated with its drilling and
production operations, as well as costs associated with gathering,
processing, transportation and marketing those operations related
to joint interest billing for non-operated properties.

                  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.

For the year ended Dec. 31, 2019, the Company had a net loss of
$1.4 billion as compared to net income of $121.9 million for the
year ended Dec. 31, 2018.

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 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.  

Court filings and other information related to the chapter 11 cases
are available on the Company's website at
http://www.extractionog.com/restructuring-informationand at
http://www.kccllc.net/extractionog,which is a website administered
by the Company's proposed noticing agent, Kurtzman Carson
Consultants LLC.


FLEXPOINT SENSOR: Has $255,000 Net Loss for March 31 Quarter
------------------------------------------------------------
Flexpoint Sensor Systems, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $254,663 on $39,103 of revenue for
the three months ended March 31, 2020, compared to a net loss of
$266,822 on $64,595 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $4,992,511,
total liabilities of $3,062,333, and $1,930,178 in total
stockholders' equity.

The Company continues to accumulate significant operating losses
and has an accumulated deficit of $29,042,268 at 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/Y97Nds

Flexpoint Sensor Systems, Inc., designs, engineers, manufactures,
and sells bend sensor technology and products using its patented
Bend Sensor flexible potentiometer technology.  The Company was
formerly known as Micropoint, Inc. and changed its name to
Flexpoint Sensor Systems, Inc. in July 1999.  Flexpoint Sensor
Systems was founded in 1992 and is based in Draper, Utah.


FLINT HILLS: Permanently Closes Georgia Ethanol Plant
-----------------------------------------------------
Erin Voegele, writing for Ethanol Producer, reports that Flint
Hills permanently closed its ethanol plant in Georgia.

Although some ethanol plants idled during the COVID-19 crisis have
begun to resume operations as stay-at-home orders are lifted and
fuel demand increases, Flint Hills Resources has announced its
plant in Georgia will be permanently shuttered.   

The company issued a statement on June 11, 2020 announcing it has
made the difficult decision to permanently cease ethanol production
at its 120 MMgy corn ethanol plant located in Camilla, Georgia.
"The plant has been idled since May 2020and will not resume ethanol
production," Flint Hills said in the statement.  The facility,
however, will continue to operate as an ethanol terminal and Flint
Hills said the company is exploring ways the terminal can serve
other feed and fuel needs in the area.

"We did not come to this decision lightly," Flint Hills said in the
statement. "Oversupply of ethanol in the marketplace and the loss
of demand due to the COVID-19 pandemic is forcing a rationalization
of U.S. ethanol production."

Michael Wilhelmi, manager of communications and community relations
at Flint Hills, told Ethanol Producer Magazine that attempts to
identify an interested buyer for the plant were unsuccessful and
current market conditions make a sale unlikely.  He also noted that
the current market environment makes it difficult for plants that
are not advantaged to remain competitive, especially with respect
to access to competitively priced corn.

According to Flint Hills, employees associated with the ethanol
production portion of the business who were previously furloughed
will be offered a severance.

The Camilla facility is the only corn ethanol plant located in
Georgia. The facility began operations in 2008 under the name
Southwest Georgia Ethanol LLC, which was a wholly owned subsidiary
of First United Ethanol LLC.  Southwest Georgia Ethanol filed for
bankruptcy in February 2011 due to liquidity constraints that
resulted from operational problems that the company said were later
resolved. A reorganization plan approved in late 2011 allowed the
plant to emerge from Chapter 11 bankruptcy.  Flint Hills acquired
the plant several years later in January 2015.

Flint Hills now operates six ethanol plants.  According to the
Ethanol Producer Magazine plant map, those plants include a 130
MMgy facility in Arthur, Iowa; a 105 MMgy facility in Fairbank,
Iowa; a 125 MMgy facility in Fairmont, Nebraska; a 100 MMgy
facility in Iowa Falls, Iowa; a 125 MMgy facility in Menlo, Iowa;
and a 125 MMgy facility in Shell Rock, Iowa.

                        About Flint Hills

Flint Hills Resources is an independent company and a wholly owned
subsidiary of Koch Industries that produces diverse kinds of fuels
as well as ingredients for different household goods.


FOCUS UNIVERSAL: Has $922,000 Net Loss for Quarter Ended March 31
-----------------------------------------------------------------
Focus Universal Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $922,306 on $310,609 of total revenue for
the three months ended March 31, 2020, compared to a net loss of
$535,179 on $153,883 of total revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $6,604,291,
total liabilities of $566,672, and $6,037,619 in total
stockholders' equity.

Focus Universal said, "The continuation of the Company as a going
concern is dependent upon the continued financial support from its
shareholders, the ability of the Company to repay its debt
obligations, to obtain necessary equity financing to continue
operations, and the attainment of profitable operations.  Recently,
the Company has devoted a substantial amount of resources to
research and development to bring the Ubiquitor and its mobile
application to full production and distribution.  For the three
months ended March 31, 2020, the Company had net loss of $922,306
and negative cash flow from operating activities of $649,587.  As
of March 31, 2020, the Company also had an accumulated deficit of
$8,101,307.  These factors raise certain doubts regarding the
Company's ability to continue as a going concern.  There are no
assurances, however, that the Company will be successful in
obtaining an adequate level of financing for the long-term
development and commercialization of its Ubiquitor product."

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

                     https://is.gd/QhIaqb

Focus Universal Inc. develops and manufactures smart
instrumentation platform and device.  The Company was founded in
2009 and is based in Ontario, California.


FREEDOM COMMUNICATIONS: July 15 Hearing on Plan Disclosures
-----------------------------------------------------------
A hearing will be held in Courtroom 6C of the United States
Bankruptcy located at 411 West 4th Street, Santa Ana, CA 92701 on
July 15, 2020 at 2:00 p.m. to consider the adequacy of the
information contained in the Disclosure Statement filed by Freedom
Communications, Inc.

Pursuant to the Order Granting Application and Setting Hearing on
Shortened Notice, any opposition to the Disclosure Statement must
be filed and served no later than June 26, 2020 at 7:00 p.m.
(Pacific Time).

Pursuant to the OST, replies to any opposition to the Disclosure
Statement must be filed and served no later than July 7, 2020 at
7:00 p.m. (Pacific Time).

Counsel for the Debtors, Co-Plan Proponent:

     Alan J. Friedman
     SHULMAN BASTIAN FRIEDMAN & BUI LLP
     100 Spectrum Center Drive, Suite 600
     Irvine, California 92618
     Telephone: (949) 340-3400
     Facsimile: (949) 340-3000
     E-mail: afriedman@shbllp.com

Counsel for the Official Committee of Unsecured Creditors, Co-Plan
Proponent:

     Robert J. Feinstein
     Jeffrey W. Dulberg
     PACHULSKI STANG ZIEHL & JONES LLP
     10100 Santa Monica Blvd., 13th Floor
     Los Angeles, CA 90067
     Telephone: (310) 277-6910
     Facsimile: (310) 201-0760
     E-mail: rfeinstein@pszjlaw.com
             jdulberg@pszjlaw.com

                 About Freedom Communications

Headquartered in Santa Ana, Calif., Freedom Communications, Inc.,
owned two daily newspapers -- The Press-Enterprise in Riverside,
California and The Orange County Register in Santa Ana,
California.

Freedom Communications and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.

Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy
petitions (Bankr. C.D. Cal. Lead Case No. 15-15311) on Nov. 1,
2015. In the petition signed by Richard E. Mirman, the CEO, Freedom
Communications Holdings estimated assets and liabilities in the
range of $10 million to $50 million.

William N. Lobel, Esq., Alan J. Friedman, Esq., Beth E. Gaschen,
Esq., and Christopher J. Green, Esq., at Lobel Weiland Golden
Friedman LLP, serve as the Debtors' counsel.  The Debtors employed
Shulman Hodges & Bastian LLP, as general insolvency counsel;
GlassRatner Advisory & Capital Group LLC as financial advisor and
consultant; and Donlin, Recano & Company, Inc., as the noticing,
claims and balloting/solicitation agent. FTI Consulting, Inc. was
tapped to review Pension Benefit Guaranty Corporation (PBGC)
Claims.

The Debtors tapped Robert J. Feinstein, Esq. and Jeffrey W.
Dulberg, Esq., at Pachulski Stang Ziehl & Jones LLP, as counsel;
and The Law Offices of A. Lavar Taylor LLP as special tax counsel.

                         *     *     *

In April 2016, Freedom Communications completed the sale of its
operating businesses and real estate assets to Digital First Media
Inc., following a bankruptcy auction. Digital First Media's $51.8
million bid was approved by the Bankruptcy Court in Santa Ana,
after the U.S. Department of Justice filed an antitrust lawsuit
against the highest bidder, Tribune Publishing. The final sale to
Digital First Media closed on March 31, 2016 for $49.8 million,
according to FTI Capital Advisors, which was retained to conduct a
formal sale process.

Tribune tendered a $56 million bid but the U.S. government argued a
sale to Tribune would give it a monopoly on major newspapers in
Southern California.

First Media publishes the Los Angeles Daily News, Long Beach
Press-Telegram and other Southern California papers. Digital First
Media, a business name of MediaNews Group, offers news reporting
and third party advertising and directory opportunities through its
more than 800 multi-platform products which include web, mobile,
tablet and print.


GARDEN FRESH: Liquidating All Assets Under Chapter 7
----------------------------------------------------
TAGeX Brands announced that Garden Fresh Restaurants, LLC
(Souplantation/Sweet Tomatoes) is liquidating all assets under
their Chapter 7 Bankruptcy filing.  The chain, which employed
thousands, was a popular place to dine with self-service food bars,
was not able to survive the impact of the COVID-19 pandemic and
permanently closed all 97 restaurants and 3 distribution centers in
early May.  It is, to-date, the largest restaurant bankruptcy and
liquidation as a result of the pandemic.

The equipment and contents were being auctioned online until June
30th, 2020 in locations nationally at www.RestaurantEquipment.Bid.

The Garden Fresh bankruptcy and resulting liquidation is an
important story about the challenges facing the restaurant industry
as a result of the pandemic. According to the National Restaurant
Association, the industry lost over $225 Billion in revenue putting
over 8 million people out of work and resulting in the temporary or
permanent closing of over 150,000 locations.

Neal Sherman, President of TAGeX Brands (which operates
RestaurantEquipment.Bid), an expert in restaurant closures,
equipment and liquidation says, "Garden Fresh's bankruptcy is an
early sign of the challenges to come for the restaurant industry in
the wake of COVID-19. Our aim with online auctions is to ensure
that quality items don't end up in a landfill – but instead
allows for sustainable repurposing that not only makes economic
sense but will provide a positive outcome for surviving restaurant
operators who can benefit from this liquidation."

Leslie Gladstone, Trustee of the Bankruptcy who also serves as an
officer of the National Association of Bankruptcy Trustees, says of
the liquidation, "It is our first and foremost mission with this
liquidation to get some return for the creditors of this chain. We
also intend to provide a sustainable re-use of the equipment that
will make a difference for other restaurants who have been
incredibly challenged as a result of the pandemic."

Contact TAGeX Brands at:

        Neal Sherman        
        TAGeX Brands
        Tel: 585.259.6353
        E-mail: 241638@email4pr.com

                     About Garden Fresh

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


GLOBAL HEALTHCARE: Posts $892K Net Loss in 2019
-----------------------------------------------
Global Healthcare REIT, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K, reporting a net
loss attributable to common stockholders of $891,614 on $6.93
million of total revenue for the year ended Dec. 31, 2019, compared
to a net loss attributable to common stockholders of $2.02 million
on $3.62 million of total revenue for the year ended Dec. 31,
2018.

As of Dec. 31, 2019, the Company had $39.88 million in total
assets, $39.51 million in total liabilities, and $366,650 in total
equity.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
July 10, 2020, 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.

Throughout its history, the Company has experienced shortages in
working capital and has relied, from time to time, upon sales of
debt and equity securities to meet cash demands generated by its
acquisition activities.

At Dec. 31, 2019, the Company had cash and cash equivalents of
$641,215 and restricted cash of $351,298.  The Company's restricted
cash is to be expended on debt service, taxes, repairs, and capital
expenditures associated with Providence of Sparta Nursing Home.
Its liquidity is expected to increase from potential equity and
debt offerings and decrease as net offering proceeds are expended
in connection with the acquisition of properties.  The Company's
continuing short-term liquidity requirements consisting primarily
of operating expenses and debt service requirements, excluding
balloon payments at maturity, are expected to be achieved from
rental revenues received and existing cash on hand.  The Company
plans to renew secured obligations that mature during 2020, as its
projected cash flow from operations will be insufficient to retire
the debt.

Cash provided by operating activities was $868,921 for the year
ended Dec. 31, 2019 compared to cash provided by operating
activities of $108,188 for the year ended Dec. 31, 2018.  Cash
flows provided by operations in 2019 were positively impacted by
the increase in healthcare revenues, offset somewhat by the
increase in Accounts Receivable.

Cash used in investing activities was $2,407,914 and $595,176 for
the years ended Dec. 31, 2019 and 2018, respectively.  During 2019,
the Company spent $1,668,867 in capital expenditures, disbursed
$143,666 on notes receivable.  The Company realized net cash
proceeds from investments in debt securities during 2019 of
$138,788.  Net cash paid in 2019 for the acquisition of SHR
operating assets was $734,169.  During 2018, the Company spent
$763,258 in capital expenditures and disbursed $106,334 on a note
receivable issued for $250,000.  The Company realized net cash
proceeds from investment in debt securities during 2018 of
$274,416.

Cash provided by financing activities was $1,224,299 for the year
ended Dec. 31, 2019 compared to cash provided by financing
activities of $822,047 for the year ended Dec. 31, 2018.  During
2019, the Company made payments on debt of $538,534 and received
proceeds from issuance of debt of $1,801,718.  During 2018, the
Company made payments on debt of $465,704 and received proceeds
from issuance of debt of $2,053,384.

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

                      https://is.gd/ZbwO95

Global Healthcare REIT, Inc., acquires, develops, leases, manages
and disposes of healthcare real estate, and provides financing to
healthcare providers.  The Company's portfolio will be comprised of
investments in the following three healthcare segments: (i) senior
housing, (ii) post-acute/skilled nursing and (iii) bonds securing
senior housing communities.  The Company will make investments
within its healthcare segments using the following five investment
products: (i) direct ownership of properties, (ii) debt
investments, (iii) developments and redevelopments, (iv) investment
management and (v) the Housing and Economic Recovery Act of 2008
("RIDEA"), which represents investments in senior housing
operations utilizing the structure permitted by RIDEA.


GNC HOLDINGS: Hires Young Conaway as Co-Counsel
-----------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates seek authority from
the U.S. Bankruptcy Court for the District of Delaware to employ
Young Conaway Stargatt & Taylor, LLP, as co-counsel to the
Debtors.

GNC Holdings requires Young Conaway to

   a. provide legal advice and services regarding Local Rules,
      practices, and procedures and providing substantive and
      strategic advice on how to accomplish the Debtors' goals in
      connection with the prosecution of these cases, bearing in
      mind that the Court relies on co-counsel such as Young
      Conaway to be involved in all aspects of each bankruptcy
      proceeding;

   b. review, comment, and prepare drafts of documents to be
      filed with the Court as co-counsel to the Debtors;

   c. appear in Court and at any meeting with the U.S. Trustee
      and any meeting of creditors at any given time on behalf of
      the Debtors as their co-counsel;

   d. perform various services in connection with the
      administration of these cases, including, without
      limitation, (i) preparing agenda letters, certificates of
      no objection, certifications of counsel, notices
      of fee applications and hearings, and hearing binders of
      documents and pleadings; (ii) monitoring the docket for
      filings and coordinating with Latham on pending matters
      that need responses; (iii) preparing and maintaining
      critical dates memoranda to monitor pending applications,
      motions, hearing dates, and other matters and the deadlines
      associated with the same; (iv) handling inquiries and
      calls from creditors and counsel to interested parties
      regarding pending matters and the general status of these
      cases; and (v) coordinate with Latham & Watkins LLP on any
      necessary responses;

   e. as necessary and appropriate, continuing to advise the
      Special Committee of the Board of Directors; and

   f. perform all other services assigned by the Debtors, in
      consultation with Latham & Watkins, to Young Conaway as co-
      counsel to the Debtors.

Young Conaway will be paid at these hourly rates:

     Michael R. Nestor            $970
     Kara Hammond Coyle           $715
     Andrew L. Magaziner          $660
     Joseph M. Mulvihill          $525
     Jared W. Kochenash           $400
     Troy Bollman (paralegal)     $295

Young Conaway received a retainer of $49,990 from the Debtors on
May 12, 2020. A portion of the retainer has been applied to
outstanding balances existing as of the Petition Date. The
remainder of the retainer, in the amount of $80,359.69, will
constitute a general retainer as security for postpetition services
and expenses.

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

Kara Hammond Coyle, partner of Young Conaway Stargatt & Taylor,
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.

Young Conaway can be reached at:

     Kara Hammond Coyle, Esq.
     Michael R. Nestor, Esq.
     Andrew L. Magaziner, Esq.
     Joseph M. Mulvihill, Esq.
     Jared W. Kochenash, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     Rodney Square, 1000 North King Street
     Wilmington, DE 19801
     Tel: (302) 571-6600
     Fax: (302) 571-1253
     E-mail: kcoyle@ycst.com
             mnestor@ycst.com
             amagaziner@ycst.com
             jmulvihill@ycst.com
             jkochenash@ycst.com

                      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.  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 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.


GRAY LAND: Bank Plan Okayed; Critical Point Named Plan Agent
------------------------------------------------------------
Columbia State Bank won confirmation of its Chapter 11 plan for
debtor Gray Land & Livestock, LLC.

The bank's Second Amended Plan of Liquidation, which was approved
by the bankruptcy court in a June 19 confirmation order, transfers
all of the Debtor's assets to a trust managed by experienced Plan
Agent, Critical Point Advisors, LLC, who will sell the Debtor's
assets as expeditiously as possible at the maximum amount possible.
The Plan Agent has the discretion to operate the business, while a
chapter 7 trustee does not.

The proceeds from the sale of assets shall be distributed first to
creditors with valid liens on the assets with the balance paid to
unsecured claims in accordance with the priorities established by
the bankruptcy code.  The Bank's plan proposes to pay 100% plus
interest by May 31, 2021, with an interim distribution at the end
of 2020.

The bank contends its plan is better than the Debtor's own plan
because the Debtor proposes to pay claims over a ten-year period
but its 2019 crop insurance is void based upon fraud and it does
not have 2020 crop insurance; whereas, the Plan Agent can obtain
crop insurance.

A copy of the Plan is available at https://is.gd/rJZriY from
PacerMonitor.com.

The Court approved the appointment of Critical Point Advisors as
Plan Agent on July 1.

Attorneys for Columbia State Bank:

     Tara J. Schleicher, Esq.
     Jason M. Ayres, Esq.
     Foster Garvey P.C.
     121 SW Morrison Street, 11th Floor
     Portland, OR 97204
     E-mail: tara.schleicher@foster.com
             jason.ayres@foster.com

             About Gray Land & Livestock

Gray Land & Livestock is a privately held company that operates in
the animal food manufacturing industry.  Gray Land & Livestock
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Wash. Case No. 19-00467) on Feb. 28, 2019.  At the time of the
filing, the Debtor was estimated to have assets of less than
$50,000 and liabilities of $1 million to $10 million.  The case is
assigned to Judge Frederick P. Corbit.  The Debtor tapped Bailey &
Busey LLC as its legal counsel.

Matthew J. Anderton was Chapter 11 trustee for Gray Land &
Livestock, LLC.



GREEN VISION: Has $1.4M Net Loss for the Year Ended Dec. 31, 2018
-----------------------------------------------------------------
On May 15, 2020, Green Vision Biotechnology Corp. filed with the
U.S. Securities and Exchange Commission its annual report on Form
10-K, disclosing a net loss of $1,362,122 on $99,595 of net revenue
for the year ended Dec. 31, 2018, compared to a net loss of
$1,683,170 on $135,126 of net revenue for the year ended in 2017.

The May 14, 2020 audit report of Centurion ZD CPA & Co. states that
the Company has suffered recurring losses from operations and has a
net capital deficiency, raising substantial doubt about the
Company's ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2018, showed total assets
of $3,228,466, total liabilities of $9,633,564, and a total
stockholders' deficit of $6,405,098.

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

                       https://is.gd/7lWaYv

Tempe, Ariz.-based Green Vision Biotechnology Corp., formerly Vibe
Wireless Corp., is a shell company.  The Company is focused in the
process of exploring business opportunities.  The Company focuses
on identifying business opportunities to either develop and market
products and services, enter into strategic alliances and
relationships, or acquire existing companies or assets in selected
markets.



GREEN4ALL ENERGY: Hires Chamberlain & Henningfield as Accountant
----------------------------------------------------------------
Green4All Energy Solutions, Inc., and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the Southern District
of Texas to employ Chamberlain & Henningfield Certified Public
Accountants, LLP, as accountant to the Debtor.

Green4All Energy requires Chamberlain & Henningfield to prepare the
annual, quarterly, and monthly reconciliation, annual tax return
filings, financial statements, QuickBooks consulting and any other
business services directly related to the completion of the
services or documents.

Chamberlain & Henningfield will be paid at an hourly fee of $225
for partners; $165 for staff accountants; and $100 for bookkeepers.
The firm charges a flat monthly fee of $450 for preparing monthly
bookkeeping and report, and $2,000 for annual tax bookkeeping and
preparation and any other business services directly related to the
completion of the services or documents.

Chamberlain & Henningfield will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Jon S. Chamberlain, partner of Chamberlain & Henningfield Certified
Public Accountants, LLP, assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtor and its estates.

Chamberlain & Henningfield can be reached at:

     Jon S. Chamberlain
     CHAMBERLAIN & HENNINGFIELD
     CERTIFIED PUBLIC ACCOUNTANTS, LLP
     421 Broad Street, P.O. Box 1119
     Lake Geneva WI 53147
     Tel: (262) 249-1100

                     About Green4All Energy

Green4All Energy Solutions, Inc. -- http://g4all.net/-- is a
Chicago, Illinois-based company that specializes in water
conservation products and services.

Green4All Energy Solutions and its debtor affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Case No. 20-31758) on Mar. 15, 2020. At the time of the
filing, the Debtor was estimated to have assets and liabilities of
both under $1 million.

The Debtor and its debtor affiliates hired Margaret M. McClure as
attorney.


HAGUE TEXTILES: Unsecureds to Recover 20% in Bootstrap Plan
-----------------------------------------------------------
Hague Textiles, Inc., filed a Chapter 11 Plan and a Disclosure
Statement.

The Debtor's Plan is a "bootstrap" or stand-alone plan.  It relies
on the future income of the Debtor to pay its obligations under the
Plan. The Plan contemplates the satisfaction of the creditors
through a restructuring of the Debtor’s obligations. The Plan
contemplates: (i) the satisfaction of all administrative and
priority claims (ii) the satisfaction of the allowed secured claims
of Provident Commercial Finance, LLC and Commercial Business
Funding Corporation; and (iii) the payment of a 20% dividend to the
holders of allowed general unsecured claims, including the claims
of several undersecured creditors, over a 60 month period from the
Effective Date of the Plan.  A budget reflecting the Debtor's
projections over the sixty months from the Effective Date as well
as the payments proposed to be made pursuant to the Plan.

Class 4 Allowed General Unsecured Claims against the Debtor are
impaired.  Based upon the proofs of claim that have been filed and
the Debtor's schedules, the Debtor estimates that there will be
$323,569 in Allowed Class 4 claims.

Each holder of an Allowed Class 4 Claim shall receive payment equal
to 20 percent of the allowed claim as follows:

   (i) each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount equal to
or less than $300.00 shall paid such distribution in the form of a
one-time lump sum cash payment on the Effective Date; and,

  (ii) each holder of an Allowed Class 4 Claim who is entitled to
receive a total distribution under the Plan in an amount exceeding
$300 will: (a) be paid such distribution in deferred cash payments,
over 60 months from the Effective Date, with such deferred payments
to be made in equal monthly installments and made without interest;
or (b) may elect instead to be treated as a Di Minimis Claimant by
voluntarily agreeing to reduce the total distribution to which such
holder is entitled to a maximum amount of $300 in full an final
satisfaction of such holder’s Allowed Class 4 Claim.

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

The Debtor's attorneys:

     David B. Madoff
     Steffani M. Pelton
     MADOFF & KHOURY LLP
     124 Washington Street, Suite 202
     Foxboro, MA 02035
     Tel: (508) 543-0040

                       About Hague Textiles

Hague Textiles, Inc., is a small, family-owned manufacturer,
focusing on leather and leather goods such as belts, bags, and
carrying case.  The company sells products to retail and wholesale
customers, and is developing a business with corporate gifts.   

Hague Textiles sought Chapter 11 protection (Bankr. D. Mass. Case
No. 19-13323) on Sept. 30, 2019.  Madoff & Khoury LLP is the
Debtor's counsel.


HARRAH WHITES: Unsecured Creditors to Recover 100% in Plan
----------------------------------------------------------
Harrah Whites Meadows Nursing, LLC, filed a Chapter 11 Plan.

Class 1 (Southern Bank).  The Debtor's obligation with respect to
Southern Bank under its loan documents and all legal, equitable,
and contractual rights of Southern Bank under its loan documents
shall remain unaltered and in full force and effect, shall not be
modified by confirmation of the Plan, and shall survive any
discharge entered in the Case. This class is impaired.

Class 2B (General Unsecured Claims).  The Holders of General
Unsecured Claims shall receive Distributions totaling 100% of each
Holder's Allowed Class 2B Claim (the "Class 2B Dividend"), plus
interest accruing at the rate of 5.0% APR payable in quarterly
payments beginning the first Business Day of the month 30 days
following the Effective Date until the earlier of (a) five years
after the Effective Date, or (b) until the Allowed Unsecured Claims
are paid in full plus interest at the rate of 5.0% APR.  This class
is impaired.

The Debtor will fund the payments from operations of the business.

A full-text copy of the First Amended Chapter 11 Plan dated June
10, 2020, is available at https://tinyurl.com/ya57x3pe from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Theodore N. Stapleton
     THEODORE N. STAPLETON, PC
     Suite 100-B
     2802 Paces Ferry Road
     Atlanta, Georgia, 30339
     Telephone: (770) 436-3334
     tstaple@tstaple.com

              About Harrah Whites Meadows Nursing

Harrah Whites Meadows Nursing LLC owns and operates a skilled
nursing facility in Harrah, Okla.

Harrah Whites Meadows Nursing LLC filed its voluntary petition
initiating this Chapter 11 case (Bankr. N.D. Ga. Case No. 19-65376)
on Sept. 27, 2019.  In the petition signed by Christopher F.
Brogdon, manager, the Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.

The case has been assigned to Judge Barbara Ellis-Monro.  

The Debtor hired Theodore N. Stapleton P.C. as its legal counsel.

Nancy J. Gargula, U.S. trustee for Region 21, appointed Tony
Fullbright to serve as patient care ombudsman in the Debtor's case.


HI-CRUSH INC: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: Hi-Crush Inc.
             1330 Post Oak Blvd., Suite 600
             Houston, TX 77056

Business Description:     The Debtors are a fully-integrated
                          provider of proppant and logistics
                          services used in hydraulic fracturing of
                          oil and gas wells.  Proppant is sand
                          (also known as "frac sand") or similar
                          particulate material suspended in water
                          or other fluid injected into wells at
                          high pressure to keep fractures open to
                          stimulate the extraction of
                          hydrocarbons.  In addition to frac sand
                          production, the Debtors also offer their
                          customers advanced wellsite storage
                          systems, flexible "last mile"
                          transportation services, and innovative
                          software for real-time supply chain
                          visibility and management from loadout
                          terminals to wellsites.  The Debtors'
                          strategic suite of solutions provides
                          operators and service companies in all
                          major U.S. oil and gas basins with the
                          ability to build safety, reliability and
                          efficiency into every well completion.
                          The Debtors' headquarters are located in
                          Houston, Texas and they maintain
                          regional offices in Denver, Colorado,
                          and Odessa, Texas.  For more
                          information, visit
                          https://www.hicrushinc.com.
  
Chapter 11 Petition Date: July 12, 2020

Court:                    United States Bankruptcy Court
                          Southern District of Texas

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

     Debtor                                     Case No.
     ------                                     --------
     Hi-Crush Inc. (Lead Debtor)                20-33495
     OnCore Processing LLC                      20-33496
     Hi-Crush Augusta LLC                       20-33497
     Hi-Crush Whitehall LLC                     20-33498
     PDQ Properties LLC                         20-33499
     Hi-Crush Wyeville Operating LLC            20-33500
     D & I Silica, LLC                          20-33501
     Hi-Crush Blair LLC                         20-33502
     Hi-Crush LMS LLC                           20-33503
     Hi-Crush Investments Inc.                  20-33504
     Hi-Crush Permian Sand LLC                  20-33505
     Hi-Crush Proppants LLC                     20-33506
     Hi-Crush PODS LLC                          20-33507
     Hi-Crush Canada Inc.                       20-33508
     Hi-Crush Holdings LLC                      20-33509
     Hi-Crush Services LLC                      20-33510
     BulkTracer Holdings LLC                    20-33511
     Pronghorn Logistics Holdings, LLC          20-33512
     FB Industries USA Inc.                     20-33513
     PropDispatch LLC                           20-33514
     Pronghorn Logistics, LLC                   20-33515
     FB Logistics, LLC                          20-33516

Judge:                    Hon. David R. Jones

Debtors' Attorneys:       Timothy A. ("Tad") Davidson II, Esq.
                          Ashley L. Harper, Esq.
                          HUNTON ANDREWS KURTH LLP
                          600 Travis Street, Suite 4200
                          Houston, Texas 77002
                          Tel: 713-220-4200
                          Fax: 713-220-4285
                          Email: taddavidson@HuntonAK.com
                                 ashleyharper@HuntonAK.com

                            - and -

                          George A. Davis, Esq.
                          Keith A. Simon, Esq.
                          David A. Hammerman, Esq.
                          Annemarie V. Reilly, Esq.
                          Hugh K. Murtagh, Esq.
                          LATHAM & WATKINS LLP
                          885 Third Avenue
                          New York, New York 10022
                          Tel: 212-906-1200
                          Fax: 212-751-4864
                          Email: george.davis@lw.com
                                 keith.simon@lw.com
                                 david.hammerman@lw.com
                                 annemarie.reilly@lw.com
                                 hugh.murtagh@lw.com

Debtors'
Financial
Advisor:                  ALVAREZ & MARSAL NORTH AMERICA LLC

Debtors'
Investment
Banker:                   LAZARD FRERES & CO. LLC



Debtors'
Claims &
Noticing Agent
& Solicitation
Agent:                    KURTZMAN CARSON CONSULTANTS LLC
                          https://www.kccllc.net/HiCrush

Total Assets as of March 31, 2020: $953,082,000

Total Debts as of March 31, 2020: $699,137,000

The petitions were signed by J. Philip McCormick, Jr., chief
financial officer.

A copy of Hi-Crush Inc.'s petition is available for free at
PacerMonitor.com at:

                      https://is.gd/fyzZew

List of Debtors' 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. U.S. Bank National Association    9.5% Senior      $450,000,000
as Trustee                         Unsecured Notes
Attn: Andrew Williams
1420 5th Avenue, 7th Floor
Seattle, WA 98101

U.S. Bank National Association
as Trustee
Attn: Corporate Trust
8 Greenway Plaza, Suite 1100
Houston, TX 77046-0892

Tel: 206-344-4659
Fax: 206-344-4632
Email: andrew.williams3@usbank.com

Corporate Trust
Fax: 713-212-3718

2. Trinity Industries                Trade Debts        $2,475,932
Leasing Company
Attn: Eric Marchetto
2525 N Stemmons Fwy
Dallas, TX 75207
Tel: 214-589-8976
Fax: 214-589-7402
Email: eric.marchetto@trin.net

3. Chicago Freight Car Leasing       Trade Debts        $2,334,479
Company
Attn: Paul Deasy
425 N Martingale Rd
Schaumburg, IL 60173
Tel: 847-318-8000
Fax: 847-318-8045
Email: paul.deasy@crdx.com

4. Greenbrier Leasing Company LLC    Trade Debts        $1,420,253
Attn: Adrian Downes
One Centerpointe Drive, Suite 200
Lake Oswego, OR 97035
Tel: 503-684-7000
Fax: 503-968-4375
Email: adrian.downes@gbrx.com

5. MUL Railcars, Inc                 Trade Debts        $1,410,187
Attn: J.T. Sharp
121 SW Morrison Street, Suite 1525
Portland, OR 97204
Tel: 503-208-9295
Email: jtsharp@mac.com

6. Gerke Excavating Inc.             Trade Debts        $1,021,706
Attn: Jay Gerke
15341 State Highway 131
Tomah, WI 54660
Tel: 608-372-4203
Fax: 608-372-4139
Email: jjg@gerkeexcavating.com

7. MVP Transport LLC                 Trade Debts          $937,559
Attn: Mitchell Paystrup
787 Shavey Lane
Springville, UT 84663
Tel: 801-360-1153
Email: mitchellpaystrup@gmail.com

8. Canadian National Railway         Trade Debts          $723,817
Attn: Ghislain Houle
935 de La Gauchetiere Street West
Montreal, QC H3B 2M9
Canada
Tel: 514-399-4821
Fax: 514-399-5985
Email: ghislain.houle@cn.ca

9. Union Pacific Railroad Company    Trade Debts          $614,100
Attn: Jim Vena
1400 Douglas Street
Omaha, NE 68179
Tel: 402-544-5000
Email: jimvena@up.com

10. Permian Excavating LLC           Trade Debts          $507,133
Attn: Jay Gerke
15341 State Hwy 131
Tomah, WI 54660
Tel: 608-372-4203
Fax: 608-372-4139
Email: jjg@gerkeexcavating.com

11. KimberCo Services LLC            Trade Debts          $488,805
Attn: Sonia Gutierrez
2027 Zacate Drive
Odessa, TX 79765
Tel: 432-556-2602
Email: sonia.g@kimbercollc.com

12. Norfolk Southern Railway Company Trade Debts          $353,970
Attn: Mark George
3 Commercial Place
Norfolk, VA 23510
Tel: 757-629-2680
Fax: 757-533-4872
Email: mark.george@nscorp.com

13. CIT Group                        Trade Debts          $309,381
Attn: Randy Kaploe
30 S. Wacker Drive, Suite 2900
Chicago, IL 60606
Tel: 855-462-2652
Fax: 312-906-5833
Email: randy.kaploe@cit.com

14. Texas Specialty Sands            Trade Debts          $270,231

Attn: Stuart Weinman
300 Throckmorton Street, Suite 300
Fort Worth, TX 76102
Tel: 817-420-7474
Email: stuart.weinman@tssands.com

15. Bridge Funding Group Inc.        Trade Debts          $270,021
Attn: Dan McKew
215 Schilling Circle, Suite 100
Hunt Valley, MD 21031
Tel: 305-569-2049
Fax: 786-313-1139
Email: dmckew@bridgeunited.com

16. Riverside Rail 1 LLC             Trade Debts          $265,000
Attn: Larry Littlefield
One Centerpointe Drive Suite 200
Lake Oswego, OR 97035
Larry Littlefield
Tel: 503-684-7000
Fax: 503-684-7553
Email: lelittlefield@gmail.com

17. Charco III Inc.                  Trade Debts          $239,064
Attn: Pam Charles
216 W Market St
Clearfield, PA 16830
Tel: 814-765-3404
Email: pam.charles@charco3.com

18. Maverick Logistics Services LLC  Trade Debts          $216,194
Attn: Sean Mosher
611 W Commerce St
Eastland, TX 76448
Tel: 254-334-1530
Email: sean@mavericklogistics.us

19. Atlas Sand Company, LLC          Trade Debts          $199,956
Attn: Hunter Wallace
5918 W. Courtyard Dr., Ste. 500
Austin, TX 78730
Tel: 512-220-1200
Email: hwallace@atlassand.com

20. Oakdale Electric Cooperative     Trade Debts          $180,168
Attn: Rose Bartholomew
489 N. Oakwood St
Tomah, WI 54660
Tel: 608-372-4131
Email: roseb@oakdalerec.com

21. Heyl Patterson                   Trade Debts          $177,487
Thermal Processing LLC
Attn: Doug Schieber
400 Lydia Street
Carnegie, PA 15106
Tel: 412-788-9810
Email: dschieber@carriervibrating.com

22. Tex Energy Resources LLC         Trade Debts          $166,288
Attn: Santos-Sonia Uvalle
508 N Grandview Ave
Odessa, TX 79762
Tel: 432-272-0706
Fax: 432-614-1455
Email: texenergyresources@gmail.com

23. Newpark Mats &                   Trade Debts          $162,856
Integrated Services LLC
Attn: Matthew Lanigan
410 17th Street, Suite 770
Denver, CO 80202
Tel: 303-475-2631
Fax: 720-904-7970
Email: mlanigan@newpark.com

24. The Kunkle Group, LLC            Trade Debts          $154,331
Attn: Kelli Houser
8509 RT 954 HWY N
Creekside, PA 15732
Tel: 724-397-8024
Email: kunklegroup@gmail.com

25. Bowlin Enterprises               Trade Debts          $150,000
Attn: Jon Bowlin
9475 Linwood Avenue
Shreveport, LA 71106
Tel: 903-935-9369
Fax: 919-231-2607
Email: jbowlin@endeco.net

26. Modern Material Services LLC     Trade Debts          $144,407
dba Arrow Material Services
c/o Young Conaway Stargatt &
Taylor, LLP
Attn: Kara Hammond Coyle
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: 302-571-6600
Fax: 302-576-3472
Email: kcoyle@ycst.com

27. Professional Trucking            Trade Debts          $132,543
Services LLC
Attn: Max Gonzalez, Jr.
1501 South Loop 288 #104-305
Denton, TX 76205
Tel: 432-236-0039
Email: max@pro-trucking.com

28. Superior Industries, Inc.        Trade Debts          $123,574
Attn: Jarrod Felton
315 E Highway 28
Morris, MN 56267
Tel: 320-589-2406
Fax: 320-585-5644
Email: jarrod.felton@superior-ind.com

29. STAAR Logistics                  Trade Debts          $120,585
Attn: Crystal Neill
560 Myrtle St
Reynoldsville, PA 15851
Tel: 814-612-2115
Fax: 814-612-2059
Email: cneill@staarlogistics.com

30. Sandbros Logistics LLC           Trade Debts          $113,825
Attn: Latoya Jones
3616 N County Rd 1148
Midland, TX 79705
Tel: 432-308-1537
Email: info@sandbrosllc.com


ICONIC BRANDS: Has $838,000 Net Loss for Quarter Ended March 31
---------------------------------------------------------------
Iconic Brands, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss (attributable to Iconic Brands, Inc.) of
$837,920 on $405,886 of sales for the three months ended March 31,
2020, compared to a net loss (attributable to Iconic Brands, Inc.)
of $672,667 on $121,913 of sales for the same period in 2019.

At March 31, 2020, the Company had total assets of $3,067,333,
total liabilities of $1,861,465, and $1,205,868 in total
stockholders' equity.

The Company disclosed that there is substantial doubt regarding its
ability to continue as a going concern, citing that it has
sustained significant net losses which have resulted in an
accumulated deficit at March 31, 2020 of $23,763,668 and has
experienced periodic cash flow difficulties.

The Company further stated, "Continuation of the Company as a going
concern is dependent upon obtaining additional working capital and
attaining profitable operations.  The management of the Company has
developed a strategy which it believes will accomplish these
objectives and which will enable the Company to continue operations
for the coming year.  However, there is no assurance that these
objectives will be met.  These financial statements do not include
any adjustments relating to the recoverability and classification
of recorded asset amounts, or amounts and classification of
liabilities that might result from the outcome of this
uncertainty."

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

                       https://is.gd/dEevAZ

Iconic Brands, Inc. develops, markets, and distributes alcoholic
beverages in the United States. It offers vodka, wine, and spirits,
as well as liquor based products infused with hemp and CBD. The
company markets its products under the Bivi and Bellissima brand
names. Iconic Brands, Inc. was founded in 2005 and is headquartered
in Amityville, New York.



ICORECONNECT INC: Incurs $780,000 Net Loss for March 31 Quarter
---------------------------------------------------------------
iCoreConnect Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $780,000 on $506,000 of revenue for the
three months ended March 31, 2020, compared to a net loss of
$761,000 on $280,000 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,715,000,
total liabilities of $2,162,000, and $553,000 in total
stockholders' equity.

For the three month period ended March 31, 2020, the Company
generated an operating loss of $745,000.  In addition, the Company
has an accumulated deficit, total stockholders' equity and net
working capital deficit of $75,120,000, $553,000 and $1,836,000,
respectively, at March 31, 2020.  The Company's activities were
primarily financed through private placements of equity securities.
The Company intends to raise additional capital through the
issuance of debt and/or equity securities to fund its operations.
The Company is reliant on future fundraising to finance operations
in the near future.  The financing may not be available on terms
satisfactory to the Company, if at all.  In light of these matters,
there is substantial doubt that the Company will be able to
continue as a going concern.

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

                       https://is.gd/Ab4Tnm

iCoreConnect Inc., a Nevada Corporation, builds secure cloud-based
HIPAA compliant communications systems, productivity and technology
framework software focused on healthcare, although the core
technology can be adopted to other vertical markets that require a
high degree of secure data communication, such as the legal,
financial and education fields.


IMH FINANCIAL: Has $4.0M Net Loss for the Quarter Ended March 31
----------------------------------------------------------------
IMH Financial Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,964,000 on $2,140,000 of total revenues
for the three months ended March 31, 2020, compared to a net loss
of $5,013,000 on $1,032,000 of total revenues for the same period
in 2019.

At March 31, 2020, the Company had total assets of $121,983,000,
total liabilities of $52,219,000, and $6,738,000 in total
stockholders' deficit.

The Company disclosed that the collective nature of uncertainties
create substantial doubt about its ability to continue as a going
concern for a period beyond one year from the date of issuance of
its accompanying unaudited condensed consolidated financial
statements.

The Company said, "We require liquidity and capital resources for
our general working capital needs, including maintenance,
development costs and capital expenditures for our operating
properties and non-operating real estate owned ("REO") assets,
professional fees, general and administrative operating costs, loan
enforcement costs, financing costs, debt service payments, and
dividends to our preferred shareholders, as well as to acquire our
target assets.

"As of March 31, 2020, our accumulated deficit aggregated US$723.0
million primarily as a result of previous provisions for credit
losses recorded between 2008 and 2010 (due primarily to the erosion
of the U.S. and global real estate and credit markets during those
periods) relating to the decrease in the fair value of the
collateral securing our legacy loan portfolio, impairment charges
relating to the value of REO assets acquired primarily through
foreclosure, as well as on-going net operating losses resulting
primarily from the lack of income-producing assets.

"The Company has met its near-term liquidity requirements by, among
other things, obtaining outside debt and equity financing, selling
mortgage loans, and selling the majority of our legacy real estate
assets.  During the three months ended March 31, 2020, we sold a
commercial office building (the "Broadway Tower") in a cash sale
for US$19.5 million which, after selling expenses and payoff of
underlying secured indebtedness of US$11.0 million, netted US$8.0
million in cash to the Company.

"On January 30, 2020, the World Health Organization ("WHO")
announced a global health emergency because of a new strain of
Coronavirus originating in Wuhan, China (the "COVID-19 outbreak")
and the risks to the international community as the virus spreads
globally beyond its point of origin.

"In March 2020, the WHO classified the COVID-19 outbreak as a
pandemic, based on the rapid increase in exposure globally.

"On March 17, 2020, in response to the COVID-19 pandemic, the
Company temporarily closed its MacArthur Place hotel ("MacArthur
Place") located in Sonoma, California.  While we expect
restaurants, hotels and other hospitality assets to gradually
reopen in the near future, we cannot state with any degree of
reasonable certainty when MacArthur Place, our only operating
asset, will re-open and when it does open, what occupancy or other
operational restrictions will be put in place.  If closure of or
demand for the Company's hotel rooms and other services is
negatively impacted for an extended period as a result of
cancellations, travel restrictions, governmental travel advisories
and/or state of emergency declarations, or a prevailing reluctance
with respect to traveling and patronizing hotels and restaurants
the Company's hospitality business and financial results could be
materially and adversely impacted.  As a result of the uncertainty
with respect to when the MacArthur Place hotel may reopen, we
furloughed certain hotel employees.  Further employee furloughs or
layoffs may be necessary in the future.  The full impact of the
COVID-19 outbreak continues to evolve as of the date of this
report.  The extent to which the Company's business will be
affected by the current outbreak of the Coronavirus will largely
depend on both current and future developments, including its
duration, spread and treatment, and related travel advisories and
restrictions, which could impact overall demand in the hospitality
industry, all of which are highly uncertain and cannot be
reasonably predicted.  Accordingly, we cannot be certain as to the
full magnitude the pandemic will have on the Company's consolidated
financial condition, liquidity, and future results of operations.
Subsequent to March 31, 2020, the Company applied and received
funding totaling US$1.8 million under the CARES Act in the form of
Payroll Protection Program loan ("PPP Loans").  The PPP Loans may
be forgivable if the Company's use of funds meets the criteria for
such forgiveness.

"In connection with the Company's acquisition and renovation of the
MacArthur Place hotel, in October 2017, the Company entered into a
building loan agreement and related agreements with MidFirst Bank
in the amount of US$37.0 million (the "MacArthur Loan").

"In connection with the MacArthur Loan, the Company was required to
provide a loan repayment guaranty equal to 50% of the original
principal amount of the MacArthur Loan along with a guaranty of
interest and operating deficits, as well as other customary
non-recourse carve-out matters such as bankruptcy and environmental
matters.  Under the guarantees, the Company is required to maintain
a minimum Tangible Net Worth, as defined, of US$50.0 million and
minimum liquidity of US$5.0 million throughout the term of the
MacArthur Loan.  The Company was in compliance with such financial
covenants as of March 31, 2020.  In addition, the MacArthur Loan
requires MacArthur Place to establish various operating and reserve
accounts at MidFirst Bank which are subject to a cash management
agreement.  In the event of default, MidFirst Bank has the ability
to take control of such accounts for the allocation and
distribution of proceeds in accordance with the cash management
agreement.  The MacArthur Loan has an initial maturity of October
1, 2020 with two one-year extension options available if certain
criteria is met, including minimum debt service coverage ratios.
Given the impact of the COVID-19 outbreak and resulting temporary
closure of MacArthur Place, the Company does not expect it will
meet the current criteria to exercise its extension options.  The
Company has commenced negotiations with the lender for potential
forbearance of debt service payments and extension of the maturity
date.

"As of March 31, 2020, we had cash and cash equivalents of US$9.9
million, REO assets held for sale with a carrying value of US$7.4
million and other REO assets with a carrying value of US$33.3
million that we seek to dispose of within the next 12 months.  We
continue to evaluate potential disposition strategies for our
remaining REO assets and to seek additional sources of debt and
equity for investment and working capital purposes.

"At any time after July 24, 2020, each holder of our Series B-1 and
B-2 Preferred Stock may require the Company to redeem, out of
legally available funds, the shares held by such holder at a price
(the "Redemption Price") equal to the greater of (i) 150% of the
sum of the original price per share plus all accrued and unpaid
dividends or (ii) the sum of the tangible book value of the Company
per share of voting Common Stock and all accrued and unpaid
dividends as of the date of redemption.  As of March 31, 2020, the
aggregate Redemption Price for the Series B-1 and Series B-2
Preferred Stock would be approximately US$39.6 million.  In
addition, pursuant to an agreement to extend the Redemption Date, a
cash payment in the aggregate amount of US$2.6 million is due and
payable to the holders of the Series B-1 and B-2 Preferred Stock on
July 24, 2020 whether or not a redemption is requested.  The
current holders of our Series B Preferred Stock are collectively
referred to herein as the "Series B Investors".  We are presently
in discussions with the Series B Investors regarding a
restructuring of the of terms of these securities.  There is no
assurance, however, that all or any of the Series B Investors will
agree to restructure these securities, or if so, whether the terms
will be beneficial to the Company.

"We expect our primary sources of liquidity over the next twelve
months to consist of proceeds from the disposition of our existing
REO assets, proceeds from borrowings and equity issuances, current
cash, revenues from the ownership and management of hotels, and
investment income.

"Historically, we have used proceeds from the issuance of preferred
equity and/or debt, proceeds from the sale of our REO assets, and
the liquidation of mortgages and related investments to satisfy our
working capital requirements.  We sold our Broadway Tower
commercial office building in January 2020, netting US$8.0 million
in cash to the Company after payment of related debt.  We also are
in discussions with the holders of our Series B Preferred Stock
regarding a restructuring or modification of those securities and
our obligations.  There can be no assurance that these efforts will
be successful or that we will sell our remaining REO assets in a
timely manner or that will be successful in obtaining additional or
replacement financing, if needed, to sufficiently fund our future
operations, redeem our Series B-1 and B-2 Preferred Stock if so
required, repay existing debt, or to implement our investment
strategy.  In the event we are unsuccessful in negotiating a
deferral or restructuring of the terms of our Series B-1 and B-2
Preferred Stock, we will be required to fund the redemption of
US$39.6 million, in an addition to the cash payment in the
aggregate amount of US$2.6 million, in July 2020.  In the absence
of proceeds from asset sales, equity issuances or borrowings to
fund payment of the Redemption Price, the required redemption would
likely render the Company insolvent.  Moreover, our failure to
generate sustainable earning assets and to successfully liquidate a
significant portion of our REO assets will have a material adverse
effect on our business, results of operations and financial
position.  In addition, the Company may continue to be materially
adversely impacted by the COVID-19 outbreak.  These accompanying
unaudited condensed consolidated financial statements do not
include any adjustments that might result from the outcome of these
uncertainties."

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

                       https://is.gd/NpYCsw

IMH Financial Corporation is a real estate investment and finance
company.  It focuses on investments in commercial, hospitality,
industrial and residential real estate and mortgages secured by
those assets.  The Company seeks opportunities to invest in real
estate-related platforms and projects in partnership with other
experienced real estate investment firms, and to sponsor and
co-invest in real estate mortgages and other real estate-based
investment vehicles.


INTERACTIVE HEALTH: Files for Chapter 7 Liquidation
---------------------------------------------------
Illinois-based private equity-owned wellness consulting service
provider Interactive Health Solutions Inc. filed for Chapter 7
bankruptcy protection (Bankr. D. Del. Case No. 20-11527) on June
14, 2020.

The Debtor's counsel:

         Matthew Barry Lunn
         Young, Conaway, Stargatt & Taylor LLP
         Tel: 302-571-6600
         E-mail: bankfilings@ycst.com

Law360 reports that in its bankruptcy filing, the Debtor cites
liabilities between $100 million and $500 million owed to over a
thousand creditors.  The Schaumburg, Illinois-based business has
between 1,000 and 5,000 creditors and between $100 million and $500
million in assets, according to its Chapter 7 petition. After
administrative expenses are paid, the petition says no funds will
be available to unsecured creditors.

Founded in the early 1990s, Interactive Health Solutions Inc.
provides healthcare management services, health awareness as well
as preventive care programs for employers. The company also renders
counseling and health coaching services to customers in the United
States.


J.C. PENNEY: Simon Property, Brookfield Might Submit Bid
--------------------------------------------------------
The Real Deal Reports that two of J.C. Penney's landlords are
trying to buy their way out of trouble.

Mall owners Simon Property Group and Brookfield Property Partners
are said to be considering a joint bid to buy the beleaguered
department store chain, the Wall Street Journal reported. Talks
were first reported last week, and at the time, brand management
company Authentic Brands Group was involved.

J.C. Penney filed for bankruptcy in May and experts say the
landlords' acquisition of the chain would be a move of
self-preservation.

"They need J.C. Penney to be there, to keep the lights on," retail
consultant Soozan Baxter told the Journal.

By buying the chain, the landlords would assume control of certain
property rights for their shopping centers, ensure that the
retailer stays in business and at least postpone the challenge of
finding new anchor tenants in a bleak retail landscape.

If J.C. Penney were to cease operations, both Simon and Brookfield,
which respectively have 63 and 99 of its stores in malls around the
country, could face a ripple effect of issues because of co-tenancy
clauses in the leases of other retailers in those shopping centers.
Such clauses protect small operators in malls that rely on anchor
tenants for foot traffic.

The bankruptcy of Neiman Marcus and the accompanying co-tenancy
agreements many retailers had in Hudson Yards provide an example of
how the loss of a major tenant can imperil an entire mall.

When malls lose an anchor tenant and the space is not filled within
a set period of time, these agreements can allow smaller tenants to
terminate their leases with no strings attached.

Simon and Brookfield have teamed up to buy major tenants before.
They bought Forever 21 in February, and GGP, which Brookfield later
acquired, teamed up with Simon to buy Aéropostale in 2016.

                About Brookfield Property Partners

Brookfield Property Parters is a global company which owns,
operates and invests in commercial property.

                      About Simon Property

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 Authentic Brands

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

                       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


JAZZ IT UP: Unsecureds to Get Pro Rata of Cash From Plan Trust
--------------------------------------------------------------
Jazz It Up Barber & Beauty Salon, Inc., filed a Plan and a
Disclosure Statement.

Pursuant to the Plan, each Allowed Secured Claim, at the election
of the Debtor(s), may (i) remain secured by a Lien in property of
the Debtor(s) retained by such Holder, (ii) paid in full in cash
(including allowable interest) over time or through a refinancing
or a sale of the respective Asset securing such Allowed Secured
Claim, (iii) offset against, and to the extent of, the Debtor(s)'
claims against the Holder, or (iv) otherwise rendered unimpaired as
provided under the Bankruptcy Code.

Each Holder of an Allowed Unsecured Claim shall receive, on account
of such Allowed Claim, a Pro Rata Distribution of Cash from the
Plan Trust. To the extent the Holder of an Allowed General
Unsecured Claim receives less than full payment on account of such
Claim, the Holder of such Claim may be entitled to assert a bad
debt deduction or worthless security deduction with respect to such
Allowed Unsecured Claim.

The Debtor's Plan will be funded by the current and future income
earned by the Debtor.

A full-text copy of the Disclosure Statement dated June 10, 2020,
is available at https://tinyurl.com/ya6kouy5 from PacerMonitor.com
at no charge.

Attorney for the Debtor:

     Buddy D. Ford, Esquire
     Jonathan A. Semach, Esquire
     Heather M. Reel, Esquire
     BUDDY D. FORD, P.A.,
     9301 West Hillsborough Avenue
     Tampa, Florida 33615-3008
     Telephone (813) 8774669
     Facsimile (813) 877-5543
     Office Email: All@tampaesq.com
     E-mail: Buddy@tampaesq.com
     E-mail: Jonathan@tampaesq.com
     E-mail: Heather@tampaesq.com

                     About Jazz It Up Barber

Jazz It Up Barber & Beauty Salon, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
20-01161) on Feb. 11, 2020, listing under $1 million in both assets
and liabilities.  Buddy D. Ford, Esq., at Buddy D. Ford, P.A., is
the Debtor's legal counsel.


JOY ENTERPRISES: No Payouts to Unsecureds in First 48 Months
------------------------------------------------------------
Joy Enterprises, Inc., submitted a Modified Chapter 11 Plan Of
Reorganization.

Unfortunately due to Joy Enterprises, Inc., being a debtor in a
pending bankruptcy case its PPP loan application to SBA for
approximately $250,000 was denied thus there was no ability to
shorten the time frame of closure.

Class 1 includes all administrative claims primarily consisting of
quarterly fees, professional fees and the Section 503(b) (9) claim
of Sysco Jackson, LLC.  Hence the administrative claim of Sysco
Jackson, LLC, in the amount of $27,827 is proposed to be paid over
a term of six months in five monthly installments of $4,650 with a
final installment of $4,577.  The first monthly payment would be
due on or before the 15th day of the month following confirmation
of the Debtor's Modified Plan.

Class 3 consists of claims secured by both Estate assets
(equipment) and real estate owned by related non-debtors, Mr. &
Mrs. Mark Joy, and M Joy Real Estate, Inc.  The holders of claims
in this class should be Peoples Bank; Syed & Ramin Raheel, and 22nd
State Bank.

Peoples Bank and 22nd State Bank f/k/a First Exchange Bank f/k/a
Farmers Exchange Bank (22nd State Bank).  These loans are primarily
secured by real estate titled in non-debtor parties or entities,
specifically Mr. & Mrs. Mark Joy and/or M Joy Real Estate, Inc.;
and it is understood these loans have been structured for
interest-only payments for a period of time to be serviced by rents
paid from Joy Enterprises, Inc., as the tenant to the landlords.

Syed and Ramin Raheel (Raheel). For the reasons stated heretofore
payments due Raheel have not been able to be remitted and will most
likely not be able to be remitted through August, 2020.  Hence
although the terms for restructuring will remain the same, i.e.,
payments at the rate of $1,139.92 per month, such payments to
resume in September, 2020, and the term for repayment be extended
by six (6) months.

Class 4 This class consists of all claims secured by chattel assets
of the corporate Debtor, e.g. equipment arid vehicle, and this
class includes:

   * ALLY Bank - In resolution of a motion for relief from stay
payments to ALLY Bank were to resume in March, 2020, at the rate of
$360.11; and any costs or expenses that may have been incurred and
be reasonably allowed together with any missed payments were to be
added to, and extended, the term of the initial contract. Once all
allowed payments have been made to ALLY said secured creditor will
release its lien on the Certificate of Title thereafter forwarding
said original Title to the Debtor.

   * Ascentium Capital - The Debtor had proposed to pay the secured
portion of the claims of Ascentium Capital in the amount of $48,650
over 60-months at the rate of $848.96; and as to any payments the
Debtor has missed in 2020 or was unable to make through August,
2020, would extend the 60-month term. Hence payments to Ascentium
Capital in the amount of $848.96 would resume in September of
2020.

   * U.S. Bank N.A. - The Debtor proposed to take a consolidated
value of equipment of $21,875 with the Debtor's initial Plan
structuring payments over 60-months subject to the accrual of
interest at 6.25%.  Based upon the foregoing restructured principal
balance of $21,875 and applying the proposed interest rate of 6.25%
over 60-months the monthly payments should be $425.45; and the
Debtor proposes to further extend the prepetition contract by those
months in 2020 where payments could not be made, but with payments
to remain at $425.45 to resume in September of 2020.

CLASS 5 consists of all general, unsecured debts with undisputed
and allowed balances and would include the balance owed U.S. Small
Business Administration (SBA) based upon a disaster loan
notwithstanding this was secured by real estate located at 325
South Eufuala Avenue, Eufaula, Alabama, but which real estate is
believed to be encumbered by a mortgage in favor of 22nd State Bank
with a balance owed of slightly over $2 million thus no equity is
deemed to exist thereby rendering this loan essentially unsecured
as to the corporate Debtor.

As to creditors holding larger unsecured claims, the Debtor's Plan
as confirmed proposed no payments on the claim in this class for
the first 48-months after confirmation to allow the Debtor the
opportunity to satisfy prepetition tax liabilities.  After
48-months the Debtor was to escrow $3,000 per month toward the end
of paying 80% of allowed claims in this class.  However, for
reasons presented heretofore the Debtor would propose the escrow of
$3,000 not begin until 54-months after confirmation of its Modified
Plan thus, at the earliest, making the first applicable quarter for
escrow being the first quarter of 2025.

The Plan shall be funded through operating revenues of the Debtor
which are anticipated to be sufficient to pay normal operating
expenses and to fund servicing of the various provisions proposed
heretofore for payment of claims.

A full-text copy of the Modified Chapter 11 Plan Of Reorganization
dated June 10, 2020, is available at https://tinyurl.com/y96d47eb
from PacerMonitor.com at no charge.

Attorney for the Debtor:

     C. H. Espy, Jr.
     ESPY, METCALF & ESPY, P.C.
     P.O. Drawer 6504
     Dothan, Alabama 36302
     Tel: (334) 793-6288

                     About Joy Enterprises

Joy Enterprises Inc., a domestic corporation that operates Subway
restaurants in Alabama, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Ala. Case No. 19-10092) on Jan. 17,
2019. At the time of the filing, the Debtor disclosed $384,617 in
assets and $4,684,019 in liabilities. The case has been assigned to
Judge William R. Sawyer.  Collier H. Espy, Jr., Esq., at Espy,
Metcalf & Espy, P.C., is the Debtor's legal counsel.

No official committee of unsecured creditors has been appointed in
the Debtor's case.


K & L TRAILER: Seeks to Hire Gentry Tipton as Attorney
------------------------------------------------------
K & L Trailer Leasing, Inc., seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Tennessee to
employ/retain Gentry Tipton & McLemore, P.C., as attorney to the
Debtor.

K & L Trailer requires Gentry Tipton to represent and provide legal
services to the Debtor.

Gentry Tipton will be paid based upon its normal and usual hourly
billing rates.

In the year preceding the filing of the case, Gentry Tipton
received from the Debtor a retainer of $28,000, plus $1,717 filing
fee. From this amount, $3,762.50 has been paid to the firm for
services between and June 15, 2020 and June 28, 2020. The firm has
agreed to hold the $24,237.50 balance in its trust account.

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

Maurice K. Guinn, a partner of Gentry Tipton & McLemore, 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.

Gentry Tipton can be reached at:

     Maurice K. Guinn, Esq.
     GENTRY TIPTON & MCLEMORE, P.C.
     P.O. Box 1990
     Knoxville, TN 37901
     Tel: (865) 525-5300

                   About K & L Trailer Leasing

K&L Trailer Leasing, Inc., based in Knoxville, TN, filed a Chapter
11 petition (Bankr. E.D. Tenn. Case No. 20-31620) on June 29, 2020.
In the petition signed by Kris Fellhoelter, president, the Debtor
was estimated to have $10 million to $50 million in both assets and
liabilities.  The Hon. Suzanne H. Bauknight oversees the case.
Gentry Tipton & McLemore, P.C. serves as bankruptcy counsel to the
Debtor.


KAIROS HOMES: Aug. 27 Hearing on Plan & Disclosure Statement
------------------------------------------------------------
The hearing to consider both the Disclosure Statement and a Second
Amended Plan together filed by Kairos Homes, LLC, originally set
for June 11, 2020 at 1:30 p.m., has been rescheduled.  The hearing
will be held August 27, 2020 at 1:30 p.m. before the Honorable
Judge Mark X. Mullin at the United States Bankruptcy Court at Eldon
B. Mahon Federal Building, Room 128, 501 W. 10th Street, Fort
Worth, TX 76102.

The deadline to object to the sufficiency of the Disclosure
Statement and to cast ballots on the Second Amended Plan will be
July 24, 2020.

Attorneys for the Debtor:

     Lyndel Anne Vargas
     CAVAZOS HENDRICKS POIROT, P.C.
     Suite 570, Founders Square
     900 Jackson Street
     Dallas, TX 75202
     Phone: (214) 573-7344
     Fax: (214) 573-7399
     Email: LVargas@chfirm.com

                      About Kairos Homes

Kairos Homes, L.L.C. -- http://www.kairoshomesllc.com/-- is a home
builder in Fort Worth, Texas. Kairos Homes filed a Chapter 11
petition (Bankr. N.D. Tex. Case No. 18-43969) on Oct. 3, 2018. In
the petition signed by Brian Frazier, president, the Debtor
disclosed $3,006,914 in assets and $1,116,717 in liabilities. The
Hon. Mark X. Mullin oversees the case. John Park Davis, Esq., at
Davis Law Firm, serves as bankruptcy counsel to the Debtor.


LICK INDUSTRIES: Plan Disclosures Have Preliminary Approval
-----------------------------------------------------------
Judge Thomas J. Tucker has ordered that the amended disclosure
statement in the Fourth Amended Plan of Lick Industries, LLC is
granted preliminary approval.

The hearing on objections to final approval of the amended
disclosure statement and confirmation of the Fourth Amended Plan
will be held on July 22, 2020 at 11:00 a.m., in Room 1925, 211 W.
Fort Street, Detroit, Michigan.

The deadline to return ballots on the Fourth Amended Plan, as well
as to file objections to final approval of the amended disclosure
statement and objections to confirmation of the Fourth Amended
Plan, is July 13, 2020.

No later than July 17, 2020, the Debtor must file a signed ballot
summary indicating the ballot count under 11 U.S.C. § 1126(c) &
(d).

                       About Lick Industries

Lick Industries, LLC, is a Michigan Limited Liability Company in
the business of purchasing residential real estate in need of
repairs, completing such repairs, and subsequently selling the
rehabilitated real estate for a profit.

Lick Industries filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 19-51017) on July 30,
2019, estimating under $1 million in both assets and liabilities.
Yuliy Osipov, Esq., at Osipov Bigelman, P.C., represents the
Debtor.


LIVE PRIMARY: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Live Primary, LLC
          d/b/a Primary
        26 Broadway, 8th Floor
        New York, NY 10004

Business Description: Live Primary dba Primary --
                      https://liveprimary.com --
                      is a coworking and shared office space
                      featuring an array of amenities designed to
                      help people feel good while working to make
                      their businesses thrive.

Chapter 11 Petition Date: July 12, 2020

Court: United States Bankruptcy Court
       Southern District of New York

Case No.: 20-11612

Judge: Hon. Martin Glenn

Debtor's Counsel: Sanford P. Rosen, Esq.
                  ROSEN & ASSOCIATES, P.C.
                  747 Third Avenue
                  New York, NY 10017
                  Tel: (212) 223-1100
                  Email: srosen@rosenpc.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Lisa Skye Hain, co-founder/CEO and
managing member.

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/yIRuXf


MIDLAND CREDIT: Cabrales Sues over Debt Collection Practices
------------------------------------------------------------
JUAN CABRALES, individually and on behalf of all other similarly
situated, Plaintiff v. MIDLAND CREDIT MANAGEMENT INC., Defendant,
Case 3:20-cv-01703-X (N.D. Tex., June 26, 2020) seeks to stop the
Defendant's unfair and unconscionable means to collect a debt.

Midland Credit Management, Inc. was founded in 1953. The company's
line of business includes extending credit to business enterprises
for relatively short periods. [BN]

The Plaintiff is represented by:

          Shawn Jaffer, Esq.
          Shayan Elahi, Esq.
          SHAWN JAFFER LAW FIRM P LLC
          13601 Preston Rd E770
          Dallas, TX 75240
          Telephone: (214) 494-1668
          Facsimile: (469) 669-0786
          E-mail: shawn@jaffer.law
                  hayan@jaffer.law



NORDSTROM: Closes 16 Stores, Atlanta Not Included
-------------------------------------------------
Caleb J. Spivak, writing for What Now Atlanta, reports that
Nordstrom is shuttering 16 stores countrywide but is keeping its
Atlanta locations open.  The high-end department store announced it
would be closing 16 of its 116 stores around the country, a nearly
14 percent downsizing of the company's real estate footprint.

"Georgia stores are not part of the store closures," a company
spokesperson confirmed in an email to WNA.  The company has
full-line locations at Phipps Plaza and Perimeter Mall in Atlanta.

The company's Nordstrom Rack stores in Alpharetta, Buckhead,
Buford, and Dunwoody, will also be unscathed by the closures,
brought on by the economic impact of the COVID-19 outbreak, felt by
many retailers around the world.

Most of the closures will be in California, the spokesperson
confirmed: Santa Barbara, Riverside, Escondido, Sacramento,
Pleasanton, and Montclair.

The other ten includes Annapolis, Md.; Broomfield, Colo.; Chandler,
Ariz.; Freehold, N.J.; Happy Valley, Ore.; Hurst, Tex.; Miami and
Naples, Fla.; Richmond, Va.; and San Juan, Puerto Rico.

"We've been investing in our digital and physical capabilities to
keep pace with rapidly changing customer expectations," Erik
Nordstrom, chief executive officer of Nordstrom, Inc., said in a
prepared statement Tuesday.

"The impact of COVID-19 is only accelerating the importance of
these capabilities in serving customers. More than ever, we need to
work with flexibility and speed. Our market strategy helps with
both, bringing inventory closer to where customers live and work,
allowing us to use our stores as fulfillment centers to get
products to customers faster, and connecting digital and physical
experiences with services like curbside pickup and returns."

With stores being temporarily closed since March 17, Nordstrom
plans to reopen stores in a phased, market-by-market approach where
allowed by local authorities and with the health and safety of
employees, customers, and communities as a priority.

Given this phased approach, the Company is shifting its Anniversary
Sale event from July into August 2020.

As it re-opens stores, Nordstrom is making the following updates to
help keep customers and employees safe and healthy:

  * Conducting health screenings for employees
  * Providing face coverings for employees and customers
  * Taking steps to allow for social distancing of six feet or
more, including limiting the number of customers and employees in
the store
  * Increasing cleaning and sanitization
  * Modifying the fitting room experience
  * Continuing to offer contactless curbside services at full-line
stores
  * Altering hours of operation
  * Pausing or adapting high-touch services and customer events
  * Keeping tried on or returned merchandise off the salesfloor for
a period of time

The novel coronavirus (COVID-19) pandemic is rapidly evolving as is
its effect on Atlanta, and the City’s businesses and its
residents.

                       About Nordstrom Inc.

Nordstrom, Incorporated is an American luxury department store
chain founded in 1901 by John W. Nordstrom and Carl F. Wallin. It
originated as a shoe store and evolved into a full-line retailer
with departments for clothing, footwear, handbags, jewelry,
accessories, cosmetics, and fragrances.



NORTH VALLEY DERMATOLOGY: Proceeds in Chapter 7 Liquidation
-----------------------------------------------------------
North Valley Dermatology Ctr. is now proceeding in Chapter 7
bankruptcy after the U.S. Bankruptcy Court for the Eastern District
of California converted the case from Chapter 11.

The Court converted the case in an April 15 order.

The Debtor and its bankruptcy counsel did not appear at the Section
341 creditors' meeting held March 26.

       About North Valley Dermatology Ctr.

North Valley Dermatology Ctr. filed a Chapter 11 petition (Bankr.
E.D. Cal. Case No. 20-20457) on Jan. 28, 2020.  At the time of the
filing, the Debtor had estimated assets of between $100,001 and
$500,000 and liabilities of between $1 million and $10 million.
Judge Christopher M. Klein oversees the case.

The Debtor tapped Felderstein Fitzgerald Willoughby Pascuzzi &
Rios, LLP as its bankruptcy counsel, and Mannion Lowe &
Oksenendler, a Professional Corporation as its special counsel.

Kimberly J. Husted was appointed as the Debtor's Chapter 11
trustee.  The Trustee is represented by Desmond, Nolan, Livaich and
Cunningham.




NWPA PIZZA: Fails to Pay Minimum Wage, Chludzinski Claims
---------------------------------------------------------
PHILLIP CHLUDZINSKI, individually and on behalf of all others
similarly situated, Plaintiff v. NWPA PIZZA, INC. d/b/a DOMINO'S;
PAUL MOHTASHEMI; DOE CORPORATION 1-10; JOHN DOE 1-10, Defendants,
Case 1:20-cv-00163-CB (W.D. Pa., June 26, 2020) alleges that the
Defendants failed to pay delivery drivers the legally mandated
minimum wages for all hours worked.

The Plaintiff Chludzinski was employed by the Defendants as
delivery driver.

NWPA Pizza, Inc. d/b/a Domino's is a Pennsylvania corporation
operating a Domino's store. [BN]

The Plaintiff is represented by:

          Andrew P. Kimble, Esq.
          Philip J. Krzeski, Esq.
          BILLER & KIMBLE, LLC
          8044 Montgomery Rd., Ste. 515
          Cincinnati, OH 45236
          Telephone: (513) 715-8711
          Facsimile: (614) 340-4620
          E-mail: akimble@billerkimble.com
                  pkrzeski@billerkimble.com
                  lroselle@billerkimble.com
                  nspencer@billerkimble.com



OCULUS SKIN: Case Summary & 5 Unsecured Creditors
-------------------------------------------------
Debtor: Oculus Skin, Laser and Longevity Centre, Inc.
        550 Redmond Rd
        Rome, GA 30165

Chapter 11 Petition Date: July 13, 2020

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 20-41164

Debtor's Counsel: William A. Rountree, Esq.
                  ROUNTREE, LEITMAN & KLEIN, LLC
                  Century Plaza I
                  2987 Clairmont Road, Ste 175
                  Atlanta, GA 30329
                  Tel: 404-584-1238
                  E-mail: swenger@rlklawfirm.com

Estimated Assets: $50 million to $100 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Harvey Penfield Cole, III, president.

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

                       https://is.gd/Noast2

List of Debtor's Five Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Jan Zalud                                               $25,000
Better Cap Partners
442 Euclid Terrace
Atlanta, GA 30307
Email: jzalud@bettercappartners.com

2. Marianne B. Cole                                     $1,500,000
10434 W. Landon
Green Circle
Gulfport, MS 39503
Email: varuum@taylorlawoffices.com

3. The Newsletter Pro                                     $105,000
1112 W. Main St. Ste 101
Boise, ID 83702
Email: Matthew@taylorlawoffices.com

4. Tyler Perkins                                          $400,000
6520 Bridgewood
Valley Rd NW
Atlanta, GA 30328
Email: htylerperkins@gmail.com

5. Vann Cleveland                                       $1,200,000
Cleveland Electric
1281 Fulton
Industrial Blvd NW
Atlanta, GA 30336
Email: vannc@clevelandgroup.com


PAPA MERCHANT: Faces Alleman Suit Over Unpaid Overtime
------------------------------------------------------
TABITHA ALLEMAN, individually and on behalf of all others similarly
situated, Plaintiff v. PAPA MERCHANT VENTURES, LLC; and SAMEER
MERCHANT, Defendants, Case 5:20-cv-00754 (W.D. Tex., June 26, 2020)
seeks to recover unpaid minimum wages and overtime hours under the
Fair Labor Standards Act.

The Plaintiff Alleman was employed by the Defendants as delivery
driver.

Papa Merchant Ventures, LLC operates numerous Papa John’s Pizza
franchise stores. [BN]

The Plaintiff is represented by:

          Meredith Black Mathews, Esq.
          D. Matthew Haynie, Esq.
          J. Forester, Esq.
          FORESTER HAYNIE PLLC
          400 N. St. Paul St. 700
          Dallas, TX 75201
          Telephone: (214) 210-2100
          Facsimile: (214) 346-5909



PATSY MCGIRL: Seeks to Hire Mueller Pye as Accountant
-----------------------------------------------------
Patsy McGirl, LLC, seeks authority from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Mueller Pye &
Associates CPA, LLC, as accountant to the Debtor.

Patsy McGirl requires Mueller Pye to:

   -- prepare the federal/state income tax returns;

   -- assist in the reconciliation of bank and credit accounts;

   -- review of QuickBooks transactions;

   -- assist in the monthly operating reports and any other
      business services directly related to the completion of the
      services or documents.

Mueller Pye will be paid a onetime fee of $1,755 for preparing
memorized reports in QuickBooks to assist in preparing the Monthly
Operating Reports; and a monthly fee of $800 to reconcile bank and
monthly accounts, prepare its the federal or state income tax
returns, review of QuickBooks transactions, and any other business
services directly related to the completion of the services or
documents.

Robyn Pye, partner of Mueller Pye & Associates CPA, LLC, assured
the Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.

Mueller Pye can be reached at:

     Robyn Pye
     Mueller Pye & Associates CPA, LLC
     21398 Provincial Blvd.
     Katy, TX 77450
     Tel: (281) 665-7973

                       About Patsy McGirl

Patsy McGirl LLC, filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 20-32981) on June 9, 2020, disclosing under $1
million in both assets and liabilities.  The Debtor is represented
by the Law Office of Margaret M. McClure.


PEABODY ENERGY: S&P Downgrades ICR to 'B' on Weak Credit Measures
-----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
coal producer Peabody Energy Corp. to 'B' from 'B+' and its
issue-level rating on its senior secured debt to 'B' from 'BB-'.

Low international coal prices and declining domestic demand and
prices will likely weaken Peabody's cash flow and profitability in
2020 and 2021. The HCC and Newcastle indices--the company's pricing
benchmarks for met and thermal coal sales in Asia--have dropped by
40%-50% since the beginning of 2019.

"Part of this decline was due to reduced steel production in India
and Japan because of the coronavirus pandemic. Therefore, we expect
the company's met and thermal price realizations in its Australian
operations to be 35% and 25% lower, respectively, in 2020," S&P
said.

"While Peabody's thermal volumes still support positive EBITDA, its
met coal sales are unprofitable at current prices and we expect its
met coal assets to generate negative cash flow in 2020," the rating
agency said.

Declining thermal demand due to low natural gas prices and coal
plant retirements is negatively affecting the company's performance
in the U.S. S&P expects Peabody's domestic volumes sold to decline
by about 21% in 2020 after falling by nearly 12% in 2019. S&P also
expects its realizations in the U.S. to decline by about 15% year
over year in 2020 because of the closure of its Kayenta and Cottage
Grove mines and lower pricing in the Western and Midwestern
regions. Furthermore, S&P estimates Peabody's 2020 adjusted EBITDA
will be in the $300 million-$320 million range (including
approximately $90 million of operating lease interest and asset
retirement interest adjustment), which is 65%-70% lower than its
results in 2019.

Peabody's met coal operations will generate negative EBITDA in 2020
due to the high operating and idling costs of its met coal assets.
The company's unfavorable product mix is partially responsible for
its negative margin because about 60% of its met coal volume is PCI
(pulverized coal injection), which is inferior in quality compared
with HCC. PCI sells at a significant discount to HCC despite
costing about the same as HCC to produce. S&P anticipates Peabody
will reduce the containment and idling costs at its North Goonyella
mine to about $35 million-$40 million in 2020 from $120
million-$140 million in 2019, which will partially mitigate its
cash outflows. S&P also anticipates relatively stable thermal
seaborne volume of 18 million tons in 2020. The low-cost profile of
the company's Australian thermal operations will enable it to
absorb the negative impact from its met coal sales while still
accounting for 30%-35% of its consolidated EBITDA.

S&P anticipates slightly negative free operating cash flow (FOCF)
generation in 2020 and an improvement in 2021. S&P expects Peabody
to curtail its capital spending to a sustainable level of about
$200 million-$235 million in 2020. To achieve this the company will
postpone major project spending for 2021, though this will also
leave it with no FOCF to use for debt reduction.

The company's business operations are vulnerable to a longer-term
reduction in its profitability. S&P views Peabody's business risk
as vulnerable. S&P bases its assessment on the company's declining
domestic thermal demand and prices and unprofitable met coal
assets, which detract from its profitability. Absent a significant
rebound (20%-30%) in HCC and PCI prices and the resolution of its
North Goonyella holding costs, S&P believes Peabody will have
limited ability to attract new equity or debt investments.

The market discount on the company's public debt indicates that it
has limited access to financing. Peabody has $959 million of
outstanding senior secured notes due in 2022 and 2025 trading at a
deep discount to par.

"We believe that declining domestic thermal coal demand and low
international prices could limit the company's access to financing
and lead it to repurchase some of its debt at a discount to par. In
addition, we anticipate that the credit markets may be less
receptive to coal companies in the future because many
institutional investors and banks have decreased, or committed to
divest, their coal investments," S&P said.

Australian thermal operations should provide positive cash flow
even in a low-price environment. S&P applies a positive one-notch
comparable rating analysis adjustment to its anchor on Peabody. S&P
bases this adjustment on the company's proximity to growing thermal
coal end markets in the Asia-Pacific (APAC) region that continue to
add thermal capacity. In addition, S&P believes that the low-cost
profile of its thermal operations in New South Wales, together with
the coal's low sulfur and medium Btu content, will allow Peabody to
maintain relatively stable volumes over the next 12-24 months
(while its U.S. peers will likely experience declining demand) and
remain profitable even in a low-price environment."

The negative outlook reflects the elevated likelihood that S&P will
downgrade Peabody in the next 12 months if reduced cash flows are
sustained.

S&P could lower its rating on Peabody if coal prices don't rebound
and it fails to remediate the losses at its North Goonyella mine
such that any of the following occur:

-- Its adjusted EBITDA remains below $300 million, associated with
EBITDA interest coverage close to 1.5x;

-- It breaches its first-lien leverage covenant and is unable to
obtain a waiver; or

-- Its met coal assets continue to generate negative cash flow and
S&P sees no prospects for operating cost reductions or a commercial
solution for its North Goonyella mine.

S&P could revise its outlook on Peabody to stable if prices rebound
and:

-- The company's adjusted leverage declines below 5x on sustained
basis and S&P gains better visibility into its demand volumes;

-- Operating cash flow is greater than $250 million, necessary to
cover approximately $250 million in all sustaining capex and
remaining projects spend in 2021; and

-- The company's debt trades closer to par value.


PETERSEN-DEAN: Files for Chapter 11 Bankruptcy
----------------------------------------------
Nevada-based Red Rose Inc., d/b/a Petersen-Dean Inc., and 15 of its
affiliates voluntarily filed for Chapter 11 bankruptcy in the
District of Nevada on June 11, 2020.

Megan Fernandes, writing for Pacific Business News, recounts that
Hawaii-based Haleakala Solar was acquired for an undisclosed price
by California-based Petersen-Dean Roofing & Solar, which planned to
boost the number of jobs and sales in the Islands.

Representatives of California-based Petersen-Dean said that the
company will continue that commitment following its restructuring.

California-based Petersen-Dean, operates nationally with more than
1,000 employees within 11 subsidiaries in California, Hawaii,
Nevada, Arizona, Texas, Colorado and Florida.  The subsidiary,
Petersen-Dean Hawaii LLC, was founded in 2018 and conducts
marketing, sales, design and installation for certain
consumer-facing solar, roofing, re-roofing and hot water solar
projects within Hawaii.

The Chapter 11 filing provides immediate protection to the
companies, which will continue to operate as they pursue either a
restructuring, or sale for all of their assets.

"After a diligent review of our financial alternatives, our
management, along with our advisors, concluded that the best path
forward for Petersen-Dean and its stakeholders is to seek Chapter
11 protection," said Jim Petersen, Petersen-Dean Inc's founder and
CEO, in a statement. "Through this process, we intend to
restructure our balance sheet to achieve a more sustainable debt
level to reposition the business for long-term success."

The company said it intends to use the proceedings to restructure
and strengthen their balance sheet and achieve a more sustainable
debt profile, while continuing to focus on roofing and solar
installations across the country for their clients.

Court filings show that during the fiscal year that ended April 30,
2019, audited financial statements of Petersen-Dean's companies
reported revenues of $344.6 million.  After direct and indirect
costs, interest, financing and other expenses, the company
generated a consolidated net loss of $18.4 million.

Court documents show that Petersen-Dean's financial troubles
started before the pandemic, stating: "Due to competitive pressures
in the solar industry, the companies' management felt pressured to
make deals that undercut their competitors in order to win
projects.  As a result, management often agreed to insufficient
gross margins, aggressive financing terms and unrealistic timelines
to complete the work.  This disruption has caused a slowdown in
collections and significant reductions in revenue and cash
collection delays to the companies."

Between late 2019 and early 2020 the companies collectively let go
of 44% of staff — about 800 employees.

"Petersen-Dean, Inc. will remain focused on maintaining its high
standards as it relates to our construction installations and we
will continue to operate on all our ongoing projects during the
Chapter 11 process," Petersen said.  "Our clients and vendors
should expect business as usual across our organization and we will
stay steadfast on our collective goal of providing superior solar,
roofing and battery installations that our clients have come to
expect from our companies."

                       About Petersen-Dean

Petersen-Dean, Inc., is a full-service, privately-held roofing and
solar company specializing in residential and new home
construction.  Petersen-Dean serves as the parent company for the
other debtors.

Petersen-Dean, Inc. and 15 affiliates, including Red Rose, Inc.,
sought Chapter 11 protection on June 11, 2020.  The lead case is In
re Red Rose, Inc. (Bankr. D. Nev. Case No. 20-12814).

Red Rose was estimated to have $10 million to $50 million in assets
and liabilities.

Judge Mike K. Nakagawa oversees the cases.  

The Debtors are represented by Fox Rothschild, LLP.


PROTEUS DIGITAL: Smart Pill Maker Ends Up in Bankruptcy
-------------------------------------------------------
Christina Farr, writing for CNBC, reports that Proteus Digital
Health filed for Chapter 11 bankruptcy protection on June 15, 2020.


The Silicon Valley company develops ingestible sensors that
communicate when medicines are taken, plus a wearable patch that
monitors the response.  At one point, the "smart pill" maker was
valued at $1.5 billion according to Forbes.

But in recent months, it has struggled to raise additional
financing, and furloughed the majority of its employees for two
weeks in November 2019, CNBC previously reported.  Stat News
previously reported that a deal with Otsuka was terminated in
January of this year.

According to the legal filing, the company has $100 to $500 million
in assets and $50 to $100 million in liabilities.  It has an
estimated 200 to 999 creditors, and its top creditors include
PREI's Westport Office Park ($1,035,305), Romaco North America
($510,848), Otsuka America Pharmaceutical ($397,721), Workday
($288,000) and Xceliance ($215,616). Spring Ridge Ventures owns
almost all of its Series A preferred stock.

The board of directors appointed Lawrence Perkins as its interim
chief executive officer after a stint as a chief restructuring
officer.  Its former CEO Andrew Thompson is now listed on the
website as a co-founder.

The company has raised more than $500 million in venture capital
from a mix of technology investors, family offices and
pharmaceutical giants like Novartis.  In 2017, it announced a
partnership with Otsuka, a pharmaceutical company.  As part of the
deal, Otsuka invested $88 million in the company.

Proteus fits in the so-called "digital therapeutics space" because
it augments the traditional process of taking a medication.  But
investors have noted that while the approach is promising, it has
historically been a challenge to marry the digital and pharma
sectors.

                   About Proteus Digital Health

Proteus Digital Health, Inc., was founded in 2002 to research and
develop Digital Medicines.  It has developed and commercialized a
service offering called Proteus Discover, a Digital Medicines
solution.

Proteus Digital Health sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11580) on June 15,
2020.  At the time of the filing, Debtor had estimated assets of
between $100 million and $500 million and liabilities of between
$50 million and $100 million.  

The Debtor tapped Goodwin Procter, LLP, as bankruptcy counsel;
Potter Anderson & Corroon, LLP, as Delaware and conflicts counsel;
SierraConstellation Partners, LLC, as financial advisor; and
Kurtzman Carson Consultants, LLC, as notice and claims agent and
administrative advisor.


PYXUS INT'L: In Chapter 11 With Prepackaged Plan
------------------------------------------------
Pyxus International, Inc. ("Pyxus" or "the Company") (NYSE: PYX)
and its subsidiaries, Alliance One International, LLC, Alliance One
North America, LLC, Alliance One Specialty Products, LLC and GSP
Properties, LLC, filed voluntary petitions for relief under Chapter
11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Delaware as part of a "prepackaged" Chapter 11 Case
(the "Chapter 11 Cases").

In connection with the filing, the Company entered into a
Restructuring Support Agreement ("RSA") with noteholders holding
more than 92% in principal amount of the Company's first lien notes
and more than 67% in principal amount of its second lien notes.  In
addition, the Company's receivables financing lenders and certain
key foreign lenders have granted waivers and amendments under their
respective facilities, demonstrating significant global financial
support for the Company.

Under the terms of the RSA, Pyxus' second lien noteholders will
convert approximately $635 million of the Company's debt into
equity or cash, and its first lien noteholders will, among other
things, extend the maturity date of their existing notes by four
years.  To implement the financial restructuring contemplated under
the RSA, the Company commenced solicitation of a prepackaged
Chapter 11 Plan of Reorganization (the "Prepack Plan") and
thereafter filed for Chapter 11 to restructure its debt and delever
its balance sheet.  The Prepack Plan contemplates that all
outstanding shares of Pyxus common stock and rights to acquire
Pyxus common stock will be cancelled and each holder of outstanding
Pyxus common stock will be entitled to receive its ratable share of
$1,000,000 in cash provided that such holder does not opt out of
the third-party releases contained in the Prepack Plan or object to
the Prepack Plan.

The Chapter 11 process does not include the Company's international
subsidiaries or affiliates and Pyxus anticipates continuing to
operate its worldwide operations in the ordinary course during the
proceeding as it restructures its balance sheet.  The terms of the
restructuring contemplate paying, among others, all vendors and
foreign lenders, in full.

In addition, Pyxus has secured commitments for a $206.7 million
Debtor-in-Possession financing facility ("DIP Facility") from
certain existing noteholders. Proceeds from the DIP Facility will
be used to refinance the Company's existing asset-based revolver,
for working capital and general corporate purposes, and to pay
expenses incurred in connection with the Chapter 11 Cases. Subject
to Court approval, the DIP Facility, combined with the Company's
projected cash flows, are expected to provide liquidity to support
its operations during the restructuring process, allowing the
Company to emerge with a strengthened balance sheet to complement
its operations and future growth plans.

"This agreement with our noteholders represents a significant
milestone in the ongoing process to transform our business as we
continue to focus on driving long-term, sustainable growth and
greater efficiency," said Pieter Sikkel, Pyxus' President and CEO.
"We will continue to provide our customers with the quality
products and services they are accustomed to without interruption
and work with our business partners throughout the Court-supervised
process. We also expect there will be no impact to vendors. As we
look to quickly re-emerge from this process, we expect to be a
stronger company, better able to execute on our long-term strategy
and positioned for long-term growth and success."

For additional information about Pyxus' restructuring, including
access to court filings and other documents related to the
Court-supervised process, please visit
https://cases.primeclerk.com/Pyxus/.

                  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.


RENNOVA HEALTH: Issues 22K Convertible Shares to Former Director
----------------------------------------------------------------
Rennova Health, Inc. entered into an exchange agreement with
Christopher Diamantis, who had previously been a director of the
Company until his resignation on Feb. 26, 2020.  Pursuant to the
Agreement, the Company issued to Mr. Diamantis 22,000 shares of its
Series M Convertible Preferred Stock in exchange for the
extinguishment of the Company's indebtedness to Mr. Diamantis
totalling $18,849,637.06, including accrued interest, as of
June 30, 2020.

The terms of the Preferred Stock were set forth in the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission on June 16, 2020.  In particular, each holder of the
Preferred Stock will be entitled to vote on all matters submitted
to a vote of the holders of the Company's common stock. Regardless
of the number of shares of Preferred Stock outstanding and so long
as at least one share of Preferred Stock is outstanding, the
outstanding shares of Preferred Stock shall have the number of
votes, in the aggregate, equal to 51% of all votes entitled to be
voted at any meeting of stockholders or action by written consent.
Each outstanding share of the Preferred Stock shall represent its
proportionate share of the 51% allocated to the outstanding shares
of Preferred Stock in the aggregate.  The Preferred Stock shall
vote with the common stock and any other voting securities as if
they were a single class of securities.

                     About Rennova Health

Rennova Health, Inc. -- http://www.rennovahealth.com/-- operates
three rural hospitals in Tennessee and provides diagnostics and
supportive software solutions to healthcare providers.

Rennova Health reported a net loss to common shareholders of
$171.89 million for the year ended Dec. 31, 2019, compared to a net
loss to common shareholders of $245.87 million for the year ended
Dec. 31, 2018.  As of Dec. 31, 2019, the Company had $14.71 million
in total assets, $83.58 million in total liabilities, $5.83 million
in redeemable preferred stock - Series I-1, $1.82 million in
redeemable preferred stock - Series I-2, and a total stockholders'
deficit of $76.52 million.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated June 25, 2020, citing that the Company has recognized
recurring losses, negative cash flows from operations, and
currently has minimal revenue producing activities.  This raises
substantial doubt about the Company's ability to continue as a
going concern.


RGIS SERVICES: Moody's Assigns Caa1 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service assigned ratings to RGIS Services, LLC
(New) (RGIS) following its debt restructuring, including a Caa1
corporate family rating (CFR), Caa1-PD probability of default
rating (PDR) and Caa1 senior secured term loan rating. The outlook
is negative.

As part of the June 25, 2020 debt restructuring, RGIS converted its
$448 million outstanding debt (comprised of a term loan due 2023
and revolver borrowings) into a new $200 million term loan due 2025
and common equity.

Moody's assigned the following ratings to RGIS Services, LLC
(NEW):

Corporate family rating, assigned Caa1

Probability of default rating, assigned Caa1-PD

Senior secured bank credit facility, assigned Caa1 (LGD4)

Outlook, assigned negative

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.

RGIS' Caa1 CFR is constrained by the elevated business risk
associated with the secular pressures facing the retail industry
including ongoing store closures and bankruptcies, which will be
accelerated as a result of COVID-19 disruption. In addition, the
rating incorporates the near-term execution risks of resuming
operations with adequate service levels, which necessitates
rehiring and redeploying a significant number of workers. As of Q1
2020 and pro-forma for the transaction, Moody's-adjusted
debt/EBITDA was approximately 4 times and EBIT/interest expense was
1.8 times. However, Moody's expects leverage to increase in 2020,
as a result of earnings declines from lower volumes and pricing
pressure. Earnings should recover in 2021 but remain below 2019
levels, reflecting intense competition and lower volumes due to
retail store closures and inventory reductions.

The rating is supported by RGIS' long-standing relationships with
its largest customers, leading market share, national footprint in
the U.S., and meaningful international diversification. Physical
inventory verification is a recurring activity necessary to comply
with accounting standards for retailers, which have largely
outsourced the service for store counts to third party providers
such as RGIS. The rating is also supported by RGIS' adequate
liquidity over the next 12-18 months. As of Q2 2020 and pro-forma
for the transaction RGIS had approximately $60 million of
unrestricted cash. Moody's projects negative free cash flow for the
second half of 2020 mainly as a result of negative working capital,
and positive cash generation in 2021. The company also expects to
have access to a proposed asset-based revolver.

The negative outlook reflects the risk of greater than anticipated
permanent store closures and bankruptcies among RGIS' customer base
as well as the execution challenges in resuming a full scope of
operations in the midst of COVID-19.

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

The ratings could be downgraded if liquidity is weaker than
anticipated, or if operating performance does not materially
recover in 2021.

The ratings could be upgraded if RGIS earnings recover on a
sustained basis in both the US and internationally. An upgrade
would also require good liquidity, including solid free cash flow
generation, solid cash balances, and good revolver availability.
Quantitatively, the ratings could be upgraded if Moody's-adjusted
debt/EBITDA is sustained below 4 times and EBIT/interest expense
above 1.75 times.

RGIS Services, LLC (RGIS), a wholly-owned subsidiary of RGIS
Holdings, LLC, provides inventory counting services primarily to
retailers throughout North America, South America, Asia, Australia,
and Europe. Revenues for the twelve months ended March 31, 2020
were approximately $611 million, with about 43% of total revenues
generated outside the US. The company is owned by its former
lenders following the 2020 restructuring, including funds
affiliated with HPS Investment Partners, LLC and Black Diamond
Capital Management.

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


ROCKY MOUNTAIN: Seeks to Hire Gordon Mosley as Attorney
-------------------------------------------------------
Rocky Mountain Trails, LLC, seeks authority from the U.S.
Bankruptcy Court for the Eastern District of Texas to employ Gordon
Mosley, as attorney to the Debtor.

Rocky Mountain requires Gordon Mosley to:

   (a) give legal advice with respect to Debtor's
       responsibilities as a debtor-in-possession;

   (b) prepare and file petition, schedules, statements, and
       Chapter 11 Plan;

   (c) prepare all necessary reports, applications, answers, and
       orders;

   (d) attend the 341(a) hearing and all other hearing related to
       Debtor's case; and

   (e) provide any legal services on behalf of the Debtor that
       may become necessary.

Gordon Mosley will be paid at these hourly rates:

     Attorney                   $275
     Legal Assistants           $125

The Debtor paid Gordon Mosley prior to the petition date a retainer
in the amount of $10,283, plus filing fee.

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

Gordon Mosley 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.

Gordon Mosley can be reached at:

     Gordon Mosley, Esq.
     4411 Old Bullard Road, Suite 700
     Tyler, TX 75703
     Tel: (903) 534-5396
     Fax: (903) 581-4038
     E-mail: gmosley@suddenlinkmail.com

                 About Rocky Mountain Trails

Rocky Mountain Trails, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Tex. Case No. 20-60306) on June 1, 2020, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by Gordon Mosley, Esq.


RTW RETAILWINDS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: RTW Retailwinds, Inc.
               FKA New York & Company, Inc.
             330 W. 34th Street
             9th Floor
             New York, NY 10001

Business Description:  RTW Retailwinds, Inc. (together with its
                       subsidiaries) --
                       https://www.nyandcompany.com/rtwretailwinds

                       -- is a specialty women's omni-channel
                       retailer with a multi-brand lifestyle
                       platform providing curated fashion
                       solutions that are versatile, on-trend, and
                       stylish at a great value.  The specialty
                       retailer, first incorporated in 1918, has
                       grown to now operate approximately 385
                       retail and outlet locations in 35 states
                       while also growing a substantial eCommerce
                       business.  The Company's portfolio includes
                       branded merchandise from New York &
                       Company, Fashion to Figure, and Happy x
                       Nature, and collaborations with Eva Mendes,
                       Gabrielle Union and Kate Hudson.  The
                       Company's branded merchandise is sold
                       exclusively at its retail locations and
                       online at www.nyandcompany.com,
                       www.fashiontofigure.com,
                       www.happyxnature.com, and through its
                       rental subscription businesses at
                       www.nyandcompanycloset.com and
                       www.fashiontofigurecloset.com.

Chapter 11
Petition Date:         July 13, 2020

Court:                 United States Bankruptcy Court
                       District of New Jersey

Twelve affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Banrkupcty Code:

     Debtor                                            Case No.
     ------                                            --------
     RTW Retailwinds, Inc. (Lead Debtor)               20-18445
     Lerner New York Holding, Inc.                     20-18446
     Lernco, Inc.                                      20-18447
     Lerner New York, Inc.                             20-18448
     New York & Company, Inc.                          20-18449
     Lerner New York GC, LLC                           20-18450
     Lerner New York Outlet, LLC                       20-18451
     New York & Company Stores, Inc.                   20-18452
     FTF GC, LLC                                       20-18453
     Lerner New York FTF, LLC                          20-18454
     Fashion to Figure, LLC                            20-18455
     FTF IP Company, Inc.                              20-18456

Judge:                 Hon. John K. Sherwood

Debtors' Counsel:      Michael D. Sirota, Esq.
                       Stuart Komrower, Esq.
                       Ryan T. Jareck, Esq.
                       Matteo W. Percontino, Esq.
                       COLE SCHOTZ P.C.
                       Court Plaza North
                       25 Main Street
                       Hackensack, New Jersey 07601
                       Tel: (201) 489-3000
                       Fax: (201) 489-1536
                       Email: msirota@coleschotz.com
                              skomrower@coleschotz.com
                              rjareck@coleschotz.com
                              mpercontino@coleschotz.com

Debtors'

Debtors'
Financial
Advisor:               BERKELEY RESEARCH GROUP, LLC

Debtors'
Investment
Banker:                B. RILEY FBR, INC.


Claims &
Noticing
Agent:                 PRIME CLERK, LLC
                   https://cases.primeclerk.com/rtwretailwinds

Total Assets as of July 13, 2020: $405,356,610

Total Debts as of July 13, 2020: $449,962,395

The petitions were signed by Sheamus Toal, CEO, CFO and treasurer.

A copy of RTW Retailwinds' petition is available for free at
PacerMonitor.com at:

                       https://is.gd/qpILkP

List of Debtors' 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Easy Fashion Macao                Trade Debt        $28,044,107
Commercial Offshore Ltd.
Na Rua
Commandante
Mata E
Oliveira, NOS 32A36
Fax: 011 852 2371 2390
Email: joantsang@fobhk.com

2. MGF Sourcing US, LLC              Trade Debt        $16,536,184
4200 Regent Street
Suite 205
Columbus, OH 43219
Fax: 978-075-6722
Email: mspires@mgfsourcing.com

3. Li & Fung Trading Ltd.            Trade Debt         $8,137,816
Li & Fung Korea
888 Cheung Sha
Wan Road Kowloon 07
Fax: 011 8621 6350 913
Email: wongkwanpo@lifung.com.hk

4. Amos Eastern                      Trade Debt         $4,726,912
Apparel Inc.
251 West 39th St
12th Floor
New York, NY 10018
Fax: 212-730-6355
Email: tommy@amoseast.com

5. Sunrise Apparel Group LLC         Trade Debt         $3,680,814
801 S. Figueroa St.
Suite 2500
Los Angeles, CA 90017
Fax: 323-780-0751
Email: Jesse.Ybarra@Sunrisebrands.com

6. F.O.B. Garments Limited           Trade Debt         $1,498,303
Rm 1108, Tower II
Cheung Sha Wan Plaza, 833
Cheung Sha Wan Road,
Kowloon 07
Fax: 011 852 2371 2390
Email: joantsang@fobhk.com

7. VNO Rent Receipt Account          Trade Debt         $1,372,119
P.O.Box 371486
Pittsburgh, PA
15250-7486
Fax: 212-967-1519
Email: jsilverman@vno.com

8. LLS Two Limited Parkway           Trade Debt         $1,316,875
Columbus, OH 43230
Email: MHedges@lb.com

9. Fortune Footwear, Inc.            Trade Debt         $1,294,329
174 Hudson St.
3rd Floor
New York, NY 10013
Fax: 212-431-9480

10. Allied Printing                  Trade Debt         $1,267,790
P.O. Box 850
Manchester, CT 06045
Email: Ron.Assoian@alliedprinting.com

11. Allure Jewelry & Access.         Trade Debt           $922,853
9705 45 Avenue
North 305
Plymouth, MN 55442
Fax: 612-801-3161
Email: wjanderson@allure-jewelry.com

12. Leonard A. Feinberg, Inc.        Trade Debt           $690,514
1824 Byberry Road
Bensalem, PA 19020
Fax: 215-639-1555

13. NYCAL, Inc.                      Trade Debt           $668,701
2211 Saybrook Avenue
Commerce, CA 90040
Fax: 323-725-0025

14. Queens Center Mall                                    $630,073
P.O. Box 849433
Los Angeles, CA 90084-9433
Fax: 718-592-415
Email: QueensCenterAR@macerich.com

15. Spooky, Inc.                     Trade Debt           $625,000
c/o Peter Hess                         
405 Lexington Ave, 19th Floor
New York, NY 10174
Fax: 424-288-2900
Email: Peter.Hess@CAA.com

16. Salesforce.com, Inc.             Trade Debt           $600,623
P.O. Box 203141
Dallas, TX 75320
Email: Accounting@Thedigital
brandarchitect.com

17. Sweet Pea Limited Inc.           Trade Debt           $547,093
7301 Nw 36th Court
Miami, FL 33147
Fax: 305-634-7070
Email: areily@gosweetpea.com

18. Brooks Shopping Centers          Trade Debt           $510,080
Marx Realty
10 Grand Central
155 E. 44th Street
7th Floor
New York, NY 10017
Email: Arion.A@marxrealty.com

19. Commission Juction, LLC          Trade Debt           $491,890
4140 Solutions Center
774140
Chicago, IL 60677-4001
Fax: 805-730-8001
Email: cjar@cj.com

20. Pension Benefit                  Underfunded                $0

Guaranty Corp.                         Pension
P.O. Box 15170                        Liability
Alexandria, VA
22315-1750
Fax: 202-229-4047


SALUBRIO LLC: Seeks to Hire Bridgehead as Consultant
----------------------------------------------------
Salubrio, LLC has filed an amended application with the U.S.
Bankruptcy Court for the Western District of Texas seeking approval
to hire Bridgehead Networks Inc. to provide infrastructure and
consulting services.

Services Bridgehead will render are:

   a. give the Debtor management, consulting and accounting
      advice with respect to its powers and duties as debtor-in-
      possession in the continued operation of its business and
      management of its property;

   b. prepare projections of income and expenses needed to
      complete the monthly operating reports;

   c. advise the Debtor in connection with the formulation and
      implementation of a Plan of Reorganization with regard to
      accounting matters;

   d. prepare on behalf of the Debtor weekly and monthly
      operating reports and other documents; and

   e. perform all other accounting services for the Debtor which
      may be necessary.

Bridgehead's hourly rates are:

     Harry Nass               $200
     Gretchen Kinnear, CPA    $125

The firm received a retainer in the amount of $7,500.

Bridgehead was owed $40,346 by the Debtor's affiliate,
Musculoskeletal Imaging Consultants (MSKIC) as of the date of the
original application to employ. The amount was $78,279, on the date
of filing, but was reduced by the Bankruptcy Court as a critical
vendor.

Bridgehead 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, according to court
filings.

The firm can be reached through:

     Harry Nass
     Bridgehead Networks Inc
     2810 North Flores Street
     San Antonio, TX 78212
     Tel: (210) 224-2436
     Fax: (210) 581-9616

                     About Salubrio LLC

Salubrio, LLC, which conducts business under the name Brio San
Antonio, is a medical diagnostic imaging center in San Antonio,
Texas. It offers patients innovative and timely onsite technology
for musculoskeletal and traumatic brain injury diagnostics.

Salubrio specializes in weight-bearing MRI installed by Esaote USA.
For more information, visit https://salubriomri.com Salubrio sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.
Texas Case No. 20-50578) on March 11, 2020. At the time of the
filing, Debtor disclosed assets of between $1 million and $10
million and liabilities of the same range.  Judge Ronald B. King
oversees the case.  The Debtor tapped the Law Offices of Martin
Seidler as legal counsel, and M B Lawhon Law Firm, PLLC as special
counsel.



SANUWAVE HEALTH: Has $3.01M Net Loss for Quarter Ended March 31
---------------------------------------------------------------
SANUWAVE Health, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $3,001,148 on $148,592 of total revenues
for the three months ended March 31, 2020, compared to a net loss
of $2,197,317 on $177,963 of total revenues for the same period in
2019.

At March 31, 2020, the Company had total assets of $3,116,826,
total liabilities of $13,428,767, and $12,561,941 in total
stockholders' deficit.

The Company does not currently generate significant recurring
revenue and will require additional capital during 2020.  As of
March 31, 2020, the Company had cash and cash equivalents of
$1,346,892.  For the three months ended March 31, 2020, the net
cash used by operating activities was $2,645,479.  The Company
incurred a net loss of $3,001,148 for the three months ended March
31, 2020.  The operating losses and the events of default on the
Company's short term notes payable and the notes payable, related
parties raised substantial doubt about the Company's ability to
continue as a going concern for a period of at least twelve months
from the filing of this report.

The Company said, "The continuation of the Company's business is
dependent upon raising additional capital to fund operations.
Management's plans are to obtain additional capital through
investments by strategic partners for market opportunities, which
may include strategic partnerships or licensing arrangements, or
raise capital through the issuance of common or preferred stock,
securities convertible into common stock, or secured or unsecured
debt.  These possibilities, to the extent available, may be on
terms that result in significant dilution to the Company's existing
shareholders.  Although no assurances can be given, management of
the Company believes that potential additional issuances of equity
or other potential financing transactions should provide the
necessary funding for the Company to continue as a going concern.
If these efforts are unsuccessful, the Company may be forced to
seek relief through a filing under the U.S. Bankruptcy Code.  The
condensed consolidated financial statements do not include any
adjustments that might be necessary if the Company is unable to
continue as a going concern."

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

                       https://is.gd/hFoeT5

SANUWAVE Health, Inc., a shock wave technology company, focuses on
the development and commercialization of noninvasive, high-energy,
and acoustic shock waves for regenerative medicine and other
applications worldwide. It markets and sells its devices and
accessories. SANUWAVE Health, Inc. was founded in 2005 and is
headquartered in Suwanee, Georgia.


SKILLSOFT CORP: Unsecureds to Recover 100% in Deal With Lenders
---------------------------------------------------------------
Skillsoft Corporation, a global leader in corporate learning, today
announced that it has entered into a Restructuring Support
Agreement ("RSA") with an overwhelming majority of its first and
second lien lenders. The RSA is expected to result in a
comprehensive de-levering of the Company's balance sheet by
reducing the Company's existing first lien and second lien debt to
$410 million from approximately $2.0 billion, with total debt
(including working capital financing) aggregating $585 million,
lowering the Company's annual cash interest by approximately $100
million (the "Restructuring").

As of the date of this release, holders representing approximately
81% in value of the Company's first lien debt and 84% in value of
the Company's second lien debt have executed the RSA, indicating
their commitment to support the Restructuring. The Restructuring is
expected to provide the Company with significant additional
liquidity and a right-sized pro-forma capital structure, while
minimizing operational disruptions by ensuring all holders of
general unsecured claims, including the Company's vendors,
suppliers, and other trade creditors, will be paid in full.
Additionally, it is expected that no employees will be affected as
a direct result of the Restructuring, ensuring that Skillsoft
customers continue to be well-served.

The RSA provides, among other things, that:

  * Holders of the Company's first lien debt will receive their pro
rata share of approximately $410 million in takeback first lien
debt and 96% of the equity in the reorganized company;

  * Holders of the Company's second lien debt will receive their
pro rata share of approximately 4% of the equity in the reorganized
company, as well as warrants that will provide them with the
opportunity to purchase up to 15% of the equity in the reorganized
company at various price thresholds based on first lien debt
holders achieving certain recovery levels; and

  * Holders of general unsecured claims, including vendors,
suppliers and other trade creditors, will receive payment in full
in the ordinary course of business.

John Frederick, Skillsoft's Chief Administrative Officer, said,
"Today's announcement marks an important step forward in
significantly strengthening Skillsoft's capital structure and
positioning the Company for long-term success. This is an exciting
time for digital learning, and Skillsoft provides best-in-class
learning solutions to thousands of customers around the world,
including 65 percent of companies in the Fortune 500. While our
core business remains strong, with attractive profitability and
cash flow characteristics, our debt levels are too high. We need to
invest further and that requires our debt levels to come down to
free up cash to further enhance our offerings. We look forward to
benefiting from a stronger balance sheet and enhanced financial
flexibility as we continue investing in new products, solutions and
content to drive value for our customers and growth in the
business. We appreciate the broad support of our lenders, who will
become the new owners of the Company and recognize the inherent
value in the Skillsoft brand. We also thank the entire Skillsoft
team for their ongoing hard work and commitment to our company and
our customers and are grateful to our vendors and business partners
for their continued support."

To efficiently implement the Restructuring, Skillsoft and certain
of its affiliates have voluntarily filed "pre-packaged" Chapter 11
cases in the U.S. Bankruptcy Court for the District of Delaware.
The Company anticipates commencing ancillary proceedings in Canada
under the Companies' Creditors Arrangement Act (CCAA) seeking
recognition of the U.S. Chapter 11 proceedings in Canada.
Skillsoft intends to move through this process as quickly and
efficiently as possible and, pursuant to the terms of the RSA,
anticipates emerging from Chapter 11 on an expedited basis.

Skillsoft is operating as normal and expects to continue operating
in the normal course during and following the restructuring
process, without material disruption to its vendors, partners, or
employees. In conjunction with the court-supervised process,
Skillsoft has received a commitment for $60 million in
debtor-in-possession (“DIP”) financing from certain of its
first lien lenders. Following court approval, this financing,
together with cash generated from ongoing operations, is expected
to provide ample liquidity to support the Company during the
restructuring process.

Certain of the Company's first lien lenders have also committed to
provide the Company with additional liquidity upon exit from the
restructuring process in the form of a $110 million exit facility,
less any amounts outstanding under the DIP financing, which will be
rolled into the exit facility upon emergence.  The Company expects
to have liquidity of approximately $50 million upon completion of
the restructuring process, with leverage at approximately 3.5x net
debt-to-LTM EBITDA.

The Company remains focused on providing customers with
state-of-the-art corporate learning solutions, best-in-class
performance support resources and Live events.  The Company noted
that there are no planned changes to Skillsoft's leadership team or
organizational structure as a result of the Restructuring.

Skillsoft has filed a number of customary first day motions with
the court seeking approval to operate its business in the normal
course during the court-supervised process, including the continued
payment of employee wages and benefits without interruption.  The
Company expects to receive court approval for these requests.
Additional information regarding the Company's court-supervised
process is available on Skillsoft's restructuring website,
www.AdvancingSkillsoft.com.  Court filings and other information
related to the proceedings are available on a separate website
administrated by the Company's claims agent, KCC, at
www.kccllc.net/skillsoft, or by calling KCC toll-free at
877-709-4752, or 424-236-7232 for calls originating outside of the
U.S.

Weil, Gotshal & Manges LLP is serving as legal counsel to
Skillsoft, Houlihan Lokey Capital, Inc. is serving as investment
banker, and AlixPartners LLP is serving as financial advisor.

                   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.


SONADOR CAPITAL: Seeks to Hire Hilco as Real Estate Agent
---------------------------------------------------------
Sonador Capital Partners, LLC, seeks authority from the U.S.
Bankruptcy Court for the Middle District of Tennessee to employ
Hilco Real Estate, LLC, as real estate agents to the Debtor.

Sonador Capital requires Hilco to perform real estate consulting
and advisory services and to market and sell the Debtor's real
properties.

Hilco will be paid a commission of 5% of the purchase price.

Sarah Baker, partner of Hilco Real Estate, LLC, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estates.

Hilco can be reached at:

     Sarah Baker
     Hilco Real Estate, LLC
     5 Revere Drive, Suite 206
     Northbrook, IL 60062
     Tel: (847) 418-2703
     Fax: (847) 897-0826

                 About Sonador Capital Partners

Sonador Capital Partners, LLC, based in Franklin, TN, filed a
Chapter 11 petition (Bankr. M.D. Tenn. Case No. 20-02391) on May 1,
2020.  In the petition signed by Ray Culp, III, chief manager, the
Debtor disclosed $5,001,50 in assets and $979,456 in liabilities.
The Hon. Randal S. Mashburn oversees the case.  LEFKOVITZ &
LEFKOVITZ, serves as bankruptcy counsel to the Debtor.


SONOMA PHARMACEUTICALS: Incurs $2.95-Mil. Net Loss in Fiscal 2020
-----------------------------------------------------------------
Sonoma Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission its Annual Report on Form 10-K, reporting a net
loss of $2.95 million on $18.94 million of total revenues for the
year ended March 31, 2020, compared to a net loss of $11.80 million
on $18.97 million of total revenues for the year ended March 31,
2019.

As of March 31, 2020, the Company had $14.56 million in total
assets, $5.86 million in total liabilities, and $8.71 million in
total stockholders' equity.

Marcum LLP, in New York, NY, the Company's auditor since at least
2006, issued a "going concern" qualification in its report dated
July 10, 2020, citing that the Company 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.

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

                     https://is.gd/qLnY1j

                 About Sonoma Pharmaceuticals

Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com/-- is
a global healthcare company that develops and produces stabilized
hypochlorous acid, or HOCl, products for a wide range of
applications, including wound care, animal health care, eye care,
oral care and dermatological conditions.  The Company's products
reduce infections, itch, pain, scarring and harmful inflammatory
responses in a safe and effective manner.  In-vitro and clinical
studies of HOCl show it to have impressive antipruritic,
antimicrobial, antiviral and anti-inflammatory properties.  Its
stabilized HOCl immediately relieves itch and pain, kills pathogens
and breaks down biofilm, does not sting or irritate skin and
oxygenates the cells in the area treated assisting the body in its
natural healing process.  The Company sells its products either
directly or via partners in 53 countries worldwide.


SOUTHERN GENERAL: A.M. Best Hikes Finc'l Strength Rating to B/Fair
------------------------------------------------------------------
AM Best has upgraded the Financial Strength Rating to B (Fair) from
B- (Fair) and the Long-Term Issuer Credit Rating to "bb+" from
"bb-" of Southern General Insurance Company (SGIC) (Marietta, GA).
The outlook of these Credit Ratings (ratings) has been revised to
stable from positive.

The ratings reflect SGIC's balance sheet strength, which AM Best
categorizes as strong, as well as its marginal operating
performance, limited business profile and marginal enterprise risk
management.

The rating upgrades are the result of favorable trends in SGIC's
balance sheet strength. This is due to improved policyholder
surplus levels and underwriting leverage measures, and decreased
common stock leverage. These positive factors are partially offset
by historically unfavorable loss reserve development despite
strengthening efforts in recent years. Furthermore, the rating
upgrades reflect favorable trends in operating performance
resulting from underwriting initiatives to improve rate adequacy
and risk selection, as well as improvements in claims operations.
Although the expense ratio remains elevated compared with the
composite, it has been on a downward trend and is a contributing
factor to the improved underwriting performance. Additionally, the
company has limited scale of operations. SGIC's business profile is
limited due to its product offering and geographic concentration of
risk.


STAR PETROLEUM: Opposes Bautista Cayman Bid to Delay Plan
---------------------------------------------------------
Star Petroleum, Corp. submitted an opposition to the motion to
reconsider the order denying an extension of time to oppose the
Disclosure Statement.

On June 4, 2020, Bautista Cayman Asset Company filed a Motion to
Reconsider Order Denying Extension of Time to Oppose Disclosure
Statement and Tendering Opposition to the Disclosure Statement .

Bautista Cayman first avers that the Disclosure Statement is
defective because it doesn't contemplate Bautista Cayman's
unasserted Election, which is for Bautista Cayman to make and not
for Debtor to speculate if Bautista Cayman will or will not do so.
This is not a disclosure required by Section 1125(a)(1).  It is for
Bautista Cayman as the electing party to state if the Election is
to be made. On account of Bautista Cayman's irrational behavior,
the Court should direct it to do so on or before the Disclosure
Statement Hearing, regardless of the previous order granting
Bautista Cayman until 14 days prior to the confirmation hearing to
decide if it is to make the Election.

The second issue raised by Bautista Cayman as to the Disclosure
Statement is that it doesn't provide any information as to the
pending contested matter between Star Petroleum and Bautista Cayman
regarding the use of the cash collateral and the effect of a
decision prohibiting or limiting its use beyond that currently in
place. This controversy is a matter of record, well known to
Bautista Cayman and fully disclosed to the other participating
creditors trough the CM/ECF system.

The third issue raised by Bautista Cayman as to the Disclosure
Statement is that it fails to provide any information as to whether
Star Petroleum's revenues or operations have been affected during
the emergency crisis related to the COVID-19 and any effect on the
Plan.  As indicated, Bautista Cayman is well aware of the nature of
Star Petroleum's operations and the moratorium on the payment in
rent, not only disclosed thereto at Docket No. 90 and the budget
included as Exhibit H thereto, also separately forwarded to
Bautista Cayman in an attempt to agree therewith as to any future
adequate protection payments until the confirmation of the Plan.

The fourth and last issue raised by Bautista Cayman as to the
Disclosure Statement is that Star Petroleum has failed to provide a
recent assessment of the value of its properties, as the appraisals
included in support of the Plan and Disclosure Statement are over
two years old.  While not required by Section 1125 (a) (1), in
order to moot this last issue, Star Petroleum is including herewith
as a supplement to the Disclosure Statement, Exhibits A, B, C, D
and E consisting of the appraisal reports of Star Petroleum's 5
service stations, prepared by Carlos G. Pérez, MAI, ASA-MTS, as of
March 12, 2020.

Contrary to Bautista Cayman's submission, not only the Disclosure
Statement, as further supplemented , contains adequate information
as required by Section 1125 (a), but in conjunction with the Plan,
shows that the latter is confirmable, a matter to be dealt with at
the Confirmation Hearing.

Bautista Cayman relies on In re Quigley Co., 377 B.R. 110, 115
(Bankr. S.D. N.Y. 2007) to argue that the Plan is "patently
unconfirmable" and therefore the approval of the Disclosure
Statement should be denied.  Quigley's disclosure statement raised
two interrelated narrow questions (1) if Quigley had to separately
classify the settling and non-settling claimants and (2) did the
two groups receive unequal treatments under the plan.  The court in
Quigley concluded that although the settlements with Pfizer
implicated several confirmation issues, the classification scheme
and treatment of the members of the class satisfied the relevant
provisions of the Bankruptcy Code, as the classification in Star
Petroleum’s Disclosure Statement and Plan does.

First, Bautista Cayman states that the Plan is defective in
providing that Star Petroleum will obtain a "discharge" labeled as
a "Release of Claims" upon its confirmation.  In doing so Bautista
Cayman mixes apples with oranges and confuses the discharge
provisions of Section 727 (a) (1) of the Bankruptcy Code applicable
to Chapter 7 cases, a change from former law under which
corporations and partnerships could be discharged in liquidation,
to avoid trafficking in corporate shells and in bankruptcy
partnerships, with the effect of the confirmation of a plan
provided for in Section 1141 of the Bankruptcy Code applicable to
Chapter 11 cases, and the binding effects of a confirmed plan.

Second, Bautista Cayman sustains that its "alleged" unsecured
deficiency claim is improperly classified separate from other
unsecured claims in an attempt to gerrymander to create an impaired
accepting class and satisfy the cramdown standards of Section 1129.
The legal nature and characteristics of Bautista Cayman's proposed
unsecured Class 5 claim is distinct and different from the Class 4
unsecured claim of Puma and the Class 6 general unsecured claims,
and can be separately classified pursuant to Section 1122 (a), as
Class 4 and 6 also are.  Therefore, in this case for business and
economic reasons, due to the different legal nature and origin of
the claims classified under Classes 4, 5 and 6, their separate
classification is legally proper.

Third, Bautista Cayman submits that the Plan violates the absolute
priority rule, as Star Petroleum's equity holders seek to retain
their equity interest without providing new value and full payment
of unsecured claims.  This is obviously a confirmation matter, as
to which the Election has a direct bearing and has nothing to do
with the adequacy of the Disclosure Statement, scheduled for July
15, 2020.

Finally, at paragraph 20 of the Motion, Bautista Cayman sustains
that the Plan fails to satisfy the feasibility standard of Section
1129 (a) (11), another confirmation issue to be dealt with during
the Confirmation Hearing, contradicted by the Disclosure Statement
and Plan, to be complemented by the feasibility report of Star
Petroleum's financial advisor, through his feasibility report, the
standard practice in this Court.

Attorney for the Debtor:

     CHARLES A. CUPRILL-HERNÁNDEZ
     Charles A. Cuprill, P.S.C., Law Offices
     356 Fortaleza Street - Second Floor
     San Juan, PR 00901
     Tel.: 787-977-0515
     Fax: 787-977-0518
     E-Mail: ccuprill@cuprill.com

                                            About Star Petroleum
Corp.

Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11
petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020. In the
petition signed by Sami Abraham, president, the Debtor disclosed
$6,782,500 in liabilities. CHARLES A. CUPRILL, PSC LAW OFFICES,
serves as bankruptcy counsel to the Debtor.


STHEALTH CAPITAL: Says Substantial Going Concern Doubt Exists
-------------------------------------------------------------
StHealth Capital Investment Corp. filed its quarterly report on
Form 10-Q, disclosing a net investment loss of $245,822 on $15,948
of investment income for the three months ended March 31, 2020,
compared to a net investment loss of $88,288 on $19,324 of
investment income for the same period in 2019.

At March 31, 2020, the Company had total assets of $5,139,590,
total liabilities of $467,438, and $4,672,152 in net asset value.

The Company said, "For the three months ended March 31, 2020, the
Company incurred a net decrease in net assets resulting from
operations of $891,653 and have an accumulated deficit of
$8,057,978.  These circumstances raise substantial doubt as to the
Company's ability to continue as a going concern.  Currently, the
Company has launched a capital raising program led by a Broker
Dealer acting as the Dealer Manager and arranging a syndicate of
several additional Broker Dealers who will also sell our
securities.  During the three months ended March 31, 2020, the
Company issued 20,000 shares of its common stock and received gross
proceeds of $50,000, at a price of $2.50 per share.  There were 10%
commission cost and therefore net proceeds in cash were $45,000."

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

                       https://is.gd/1gVllI

StHealth Capital Investment Corp. (formerly First Capital
Investment Corporation and Freedom Capital Corporation), was
incorporated under the general corporation laws of the State of
Maryland on June 19, 2014.  The Company is a non-diversified,
closed-end management investment company that has elected to be
regulated as a business development company ("BDC") under the
Investment Company Act of 1940, as amended, and that intends to
elect to be treated for federal income tax purposes, and intends to
qualify annually thereafter, as a regulated investment company
("RIC"), under Subchapter M of the Internal Revenue Code of 1986,
as amended.


SUNDANCE ENERGY: Deloitte & Touche Raises Going Concern Doubt
-------------------------------------------------------------
Sundance Energy Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$39,590,000 on $203,580,000 of total revenues for the year ended
Dec. 31, 2019, compared to a net loss of $22,933,000 on
$164,933,000 of total revenues for the year ended in 2018.

The audit report of Deloitte & Touche LLP states that the Company
anticipates that it may not comply with the covenant requirements
of the Credit Facilities within the next 12 months following the
date of this report, which would accelerate the amounts outstanding
under the credit facilities, making it currently due and payable.
The Company does not have sufficient liquidity to repay such
outstanding amounts. This issue raises substantial doubt about its
ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $813,914,000, total liabilities of $460,517,000, and a total
stockholders' equity of $353,397,000.

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

                       https://is.gd/2TH6qo

Sundance Energy Inc. operates as an onshore independent oil and
natural gas company in North America.  The company explores for,
develops, and produces oil and natural gas.  It focuses on
operations on its 41,000 net acres in the Eagle Ford, Live Oak,
Atascosa, La Salle, and McMullen counties, South Texas.  Sundance
Energy, Inc. is headquartered in Denver, Colorado.


THEE TREE HOUSE: Unsecureds to be Paid in Full
----------------------------------------------
This is the disclosure statement in the chapter 11 case of Thee
Tree House, LLC.

This Plan provides for one class of general unsecured creditors,
one class of unsecured claims relating to former insiders of the
Debtor, and one class representing equity. General, non- insider,
unsecured creditors holding allowed claims will receive
distributions, which the proponent of this Plan has valued to be
paid in full. Former insider claims will receive approximately of
their allowed claims ($15,000 in total payments on an estimated
$100,000 in allowed claims). This Plan also provides for the
payment of administrative and priority claims in full.

Class 1 General Unsecured Creditors are impaired.  The Debtor
proposes to pay allowed Class 1 unsecured claims in full without
interest in 20 equal quarterly installments with the initial
payment commencing on the 90th day after the Effective Date of the
Plan.

The Debtor will fund the Plan through the continued operation and
cash flows of its restaurant business.

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

Attorneys for the Debtor:

     James W. Elliott
     McIntyre Thanasides Bringgold
     Elliott Grimaldi Guito & Matthews, P.A
     500 E. Kennedy Blvd., Suite 200
     Tampa, FL 33602
     Tel: (813) 223-0000
     Fax: (813) 899-6069
     E-mail: james@mcintyrefirm.com

                     About Thee Tree House
  
Thee Tree House, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 19-11768) on Dec. 13,
2019. At the time of the filing, the Debtor had estimated assets of
between $100,001 and $500,000 and liabilities of between $500,001
and $1 million.  Judge Caryl E. Delano oversees the case.  The
Debtor is represented by McIntyre Thanasides Bringgold Elliott
Grimaldi Guito & Matthews, P.A.


TUPPERWARE BRANDS: Retires $97.6M of Outstanding 4.750% Sr Notes
----------------------------------------------------------------
Tupperware Brands Corporation reports the expiration and final
tender results of its previously announced offer to purchase for
cash its outstanding 4.750% Senior Notes due 2021 that were validly
tendered (and not validly withdrawn) at or prior to 11:59 p.m., New
York City time, on July 8, 2020.

On June 25, 2020, the Company accepted for purchase and made
payment for $97,402,000 aggregate principal amount of Notes validly
tendered (and not validly withdrawn) (i) in the Second Offer at or
prior to 5:00 p.m., New York City time, on June 23, 2020 and (ii)
in its previously announced offer to purchase for cash Notes that
were validly tendered (and not validly withdrawn) at or prior to
11:59 p.m., New York City time, on June 23, 2020.  Such Notes were
accepted for purchase by the Company for the "Second Offer Total
Consideration" of $575 for each $1,000 principal amount of such
Notes, which included the "Second Offer Early Tender Payment" of
$40.00 per $1,000 principal amount of Notes.

After the Second Offer Early Tender Time and at or prior to the
Second Offer Expiration Time, $157,000 aggregate principal amount
of Notes was validly tendered (and not validly withdrawn) in the
Second Offer.  The Company will accept such Notes for purchase and
elect to make payment for such Notes on July 10, 2020 for $535 for
each $1,000 principal amount of such Notes, which equals the Second
Offer Total Consideration reduced by the Second Offer Early Tender
Payment, plus accrued and unpaid interest on the principal amount
of Notes purchased from the last interest payment date up to, but
not including, the Second Offer Final Settlement Date.

The First Offer was made on the terms and subject to the conditions
set forth in the offer to purchase, dated May 26, 2020.

The Second Offer was made on the terms and subject to the
conditions set forth in the offer to purchase, dated June 10, 2020.
The Second Offer was conditioned upon there being validly tendered
(and not validly withdrawn) in the Second Offer at least $140
million in aggregate principal amount of the Notes, but the Company
has waived the Minimum Tender Condition.

The following table sets forth certain information regarding the
Notes and the First Offer and the Second Offer, including the
principal amount of Notes that were validly tendered (and not
validly withdrawn) as of the First Offer Expiration Time, the
Second Offer Early Tender Time and the Second Offer Expiration
Time, respectively, according to D.F. King & Co., the tender agent
and information agent for the Tender Offers:

                                                     Aggregate
                                                     Principal
                                                       Amount
  CUSIP No. / ISIN           Date of Tender           Tendered  
  ----------------           --------------          -----------  
  899896AC8 / US899896AC81   At or prior to First    $64,752,000
(Registered)                Offer Expiration Time

                             At or prior to Second   $32,650,000
                             Offer Early Tender Time

U87375AA6 / USU87375AA62       After Second Offer      $157,000
(Reg. S)                       Early Tender Time
                                and at or prior to
                              Second Offer Expiration
                                        Time

Moelis & Company LLC acted as dealer manager in connection with the
Tender Offers and D.F. King & Co. served as the tender agent and
information agent for the Tender Offers. Copies of the Offers to
Purchase are available by contacting D.F. King & Co. via telephone
by calling (800) 207-3159 (toll free) or (212) 269-5550 (for banks
and brokers) or email at tup@dfking.com.  Questions regarding the
terms of the First Offer and the Second Offer should be directed to
Moelis & Company LLC at (888) 399-8991 (toll free).

                    About Tupperware Brands

Tupperware Brands Corporation -- http://www.tupperwarebrands.com--
is a global manufacturer and marketer of innovative, premium
products through social selling.  Product brands span several
categories including design-centric food preparation, storage and
serving solutions for the kitchen and home through the Tupperware
brand and beauty and personal care products through the Avroy
Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands.

As of March 28, 2020, the Company had $1.29 billion in total
assets, $829.9 million in total current liabilities, $601.8
million in long-term debt and finance lease obligations, $53.7
million in operating lease liabilities, $173.8 million in other
liabilities, and a total shareholders' deficit of $364 million.

                          *    *    *

In April 2020, S&P Global Ratings lowered its issuer credit rating
on U.S.-based Tupperware Brands to 'CCC+' from 'B' to reflect
heightened refinancing risk and its belief that operating
performance for fiscal 2020 will weaken substantially as many
markets close and stay-at-home orders are prolonged, limiting the
operations of sales representatives.

As reported by the TCR on June 1, 2020, Moody's Investors Service
downgraded Tupperware Brands Corporation's Corporate Family Rating
to Caa3 from B3.  These action follows Tupperware's May 26
announcement that it would launch a tender offer to purchase for
cash up to $175 million of its $600 million senior unsecured notes
due June 1, 2021.



TUPPERWARE BRANDS: S&P Raises ICR to 'CCC-'; Outlook Developing
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.–based
Tupperware Brands Corp. to 'CCC-' from 'SD' after the company
completed a tender offer for approximately $97.6 million of its
$600 million 4.75% senior unsecured notes due June 1, 2021.  

The upgrade reflects S&P's view of the company's need to address
the remaining $502 million of the current notes. The rating agency
expects Tupperware to pursue another restructuring or exchange on
the notes. Therefore, S&P is maintaining the 'D' issue-level
rating. The recovery rating remains '5', indicating S&P's
expectations for modest (10%-30%) recovery for bondholders in the
event of a payment default.

S&P continues to view Tupperware's capital structure as
unsustainable. The transaction addressed a portion of its upcoming
maturities, but the company still needs to address the remaining
$502 million of notes outstanding. Tupperware still has cash and
access to its $650 million revolving credit facility due in 2024.
S&P expects the company to remain in compliance with its
maintenance financial covenants, but cushion could tighten if
operating performance does not improve throughout the year, as the
leverage covenant steps down.

Tupperware has not yet announced plans for the remaining balance of
the notes. S&P expects the company to reach a long-term solution
before the rating agency would consider raising the issuer and
issue-level ratings. S&P estimates leverage will remain over 5x for
the remainder of the year.

S&P expects 2020 operating results to remain weak due to the
COVID-19 pandemic, as the company transitions its cost structure
and executes on new strategic growth initiatives. Tupperware's
operations suffered during the first quarter of fiscal 2020 because
of continued declines in its key markets and the pandemic. As a
result, revenues fell 23%. The rating agency anticipates a modest
recovery in the second quarter as markets reopen. Additionally, the
company entered into a sale agreement for some of its land in
Orlando, Fla., for approximately $87 million and will continue to
undertake land sales. These transactions should help liquidity and
fund turnaround efforts.

The developing outlook reflects the equal likelihood S&P could
lower or raise the ratings, depending on the company's ability to
address the remainder of the debt maturity.

"We could lower the ratings if Tupperware cannot restructure or
refinance the majority of the notes before they are due or
operating performance is much worse than anticipated, resulting in
an ability to meet its debt service obligations. Either or both, of
these events could lead to a traditional default," S&P said.

"We could raise the ratings if the company restructures or
refinances the debt, improving the capital structure and liquidity
position, and we believe management's turnaround plans will improve
operating performance," the rating agency said.


ULTRA PETROLEUM: Seeks to Hire Brown Rudnick as Co-Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Ultra Petroleum
Corp., and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Texas to retain Brown
Rudnick LLP, as co-counsel to the Committee.

Ultra Petroleum requires Brown Rudnick to:

   a. assist and advise the Committee in its discussions with the
      Debtors and other parties-in-interest regarding the overall
      administration of these cases;

   b. represent the Committee at hearings to be held before this
      Court and communicating with the Committee regarding the
      matters heard and the issues raised as well as the
      decisions and considerations of this Court;

   c. assist and advise the Committee in its examination and
      analysis of the conduct of the Debtors' affairs;

   d. review and analyze pleadings, orders, schedules, and other
      documents filed and to be filed with this Court by
      interested parties in these cases; advising the Committee
      as to the necessity, propriety, and impact of the foregoing
      upon these cases; and consenting or objecting to pleadings
      or orders on behalf of the Committee, as appropriate;

   e. assist the Committee in preparing such applications,
      motions, memoranda, proposed orders, and other pleadings as
      may be required in support of positions taken by the
      Committee, including all trial preparation as may be
      necessary;

   f. confer with the professionals retained by the Debtors and
      other parties-in-interest, as well as with such other
      professionals as may be selected and employed by the
      Committee;

   g. coordinate the receipt and dissemination of information
      prepared by and received from the Debtors' professionals,
      as well as such information as may be received from
      professionals engaged by the Committee or other parties-in-
      interest in these cases;

   h. participate in such examinations of the Debtors and other
      witnesses as may be necessary in order to analyze and
      determine, among other things, the Debtors' assets and
      financial condition, whether the Debtors have made any
      avoidable transfers of property, or whether causes of
      action exist on behalf of the Debtors' estates;

   i. negotiate and formulate a plan of reorganization for the
      Debtors; and

   j. assist the Committee generally in performing such other
      services as may be desirable or required for the discharge
      of the Committee's duties pursuant to Bankruptcy Code
      Section 1103.

Brown Rudnick will be paid at these hourly rates:

     Partners/Counsels                $675 to $1,700
     Associates                       $510 to $940
     Paralegals                       $375 to $465
     Staffs                           $280 to $400

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

Robert J. Stark, partner of Brown Rudnick 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 (a) is not creditors,
equity security holders or insiders of the Debtors; (b) has not
been, within two years before the date of the filing of the
Debtors' chapter 11 petition, directors, officers or employees of
the Debtors; and (c) does not have an interest materially adverse
to the interest of the estate or of any class of creditors or
equity security holders, by reason of any direct or indirect
relationship to, connection with, or interest in, the Debtors, or
for any other reason.

Brown Rudnick can be reached at:

     Robert J. Stark, Esq.
     Brown Rudnick LLP
     Seven Times Square
     New York, NY 10036
     Tel: (212) 209-4800

              About Ultra Petroleum Corp.

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped Kirkland & Ellis LLP as general bankruptcy
counsel; Jackson Walker LLP as local bankruptcy counsel; Quinn
Emanuel Urquhart & Sullivan, LLP as special counsel; Centerview
Partners LLC as investment banker; FTI Consulting, Inc. as
financial advisor; and Deloitte Tax LLP as tax services provider.
Prime Clerk LLC is the claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in the Chapter 11 cases of Ultra Petroleum
Corp. and its affiliates. The Committee retained Brown Rudnick LLP,
as co-counsel.


UNITED AIRLINES: S&P Lowers ICR to 'B+' on Steep Demand Decline
---------------------------------------------------------------
S&P Global Ratings lowered all ratings, including United Airlines
Holdings Inc.'s issuer credit rating, to 'B+' from 'BB-' and
removed them from CreditWatch, where they were placed with negative
implications on March 24, 2020. S&P also lowered its issue-level
rating on United's senior unsecured debt to 'B' from 'BB-' and
revised the recovery rating to '5' from '4', reflecting a greater
amount of secured debt in its capital structure.

S&P expects United to generate a substantial cash flow deficit in
2020 due to the pandemic, but to return to positive cash flow
generation in 2021.  While the company is reducing capacity and
some associated costs and benefits from the steep decline in oil
prices, S&P expects this will be more than offset by much weaker
traffic and revenues. Passenger traffic has begun to recover, but
from very low levels, and with setbacks when the virus rebounds.
Still, S&P sees a slow, uneven recovery continuing into 2021. The
rating agency expects the company to generate adjusted negative
EBITDA of at least $2 billion in 2020 compared with positive EBITDA
of $8 billion in 2019, and to return to positive EBITDA in 2021 of
at least $4 billion. However, in order to raise liquidity, the
company has thus far added around $11 billion of incremental debt."
The company has been a beneficiary of the U.S. government's Payroll
Support Program, which is part of the Coronavirus Aid, Relief and
Economic Security (CARES) Act, under which it will receive around
$5 billion for payroll support through July 2020. A portion of this
($1.5 billion) is in the form of a low interest loan. In addition,
the company has signed a letter of intent for a $4.5 billion
secured loan from the federal government under the CARES Act, but
has until the end of September 2020 to decide whether it will
accept it. In late June 2020, the company raised $6.8 billion of
debt collateralized by its MileagePlus (frequent flyer loyalty)
program and has also raised $1.1 billion of equity since April
2020.

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

-- Health and safety

"We could lower the rating over the next 12 months if we believe
the recovery will be more prolonged or weaker than expected,
resulting in continued high cash flow burn, thus resulting in
weaker-than-expected credit metrics, with FFO to debt unlikely to
increase above 12% in 2021. We could also lower the rating if the
company's liquidity weakens, resulting in a revision of our
assessment to less than adequate," S&P said.

"Although unlikely in 2020, we could revise the outlook to stable
if the recovery in airline passenger traffic is stronger than
expected, resulting in positive earnings and cash flow and FFO to
debt in the mid-teens percent area in 2021," the rating agency
said.


Updated Provider Relief Payment Reporting Requirements
------------------------------------------------------
Christina Kuta of Roetzel & Andress wrote an article on JDSupra
providing an update to provider relief payment reporting
requirements:

As detailed in our prior Alerts, persons receiving "Provider Relief
Funds" in excess of $150,000 through the Coronavirus Aid, Relief,
and Economic Security (CARES) Act (Cares Act) were required to
submit quarterly reports to the Department of Health and Human
Services (HHS), beginning with the end of the second quarter (June
30, 2020). We have been waiting for specific guidance regarding the
scope and manner for such reporting. On June 13, 2020, HHS issued
guidance through an updated FAQ stating that this reporting will no
longer be required:

"The Terms and Conditions for all Provider Relief Fund payments
require recipients who receive at least $150,000 in the aggregate
from any statute primarily making appropriations for the
coronavirus response to submit quarterly reports to HHS and the
Pandemic Response Accountability Committee. This requirement is
from section 15011 of the CARES Act. What do providers need to do
in order to be in compliance with this provision in the Terms and
Conditions?" (Added 6/13/2020)

"Recipients of Provider Relief Fund payments do not need to submit
a separate quarterly report to HHS or the Pandemic Response
Accountability Committee. HHS will develop a report containing all
information necessary for recipients of Provider Relief Fund
payments to comply with this provision. For all providers who
attest to receiving a Provider Relief Fund payment and agree to the
Terms and Conditions (or retain such a payment for more than 90
days), HHS is posting the names of payment recipients and their
payment amounts on its public website. HHS Is also working with the
Department of Treasury to reflect the aggregate total of each
recipient's attested to Provider Relief Fund payments here. Posting
these data meets the reporting requirements of the CARES Act."

"However, the Terms and Conditions for all Provider Relief Fund
payments also require recipients to submit any reports requested by
the Secretary that are necessary to allow HHS to ensure compliance
with payment Terms and Conditions. HHS will be requiring recipients
to submit future reports relating to the recipient's use of its PRF
[Provider Relief Fund] money. HHS will notify recipients of the
content and due date(s) of such reports in the coming weeks."

As noted in the FAQ, anyone who receives Provider Relief Funds may
be required to report information as requested by HHS to support
the use of such fund and compliance with the associated Terms and
Conditions. We expect any required reporting will include a review
of whether the recipient maintains all policies mandated by the
Terms and Conditions.


V.S. INVESTMENT: Hires Windermere as Real Estate Agent
------------------------------------------------------
V.S. Investment Assoc., LLC, seeks authority from the U.S.
Bankruptcy Court for the Western District of Washington to employ
Windermere Real Estate North, as real estate agent to the Debtor.

V.S. Investment requires Windermere to sell the Debtor's real
properties located at 2463, 2465, 2467, and 2469 South College
Street, Seattle, WA 98144.

Windermere will be paid a commission of 6% of the sales price.

Shawn Perry, partner of Windermere Real Estate North, 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.

Windermere can be reached at:

     Shawn Perry
     Windermere Real Estate North
     4211 Alderwood Mall Blvd, #110
     Lynnwood, WA 98036
     Tel: (425) 776-1119
     E-mail: shawnperry@windermere.com

                     About V.S. Investment

V S Investment Assoc LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 20-11541) on May 29,
2020.  At the time of the filing, the Debtor was estimated to have
assets of between $1 million and $10 million and liabilities of the
same range.  Judge Christopher M. Alston oversees the case.  The
Debtor has tapped Bountiful Law, PLLC, as its legal counsel.



VERITAS FARMS: Incurs $2.3 Million Net Loss in First Quarter
------------------------------------------------------------
Veritas Farms, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K, reporting a net loss of
$2.33 million on $1.15 million of sales for the three months ended
March 31, 2020, compared to a net loss of $1.83 million on $1.52
million of sales for the three months ended March 31, 2019.

As of March 31, 2020, the Company had $13.96 million in total
assets, $3.62 million in total liabilities, and $10.34 million in
total stockholders' equity.

Total current liabilities as of March 31, 2020 were $2,544,349, as
compared to $1,785,721 at Dec. 31, 2019.  The increase was
comprised of a new Right of Use liability and multiple projects
having to be reprioritized due to economic concerns with
COVID-19.  Liquidity conservation became a short-term strategy to
managing the uncertainties associated with the pandemic.

Net cash used in operating activities was $1,046,222 for the three
months ended March 31, 2020, as compared to $1,316,740 in the 2019
quarter.  The decrease is mostly attributable to an increase in
liabilities in 2020.

Net cash used in investing activities was $77,423 for the three
months ended March 31, 2020 as compared to net cash used of
$392,847 for the three months ended March 31, 2019, reflecting a
buildout of the new Aurora facility and materials associated with a
new Greenhouse.

Net cash provided by financing activities was $184,465 for the
three months ended March 31, 2020 as compared to $1,655,577 for the
three months ended March 31, 2019.  The 2020 quarter number
reflects the net proceeds of a $200,000 convertible loan received
during the quarter, while the 2019 quarter number reflects the net
proceeds from initial closings under a private placement.

Veritas Farms said the Company's primary sources of capital to
develop and implement its business plan and expand its operations
have been the proceeds from private offerings of its equity
securities, capital contributions made by members prior to
completion of the September 2017 acquisition of 271 Lake Davis
Holdings, LLC by the Company and loans from shareholders.

In March 2020, the Company secured a $200,000 loan from a single
investor, evidenced by a one-year 10% convertible promissory note.
The Convertible Note bears interest at the rate of 10% per annum,
which accrues and is payable together with principal at maturity.
Principal and accrued interest under the Convertible Note may, at
the option of the holder, be converted in its entirety into shares
of the Company's common stock at a conversion price of $.40 per
share, subject to adjustment for stock splits, stock dividends and
similar recapitalization transactions.

The Company has sustained substantial losses from operations since
its inception.  As of and for the period ended March 31, 2020, the
Company had an accumulated deficit of $21,399,877 and a net loss of
$2,325,269.  The Company said these factors, among others, raise
substantial doubt about the ability of the Company to continue as a
going concern.  Continuation as a going concern is dependent on the
ability to raise additional capital and financing, though there is
no assurance of success.

Veritas Farms said, "The Company believes that it will require
additional financing to fund its growth and achieve profitability
The Company anticipates that such financing, will be generated from
subsequent public or private offerings of its equity and/or debt
securities.  While we believe additional financing will be
available to us as needed, there can be no assurance that equity
financing will be available on commercially reasonable terms or
otherwise, when needed.  Moreover, any such additional financing
may dilute the interests of existing shareholders.  The absence of
additional financing, when needed, could substantially harm the
Company, its business, results of operations and financial
condition."

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

                      https://is.gd/Z5rvfc

                      About Veritas Farms

Veritas Farms is a vertically-integrated agribusiness focused on
producing, marketing, and distributing whole plant, full spectrum
hemp oils and extracts containing naturally occurring
phytocannabinoids.  Veritas Farms owns and operates a 140-acre farm
in Pueblo, Colorado, capable of producing over 200,000 proprietary
full spectrum hemp plants containing naturally occurring
phytocannabinoids which can potentially yield a minimum annual
harvest of over 200,000 pounds of outdoor-grown industrial hemp.

Veritas Farms reported a net loss of $11.15 million for the year
ended Dec. 31, 2019, compared to a net loss of $3.83 million for
the year ended Dec. 31, 2018.

Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated May 14, 2020 citing that the Company has sustained
substantial losses from operations since its inception.  As of and
for the year ended Dec. 31, 2019, the Company had an accumulated
deficit of $19,074,608, and a net loss of $11,147,608.  These
factors, among others, raise substantial doubt about the ability of
the Company to continue as a going concern.


VIVUS INC: July 17 Deadline Set for Committee Questionnaires
------------------------------------------------------------
Vivus Inc., which filed for Chapter 11 protection, authorizes the
United States Trustee to appoint an Official Committee of Unsecured
Creditors in its bankruptcy case.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to linda.Casey@usdoj.gov at the Office of the United States Trustee
so that it is received no later than Friday, July 17, 2020 at 4:00
p.m.

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

                   About Vivus Inc

Vivus Inc -- https://www.vivus.com -- is a biopharmaceutical
company committed to the development and commercialization of
innovative therapies that focus on advancing treatments for
patients with serious unmet medical needs.  VIVUS has three
approved therapies and one product candidate in clinical
development.  Qsymia (phentermine and topiramate extended release)
is approved by FDA for chronic weight management.   The Company
commercializes Qsymia in the U.S. through a specialty sales force
supported by an internal commercial team and license the commercial
rights to Qsymia in South Korea. VIVUS was incorporated in 1991 in
California and reincorporated in 1996 in Delaware.  As of the
Petition Date, VIVUS is a publicly traded company with its shares
listed on the Nasdaq Global Market LLC under the ticker symbol
"VVUS."  The Company maintains its headquarters in Campbell,
California.

Vivus Inc and three of its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No.
20-11779) on July 7, 2020.  The petitions were signed by Mark Oki,
chief financial officer.  Hon. Laurie Selber Silverstein presides
over the cases.

As of May 31, 2020, the Debtors reported total assets of
$213,884,000 and total liabilities of $281,669,000.

Weil Gotshal & Manges LP serves as general counsel to the Debtors,
while Richards, Layton & Finger, P.A. acts as local counsel to the
Debtors.  Ernst & Young is the Debtors' financial advisor, and
Piper Sandler Companies acts as investment banker.   Stretto is
claims and noticing agent to the Debtors.


WESTON INSURANCE: A.M. Best Keeps B(Fair) FSR Under Review
----------------------------------------------------------
AM Best has maintained the under review with negative implications
status for the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb" of Weston Insurance Company
(Weston) (Coral Gables, FL).

Weston remaining under review with negative implications is
reflective of the execution risk associated with management's
revised plans to reduce financial leverage at the ultimate parent,
Weston Insurance Holdings Corporation. Weston's Credit Ratings
(ratings) were placed under review with negative implications on
Nov. 19, 2019, after management had communicated plans to reduce
elevated pressure from increased financial leverage at the holding
company, which is embedded in AM Best's overall balance sheet
assessment of Weston. While plans have been revised, due in part by
the decision to purchase Anchor Specialty Insurance Company that
required issuing additional debt during the under review timeframe,
management remains committed to reducing financial leverage. The
planned reduction of preferred shares via conversion into common
equity carries significant execution risk for completion given the
impending hurricane season and deviation from original deadlines.
As a result, AM Best's timeline regarding resolution of the under
review status is now short term in nature. Should the conversion
not be completed within the timeframe, as communicated by
management, and financial leverage fail to be reduced to a level in
line with revised plans, the ratings will be downgraded
accordingly.


X-TREME BULLETS: July 22 Hearing on Disclosure Statement
--------------------------------------------------------
On July 22, 2020 at 2:00 p.m. Pacific Time, a hearing will be held
on the approval of the Joint Disclosure Statement Accompanying the
Joint Chapter 11 Plan filed by debtors X-Treme Bullets Inc.; Ammo
Load Worldwide, Inc.; Clearwater Bullet, Inc.; Freedom Munitions,
LLC; Howell Machine, Inc.; Howell Munitions & Technology, Inc.;
Lewis-Clark Ammunition Components, LLC; and Components Exchange,
LLC.

The hearing on the approval of the Disclosure Statement will be
held in the C. Clifton Young Federal Building, 300 Booth Street,
Courtroom 2, Fifth Floor Courtroom, Reno, Nevada 89509, before the
Honorable Bruce T. Beesley, United States Bankruptcy Judge.

Any opposition to the approval of the Disclosure Statement must be
filed and served by July 8, 2020.

X-Treme Bullets, Inc., Ammo Load Worldwide, Inc., Clearwater
Bullet, Inc., Freedom Munitions, LLC, Howell Machine, Inc., Howell
Munitions & Technology, Inc., Lewis-Clark Ammunition and
Components, LLC and Components Exchange, LLC, the Debtors in the
Cases, provide this Disclosure Statement to Creditors.

Class 3 Allowed General Unsecured Claims. Class 3 is impaired by
the Plan with a total claim $10,530,380.

The holder of an Allowed General Unsecured Claim against a Debtor
will receive, in full and complete satisfaction, exchange and
release of its Allowed General Unsecured Claim against such Debtor,
Pro Rata Distributions of the Liquidating Trust Proceeds available
for distribution to holders of Allowed Class 3 Claims against such
Debtor.

Class 4 Allowed Subordinated Claims. Class 4 is impaired by the
Plan.

The holder of an Allowed Subordinated Claim against a Debtor will
receive, in full and complete satisfaction, exchange and release of
its Allowed Subordinated Claim against such Debtor, a Pro Rata
Distribution of any remaining Liquidating Trust Proceeds available
for distribution to holders of Allowed Class 4 Claims against such
Debtor.

Class 5 Allowed Interests are impaired under the Plan. The Debtors
anticipate that no Distribution will be made on account of Allowed
Interests.

The Liquidating Trust will be funded for the benefit of each
Debtor's Creditors, in part, by the following: (a) such Debtor's
cash, as allocated to such Debtor in accordance with the
percentages set forth by the Allocation Schedule and the provisions
of the Plan; (b) all right, title and interest of such Debtor in
and to the Kash CA Note and all payments to be made thereunder, as
allocated to such Debtor in accordance with the percentages set
forth by the Allocation Schedule and the provisions of the Plan;
(c) any Net Recoveries received by such Debtor from the assertion
of any Causes of Action of such Debtor; and (d) any net proceeds
received by such Debtor from such Debtor's sale or other transfer
of machinery and equipment of such Debtor.

A full-text copy of the Disclosure Statement dated June 10, 2020,
is available at https://tinyurl.com/y7zqpa46 from PacerMonitor.com
at no charge.

General Insolvency Counsel for the Debtors:

     ROBERT E. OPERA
     PETER W. LIANIDES
     ALASTAIR M. GESMUNDO
     WINTHROP GOLUBOW HOLLANDER, LLP
     1301 Dove Street, Suite 500
     Newport Beach, CA 92660
     Telephone: (949) 720-4100
     Facsimile: (949) 720-4111
     E-mail: ropera@wghlawyers.com
             plianides@wghlawyers.com
             agesmundo@wghlawyers.com

     STEPHEN R. HARRIS
     HARRIS LAW PRACTICE LLC
     6151 Lakeside Drive, Suite 2100
     Reno, NV 89511
     Telephone: (775) 786-7600
     E-mail: steve@harrislawreno.com

                      About X-Treme Bullets

X-Treme Bullets, Inc., and its subsidiaries are in the business of
manufacturing and selling small arms ammunition components,
assembling ammunition, custom building ammunition manufacturing
equipment, and repairing and refurbishing existing ammunition
manufacturing equipment. They sell ammunition from company-owned
brands, which they manufacture in-house, as well as ammunition from
third-party brands, which they source as finished goods. They
operate a production facility in Carson City, Nevada and operate
four facilities in Idaho, including three production facilities and
one distribution center.

X-Treme Bullets and certain affiliates filed sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
18-50609) on June 8, 2018. In the petition signed by David Howell,
president, the Debtor estimated assets and liabilities at $10
million to $50 million.

The case is assigned to Judge Bruce T. Beesley.

The Debtor tapped Harris Law Practice LLC as counsel, and Winthrop
Couchot Golubow Hollander, LLP, as co-counsel.  J. Michael Issa of
GlassRatner Advisory & Capital Group, LLC, serves as chief
restructuring officer.

On July 23, 2018, the U.S. Trustee for Region 17 appointed an
official committee of unsecured creditors in the case.  The
Committee retained Goldstein & McClintock LLLP as its counsel.


YRC WORLDWIDE: S&P Upgrades ICR to 'CCC+' on Improved Liquidity
---------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Overland
Park, Kan.-based less-than-truckload (LTL) and logistics company
YRC Worldwide Inc. to 'CCC+' from 'CCC' after the company announced
the U.S. Department of the Treasury will lend it an aggregate of
$700 million under the Coronavirus Aid, Relief, and Economic
Security (CARES) Act, and that it has amended its term loan
agreement to waive the minimum EBITDA covenant through December
2021.

Meanwhile, S&P affirmed its 'CCC+' issue-level rating on the
company's term loan.

The upgrade reflects S&P's view that YRC's liquidity is improved.
The $700 million Treasury loans under the CARES Act provide
additional liquidity headroom relative to the impact of the
coronavirus pandemic and recession. In addition, the company's
fleet age should improve somewhat, as proceeds from the $400
million tranche B Treasury loan are to be used as required capital
investment for the acquisition of tractors and trailers. In
general, YRC has significant capital expenditure (capex)
requirements focused primarily on the replacement of
revenue-generating equipment. Newer equipment should lower YRC's
overall maintenance costs and benefit earnings.

YRC has also obtained a covenant waiver through December 2021 on
its term loan and extended its revolver. Under its term loan
agreement, YRC is required to maintain a minimum covenant-adjusted
EBITDA on a trailing-12-months basis. Following the recent
amendment, the minimum EBITDA requirement resumes at $100 million
for the 12 months ending December 31, 2021, increasing to $150
million for March 31, 2022 and then to $200 million for June 30,
2022. Additionally, the company extended its revolver maturity to
2024 from 2021.

The COVID-19 pandemic has decreased YRC's business, reducing
earnings for 2020. Following an industry recession in 2019, the
freight industry and U.S. economy have experienced significant
declines due to the coronavirus pandemic. YRC plays an important
role in the North American supply chain and continues to serve
customers to keep essential freight and medical supplies moving
across the continent. It has significant customer concentration in
the manufacturing and retail industries, which faced lower volumes
due to factory and store closures. Overall, this and its heavy
pension burden lead S&P to believe its capital structure remains
unsustainable over the long term.

S&P believes the company will remain highly leveraged given its
contingent exposure to substantially underfunded Teamsters
multiemployer pension plans (MEPPs). YRC's credit metrics remain
stretched, which reflects its high debt and significant
off-balance-sheet, debt-like obligations related to its mostly
union workforce. The most substantial of these is about $8 billion
of contingent obligations related to MEPPs.

The stable outlook reflects YRC's improved liquidity with its loans
from the U.S. Treasury and modest near-term debt maturities. This
is somewhat offset by uncertainty regarding the duration and extent
of the coronavirus impact and recession.

"We could lower the rating if we believe the company will likely
default without an unforeseen positive development in the following
12 months. These include, for example, cash balances decline and we
believe YRC will face a near-term liquidity crisis, or it considers
a distressed exchange offer or redemption in the next 12 months,"
S&P said.

"Although unlikely in the next 12 months, we could raise the rating
if leverage improves, with EBITDA interest coverage trending above
2.5x, the company is adequately positioned to refinance higher debt
balances and we view YRC's capital structure as sustainable over
the long term. In addition, if the company maintains its improved
liquidity position, sufficient to operate its business and maintain
covenant headroom of at least 15% under all applicable covenants,
we could raise ratings," the rating agency said.

YRC is a holding company for a portfolio of LTL companies,
including Holland, New Penn, Reddaway, and YRC Freight, as well as
the logistics company HNRY Logistics. LTL refers to providers that
transport goods from multiple shippers in a single trailer. YRC has
local, regional, national, and international capabilities to ship
industrial, commercial, and retail goods.


[*] Bankruptcies, Batteries and the Future of Renewable Energy
--------------------------------------------------------------
Chris Locke of Farella Braun + Martel LLP wrote on JDSupra an
article titled "Batteries, Bankruptcies and the Future of Renewable
Energy":

The Growth of Renewable Energy

Renewable energy sources have been rapidly deployed across the
nation for more than a decade. In addition to government mandates
in California and other states promoting renewable energy, federal
and state tax incentives and technological advances have spurred
their growth, as have the reduced cost and improved efficiency of
wind turbines and photovoltaic (PV) solar energy systems. Such
renewable energy sources have demonstrated great potential for
meeting long-term electric power demand, but most regions remain
dependent on fossil fuel generation to balance the grid when the
sun is not shining or the wind is not blowing.

Technological Advances and Government Mandates

California has led the way in developing renewable energy through
government-mandated renewable energy goals and storage capacity
requirements. Under AB 32, enacted in 2006, the California Public
Utilities Commission (CPUC) established a renewables portfolio
standard (RPS) for retail electricity sellers with goals of
generating 33 percent of electricity from renewable energy sources
by the end of 2020 and 50 percent by the end of 2030. More
recently, former Governor Brown signed SB 100, which stepped up the
2030 goal to 60 percent and added a new goal of 100 percent of
electric power from carbon-free energy sources by the end of 2045.
Hawaii, a state that is "off the grid" and entirely dependent on
its own generating capabilities, has similarly adopted the goal of
generating 100 percent of its electricity from renewable sources by
the end of 2045.

Other states across the nation have adopted similar mandates and
incentives to promote the development of renewable energy and
storage capacity. The declining cost of PV solar also provides a
significant incentive. A recent study by Lawrence Berkeley National
Laboratory1 demonstrates the expansion of utility-scale solar
installations throughout the nation: Although California was an
early leader in utility-scale solar projects and still accounts for
40% of the cumulative installed national capacity, the Southeast
has become the growth leader in recent years, with Florida alone
accounting for more than 25% of all new projects, more than
doubling that state's previous cumulative capacity.

Storage Capacity Is Key to Reliance on Renewable Energy

States have also addressed the need to balance the grid through
energy storage systems. Because solar and wind are variable energy
sources, electricity from fossil fuel generation and other energy
sources must be used to provide base load to balance the grid, as
demonstrated by the California Independent System Operator's well
known "duck chart." 2 Energy storage systems have the potential to
reduce or eliminate reliance on "peaker plants" and other fossil
fuel sources when variable sources like solar and wind are
producing little or no energy.

Once again, California has led the way. Enacted in 2010, AB 2514
calls for 1.3 gigawatts of energy storage capacity from the
state’s three large investor-owned utilities by 2020, and
legislation adopted since then accelerates and expands the
deployment of energy storage systems. While several different
energy storage technologies exist or are under development —
including pumped hydropower and thermal storage — the near-term
focus has been on lithium ion-based battery storage systems. These
systems offer fast response times and high cycle efficiencies, can
be used for utility-scale as well as residential and commercial
applications, are relatively easy to deploy, and costs are
continuing to drop dramatically. As with any energy project,
however, utility-scale battery storage projects present land use,
permitting and environmental and health and safety issues that must
be addressed as these systems are proposed, deployed and operated.

Given the reduced cost of PV solar and wind energy systems,
government mandates and support for renewable energy, as well as
technological advances and success in expanding reliance on
renewable sources and balancing the grid with energy storage
systems, California seems to be on track toward achieving its
renewable energy goals. What could possibly go wrong?

Challenges and Opportunities for Achieving Renewable Energy Goals

As we all know, last year Pacific Gas & Electric (PG&E), initiated
Chapter 11 bankruptcy protection from an estimated $30 billion in
potential liability resulting from the horrific California
wildfires. Ironically, the hotter, drier climate change-related
conditions that contributed to the wildfires resulting in PG&E’s
losses and liabilities could also affect attainment of California's
renewable energy goals to combat climate change. Scenarios similar
to PG&E’s wildfire-related losses and liabilities stemming from
severe storms, flooding, storm surge, and sea level rise are
entirely plausible. Such losses and liability will pose continuing
challenges to the stability of power supplies, but may also present
opportunities for more distributed resources and providers,
including Community Choice Aggregators (CCAs), as discussed below.

Climate change-related losses, liabilities and bankruptcy
proceedings for utilities could also affect existing long-term
power purchase agreements (PPAs) for renewable sources, especially
when combined with changes in demand, the declining cost of solar
and wind, and changes in rate schedules. In California and
elsewhere, PPA rates have declined significantly over the past
decade, providing impetus for potential renegotiation of such
agreements. PG&E pledged last year to honor renewable energy
contracts in the bankruptcy plan but could still pursue efforts to
renegotiate or restructure renewable energy PPAs, which are valued
at approximately $42 billion, as part of the plan to return to
solvency.3 The PG&E bankruptcy plan should recognize the need to
preserve and promote the financial viability and stability of the
renewable energy industry.

In recent years, other approaches have also been adopted to promote
renewable energy sources and to help stabilize power supplies that
historically have been furnished almost exclusively by
investor-owned utilities. As noted above, CCAs have been created by
some cities and counties, including Marin, to provide such
opportunities. However, reliance remains on the utilities to
maintain and control transmission and distribution networks, and
there are uncertainties about the long-term financial viability of
CCAs in some regions.

Further government action may be needed to stabilize energy
supplies and commitments to renewable energy sources and goals. In
the case of PG&E, California has enacted legislation allowing it to
issue bonds, supported by increased rates, to cover losses and
liabilities relating to wildfires. More recently, PG&E reached a
proposed settlement with FEMA for wildfire-related claims, resolved
wildfire-related criminal liability with a plea agreement, reached
a proposed settlement with a committee of wildfire victims,4 and is
finalizing a proposed reorganization plan in the bankruptcy court
proceedings.

The long-term stability of power supplies will depend on
maintaining credit-worthy power purchasers and the financial
viability of renewable energy project owners, developers,
manufacturers, and suppliers. In California, achieving these
objectives will depend on both the PG&E bankruptcy plan as well as
the State's continued commitment to promote renewable energy
sources and storage capacity, in part by addressing challenges to
the stability of the energy supplies, the distribution network and
renewable energy sources.

1 Bolinger, et al., Utility Scale Solar: Empirical Trends in
Project Technology, Cost, Performance and PPA Pricing in the United
States(Lawrence Berkeley National Laboratory, December 2019)
2
http://www.caiso.com/Documents/FlexibleResourcesHelpRenewables_FastFacts.pdf#search=fast%20facts
3
https://www.greentechmedia.com/articles/read/pge-proposes-18b-bankruptcy-reorganization-but-faces-setback-on-bond-legisl
https://www.utilitydive.com/news/will-pge-be-forced-to-turn-to-ppas-to-get-a-bankruptcy-exit-plan-confirmed/575045.
4
https://www.utilitydive.com/news/pge-fema-claims-bankruptcy/573888
https://www.ft.com/content/582dd6e7-2ea5-4520-ae4c-d50c00c3799e



[*] Hawaii Baknkruptcies Drop in June Due to Federal Loan Program
-----------------------------------------------------------------
Star Advertiser reports that federal aid programs appear to be
keeping a lid on statewide bankruptcies despite the pandemic, but
one of Hawaii's top economists says that could change after the end
of June when the Small Business Administration’s Paycheck
Protection Program ends.

Hawaii bankruptcies in June fell 22.2% to 112 from the same time in
2019 and have now been down four of five months this year,
according to new data released by the U.S. Bankruptcy Court,
District of Hawaii.  It was the fewest number of filings in any
month since 107 in February 2019 and the lowest total for any May
since 2016, when there also were 112 filings.  There were 144
filings in May 2019.

Through five months, state bankruptcies are off 11.2%.

The SBA's PPP loan and the SBA’s Economic Injury Disaster Loan
are the primary reason for the drop in bankruptcies, according to
Eugene Tian, chief economist for the state Department of Business,
Economic Development and Tourism.

Hawaii received $2.9 billion from those programs, and at least
23,416 businesses received the funds as of May 30, according to
Tian.

Tian said it's hard to predict what will happen later this year
with bankruptcies since it depends on whether more federal
assistance will be coming.

"Without further federal assistance and the prolonged COVID-19
pandemic, we may see a surge in unemployment as well as
bankruptcies after June," he said.

Tian said he expects the state's economy to see some improvement
with some dine-in restaurants now open, the interisland quarantine
set to be lifted and gyms, bars and theaters to reopen.

"The reopening of these businesses will increase business
activities and call back more workers, thus unemployment rate will
decrease," Tian said. "The economy will improve. However, because
of the social distancing still a requirement and the uncertainty of
the second wave of the virus, demand will still be weak, and
workers will work at reduced productivity. It will take some time
for our kamaaina economy to recover. It will take much longer for
our tourism economy to recover."

Tian said the shape of Hawaii's recovery could differ from that on
the mainland.

"I believe the stock market may have a V-shaped recovery, but that
shape may not apply to the economy, especially for Hawaii," he
said. "In the 2009 recession it took Hawaii five years for tourism
to recover. In the second-quarter economic forecast, DBEDT assumed
that tourism recovery will take about the same number of years:
five years. Based on the experiences of the last business cycles,
bankruptcy increases during recessions. However, the aggressive
federal assistance programs this time will help mitigate the
bankruptcy filings."

In May, Chapter 7 liquidation filings — the most common type of
bankruptcy — rose 3.5% to 88 from 85 in the year-earlier period.
Chapter 13 filings, which allow individuals with regular sources of
income to set up plans to make installment payments to creditors
over three to five years, plunged 62.1% to 22 from 58. There were
two Chapter 11 reorganization filings last month: one from Pacific
Rim Property Service Corp. and the other from Kristine Wallerius
Chung.

Bankruptcies declined in three of the four major counties. Honolulu
County filings fell to 92 from 105, Hawaii County filings declined
to four from nine and Maui County filings fell to 10 from 25. Kauai
County filings edged up to six from five.


[*] Hurdles Faced by Hotels in Avoiding Default During Pandemic
---------------------------------------------------------------
Joyce Hanson, writing for Law360, reports that thousands of hotels
faced hurdles in preventing default during the coronavirus
pandemic.

These hotels faced their worst year on record during the COVID-19
pandemic may have to close for good if they can't get debt
repayment deals, but the few firms that would be able to help are
already overwhelmed with requests for aid.

Hotel occupancy and revenue have slowed to a trickle since March
2020, and millions of employees have lost their jobs in the months
since the virus hit U.S. shores, lawyers say. At the same time,
hotel owners are struggling to obtain forbearance on loans, with so
many facing the risk of foreclosure that lenders and loan servicers
cannot keep up with the appeals for deferred payments.

"There are some hotel owners that may not be able to make it
through this period, frankly," said Samantha Ahuja, a shareholder
at Greenberg Traurig LLP whose practice focuses on hotel
acquisitions, operations and finance. "In my experience, many don't
have excess liquidity and big credit lines they can draw on. Can
they make it for a year at 30% occupancy or less? Probably not."

Cash-Strapped Hotels Struggle To Get Debt Forbearance (Source:
American Hotel and Lodging Association)

  * 83% of hotel debt borrowers have requested debt forbearance or
payment deferral agreement.

  * 80% of bank-approved forbearance or payment deferral requests
were for 90 days or fewer.

In May 2020, the American Hotel and Lodging Association reported
that lack of debt forbearance, an agreement that lets borrowers
temporarily suspend payments, has become a major issue for owners.
Fully 83% of hotel debt borrowers have asked their lenders for debt
forbearance or payment deferral on loans, many of which are tied up
in commercial mortgage-backed security pools, the trade group said.
Only a slim 15% of hotel debt borrowers in CMBS pools have received
forbearance, according to the AHLA.

On June 2, 2020, Hilton CEO Christopher Nassetta said during a
virtual conference with other major hotel chief executives
sponsored by New York University that the hospitality industry is
running at 25% to 30% occupancy, up from 13% earlier in the
pandemic but far from last year's 75%. And it will be a long time
before hotels regain strength.

"Until 90 days ago, the people on this call agreed that this is a
golden age of travel," Nassetta said. "We will get back to that,
[but] we need testing regimes for antibodies and contact tracing.
The basic playbook for all of us is similar: to protect our people
— employees and customers — and the business."

AccorHotels SA CEO Sébastien M. Bazin predicted during the NYU
conference that 10% to 20% of small mom-and-pop hotels will
disappear in the next 12 to 18 months due to mounting financial
problems, saying, "I'm not glad about it, but scale matters more
than ever."

Collapse Came All at Once

Hotels were doing well in recent years until they got slammed by
the coronavirus and suddenly saw room occupancy plummet, said Alan
Cohen, co-office managing partner of Akerman LLP's New York office
and chair of the firm's real estate finance practice.

Now, Cohen said, the hotel industry through no fault of its own
holds a major portion of commercial loans that have gone into
default since March, and owners with room occupancy down to as low
as single digits are desperate for modifications on debt service.

"Lenders are permitting some hotel borrowers to defer payments for
three to six months to try to get past the crisis and generate
income to pay debt service," Cohen said. "Some hotels are in a
better position than others, depending on their geography, tourist
destinations, business travel and whether they're a major flagship
hotel with professional management and excess capital. The loan
servicers are taking all of that into account as they come up with
a long-term plan to give hotels breathing room."

Some owners are taking advantage of the Small Business
Administration's $660 billion Paycheck Protection Program, the
forgivable loan program introduced in March when Congress passed
the coronavirus relief bill. On June 3, 2020, the PPP won Senate
approval for more flexible terms, and President Donald Trump signed
the new measure into law two days later.

Employers now have 24 weeks to spend PPP funds, triple the previous
covered period, and they are required to spend only 60% on payroll,
down from 75%. The AHLA supports the revised program, saying that
while the hospitality and leisure industry has topped all other
sectors for virus-related job losses — at about 7.7 million jobs
lost in April — hotels also need to cover other costs beyond
payroll to keep their doors open.

But even with greater flexibility, PPPs don't necessarily work for
hotels, according to hospitality lawyers. As states relax business
restrictions, they say, hotel occupancy may slowly rise from single
digits to 25% or so, but skeleton staffing is likely to remain in
place for months. As a result, businesses that may have hoped for
loan forgiveness are unlikely to meet the PPP rules for rehiring
employees.

Also, according to Randy Eckers, a real estate finance attorney at
Akerman, lenders "almost always" prohibit additional indebtedness
when giving loans to hospitality businesses. Now, he said, some
hotels are taking the unusual step of asking loan servicers to give
them a break by letting them take out PPP loans, including the
servicers of collateralized mortgage-backed securities that bundle
many loans into a single debt issue.

"Although the loan documents prohibit additional indebtedness, I've
seen lenders including CMBS servicers allowing borrowers to obtain
PPP loans," Eckers said. "The lenders recognize that the PPP loans
are very valuable to certain types of property owners, so they're
not standing on the loan documents to negatively impact the
borrowers."

Cohen agreed that he is seeing "a ton of those requests" to
lenders, saying it would be "a public relations nightmare" if they
refused otherwise creditworthy borrowers' requests to use PPP
loans. He added that borrowers who do cut a PPP deal with their
lenders must make sure the government loans are forgiven or repaid
from their own funds and not loan money.

A Look at Lender Relationships

Before the pandemic, hotels typically relied on three types of
debt: bank loans, money from debt funds managed by private equity
firms, and collateralized mortgage-backed securities.

When relationship-focused bankers make loans, borrowers know whom
to call if they get into trouble with loan repayments, lawyers say.
And although relationships with debt funds don't run as deep, the
funds know the industries they invest in and understand when a
borrower might seek forbearance.

Meanwhile, CMBSs are sophisticated capital market instruments
backed by a pool of commercial mortgages, and borrowers have relied
on them for years because they're a form of low-cost debt. But
hotel owners are now finding that if they're on the edge of
default, a debt workout for their loans sold into CMBS pools can be
extremely hard to get, lawyers say.

When a loan in a CMBS pool goes into default, it gets passed from
the "master" servicer and ends up in the hands of "special"
servicers — companies that are few in number and employ small
staffs. Hotel owners don't have a relationship with special
servicers the way they would with a local banker, lawyers say, and
those servicers are slammed with requests for aid because just
about every hotel in the country is asking for forbearance since
the COVID-19 crisis hit.

"When you borrow CMBS debt, the person you hope never to speak to
is a special servicer," Ahuja said. "You always hope your loan will
be in good shape. It is my experience that most hotels with debt
are asking for some type of a modification of their loan at this
time, regardless of the type of debt it is. The challenge is that
many hotels are closed right now, and we don't know when they will
be able to reopen or otherwise generate enough revenue to pay
operating expenses and debt service."

Sandra Kellman, a DLA Piper partner and global co-chair of the law
firm's hospitality and leisure practice, said it's been so tough
for loan borrowers to make contact with special servicers that
she's aware of at least one hotel owner who decided not to make a
monthly loan payment to force a servicer representative to return
the hotel's calls for forbearance.

Special Servicers Also Overwhelmed

"The special servicers are understaffed, which is understandable,
but getting them to respond to an email or a phone call is very
difficult, and the hotel-owning borrowers have got real problems,
not from anything they did," Kellman said.

A special servicer is typically a fee-based company, separate from
the master servicer, and its responsibility is to protect CMBS
bondholders, Kellman said. Currently, she said, CMBS servicers are
preparing default notices for hotel owners who can't make their
next payments as the hospitality industry founders.

Overwhelmed special servicers with staff numbering about five to 10
people have received as many as 6,000 requests for forbearance in a
single week from hotel owners, according to lawyers.

"What borrowers have done is trade off a lower interest rate for a
more difficult lending structure," Kellman said. "After the last
recession in 2008, all these borrowers said, 'I'm never doing
another CMBS loan, it's too hard to deal with,' but then they
forgot. So now where people want some help because they're facing
cash flow issues, the master servicer can only do so much."

Special servicers are aware of the industry's debt worries and are
doing what they can to work with hotel owners and operators who are
in default due to the coronavirus, according to Curt Spaugh, who
leads the special servicing practice for SitusAMC, a real estate
finance firm that processed about $7 trillion in assets in 2019.
SitusAMC has a large special servicing unit that handled about $3.6
billion of distressed loans during the 2009-13 recession, Spaugh
said.

"It's not our first rodeo. We've gone through these cycles before,"
Spaugh said. "In this cycle, we had to ramp up quickly to meet
rapidly escalating demand for our services. We reallocated
individuals from within our organization and had to do some new
hiring."

In this particular cycle, the coronavirus hit the economy with
sudden speed, taking companies by surprise. SitusAMC, for example,
had to grow its special servicing staff to 15 to 18 employees,
according to Spaugh.

The company plans to add more people over the next six months
depending on how many special servicing loans come into the shop,
he said, adding that SitusAMC in the past couple of months has
already hired 10 new asset managers — the people who get assigned
to work with at-risk debt holders, including hotel loan borrowers.

"Many of the challenges we are seeing with hospitality loans are
COVID-related, and we have to figure out what to do," Spaugh said.
"As a special servicer, our job is to determine how to maximize the
loan recovery. In our current situation, the typical hotel is
asking for a forbearance arrangement on making loan payments
because they're closed or their operations are running at a
fraction of where they were pre-COVID."

In cases where asset managers feel like they're dealing with a good
operator, they will work with the hotel's borrower representative
and come to terms on a forbearance agreement, Spaugh said.
Typically, SitusAMC permits the borrower to defer monetary payments
for a short time and then catch up on the deferred payments,
sometimes for up to 12 months, he said.

"We send a hello letter from the asset manager assigned to their
loan, and we ask them to sign a pre-negotiation letter. We do not
have a deal until we have something executed in writing by both
parties," he said. "We are fortunate in that our portfolio tends to
focus on larger, more complex loans compared to competitors. While
incredibly busy, we have not been overwhelmed like some servicers
who tend to deal with a larger volume of smaller loans. We got
ahead of the curve on this."

Cohen and Eckers said most hotel owners are seeking a three-month
deferment of principal and interest or interest only. If an owner
already has sizable financial reserves set aside for a property to
cover items such as furniture, fixtures and equipment, the special
servicer may allow the owner to use those reserves to cover debt
service for a time and then replenish the reserves when revenue
starts flowing again, they said. The owner will probably also need
permission from brand operators to tap reserves.

The Akerman lawyers added that they're advising owners to reach out
to whoever originated the loan. Originators make their money by
closing loans and care about repeat business and relationships, so
calling them can help borrowers navigate through special servicing,
Cohen and Eckers said.

Considering the state of the U.S. economy, the commercial
mortgage-backed securities market may need special servicers' help
as much as property owners do. According to Mosaic Real Estate
Investors executive Ethan Penner, who's widely credited as having
founded the CMBS market three decades ago, the pandemic could
destroy the sector.

Penner recently told Law360 that while CMBS loans in their early
days were closely tied to the underlying properties, they are now
much further removed, a fact that could spell disaster in the
pandemic. CMBS investors in the early 1990s undertook careful due
diligence on the underlying properties, but that level of diligence
and knowledge of the properties no longer exists with CMBSs in
their current guise, and that's become a hindrance for investors,
Penner said.

"This pandemic ... could shake CMBS to its foundation. It's
definitely possible. Imagine that a quarter to a half of all loans
in CMBS end up in special services," he said. "That would
precipitate a situation that one can imagine would be very, very
challenging for the CMBS model to survive in its current form."

Arne Sorenson, president and CEO of Marriott International Inc.,
said at the NYU conference that people in the hotel industry have
been experiencing an "emotional roller coaster" during the
pandemic, as 90% of their business has disappeared and they wonder
how long will it be gone. He urged hotel owners, particularly small
business operators, to ask for help.

"There's a sense almost of despair," Sorenson said. "How can we
navigate our way through this? Are there tools sufficient to
respond to this crisis? We as an industry don't have the tools to
carry our community from the date when the crisis began to the
unknown date when it will end. We can't be greedy, but we have to
ask for what is fair."


[*] Liens Pass Thru Bankruptcy Even if Claim Is Disallowed
----------------------------------------------------------
Richard Brunette, Jr., of Sheppard Mullin Richter & Hampton LLP
wrote on JDSupra an article titled "Ninth Circuit Affirms that
Liens Pass Through Bankruptcy Even if Underlying Claim is
Disallowed":

The Ninth Circuit on June 1 affirmed a key bankruptcy principle
that liens may survive and "pass through" the bankruptcy process
even if the underlying claim secured by the lien is disallowed.
The facts in Lane v. The Bank of New York Mellon (Ninth Cir. Ct. Of
Appeals, No. 18-60059,  June 1, 2020) are all too familiar –  a
mortgage loan originated by Countrywide Home Loans wound up in a
huge pool of securities with The Bank of New York Mellon serving as
trustee for the certificate holders.  Countrywide had endorsed the
promissory note in blank, which made it payable to the bearer.

Richard Lane filed a Chapter 13 in 2011, listing Bank of America
Home Loans as a secured creditor, but noting that he disputed the
"real party in interest."  The Bank of New York Mellon filed a
proof of claim and objected to the plan. Lane objected to the
claim, arguing that the Bank failed to prove legal standing and
failed to prove ownership of the note.  The Bank's lawyer failed to
timely respond and a default order was entered to disallow the
claim in its entirety. Lane subsequently filed an adversary
complaint to declare the mortgage lien to be void under 11 U.S.C.
506(d) which, with some exceptions, provides that liens securing a
disallowed claim are void.  The Bankruptcy Court granted the
debtor's motion for summary judgment, voided the mortgage lien and
awarded attorney fees to the debtor under Cal. Civ. Code 1717.

Upon appeal to the Ninth Circuit’s Bankruptcy Appellate Pane, the
BAP reversed. The BAP reasoned that, if a claim is disallowed
because the claimant fails to prove ownership of the loan, that
implies that someone else owns the claim. Since that other person
did not receive notice, the Bankruptcy Court's decision to void the
lien violates due process.

The debtor then appealed to the Ninth Circuit, which thoroughly
analyzed how a secured creditor can approach a bankruptcy. It notes
that a secured creditor can enforce a claim against the debtor
personally ("in personam") or against the collateral ("in rem"). In
other words, it need not participate in the bankruptcy at all, even
though the personal claim for money will be discharged, citing the
1886 case of Long v. Bullard and the 1992 case of Dewsnup v. Timm,
both United States Supreme Court cases.

The Ninth Circuit then discussed the disallowance and lien voiding
language of 11 U.S.C. section 506 by citing that provision's saving
language for claims that are not allowed "due only to the failure
to file a proof of claim."  Of course, in this case, the Bank did
file a claim, which complicated the exception, but the Ninth
Circuit easily concluded that, "Yes, BONY filed a proof of claim,
but the [bankruptcy] court found that BONY was not the real party
in interest, and therefore BONY's proof of claim must be
disregarded for purposes of applying section 506(d)."  In doing so,
the Ninth Circuit disagreed with the BAP's finding that due process
was violated; the Ninth Circuit notes that "in the real world," the
Bank probably was the real party in interest and thus did receive
the requisite due process notice.  However, the Bank simply failed
to prove ownership and thus the bankruptcy court was required to
conclude that the claim must be disallowed.

Fortunately for the investors in the huge, sometimes poorly
documented mortgage pools created before the Great Recession, the
Supreme Court concluded in 1886 that liens can pass through
bankruptcy even if the related claim is disallowed, and fortunately
11 U.S.C. section 506 recognized exceptions to its disallowance
provisions. The Lane v. Bank of New York Mellon case provides a
useful primer on the how the bankruptcy claims process is intended
to function and perhaps how to avoid the problems created by less
than optimal documentation of secured loans.



[*] Major Changes to the PPP (Updated)
--------------------------------------
Nirav Bhatt and Bijal Vira of Sheppard Mullin Richter & Hampton
LLP
wrote on June 16, 2020 an updated version of its article titled
"Paycheck Protection Program Flexibility Act: Major Changes to the
PPP":

On June 5, 2020, the U.S. President signed into law the Paycheck
Protection Program Flexibility Act (PPP Flexibility Act or Act) to
provide businesses with greater flexibility and more time to
maximize forgiveness of loans received under the Paycheck
Protection Program (PPP), as enacted under the Coronavirus Aid,
Relief, and Economic Security Act (as amended, supplemented or
otherwise modified from time to time, including, without
limitation, by the Paycheck Protection Program and Health Care
Enhancement Act, applicable federal regulations and interpretive
guidance issued by the SBA and Treasury, the CARES Act). The PPP
Flexibility Act has been further supplemented by the (i) Joint
Statement, issued on June 8, 2020 by U.S. Treasury Secretary Steven
T. Mnuchin and Small Business Administration (SBA) Administrator
Jovita Carranza (the Joint Statement) and (ii) Seventeenth Interim
Final Rule[1], issued by the SBA on June 11, 2020.

The material changes made to the Paycheck Protection Program by the
PPP Flexibility Act, as supplemented by the Joint Statement and
Seventeenth Interim Final Rule, are as follows:

I. PPP Application Deadline

On its face, the PPP Flexibility Act extends the period during
which prospective PPP borrowers are entitled to apply for PPP loan
from June 30, 2020 to December 31, 2020. However, the Joint
Statement and Seventeenth Interim Final Rules state that the SBA
will not accept PPP applications after June 30, 2020. As of June 6,
2020, there was approximately $150 billion in committed PPP funds
available for businesses to access.[2]

II. Extension of the Forgiveness Period

Prior to enactment of the PPP Flexibility Act, a PPP borrower
could apply for loan forgiveness for up to the amount of PPP loan
proceeds expended on authorized uses during the 8-week period
immediately following receipt of the loan. The PPP Flexibility Act
extends this 8-week "forgiveness period" to 24 weeks after the date
of disbursement of the PPP loan to the PPP borrower, but in no
event ending later than December 31, 2020. Although the Act permits
a PPP borrower to elect to continue to utilize an 8-week
forgiveness period, it is unclear why any PPP borrower would choose
to do so as a PPP borrower is not prohibited from applying for, nor
is any PPP lender or the SBA prohibited from granting, forgiveness
at any time during either of the stated forgiveness periods.

III.  Reduction to Minimum Required Use of Proceeds for Payroll
Costs

Prior to enactment of the PPP Flexibility Act, a PPP borrower was
required to utilize at least 75% of the PPP loan proceeds it used
towards "payroll costs" (as such term is defined in the CARES Act).
The PPP Flexibility Act has relaxed this requirement by reducing
the minimum percentage to 60%. The Act also states, whether
intentional or not, that in order to be eligible for any
forgiveness, a PPP borrower must spend at least 60% of its total
PPP loan proceeds towards "payroll costs". The Joint Statement and
Seventeenth Interim Final Rule, however, has clarified that the SBA
interprets the 60% requirement as a proportional limit on eligible
nonpayroll costs as a share of the borrower's loan forgiveness
amount, rather than as a threshold for receiving any loan
forgiveness. The Joint Statement and Seventeenth Interim Final Rule
states that if a PPP borrower uses less than 60% of the loan amount
for payroll costs during the forgiveness period, the PPP borrower
will continue to be eligible for partial loan forgiveness, subject
to at least 60% of the loan forgiveness amount having been used for
payroll costs.

IV. Extension of the Safe Harbor Period for Loan Forgiveness

Prior to enactment of the PPP Flexibility Act, a PPP borrower had
until June 30, 2020 to eliminate a reduction in employment, salary
and wages that would otherwise reduce the forgivable amount of its
PPP loan. The PPP Flexibility Act extends this safe harbor period
to December 31, 2020. In addition, the Act provides that PPP
borrowers will not experience a reduction in their forgiveness
amount due to a decline in the FTE employee count if the PPP
borrower, in good faith, is able to document:

(A) (i) an inability to rehire individuals who were employees of
the PPP borrower on February 15, 2020; and (ii) an inability to
hire similarly qualified employees for unfilled positions on or
before December 31, 2020; or

(B) an inability to return to the same level of business activity
as such business was operating at before February 15, 2020, due to
compliance with requirements established or guidance 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 during the period beginning on March 1, 2020,
and ending December 31, 2020, related to the maintenance of
standards for sanitation, social distancing, or any other worker or
customer safety requirement related to COVID–19.

V. Extension of Payment Deferral

Prior to the enactment of the PPP Flexibility Act, principal and
interest payments on each PPP loan were to be deferred until the
date that was 6 months after such loan's funding date. The PPP
Flexibility Act extends the deferral period to the "date on which
the amount of forgiveness determined under Section 1106 of the
CARES Act is remitted by the lender". The Act further provides that
a PPP borrower that fails to apply for forgiveness within 10 months
after the last day of the 24-week forgiveness period must begin
making principal and interest payments on the date that is 10
months after the ending date of the forgiveness period.

VI. Extension to Maturity

Finally, the PPP Flexibility Act extends the maturity date to at
least a minimum of 5 years for PPP loans disbursed on or after the
date of enactment of the Act. For PPP loans disbursed prior to the
enactment of the PPP Flexibility Act, the Act explicitly permits
PPP borrowers and lenders to mutually agree and modify the existing
maturity terms to conform with the new minimum of 5 years maturity
for any remaining outstanding balance of a PPP loan after
determination of forgiveness.

FOOTNOTES
[1] The Seventeenth Interim Final Rule is effective without advance
notice and public comment because Section 1114 of the CARES Act
authorizes SBA to issue regulations to implement the PPP without
regard to notice requirements.
[2] See Paycheck Protection Program Loan Report Round 2, issued by
the SBA, available at
https://home.treasury.gov/system/files/136/SBA-Paycheck-Protection-Program-Loan-Report-Round2.pdf.



[*] Small Biz. Ch. 11 Solution for Adverse PPP Loan Outcomes
------------------------------------------------------------
Thomas R. Lehman of Levine Kellogg Lehman Schneider wrote on Daily
Business Review that since the Payroll Protection Program (PPP)
became law March 27, businesses who applied and obtained PPP loans,
or considered applying for them, were given a roller coaster ride
of uncertainty as to whether, and under what terms, the loans would
be forgiven. First, PPP borrowers who had existing lines of credit
with other lenders—not prohibited under PPP—were condemned by
Congress and the Treasury Secretary and threatened with criminal
investigation. Later, when it became apparent that the rigid
requirements for loan forgiveness were unworkable for the
businesses most in need, Congress passed legislation to loosen the
requirements for PPP loan forgiveness. Still, the current political
climate ensures that uncertainty over loan forgiveness will
continue. For those borrowers who are denied meaningful loan
forgiveness and must add short-term SBA debt to their balance
sheets, there is an alternative to reduce the additional debt load:
the Small Business Debtor Reorganization Act, Subchapter V to
Chapter 11 of the Bankruptcy Code. Subchapter V became law last
February.

It Will Be Difficult for Most Small Businesses to Meet PPP Loan
Forgiveness Requirements

Businesses with 500 or fewer employees will have trouble making the
PPP work for them because of the high standard the law set for the
full amount of the loan to be forgiven. Under prior PPP law,
businesses had to use 75% of the loan in eight weeks for employee
payroll at pre-pandemic staffing levels. The June 5 amendments to
the PPP law reduced the payroll requirement to 60% and extended, by
16 weeks, the time to spend the loan. Still, these and other
requirements of the PPP make it difficult for small businesses to
obtain complete loan forgiveness. Borrowers get only part of their
PPP loan forgiven if they operate at reduced staffing levels and do
not rehire or replace workers who were furloughed during the
shutdown. By the time a distressed business receives the funds, its
payroll, in all likelihood, will have already been reduced to keep
the business alive. The forgiveness aspect of the loan won’t work
for businesses operating on a limited basis or not at all, or for
businesses whose payroll costs are relatively low compared to
inventory and supply expenses. And those businesses who received
PPP loans before recent change in the PPP law will continue to be
required to pay back the loan within two years. For most companies,
this will mean adding a more short-term debt to their balance
sheets at a time they can least afford it.

Help From the Small Business Debtor Reorganization Act

Small businesses, including sole proprietors, with debt of as much
as $7.5 million are eligible for reorganization under Subchapter V
of Chapter 11 if the petition is filed before March 27, 2021.
Subchapter V makes it easier to get court approval of a
reorganization plan by eliminating the requirement that at least
one class of creditors "buy into" the plan by voting to accept it.
Now, the business owner only needs the bankruptcy judge to approve
the reorganization plan. Subchapter V also dropped the requirement
for business owners to contribute cash or valuable property to the
reorganization if the plan proposes to pay creditors only a portion
of their unsecured debt. Instead, the plan must provide for the
business to pay its disposable income to creditors over a three to
five-year period. After the owners of the business are paid
reasonable compensation for their work, the profits of the business
are paid to its creditors.

How Subchapter V Can Ease the Burden of Unforgiven PPP Loans

If, at the end of its PPP journey, a borrower is told by SBA it
will not qualify for a meaningful amount of PPP loan forgiveness,
filing Subchapter V can be a way to "enhance" loan forgiveness.
Since a PPP loan is unsecured debt, a court approved Subchapter V
plan need only pay a portion of the loan to obtain a bankruptcy
discharge for the debtor's business. While a business is in
Subchapter V, a PPP loan lender will have little basis to block the
debtor's use of the loan funds so long as the money is used to pay
for payroll, employee benefits, interest on mortgage and other debt
and utilities. And even if the SBA were to complain about its
borrower's Chapter 11, it is doubtful the SBA would find a
sympathetic ear in Bankruptcy Courts: The PPP is two months old and
already, Bankruptcy judges in New Mexico and Texas have issued
orders requiring the SBA to stop refusing to process PPP loan
applications submitted by Chapter 11 businesses or slowing PPP loan
approval.

Fewer businesses are applying for PPP loans because most business
owners either realize the current rules for loan forgiveness do not
fit their business or fear more election year changes to the PPP
law will move the forgiveness “goal post” beyond the reach of
most small businesses. Subchapter V provides an alternative for
those who want to try to survive the current downturn with the help
of government funding, but without adding substantial short-term
SBA debt to the already difficult problems faced by businesses.



[*] Updates to PPP After the New SBA Guidance
---------------------------------------------
Brownstein Hyatt Farber Schreck LLP wrote on Lexology an article
titled "Updates to the PPP Following New SBA Guidance":

Just as the federal government’s approach to the coronavirus is
dynamic and evolving, so are the rules for small business loans
made in response to the pandemic. On June 11 and June 12, 2020, the
Small Business Administration (SBA) issued two revisions to the
First Interim Final Rule, which was originally posted on the
Treasury and SBA websites on April 2, 2020 and published in the
Federal Register on April 15, 2020 (85 Fed. Reg. 20,811). The
revised Interim Final Rule also provided guidance related to the
Paycheck Protection Program Flexibility Act (PPPFA) signed into law
on June 5, 2020.

Below is a summary of key changes to the PPP following revisions to
the First Interim Final Rule.

Covered Period for PPP Loans

  * The PPPFA and the June 11 Rule extended the "covered period'
for the program from Feb. 15, 2020 through Dec. 31, 2020. This
covered period applies to the general program, and not the covered
period for forgiveness, which is outlined below. A borrower whose
loan was made before June 5 may elect to apply the original 8-week
covered period instead of the new 24-week covered period.

  * Rehiring of furloughed or laid off employees must occur before
the end of the covered period, Dec. 31, 2020 to be eligible for
forgiveness.

  * The PPPFA and the June 11 Rule also amended the covered
forgiveness period to spend PPP funds on payroll costs to 24 weeks
after the disbursement of PPP funds. This is a change from the
First Interim Final Rule's 8-week period.

  * SBA is still only authorized to guarantee and issue funds
through June 30, 2020, absent a further act of Congress. Therefore,
potential borrowers should apply before June 30, 2020.

Loan Forgiveness

  * Full loan forgiveness is available under the June 11 Rule for
those who use 60% of PPP funds on payroll costs and 40% of funds on
allowable nonpayroll costs.

  * The June 11 Rule states that partial forgiveness is available
if allowable costs do not meet that percentage.

  * A borrower who submits their loan forgiveness application
within 10 months after the end of their covered period will not
have to make payments of principal or interest on their PPP loan.

  * Borrowers should expect SBA to release additional rules on the
PPP programs, including loan forgiveness and loan review
procedures.

  * A streamlined loan forgiveness application is also expected.

Forgivable Uses of Funds

  * The June 11 Rule includes uses of PPP funds eligible for
forgiveness as payroll costs, continuation of health and leave
benefits, mortgage interest payments, rent payments, utility
payments, interest on debt obligations incurred prior to Feb. 15,
2020, and the refinance of Economic Injury Disaster Loans (EIDL)
made between Jan. 31, 2020 and April 3, 2020 if used for payroll
costs.

  * If you received an EIDL advance of up to $10,000 (which is a
grant that does not need to be paid back) then you must deduct that
from the PPP loan forgiveness amount.

  * The June 11 Rule revises the ratio of allowable
payroll/nonpayroll costs to require that at least 60% of funds be
used to cover payroll costs. Not more than 40% of funds may be used
for nonpayroll costs to receive full forgiveness.

  * Partial forgiveness is available where funds were used for
allowable costs but exceed 40% of nonpayroll costs.

Maturity Date for PPP Loans

  * The maximum maturity for a PPP loan is 10 years. However, SBA
set the maturity for a PPP loan at two years in the First Interim
Final Rule.

  * The June 11 Rule alters the minimum maturity to five years for
loans issued after June 5, 2020.  

  * According to an SBA press release, borrowers with loans issued
prior to June 5, 2020 may extend the maturity date of a PPP loan if
the lender agrees.

Deferral Period for PPP Loans

  * Under the June 11 Rule, in order for a borrower to receive
deferral on all payments and interest on a PPP loan, they should
submit a loan forgiveness application within 10 months after the
forgiveness period.

  * The PPP funds must be used for payroll costs in the 24 weeks
following loan disbursement. However, a borrower who received a
loan before June 5, 2020 may elect for an 8-week period beginning
on the loan disbursal date.

  * Lenders are required to notify borrowers of the amount of
forgiveness and the payment schedule for any remaining amounts
due.

  * If a borrower does not submit a forgiveness application within
10 months, the borrower will need to start paying principal and
interest.

Borrower Certifications

  * The June 11 Rule also emphasizes that borrowers must certify
the funds will be used in an effort to retain workers and other
allowable uses. Only 40% of funds may be used for nonpayroll
costs.

  * Liability for fraud may arise if a borrower knowingly fails to
use the funds for an authorized purpose.

  * Borrowers must also certify that they will provide
documentation to verify full-time-equivalent employees, payroll
costs, and other allowable costs.

  * Loan forgiveness amounts will be given pursuant to these
documented costs, however, the forgiven amount will not allow for
more than 40% of nonpayroll costs. Therefore, partial forgiveness
is available if allowable costs do not meet that percentage.

  * The unforgiven portion of the PPP funds will be a loan.

New Rule on Increased Eligibility

  * The First Interim Final Rule prohibited applicants who
committed a felony within the last five years; the June 12 Rule
revises this.

  * The new rule issued June 12 loosens restrictions on owners with
a 20% stake or more with a criminal history.  An owner with a
criminal history may be eligible so long as they are not currently
incarcerated, on probation, on parole, or subject to an ongoing
criminal proceeding.

  * Additionally, any conviction in the last five years for felony
fraud, bribery, embezzlement, or a false statement in a loan
application or an application for federal financial assistance, or
in the last year for any felony will not be eligible.


[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------

                                               Total
                                              Share-       Total
                                   Total    Holders'     Working
                                  Assets      Equity     Capital
  Company         Ticker           ($MM)       ($MM)        ($MM)
  -------         ------          ------    --------     -------
ABBVIE INC        ABBV US       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB TE        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV AV       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB GZ        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB TH        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB GR        91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV SW       91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBV* MM      91,199.0    (7,415.0)   35,287.0
ABBVIE INC        ABBVEUR EU    91,199.0    (7,415.0)   35,287.0
ABBVIE INC        4AB QT        91,199.0    (7,415.0)   35,287.0
ABBVIE INC-BDR    ABBV34 BZ     91,199.0    (7,415.0)   35,287.0
ABSOLUTE SOFTWRE  ALSWF US         108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  ABT CN           108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  OU1 GR           108.7       (44.7)      (26.3)
ABSOLUTE SOFTWRE  ABT2EUR EU       108.7       (44.7)      (26.3)
ACCELERATE DIAGN  1A8 GR           120.0       (22.9)      100.1
ACCELERATE DIAGN  AXDX US          120.0       (22.9)      100.1
ACCELERATE DIAGN  1A8 SW           120.0       (22.9)      100.1
ACCELERATE DIAGN  AXDX* MM         120.0       (22.9)      100.1
ACCOLADE INC      ACCD US           73.2       (23.8)      (21.0)
ADAPTHEALTH CORP  AHCO US          661.8       (29.4)        3.4
AGENUS INC        AGEN US          180.1      (175.6)      (24.6)
AGENUS INC        AJ81 GZ          180.1      (175.6)      (24.6)
AGENUS INC        AJ81 QT          180.1      (175.6)      (24.6)
AGENUS INC        AJ81 TH          180.1      (175.6)      (24.6)
AGENUS INC        AGENEUR EU       180.1      (175.6)      (24.6)
AGENUS INC        AJ81 GR          180.1      (175.6)      (24.6)
AMC ENTERTAINMEN  AMC US        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AMC4EUR EU    11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AMC* MM       11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 TH        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 QT        11,238.3    (1,074.0)   (1,060.3)
AMC ENTERTAINMEN  AH9 GR        11,238.3    (1,074.0)   (1,060.3)
AMER RESTAUR-LP   ICTPU US          33.5        (4.0)       (6.2)
AMERICAN AIR-BDR  AALL34 BZ     58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL TE        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G SW        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G GZ        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL11EUR EU   58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL AV        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G QT        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL US        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G GR        58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  AAL* MM       58,580.0    (2,636.0)  (12,038.0)
AMERICAN AIRLINE  A1G TH        58,580.0    (2,636.0)  (12,038.0)
AMYRIS INC        AMRS US          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 GR          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 TH          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 SW          167.3      (176.1)     (107.3)
AMYRIS INC        3A01 QT          167.3      (176.1)     (107.3)
AMYRIS INC        AMRSEUR EU       167.3      (176.1)     (107.3)
ARYA SCIENCES AC  ARYBU US           0.2        (0.0)       (0.2)
AUTODESK I - BDR  A1UT34 BZ      5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD GR         5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK US        5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD TH         5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSKEUR EU     5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK TE        5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD GZ         5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK AV        5,543.9      (139.1)     (554.0)
AUTODESK INC      ADSK* MM       5,543.9      (139.1)     (554.0)
AUTODESK INC      AUD QT         5,543.9      (139.1)     (554.0)
AUTOZONE INC      AZ5 TH        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO US        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 GR        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 GZ        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO AV        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 TE        12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZO* MM       12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZOEUR EU     12,902.1    (1,632.7)     (371.1)
AUTOZONE INC      AZ5 QT        12,902.1    (1,632.7)     (371.1)
AVID TECHNOLOGY   AVD GR           308.4      (161.5)       11.8
AVID TECHNOLOGY   AVID US          308.4      (161.5)       11.8
B RILEY PRINCIPA  BMRG/U US          0.1        (0.0)       (0.1)
B. RILEY PRINC-A  BMRG US            0.1        (0.0)       (0.1)
BENEFITFOCUS INC  BNFTEUR EU       313.6       (42.5)      102.0
BENEFITFOCUS INC  BNFT US          313.6       (42.5)      102.0
BENEFITFOCUS INC  BTF GR           313.6       (42.5)      102.0
BLOOM ENERGY C-A  1ZB GZ         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  1ZB GR         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  BE1EUR EU      1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  1ZB QT         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  1ZB TH         1,312.6      (259.2)      177.2
BLOOM ENERGY C-A  BE US          1,312.6      (259.2)      177.2
BLUE BIRD CORP    4RB GR           396.1       (65.1)       24.8
BLUE BIRD CORP    4RB GZ           396.1       (65.1)       24.8
BLUE BIRD CORP    BLBDEUR EU       396.1       (65.1)       24.8
BLUE BIRD CORP    BLBD US          396.1       (65.1)       24.8
BOEING CO-BDR     BOEI34 BZ    143,075.0    (9,360.0)   16,509.0
BOEING CO-CED     BA AR        143,075.0    (9,360.0)   16,509.0
BOEING CO-CED     BAD AR       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA TE        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO GR       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BAEUR EU     143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA EU        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA PE        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BOE LN       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA US        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO TH       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BOEI BB      143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA SW        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA* MM       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BAUSD SW     143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO GZ       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA AV        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BA CI        143,075.0    (9,360.0)   16,509.0
BOEING CO/THE     BCO QT       143,075.0    (9,360.0)   16,509.0
BOEING CO/THE TR  TCXBOE AU    143,075.0    (9,360.0)   16,509.0
BOMBARDIER INC-B  BBDBN MM      24,127.0    (5,365.0)   (1,093.0)
BRINKER INTL      BKJ GR         2,585.4      (574.7)     (204.7)
BRINKER INTL      EAT US         2,585.4      (574.7)     (204.7)
BRINKER INTL      BKJ QT         2,585.4      (574.7)     (204.7)
BRINKER INTL      EAT2EUR EU     2,585.4      (574.7)     (204.7)
BRP INC/CA-SUB V  B15A GR        4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOOO US        4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  B15A GZ        4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOOEUR EU      4,236.8      (793.6)     (194.9)
BRP INC/CA-SUB V  DOO CN         4,236.8      (793.6)     (194.9)
CADIZ INC         CDZI US           74.1       (19.7)        6.7
CADIZ INC         CDZIEUR EU        74.1       (19.7)        6.7
CADIZ INC         2ZC GR            74.1       (19.7)        6.7
CAMPING WORLD-A   CWH US         3,402.6      (184.4)      378.4
CAMPING WORLD-A   C83 GR         3,402.6      (184.4)      378.4
CAMPING WORLD-A   CWHEUR EU      3,402.6      (184.4)      378.4
CAMPING WORLD-A   C83 QT         3,402.6      (184.4)      378.4
CAMPING WORLD-A   C83 TH         3,402.6      (184.4)      378.4
CATASYS INC       HY1N GZ           22.9       (27.5)        4.4
CDK GLOBAL INC    C2G QT         2,964.8      (621.2)      315.2
CDK GLOBAL INC    CDK* MM        2,964.8      (621.2)      315.2
CDK GLOBAL INC    CDKEUR EU      2,964.8      (621.2)      315.2
CDK GLOBAL INC    C2G TH         2,964.8      (621.2)      315.2
CDK GLOBAL INC    C2G GR         2,964.8      (621.2)      315.2
CDK GLOBAL INC    CDK US         2,964.8      (621.2)      315.2
CEDAR FAIR LP     FUN US         2,389.5      (274.2)      (84.9)
CHESAPEAKE E-BDR  CHKE34 BZ      7,808.0    (3,924.0)     (442.0)
CHESAPEAKE ENERG  CHKAQ* MM      7,808.0    (3,924.0)     (442.0)
CHEWY INC- CL A   CHWY US        1,123.4      (396.5)     (482.0)
CHOICE HOTELS     CZH GR         1,704.0       (43.9)      275.9
CHOICE HOTELS     CHH US         1,704.0       (43.9)      275.9
CINCINNATI BELL   CBBEUR EU      2,599.6      (188.7)     (124.9)
CINCINNATI BELL   CBB US         2,599.6      (188.7)     (124.9)
CINCINNATI BELL   CIB1 GR        2,599.6      (188.7)     (124.9)
CITRIX SYS BDR    C1TX34 BZ      4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS US        4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX GR         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX TH         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS TE        4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX GZ         4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS AV        4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXS* MM       4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTXSEUR EU     4,331.2      (218.9)     (413.0)
CITRIX SYSTEMS    CTX QT         4,331.2      (218.9)     (413.0)
CLOVIS ONCOLOGY   C6O GR           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   CLVS US          601.8      (127.0)      179.1
CLOVIS ONCOLOGY   C6O QT           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   C6O TH           601.8      (127.0)      179.1
CLOVIS ONCOLOGY   CLVSEUR EU       601.8      (127.0)      179.1
COGENT COMMUNICA  CCOI US          913.6      (222.2)      366.4
COGENT COMMUNICA  OGM1 GR          913.6      (222.2)      366.4
COGENT COMMUNICA  CCOI* MM         913.6      (222.2)      366.4
COGENT COMMUNICA  CCOIEUR EU       913.6      (222.2)      366.4
COMMUNITY HEALTH  CYH US        15,445.0    (1,634.0)    1,195.0
CYTODYN INC       CYDY US           38.8        (4.4)      (16.4)
CYTODYN INC       CYDYEUR EU        38.8        (4.4)      (16.4)
CYTODYN INC       296 GZ            38.8        (4.4)      (16.4)
CYTODYN INC       296 GR            38.8        (4.4)      (16.4)
CYTOKINETICS INC  KK3A GR          256.6       (45.7)      205.2
CYTOKINETICS INC  CYTK US          256.6       (45.7)      205.2
CYTOKINETICS INC  KK3A TH          256.6       (45.7)      205.2
CYTOKINETICS INC  KK3A QT          256.6       (45.7)      205.2
CYTOKINETICS INC  CYTKEUR EU       256.6       (45.7)      205.2
DELEK LOGISTICS   DKL US           946.2       (44.4)       (0.0)
DENNY'S CORP      DENN US          484.1      (200.5)        5.5
DENNY'S CORP      DENNEUR EU       484.1      (200.5)        5.5
DENNY'S CORP      DE8 GR           484.1      (200.5)        5.5
DIEBOLD NIXDORF   DBD GR         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBD US         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBD SW         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DBDEUR EU      3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DLD TH         3,838.8      (710.6)      399.7
DIEBOLD NIXDORF   DLD QT         3,838.8      (710.6)      399.7
DINE BRANDS GLOB  DIN US         2,185.5      (236.4)      209.4
DINE BRANDS GLOB  IHP GR         2,185.5      (236.4)      209.4
DOMINO'S PIZZA    DPZ US         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV GR         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZEUR EU      1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV GZ         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZ AV         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    DPZ* MM        1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV QT         1,389.9    (3,392.2)      342.2
DOMINO'S PIZZA    EZV TH         1,389.9    (3,392.2)      342.2
DOMO INC- CL B    1ON TH           197.2       (64.0)        1.1
DOMO INC- CL B    DOMO US          197.2       (64.0)        1.1
DOMO INC- CL B    1ON GR           197.2       (64.0)        1.1
DOMO INC- CL B    DOMOEUR EU       197.2       (64.0)        1.1
DOMO INC- CL B    1ON GZ           197.2       (64.0)        1.1
DRAFTKINGS INC-A  8DEA TH          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  8DEA QT          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  8DEA GZ          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  DKNG US          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  8DEA GR          309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  DKNG1EUR EU      309.6      (102.0)      (12.8)
DRAFTKINGS INC-A  DKNG* MM         309.6      (102.0)      (12.8)
DUNKIN' BRANDS G  DNKN US        3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB GR         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB TH         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB GZ         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  2DB QT         3,877.3      (636.3)      287.2
DUNKIN' BRANDS G  DNKNEUR EU     3,877.3      (636.3)      287.2
EMISPHERE TECH    EMIS US            5.2      (155.3)       (1.4)
ESPERION THERAPE  ESPR US          179.6       (50.2)       99.2
ESPERION THERAPE  ESPREUR EU       179.6       (50.2)       99.2
ESPERION THERAPE  0ET TH           179.6       (50.2)       99.2
ESPERION THERAPE  0ET QT           179.6       (50.2)       99.2
ESPERION THERAPE  0ET GR           179.6       (50.2)       99.2
FLEXION THERAPEU  F02 TH           204.6       (52.3)      145.7
FLEXION THERAPEU  FLXNEUR EU       204.6       (52.3)      145.7
FLEXION THERAPEU  F02 QT           204.6       (52.3)      145.7
FLEXION THERAPEU  FLXN US          204.6       (52.3)      145.7
FLEXION THERAPEU  F02 GR           204.6       (52.3)      145.7
FRONTDOOR IN      FTDR US        1,291.0      (178.0)      113.0
FRONTDOOR IN      3I5 GR         1,291.0      (178.0)      113.0
FRONTDOOR IN      FTDREUR EU     1,291.0      (178.0)      113.0
GLOBALSCAPE INC   GSB US            36.6       (32.7)       (5.5)
GNC HOLDINGS INC  GNCIQ* MM      1,416.0      (191.0)     (631.5)
GOGO INC          GOGO US        1,191.5      (486.6)      195.1
GOGO INC          G0G TH         1,191.5      (486.6)      195.1
GOGO INC          GOGOEUR EU     1,191.5      (486.6)      195.1
GOGO INC          G0G GR         1,191.5      (486.6)      195.1
GOGO INC          G0G QT         1,191.5      (486.6)      195.1
GOLDEN STAR RES   GSR GN           375.5       (30.9)      (27.6)
GOLDEN STAR RES   GSC CN           375.5       (30.9)      (27.6)
GOOSEHEAD INSU-A  GSHD US           75.9       (30.0)       13.9
GOOSEHEAD INSU-A  2OX GR            75.9       (30.0)       13.9
GOOSEHEAD INSU-A  GSHDEUR EU        75.9       (30.0)       13.9
GORES HOLDINGS I  GHIVU US         427.4       411.8         0.9
GORES HOLDINGS-A  GHIV US          427.4       411.8         0.9
GRAFTECH INTERNA  EAF US         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G TH         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G GR         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  EAFEUR EU      1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G QT         1,534.2      (680.4)      483.6
GRAFTECH INTERNA  G6G GZ         1,534.2      (680.4)      483.6
GREEN PLAINS PAR  GPP US           106.4       (76.6)     (138.2)
GREENSKY INC-A    GSKY US          938.4      (213.5)      248.0
HANGER INC        HO8 GR           869.2       (16.0)      163.1
HANGER INC        HNGR US          869.2       (16.0)      163.1
HANGER INC        HNGREUR EU       869.2       (16.0)      163.1
HCA HEALTHC-BDR   H1CA34 BZ     45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH GR        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH TH        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCA US        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCA* MM       45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  2BH TE        45,421.0      (703.0)    3,997.0
HCA HEALTHCARE I  HCAEUR EU     45,421.0      (703.0)    3,997.0
HERBALIFE NUTRIT  HOO GR         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HLF US         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO GZ         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO TH         2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HLFEUR EU      2,715.3      (388.5)      587.3
HERBALIFE NUTRIT  HOO QT         2,715.3      (388.5)      587.3
HEWLETT-CEDEAR    HPQ AR        33,773.0      (743.0)   (5,616.0)
HEWLETT-CEDEAR    HPQC AR       33,773.0      (743.0)   (5,616.0)
HEWLETT-CEDEAR    HPQD AR       33,773.0      (743.0)   (5,616.0)
HILTON WORLDWIDE  HI91 SW       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLT* MM       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLTEUR EU     15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLT US        15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HLTW AV       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 TE       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 TH       15,788.0      (904.0)      929.0
HILTON WORLDWIDE  HI91 GR       15,788.0      (904.0)      929.0
HOME DEPOT - BDR  HOME34 BZ     58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD TE         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD US         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI TH        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI GR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD* MM        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDUSD SW      58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI GZ        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD AV         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    0R1G LN       58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD CI         58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDEUR EU      58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HDI QT        58,737.0    (3,490.0)    3,929.0
HOME DEPOT INC    HD SW         58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HDD AR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HDC AR        58,737.0    (3,490.0)    3,929.0
HOME DEPOT-CED    HD AR         58,737.0    (3,490.0)    3,929.0
HP COMPANY-BDR    HPQB34 BZ     33,773.0      (743.0)   (5,616.0)
HP INC            7HP TH        33,773.0      (743.0)   (5,616.0)
HP INC            7HP GR        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ US        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ* MM       33,773.0      (743.0)   (5,616.0)
HP INC            HPQ TE        33,773.0      (743.0)   (5,616.0)
HP INC            HPQUSD SW     33,773.0      (743.0)   (5,616.0)
HP INC            HPQEUR EU     33,773.0      (743.0)   (5,616.0)
HP INC            7HP GZ        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ AV        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ CI        33,773.0      (743.0)   (5,616.0)
HP INC            HWP QT        33,773.0      (743.0)   (5,616.0)
HP INC            HPQ SW        33,773.0      (743.0)   (5,616.0)
HUMANIGEN INC     HGEN US            0.4       (16.3)      (15.1)
IAA INC           IAA US         2,215.5      (103.6)      256.2
IAA INC           3NI GR         2,215.5      (103.6)      256.2
IAA INC           IAA-WEUR EU    2,215.5      (103.6)      256.2
IMMUNOGEN INC     IMU TH           298.8        (4.1)      185.2
IMMUNOGEN INC     IMU GR           298.8        (4.1)      185.2
IMMUNOGEN INC     IMGN US          298.8        (4.1)      185.2
IMMUNOGEN INC     IMU SW           298.8        (4.1)      185.2
IMMUNOGEN INC     IMGNEUR EU       298.8        (4.1)      185.2
IMMUNOGEN INC     IMU GZ           298.8        (4.1)      185.2
IMMUNOGEN INC     IMGN* MM         298.8        (4.1)      185.2
IMMUNOGEN INC     IMU QT           298.8        (4.1)      185.2
IMV INC           IMV CN            15.3        (2.4)        4.6
INSPERITY INC     ASF GR         1,522.4        (3.3)      190.8
INSPERITY INC     NSP US         1,522.4        (3.3)      190.8
INTERCEPT PHARMA  ICPT* MM         662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P QT           662.4       (34.7)      478.2
INTERCEPT PHARMA  ICPT US          662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P GR           662.4       (34.7)      478.2
INTERCEPT PHARMA  I4P TH           662.4       (34.7)      478.2
IRONWOOD PHARMAC  I76 GR           404.0       (71.6)      306.3
IRONWOOD PHARMAC  I76 TH           404.0       (71.6)      306.3
IRONWOOD PHARMAC  IRWD US          404.0       (71.6)      306.3
IRONWOOD PHARMAC  I76 QT           404.0       (71.6)      306.3
IRONWOOD PHARMAC  IRWDEUR EU       404.0       (71.6)      306.3
JACK IN THE BOX   JBX GR         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JACK US        1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JBX GZ         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JBX QT         1,861.3      (876.9)      (79.8)
JACK IN THE BOX   JACK1EUR EU    1,861.3      (876.9)      (79.8)
JOSEMARIA RESOUR  JOSES I2          22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSE SS           22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  NGQSEK EU         22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSES EB          22.3       (36.4)      (27.2)
JOSEMARIA RESOUR  JOSES IX          22.3       (36.4)      (27.2)
KONTOOR BRAND     KTB US         1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO GR         1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO TH         1,901.8       (18.5)      893.1
KONTOOR BRAND     KTBEUR EU      1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO QT         1,901.8       (18.5)      893.1
KONTOOR BRAND     3KO GZ         1,901.8       (18.5)      893.1
L BRANDS INC      LTD TH         9,439.0    (1,858.0)      166.0
L BRANDS INC      LB US          9,439.0    (1,858.0)      166.0
L BRANDS INC      LBRA AV        9,439.0    (1,858.0)      166.0
L BRANDS INC      LBEUR EU       9,439.0    (1,858.0)      166.0
L BRANDS INC      LB* MM         9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD QT         9,439.0    (1,858.0)      166.0
L BRANDS INC      LTD GR         9,439.0    (1,858.0)      166.0
L BRANDS INC-BDR  LBRN34 BZ      9,439.0    (1,858.0)      166.0
LENNOX INTL INC   LII US         2,128.4      (318.3)      330.5
LENNOX INTL INC   LXI GR         2,128.4      (318.3)      330.5
LENNOX INTL INC   LII* MM        2,128.4      (318.3)      330.5
LENNOX INTL INC   LXI TH         2,128.4      (318.3)      330.5
LENNOX INTL INC   LII1EUR EU     2,128.4      (318.3)      330.5
LIVEXLIVE MEDIA   LIVX US           54.1        (7.1)      (30.1)
LIVEXLIVE MEDIA   351 GR            54.1        (7.1)      (30.1)
LIVEXLIVE MEDIA   LIVXEUR EU        54.1        (7.1)      (30.1)
MARRIOTT - BDR    M1TT34 BZ     25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ TH        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ GR        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR US        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ SW        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR TE        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ GZ        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAREUR EU     25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAR AV        25,549.0       (20.0)   (2,467.0)
MARRIOTT INTL-A   MAQ QT        25,549.0       (20.0)   (2,467.0)
MASCO CORP        MSQ TH         4,840.0      (165.0)    1,241.0
MASCO CORP        MAS US         4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ GR         4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ GZ         4,840.0      (165.0)    1,241.0
MASCO CORP        MSQ QT         4,840.0      (165.0)    1,241.0
MASCO CORP        MAS1EUR EU     4,840.0      (165.0)    1,241.0
MASCO CORP        MAS* MM        4,840.0      (165.0)    1,241.0
MCDONALDS - BDR   MCDC34 BZ     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD TE        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO TH        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD US        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD SW        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO GR        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD* MM       50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCDUSD SW     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO GZ        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCDEUR EU     50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD AV        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    0R16 LN       50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MCD CI        50,568.0    (9,293.4)    3,569.1
MCDONALDS CORP    MDO QT        50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCDD AR       50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCD AR        50,568.0    (9,293.4)    3,569.1
MCDONALDS-CEDEAR  MCDC AR       50,568.0    (9,293.4)    3,569.1
MICHAELS COS INC  MIKEUR EU      4,307.6    (1,515.4)      347.9
MICHAELS COS INC  MIK US         4,307.6    (1,515.4)      347.9
MICHAELS COS INC  MIM GR         4,307.6    (1,515.4)      347.9
MILESTONE MEDICA  MMD PW             0.6       (13.9)      (13.9)
MILESTONE MEDICA  MMDPLN EU          0.6       (13.9)      (13.9)
MONEYGRAM INTERN  MGI US         3,895.7      (267.7)     (133.6)
MOTOROLA SOL-BDR  M1SI34 BZ     10,716.0      (930.0)      602.0
MOTOROLA SOL-CED  MSI AR        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA TH       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MOT TE        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MSI US        10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA GZ       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MSI1EUR EU    10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MOSI AV       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA QT       10,716.0      (930.0)      602.0
MOTOROLA SOLUTIO  MTLA GR       10,716.0      (930.0)      602.0
MSCI INC          3HM GR         3,911.8      (354.3)      821.5
MSCI INC          MSCI US        3,911.8      (354.3)      821.5
MSCI INC          3HM SW         3,911.8      (354.3)      821.5
MSCI INC          3HM QT         3,911.8      (354.3)      821.5
MSCI INC          3HM GZ         3,911.8      (354.3)      821.5
MSCI INC          MSCI* MM       3,911.8      (354.3)      821.5
MSG NETWORKS- A   MSGN US          797.6      (612.0)      210.8
MSG NETWORKS- A   1M4 GR           797.6      (612.0)      210.8
MSG NETWORKS- A   MSGNEUR EU       797.6      (612.0)      210.8
MSG NETWORKS- A   1M4 QT           797.6      (612.0)      210.8
MSG NETWORKS- A   1M4 TH           797.6      (612.0)      210.8
NANTHEALTH INC    NEL GR           261.0       (33.6)       28.2
NANTHEALTH INC    NHEUR EU         261.0       (33.6)       28.2
NANTHEALTH INC    NEL TH           261.0       (33.6)       28.2
NANTHEALTH INC    NH US            261.0       (33.6)       28.2
NATHANS FAMOUS    NATH US          105.3       (66.4)       75.2
NATHANS FAMOUS    NFA GR           105.3       (66.4)       75.2
NATHANS FAMOUS    NATHEUR EU       105.3       (66.4)       75.2
NAVISTAR INTL     IHR TH         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR GR         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     NAV US         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     NAVEUR EU      6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR QT         6,440.0    (3,856.0)    1,842.0
NAVISTAR INTL     IHR GZ         6,440.0    (3,856.0)    1,842.0
NESCO HOLDINGS I  NSCO US          815.1       (27.5)       62.5
NEW ENG RLTY-LP   NEN US           294.7       (38.0)        -
NOVAVAX INC       NVV1 TH          328.1       (24.0)      236.3
NOVAVAX INC       NVV1 SW          328.1       (24.0)      236.3
NOVAVAX INC       NVV1 GZ          328.1       (24.0)      236.3
NOVAVAX INC       NVV1 GR          328.1       (24.0)      236.3
NOVAVAX INC       NVAX US          328.1       (24.0)      236.3
NOVAVAX INC       NVAXEUR EU       328.1       (24.0)      236.3
NUNZIA PHARMACEU  NUNZ US            0.1        (3.2)       (2.5)
NUTANIX INC - A   0NU GZ         1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU GR         1,773.3      (184.0)      381.8
NUTANIX INC - A   NTNXEUR EU     1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU TH         1,773.3      (184.0)      381.8
NUTANIX INC - A   0NU QT         1,773.3      (184.0)      381.8
NUTANIX INC - A   NTNX US        1,773.3      (184.0)      381.8
OCULAR THERAPEUT  0OT TH            72.9       (10.7)       44.0
OCULAR THERAPEUT  OCULEUR EU        72.9       (10.7)       44.0
OCULAR THERAPEUT  0OT GZ            72.9       (10.7)       44.0
OCULAR THERAPEUT  0OT GR            72.9       (10.7)       44.0
OCULAR THERAPEUT  OCUL US           72.9       (10.7)       44.0
OMEROS CORP       OMER US          118.2      (131.9)       27.7
OMEROS CORP       3O8 GR           118.2      (131.9)       27.7
OMEROS CORP       3O8 QT           118.2      (131.9)       27.7
OMEROS CORP       3O8 TH           118.2      (131.9)       27.7
OMEROS CORP       OMEREUR EU       118.2      (131.9)       27.7
OMNIA WELLNESS I  OMWS US            0.0        (0.0)       (0.0)
ONTRAK INC        OTRK US           22.9       (27.5)        4.4
ONTRAK INC        HY1N GR           22.9       (27.5)        4.4
ONTRAK INC        CATSEUR EU        22.9       (27.5)        4.4
OPEN LENDING C-A  LPRO US          115.2       (56.6)        -
OTIS WORLDWI      OTIS US        9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG GR         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      OTIS* MM       9,524.0    (4,189.0)      159.0
OTIS WORLDWI      OTISEUR EU     9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG GZ         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG TH         9,524.0    (4,189.0)      159.0
OTIS WORLDWI      4PG QT         9,524.0    (4,189.0)      159.0
PAPA JOHN'S INTL  PZZA US          718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PP1 GR           718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PZZAEUR EU       718.3       (68.4)      (30.5)
PAPA JOHN'S INTL  PP1 GZ           718.3       (68.4)      (30.5)
PARATEK PHARMACE  N4CN GR          233.7       (55.2)      183.9
PARATEK PHARMACE  N4CN TH          233.7       (55.2)      183.9
PARATEK PHARMACE  PRTK US          233.7       (55.2)      183.9
PHILIP MORRI-BDR  PHMO34 BZ     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1 TE        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 TH        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1EUR EU     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMI SW        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 GR        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM US         37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM1CHF EU     37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  0M8V LN       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMOR AV       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 GZ        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMIZ IX       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PMIZ EB       37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  PM* MM        37,494.0   (11,063.0)      277.0
PHILIP MORRIS IN  4I1 QT        37,494.0   (11,063.0)      277.0
PLANET FITNESS-A  3PL QT         1,875.6      (692.2)      484.3
PLANET FITNESS-A  PLNT1EUR EU    1,875.6      (692.2)      484.3
PLANET FITNESS-A  PLNT US        1,875.6      (692.2)      484.3
PLANET FITNESS-A  3PL TH         1,875.6      (692.2)      484.3
PLANET FITNESS-A  3PL GR         1,875.6      (692.2)      484.3
PLANTRONICS INC   PTM GR         2,257.2       (82.8)      209.2
PLANTRONICS INC   PLT US         2,257.2       (82.8)      209.2
PLANTRONICS INC   PTM GZ         2,257.2       (82.8)      209.2
PLANTRONICS INC   PLTEUR EU      2,257.2       (82.8)      209.2
PPD INC           PPD US         5,814.8    (1,047.2)      212.3
PROGENITY INC     4ZU GR           111.0       (84.8)        9.5
PROGENITY INC     4ZU TH           111.0       (84.8)        9.5
PROGENITY INC     4ZU QT           111.0       (84.8)        9.5
PROGENITY INC     PROGEUR EU       111.0       (84.8)        9.5
PROGENITY INC     4ZU GZ           111.0       (84.8)        9.5
PROGENITY INC     PROG US          111.0       (84.8)        9.5
PYROGENESIS CANA  PYR CN             9.6        (6.1)      (10.5)
PYROGENESIS CANA  PYRNF US           9.6        (6.1)      (10.5)
QUANTUM CORP      QNT2 GR          166.0      (198.5)      (22.4)
QUANTUM CORP      QMCO US          166.0      (198.5)      (22.4)
QUANTUM CORP      QTM1EUR EU       166.0      (198.5)      (22.4)
RADIUS HEALTH IN  RDUS US          201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 TH           201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 QT           201.6       (74.2)      124.6
RADIUS HEALTH IN  RDUSEUR EU       201.6       (74.2)      124.6
RADIUS HEALTH IN  1R8 GR           201.6       (74.2)      124.6
REC SILICON ASA   RECO S1          280.6        (9.8)       (2.7)
REC SILICON ASA   RECO I2          280.6        (9.8)       (2.7)
REC SILICON ASA   RECO B3          280.6        (9.8)       (2.7)
REVLON INC-A      REV US         2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 GR        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 SW        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      RVL1 TH        2,779.6    (1,435.8)     (447.5)
REVLON INC-A      REVEUR EU      2,779.6    (1,435.8)     (447.5)
REVLON INC-A      REV* MM        2,779.6    (1,435.8)     (447.5)
RIMINI STREET IN  RMNI US          201.3       (91.6)      (89.0)
ROSETTA STONE IN  RST US           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RS8 TH           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RS8 GR           182.6       (19.0)      (70.2)
ROSETTA STONE IN  RST1EUR EU       182.6       (19.0)      (70.2)
SALLY BEAUTY HOL  S7V GR         2,921.2       (53.2)      533.2
SALLY BEAUTY HOL  SBH US         2,921.2       (53.2)      533.2
SALLY BEAUTY HOL  SBHEUR EU      2,921.2       (53.2)      533.2
SBA COMM CORP     SBAC US        9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB GR         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB GZ         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBAC* MM       9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBJ TH         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     4SB QT         9,359.5    (4,302.8)     (624.5)
SBA COMM CORP     SBACEUR EU     9,359.5    (4,302.8)     (624.5)
SBA COMMUN - BDR  S1BA34 BZ      9,359.5    (4,302.8)     (624.5)
SCIENTIFIC GAMES  TJW GZ         7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  SGMS US        7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  TJW GR         7,458.0    (2,358.0)      761.0
SCIENTIFIC GAMES  TJW TH         7,458.0    (2,358.0)      761.0
SEALED AIR CORP   SEE US         5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA GR         5,671.0      (181.9)      192.4
SEALED AIR CORP   SEE1EUR EU     5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA TH         5,671.0      (181.9)      192.4
SEALED AIR CORP   SDA QT         5,671.0      (181.9)      192.4
SERES THERAPEUTI  MCRB1EUR EU      110.6       (61.6)       36.4
SERES THERAPEUTI  MCRB US          110.6       (61.6)       36.4
SERES THERAPEUTI  1S9 GR           110.6       (61.6)       36.4
SHELL MIDSTREAM   SHLX US        1,988.0      (774.0)      311.0
SHIFT4 PAYMENT-A  FOUR US          840.8      (140.6)        -
SIRIUS XM HOLDIN  RDO TH        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO GR        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRIEUR EU    10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO GZ        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRI AV       10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  RDO QT        10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRI US       10,935.0      (747.0)   (2,219.0)
SIRIUS XM HOLDIN  SIRI SW       10,935.0      (747.0)   (2,219.0)
SIX FLAGS ENTERT  6FE GR         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  SIXEUR EU      2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  SIX US         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  6FE TH         2,720.5      (323.6)     (168.7)
SIX FLAGS ENTERT  6FE QT         2,720.5      (323.6)     (168.7)
SLEEP NUMBER COR  SNBR US        1,013.8      (155.9)     (422.3)
SLEEP NUMBER COR  SL2 GR         1,013.8      (155.9)     (422.3)
SLEEP NUMBER COR  SNBREUR EU     1,013.8      (155.9)     (422.3)
SOCIAL CAPITAL    IPOB/U US          0.5         0.0        (0.3)
SOCIAL CAPITAL    IPOC/U US          0.7         0.0        (0.6)
SOCIAL CAPITAL-A  IPOC US            0.7         0.0        (0.6)
SOCIAL CAPITAL-A  IPOB US            0.5         0.0        (0.3)
SONA NANOTECH IN  SONA CN            1.8        (1.4)       (1.6)
SONA NANOTECH IN  SNANF US           1.8        (1.4)       (1.6)
SQL TECHNOLOGIES  SQFL US            7.0       (22.9)      (19.6)
STARBUCKS CORP    SRB TH        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX* MM      27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB GR        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUXEUR EU    27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX TE       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX IM       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUXUSD SW    27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB GZ        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX AV       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX US       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    USSBUX KZ     27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    0QZH LI       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX PE       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX CI       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SRB QT        27,478.9    (7,532.9)   (2,515.9)
STARBUCKS CORP    SBUX SW       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-BDR     SBUB34 BZ     27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-CEDEAR  SBUX AR       27,478.9    (7,532.9)   (2,515.9)
STARBUCKS-CEDEAR  SBUXD AR      27,478.9    (7,532.9)   (2,515.9)
TAILORED BRANDS   TLRD* MM       2,419.0       (98.3)      206.4
TAUBMAN CENTERS   TCO US         4,727.0      (241.7)        -
TAUBMAN CENTERS   TCO2EUR EU     4,727.0      (241.7)        -
TAUBMAN CENTERS   TU8 GR         4,727.0      (241.7)        -
TG THERAPEUTICS   TGTX US          101.8        (1.4)       24.9
TG THERAPEUTICS   NKB2 TH          101.8        (1.4)       24.9
TG THERAPEUTICS   NKB2 GR          101.8        (1.4)       24.9
TG THERAPEUTICS   NKB2 QT          101.8        (1.4)       24.9
TRANSDIGM - BDR   T1DG34 BZ     16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDG US        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D GR        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDG* MM       16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D TH        16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   TDGEUR EU     16,635.0    (4,205.0)    3,544.0
TRANSDIGM GROUP   T7D QT        16,635.0    (4,205.0)    3,544.0
TRIUMPH GROUP     TG7 GR         2,980.3      (781.3)      573.9
TRIUMPH GROUP     TGI US         2,980.3      (781.3)      573.9
TRIUMPH GROUP     TG7 TH         2,980.3      (781.3)      573.9
TRIUMPH GROUP     TGIEUR EU      2,980.3      (781.3)      573.9
TUPPERWARE BRAND  TUP US         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP GR         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP SW         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP1EUR EU     1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP TH         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP GZ         1,295.2      (364.0)     (192.3)
TUPPERWARE BRAND  TUP QT         1,295.2      (364.0)     (192.3)
UAS DRONE CORP    USDR US            0.7        (1.3)       (0.6)
UBIQUITI INC      3UB GR           620.6      (356.0)      305.0
UBIQUITI INC      UI US            620.6      (356.0)      305.0
UBIQUITI INC      3UB GZ           620.6      (356.0)      305.0
UBIQUITI INC      UBNTEUR EU       620.6      (356.0)      305.0
UNISYS CORP       UIS US         2,971.6      (209.4)      572.4
UNISYS CORP       UIS1 SW        2,971.6      (209.4)      572.4
UNISYS CORP       UISEUR EU      2,971.6      (209.4)      572.4
UNISYS CORP       UISCHF EU      2,971.6      (209.4)      572.4
UNISYS CORP       USY1 GR        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 TH        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 GZ        2,971.6      (209.4)      572.4
UNISYS CORP       USY1 QT        2,971.6      (209.4)      572.4
UNITI GROUP INC   8XC TH         5,014.1    (1,595.5)        -
UNITI GROUP INC   8XC GR         5,014.1    (1,595.5)        -
UNITI GROUP INC   UNIT US        5,014.1    (1,595.5)        -
VALVOLINE INC     0V4 GR         2,917.0      (237.0)      983.0
VALVOLINE INC     0V4 TH         2,917.0      (237.0)      983.0
VALVOLINE INC     VVVEUR EU      2,917.0      (237.0)      983.0
VALVOLINE INC     0V4 QT         2,917.0      (237.0)      983.0
VALVOLINE INC     VVV US         2,917.0      (237.0)      983.0
VECTOR GROUP LTD  VGR GR         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR US         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGREUR EU      1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR TH         1,494.8      (719.0)      238.5
VECTOR GROUP LTD  VGR QT         1,494.8      (719.0)      238.5
VERISIGN INC      VRS TH         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRSN US        1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS GR         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRSN* MM       1,753.9    (1,409.1)      229.8
VERISIGN INC      VRSNEUR EU     1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS GZ         1,753.9    (1,409.1)      229.8
VERISIGN INC      VRS QT         1,753.9    (1,409.1)      229.8
VERISIGN INC-BDR  VRSN34 BZ      1,753.9    (1,409.1)      229.8
VERISIGN-CEDEAR   VRSN AR        1,753.9    (1,409.1)      229.8
VIVINT SMART HOM  VVNT US        2,670.4    (1,439.3)     (275.6)
WARNER MUSIC-A    WMG US         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WA4 GR         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WA4 GZ         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WMGEUR EU      6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WMG AV         6,124.0      (285.0)   (1,149.0)
WARNER MUSIC-A    WA4 TH         6,124.0      (285.0)   (1,149.0)
WATERS CORP       WAT US         2,666.5      (338.0)      776.7
WATERS CORP       WAZ GR         2,666.5      (338.0)      776.7
WATERS CORP       WAZ TH         2,666.5      (338.0)      776.7
WATERS CORP       WAT* MM        2,666.5      (338.0)      776.7
WATERS CORP       WAZ QT         2,666.5      (338.0)      776.7
WATERS CORP       WATEUR EU      2,666.5      (338.0)      776.7
WAYFAIR INC- A    W US           2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    W* MM          2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF QT         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF GZ         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF GR         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    1WF TH         2,751.4    (1,171.4)     (215.7)
WAYFAIR INC- A    WEUR EU        2,751.4    (1,171.4)     (215.7)
WESTERN UNION     W3U GR         8,365.4      (149.7)     (435.3)
WESTERN UNION     WU US          8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U TH         8,365.4      (149.7)     (435.3)
WESTERN UNION     WU* MM         8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U GZ         8,365.4      (149.7)     (435.3)
WESTERN UNION     WUEUR EU       8,365.4      (149.7)     (435.3)
WESTERN UNION     W3U QT         8,365.4      (149.7)     (435.3)
WIDEOPENWEST INC  WOW US         2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WU5 GR         2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WU5 QT         2,494.7      (246.8)      (90.6)
WIDEOPENWEST INC  WOW1EUR EU     2,494.7      (246.8)      (90.6)
WINGSTOP INC      WING1EUR EU      188.5      (202.9)        7.6
WINGSTOP INC      WING US          188.5      (202.9)        7.6
WINGSTOP INC      EWG GR           188.5      (202.9)        7.6
WINMARK CORP      GBZ GR            59.9       (29.8)       29.9
WINMARK CORP      WINA US           59.9       (29.8)       29.9
WORKHORSE GROUP   WKHSEUR EU        44.2       (22.0)      (15.0)
WORKHORSE GROUP   WKHS US           44.2       (22.0)      (15.0)
WORKHORSE GROUP   1WO TH            44.2       (22.0)      (15.0)
WORKHORSE GROUP   1WO GZ            44.2       (22.0)      (15.0)
WORKHORSE GROUP   1WO GR            44.2       (22.0)      (15.0)
WW INTERNATIONAL  WW US          1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 GR         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 GZ         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WTW AV         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WTWEUR EU      1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 QT         1,633.7      (700.8)     (127.6)
WW INTERNATIONAL  WW6 TH         1,633.7      (700.8)     (127.6)
WYNDHAM DESTINAT  WD5 TH         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 GR         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 SW         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WYND US        7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WD5 QT         7,776.0      (891.0)    4,030.0
WYNDHAM DESTINAT  WYNEUR EU      7,776.0      (891.0)    4,030.0
XPRESSPA GROUP I  V9G TH            29.2        (3.7)      (10.7)
XPRESSPA GROUP I  V9G GR            29.2        (3.7)      (10.7)
XPRESSPA GROUP I  XSPA US           29.2        (3.7)      (10.7)
XPRESSPA GROUP I  V9G QT            29.2        (3.7)      (10.7)
XPRESSPA GROUP I  FHEUR EU          29.2        (3.7)      (10.7)
XPRESSPA GROUP I  V9G GZ            29.2        (3.7)      (10.7)
YUM! BRANDS -BDR  YUMR34 BZ      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR TH         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR GR         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM* MM        6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUMUSD SW      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR GZ         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM US         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM AV         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR TE         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUMEUR EU      6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   TGR QT         6,085.0    (8,229.0)      491.0
YUM! BRANDS INC   YUM SW         6,085.0    (8,229.0)      491.0



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***