/raid1/www/Hosts/bankrupt/TCR_Public/200716.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, July 16, 2020, Vol. 24, No. 197

                            Headlines

1116 MAPLE STREET: Case Summary & 20 Largest Unsecured Creditors
657-665 5TH AVENUE: Claimants Object to Disclosure Statement
78 AVENUE GLENDALE: Selling Substantially All Assets for $35K
ABUNDANT LIFE: Aug. 11 Plan Confirmation Hearing Set
ADAPTHEALTH CORP: S&P Assigns 'B+' ICR; Outlook Stable

ADAPTHEALTH LLC: Moody's Assigns Ba3 CFR, Outlook Stable
ADVANCED GREEN: July 22 Plan Confirmation Hearing Set
AMERICAN BLUE: LDL Buying 3 Restaurants & Related Assets for $300K
APPLIED ENERGETICS: 1st Quarter Results Cast Going Concern Doubt
ARADIGM CORP: Plan of Reorganization Confirmed by Judge

ARR INVESTMENTS: Bautista REO Objects to Second Amended Disclosure
ASHFORD HOSPITALITY: Egan-Jones Cuts Sr. Unsecured Ratings to B-
BAGELS N' CREAM: July 23 Plan & Disclosure Hearing Set
BEASLEY BROADCAST: Posts $8.8 Million Net Loss in First Quarter
BEEGE HOLDING: Case Summary & 2 Unsecured Creditors

BEESION TECHNOLOGIES: Case Summary & 14 Unsecured Creditors
BEN CLYMER'S: Case Summary & 20 Largest Unsecured Creditors
BHF CHICAGO: Sets Bidding Procedures for Substantially All Assets
BLUE DOLPHIN: Has $3.3M Net Loss for the Quarter Ended March 31
BLUEPOINT MEDICAL: Unsecured Creditors to Recover 5% Over 5 Years

BOEING COMPANY: Egan-Jones Lowers FC Sr. Unsecured Rating to BB+
BOISE CASCADE: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
BOULDER CAB: Seeks Court Approval to Hire Appraiser
BOULDER CAB: Seeks to Retain Kamer Zucker as Litigation Counsel
BRIDGEVIEW, IL: Fitch Affirms BB+ Rating on 2013A/2014A Bonds

BULLSEYE ENERGY: Seeks to Hire Brown Law Firm as Legal Counsel
CARMAX INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+
CARMEL MEDICAL: $5.1M Sale of Indianapolis Property to White Okayed
CARNIVAL CORP: Egan-Jones Lowers FC Senior Unsecured Rating to BB-
CARNIVAL CORP: Moody's Rates Second Lien Notes 'Ba1'

CARNIVAL CORP: S&P Rates New Senior Secured Notes 'BB+'
CLARKRANGE HUNTING: Court Approves the Disclosure Statement
CLARKRANGE HUNTING: Unsec. Creditors to Get Full Payment in 1 Year
CONSTELLATION BRANDS: Egan-Jones Lowers Sr. Unsec. Ratings to BB
COWBOY PUMPING: Proposes Auction Sale of Rolling Stock

CREATIVE REALITIES: Hikes Authorized Common Stock to 6M Shares
CSI COMPRESSCO: Moody's Hikes PDR to Caa1-PD, Outlook Stable
CURE PHARMACEUTICAL: Has $2.0M Net Income for March 31 Quarter
CYCLO THERAPEUTICS: Has $2.6MM Net Loss for March 31 Quarter
CYPRESS LAWN: Court Approves Disclosure Statement

DALLAS TRADING: Unsec. Creditors to Be Paid in Full in 90 Days
DARDEN RESTAURANTS: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
DESERT VALLEY STEAM: Aug. 18 Disclosure Statement Hearing Set
DOLPHIN ENTERTAINMENT: Posts $2.1M Net Income in First Quarter
DUNCAN MORGAN: Has Until Aug. 4 to File Plan & Disclosures

EPICOR HOLDINGS: S&P Affirms 'B-' ICR on Dividend Recapitalization
EPICOR SOFTWARE: Moody's Affirms B3 CFR on Dividend Announcement
EYEPOINT PHARMACEUTICALS: Appoints Jay Duker as CSSO
FREEPORT-MCMORAN INC: S&P Rates $800MM Senior Unsecured Notes 'BB'
GC EOS: S&P Rates New $240MM Senior Secured Notes 'CCC+'

GMS DINER: Sets Auction Procedures for All Assets
GRANITE CITY: Sale of Detroit Liquor License to Riverfront Approved
H&R BLOCK: Egan-Jones Lowers Senior Unsecured Ratings to BB+
HEALTHLYNKED CORP: Has $580,000 Net Loss for March 31 Quarter
HEART TO HEART: Plan of Reorganization Confirmed by Judge

HELIX TECHNOLOGIES: Amends Fixed Convertible Promissory Notes
HELMET CENTER: Aug. 18 Plan & Disclosure Hearing Set
HI-CRUSH INC: S&P Downgrades ICR to 'D' on Bankruptcy Filing
IBIO INC: Incurs $4.67 Million Net Loss in Third Quarter
IBIO INC: James Mullaney Steps Down as Chief Financial Officer

INUVO INC: Says Conditions Exist for Going Concern Doubt
J. HILBURN INC: Prepares to Exit Chapter 11 With New Owner
JAZZ IT UP: July 29 Plan Confirmation Hearing Set
JOSEPH T. RYERSON: Fitch Rates $500MM First Lien Notes 'B/RR5'
JOSEPH T. RYERSON: Moody's Rates New $500MM Secured Notes 'B3'

LAPLACE VETERINARY: July 21 Plan & Disclosure Hearing Set
LARRY B. WEINSTEIN: Herman Buying Spring Valley Property for $340K
LEAFBUYER TECHNOLOGIES: Has $1.0M Net Loss for March 31 Quarter
LIVING EPISTLES: Howard Buying Milwaukee Property for $350K
LSC COMMUNICATIONS: Covington Buying Philadelphia for $12.5M

MAINES PAPER: Lineage Providing $2M for GUC Fund for Plan
MARTIN MIDSTREAM: Launches Exchange Offer of Existing Notes
MARY MALONE: ColMat Buying Dallas Property for $1.9 Million
METHODIST UNIVERSITY: Fitch Cuts LongTerm IDR to 'BB'
MOTIV8 INVESTMENTS: Bagamaspad Buying L.A. Property for $580K

MOTO RIDE: Chapter 11 Case Dismissed
NAVIDEA BIOPHARMACEUTICALS: Has $2.7M Loss for March 31 Quarter
NCL CORP: Moody's Places Ba2 CFR on Review for Downgrade
NEW PLAN: Fitch Affirms CCC Rating on Series 2011A Bonds
NORTHERN OIL: Credit Facility Borrowing Base Reduced to $660M

OBLONG INC: EisnerAmper LLP Raises Substantial Going Concern Doubt
OWATONNA HOSPITALITY: Case Summary & 20 Top Unsecured Creditors
PALM BEACH: East Atlantic Buying Tangible Assets for $51K
PARKERVISION INC: Says Substantial Going Concern Doubt Exists
PARKINSON SEED: Plan Admin Proposes St. Anthony Property Auction

PATTERN ENERGY: S&P Rates $700MM Senior Unsecured Notes 'BB-'
PHUNWARE INC: Needs More Capital to Continue as a Going Concern
PINNACLE REGIONAL: Trustee's to Transfer Patient Records to MQ
PRECIPIO INC: CEO Adopts Trading Plan to Purchase Common Stock
PSP HAULING: Plan of Reorganization Confirmed by Judge

PULMATRIX INC: Phase 2a Clinical Study of Pulmazole Cancelled
ROBERT A. RYALS: Selling 120-Acre Sylacauga Property for $2.6K/Acre
ROCKPORT DEVELOPMENT: Affiliate Hires Force Ten, Appoints CRO
ROCKPORT DEVELOPMENT: Affiliate Taps Marshack Hays as Counsel
ROYAL CARIBBEAN: Moody's Puts Ba1 CFR on Review for Downgrade

RTW RETAILWINDS: Files Voluntary Chapter 11 Bankruptcy Petition
SCRIPPS (E.W.) COMPANY: Moody's Alters Outlook on B2 CFR to Stable
SERENDIPITY LABS: Case Summary & 20 Largest Unsecured Creditors
SOUTHERN FOODS: Selling All Remaining Equipment in Hayward for $1M
STL RENAISSANCE: Duncans Buying St. Louis Property for $115K

STM PROPERTIES: Rudd Buying Twinsburg Property for $875K
SUMMIT MIDSTREAM: SVP & General Counsel Will Depart Next Month
SUPER CALIDAD: Case Summary & 20 Largest Unsecured Creditors
SUSGLOBAL ENERGY: Has $755,000 Net Loss for March 31 Quarter
TITAN PHARMACEUTICALS: Says Substantial Going Concern Doubt Exists

TOWN SPORTS: Receives Noncompliance Notice from Nasdaq
TRILLION ENERGY: Has $1.7M Net Loss for the Year Ended Dec. 31
TTK RE ENTERPRISE: Allen Buying Egg Harbor City Property for $130K
TWA PROPERTIES: $300K Sale, Principal to Fund Plan
ULTRA PETROLEUM: Aug. 10 Plan Confirmation Hearing Set

UNIQUE VENTURES: Plan. Admin Selling Assets to Damon's for $125K
UNISYS CORP: S&P Upgrades ICR to 'B' on Improved Credit Measures
VERITAS FARMS: Has $11.1MM Net Loss for the Year Ended Dec. 31
WANSDOWN PROPERTIES: Enters $11.5M Sale Contract with FCF Beekman
WESLEY ENHANCED: Fitch Affirms BB Rating on 2017A/2017B Bonds

WESTWIND MANOR: Fellers Buying King's Creek Golf Club for $750K
[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

1116 MAPLE STREET: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: 1116 Maple Street, LLC
        2167 Rimcrest Drive
        Glendale, CA 91207

Business Description: 1116 Maple Street, LLC is a Single Asset
                      Real Estate debtor (as defined in 11 U.S.C.
                      Section 101(51B)).  It has 100% fee interest
                      in a property located at 1116 East Maple
                      Street, Glendale, CA 91205, valued by
                      the Debtor at $5 million.

Chapter 11 Petition Date: July 14, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-16362

Judge: Hon. Barry Russell

Debtor's Counsel: Jeremy W. Faith, Esq.
                  MARGULIES FAITH LLP
                  16030 Ventura Blvd., Suite 470     
                  Encino, CA 91436
                  Tel: (818) 705-2777
                  E-mail: Jeremy@MarguliesFaithLaw.com  

Total Assets: $5,057,759

Total Liabilities: $4,871,355

The petition was signed by Mihran Tcholakian, managing member.

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

                      https://is.gd/zz58V3


657-665 5TH AVENUE: Claimants Object to Disclosure Statement
------------------------------------------------------------
Angel Boruch and dozens of other claimants ("Claimants") object to
the Disclosure Statement concerning Plan of Liquidation for Debtor
657-665 5th Avenue, LLC filed by plan proponent Portfolio
Acquisition 4 2017, LLC.

The Claimants assert that:

  * The Plan Proponent provides that $50,000 of what it believes is
its secured claim shall be a general unsecured claim. There is no
explanation in the Disclosure Statement and Plan for such
classification and it is arbitrarily assigned. In the absence of
proper classification, the Plan cannot be confirmed.

  * Given the lack of consideration and the breadth of the proposed
release, creditors are compelled to question whether the Plan is
being proposed in good faith as required by Section 1129 of the
Bankruptcy Code. Such claims must be disclosed in the Disclosure
Statement or the release provision should be eliminated.

  * The Disclosure Statement provides no information whatsoever
concerning the value of the Property. There is not a single
appraisal, broker price opinion or cash flow projection for the
Property set forth in the Disclosure Statement.

  * The Disclosure Statement fails to disclose why an auction sale
is preferable to a more conventional sale process with a more
extensive marketing period which might yield a higher price and a
dividend to unsecured creditors.

   * The Claimants submit that if the Plan Proponent is permitted
to proceed with the Plan, an independent mortgage broker should be
selected who is tasked with maximizing the value of the Property.

   * The Disclosure Statement estimates that the general unsecured
creditors will receive $0 despite the fact that they are to receive
all proceeds of any Causes of Action and Avoidance Actions of the
Debtor's estate.

A full-text copy of the Claimants' objection to disclosure
statement, is available at https://tinyurl.com/yabf2keo from
PacerMonitor.com at no charge.

Attorneys for Claimants:

         BRONSTEIN, GEWIRTZ & GROSSMAN, LLC

            -and-

         NORRIS McLAUGHLIN, P.A.
         Melissa A. Pena

                    About 657-665 5th Avenue

657-665 5th Avenue LLC, a privately held company engaged in
activities related to real estate, sought protection under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 19-45884) on
Sept. 26, 2019.  At the time of the filing, the Debtor was
estimated to have assets of between $10 million and $50 million and
liabilities of the same range.  The case is assigned to Judge Carla
E. Craig.  Nutovic & Associates is the Debtor's counsel.


78 AVENUE GLENDALE: Selling Substantially All Assets for $35K
-------------------------------------------------------------
78 Avenue Glendale LLC (DE) asks the U.S. Bankruptcy Court for the
Southern District of Florida to authorize the sale of substantially
all of its assets consisting of the real property located at 58-41
78th Avenue, Ridgewood, New York, Tax ID Block 3569 Lot 55, Queens
County, New York, to Laura Delgado and Julio Reinoso, for $700,000,
with a down payment of $35,000, subject to overbid.

The Debtor determined that it would be in the best interest of its
creditors and its estate to maximize value of its assets through a
sale of substantially all of its assets.  Absent such a sale, the
Debtor would most likely achieve far less for creditors.

The Debtor and the Buyers executed a contract for the sale by the
Debtor, and the purchase by buyers of the Purchased Assets.  The
Purchased Assets are to be sold and the Debtor will convey the
Purchased Assets free and clear of any and all liens, claims, and
encumbrances except for certain liens and encumbrances which run
with the land.  The Buyers will pay the Purchase Price in
consideration for the Purchased Assets.  

The sale of the Purchased Assets, may be accomplished pursuant to
and in contemplation of the confirmation of a plan of
reorganization.  If sold in connection with a confirmed plan, the
Debtor asks that the making or delivery of an instrument or
instruments of transfer, any or all of which include the vesting,
transfer and/or the sale of any real or personal property or any
direct or indirect interest therein, not be taxed under any law
imposing any recording, registration, transfer or stamp tax or fee,
or any similar tax or fee, including any applicable transfer taxes
or fees, sales taxes, or mortgage recording taxes or fees.  

The Debtor asks that all Federal, state and local governmental
agencies or departments be directed to accept and abide by the
terms of the transfer tax exemption as set forth in connection with
any transfer of the Assets, including accepting any and all
documents and instruments necessary and appropriate to consummate
the transactions.

At the Sale Hearing, the Debtor will ask that the Court enter an
order waiving the 14-day stays set forth in Rules 6004(g) and
6006(d) of the Federal Rules of Bankruptcy Procedure and providing
that the orders granting the Sale Motion be immediately enforceable
and
that the closing under the Sale Agreements may occur immediately.

A copy of the Contract is available at https://tinyurl.com/ybo368jp
from PacerMonitor.com free of charge.
    
                   About 78 Avenue Glendale

78 Avenue Glendale LLC (DE) is a privately held company whose
principal assets are located at 58-41 78th Ave., Ridgewood, N.Y.
  
78 Avenue Glendale sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 20-15329) on May 14,
2020.  At the time of the filing, Debtor had estimated assets of
between $500,000 and $1 million and liabilities of between $1
million and $10 million.  Judge Laurel M. Isicoff oversees the
case.  Joel M. Aresty, P.A., is Debtor's legal counsel.



ABUNDANT LIFE: Aug. 11 Plan Confirmation Hearing Set
----------------------------------------------------
Craig A. Diehl on behalf of Debtor Abundant Life Outreach filed
with the U.S. Bankruptcy Court for the Middle District of
Pennsylvania a Disclosure Statement along with the Plan of
Reorganization on April 27, 2020.

On June 9, 2020, Judge Henry W. Van Eck approved the Disclosure
Statement and established these dates and deadlines:

   * July 20, 2020 is fixed as the last day for submitting written
acceptances or rejections of the plan.

   * July 20, 2020 is fixed as the last day for filing and serving
pursuant to Federal Rules of Bankruptcy Procedure 3020(b)(1)
written objections to confirmation of the plan.

   * July 27, 2020 is fixed as the last day to file with the Court
a tabulation of ballots accepting or rejecting the plan.

   * Aug. 11, 2020 at 9:30 AM in the Bankruptcy Courtroom, Third
Floor, The Ronald Reagan Federal Building, Third and Walnut
Streets, Harrisburg, Pennsylvania, is fixed for the hearing on
confirmation of the plan.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/y8lm8caf from PacerMonitor at no charge.

Attorneys for the Debtor:

     Craig A. Diehl, Esquire, CPA   
     LAW OFFICES OF CRAIG A. DIEHL
     3464 Trindle Road       
     Camp Hill, PA  17011       
     Tel: (717) 763-7613       
     Fax: (717) 763-8293       
     E-mail: cdiehl@cadiehllaw.com    

                  About Abundant Life Outreach

Abundant Life Outreach, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Pa. Case No. 19-04091) on Sept.
25, 2019.  In the petition signed by Anthony W. Sease, chief
executive officer, the Debtor was estimated to have assets ranging
between $500,001 and $1 million, and liabilities of the same
range.

On Nov. 6, 2019, the court ordered the dismissal of the Debtor's
case.  The case was reopened on Nov. 25, 2019.

Judge Henry W. Van Eck oversees the case.  

The Debtor tapped the Law Offices of Craig A. Diehl as its legal
counsel.


ADAPTHEALTH CORP: S&P Assigns 'B+' ICR; Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
AdapthHealth Corp. The outlook is stable. At the same time, S&P
assigned the 'B+' rating to the senior unsecured notes with a
recovery rating of '4', reflecting its expectation for average
recovery (30%-50%; rounded estimate: 45%) in the event of payment
default.

The company's strong position in the home medical equipment market
partially offsets its narrow business concentration in the
obstructive sleep apnea space, while its recent acquisitions
improve segment diversity.

AdaptHealth is one of the largest home medical equipment (HME)
providers in the U.S. The HME market is fragmented and growing at a
mid-single-digit percent rate, driven by an aging population and
increasing preference for in-home treatment from both patients and
payors. S&P expects AdaptHealth to benefit from these trends and
grow organically in line with the industry.

S&P's rating reflects some concentration in the sleep therapy
space. AdaptHealth offers equipment rental of continuous positive
airway pressure (CPAP) machines and sells related consumable
supplies such as masks. Although the recent acquisitions of Solara
and ActivStyle improve product diversification, sleep therapy
continues to represent a significant portion of revenues,
accounting for 33% of projected 2020 sales compared with 44% before
the acquisitions.

One of the company's biggest competitive advantages is its
technology-driven infrastructure that, in S&P's view, increases
efficiency through order accuracy, automation of complex processes,
and enhancement of communication with referral sources. The
technology-driven platform also helps lay the groundwork for more
connected health solutions, further strengthening its value
proposition to payors and patients. S&P believes the company's
ability to leverage its technology platform helps to reduce costs
and improve operational efficiency, offsetting some of the
reimbursement pressure on profitability.

AdaptHealth's business model relies on referral sources from
acute-care hospitals, sleep laboratories, skilled nursing
facilities, etc., to drive market share gain. It benefits from a
diversified network of referral sources and has maintained
long-tenured relationships with top referral sources for more than
10 years on average. The diversity of the company's product
offering that satisfies the multiple needs of chronically ill
patients supports the long-standing relationship with referral
sources.

The rating agency expects the COVID-19 pandemic to have limited
impact on the company's operations.

S&P expects COVID-19 to have a relatively small impact, limited to
a possible slowdown in new orders for CPAP machines as the initial
set up involves a visit to physician office. It also expects a
modest impact in other product categories resulting from reduced
elective procedures. However, S&P believes the increased supplies
sales can somewhat offset this decline. The rating agency expects
the increase to be driven by patients' greater awareness of keeping
their supplies clean and hygienic, and from marketing calls to
remind patients to reorder supplies. Additionally, patients
suffering from sleep apnea will likely adhere to their treatment
plans, and COVID-19 increases demand for oxygen and certain
respiratory products.

Reimbursement pressure remains a key risk.

Pro forma for the recent acquisitions, AdapthHealth derives about
42% of its revenue from Medicare and various state-based Medicaid
programs. S&P thinks it's possible certain positive airway pressure
(PAP) supplies could incur a 10%-20% rate reduction beginning 2021
due to competitive bidding process. For this and other potential
adverse government rate changes, S&P expects reimbursement risk
will continue to pressure EBITDA margins, although the rating
agency believes the company can minimize the risk through its
efforts to improve cost efficiencies in various ways such as in
purchasing.

Private third-party payors also pose reimbursement risk because
they may follow Medicare fee schedules. In addition, CMS has
recommended replacement frequency schedule for patients getting
CPAP re-supply. AdaptHealth's revenue and profitability could be
affected in the event these reorder supply guidelines are revised.

While S&P expects the company's to generate around $50 million in
free operating cash flow in 2020, the rating agency thinks the
company's acquisitive growth strategy will pose integration risk
and cause adjusted leverage to remain between 4x-5x.

AdapthHealth's acquisition-driven growth strategy is very
aggressive--it completed over 60 acquisitions since its inception
in 2012. The size of the acquisitions have increased as evidenced
by the recent acquisitions of Solara and ActivStyle in early July
2020 and Patient Care Solutions (PCS) from McKesson (HME supplies)
in January 2020.

"Given its concentration in the sleep therapy market and the need
to grow in scale to stay competitive, we expect the company to
remain acquisitive. We expect future acquisitions to be at least
partially funded with debt, thus keeping leverage in the 4x area.
The type of businesses it acquires and its ability to grow
profitability of the lower-margin acquired business through better
efficiencies and cross-selling opportunities will also affect the
deleveraging pace," S&P said.

"At the same time, we expect the company to generate about $50
million of free operating cash flow in 2020, increasing to about
$65 million to $70 million in 2021. We expect the company to
successfully balance the ability to generate solid cash flow with
the high capital investment requirements of the patient equipment
rental business," the rating agency said.

The stable outlook reflects mid-single-digit organic growth,
adjusted leverage between 4x-5x, free cash flow generation of $50
million, and limited impact from the COVID-19 pandemic.

"We could consider a downgrade if we believe adjusted leverage will
be maintained above 5x. This could happen if it adopts an
acquisition growth strategy that is more aggressive than we
expected. We could also downgrade the company if it fails to
properly integrate and improve the profitability of the acquired
businesses, or if reimbursement pressure is more pronounced with
likely or actual rate cuts such that EBITDA margin declines by 250
basis points or more than our base-case projection or adjusted free
operating cash flow to debt falls below 5%," S&P said.

"Although unlikely over the next 12 months, we could consider an
upgrade if we believe adjusted leverage can be sustained at 3.5x or
below. We also expect the scale to grow such that it can somewhat
mitigate reimbursement risk," the rating agency said.


ADAPTHEALTH LLC: Moody's Assigns Ba3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned a first-time Ba3 Corporate
Family Rating and Ba3-PD Probability of Default Rating to
AdaptHealth LLC, a subsidiary of AdaptHealth Corp. Moody's also
assigned a B1 rating to AdaptHealth's offering of $300 million
senior unsecured bonds as well as a SGL-1 Speculative Grade
Liquidity rating. The outlook is stable.

Proceeds from the bond offering as well as a new (unrated) $232
million term loan will be used to refinance existing debt, a
portion of which was used to fund recent acquisitions. The B1
rating assigned to the senior unsecured bonds reflects their
structural subordination to the secured debt in the company's
capital structure, comprised of a $175 million (unrated) revolving
credit facility and the $232 million term loan. The bonds benefit
from loss absorption provided by approximately $144 million of
unrated debt issued by AdaptHealth LLC's indirect parent company,
which does not have any guarantee from operating entities and is
therefore structurally subordinated to the proposed bond.

Ratings assigned:

Issuer: AdaptHealth, LLC

Probability of Default Rating, Assigned Ba3-PD

Speculative Grade Liquidity Rating, Assigned SGL-1

Corporate Family Rating, Assigned Ba3

Senior Unsecured Regular Bond/Debenture, Assigned B1 (LGD4)

Outlook Actions:

Issuer: AdaptHealth, LLC

Outlook, Assigned Stable

RATING RATIONALE

AdaptHealth's Ba3 Corporate Family Rating reflects the company's
moderate scale in the provision of home healthcare equipment and
related supplies in the United States with pro-forma revenues of
approximately $1 billion. The company focusses on a broad range of
patient needs including sleep, home medical equipment, diabetes and
respiratory products, the majority of which relate to chronic
medical conditions with high levels of recurring revenues.
AdaptHealth is somewhat concentrated in sleep related products
which are approximately 33% of pro forma revenue, as well as a
geographic concentration in the New York and middle-Atlantic
region. Moody's estimates pro-forma debt/EBITDA is moderately high
at approximately 4.8 times on a basis that deducts patient capital
expenditures from EBITDA. The ratings are constrained by Moody's
expectations AdaptHealth will remain acquisitive.

The outlook is stable. Moody's expects the company will continue to
execute a growth strategy that relies on acquisitions, though
AdaptHealth will continue its track record of successful
acquisition integration. Moody's expects AdaptHealth will maintain
moderate leverage, with credit metrics that may temporarily rise
because of acquisitions.

The SGL-1 Speculative Grade Liquidity rating reflects the company's
very good liquidity profile. Cash balances are approximately $173
million on a proforma basis and Moody's expects the company will
fund all basic cash obligations from internal sources over the next
12 to 18 months. The company has a $175 million revolving credit
facility which Moody's expects will remain substantially unused.
The company's secured term loan agreements are subject to maximum
leverage and minimum fixed charge covenants which have ample
headroom.

Social considerations are a factor in AdaptHealth's ratings.
Medical device companies face moderate social risk overall.
However, they regularly encounter elevated elements of social risk,
including responsible production as well as other social and
demographic trends. Medical device companies will generally benefit
from demographic trends, such as the aging of the populations in
developed countries. That said, increasing utilization may pressure
payors, including individuals, commercial insurers or governments
to seek to limit use and/or reduce prices paid. Moody's expects
AdaptHealth will benefit from demographic trends that will drive
higher utilization of products distributed by the company, such as
respiratory, sleep apnea and diabetes. Many of the products
distributed by AdaptHealth are subject to competitive bid
requirements by regulators and could pressure pricing, though this
risk is mitigated by the company's diversity by product line.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's expects the near-term impact from the
coronavirus outbreak to be manageable as the significant majority
of its products are used at-home for chronic medical conditions.

From a governance perspective, the ratings reflect Moody's
expectations that AdaptHealth's will continue to prioritize
acquisitions consistent with its stated longer-term growth
objectives. At the same time the company has articulated a moderate
target leverage ratio of debt/EBITDA of approximately 3 times (or
approximately 4.2x as adjusted by Moody's, if patient capital
expenditures are deducted from EBITDA).

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

Ratings could be upgraded if the company sustains debt/EBITDA below
4 times (after deducting patient equipment capital expenditures
from EBITDA) while maintaining a good liquidity profile and a
sustained track record of successful acquisition integration.
Further diversification by payor, product and geography, and
increased scale, would also be positive credit factors over time.

Ratings could be downgraded if the company is unable to
successfully integrate acquisitions or if financial policies became
more aggressive. Quantitatively ratings could be downgraded if the
company sustains debt/EBITDA above 5 times (after deducting patient
equipment capital expenditures from EBITDA) or if liquidity
erodes.

Headquartered in Plymouth Meeting, PA, AdaptHealth is a provider of
home healthcare equipment and medical supplies to the home and
related services in the United States. The company's products cover
a range of products to address chronic conditions such as sleep
therapies, oxygen and related therapies in the home and other home
medical devices and supplies needed by chronically ill patients
with diabetes, wound care, urology, ostomy and nutrition supply
needs. AdaptHealth services over 1.7 million patients annually
through a network of 247 locations in 40 states on a pro-forma
basis. Revenues, pro-forma for recent acquisitions, exceed $1
billion.

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


ADVANCED GREEN: July 22 Plan Confirmation Hearing Set
-----------------------------------------------------
Debtors Advanced Green Innovations, LLC, et al., DIP lender CH4
Power, LLC, and the Ad Hoc Committee of Certain Creditors filed a
motion for an order approving the adequacy of the First Amended
Disclosure Statement in Support of Chapter 11 Plan of
Reorganization Jointly Proposed by the Debtors, CH4 Power, LLC and
the Ad Hoc Committee of Certain Creditors.

On June 9, 2020, Judge Madeleine C. Wanslee approved the relief
requested in the Motion and ordered that:

   * The Disclosure Statement is approved as containing adequate
information under Bankruptcy Code § 1125(b).

   * July 22, 2020 at 10:00 a.m. Arizona time, Courtroom No. 702,
230 N. 1st Ave., Phoenix, AZ is the hearing on confirmation of the
Plan.

   * July 15, 2020, is the deadline for any objections to
confirmation of the Plan.

   * July 15, 2020, is the deadline for Creditors to submit ballots
accepting or rejecting the Plan.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/y9b2bjft from PacerMonitor at no charge.

                About Advanced Green Innovations

Advanced Green Innovations LLC and its subsidiaries are clean
energy companies developing and commercializing an array of green
technologies.

Advanced Green Innovations, LLC, ZHRO Power, LLC, and ZHRO
Solutions, LLC sought Chapter 11 protection (Bankr. D. Ariz. Case
No. 19-11766, 19-11768, and 19-11771) on Sept. 16, 2019.

In the petitions signed by Terry Kennon, president, Advanced Green
and ZHRO Solutions were each estimated to have up to $50,000 in
assets and $1 million to $10 million in liabilities.  ZHRO Power
was estimated to have up to $50,000 in assets and $10 million to
$50 million in liabilities.

The Debtors tapped Michael W. Carmel, Ltd. as their bankruptcy
counsel; and Jaburg & Wilk, P.C. and Marshall, Gerstein & Borun LLP
as their special counsels.

CH4 Power, LLC, the DIP Lender, and the ad hoc committee of
creditors are represented by Stinson LLP.

The Office of the U.S. Trustee appointed creditors to serve on the
official committee of unsecured creditors on Oct. 28, 2019.  The
committee is represented by Engelman Berger, P.C. as its legal
counsel.


AMERICAN BLUE: LDL Buying 3 Restaurants & Related Assets for $300K
------------------------------------------------------------------
American Blue Ribbon Holdings, LLC and its affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the
private sale of assets generally described as (I) three separate
Village Inn® restaurants as follows: (a) 1995 West Lumsden Rd.,
Brandon, FL 33511 (Restaurant #1); (b) 22601 State Road 54, Land
O'Lakes, FL 34639 (Restaurant #2); and (c) 10293 Big Bend Rd.,
Riverview, FL 33579 (Restaurant #3); and (II) all tangible assets
that are directly related to and used in connection with the
Restaurants including real property leases, leasehold improvements,
furniture, fixtures, restaurant equipment, transferable business
licenses, and food and beverage inventory, to LDL Holdings, Inc.
for $300,000 cash, plus the assumption of the Assumed Liabilities.

The Debtors' business consists of three brands: (i) Village Inn,
(ii) Bakers Square, and (iii) Legendary Baking. Founded in 1958 and
1969, respectively, Village Inn and Bakers Square are full-service
sit-down family dining restaurant concepts ("Family Dining
Business") that feature a variety of menu items for all meal
periods.  As of the Petition Date, in connection with the Family
Dining Business, the Debtors operated 97 restaurants in 13 states,
franchised 84 Village Inn restaurants, and maintained an e-commerce
presence as well.

Legendary Baking is the Debtors' manufacturing operation that
produces pies in two Debtor-owned production facilities.  It
provides those pies to the Family Dining Business for sale in
Village Inn and Bakers Square restaurants while also selling pies
to other restaurants, independent bakers, and customers.  In
connection therewith, the Debtors own and operate two bakery
facilities located in Oak Forest, Illinois and Chaska, Minnesota,
and lease a cold storage distribution center located in Chicago,
Illinois.

The Debtors' revenues are primarily derived from restaurant sales,
bakery operations, and franchise fees and sales royalties. As
discussed in detail in the First Day Declaration, in the ordinary
course of business, the Debtors engage in certain affiliate
transactions with their non-debtor parent, ABRH, LLC, including
relying on employees provided by ABRH via a contract staffing
arrangement, as well as on numerous support services that are
provided by ABRH and shared among the Debtors' businesses and
non-debtor affiliates' restaurant brands.

By the Sale Motion, the Debtors respectfully ask the entry of a
Sale Order (a) authorizing and approving the sale of certain of the
Debtors' assets free and clear of all liens, claims, encumbrances,
and other interests, and (b) authorizing the assumption and
assignment of unexpired leases of associated real property in
connection therewith.  The Assets are more particularly described
in the Refranchising Asset Purchase Agreement.

The material terms of the Purchase Agreement are:

     a) Sale of Assets: The Debtors are seeking approval for the
sale of the Assets to Purchaser by private sale for the
consideration and upon the terms and conditions set forth in the
Purchase Agreement.

     b. Free of Any and All Encumbrances: The sale will be free and
clear of all encumbrances and interests, with such encumbrances to
attach to the net proceeds of the sale.

     c. Indemnification: The Purchase Agreement does not provide
for the Debtors to indemnify the Purchaser.

     d. Consent to Jurisdiction: The Debtors and the Purchaser have
agreed that any dispute under the Purchase Agreement will be
submitted to the Court.

     e. The Purchaser is currently a franchisee of the Debtors.

The Debtors are asking approval for a proposed sale of the
Purchased Assets to the Purchaser by private sale free and clear of
all encumbrances and interests for the consideration and upon the
terms and conditions set forth in the Purchase Agreement.

The Purchase Agreement provides that the closing will take place
through electronic transfer of documents, emanating from the
Seller's and the Buyer's respective headquarters at 9:00 a.m.
(local time) on July 1, 2020, or at such other date and time as
Buyer and Seller may mutually agree in writing.

The Purchase Agreement does not address the use of proceeds
generated from the proposed sale.  All proceeds will be distributed
pursuant to the Final Order Pursuant to 11 U.S.C. Sections 105,
362, 363, 364, 503 and 507 and Fed. R. Bankr. P. 2002, 4001, 6004
and 9014 (I) Authorizing Debtors to Obtain Senior Secured,
Superpriority, Postpetition Financing, (II) Granting Liens and
Superpriority Claims, (III) Modifying the Automatic Stay, and (IV)
Granting Related Relief or as otherwise ordered by the Court.

The Debtors are asking to sell the assets free and clear of
successor liability claims that do not constitute Assumed
Liabilities.  They are not asking to sell the Assets free and clear
of any unexpired leasehold interests.  

The Purchase Agreement does not contemplate a right to credit bid.


The assumption and assignment of the unexpired leases by the
Debtors satisfies the business judgment standard and the
requirements of Section 365 of the Bankruptcy Code.  The assumption
and assignment of the Unexpired Leases is necessary for the
Purchasers to operate the Restaurants going forward, and upon
consummation of the sale of the Assets, the Debtors will no longer
have any use for the Unexpired Leases.

Pursuant to Local Rule 6004-1(b)(iv)(O), the Debtors ask that the
Court waives the 14-day stay period under Bankruptcy Rule 6004(h).
Timely consummation of the sale of the Assets is of critical
importance to both the Debtors and the Purchaser and the Debtors'
efforts to maximize the value of the estates.

A copy of the Contract is available at https://tinyurl.com/ybww2kal
from PacerMonitor.com free of charge.

A hearing on the Motion was set for July 13, 2020 at 11:00 a.m.
(ET).  The objection deadline is June 26, 2020 at 4:00 p.m. (ET).

                 About American Blue Ribbon

Based in Nashville, Tennessee, American Blue Ribbon Holdings, LLC
-- http://www.americanblueribbonholdings.com/-- operates two
distinct regional family dining restaurant brands -- Village Inn
and Bakers Square, as well as a bakery operation, Legendary
Baking.
Founded in 1958 and 1969, respectively, Village Inn and Bakers
Square are full-service sit-down family dining restaurant concepts
that feature a variety of menu items for all meal periods.  As of
the Petition Date, in connection with the family dining business,
the Debtors operate 97 restaurants in 13 states, franchise 84
Village Inn restaurants, and maintain an e-commerce presence as
well.  Legendary Baking is the Debtors' manufacturing operation
that produces pies in two Debtor-owned production facilities.
Legendary Baking provides those pies to the Family Dining Business
for sale in Village Inn and Bakers Square restaurants while also
selling pies to other restaurants, independent bakers, and
customers.

American Blue Ribbon Holdings and four affiliates – (1)
Legendary
Baking, LLC, (2) Legendary Baking Holdings, LLC, (3) Legendary
Baking of California, LLC, and (4) SVCC, LLC - each filed Chapter
11 petitions (Bankr. D. Del. Lead Case No. 20-10161) on January
27,
2020.

As of the Petition Date, American Blue Ribbon Holdings estimated
between $100 million and $500 million in assets and between $50
million and $100 million in liabilities.  The petitions were
signed
by Kurt Schnaubelt, chief financial officer.

Judge Laurie Selber Silverstein is assigned to the cases.

Young Conaway Stargatt & Taylor, LLP and KTBS LAW LLP represent
the
Debtors as counsel.  Epiq Corporate Restructuring, LLC is the
Debtors' claims and noticing agent.



APPLIED ENERGETICS: 1st Quarter Results Cast Going Concern Doubt
----------------------------------------------------------------
Applied Energetics, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $1,265,091 on $10,000 of revenue for the
three months ended March 31, 2020, compared to a net loss of
$586,155 on $0 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,986,662,
total liabilities of $5,619,212, and $2,632,550 in total
stockholders' deficit.

The Company said, "For the three months ended March 31, 2020, the
company incurred a net loss of approximately $1,265,000, had
negative cash flows from operations of $787,000 and may incur
additional future losses due to the reduction in Government
contract activity.  Additionally, as of March 31, 2020, the company
had a working capital deficit of $3,622,000.  These matters raise
substantial doubt as to the company's ability to continue as a
going concern.  The ongoing COVID-19 pandemic contributes to this
uncertainty.

"The company's existence is dependent upon management's ability to
develop profitable operations.  Management is devoting
substantially all of its efforts to developing its business and
raising capital and there can be no assurance that the company's
efforts will be successful.  No assurance can be given that
management's actions will result in profitable operations or the
resolution of its liquidity problems.  The accompanying
consolidated financial statements do not include any adjustments
that might result should the company be unable to continue as a
going concern for one year from the date the financials are
issued.

"In order to improve the company's liquidity, the company's
management is actively pursuing additional equity financing through
discussions with investment bankers and private investors.  There
can be no assurance that the company will be successful in its
effort to secure additional equity financing."

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

                       https://is.gd/jRvCsX

Applied Energetics, Inc., engages in the development, manufacture,
and sale of high-performance lasers, high voltage electronics,
advanced optical systems, and integrated guided energy systems for
defense, aerospace, industrial, and scientific customers worldwide.
The company was founded in 1990 and is based in Tucson, Arizona.



ARADIGM CORP: Plan of Reorganization Confirmed by Judge
-------------------------------------------------------
Judge William J. Lafferty, III, has entered findings of fact,
conclusions of law and order approving the Disclosure Statement and
confirming the Modified Combined Chapter 11 Plan of Reorganization
of Aradigm Corporation.

The Liquidating Trust Agreement attached to the Modified Plan is
approved.

A full-text copy of the plan dated June 12, 2020, is available at
https://tinyurl.com/ybkgjvdz from PacerMonitor at no charge.

The Debtor is represented by:

          JEFFER MANGELS BUTLER & MITCHELL LLP
          Bennett G. Young
          Two Embarcadero Center, 5th Floor
          San Francisco, California 94111-3813
          Telephone: (415) 398-8080
          Facsimile: (415) 398-5584
          E-mail: byoung@jmbm.com

                    About Aradigm Corporation

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 decade, 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.


ARR INVESTMENTS: Bautista REO Objects to Second Amended Disclosure
------------------------------------------------------------------
Creditor BAUTISTA REO U.S., LLC, objects to the Second Amended
Disclosure Statement for ARR Investments, Inc., et al.

BAUTISTA REO claims that:

   * The Amended Disclosure Statement does not contain adequate
information that will enable any creditor, much less a hypothetical
investor typical of the holder of claims in the case, to make an
informed decision about the Plan.

   * In the treatment of the Class 14 Unsecured Claims, there is no
estimate of the amount of the Class 14 Unsecured Claims. In
addition, there is no explanation as to how the deficiency claims
of Bautista will be estimated for purposes of escrowing funds and
estimating the pro rata amount to be escrowed for potential
distribution to Bautista.

   * The Debtor does not provide any financial projections. Without
the projections, it is impossible to determine whether funds from
the Debtors will be sufficient cash flow to make its Plan payments,
with or without the cash flow from operations of the collateral
securing the Class 1 Claim and the Class 2 Claim.

   * The Amended Disclosure Statement also does not include a
liquidation analysis. A liquidation analysis is an essential part
of any disclosure statement.

A full-text copy of Bautista's objection to amended disclosure
statement dated June 9, 2020, is available at
https://tinyurl.com/ybjusz9d from PacerMonitor at no charge.

Attorneys for Creditor:

        Denise D. Dell-Powell, Esquire
        Dean, Mead, Egerton, Bloodworth,
           Capouano & Bozarth, P.A.
        420 S. Orange Avenue, Suite 700
        Orlando, Florida 32801
        Tel: (407) 428-5176
        Fax: (407) 423-1831
        E-mail: ddpowell@deanmead.com

                      About ARR Investments

ARR Investments, Inc., and its subsidiaries --
http://www.arr-learningcenters.com/-- offer learning centers for
infants, toddlers, preschoolers and Voluntary Pre-Kindergarten in
Orlando, Florida. The Learning Centers provide computer labs;
dance, yoga, music classes; aerobics; foreign language instruction;
before/after school transportation; certified lifeguard and safety
instructor for swim lessons and play; and mini-camp breaks and
summer camp.
   
ARR Investments and three of its subsidiaries filed voluntary
petitions seeking relief under Chapter 11 of the Bankruptcy
Code(Bankr. M.D. Fla. Lead Case No. 19-01494) on March 8, 2019. The
petitions were signed by Alejandrino Rodriguez, president.  At the
time of filing, the Debtors were estimated to have under $10
million in both assets and liabilities.  Jimmy D. Parrish, Esq., at
Baker & Hostetler LLP, serves as the Debtors' counsel.


ASHFORD HOSPITALITY: Egan-Jones Cuts Sr. Unsecured Ratings to B-
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by, Ashford Hospitality Trust Inc. to B- from B.

Headquartered in Dallas, Texas, Ashford Hospitality Trust Inc. is a
real estate investment trust (REIT) focused on investing
predominantly in upper upscale, full-service hotels.



BAGELS N' CREAM: July 23 Plan & Disclosure Hearing Set
------------------------------------------------------
On June 8, 2020, Bagels N' Cream, LLC filed with the U.S.
Bankruptcy Court for the District of New Jersey a Disclosure
Statement and Plan.

On June 9, 2020, Judge Michael B. Kaplan conditionally approved the
Disclosure Statement and established these dates and deadlines:

    * July 16, 2020, is fixed as the last day for filing and
serving written objections to the Disclosure Statement and
confirmation of the Plan.

    * July 16, 2020, is fixed as the last day for filing written
acceptances or rejections of the Plan.

    * July 23, 2020, at 10:00 am at 402 East State Street, Trenton,
New Jersey 08608, Courtroom is the hearing for final approval of
the Disclosure Statement (if a written objection has been timely
filed) and for confirmation of the Plan.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/y8d4cf93 from PacerMonitor at no charge.

                     About Bagels N' Cream

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

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


BEASLEY BROADCAST: Posts $8.8 Million Net Loss in First Quarter
---------------------------------------------------------------
Beasley Broadcast Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q, reporting
a net loss attributable to the company's stockholders of $8.84
million on $57.65 million of net revenue for the three months ended
March 31, 2020, compared to net income attributable to common
stockholders of $1.35 million on $57.69 million of net revenue for
the three months ended March 31, 2019.

As of March 31, 2020, the Company had $748.66 million in total
assets, $474.28 million in total liabilities, and $274.38 million
in total equity.

Commenting on the financial results, Caroline Beasley, chief
executive officer, said, "During the first quarter, the broadcast
industry experienced a rapid deterioration in market conditions
brought on by the onset of the COVID-19 pandemic, which resulted in
a significant decline in commercial advertising revenue in March.
Despite these challenges, first quarter net revenue was $57.7
million, primarily reflecting strong performance across our station
clusters in seven markets during the months of January and February
driven by robust political ad spending and contributions from
WDMK-FM, as well as significant growth in digital and esports
revenue.  However, our top-line growth was not able to fully offset
the acute challenges brought on by the COVID-19 pandemic during the
three-month period, resulting in a year-over-year decline in first
quarter SOI and Free Cash Flow.

"During the first quarter, we continued to advance our digital
transformation and revenue diversification initiatives across the
Company.  In this regard, Beasley generated digital revenue growth
of approximately 49% on a year-over-year basis, with digital
accounting for approximately 9% of total first quarter revenue,
compared to 6% of total revenue in the prior year period.  In
addition, Beasley launched the first major esports event featuring
the Houston Outlaws, which the Company acquired in November 2019,
securing several new sponsorships as the team began competing in
Blizzard Entertainment's Overwatch League matches in February.
With our focus on quality content production and consumer
engagement, we are growing audience share across our digital and
esports platforms while delivering multi-platform turnkey marketing
solutions to advertisers and brands. Overall, we are pleased with
the momentum and trajectory of these digital and esports
initiatives, which have been less impacted by COVID-19, and look
forward to this growth trend continuing throughout the remainder of
the year and beyond.

"Since the nationwide COVID-19 outbreak, we implemented immediate
actions to adapt our business to protect our employees and preserve
liquidity in order to best position the Company, our stations, our
digital operations, and our esports interests for renewed long-term
success.  In this regard, we have quickly implemented several
changes across the Company including reducing operating expenses
and corporate overhead, decreasing selling, general and
administrative costs and realigning our company-wide cost structure
to preserve cash.

"Beasley expects these actions to reduce total annual operating
expenses by approximately $21 million compared to full year 2019
levels, to offset the reduction in traditional advertising revenue
that has occurred as a result of the pandemic.  Notably, while
mandated stay at home orders severely impacted advertising revenue
in March, April, and May, we have seen recent increases in
advertising activity in markets that have re-opened, with May
advertising revenues ahead of April, and bookings for June, as of
today, already exceeding May's results.

"In addition to our company-wide cost cutting initiatives, Beasley
is committed to using every resource available to support our
balance sheet and capital structure.  In this regard, as previously
announced, we are working with our credit facility lenders to
obtain an amendment that will provide the financial flexibility we
need in this challenging environment to prepare our business for
the full re-opening of the economy.  During the first quarter, we
drew $7.5 million against our revolver and used cash from
operations to make scheduled debt repayments of approximately $3.0
million and ended March 31, 2020 with total outstanding debt of
$267 million.  In addition, the Board of Directors has suspended
future quarterly dividends until the significant uncertainty of the
current situation has passed and it is determined that resumption
of dividend payments is in the best interest of the Company's
shareholders.

"Beasley Broadcast Group takes our commitment to the communities we
serve very seriously, and our mission, as it always has been for
nearly six decades as broadcasters, is to deliver high-quality,
premium local content and critical safety information to our
listeners across all traditional and digital media platforms. Now,
more than ever, people need a trusted, relied upon source of news
and entertainment that connects them to their local communities,
and I am proud of our teams for their perseverance in upholding
this commitment despite the unique and evolving challenges facing
the country now.

"We believe our strong local radio and digital platform and
competitive positions in our markets combined with the experience
of our team and the actions we are taking to reduce costs and
support our balance sheet and liquidity position will be key
factors in our ability to recover from this crisis.  Looking ahead,
we remain focused on our strategic priorities of realizing synergy
targets, reducing debt and leverage, taking advantage of political
revenue opportunities and benefiting from our esports investments
and operations.  While we cannot predict the duration of the
COVID-19 pandemic's impact on our operations, Beasley intends to
continue to actively manage our business to best position the
Company for the future, with the goal of delivering exceptional
content and services to our listeners, advertisers, online users
and esports fans, while creating new value for our shareholders
including through our revenue diversification initiatives, which
are creating new opportunities for future growth."

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

                      https://is.gd/4LoN4w

                 About Beasley Broadcast Group

Beasley Broadcast Group, Inc., (www.bbgi.com) owns and operates 64
stations (47 FM and 17 AM) in 15 large- and mid-size markets in the
United States.  Approximately 19 million consumers listen to
Beasley radio stations weekly over-the-air, online and on
smartphones and tablets, and millions regularly engage with the
Company's brands and personalities through digital platforms such
as Facebook, Twitter, text, apps and email.  Beasley recently
acquired a majority interest in the Overwatch League's Houston
Outlaws esports team and owns BeasleyXP, a national esports content
hub.  For more information, please visit www.bbgi.com.

                            *   *   *

As reported by the TCR on April 30, 2020, S&P Global Ratings
lowered the issuer credit rating on Beasley Broadcast Group Inc. to
'CCC+' from 'B'.  "The negative outlook reflects our view that
Beasley will need to obtain a waiver from its lenders to avoid
breaching its covenants in 2020 as economic weakness from the
COVID-19 outbreak reduces advertising revenue and elevates
leverage.  It also reflects our expectation that the company will
face elevated refinancing risks over the next two to three years,"
S&P said.


BEEGE HOLDING: Case Summary & 2 Unsecured Creditors
---------------------------------------------------
Debtor: BeeGe Holding Corp.
        1 East Broward Boulevard, Suite 1101
        Fort Lauderdale, FL 33301

Chapter 11 Petition Date: July 15, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 20-17683

Judge: Hon. Paul G. Hyman, Jr.

Debtor's Counsel: Jacqueline Calderin, Esq.
                  AGENTIS PLLC
                  55 Alhambra Plaza
                  Suite 800
                  Coral Gables, FL 33134
                  Tel: 305-722-2002
                  Email: jc@agentislaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Maria Yip, chief restructuring officer.

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

                     https://is.gd/IVZNuh


BEESION TECHNOLOGIES: Case Summary & 14 Unsecured Creditors
-----------------------------------------------------------
Debtor: Beesion Technologies, LLC
        1 E. Broward Boulevard
        Suite 1101
        Fort Lauderdale, FL 33301

Business Description: Beesion Technologies, LLC --
                      www.beesion.com -- provides computer
                      systems design and related services.
                      It offers more than 30 low-code applications

                      to help telecom companies manage, monetize,
                      and monitor their services, and to help with
                      their omnichannel digital transformation.
                      Applications can be deployed on cloud or on-
                      premise, in a carrier-grade microservices
                      distributed architecture.

Chapter 11 Petition Date: July 15, 2020

Court: United States Bankruptcy Court
       Southern District of Florida

Case No.: 20-17684

Judge: Hon. Scott M. Grossman

Debtor's Counsel: Jacqueline Calderin, Esq.
                  AGENTIS PLLC
                  55 Alhambra Plaza
                  Suite 800
                  Coral Gables, FL 33134
                  Tel: 305-722-2002
                  Email: jc@agentislaw.com

Total Assets as of July 13, 2020: $1,878,963

Total Liabilities as of July 13, 2020: $3,471,786

The petition was signed by Maria Yip, chief restructuring officer.

A copy of the petition containing, among other items, a list of the
Debtor's 14 unsecured creditors is available for free at
PacerMonitor.com at:

                       https://is.gd/ffSzmK


BEN CLYMER'S: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Ben Clymer's The Body Shop Perris Inc.
        12203 Magnolia Ave
        Riverside, CA 92503

Business Description: Ben Clymer's The Body Shop Perris Inc. --
                      is an auto body repair and painting company
                      offering, among other services, unibody &
                      frame repair, glass repair, dent removal,
                      paintless dent removal, paint matching on
                      site, chip & scratch repair, and buffing &
                      polishing.

Chapter 11 Petition Date: July 15, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-14798

Debtor's Counsel: Robert M. Yaspan, Esq.
                  LAW OFFICES OF ROBERT M. YASPAN
                  21700 Oxnard Street, Suite 1750
                  Woodland Hills, CA 91367
                  Tel: 818-905-7711
                  Email: ryaspan@yaspanlaw.com

Total Assets: $2,838,204

Total Liabilities: $6,874,527

The petition was signed by Randolph B. Clymer, chief executive
officer.

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

                     https://is.gd/cb8TyG


BHF CHICAGO: Sets Bidding Procedures for Substantially All Assets
-----------------------------------------------------------------
BHF Chicago Housing Group B, LLC, asks the U.S. Bankruptcy Court
for the Northern District of Illinois to authorize the bidding
procedures in connection with the sale of substantially all assets
to Saybrook Municipal Opportunity Fund VI, LLC, or its designee,
for $15.15 million, subject to overbid.

After analyzing the ramifications of filing the Chapter 11 case,
and alternatives thereto, the Debtor believes the Chapter 11 case
will afford the Debtor the best means of preserving the value of
the Property, while securing a purchaser that will stabilize the
Property for the community and existing tenants.  The Chapter 11
case stands to protect the claims and interests of the Debtor's
tenants, creditors, the community, and other parties in interest.

The Debtor believes that any significant delay in embarking upon a
sale process is likely to have a material adverse effect on the
value of the Property, given the on-going Chicago winter effects on
the Property, the deteriorating state of the Property, and the
inability to financially respond to the needs of the few remaining
tenants.  

The principal terms of the Agreement are:

     a. Seller: BHF Chicago Housing Group B, LLC (Icarus)

     b. Stalking Horse Bidder: Saybrook Municipal Opportunity Fund
VI, LLC, or its designee

     c. Bond Trustee: UMB Bank, N.A., as duly-appointed successor
trustee

     d. Purchaser Price: $15.15 million

     e. Acquired Assets: Acquired assets will consist generally of
the Property as set forth and fully described in the Agreement and
Exhibit A thereto.  The "Property" means the improved real property
located in Chicago, Illinois consisting of 545 low income housing
units in 45 buildings as more fully described in the Agreement.

     f. Earnest Money Deposit: $250,000, consisting of: (i)
$150,000 deposited with Clark Hill PLC to apply towards attorneys'
fees and costs incurred in connection with filing the Bankruptcy
Case; and (ii) $100,000 deposited with the Title Company.

     g. Cure Amounts: The Stalking Horse Bidder will be responsible
for paying all amounts necessary to cure any defaults under the
Assumed Service Contracts and for satisfying the requirements
regarding adequate assurance of future performance.

     h. Closing Consideration Adjustment: Customary closing
consideration adjustment

     i. Representations and Warranties: The Successful Bidder is
purchasing the Property in its "as is, where is" condition, with
all faults and with all physical and latent and patent defects, and
specifically and expressly without any warranties, representations
or guarantees, either express or implied.

     j. Employment of Insiders: Stalking Horse Bidder and Better
Housing Foundation have entered into a Portfolio Transactions
Services Agreement.  Better Housing Foundation is an affiliate of
the Debtor.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Sept. 30, 2020

     b. Initial Bid: Must equal or exceed the sum of: (A) cash in
the amount of $15.15 million; plus (B) $150,000 in cash; plus (C)
The Break-Up Fee and Expense Reimbursement

     c. Deposit: 5% of the bid

     d. Auction: If one or more Qualified Bids are submitted, in
addition to the Stalking Horse Bid, the Debtor will conduct an
auction on Oct. 5, 2020 at 10:00 a.m. (CT), at Clark Hill PLC, 130
E. Randolph Street, Suite 3900, Chicago, Illinois 60601, via video
conference if necessary, to determine the highest and best offer
with respect to the Property or any portion thereof.  

     e. Bid Increments: $50,000 in cash

     f. Sale Hearing: 100 days after entry of the Bid Procedures
Order

     g. Sale Objection Deadline: Oct. 8, 2020

     h. Closing: Each bid must provide for a closing to occur on or
within 14 days of entry of the Sale Order, unless continued by
agreement.

     i. Bid Protections: Equal to (i) payment of a break-up fee in
an amount equal to 3% of the Stalking Horse Bid; and (ii) any
properly documented, reasonable costs and expenses incurred by
Stalking Horse Bidder in negotiating and documenting the Proposed
Transaction in an amount equal to 1% of the Stalking Horse Bid

     j. The Trustee will be allowed to credit bid for the
Property.

Three business days of entry of the Bid Procedures Order, the
Debtor will cause the Sale Notice to be served on the Sale Notice
Parties.

The Debtor will market the Property and solicit offers consistent
with the Bid Procedures through the Bid Deadline.  In this way, the
number of bidders that are eligible to participate in a competitive
Auction process will be maximized.

The Debtor accordingly asks authority to convey the Property to the
Successful Bidder, upon Debtor’s receipt of the purchase price
(net of closing costs), free and clear of all liens, claims,
rights, interests, charges, and encumbrances, with any such liens,
claims, rights, interests, charges, and encumbrances to attach to
the proceeds of the Sale.

Finally, to maximize the value received for the Property, the
Debtor asks to close the Sale as soon as possible after the Sale
Hearing.  Accordingly, it asks that the Court waives the 14-day
stay period under Bankruptcy Rules 6004(h) and 6006(d).

A copy of the Agreement and the Bidding Procedures is available at
from PacerMonitor.com free of charge.

A hearing on the Motion is set for June 23, 2020 at 10:00 a.m.
(CT).  Any party that objects to the relief sought in the Motion
must file a Notice of Objection no later than two business days
before the date of presentment.   

          About BHF Chicago Housing Group B, LLC

BHF Chicago Housing Group B, LLC is the owner of fee simple title
to certain parcels of real property, all in Chicago, Illinois.

BHF Chicago Housing Group B sought Chapter 11 protection (Bankr.
N.D. Ill. Case No. 20-12453) on June 15, 2020.  The Debtor was
estimated to have assets in the range of $10 million to $50 million
and $50 million to $100 million in debt.

The Debtor tapped Scott N. Schreiber, Esq., Kevin H. Morse, Esq.,
and Samuel J. Tallman, Esq., at Clark Hill PLC, as counsel.  The
petition was signed by Andrew Belew, president, BHF as manager.



BLUE DOLPHIN: Has $3.3M Net Loss for the Quarter Ended March 31
---------------------------------------------------------------
Blue Dolphin Energy Company filed its quarterly report on Form
10-Q, disclosing a net loss of $3,340,000 on $62,000,000 of total
revenue for the three months ended March 31, 2020, compared to a
net income of $747,000 on $68,927,000 of total revenue for the same
period in 2019.

At March 31, 2020, the Company had total assets of $68,409,000,
total liabilities of $68,263,000, and $146,000 in total
stockholders' equity.

The Company said, "Management has determined that conditions exist
that raise substantial doubt about our ability to continue as a
going concern due to defaults under our secured loan agreements
with third parties, margin deterioration and volatility, and
historic net losses and working capital deficits.

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

                     https://is.gd/2bT0Ip

Blue Dolphin Energy Company operates as an independent refiner and
marketer of petroleum products in the United States. The company
produces finished products, including jet fuel, as well as
intermediate products, such as naphtha, liquefied petroleum gas,
atmospheric gas oil, and heavy oil-based mud blendstock; and
conducts petroleum storage and terminaling operations under third
party lease agreements at the Nixon facility.  It also provides
pipeline transportation services comprising gathering and
transportation of oil and natural gas for producers/shippers
operating offshore in the Gulf of Mexico.  Blue Dolphin Energy
Company holds leasehold interests in the High Island Block 115;
Galveston Area Block 321; and High Island Block 37.  The company
was founded in 1986 and is headquartered in Houston, Texas.  Blue
Dolphin Energy is a subsidiary of Lazarus Energy Holdings, LLC.


BLUEPOINT MEDICAL: Unsecured Creditors to Recover 5% Over 5 Years
-----------------------------------------------------------------
Bluepoint Medical Associates LLC filed with the United States
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division, a Plan and a Disclosure Statement on June 9, 2020.

Class 6 of the Plan contains the general unsecured allowed claims
against the Estate.  The class will be paid all of the Debtor's
disposable income over a five-year period under the Plan.  Each
claimant shall be paid a proportion of the Debtor's disposable
income based on their pro-rata share of the total amount of
unsecured claims.  Each Class 6 claimant will receive payment in
the amount of 5 percent of its allowed unsecured claim. This class
of claims is impaired.

Johnson-Weaver will be the Managing Member of BMA, will run the
operations of BMA and will be responsible for the performance of
the Plan.

The source of funds to be distributed pursuant to the Plan will be
BMA's monthly disposable income.  The primary factors bearing on
the success or failure of the Plan are BMA's ability to generate
future earnings in the monthly amount of $59,000.

A full-text copy of the Disclosure Statement dated June 9, 2020, is
available at https://tinyurl.com/ycsr455f from PacerMonitor at no
charge.

The Debtor is represented by:

         LAW OFFICE OF JOHN T. DONELAN
         JOHN T. DONELAN, ESQUIRE
         125 South Royal Street
         Alexandria, Virginia 22314
         Tel: 703-684-7555
         Fax: 703-684-0981

              About Bluepoint Medical Associates

Bluepoint Medical Associates LLC specializes in weight loss
management and sleep, serving the residents of Northern Virginia,
Maryland, Washington, D.C., and the surrounding area.

Bluepoint Medical Associates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Case No. 19-13121) on Sept.
19, 2019.  At the time of the filing, the Debtor was estimated to
have assets of less than $50,000 and liabilities of less than $10
million.  The petition was signed by LaTaunya Johnson-Weaver,
managing member.  The Hon. Klinette H. Kindred is the case judge.
The Law Office of John T. Donelan is the Debtor's counsel.


BOEING COMPANY: Egan-Jones Lowers FC Sr. Unsecured Rating to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 7, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by The Boeing
Company to BB+ from BBB-.

Headquartered in Chicago, Illinois, The Boeing Company, together
with its subsidiaries, develops, produces, and markets commercial
jet aircraft, as well as provides related support services to the
commercial airline industry worldwide.



BOISE CASCADE: S&P Rates New $400MM Senior Unsecured Notes 'BB-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Boise Cascade Co.'s proposed $400 million senior
unsecured notes due 2030. The company intends to use the proceeds
from these notes, along with the cash on hand, to redeem its
existing $350 million 5.625% unsecured notes due 2024 and repay its
$45 million secured term loan due 2026 (unrated). The '3' recovery
rating indicates S&P's expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery in the event of a default.

Boise's adjusted leverage of 2.2x for the 12 months ended March
2020, is in line with S&P's previous expectations.

"We anticipate that recessionary conditions and slow end-market
demand will cause the company's credit metrics to deteriorate
somewhat over the next 12 months. However, we expect Boise's credit
measures to remain in line with the current rating," S&P said.

"In addition, we believe the company's balance sheet strength will
help it manage through its difficult business conditions," the
rating agency said.

The stable outlook reflects Boise's sufficient cushion to absorb
more than a full turn increase in its debt to EBITDA in a downturn.


BOULDER CAB: Seeks Court Approval to Hire Appraiser
---------------------------------------------------
Boulder Cab Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to employ Dan Watson, an appraiser based in
Las Vegas, to conduct a valuation of its personal properties.  

The valuation is needed to assist Debtor in the preparation of a
liquidation analysis in support of a Subchapter V Plan.

Mr. Watson will charge a flat fee of $800 for the appraisal report
and $150 per hour for additional services.

Mr. Watson disclosed in court filings that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

                         About Boulder Cab

Boulder Cab, Inc. is a taxi company that offers airport
transportation throughout the Las Vegas and Henderson areas.  Visit
http://www.deluxetaxicabservice.comfor more information.

Boulder Cab sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 20-13069) on June 25, 2020.  The
petition was signed by Boulder Cab President Richard Flaven.  At
the time of the filing, Debtor disclosed assets of $500,000 to $1
million and liabilities of $1 million to $10 million.

Debtor has tapped Carlyon Cica Chtd. as bankruptcy counsel and
Kamer Zucker Abbott as special litigation counsel.


BOULDER CAB: Seeks to Retain Kamer Zucker as Litigation Counsel
---------------------------------------------------------------
Boulder Cab Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Nevada to retain Kamer Zucker Abbott as special
litigation counsel.

Kamer Zucker will continue to represent Debtor in a case styled
Herring, et al. v. Boulder Cab, Inc., et al. (Case #A-13-691551-C).
The firm's services will be provided mainly by Carol Zucker, Esq.,
who will charge an hourly fee of $400.

The hourly rates for the other attorneys of the firm are as
follows:

     Partners         $350 - $450
     Associates       $250 - $275

Ms. Zucker disclosed in court filings that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.

The firm can be reached through:
   
     Carol Davis Zucker, Esq.
     Kamer Zucker Abbott
     3000 West Charleston Blvd., Suite 3
     Las Vegas, NV 89102
     Telephone: (702) 259-8640
     Facsimile: (702) 259-8646
     Email: czucker@kzalaw.com

                         About Boulder Cab

Boulder Cab, Inc. is a taxi company that offers airport
transportation throughout the Las Vegas and Henderson areas.  Visit
http://www.deluxetaxicabservice.comfor more information.

Boulder Cab sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Nev. Case No. 20-13069) on June 25, 2020.  The
petition was signed by Boulder Cab President Richard Flaven.  At
the time of the filing, Debtor disclosed assets of $500,000 to $1
million and liabilities of $1 million to $10 million.

Debtor has tapped Carlyon Cica Chtd. as bankruptcy counsel and
Kamer Zucker Abbott as special litigation counsel.


BRIDGEVIEW, IL: Fitch Affirms BB+ Rating on 2013A/2014A Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed the following Bridgeview Finance
Corporation, IL rating at 'BBB+':

  -- sales tax securitized bonds, series 2017A;

  -- ales tax securitized bonds, series 2017B.

In addition, Fitch has affirmed the following village of
Bridgeview, IL ratings at 'BB+':

  -- GO bonds, series 2013A;

  -- GO refunding bonds series 2014A.

  -- Issuer Default Rating.

The Rating Outlook is Stable.

SECURITY

The GO bonds are a general obligation of the village, payable from
an ad valorem tax on all taxable property without limitation as to
rate or amount.

The sales tax securitization bonds have a first lien on the
state-collected portion of the Village's home rule sales tax and
local share of the statewide sales tax, net of an administrative
fee imposed by the state.

IDR ANALYTICAL CONCLUSION

The 'BB+' rating reflects the Village's very high long-term
liability burden, expectations for stagnant revenue growth, limited
expenditure flexibility, and adequate gap-closing capacity. The
Village has a high degree of independent legal ability to raise
operating revenues due to its home rule status.

DEDICATED TAX ANALYTICAL CONCLUSION

The 'BBB+' sales tax securitized bond rating is based on a
dedicated tax bond analysis, a bond structure involving a perfected
first lien security interest in the sales tax revenues, and a legal
structure that meets Fitch's criteria for rating the bonds as a
true sale securitization. The structural features of the bonds
allow the rating to be up to six notches above the Village's IDR.

ECONOMIC SUMMARY

Bridgeview is located 13 miles southwest of downtown Chicago and
has an estimated population of around 16,000. Residential
properties make up less than half of the tax base, while commercial
and industrial properties comprise the majority of the remainder.

IDR KEY RATING DRIVERS

Revenue Framework: 'a'

Fitch expects that general fund revenue growth will be stagnant,
below the rate of inflation. The Village has ample independent
legal ability to increase revenues as a home rule municipality.

Expenditure Framework: 'bbb'

The natural pace of expenditure growth is expected to be above that
of revenue growth, and the Village has a limited ability to adjust
expenditures due to its high carrying costs.

Long-Term Liability Burden: 'bb'

The Village's long-term liability burden, including the net pension
liability and overall debt, is very high relative to the resource
base.

Operating Performance: 'bbb'

Fitch believes that the Village has only adequate gap-closing
capacity and that operations could become stressed in a downturn.
The Village has made several budget management decisions in the
last several years that have increased fixed carrying costs and the
long-term liability burden, including issuing GO bonds for the
SeatGeek Stadium.

RATING SENSITIVITIES

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

For the IDR and GO bonds:

  -- Sustained declines in the very high long-term liability burden
to materially less than 60% of personal income;

  -- Improvements in the Village's financial resilience assessment
due to structurally balanced financial operations and maintenance
of healthy reserves through the economic cycle.

For the finance corporation bonds:

  -- Improvement in sales tax revenue coverage that leads to a
significantly stronger assessment of resilience to declines.

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

For the IDR and GO bonds:

  -- Sustained declines in revenues that weakened Fitch's
assessment of growth prospects for revenues;

  -- Economic contraction consistent with Fitch's coronavirus
downside scenario, that triggers sustained and deep revenue
declines and materially erodes the county's historically superior
gap-closing capacity.

For the finance corporation bonds:

  -- Large and sustained sales tax revenue declines, beyond the
range of Fitch's expectations, or substantially higher than
expected leverage.

BEST/WORST CASE RATING SCENARIO

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

CURRENT DEVELOPMENTS

The ongoing outbreak of coronavirus and related government
containment measures worldwide creates an uncertain global
environment for U.S. state and local governments and related
entities in the near term. While the Village's most recently
available fiscal and economic data may not fully reflect
impairment, material changes in revenues and expenditures are
occurring across the country and likely to worsen in the coming
weeks and months as economic activity suffers and public health
spending increases. Fitch's ratings are forward-looking in nature,
and Fitch will monitor developments in state and local governments
as a result of the virus outbreak as it relates to severity and
duration, and incorporate revised expectations for future
performance and assessment of key risks.

In its baseline scenario, Fitch assumes sharp economic contractions
to hit major economies in 1H20 at a speed and depth that is
unprecedented since World War II. Sequential recovery is projected
to begin from 3Q20 onward as the health crisis subsides after a
short but severe global recession. GDP is projected to remain below
its 4Q19 level until mid-2022. Additional details, including key
assumptions and implications of the baseline scenario and a
downside scenario, are described in the report "Fitch Ratings
Coronavirus Scenarios: Baseline and Downside Cases - Update"
published April 29, 2020 and available on fitchratings.com

Due to the coronavirus pandemic, Fitch expects there will be
revenue decline during 2020. While the extent of potential revenue
declines is currently unknown, the Village has identified several
spending adjustments that it will make in an effort to balance
operations. These include expenditure reductions in public works
and the fire department plus an increase in ambulance fees. The
upfront payments from the Chicago Fire have also provided a degree
of financial resilience. The 'BB+' rating reflects the potential
that revenue declines may exceed management's expectations,
continuing a trend of structural imbalance.

The corporation's sales tax bond structure remains moderately
resilient, even assuming Fitch's modeled 34% decline in pledged
revenues related to the pandemic.

ECONOMIC RESOURCE BASE

Bridgeview is located along a retail artery that attracts shoppers
from neighboring municipalities, supporting the sales tax revenue
stream. The Village has been the home of the Chicago Fire of Major
League Soccer, for which it financed a stadium. The village had
seen multiple years of assessed value declines, before a
significant increase in fiscal 2018 due to a recent reassessment.
Income levels are below those of the state and the poverty rate is
above county and state levels.

The Village has finalized an agreement with the Major League Soccer
Chicago Fire that allowed the Fire to pay the Village for the right
to terminate its lease commitment to the Village-owned and
bond-financed stadium. Under the terms of the agreement, the Fire
agreed to pay the Village a total of $60.5 million for the term of
the lease. The ultimate rating impact of the agreement will likely
not be fully known for several years as the Village still has a
looming structural budget gap as expenditures grow at a rate above
the natural rate of revenue growth. The agreement has provided some
near-term budgetary relief, but management will still have to
address future budget gaps.

IDR CREDIT PROFILE

REVENUE FRAMEWORK

The largest component of general fund revenue was residual sales
tax revenue, transferred from the corporation after payment of debt
service, which made up 42% of general fund revenue and transfers in
fiscal 2018. Property tax (11%), charges for services (10%) and
intergovernmental revenue (10%) accounted for the bulk of the
remainder.

Under the recent agreement between the Village and the Fire, the
Village received $10 million upfront and will receive $39 million
in installments of $3 million per year through fiscal 2033, $2
million in calendar year 2034, and $9.5 in annual installments of
$558,823 through calendar year 2037. The Fire will also pay the
Village $5 million for construction and maintenance of stadium
facilities and will guarantee half of the $7.5 million naming
rights deal should it be terminated by SeatGeek. Assuming the team
is able to perform under the agreement, this infusion of revenue
may allow the Village to delay future tax levy increases, but a
structural imbalance in future years remains. In the best-case
scenario, the Village will still likely have to generate additional
revenue in the medium term to resolve that budgetary gap.

Fitch expects that the Village's revenue will grow below the rate
of inflation. While the Village's retail corridor attracts shoppers
from neighboring municipalities, bolstering sales tax revenue, the
Village's tax base remains challenged, with population declines and
stagnant assessed valuations. Beginning in fiscal 2018, the
corporation started to receive sales tax revenue and then remits a
residual to the Village after paying debt service. This should not
have a large impact on overall general fund revenue growth going
forward as the corporation's sales tax debt service schedule is
level, allowing the Village to benefit from any growth in the sales
taxes. Sales tax revenue has generally grown at a rate below
inflation historically, although there may be some impact on sales
tax revenue as a result of the loss of the Fire.

The Village is a home rule municipality and not subject to the
state's Property Tax Extension Limitation Law. The Village has used
this flexibility to adjust property tax rates on an annual basis
and maintains the independent legal ability to adjust the sales tax
or other tax rates. The Village will likely have to utilize this
revenue-raising ability in the medium term as natural growth in
revenue is outpaced by expenditure growth.

EXPENDITURE FRAMEWORK

General government administration makes up the largest portion of
the Village's general fund expenditures (approximately 51% of 2018
expenditures). The second largest is public safety (33%).

The natural pace of expenditure growth is likely to be well above
that of the stagnant revenue growth. Absent policy action to
control costs, Fitch expects expenditures to increase at a rate
higher than inflation. Salaries are the largest driver of operating
expenditure growth, and the Village's labor contracts contain 2.5%
annual increases.

The Village had been funding a portion of stadium management fees
and stadium bond-related debt service out of the general fund and
being reimbursed for a portion of those expenses from the stadium
fund. The Village had expected the new naming rights deal to
increase that reimbursement. The expected revenue agreed upon with
the Fire will relieve some immediate expenditure pressure from
stadium operations and debt service, but in the long term, the
Village will need to replace the Fire with other entertainment at
the stadium in order to reduce its subsidy.

The Village has limited flexibility to adjust its main expenditure
items. Fixed carrying costs for debt service and retiree benefits
are elevated at about 45% of expenditures in 2018, largely due to
the high debt service payments (37% of expenditures). Carrying
costs are likely to remain unusually high due to the slow rate of
amortization and rising pension costs.

LONG-TERM LIABILITY BURDEN

The Village's long-term liability burden is very high, with overall
debt and the unfunded pension liability at over 54% of village
personal income. The metric is currently less than 60% of personal
income, which is consistent with a 'bbb' long-term liability burden
assessment. Given current risks of declines in personal income and
increases in pension liabilities, Fitch has maintained a slightly
more conservative assessment, but the assessment could improve if
the burden stays meaningfully below 60% of personal income. Direct
debt comprises around 69% of the liability burden with overlapping
debt and the Fitch-adjusted net pension liability comprising the
remainder. Direct debt is elevated largely due to GO bonds the
Village issued in 2005 to finance the construction the soccer
stadium. The Village has no near-term debt plans.

Since about 50% of the Village's tax base is either commercial or
industrial, Fitch also compared the Village's long-term liability
burden to taxable market value. On this basis, the Village's
long-term liabilities are still high at around 23% of market value.
Fitch sees limited prospects for this ratio to improve given
potential for declines in market value and the slow pace of debt
payout.

The Village participates in three defined benefit pension plans:
the agent multiple-employer Illinois Municipal Retirement Fund, the
single-employer Police Pension Plan, and the single-employer
Firefighters' Pension Plan. The IMRF is statutorily funded at the
actuarially determined contribution amount and the PPP and FPP are
funded at an actuarially determined amount. Fitch calculates the
ratio of assets to the Village's share of the net pension liability
for all three funds at 48%, assuming a 6% discount rate.

OPERATING PERFORMANCE

The Village has maintained relatively consistent reserve levels
during the recent national economic recovery through 2018 and
bolstered reserves in 2019 with the initial payment from the Fire
and a one-time sale of property. This has given the Village some
additional resilience to potential revenue declines related to the
coronavirus and some time to bring financial operations into
structural balance in the upcoming years. The village has
identified $1.7 million in expenditure reductions and revenue
enhancements (over 7% of 2018 expenditures) and could use some of
its estimated 2019 $13.6 million fund balance (54% of estimated
2019 expenditures) to navigate the current period of economic
weakness.

The Village has managed its budget throughout the recovery through
increasing various taxes allowable through its home rule status.
The Village's budget management assessment is constrained by the
past decision to finance the stadium with GO bonds. The agreement
with the Fire has provided some budgetary relief and improved
resilience, but the village will likely be required to generate
additional revenue, primarily through an increase in property tax
rates for operations in the medium term to address upcoming
structural imbalance as expenditure growth outpaces the natural
pace of revenue growth.

DEDICATED TAX KEY RATING DRIVERS

Stagnant Growth Prospects: Sales tax revenues have been growing at
a rate slower than the rate of inflation. Fitch expects this
stagnant growth to continue over the medium- to long-term.

Strong Financial Resilience: Fitch expects that although the
Village's sales tax revenue may be significantly affected by
shutdown measures, the Village's sales tax revenue bonds are
resilient to Fitch's modeled 34% decline.

Concentrated Sales Tax Revenue Base: The Village's top 10 sales tax
generators account for approximately 57% of sales tax revenue,
which introduces a high degree of concentration risk.

DEDICATED TAX CREDIT PROFILE

The Village sold all right, title and interest in the pledged
revenues to the corporation, a limited purpose entity. The state
will direct all pledged sales tax revenues to the trustee for
benefit of corporation bondholders and the residual will flow to
the Village for any lawful purpose.

Pledged revenues include the portion of the Village's home rule
sales taxes that are collected by the state as well as its local
share of state sales taxes.

The pledged home rule sales tax comprises two separate taxes: a
1.25% Home Rule Municipal Retailers' Occupation Tax on gross
receipts from sales of tangible personal property by retailers in
the Village and a 1.25% Home Rule Municipal Service Occupation Tax
on tangible personal property purchased from a service provider.
There is no legal limit to the rate the Village may impose for
these.

The pledged local share sales tax revenues comprise two separate
taxes: the Illinois Retailers' Occupation Tax (Village portion is
currently equivalent to 1% of sales within the Village), Illinois
Service Occupation Tax (Village portion is currently equivalent to
1% of sales within the Village). Any changes to the tax rates or
allocation of local share sales tax revenues would require action
by the Illinois General Assembly. The Illinois Retailers'
Occupation Tax and the Illinois Service Occupation Tax are not
subject to appropriation. Some of the pledged revenues collected by
the state are net of an administrative fee imposed by the state.

The authorizing act assures that the state "will not limit or alter
the basis on which transferred receipts are to be paid to the
issuing entity as provided in this Article, or the use of such
funds, so as to impair the terms of any such contract."

Pledged revenues, net of adjustments, have grown at a rate below
the rate of inflation. Fitch expects future revenue growth to
approximate this historical trend of stagnant growth over the
medium- to long-term.

To evaluate the sensitivity of the dedicated revenue stream in the
current environment, Fitch applies a revenue stress test of 34% to
latest audited annual totals. Pledged revenue streams that can
withstand this magnitude decline and still maintain a sufficient
maximum annual debt service resilience cushion are expected to
emerge from the current pandemic-induced slowdown with the ability
to successfully navigate subsequent business cycles. The Village's
2018 pledged sales tax revenue total of $10.5 million could
withstand a 34% decline and still cover MADS by 1.9x. At MADS of
approximately $3.6 million, pledged revenues can withstand a 65%
decline and still cover MADS by 1x. The Village reports that April
sales tax figures were down 15% from the previous year.

ASYMMETRIC RISK CONSIDERATIONS

Concentrated Sales Tax Revenue Base: Fitch also incorporates the
high degree of concentration (top 10 taxpayers comprise over half
of sales tax generated) it the overall rating as an asymmetric
additive risk factor.

In addition to the sources of information identified in Fitch's
applicable criteria, this action was informed by information from
Lumesis.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


BULLSEYE ENERGY: Seeks to Hire Brown Law Firm as Legal Counsel
--------------------------------------------------------------
Bullseye Energy, Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Oklahoma to hire Brown Law Firm, P.C.
as its legal counsel.

The firm's services will include:

     a. negotiating allowed claims and treatment of creditors;

     b. provding legal advice and preparing legal documents and
pleadings concerning claims of creditors, post-petition financing,
executing contracts, sale of assets and insurance;

     c. representing Debtor in hearings and other contested
matters; and

     d. formulating a disclosure statement and plan of
reorganization.

The firm will be paid at hourly rates as follows:

     Ron Brown, Esq.     $300 per hour
     Associate           $225 per hour
     Paralegal            $75 per hour

Brown Law Firm received payment of $7,533.75 from Debtor for
services rendered prior to its bankruptcy filing, and a retainer of
$4,202.75.

Ron Brown, Esq., at Brown Law Firm, disclosed in court filings that
he and other members of the firm do not represent any interest
adverse to Debtor's bankruptcy estate.

The firm can be reached through:

     Ron D. Brown, Esq.
     R. Gavin Fouts, Esq.
     Brown Law Firm, P.C.,
     715 S. Elgin Ave
     Tulsa, OK 74120
     Phone: (918) 585-9500
     Fax: (866) 552-4874
     Email: ron@ronbrownlaw.com
            gavin@ronbrownlaw.com

                       About Bullseye Energy

Bullseye Energy, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Okla. Case No. 20-11144) on July 11,
2020.  At the time of the filing, Debtor disclosed assets of
between $100,001 and $500,000 and liabilities of the same range.
Judge Dana L. Rasure oversees the case.  Debtor has tapped Brown
Law Firm, P.C. as its legal counsel.


CARMAX INC: Egan-Jones Lowers Sr. Unsecured Ratings to B+
---------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2020, downgraded the foreign
and local currency senior unsecured ratings on debt issued by
CarMax Incorporated to B+ from BB-.

Headquartered in Richmond, Virginia, CarMax, Inc. sells at retail
used cars and light trucks.



CARMEL MEDICAL: $5.1M Sale of Indianapolis Property to White Okayed
-------------------------------------------------------------------
Judge James M. Carr of the U.S. Bankruptcy Court for the Southern
District of Indiana authorized Carmel Medical Office Building,
LLC's sale of the medical office building, commonly known as the
Multi-Surgery Center, located at 10601 North Meridian Street,
Indianapolis, Indiana, containing approximately 23,344 square feet
and associated land, to White Ash Holdings, LLC of $5.1 million.

The Sale Hearing was held on July 1, 2020.  At the Sale Hearing,
the Court was specifically requested by the Debtor to approve the
successful Auction bid of White Ash of $5.1 million; approve the
next-highest Auction bid of CCI 106th St, LLC of $5.050 million
("Next Highest Bid"); and approve the back-up credit bid of CIBM
Bank of $4.3 million ("Credit Bid").

In the event the Successful Bidder is unable to close on the sale
on July 31, 2020, the Debtor is authorized to sell the Real Estate
to the Next Highest Bidder.  In the event neither the Successful
Bidder nor the Next Highest Bidder are able to close on the sale of
the Real Estate, the Debtor is authorized to transfer the property
to CIBM Bank by virtue of its Credit Bid.

The Real Estate is to be sold "as-is" with no express or implied
warranty.

The Sale is free and clear of all liens, claims, interests, and
encumbrances, with liens to attach to proceeds to the same extent
and with the same priority as currently exists.

The net proceeds of the sale of the Real Estate are to be held in
escrow, subject to further order of the Court.

The Debtor is directed to file a report of sale within three days
of closing on the Real Estate.  

The Break-Up Fee is authorized if the Debtor closes on the sale
with the Successor Bidder.  Payment is subject to further order of
the Court.

The Debtor may assume and assign the Lease at closing to the
Successful Bidder, the Next-Highest Bidder, or to CIBM Bank by
virtue of its Credit Bid.

Any applicable stay, including the stay of Fed. R. Bankr. P.
6004(h) is waived.

Each secured party is ordered to submit to Debtor's counsel by July
8, 2020 a payoff statement in anticipation of a closing on before
July 31, 2020.

The Debtor is ordered to file a proposed closing statement by July
15, 2020 setting out the anticipated distribution of the sale
proceeds, assuming a closing date of July 31, 2020, with the
understanding that an earlier closing will contain per diem
adjustments for pro-rations of customary closing costs and expenses
as well as interest on fully secured claims.

Any objection to the Debtor's proposed closing statement must be
filed by July 22, 2020.  Absent an objection to the Debtor's
proposed closing statement, the Debtor is authorized to close in
accordance with the proposed closing statement, as it may be
adjusted for pro-rations of a sale closing on a different date.

Nothing in the Order will affect the right of the Next Highest
Bidder to payment of the Breakup Fee from the proceeds of sale, or
the right of any entity to object to the priority of such payment.

The Order is a final order.

               About Carmel Medical Office Building

Carmel Medical Office Building, LLC is a Single Asset Real Estate
Debtor (as defined in 11 U.S.C. Section 101(51B)).  The Company
owns in fee simple a real property located at 10601 North Meridian
Street Indianapolis, IN 46260 having a current value of $5.3
million (based on offer received in 2019).

Carmel Medical Office Building, based in Carmel, IN, filed a
Chapter 11 petition (Bankr. S.D. Ind. Case No. 19-03536) on May
15,
2019.  In the petition signed by Zakir H. Khan, president, the
Debtor disclosed $6,125,000 in assets and $6,667,625 in
liabilities.  The Hon. James M. Carr oversees the case.  Jeffrey
M.
Hester, partner of Hester Baker Krebs LLC, serves as bankruptcy
counsel to the Debtor.



CARNIVAL CORP: Egan-Jones Lowers FC Senior Unsecured Rating to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 8, 2020, downgraded the foreign
currency senior unsecured rating on debt issued by Carnival
Corporation to BB- from A-.

Headquartered in Miami, Florida, Carnival Corporation & plc is a
British-American cruise operator, currently the world's largest
travel leisure company, with a combined fleet of over 100 vessels
across 10 cruise line brands.



CARNIVAL CORP: Moody's Rates Second Lien Notes 'Ba1'
----------------------------------------------------
Moody's Investors Service assigned Carnival Corporation's planned
second lien note issuance a Ba1 rating. At the same time, Moody's
placed the long-term ratings of Carnival Corporation on review for
downgrade, including its Ba1 Corporate Family Rating, Ba1-PD
Probability of Default rating, Baa3 senior secured rating, and Ba2
senior unsecured rating. The company's Speculative Grade Liquidity
rating of SGL-2 remains unchanged.

The proceeds of Carnival's planned approximate $1 billion 2nd lien
senior secured note offering will be used to bolster the company's
liquidity while US cruise operations continue to be suspended.

"The review for downgrade will focus on Carnival's recovery
prospects in 2021 given the recent resurgence in coronavirus cases
in the US increasing the uncertainty around the reopening of the US
and the company's plans for the eventual return to service of its
US operations, including what precautions will be put in place when
sailings do resume and the associated incremental costs," stated
Pete Trombetta, Moody's lodging and cruise analyst.

On Review for Downgrade:

Issuer: Carnival Corporation

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba1

  Senior Unsecured Shelf, Placed on Review for Downgrade,
  currently (P)Ba2

  Senior Secured Bank Credit Facility, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Placed on Review
  for Downgrade, currently Ba2 (LGD5 from LGD4)

Issuer: Carnival plc

  Senior Unsecured Shelf, Placed on Review for Downgrade,
  currently (P)Ba2

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Placed on Review
  for Downgrade, currently Ba2 (LGD5 from LGD4)

Issuer: Long Beach (City of) CA

  Senior Secured Revenue Bonds, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

Assignments:

Issuer: Carnival Corporation

  Senior Secured 2nd Lien Regular Bond/Debenture, Assigned
  Ba1 (LGD3); Placed on Review for Downgrade

Outlook Actions:

Issuer: Carnival Corporation

  Outlook, Changed to Rating Under Review from Negative

Issuer: Carnival plc

  Outlook, Changed to Rating Under Review from Negative

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

Carnival's credit profile is supported by its position as the
largest worldwide cruise line in terms of revenues, fleet size and
number of passengers carried, with significant geographic and brand
diversification. Carnival also benefits from its good liquidity
given its significant cash balances and Moody's view that over the
long run, the value proposition of a cruise vacation relative to
land-based destinations as well as a group of loyal cruise
customers supports a base level of demand once health safety
concerns have been effectively addressed. In the short run,
Carnival's credit profile will be dominated by the length of time
that cruise operations continue to be highly disrupted and the
resulting impact on the company's cash consumption, liquidity and
credit metrics. The normal ongoing credit risks include Carnival's
near term very high leverage, the highly seasonal and
capital-intensive nature of cruise companies, competition with all
other vacation options, and the cruise industry's exposure to
economic and industry cycles as well as weather related incidents
and geopolitical events.

The rapid spread of the coronavirus outbreak and deteriorating
global economic outlook are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The cruise sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, Carnival's exposure to ongoing travel restrictions
and consumers health safety concerns has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and the company remains vulnerable to the continued
uncertainty around the potential recovery from the outbreak.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Carnival from the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Prior to the review for downgrade, the factors that could lead to a
downgrade include indications over the coming months that 2021
demand recovery may be weaker than expected resulting in lower
profitability or an expectation that debt/EBITDA will remain above
4.5x or EBITA/interest expense was stabilized below 3.0x. Ratings
could also be downgraded if the level of free cash flow deficits
deepen in 2020 or should liquidity deteriorate for any reason.
Given the review for downgrade, an upgrade is highly unlikely over
the near term. However, ratings could eventually be upgraded if the
company can maintain debt/EBITDA below 3.5x, and EBITA/interest
expense above 5.0x. A ratings upgrade would also require a
financial policy and capital structure that supports the credit
profile required of an investment grade rating through inevitable
industry downturns.

Carnival Corporation and Carnival plc own the world's largest
passenger cruise fleet operating under multiple brands including
Carnival Cruise Line, Holland America, Princess Cruises, AIDA
Cruises, Costa Cruises, and P&O Cruises, among others. Carnival
Corporation and Carnival plc operate as a dual listed company.
Headquartered in Miami, Florida, US and Southampton, United
Kingdom. Annual net revenues for fiscal 2019 were approximately $16
billion

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


CARNIVAL CORP: S&P Rates New Senior Secured Notes 'BB+'
-------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '1'
recovery rating to global cruise operator Carnival Corp.'s proposed
$550 million and EUR400 million second-priority senior secured
notes due 2026, and placed the issue-level rating on CreditWatch
with negative implications. The '1' recovery rating indicates its
expectation for very high (90%-100%; rounded estimate: 95%)
recovery for noteholders in the event of a payment default. S&P
expects the company to use the proceeds from the proposed notes to
enhance its liquidity position, including refinancing its upcoming
debt maturities.

The proposed debt raise does not materially alter S&P's forecast
that Carnival's adjusted leverage will remain very weak and
potentially exceed 10x in 2021. In addition, S&P continues to
believe there is a scenario where the company will be able to
reduce its adjusted leverage below 6x in 2022. S&P views this level
of adjusted leverage as commensurate with its current 'BB-' issuer
credit rating on Carnival.

The additional debt does not affect any of S&P's existing ratings
on Carnival, which all remain on CreditWatch, where the rating
agency placed them with negative implications, to reflect the
substantial uncertainty around the company's recovery path for
later this year and into 2021.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- S&P assigned its 'BB+' issue-level rating and '1' recovery
rating to Carnival's proposed $550 million and EUR400 million
second-priority senior secured notes due 2026. The '1' recovery
rating indicates S&P's expectation for very high recovery
(90%-100%; rounded estimate: 95%) for lenders in the event of a
default.

-- The proposed second-lien notes will have a second-priority
interest in the collateral (83 vessels, shares of capital stock of
subsidiary guarantors, and other assets such as intellectual
property) that secures Carnival's $4 billion secured notes, $1.86
billion and EUR800 million term loans, and certain other secured
debt.

-- Carnival is pursuing additional COVID-19 related financing with
certain European government entities. In the event Carnival
successfully secures additional financing under these programs, S&P
doed not believe it would materially alter its recovery analysis.

Simulated default assumptions

-- S&P's simulated default scenario contemplates a default
occurring by 2024 due to a significant decline in cash flow
stemming from permanently impaired demand for cruises following the
negative publicity and travel advisories related to the cruise
industry during the COVID-19 pandemic, a prolonged economic
downturn, and/or increased competitive pressures.

-- S&P estimates a gross enterprise value at emergence of about
$24.3 billion by applying a 7x multiple to the rating agency's
estimate of its EBITDA at emergence. It uses a multiple that is at
the high end of S&P's range for leisure companies to reflect
Carnival's good position in the cruise industry, which is a small
but underpenetrated segment of the overall travel and vacation
industry.

-- S&P includes in its unsecured claims tranches of loans recently
entered into by Carnival and various export credit agencies.

-- S&P assumes that about 80% of its estimated gross enterprise
value at emergence is available to cover secured claims. Any
residual value after satisfying secured claims is available first
to satisfy second-lien claims.

-- S&P assumes that the remainder of the gross enterprise value,
or about 20%, plus any residual value attributed to secured claims
after satisfying the secured claims and second-lien claims is
available to satisfy unsecured claims.

-- S&P assumes Carnival's revolvers are 85% drawn at default.

Simplified waterfall

-- Emergence EBITDA: $3.5 billion

-- EBITDA multiple: 7x

-- Gross enterprise value available: $24.3 billion

-- Net enterprise value available after administrative expenses
(7%): $22.5 billion

-- Value attributable to secured/unsecured claims: $18.2
billion/$4.3 billion

-- Value available to secured claims: $18.2 billion

-- Estimated secured claims at default: $7.4 billion
    
-- Recovery expectations: 90%-100% (rounded estimate: 95%)

-- Value available to second-lien claims: $10.8 billion

-- Estimated second-lien claims at default: $1.1 billion

-- Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Value available to unsecured claims (including residual value
after satisfying secured and second-lien claims claims): $14
billion

-- Estimated unsecured claims at default: $20.4 billion

-- Recovery expectations: 50%-70% (rounded estimate: 65%)

Note: All debt amounts include six months of prepetition interest.


CLARKRANGE HUNTING: Court Approves the Disclosure Statement
-----------------------------------------------------------
Clarkrange Hunting Lodge, LLC has filed with the U.S. Bankruptcy
Court for the Middle District of Tennessee its Plan and Disclosure
Statement.  On June 9, 2020, Judge Marian F. Harrison has ordered
that:

   * The Debtor's Disclosure Statement is conditionally approved as
containing adequate information as required by 11 U.S.C. Sec. 1125,
subject to final approval after notice and a hearing.

   * The Court by this conditional approval in no way limits any
creditor or party in interest from filing their objection to the
adequacy of the information contained in the Disclosure Statement.

   * Acceptances and rejections of the Plan may be solicited based
upon the conditional approval.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/yawwztdq from PacerMonitor.com at no charge.

The Debtor is represented by:

        Steven L. Lefkovitz
        618 Church Street, Suite 410
        Nashville, Tennessee 37219
        Tel: (615) 256-8300
        Fax: (615) 255-4516
        E-mail: slefkovitz@lefkovitz.com

                   About Clarkrange Hunting Lodge

Clarkrange Hunting Lodge, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-07696) on
Nov. 27, 2019.  At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $100,001 and $500,000.  Judge Marian F. Harrison oversees
the case.  Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz,
PLLC, is the Debtor's legal counsel.


CLARKRANGE HUNTING: Unsec. Creditors to Get Full Payment in 1 Year
------------------------------------------------------------------
Clarkrange Hunting Lodge, LLC, has filed a First Amended Chapter 11
Plan and a corresponding Disclosure Statement on June 11, 2020.

The Debtor has been working on selling assets of the owner that
could satisfy the obligation of Kenneth Moody.

Class 4 General unsecured claims. Paid out within 12 months of the
Effective Date at 100%.

Class 5 Interest holders will maintain all stock.

The Plan will be funded by the proceeds from the sale of real
property, or a third party.

Debtor shall act as the disbursing agent for the purpose of making
all distributions provided for under the Plan. The Disbursing Agent
shall serve without bond and shall receive no compensation for
distribution services rendered and expenses incurred pursuant to
the Plan.

A full-text copy of the Amended Disclosure Statement on June 11,
2020, is available at https://tinyurl.com/y8cxkh25 from
PacerMonitor.com at no charge.

The Debtor is represented by:

         Steven L. Lefkovitz, No. 5953
         618 Church Street, Suite 410
         Nashville, Tennessee 37219
         Tel: (615) 256-8300
         Fax: (615) 255-4516
         E-mail: slefkovitz@lefkovitz.com

                  About Clarkrange Hunting Lodge

Clarkrange Hunting Lodge, LLC, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 19-07696) on
Nov. 27, 2019.  At the time of the filing, the Debtor had estimated
assets of between $500,001 and $1 million and liabilities of
between $100,001 and $500,000.  Judge Marian F. Harrison oversees
the case.  Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz,
PLLC, is the Debtor's legal counsel.


CONSTELLATION BRANDS: Egan-Jones Lowers Sr. Unsec. Ratings to BB
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 7, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by to Constellation Brands, Inc. BB from BBB-.

Headquartered in Victor, New York, Constellation Brands, Inc.
produces and markets alcoholic beverages in North America, Europe,
and Australia, and New Zealand.



COWBOY PUMPING: Proposes Auction Sale of Rolling Stock
------------------------------------------------------
Longhorn Service Co., an affiliate of Cowboy Pumping Unit Sales &
Repair, LLC, asks the U.S. Bankruptcy Court for the Western
District of Oklahoma to authorize the public auction of
substantially all of its assets, including equipment, vehicles, and
other property ("Rolling Stock"), identified and described at
Exhibit A.

The Debtor submits that the proposed sale of the Rolling Stock is a
reasonable business decision in light of the circumstances and is
in the best interest of the Estate and its creditors.  Further, it
submits that the proposed sale presents the best opportunity to
realize the maximum value of the estate's assets for distribution
to creditors and is necessary to preserve the value of the estate's
assets for the estate and its creditors.  Additionally, such
process will be conducted in good faith and at arm's-length, be
subject to proper notice, and will yield the highest and best offer
for the Rolling Stock.  Accordingly, the Debtor submits that the
sale of the Rolling Stock is an appropriate exercise of its
business judgment.

At the Sale Hearing, the Debtor will ask entry of the Sale Order
authorizing and approving the sale of the Rolling Stock to the
highest bidder/bidders.  A hearing on the Motion is set for July 1,
2020 at 9:30 a.m.  Objections, if any, must be filed no later than
21 days from the date of filing of the request for relief.

The Debtor respectfully asks the Court approve the Sale of the
Rolling Stock, free and clear of all liens, claims, encumbrances,
and interests.

The Debtor submits that assumption and assignment of unexpired
leases or executory contracts is a sound exercise of its business
judgment.  Assumption and assignment of any unexpired lease or
executory contract may be necessary for consummation of the Sale
and the Debtor will no longer have use for the unexpired leases or
executory contracts following the closing of the sale.  The Debtor
will provide adequate and proper notice to those parties subject to
any unexpired lease or executory contract and provides the cure of
any default under any assumed unexpired lease or executory contract
and for the provision of adequate assurance of future performance.
Accordingly, assumption and assignment is appropriate and in the
best interest of the Estate.

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

                      About Cowboy Pumping

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

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


CREATIVE REALITIES: Hikes Authorized Common Stock to 6M Shares
--------------------------------------------------------------
Creative Realities, Inc. held a special meeting of the Company's
shareholders in Louisville, Kentucky on July 10, 2020, at which the
shareholders voted on the proposal to approve an amendment to the
Company's 2014 Stock Incentive Plan, which increases the reserve of
shares authorized for issuance thereunder to 6,000,000 shares,
removes the provision thereof limiting the number of stock options
and stock appreciation rights that can be granted to Plan
participants during a single fiscal year, and removes the provision
allowing the chief executive officer to issue discretionary
incentive awards under the Plan without approval of the Committee
appointed pursuant to the Plan (or the Board of Directors if no
such Committee exists).  The amended Plan was approved at the
Meeting, with 4,956,432 shares of Common Stock voting for the
amended Plan, 349,483 shares of Common Stock voting against the
amended Plan and 5,305 shares of Common Stock abstaining from such
vote.  There were no broker non-votes.

                   About Creative Realities

Creative Realities, Inc. -- http://www.cri.com/-- is a Minnesota
corporation that provides innovative digital marketing technology
and solutions to retail companies, individual retail brands,
enterprises and organizations throughout the United States and in
certain international markets. The Company has expertise in a broad
range of existing and emerging digital marketing technologies, as
well as the related media management and distribution software
platforms and networks, device management, product management,
customized software service layers, systems, experiences,
workflows, and integrated solutions.

Creative Realities reported net income of $1.04 million for the
year ended Dec. 31, 2019, following a net loss of $10.62 million
for the year ended Dec. 31, 2018.  As of March 31, 2020, the
Company had $21.79 million in total assets, $16.42 million in total
liabilities, and $5.37 million in total shareholders' equity.  

Management believes that, based on (i) the extension of the
maturity date on the Company's term loan and revolving loans to
June 30, 2021, (ii) its receipt of $1,551,800 of funding through
the Payroll Protection Program on April 27, 2020, (iii) its
operational forecast through 2021, and (iv) support from Slipstream
through June 30, 2021, the Company can continue as a going concern
through at least May 15, 2021.  However, given the Company's
history of net losses, cash used in operating activities and
working capital deficit, each of which continued as of and for the
three months ended March 31, 2020, the Company can provide no
assurance that its ongoing operational efforts will be successful,
particularly in consideration of the business interruptions and
uncertainty generated as a result of the COVID-19 pandemic which
could have a material adverse effect on its results of operations
and cash flows.

Creative Realities received a letter from The Nasdaq Stock Market
LLC on April 28, 2020, advising the Company that for 30 consecutive
trading days preceding the date of the Notice, the bid price of the
Company's common stock had closed below the $1.00 per share minimum
required for continued listing on The Nasdaq Capital Market
pursuant to Nasdaq Listing Rule 5550(a)(2).  The compliance period
for the Company will expire on Dec. 28, 2020.


CSI COMPRESSCO: Moody's Hikes PDR to Caa1-PD, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded CSI Compressco LP's Probability
of Default Rating to Caa1-PD from Ca-PD. At the same time, Moody's
affirmed Compressco's Caa1 Corporate Family Rating, its B3 senior
secured first lien notes rating, and its Caa3 senior unsecured
notes rating. The outlook was changed to stable from negative.

The PDR upgrade reflects the company's reduced probability of
default following completion of the company's debt exchange.

Upgrades:

Issuer: CSI Compressco LP

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

Affirmations:

Issuer: CSI Compressco LP

Corporate Family Rating, Affirmed Caa1

Senior Secured Notes, Affirmed B3 (LGD3)

Senior Unsecured Notes, Affirmed Caa3 (LGD6)

Outlook Actions:

Issuer: CSI Compressco LP

Outlook, Changed To Stable From Negative

RATINGS RATIONALE

Compressco's Caa1 CFR reflects the company's continued high debt
balances and weak leverage metrics and the company's small
compressor fleet relative to its rated peers. The company's
recently completed debt exchange, in which it issued $155.5 million
in second lien notes due 2026 and a $50 million tack on to its
existing first lien notes due 2025 in exchange for $215 million of
its senior unsecured notes due 2022, did little to reduce its
overall debt burden and nominal interest expense. However, the
second lien notes provide the ability to make PIK interest payments
and the exchange has improved Compressco's overall debt maturity
profile.

Compressco's utilization and pricing will suffer in 2020 as its E&P
customers seek to slash their operating and capital budgets in the
face of a historic collapse in oil prices. The company has taken
fast and aggressive actions to staunch losses and preserve cash,
including substantial workforce reductions, compensation cuts, a
large drop in capital spending and potential asset sales. Still,
Moody's expects 2020 EBITDA to approximate $90 million, resulting
in adjusted debt/EBITDA between 6.5x and 7x, with the likelihood
that elevated leverage could persist through 2021. Relative to
other oilfield service providers, Compressco benefits from
comparatively stable cash flows, underpinned by services that
enhance oil and gas production and are more likely to remain in use
during a downturn than drilling or completion-oriented equipment,
and Moody's expects the company to generate modest free cash flow
in 2020. The company's shift in recent years to a higher proportion
of large horsepower compression units should help limit the impact
on margins and utilization compared to the 2015/16 downturn.

Compressco's senior secured first lien notes are rated B3, one
notch above the Caa1 Corporate Family Rating, reflecting their
priority claim to Compressco's assets, excluding the assets
securing the asset-based revolver. The Caa3 rating on Compressco's
senior unsecured notes, two notches below the CFR, reflects their
junior position in the company's capital structure to Compressco's
much larger first lien notes and second lien notes (unrated)
outstanding.

Compressco' SGL-3 Speculative Grade Liquidity Rating reflects
adequate liquidity into mid-2021, given the company's minimal cash
requirements. The company had $7.4 million in cash as of March 31,
2020. As of May 5, 2020, Compressco had $16 million of availability
under its $35 million asset-based revolving credit facility, which
matures in June 2023. Moody's expects Compressco to generate a
modest amount of free cash flow in 2020 and not need to rely on the
revolver. Following an amendment earlier this month, the revolver
no longer has financial covenants. The company's next debt maturity
is in 2022 when the senior unsecured notes mature. Compressco had
previously indicated an intent to sell its Midland fabrication
facility. Additionally, Compressco has historically sold a limited
amount of used or idle assets that could generate incremental
liquidity and might do so in the future.

The stable outlook reflects Moody's expectation that Compressco's
customers will gradually begin restoring shut-in production and
that utilization rates will bottom in the third quarter and
gradually improve from that point. The stable outlook also
considers the likelihood that Compressco will not face a
significant amount of additional pricing concessions.

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

Ratings could be downgraded if liquidity deteriorates
significantly, interest coverage falls below 2x, or debt/EBITDA
rises above 7x. A ratings upgrade is not likely in the near term,
however ratings could be upgraded if debt/EBITDA falls below 5.5x
and EBITDA is sustained above $110 million.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.


CURE PHARMACEUTICAL: Has $2.0M Net Income for March 31 Quarter
--------------------------------------------------------------
CURE Pharmaceutical Holding Corp. filed its quarterly report on
Form 10-Q, disclosing a net income of $2,046,000 on $280,000 of
total revenues for the three months ended March 31, 2020, compared
to a net loss of $10,035,000 on $75,000 of total revenues for the
same period in 2019.

At March 31, 2020, the Company had total assets of $30,411,000,
total liabilities of $14,098,000, and $16,313,000 in total
stockholders' equity.

Cure Pharmaceutical said, "At March 31, 2020, we had an accumulated
deficit of approximately US$48.6 million and a working capital
deficit of approximately US$6.3 million.  Our operating activities
consume the majority of our cash resources.  We anticipate that we
will continue to incur operating losses and negative cash flows
from operations, at least into the near future, as we execute our
commercialization and development plans and strategic and business
development initiatives.

"As of the date of this report we had approximately US$1.3 million
of cash on hand, which is expected to provide operating cash needs
for up to four months.  We have previously funded, and intend to
continue funding, our losses primarily through the issuance of
common stock and/or convertible promissory notes, combined with or
without warrants, and cash generated from our product sales and
research and development and license agreements.

"In April 2020 the Company was approved for US$0.4 million under
the Paycheck Protection Program.  We are currently discussing
various financing alternatives with potential investors, but there
can be no assurance that these funds will be available on terms
acceptable to us or will be enough to fully sustain operations.  If
we are unable to raise sufficient additional funds, we will have to
develop and implement a plan to extend payables, reduce
expenditures, or scale back our business plan until sufficient
additional capital is raised to support further operations.  There
can be no assurance that such a plan will be successful.

"The ability of the Company to continue as a going concern is
dependent upon its ability to successfully accomplish the plans and
eventually secure other sources of financing and attain profitable
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern for one year from
the issuance of the financial statements."

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

                       https://is.gd/KiWJHc

CURE Pharmaceutical Holding Corp., an integrated drug delivery and
development company, focuses on improving drug efficacy, safety,
and the patient experience through its proprietary drug dosage
forms and delivery systems. It develops and manufactures CUREfilm,
a patented and proprietary delivery system. The company is
developing an array of products in cutting-edge delivery platforms
and partners with biotech and pharmaceutical companies. It also
focuses on advancing various therapeutic categories, including the
pharmaceutical cannabis sector with partnerships in the United
States, Canada, Israel, Germany, and other markets. The company was
founded in 2011 and is headquartered in Oxnard, California.



CYCLO THERAPEUTICS: Has $2.6MM Net Loss for March 31 Quarter
------------------------------------------------------------
Cyclo Therapeutics, Inc., filed its quarterly report on Form 10-Q,
disclosing a net loss of $2,633,992 on $325,734 of revenues for the
three months ended March 31, 2020, compared to a net loss of
$1,904,166 on $220,826 of revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,286,061,
total liabilities of $3,984,071, and $1,698,010 in total
stockholders' deficit.

The Company said, "We have incurred losses from operations in each
of our last five fiscal years.  Our ability to continue as a going
concern is dependent upon the availability of equity financing.  We
will need to raise additional capital to support our ongoing
operations and continue our clinical trials.  These factors raise
substantial doubt about our ability to continue as a going
concern."

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

                       https://is.gd/t9uE8n

Cyclo Therapeutics, Inc., a biotechnology company, develops
cyclodextrin-based products for the treatment of diseases. Its lead
drug candidate is Trappsol Cyclo, an orphan drug for the treatment
of Niemann-Pick Type C disease.  The company also sells
cyclodextrins and related products to the pharmaceutical,
nutritional, and other industries, primarily for use in diagnostics
and specialty drugs.  It has a collaboration with the Chattanooga
Center for Neurologic Research.  The company was formerly known as
CTD Holdings, Inc. and changed its name to Cyclo Therapeutics, Inc.
in October 2019.  Cyclo Therapeutics was founded in 1990 and is
based in Gainesville, Florida.


CYPRESS LAWN: Court Approves Disclosure Statement
-------------------------------------------------
Judge Christopher Lopez has entered an order approving the
Disclosure Statement to Chapter 11 Plan of Reorganization filed by
Cypress Lawn and Landscaping Company, Inc., dated March 17, 2020.

The Court considered the entire record in this case, the evidence
presented, the representation of counsel, and it having been
determined after hearing, that the Debtor’s Disclosure Statement
that was filed and furnished to creditors and parties-in-interest
complies with the requirements of Section 1125 of the Bankruptcy
Code, contains adequate information, and satisfies the relevant
factors for evaluating the adequacy of a disclosure statement.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/y96erpc3 from PacerMonitor at no charge.

                      About Cypress Lawn

Cypress Lawn and Landscaping Company, Inc., filed a Chapter 11
petition (Bankr. S.D. Tex. Case No. 19-35262) on Sept. 19, 2019.
The Debtor's counsel is Matthew Hoffman, Esq. of HOFFMAN & SAWERIS,
P.C.


DALLAS TRADING: Unsec. Creditors to Be Paid in Full in 90 Days
--------------------------------------------------------------
Dallas Trading Enterprises, Inc., filed with the U.S. Bankruptcy
Court for the Western District of Texas, Waco Division, a Plan of
Reorganization and a corresponding Disclosure Statement on June 9,
2020.

Since the filing of the Bankruptcy, the Kareem Noorani, the son of
the 100% owner of the Debtor, Abdul Noorani has taken over the day
to day operations of the Debtor.  Despite the current COVID-19
pandemic, the Debtor has been able to maintain operations.  The
Debtor has worked with it secured lender to maintain operations.
The Debtor is currently operating under an Agreed Cash Collateral
Order which provides that the Debtor make monthly interest payments
to the secured lender. The Debtor is current with those payments.

Class 4 Allowed Unsecured Claims are impaired.  The Debtor will pay
the unsecured creditors in full under this Plan. The unsecured
creditors shall be paid in two equal payments.  The first payment
on the Effective Date and the second payments 90 days after the
Effective Date.

Class 5 Current Equity Holder is not impaired.  The current equity
holder shall retain his stock in the Debtor.

The Debtor anticipates the continued operations of the business to
fund the Plan.  All payments under the Plan shall be made through
the Disbursing Agent.

A full-text copy of the Disclosure Statement dated June 9, 2020, is
available at https://tinyurl.com/yac3pl2n from PacerMonitor.com at
no charge.

The Debtor is represented by:

        Eric A. Liepins
        ERIC A. LIEPINS, P.C.
        12770 Coit Road, Suite 1100
        Dallas, Texas 75251
        Tel: (972) 991-5591
        Fax: (972) 991-5788

               About Dallas Trading Enterprises

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


DARDEN RESTAURANTS: Egan-Jones Lowers Sr. Unsecured Ratings to BB-
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Darden Restaurants Inc. to BB- from BB.

Headquartered in Orlando, Florida, Darden Restaurants, Inc. owns
and operates full-service restaurants.



DESERT VALLEY STEAM: Aug. 18 Disclosure Statement Hearing Set
-------------------------------------------------------------
Desert Valley Steam Carpet Cleaning, LLC, filed with the U.S.
Bankruptcy Court for the District of Arizona a Disclosure Statement
and Plan of Reorganization.  On June 12, 2020, Judge Brenda K.
Martin ordered that:

   * Aug. 18, 2020, at 1:30 p.m. in Courtroom 701, at the U.S.
Bankruptcy Court, 230 N. First Ave., Phoenix, AZ 85003 is the
hearing to consider approval of the Disclosure Statement.

   * Aug. 11, 2020, is the deadline for any party desiring to
object to the Court’s approval of the Disclosure Statement to
file a written objection with the Court.

   * The conclusion of the Disclosure Statement Hearing is the
deadline for a secured creditor to make a written election to have
its claim treated pursuant to Sec. 1111(b)(2) of the Bankruptcy
Code.

A copy of the order dated June 12, 2020, is available at
https://tinyurl.com/y9258f2n from PacerMonitor at no charge.

       About Desert Valley Steam Carpet Cleaning

Desert Valley Steam Carpet Cleaning, LLC, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.
20-00570) on Jan. 16, 2020.  Judge Brenda K. Martin oversees the
case.  The Debtor is represented by Christel Brenner, Esq.


DOLPHIN ENTERTAINMENT: Posts $2.1M Net Income in First Quarter
--------------------------------------------------------------
Dolphin Entertainment, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, disclosing
net income of $2.07 million on $6.63 million of total revenues for
the three months ended March 31, 2020, compared to net income of
$122,608 on $6.32 million of total revenues for the three months
ended March 31, 2019.

As of March 31, 2020, the Company had $41.19 million in total
assets, $28.57 million in total liabilities, and $12.62 million in
total stockholders' equity.

Cash flows used in operating activities for three months ended
March 31, 2020 was $0.4 million.  The Company's net income was
primarily due to non-cash items such as gain on extinguishment of
debt and changes in the fair value of liabilities in the aggregate
net amount of approximately $2.5 million resulting in $0.5 million
of cash flows used in operations.  This was offset by changes in
operating assets and liabilities of approximately $0.1 million,
primarily from the decrease of other current liabilities.  Cash
flows used in operating activities for three months ended March 31,
2019 was $0.4 million.  The Company's net income of approximately
$0.1 million was primarily due to non-cash items such as changes in
the fair value of liabilities in the aggregate net amount of
approximately $0.7 million resulting in $0.6 million of cash flows
used in operations.  This was offset by changes in operating assets
and liabilities of approximately $0.2 million.

Cash flows used in investing activities for the three months ended
March 31, 2020 were approximately $0.3 million as compared to $0.02
million for the three months ended March 31, 2019 primarily due to
an installment of $0.3 million of Shore Fire purchase price due to
the seller.

Cash flows provided by financing activities for the three months
ended March 31, 2020 were approximately $0.3 million compared to
$1.5 million cash flows used in financing activities for the three
months ended March 31, 2019.  Cash flows provided by financing
activities for the three months ended March 31, 2020 consisted
primarily of (i) $0.5 million repayment of line of credit with Bank
United; (ii) $2.4 million provided by the sale of convertible
promissory notes; (iii) $1.2 repayment of a convertible promissory
note upon its maturity and (iv) $0.4 million used to buy back the
Company's Common Stock pursuant to Put Rights that were exercised.
By contrast cash flows used in financing activities during three
months ended March 31, 2019 consisted primarily of (i) $0.2 million
proceeds from the sale of a note payable; (ii) $0.1 million
repayment of our debt under the prints and advertising loan; (iii)
$0.8 million used for pay the second installment of the
consideration for the purchase of The Door; (iv) $0.4 million used
to pay certain 42West employees the second installment of the
consideration for the purchase of 42West and (v) $0.5 million used
to buy back the Company's Common Stock pursuant to Put Rights that
were exercised.

As of March 31, 2020 and 2019, the Company had cash available for
working capital of approximately $1.9 million, not including $0.7
million pledged as collateral for the standby letter of credit for
the New York office and security deposit in the Newton MA office,
and $5.5 million, not including $0.7 million pledged as collateral
for the standby letter of credit for the New York office,
respectively, and a working capital deficit of approximately $10.7
million and $15.5 million, respectively.
These factors, along with an accumulated deficit of $94.0 million
as of March 31, 2020, raise substantial doubt about the Company's
ability to continue as a going concern.

"We currently have the rights to several scripts which we currently
intend to obtain financing to produce and release.  We will
potentially earn a producer and overhead fee for this production.
There can be no assurances that such production will be released or
fees will be realized in future periods.
Our subsidiaries operate in industries that have been adversely
affected by the government mandated shelter-in-place, stay-at-home
and work-from-home orders as a result of the novel coronavirus
COVID-19.  Between April 19, 2020 and April 23, 2020, we entered
into five separate loan agreements and received an aggregate amount
of approximately $2.8 million under the Paycheck Protection Program
which was established under the Coronavirus Aid, Relief and
Economic Security Act (CARES Act).  The loans are unsecured and all
or a portion of the loans may be forgiven upon application to the
lender for certain expenditure amounts made, including payroll
costs, in accordance with the requirements under the Paycheck
Protection Program.  There is no assurance that our obligation
under these loans will be forgiven.

"In addition, we have a substantial amount of debt.  We do not
currently have sufficient assets to repay such debt in full when
due, and our available cash flow may not be adequate to maintain
our current operations if we are unable to repay, extend or
refinance such indebtedness.  As of March 31, 2020, our total debt
was approximately $10.4 million and our total stockholders' equity
was approximately $12.6 million.  Approximately $2.8 million of the
total debt as of March 31, 2020 represents the fair value of put
rights in connection with the 42West acquisition, which may or may
not be exercised by the sellers.

"If we are not able to generate sufficient cash to service our
current or future indebtedness, we will be forced to take actions
such as reducing or delaying digital or film productions, selling
assets, restructuring or refinancing our indebtedness or seeking
additional debt or equity capital or bankruptcy protection.  We may
not be able to affect any of these remedies on satisfactory terms
or at all and our indebtedness may affect our ability to continue
to operate as a going concern," Dolphin Entertainment said.

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

                     https://is.gd/xCtLRn

                  About Dolphin Entertainment

Headquartered in Coral Gables, Florida, Dolphin Entertainment, Inc.
-- http://www.dolphinentertainment.com/-- is an independent
entertainment marketing and premium content development company.
Through its subsidiaries, 42West LLC, The Door Marketing Group LLC
and Shore Fire Media, Ltd, the Company provides expert strategic
marketing and publicity services to many of the top brands, both
individual and corporate, in the entertainment, hospitality and
music industries.

Dolphin Entertainment reported a net loss of $1.19 million for the
year ended Dec. 31, 2019, compared to a net loss of $2.91 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $42.57 million in total assets, $32.88 million in total
liabilities, and $9.69 million in total stockholders' equity.

BDO USA, LLP, in Miami, Florida, the Company's auditor since 2014,
issued a "going concern" qualification in its report dated March
30, 2020 citing that the Company has suffered recurring losses from
operations from prior years, has an accumulated deficit, and a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.


DUNCAN MORGAN: Has Until Aug. 4 to File Plan & Disclosures
----------------------------------------------------------
Judge David M. Warren has entered an order within which the
deadline for Kevin L. Sink, Chapter 11 Trustee, to file a Plan of
Reorganization and Disclosure Statement for Debtor Duncan Morgan,
LLC shall be August 4, 2020.

A copy of the order dated June 11, 2020, is available at
https://tinyurl.com/ya8j3fkl from PacerMonitor.com at no charge.

                      About Duncan Morgan

Duncan Morgan LLC is primarily engaged in renting and leasing real
estate properties.

Duncan Morgan sought Chapter 11 protection (Bankr. E.D.N.C. Case
No. 19-03113) on Oct. 10, 2019.  The Debtor was estimated to have
$1 million to $10 million in assets and liabilities as of the
bankruptcy filing.  

The Hon. David M. Warren is the case judge.  

J.M. Cook, Esq., is the Debtor's counsel.  

Kevin L. Sink was appointed as Chapter 11 trustee on Aug. 21,
2019.
The Chapter 11 Trustee can be reached at:

        Kevin L. Sink
        NICHOLLS & CRAMPTON, PA.
        P.O. Box 18237
        Raleigh, NC 27619
        Telephone: 919-781-1311
        Facsimile: 919-782-0465
        E-mail: ksink@nichollscrampton.com

On Dec. 31, 2019, the Court appointed Jeff Horton of Allen Tate
Realty as the realtor for the Trustee.


EPICOR HOLDINGS: S&P Affirms 'B-' ICR on Dividend Recapitalization
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Epicor
Holdings Corp.

At the same time, S&P is assigning its 'B-' issue-level rating and
'3' recovery rating to the first-lien facility and its 'CCC'
issue-level rating and '6' recovery rating to the second-lien term
loan. S&P's ratings on the company's existing debt remains
unchanged because it expects them to be repaid at the close of this
transaction.

Epicor's plans to raise incremental debt to partially fund a $560
million dividend to its owners, which S&P views as consistent with
the rating agency's financial policy expectations. Epicor's
S&P-adjusted leverage has remained below S&P's 7.5x upgrade
threshold for a few quarters; however, S&P has not raised its
rating because it believed that the company would not likely
sustain its leverage at these levels. Specifically, S&P thought it
was likely the company would increase its leverage either to
support future acquisitions or fund a debt-financed dividend to its
sponsor. Based on its pro forma leverage of near 8.6x following the
refinancing, S&P does not expect the company to incur additional
leverage over the near term. Nonetheless, S&P believes Epicor will
continue to have an appetite for modest-size bolt-on acquisitions
consistent with its recent purchases of Majure Data, MechanicNet,
and 1EDI Source Inc. Unlike the current transaction, S&P expects
the company to fund its future acquisitions primarily with its cash
flow generation.

The company's credit measures will weaken significantly due to its
higher levels of funded debt, though S&P views liquidity concerns
and default risk as remote even amid the pandemic. Epicor's
proposed recapitalization will increase its funded debt balances by
approximately $526 million to $2.75 billion. Therefore, S&P
estimates that the company's pro forma leverage will increase to
nearly 8.6x, which is significantly higher than its pre-transaction
leverage of about 6.9x but similar to the leverage levels it
operated with following its acquisition by KKR in August 2016.
Despite this very high level of leverage, S&P thinks Epicor's
historical track record, high recurring revenue, and stable FOCF
will somewhat compensate for its high financial risk tolerance
during the pandemic. For instance, over the next 12 months S&P
forecasts that the company will generate at least $90 million of
free cash flow, which is a level that far exceeds its total fixed
charges and should provide it with a cushion to prevent any further
deterioration in its credit metrics.

S&P believes Epicor will sustain its operating profitability
despite the effects of COVID-19, which will enable it to maintain
leverage in the mid- to high-8x area over the next year. For the 12
months ended March 2020, Epicor's revenue increased by about 5%
while its EBITDA rose by about $25 million. Although S&P projects
the company's top line will modestly decline due to COVID-19, the
rating agency expects that the company's higher proportion of
recurring revenue and a year over year reduction in sales
compensation expense and lower discretionary spending, will enable
it to modestly improve its EBITDA margins (to around the 37% area).


"In our view, this level of EBITDA coupled with Epicor's mandatory
term loan amortization payments of about $19 million annually,
should support leverage in the mid- to high-8x area over the next
year," S&P said.

The company's high recurring revenue base and retention rates and
progress in shifting to a software as a service (SaaS) model should
support its future sales. Epicor's predictable recurring revenue
streams (cloud, maintenance, and services) accounted for more than
70% of its total revenue as of March 31, 2020. The company derives
the majority of its revenue from its existing customer base,
principally through additional license sales, maintenance, and
support services, which historically have renewal rates in the
mid-90% area. S&P expects Epicor's revenue to modestly decline for
fiscal year 2020 due to the pandemic, given its expectation for
lower new software license and professional services revenues,
unfavorable foreign-exchange headwinds, customer attrition, and a
decrease in hardware equipment sales, which will be partially
offset by growth in its SaaS and payment exchange revenue.

The stable outlook on Epicor reflects S&P's expectation that the
company will maintain leverage in the mid- to high-8x area over the
next year on good demand for its software offerings. In light of
the coronavirus pandemic, S&P expects the company's net new
bookings to decline and forecast that its revenue will fall by the
low-single-digit percent area. However, S&P expects it to maintain
relatively stable EBITDA margins in the mid-30% area. S&P also
anticipates that Epicor will continue to generate good levels of
FOCF of about $90 million in fiscal year 2020 as it continues to
transition to a subscription-based business model.

"We could lower our rating on Epicor if operating difficulties
weaken its credit metrics toward the 10x area or its cash flow
generation declines to negligible levels or turns negative with
limited prospects for improvement. We believe this would likely
occur if the company's software sales decline because of
significant customer losses, increased competition from larger
industry players, or technological shifts that reduce the
usefulness of its products," S&P said.

"Although unlikely given this leveraging transaction, we could
raise our rating on Epicor if its leverage continues to improve and
we believe it will likely sustain leverage of less than 7.5x
despite its ongoing acquisitions and shareholder returns," the
rating agency said.


EPICOR SOFTWARE: Moody's Affirms B3 CFR on Dividend Announcement
----------------------------------------------------------------
Moody's Investors Service affirmed Epicor Software Corporation's B3
Corporate Family Rating following the announcement that Epicor will
increase debt to fund a dividend to shareholders. Moody's also
assigned a B2 rating on the upsized first lien debt facilities and
assigned a Caa2 to the new second lien term loan. The ratings on
the existing second lien notes and senior secured credit facilities
will be withdrawn at closing. The outlook is unchanged at stable.

Though leverage will increase to over 8x (excluding certain
one-time charges), and pro forma free cash flow to debt will weaken
to around 2% as a result of the transaction, both metrics remain
within the ranges acceptable for Epicor's B3 CFR given the sticky
nature of the company's products, high proportion of recurring
revenues and moderate growth profile. Epicor has the potential to
de-lever as they have demonstrated since the 2016 KKR buyout, but
the debt funded dividend highlights the company's aggressive
financial policies under KKR ownership and the likelihood that
leverage will remain high.

RATINGS RATIONALE

Epicor's B3 CFR reflects its high leverage and aggressive financial
policies, balanced by its leading position as a provider of
enterprise resource planning software solutions to a diverse range
of mid-market customers. Epicor has built internally and through
acquisitions, strong niche positions within certain manufacturing,
distribution and retail verticals. The rating also recognizes
Epicor's high renewal rates, and thus revenue visibility, on its
maintenance and subscription revenues as customers are reluctant to
change ERP software providers. Moody's expects Epicor's leverage to
improve to under 8x over the next 18 months in the absence of debt
funded acquisitions or distributions. Although the company is
impacted by swings in demand from their cyclical end markets, the
significant proportion of recurring revenues (approximately 67% on
an LTM March 2020 basis) provides some cushion during uncertain
economic climates.

The stable outlook reflects the good cash flow characteristics of
the company and relative resiliency during economic downturns.
While revenue will be negatively impacted in coming quarters by the
economic recession driven by the coronavirus outbreak, Moody's
expects modest growth and deleveraging in FY 2021. Though unlikely
in the near term, Epicor's ratings could be upgraded if leverage is
expected to be below 7.0x, and free cash flow to debt is expected
to be sustained above 5%. The ratings could be downgraded if
performance deteriorates, leverage exceeds 8.5x or free cash flow
is negative on other than a temporary basis.

Liquidity is good based on approximately $100 million of cash on
the balance sheet at closing of the transaction, an undrawn $65
million revolving credit facility and the expectation of positive
free cash flow over the next 12 to 18 months.

The amended first lien debt facilities have flexibility that could
be detrimental to lenders including but not limited to the
following features. The facilities include a provision for
incremental first and second lien facilities up to the greater of
$365 million or 1x EBITDA but with substantial additional potential
baskets. Asset sale proceeds are required to pay down debt based on
a leverage-based test subject to 540-day reinvestment provisions
but subject to exclusion baskets that have not been disclosed. The
amended debt facilities are "portable" to new owners subject to
certain leverage-based tests. EBITDA calculations include liberal
addbacks further limiting the strength of the tests.

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. Given Epicor's exposure
to the U.S. economy, the company remains vulnerable to shifts in
market demand and sentiment in these unprecedented operating
conditions.

Affirmations:

Issuer: Epicor Software Corporation

  Corporate Family Rating, Affirmed B3

  Probability of Default Rating, Affirmed B3-PD

Assignments:

Issuer: Epicor Software Corporation

  Senior Secured 1st Lien Revolving Credit Facility,
  Assigned B2 (LGD3)

  Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3)

  Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)

Outlook Actions:

Issuer: Epicor Software Corporation

  Outlook, Remains Stable

Epicor Software Corp. is a leading provider of enterprise
application software for mid-sized companies. The company had
revenues of approximately $889 million in the twelve months ended
March 31, 2020. Epicor is owned by private equity group, KKR.

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


EYEPOINT PHARMACEUTICALS: Appoints Jay Duker as CSSO
----------------------------------------------------
EyePoint Pharmaceuticals, Inc., has appointed Jay S. Duker, M.D.,
as chief strategic scientific officer.  In this newly created role,
Dr. Duker will lead the strategic advancement of the Company's
research and development efforts, beginning with its lead
development candidate EYP-1901 for wet age-related macular
degeneration (wet AMD) and new pipeline expansion opportunities
under evaluation.  In conjunction with this appointment, Dr. Duker
has stepped down from the Company's Board of Directors after four
years of service to focus on this newly created role. Dr. Duker
will serve in this role on a part time basis while continuing his
ongoing retinal practice and serving as the Chair of Ophthalmology
at Tufts Medical Center and the Tufts University School of
Medicine.

"Dr. Jay Duker is an ophthalmology pioneer and highly regarded
retinal disease expert.  We are delighted to have Jay join our
executive team as our Chief Strategic Scientific Officer bringing
his world class experience as a retinal specialist to EYP-1901, our
lead development candidate that we believe can alter the treatment
paradigm for wet AMD, as this important program progresses toward
the clinic," said Nancy Lurker, president and chief executive
officer of EyePoint Pharmaceuticals.  "Jay's extensive experience
treating and leading research efforts for retinal diseases will
also be extremely beneficial as we look to expand our ocular
disease pipeline by leveraging the extended delivery capability of
our two technology platforms, Durasert and Verisome, as well as
assessing additional in-licensing opportunities."

"I am very excited about the potential for EYP-1901 as a single
injection six-month treatment option to provide a long-lasting,
effective, safe and convenient therapy for wet AMD patients," said
Dr. Duker.  "I look forward to leading EyePoint's efforts to drive
EYP-1901 toward the clinic as we prepare for an Investigational New
Drug (IND) application later this year followed quickly by the
initiation of a Phase 1 trial.  I expect that EYP-1901 represents
the first in a series of potential new pipeline programs using our
Durasert and Verisome technologies, and I am excited to help lead
the evaluation and implementation of these programs."

Dr. Duker brings more than thirty years of ophthalmology experience
to EyePoint with roles held in the clinical, research, business,
and academic settings.  Dr. Duker is the director of the New
England Eye Center.  He is also Professor and Chair of
Ophthalmology at Tufts Medical Center and Tufts University School
of Medicine.  He has published more than 300 journal articles
related to ophthalmology and is co-author of Yanoff and Duker's
Ophthalmology, a best-selling ophthalmic text.  Dr. Duker is
co-founder of three companies, including Hemera Biosciences, a
privately held company seeking to develop anti-complement gene
therapy-based treatment for dry macular degeneration.  In addition,
Dr. Duker is currently the Chairman of the Board of Sesen Bio, a
publicly traded clinical stage biopharmaceutical company advancing
a pipeline of fusion proteins for cancer indications whose most
advanced product is Vicineum, a novel therapy for bladder cancer.
Dr. Duker received an A.B. from Harvard University and an M.D. from
the Jefferson Medical College of Thomas Jefferson University.

Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
In connection with the hiring of Dr. Duker, the Compensation
Committee of Eyepoint Pharmaceutical's Board of Directors granted
stock options to purchase an aggregate of 250,000 shares of common
stock as an inducement award material to Dr. Duker entering into
employment with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).  The stock options have an exercise price equal to the
closing price of EyePoint's common stock on July 13, 2020, and will
vest as follows: 25% on the first anniversary and monthly through
the fourth anniversary of the date of grant, subject to the terms
of grant.

                  About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals, formerly pSivida Corp. --
http://www.eyepointpharma.com/-- headquartered in Watertown, MA,
is a specialty biopharmaceutical company committed to developing
and commercializing innovative ophthalmic products in indications
with high unmet medical need to help improve the lives of patients
with serious eye disorders.  The Company currently has two
commercial products: DEXYCU, the first approved intraocular product
for the treatment of postoperative inflammation, and YUTIQ, a
three-year treatment of chronic non-infectious uveitis affecting
the posterior segment of the eye.

Eyepoint reported a net loss of $56.79 million for the year ended
Dec. 31, 2019.  For the six months ended Dec. 31, 2018, the Company
reported a net loss of $44.72 million.  As of March 31, 2020, the
Company had $80.29 million in total assets, $63.82 million in total
liabilities, and $16.47 million in total stockholders' equity.

Deloitte & Touche LLP, in Boston, Massachusetts, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated March 13, 2020, citing that the combination of the
Company's limited currently available cash, cash equivalents and
available borrowings, together with its history of losses, and the
uncertainty in timing of cash receipts from its newly launched
products raise substantial doubt about the Company's ability to
continue as a going concern.


FREEPORT-MCMORAN INC: S&P Rates $800MM Senior Unsecured Notes 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '3'
recovery rating to Phoenix-based miner Freeport-McMoRan Inc.'s new
$800 million aggregate senior unsecured notes due 2028 and 2030.
The '3' recovery rating indicates its expectation for meaningful
(50%-70%; rounded estimate: 60%) recovery in the event of a payment
default.

The company will use the proceeds from these notes to fund tender
offers for portions of its 3.55% senior notes due 2022 ($806
million principal outstanding), 3.875% notes due 2023 ($1.9 billion
principal outstanding), and 4.55% notes due 2024 ($850 million
principal outstanding).

S&P expects Freeport's adjusted leverage to be in the 3.0x–3.5x
range in 2020 based on the rating agency's higher copper and gold
price assumptions and the steady progress it has made on improving
the production levels at its Grasberg underground mine. The company
has continued to improve the amount of ore milled per day at its
Grasberg Block Cave and Deep Mill Level Zone underground mines, the
grades of copper and gold ore its obtains, and its recovery rates
through the first quarter of 2020. S&P assumes PT-Freeport
Indonesia (PT-FI) will achieve annual production of 1.4 billion
pounds of copper and 1.4 million ounces of gold in 2021 based on
the company's revised operating plan. Given its $2.77/pound copper
price assumption, S&P anticipates that Freeport's adjusted leverage
will decline below 2x by the end of 2021 at these production
levels.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- Freeport's debt capital structure comprises about $9.9 billion
of outstanding debt, all of which is unsecured. The parent
Freeport-McMoRan Inc. (FCX) has about $8.6 billion of notes
outstanding. The Freeport Minerals Corp. (FMC) subsidiary has $357
million of notes outstanding, which are guaranteed by FCX. In
addition, Freeport's South American subsidiary under FMC has
approximately $826 million outstanding under its Cerro Verde
facility, which S&P treats as structurally senior to the unsecured
notes.

-- S&P's default scenario contemplates a collapse in copper prices
and operational disruptions and a sustained production delay at the
Grasberg mine. As Freeport's revenue and operating margins become
increasingly compressed, it would have to fund its operating losses
and debt service with available cash and borrowings under its
revolving credit facility. This leads to a default occurring in
2024.

-- S&P assesses Freeport's recovery prospects using a
going-concern value of approximately $9.6 billion, emergence EBITDA
of $1.9 billion, and a 5x EBITDA multiple. This EBITDA multiple is
consistent with the multiples it uses for other metals and mining
upstream companies.

-- S&P assumes that Freeport's $3.5 billion revolving credit
facility is 85% drawn, with roughly $3.1 billion outstanding, at
default.

-- All debt amounts include six months of accrued but unpaid
interest at default.

Simulated default assumptions

-- Year of default: 2024
-- Emergence EBITDA: $1.98 billion
-- Valuation multiple: 5x
-- Gross enterprise value (EV): $9.94 billion

Simplified waterfall

-- Obligor EV split: FCX/U.S. obligor 55% ($5.4 billion), FMC 30%
($2.9 billion), Cerro Verde 15% ($1.4 billion)

-- Net EV (after 5% administrative costs): $9.4 billion

-- Priority claims at FCX: $43 million (other debt claims)

-- Available collateral for FMC debt: $3.9 billion (FMC collateral
value plus Cerro Verde value at 54% ownership)

-- FMC unsecured debt: $370 million

-- Recovery expectations: Capped at 50%-70% (rounded estimate:
60%)

-- Remaining value for unsecured FCX debt claims: $8.3 billion

-- Estimated senior unsecured note claims: $11.96 billion

-- Recovery expectations: 50%-70% (rounded estimate: 60%)


GC EOS: S&P Rates New $240MM Senior Secured Notes 'CCC+'
--------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue-level rating and '4'
recovery rating to GC EOS Buyer Inc.'s proposed $240 million senior
secured notes. The '4' recovery rating indicates S&P's expectation
for average (30%-50%; rounded estimate: 30%) recovery in the event
of a default. S&P's ratings on the company's existing first- and
second-lien term loans remain unchanged.

S&P's 'CCC+' issuer credit rating and negative outlook on GC EOS
Buyer are unaffected because its leverage will remain above 10x
after the transaction. This issuance should initially improve the
company's liquidity because it will use the proceeds from the notes
to pay down its outstanding revolver borrowings and pay off the
secured bridge loan it issued to fund the purchase of M&R Precision
Parts. However, S&P expects GC EOS Buyer to generate negative cash
flow over the next several quarters due to the effects of the
coronavirus pandemic, with persistent downside risks to the rating
agency's forecast. Specifically, this could occur if a second wave
of the virus causes people in the U.S. and Europe to shelter in
place again or if the volume of vehicle miles traveled stabilizes
at a materially lower level. It could also occur because of issues
at the company's main remanufacturing operations in Mexico given
the severity of the ongoing virus outbreak in that country."

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

S&P's simulated default scenario assumes a payment default
occurring in 2021 because of weaker volumes due to the coronavirus
pandemic and an inability to offset the volume declines with cost
cutting. This would cause the company's liquidity and operating
cash flow to decline.

Simulated default assumptions

-- Year of default: 2021
-- Jurisdiction: U.S.
-- LIBOR of 250 basis points;
-- A 60% draw under the ABL revolver at default;
-- All debt includes six months of accrued interest; and
-- Administrative claims of 5% of enterprise value.

Simplified waterfall

-- Gross enterprise value: $524 million
-- Administrative expenses: $26 million
-- Net enterprise value: $498 million
-- Obligor/nonobligor valuation split: 90%/10%
-- Priority claims: $181 million
-- Total collateral value for secured debt: $299 million
-- Total first-lien debt: $954 million
-- Recovery expectations: 30%-50% (rounded estimate: 30%)
-- Total second-lien debt: $190 million
-- Recovery expectations: 0%-10% (rounded estimate: 0%)


GMS DINER: Sets Auction Procedures for All Assets
-------------------------------------------------
GMS Diner Corp. asks the U.S. Bankruptcy Court for the District of
New Jersey to authorize the auction procedures and guidelines in
connection with the sale of all or substantially all of its
assets.

George Stylianou, the President of the Debtor, certifies that the
Debtor previously operated a diner in leased premises located at
475 Route 46, Little Falls, New Jersey.  It ceased its business
operations on March 22, 2020.  The Debtor's assets consist of
restaurant equipment and fixtures, as well as a Little Falls New
Jersey plenary retail consumption liquor license.

Since the Petition Date, the Debtor has consulted with several
liquidation agents, all of whom advised of their belief that a
public auction of the Debtor's Assets is in the best interests of
its creditors and its estate.

The Debtor, in consultation with its professionals, has determined
to sell the Assets through an orderly sale process.  It believes,
in its reasonable business judgment that it is in the best
interests of its estate and creditors to sell the Assets through a
public auction.

On June 15, 2020, the Debtor filed an application to employ and
retain A.J. Willner Auctions, LLC as its auctioneer on the terms
and conditions set forth therein.  A.J. Willner's retention is
currently pending authorization by the Court.  Exhibit A is an
engagement letter received through the Debtor's counsel from A.J.
Willner, setting forth the strategies to be employed in marketing
the Assets.

Specifically, in an effort to insure that maximum value is obtained
for the Assets, the Debtor asks that the Court approves the
following auction procedures established by A.J. Willner:

     A. Equipment - Terms of Sale

          a. Deposit: A 25% minimum deposit is due at the time of
successful bid in cash, certified, or cashier's check.  Business
checks accepted if accompanied by a properly worded bank letter of
guarantee. These funds must be presented at the time of successful
bid. Bidswithout a deposit will not be accepted. No Credit Cards.
No Personal Checks.

          b. Balance Due: Final Payment must be paid at conclusion
of auction or next day before 3:00 p.m.  No Items can be removed
until entire invoice is paid in full. Auctioneer reserves the right
to resell buyer's lots, with buyer forfeiting their deposit, if
full payment is not made by 3:00 p.m. next day.

          c. Buyer Premium: 10% Buyer's Premium applies to all
purchases.

          d.As-Is, Where Is: All items are sold "as is, where is"
without warranty or guarantee.  There will be no re-bids or rebates
after an item is sold.  The catalog is presented strictly as a
guide and is subject to errors and omissions.  Additional Terms of
Sale may be announced by auctioneer on day of auction.  A bid
signifies acceptance of these Terms of Sale.

     B. Liquor License - Terms of Sale

          a. Deposit: A $25,000 Cashier's Check (at time of
registration) to participate.  These funds must be presented as a
deposit immediately at the time of successful bid.  Deposit check
is made payable to AJ Willner Auctions.

          b. Balance of Payment: Balance of Payment is due within
48 hours of auction, via wire transfer or cashier's check made
payable to AJ Willner Auctions.

          c. Transfer of License: Auctioneer to hold all money in a
Trust Account pending transfer of license.  Buyer of License is
responsible for costs associated with transfer of license and must
comply with all state & local rules & regulations. Any Buyer of the
License will immediately, following the auction, make application
to the appropriate governmental and law enforcement authorities to
affect and approve said transfer, time of the essence.

          d. Clear Title: License is being offered free & clear of
all liens, liquor bills & taxes.

          e. As-Is, Where Is: Liquor License is being sold "as is,
where is" with no contingencies.  Auctioneer makes no implied
warranties or guarantees regarding the condition, description
and/or marketability of the liquor license. Please consult with an
attorney, the NJ ABC and the Borough of Little Falls, NJ clerk’s
office regarding regulations. Auction is not subject to a place to
place or person to person transfer.

          f. Buyer Premium: 10% Buyer's Premium applies to the sale
of the license

          g. High Bidder is Bound to Their Bid: Auctioneer reserves
the right to resell license, with buyer forfeiting their deposit,
if these Terms of Sale are not met. In the event of a resale,
original buyer will be responsible for any deficiency in sale
price.  Disclaimer Bidders must rely on their own due diligence &
research.  Auctioneers and Attorneys are not responsible for any
errors in mailers or advertising.

The Debtor believes that an auction of the Assets conducted in
accordance with the Auction Procedures will maximize value of the
Assets.  Therefore, it respectfully asks that the Court approves
the Auction Procedures.

There is one party allegedly holding a security interest or having
any lien or other encumberance on the Assets being sold. That party
is M&T Bank, which holds two secured claims in the amounts of
$81,788 and $44,791, respectively.

With respect to the Debtor's liquor license (Exhibit B) is a letter
dated May 27, 2020 received from the New Jersey Division of
Alcoholic Beverage Control, advising that it is not a creditor of
the Debtor and that it does not intend to file any objection in the
within proceeding, provided that the legal principals set forth in
the letter are not violated.

To the extent that any party is determined to have a valid lien on
the Assets, any and all such liens on the Assets will be satisfied
or will attach to the proceeds of a sale of the Assets with the
same force, effect and priority as such liens have on the Assets,
subject to the rights and defenses, if any, of the Debtor and any
party in interest with respect thereto.

There is no agreement between the Debtor and any party with respect
to a sale of the Assets.  As previously set forth, the Assets
consist of restaurant equipment and fixtures, as well as a Little
Falls New Jersey plenary retail consumption liquor license.

A public auction of the Assets by A.J. Willner is scheduled to take
place on July 13, 2020 at 11:00 a.m. via an online bidding platform
accessible from the A.J. Willner website, www.ajwauctions.com, and
on site at 475 Route 46 East, Little Falls, New Jersey 07424.  The
purchase price will be determined by competitive bidding at auction
in accordance with the conditions of sale previously set forth
herein, including the deadlines for balance of payment subsequent
to the sale, the deposit required and the conditions under which
the deposit may be forfeited.

The Debtor is not seeking a tax determination under the Bankruptcy
Code.  It intends to maintain its own books and records subsequent
to the sale in anticipation of formulating and filing a Plan of
Reorganization with the Court.

There are no executory contracts or unexpired leases which will be
assumed and assigned, with the exception of the liquor license.

The Motion does not contain any provision for credit bidding.

The anticipated commission to be paid to the Auctioneer for the
equilment and fixtures is 20%, with a 10% buyer's premium.  The
anticipated commission to be paid to the Auctioneer for the liquor
license is a 10% buyer's premium.

A copy of the Exhibit B is available at
https://tinyurl.com/yb3p8j8m from PacerMonitor.com free of charge.

                         GMS Diner Corp.

GMS Diner Corp. -- https://www.sixbrothersdiner.net/ -- is a
family-owned restaurant specializing in American cuisine.  The
restaurant offers catering services for all occasions.

GMS Diner Corp. sought Chapter 11 protection (Bankr. D.N.J. Case
No. 20-16721) on May 21, 2020.  

In the petition signed by George Stylianou, president, the Debtor
has total assets of $275,000, and $1,404,025 in total debt.

The Debtor tapped David H. Stein, Esq., at Wilentz, GOldman &
Spitzer, P.A., as counsel.


GRANITE CITY: Sale of Detroit Liquor License to Riverfront Approved
-------------------------------------------------------------------
Judge William J. Fisher of the U.S. Bankruptcy Court for the
District of Minnesota authorized Granite City Food & Brewery and
its affiliates to sell a Class C Liquor License Number 258521,
issued by the Michigan Liquor Control Commission, to Riverfront
Holdings, Inc. in exchange for release and waiver of Riverfront's
administrative expense proofs of claim related to the lease for 400
Renaissance Center, Suite 1101, Detroit Michigan, being: (a) Proof
of Claim 23-1 in the bankruptcy case of Granite City Restaurant
Operations, Inc. asserting an administrative expense claim in the
amount of $61,477; and (b) Proof of Claim 146-1 in the bankruptcy
case of Granite City Food & Brewery Ltd. asserting an
administrative expense claim in the amount of $61,477.

Pursuant to Federal Rule of Bankruptcy Procedure 9019(a) and
Sections 105(a) and 363 of the Bankruptcy Code, the Settlement
Agreement is approved in its entirety.  The Debtors are authorized
to enter into and perform the Settlement Agreement, and to take all
actions contemplated and required by the Settlement Agreement.

Riverfront's general unsecured claims, including Proof of Claim 19
in the bankruptcy case of Debtor Granite City Restaurant
Operations, Inc. and Proof of Claim 130 in the bankruptcy case of
Debtor Granite City Food & Brewery Ltd. are unaffected by the
Order.

The sale is free and clear of all liens, claims, interests and
encumbrances.

Notwithstanding Rule 6004(h), the terms and conditions of the Order
will be immediately effective and enforceable upon its entry.

                      About Granite City Food

Granite City Food & Brewery Ltd. (OTCPink: GCFB) --
http://www.gcfb.com/-- operates two casual dining concepts:
Granite City Food & Brewery and Cadillac Ranch All American Bar &
Grill.  

The Granite City concept features its award-winning signature line
of hand-crafted beers finished on-site as well as local and
regional craft beers from brewers in various markets. In addition,
these casual dining restaurants offer a wide variety of menu items
that are prepared fresh daily.  The extensive menu features
contemporary American fare made in its scratch kitchens.  Granite
City opened its first restaurant in 1999; there are currently 25
Granite City restaurants in 13 states.  

Cadillac Ranch restaurants feature freshly prepared, authentic,
All-American cuisine in a fun, dynamic environment.  Its patrons
enjoy a warm, Rock N' Roll inspired atmosphere.  The Cadillac
Ranch
menu is diverse with offerings ranging from homemade meatloaf to
pasta dishes, all freshly prepared using quality ingredients.  The
company currently operates 4 Cadillac Ranch restaurants in four
states.

Granite City Food & Brewery and four affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Lead Case
No. 19-43756) on Dec. 16, 2019.  At the time of the filing,
Granite
City Food & Brewery disclosed assets of between $10 million and
$50
million and liabilities of the same range.  Judge William J.
Fisher
oversees the cases.  James M. Jorissen, Esq., at Briggs & Morgan,
PA, is the Debtors' legal counsel.


H&R BLOCK: Egan-Jones Lowers Senior Unsecured Ratings to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on July 6, 2020, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by H&R Block Inc. to BB+ from BBB.

Headquartered in Kansas City, Missouri, H&R Block, Inc. provides a
wide range of financial products and services through its
subsidiaries.



HEALTHLYNKED CORP: Has $580,000 Net Loss for March 31 Quarter
-------------------------------------------------------------
HealthLynked Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $580,216 on $1,336,940 of revenue for the
three months ended March 31, 2020, compared to a net loss of
$1,060,717 on $464,990 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $2,312,489,
total liabilities of $4,539,938, and $2,227,449 in total
shareholders' deficit.

HealthLynked said, "As of March 31, 2020, the Company had a working
capital deficit of $3,749,487 and accumulated deficit $16,609,870.
For the three months ended March 31, 2020, the Company had a net
loss of $580,216 and net cash used by operating activities of
$384,187.  Net cash used in investing activities was $-0-.  Net
cash provided by financing activities was $478,012, resulting
principally from $437,433 proceeds from the sale of common stock,
$344,000 net proceeds from the issuance of convertible notes and
$149,000 proceeds from the issuance of related party loans.

"The Company's cash balance and revenues generated are not
currently sufficient and cannot be projected to cover its operating
expenses for the next twelve months from the date of this report.
These matters raise substantial doubt about the Company's ability
to continue as a going concern.  Management's plans include
attempting to improve its business profitability and its ability to
generate sufficient cash flow from its operations to meet its needs
on a timely basis, obtaining additional working capital funds
through equity and debt financing arrangements, and restructuring
on-going operations to eliminate inefficiencies to raise cash
balance in order to meet its anticipated cash requirements for the
next twelve months from the date of this report.  However, there
can be no assurance that these plans and arrangements will be
sufficient to fund the Company's ongoing capital expenditures,
working capital, and other requirements.  Management intends to
make every effort to identify and develop sources of funds.  The
outcome of these matters cannot be predicted at this time.  There
can be no assurance that any additional financings will be
available to the Company on satisfactory terms and conditions, if
at all."

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

                       https://is.gd/frw2MM

HealthLynked Corp. operates a cloud-based patient information
network and record archiving system. The company operates
HealthLynked Network, which enables patients and doctors to keep
track of medical information via Internet in a cloud based system.
It enables patients to enter a detailed online personal medical
history, including past surgical history, medications, allergies,
and family medical history; and provides online scheduling function
for patients to book appointments with providers. The company also
offers obstetrical and gynecological medical services to patients.
HealthLynked Corp. was incorporated in 2014 and is based in Naples,
Florida.



HEART TO HEART: Plan of Reorganization Confirmed by Judge
---------------------------------------------------------
Judge Stacey G.C. Jernigan has entered an order approving the
Disclosure Statement and confirming the Plan of Reorganization of
Heart to Heart Catering, LLC.

The Plan has been proposed in good faith and not by any means
forbidden by law. The requisite number of impaired classes of
claims or interests voting have voted to accept the Plan.

All payments made or promised to be made by the Debtor or any other
person for services or for costs and expenses in, or in connection
with, the Plan, and incident to the case, have been disclosed to
the Court and are reasonable or, if to be fixed after Confirmation
of the Plan, will be subject to the approval of the Court.

A full-text copy of the Plan Confirmation Order dated June 9, 2020,
is available at https://tinyurl.com/ybawvnqr from PacerMonitor at
no charge.

The Debtor is represented by:

         Eric A. Liepins
         ERIC A. LIEPINS, P.C.
         12770 Coit Road
         Suite 1100
         Dallas, Texas 75251
         Tel: (972) 991-5591
         Fax: (972) 991-5788

                 About Heart to Heart Catering

Heart to Heart Catering, LLC, filed a Chapter 11 petition (Bankr.
N.D. Tex. Case No. 19-33453) on Oct. 15, 2019.  Heart to Heart is
represented by Eric A. Liepins, Esq. of ERIC A. LIEPINS, P.C.


HELIX TECHNOLOGIES: Amends Fixed Convertible Promissory Notes
-------------------------------------------------------------
Helix Technologies, Inc. entered into a First Amendment to 10%
Fixed Convertible Promissory Note to the note dated Oct. 11, 2019.
The amendment reduces the "guaranteed" interest rate from 10% to 9%
per annum, the conversion price was reduced to the lesser of $0.11
or 70% of the average of the five lowest daily VWAPs of the
Company's common stock during the 15 consecutive trading days prior
to the date on which the holder elects to convert all or part of
the note and the maturity date is extended to June 26, 2021.

On July 9, 2020, the Company entered into a First Amendment to 10%
Fixed Convertible Promissory Note to the note dated Dec. 26, 2019.
The amendment reduces the "guaranteed" interest rate from 10% to 9%
per annum, the conversion price was reduced to the lesser of $0.11
or 70% of the average of the five lowest daily VWAPs of the
Company's common stock during the 15 consecutive trading days prior
to the date on which the holder elects to convert all or part of
the note and the maturity date is extended to June 26, 2021.

On July 9, 2020, the Company entered into a Second Amendment to
Sept. 16, 2019 Fixed Convertible Promissory Note.  The amendment
reduces the "guaranteed" interest rate from 10% to 9% per annum,
the conversion price was reduced to the lesser of $0.11 or 70% of
the average of the five lowest daily VWAPs of the Company's common
stock during the 15 consecutive trading days prior to the date on
which the holder elects to convert all or part of the note and the
maturity date is extended to April 11, 2021.

On July 9, 2020, the Company entered into a Second Amendment to
Aug. 15, 2019 Fixed Convertible Promissory Note.  The amendment
reduces the "guaranteed" interest rate from 10% to 9% per annum,
the conversion price was reduced to the lesser of $0.11 or 70% of
the average of the five lowest daily VWAPs of the Company's common
stock during the 15 consecutive trading days prior to the date on
which the holder elects to convert all or part of the note and the
maturity date is extended to April 11, 2021.

                    About Helix Technologies

Helix Technologies f/k/a Helix TCS, Inc. (OTCQB: HLIX) --
http://www.helixtcs.com/-- is a provider of critical
infrastructure services, helping owners and operators of licensed
cannabis businesses stay competitive and compliant while mitigating
risk.  Through its proprietary technology suite and security
services, Helix TCS provides comprehensive supply chain management,
compliance tools, and asset protection for any license type in any
regulated cannabis market.

Helix reported a net attributable to common shareholders of $9.68
million for the year ended Dec. 31, 2019, compared to a net loss
attributable to common shareholders of $30.15 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $71.25
million in total assets, $7.88 million in total liabilities, and
$63.37 million in total shareholders' equity.

BF Borgers CPA PC, in Lakewood, CO, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
March 30, 2020, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.


HELMET CENTER: Aug. 18 Plan & Disclosure Hearing Set
----------------------------------------------------
On June 8, 2020, the Helmet Center LLC filed with the U.S.
Bankruptcy Court for the District of Arizona a Disclosure Statement
referring to Plan of Reorganization.

On June 9, 2020, Judge Brenda K. Martin conditionally approved the
Disclosure Statement and ordered that:

   * Aug. 18, 2020, at 1:30 p.m. in U.S. Bankruptcy Court, 230 N.
First Avenue, 7th Floor, Courtroom 701 is the hearing to consider
final approval of the Disclosure Statement and confirmation of the
Plan.

   * Aug. 17, 2020, is the deadline for non-governmental creditors
to file proof of claims.

   * Aug. 11, 2020, is the deadline for any party desiring to
object to final approval of the Disclosure Statement or
confirmation of the Plan to file a written objection.

   * Aug. 11, 2020, is the deadline for any creditor desiring to
vote for or against confirmation of the Plan to complete and sign a
Ballot.

   * Aug. 11, 2020, is the last day for filing and serving written
objections to the Disclosure Statement.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/y7lo65s5 from PacerMonitor at no charge.

The Debtor is represented by:

         Thomas H. Allen
         David B. Nelson
         ALLEN BARNES & JONES, PLC
         1850 N. Central Ave., Suite 1150
         Phoenix, Arizona 85004
         E-mail: tallen@allenbarneslaw.com
                 dnelson@allenbarneslaw.com

                      About Helmet Center

The Helmet Center LLC filed a Chapter 11 petition (Bankr. D. Ariz.
Case No. 19-15367) on Dec. 5, 2019.  The petition was signed by
David Steele, member and manager.  At the time of filing, the
Debtor had $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.  Judge Brenda K. Martin oversees the case.  The
Debtor is represented by Thomas H. Allen, Esq., at Allen Barnes &
Jones, PLC.


HI-CRUSH INC: S&P Downgrades ICR to 'D' on Bankruptcy Filing
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
frac sand and logistics company Hi-Crush Inc. to 'D' from 'CC' and
its ratings on the company's $450 million senior unsecured notes
due 2026 to 'D' from 'CC'.

The rating action follows Hi-Crush's announcement that it has
entered into an RSA with noteholders who collectively own or
control approximately 94% of the company's $450 million 9.5% senior
unsecured notes due 2026. In order to implement the terms of the
agreement, Hi-Crush along with 21 of its affiliates filed petitions
for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The agreement provides for a comprehensive restructuring of the
company's balance sheet, which, if implemented will result in the
elimination of its $450 million 9.5% senior unsecured notes. As of
June 22, 2020, the company's capital structure also consisted of an
undrawn $200 million asset-backed revolving credit facility due
2023 (unrated), and about $5.7 million of notes payable. S&P
expects Hi-Crush to continue its normal course of business during
the bankruptcy process.


IBIO INC: Incurs $4.67 Million Net Loss in Third Quarter
--------------------------------------------------------
iBio, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q, reporting a net loss attributable to
the company of $4.67 million on $96,000 of revenues for the three
months ended March 31, 2020, compared to a net loss attributable to
the company of $4.22 million on $527,000 of revenues for the three
months ended March 31, 2019.

For the nine months ended March 31, 2020, iBio reported a net loss
attributable to the company of $12.90 million on $518,000 of
revenues compared to a net loss attributable to the company of
$13.09 million on $1.22 million of revenues for the same period
during the prior year.

As of March 31, 2020, the Company had $42.22 million in total
assets, $38.26 million in total liabilities, and $3.96 million in
total equity.

Since its spin-off from Integrated BioPharma, Inc. in August 2008,
the Company has incurred significant losses and negative cash flows
from operations.  As of March 31, 2020, the Company's accumulated
deficit was $146.9 million.  For the nine months ended March 31,
2020, the Company's net loss was approximately $12.9 million and it
had cash used in operating activities of $9.5 million.  As of March
31, 2020, cash on hand totaled approximately $10.0 million.

iBio said, "As a result of the impact of the COVID-19 pandemic
crisis, the Company ascertains that certain risks associated with
further COVID-19 developments may adversely impact the Company's
capital and financial resources, including the Company's overall
liquidity position and outlook, any changes, or reasonably expected
changes, to the Company's cost of, or access to, capital and
funding sources, and any material impact to its sources or uses of
cash.  Although the Company does not anticipate any negative
current impact, the risk exists that further COVID-19 developments
may negatively impact the Company's financial condition and
restrict the availability of liquidity for its operational needs."

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

                     https://is.gd/pQkhov

                        About iBio Inc.

iBio, Inc. -- http://www.ibioinc.com/-- is a full-service
plant-based expression biologics CDMO equipped to deliver
pre-clinical development through regulatory approval, commercial
product launch and on-going commercial phase requirements.  iBio's
FastPharming expression system, iBio's proprietary approach to
plant-made pharmaceutical (PMP) production, can produce a range of
recombinant products including monoclonal antibodies, antigens for
subunit vaccine design, lysosomal enzymes, virus-like particles
(VLP), blood factors and cytokines, scaffolds, maturogens and
materials for 3D bio-printing and bio-fabrication,
biopharmaceutical intermediates and others, as well as create and
produce proprietary derivatives of pre-existing products with
improved properties.

iBio reported a net loss attributable to the Company of $17.59
million for the year ended June 30, 2019, compared to a net loss
attributable to the Company of $16.10 million for the year ended
June 30, 2018.  As of March 31, 2020, the Company had $42.22
million in total assets, $38.26 million in total liabilities, and
$3.96 million in total equity.

CohnReznick LLP, in Roseland, New Jersey, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Aug. 26, 2019, citing that the Company has incurred net
losses and negative cash flows from operating activities for the
years ended June 30, 2019 and 2018 and has an accumulated deficit
as of June 30, 2019.  These matters, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.


IBIO INC: James Mullaney Steps Down as Chief Financial Officer
--------------------------------------------------------------
iBio, Inc., received the resignation of James P. Mullaney, its
chief financial officer, effective July 17, 2020.  Mr. Mullaney is
leaving iBio to pursue an executive position at a privately held,
clinical stage biotechnology company with several assets under
development.

                        About iBio Inc.

iBio, Inc. -- http://www.ibioinc.com/-- is a full-service
plant-based expression biologics CDMO equipped to deliver
pre-clinical development through regulatory approval, commercial
product launch and on-going commercial phase requirements.  iBio's
FastPharming expression system, iBio's proprietary approach to
plant-made pharmaceutical (PMP) production, can produce a range of
recombinant products including monoclonal antibodies, antigens for
subunit vaccine design, lysosomal enzymes, virus-like particles
(VLP), blood factors and cytokines, scaffolds, maturogens and
materials for 3D bio-printing and bio-fabrication,
biopharmaceutical intermediates and others, as well as create and
produce proprietary derivatives of pre-existing products with
improved properties.

iBio reported a net loss attributable to the Company of $17.59
million for the year ended June 30, 2019, compared to a net loss
attributable to the Company of $16.10 million for the year ended
June 30, 2018.  As of March 31, 2020, the Company had $42.22
million in total assets, $38.26 million in total liabilities, and
$3.96 million in total equity.

CohnReznick LLP, in Roseland, New Jersey, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Aug. 26, 2019, citing that the Company has incurred net
losses and negative cash flows from operating activities for the
years ended June 30, 2019 and 2018 and has an accumulated deficit
as of June 30, 2019.  These matters, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.


INUVO INC: Says Conditions Exist for Going Concern Doubt
--------------------------------------------------------
Inuvo, Inc., filed its quarterly report on Form 10-Q, disclosing a
net loss of $2,825,236 on $14,932,983 of net revenue for the three
months ended March 31, 2020, compared to a net loss of $2,462,393
on $15,464,569 of net revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $28,919,131,
total liabilities of $17,339,849, and $11,579,282 in total
stockholders' equity.

The Company said, "Though we believe current operating cash flows
and the credit facility will be sufficient to sustain operations
into the third quarter of 2020, if our plan to grow the IntentKey
business is unsuccessful, we may need to fund operations through
private or public sales of securities, debt financings or
partnering/licensing transactions.  There is no assurance that we
will be successful in obtaining funding to continue operations in
which case we would need to find additional sources of credit and
make substantial reductions to operating expense.  A substantial
reduction of operating expense may cause disruption to the business
and the generation of future revenue.  Given the above conditions,
there is 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/IkJCo1

Inuvo, Inc., is an internet advertising technology and digital
publishing company based in Little Rock, Arkansas.  The Company
develops technology to deliver content and targeted advertisements
over the internet.



J. HILBURN INC: Prepares to Exit Chapter 11 With New Owner
----------------------------------------------------------
Maria Halkias, writing for Dallas News, reports that J. Hilburn is
preparing to exit bankruptcy with the help of the new owner The
Apparel Group.

Getting in and out of bankruptcy in two months was a goal for the
Dallas-based J. Hilburn.  Now the upscale men's apparel brand that
caters to busy executives through a national network of personal
stylists is preparing to exit the court's oversight on schedule.

The Apparel Group, a Lewisville-based company that is providing J.
Hilburn with bankruptcy financing and is its largest trade vendor,
has agreed to buy the company if no qualified bidders come forward
by Friday.

TAG will allow J. Hilburn, which has 1,800 personal sales stylists,
to operate as a free-standing brand and a subsidiary of TAG, said
J. Hilburn CEO David DeFeo.  TAG is the U.S. distribution arm for
Hong Kong-based TAL, one of the largest manufacturers of men's and
women's apparel.

"When we filed on May 1, we said we wanted to be in and out of
bankruptcy in 60 days," DeFeo said.  The company's confirmation
hearing is June 30.

J. Hilburn was one of the first companies to respond to a dramatic
decrease in business from the coronavirus shutdowns by filing for
bankruptcy.  It blamed COVID-19 when it filed, adding that it
planned to shed more than $35 million in debt and reduce operating
expenses.

Several interested parties signed nondisclosure agreements to
review the company's financials, but one has dropped out, John
Gaither, an attorney for J. Hilburn, said during a court hearing.

TAG's Lewisville operation also provides logistics for smaller
retailers.  And if, as expected, TAG ends up being the purchaser,
it has office and warehouse space at its Lewisville facility that
J.Hilburn could use.  Plus, DeFeo said, many employees are able to
work from home and may not need office space.

J.Hilburn's corporate staff moved out of the its headquarters on
the 20th floor of the Park Central III tower on North Central
Expressway in mid-March.  The staff has been working from home
since then.

The company reached an agreement with landlord McKnight Realty
Partners to pay $659,298, including three months of rent and a
security deposit.  To break the lease on its warehouse at 1620 Rafe
St. in Carrollton, J.Hilburn is paying $249,974 to the landlord,
according to documents filed in the U.S. Bankruptcy Court for the
Northern District of Texas in Dallas.

The upscale men's apparel brand J. Hilburn, which caters to busy
executives through a national network of personal stylists, is
preparing to exit Bankruptcy Court oversight on schedule

Both buildings will be vacated by July 30, DeFeo said.

Two of J. Hilburn's four showrooms have reopened -- in Dallas'
Inwood Village and in Bellevue, Wash.  The others, in New York and
Boston, were in WeWork spaces that were rented by the month.  They
can easily reopen in similar spaces when the company is ready,
DeFeo said.  "The Northeast is taking longer to reopen."

So far, sales are better in June than in April and May, and
stylists are adapting with fewer in-person customer visits, DeFeo
said.  "They're using new tools, texts and Zoom meetings. And while
we're selling more casual clothing, we're still selling sport
coats."

                     About J. Hilburn Inc.

J. Hilburn, Inc. -- https://www.jhilburn.com -- sells custom-made
men's clothing.  The Company offers shirts, suits, trousers, pants,
sweaters, outerwears, and accessories.

On April 30, 2020, J. Hilburn, Inc., and its affiliates sought
Chapter 11 protection (Bankr. N.D. Tex. Case No. 20-31308). The
petition was signed by David DeFeo, chief executive officer.

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

The Debtors tapped Patrick J. Neligan, Jr., Esq. of Neligan LLP, as
counsel.


JAZZ IT UP: July 29 Plan Confirmation Hearing Set
-------------------------------------------------
Jazz It Up Barber & Beauty Salon, Inc., filed with the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, a Disclosure Statement.

On June 12, 2020, Judge Michael G. Williamson conditionally
approved the Disclosure Statement and ordered that:

   * Any written objections to the Disclosure Statement shall be
filed with the Court and served on the Local Rule 1007−2 Parties
in Interest List no later than seven days prior to the date of the
hearing on confirmation.

   * July 29, 2020 at 10:00 a.m. in Tampa, FL − Courtroom 8A, Sam
M. Gibbons United States Courthouse, 801 N. Florida Avenue is the
hearing on confirmation of the Plan.

   * Parties-in-interest will submit to the Clerk's office their
written ballot accepting or rejecting the Plan no later than eight
days before the date of the Confirmation Hearing.

   * Objections to confirmation shall be filed with the Court and
served on the Local Rule 1007−2 Parties in Interest List no later
than seven days before the date of the Confirmation Hearing.

   * The Plan Proponent will file a ballot tabulation no later than
96 hours prior to the time set for the Confirmation Hearing.

A copy of the order dated June 12, 2020, is available at
https://tinyurl.com/y96qdlto from PacerMonitor at no charge.

                     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.

The U.S. Trustee, until further notice, will not appoint an
official committee of unsecured creditors in Debtor's case,
according to court dockets.


JOSEPH T. RYERSON: Fitch Rates $500MM First Lien Notes 'B/RR5'
--------------------------------------------------------------
Fitch Ratings has assigned a 'B'/'RR5' rating to Joseph T. Ryerson
& Son Inc.'s new $500 million first-lien secured notes. The
proceeds are expected to be used to refinance the company's $533
million first-lien secured notes due 2022.

Ryerson Holding Corp.'s ratings reflect its significant size and
scale, which provides operating leverage, strong working capital
management, product diversification, stable operating margins
through the cycle, and the counter-cyclical cash generating ability
of its business model. The ratings also reflect solid liquidity,
minimal capex requirements and forecast FCF of around $100 million
on average, which Fitch expects will be allocated toward a
combination of debt reduction and bolt-on acquisitions.

KEY RATING DRIVERS

Coronavirus Pandemic Impact: Fitch believes, as a result of the
coronavirus's impact on the economy, RYI's shipments could decline
by more than 15% in 2020. Fitch also expects EBITDA margins to
contract in 2020, but expects them to recover to historical levels
thereafter. Fitch views the decline in EBITDA, and resulting
increase in leverage, in 2020 as offset by the countercyclical
cash-generating nature of RYI's business model and solid
liquidity.

Counter-Cyclical Cash Generation: The company's product, customer
and end-market diversification reduce cash flow volatility through
the cycle. In periods of weakening demand or lower prices, RYI is
able to generate cash by managing working capital and liquidating
inventory. The company focuses on strong inventory management and
targets 70-75 days of supply. Demonstrating its commitment to
strong inventory management, RYI was able to successfully reduce
Central Steel and Wire Company's inventory position from almost 140
days at the time of the acquisition, with the overall company days
of supply at 74 days as of March 31, 2020.

Leverage Profile: RYI reduced leverage, on a total debt to EBITDA
basis, from around 6.7x at Dec. 31, 2017 to around 5.1x as of March
31, 2020. Fitch expects leverage to be elevated in 2020 but to
decline over the ratings horizon with stronger EBITDA generation
following a period of weak demand. Fitch forecasts RYI will
generate positive FCF, averaging around $100 million through the
ratings horizon, which provides further deleveraging capacity.
Fitch expects RYI to allocate FCF to a combination of debt
reduction and bolt-on acquisitions and for leverage to generally
trend lower through the forecast period. RYI targets 2.0x net
leverage through the cycle, supporting Fitch's expectation of a
near-term focus on debt reduction.

Complementary CS&W Acquisition: On July 2, 2018, RYI acquired CS&W
for $164 million, including a $70 million bargain purchase gain, to
complement its operational profile. Fitch views the CS&W
acquisition positively, as RYI was able to meaningfully grow in
size and scale while also reducing financial leverage. CS&W was
RYI's largest acquisition since 2005, supporting Fitch's view that
a near-term sizable transaction is unlikely. Fitch believes RYI
will continue to be a consolidator in the industry but that the
company will be selective in its approach, focusing on companies
that provide further product diversification or increase its
value-added service capabilities.

Significant Size and Scale: RYI is one of the largest metals
service center companies in the U.S., in a highly fragmented
market. The company's size and scale provide purchasing power and
operating leverage, which drives a competitive advantage compared
with its peers. The highly fragmented nature of the industry also
provides significant acquisition growth opportunities.

Stable Margins: Gross margins are relatively stable, fluctuating
between 17% and 20% over the last four years, through a period of
significant steel and aluminum price volatility. Fitch believes
that RYI's strategic focus on expanding its fabrication mix from
10% to 15% over the next three years will generally result in
higher margins and improve through cycle profitability after 2020.

Minimal Capex Requirement: Capital intensity is typically less than
1% of sales and Fitch estimates maintenance capex of around $20
million-$25 million. Fitch believes growth capex will be focused on
adding value-added processing equipment, which Fitch anticipates
will help expand gross profit margins. Minimal capex requirements
free up capital for debt reduction and acquisitive growth.

DERIVATION SUMMARY

RYI's operational profile is similar to metals service center
company Reliance Steel & Aluminum Co. (BBB/Stable) and chemical
distributor Univar Inc. (BB/Positive). RYI, Reliance and Univar are
similar in that they have a leading market share within their
respective highly fragmented industries, similar underlying
volumetric risk given their exposure to cyclical end markets and
low annual capex requirements. RYI is considerably smaller than
Reliance and Univar, however all three companies benefit from
significant size, scale and diversification compared with their
respective peers. Reliance and Univar have stronger leverage and
coverage metrics and higher EBITDA margins compared with RYI,
although Fitch expects Ryerson's strategy of increasing its
value-added product mix to benefit margins.

KEY ASSUMPTIONS

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

  -- Organic volumes decline roughly 20% in 2020, rebound to
roughly 2019 levels in 2021 and grow roughly 1% annually
thereafter;

  -- Average selling prices bottom in 2020 and improve modestly
thereafter;

  -- EBITDA margins decline in 2020 before recovering to around
5.0%-5.5% in 2022;

  -- Average annual capex of roughly $35 million per year through
the forecast period;

  -- No acquisitions through the forecast period;

  -- No dividend or share repurchases.

The recovery analysis assumed RYI would be reorganized as a going
concern in a bankruptcy scenario rather than liquidated.

Assumptions for the going concern approach

Fitch has assumed a bankruptcy scenario GC EBITDA of $215 million.
The GC EBITDA estimate reflects a sustainable EBITDA level upon
which it bases the enterprise valuation. The GC EBITDA estimate is
reflective of a full year of earnings from the CS&W acquisition and
a scenario of declining shipments, declining prices and sustained
lower realized margins.

Fitch applies a 5.0x multiple, reflecting the company's significant
size and scale as one of the largest metals service companies in
North America. The post-reorganization enterprise value of $1.075
billion, after an assumed 10% administrative claim, compares
closely with Fitch's estimated liquidation value of $1.068 billion.
Fitch assumed the asset-based lending (ABL) credit facility is 80%
drawn in the recovery analysis.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for the first-lien secured ABL credit
facility, resulting in a 'BB+' rating, and a Recovery Rating of
'RR5' for the first-lien senior secured notes, resulting in a 'B'
rating.

RATING SENSITIVITIES

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

  -- Total adjusted debt/EBITDAR sustained below 4.5x;

  -- EBITDA margins sustained at or above 6% driven by increasing
levels of value-added processing.

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

  -- Total adjusted debt/EBITDAR sustained above 5.5x;

  -- Sustained negative FCF;

  -- A debt-funded material acquisition, introduction of a dividend
and/or share repurchases that result in expectations for sustained
higher leverage.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: As of March 31, 2020, RYI had cash and cash
equivalents of approximately $188 million and $159 million
available under its $1 billion ABL credit facility due 2021. The
company also had $34 million available under foreign credit lines
at March 31, 2020.

ESG Considerations

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


JOSEPH T. RYERSON: Moody's Rates New $500MM Secured Notes 'B3'
--------------------------------------------------------------
Moody's Investors Service, has assigned a B3 rating to Joseph T.
Ryerson & Son's proposed $500 million senior secured notes due
2028. The company plans to use the proceeds from the note offering
along with a portion of its cash balance to redeem the outstanding
$533 million of 11.0% senior secured notes due May 2022 and to pay
related call premiums and transaction fees. At the same time,
Moody's affirmed Ryerson Holding Corporation's B2 corporate family
rating and B2-PD probability of default rating. Moody's also
maintained Ryerson's Speculative Grade Liquidity Rating of SGL-2.
The ratings outlook remains stable. The rating on the existing
senior secured notes will be withdrawn once the refinancing is
completed.

"The affirmation of Ryerson's ratings reflects its countercyclical
cash flows and the ability to pay down a material amount of debt in
2020 despite a significant deterioration in its operating
performance. It also reflects the benefit of reduced interest costs
from its proposed refinancing and the likely rebound in its
operating results and credit metrics from improved end market
demand in 2021," said Michael Corelli, Moody's Senior Vice
President and lead analyst for Ryerson Holding Corporation.

Assignments:

Issuer: Joseph T. Ryerson & Son

Gtd. Senior Secured Regular Bond/Debenture, Assigned B3 (LGD5)

Affirmations:

Issuer: Ryerson Holding Corporation

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Outlook Actions:

Issuer: Joseph T. Ryerson & Son

Outlook, Assigned Stable

Issuer: Ryerson Holding Corporation

Outlook, Remains Stable

RATINGS RATIONALE

Ryerson Holding Corporation's B2 corporate family rating reflects
its exposure to cyclical end markets, volatile steel and metals
prices, the competitiveness of the metals distribution sector, as
well as its moderate leverage and interest coverage. It also
incorporates the likelihood that its operating performance and
credit metrics will weaken in the near term due to the economic
impact of the coronavirus. The rating is supported by the company's
product and customer diversification and overall size and scale,
its modest capital spending requirements, countercyclical working
capital needs, good liquidity profile and expectation that its
operating performance will materially improve in 2021.

Ryerson's operating performance and cash flows materially improved
for the second consecutive year in 2019 due to operational
improvements and market share gains. Its credit metrics also
strengthened with its adjusted leverage ratio (Debt/EBITDA)
declining to 4.7x in December 2019 from 7.4x in December 2017,
while its interest coverage ratio (EBITA/Interest) rose to 1.9x
from 1.1x. However, its operating performance and credit metrics
are likely to significantly weaken in 2020 due to the rapid spread
of the coronavirus outbreak and the deteriorating global economic
outlook, which has led to high asset price volatility and 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.

Ryerson's countercyclical cash flows and the expectation for
sizeable cash flows from reduced working capital investments should
provide a downside buffer and presents the opportunity for near
term debt reduction despite a materially weaker operating
performance. The refinancing of its senior secured notes should
also result in a material decline in interest costs and will extend
the maturity of the notes by about 6 years. However, if the company
fails to extend the maturity of its revolving credit facility past
November 2021 within the next few months or it does not experience
a significant improvement in its operating performance and credit
metrics in 2021, then its ratings could come under downside
pressure.

Ryerson's SGL-2 speculative grade liquidity rating reflects its
good liquidity profile. The company had total liquidity of about
$347 million as of March 31, 2020, including $188 million of
unrestricted cash and $159 million of availability on its $1
billion revolving credit facility that covers the US and Canada and
matures in November 2021. The credit facility had outstanding
borrowings of $529.4 million since Ryerson borrowed approximately
$166 million in March 2020 to increase its cash position and
preserve financial flexibility in light of the uncertainty
resulting from the COVID-19 pandemic. The credit facility was
amended in September 2019 to add a U.S. "first-in, last-out"
sub-facility of $67.9 million that supplements Ryerson's borrowing
capacity by providing additional collateral on eligible accounts
receivable and inventory. There was $16.9 million outstanding on
the FILO Facility which matures on June 30, 2020. It also had
availability under foreign credit lines of about $34 million. The
company is expected to generate substantial free cash flow in 2020
supported by reduced working capital investments and its limited
capital expenditure requirements.

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

An upgrade of Ryerson's ratings would be considered if the company
reduces its debt levels while maintaining a good liquidity profile
and sustains a leverage ratio below 4.0x and interest coverage
above 2.5x.

Ryerson's ratings could come under pressure if the maturity of its
revolving credit facility is not extended or its operating
performance and credit metrics do not materially strengthen in
2021. Downgrade triggers would include the interest coverage ratio
sustained below 1.5x or the leverage ratio above 6.0x.

Ryerson Holding Corporation, through various operating
subsidiaries, is the second largest metals service center company
in North America, with about 95 locations in the US, Canada and
Mexico. The company also has four locations in China. Ryerson
provides a full line of carbon steel, stainless steel and aluminum
products to approximately 42,000 customers in a broad range of end
markets. The company generated revenues of approximately $4.3
billion for the 12-month period ended March 31, 2020. Ryerson has
been controlled by Platinum Equity since 2007 and Platinum
currently owns about 56% of its outstanding common stock.

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


LAPLACE VETERINARY: July 21 Plan & Disclosure Hearing Set
---------------------------------------------------------
On June 10, 2020, LaPlace Veterinary Clinic, LLC filed with the
U.S. Bankruptcy Court for the Eastern District of Louisiana the
Amended Combined Disclosure Statement and Chapter 11 Plan of
Reorganization.

On June 12, 2020, Judge Meredith S. Grabill ordered that:

   * July 21, 2020, at 9:00 A.M. is the hearing to consider
approval and confirmation of the Debtor's Amended Combined
Disclosure Statement and Chapter 11 Plan of Reorganization.

   * July 14, 2020, is fixed as the last day for filing written
objections to said Amended Combined Disclosure Statement and Plan
of Reorganization.

   * July 14, 2020, is fixed as the last day for filing acceptances
or rejections to the amended combined disclosure statement and plan
of reorganization.

   * The Debtor's counsel is to tabulate the acceptances and
rejections of said combined disclosure statement/plan and have same
verified by the Clerk of the Bankruptcy Court three days prior to
the confirmation hearing.

A copy of the order dated June 12, 2020, is available at
https://tinyurl.com/y76og4bs from PacerMonitor at no charge.

               About LaPlace Veterinary Clinic

LaPlace Veterinary Clinic, LLC -- https://www.laplacevet.com/ -- is
a full service animal hospital offering emergency treatments as
well as routine medical, surgical, and dental care.  The veterinary
clinic and animal hospital is run by Dr. Kia Gray Martin, who is a
licensed, experienced Laplace veterinarian.

LaPlace Veterinary Clinic filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No.
20-10396) on Feb. 20, 2020.  In the petition was signed by Kia
Martin, manager, the Debtor was estimated to have $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.


LARRY B. WEINSTEIN: Herman Buying Spring Valley Property for $340K
------------------------------------------------------------------
Larry B. Weinstein asks the U.S. Bankruptcy Court for the Southern
District of New York to authorize him to assume the contract for
sale of the real property located at 32 Prospect Street, Spring
Valley, New York, Tax ID: Section 57:24-1-22.1, dated May 23, 2020,
to Joe Herman for $340,000.

The Debtor's Bankruptcy Counsel affirms that the Debtor is one of
the owners of the Premises.  At the time of the filing, the Debtor
was the owner of the Premises together with his ex-wife, consisting
of a one (1) family semi-attached residence.  The Debtor also owns
a single family residence located at 7 Stillo Drive, Airmont, New
York together with his ex-wife; a one family residence located at
4833 Marston Lane, Lake Worth, Florida, together with his Daughter;
as well as a substantially completed commercial structure located
in Spring Valley, New York, owned by a Limited Liability Company in
which the Debtor is the Sole Member.

Pursuant to a prior Order of the Court the commercial properties
are the subject of continuing litigation in the State Courts.

The Debtor also owns approximately 3 acres of undeveloped land in
Ulster County, New York. which upon information and belief may not
be capable of development due to environmental issues.

Prior to the "stay in place" order by the Governor of New York as a
result of Covid-19, an offer was received for the Premises and an
inspection performed.  The Debtor completed of the improvements to
the property required by the inspection in anticipation of the
pending sale. When the "stay in place" order became official the
offeror indicated a reluctance to enter into a final contract.

Thereafter, Bankruptcy Counsel directed the Debtor to place a
“for sale" sign on the property which prompted the original
offeror to renew his offer, through the original broker.  A
contract was prepared and returned signed by the prospective buyer
with a deposit check. In the interim, the posted sign solicited
another simultaneous offer which was $5,000 more than the pending
offer, with no broker.  The second offeror had a mortgage
pre-approval.

After months of negotiations attempting to sell the Premises as
represented to the Court and Creditors, the Debtor has found a
desirable purchaser and selected the highest and best offer.  A
proposed contract of sale for the Premises was signed by the Buyer
and the Debtor.

The Debtor has submitted the proposed contract to his former wife
for approval, which after substantial negotiation was received
provided his non-debtor ex-wife is allowed $40,000 from the
proceeds for her undivided one half interest in the Premises.  The
Debtor is awaiting that confirmation in writing.  The accepted
offer represents an overall increase in the net proceeds to the
Estate of almost $20,000.

Simultaneous, the Debtor performed reasonable due diligence, and
caused an independent appraisal report to be performed which
indicated the value of the premises to be $350,000.  He believes
that the selected purchaser is capable of completing the
transaction which represents the highest and best offer based upon
Debtors attempts to market properties of the Estate.  It is
especially so as the accepted offer is made directly by the
purchaser and there will be no real estate broker's fees.

The amount due to the holder of the first mortgage is approximately
$160,000, including interest, taxes and expenses advanced by the
lender.   

Neither the Debtor nor his ex-wife ever occupied the Premises,
which was always income producing.  Due to the Debtor's financial
distress, as well as the Debtor's other personal and health issues
affecting his ability to remain as an attentive landlord, the
Debtor decided to sell the Premises.

The Debtor asks that considering the fact that there is adequate
equity in the Premises showing that the secured creditor is
adequately protected and a probable sale is imminent that the
instant application be denied.

A hearing on the Motion was set for July 8, 2020 at 10:00 a.m.  The
objection deadline was July 3, 2020 at 2:00 p.m.

A copy of the Contract and the Exhibits is available at
https://tinyurl.com/ya2modqv from PacerMonitor.com free of charge.

Larry B. Weinstein sought Chapter 11 protection (Bankr. S.D. N.Y.
Case No. 19-23827) on Oct. 10, 2019.  The Debtor tapped Harvey S.
Barr, Esq., at Barr Legal, PLLC as counsel.



LEAFBUYER TECHNOLOGIES: Has $1.0M Net Loss for March 31 Quarter
---------------------------------------------------------------
Leafbuyer Technologies, Inc., filed its quarterly report on Form
10-Q, disclosing a net loss of $1,036,051 on $575,002 of sale
revenue for the three months ended March 31, 2020, compared to a
net loss of $1,710,143 on $489,320 of sale revenue for the same
period in 2019.

At March 31, 2020, the Company had total assets of $4,613,673,
total liabilities of $3,242,067, and $1,371,606 in total equity.

The Company said, "We had an equity balance of $1,371,606 and a
working capital deficit of $2,213,489 as of March 31, 2020.  We
reported a net loss of $4,408,433 for the nine months ended March
31, 2020, and we anticipate further losses in the development of
our business.  Accordingly, there is substantial doubt about our
ability to continue as a going concern.

"Our ability to continue as a going concern is dependent upon our
generating profitable operations in the future and / or obtaining
the necessary financing to meet our obligations and repay our
liabilities arising from normal business operations when they come
due.  Management believes that actions presently being taken to
further implement our business plan and generate additional
revenues provide opportunity for the Company to continue as a going
concern.  While we believe in the viability of our strategy to
generate additional revenues and our ability to raise additional
funds, there can be no assurances to that effect."

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

                       https://is.gd/gOrKTF

Leafbuyer Technologies, Inc., through its subsidiary, LB Media
Group, LLC, operates an online platform for cannabis deals and
specials, and information that connects consumers with
dispensaries.  The Company is headquartered in Greenwood Village,
Colorado.


LIVING EPISTLES: Howard Buying Milwaukee Property for $350K
-----------------------------------------------------------
Living Epistles Church of Holiness, Inc., asks the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to authorize the sale
of the real estate located at 4022 and 4038 North 27th Street in
Milwaukee, Wisconsin to DeMaryl R. Howard and/or assigns for
$350,000.

Howard is a related party to the day care business, Little
Crawler's Daycare LLC, that currently leases the Property.  Mr.
Howard is Executive Director of Fortunate Futures, Inc., a
nonprofit organization that assists job seekers in seeking
employment.  He is not a related party to the Debtor or Pastor
Taper.

The Debtor proposes to sell the Property to the Buyer for $350,000,
which the Debtor believes to be a fair price for the Property.
Selling the Property without the need for hiring a real estate
broker will save the Debtor transaction costs.  The Debtor and the
Buyer have negotiated at some length for the transaction.

Under the terms of the accepted Offer to Purchase, the Buyer will
pay all closing costs for the sale and will assume the liability
for 2019 and 2020 City of Milwaukee real estate taxes on the
Property.  The closing is to occur by July 20, 2020.  The Buyer's
obligation to close is contingent on financing.

First Citizens Bank & Trust has a perfected first priority mortgage
on the Property.  It will receive all net proceeds of the sale.  It
is appropriate that it do so, because its lien is prior to any
other encumbrance on the Property, except 2019 and 2020 City of
Milwaukee real estate taxes on the Property.

The only other potential encumbrances against the Property are
judgment liens held by the City of Milwaukee and the Milwaukee
Board of School Directors.  Those judgment liens do not currently
attach to any equity in the Property, and the sale will be free and
clear of such liens.

The Debtor is not aware of any such non-bankruptcy law restriction
on its ability to sell the Property.

The Debtor asks that the order approving the proposed sale waive
the 14-day stay of an order granting the motion, pursuant to Fed.
R. Bankr. P. 6004(h).

A copy of the Offer is available at https://tinyurl.com/y7cc9tgb
from PacerMonitor.com free of charge.

                    About Living Epistles

Living Epistles Church of Holiness Inc., a tax-exempt religious
organization, filed Chapter 11 petition (Bankr. E.D. Wisc. Case
No.
19-25789) on June 12, 2019.  At the time of filing, the Debtor was
estimated to have $1 million to $10 million in assets and $1
million to $10 million in liabilities.


LSC COMMUNICATIONS: Covington Buying Philadelphia for $12.5M
------------------------------------------------------------
LSC Communications, Inc., and affiliates, ask the U.S. Bankruptcy
Court for the Southern District of New York to authorize the sale
of a 231,901 square foot manufacturing facility located at 11311
Roosevelt Boulevard, Philadelphia, Pennsylvania to Covington
Property Partners, LLC for $12.5 million cash, subject to customary
pro-rations and adjustments as of the closing date.

The Property is not currently being used in the Debtors'
operations.  Previously, the Debtors used the Property for print
manufacturing in the Book segment of their business, but as more
fully described in the Declaration of Andrew B. Coxhead in Support
of Debtors' Chapter 11 Petitions and First Day Pleadings, filed
with the Court on April 13, 2020, which is fully incorporated into
the Motion by reference, LSC's product and service offerings have
been adversely impacted by a number of long-term economic trends,
including digital migration.  Consumer demand for e-books has
negatively impacted overall print book volume, primarily due to the
accelerating movement from printed platforms to digital.  

During the first half of 2019, LSC identified the need and
developed a plan for significant plant consolidation and footprint
optimization, primarily within its magazine and catalog
manufacturing platform.  Following the termination of that certain
Agreement and Plan of Merger, dated as of Oct. 30, 2018, by and
between LSC and Quad/Graphics, Inc., LSC promptly announced and
executed the strategic closure of nine manufacturing facilities,
including the Property.  

The Debtors no longer require the manufacturing capacity of the
Property due to decreased market demand for printed books,
educational textbooks, religious volumes and other print materials,
especially in light of market declines in the Debtors' business
caused by the recent economic downturns.  Therefore, the Debtors
determined that a value-maximizing sale of the Property to the
Purchaser is the best solution for maximizing the value of the
asset.

The Sale will unlock additional liquidity for use in the Debtors'
day-to-day operations.  Specifically, the Debtors' outstanding DIP
Facility permits with respect to the disposition of certain
specified properties, including the Property, a portion of the
aggregate net cash proceeds from such asset sales, including the
Sale, to be used in the operation of the Debtors' businesses, with
the balance of the proceeds to be either used to prepay the
Debtors' obligations under the DIP Facility or as collateral for
certain obligations.

The Debtors intend to use the proceeds from the sale in accordance
with, and as permitted by, the DIP Facility.  They believe that
consummating the Sale will maximize the value of their estates and
is in the best interest of their estates and stakeholders.

In connection with the proposed transaction, the Debtor engaged in
an arms'-length and good-faith sale process.  CBRE began conducting
diligence on the Property in May 2019 and the sales and marketing
process formally began when LSC executed an engagement letter with
CBRE, Inc. to act as broker for the Property in November 2019.  The
Property was marketed widely.  

Following the marketing and outreach process, the Debtors and CBRE
received six bona fide offers for the Property, ranging from $10.5
million to $13.6 million.  The Debtors have executed the purchase
and sale agreement with the Purchaser, a Nevada limited liability
company, for the sale of the Property.  The Purchase Agreement
contemplates the transfer of the Property, as further specified
therein, to the Purchaser for the Purchase Price in cash at
closing.  Under the Purchase Agreement, the sale is projected to
close by the end of September 2020.  The Purchaser will acquire the
Property in an "as is, where is" condition as of the Closing Date.

The Closing is 30 days after the later of (a) the expiration of the
Feasibility Review Period and (b) the Bankruptcy Court's entry of
the Approval Order.  The Purchaser has a period of 60 days
following the Approval Date to conduct examinations and inspections
of the
Property.

The Seller will be responsible for payment of: (i) one half of the
Closing Escrow costs and fees; (ii) one half of any applicable
transfer taxes and stamp fees applicable to the Deed; (iii) the
cost of the Commitment and the premium for the Title Policy
exclusive of extended coverage or any endorsements; and (iv)
recording fees for the Deed and release of any mortgages or deeds
of trust.   

The Purchaser will be responsible for (a) the cost of extended
coverage for the Title Policy and any endorsements to the Title
Policy required by Purchaser, together with the cost of any title
insurance policy obtained in connection with any financing of the
Property and (b) one half of any applicable transfer taxes and
stamp fees applicable to the Deed.  

Each party is responsible for payment of its own legal fees.  The
Seller and the Purchaser each represent and warrant to the other
that it has not dealt with any agents, brokers or finders in
connection with the transaction covered by the Agreement other than
Michael Mullen and Patrick Green of CBRE, representing Seller.  

Installments of general and special real estate taxes, utilities
charges and assessments not due and payable as of the Closing will
be prorated and adjusted ratably as of Closing.  Such prorations
will be final as of the Closing and will not be readjusted.

The Purchase Agreement does not contemplate any further auction or
competitive bidding process with respect to the sale of the
Property.

In their sound business judgment, the Debtors have determined that
consummating the Sale on a private basis is appropriate in light of
the facts and circumstances of these chapter 11 cases and is in the
best interest of their estates and all parties-in-interest.

A copy of the Agreement is available at
https://tinyurl.com/ych5mwfp from PacerMonitor.com free of charge.

                    About LSC Communications

LSC Communications, Inc. -- http://www.lsccom.com/-- is a Delaware
corporation established in 2016 with its headquarters located in
Chicago, Illinois.  The Company offers a broad range of traditional
and digital print products, print-related services, and office
products.  The Company serves the needs of publishers,
merchandisers, and retailers worldwide, with a service offering
that includes e-services, logistics, warehousing and fulfillment
and supply chain management services.  The Company prints
magazines, catalogs, directories, books, and some direct mail
products, and manufactures office products, including filing
products, envelopes, note-taking products, binder products, and
forms.  The Company has offices, plants, and other facilities in 28
states, as well as operations in Mexico, Canada, and the United
Kingdom.

LSC Communications, Inc., based in Chicago, IL, and its
debtor-affiliates sought Chapter 11 protection (Bankr. S.D.N.Y.
Lead Case No. 20-10950) on April 13, 2020.  In its petition, the
Debtor disclosed $1,649,000,000 in assets and $1,721,000,000 in
liabilities.  The petition was signed by Andrew B. Coxhead, chief
financial officer.

The Debtors hire SULLIVAN & CROMWELL LLP as counsel; YOUNG CONAWAY
STARGATT & TAYLOR, LLP, as co-counsel; EVERCORE GROUP L.L.C., as
investment banker; ALIXPARTNERS LLP as restructuring advisor; and
PRIME CLERK LLC as notice, claims and balloting agent.


MAINES PAPER: Lineage Providing $2M for GUC Fund for Plan
---------------------------------------------------------
Maines Paper & Food Service, Inc., and its debtor-affiliates filed
with the U.S. Bankruptcy Court for the District of Delaware a Joint
Plan of Liquidation and a Disclosure Statement on June 11, 2020.

If confirmed and consummated, the Plan will facilitate the orderly
wind down of the Debtor's remaining business, including formation
of a liquidating trust to pursue any remaining causes of action,
liquidate remaining assets, and distribute all proceeds according
to the Plan.  The Debtors recently completed a prepetition
foreclosure process, through which substantially all of the
Debtors' assets were foreclosed upon by Lineage Bluebird Debtco,
LLC pursuant to the Strict Foreclosure Agreement. The Strict
Foreclosure Agreement, among other things, provides for the
set-aside of $2 million for distribution to holders of general
unsecured claims upon consummation of a plan of liquidation and the
approval of the plan releases in favor of Lineage.  This $2 million
GUC Fund provided by Lineage will be the primary source of recovery
for general unsecured creditors (Class 6), and such distributions
would otherwise not be available under the Debtors' circumstances.

As of the Petition Date, the total principal outstanding under the
Revolving Credit Agreement is $10.329 million plus accrued and
unpaid interest. With the additional funding to the Debtors
provided by Lineage under the Foreclosure Agreement, the
outstanding amount under the Revolving Credit Agreement was in
excess of $90 million.

Lineage also agreed pursuant to the Foreclosure Agreement to
contribute $2 million in recoveries to holders of allowed general
unsecured claims pursuant to the Debtors' proposed plan of
liquidation, fund the payment of up to $825,000 in PACA claims
against the Debtors, and fund certain other items as contemplated
by the Strict Foreclosure Agreement.

Each Holder of an Allowed Unsecured Claim in Class 6 will receive a
Pro Rata share of the Liquidating Trust Interests in exchange for
their Allowed Claims following the payment or reserve for
Administrative Claims, Priority Tax Claims, Priority Non-Tax
Claims, and Other Secured Claims. The $2,000,000 GUC Fund will be
released to the Liquidating Trustee for administration in
accordance with the Plan.

Holders of Equity Interests will receive no distribution under the
Plan and therefore are deemed to have rejected the Plan.

Available Cash, which expressly excludes the GUC Fund, shall be
used to fund distributions to creditors or other payments to be
made pursuant to or otherwise consistent with the Plan and the
Confirmation Order. The GUC Fund may only be used to fund
distributions to be made to Holders of Class 6 Claims on account of
Allowed Class 6 Claims. Available Cash, and not any of the GUC
Fund, will be used by the Liquidating Trustee to pay for the
expenses of the Liquidating Trust in accordance with the
Liquidating Trust Agreement.

A full-text copy of the disclosure statement dated June 11, 2020,
is available at https://tinyurl.com/ya8p5rto from PacerMonitor.com
at no charge.

Counsel for the Debtor:

          PACHULSKI STANG ZIEHL & JONES LLP
          Laura Davis Jones
          David M. Bertenthal
          Timothy P. Cairns
          919 North Market Street, 17th Floor
          P.O. Box 8705
          Wilmington, Delaware 19899-8705
          Tel: (302) 652-4100
          Fax: (302) 652-4400
          E-mail: ljones@pszjlaw.com
                  dbertenthal@pszjlaw.com
                  tcairns@pszjlaw.com

               About Maines Paper & Food Service

About Maines Paper & Food Service, Inc. -- http://www.maines.net/
-- is an independent foodservice distributor.  The Company
distributes meat, fruits, vegetables, dairies, beverages, and
seafood.  The company's customers include restaurants, convenience
stores, delis, bars, pizzerias, educational institutions,
healthcare facilities, cruise lines, concessionaires, and camps.

Maines Paper & Food Service, Inc., based in Conklin, NY, and its
debtor-affiliates, filed a Chapter 11 petition (Bankr. D. Del. Lead
Case No. 20-11502) on June 10, 2020.

In its petition, the Debtor was estimated to have $1 million to $10
million in assets and $100 million to $500 million in liabilities.
The petition was signed by John C. DiDonato, chief restructuring
officer.

PACHULSKI STANG ZIEHL & JONES LLP, KLEHR HARRISON HARVEY BRANZBURG
LLP, as attorneys for the Debtor.  HURON CONSULTING SERVICES LLC,
is the restructuring advisor.  GETZLER HENRICH & ASSOCIATES LLC, is
the financial advisor.  STRETTO, is the claims and noticing agent.


MARTIN MIDSTREAM: Launches Exchange Offer of Existing Notes
-----------------------------------------------------------
Martin Midstream Partners L.P. reports that it and its subsidiary,
Martin Midstream Finance Corp. have commenced two separate but
concurrent transactions, and related consent solicitations, to
extend the maturities of the Partnership's indebtedness by
purchasing or exchanging, as applicable, the Issuers' outstanding
7.25% senior unsecured notes due 2021.

The Offers and the Plan Solicitation will expire at 5:00 p.m., New
York City time, on Aug. 6, 2020, unless extended or earlier
terminated by the Partnership.  Existing Notes tendered for
purchase or exchange, as applicable, may be withdrawn at any time
at or prior to 5:00 p.m., New York City time, on July 22, 2020,
unless extended by the Partnership, but not thereafter.  The
settlement date with respect to each Offer is expected to occur
within three business days of the Expiration Time, subject to all
conditions to such Offer and the related consent solicitations
having been satisfied or, where possible, waived by the
Partnership, which is expected to be on or about Aug. 11, 2020.
Holders that validly tender and do not validly withdraw Existing
Notes prior to the Early Participation Date will receive additional
consideration in the applicable Offer.

The Offers are subject to certain closing conditions, including,
among other things, participation in the Offers by at least 95% of
the outstanding principal amount of Existing Notes as of the
Expiration Time.

Certain holders of the Existing Notes, who as of July 9, 2020,
beneficially owned approximately $270.7 million aggregate principal
amount, or approximately 74.3%, of the outstanding Existing Notes,
have agreed to, among other things, support and use commercially
reasonable efforts to complete the transactions, including by
tendering their Existing Notes in the Exchange Offer, delivering
their consents in the related consent solicitation and voting in
favor of the Plan, as contemplated by the Restructuring Support
Agreement, dated as of June 25, 2020, between the Partnership and
the Supporting Holders.

In connection with the transactions, on July 8, 2020, Martin
Operating Partnership L.P., a wholly owned subsidiary of the
Partnership, the Partnership, and certain subsidiaries of the
Partnership entered into the Eleventh Amendment to Third Amended
and Restated Credit Agreement with Royal Bank of Canada, as
administrative agent and collateral agent for the lenders and as an
L/C Issuer and a lender, and the other lenders party thereto, which
upon its effectiveness will amend the credit agreement to, among
other things, permit the consummation of the Offers.

Exchange Offer

The first Offer consists of an offer to Eligible Holders of record
of the Existing Notes to exchange any and all of the outstanding
Existing Notes for a combination of cash, 11.50% Senior Secured
Second Lien Notes due 2025, and rights to acquire 10.00% Senior
Secured 1.5 Lien Notes due 2024 upon the terms and subject to the
conditions set forth in the Exchange Offer Memorandum, Consent
Solicitation, Rights Offering, and Disclosure Statement Soliciting
Acceptances of a Prepackaged Plan of Reorganization, dated July 9,
2020.  In conjunction with the Exchange Offer, the Partnership is
also soliciting votes to accept a prepackaged plan of
reorganization.

Pursuant to the Rights Offering, Eligible Holders shall have the
Right to acquire their pro rata share of up to $50 million in
aggregate principal amount of New Notes.  The Rights Offering will
expire at 5:00 p.m., New York City time, on the Early Participation
Date.  After the Early Participation Date, unexercised Rights will
automatically terminate.

In order to facilitate the transactions, the Partnership,
FinanceCo, certain of the Partnership's subsidiaries, and certain
of the Supporting Holders entered into the Backstop Agreement,
dated as of July 9, 2020, pursuant to which each of the Backstop
Parties, severally and not jointly, has agreed, among other things,
to purchase any unsubscribed New Notes that have not been purchased
by Eligible Holders in the Rights Offering as part of the Exchange
Offer, or if the Exchange Offer and Cash Tender Offer are not
consummated, pursuant to the Plan.  Backstop Parties will receive a
backstop fee of $3.75 million, which will be paid in the form of
additional New Notes.

In conjunction with the Exchange Offer, and upon the terms and
conditions set forth in the Offering Memorandum, the Partnership is
soliciting related consents from Eligible Holders of the Existing
Notes to adopt certain proposed amendments to the indenture
governing the Existing Notes, which will become effective if
holders representing a majority of the principal amount of the
Existing Notes then outstanding consent to adopt the Proposed
Amendments.  The Proposed Amendments will, among other things,
eliminate substantially all of the restrictive covenants in the
Existing Notes Indenture, delete certain events of default, and
shorten the period of advance notice required to be given to
holders of Existing Notes from 30 days to 3 business days in the
case of a redemption of the Existing Notes.

The Partnership's obligation to accept any Existing Notes tendered
in the Exchange Offer is also subject to the satisfaction of
certain customary conditions, including the Minimum Participation
Condition.  The Partnership reserves the right, in its sole
discretion, to: (1) delay accepting any tendered Existing Notes and
delivered consents, terminate or amend or extend the Exchange Offer
or related consent solicitation and not to accept for exchange any
Existing Notes not previously accepted for exchange; and (2) amend,
modify or waive, in part or in whole, at any time, or from time to
time, the terms of the Exchange Offer or related consent
solicitation in any manner not prohibited by law.  The complete
terms and conditions of the Exchange Offer are set forth in the
Offering Memorandum and the other documents relating to the
Exchange Offer, which will be distributed only to Eligible Holders
of the Existing Notes.

Interest on the Exchange Notes will accrue at the rate of 11.500%
per annum, paid semi-annually in arrears in cash.  Interest on the
New Notes will accrue at the rate of 10.000% per annum, paid
semi-annually in arrears in cash.

In the event that tendered Existing Notes are not accepted by the
Partnership for exchange, such tendered Existing Notes will be
promptly returned to the tendering Eligible Holders (which will
include the corresponding consents), and no consideration will be
paid or become payable in respect of such Existing Notes.

If and when issued, the Exchange Notes and the New Notes will not
be registered under the Securities Act or with any securities
regulatory authority of any state or other jurisdiction. Therefore,
the Exchange Notes and the New Notes may not be offered or sold in
the United States or to or for the account or benefit of any U.S.
persons except pursuant to an offering or sale registered under, an
exemption from or in a transaction not subject to the registration
requirements of the Securities Act and any applicable state
securities laws.

Epiq Corporate Restructuring, LLC is serving as the Information
Agent, Solicitation Agent, Exchange Agent, Subscription Agent, and
Voting Agent in connection with the Exchange Offer and the related
consent solicitation, Rights Offering and Plan Solicitation.
Questions concerning the Exchange Offer and the related consent
solicitation, Rights Offering and Plan Solicitation or requests for
additional copies of the Offering Memorandum or other related
documents may be directed to Epiq at Tabulation@epiqglobal.com,
with a reference to "Martin Midstream" in the subject line.
Eligible Holders who desire to obtain and complete an Exchange
Offer eligibility letter should also contact the Exchange Agent at
the email address above.  Consult your broker, dealer, commercial
bank or trust company or other nominee for assistance on how to
tender your Existing Notes and related consents.

The Plan and Plan Solicitation

The Plan Solicitation is being made to Eligible Holders of Existing
Notes.  In the event the conditions to the Exchange Offer and the
related consent solicitation are not satisfied or waived, but the
Partnership receives votes to accept the Plan such that the class
of Existing Notes constitutes an accepting class for purposes of
section 1129(a)(8) of the Bankruptcy Code, which requires votes to
accept the Plan from the holders of (i) at least 66 2/3% in
aggregate principal amount of Existing Notes that cast ballots with
respect to the Plan and (ii) more than 50% in number of holders of
Existing Notes that cast ballots with respect to the Plan, the
Partnership and its subsidiaries intend to commence chapter 11
cases to consummate the Plan.  In addition, if at any time the
Partnership for any reason determines that it would be
advantageous, the Partnership and its subsidiaries may commence
chapter 11 cases to consummate the Plan.  If the Partnership and
its subsidiaries commence chapter 11 cases, then all holders of
Existing Notes will have the opportunity to elect certain treatment
for their Existing Notes claims under the Plan.

Under the Plan, all classes of claims and interests, other than the
class of Existing Notes, will either be reinstated in accordance
with section 1124 of the Bankruptcy Code or paid in full in cash.
Accordingly, all such other classes of claims and interests are
unimpaired, are conclusively presumed to have accepted the Plan
pursuant to section 1126(f) of the Bankruptcy Code, and, therefore,
will not be entitled to vote to accept or reject the Plan.

Cash Tender Offer

The second Offer consists of an offer to purchase for cash any and
all of the Existing Notes held by Other Holders, on the terms and
subject to the conditions set forth in the Offer to Purchase for
Cash up to $77.0 Million in Aggregate Principal Amount of
Outstanding 7.25% Senior Unsecured Notes due 2021 and Consent
Solicitation, dated July 9, 2020.

Holders of Existing Notes that are not QIBs, not Institutional
Accredited Investors and not Non-U.S. Persons are eligible to
participate in the Cash Tender Offer.  Eligible Holders are not
Other Holders, and therefore not eligible to participate in the
Cash Tender Offer.  The Cash Tender Offer is made only by, and
pursuant to, the terms set forth in the Offer to Purchase.

Upon the terms and subject to the conditions set forth in the Cash
Tender Offer Documents, consideration for each $1,000 principal
amount of the Existing Notes validly tendered by Other Holders and
accepted for purchase pursuant to the Cash Tender Offer will be as
set forth in the table below, subject to proration as described
below.  Other Holders will also receive accrued and unpaid interest
on their Existing Notes from Feb. 15, 2020 up to, but not
including, the Settlement Date for all of their Existing Notes.

                             Tender Offer            Total
                         Consideration per      Consideration per
                         $1,000 Principal       $1,000 Principal
                         Amount of Existing    Amount of Existing
                           Notes Tendered        Notes Tendered
                             After Early          Before Early
  Existing Notes         Participation Date    Participation Date
  --------------         ------------------    ------------------
  7.25%                     $600 Cash               $650 Cash
  Senior
  Unsecured
  Notes due 2021

The Partnership's obligation to accept any Existing Notes tendered
in the Cash Tender Offer is also subject to the satisfaction of
certain customary conditions, including Minimum Participation
Condition.  The Partnership reserves the right, in its sole
discretion, to: (1) delay accepting any tendered Existing Notes and
delivered consents, terminate or amend or extend the Cash Tender
Offer or related consent solicitation and not to accept for
exchange any Existing Notes not previously accepted for tender; and
(2) amend, modify or waive, in part or in whole, at any time, or
from time to time, the terms of the Cash Tender Offer or related
consent solicitation in any manner not prohibited by law.  The
complete terms and conditions of the Cash Tender Offer are set
forth in the Offer to Purchase and the other documents relating to
the Cash Tender Offer, which will be distributed only to Other
Holders of the Existing Notes.
In the event that tendered Existing Notes are not accepted by the
Partnership for exchange, such tendered Existing Notes will be
promptly returned to the tendering Other Holders (which will
include the corresponding consents), and no consideration will be
paid or become payable in respect of such Existing Notes.

Other Holders of Existing Notes may also contact their brokers,
dealers, commercial banks or trust companies for assistance
concerning the Cash Tender Offer and related consent solicitation.
Epiq Corporate Restructuring, LLC will act as the Depositary and
Information Agent for the Cash Tender Offer and related consent
solicitation. Questions regarding the terms of the Cash Tender
Offer and related consent solicitation may also be directed to the
Depositary and Information Agent.  Requests for additional copies
of documentation related to the Cash Tender Offer and related
consent solicitation, requests for copies of the Existing Indenture
and any questions or requests for assistance in tendering may be
directed to the Depositary and Information Agent at
Tabulation@epiqglobal.com, with a reference to "Martin Midstream"
in the subject line. Other Holders who desire to obtain and
complete a Cash Tender Offer eligibility letter should also contact
the Depositary and Information Agent at the email address above.

Neither the Issuers nor any other person makes any recommendation
as to whether holders should tender their Existing Notes in the
Cash Tender Offer or provide the consent to the Proposed Amendments
in the consent solicitation, and no one has been authorized to make
such a recommendation.  Other Holders of securities should read
carefully the Offer to Purchase before making an investment
decision to participate in the Cash Tender Offer.  In addition,
Other Holders must make their own decisions as to whether to tender
their Existing Notes in the Cash Tender Offer and provide the
related consent in the consent solicitation, and if they so decide,
the principal amount of the Existing Notes to tender.

A full-text copy of the press release is available for free at:

                         https://is.gd/DGkIKI

                      About Midstream Partners

Martin Midstream Partners L.P. is a publicly traded limited
partnership with a diverse set of operations focused primarily in
the United States Gulf Coast region.  The Partnership's primary
business lines include: (1) terminalling, processing, storage, and
packaging services for petroleum products and by-products; (2) land
and marine transportation services for petroleum products and
by-products, chemicals, and specialty products; (3) sulfur and
sulfur-based products processing, manufacturing, marketing and
distribution; and (4) natural gas liquids marketing, distribution
and transportation services.

Martin Midstream reported a net loss of $174.95 million for the
year ended Dec. 31, 2019, compared to net income of $55.66 million
for the year ended Dec. 31, 2018.  As of March 31, 2020, the
Company had $612.20 million in total assets, $641.70 million in
total liabilities, and a total partners' capital of $29.50
million.

                          *    *    *

As reported by the TCR on April 8, 2020, Fitch Ratings downgraded
Martin Midstream Partners LP's Long-term Issuer Default Rating to
'CCC' from 'B-'.  Fitch has lowered MMLP's IDR to 'CCC' reflecting
concerns about refinancing risk in the near term, liquidity and the
ability for the partnership to meet its 2020 EBITDA guidance of
$117 million.  In June 2020, Fitch chose to withdraw MMLP's ratings
for commercial reasons.

In March 2020, Moody's Investors Service downgraded Martin
Midstream Partners L.P.'s Corporate Family Rating to Caa3 from B3.
"MMLP's rating downgrade reflect increased debt refinancing risks
and elevated risk of default, including from a distressed
exchange," said Jonathan Teitel, Moody's Analyst.

S&P Global Ratings lowered its issuer credit rating on Martin
Midstream Partners L.P. (Martin) to 'CCC-' from 'B-' as the company
faces large upcoming debt maturities of about $575 million in the
next 12 months, as reported by the TCR on March 25, 2020.


MARY MALONE: ColMat Buying Dallas Property for $1.9 Million
-----------------------------------------------------------
Mary Malone asks the U.S. Bankruptcy Court for the Northern
District of Texas to authorize the sale of her piece of real
property in Dallas, Texas known as 5414 Edlin to ColMat Holdings,
LLC for 1,903,850.

Objections, if any, must be filed within 21 days from the filing of
the Motion.

The Debtor owns the Property.  On March 25, 2020, the Court entered
an Order allowing the Debtor to sell it for $2 million.  Shortly
after the entry of the Sale Order, the COVID-19 pandemic hit and
the buyer did not close on the contract.

The Debtor has aggressively marketed the Property since then and
has been able to obtain a new buyer at the price of 1,903,850.  The
parties have executed their Contract.  The Purchaser is a third
party not related to the Debtor.  The closing is set for
immediately after the Debtor obtains Court approval.  

The Debtor asks that the Court authorizes it to sell the Property
free and clear of all liens claims and encumbrances and allow the
liens against the Property to attach to the proceeds of the sale.
It asks that the net sales proceeds be placed into the registry of
the Court and not to be distributed without further order of the
Court.

A copy of the Contract is available at https://tinyurl.com/yd75vuse
from PacerMonitor.com free of charge.

Mary Malone sought Chapter 11 protection (Bankr. N.D. Tex. Case No.
20-30050) on Jan. 6, 2020.  The Debtor tapped Eric Liepins, Esq.,
as counsel.



METHODIST UNIVERSITY: Fitch Cuts LongTerm IDR to 'BB'
-----------------------------------------------------
Fitch Ratings has downgraded Long-Term Issuer Default Rating and
the rating on North Carolina Capital Facilities Finance Agency's
approximately $15.4 million of series 2012 revenue bonds issued on
behalf of Methodist University to 'BB' from 'BB+'.

The Rating Outlook is Revised to Negative from Stable.

SECURITY

Methodist's obligations pursuant to a loan agreement with the
issuer are a general, unconditional obligation payable from all
legally available university funds. Methodist secures its
obligations under the agreement with a mortgage interest in its
core campus.

ANALYTICAL CONCLUSION

The downgrade of Methodist University's bond rating to 'BB' from
'BB+' reflects the university's ongoing trend of weakening
undergraduate demand, which has continued through fiscal 2020, and
the Negative Outlook is largely driven by Fitch's expectation for
more severe operating and investment volatility resulting from the
coronavirus in fiscal 2021.

The 'BB' rating further reflects the university's thin 41% cushion
of available funds to adjusted debt relative to Fitch's assessment
of the university's revenue defensibility and operating risk.
Revenue defensibility is characterized by historically weaker
demand indicators with declining enrollment and admissions in
recent years. Midrange operating risk reflects some remaining
capacity to generate limited but adequate cash flow margins on a
shrinking revenue base. Near-term capital plans are limited,
affording some flexibility in the timing and level of future
capital investment needs relative to moderate donor support. The
university exhibits a weaker financial profile with limited AF to
adjusted debt and a high degree of sensitivity to revenue and
investment stresses.

Coronavirus Impacts

The ongoing coronavirus pandemic and related government-led
containment measures create an uncertain environment for the U.S.
Public Finance higher education sector. Fitch's forward-looking
analysis is informed by management expectations coupled with
Fitch's common set of baseline and downside macroeconomic
scenarios. Fitch's scenarios will evolve as needed during this
dynamic period. Fitch's current baseline scenario includes a sharp
economic contraction in 2Q20 with a sequential recovery starting
from 3Q20 onward. For the higher education sector, the baseline
case assumes the closure of most residential campuses for a three-
to four-month period with continued sporadic closures possible
thereafter.

Fitch's rating sensitivities address potential rating implications
under a baseline scenario. This scenario assumes a slower economic
recovery and prolonged or recurring pandemic-induced disruptions
lasting into fiscal 2021, including further tuition, auxiliary, and
other related revenue pressures on the university's already
pressured demand base.

KEY RATING DRIVERS

Revenue Defensibility: 'bb'

Demand-Driven Revenue Declines

Methodist's 'bb' revenue defensibility assessment is characteristic
of the university's weakened demand indicators, limited market
reach and relatively price-elastic student base in the context of
declining undergraduate enrollment. Admissions and enrollment
metrics have deteriorated through fiscal 2020 and indicators for
fall 2020 remain unclear. Dependence on student fees is
particularly concerning in this context, at nearly 90% of
Methodist's total revenues.

Operating Risk: 'bbb'

Adequate Cash Flow and Manageable Capital Needs

The 'bbb' operating risk assessment reflects Fitch's expectations
for sustained limited yet adequate cash flow margins as the
university works to stabilize scale expenses in the near to
intermediate term relative to revenue pressures. Capital needs are
manageable with flexible timing and a track record of stable donor
support.

Financial Profile: 'bb'

Weak Leverage Profile

Methodist's 'bb' financial profile assessment reflects relatively
high leverage relative to the moderate strength of the university's
business profile. AF levels have declined in recent years with
investment in facilities and Fitch considers Methodist's financial
profile to be vulnerable to investment and revenue stresses.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric additional risk considerations apply to Methodist's
rating.

RATING SENSITIVITIES

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

  -- A consistent record of stable demand indicators and enrollment
with a trend of stable to increasing student-generated revenues.

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

  -- Continued demand pressure, including declines in enrollment
and/or net tuition and fee revenues from current levels,

  -- A failure to maintain adjusted cash flow margins consistently
at or above 5%,

  -- Deterioration in balance sheet ratios with AF to adjusted debt
declining below 30%.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Methodist is a small, private liberal arts university located in
Fayetteville, NC. Methodist has been expanding its academic
programs from liberal arts and specialized programs, like golf
management, to include health sciences, education and engineering.
The university's regional accreditation with the Southern
Association of Colleges and Schools Commission on Colleges was
reaffirmed last year without incident for a ten-year term through
2029.

Methodist's total headcount enrollment of around 2,000 in fall 2019
(fiscal 2020) and approximately 1,900 on a full time equivalent
basis, reflect declines of nearly 20% since fall 2017. The
university serves a mix of full-time and part-time traditional
residential students, commuters and military personnel from the
nearby Fort Bragg. Active-duty and affiliated students represent
more than 20% of university enrollment.

REVENUE DEFENSIBILITY

Methodist's enrollment trends have declined for three consecutive
fiscal years following a history of moderate demand indicators and
a stable to growing level of enrollment in key programs. Acceptance
rates increased to over 60% for fall 2019 on a shrinking applicant
base, whereas matriculation rates have eroded in recent years to
around 19% since fiscal 2017 from nearly 24% in fiscal 2014. The
effect of declining freshman admissions has been compounded by
persistently low retention, generally below 60%. Management reports
that total deposits for fall 2020 are below prior year levels,
though new freshmen deposits are modestly ahead of last year. The
university's health science-related graduate programs have
maintained stable demand in recent years with modest enrollment
growth, but graduate enrollment accounts for less than 20% of total
enrollment, indicating that sustained progress in these areas will
be necessary to spur improvement in overall demand.

The university draws a largely in-state student base, and out of
state students are generally from within the southeast region.
North Carolina exhibits generally strong market characteristics
with high levels of population and economic growth, as well as
growth in college-going students. Methodist has struggled to
capitalize on these favorable trends due to shifts in demand for
Methodist's program offerings and significant competition from
strong public and private institutions.

Methodist's student base is fairly price sensitive, given the
availability of strong public alternatives, and changes in net
price are expected to result in lower enrollment while potentially
generating marginally more revenue. Student-generated revenues
account for around 90% of total revenues and the university has
lowered the rate of annual tuition and fee increases to around 3%
in fiscal 2019 from nearly 5% in prior years. The university
expects new health science graduate programs will generate
accretive net tuition revenue on a per-student basis, but combined
enrollment in these programs is expected to remain modest in the
near to intermediate term.

Fitch considers the university's endowment spend policy of 4.5% of
the prior 12-quarter market value to be sustainable. Endowment
support accounts for a fairly small portion of Methodist's revenues
and the university relies on managing student-driven revenue and
containing expenses to achieve balanced operations.

OPERATING RISK

Methodist's adequate level of operating cost flexibility reflects
expectations for cash flow margins around 10% in the near term, as
the university adjusts its expenses in response to recent revenue
volatility. Fitch expects cost savings resulting from faculty early
retirement, holding positions vacant, and analyzing program
performance to sustain spending containment efforts in the near
term with potential for additional personnel savings in future
years. Fitch expects that sharper revenue volatility in fiscals
2020 and 2021 will be addressed through Methodist's receipts of
federal funds through the CARES Act and Payroll Protection Program.
Together, these revenues provide approximately $3 million in both
fiscal 2020 and 2021. Given these added resources, Fitch expects
cash flow margins to generally exceeding 10% over the intermediate
term. However, Fitch remains concerned that recent expense
reductions may limit management's capacity to respond to further
revenue volatility without materially affecting student experience
and overall enrollment.

Capital spending requirements are moderate as the university
recently completed projects in fiscal 2019 and has no material
capital plans for the intermediate term. Methodist has received
consistent moderate donor support for capital improvements and
major projects, including new engineering and science facilities
and the Matthew Ministry Center, which was completed in fiscal
2019. The university's average age of plant remained below 15 years
through fiscal 2019, consistent with a manageable level of
lifecycle investment need, and management reports limited
additional capital plans.

FINANCIAL PROFILE

As of fiscal 2019, Methodist had approximately $33 million in total
long-term debt, about half of which was variable rate. Its $8.8
million in variable-rate debt is swapped to fixed. Debt service is
level through maturity in 2040 with maximum annual debt service of
$3.4 million in 2024. Methodist covered annual debt service (as
calculated by Fitch) by 1.5x in fiscal 2019. Methodist has a small
operating lease obligation, bringing its adjusted debt total to
just over $34 million against approximately $14 million in
available funds.

Fitch's baseline scenario reflects operating pressure in fiscal
2020, offset somewhat by approximately $3 million in federal
support, as well as expectations for ongoing revenue declines
offset by federal support in fiscal 2021. The baseline scenario
further incorporates a severe but plausible stress on investment
performance in fiscal 2020, followed by a gradual increase to
normal returns over the forward look. Given these factors, cash
flow is expected to remain near historical levels. Fitch considers
the university's capex obligations to be fairly flexible,
reflecting investment at around 50% of depreciation in the
intermediate term. Fitch expects AF to adjusted debt remain fairly
stable around 35% with sufficient liquidity to meet debt
obligations.

Fitch's downside case incorporates expectations for a more
protracted recovery with steeper declines in operating revenues and
investment values through fiscal 2021. Under these circumstances
cash flow would deteriorate to markedly below historical levels.
Evidence that any or a combination of these factors are likely
would result in further credit deterioration below the current
rating.

Methodist's liquidity profile is neutral to the rating, as debt
service coverage levels and AF to operating expenses remain
adequate through Fitch's baseline scenario.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric additional risk considerations apply to Methodist's
rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


MOTIV8 INVESTMENTS: Bagamaspad Buying L.A. Property for $580K
-------------------------------------------------------------
Motiv8 Investments, LLC, asks the U.S. Bankruptcy Court for the
Central District of California to authorize the sale of the real
property, located at 6901 Cahuenga Park Trail, Los Angeles,
California to Annette Bagamaspad for $580,000, pursuant to their
Agreement of Purchase and Sale.

The property is a single-family property that is currently in
renovations, which are not completed.  As a result, the Debtor is
not generating any income from it.  The Debtor's goal is to sell
the property as quickly as possible to minimize the time it must
operate it, without generating any income.

The Debtor identified the Buyer as interested purchasing the
property.  The Buyer made a strong offer in the amount of $580,000,
which is the estimated fair market value of the property. The
Debtor as well as its principal officer, Sergio Moreno Morales have
no connection to the Buyer other than her interest in acquiring the
property and the communications with the Debtor and Broker about
acquiring the property.

The Subject Property is encumbered by a secured lien.  Buffalo
Park, LLC holds a first deed of trust in the alleged amount of
$887,009 based on its proof of claim.  The Los Angeles County
Treasurer and Tax Collector holds a secured lien in second priority
in the approximate amount of $5,632 based on delinquent property
taxes for the 2019-2020 tax installment.

The Debtor disputes and intended to file an objection to Buffalo
Park's proof of claim.  Per negotiations between Buffalo Park and
Debtor, Buffalo Park will accept the amount of $550,000 as a
payment in full on its claim from the sale proceeds.  After the
payment of Buffalo Park's claim, the Los Angeles County Tax
Collector, and the associated sale costs and expenses, the
remaining sale proceeds will remain in the Debtor's DIP account.
Thus, the Debtor asks approval to pay the Los Angeles County
Treasurer & Tax Collector, and the sale costs and expenses.

The Debtor respectfully asks that it be authorized to pay the
following amounts:

     1. The broker's commission totaling 1% ($5,800) of the total
purchase price of $580,000; and

     2. Escrow charges, title, taxes, recordation charges,
pro-rations, adjustments, and additional disbursements in the
amount of $13,398.

On April 21, 2020, the Debtor accepted the Buyer's offer to
purchase the Subject Property for the sum of $580,000.  The Buyer
is an individual unrelated to the Debtor.

The principal terms of agreement are:

     1. The purchase price of the Subject Property is $580,000;

     2. The Subject Property will be sold "as is, where is" with no
warranties or representations of any kind whatsoever; and

     3. Escrow is to close upon the Court's approval.

The sale will be free and clear of all liens, claims and other
encumbrances.  The sale will close within 30 days of entry of an
order approving the Motion, should such  approval be obtained.  The
Sale is on an "as is, where is” basis without any warranties or
representations from the Debtor.

The Debtor anticipates that the sale will generate proceeds
sufficient to pay all claims against the Property as stated.

The Debtor has not been contacted by another party interested in
acquiring the Property.  Further, the Sale will result in the
proceeds necessary to pay the claims against the property.  The
property possesses equity, above the amount of claims filed against
it or even anticipated to be filed.  As a result, the Debtor
submits that overbidding is not necessary for the sale to be in the
best interest of the estate, and that the sale to the Buyer without
overbid is justified under the circumstances.

Given the notice and full opportunity to object to the motion, the
Debtor believes that, unless there are objections to the motion
that are not consensually resolved, it is appropriate and good
cause exists for the Court to order that Rule 6004(h) is not
applicable, and that the property may be sold immediately.

A copy of the Agreement is available at
https://tinyurl.com/y9loeqt5 from PacerMonitor.com free of charge.

                   About Motiv8 Investments

Motiv8 Investments, LLC, is a privately-held company in Los
Angeles, California, which operates a business involved in buying
real properties and renovating and re-selling them. Motiv8
Investments sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 18-16732) on June 11, 2018.  In
the
petition signed by Sergio Moreno Morales, managing member, the
Debtor was estimated to have assets of less than $1 million to $10
million and liabilities of $1 million to $10 million.  Judge Neil
W. Bason oversees the case.  The Debtor tapped Tang & Associates as
its legal counsel.


MOTO RIDE: Chapter 11 Case Dismissed
------------------------------------
The bankruptcy petition of Moto Ride, LLC, has been dismissed and
the closed without the filing of a Chapter 11 plan.

Bankruptcy Judge Robert E. Grossman entered an order dismissing the
case on April 29.  The case was officially closed on June 19.

Hangar One Aviation, the Debtor's sole creditor, sought appointment
of a Chapter 11 trustee or conversion of the case to Chapter 7
liquidation.

Hangar One wants a trustee pursuant to 11. U.S.C. Section
1104(a)(1) to conduct an investigation of Moto Ride, LLC, on
allegations of fraud, dishonesty, incompetence, mismanagement and
irregularity of the Debtor's affairs.

The Court considered the request at a March 9 hearing and, instead,
opted to grant the Debtor's oral motion to dismiss its case.

At the hearing, counsel for Hangar One, Philip J. De Bellis,
consented to the dismissal upon the representation of the Debtor's
counsel.

In a letter dated April 13, De Bellis informed the Court Hangar One
is withdrawing its consent to the grant of oral motion to dismiss
and would pursue appointment of a trustee or conversion, citing the
delay in the issuance of a written dismissal order.

"The explicit understanding was that [written order] would be
accomplished within 24 to 48 hours. At this point, more than a
month has elapsed but the order has not been submitted," De Bellis
said.

De Bellis argued that the delay appears as "one more obstructive
step in the long history of legal maneuvers calculated to prolong
legal proceedings on behalf of a far from insolvent commercial
squatter who has not paid rent for more than 9 months."

De Bellis also suggested that the Debtor's claim against the owner
of a car collection stored at Hangar One's hangar -- as a licensee
of the Debtor – for use and occupancy of the hangar, pre and
post-petition, be treated as an asset of the Debtor's estate.  The
claim has a value in excess of $100,000 and counting, according to
De Bellis, and a trustee can enforce the claim by litigation, if
necessary.

Hangar One is owned by a disabled physician who now relies heavily
upon the income from his investments for the financial survival of
his family, De Bellis said.  The creditor "begs for the protection
of the Court," he added.

                  About Moto Ride, LLC
   
Moto Ride, LLC filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 20-70365) on January 16, 2020, listing under $1
million in both assets and liabilities.  A copy of the petition is
available at https://is.gd/Ma8JFd  The Debtor is represented by
Gary C. Fischof, Esq., at Berger, Fischoff, Shumer, Wexler &
Goodman, LLP.



NAVIDEA BIOPHARMACEUTICALS: Has $2.7M Loss for March 31 Quarter
---------------------------------------------------------------
Navidea Biopharmaceuticals, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss of $2,673,608 on $156,272 of total
revenue for the three months ended March 31, 2020, compared to a
net loss of $2,429,061 on $41,624 of total revenue for the same
period in 2019.

At March 31, 2020, the Company had total assets of $4,477,231,
total liabilities of $5,568,270, and $1,091,039 in total
stockholders' deficit.

The Company stated, "Based on our current working capital and our
projected cash burn, and without definitive agreements in place for
additional funding, management believes that there is substantial
doubt about the Company's ability to continue as a going concern
for at least twelve months following the filing of this Quarterly
Report on Form 10-Q."

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

                       https://is.gd/wboMMj

Navidea Biopharmaceuticals, Inc., a biopharmaceutical company,
focuses on the development and commercialization of precision
immunodiagnostic agents and immunotherapeutics. The company
operates in two segments, Diagnostic Substances and Therapeutic
Development Programs. The company was formerly known as Neoprobe
Corporation and changed its name to Navidea Biopharmaceuticals,
Inc. in January 2012. Navidea Biopharmaceuticals, Inc. was founded
in 1983 and is headquartered in Dublin, Ohio.


NCL CORP: Moody's Places Ba2 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of NCL Corporation
Ltd. on review for downgrade including the company's Ba2 Corporate
Family Rating, Ba2-PD Probability of Default Rating, Ba2 senior
secured rating and B1 senior unsecured rating. The company's
Speculative Grade Liquidity rating of SGL-3 is unchanged.

"The review for downgrade will focus on NCL's recovery prospects in
2021 given the recent resurgence in coronavirus cases in certain
states increasing the uncertainty around the reopening of the US
and the company's plans for the eventual return to service of its
US operations, including what precautions will be put in place when
sailings do resume and the associated incremental costs," stated
Pete Trombetta, Moody's lodging and cruise analyst.

On Review for Downgrade:

Issuer: NCL Corporation Ltd.

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba2-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba2

  Senior Secured Bank Credit Facility, Placed on Review for
  Downgrade, currently Ba2 (LGD3)

  Senior Secured Regular Bond/Debenture, Placed on Review
  for Downgrade, currently Ba2 (LGD3)

  Senior Unsecured Regular Bond/Debenture, Placed on Review
  for Downgrade, currently B1 (LGD6)

Outlook Actions:

Issuer: NCL Corporation Ltd.

  Outlook, Changed to Rating Under Review from Negative

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

NCL's credit profile is supported by its market position as the
third largest ocean cruise operator worldwide, as well as its
well-known brand names -- Norwegian Cruise Line, Oceania Cruises,
and Regent Seven Seas Cruises, as well as the strong performance of
its new ships in terms of pricing and bookings relative to its
other ships which enables the company to compete against larger
rivals across all its price points. Moody's view that over the long
run, the value proposition of a cruise vacation relative to
land-based destinations as well as a group of loyal cruise
customers supports a base level of demand once health safety
concerns have been effectively addressed. In the short run, NCL's
credit profile will be dominated by the length of time that cruise
operations continue to be highly disrupted and the resulting
impacts on the company's cash consumption and its liquidity
profile. The normal ongoing credit risks include its high leverage,
the highly seasonal and capital-intensive nature of cruise
companies and the cruise industry's exposure to economic and
industry cycles, weather incidents and geopolitical events.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. The cruise sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the weaknesses in
NCL's credit profile, including its exposure to ongoing travel
restrictions and consumer's health safety concerns have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Prior to the ratings being placed on review for downgraade the
factors that could lead to a downgrade include; operations being
suspended for longer than its base case assumption or updated
expectations for a weaker recovery, that results in debt/EBITDA
remaining above 4.0x or EBITA/interest is below 4.5x over the next
two years. Any deterioration in liquidity could also cause negative
rating pressure. Given the review for downgrade an upgrade is
unlikely in the short term, however longer-term ratings could be
upgraded if debt/EBITDA and EBITA/interest expense improved to
below 3.75x and above 4.5x, respectively.

NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned
subsidiary of Norwegian Cruise Line Holdings, Ltd. Norwegian
operates 28 cruise ships with approximately 59,150 berths under
three brand names; Norwegian Cruise Line, Oceania Cruises, and
Regent Seven Seas Cruises. Net revenues were about $5.0 billion for
the fiscal year ended December 31, 2019.

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


NEW PLAN: Fitch Affirms CCC Rating on Series 2011A Bonds
--------------------------------------------------------
Fitch Ratings has affirmed the following revenue bonds issued by
the Industrial Development Authority of the County of Pima, AZ on
behalf of the New Plan Learning, Inc. Project at 'CCC'.

  -- $31,530,000 educational facilities revenue bonds series
2011A.

SECURITY

The bonds are secured by the gross revenues of NPL, which are
primarily comprised of lease payments from four participant charter
schools, one located in Illinois and three in Ohio. The source of
repayment is a several, not joint, obligation of the four schools.
Lease payments are sized to meet 120% of each school's allocated
portion of debt service. A mortgage is provided on each
participant's school facility. The debt service reserve is funded
at maximum annual debt service, primarily by a surety.

Bondholders also have a security interest in NPL's gross revenue
fund which the indenture requires NPL to maintain at no less than
12% of aggregate corporate revenues, including rents from
non-financed schools.

ANALYTICAL CONCLUSION

The affirmation of 'CCC' reflects the credit quality of the three
Ohio schools (Horizon Science Academy Dayton, HSA Springfield and
HSA Toledo) that have weaker revenue defensibility and operating
risk characteristics, and the one Illinois school (Chicago Math and
Science Academy that has midrange revenue defensibility and
operating risk characteristic. Since bond repayment is not a joint
and several obligations, CMSA's relative strength does not affect
the rating. In addition to the high leverage metrics at all
schools, continued poor academic performance measures and the risk
of charter nonrenewal and closure weighs on the rating. Favorably,
CMSA received a seven-year charter renewal and in June 2020 two of
the Ohio schools received three-year charter renewals. Springfield
HSA's charter is up for renewal in 2021.

KEY RATING DRIVERS

Revenue Defensibility - Weaker: The three Ohio schools have weaker
revenue defensibility assessments, limited by weak academic results
and enrollment well below their capacity.

Operating Risk - Weaker: Fitch believes CMSA has flexibility to
vary cost with enrollment shifts, however, the three Ohio schools'
ability to adjust costs is limited by weak academic performance.
Fitch considers carrying costs for debt service and pension
contributions to be midrange for each school, besides CMSA and HSA
Dayton, which Fitch considers to be more elevated.

Financial Profile - Below 'b': All of the schools have high
leverage metrics. The three Ohio schools require support from the
management organization for operations.

Asymmetric Additional Risk Considerations: Liquidity is a limiting
factor.

ESG Considerations:

ESG - Governance: New Plan Learning (IL) has an ESG score of '4'
for group structure, which relates to the complexity, transparency,
and related-party transactions.

RATING SENSITIVITIES

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

  -- Ability to generate sustainable recurring positive cash flow
from operations without the use of management fee donations at the
Ohio schools.

  -- A sustained decline in leverage metrics due to improved
margins and cash flow, leading to improved debt service coverage
and increased available cash and equivalents.

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

  -- The loss of a school's charter.

  -- A reversal of the current financial support provided from the
management company.

  -- The failure to obtain waivers from bondholders for covenant
violations would result in a technical default and would lead to a
rating downgrade.

  -- Enrollment declines that affect the financial condition of the
schools could pressure the rating, as revenues are derived
primarily from state per-pupil funding.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Horizon Science Academy Toledo is a public charter school serving
grades K-12th in Toledo, Ohio. The school is managed by Concept
Schools. The school opened in 2004 and is located in Toledo City
School District. The school's authorizer is Education Service
Center of Lake Erie West. The school's charter was renewed in June
2020 for a three-year term. The June 2020 renewal follows a
one-year renewal in 2019, five-year renewal in 2014, two-year
renewal in 2012, three-year renewal in 2009. The school's initial
charter in 2004 was for five years.

Horizon Science Academy Dayton High School is a public charter
school serving 9-12th grades and is managed by Concept Schools. The
school opened in 2009 and is located in Dayton City School
District. The school's authorizer is Buckeye Hope Community
Foundation. The school's charter was renewed in June 2020 for a
three-year term beginning July 1, 2020. The school was first
authorized in 2009 for a period of one year. Since then, it has
received two additional five-year renewals (2010, 2015).

Horizon Science Academy Springfield is a public charter school
serving K-8th grades and is managed by Concept Schools. The school
opened in 2005 and is located in Toledo City School District. The
school's authorizer is Educational Service Center of Lake Erie
West. The school's charter was renewed in June 2018 for a
three-year term ending June 30th, 2021. Following the school's
initial five-year charter term, the charter was renewed in 2010,
2011, 2012, 2016, and 2018 (current charter).

Chicago Math & Science Academy Charter School, Inc. is a public
charter school serving grades 6-12 and is managed by Concept
Schools. The school opened in 2005 and is located in Chicago, IL.
The school's authorizer is the Chicago School Reform Board of
Trustees (Chicago Public Schools). In January 2019, CSMA received a
seven-year charter renewal from Chicago Public Schools Board of
Directors. Following the school's initial four-year charter term,
the charter was renewed in 2009 and 2014 (each five years).

CURRENT DEVELOPMENTS

The recent outbreak of the coronavirus and related government
containment measures worldwide creates an uncertain global
environment for U.S. state and local governments and related
entities in the near term. As severe limitations on economic
activity only began very recently, most state governments' (the
primary source of K-12 education funding) fiscal and economic data
do not reflect any credit impairment. Material changes in revenues
and expenditures are occurring across the country and are likely to
worsen in the coming weeks and months as economic activity suffers
and public health spending increases. Fitch's ratings are forward
looking, and Fitch will monitor developments in state and local
governments as a result of the virus outbreak as it relates to
severity and duration and incorporate revised expectations for
future performance and assessment of key risks.

In its baseline scenario, Fitch assumes sharp economic contractions
to hit major economies in 1H20 at a speed and depth that is
unprecedented since World War II. Sequential recovery is projected
to begin from 3Q20 onward as the health crisis subsides after a
short but severe global recession. GDP is projected to remain below
its 4Q19 level until mid-2022.

Revenue Defensibility

The three Ohio schools have weaker revenue defensibility, driven by
poor academics and weak enrollment trends. CMSA has relatively
strong academic results and a trend of enrollment at capacity.

Poor academic results are likely a driver of the weakened student
demand and enrollment over the past few years. Each of the Ohio
schools received an overall letter grade of 'D' on their 2019
school report card. The overall letter grade is based on the
results of the six component grades included in the report card.
Notably, HSA Springfield and HSA Toledo received a 'B' for the
Progress component, which reflects the growth that all students are
making based on their prior performances. In addition, HSA Dayton
received a 'B' for the Gap Closing component, which reflects how
well the school is meeting the performance expectations for the
most vulnerable students.

Each of the schools has lost enrollment and is now well below the
enrollment capacity of its facilities, with HSA Dayton enrolling
305 students (down from a peak of 352 in fiscal 2013, with capacity
of 600 -- although including HSA Dayton Elementary, which currently
shares the building, total building enrollment is 465), HSA
Springfield 370 (down from 420 in fiscal 2015, with capacity of
450), and HSA Toledo 516 (down from 586 in fiscal 2015, capacity of
650). There are no limits on capacity in the schools' charters
beyond facility size.

In May 2020, the Governor of Ohio announced several actions to
balance the fiscal year 2020 budget, which included reductions to
the opportunity grant amount (the most significant component of
community school funding in Ohio) by $88.76 (-1.5%) per pupil.
Fitch expects state aid to increase at the rate of inflation going
forward.

Unlike the three Ohio schools, CMSA has midrange revenue
defensibility, with strong academic results that exceed the
district and state in Math and exceed the district in English
Language Arts. The school has been able to maintain enrollment
levels at capacity for eight consecutive years and Fitch expects
state aid to increase at a rate below inflation.

Operating Risk

Fitch considers operating risk to be weaker overall. This reflects
the schools' carrying costs to pay debt service and annual pension
contributions as well as the practical limitations to reducing
spending, which can impact enrollment and academic results. The
assessment considers the schools' well-identified cost drivers with
moderate potential volatility and the ability to control teacher
salary increases.

Despite some control over workforce costs, which are not governed
by collective bargaining agreements, Fitch believes the Ohio
schools are more limited than CMSA in their ability to reduce
teacher headcount because of their already poor academic
performance. Continued poor academic performance at the Ohio
schools may continue to curtail student demand.

Carrying costs for CMSA, Springfield, and Toledo have averaged
17%-22% of expenditures over the past five years. Dayton's have
been higher at 26%, further limiting the ability to reduce costs.
Management reports that none of the four schools has significant
projected capex requirements.

Financial Profile

Leverage metrics are weak for all of the schools in the financing
transaction. The three Ohio schools have leverage metrics that are
consistent with a below 'b' assessment given their revenue
defensibility and operating risk assessments. CMSA has a better
financial profile compared to the Ohio schools, although leverage
metrics are still elevated.

The three Ohio schools' financial profiles are very weak, with
extremely limited operating margins, slim cash reserves and
elevated leverage including Fitch-adjusted net pension liabilities.
All three Ohio schools have relied upon management fee waivers to
support debt service. Fitch's base case assumes the schools will
continue to require a waiver of management fees in order to operate
and repay their portion of debt service.

Fitch believes these metrics are less useful when evaluating
default risk of entities with such compromised financial
performance. While Fitch does not believe management fees can be
waived indefinitely, the management company's willingness to forgo
them does provide a limited margin of safety. Reserves required
under the bond indenture also provide a limited margin. These
include a bond revenue fund of $500,000 and a capital and
maintenance operating fund of $1 million, in aggregate totaling
less than 5% of debt outstanding. However, only a small portion of
the debt service reserve requirement is in cash, and Fitch has no
basis to evaluate the credit quality of the surety provider for the
remainder of the reserve.

Asymmetric Additional Risk Considerations

All schools have a weak liquidity profile, with a ratio of
unrestricted cash and equivalents to expenditures of less than
33%.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

New Plan Learning has an ESG score of '4' for Group Structure,
related to the complexity, transparency, and related-party
transactions.

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


NORTHERN OIL: Credit Facility Borrowing Base Reduced to $660M
-------------------------------------------------------------
Northern Oil and Gas, Inc. entered into an amendment to its Second
Amended and Restated Credit Agreement, dated Nov. 22, 2019,
governing the Company's revolving credit facility with Wells Fargo
Bank, N.A., as administrative agent, and the lenders party thereto.
Pursuant to the Amendment, the Company's semi-annual borrowing
base redetermination was completed and the borrowing base under the
credit facility was reduced to $660.0 million.  As of June 30,
2020, the Company had $568.0 million in outstanding borrowings
under the credit facility.  The next redetermination of the
borrowing base is scheduled for Oct. 1, 2020.

                       About Northern Oil

Northern Oil and Gas, Inc. -- http://www.northernoil.com/-- is an
exploration and production company with a core area of focus in the
Williston Basin Bakken and Three Forks play in North Dakota and
Montana.

Northern Oil recorded a net loss of $76.32 million for the year
ended Dec. 31, 2019.  As of March 31, 2020, the Company had $2.23
billion in total assets, $1.22 billion in total liabilities, and
$1.01 billion in total stockholders' equity.

                            *   *   *

As reported by the TCR on April 14, 2020, S&P Global Ratings
lowered its issuer credit rating on Northern Oil and Gas Resources
to 'CCC+' from 'B-'.  The outlook is negative.  "Our downgrade
reflects the company's tight liquidity and history of distressed
exchanges.  The recent collapse in oil prices increases the risk
that the company's reserve-based lending (RBL) facility size could
be reduced at its next bank redetermination, which could further
strain its limited capacity," S&P said.


OBLONG INC: EisnerAmper LLP Raises Substantial Going Concern Doubt
------------------------------------------------------------------
Oblong, Inc. filed with the U.S. Securities and Exchange Commission
its annual report on Form 10-K, disclosing a net loss of $7,761,000
on $12,827,000 of revenues for the year ended Dec. 31, 2019,
compared to a net loss of $7,168,000 on $12,557,000 of revenues for
the year ended in 2018.

The audit report of EisnerAmper LLP states that the Company has
incurred losses and the Company expects to continue to incur
losses. These conditions 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 $34,909,000, total liabilities of $13,124,000, and a total
stockholders' equity of $21,785,000.

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

                       https://is.gd/S1R3se

Oblong, Inc. provides multi-stream collaboration technologies and
managed services for video collaboration and network applications
in the United States and internationally. The company operates in
two segments, Glowpoint and Oblong Industries. Its flagship product
is Mezzanine that enables visual collaboration across multi-users,
multi-screens, multi-devices, and multi-locations. The company
offers managed videoconferencing, hybrid videoconferencing, video
meeting suites, and webcasting services, as well as JoinMyVideo, an
on-demand video meeting room service. It also provides remote
service management services, including Resolve - Total Support, a
management and support service; Helpdesk, which provides level 1
support; and Proactive Monitoring, a remote and automated
monitoring service. In addition, the company offers Cloud Connect:
Video that allows its customers to outsource the management of
their video traffic; Cloud Connect: Converge, which provides
customized multiprotocol label switching solutions; and Cloud
Connect: Cross Connect that allows the customers to leverage their
existing carrier for the extension of a layer 2 private line to its
data center.  Further, it provides professional services, such as
onsite support or dispatch, as well as configuration or
customization of equipment or software on behalf of customers; and
resells video equipment to its customers.  It serves customers in
the enterprise, commercial, and public sector markets.  The company
was founded in 2000 and is headquartered in Los Angeles,
California.


OWATONNA HOSPITALITY: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Owatonna Hospitality LLC
        2365 - 43rd Street Northwest
        Owatonna, MN 55060

Business Description: Owatonna Hospitality LLC is engaged in
                      activities related to real estate.

Chapter 11 Petition Date: July 14, 2020

Court: United States Bankruptcy Court
       District of Minnesota

Case No.: 20-31810

Judge: Hon. Katherine A Constantine

Debtor's Counsel: John D. Lamey III, Esq.
                  LAMEY LAW FIRM, P.A.
                  980 Inwood Ave N
                  Oakdale, MN 55128-7094
                  Tel: 651-209-3550
                  Email: jlamey@lameylaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael Bhakta, vice president/manager.

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

                     https://is.gd/ptMCpx


PALM BEACH: East Atlantic Buying Tangible Assets for $51K
---------------------------------------------------------
Palm Beach Brain and Spine, LLC, asks the U.S. Bankruptcy Court for
the Southern District of Florida to authorize the Supplement to
Asset Purchase Agreement Dated Feb. 21, 2020 in connection with the
sale of the following excluded tangible assets to East Atlantic
Specialty Management Group: (i) two Anesthesia Machines for
$32,800; (ii) one Allen Bed with Attachments for $7,380; (iii) one
Washing Machine for $8,000; (iv) one Patient Ice Maker for $1,000;
and (v) three Anesthesia Carts for $1,000.

On March 19, 2020, the Court entered an order granting Debtor
Midtown Outpatient Surgery Center, LLC's sale of substantially all
of the Debtor's assets to East Coast Specialty Management Group,
LLC.  The sale of the assets contemplated in the APA closed on
March 30, 2020.  The APA contemplates certain Excluded Tangible
Assets which were defined in Section 1.3 and Schedule 1.3.5 of the
APA.    

The Debtor and the Buyer have entered into a Supplement to Asset
Purchase Agreement for the Debtor to sell and the Buyer to buy the
Excluded Tangible Assets.  The purchase price is $51,180, which
will be paid to Northern Trust on the Closing Date.

In addition to the foregoing, a deposit was to remain in the escrow
account ("Holdback") to be disbursed for the benefit of the Buyer
or the Seller as provided in the Agreement, depending upon the
occurrence or non-occurrence of certain conditions, specifically
whether Buyer is delayed in obtaining an operating license from
Florida's Agency for Health Care Administration ("ACHA") due to
lack of cooperation from the Seller or the Buyer is required to
expend funds to correct violations cited by AHCA existing at the
time of closing that are not promptly corrected by Seller.  The
Holdback was only to be disbursed by way of Motion, notice and
hearing.

By way of the Motion, the Debtor asks authority to sell the
Excluded Tangible Assets on the terms and conditions set forth in
the Supplement to Asset Purchase Agreement to the Buyer.  The
defined terms in the Agreement will apply as applicable.  The
property is being sold free and clear of liens, with the proceeds
attaching to, and being used to satisfy the security interest of
Northern Trust.

In addition, the Debtor asks authority to an immediate release of
the Holdback.  The Buyer has acknowledged and agreed to release the
Holdback nothwithstanding any outstanding conditions under the
Asset Purchase Agreement which remain unsatisfied.  That is part of
the consideration for the price of the equipment.  Upon receipt of
the funds, Northern Trust will cause an amended financing statement
deleting the sold property as collateral.

The Debtor believes, in its sound business judgment, that the sale
contemplated in the Agreement offers the best price and the best
terms for the sale of the Purchased Assets, particularly under the
circumstances.

A copy of the APA is available at https://tinyurl.com/ycddh2ng from
PacerMonitor.com free of charge.

                  About Palm Beach Brain & Spine

Palm Beach Brain & Spine -- http://www.pbbsneuro.com/-- is a
medical practice providing neurosurgery, minimally invasive spine
surgery and treatment for cancer of the brain and spine.

Palm Beach Brain & Spine and two affiliates, Midtown Outpatient
Surgery Center, LLC and Midtown Anesthesia Group, LLC, filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Lead Case No. 19-20831) on Aug. 15, 2019.
The petitions were signed by Dr. Amos O. Dare, manager.

Palm Beach Brain disclosed $13,412,202 in assets and $2,685,278 in
liabilities. Midtown Outpatient disclosed $6,857,558 in assets and
$2,920,846 in liabilities while Midtown Anesthesia listed
$5,081,861 in assets and under $50,000 in liabilities.

Dana L. Kaplan, Esq. and Craig I. Kelley, Esq., at Kelley Fulton &
Kaplan, P.L. are the Debtors' counsel.

The U.S. Trustee has not appointed an official committee of
unsecured creditors in the Debtors' bankruptcy cases.



PARKERVISION INC: Says Substantial Going Concern Doubt Exists
-------------------------------------------------------------
ParkerVision, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss of $7,921,000 on $0 of product revenue for
the three months ended March 31, 2020, compared to a net loss of
$2,094,000 on $10,000 of product revenue for the same period in
2019.

At March 31, 2020, the Company had total assets of $3,956,000,
total liabilities of $40,231,000, and $36,275,000 in total
shareholders' deficit.

The Company said, "We have incurred significant losses from
operations and negative cash flows in every year since inception
and have utilized the proceeds from the sales of our equity
securities and contingent funding arrangements with third-parties
to fund our operations, including the cost of litigation.  For the
three months ended March 31, 2020, we incurred a net loss of
approximately $7.9 million and negative cash flows from operations
of approximately $1.3 million.  At March 31, 2020, we had cash and
cash equivalents of approximately $0.2 million, a working capital
deficit of approximately $5.4 million and an accumulated deficit of
approximately $409.7 million.  These circumstances raise
substantial doubt about our ability to continue to operate as a
going concern for a period of one year following the issue date of
these condensed consolidated financial statements.

"Our ability to meet our liquidity needs for the next twelve months
is dependent upon (i) our ability to successfully negotiate
licensing agreements and/or settlements relating to the use of our
technologies by others in excess of our contingent payment
obligations and (ii) our ability to obtain additional debt or
equity financing.  We expect that revenue generated from patent
enforcement actions and technology licenses over the next twelve
months may not be sufficient to cover our working capital
requirements.  In the event we do not generate revenues, or other
patent-related proceeds, sufficient to cover our operational costs
and contingent repayment obligations, we will be required to use
available working capital and/or raise additional working capital
through the sale of equity securities or other financing
arrangements."

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

                       https://is.gd/DazDA4

ParkerVision, Inc. designs, develops, and markets solutions for
wireless products.  The Company is based in Jacksonville, Florida.



PARKINSON SEED: Plan Admin Proposes St. Anthony Property Auction
----------------------------------------------------------------
Matthew R. McKinlay of CFO Solutions, LLC, doing business as
Advanced CFO, the duly appointed Plan Administrator of the Chapter
11 Trustee of Parkinson Seed Farm, Inc., asks the U.S. Bankruptcy
Court for District of Idaho to authorize the auction sale of the
real property and improvements located at or near St. Anthony,
Idaho, consisting of approximately 3,845 acres, more or less, in
two tracts of irrigated farm ground, together with any buildings,
fixtures, irrigation systems, and water rights appurtenant thereto
("Home Place").

Among other things, SummitBridge National Investments VI, LLC's
Amended Chapter 11 Plan of Liquidation Dated Dec. 11, 2019
authorizes and directs the Plan Administrator to liquidate and sell
certain estate assets including the Home Place.  

The Plan Administrator has retained United Country Commercial
Auction Services for the purpose of selling the Home Place at an
auction to be held on Aug. 26, 2020, or such other date as may be
mutually agreed.  As part of the sale, United Country will be paid
a commission of 4% of the gross auction proceeds at closing.
Pursuant to the retention terms, the Auctioneer retains the
flexibility to seek a stalking horse bidder for the Home Place and
seek possible qualifying overbids.

Pursuant to the terms of the confirmed Plan, the Plan Administrator
is authorized to sell the Home Place at auction subject to notice
and the Court's approval on an "as-is, where-is" basis free and
clear of all liens, claims, and interests.  The Plan Administrator
asks that the sale order provide that any and all liens against the
Home Place attach to the proceeds of the sale.

In its schedules, the Debtor values the Home Place at $25.27
million.  The Home Place was previously marketed for sale through
Henri LeMoyne of LeMoyne Realty & Appraisals, with a list price of
$22.5 million.  Three offers to purchase were received but were not
accepted. The Plan Administrator is advised that the highest offer
received for the Home Place was $18 million.  The Plan
Administrator estimates that the Home Place has a fair market value
of between $20 million and $23 million based on his discussions
with realtors, available valuation information, the expected level
of cooperation with Dirk Parkinson and his family who currently
occupies the residences on the property, and current market
conditions.

Compeer Financial ACA is the holder of valid and perfected first
liens against certain assets of the estate including the Home
Place, which liens secure payment of the Compeer Loans in the
original principal amounts of $11.8 million.

SummitBridge National Investment VI, LLC is the holder of valid and
perfected first liens against certain assets of the estate,
including the Home Place.  The liens in favor of SummitBridge
secure its Allowed Secured Claim in the amount of $20,473,739 as of
the Effective Date, plus accruing interest, costs, and attorneys'
fees.

In the Plan Administrator's business judgment, the sale of the Home
Place at auction at this time is in the best interest of the estate
and creditors.  He believes that any further delay in selling the
Home Place will have a detrimental effect upon the estate and will
further delay the administration of the estate.

The Plan provides that after payment of all applicable taxes and
ordinary and reasonable costs of sale, at the closing of the sale
of the Home Place, the Home Place Net Sale Proceeds will be paid
first to Compeer in satisfaction of its Allowed Class 3 Secured
Claim.  It further provides that in the event the Home Place Net
Sale Proceeds exceed any amounts remaining due and owing on account
of the Allowed Class 3 Secured Claim of Compeer, the surplus will
then be paid to SummmitBridge in satisfaction of its Allowed Class
2 Secured Claim.  In the event the Home Place Net Sale Proceeds
exceed the remaining balance on the Allowed Class 2 and Class 3
Secured Claims of SummitBridge and Compeer, the remaining surplus
Home Place Net Sale Proceeds will be paid to Holders of Allowed
Class 9 General Unsecured Claims.

The telephonic hearing on the Motion is set for July 20, 2020, at
1:30 p.m. (MT).  The objection deadline is July 1, 2020.

                  About Parkinson Seed Farm

Located in Saint Anthony, Idaho, Parkinson Seed Farm, Inc. --
http://www.parkinsonseedfarm.com/-- farms approximately 7,200
acres of potatoes.  It raises seed potatoes, hard red and hard
white wheat, as well as a small amount of alfalfa (mostly to feed
horses for recreational purposes).  The company raises 11 of what
it considers to be more mainstream varieties such as the Russet
Burbank, Ranger, three different line selections of Russet
Norkotah, white varieties such as Cal Whites and Atlantics, and
reds like the Dark Red Norland.  The company was founded in 1937.

Parkinson Seed Farm sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Idaho Case No. 18-40412) on May 15,
2018.  In the petition signed by Dirk Parkinson, president, the
Debtor disclosed $6.11 million in assets and $26.92 million in
liabilities.

Judge Joseph M. Meier oversees the case.  

Parkinson Seed Farm hired Robinson & Associates as its legal
counsel.  Henri LeMoyne of LeMoyne Realty & Appraisals is the
realtor.

On March 3, 2020, the Court confirmed SummitBridge National
Investments VI LLC's Amended Chapter 11 Plan of Liquidation Dated
Dec. 11, 2019.  The Plan appointed Matt McKinlay of CFO Solutions
LLC as Plan Administrator.


PATTERN ENERGY: S&P Rates $700MM Senior Unsecured Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Pattern Energy Operations L.P.'s (Pattern
Operations) senior unsecured notes due 2028. The '3' recovery
rating indicates its expectation that lenders would receive
meaningful (50%-70%; rounded estimate: 50%) recovery in the event
of a default.

At the same time, S&P is affirming its 'BB-' issuer credit rating
on Pattern Operations.

S&P affirmed its issuer credit rating on Pattern Operations
following its issuance of $700 million of senior unsecured notes.
The company intends to use the net proceeds from the offering to
redeem all of its outstanding $350 million senior unsecured notes
due 2024 and pay down its outstanding $250 million bank loan and $4
million of convertible notes due 2020. Though Pattern Operations'
net leverage increases with the debt offering, it is not
significant enough to weaken its creditworthiness.

Since being acquired and taken private by Canada Pension Plan
Investment Board (CPPIB) in 2020, the company has continued to
operate a geographically diverse portfolio of primarily wind power
generation assets that generate stable cash flow from long-term
contracts with highly rated counterparties. However, given the
organizational structure implemented as part of the take-private
transaction, with common ownership across developmental and
operational platforms, S&P continues to view the creditworthiness
of the consolidated enterprise as a key consideration in its
analysis.

S&P expects 2020 to be a transformational year for Pattern
Operations because the company will fully transition into a
privately held enterprise. The rating agency acknowledges some
uncertainty in its forecasts and views 2020 as an anomaly due to
the unprecedented stay-at-home and business closures implemented in
response to the COVID-19 pandemic. Consequently, S&P places greater
emphasis on its fiscal year 2021 and 2022 projections given that
they more accurately capture the company's cash generation profile.
Furthermore, S&P's analysis and metrics assume no incremental debt
or financial obligations at Pattern Energy Group L.P. (HoldCo) or
any recourse debt at either of the developmental entities Pattern
Energy Holdings Group 2 L.P. (DevCo) or Green Power Investments
Corp. (GPI).

"The stable outlook reflects our view that Pattern Operations'
assets will continue to operate under long-term contracts with
investment-grade counterparties and generate fairly predictable
cash flows to support the servicing of its holding company debt
obligations," S&P said.

In its base-case scenario, S&P forecasts a weighted average funds
from operations (FFO)-to-debt ratio of between 13% and 16% and a
debt-to-EBITDA ratio of between 5.0x and 5.5x over its forecast
period.

"We could lower our rating on Pattern Operations if its
consolidated FFO-to-debt ratio trends below 13% and remains at that
level for a protracted period. This could occur if its projects
underperform due to resource or operational risks or if it receives
materially less distributions from its projects for any other
reason," S&P said.

"We would consider taking a positive rating action on Pattern
Operations if its consolidated FFO-to-debt ratio improves and
remains above 20%. This would most likely occur if the company
reduces its consolidated leverage by increasing the cash flows from
its existing or new projects without a commensurate increase in its
debt," the rating agency said.


PHUNWARE INC: Needs More Capital to Continue as a Going Concern
---------------------------------------------------------------
Phunware, Inc. filed its quarterly report on Form 10-Q, disclosing
a net loss of $3,963,000 on $2,640,000 of net revenues for the
three months ended March 31, 2020, compared to a net loss of
$3,494,000 on $5,315,000 of net revenues for the same period in
2019.

At March 31, 2020, the Company had total assets of $28,841,000,
total liabilities of $27,488,000, and $1,353,000 in total
stockholders' equity.

Phunware said, "The Company has a history of operating losses and
negative operating cash flows.  Although the Company continues to
focus on growing its revenues, it expects these trends to continue
into the foreseeable future.  We will be required to raise
additional capital through debt or equity financings and/or reduce
operating expenses.  Despite a history of successfully implementing
similar plans to alleviate adverse financial conditions, these
sources of working capital are not currently assured.  There can be
no assurance that we will be able to consummate such financings on
favorable terms or at all.  These conditions raise substantial
doubt about our ability to continue as a going concern."

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

                       https://is.gd/DN7N8a

Phunware, Inc. (NASDAQ: PHUN), together with its subsidiaries,
provides Multiscreen-as-a-Service (Maas) and Data-as-a-Service
(DaaS) enterprise software platform for mobile devices.  The
Company was founded in 2009 and is headquartered in Austin, Texas.




PINNACLE REGIONAL: Trustee's to Transfer Patient Records to MQ
--------------------------------------------------------------
James Overcash, the Chapter 11 trustee for Pinnacle Regional
Hospital, Inc. and its affiliates, asks the U.S. Bankruptcy Court
for the District of Kansas to authorize him to execute a Lifecycle
Management of Clinical and Non-Clinical Information Trust
Agreement, and transfer the Debtors' patient records to MetalQuest,
Inc. ("MQ").

Pinnacle Hospital operated a hospital in Overland Park, Kansas that
specializes in bariatric surgery and intervention services.  Blue
Valley Surgical Associates, LLC ("BVSA") operated clinics in Kansas
and Missouri that offer pain management, surgical work-up and
follow up for bariatric, orthopedic and spinal patients.  Pinnacle
Health Care System, Inc. previously operated a hospital in
Boonville, Missouri.  Pinnacle Health is a holding company and is
the sole member of Pinnacle Regional Hospital, LLC ("Pinnacle
Booneville").  Pinnacle Health has no operational functions,
however Pinnacle Boonville continues to maintain patient accounts
and records.  The Health Care Debtors ceased operations on April
10, 2020.  From and after April 10, 2020 the Health Care Debtors
have focused on proper transition of patients under the guidance
and supervision of the PCO.

As part of their operations, the Health Care Debtors have the
obligation to maintain certain health information, electronic
protected health information and business records pursuant to,
among other things, the Health Insurance Portability and
Accountability Act of 1996, HIPAA Privacy and Security Rules 45 CFR
Parts 160 and 164, and Missouri state and Kansas state laws,
including Kansas and Missouri record retention requirements.

The Health Care Debtors have incurred significant expenses and will
continue to incur significant expenses in responding to patients’
requests for Patient Records and maintaining and preserving the
Patient Records as required by applicable law and regulations.
Moreover, the Trustee has obligations, based on the circumstances
of the case to provide patient care and as part of this obligation,
address the long term storage of Patient Records in a manner
consistent with the Bankruptcy Code.

In the course of exploring options for addressing these serious
issues, the Health Care Debtors have identified MQ as the best
source for assuming all responsibility for the maintenance and
storage of the Patient Records for the patients for the Health Care
Debtors.  It is an Ohio corporation whose services include the
permanent storage, maintenance, access, transmittal, catalog,
indexing and periodically destroying patient records.  Maintaining
the Patient Records constitutes a significant burden for the estate
both from a cost perspective and from a potential liability
perspective.

The Trustee entered into negotiations with MQ for the offering of
services to the patients of the Health Care Debtors under a
Lifecycle Management of Clinical and Non-Clinical Information
(Exhibit A).  Under the terms of the Agreement, the Trustee will
establish an express trust under the Ohio Trust Code.  The Patient
Records will be deposited in the Trust and the Trustee will
designate MQ as trustee of the Trust.  As trustee of the Trust, MQ
will be obligated to maintain, store, catalog, access, transmit and
destroy such Patient Records in accordance with applicable law.

Under the terms of the Agreement, MQ will provide consideration in
the form of providing the Trust Services for all the Health Care
Debtors' Patient Records, relieving the Health Care Debtors'
estates of a significant financial and administrative burden.  This
will provide a significant benefit to the Health Care Debtors'
estates by substantially reducing potential claims against the
Health Care Debtors' estate related to Patient Records.
Additionally, the Trustee is transferring all of its custodial
rights and privileges with respect to the Patient Records and MQ
will satisfy the Health Care Debtors continuing compliance
obligations under applicable law.  

The Trustee has agreed to pay trustee fees to MQ in the approximate
amount of $240,000 as more fully described in the schedule attached
to the Agreement.  MQ has assured the Trustee that it can
incorporate the Health Care Debtors' Patient Records into its
existing systems and facilities and will be able to adequately
maintain, store, catalog, access, transmit and destroy such Patient
Records as is required by law.  

The Trustee has worked with the PCO on the negotiation of the
Agreement and he believes that the PCO supports the execution of
the Agreement as being in the best interests of the patients and
consistent with the need to provide a high quality of patient care.
In addition, his primary secured creditor Great Western Bank has
approved the payment of the fees to MQ under the Agreement to
permanently relieve the Health Care Debtors estates of the burdens
associated with maintaining and storing the Patient Records.

The Trustee asks that in the order approving the Agreement, that
the Court waives the 14-day waiting requirement of Rule 2015.2 and
of Rule 6004 so that they can immediately execute and implement the
Agreement.

A copy of the Exhibit A is available at
https://tinyurl.com/ycxlydb6 from PacerMonitor.com free of charge.

The Purchaser:

          METALQUEST, INC.
          P.O. Box 46364
          Cincinnati, OH 45246-0364
          Attn: William L. Jansen
          Telephone: (513) 693-4363
          Facsimile: (513) 488-8614
          E-mail: WLJansen@MetalQuest.com

                 About Pinnacle Regional Hospital

Pinnacle Regional Hospital, Inc. -- http://pinnacleregional.com/
--
is an operator of general acute-care hospitals in Overland Park,
Kansas.  

Pinnacle Regional Hospital and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Lead
Case
No. 20-20219) on Feb. 12, 2020.  The affiliates are Pinnacle
Regional Hospital LLC, Pinnacle Healthcare System Inc., Blue
Valley
Surgical Associates, Rojana Realty Investments Inc. and Joys'
Majestic Paradise, Inc.

At the time of the filing, Pinnacle Regional Hospital disclosed
assets of between $10 million and $50 million and liabilities of
the same range.  

McDowell, Rice, Smith & Buchanan, PC is Debtors' legal counsel.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors on March 31, 2020.  The committee is represented by
Kilpatrick Townsend & Stockton, LLC.

On March 31, 2020, James A. Overcash, Esq., at Woods Aitken LLP,
was appointed as Chapter 11 trustee.  The Trustee is represented
by
Stinson LLP and Woods Aitken LLP.



PRECIPIO INC: CEO Adopts Trading Plan to Purchase Common Stock
--------------------------------------------------------------
Ilan Danieli, chief executive officer of Precipio, Inc., adopted a
stock trading plan in accordance with Rule 10b5-1 of the Securities
and Exchange Act of 1934, as amended, to purchase shares of the
Company's common stock.

Under the Plan, a broker will purchase $2,500 of shares of the
Company's common stock at prevailing market prices on the first
business day of every third calendar month, with the first purchase
taking place on Sept. 1, 2020.  Transactions under the Plan will be
reported to the Securities and Exchange Commission in accordance
with applicable securities laws, rules and regulations.

The Plan adopted by Mr. Danieli is intended to comply with Rule
10b5-1 of the Exchange Act and the Company's Insider Trading and
Anti-Tipping Policy, which permit issuers, officers, directors or
employees who are not then in possession of material non-public
information to enter into a pre-arranged plan for buying or selling
Company stock under specified conditions and at specified times.
In accordance with Rule 10b5-1, Mr. Danieli will have no discretion
over purchases under the Plan.

                         About Precipio

Omaha, Nebraska-based Precipio, formerly known as Transgenomic,
Inc. -- http://www.precipiodx.com/-- is a cancer diagnostics
company providing diagnostic products and services to the oncology
market.  The Company has developed a platform designed to eradicate
misdiagnoses by harnessing the intellect, expertise and technology
developed within academic institutions and delivering quality
diagnostic information to physicians and their patients worldwide.
Precipio operates a cancer diagnostic laboratory located in New
Haven, Connecticut and has partnered with the Yale School of
Medicine.

Precipio, Inc., reported a net loss of $13.24 million for the year
ended Dec. 31, 2019, compared to a net loss of $15.69 million for
the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company had
$19.51 million in total assets, $6.31 million in total liabilities,
and $13.20 million in total stockholders' equity.

Marcum LLP, in Hartford, CT, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
27, 2020 citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


PSP HAULING: Plan of Reorganization Confirmed by Judge
------------------------------------------------------
Judge Kevin R. Huennekens has entered an order approving the
disclosure statement and confirming plan of reorganization of PSP
Hauling LLC.

The provisions of Chapter 11 of the Code have been complied with
and the Plan has been proposed in good faith and not by any means
forbidden by law.

Section 4.01(4) of the Plan is amended to provide in the third
sentence of the second paragraph that the value of People's United
Collateral totals $376,000.

A copy of the order dated June 9, 2020, is available at
https://tinyurl.com/ybmb8rhx from PacerMonitor.com at no charge.

Counsel for the Debtor:

     Robert B. Easterling
     2217 Princess Anne Street, Suite 100-2
     Fredericksburg, Virginia 22401-3359
     Tel: (540) 373-5030
     Fax: (540) 373-5234
     E-mail: eastlaw@easterlinglaw.com

                       About PSP Hauling

PSP Hauling LLC filed a voluntary Chapter 11 petition (Bankr. E.D.
Va. Case No. 19-35286) on Oct. 8, 2019.  In the petition signed by
Sonya Burnetta Brooks, president, the Debtor was estimated to have
under $1 million in both assets and liabilities.  The Hon. Kevin R.
Huennekens oversees the case.  The Debtor is represented by Robert
B. Easterling, Esq., at the Law Firm of Robert B. Easterling.


PULMATRIX INC: Phase 2a Clinical Study of Pulmazole Cancelled
-------------------------------------------------------------
The joint steering committee established by Pulmatrix, Inc. and
Cipla Technologies, LLC, with whom the Company entered into a
development and commercialization agreement on April 15, 2019 for
the development and commercialization of Pulmazole, determined to
terminate the Company's Phase 2a clinical study of Pulmazole.

Upon renegotiation of the Company's development and
commercialization agreement with Cipla, the Company expects to
initiate a new Phase 2b clinical study, which, based upon a
recently completed 6-month inhalation toxicology study in dogs,
would be of longer duration and include efficacy primary endpoints,
whereas the current Phase 2a study is of 28-day duration with
safety and tolerability as its primary endpoint. There can be no
assurance that the Company will be able to renegotiate its
development and commercialization agreement with Cipla on favorable
terms, or at all.  If Cipla does not agree to initiate a new Phase
2b study or the Company and Cipla cannot agree on how the costs of
such new Phase 2b study should be allocated among the Company and
Cipla, the Company may be forced to suspend the continued
development of Pulmazole.

                        About Pulmatrix

Pulmatrix, Inc. -- http://www.pulmatrix.com/-- is a clinical stage
biopharmaceutical company developing innovative inhaled therapies
to address serious pulmonary and non-pulmonary disease using its
patented iSPERSE technology.  The Company's proprietary product
pipeline is initially focused on advancing treatments for serious
lung diseases, including Pulmazole, an inhaled anti-fungal for
patients with ABPA, and PUR1800, a narrow spectrum kinase inhibitor
in lung cancer.  Pulmatrix's product candidates are based on
iSPERSE, its proprietary engineered dry powder delivery platform,
which seeks to improve therapeutic delivery to the lungs by
achieving optimal local drug concentrations and reducing systemic
side effects to improve patient outcomes.

Pulmatrix reported a net loss of $20.59 million for the year ended
Dec. 31, 2019, compared to a net loss of $20.56 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$30.82 million in total assets, $23.88 million in total
liabilities, and $6.94 million in total stockholders' equity.


ROBERT A. RYALS: Selling 120-Acre Sylacauga Property for $2.6K/Acre
-------------------------------------------------------------------
Robert A. Ryals filed with the U.S. Bankruptcy Court for the
Northern District of Alabama a notice of his private sale of his
approximately 120 acres, subject to survey, located in Lovely Lane,
Sylacauga, Talladega County, Alabama, described in Exhibit A, to
James R. Roberts and Connie F. Roberts for $2,600 per surveyed
acre.

A hearing on the Motion was held on June 18, 2020 at 9:30 a.m.

The Debtor proposes to sell the Estate's interest property
described above free and clear of any and all mortgages, liens,
interests and/or other encumbrances by private sale as set forth in
Exhibit A.  The property is sold "As Is" and "Where Is" with no
warranty of any type whatsoever.

The real property to be sold is free and clear of the following
liens, mortgages or other interests:

     A. Small Town Bank, now known as Southern States Bank, by a
mortgage filed for record in Talladega County Probate Court on
Sept. 18, 2007 in Book 1249 at Page 260 in the amount of $402,314.

     B. Small Town Bank, now known as Southern States Bank, by a
mortgage filed for record in Talladega County Probate Court on
December 4, 2008 in Book 1294 at' Page 266 in the amount of
227,818.

     C. Jeffrey H. Garrison and Jennifer Garrison by a certificate
of judgment filed for record in Talladega County Probate Court on
July 23, 2018 in the amount of $202,800 plus costs.

All liens, mortgages, or other interests will attach to the
proceeds of the sale.  The Debtor reserves the right to contest the
validity, priority, extent of any such claim, lien or other
interest.

The Debtor proposes to pay over to the lienholders the net proceeds
from the sale as their interest appear.

A copy of the Contract is available at https://tinyurl.com/y9hks52f
from PacerMonitor.com free of charge.

Robert A. Ryals sought Chapter 11 protection (Bankr. N.D. Ala. Case
No. 19-41509) on Sept. 8, 2019.  The Debtor tapped Harry P. Long,
Esq., at The Law Office of Harry P. Long, LLC, as counsel.



ROCKPORT DEVELOPMENT: Affiliate Hires Force Ten, Appoints CRO
-------------------------------------------------------------
Tiara Townhomes, LLC, an affiliate of Rockport Development Inc.,
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to hire Force Ten Partners, LLC and appoint
Michael VanderLey as its chief restructuring officer.

Mr. VanderLey and his firm will provide the following services:

     1. oversee the process of selling Debtor's multi-family
residential townhome complex in Van Nuys, Calif.;

     2. participate in price negotiations with broker team and
buyer;

     3. communicate with escrow officers, title officers and
brokers regarding issues relating to closing the Tiara sale;

     4. opene a debtor-in-possession bank account and arrange for
transfer of funds in the owner trust account held by the property
manager for Debtor;

     5. prepare schedules for and participate in the U.S. Trustee's
initial debtor interview;

     6. prepare, review and revise elements of 7-day package for
submission to the Un.S. trustee;

     7. prepare, review and revise Debtor's bankruptcy schedules
and statement of financial affairs;

     8. prepare for and participate in a meeting conducted pursuant
to Section 341(a) of the Bankruptcy Code;

     9. review, edit and approve monthly operating reports;

    10. prepare for and participate in periodic status conference;

    11. review, record and evaluate claims;

    12. oversee the resolution of disputed liens;

    13. review required reporting to the U.S. trustee and the
bankruptcy court;

    14. review and approve any cash payments required to be made by
Debtor; and

    15. Oversee the process to winddown Debtor and distribute any
available funds to Rockport.

Debtor will pay the CRO $570 per hour for his services.  The rates
for the other personnel with Force 10 who may assist the CRO range
from $100 to $650 per hour.

Mr. VanderLey and his firm are "disinterested" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
filings.

Mr. VanderLey holds office at:

     Michael VanderLey
     Force Ten Partners, LLC
     20341 SW Birch, Suite 220
     Newport Beach, CA 92660
     Office: (949) 357-2360                          
     Mobile: (415) 370-6395                    
     Email: mvanderley@force10partners.com

                    About Rockport Development

Rockport Development, Inc., a company based in Irvine, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 20-11339) on May 7, 2020.  On June 11, 2020,
Rockport's affiliate Tiara Townhomes LLC filed a Chapter 11
petition  (Bankr. C.D. Cal. Case No. 20-11683).  Judge Scott C.
Clarkson oversees the cases, which are jointly administered under
Case No. 20-11339.    

At the time of the filing, Rockport was estimated to have $10
million to $50 million in both assets and liabilities.  Tiara
Townhomes LLC disclosed assets of between $1 million and $10
million and liabilities of the same range.

Debtor has tapped Marshack Hays, LLP as its legal counsel, and
Michael VanderLey of Force Ten Partners, LLC as its chief
restructuring officer.


ROCKPORT DEVELOPMENT: Affiliate Taps Marshack Hays as Counsel
-------------------------------------------------------------
Tiara Townhomes, LLC, an affiliate of Rockport Development Inc.,
seeks approval from the U.S. Bankruptcy Court for the Central
District of California to hire Marshack Hays, LLP as its legal
counsel.

The firm will provide the following services:

     a. advise Debtor with respect to compliance with the
requirements of the Office of the U.S. Trustee;

     b. conduct examinations of the witnesses, claimants or adverse
parties and assist in the preparation of legal papers;

     c. advise Debtor regarding matters of bankruptcy laws;

     d. represent Debtor in any proceedings or hearings in the
bankruptcy court and in other courts where its rights under the
Bankruptcy Code may be litigated or affected;

     e. advise Debtor concerning the requirements of the bankruptcy
court, the Federal Rules of Bankruptcy Procedure and the Local
Bankruptcy Rules;

     f. review claims and, if appropriate, prepare and file
objections to disputed claims;

     g. represent Debtor in litigation affecting the bankruptcy
estate;

     h. investigate and, if appropriate, prosecute avoidance
actions which may be prosecuted by Debtor; and

     i. assist Debtor in winding down operations and making
appropriate distributions to creditors, including through the
negotiation, formulation, confirmation and implementation of a
Chapter 11 plan.

The firm will be paid at hourly rates as follows:

     Partners                  Rates
     --------                  -----
     Richard A. Marshack       $650
     D. Edward Hays            $650
     Chad V. Haes              $470
     David A. Wood             $470

     Of Counsel                Rates
     ----------                -----
     Kristine A. Thagard       $550
     Matthew W. Grimshaw       $550

     Associates                Rates
     ----------                -----
     Judith E. Marshack        $410
     Laila Masud               $370
     Tinho Mang                $320
     Claudia M. Coleman        $320

     Paralegals                Rates
     ----------                -----
     Pamela Kraus              $270
     Chanel Mendoza            $250
     Layla Buchanan            $250
     Cynthia Bastida           $250
     Kathleen Frederick        $175

     Law Clerk                 Rates
     ---------                 -----
     Sarah R. Hasselberger     $275

Marshack Hays is "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Matthew W. Grimshaw, Esq.
     David A. Wood, Esq.
     Marshack Hays LLP
     870 Roosevelt
     Irvine, CA 92620
     Telephone: (949) 333-7777
     Facsimile: (949) 333-7778
     Email: mgrimshaw@marshackhays.com
            dwood@marshackhays.com

                    About Rockport Development

Rockport Development, Inc., a company based in Irvine, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 20-11339) on May 7, 2020.  On June 11, 2020,
Rockport's affiliate Tiara Townhomes LLC filed a Chapter 11
petition  (Bankr. C.D. Cal. Case No. 20-11683).  Judge Scott C.
Clarkson oversees the cases, which are jointly administered under
Case No. 20-11339.    

At the time of the filing, Rockport was estimated to have $10
million to $50 million in both assets and liabilities.  Tiara
Townhomes LLC disclosed assets of between $1 million and $10
million and liabilities of the same range.

Debtor has tapped Marshack Hays, LLP as its legal counsel, and
Michael VanderLey of Force Ten Partners, LLC as its chief
restructuring officer.


ROYAL CARIBBEAN: Moody's Puts Ba1 CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service placed the ratings of Royal Caribbean
Cruises Ltd. on review for downgrade including its Ba1 Corporate
Family Rating, Ba1-PD Probability of Default Rating, Baa3 senior
secured rating, and Ba2 senior unsecured rating. The company's
Speculative Grade Liquidity rating of SGL-2 is unchanged.

"The review for downgrade will focus on Royal Caribbean's recovery
prospects in 2021 given the recent resurgence of coronavirus cases
in certain states increasing the uncertainty around the reopening
of the US and the company's plans for the eventual return to
service of its US operations, including what precautions will be
put in place when sailings do resume and the associated incremental
costs," stated Pete Trombetta, Moody's lodging and cruise analyst.

On Review for Downgrade:

Issuer: Royal Caribbean Cruises Ltd.

  Probability of Default Rating, Placed on Review for Downgrade,
  currently Ba1-PD

  Corporate Family Rating, Placed on Review for Downgrade,
  currently Ba1

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Ba2 (LGD4)

Issuer: Silversea Cruise Finance Ltd.

  Senior Secured Regular Bond/Debenture, Placed on Review for
  Downgrade, currently Baa3 (LGD2)

Outlook Actions:

Issuer: Royal Caribbean Cruises Ltd.

  Outlook, Changed to Rating Under Review from Negative

Issuer: Silversea Cruise Finance Ltd.

  Outlook, Changed to Rating Under Review from Negative

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

Royal Caribbean's credit profile is supported by its good liquidity
and solid market position as the second largest global ocean cruise
operator based upon capacity and revenue which acknowledges the
strength of its brands. Royal Caribbean is well diversified by
geography, brand, and market segment. In the short run, Royal
Caribbean's credit profile will be dominated by the length of time
that cruise operations continue to be highly disrupted and the
resulting impacts on the company's cash consumption and its
liquidity profile. However, over the long run, the value
proposition of a cruise vacation as well as a group of loyal cruise
customers supports a base level of demand once health safety
concerns have been effectively addressed. The normal ongoing credit
risks include the company's high leverage, the highly seasonal and
capital-intensive nature of cruise companies and the cruise
industry's exposure to economic and industry cycles, weather
incidents and geopolitical events.

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. The cruise sector has been one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, Royal Caribbean's
credit profile, including its exposure to ongoing global travel
restrictions and consumers health safety concerns, have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and the company remains vulnerable to the
outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Prior to the ratings being placed on review for downgrade, the
factors that could lead to a downgrade include indications over the
coming months that 2021 demand recovery may be weaker than expected
resulting in lower profitability or an expectation that debt/EBITDA
will remain above 4.5x or EBITA/interest expense was stabilized
below 3.0x. Ratings could also be downgraded if free cash flow
deficits deepen in 2020 or should liquidity deteriorate for any
reason. Given the review for downgrade, an upgrade is unlikely over
the near term. However, ratings could eventually be upgraded if the
company can maintain debt/EBITDA below 3.5x, and EBITA/interest
expense above 5.0x. A ratings upgrade would also require a
financial policy and capital structure that supports the credit
profile required of an investment grade rating through inevitable
industry downturns.

Royal Caribbean Cruises is a global vacation company that operates
four wholly-owned or majority-owned cruise brands, including Royal
Caribbean International, Celebrity Cruises, Azamara Club Cruises
and Silversea Cruises. The company's brands operate a combined 61
cruise ships with an aggregate capacity of about 141,570 berths as
of December 31, 2019. Net revenue for fiscal 2019 was $8.7
billion.

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


RTW RETAILWINDS: Files Voluntary Chapter 11 Bankruptcy Petition
---------------------------------------------------------------
RTW Retailwinds, Inc., an omni-channel specialty apparel retail
platform for powerful celebrity and consumer brands, on July 12
disclosed that it and its subsidiaries have filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code in the
United States Bankruptcy Court for the District of New Jersey (the
"Bankruptcy Court"). The Company has filed customary motions with
the Bankruptcy Court that will authorize, upon Bankruptcy Court
approval, the Company's ability to maintain operations in the
ordinary course of business, including, among other things, the
payment of employee wages and benefits without interruption,
payment of suppliers and vendors in the normal course of business,
and the use of cash collateral. These motions are typical in the
Chapter 11 process and the Company anticipates that they will be
approved shortly after the commencement of its Chapter 11 case.

Details on the Company's Chapter 11 process and go-forward strategy
are as follows:

   * The Company expects to close a significant portion, if not
all, of its brick-and-mortar stores and, in connection therewith,
the Company has launched a store closing and liquidation process.
The Company, however, will continue to operate its business in the
ordinary course in the near term, including continuing to re-open
its previously temporarily closed brick-and-mortar stores, when and
where appropriate; and

   * The Company is evaluating any and all strategic alternatives,
including the potential sale of its eCommerce business and related
intellectual property. As previously announced, on July 2, 2020,
the Company entered into Amendment No. 3 ("Amendment No. 3") to the
Fourth Amended and Restated Loan and Security Agreement and Joinder
with Wells Fargo Bank, National Association, as administrative
agent and lender. Under Amendment No. 3, the Company anticipates
the full repayment of the approximately $12.7 million remaining
outstanding balance under the Loan Agreement by August 31, 2020.

Sheamus Toal, Chief Executive Officer and Chief Financial Officer
of RTW Retailwinds, Inc., said, "The combined effects of a
challenging retail environment coupled with the impact of the
Coronavirus (COVID-19) pandemic have caused significant financial
distress on our business, and we expect it to continue to do so in
the future. As a result, we believe that a restructuring of our
liabilities and a potential sale of the business or portions of the
business is the best path forward to unlock value. I would like to
thank all of our associates, customers, and business partners for
their dedication and continued support through these unprecedented
times."

Additional details:

   * The Company's restructuring counsel is Cole Schotz P.C., its
restructuring advisor is BRG, LLC, and its investment banker is B.
Riley FBR, Inc.

   * Court filings and other documents related to the process are
available at https://cases.primeclerk.com/RTWRetailwinds.

                    About RTW Retailwinds

RTW Retailwinds, Inc. [OTC PINK:RTWI] is a specialty women's
omni-channel retailer with a powerful 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 378 retail and
outlet locations in 32 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.  The Company's branded merchandise is sold exclusively at
its retail locations and online at http://www.nyandcompany.com/,
http://www.fashiontofigure.com/,http://www.happyxnature.com/,and
through its rental subscription businesses at
http://www.nyandcompanycloset.com/and
http://www.fashiontofigurecloset.com/


SCRIPPS (E.W.) COMPANY: Moody's Alters Outlook on B2 CFR to Stable
------------------------------------------------------------------
Moody's Investors Service changed the outlook on The Scripps (E.W.)
Company's ratings to stable from negative following the company's
public commitment to use the majority of the proceeds from recent
asset sales announcement to reduce debt. Concurrently, Moody's
affirmed all ratings of the company, namely the B2 corporate family
rating, B2-PD probability of default rating, the Ba3 rating on the
senior secured bank credit facilities, and the Caa1 rating on the
senior unsecured notes. The company's speculative grade liquidity
rating was upgraded to SGL-2 from SGL-3.

Affirmations:

Issuer: Scripps (E.W.) Company (The)

  Probability of Default Rating, Affirmed B2-PD

  Corporate Family Rating, Affirmed B2

  Senior Secured Bank Credit Facility, Affirmed Ba3 (LGD2)

  Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Upgrades:

Issuer: Scripps (E.W.) Company (The)

  Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3

Outlook Actions:

Issuer: Scripps (E.W.) Company (The)

  Outlook, Changed to Stable from Negative

RATINGS RATIONALE

The change in outlook to stable from negative reflects the
company's announced asset sales which are expected to generate $320
million of cash in 2020 (after cash taxes) and EW Scripps' prudent
financial policy evidenced by the company's commitment to use these
proceeds to reduce leverage through debt repayment.

EW Scripps B2 rating continues to reflect the company's high
leverage, with 2020 debt/EBITDA (2-year average and Moody's
adjusted) expected around 6x in 2020 post-debt reduction, high
exposure to core advertising and a mostly fixed cost structure,
allowing little flexibility in times of uncertainty and declining
ad demand.

The B2 rating also reflects the company's improved market position
- following the 2019 acquisitions of Cordillera and the
Nexstar/Tribune divestitures, EW Scripps is now the fourth largest
local broadcaster in the US, as well as management's prudent
financial policy evidenced by the recent commitment to apply asset
sale proceeds to debt reduction. The B2 rating is also supported by
expectations that the company's liquidity will remain adequate
through the next 18 months.

On Monday, EW Scripps announced that it had reached an agreement
with Sirius XM Radio Inc. (Ba3, stable) for the sale of Stitcher,
its podcasting business. The sale is expected to close in Q3 2020
and bring in a total of $325 million, including $265 million in
cash at closing and two deferred $30 million performance-based
earnouts which, if paid, would be received in Q1 2021 and Q1 2022.

The same day, the company announced that Nexstar Broadcasting, Inc
(B1, stable) had transferred its option to purchase EW Scripps' New
York CW affiliate WPIX to its subsidiary Mission Broadcasting, Inc
and that Mission had exercised its option to purchase the station.
The option price is $75 million plus accrued interest and the
transaction is expected to close by year end.

Combined, these asset sales would deliver $320 million of cash to
the company in 2020 which EW Scripps has publicly committed to use,
along with the cash flows expected to be generated from a record
political advertising year, to repay debt and reduce its leverage.
This, along with the fact that Stitcher's EBITDA contribution was a
loss in the high-teens, should lead to a material reduction in
leverage to around 6x from previous 2020 expectations of a leverage
running north of 7x.

Moody's regards the current pandemic as a social risk under its ESG
framework, given the substantial implications for health and
safety.

The response to the coronavirus outbreak with stay at home orders,
rapid unemployment increases and a potential looming recession in
2020 will lead to advertising demand -- which is correlated to the
economic cycle and consumer confidence -- declining materially in
2020. While the COVID-19 related lockdowns had a profound negative
impact on advertising in Q2, the company has seen month on month
improvement since April. While there is very little visibility as
to whether this improvement can be sustained in the face of
increasing Coronavirus infections in the US, EW Scripps believes
the virus could also benefit them during a contested election year
when on-the-ground events cannot take place and budgets are likely
to shift to local TV advertising instead.

EW Scripps is expected to maintain a good liquidity profile over
the coming 18 months, as reflected by its SGL-2 rating. During Q2
2020, the company had drawn $50 million on its $210 million
revolving credit facility which expires in April 2022 and which
Moody's expects to be fully repaid in Q3 2020. The company has to
comply with a quarterly net first lien leverage covenant of 4.5x
(stepping down to 4.25x from September 2021 onward) and Moody's
expects EW Scripps to be in compliance with its covenant with ample
headroom through the rest of 2020 following the company's asset
sales. Free cash flow generation has been negatively affected by
the extent of the decline in advertising revenue and at this point,
Moody's estimates that EW Scripps' free cash flow will be around
$70 million in 2020.

The stable outlook reflects Moody's expectations that EW Scripps'
leverage will trend below 6x in 2021 as a result of improvement in
underlying core advertising demand following the initial shock of
the COVID-19 related lockdowns as well as the company's prudent
financial policy evidenced in its commitment to apply free cash
flow to reduce debt.

The Ba3 (LGD2) rating on the company's senior secured facilities
reflects their priority ranking ahead of the Caa1 (LGD5) rated
senior notes. The instrument ratings reflect the probability of
default of the company, as reflected in the B2-PD PDR, an average
expected family recovery rate of 50% at default given the mix of
secured and unsecured debt in the capital structure, and the
particular instruments' rankings in the capital structure.

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

Given the ongoing disruption caused by the coronavirus pandemic and
the lack of visibility over a sustained recovery, an upgrade is
unlikely in the near term. Ultimately, any ratings upgrade would
require EW Scripps to return to revenue and EBITDA growth as well
as a run-rate leverage below 5.25x.

The ratings could be downgraded should the company's free cash flow
deteriorate further putting pressure on the company's liquidity
profile or should leverage be sustained materially above 6.25x.

Headquartered in Cincinnati, OH and founded in 1878, Scripps (E.W.)
Company (The) is one of the largest pure-play television
broadcasters based on US household coverage of nearly 30%.
Broadcasting operations consist of 59 television stations in 41
markets. The company's operations also include a collection of
national journalism and content businesses, including Newsy, a
national news network; podcast industry leader Stitcher and its
advertising network Midroll Media; and fast-growing national
broadcast networks Bounce, Grit, Escape and Laff, and Triton, the
global leader in digital audio technology and measurement services.
The company is publicly traded with the Scripps family controlling
effectively all voting rights (93%) and an estimated 28% economic
interest with remaining shares being widely held. The company
reported approximately $1.42 billion in revenue in 2019.

The principal methodology used in this rating was Media Industry
published in June 2017.


SERENDIPITY LABS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Serendipity Labs, Inc.
        80 Theodore Fremd Avenue
        Rye, NY 10580

Business Description: Serendipity Labs, Inc. --
                      https://serendipitylabs.com -- is a
                      workplace-as-a-service company that offers
                      coworking, shared offices, and team suites.
                      It has over 35 locations in markets across
                      the US in urban, suburban and secondary
                      markets.  Serendipity offers flexible
                      membership plans and event space for private
                      functions.

Chapter 11 Petition Date: July 15, 2020

Court: United States Bankruptcy Court
       Northern District of Georgia

Case No.: 20-68124

Debtor's Counsel: Lee B. Hart, Esq.
                  NELSON MULLINS RILEY & SCARBOROUGH, LLP
                  201 17th Street, N.W.
                  Suite 1700
                  Atlanta, GA 30363
                  Tel: (404) 322-6349
                  Email: lee.hart@nelsonmullins.com

Debtor's
Accountants &
Financial
Advisor:           PKF O'CONNOR DAVIES, LLP

Estimated Assets: $10 million to $50 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by John Arenas, chairman and CEO.

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

                    https://is.gd/uhMKmH

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim    Claim Amount
   ------                          ---------------    ------------
1. Citizens Bank                       PPP Loan         $1,405,600
1 Citizens Plaza
Providence, RI 02903
Shannon L Moniz, VP, Ln Op Mg

2. TDA Industries                     Unsecured           $532,917
122 East 42nd Street, Ste 1618       Convertible
New York, NY 10168                   Note-holder
Fred Friedman
Email: mavensail@gmail.com

3. Masaveu Ross Avenue, LLC         Deferred Rent         $196,617
c/o Exan Capital
1111 Brickell Ave,
Suite 2175
Miami, FL 33131
Mason Bodie
Tel: 469-731-4516
Email: mason.bodie@streamrealty.com

4. Gerry Murray                       Unsecured           $175,633
5 Sherman Avenue                     Convertible
Bronxville, NY 10708                 Note-Holder
Email: gjmurray@optonline.net

5. Nelson Worldwide                 Trade Payables        $160,150
5200 Avalon Blvd
Alpharetta, GA 30009
Joe Scott
Tel: 678-262-0027
Email: jscott@nelsonww.com

6. John Arenas                        Unsecured           $106,444
65 Grace Church Street               Convertible
Rye, NY 10580                        Note-Holder
Tel: 914-434-1393
Email: john@serendipitylabs.com

7. 2323 Ross Holdings LLC                Rent              $85,482
2323 Ross Avenue
Ste 200
Dallas, TX 75201
Mason Bodie
Tel: 469-731-4516
Email: mason.bodie@streamrealty.com

8. CSC Leasing Company             Current month           $67,809
6802 Paragon Place,               rent due for the
Suite 350                         equipment leases
Richmond, VA 23230
Kate DeFebo
Tel: 804-673-1001
Email: kdefebo@cscleasing.com

9. James S Tyler Trust                Unsecured            $53,222
200 Park Street                      Convertible
Muskegon, MI 49444                   Note-Holder
Jim Tyler
Tel: 231-722-3557
Email: jimtyler@tylersalesco.com

10. Vinay Kantak                      Unsecured            $53,222
390 5th Street                       Convertible
Montara, CA 94037                    Note-Holder
Tel: 617-283-6512
Email: vinay@serendipitylabs.com

11. Arthur Robinson                   Unsecured            $37,256

43 Meadow Road                       Convertible
Riverside, CT 06878                  Note-Holder
Tel: 212-455-7086
Email: arobinson@stblaw.com

12. Draperies, Inc.                Trade Payables          $31,552
226 Main Street
Norwalk, CT 06851
Dennis LeClerc
Tel: 203-847-4553
Email: dleclrec@draperiesinc.com

13. Greg Maxon                        Unsecured            $26,611
933 East Second                      Convertible
Street Unit 19                       Note-Holder
Boston, MA 02123
Email: greg.maxon@gmail.com

14. Ken Maxon                         Unsecured            $26,611
10 Lexington Drive                   Convertible
Bluffton, SC 29910                   Note-Holder
Kenneth Maxon
Email: klmaxx@gmail.com

15. Acumen Development Partners    Trade Payables           $9,000
3050 Five Forks
Trickum Rd
Suite D587
Lilburn, GA 30047
Steve Laski
Tel: 312-757-4430
Email: mejias@withacumen.com

16. American Solutions             Trade Payables           $8,501
for Bus.
31 E Minnesota Avenue
Glenwood, MN 56334
Jim Fennell
Tel: 800-764-8965
Email: jfennell@americanbus.com

17. Staples Advantage              Trade Payables           $4,270
Dept NY,
P.O. Box 70242
Philadelphia, PA 1917
Invoice Payment Inquiries
Tel: 888-753-4107

18. Hall Arts Parking               Professional            $3,862
2323 Ross Avenue,                    Services
Level P-2
Dallas, TX 75201
Jason Fowler
Tel: 214-712-8141
Email: jfowler@hallarts.com

19. Reonomy                       Trade Payables            $3,251
767 Third Avenue,
39th FL
New York, NY 10017
Tel: 646-882-6260

20. TD Bank                          Lawsuit                    $0
1701 Route 70 East
Cherry Hill, NJ 08034
Robert M Tils/Kelly Schneid
Tel: 516-873-2000


SOUTHERN FOODS: Selling All Remaining Equipment in Hayward for $1M
------------------------------------------------------------------
Southern Foods Group, LLC and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of Texas to authorize
the sale of their owned equipment and personal property located in
Hayward, California to CRG Equity Capital, LLC, Rabin Worldwide,
Inc., and Harry Davis, LLC for $1 million.

On Feb. 17, 2020, the Debtors filed their Sale Motion asking
authority to sell substantially all their assets.  On March 19,
2020, the Court entered the Bidding Procedures Order.  

Between March 30, 2020 and April 2, 2020, the Debtors filed four
notices of bid results in accordance with the Bidding Procedures
Order and identified the following five parties as the Successful
Bidders for lots of assets comprising substantially all of the
Debtors' assets, including:  (a) Dairy Farmers of America, Inc.
acquiring 44 facilities; (b) Prairie Farms Dairy, Inc. acquiring
eight facilities; (c) Mana Saves McArthur, LLC  acquiring the
Miami, Florida facility; (d) Producers Dairy Foods  acquiring the
Reno, Nevada facility, the "Berkeley Farms" trademark, and related
intellectual property; and (e) Harmoni, Inc. acquiring all assets,
rights, and properties in connection with the "Uncle Matt’s
Organic" branded juice products and popsicles.

On April 22, 2020, the Debtors filed their Hawaii Sale Motion
asking approval of a sale of their Hawaii assets.  On April 28,
2020, after a hearing on the Hawaii Sale Motion, the Court entered
an order approving the Hawaii Sale Transaction.  Between April 22,
2020 and May 5, 2020, the Debtors consummated all seven of the Sale
Transactions.  

On Dec. 20, 2019, the Court entered the De Minimis Assets Sale
Procedure Order, pursuant to which the Debtors are authorized to
complete in an efficient and streamlined manner the sales of assets
under certain dollar limits, upon the filing of notices and the
expiration of the proscribed objection periods to maximize value
for their estates and to avoid the wasteful cost and time involved
in preparing and filing of an entire sale motion.  

The Debtors have availed themselves of the De Minimis Assets Sale
Procedures to sell individual real estate parcels and other owned
equipment and personal property multiple times over the course of
the Chapter 11 Cases without any objection, including by either the
Committee or DIP Agent after consultation with each.  

Following the consummation of the Sale Transactions, the Debtors
have subsequently begun the process of winding-down their estates,
which has included the marketing and sale of all remaining assets,
including additional individual real estate parcels, closed
facilities and the remaining owned equipment and personal property.
The largest and most valuable remaining of such assets is the
Hayward Property.  

The Debtors shut down the Hayward Property only recently in
conjunction with the consummation of the Sale Transactions, but
began marketing the property at the same time as the rest of the
Debtors’ assets pursuant to the sale process described in the
Sale Motion and approved pursuant to the Bidding Procedures Order.
Accordingly, the marketing process is well-progressed and the
Debtors anticipate being able to secure a buyer for the Hayward
Property in the coming weeks and closing a transaction within the
next several months representing a likely substantial cash inflow
to the Debtors' estates of tens of millions of dollars.

Separate from the sale of the Hayward Property, the Debtors have
been marketing the remaining equipment and personal property
on-site ("Hayward Equipment").  They will not be able to
successfully close the sale of the Hayward Property as readily
without first selling or otherwise disposing of the Hayward
Equipment, as interest in the Hayward Property is primarily related
to the real estate value and not the facility as a going-concern
operation.  Accordingly, and given the significantly greater value
of the Hayward Property in comparison to the Hayward Equipment, the
Debtors are focused on completing the sale and removal of the
Hayward Equipment as expeditiously as possible.

In mid-May 2020, the Debtors proposed the sale of a portion of the
Hayward Equipment to Producers Dairy Foods, Inc. for total
consideration of $1.5 million pursuant to the De Minimis Assets
Sale Procedure, which sale transaction received no objection and
closed on May 26, 2020 ("Producers Equipment Sale").  The CRG Sale,
comprising a sale of substantially all of the remaining Hayward
Equipment ("Equipment") to the Buyers for total consideration of $1
million, was proposed by ubsequent notice on May 26, 2020.  The
Buyers are ready and able to consummate the CRG Sale immediately
upon authorization by the Court, which would have occurred on June
5, 2020 upon the expiry of the relevant objection deadline in
accordance with the De Minimis Assets Sale Procedures.  

On June 4, 2020, however, New Mill Capital Holdings, LLC, a
potential bidder that had previously indicated interest in a
potential purchase of most of the Hayward Equipment for total
consideration of just $1.35 million (including the assets subject
to the Producers Equipment Sale and net of commission), filed an
objection to the CRG Sale based solely on its alleged willingness
to pay at least $1.45 million or greater for those assets under the
same terms and conditions as the CRG Sale.  

New Mill has since reduced its offer to $1.325 million after
learning of the Buyers' determination that certain equipment
previously thought to be part of the CRG Sale was, in fact,
included in the Producers Equipment Sale.  Pursuant to the De
Minimis Asset Sale Procedures, the CRG Sale cannot be completed
until the New Mill Objection is resolved consensually or by order
of the Court.  Based on New Mill's initial estimated net purchase
price, which was significantly below the aggregate proceeds from
the Producers Equipment Sale and the agreed-to CRG Sale, the course
of dealings of New Mill and their affiliates throughout their
discussions with the Debtors, and consultation with the Debtors'
advisors (including their investment banker Evercore Group L.L.C.),
the Debtors believe that New Mill's offer, albeit greater in
amount, presents material execution and timing risks, as compared
to the CRG Sale, that could adversely impact the Debtors’ ability
to maximize value in the sale of the (much more valuable) Hayward
Property.

In particular, a definitive binding agreement and documentation has
not yet been reached with New Mill, which will take additional time
to negotiate and finalize, and may yet never occur.  If the CRG
Sale is not consummated and a deal is not then executed with New
Mill, the Debtors will be left at square one, having lost
substantial time and having failed to dispose of the Hayward
Equipment as necessary to facilitate securing a buyer and closing
on a sale of the much more valuable Hayward Property.   

Accordingly, in their reasonable business judgment, the Debtors
believe that pursuing and consummating the CRG Sale on the
originally planned expedient timeline in order to ensure that it
does not interrupt or delay the sale process for the significantly
more valuable
Hayward Property remains in the best interests of the Debtors,
their estates, and their creditors.  For these reasons, the Debtors
respectfully ask the Court's denial of the New Mill Objection and
entry of the Proposed Order and approval of the CRG Sale pursuant
to the Asset Purchase Agreement.  

The Debtors ask authority to sell the Equipment to the Buyers free
and clear of any and all liens, claims, interests, and other
encumbrances, with any such liens, claims, interests, and
encumbrances attaching to the proceeds of the applicable sale.

The relief that the Debtors ask is necessary for them to ensure
consummation of the Asset Purchase Agreement to maximize the value
of their estates and recoveries for their economic stakeholders.
Accordingly, they respectfully ask that the Court waives the 14-day
stay imposed by Bankruptcy Rule 6004(h), as the exigent nature of
the relief sought justifies immediate relief.

The Debtors respectfully ask emergency consideration of the Motion
pursuant to Local 9013-1(i) in light of the need and benefit to
closing the CRG Sale in the immediate future to maximize
distributable value for the benefit of their estates and their
stakeholders and to avoid (a) the risk of disruption or delay in
the sale of the substantially more valuable Hayward Property and
(b) the incurrence of any incremental costs and expenses related to
the maintaining or further marketing of the Hayward Property in the
interim.

                  About Southern Foods Group

Southern Foods Group, LLC, d/b/a Dean Foods, is a food and beverage
company and a processor and direct-to-store distributor of fresh
fluid milk and other dairy and dairy case products in the United
States.

The Company and its 40+ affiliates filed for bankruptcy protection
on Nov. 12, 2019 (Bankr. S.D. Tex. Lead Case No. 19-36313).  The
petitions were signed by Gary Rahlfs, senior vice president and
chief financial officer.  Judge David Jones oversees the cases.

The Debtors were estimated to have assets and liabilities of $1
billion to $10 billion.

David Polk & Wardell LLP serves as general bankruptcy counsel to
the Debtors, and Norton Rose Fulbright US LLP serves as local
counsel.  Alvarez Marsal is financial advisor to the Debtors,
Evercore Group LLC is investment banker, and Epiq Corporate
Restructuring LLC is notice and claims agent.


STL RENAISSANCE: Duncans Buying St. Louis Property for $115K
------------------------------------------------------------
STL Renaissance Properties, LLC, asks the U.S. Bankruptcy Court for
the Western District of Texas to authorize the sale of the real
property located at 1414 Waldron Avenue, St. Louis, Missouri,
described as Garden Heights Lot 7, Plat Book 22, Page 38, City of
St. Louis, St. Louis County, Missouri, to Robert Duncan and Shantay
Duncan for $115,000.

There are two liens on the Property as follows: (i) BSI Financial
Services - $81,644; and (ii) County Taxes - $774.  The Property has
a value of $95,900 based upon the current tax appraisal of the
Property, by the Saint Louis County Appraisal District.

The proposed consideration to be received by the Estate is $24,322,
after the deduction of costs associated with the sale of the
Property as is set forth on the HUD-1.  

A description of the estimated or possible tax consequences to the
estate, if known, and how any tax liability generated by the use,
sale or lease of such property will be paid is as follows: The sale
of the Property will be reported as a capital transaction on
Schedule D of the estate's Form 1041. Any reportable capital gain
will be paid at a tax rate not to exceed 20% dependent on the total
income of the estate.  The sales price for the Property set forth
in this Motion is $115,000 and the book value is approximately
$115,000, resulting in a possible long term capital loss on the
sale after sale closing expenses.  

It is the Debtor's position that this sale is in the best interest
of the bankruptcy estate and its creditors because the sale is for
almost $20,000 more than the value of the Property, according to
the taxing authority, and the sale will allow Debtor to have funds
available for Plan payments and to make necessary repairs to the
Debtor's other properties.  

The Buyers husband and wife, whose address is 4579 Laclede Ave.,
St. Louis, Missouri.  The parties have entered into their Contract
for Sale and Purchase.

The Debtor asks the Court to authorize the sale to be free and
clear of liens, claims and encumbrances whatsoever, with any liens,
claims and encumbrances to attach to the proceeds to satisfy such
liens and encumbrances.  The Debtor further asks that the Court
authorizes the closing of the transaction to be effective on the
date the Order approving the Motion is granted.

Objections, if any, must be filed withoin 21 days from the date of
service.

A copy of the Contract is available at https://tinyurl.com/ycdvw5r8
from PacerMonitor.com free of charge.

               About STL Renaissance Properties

STL Renaissance Properties, LLC, a company engaged in renting and
leasing real estate properties, sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Texas Case No. 20-10144) on
Jan. 30, 2020. At the time of the filing, the Debtor disclosed
assets of between $1 million to $10 million and liabilities of the
same range. Judge Tony M. Davis oversees the case. Jerome A.
Brown,
Esq., at The Brown Law Firm is the Debtor's legal counsel.



STM PROPERTIES: Rudd Buying Twinsburg Property for $875K
--------------------------------------------------------
STM Properties, Ltd., asks the U.S. Bankruptcy Court for the
Northern District of Ohio to authorize the sale of the real
property located at 1605 Enterprise Parkway, Twinsburg, Ohio, PPN
62-01630, to Rudd Equipment Co. for $875,000.

The subject property is a commercial property consisting of a
single building of approximately 27,000 square feet located on
approximately 4 acres of land.  The Property was acquired by the
Debtor on July 31, 2015 for a purchase price of $750,000.  The
Property is substantially the only asset of the Debtor.  A portion
of the building on the Property was used by the principal of the
Debtor, Robert Maier, for the operation of one of his businesses,
RO-MAI Industries Inc., which has since ceased operations.  Another
portion of the building on the Property was occupied by Functional
Products, Inc. under a lease agreement for monthly rental of $4,167
("Functional Products Lease").

The initial terms of the Functional Products Lease expired in 2019;
however, Functional Products continued its tenancy on a
month-to-month basis at the same monthly rental rate, pursuant to
the terms of the Functional Products Lease.  Functional ceased
paying rent as of March 1, 2020 and has since vacated the Property.


The Property was subject to a foreclosure action brought by Kristen
M. Scalise, Fiscal Officer for Summit County, Ohio, for past due
real estate taxes owed to Summit County in the amount of $91,420 in
the case captioned Kristen M. Scalise, Fiscal Officer v. STM
Properties, Ltd, et a], Summit County Common Pleas Case No. CV
2018-12-5194.  The Property was scheduled for sale by the Summit
County Sheriff on Feb. 4, 2020, the day after the Petition Date.

The Property is also subject to a mortgage granted by the Debtor to
Grubb & Associates LPA dated April 16, 2019 to secure a certain
demand promissory note in the principal amount of $95,000 from the
Debtor to Grubb & Associates LPA.  Said mortgage was filed in the
records of Summit County Ohio on April 17, 2019 as Instrument No.
56457291.  The Grubb Mortgage was filed of record while the
Foreclosure was pending.  Other than the Grubb Mortgage and the
lien for property taxes, there are no other liens on the Property.

The Property could have been sold by the Summit County Sheriff in
the Foreclosure for a sales price as low as the amount of the past
due real estate taxes, which would have resulted in a substantial
loss for not only the Debtor, but also the Debtor's other
creditors.  In order to avoid such a substantial loss, the Debtor
filed its voluntary petition for relief under chapter 11 ofthe
Bankruptcy Code to allow the Debtor to market and sell the Property
at a fair market price.

The Debtor proposes to sell the Property to the Purchaser for the
purchase price of $875,000 pursuant to the purchase agreement.  The
Purchaser is not related to the Debtor and the Purchase Agreement
was executed after arms'-length, good faith negotiations.  The
Purchaser is remitting a $20,000 earnest money deposit with Wigley
Title Agency, the designated escrow agent.

The sale of the Property pursuant to the Purchase Agreement is
subject to a satisfaction of certain contingencies, set forth in
Rider A to the Purchase Agreement, prior to a contingency period of
60 days from the Effective Date of June 4, 2020, or Aug. 3, 2020.
These contingencies are the Purchaser's approval of a Phase 1
Environmental Report for the Property, the Purchaser's satisfaction
of inspections of the building on the Property, and the Purchaser
securing satisfactory financing for the purchase.  

The purchase is further contingent upon the Purchaser's approval of
title for the property, an order from the Court authorizing the
rejection ofthe Functional Products Lease by the Debtor upon motion
to be filed by the Debtor, the Court's approval of the sale of the
Property pursuant to the Purchase Agreement.

The closing of the sale will occur 10 days after the later of (i)
the end of the 60-day contingency period, (ii) entry of a Sale
Order pursuant to this Motion, and (iii) the entry of an Order
authorizing the Debtor's rejection ofthe Functional Products Lease
and Functional Products, Inc. does not exercise its right to remain
in possession of a portion of the Property.

The proceeds from the sale of the Property will pay in full the
lien of the Summit County Fiscal Officer for back taxes in full
and the lien ofthe Grubb Mortgage.  Further, proceeds from the sale
will pay the unsecured claims of the East Ohio Gas Company and Ohio
Edison, and accrued charges for water and sewer service to the
Property.

The Debtor asks the Court enter an order authorizing the sale ofthe
Property pursuant to the Purchase Agreement, free and clear of all
lines claims encumbrances and other interest.  It asks that an
order approving the sale of the property include authorization to
pay from the sale proceeds at closing (a) expenses to be charged to
the Debtor at the closing of the sale of the property pursuant to
the Purchase Agreement, including a broker's commission to the of
4.5% of the purchase price to the Hanna Commercial, the Purchaser's
agent, (b) fees of the Debtor's attorney and (c) the fees of the
United States Trustee.

Finally, the Debtor asks that the Court waives the stay imposed by
Bankruptcy Rule 6004(h) and 6006(d) to facilitate an immediate
closing.

A copy of the Agreement is available at
https://tinyurl.com/y9f7bz9r from PacerMonitor.com free of charge.

STM Properties, Ltd. sought Chapter 11 protection (Bankr. N.D. Ohio
Case No. 20-50272) on Feb. 3, 2020.  The Debtor tapped Thomas
Delventhal, Esq., at Niekamp, Weisensell, Mutersbaugh &
Mastrantonio, LLP, as counsel.


SUMMIT MIDSTREAM: SVP & General Counsel Will Depart Next Month
--------------------------------------------------------------
Summit Midstream Partners, LP reports that Brock M. Degeyter, the
executive vice president and general counsel of Summit Midstream
GP, LLC (the "Company"), the general partner of SMLP, will be
departing the Company to pursue other interests.  The Company
manages and operates SMLP, including through its affiliate, Summit
Operating Services Company, LLC.  Mr. Degeyter's employment with
the Company will terminate effective Aug. 7, 2020.

In connection with Mr. Degeyter's departure, on July 14, 2020
Summit Operating and Mr. Degeyter entered into a Separation and
General Release Agreement.  Pursuant to the Agreement, Mr. Degeyter
has agreed to waive certain cash severance amounts otherwise owed
under his existing Employment Agreement and other compensation
arrangements in exchange for Summit Operating's waiving Mr.
Degeyter's non-competition obligations under his existing
Employment Agreement.  In addition, pursuant to the Agreement, all
of Mr. Degeyter's outstanding unvested phantom units, and
associated dividend equivalent rights will become fully vested and
settled in common units of SMLP on the Separation Date.  The
payments and benefits set forth in the Agreement will be provided
in exchange for Mr. Degeyter's providing a customary release of
claims in favor of Summit Operating.

                  About Summit Midstream Partners

SMLP is a value-driven limited partnership focused on developing,
owning and operating midstream energy infrastructure assets that
are strategically located in unconventional resource basins,
primarily shale formations, in the continental United States. SMLP
provides natural gas, crude oil and produced water gathering
services pursuant to primarily long-term and fee-based gathering
and processing agreements with customers and counterparties in six
unconventional resource basins: (i) the Appalachian Basin, which
includes the Utica and Marcellus shale formations in Ohio and West
Virginia; (ii) the Williston Basin, which includes the Bakken and
Three Forks shale formations in North Dakota; (iii) the
Denver-Julesburg Basin, which includes the Niobrara and Codell
shale formations in Colorado and Wyoming; (iv) the Permian Basin,
which includes the Bone Spring and Wolfcamp formations in New
Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale
formation in Texas; and (vi) the Piceance Basin, which includes the
Mesaverde formation as well as the Mancos and Niobrara shale
formations in Colorado.  SMLP has an equity investment in Double E
Pipeline, LLC, which is developing natural gas transmission
infrastructure that will provide transportation service from
multiple receipt points in the Delaware Basin to various delivery
points in and around the Waha Hub in Texas.  SMLP also has an
equity investment in Ohio Gathering, which operates extensive
natural gas gathering and condensate stabilization infrastructure
in the Utica Shale in Ohio. SMLP is headquartered in Houston,
Texas.

SMLP reported a net loss of $369.83 million for the year ended Dec.
31, 2019, compared to net income of $42.35 million for the year
ended Dec. 31, 2018.  As of March 31, 2020, the Company had $2.62
billion in total assets, $1.80 billion in total liabilities, $62.34
million in mezzanine capital, and $757.92 million in total
partners' capital.

                           *    *    *

As reported by the TCR on June 30, 2020, S&P Global Ratings lowered
the issuer credit rating on Summit Midstream Partners LP (SMLP) to
'SD' (selective default) from 'CCC'.  "SMP Holdings remains, in our
view, an unrestricted nonstrategic subsidiary of the partnership.
The term debt has no guarantees and is non-course to SMLP. A s a
result, we are affirming the 'CCC' issuer credit rating on SMP
Holdings and putting it on CreditWatch with negative implications
to highlight the possibility of a near-term term loan
restructuring," S&P said.


SUPER CALIDAD: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Super Calidad Auto Sales, Inc.
        21100 Sherman Way
        Canoga Park, CA 91303

Business Description: Super Calidad Auto Sales, Inc. is a car
                      dealer in Los Angeles, California.

Chapter 11 Petition Date: July 14, 2020

Court: United States Bankruptcy Court
       Central District of California

Case No.: 20-11233

Judge: Hon. Martin R. Barash

Debtor's Counsel: Louis J. Esbin, Esq.
                  LAW OFFICES OF LOUIS J. ESBIN
                  27451 Tourney Road, Suite 120
                  Valencia, CA 91355
                  Tel: 661-254-5050
                  Email: Louis@Esbinlaw.com

Total Assets: $559,850

Total Liabilities: $1,350,544

The petition was signed by Josefina Espino, president.

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

                     https://is.gd/B9LgHM


SUSGLOBAL ENERGY: Has $755,000 Net Loss for March 31 Quarter
------------------------------------------------------------
SusGlobal Energy Corp. filed its quarterly report on Form 10-Q,
disclosing a net loss of $755,290 on $350,197 of revenue for the
three months ended March 31, 2020, compared to a net loss of
$1,080,544 on $253,138 of revenue for the same period in 2019.

At March 31, 2020, the Company had total assets of $5,452,807,
total liabilities of $9,026,499, and $3,573,692 in stockholders'
deficiency.

The Company disclosed that there are factors that cast substantial
doubt as to its ability to continue as a going concern, which is
dependent upon its ability to obtain the necessary financing to
further the development of its business, satisfy its obligations to
PACE and its other creditors, whose debts are also in default and
upon achieving profitable operations.

The Company said, "There is no assurance of funding being available
or available on acceptable terms."

As at March 31, 2020, the Company had a working capital deficit of
$8,367,335 (December 31, 2019-$8,203,742), incurred a net loss of
$755,290 (2019-$1,080,544) for the three months ended March 31,
2020 and had an accumulated deficit of $12,204,787 (December 31,
2019-$11,449,497) and expects to incur further losses in the
development of its business.

On March 31, 2020, Pace Savings & Credit Union Limited ("PACE") and
the Company reached an agreement for the repayment of the
outstanding amounts owing to PACE.  One of the credit facilities,
in the amount of $34,391 ($48,788 CAD), was repaid in full on April
3, 2020 and the remaining credit facilities and the corporate term
loan are to be repaid on or before September 30, 2020.  Management
continues discussions with a Canadian chartered bank to re-finance
its remaining obligations to PACE.

The Company has defaulted on the convertible promissory notes.  As
a result, the amounts owing to PACE and the obligations under
capital lease, are also in default.

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

                       https://is.gd/5R3pRi

SusGlobal Energy Corp., a renewable energy company, focuses on
acquiring, developing, and monetizing a portfolio of proprietary
technologies in the waste to energy application.  The Company was
founded in 2014 and is headquartered in Toronto, Canada.



TITAN PHARMACEUTICALS: Says Substantial Going Concern Doubt Exists
------------------------------------------------------------------
Titan Pharmaceuticals, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss and comprehensive loss of $5,584,000 on
$1,336,000 of total revenues for the three months ended March 31,
2020, compared to a net loss and comprehensive loss of $4,517,000
on $945,000 of total revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $13,262,000,
total liabilities of $7,986,000, and $5,276,000 in total
stockholders' equity.

The Company disclosed that there is substantial doubt about its
ability to continue as a going concern, citing that it did not have
sufficient cash to fund its operations for the next 12 months
without securing additional funds.  The Company also said that it
suffered recurring losses from operations and has an accumulated
deficit that raises substantial doubt about its ability to continue
as a going concern.

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

                       https://is.gd/JuAoDC

Titan Pharmaceuticals, Inc., a pharmaceutical company, develops
therapeutics for the treatment of chronic diseases. It develops
products based on ProNeura, a proprietary long-term drug delivery
platform that focuses primarily on the treatment for chronic
diseases. The company offers Probuphine, a six-month buprenorphine
implant for the maintenance treatment of opioid addiction in
patients. It also develops ProNeura-Ropinirole, an implant to
provide delivery of ropinirole, a dopamine agonist for the
treatment of Parkinson's disease; and triiodothyronine, an implant
for the treatment of hypothyroidism. Titan Pharmaceuticals, Inc.
was incorporated in 1992 and is based in South San Francisco,
California.



TOWN SPORTS: Receives Noncompliance Notice from Nasdaq
------------------------------------------------------
Town Sports International Holdings, Inc., received a notice on July
13, 2020 from the Listing Qualifications Department of Nasdaq
indicating that as a result of the Company's failure to timely file
its Quarterly Report on Form 10-Q for the period ended March 31,
2020, the Company no longer complies with the continued listing
requirements as set forth in Nasdaq Listing Rule 5250(c)(1).  The
notice has no immediate impact on the listing of the Company's
common stock, which will continue to trade on the Nasdaq Global
Market, subject to the Company's compliance with other applicable
continued listing requirements.

The notice advises that under Nasdaq rules, the Company has 60
calendar days, or until Sept. 8, 2020, to submit a plan to regain
compliance with Nasdaq's continued listing requirements.  If Nasdaq
accepts the plan, Nasdaq can grant an exception of up to 180
calendar days from the filing due date, until Dec. 28, 2020, to
regain compliance.  If Nasdaq does not accept the plan, the Company
will have the opportunity to appeal that decision to a Nasdaq
Hearings Panel.

The Company's management is working diligently to complete the
Report and intends to file it as soon as practicable.

                      About Town Sports

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

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

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

                          *    *    *

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


TRILLION ENERGY: Has $1.7M Net Loss for the Year Ended Dec. 31
--------------------------------------------------------------
Trillion Energy International Inc. filed with the U.S. Securities
and Exchange Commission its annual report on Form 10-K, disclosing
a net loss of $1,683,493 on $3,915,799 of revenue for the year
ended Dec. 31, 2019, compared to a net loss of $2,375,513 on
$4,253,326 of revenue for the year ended in 2018.

The audit report of Buckley Dodds LLP states that the Company has
suffered recurring losses from operations, has a working capital
deficit, and expects continuing future losses and the Company has
stated that substantial doubt exists about its ability to continue
as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $7,297,185, total liabilities of $5,497,278, and a total
stockholders' equity of $1,799,907.

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

                       https://is.gd/2BufbW

Trillion Energy International Inc., together with its subsidiaries,
operates as an oil and gas exploration, and production company in
Bulgaria and Turkey.  It owns oil and gas producing assets in
Turkey; and a coal bed methane exploration license in Bulgaria.
The company was formerly known as Park Place Energy Inc. and
changed its name to Trillion Energy International Inc. in April
2019.  Trillion Energy was founded in 2006 and is headquartered in
Vancouver, Canada.


TTK RE ENTERPRISE: Allen Buying Egg Harbor City Property for $130K
------------------------------------------------------------------
TTK RE Enterprises, LLC, asks the U.S. Bankruptcy Court for the
District of New Jersey to authorize the private sale of the real
and personal property located at 313 Chicago Avenue, Egg Harbor
City, New Jersey to Kia M. Allen for the sum of $130,000.

The sale is free and clear of all liens, claims, and encumbrances
and other claims or interests and transferring such claims to the
proceeds of sale.

The Debtor's business consists of acquiring and leasing of
residential real properties.  It is a New Jersey Limited Liability
Company which owns residential rental properties in southern New
Jersey as of the Petition Date.  Among the rental units owned by
the Debtor is the Property.  Exhibit A is a CMA Summary Report
dated May 16, 2020 setting the value of the Property at $119,900.

Allen, the proposed purchaser for the Property, is not related in
any way to the Debtor or its principal.

As of the Petition Date, the Debtor was indebted to Corevest
American Finance Lender, LLC in the amount of $2,144,45 as set
forth in Proof of Claim No. 44 filed by Situs on Jan. 7, 2020.  The
Situs Claim is secured by a mortgage against 18 of the Debtor's
real properties as of the Petition Date, including the Property.
The Situs mortgage against the Property dated April 25, 2018 was
recorded on July 25, 2018 as Instrument No. 2018037889 in the
amount of $2,159,000.  The Situs Claim is also secured by the rents
from the real properties against which Situs possesses a
mortgage(s), including the Property.  

According to the Title Report, the Property is also subject to a
Federal Tax Lien against non-debtor Emily K. Vu, Instrument No.
2019048118 dated Sept. 9, 2019 in the amount of $1,228.00 and
recorded on Sept. 27, 2019, Federal Tax Lien against non-debtors
Emily K. Vu and David Phan, Instrument No. 2019048119 dated Sept.
9, 2019  in the amount $12,298 and recorded on Sept. 27, 2019 and
Financing Statement Instrument No. 2017058750 recorded on Oct. 24,
2017 against non-Debtor TTK RE Investments, LLC by Sentinel
Security Life Insurance Co.

The Property has been listed for sale with Century 21 Alliance,
1333 New Road, Suite 1, Northfield, New Jersey, the Court-Approved
realtor, and has been actively marketed by Century 21.  As the
result of the efforts of Century 21, the Debtor has entered into a
Contract for Sale of the Property with Kia M. Allen for the sum of
$130,000, subject to the approval of the Court.  The parties have
executed their Contract for Sale.  As such, the Debtor also asks to
have the 5% commission ($6,500) provided for in the listing
agreement paid to Century 21 at the time of closing on the sale of
the Property.

The Purchaser has no relationship to Debtor, and the Debtor
represents that the proposed sale of the Property is the result of
an arm's-length transaction and the sale price has been approved by
Situs, the secured lender.

Because the Debtor believes the $130,000 purchase price for the
Property is the highest and best offer which it will receive for
the Property, it is in its best business judgment to proceed with
the sale of the Property to the Purchaser.  By the Motion, the
Debtor asks entry of an order approving the sale of the Property to
the Purchaser, who is a non-insider third-party, free and clear of
Liens, which such Liens to attach to the proceeds of such sale
pursuant to the terms of the Contract for Sale.  

Except for all transfer taxes associated with the sale or as
otherwise provided for in the Contract for Sale, all costs relating
to the sale and settlement of the Property, including all searches
and title search fees, all survey fees, all title company
settlement charges and title insurance costs, will be the
obligation of the Purchaser at the time of closing.    

All property taxes, all public utility charges, rents and like
charges, if any, relating to the Property will be pro-rated as of
Closing. Settlement at Closing will be made on pro-ration of
estimates of such taxes and charges with net balances payable by
either Party at the time of closing.

The Debtor submits that at the time of closing the proceeds of the
sale of the Property should be paid as follows:

     a. Normal costs attendant with closing on the sale of the
Property (real estate, taxes, utilities, et.);

     b. 5% of the Purchase Price ($6,500) to Century 21, to be
split equally with any participating/cooperating broker in
connection with the sale of the Property; and

     c. All remaining proceeds to Situs on account of the Situs
Secured Claim.

The Debtor asks that the stay of an order granting the Motion under
Bankruptcy Rule 6004(h) be waived for cause because the Purchaser
intends to close on July 15, 2020, and it is concerned that the
Purchaser will refuse to close if she cannot do so by that date.

A hearing on the Motion is set for July 14, 2020 at 11:00 a.m.

A copy of the Contract is available at https://tinyurl.com/y8vdpovs
from PacerMonitor.com free of charge.

                    About TTK RE Enterprise

TTK RE Enterprise LLC is a privately held company in Somers Point,
New Jersey.  The Company is the 100% owner of 48 real estate
properties in New Jersey having a total current value of
$9,265,000.

TTK RE Enterprise sought Chapter 11 protection (Bankr. D.N.J. Case
No. 19-30460) on Oct. 29, 2019 in Camden, New Jersey.  In the
petition signed by Emily K. Vu, president, the Debtor disclosed
total assets of $9,269,950, and total liabilities of $6,432,457.
Judge Jerrold N. Poslusny Jr. oversees the case.  FLASTER GREENBERG
PC - CHERRY HILL is the Debtor's counsel.


TWA PROPERTIES: $300K Sale, Principal to Fund Plan
--------------------------------------------------
Debtor TWA Properties, LLC - TWA Properties 1103 Finch filed an
Amended Disclosure Statement for its Plan of Reorganization on June
9, 2020.

The Debtor is the owner of a piece of real property located at 1103
Finch, McKinney, Texas.

Since the filing of the case, the Debtor has attempting to maintain
operations, and the Debtor has completed all repairs on the
Property.  The Debtor has listed the property for sale. The listing
price is $330,000.  There will not be any need for a real estate
broker since Mr Bradley is a licensed broker.

The Debtor's principal, William Bradley, will contribute the funds
necessary to make the required Plan payments during the term of
this Plan.  Mr Bradley is currently employed as a manager of
operations for Salesforce.  Mr. Bradley's current yearly income is
$110,000.  Mr. Bradley will also use his personal savings, if
necessary, to fund the Plan.  Mr. Bradley has more than $100,000
that he can access, if necessary.  Based upon his current
obligations, Mr. Bradley will have sufficient funds to pay the
interest under the Plan of approximately $900 per month.

Class 4 Allowed Unsecured Creditors Claims are impaired.  All
creditors holding allowed unsecured claims will be paid from the
net proceeds of the sale or refinancing of the Property. In the
event of a sale or refinancing the unsecured creditors will receive
up to 100% of their allowed claim based upon the final sales price
or refinancing amount.

A full-text copy of the Amended Disclosure Statement dated June 9,
2020, is available at https://tinyurl.com/ybxv7cgj from
PacerMonitor at no charge.

The Debtor is represented by:

        Eric A. Liepins
        ERIC A. LIEPINS, P.C.
        12770 Coit Road, Suite 1100
        Dallas, Texas 75251
        Tel: (972) 991-5591
        Fax: (972) 991-5788

                About TWA Properties, LLC - TWA
                       Properties 1103 Finch

Based in Frisco, Texas, TWA Properties, LLC - TWA Properties 1103
Finch is the owner of a piece of real property located at 1103
Finch, McKinney, Texas ("Property"). The Debtor acquired the
Property in 2018. At the time of the purchase of the Property the
Debtor intended to remodel the Property and sell the Property.  The
Debtor obtained a loan from Happy State Bank for the original
purchase of the Property. The Debtor was in the process of
completing the renovations of the Property when the note with Happy
matured and Happy informed the Debtor it would not be renewing the
loan.  

Forced with the possibility of a foreclosure, TWA Properties, LLC
sought Chapter 11 bankruptcy protection (Bankr. E.D. Tex. Case No.
20-40083) on Jan. 6, 2020, estimating under $1 million in both
assets and liabilities.  The Debtor is represented by Eric A.
Liepins, Esq., at Eric A. Liepins, P.C.


ULTRA PETROLEUM: Aug. 10 Plan Confirmation Hearing Set
------------------------------------------------------
On June 8, 2020, the Official Committee of Unsecured Creditors
filed its emergency motion for entry of an order extending the
voting deadline, and adjourning the Plan Confirmation and
Disclosure Statement Hearing for Ultra Petroleum Corp. and its
debtor affiliates.

On June 11, 2020, Judge Marvin Isgur ordered that:

   * Initial expert reports from the Debtors, the Committee, and
any other party who plans to support or object to the Plan, shall
be exchanged on or before July 13, 2020.

   * July 31, 2020, is the deadline for all discovery related to
the Plan.

   * July 31, 2020, at 5:00 P.M. is the deadline to file an
objection to the Plan.

   * July 31, 2020, at 5:00 P.M. is the voting deadline for
unsecured creditors.

   * August 10, 2020, at 9:00 a.m. is the confirmation hearing.

A copy of the order dated June 11, 2020, is available at
https://tinyurl.com/y8l9pyyv from PacerMonitor at no charge.

The Debtors are represented by:

         Matthew D. Cavenaugh, Esq.  
         Jennifer F. Wertz, Esq.
         Kristhy M. Peguero, Esq.
         JACKSON WALKER LLP
         1401 McKinney Street, Suite 1900
         Houston, TX 77010
         Tel: (713) 752-4200
         Fax: (713) 752-4221
         E-mail: mcavenaugh@jw.com
                 jwertz@jw.com
                 kpeguero@jw.com
          
               - and -

         David R. Seligman, P.C.
         Brad Weiland, Esq.
         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         300 North LaSalle Street
         Chicago, Illinois 60654
         Tel: (312) 862-2000
         Fax: (312) 862-2200
         E-mail: david.seligman@kirkland.com
                 brad.weiland@kirkland.com

              - and -

         Christopher T. Greco, P.C.
         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         601 Lexington Avenue
         New York, New York 10022
         Tel: (212) 446-4800
         Fax: (212) 446-4900
         E-mail: christopher.greco@kirkland.com

             - and -

         AnnElyse Scarlett Gains, Esq.
         KIRKLAND & ELLIS LLP
         KIRKLAND & ELLIS INTERNATIONAL LLP
         1301 Pennsylvania Avenue, N.W.
         Washington, D.C. 20004
         Tel: (202) 389-5046
         Fax: (202) 389-5200
         E-mail: annelyse.gains@kirkland.com

Proposed Counsel to the Official Committee:

         McKool Smith
         John J. Sparacino
         Joshua J. Newcomber
         Paul Williams
         Kaitlyn Dawson
         600 Travis Street, Suite 7000
         Houston, TX 77002
         Telephone: (713) 485-7300
         Facsimile: (713) 485-7344
         E-mail: jnewcomber@mckoolsmith.com
         E-mail: jsparacino@mckoolsmith.com
         E-mail: pwilliams@mckoolsmith.com
         E-mail: kdawson@mckoolsmith.com

             - and -

         Brown Rudnick LLP
         Robert J. Stark
         Bennett S. Silverberg
         Uchechi Egeonuigwe
         Seven Times Square
         Telephone: (212) 209-4800
         Facsimile: (212) 209-4801
         E-mail: rstark@brownrudnick.com
         E-mail: bsilverberg@brownrudnick.com
         E-mail: uegeonuigwe@brownrudnick.com

               - and –

         Jeffrey L. Jonas
         James Stoll
         Stephanie Calnan
         One Financial Center
         Boston, MA 02111
         Telephone: (617) 856-8200
         E-mail: jjonas@brownrudnick.com
         E-mail: jstoll@brownrudnick.com
         E-mail: scalnan@brownrudnick.com

                     About Ultra Petroleum

Ultra Petroleum Corp., an independent oil and gas company, engages
in the acquisition, exploration, development, operation, and
production of oil and natural gas properties. Its principal
business activities are developing its natural gas reserves in the
Green River Basin of southwest Wyoming, the Pinedale and Jonah
fields. The company was founded in 1979 and is headquartered in
Englewood, Colorado.

Ultra Petroleum Corp. and its affiliates sought Chapter 11
protection (Bankr. S.D. Tex. Lead Case No. 20-32631) on May 14,
2020.

The Debtor disclosed total assets of $1,450,000,000 and total debt
of $2,560,000,000 as of March 31, 2020.

The Hon. Marvin Isgur is the case judge.

The Debtors tapped KIRKLAND & ELLIS LLP as general bankruptcy
counsel; JACKSON WALKER LLP as local bankruptcy counsel; CENTERVIEW
PARTNERS LLC as investment banker; and FTI CONSULTING, INC. as
financial advisor.  Prime Clerk LLC is the claims agent.


UNIQUE VENTURES: Plan. Admin Selling Assets to Damon's for $125K
----------------------------------------------------------------
Albert's Capital Service, LLC, as Plan Administrator for Unique
Ventures Group, LLC, asks the U.S. Bankruptcy Court for the Western
District of Pennsylvania to authorize it to sell assets to Damon's
East Carolinas for $125,000.

The Debtor asks the Court to authorize it to implement the
liquidation and wind down contemplated by the Debtor's Second
Amended Chapter 11 Plan.

On May 7, 2019, in connection with an adversary proceeding
commenced at Adversary Case Number 19-02019-TPA by the Plan
Administrator against DAAHG, LLC, the Court entered a Revised Order
on Motion for Entry of Default and Default Judgment which ordered
the turnover of title and any and all other ownership rights in the
2003 Workforce Food Truck identified as scheduled items 47.1 and
47.11 in the Debtor’s Statement of Financial Affairs, and
specifically identified by VINs 4BKP42R333359570 and
1C9DT08192H376216 to the Plan Administrator.

On Jan. 22, 2020, in connection with an adversary proceeding
commenced at Adversary Case Number 19-02013-TPA by the Plan
Administrator against Damon's of North America, the Court entered
an Order of Declaratory Judgment which found and declared that the
following assets were and are property of the estate in the case:
the franchise, contract, and intellectual property rights that were
owned by the debtor in the case of Damon's International, Inc. and
Damon's Restaurants, Inc., Case No. 09-27920-JAD, and sold on or
about June 27, 2014, by the bankruptcy trustee in that case to the
Debtor, Unique Ventures Group, LLC, including, but not limited to,
the following United States Trademarks: (i) "Damon's" (Reg. No.
1,241,615); (ii) "Damon's the Place for Ribs" (Reg. No. 1,395,339);
(iii) "Damon's Grill" (Reg. No. 2,749,525); and (iv) "Great Food
Game Day and Everyday" (Reg. No. 3,410,152).

After securing the rights to the Assets described, the Plan
Administrator and its professionals sought to secure a potential
purchaser for the Assets that would allow it to monetize the Assets
and secure additional proceeds to disburse pursuant to the Plan and
in accordance with the priority provisions of the Bankruptcy Code.


Notwithstanding the onset of the COVID-19 pandemic, the Plan
Administrator received an offer of $125,000 from the Purchaser to
acquire the Assets in accordance with the terms and conditions set
fort.  The sale of the Assets to the Purchaser is contingent upon
the entry of an order granting the Sale Motion in a form and
substance reasonably acceptable to the Plan Administrator and
Purchaser and will include a mutual release of claims by and
between the Purchaser and the estate.

The Purchase Price will be payable as follows: $12,500 payable upon
the filing of the Motion and the balance of the successful bid
being paid within 30 days of the entry of the Sale Order becoming
final and non-appealable.  The Purchase Price will be allocated as
follows: $110,000 allocated to the acquisition of the Damon's
Assets and $15,000 allocated to the acquisition of the Food Truck
and any other miscellaneous personal property transferred in
connection with this transaction.

By the Motion, the Plan Administrator asks entry of an order
authorizing the sale of the Assets, free and clear of all liens,
claims, interests, and encumbrances to the Purchaser or other
qualified bidder that submits a higher and better offer for the
Assets at the hearing.

To assure that the sale is a sale for the market value of the
Assets, higher and better offers for said Assets will be accepted
at the Sale Hearing.  The Plan Administrator proposes that the
initial bid over and above the Purchase Price will be $135,000.
Thereafter, the Plan Administrator proposes to accept bids in
increments of $5,000.

The Plan Administrator believes and therefore avers that the
aforesaid method of sale is fair and reasonable, and in the best
interest of this estate.   

The proceeds of sale of the real property will be used as follows,
to wit:

     a. an amount equal to 40% of the Purchase Price to Ross M.
Babbitt, as special litigation counsel in the adversary proceedings
involving DAAGH, LLC, and Damon's of North America, each of which
resulted in the recovery of the Assets for the benefit of the
estate and pursuant to and is consistent with the terms of special
litigation counsel's engagement by the Plan Administrator;  

     b. to the costs of sale, specifically including but not
limited to publication (which includes reimbursement to Plan
Administrator who has advanced these costs), printing, mailing and
notice fees; and,

     c. the remaining amounts will be paid to claimants in the
order of their priority and in accordance with the priority
provisions of the Bankruptcy Code, to the extent that the claim(s)
have been previously allowed by final order of the Court.  

                      About Unique Ventures

Unique Ventures Group, LLC, based in Pittsburgh, Pennsylvania,
filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 17-20526) on
Feb. 13, 2017.  Unique Ventures owns 28 Perkins Restaurant & Bakery
locations in Pennsylvania and Ohio.  Unique may have an interest in
10 Burger Kings, all in Ohio, through a related entity, according
to a Pittsburgh Business Times report.

The Hon. Thomas P. Agresti oversees the Chapter 11 case.  

In its petition, the Debtor estimated $10 million to $50 million in
both assets and liabilities.  The petition was signed by Eric E.
Bononi, receiver, CEO and CRO.

Unique Ventures hired Leech Tishman Fuscaldo & Lampl, LLC, and
RudovLaw as counsel.  It also hired Scott M. Hare, Attorney at Law,
to provide legal advice on litigation-related issues.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on March 2, 2017,
appointed seven creditors to serve on the official committee of
unsecured creditors in the Chapter 11 case of Unique Ventures
Group, LLC.  The Committee hired Whiteford Taylor & Preston, as
counsel, and Albert's Capital Services, LLC, as financial advisor.

The Acting United States Trustee appointed M. Colette Gibbons,
Esq., as the Chapter 11 Trustee for Unique Ventures Group.  The
Trustee is represented by Scott N. Opincar, Esq., and Michael J.
Kaczka, Esq., at McDonald Hopkins, LLC.

On Jan. 24, 2018, the Court confirmed the Second Amended Chapter 11

Plan.


UNISYS CORP: S&P Upgrades ICR to 'B' on Improved Credit Measures
----------------------------------------------------------------
S&P Global Ratings raised its ratings on Unisys Corp. to 'B' from
'B-' and removed them from CreditWatch with positive implications.
The outlook is positive.

At the same time, S&P is raising its issue-level and recovery
ratings on the company's 5.50% senior convertible notes due March
1, 2021, to 'B' and '3' from 'CCC+' and '5'. S&P is also
withdrawing its issue-level ratings on Unisys' 10.75% senior
secured notes due April 15, 2022, because this debt has been
repaid.

Unisys has significantly strengthened its credit metrics with
proceeds received from the sale of its federal business. The $1.2
billion of cash proceeds Unisys received from the sale has
bolstered its liquidity profile and also allowed it to reduce both
its debt and underfunded postretirement liabilities, which S&P
treats as debt. To date, Unisys has completed the repayment of $440
million of senior secured notes, which reduces funded debt to
around $80 million. The company also made $300 million in cash
contributions to its U.S. pension plan. Based on this debt
reduction and expected use of remaining proceeds, S&P estimates
adjusted leverage for Unisys is now near the mid-4x area, a
meaningful improvement from the 5.7x it reported at the end of
fiscal 2019.

S&P expects the company to make additional voluntary contributions
this year, which should further improve the funded status in the
U.S. pension plans and also alleviate future liquidity requirements
for the next few years. The rating agency believes Unisys will
contribute an additional $300 million to the U.S. plans by the end
of 2020, which, once completed, should decrease the pro forma
unfunded pension liability to around $1.1 billion. This would also
effectively satisfy the required cash contributions to service
these obligations for at least the next three years, which has been
a key credit constraint.

Significant underfunded postretirement liabilities are likely to
remain a credit risk. Despite making significant contributions to
its U.S. pension plans, S&P still projects Unisys to have pro forma
unfunded pension liability of up to around $1.1 billion. At these
levels, underfunded postretirement liabilities represent the
majority of Unisys' S&P Global Ratings' adjusted debt, which, given
their high sensitivity to key actuarial components, could make
credit metrics volatile. In S&P's view, knock-on effects from the
COVID-19 pandemic including interest rate cuts by the Federal
Reserve and financial market disruption, may present headwinds for
Unisys; however, S&P does not expect leverage to exceed the rating
agency's downside trigger of 5x even in this scenario.
Additionally, with about $789.6 million of cash on the balance
sheet, S&P thinks Unisys has and is likely to consider additional
opportunities to address its pension obligations such as
incremental voluntary contributions, liability transfers through
third-party annuity purchases, or lump-sum buyouts of individual
participants.

Apart from a reduction in scale, S&P does not believe the federal
business divestment will substantially alter the competitive
strengths of Unisys' remaining businesses. While Unisys's federal
business represented roughly $689 million of its 2019 revenue and
accounted for a significant amount of its new bookings, the
divestment should not drastically change its position as a
second-tier global services company. Unisys' post transaction
revenue base of more than $2 billion, about 70% of which is
recurring (historical retention rates in excess of 95%), still
offers a meaningful scale, and S&P expects it to continue to
maintain good geographic, end-market, and customer diversity."
Unisys will also continue to retain all of the intellectual
property around its InteliServe, CloudForte, and ClearPath Forward
offerings, which have addressable markets outside of the federal
sector. Also, capital structure flexibility provided by the
transaction should allow Unisys to invest more in these solutions.
Still, the scale reduction from this transaction leaves about $60
in million costs (previously allocated to the U.S. Federal
business) that will be absorbed by Unisys' remaining businesses.
S&P believes these costs will likely constrain the company's
historically low profitability; however, the impact should only be
temporary, given Unisys has already identified and begun to enact
plans to restructure and remove these costs.

COVID-19-related disruption will hurt operating performance, but as
these pressure subside, S&P expects organic revenues to gradually
improve. The economic impact of the COVID-19 pandemic is likely to
be longer and more intense than S&P previously expected, and the
rating agency believes the spread of the virus will hurt enterprise
and consumer information technology (IT) spending across the globe.
Against this backdrop, S&P believes Unisys will face decreased
demand for field services, declines in its volume-based contracts,
and delayed new bookings, which, in aggregate, should reduce
revenue by about 10% in fiscal 2020. Still, S&P does not expect
these conditions to diminish the long-term fundamentals around
cloud adoption, digital transformation, big data, and
cybersecurity. In S&P's view, these secular trends should offer
Unisys good growth prospects for its InteliServe Digital Workplace
Services, Stealth security solutions, and CloudForte managed
services offerings (designed to support the secure adoption of
cloud by its customers). Additionally, S&P believes that a stronger
balance sheet provides Unisys an enhanced opportunity to pursue the
larger services deals with commercial and state government
customers, an area that was historically underserved by the
company, given the capital constraints it faced. S&P is now
forecasting a mid-high single-digit organic revenue decline in 2020
with revenue growth resuming in fiscal 2021.

The positive rating outlook on Unisys reflects S&P's assessment of
the company's improved credit measures, along with the rating
agency's belief that the company's prospects to sustain leverage
below 5x are favorable. S&P believes there is at least a one in
three chance it could raise its ratings on Unisys over the next 12
months if the company continues to reduce its unfunded pension
obligations, and also begins demonstrating a consistent trend of
organic revenue growth, EBITDA margin expansion, and higher free
cash flows.

"We could raise our ratings on Unisys if we come to believe the
company could comfortably sustain leverage below 5x and a free
operating cash flow–to-debt ratio above the mid-single-digit area
over the next 12 months," S&P said.

"We could revise the outlook to stable if we expect the company
will increase and sustain adjusted leverage at more than 5x. This
could occur if either operating performance and profitability
significantly underperforms our forecast, possibly because of
intensifying competition or execution issues, and/or if unfavorable
actuarial assumptions or poor asset return led to a significant
increase in the company's unfunded pension liabilities, because
this would increase its S&P Global Ratings' adjusted debt
balances," the rating agency said.


VERITAS FARMS: Has $11.1MM Net Loss for the Year Ended Dec. 31
--------------------------------------------------------------
Veritas Farms, Inc., filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$11,147,608 on $7,291,908 of sales for the year ended Dec. 31,
2019, compared to a net loss of $3,835,983 on $2,079,981 of sales
for the year ended in 2018.

The audit report of Prager Metis CPA's LLC states that the Company
has sustained substantial losses from operations since its
inception. As of and for the year ended December 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. Continuation as a going concern is dependent on the
ability to raise additional capital and financing, though there is
no assurance of success.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $14,218,557, total liabilities of $2,023,345, and a total
stockholders' equity of $12,195,212.

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

                       https://is.gd/VGT0SO

Veritas Farms, Inc. focuses on producing phytocannabinoid-rich
industrial hemp oils and extracts to distributors and retailers.
Its products include vegan, kosher, and non-gmo capsules;
tinctures; and organic edibles and salves.  The Company was
formerly known as SanSal Wellness Holdings, Inc. and changed its
name to Veritas Farms, Inc. in February 2019.  Veritas Farms, Inc.
is based in Fort Lauderdale, Florida.


WANSDOWN PROPERTIES: Enters $11.5M Sale Contract with FCF Beekman
-----------------------------------------------------------------
Wansdown Properties Corporation N.V. filed the Disclosure Statement
for Second Amended Chapter 11 Plan dated June 9, 2020.

The Plan described in this Disclosure Statement provides the
Allowed Claims of creditors to be satisfied from the sale of the
Debtor's Property.  The Debtor has entered into a contract to sell
the Property to FCF Beekman Realty LLC (the "Purchaser"), pursuant
to a residential contract of sale, inclusive of the exhibits and
riders thereto (the "Sale Contract") for the purchase price of
$11,500,000, subject to higher and better offers.  The Sale
Contract contemplates that the Debtor will seek approval of the
sale to the Purchaser under a confirmed chapter 11 plan, provided,
however, that if the Debtor determines in good faith that it cannot
obtain confirmation of a plan so as to close on the sale of the
Property on or before July 31, 2020 pursuant to a final and
non-appealable order of the Court, the parties will close pursuant
to a Section 363 sale by the closing date specified in the Sale
Contract.

The Class 3 Mortgage Lender Secured Claim is impaired, and the
Mortgage Lender is entitled to vote to accept or reject the Plan.
Except to the extent that the Mortgage Lender may agree to less
favorable treatment of its Secured Claim, the Mortgage Lender will
receive in full and final satisfaction of its Allowed Class 3
Claim, Cash from the Plan Fund in the amount of $5,627,089 plus
interest at 6% for period from the Petition Date to the Effective
Date, payable on the Effective Date, or as soon as reasonably
practical thereafter.

The Class 4 Azari Secured Claim will receive payment in full and
final satisfaction of such Allowed Class 4 Claim, cash from the
Plan Fund in the amount of such Allowed Claim payable on the later
of the Effective Date and the date on which such Secured Claim
becomes an Allowed Claim, or as soon as reasonably practical
thereafter.  To the extent that the Azari Claim is determined to be
a General Unsecured Claim following disposition of the Azari
Adversary Proceeding, such General Unsecured Claim of Azari shall
be treated in accordance with the treatment provided for Class 5
General Unsecured Claims.

Class 5 General Unsecured Claims are impaired, and the holders of
General Unsecured Claims are entitled to vote to accept or reject
the Plan.

The Plan will be funded by the Cash available in the Plan Fund. The
Plan Fund will be substantially funded by the net sale proceeds of
the Sale Transaction, and recoveries from Debtor's causes of
action.

A full-text copy of the Second Amended Plan dated June 9, 2020, is
available at https://tinyurl.com/ycx6eo26 from PacerMonitor.com at
no charge.

                     About Wansdown Properties

Wansdown Properties Corporation, N.V.'s primary asset is a
seven-story townhouse located at 29 Beekman Place, New York, New
York.  It was incorporated in 1979 under the laws of Curacao,in
accordance with Article 38 of the Commercial Code of the
Netherlands Antilles and continues to exist under the laws of the
Netherland Antilles.  Wansdown Properties was formed as a holding
company to own and manage the Property for an affluent individual
who deceased in January 2016.

Wansdown Properties Corporation sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-13223) on Oct.
8, 2019.  At the time of the filing, the Debtor was estimated to
have assets of between $10 million and $50 million and liabilities
of the same range.  The case is assigned to Judge Stuart M.
Bernstein.

Counsel for the Debtor:

     Paul A. Rubin
     Hanh V. Huynh
     RUBIN LLC
     345 Seventh Avenue, 21st Floor
     New York, New York 10001
     Tel: 212.390.8054
     Fax: 212.390.8064
     E-mail: prubin@rubinlawllc.com
             hhuynh@rubinlawllc.com


WESLEY ENHANCED: Fitch Affirms BB Rating on 2017A/2017B Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed the 'BB' rating on the $121.8 million
senior living revenue bonds series 2017 A & B issued by
Philadelphia Authority for Industrial Development on behalf of
Wesley Enhanced Living:

The Rating Outlook has been revised to Negative from Stable.

SECURITY

The bonds are secured by pledged revenues of the obligated group, a
mortgage lien on various WEL communities, and a debt service
reserve fund.

KEY RATING DRIVERS

PANDEMIC RELATED PRESSURES: The Negative Outlook primarily reflects
expected coronavirus pandemic related pressures on WEL's operating
and financial profiles in fiscal 2020. Fitch believes WEL's high
exposure to skilled nursing revenues and governmental payors, thin
historical operational performance, and adequate liquidity position
provide little financial cushion at the current rating level to
absorb prolonged disruptions to operations or cash flow levels.

STRONG DEMAND INDICATORS: The affirmation of the 'BB' rating
reflects WEL's strong census levels across all service lines, which
Fitch attributes to its favorable pricing structure and
well-established reputation in the southeastern Pennsylvania
market. In fiscal 2019, WEL averaged 91% in its independent living
units, 88% in its personal care units, and 93% in its skilled
nursing facility beds. Furthermore, WEL's strong census has been
maintained through the three-month interim period (ending March 31,
2020) as evidenced by its 93% occupancy in its ILUs, 88% occupancy
in its PCUs, and 94% occupancy in its SNF.

THIN OPERATIONAL PERFORMANCE: The 'BB' rating also reflects WEL's
weak operational performance as evidenced by its 113.5% operating
ratio and negative 6.9% net operating margin in fiscal 2019 (Dec.
31 year-end). Concerns over WEL's weaker performance are mitigated
by its strong census levels and consistent net entra and include
the release of approximately $3.5 million from its entrance fee
reserve funds. Fitch expects WEL to continue to rely on cash flows
from net entrance fee receipts to supplement weaker operations.

ADEQUATE LIQUIDITY: In fiscal 2019, WEL had unrestricted cash and
investments of $39.6 million which translates into 203 days cash on
hand, 32.7% cash to debt, and 4.9x cushion ratio. All three metrics
remain sufficient for WEL's current rating level given its strong
census levels, diversified revenues across five campuses, and its
exposure to primarily non-refundable fee-for-service contracts.

HIGH SNF EXPOSURE: WEL's resident revenue is concentrated in its
SNF, which accounted for a high 51% of total fiscal 2019 resident
revenues. Additionally, Medicaid comprised a very high 68% of total
fiscal 2019 SNF net revenues. WEL's high concentration to SNF
revenues leaves it susceptible to ongoing changes in the SNF
landscape, particularly during the pandemic, as well as
governmental payor reimbursement.

MANAGEABLE LONG-TERM LIABILITY PROFILE: WEL's long-term liability
profile remains manageable as evidenced by maximum annual debt
service (MADS) accounting for 11.4% of fiscal 2019 revenues, which
remains favorable to Fitch's BIG median of 16.7%. However, debt to
net available measured an elevated 12.2x in fiscal 2019, which is
slightly weaker than Fitch's BIG median of 10.9x.

ASYMMETRIC RISK FACTORS: There are no asymmetric risk factors
affecting this rating determination.

RATING SENSITIVITIES

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

  -- Successful renovation/repositioning of its Main Line campus;

  -- Maintenance of existing census levels, coupled with improved
operational and liquidity metrics that meet or exceed Fitch's below
investment grade medians.

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

  -- Inability to meet its 1.2x debt service coverage covenant;

  -- Deterioration in liquidity levels that result in cash to debt
levels below 20% or DCOH below 120 days;

  -- Any adverse changes to the SNF landscape or governmental
reimbursement modifications.

BEST/WORST CASE RATING SCENARIO

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

CREDIT PROFILE

Evangelical Services for the Aging (d/b/a WEL) was founded to
operate and manage continuing care campuses and other senior living
facilities within Pennsylvania. WEL OG owns and operates five
separate Life Plan Communities in or around the Philadelphia
market: Pennypack, Doylestown, Upper Moreland, Stapeley, and ML.
WEL's ML campus, which WEL became the sole member of in March 2015,
was added to its OG in conjunction with its series 2017 bond
issuance during fiscal 2017.

ML's campus consists of 163 ILUS, 30 PCUs, and 60 SNF beds on
approximately 22 acres. PP's campus consists of 72 ILUs, 39
assisted-living units, and 120 SNF beds on approximately 13 acres.
DT's campus consists of 219 ILUs and 60 SNF beds on approximately
seven acres. UM's campus consists of 150 ILUs and 33 AL beds on
approximately 17 acres. ST's campus consists of 43 ILUs, 46 PCUs,
21 memory-care units, and 120 SNF beds on approximately five
acres.

Other members of the OG are WEL, WEL Foundation, and WEL Home
Partners. Additionally, WEL owns and operates one community and one
senior housing community which are not part of the OG. Fitch's
analysis is based upon WEL OG's financial statements, which
reported total operating revenues of $70.2 million in fiscal 2019.

SOLID CENSUS MAINTAINED

Despite heavy competition in a well-penetrated market, WEL has
utilized an affordable pricing structure and favorable reputation
to maintain strong census levels. In fiscal 2019, WEL averaged 91%
in its ILUs, 88% in its PCUs, and 93% in its SNF beds.
Additionally, WEL has improved or maintained its census across
every service line through the three-month interim period as
evidenced by its 93% occupancy in its ILUs, 88% occupancy in its
PCUs, and 94% occupancy in its SNF. Despite the strong census
through the first three months of fiscal 2020, coronavirus related
disruptions to marketing, unit turnover, and pressures on SNF
external admissions are expected to soften census levels over the
short-term. However, management reports that census remains above
86% on average across all service lines at the beginning of June
2020.

While census will be pressured over the short-term, Fitch believes
WEL's strong demand indicators will continue which is reflected the
affirmation of the 'BB' rating. Additionally, Fitch expects WEL's
recent capital renovation projects at three of its campuses,
including its renovation and repositioning of its ML campus, to
improve marketability at each campus and improve OG census levels
over the longer-term.

At its ML campus, WEL is expected to renovate and enhance its ILU
corridors, renovate various common spaces (including dining rooms,
offices, and community spaces), build a new front entrance and
multi-purpose room, renovate and enhance its SNF, and upgrade and
renovate its PCUs. WEL's ML project began in April 2019 and is
expected to be completed by July 2020. The project is expected to
cost $15 million and is be funded entirely by series 2017 bond
proceeds. The project remains ahead of budget. Additionally, WEL is
doing similar renovations and enhancements at its' UM and DT
communities to enhance marketability of each campus. WEL's
renovations at its UM campus were completed in early 2020, while
renovations at its DT campus are expected to be completed by fall
2020.

CORONAVIRUS DISRUPTIONS EXPECTED TO PRESSURE FINANCIAL PROFILE

The 'BB' rating reflects WEL's weak historical operational
performance. Its weak operations are attributed to its high
concentration of SNF revenues and governmental payors, as well as
its moderately priced contracts, which have all limited its revenue
growth and pricing flexibility. While WEL's strong census,
effective cost controls, and diversification across five campuses
have translated into a consistent performance in recent years, its
profitability deteriorated in fiscal 2019 as evidenced by 113.5%
operating ratio, negative 6.9% NOM, and 10.9% NOMA. All three
metrics remain weaker than Fitch's 'BIG' medians of 100.7%
operating ratio, 3.8% NOM, and 19.4% NOMA.

Fitch attributes the weaker operations in fiscal 2019 to a weaker
payor mix in its SNF, increased legal fees, and a large bad debt
write-off. In fiscal 2019, WEL's bad debt expense increased to $2.3
million from $0.9 million in fiscal 2018. Despite the softening in
fiscal 2019, WEL's operations have begun to improve through the
three-month interim period as evidenced by 105.1% operating ratio,
2.3% NOM, which are more in line with its historical performance
levels. However, coronavirus related pressures on marketing, census
levels, external admissions, and turnover levels are expected to
impact WEL's fiscal 2020 performance which is reflected in the
Negative Outlook. Furthermore, unlike many of the single-site
providers in Fitch's portfolio, WEL does not qualify for a PPP loan
under the CARES ACT due to its size (five campuses and $70 million
revenue base) and large employee base, which amplifies any
revenues/cash flow disruptions or increased expenses as a result of
the pandemic.

WEL's thin operational performance has created reliance upon net
entrance fees to maintain sufficient coverage levels, as evidenced
by weak negative 0.3x revenue only coverage in fiscal 2019.
However, its net entrance fee receipts measured a strong $12.3
million, which incorporates approximately $3.5 million being
released from its entrance fee reserve fund. Fitch calculates MADS
coverage at 1.24x for fiscal 2019, which remains sufficient for its
current rating level. However, disruptions to marketing and
turnover levels due to the coronavirus pandemic are expected to
soften WEL's net entrance fee receipts in fiscal 2020 which could
impact coverage levels and is incorporated in the Negative
Outlook.

In fiscal 2019, WEL had approximately $39.6 million in unrestricted
cash and investments, which translates into 203 DCOH, 32.7% cash to
debt, and 4.9x cushion ratio and remains sufficient to support its
current rating level. Despite being trustee-held, Fitch includes
WEL's entrance fee reserve fund in its unrestricted cash and
investment calculation. The entrance fee reserve fund was
established with the series 2017 bond issuance to help alleviate
cash flow mismatches as WEL converts its remaining lifecare
contracts to non-refundable fee-for-service contracts. As of fiscal
2019, WEL had approximately $5.1 million remaining in its entrance
fee reserve fund.

However, WEL's unrestricted reserves declined to $30.8 million at
the three-month interim period which translates into 168 DCOH,
25.5% cash to debt, and 3.8 cushion ratio. Fitch attributes the
drop in liquidity primarily to large unrealized losses on
investments of $5 million. Despite the decline, WEL's liquidity
metrics remain sufficient for its rating level given its
diversified revenue base with five campuses, strong demand
indicators, and exposure to primarily non-refundable Type-C
contracts. However, WEL's liquidity position provides little
financial flexibility at its current rating level and further
deterioration of unrestricted reserves could pressure the rating.

MANAGEABLE LONG-TERM LIABILITY PROFILE

WEL's only long-term debt outstanding is the $122 million in series
2017 bonds, which are fixed-rate, have MADS of $8 million, and a
final maturity date of 2049. WEL has no exposure to derivative
instruments, a future service liability, or a defined benefit
pension plan. Overall, WEL's long-term liabilities remain
manageable for its rating level as evidenced by MADS equating to
11.4% of fiscal 2019 revenues, which compares favorably to Fitch's
BIG median of 16.7%. However, debt to net available measured 12.2x
in fiscal 2019, which remains weaker than Fitch's BIG of 10.9x.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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


WESTWIND MANOR: Fellers Buying King's Creek Golf Club for $750K
---------------------------------------------------------------
Westwind Manor Resort Association, Inc., and affiliates ask the
U.S. Bankruptcy Court for the Southern District of Texas to
authorize the sale of the King's Creek Golf Club for Fellers KCCC,
LLC for $750,000, subject to higher and better offers.

Warrior Acquisitions, LLC manages affiliates that own golf courses.
Warrior Acquisitions is the manager of six entities that own and
operate 18 golf courses and parcels of land located throughout
California, Florida, Colorado, Iowa, Alabama, North Carolina, South
Carolina, Tennessee and Georgia.  Warrior Acquisitions' golf
courses (i.e. those under its indirect management) serve their
local communities and are located in secondary and tertiary
markets.   

Warrior Acquisitions' managed courses generated approximately
267,500 rounds of golf in 2018.  Many of the golf courses have
additional amenities including golf pro shops, driving ranges,
clubhouses, restaurants, bars, swimming pools, private villas and
banquet facilities.  Warrior Acquisitions' managed courses
generated approximately $13 million in annual revenue over the past
few years but generated an operating loss of approximately $680,000
in 2018.  

Warrior Golf, LLC is the owner of the King's Creek Golf Club and
related amenities and parcels of real property located in Spring
Hill, Tennessee.  King's Creek consists of a 6,800 plus yard,
18-hole golf course, golf cart barn and related maintenance and
irrigation facilities, and an 1,800 square foot clubhouse that has
facilities for outdoor events.   

King's Creek serves as collateral of Serene WG Loan Investors ("DIP
Lender") under the Debtors' DIP financing.  The sale of King's
Creek remains subject to the terms of the court-approved Senior
Secured, Super-Priority Debtor-in-Possession Loan and Security
Agreement dated April 2, 2019, as amended ("DIP Credit Agreement"),
or as may be agreed by the Debtors and the DIP Lender.  

Since the commencement of the Chapter 11 Cases, the Debtors have
explored numerous avenues for selling their golf courses.  After
the Petition Date, Chris Charnas, the Debtors' golf course
consultant, received multiple expressions of interest regarding the
sale of King's Creek.  These expressions of interested culminated
in two offers to purchase King's Creek.

After fulsome arms'-length negotiations on price and other terms
with Fellers KCCC, LLC, a Tennessee Limited Liability Company,
Warrior Golf entered into an agreement, subject to higher and
better offers, to sell King's Creek to the Stalking Horse Bidder.
The Asset Purchase Agreement dated June 11, 2020, between Warrior
Golf and the Stalking Horse Bidder is attached to the Bid
Procedures Order.

To expose King's Creek to the market and ensure that value is
maximized at an auction, the Debtors have (i) listed King's Creek
on Loopnet.com, an online marketplace for commercial properties and
(ii) listed King's Creek on the website of Links Capital Advisors
("LCA"), the Debtors' real estate broker as retained at Docket No.
598.  Contemporaneous with the execution of the Stalking Horse
Agreement, the Debtors, with the assistance of LCA, (i) prepared an
electronic data room with relevant information about King's Creek,
(ii) issued a press release announcing entry into the Stalking
Horse Agreement and inviting higher and/or better bids, and (iii)
prepared and distributed an electronic flyer advertising the sale
of King's Creek, announcing entry into the Stalking Horse Agreement
and inviting higher and/or better bids to 15,000 email addresses of
potential golf course and land purchasers.

The principal terms of the Stalking Horse Agreement are:

     a. Purchaser: Fellers KCCC, LLC

     b. Purchase Price: $750,000 subject to higher and better
offer

     c. Assets to be Sold: All of Warrior Golf's current right,
title and interest in the Real Property, Personal Property, Assumed
Contracts, permits, intangibles, entitlements, tradename and
trademark, books and records and insurance claims or proceeds with
respect to King's Creek.  All other assets of Warrior Golf
including all cash, accounts, receivable and bank deposits as well
as all causes of action relating to King's Creek are not being
transferred to the Stalking Horse Bidder.

     d. Brokers: LCA will be paid a commission in an amount to be
determined, not to exceed 5%.

     e. Breakup Fee/Expense Reimbursement: Qualified Expense
Reimbursement for reasonable out of pocket expenses in an amount
not to exceed $25,000.

     f. Closing: The closing will take place within five days of
entry of the Sale Order, or as otherwise agreed.

     g. Deposit: $75,000

The Debtors ask approval of the bid procedures attached to the Bid
Procedures Order.  While all interested bidders should read the
Bidding Procedures in their entirety, the following describes the
salient points of the Bidding Procedures:

     a. Bid Deadline: July 1, 2020 at 12:00 p.m. (CT)

     b. Initial Bid: Initial Minimum overbid increments at the
Auction will be in the amount of not less than $50,000 cash.

     c. Deposit: 10% of the bidder's proposed purchase price

     d. Auction: If two or more timely Qualified Bids are received
by the Bid Deadline, an auction for King's Creek will be conducted
on July 2, 2020 starting at 10:00 a.m. (CT) by video conference.

     e. Bid Increments: $50,000

     f. Sale Hearing: July 6, 2020 at 11:15 a.m. (CT)

     g. Expense Reimbursement: $25,000

The Debtors ask that the Court approves the form and content of the
Sale Notice.  They propose to serve the Bidding Procedures Order
within two business days of its entry.  On that date, the Debtors
(or their agents) will also serve the Sale Notice upon all other
known creditors of Warrior Golf.   

As part of the Sale, the Debtors may ask authority to assume and
assign executory contracts and/or unexpired leases to the Stalking
Horse Bidder or other successful bidder.  No later than one day
after the Bid Deadline, the Debtors will file with the Court and
serve on each party to a Desired 365 Contract the Cure Notice.  

No later than one day prior to the Sale Hearing, any objection to
(i) the Cure Amount, (ii) the ability of Stalking Horse Bidder to
provide adequate assurance of future performance under the Desired
365 Contracts and/or (iii) the assumption and assignment of the
Desired 365 Contract must be filed with the Court.  

The Debtors submit that the Stalking Horse Agreement (or, if the
Stalking Horse Bidder is not the prevailing bidder, an alternative
bid resulting from the Bidding Procedures) will constitute the
highest and best offer for King's Creek and will provide a greater
recovery for the Debtors' estates than would be provided by any
other available alternative.  The Debtors' determination to sell
King’s Creek under the terms of the Stalking Horse Agreement (or
through a competitive Bidding Process as provided for in the
Bidding Procedures) is a valid and sound exercise of the Debtors'
business judgment.

Accordingly, the Debtors believe that they have proposed a fair
process for obtaining the highest and best offer and sale of King's
Creek for the benefit of their estates and their creditors.

The Debtors ask that King's Creek will be sold to the Stalking
Horse Bidder or the successful bidder free and clear of all liens,
claims, and encumbrances, with such liens, claims, and encumbrances
attaching to the proceeds of the sale.

The Debtors and the Stalking Horse Bidder have negotiated that
closing, in the event that the Stalking Horse Bidder is the
Successful Bidder, will occur within 5 days of entry of the Sale
Order.  Accordingly, the Debtors ask that the Court waives the
14-day stay period under Bankruptcy Rules 6004(h) and 6006(d).

A hearing on the Motion was set for June 22, 2020 at 1:30 p.m.

A copy of the Agreement and the bidding Procedures is available at
https://tinyurl.com/y9547mc5 from Pacermonitor.com free of charge.

           About Westwind Manor Resort Association

Westwind Manor Resort Association, Inc., and its subsidiaries
operate two distinct business segments.  Warrior Custom Golf
focuses on the manufacture and sale of custom golf clubs.  Warrior
Acquisitions manages affiliates, like Warrior Golf, LLC, which own
and manage golf courses.

Warrior Custom Golf was founded in 1998 by Brendan Flaherty.  It
develops, manufactures markets and sells affordable custom golf
clubs and related equipment to golfers worldwide.  Warrior Custom
Golf's products are custom built to the specifications of each
customer.  Warrior Acquisitions is the manager of six entities that
own and operate 18 golf courses and parcels of land located
throughout the United States.  Both segments of the business are
headquartered in Irvine, California.

Westwind Manor Resort Association and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 19-50026) on March 4, 2019.

The Debtors estimated both assets and debt between $1 million and
$10 million.

The cases have been assigned to Judge David R. Jones.

The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; Sidley
Austin LLP, as special counsel; Force Ten Partners LLC as financial
advisor; and Donlin, Recano & Company, Inc. as claims and noticing
agent.

Henry Hobbs Jr., the acting U.S. trustee for Region 7, appointed an
official committee of unsecured creditors on March 19, 2019.  The
committee is represented by Cozen O'Connor.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Darien Hotel Partners, LLC
   Bankr. W.D. Ky. Case No. 20-40467
      Chapter 11 Petition filed July 8, 2020
         See https://is.gd/z8Hk5g
         represented by: Russ Wilkey, Esq.
                         WILKEY & WILSON, PSC
                         Email: rwilkey@wilkeylaw.com

In re Danny James Cecile, Jr.
   Bankr. W.D.N.C. Case No. 20-50285
      Chapter 11 Petition filed July 7, 2020

In re Myint Kyaw
   Bankr. E.D.N.Y. Case No. 20-72407
      Chapter 11 Petition filed July 8, 2020
         represented by: Marc Pergament, Esq.

In re Hilary Taylor Johnson
   Bankr. C.D. Cal. Case No. 20-11202
      Chapter 11 Petition filed July 8, 2020
         represented by: Onyinye Anyama, Esq.

In re Kip Motor Company, Inc.
   Bankr. N.D. Tex. Case No. 20-31894
      Chapter 11 Petition filed July 9, 2020
         See https://is.gd/f8e9cl
         represented by: Marilyn D. Garner, Esq.
                         LAW OFFICE OF MARILYN GARNER
                         E-mail: mgarner@marilyndgarner.net

In re Gugerli Holdings, LLC
   Bankr. E.D.N.C. Case No. 20-02492
      Chapter 11 Petition filed July 9, 2020
         See https://is.gd/Us0MV7
         represented by: Travis Sasser, Esq.
                         SASSER LAW FIRM
                         E-mail: travis@sasserbankruptcy.com

In re B & B Environmental Safety, Inc.
   Bankr. E.D. Cal. Case No. 20-23414
      Chapter 11 Petition filed July 10, 2020
         See https://is.gd/Ls1Uhf
         represented by: David C. Johnston, Esq.
                         DAVID C. JOHNSTON
                         E-mail: david@johnstonbusinesslaw.com

In re Online King LLC
   Bankr. E.D.N.Y. Case No. 20-42591
      Chapter 11 Petition filed July 10, 2020
         See https://is.gd/VZ1jfa
         represented by: Joseph Balisok, Esq.
                         BALISOK & KAUFMAN PLLC
                         E-mail: joseph@lawbalisok.com

In re Leonard Lurye
   Bankr. E.D. Pa. Case No. 20-12947
      Chapter 11 Petition filed July 9, 2020
         represented by: David Marshall, Esq.

In re Mokhim Rasooli
   Bankr. C.D. Cal. Case No. 20-11205
      Chapter 11 Petition filed July 9, 2020
         represented by: Terri Kinsley, Esq.

In re Stuart Gallon
   Bankr. S.D. Fla. Case No. 20-17495
      Chapter 11 Petition filed July 9, 2020
         represented by: Lorenzo Rodriguez, Esq.

In re Raj S. Ambay
   Bankr. M.D. Fla. Case No. 20-05283
      Chapter 11 Petition filed July 9, 2020
         represented by: Edward Peterson, Esq.

In re United Emergency Medical Services, LC
   Bankr. S.D. Ind. Case No. 20-03920
      Chapter 11 Petition filed July 9, 2020
         See https://is.gd/WP3Dih
         represented by: KC Cohen, Esq.
                         KC COHEN, LAWYER, PC
                         E-mail: kc@smallbusiness11.com

In re George G. Wooten, III and Stephanie S. Wooten
   Bankr. E.D.N.C. Case No. 20-02497
      Chapter 11 Petition filed July 9, 2020
         represented by: Blake Boyette, Esq.

In re Randal L. Loehrke and Marjorie K. Loehrke
   Bankr. E.D. Wisc. Case No. 20-24784
      Chapter 11 Petition filed July 9, 2020
         represented by: Michelle A. Angell, Esq.
                         KREKELER STROTHER, S.C
                         E-mail: mangell@ks-lawfirm.com

In re Shirishkumar N. Patel
   Bankr. W.D. Ky. Case No. 20-40470
      Chapter 11 Petition filed July 9, 2020
         represented by: Russ Wilkey, Esq.
                         WILKEY & WILSON, P.S.C.

In re Gilbert Clarence Benavidez and Jennie Benavidez
   Bankr. D.N.M. Case No. 20-11385
      Chapter 11 Petition filed July 10, 2020
         represented by: Nephi Hardman, Esq.
                         ATTORNEY AT LAW, LLC

In re Frank Anthony Tabor
   Bankr. D.N.M.  Case No. 20-11389
      Chapter 11 Petition filed July 10, 2020
         represented by: Frances Rael, Esq.

In re Joseph Lee Dille and Jana Lynn Dille
   Bankr. D. Idaho Case No. 20-40535
      Chapter 11 Petition filed July 10, 2020
         represented by: Brent T. Robinson, Esq.
                         Reed W. Cotten, Esq.

In re Larry J. Cummings
   Bankr. C.D. Cal. Case No. 20-14708
      Chapter 11 Petition filed July 10, 2020
         represented by: Michael Berger, Esq.

In re Ramico, LLC
   Bankr. N.D. Tex. Case No. 20-31902
      Chapter 11 Petition filed July 11, 2020
         See https://is.gd/EeI6zX
         represented by: Robert T. DeMarco, Esq.
                         DEMARCO MITCHELL, PLLC
                         E-mail: robert@demarcomitchell.com

In re Bullseye Energy, LLC
   Bankr. N.D. Okla. Case No. 20-11144
      Chapter 11 Petition filed July 11, 2020
         See https://is.gd/2skVoV
         represented by: Ron D. Brown, Esq.
                         BROWN LAW FIRM PC
                         E-mail: ron@ronbrownlaw.com

In re Montmartre Inc
   Bankr. W.D. Wash. Case No. 20-11872
      Chapter 11 Petition filed July 10, 2020
         See https://is.gd/gvJWBa
         represented by: Larry B Feinstein, Esq.
                         LARRY B FEINSTEIN, PS
                         E-mail: feinstein1947@gmail.com

In re Spurlows Archery Pro Shop, LLC
   Bankr. M.D. Fla. Case No. 20-05340
      Chapter 11 Petition filed July 13, 2020
         See https://is.gd/BAYuQm
         represented by: Buddy D. Ford, Esq.
                         BUDDY D. FORD, P.A.
                         E-mail: All@tampaesq.com

In re FoxTrot Salon, LLC
   Bankr. N.D. Tex. Case No. 20-42319
      Chapter 11 Petition filed July 13, 2020
         See https://is.gd/7VVDaM
         represented by: Eric A. Liepins, Esq.
                         ERIC A. LIEPINS
                         E-mail: eric@ealpc.com

In re Geaux Grambling LLC
   Bankr. M.D. La. Case No. 20-10505
      Chapter 11 Petition filed July 13, 2020
         represented by: Ryan Richmond, Esq.

In re Kimberly Jean Messick, Esq.
   Bankr. D. Ariz. Case No. 20-08092
      Chapter 11 Petition filed July 13, 2020
         represented by: Harold Campbell, Esq.
                         HAROLD E. CAMPBELL, P.C.

In re Robert Alan Bock
   Bankr. N.D. Ill. Case No. 20-13866
      Chapter 11 Petition filed July 13, 2020
         represented by: Penelope Bach, Esq.

In re Osaka Holdings, LLC
   Bankr. E.D. La. Case No. 20-11247
      Chapter 11 Petition filed July 14, 2020
         See https://is.gd/M5j6Cs
         represented by: Leo D. Congeni, Esq.
                         CONGENI LAW FIRM, LLC
                         E-mail: leo@congenilawfirm.com

In re Ridgeline Technology
   Bankr. N.D. Cal. Case No. 20-51049
      Chapter 11 Petition filed July 14, 2020
         See https://is.gd/LWJd22
         represented by: Marc Voisenat, Esq.
                         VOISENAT LAW OFFICES
                         E-mail: voisenat@gmail.com

In re Alan M. Black and Deni T. Black
   Bankr. E.D. La. Case No. 20-11249
      Chapter 11 Petition filed July 14, 2020
         represented by: Leo Congeni, Esq.

In re Vicky D. Pilkington
   Bankr. S.D. Miss. Case No. 20-01953
      Chapter 11 Petition filed July 14, 2020

In re Bryan Lee Wallace and Krystal Amanda Wallace
   Bankr. M.D. Tenn. Case No. 20-03358
      Chapter 11 Petition filed July 14, 2020


                            *********

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.
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sell any security of any kind.  It is likely that some entity
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Each Tuesday edition of the TCR contains a list of companies with
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share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
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equity securities trade in public market are determined by more
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Point your Web browser to http://TCRresources.bankrupt.com/and use
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