/raid1/www/Hosts/bankrupt/TCR_Public/200723.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 23, 2020, Vol. 24, No. 204

                            Headlines

335 LAKE AVENUE: Hires Weinman & Associates as New Counsel
3443 ZEN: Trustee Taps Gindler Chappell as Tax Accountant
ACADIAN CYPRESS: Home Bank Buying Rose City Property
ADVANCED INTEGRATION: Moody's Cuts CFR to Caa1, Outlook Negative
AIRXCEL INC: Moody's Alters Outlook on Caa2 CFR to Stable

AMERICORE HOLDINGS: July 29 Hearing on Trustee's All Assets Sale
AUSTIN CONVENTION: S&P Lowers Rating on Subordinated Bond to 'BB-'
BOBBY DEAN JONES: Selling Snow Hill Real & Personal Properties
BRAEMAR HOTELS: Says Substantial Going Concern Doubt Exists
BROOKS BROTHERS: Aug. 3 Hearing on Bid Procedures for Assets

CCF HOLDINGS: Board Approves Elliott Davis as New Accountant
CLEAR CHANNEL: Moody's Rates New Senior Secured Notes 'B2'
CLEAR CHANNEL: S&P Downgrades ICR to 'CCC+'; Outlook Stable
CRACKER BARREL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
DCERT BUYER: Moody's Affirms B LongTerm IDR, Outlook Stable

E.W. SCRIPPS: Fitch Alters Outlook on B+ LT IDR to Stable
EP TECHNOLOGY: Guangzhou Buying Inventory for $3.26 Million
FLOYD'S INSURANCE: Trustee Selling Book of Business for $41K
FORUM ENERGY: Extends Tender Offer Participation Deadline
FREEPORT-MCMORAN: Egan-Jones Lowers Sr. Unsecured Ratings to B+

GNC HOLDINGS: Sets Bidding Procedures for Substantially All Assets
GULFPORT ENERGY: Stockholders Pass All Proposals at Annual Meeting
HOUSTON AMERICAN: Shareholders Pass All Proposals at Annual Meeting
INNOVATION HOMES: Trustee Selling 3 Properties to Meens for $50K
KLAUSNER LUMBER: Aug. 14 Auction of Substantially All Assets Set

KRISTAL C. OWENS: July 23 Auction of Wilkinsburg Property Set
KRONOS ACQUISITION: S&P Upgrades ICR to 'B-'; Outlook Stable
LCI GROUP: Sermons Buying Rolling Hills Property for $5.9 Million
LUCKY BRANDS: U.S. Trustee Appoints Creditors' Committee
MARIETTA AREA: Fitch Affirms 'BB-' IDR, Outlook Negative

MONTEVERDE RANCH: Case Summary & 8 Unsecured Creditors
NORTHERN DYNASTY: Sees Great Potential in Alaska's Pebble Project
NORTHWEST CO: Sets Bidding Procedures for Substantially All Assets
NOTOX TECHNOLOGIES: Posts $575K Net Loss in Third Quarter
OMNIQ CORP: Gets $4M Order for Mobile Data Collection Devices

OPTION CARE: Reports Preliminary Second Quarter Results
ORIGINCLEAR INC: Investors Convert $55,541 Notes Into Equity
PATRICK INDUSTRIES: Moody's Alters Outlook on B3 Rating to Stable
PERMIAN HOLDCO 1: July 24 Deadline Set for Committee Questionnaires
PROTEUS DIGITAL: Aug. 6 Auction of Substantially All Assets Set

PYXUS INT'L: July 28 Deadline Set for Committee Questionnaires
RENFRO CORP: S&P Lowers ICR to 'SD' on Distressed Debt Transaction
RONALD GOODWIN: Objections to Wichita Property Sale Due July 27
SAMSON OIL: BNY Mellon Terminates Deposit Agreement
SCHMAUS FAMILY: $530K Sale of Helena Property to Beuthiens Approved

SEQUA CORP: S&P Affirms CCC+ ICR; Rates New First-Lien Loan CCC+
SILVER LAKES: Aug. 14 Auction of Inn at Silver Lakes Set
SINGLETON FOOD: JSB Buying Hayesville Personal Property for $40K
SINTX TECHNOLOGIES: Prices $3 Million Registered Direct Offering
SLT HOLDCO: Aug. 5 Auction of Substantially All Assets Set

SMG INDUSTRIES: MaloneBailey LLP Raises Going Concern Doubt
SOUTH COAST BEHAVIORAL: Trustee Taps Joseph Yung as Tax Accountant
SPIRIT AEROSYSTEMS: Moody's Cuts CFR to B2, Outlook Negative
STRUCTURED CABLING: Selling Three Vehicles for $4.6K
STS OPERATING: Moody's Cuts CFR to B3, Outlook Still Negative

SYLVAIN LAPOINTE: Foreign Rep's Sale of Diamond Dr. Property Abated
TOSCA SERVICES: Moody's Rates $526.5MM Secured Term Loan 'B2'
TRIDENT BRANDS: Incurs $10.1 Million Net Loss in Second Quarter
UPGRADE LABS: Seeks to Tap Armory Consulting as Financial Advisor
UPGRADE LABS: Seeks to Tap Goe Forsythe as Legal Counsel

VIDEO DISPLAY: Hancock Askew & Co., LLP Raises Going Concern Doubt
W&T OFFSHORE: S&P Upgrades ICR to 'CCC+' on Improved Debt Leverage
WYNDHAM DESTINATIONS: S&P Affirms 'BB-' ICR; Outlook Negative
YOUNGEVITY INTERNATIONAL: Declares Monthly Dividend for 3rd Quarter
ZPOWER TEXAS: Local Auction of Excess Equipment Approved

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

335 LAKE AVENUE: Hires Weinman & Associates as New Counsel
----------------------------------------------------------
335 Lake Avenue, LLC received approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Weinman & Associates,
P.C. as its new legal counsel.

Weinman & Associates will substitute for Alex R. Hess Law Group,
the firm that initially handled Debtor's Chapter 11 case.

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

     Jeffrey A. Weinman, Esq.             $495
     William A. Richey, Paralegal         $300
     Lisa Barenberg, Paralegal            $250

Jeffrey Weinman, Esq., at Weinman & Associates, disclosed in court
filings that the firm and its employees are "disinterested persons"
within the meaning of Section 101(14) of the Bankruptcy Code.

The firm can be reached through:
     
     Jeffrey A. Weinman, Esq.
      Weinman & Associates, P.C.
     730 17th Street, Suite 240
     Denver, CO 80202
     Telephone: (303) 572-1010
     Facsimile: (303) 572-1011
     Email: jweinmanpc@weinmanpc.com
   
                       About 335 Lake Avenue

335 Lake Avenue, LLC is a single asset real estate (as defined in
11 U.S.C. Section 101(51B)).

On April 1, 2020, 335 Lake Avenue filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 20-12378).  The petition was signed by James K. Daggs,
Debtor's manager.  At the time of the filing, Debtor disclosed
estimated assets of $10 million to $50 million.  Judge Joseph G.
Rosania Jr. oversees the case.  Debtor has tapped Weinman &
Associates, P.C. as its legal counsel.


3443 ZEN: Trustee Taps Gindler Chappell as Tax Accountant
---------------------------------------------------------
Gregory Milligan, the Chapter 11 trustee for 3443 Zen Garden L.P.,
seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to employ Gindler, Chappell, Morrison & Co. PC as
his tax accountant.

The bankruptcy trustee requires the services of the firm to assist
him in preparing Debtor's federal income tax returns and for other
general accounting work.

Gindler will charge the trustee on an hourly basis at $195 per hour
for Mark Schiffgens, $125 per hour for Mr. Schiffgens' assistants,
and $100 to $200 per hour for other professionals.  The firm will
be paid a flat fee of $8,500 for the preparation of Debtor's tax
returns for the 2019 tax year.

Mr. Schiffgens, a tax consultant at Gindler, 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:
     
     Mark Schiffgens
     Gindler, Chappell, Morrison & Co. PC
     100 East Anderson Lane, Suite 250
     Austin, TX 78752
     Telephone: (512) 833-9600
     Facsimile: (512) 833-5434
      
                      About 3443 Zen Garden

3443 Zen Garden, LP is a "single asset real estate" debtor (as
defined in 11 U.S.C. Section 101(51B)).

On March 22, 2020, creditors Lyle America, Austin Glass & Mirror,
Inc. and ACM Services, LLC filed an involuntary Chapter 11 petition
against 3443 Zen Garden (Bankr. W.D. Texas Case No. 20-10410). The
petitioning creditors are represented by Kell C. Mercer, Esq., at
Kell C. Mercer, PC.

Judge H. Christopher Mott oversees the case.

Gregory S. Milligan was appointed as Chapter 11 trustee for 3443
Zen Garden. The trustee has tapped Wick Phillips Gould & Martin,
LLP as his bankruptcy counsel; HMP Advisory Holdings, LLC as
financial advisor; and Gindler, Chappell, Morrison & Co. PC (GCMC)
as tax accountant.


ACADIAN CYPRESS: Home Bank Buying Rose City Property
----------------------------------------------------
Acadian Cypress & Hardwoods, Inc., asks the U.S. Bankruptcy Court
for the Eastern District of Louisiana to authorize the sale of the
real property located at 645 Canary Street, Rose City, Texas, and
the equipment currently located on thereon to Home Bank for an
amount equal to the fair market value of the Property and
Equipment.

The Property and Equipment are currently subject to liens in favor
of Home Bank and the Small Business Administration.  

The Debtor has attempted to sell the Property and Equipment to a
third party but has been unsuccessful due to the short marketing
period.

The Debtor has agreed to sell the Property and Equipment to Home
Bank.  The fair market value will be either agreed to by the Debtor
and Home Bank or determined by the Court.  The Property and
Equipment will be sold free and clear of all liens, claims, and
encumbrances and other interests, with the proceeds net of closing
costs and taxes paid to Home Bank.   

The proposed sale of the Property and Equipment is fair and
reasonable and is the result of arm's-length negotiations between
the parties.  The agreement represents the best offer received to
date by the Debtor.

The Debtor asks entry of an order (i) authorizing it to sell the
Property and Equipment to Home Bank, free and clear of all liens,
claims, encumbrances and other interests, and (ii) authorizing
payment at closing of the net proceeds of such sale (sale price
less closing costs and taxes) to Home Bank.

Finally, the Debtor asks a waiver of the stay that otherwise would
be applicable to the order approving the proposed sale of Property
and Equipment pursuant to Bankruptcy Rules 6004(h).

          About Acadian Cypress

Acadian Cypress & Hardwoods, Inc., --
http://www.acadianhardwoods.net/-- manufactures lumber, plywood,
siding, shingles, flooring, fencing, and molding profiles.  It
sought Chapter 11 protection (Bankr. E.D. La. Case No. 19-12205)
on
April 15, 2019.  In the petition signed by Frank Vallot,
president,
the Debtor was estimated to have assets and liabilities at $1
million to $10 million.  Judge Jerry A. Brown is the case judge.
Heller, Draper, Patrick, Horn & Manthey, LLC is the Debtor's
counsel.



ADVANCED INTEGRATION: Moody's Cuts CFR to Caa1, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Advanced
Integration Technology LP, including the company's corporate family
rating (CFR, to Caa1 from B2) and probability of default rating (to
Caa2-PD from B3-PD), and the senior secured credit facility ratings
(to Caa1 from B2). The ratings outlook is negative.

RATINGS RATIONALE

The downgrades reflect recent weakness in operating performance
along with Moody's expectations that disruptions from the
coronavirus pandemic will continue to weigh on the company's
commercial aerospace operations and result in a weakening financial
profile for some time. The negative outlook further considers AIT's
short-dated capital structure, with its revolving credit facility
coming due in early-2021, financial covenants that limit borrowings
under the revolver, and the company's unproven ability to
consistently generate positive free cash flow.

The Caa1 CFR broadly reflects AIT's modest size, a relatively
concentrated customer and platform base, and exposure to cyclical
end markets. The rating also considers AIT's often lumpy and
large-sized customer contracts that reduce cash flow visibility
while adding an element of volatility to earnings. This earnings
volatility is compounded by the use of percentage of completion
accounting for most contracts which leads to ongoing and sometimes
meaningful revisions to contract costs and profitability. Moody's
recognizes AIT's exposure to defense end-markets that are expected
to remain relatively steady during the coronavirus pandemic.
However, Moody's expects the company's commercial aerospace
operations to contract over the next twelve months, and this will
lead to a weakening credit profile with Moody's-adjusted
debt-to-EBITDA anticipated to be at or above 6x by the end of
2020.

The rapid spread of the coronavirus outbreak, the 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.
Notwithstanding some early signs that the adverse impact of the
coronavirus outbreak on AIT and the deterioration in credit quality
that it triggered may be relatively short-lived and subsiding, the
company remains vulnerable to shifts in market demand and changing
sentiment in these unprecedented operating conditions.

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

Raings could be upgraded if there is an improvement in AIT's
liquidity profile involving an extension of the revolver's maturity
beyond 2021, with expectations of substantial availability under
the facility, and consistent free cash generation with FCF-to-debt
expected to be in the low single-digit range. Ratings could also be
upgraded if there is a demonstrated improvement in operational and
financial execution on a sustained basis. Any upward ratings
momentum would be predicated on expectations of conservative
financial policies, with Moody's-adjusted debt-to-EBITDA
anticipated to be sustained below 6x. Given the company's
relatively small scale, Moody's would expect AIT to maintain credit
metrics that are stronger than levels typically associated with
comparatively larger companies at the same ratings level.

A ratings downgrade could occur if AIT is unable to extend the
maturity of its revolving credit facility well in advance of the
April 2021 expiration date. As well, ratings could also be
downgraded if AIT generates negative free cash flow in 2020, or if
the company becomes more reliant on its revolver. The ratings could
also be downgraded with any debt-financed distributions to
shareholders or sizable debt-financed acquisitions over the
near-term that would indicate a higher tolerance for financial
risk.

The following is a summary of its rating actions:

Issuer: Advanced Integration Technology LP

  Corporate Family Rating, downgraded to Caa1 from B2

  Probability of Default Rating, downgraded to Caa2-PD from B3-PD

  Senior Secured Bank Credit Facility, downgraded to Caa1 (LGD3)
  from B2 (LGD3)

Outlook, Negative

Advanced Integration Technology LP, headquartered in Plano, Texas,
is a provider of turnkey factory automation and complex automated
and non-automated tooling to the commercial aerospace and defense
industries. AIT's primary business is to design, engineer,
manufacture, and install machines and systems which enable the
automated assembly of aerospace structures and other industrial
equipment. The company is equally owned by management and funds
affiliated with Onex Corporation.

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


AIRXCEL INC: Moody's Alters Outlook on Caa2 CFR to Stable
---------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Airxcel,
Inc. to stable from negative. Concurrently, Moody's affirmed the
company's Caa2 corporate family rating and Caa2-PD probability of
default rating, along with its Caa2 rating on its senior secured
first lien term loan and Ca rating on the second lien term loan.

"The change to stable outlook reflects the company's improved
liquidity and recent improvement in recreational vehicle production
trends, from the trough levels in April, which moderates the
expected decline in Airxcel's earnings and credit metrics over the
next 12-18 months", says Shirley Singh, Moody's lead analyst for
Airxcel. "While the market conditions are expected to remain
challenging, weakening Airxcel's earnings and cash flow over the
course of 2020, the recent recovery in RV demand and lower dealer
inventory levels points to a less severe contraction in 2020 and
prospects of relatively stable operating environment in 2021",
added Singh.

The following rating actions were taken:

Affirmations:

Issuer: Airxcel, Inc.

  Probability of Default Rating, Affirmed Caa2-PD

  Corporate Family Rating, Affirmed Caa2

  Senior Secured 1st Lien Bank Credit Facility, Affirmed Caa2
(LGD3)

  Senior Secured 2nd Lien Bank Credit Facility, Affirmed Ca (LGD5)

Outlook Actions:

Issuer: Airxcel, Inc.

  Outlook, Changed to Stable from Negative

RATING RATIONALE

Airxcel's Caa2 CFR broadly reflects the high financial risk that
results from the company's modest scale, high customer
concentration and significant exposure to the cyclical RV markets,
which is compounded by its aggressive financial policies and
debt-financed acquisitions. Moody's expects the company's earnings
and cash flow to weaken in 2020, but recent improvement in
liquidity provides better capacity to absorb anticipated sales
erosion. In addition, the company's aftermarket presence supporting
an installed base of 9 million RVs could moderate earnings
volatility, to a certain extent. The rating is also supported by
the company's strong market position.

The stable outlook reflects Moody's expectations that Airxcel's
free cash flow will remain at break-even to modestly positive
levels despite the weakening of the earnings and credit metrics in
2020 with some recovery in 2021.

The rapid spread of the coronavirus outbreak, the 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.
Notwithstanding some early signs that the adverse impact of the
coronavirus outbreak on Airxcel and the deterioration in credit
quality that it triggered may be relatively short-lived and
subsiding, the company remains vulnerable to shifts in market
demand and consumer sentiment in these unprecedented operating
conditions.

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

The ratings could be upgraded if Airxcel's earnings growth and free
cash flow remain positive, adjusted debt-to-EBITDA is sustained
below 7.0x and EBITA-to-interest is sustained above 1.0x.

The ratings could be downgraded if the company's revenue and
earnings decline result in weaker liquidity including increased
cash consumption and revolver usage such that default risk rises
further.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Headquartered in Wichita, Kansas, Airxcel manufactures products
such as air conditioning and ventilation systems, furnaces, water
heaters, window coverings and roofing membranes for RV's. The
company also manufactures specialty air conditioners, environmental
control units and heat pumps for the telecommunications, education
and multi-tenant housing end markets. Airxcel is owned by financial
sponsor L Catterton.


AMERICORE HOLDINGS: July 29 Hearing on Trustee's All Assets Sale
----------------------------------------------------------------
Judge Gregory R. Schaaf of the U.S. Bankruptcy Court for the
Eastern District of Kentucky has issued an order shortening the
notice period for the proposed amended sale by Carol Fox, the
Chapter 11 Trustee of St. Alexius Properties, LLC, St. Alexius
Hospital Corporation #1, and Success Healthcare 2, LLC, of
substantially all of St. Alexius assets in accordance with the St.
Alexius Bid Procedures Order, to SA Hospital Acquisition Group, LLC
for $18,549,850, subject to overbid.

The sale will be free and clear of all liens, claims and
encumbrances.

The 21-day notice period for the Amended Sale Motion is shortened
as requested in the Motion.  The Amended Sale Motion will be heard
on July 29, 2020 at 9:00 a.m. (ET) together with the other matters
on for hearing in the Debtors' cases.

A copy of the Agreement is available at
https://tinyurl.com/yarntd64 from PacerMonitor.com free of charge.

                      About Americore Holdings

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

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

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



AUSTIN CONVENTION: S&P Lowers Rating on Subordinated Bond to 'BB-'
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BBB-' rating on Austin Convention
Enterprises Inc.'s (ACE) senior debt and lowered its rating on the
company's subordinated debt by one notch to 'BB-' from 'BB'. At the
same time, S&P removed the ratings from CreditWatch, where it had
placed them with negative implications on March 23, 2020. S&P
placed negative outlook on the rating for both senior and
subordinated debt.

ACE owns Hilton Austin, an 801-room, full-service hotel in downtown
Austin, Texas, across from the Austin Convention Center. The hotel
opened on Dec. 27, 2003, and operates in a 31-story tower (24
stories are occupied by the hotel), with about 98,800 square feet
of meeting space (including pre-function space). Below the hotel is
a 750-space parking garage, 600 of which the hotel operates.

"ACE's liquidity profile reflects sufficient resilience under our
revised downside stresses on the hotel's performance and throughout
the path to recovery for the senior debt while its subordinated
debt is at risk of depleting all available liquidity in our
downside case before 2022 given the extended recovery in the
downside," S&P said.

"As a result, we affirmed our 'BBB-' ratings on the project's
senior debt and lowered ratings on its subordinated debt by one
notch to 'BB-' from 'BB'. We also removed the ratings from
CreditWatch," S&P said.

Unprecedented market conditions lead to revised S&P Global Ratings
assumptions. Since April of this year, the project witnessed
unprecedented single-digit or very low double-digit RevPAR levels.
In April and May, most of the guests staying at Hilton Austin were
airline crew members while in June there were some transient
leisure guests due to the less strict safer-at-home order in
Austin. Nearly all conventions or events have been cancelled or
significantly postponed for this year. S&P expects a slower and
more gradual recovery in the hotel operation given the fact that
convention center businesses would be the last to recover,
following drive-to leisure and individual business travel. S&P
believes the recovery would be highly dependent on how the
community would deal with COVID-19 in the next 12 months, either by
the availability of vaccine or further mandates imposed by the
local government. S&P's updated forecast is based on the project's
most recent performance and its latest corporate lodging forecast
that anticipates a 40%-50% decline in RevPAR against its 2019 level
in 2020 and 20% in 2021 for the U.S. lodging market.

"In our view, given the nature of convention center business that
drives the hotel's revenue, we expect the impact to be more severe
for convention center hotels," S&P said.

S&P's revised base case assumes nearly zero RevPAR until September
2020 and 50% lower than the 2019 level from October to December
2020. This is based on the rating agency's assumption that the
government would loosen up the restrictions on indoor
gathering/business-related activities early in the fourth quarter
of 2020 and the recovery would not happen immediately because
people might still have concerns about being in large groups. S&P
believes the shape of recovery is close to a U-shape, with a
four-year recovery back to the 2019 level. A relatively slower
recovery is outlined for convention center hotels, as smaller
leisure-focused hotels or boutique hotels might recover sooner.
After 2024, S&P has assumed a 2% increase year over year,
consistent with its assumptions before pre-COVID-19.

The revised downside case assumes zero RevPAR until the end of
2020, which reflects the potential risks that the hotel might be
still under great pressure with nearly no guests or suspended
temporarily for the rest of the year. A possible scenario would be
a sizable second wave that could make the virus battle longer than
expected and lead to more restrictions from the local government. A
10% additional stress is also applied from 2021 to 2024 over S&P's
base case to reflect a longer U-shaped recovery with RevPAR
resurfacing to the 2019 level by 2025.

In addition, S&P discovered that hotel operating expenses become
less elastic under the extreme operation environment when the hotel
faces a material decline in RevPAR. Operating expenses are much
stickier in such situations because the hotel is still responsible
for paying a certain amount of room maintenance, utility,
administration, marketing, and employee salary expenses. As a
result, S&P forecasts total operating expenses to be about $20
million under the base case and $18 million under the downside case
in 2020, given the most severe decline on RevPAR assumed in this
year. S&P's fixed expenses (including management fees, insurance,
and the furniture fixtures and equipment (FF&E) reserve
contribution) forecast is consistent with the rating agency's
assumption pre-COVID-19.

Sufficient liquidity cushion offsets cash flow shortfalls for
senior debt but is not as robust for subordinated debt. Overall,
the project benefits from its strong liquidity deposits in various
accounts, including senior and subordinated debt service reserve
accounts (DSRA), operating reserve account, senior and subordinated
FF&E reserves, and excess revenue fund accounts. The total amount
of liquidity was about $50 million as of May 26, 2020 (including
about $6 million in the senior debt service account and $1.3
million in the subordinated debt service account). For the senior
debt, the current level of liquidity would provide sufficient
resilience under S&P's revised downside case throughout the
recovery period and beyond 2025. However, S&P expects that the
senior DSRA would be drawn in 2021 by about 50%, and not fully
refunded to the required amount of about $13 million until 2024 in
the downside. While this potential draw shows some weakness, S&P
believes it remains in line with its 'BBB-' rating expectation
given its sensitivity analysis on additional RevPAR declines. For
the subordinated debt, given the subordinated nature of this debt
tranche, which is highly subject to liquidity available to the
subordinated debt obligation (not including senior DSRA) and the
residual cash after senior debt services and replenishment of
senior DSRA, S&P expects the liquidity position could only support
two years and likely be fully depleted in 2022 under its revised
downside case. Therefore, the liquidity profile for the
subordinated debt tranche is closer to the 'b+' level under S&P's
downside assessment.

Environmental, social, and governance (ESG) factors relevant to the
rating action

-- Health and safety

The negative outlook reflects the uncertainty of the hotel
performance due to the possibility of prolonged recovery from the
weakening travel demand and fundamental shift in the lodging
industry with regard to the existing models of business travel and
conventions, which could lead to a consistent and material decline
in RevPAR beyond S&P's downside case assumption.

"We could lower the senior debt ratings if RevPAR declined 20% or
more over our downside RevPAR assumption each year from 2020
–2024, which exhausts the project's liquidity before 2024 in our
downside case," S&P said.

"We could lower the subordinated debt ratings if there were a
significant RevPAR drop of more than 30% below our downside RevPAR
assumption in 2021, leading to full depletion of liquidity
available to subordinated debt by 2022," the rating agency said.

Factors that could trigger the downgrade include a new round of
government shelter-in-place mandates due to a material second wave
of COVID-19 in U.S. in 2021, a faster transition of the convention
business model to virtual reality conferences over the next two
years, and a longer-than-expected economic recession after
post-COVID-19.

"We could revise the outlook to stable if the hotel's performance
returns to pre-COVID-19 levels, with a DSCR of 2.1-2.5x. This could
happen if the speed of recovery in the convention business-related
travel outperformed our expectation in the next two years," S&P
said.


BOBBY DEAN JONES: Selling Snow Hill Real & Personal Properties
--------------------------------------------------------------
Bobby Dean Jones, Jr., and Lisa Ginn Jones ask the U.S. Bankruptcy
Court for the Eastern District of North Carolina to authorize the
sale of the following assets:

     a. approximately 28.4 acres of real property located at 346
Woodrow Corbett Road, Snow Hill, North Carolina; Book 678, Page
496, Greene Co. ROD;

     b. the following personally:

          i. Three greenhouses located 346 Woodrow Corbett Road,
Snow Hill, NC 28580, un-affixed to real property;

         ii. CASE 3950 22' finish harrow disc 9" spacing; and

        iii. 2007 Fecon FTX140 mulching machine, VIN -0456.

The Debtors are individuals and are residents of Greene County,
North Carolina.  Their assets consist of both real property and
personal property, including various vehicles and equipment that
are used in the business operations of Dean Jones Farms, Inc., a
North Carolina corporation and DIP in a related Chapter 11
proceeding pending before the Court in file number 20-01829-5-SWH.


The Motion is made pursuant to the provisions of Section 363(f) of
the Bankruptcy Code, and through the Motion, the Debtors ask
authority to sell the Property free and clear of all liens,
encumbrances, claims, rights, and other interests, including, but
not limited to, those listed above and those asserted by the
following parties:

     a. Any and all personal property taxes due and owing to any
city, county, or municipal corporation; and

     b. Any remaining liens, encumbrances, claims, rights, or other
interests asserted against the Property which relate to or arise as
a result of a sale of the Property, or which may be asserted
against the buyer of the Property, including, but not limited to,
those liens, encumbrances, interests, rights and claims, whether
fixed and liquidated or contingent and unliquidated, that have or
may be asserted against the Property or the buyer of the Property
by the North Carolina Department of Revenue, the Internal Revenue
Service, or any other taxing government authorities.

The Debtors ask that the liens described attach to the proceeds of
sale.

The sale proceeds of any over-encumbered Property will be subject
to (a) the payment of the reasonable, necessary costs and expenses
of preserving or disposing of such property, to the extent of any
benefit to the holder of an allowed secured claim as provided for
by Section 506(c) of the Bankruptcy Code, and (b) costs and
expenses, including the attorneys' fees and expenses of the counsel
for the Debtors in the Bankruptcy Case.

If any creditor claiming a lien upon or interest in the Property
does not object within the time allowed, such creditor will be
conclusively deemed to have consented to sale of the Property free
and clear of its liens or interests.

Objections, if any, must be filed within 21 days from the date of
notice.

The Chapter 11 case is In re BOBBY DEAN JONES, Jr., d/b/a Buzz
Kutz
d/b/a Melons and Bloomers, and LISA GINN JONES f/k/a Lisa Carmen
Ginn (Bankr. E.D.N.C. Case No. 20-00780-5-SWH).


BRAEMAR HOTELS: Says Substantial Going Concern Doubt Exists
-----------------------------------------------------------
Braemar Hotels & Resorts Inc. filed its quarterly report on Form
10-Q, disclosing a net loss of $15,387,000 on $117,520,000 of total
revenue for the three months ended March 31, 2020, compared to a
net loss of $1,322,000 on $128,513,000 of total revenue for the
same period in 2019.

At March 31, 2020, the Company had total assets of $1,802,515,000,
total liabilities of $1,309,017,000, and $349,360,000 in total
equity.

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


The Company said, "As of March 31, 2020, the Company maintained
unrestricted cash of US$141.8 million.  All of the Company's
property-level debt is non-recourse.  Although the Company was in
compliance with all its debt covenants as of March 31, 2020,
subsequent to March 31, 2020 the Company did not make at least one
interest payment on nearly all of its mortgage and mezzanine loans,
which constituted an "Event of Default" as such term is defined
under the applicable loan documents.  Further, the Company
triggered an "Event of Default," as defined under the secured
revolving credit facility agreement as a result of the Company
being in default on mortgage and mezzanine loans with an aggregate
principal amount in excess of US$200 million.

"Pursuant to the terms of the applicable mortgage loan, such an
Event of Default caused an automatic increase in the interest rate
on its outstanding loan balance for the period such Event of
Default remains outstanding.  Following an Event of Default, the
Company's lenders can generally elect to accelerate all principal
and accrued interest payments that remain outstanding under the
applicable mortgage loan and foreclose on the applicable hotel
properties that are security for such loans.

"Additionally, subsequent to March 31, 2020, the Company did not
make rental payments under two ground leases that are paid monthly.
The Company is actively negotiating the terms for forbearance
agreements or waivers with its lenders and landlords.  Based on
these factors, the Company has determined that there is substantial
doubt about the Company's ability to continue as a going concern
within one year after the date the financial statements are issued.
U.S. generally accepted accounting principles requires that in
making this determination, the Company cannot consider any remedies
that are outside of the Company's control and have not been fully
implemented.

"As a result, the Company could not consider future potential
fundraising activities, whether through equity or debt offerings,
dispositions of hotel properties or the likelihood of obtaining
forbearance agreements as we could not conclude they were probable
of being effectively implemented.  Any forbearance agreement will
most likely lead to increased costs, increased interest rates,
additional restrictive covenants and other possible lender
protections.

"In addition to or in lieu of obtaining forbearance agreements, the
Company could turn over the hotels securing the mortgage loans to
the respective lenders."

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

                       https://is.gd/L5x6Z3


BROOKS BROTHERS: Aug. 3 Hearing on Bid Procedures for Assets
------------------------------------------------------------
Judge Christopher R. Sontchi of the U.S. Bankruptcy Court for the
District of Delaware shortened the notice period for the bidding
procedures proposed by Brooks Brothers Group, Inc. and its
debtor-affiliates in connection with the auction sale of their
business.

The hearing to consider the relief with respect to the Bidding
Procedures sought in the Motion will be held on Aug. 3, 2020 at
1:00 p.m. (ET).  The objection deadline is July 29, 2020 at 4:00
p.m. (ET).

The Order will be immediately effective and enforceable upon its
entry.

The Debtors are authorized to take all action necessary to
effectuate the relief granted in the Order.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 5, 2020 at 4:00 p.m. (ET)

     b. Initial Bid: A Qualified Bid must specify the price
proposed to be paid for the Assets, which Purchase Price must
include the sum of the Termination Payment.  It must clearly
identify the particular liabilities, if any, the Bidder proposes to
assume.

     c. Deposit: 10% of the Purchase Price

     d. Auction: If the Debtors receive any Qualified Bids, they
will conduct the Auction on Aug. 10, 2020 beginning at 10:00 a.m.
(ET), or on such other date as may be determined by the Debtors
after consultation with counsel to the Committee, either (i) at the
offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York,
New York 10153, or (ii) virtually pursuant to procedures to be
timely filed on the Bankruptcy Court's docket.

     e. Bid Increments: $1 million

     f. Sale Hearing: Aug. 17, 2020 at (TBD) (ET)

     g. Sale Objection Deadline: Aug. 13, 2020 at 4:00 p.m. (ET)

     h. Persons or entities holding a perfected security interest
in the Assets may seek to submit a credit bid on such Assets.

A copy of the Bidding Procedures is available at
https://tinyurl.com/y7tuwtgy from PacerMonitor.com free of charge.

                 About Brooks Brothers Group

Brooks Brothers -- https://www.brooksbrothers.com -- is a clothing
retailer with over 1,400 locations in over 45 countries. While
famous for its clothing offerings and related retail services,
Brooks Brothers is known as a lifestyle brand for men, women, and
children, which markets and sells footwear, eyewear, bags,
jewelry,
watches, sports articles, games, personal care items, tableware,
fragrances, bedding, linens, food items, beverages, and more.

Brooks Brothers Group, Inc. is the Debtors' ultimate corporate
parent, which directly or indirectly owns each of the other Debtor
entities.

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

The Debtors were estimated to have assets and liabilities of $500
million to $1 billion.

Hon. Christopher Sontchi presides over the cases.

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


CCF HOLDINGS: Board Approves Elliott Davis as New Accountant
------------------------------------------------------------
The Audit Committee of the Board of Directors of CCF Holdings LLC,
the successor to Community Choice Financial Inc., approved the
engagement of Elliott Davis LLC as the Company's new independent
registered accounting firm.  As part of the engagement, Elliott
Davis will audit or review, as applicable, the financial statements
of CCF and CCFI, as applicable, for the period from Jan. 1, 2018
through Dec. 12, 2018 (CCFI) and from Dec. 13, 2018 (inception of
CCF) through Dec. 31, 2018 (CCF) and for the year ended Dec. 31,
2019 and for the interim periods of CCF ended March 31, 2019, June
30, 2019, Sept. 30, 2019 and March 31, 2020.  During the years
ended Dec. 31, 2019 and 2018, and the subsequent periods through
July 17, 2020, the effective date of the Company's engagement of
Elliott Davis, neither CCF nor CCFI consulted with Elliott Davis
regarding any matters or events set forth in Items 304(a)(2)(i) or
(ii) of Regulation S-K.

                       About CCF Holdings

CCF Holdings, LLC -- http://www.ccfi.com/-- is a retailer of
financial services to unbanked and underbanked consumers through
a network of 468 retail storefronts across 12 states and are
licensed to deliver similar financial services over the internet in
28 states.  CCF focuses on providing consumers with a wide range of
convenient financial products and services to help them manage
their day-to-day financial needs including consumer loans, check
cashing, prepaid debit cards, money transfers, bill payments, and
money orders.

CCF Holdings reported a net loss of $52.84 million for the year
ended Dec. 31, 2019.  For the period Dec. 13 through Dec. 31, 2018,
the Company reported net income of $1.64 million on $18.98 million
of total revenues.  As of March 31, 2020, CCF Holdings had $215.36
million in total assets, $230.99 million in total liabilities, and
a total members' deficit of $15.63 million.

                           *    *     *

As reported by the TCR on May 29, 2020, S&P Global Ratings lowered
its issuer credit rating on CCF Holdings LLC to 'CCC' from 'CCC+'.
The outlook is negative.

As reported by the TCR on Oct. 18, 2019, Moody's Investors Service
downgraded CCF Holdings LLC's corporate family rating and the
rating on its 10.75% paid-in-kind senior unsecured notes to Caa3
from Caa2.  The ratings' downgrade reflects Moody's assessment that
CCF Holdings' profitability has been impaired due to the
restrictions imposed by the Ohio Fairness in Lending Act, which
caps the annual interest rate on payday loans to 28% and sets new
limits on fees.


CLEAR CHANNEL: Moody's Rates New Senior Secured Notes 'B2'
----------------------------------------------------------
Moody's Investors Service affirmed Clear Channel Outdoor Holdings,
Inc's B3 Corporate Family Rating and assigned a B2 rating to the
proposed senior secured note of affiliate, Clear Channel
International B.V. Clear Channel's existing senior secured credit
facility and senior secured notes were affirmed at B1 while the
senior unsecured notes issued by affiliate, Clear Channel Worldwide
Holdings, Inc, were affirmed at Caa2. The outlook remains
negative.

The net proceeds of the $350 million senior secured note due 2025
issued by CCIBV will be used to repay a $54.9 million promissory
note and add cash to the balance sheet. The new notes will be
secured by some of the international assets, but will not have a
claim against the high margin North American assets or be
guaranteed by Clear Channel. The transaction increases Clear
Channel's pro forma cash balance to approximately $885 million, but
pro forma leverage will increase to 10.9x from 10.2x as of Q1 2020
(excluding Moody's standard lease adjustments). Moody's expects
leverage will increase substantially in the near term due to the
impact of the coronavirus outbreak on outdoor advertising revenue
and discretionary consumer spending, which will substantially
reduce revenue and profitability in 2020. Despite elevated leverage
levels and negative free cash flow, liquidity, aided by the
addition of cash from the new offering, is projected to be adequate
over the next year and the Speculative Grade Liquidity rating
remains unchanged at SGL-3.

Affirmations:

Issuer: Clear Channel Outdoor Holdings, Inc.

Corporate Family Rating, Affirmed B3

Probability of Default Rating, Affirmed B3-PD

Senior Secured Bank Credit Facility, Affirmed B1 (LGD3) from
(LGD2)

Senior Secured Regular Bond/Debenture, Affirmed B1 (LGD3) from
(LGD2)

Issuer: Clear Channel Worldwide Holdings, Inc.

Senior Unsecured Regular Bond/Debenture, Affirmed Caa2 (LGD5)

Assignments:

Issuer: Clear Channel International B.V.

Senior Secured Regular Bond/Debenture, Assigned B2 (LGD3)

Outlook Actions:

Issuer: Clear Channel International B.V.

Outlook, Assigned Negative

Issuer: Clear Channel Outdoor Holdings, Inc.

Outlook, Remains Negative

Issuer: Clear Channel Worldwide Holdings, Inc.

Outlook, Changed to Negative from No Outlook

RATINGS RATIONALE

Clear Channel's B3 CFR reflects the ongoing impact of the
coronavirus outbreak on the global economy and outdoor advertising
spending which will lead to substantially higher leverage and
decreased operating cash flow. Moody's expects Clear Channel's
lower margin European business, which includes street furniture and
transit contracts, to decline substantially in the near term as a
result of the pandemic. While Clear Channel has diversified
operations primarily in the U.S. and Europe, there is significant
exposure to larger markets which are more likely to be adversely
impacted by the coronavirus and elevate declines in operating
performance in both divisions in the near term. The outdoor
advertising industry also remains vulnerable to reduced consumer ad
spending, with contract terms generally shorter than in prior
periods. As result, Moody's expects the outdoor industry will be
affected more rapidly than in prior recessions.

Clear Channel benefits from its market position as one of the
largest outdoor advertising companies in the world with diversified
international operations. The ability to convert traditional static
billboards to digital provides growth opportunities which Moody's
expects will lead to higher revenue and EBITDA with appeal to a
broader range of advertisers after the pandemic subsides. Outdoor
advertising is not likely to suffer from disintermediation as other
traditional media outlets have and will benefit from restrictions
of the supply of additional billboards (particularly in the US),
which helps support advertising rates and high asset valuations.

Clear Channel's pro forma leverage is very high at 10.9x (excluding
Moody's standard lease adjustment) as of Q1 2020 and Moody's
expects leverage will increase significantly in the near term as a
result of the pandemic. Expense and capex reductions are projected
to offset only a portion of the economic recession on profitability
and cash flow. Clear Channel completed the sale of its ownership
position in Clear Media for $223 million in net proceeds in Q2 2020
which will be reinvested into the business and help support
liquidity during the pandemic.

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

A governance impact that Moody's considers in Clear Channel's
credit profile is the change in financial policy. Prior to the
separation with iHeartCommunications, Inc. in Q2 2019, Clear
Channel paid material dividends to its prior parent company that
led to reduced free cash flow and high leverage levels. Moody's
expects that Clear Channel will pursue a more conservative policy
after the impact of the pandemic starts to abate, but will be
focused on preserving liquidity in the near term.

The speculative grade liquidity rating of SGL-3 reflects Moody's
expectation that Clear Channel will maintain adequate liquidity in
the near term. Pro forma cash on the balance sheet will be
approximately $885 million with access to a $175 million revolver
due 2024 with $150 million drawn ($20mm of L/Cs outstanding) as
well as an $125 million receivables-based facility due 2024 as of
Q1 2020. Liquidity benefited from the sale of the company's
position in Clear Media which provided $223 million in net cash
proceeds in Q2 2020. Free cash flow has been slightly negative in
recent periods and Moody's expects that FCF will be decline
substantially in 2020. The decrease will occur despite efforts to
cut capex below $110 million in 2020 from $221 million in 2019 and
plans to reduce expenses by $100 million in Q2. Additional sales of
non-core assets are possible going forward, especially outside of
North America, which could provide an additional source of
liquidity.

The term loan is covenant lite and the revolver is subject to a
first lien net leverage ratio of 7.6x if the balance of the
revolver is greater than $0 and undrawn letters of credit exceed
$10 million. If the total leverage ratio is equal to or less than
6.5x, the revolver will only be subject to the first lien net
leverage ratio when greater than 35% is drawn. Clear Channel
executed an amendment in June 2020 that suspends the springing
covenant until Q3 2021, but subjects the company to a minimum
liquidity test of $150 million during the suspension period.

The negative outlook reflects Moody's expectation of significant
declines in revenue and EBITDA as a result of the economic
recession driven by the pandemic which will lead to substantially
higher leverage levels and negative free cash flow in 2020. The
European business that has a higher percentage of lower margin
street furniture and transit revenue located in large markets, is
likely to be especially hard hit in the near term and take longer
to recover than its higher margin US operations. Moody's projects
Clear Channel will have adequate liquidity, although additional
sources of liquidity may be needed if the coronavirus impacts the
industry for a prolonged period of time. Moody's projects leverage
levels will improve to the mid 12x range by the end of 2021 and to
under 11x by the end of 2022 as advertising spend improves after
the impact of the pandemic subsides. Moody's also projects free
cash flow will remain negative until 2022 and that Clear Channel
will be reliant on its cash balance for liquidity.

The senior secured notes issued at CCIBV were rated B2, one level
lower than the secured debt issued at parent company, Clear
Channel, reflecting CCIBV's security in only a portion of the
international assets with no claim against the higher margin North
American assets and the lack of guarantees from Clear Channel. The
B2 rating on the CCIBV notes reflects a one level override lower to
Moody's Loss Given Default methodology as a result of the
differences in security and guarantees. The senior unsecured notes
issued at affiliate CCW are rated Caa2, two notches below the B3
CFR given the substantial amount of secured debt in the capital
structure.

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

A rating upgrade is not expected in the near term for Clear Channel
due to the impact of the pandemic and very high leverage levels.
However, an upgrade could occur if leverage decreased below 7x with
a positive free cash flow to debt ratio in the mid-single digits
and an EBITDA minus capex to interest coverage ratio of over 1.5x.
An adequate liquidity profile with a sufficient cushion of
compliance with financial covenants would also be required.

The ratings could be downgraded if leverage exceeds 10x for an
extended period of time once the pandemic subsides or if the
liquidity position deteriorated such that there was an increased
possibility of default or a distressed exchange. An EBITDA minus
capex to interest coverage ratio sustained below 1x or inability to
obtain an amendment on its financial covenant applicable to its
revolver if needed in the future would also lead to a downgrade.

Clear Channel Outdoor Holdings, Inc., headquartered in San Antonio,
Texas, is a leading global outdoor advertising company that
generates LTM revenues of approximately $2.7 billion as of Q1 2020.
iHeartCommunications, Inc. previously owned 89% of CCO and former
iHeart debtholders own a material portion of CCO's equity following
iHeart's exit from bankruptcy in Q2 2019.

The principal methodology used in these ratings was Media Industry
published in June 2017.


CLEAR CHANNEL: S&P Downgrades ICR to 'CCC+'; Outlook Stable
-----------------------------------------------------------
S&P Global Ratings downgraded Clear Channel Outdoor Holdings Inc.
(CCOH) to 'CCC+' from 'B-' and lowered its issue level ratings on
its debt by one notch in concert with the issuer credit rating. The
recovery ratings remain unchanged.

S&P assigned a 'B' issue-level and '1' recovery rating on the
proposed $350 million senior secured notes issued by the company's
indirect subsidiary CCIBV.

S&P does not expect CCOH to generate any significant FOCF until
2023. The downgrade reflects S&P's view that CCOH's higher debt
burden and additional interest expense from the proposed $350
million senior secured note issuance will reduce the company's free
operating cash flow (FOCF) by roughly $25 million annually,
resulting in negligible cash flow generation in 2021 and 2022 on
roughly $5.5 billion of reported debt. S&P expects the coronavirus
pandemic and resulting recession will cause substantial advertising
revenue declines for out-of-home advertisers over the next year.
EBITDA for 2020 will decrease significantly from 2019 levels and
FOCF will be in the negative $250 million to negative $300 million
range. While S&P previously expected the company to return to
generating positive FOCF in 2021, the rating agency now believes
that the incremental interest will keep cash flow roughly
break-even to negative through 2022. S&P believes the absence of a
track record of cash flow generation increases the refinancing
risks associated with the company's senior unsecured notes due
2024.

Advertisers have pulled back on their marketing plans due to
stay-at-home measures. S&P now forecasts that real U.S. GDP will
contract by 5.2% in 2020 (substantially worse than the rating
agency's March forecast for a 1.3% decline) and expect the
company's advertising revenue to decline due to reduced consumer
confidence and spending. Furthermore, government efforts to contain
the virus have encouraged consumers to remain in their homes, which
has hurt out-of-home advertisers. CCOH generates a sizable portion
of its U.S. revenue from billboards in large markets, where there
have been stricter containment measures due to the higher
likelihood of rapid transmission. S&P also expects CCOH's European
segment will face steep advertising declines due to strict
stay-at-home orders and city-based nature of its European
operations. The company also has a sizeable presence in smaller
U.S. markets, where traffic volume has improved since late March
and advertising declines have not been as significant. Given the
longer lead times for out-of-home advertising, S&P expects the
company's revenue to decline the steepest during the second quarter
before its results begin to gradually improve in the second half of
the year. Specifically, S&P expects spending on out-of-home
advertising to decline over 20% in the U.S. in 2020.

CCOH's reported margins will decline; however, S&P believes the
company can cut some costs to partially cushion the blow. The
rating agency expects CCOH to cut back on certain costs, such as
pay increases and variable lease expenses, which will decline if
its displays aren't generating revenue. However, operating lease
and minimum transit and municipal guarantee payments accounted for
about two-thirds of the company's operating expenses in 2019. The
company expects to reduce its second-quarter operating expenses by
about $100 million from second-quarter 2019, although S&P believes
this will be insufficient to offset the material decline in the
company's revenue. S&P believes most of the company's cost savings
will come from Europe, where the company has converted many of its
minimum guarantee contracts with municipalities to revenue-sharing
agreements or defer its minimum guarantee payments over the short
term. CCOH may also be able to renegotiate the payment terms with
its U.S. billboard landowners and transit partners to reduce or
defer its required payments in 2020.

Liquidity remains sufficient to weather the recession. Pro forma
for the notes issuance and the sale of Clear Media in May, CCOH had
about $885 million of cash at the end of its first quarter,
including $150 million drawn on its revolver at the end of March.
CCOH has also announced a number of measures to preserve its
liquidity, including reducing operating expenses, renegotiating or
deferring lease and minimum payment guarantees to landowners and
municipalities, and reducing growth capital expenditures. Despite
these cost reductions, S&P expects the company will burn about $250
million of FOCF over the next 12 months, including about $335
million-$345 million of interest payments and about $100
million-$120 million of capital expenditures. The company's largest
interest payments occur in the first and third quarters of each
year, when about $140 million-$145 million is due.

CCOH amended its covenant established by its revolving credit
facility in June 2020. As a result of this amendment, the company
has suspended the requirement that its first-lien net leverage
ratio not exceed 7.6x from third-quarter 2020 through
second-quarter 2021. The amendment also delays the timing of the
financial covenant stepdown of the first-lien net leverage ratio to
7.1x, which was originally set to occur in second-quarter 2021
until first-quarter 2022. During the suspension period, CCOH must
maintain minimum liquidity of $150 million, including cash on hand
and availability under the company's receivables-based credit
facility and revolving credit facility. The covenant amendment
alleviates liquidity concerns and S&P expects it will comply with
the revolving credit facility covenants once they are reinstated in
2021.

The stable outlook reflects S&P's view that the company has
sufficient liquidity and monetizable assets, if needed, to weather
the recession and the rating agency does not expect the company to
face a credit or payment crisis over the next 12 months.

"We could lower the rating if we expect CCOH to face a payment
default or pursue a debt restructuring over the next 12 months.
This could occur if an economic recovery stalls or is much slower
than expected, or if a second wave of the coronavirus causes
stay-at-home directives to be reinstated resulting in the
deterioration of the company's liquidity position," S&P said.

"We could raise the rating if we see evidence that the economy is
recovering and believe the risk that CCOH's markets may suffer a
setback from additional waves of COVID-19 is low. In this scenario,
we would expect CCOH to generate positive FOCF in 2021 and 2022,
and repay its debt using its cash flows or via asset sale
proceeds," the rating agency said.


CRACKER BARREL: Egan-Jones Lowers Senior Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on July 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cracker Barrel Old Country Store Inc to BB+ from
BBB.

Headquartered in Lebanon, Tennessee, Cracker Barrel Old Country
Store, Inc. operates restaurants.



DCERT BUYER: Moody's Affirms B LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed DCert Buyer, Inc.'s (operating as
DigiCert) Long-Term Issuer Default Rating at 'B'. The Rating
Outlook is Stable. Fitch has also affirmed DCert Buyer's $125
million first-lien secured revolver and $1.65 billion first-lien
term loan at 'BB-'/'RR2'. The $475 million second-lien term loan is
not rated by Fitch.

The ratings reflect DigiCert's resilient business model and
dominant position within the Certificate Authority industry that
enable continuing growth of digitalization of information
correlating to growth in internet traffic. The company's technology
is utilized by 89% of Fortune 500 companies and 46% of encrypted
internet traffic globally including 87% of e-commerce transactions.
DigiCert has experienced limited impact in its business from the
coronavirus pandemic given the mission criticality of its products
for customers with an internet presence.

In spite of DigiCert's strong operating profile, its private equity
ownership is likely to optimize return on equity by taking
advantage of the strong operating profile and maintaining some
level of financial leverage. Fitch forecasts gross leverage to
remain at over 6x through 2022 despite the EBITDA growth and strong
FCF generation as cash flow is likely to be used for acquisitions
and shareholder returns.

Fitch believes the mission critical nature of CA on the internet
should enable DigiCert to be resilient through the economic cycles
with secular growth driven by increasing digitalization in all
aspects of commerce and the society. In recent updates from the
company, management indicated that the company has experienced no
meaningful impact from the ongoing coronavirus pandemic. As a
precaution, the company has taken steps to reduce expenses. As of
May 31, 2020, the company had sufficient cash balance on balance
sheet without the need to draw on its revolver.

KEY RATING DRIVERS

Strong Position in Niche Segment: DigiCert has effectively
consolidated the CA industry with a solid leading position and an
even stronger position in the core Extended Validation and
Organizational Validation segments. The industry is expected to
grow in the high single digits in the near term, with EV and OV
growing at near 10% and Domain Validation at mid-single-digits.

Limited Technology Obsolescent Risks: With increasing information
being exchanged over the internet, the need to ensure data security
will continue to rise. Secure sockets layer security provides an
important layer of security by verifying and authenticating
websites being accessed and by encrypting data transported over the
internet. Fitch believes SSL technology will be continuously
enhanced, including adaptation for quantum computing, by building
on the existing foundations to ensure full backward compatibility
rather than being replaced by new disruptive technologies; this
tends to favor incumbents such as DigiCert.

Benefits from New Access Platforms and Applications: While access
to internet data has evolved from browsers to mobile applications,
and increasingly to Internet of Things, SSL technology provides the
versatility to secure data across various access platforms. Fitch
expects applications of SSL technology to continue to grow along
with new access platforms and devices. In addition, the company
also anticipates future growth opportunities in emerging
technologies to enable greater digital security including code
signing certificates, document signing certificates, and transport
layer security management.

Browser Lifecycle a High Entry Barrier: CAs need to be embedded
into various available browsers, which could result in new CAs
being incompatible with outdated browsers, as it could take five to
10 years for older browsers to be eliminated from the market.
Without full compatibility with all existing browsers, the value of
certificates issued by new CAs diminishes, limiting acceptance by
websites that subscribe to CA service. Fitch believes the inability
to be fully compatible is an effective entry barrier.

Recurring Revenue and Strong Profitability: Consistent with
historical revenue trends, DigiCert revenue is expected to be 100%
subscription-based with 100% net retention rate. Fitch expects the
continuing growth in the underlying demand for CAs should provide
the foundation for resilient market growth. This results in a
highly predictable operating profile for the company. Given the
concentrated industry structure and high entry barriers, Fitch
expects DigiCert to sustain strong profitability.

Ownership Could Limit Deleveraging: DigiCert is majority owned by
private equity firms Clearlake and TA Associates. Fitch believes
private equity ownership is likely to result in some level of
ongoing leverage to optimize ROE. Fitch expects the company to
gradually delever through EBITDA growth; however, prepayment of
debt is unlikely given the ownership structure that could
prioritize ROE optimization through optimal capital structure.

DERIVATION SUMMARY

DigiCert Holdings, Inc. is a CA that enables trusted communications
between website servers and terminal devices such as browsers and
smartphone applications. Increasingly, applications are expanding
to include IoT terminal devices. A CA verifies and authenticates
the validity of websites and their hosting entities, and
facilitates the encryption of data on the internet. CA services are
100% subscription-based and generally recurring in nature. DigiCert
is the revenue market share leader in the space after acquiring
Symantec's Website Security Services in 2017. The merger combined
DigiCert's technology platform with Symantec's large customer base
resulting in a robust operating profile. The 'B' IDR reflects
Fitch's view that DigiCert's gross leverage is consistent with 'B'
rating category peers with solid operating profiles. Despite the
strong profitability, Fitch believes the private equity ownership
is likely to prioritize ROE optimization over accelerated
deleveraging, resulting in gross leverage remaining elevated at
approximately 6x.

Fitch's ratings on DigiCert reflect its view of the resilience and
the predictability of DigiCert's revenue and profitability as a
result of the continuing demand for trust over the internet.
DigiCert has solidified its strong position in the segment as
illustrated through the company's operating profile. Within the
broader internet security segment, Symantec Corporation
(BB+/Negative) is also a leader in its space. Symantec has larger
revenue scale and lower financial leverage than DigiCert, but
Symantec operates in a more competitive space and does not have the
dominant position DigiCert has in its niche space as reflected in
their respective profit margins.

KEY ASSUMPTIONS

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

  -- Revenue growth in the mid- to high-single-digits;

  -- EBITDA margins remaining stable;

  -- Capex at 2.5%-3.0% of revenue;

  -- Dividend to the parents of $200 million in 2022 and 2023
funded with cash on balance sheet;

  -- No acquisition is assumed through 2023; however, acquisitions
would be internally funded with a reduction in dividends.

RATING SENSITIVITIES

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

  -- Fitch's expectation of forward total debt with equity
credit/operating EBITDA sustaining below 6.0x or FFO leverage
sustaining below 6.5x;

  -- (CFO-Capex)/Total Debt with Equity Credit above 6.5%;

  -- Stable market position as demonstrated by mid-single-digits
revenue growth and stable EBITDA and FCF margins.

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

  -- FFO Fixed Charge Coverage below 1.5x;

  -- Fitch's expectation of forward total debt with equity
credit/operating EBITDA sustaining above 7.5x or FFO leverage
sustaining above 8.0x;

  --(CFO-Capex)/Total Debt with Equity Credit below 3.5%;

  -- Weakening market position as demonstrated by sustained
negative revenue growth and EBITDA and FCF margin erosion.

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

Given the strong cash generation capabilities, Fitch believes
DigiCert will have adequate liquidity. The company had $54 million
in readily available cash at end of 1Q 2020. Fitch forecasts
DigiCert to generate EBITDA of over $275 million in 2020, resulting
in approximately $150 million in readily available cash exiting
2020. Additionally, DigiCert's liquidity is supported by an undrawn
$125 million revolving facility and a favorable debt maturity
schedule, with the nearest term loan maturing in 2026. Liquidity
may potentially be hampered by special dividends to the sponsors.
Fitch assumes special dividends of $200 million in 2022 and 2023;
however, liquidity remains solid as DigiCert continues to generate
high FCF margins.

ESG CONSIDERATIONS

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

SUMMARY OF FINANCIAL ADJUSTMENTS

No material financial adjustments have been made.

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.


E.W. SCRIPPS: Fitch Alters Outlook on B+ LT IDR to Stable
---------------------------------------------------------
Fitch has affirmed The E.W. Scripps Company's 'B+' Long-Term Issuer
Default Rating. Fitch has revised the Outlook to Stable from
Negative owing to Scripps' announced asset sales and planned debt
reduction. Fitch has also affirmed the 'BB+'/'RR1' ratings on the
first lien credit facilities and the 'B'/'RR5' rating on the senior
unsecured notes. Fitch expects that Scripps' meaningful debt
reduction will improve the recovery prospects for the senior
unsecured notes. Fitch intends to upgrade the senior unsecured
issue level rating upon completion of the announced divestitures
and debt repayment.

The 'B+' IDR and Stable Outlook reflect Scripps' recent asset sale
announcements, including the sale of the Stitcher podcasting
business to SiriusXM for $325 million and the sale of WPIX to
Mission Broadcasting, Inc. for $75 million. Scripps intends to
apply the proceeds and excess cash flow stemming from an
anticipated strong presidential political advertising cycle toward
debt reduction, which will meaningfully strengthen credit metrics.
Scripps will receive $265 million in cash upfront from the Stitcher
sale with the potential to receive two future payments of $30
million in 2020 and 2021 based on financial performance (with these
earnout cash payments received in early 2021 and 2022,
respectively). Scripps has heavily invested in the Stitcher
platform since the acquisition of the Midroll and the Sticher app
in 2015 and 2016 for a $59.5 aggregate purchase price. While
Stitcher contributed roughly $75.1 million to Scripps' revenues in
2019, it was a drag to the Nation Media segment's profit and
consolidated EBITDA. Stitcher's operating losses were in the
high-teens for full-year 2019.

In addition, Nextar executed its option to acquire the WPIX New
York CW affiliate for $75 million by transferring its right to its
affiliated entity, Mission Broadcasting Inc. The television station
sale is dependent on FCC regulatory approval and is expected to
close later in 2020. The sale of WPIX is also deleveraging as the
asset generated just minimal EBITDA.

Fitch believes that Scripps' planned debt reduction will reduce
two-year average leverage by roughly one turn relative to prior
expectations, improving Scripps' financial flexibility and more
strongly positioning the credit profile in the 'B+' rating level.
Fitch notes that there are growing uncertainties around the
coronavirus pandemic, its duration and the resulting macroeconomic
impact. Fitch expects the resulting recession will continue to
weigh on the overall advertising environment and Scripps' financial
performance. However, Fitch believes anticipated deleveraging will
provide Scripps with sufficient cushion to weather a period of
weaker operational performance.

KEY RATING DRIVERS

Coronavirus Pandemic: Fitch expects the coronavirus pandemic and
resulting ad recession to negatively affect Scripps' financial
performance in 2020. However, Fitch believes that Scripps' Local
Media business is better positioned for a pull-back in advertising
spend owing to the significant amount of political advertising
revenues forecast in 2020 with the anticipated contentious
presidential election cycle. In addition, Scripps' retransmission
revenues are poised for strong yoy growth stemming from the new
Comcast retransmission contract, which commenced on January 2020
(+$60 million in incremental annual retransmission revenues with
step-ups) and other upcoming distributor retransmission
negotiations. Local television and other news content providers
provide a vital public service during this crisis period. Fitch
expects television viewership trends will generally benefit as
consumers increase usage of in-home entertainment. Scripps'
National Media businesses experienced robust revenue growth and
improving profitability in FY2019. Any pullback or weakening in the
advertising environment may also impact these businesses including
the Katz digital networks, but Fitch expects this will result in a
less material impact to EBITDA given the relatively smaller
contribution to overall profitability.

Assets Sales Support Deleveraging: Scripps will receive $265
million (excluding the $30 million potential earnout payments in
2020/2021) and $75 million in cash proceeds from the sale of
Stitcher and WPIX in 2020. The company's sizable net operating loss
carryforwards will help shield anticipated tax liabilities,
resulting in $320 million in net cash proceeds. Scripps has
prioritized strengthening the balance sheet and will apply these
near-term asset sale proceeds and excess cash flow toward absolute
debt reduction. Fitch's average two-year total leverage (total debt
with equity credit/operating EBITDA) will decline by roughly one
turn and approximate roughly 5.0x.

Improved Scale and Higher Quality Station Assets: Scripps owns 59
television stations across 41 markets and is the fourth largest
broadcaster in the U.S. Scripps has number one or number two ranked
stations in approximately 38% of its markets. Scripps continued its
strategy to improve the quality of its station portfolio in 2019,
acquiring station assets from Cordillera and Nexstar (regulatory
solution to close the Tribune Media acquisition). The legacy
Cordillera stations are ranked number one in their markets, with
the exception of one station that is ranked number two. While the
legacy Nexstar stations increased Scripps' presence in political
battleground states and larger markets, they consist mostly of CW
affiliates. Scripps pro forma two-year average revenues and EBITDA
were roughly $1.7 billion and $300 million respectively
(2018/2019A).

Weak, Albeit Improving, EBITDA Margins: Fitch expects that Scripps'
EBITDA margins will continue to lag peers for the foreseeable
future owing to the still-high concentration of lower-rated
stations in Scripps television portfolio. Scripps' National Media
segment provides diversification away from the local television
business, but has been generally less profitable. Fitch expects the
sale of the Stitcher platform to improve National Media segment
profitability meaningfully as Stitcher contributed roughly $75
million in revenues but generated operating losses in the high
teens. National Media generated $396 million in revenues, but just
$24 million in segment profit in FY 2019.

Fitch sees other drivers for margin improvement. The extended
Comcast retransmission contract (commenced January 2020) and
upcoming distributor negotiations (approximately 42% of subscribers
in 2020 and 18% in 2021) will support meaningful retransmission
growth.

Retransmission revenues approximated 37% of Local Media revenues in
2019, as compared with mid-40% for the television broadcast peer
group on average. Scripps benefits from a high proportion of 'Big
Four' affiliates in its station portfolio. Scripps has modest
contract renewals with the networks in 2020 (just two ABC
stations), with a more meaningful number of renewals in 2021 (22
stations) and 2022 (31). As such, Fitch expects net retransmission
fees will also experience growth over the near term.

Improving FCF: Television broadcasters typically generate
significant amounts of FCF due to high operating leverage and
minimal capex requirements. Scripps generated $71 million in FCF
for the 2018, benefiting from the return of robust political
revenues. However, one-time costs related to the acquisitions,
contributions to the company's pension plans, higher capex related
to the FCC repack weighed on FCF. Scripps had a $105 million FCF
deficit in 2019. Scripps previously guided to FCF in a range of
$225 million-$250 million for FY2020 owing to growth in
retransmission fees, anticipated robust political revenues,
improving National Media profitability and lower capital spending.

Fitch believes that the coronavirus pandemic and the potential for
a resultant recession will weigh on the overall advertising
environment. These headwinds will pressure Scripps' revenues and
cash flows. However, the severity is highly dependent on the
duration of the crisis. Fitch expects that Scripps will generate
positive FCF even with a pullback in advertisers' marketing budget.
Scripps and other local broadcasters' benefit from having a more
material cushion from retransmission and political advertising
revenues than prior economic downturns.

Advertising Revenue Exposure: Advertising revenues accounted for
roughly 55% of Scripps' Local Media revenues (two-year average,
excluding political). Advertising revenues, especially those
associated with TV, are becoming increasingly hyper cyclical and
represent a significant risk to all TV broadcasters. Scripps'
largest advertising categories include autos and other service
categories. In an economic downturn some of these smaller
advertisers may go out of business or not return. Fitch expects
this pose as a higher risk for television broadcasters given the
preponderance of local advertising revenues.

Viewer Fragmentation: Scripps continues to face the secular
headwinds present in the TV broadcasting sector including declining
audiences amid increasing programming choices, with further
pressures from OTT internet-based television services. However, it
is Fitch's expectation that local broadcasters, particularly those
with higher-rated stations, will remain relevant and capture
audiences that local, regional and national spot advertisers seek.
Fitch also views positively the increasing inclusion of local
broadcast content in OTT offerings. Growth in OTT subscribers will
continue to provide incremental revenues and offset declines of
traditional MVPD subscribers.

DERIVATION SUMMARY

Scripps' 'B+' IDR reflects its smaller scale and higher leverage
relative to the larger and more diversified media peers, like
ViacomCBS, Inc. (BBB/Stable) and Discovery Communications
(BBB-/Stable). Scripps' 'B+' rating reflects Fitch's expectation
that pro forma EBITDA margins will continue to lag peers owing to
the still high concentration of lower-rated stations in its
television station portfolio. Fitch views diversification presented
by the new media assets as a modest positive. Fitch expects
Scripps' pro forma total leverage to decline to roughly 5.0x, down
one-turn relative to previous expectation. Scripps' total leverage
is lower than (BB-/Negative). However, Gray benefits from
television stations that are ranked number one or number two in 92%
of its markets and has significant exposure in political
battleground geographies. Gray's EBITDA margins, in the high 30%
range (two-year average), lead the peer group. By comparison, Fitch
expects Scripps' EBITDA margins will remain in the high teens
(even-odd year average).

KEY ASSUMPTIONS

Local Media:

  -- 2020 results reflect the acquisition of the Cordillera
stations (closed May 2019) and Nexstar stations (closed September
2019). In addition, Scripps completes the sale of WPIX to Mission
Broadcasting for $75 million in late 2020;

  -- Core advertising declines in mid-double digits in 2020,
rebounding in 2021. Core advertising returns to flat to low single
digit declines thereafter;

  -- Political advertising revenues of roughly $200 million in 2020
with a strong presidential cycle;

  -- Retransmission revenues of roughly $580 million in 2020, +30%
yoy pro forma for Comcast contract (+60 million in incremental
retransmission revenues). Scripps has a large number of subscribers
up for renegotiation (approximately 42% in 2020 and approximately
18% in 2021). Retransmission revenue growth decelerates to the high
single digits thereafter;

  -- EBITDA margins are soft in 2020 owing to declining core
advertising revenues and high degree of fixed costs. EBITDA also
fluctuates reflecting even year political revenues and margins will
improve on average due to the mix shift towards higher-margin
retransmission revenues.

National Media:

  -- Scripps divests Stitcher for $325 million in 2020, including
$265 million in cash up front, and $30 million in earnout payments
in 2020 and 2021 (with cash received early the following year);

  -- Pull-back in advertising spending will also decelerate revenue
growth at Scripps' National Media properties. However, National
Media profitability improves to low 20% range over the forecast
owing to the sale of Stitcher and continued scale improvements.

Aggregate:

  -- Scripps utilizes its net operating loss carryforwards (NOLs)
to shield the anticipated tax liabilities from the sale of Stitcher
and WPIX. Fitch assumes Scripps exhausts its NOLs and pays more
meaningful cash taxes after 2021;

  -- Roughly $30 million in pension contributions in 2020 and
thereafter $10 million annually over the forecast period;

  -- Capex at roughly $50 million annually;

  -- Dividends of $16 million annually;

  -- Scripps allocates asset sale proceeds and excess cash flow to
debt repayment;

  -- Scripps does not resume share repurchase activity until
operating environment stabilizes and then conducts roughly $50
million in share repurchases annually;

  -- Two-year average leverage declines to roughly 5.0x.

Recovery Considerations

  -- The recovery analysis assumes that Scripps would be considered
a going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim;

  -- Scripps' going-concern EBITDA is based on the pro forma LTM
LQ8A EBITDA December 2019 of roughly $320 million. Fitch then
stresses EBITDA by assuming that an economic downturn results in a
cyclical decline in advertising revenues. Scripps' Local Media
(television) core advertising revenues decline by roughly 15%.
Additionally, the National Media business (podcasting, digital
audio measurement, national content brands like Newsy) also
experience ad declines. Fitch expects traditional mediums (like
television broadcasting) will be disproportionately impacted by
pullback in advertisers' budgets. Scripps benefits from its higher
proportion of subscription revenues (retransmission revenues)
relative to the previous recessionary period. In addition, Fitch
does not expect political ad revenues to be affected by economic
pressure. Given the high degree of operating leverage in the
business, LQ8A EBITDA declines to $260 million;

  -- Fitch employs a 6x distressed enterprise value multiple
reflecting the value present in the company's FCC licenses in
small- and medium-sized U.S. markets. This multiple is roughly
in-line with median TMT emergence enterprise value/EBITDA multiple
of 5.5x. It also incorporates the following:

(1) current public trading EV/EBITDA multiples range from 7x-11x;

(2) Recent transaction multiples in a range of 7x-9x. Nexstar Media
Group announced its planned acquisition of the Tribune Media
Company in December 2018 for $6.4 billion including the assumption
of Tribune's debt, which represents a 7.5x purchase price multiple
(including $160 million in outlined synergies). Gray Television
acquired Raycom Media for $3.6 billion in January 2019,
representing a 7.8x purchase price multiple (including $80 million
of anticipated synergies). Scripps announced its acquisition of 15
television stations from Cordillera Communications in October 2018
for $521 million, representing an 8.3x purchase price multiple
(including $8 million in outlined synergies). Scripps incrementally
announced its acquisition of eight stations from Nexstar in March
2019 for $580 million. The purchase price represents an 8.1x
multiple of average two-year EBITDA excluding the New York City CW
affiliate, WPIX;

  -- Fitch estimates an adjusted, distressed enterprise valuation
of $1.5 billion;

  -- Fitch assumes a fully drawn revolver ($210 million) in its
recovery analysis since credit revolvers are tapped as companies
are under distress. Scripps had $1.05 billion of term loan debt and
$900 million of senior unsecured notes as of March 2020;

-- The recovery analysis results in a 'BB+' and 'RR1' recovery
rating for the company's secured first lien debt reflecting Fitch's
belief that 91%-100% expected recovery is reasonable. The recovery
analysis results in a 'B' rating and 'RR5' recovery rating for the
senior unsecured notes, reflecting 11-30% expected recovery. Fitch
anticipates that Scripps' planned debt reduction will improve the
senior unsecured notes' recovery prospects. Fitch expects that it
will upgrade the issue level rating upon completion of the
transactions and debt paydown.

RATING SENSITIVITIES

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

  - Two-year average total leverage (total debt with equity
credit/operating EBITDA) sustained below 4.5x;

  - Two-year average FCF/gross adjusted debt above 5%.

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

  - Two-year average total leverage sustained above 5.5x as a
result of incremental acquisition activity, shareholder friendly
activities or weaker than anticipated operating performance
including an acceleration in secular pressures;

  - Two-year average FCF/gross adjusted debt falls below 2%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Scripps' liquidity is supported by $180 million
in balance sheet cash and $28 million in revolving credit
availability as of March 31, 2020 ($210 million revolver). Scripps
has minimal term loan amortization (approximately $7.96 million
annually) through 2023.

The company's revolving credit facility has a 4.25x maximum first
lien net leverage covenant, which is tested only when there are
revolver borrowings outstanding (springing covenant). Fitch expects
Scripps will repay outstanding revolver borrowings over the near
term. However, Fitch forecasts sufficient cushion relative to the
covenant level in its base case which incorporates the impact of
the coronavirus pandemic and a near term recession.

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).


EP TECHNOLOGY: Guangzhou Buying Inventory for $3.26 Million
-----------------------------------------------------------
EP Technology Corp. USA asks the U.S. Bankruptcy Court for the
Central District of Illinois to authorize the sale of the inventory
including cameras, camera systems, and their respective components,
listed on Exhibits A and B, to Guangzhou Boguan Optoelectronics
Technology Co. for $3.26 million.

Each component of the Sale Property is at least two years old and
includes outdated software and design and cannot be repurposed for
the Debtor's purposes.  For these reasons, the Debtor has not been
able to sell the equipment through its normal channels.  Typically,
the Debtor sells its products through third parties, such as
Amazon, that then sell the products directly to consumers.

As of the Petition Date, the Debtor's capital structure consisted
of obligations under an outstanding credit facility in the amount
of approximately $24.5 million, pursuant to that certain Loan and
Security Agreement dated Aug. 17, 2012 by and between the Debtor
and UPS Capital Corporation.  The Credit Facility is secured by a
lien on the Debtor's inventory, including the Sale Property,
accounts receivable, and inventory in transit.

Shortly after the Petition Date, the Debtor filed a motion pursuant
to which it sought, among other things, the use of the cash
collateral of UPS.  The Court has entered seven interim orders
providing for the consensual use of Cash Collateral.  Pursuant to
those orders, UPS has been granted a replacement lien on its
prepetition collateral.  

Additionally, in connection with the consensual use of the Cash
Collateral, the Debtor, at the request of UPS, agreed to pursue a
sale of the Sale Property.  The proceeds of the sale will be used
in part to pay down its obligations to UPS.

The Debtor is offering for sale the Sale Property.  The Debtor,
together with its financial advisor, Lunch Pail Capital, LLC
contacted entities providing asset disposition services such as
Gordon Brothers and the Great American Group.  The Debtor also
reached out to the Buyer.

After weeks of negotiations, the Debtor and the Buyer agreed on the
terms of a sale of the Sale Property.

The key terms of that agreement include:

      a. Buyer: Guangzhou Boguan Optoelectronics Technology Co.

      b. Seller: EP Technology Corporation USA

      c. Purchase Price: $3.26 million

      d. Deposit: $100,000 payable within 15 days of entry into
agreement.  Refundable only if the Debtor unable to consummate sale
for reasons outside of its control.

      e. Payment Timing: $1.08 million payable within 45 days after
signing.  $2.08 million payable within 90 days of signing.   

      f. Security Interests: UPS retains a security interest in the
Sale Property until paid in full.  Any and all claims, liens,
interests and encumbrances of UPS with respect to the Sale Property
shall attach to the proceeds of the sale of the Sale Property in
the same validity, extent and priority as existed immediately prior
to the sale, and upon the Debtor's receipt of any proceeds of the
sale of the Sale Property, the Debtor shall immediately remit to
UPS all such proceeds to be applied as a partial paydown of the
principal amount owing by the Debtor to UPS.

The Debtor believes the proposed sale provides the highest and best
recovery for the Debtor's estate.  It will also provide much needed
liquidity to the Debtor in exchange for relieving the Debtor of the
burden of continued storage of outdated and unsellable equipment.
For these reasons, the Debtor respectfully asks that the Court
approves the sale of the Sale Property.

UPS has consented to the sale of the Sale Property.  Accordingly,
the sale will be free and clear of any liens, claims, encumbrances,
or interests.

A copy of the Agreement and the Exhibits is available at
https://tinyurl.com/y9snnxa3 from PacerMonitor.com free of charge.

              About EP Technology Corporation USA

Founded in 1997, EP Technology Corporation U.S.A. is a developer
and manufacturer of video surveillance products, digital video
recorders, security cameras.

EP Technology Corporation sought Chapter 11 protection (Bankr.
C.D.
Ill. Case No. 19-90927) on Sept. 23, 2019 in Urbana, Illinois.  In
the petition signed by Kevin Wan, president, the Debtor was
estimated to have assets at $10 million to $50 million and
liabilities within the same range. Judge Mary P. Gorman oversees
the Debtor's case.  FactorLaw is the Debtor's counsel.


FLOYD'S INSURANCE: Trustee Selling Book of Business for $41K
------------------------------------------------------------
Algernon L. Butler, III, Chapter 11 Trustee of Floyd's Insurance
Agency, Inc., asks the U.S. Bankruptcy Court for the Eastern
District of North Carolina to authorize the private sale of Book of
Business to Freedom Insurance Agency, Inc. for $40,500.

The Debtor is an independent insurance agency that has an agency
relationship with the following insurance companies (“Insurance
Companies”): (i) Halifax Mutual Insurance Co., (ii) National
General Insurance, (iii) NC Joint Underwriting Association, (iv)
Dairyland Insurance, (v) Discovery Insurance Co., and (vi) UPC
Insurance.

On the Petition Date and at the present time, the Debtor holds an
interest in the following property consisting of its "book of
business" with the Insurance Companies and its customers, and
specifically consisting of the following as to each Insurance
Company ("Book of Business"):

     a. Floyds' complete and entire paper and electronic files,
customer lists, customer account records, and all other usual and
customary records in connection therewith and used by Floyds in
connection with the operation of its agency business with the
Insurance Company(s) and its insurance customers;

     b. The file cabinets containing those files intact that are in
paper;

     c. Transfer of the right to use the telephone number(s)
presently used by Floyds;

     d. Any and all agency agreements which Floyds now has with the
Insurance Company(s), to the extent that they are transferrable,
including any right to receive all so-called contingent bonus or
profit sharing commissions, ifany, pursuant to the agency
agreements or any other agreement in effect between Floyds and the
Insurance Companies which it represents (the Buyer acknowledges
that none ofthe agency agreements are assignable without the
consent ofthe Insurance Companies); and

     e. Goodwill associated with each ofthe assets described.

The Trustee has entered into a contract for the private sale of the
estate's interest in the Book of Business to the Buyer and upon the
terms of their Standard Offer Form and Offer Terms, Procedures &
Instructions.

The Purchaser's offer and contract and the sale requested to be
approved is the product and result of the Trustee's marketing of
the Book of Business for sale to qualified insurance agencies in
the relevant community pursuant to the method and procedure set
forth in the Offer.  The offer submitted by the Purchaser and
requested to be approved is the highest and best of those offers.

In order to allow the sale to close as soon as practicable, the
Trustee asks that the Court provides that its order authorizing the
sale is not stayed pursuant to Bankruptcy Rule 6004(h) but is
immediately effective.

The objection deadline was July 10, 2020.

A copy of the Offer is available at https://tinyurl.com/ybxc9q33
from PacerMonitor.com free of charge.

The Purchaser:

         FREEDOM INSURANCE AGENCY, INC.
         43 South Whiteville Village
         Whiteville, NC 28472

               About Floyd's Insurance Agency

Whiteville, N.C.-based Floyd's Insurance Agency Inc. sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
E.D.N.C.
Case No. 20-01982) on May 20, 2020.  At the time of the filing,
the
Debtor was estimated to have assets between $1 million and $10
million and liabilities between $10 million and $50 million.
Judge
Joseph N. Callaway oversees the case.  Hendren, Redwine & Malone,
PLLC is the Debtor's legal counsel.


FORUM ENERGY: Extends Tender Offer Participation Deadline
---------------------------------------------------------
Forum Energy Technologies, Inc., announced that as of the
preliminary tender deadline, which was 5:00 p.m. ET on July 17,
2020, participation in its pending exchange offer for the 6.25%
senior notes due 2021 fell short of the amount required to
consummate the transaction.

The minimum participation condition to the closing of the exchange
offer is 95% of the approximately $328 million principal amount of
the existing notes.  However, as of the preliminary tender
deadline, tenders from only 86.4% of the existing notes had been
received.  The minimum participation condition must be satisfied or
waived prior to consummation of the exchange offer.
As the Company has previously indicated, in light of its current
financial condition and the current market and industry conditions,
if it is unable to obtain the minimum participation, it will review
any and all of its remaining alternatives, including bankruptcy.
Investors should be aware that, in the event of a bankruptcy, there
can be no assurance that they will be able to recover their
investment in the existing notes.

Accordingly, the Company has extended the previous tender deadlines
to allow investors who have not already submitted their tenders to
do so.  In order to participate in the offer, investors should
promptly contact their bank, broker or other custodian.  For tender
instructions, investors may also contact D.F. King & Co., Inc., the
information agent for the exchange offer, at (866) 864-7961
(toll-free) or (212) 269-5550 (for banks and brokers), by email to
forum@dfking.com or by accessing the website www.dfking.com/forum.

The new deadlines for participation have been extended so that
investors now have until 11:59 p.m. ET on July 31, 2020 to
participate in the exchange offer and receive $1,000 principal
amount of new 9.00% convertible secured notes due 2025 for each
$1,000 principal amount of existing notes tendered.  At such time,
the exchange offer will expire, unless further extended.  If the
offer is consummated, participating investors will also receive a
pro rata share of an aggregate cash fee of $3,500,000 and accrued
and unpaid interest on their existing notes in cash.

The Company will also pay a retail broker's fee of $2.50 in cash
per $1,000 principal amount of tendered notes, subject to a cap of
$1,000 in cash per investor and subject to completion of the
required documentation.

Investors who have previously tendered their existing notes need
not take any further action in response to this announcement.  The
new notes will pay interest at the rate of 9.00% (as compared to
the rate of 6.25% on the existing notes).  Of such interest, 6.25%
will be payable in cash and 2.75% will be payable in cash or
additional notes, at the Company's option.  The new notes will
mature five years from issuance (as compared to the maturity of
Oct. 1, 2021 on the existing notes).  The new notes will be secured
by a first lien on substantially all of the Company's assets,
except for revolving credit facility collateral, which will secure
the new notes on a second lien basis.  The new notes will also be
convertible into common stock upon specified terms.
Any existing notes that remain outstanding after closing of the
exchange offer will remain unsecured and will be effectively
subordinated to the new notes with respect to substantially all the
assets of the Company.  In addition, the covenants for the existing
notes will be eliminated upon the receipt of the requisite majority
consents.

BofA Securities, Wells Fargo Securities, LLC, Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC are acting as the
dealer managers for the exchange offer.  The exchange offer is
being made, and the new notes are being offered and issued, only to
holders of existing notes.  Copies of the prospectus and prospectus
supplement pursuant to which the exchange offer is being made may
be obtained from D.F. King & Co., Inc., as described above.
Questions regarding the terms and conditions of the exchange offer
should be directed to BofA Securities at (980) 388-3646 or
debt_advisory@bofa.com.

None of the Company, the dealer managers, the trustee with respect
to the existing notes and the new notes, the information and
exchange agent or any affiliate of any of them makes any
recommendation as to whether holders of the existing notes should
exchange their existing notes for new notes in the exchange offer,
and no one has been authorized by any of them to make such
a recommendation.  Holders must make their own decision as to
whether to tender existing notes and, if so, the principal amount
of existing notes to tender.

                       About Forum Energy

Forum Energy Technologies -- http://www.f-e-t.com/-- is a global
oilfield products company, serving the drilling, downhole, subsea,
completions and production sectors of the oil and natural gas
industry.  The Company's products include highly engineered capital
equipment as well as products that are consumed in the drilling,
well construction, production and transportation of oil and natural
gas.  Forum is headquartered in Houston, TX with manufacturing and
distribution facilities strategically located around the globe.

Forum Energy reported a net loss of $567.06 million for the year
ended Dec. 31, 2019 compared to a net loss of $374.08 million for
the year ended Dec. 31, 2018.

                           *    *    *

As reported by the TCR on June 26, 2020, S&P Global Ratings raised
its issuer credit rating on Houston-based oilfield products and
services provider Forum Energy Technologies Inc. to 'CCC-' from
'SD' (selective default) after the company completed its tender
offer for a portion of its 6.25% senior unsecured notes due 2021.

In May 2020, Moody's Investors Service downgraded Forum Energy
Technologies, Inc.'s Corporate Family Rating to Ca from Caa1. "The
downgrade of Forum's ratings reflect increased restructuring risks
for the company's remaining debt as maturities approach," said
Jonathan Teitel, a Moody's analyst.


FREEPORT-MCMORAN: Egan-Jones Lowers Sr. Unsecured Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company, on July 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Freeport-McMoRan Incorporated to B+ from BB-.

Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc. is an
international natural resources company.



GNC HOLDINGS: Sets Bidding Procedures for Substantially All Assets
------------------------------------------------------------------
GNC Holdings, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to authorize the
bidding procedures in connection with the sale of substantially all
their assets to Harbin Pharmaceutical Group Holding Co., Ltd. or
its designee for $760 million, subject to overbid.

The Debtors commenced these Chapter 11 Cases with a restructuring
support agreement ("RSA") that allows them to pursue a "dual track"
restructuring strategy designed to maximize the value of their
estates.  Having agreed with their key creditor constituencies on
the principal terms of a standalone plan of reorganization5 that
enjoys broad-based support, the Debtors are also pursuing a
competitive sale process for their assets as permitted by the RSA.


The relief requested in the Motion is essential to ensure that the
process is as competitive and robust as possible, and that the
Debtors receive top dollar for their assets to the extent they
ultimately decide to consummate an asset sale rather than the
Standalone Plan Transaction.

By the Motion, the Debtors are asking approval of the designation
of the Stalking Horse Bidder and Stalking Horse Bid on the terms
provided in the Term Sheet, as well as approval of reasonable and
customary Bid Protections.  Specifically, the Bid Protections
consist of a break-up fee equal to $22.8 million and an expense
reimbursement of up to $3 million of reasonable and documented out
of pocket fees, each of which would constitute a superpriority
administrative expense in the Debtors' cases subordinate only to
the Carve-Out, the DIP Superpriority Claims and the 507(b) Claims.

The pertinent terms of the Term Sheet are:

     a. Seller: GNC Holdings, Inc. and each of its subsidiaries
(which includes all of the Debtors)

     b. Buyer:  Harbin Pharmaceutical Group Holding Co., Ltd. or
its designee

     c. Purchase Price: $760 million

     d. Purchased Assets: The assets will include all or
substantially all of the Company's assets.  They will be sold free
and clear of all liens, claims, interests, charges and
encumbrances, with any such liens, claims, interests, charges, and
encumbrances attaching to the net proceeds of the sale.

     e. "Insider" Status of Stalking Horse Bidder: The Buyer is an
affiliate of Harbin Pharmaceutical Group Co., Ltd., which holds
approximately 41% of the voting interests in Debtor GNC Holdings,
Inc.  Harbin also has other relationships with the Debtors
(including as a joint venture partner) as described in greater
detail in the First Day Declaration.

     f. Relief from Bankruptcy Rule 6004(h): The Debtors are asking
a waiver of the Bankruptcy Rule 6004(h) stay in connection with the
Bidding Procedures Order.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 28, 2020 at 4:00 p.m. (ET)

     b. Initial Bid: The value of each Bid for all or substantially
all of the Debtors' Assets must exceed (a) the Minimum Purchase
Price, plus (b) the maximum amount of Bid Protections payable to
the Stalking Horse Bidder under the Term Sheet (i.e., $25.8
million)10, plus (c) the minimum Bid increment of $5 million (or
such other amount as the Debtors may determine in consultation with
the Consultation Parties, which amount may be less than $5 million,
including with respect to a Bid for less than all Assets).  The
Debtors and their advisors will determine the value of any assumed
liabilities that differ from those included in the Stalking Horse
Bid.

     c. Deposit: 7.5% of the aggregate value of the cash and
non-cash consideration of the Bid

     d. Auction: Sept. 1, 2020 at 10:00 a.m. (ET), as the date and
time of the Auction, if one becomes necessary, which will be held
at the offices of the proposed counsel for the Debtors, Latham &
Watkins LLP, 330 North Wabash Avenue, Suite 2800, Chicago, Illinois
60611, telephonically, or by video via Zoom, or such later time or
other place as the Debtors will timely notify all other Qualified
Bidders, in consultation with the Consultation Parties.

     e. Bid Increments: $5 million

     f. Sale Hearing: Sept. 4, 2020

     g. Sale Objection Deadline: Aug. 21, 2020 at 4:00 p.m. (ET)

     h. Closing: Sept. 21, 2020

     i. Credit Bid: The Term Sheet seeks to permit the Buyer to
credit bid DIP claims pursuant to section 363(k) of the Bankruptcy
Code.  In addition, the Bidding Procedures generally permit credit
bidding subject to certain conditions.

     j. Bid Protection: The Stalking Horse Bid provides for payment
of a break-up fee equal to $22.8 million (i.e., 3% of the Purchase
Price) and an expense reimbursement not exceeding $3 million.

As soon as reasonably practicable after entry of the Bidding
Procedures Order, the Debtors will serve the Sale Notice, the
Bidding Procedures Order, and the Bidding Procedures upon the
Notice Parties.

To facilitate the Sale, the Debtors ask authority to assume and
assign executory the Assigned Contracts designated by the
successful bidder to be assumed and assigned to the successful
bidder in accordance with the assumption and assignment procedures.
The Assumption Notice Deadline is prior to July 31, 2020.

The Debtors respectfully submit that the Stalking Horse Agreement
and the Bidding Procedures will encourage robust bidding for the
assets and are appropriate under, and consistent with, the relevant
standards governing overbid processes in bankruptcy proceedings.
Accordingly, the Debtors respectfully submit that the Stalking
Horse Agreement and the Bidding Procedures should be approved.    

To implement the foregoing successfully, the Debtors ask a waiver
of the notice requirements under Bankruptcy Rule 6004(a) and the
14-day stay of an order authorizing the use, sale, or lease of
property under Bankruptcy Rule 6004(h).

A hearing on the Motion is set for July 22, 2020 at 1:00 p.m. (ET).
The objection deadline is July 15, 2020 at 4:00 p.m. (ET).

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

                      About GNC Holdings

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

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

Judge Karen B. Owens oversees the cases.

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


GULFPORT ENERGY: Stockholders Pass All Proposals at Annual Meeting
------------------------------------------------------------------
Gulfport Energy Corporation held its 2020 Annual Meeting of
Stockholders in a virtual-only format on July 16, 2020, at which
the stockholders:

   (1) elected David M. Wood, Alvin Bledsoe, Deborah G. Adams,
       Samantha Holroyd, Valerie Jochen, C. Doug Johnson, Ben T.
       Morris and John W. Somerhalder II to serve as the
       Company's directors until the 2021 Annual Meeting of
       Stockholders and until their respective successors are    
       elected;

   (2) approved, on an advisory, non-binding basis, the
       compensation paid to the Company's named executive
       officers;

   (3) ratified the appointment of Grant Thornton LLP as the
       Company's independent auditors for the fiscal year ending
       Dec. 31, 2020; and

   (4) approved, on an advisory, non-binding basis, the
       continuation of the Company's Tax Benefits Preservation
       Plan dated April 30, 2020.

                          About Gulfport

Gulfport Energy Corporation (NASDAQ: GPOR) --
http://www.gulfportenergy.com/1-- is an independent natural gas
and oil company focused on the exploration and development of
natural gas and oil properties in North America and a producer of
natural gas in the contiguous United States.  Headquartered in
Oklahoma City, Gulfport holds significant acreage positions in the
Utica Shale of Eastern Ohio and the SCOOP Woodford and SCOOP
Springer plays in Oklahoma.  In addition, Gulfport holds non-core
assets that include an approximately 22% equity interest in Mammoth
Energy Services, Inc. (NASDAQ: TUSK) and has a position in the
Alberta Oil Sands in Canada through its 25% interest in Grizzly Oil
Sands ULC.

Gulfport Energy received a letter on April 16, 2020, from the
Listing Qualifications Department of the Nasdaq Stock Market LLC
notifying Gulfport that for a period of 30 consecutive business
days preceding the date of the Notice, the bid price of Gulfport's
common stock had closed below $1.00 per share, the minimum closing
bid price required by the continued listing
requirements of Nasdaq Listing Rule 5450(a)(1).

Gulfport Energy reported net loss of $2.0 billion for the year
ended Dec. 31, 2019 as compared to net income of $430.6 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $3.26 billion in total assets, $2.48 billion in total
liabilities, and $784.05 million in total stockholders' equity.

                      *     *     *

As reported by the TCR on March 4, 2020, Moody's Investors Service
downgraded Gulfport Energy Corporation's Corporate Family Rating to
Caa1 from B2.  "The downgrade reflects rising financial risks amid
low natural gas prices and limited hedging protection in place for
Gulfport in 2020.  This required the company to significantly
reduce investment and allow production to fall significantly in
2020 in order to avoid new borrowings," commented Elena Nadtotchi,
Moody's vice president - senior credit officer.


HOUSTON AMERICAN: Shareholders Pass All Proposals at Annual Meeting
-------------------------------------------------------------------
Houston American Energy Corp. held its Annual Meeting of
shareholders on July 17, 2020, at which the shareholders:

   (a) elected James Schoonover as Class C director to serve
       until the 2023 Annual Meetings of Stockholders and until
       his successor has been duly elected and qualified, or
       until such director's earlier resignation, removal or
       death;

   (b) approved the amendment of the Company's certificate of
       incorporation to effect a reverse stock split;

   (c) ratified the appointment of Marcum LLP as the Company's
       independent registered public accounting firm for fiscal
       2020; and

   (d) approved the compensation of the named executive officers
       as disclosed in the Company's Proxy Statement.

                  About Houston American Energy

Based in Houston, Texas, Houston American Energy Corp. is a
publicly-traded independent energy company with interests in oil
and natural gas wells, minerals and prospects.  The company's
business strategy includes a property mix of producing and
non-producing assets with a focus on the Permian Basin in Texas,
Louisiana and Colombia.

Houston American reported a net loss attributable to common
stockholders of $2.75 million for the year ended Dec. 31, 2019,
compared to a net loss attributable to common shareholders of
$490,286 for the year ended Dec. 31, 2018.  As of March 31, 2020,
the Company had $9.91 million in total assets, $485,772 in total
liabilities, and $9.42 million in total shareholders' equity.
The Company has incurred continuing losses since 2011, including a
loss of $850,990 for the three months ended March 31, 2020.
Additionally, as a result of the steep global economic slowdown
that began in March 2020 as the coronavirus pandemic spread, prices
realized from oil and gas sales declined sharply over the last
weeks of the quarter ended March 31, 2020, with such price declines
expected to persist until governments worldwide are confident that
the pandemic is adequately contained to permit renewed economic
activity.  Depending upon the duration of the pandemic and the
resulting global economic slowdown, the Company may incur
continuing declines in revenues and increased losses, associated
from lower demand for energy and resulting depressed oil and gas
prices.  However, during the three months ended March 31, 2020, the
Company raised a total, net of offering costs, of $4,434,169 in its
ATM offering.  As of March 31, 2020, there were no remaining funds
available under the ATM Offering.


INNOVATION HOMES: Trustee Selling 3 Properties to Meens for $50K
----------------------------------------------------------------
Jared C. Walters, chapter 7 trustee of Innovation. Homes, Inc.,
asks the U.S. Bankruptcy Court for the District of Colorado to
authorize the sale of the following properties: (i) 116 Dry Creek
Court, Grand Junction, Colorado 81503, with the legal description
of Lot 5 of Red Tail II subdivision, Filing One, County of Mesa,
State of Colorado; (ii) 105 Dry Creek Court, Grand Junction,
Colorado 81503, with the legal description of Lot 13 of Red Tail II
subdivision, Filing One, County of Mesa, State of Colorado; and
(iii) 120 Dry Creek Court, Grand Junction, Colorado 81503, with the
legal description of Lot 3 of Red Tail II subdivision, Filing One,
County of Mesa, State of Colorado, to Laurence K. Meens for
$50,000.

116 Dry Creek is subject to the liens of record set forth in
Exhibit 1.  105 Dry Creek is subject to the liens of record set
forth in the Exhibit 2.  120 Dry Creek is subject to the liens of
record set forth in Exhibit 3.

Mr. Meens desires to purchase the Properties from the Estate on the
terms and conditions set forth in the Agreement to Purchase Real
Property and Settle Claims.  

The Trustee is unable and unwilling to make any warranties or
representations with respect to the Properties or his title
thereto, and Mr. Meens knows and understands that the Trustee is
only willing to convey the Estate's interest in the Property to him
on an "as is, where is" basis and without any warranties or
representations of any kind.  However, sale of the Properties will
be free and clear of the liens, interests and encumbrances
identified on Exhibits 1 through 3.

The Trustee asserts that the 116 Dry Creek Modification, 105 Dry
Creek Modification, and 120 Dry Creek Modification may be avoided,
recovered and preserved pursuant to 11 U.S.C. Secttions 544, 550
and 551.  Mr. Meens disputes the Avoidance Claims.   

After discussions, and in an effort to avoid the expenses, delays
and uncertainties attendant with litigation, the Trustee and Mr.
Meens desire to settle the Trustee's claims surrounding the
Avoidance Claims, and sell the Properties, on the terms and
conditions set forth.

The material terms and conditions of the Agreement are:

     a. The Agreement is subject to, and will not become effective,
until it is approved by written order of the United States
Bankruptcy Court for the District of Colorado.  If the Bankruptcy
Court fails to enter an order approving the material terms of the
Agreement, the Agreement will be null and void and have no further
force and effect.

     b. Meens will purchase the Properties on an "as is, where is"
basis, without any warranties or representations of any kind,
except that the Properties will be sold free and clear of the
Liens, for the purchase price of $50,000 to be paid no later than
14 days after the Effective Date.   

     c. The sale of the Property will be on an "as is, where is"
basis, without any warranties or representations of any kind,
except that the Properties will be sold free and clear of the
Liens.

     d. The 116 Dry Creek Deed of Trust, 116 Dry Creek
Modification, 105 Dry Creek Deed of Trust, 105 Dry Creek
Modification, 120 Dry Creek Deed of Trust and 120 Dry Creek
Modification and all obligations relating thereto will be deemed
satisfied with respect to any and all claims against the Estate and
deemed to be consideration for the purchase of the Properties in
addition to the Purchase Price.

     e. Upon the Trustee's receipt and clearance of the Purchase
Price, the Trustee will transfer title to Mr. Meens of the Estate's
interest in the Properties by the Trustee's Deed.  Mr. Meens will
be responsible for all taxes, recording fees, transfer fees,
closing costs, title insurance, utilities, and any other fees and
expenses associated with closing the sale of the Properties.

     f. The parties agree to conditional limited releases with
respect to the Claims and the Properties.

The Trustee asks approval of the Agreement.

No broker is involved in the transaction and Mr. Meens is paying
all closing costs, taxes, etc., thereby saving the Estate
substantial expenses.

The Trustee asks that the Court enters an Order approving the
Motion that is self-executing and effective immediately upon entry,
and that the stay under Fed. R. Bankr. P. 6004(h) be waived to
allow him to close as soon as practicable.

A copy of the Exhibits is available at https://tinyurl.com/yddsqhp6
from PacerMonitor.com free of charge.

Counsel for Debtor:

          Aaron J. Conrardy, Esq.
          WADSWORTH GARBER WARNER CONRARDY, P.C.
          2580 West Main Street, Suite 200
          Littleton, CO 80120
          Telephoen: (303) 296-1999
          Facsimile: (303) 296-7600 FAX
          E-mail: aconrardy@wgwc-law.com

Innovation Homes, Inc. sought Chapter 11 protection (Bankr. D.
Colo. Case No. 19-20485-MER) on Dec. 10, 2019.  The Court appointed
Jared C. Walters as chapter 7 trustee.



KLAUSNER LUMBER: Aug. 14 Auction of Substantially All Assets Set
----------------------------------------------------------------
Judge Karen B. Owens of the U.S. Bankruptcy Court for the District
of Delaware has entered a second order amending certain deadlines
set forth in the approved bidding procedures, and assumption and
assignment procedures, in connection with Klausner Lumber One,
LLC's auction sale of substantially all assets.

Those portions of the Bidding Procedures Order and Related Bidding
Procedures and Assumption and Assignment Procedures establishing
various deadlines with respect to the sale process are amended as
follows:

     a. 7/07/20 -- 7/28/20 - Stalking Horse Bid Deadline

     b. 7/08/20 -- 7/29/20 - Stalking Horse Notice
Deadline/Assumption Notice Deadline

     c. 7/09/20 -- 7/30/20 -  Deadline for filings schedules to the
APA (i.e., 14 days prior to Sale Objection Deadline)

     d. 7/09/20 -- 7/30/20 - Deadline to serve Adequate Assurance
Information for Stalking Horse Purchaser (i.e., within 2 business
days of Stalking Horse Designation Deadline)

     e. 7/15/20 -- 8/05/20 - Deadline to object to Stalking Horse
Notice (7 calendar days after Notice)

     f. 7/20/20 -- 8/10/20 - Bid Deadline

     g. 7/21/20 -- 8/11/20 - Adequate Assurance Information to be
provided to parties whose Assumed Contracts are included in the APA
(non-Stalking Horse Bidder)

     h. 7/22/20 -- 8/12/20 - Deadline to designate Qualifying Bids
and Baseline Bid

     i. 7/23/20 at 4:00 p.m -- 8/13/20 at 4:00 p.m. - Contract
Objection Deadline

     j. 7/23/20 at 4:00 p.m. -- 8/13/20 at 4:00 p.m. - Sale
Objection Deadline

     k. 7/24/20 at 10:00 a.m. -- 8/14/20 at 10:00 a.m. - Auction

     l. Earlier of 5 business hours after close of Auction or noon
the day after the Auction -- Earlier of 5 business hours after
close of Auction or noon the day after the Auction - Notice of
Successful Bidder

     m. 7/28/20 at 12:00 p.m. -- 8/18/20 at 12:00 p.m. - File
Agenda for Sale Hearing

     n. Earlier of 5 business hours after close of Auction or noon
the day after the Auction -- earlier of 5 business hours after
close of Auction or noon the day after the Auction - Notice of
Successful Bidder  

     o. 7/28/20 at 4:00 p.m. -- 8/18/20 at 4:00 p.m. - Deadline for
Adequate Assurance Objections if successful bidder is not Stalking
Horse Bidder

     p. 7/29/20 at 12:00 p.m. -- 8/19/20 at 12:00 p.m. - Reply due


     q. 7/30/20 at 11:00 a.m. -- 8/20/20 at 3:00 p.m. - Sale
Hearing

     r. 8/06/20 -- 8/27/20 - Outside date for Closing of Sale
  
All other terms and provisions of the Bidding Procedures Order,
Bidding Procedures and Assumption and Assignment Procedures will
remain in full force and effect except as expressly modified.

The Second Order Amending Deadlines will be effective immediately
upon entry, and any stay of orders provided for in Bankruptcy Rules
6004(h) or 6006(d) or any other provision of the Bankruptcy Code,
the Bankruptcy Rules or the Local Rules is expressly waived.  The
Debtor is not subject to any stay in the implementation,
enforcement or realization of the relief granted in the Order, and
may, in its sole discretion and without further delay, take any
action and perform any act authorized or approved under the Order.


The requirements set forth in Local Rules 6004-1, 9006-1 and 9013-1
are satisfied or waived.

A copy of the Order will be served on the Sale Notice Parties
identified in the Bidding Procedures Order.  

A copy of the Bidding Procedures is available at
https://tinyurl.com/yayftv9y from PacerMonitor.com free of charge.

                    About Klausner Lumber One

Klausner Lumber One, LLC, is a privately held company in the
lumber
and plywood products manufacturing industry.  It is 100% owned by
non-debtor Klausner Holding USA, Inc.

Klausner Lumber One sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 20-11033) on April 30,
2020.  At the time of the filing, Debtor disclosed assets of
between $100 million and $500 million and liabilities of the same
range.

The Debtor tapped Westerman Ball Ederer Miller Zucker &
Sharfstein,
LLP as bankruptcy counsel; Morris, Nichols, Arsht & Tunnell, LLP
as
local counsel; Asgaard Capital, LLC as restructuring advisor; and
Cypress Holdings, LLC as investment banker.


KRISTAL C. OWENS: July 23 Auction of Wilkinsburg Property Set
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Pennsylvania
authorized Kristal C. Owens' bidding procedures in connection with
the sale of the real property located at 204-214 South Avenue,
Wilkinsburg, Pennsylvania to OPA-HI Development, LLC for $190,000,
subject to overbid.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Seven business days prior to the Sale
Hearing

     b. Initial Bid: A bid in the minimum amount of $209,000,
$19,000 over the Purchase Price of the stalking horse bid

     c. Deposit: $5,000 made payable to Calaiaro Valencik

     d. Auction:  If one or more Qualified Competing Bids are
received, the Auction Sale will be conducted at the Sale Hearing.

     e. Bid Increments: $1,000

     f. Sale Hearing: July 23, 2020 at 10:30 a.m.

The Stalking Horse Bidder, by agreeing to allow its bid to serve as
the Stalking Horse Bid, and by incurring the significant costs
related thereto, has promoted a competitive bidding atmosphere for
the sale of the Real Property, and thus has provided a benefit to
the estate.  Accordingly, the terms and conditions of the Bidding
Procedures Motion relating the Break-Up Fee, including, but not
limited to the amount of the Break-Up Fee, the items that may be
reasonably and necessarily included in the Break-Up Fee, and the
procedure for filing the Break-Up Fee Application, are approved.  

In the event that (i) a Qualified Competing Bid to the Stalking
Horse Bid is determined to be, in light of the Qualified Competing
Bid as a whole, the highest and best offer and (ii) the Sale to a
Qualified Bidder (i.e., not the Stalking Horse Bidder) closes, the
Stalking Horse Bidder may, subject to Court approval after notice
and hearing, seek approval of the Break-Up Fee, said Break-Up Fee
being the lesser of (a) the buyer's actual and reasonable
out-of-pocket costs and expenses (including reasonable attorneys'
fees, costs and disbursements) related to the negotiation of the
Agreement, the transaction contemplated in the Agreement, and
buyer's due diligence; or (b) $3,000, to reimburse the Stalking
Horse Bidder in connection with the proposed sale and serving as
the Stalking Horse Bidder.

The Break-Up Fee will be subject to a subsequent Bankruptcy Court
order, after notice and hearing, and will be entitled to priority
as an administrative expense.  The Break-Up Fee will be paid at the
time of closing if it has been finally approved by the Bankruptcy
Court, or within 15 days after entry of a final order by the
Bankruptcy Court adjudicating the Break-Up Fee Application,
whichever is later.

A copy of the Agreement and Bidding Procedures is available at
https://tinyurl.com/ycrgwa5q from PacerMonitor.com free of charge.

Kristal C. Owens sought Chapter 11 protection (Bankr. W.D. Pa. Case
No. 19-24274) on Oct. 31, 2019.  The Debtor tapped David Z.
Valencik, Esq., at Calaiaro Valencik, as counsel.



KRONOS ACQUISITION: S&P Upgrades ICR to 'B-'; Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Concord,
Ont.-based Kronos Acquisition Holdings Inc. to 'B-' from 'CCC+'. At
the same time, S&P raised its issue-level rating on the company's
senior secured term loan to 'B-' from 'CCC+' and its ratings on
Kronos' unsecured notes to 'CCC' from 'CCC-'. The recovery ratings
on the loan and notes are unchanged at '3' and '6', respectively.

S&P forecasts Kronos' operating performance to improve meaningfully
in fiscal 2020. The upgrade reflects the rating agency's favorable
view of the company's significantly improved operating performance
and credit measures. Stay-at-home mandates and a surge in
sanitization procedures related to the pandemic have increased
consumption of household cleaning products and disinfectants. In
addition, demand for pool chlorinating liquids is higher owing to
favorable weather, which supported the company's first-quarter 2020
year-over-year revenue growth. As a result, Kronos' revenues for
the quarter ended April 4, 2020, increased 3% year-over-year.
Furthermore, a combination of lower raw material costs, procurement
efficiencies, and cost benefits from the launch of compacted bleach
products contributed to significant EBITDA growth of about 70%
compared with the same period last year. Also, last 12 months'
(LTM) adjusted debt-to-EBITDA improved to about 7.7x for the LTM
March 2020 period, from 11.0x a year ago.

S&P anticipates demand to remain strong in the medium term or until
a vaccine is available, as consumers continue to focus on cleaning
and disinfecting for their personal health and increase their
in-home consumption of bleach and other household cleaning products
amid the pandemic.

"In our opinion, the favorable demand should positively contribute
to Kronos' revenues, particularly in the company's household
segment, which accounts for about 45% of pro forma revenues,
through fiscal 2020 and into fiscal 2021. We anticipate a certain
degree of softness in the company's automotive segment due to
pandemic-related travel curtailment, lower original equipment
manufacturers spend, and lower raw material cost pass-through," S&P
said.

However, S&P believes that favorable revenue growth in the
household and pool segment, combined with operating cost savings
(procurement and general and administrative), should sufficiently
offset the declines in the automotive segment leading to
year-over-year EBITDA growth in fiscal 2020. S&P expects Kronos to
be able to adequately absorb potential volatility in input costs
and maintain its EBITDA and margins.

Sale of the personal care business should enhance overall EBITDA
margins and aid further deleveraging. On July 2, Kronos announced
the sale of its personal care segment (KPC) to Voyant Beauty
Holdings LLC for US$485 million. S&P expects that Kronos will use
net proceeds from the asset sale, about US$455 million, to repay
its first-lien term loan. In addition, S&P expects the company's
adjusted EBITDA margin to improve to the mid-teens area as Kronos
exits the low-margin contract manufacturing business. As a result,
the rating agency expects meaningful improvement in credit measures
stemming from improved operating performance and debt reduction. It
notes that, based on LTM March 2020 S&P's adjusted EBITDA, pro
forma adjusted debt-to-EBITDA is about 7.5x; and the rating agency
expects Kronos to exit fiscal 2020 with an adjusted debt-to-EBITDA
ratio in the mid-6.0x area, a meaningful improvement from the
rating agency's previous expectation of about 9.0x. S&P forecasts
debt-to-EBITDA to weaken to the 7.0x-7.5x range in 2021 as
short-term pandemic-related surges in demand and volumes normalize.
At the same time, the rating agency expects Kronos' EBITDA interest
coverage ratio to improve to above 1.5x.

"In our opinion, a combination of the sale of the low-margin
business, focus on operating cost efficiencies, and benefits from
new product launches should sustain the company's improved EBITDA
margins in the medium term," S&P said.

Positive free cash flow and availability under the company's
asset-based lending facility provides ample liquidity support.

S&P anticipates Kronos will generate positive free cash flows of
US$40 million-US$50 million due to interest cost savings, working
capital savings, and lower capital expenditures (capex).
Furthermore, about US$165 million of cash and availability of about
US$95 million under the company's sizable US$350 million
asset-based lending (ABL) facility (as of April 4, 2020) should
provide Kronos with adequate liquidity cushion to support its
growth initiatives.

Environmental, social, and governance credit factors for this
credit rating change:

-- Health and safety

The stable outlook reflects S&P's expectation that Kronos will
sustain debt-to-EBITDA of 7.0x-7.5x, reflecting improved EBITDA and
debt repayment. S&P expects the company's operating performance
will continue to benefit from pandemic-related demand for cleaning
and sanitization products and from successful execution of its
operating cost efficiencies through fiscal 2021.

"We could lower the ratings if Kronos sustains leverage above 9x or
EBITDA interest coverage in low-1x area because of poor operating
performance or debt-funded acquisitions. We believe such a scenario
could arise if EBITDA margins were to deteriorate by more than 300
basis points or debt were to increase by more than US$400 million,"
S&P said.

"We could raise the ratings if the company's revenues and EBITDA
improved and Kronos can demonstrate a financial policy such that it
can sustain adjusted debt-to-EBITDA below 6x," the rating agency
said.


LCI GROUP: Sermons Buying Rolling Hills Property for $5.9 Million
-----------------------------------------------------------------
LCI Group Limited, LLC, asks the U.S. Bankruptcy Court for the
Central District of California to authorize the sale of the real
property located at 15 Upper Blackwater Canyon Road, Rolling Hills,
California to Daniel Wayne Sermon and Alexandra Sermon for
$5,875,000, subject to overbid.

The Debtor holds an interest in the Property.  The Property
consists of 6 bedrooms, 8 bathrooms, located on a 6-acre lot.  The
Debtor does not have any personal property assets.

The Debtor has the following secured liens against the Property:
Los Angeles County 16 Tax Collector ("LACTC") for unpaid 2019 to
2020 property taxes in the estimated amount of$65,014 per proof of
claim #1 filed by LACTC on Jan. 9, 2020; Rolling Hills Community
Association for 2019 to 2020 dues in the estimated amount of $1
2,629; and a mortgage loan in favor of So-Cal Capital, Inc. in the
estimated amount of $4,745,279 per updated Payoff Demand statement
provided by So-Cal's counsel on June 18, 2020.

The Debtor has one priority unsecured claim of the Internal Revenue
Service for $2,100 filed by the IRS on Jan. 17, 2020, and no
general unsecured creditors.

The Debtor filed the present bankruptcy to stop the Dec. 20, 2019
foreclosure sale initiated by secured creditor So-Cal on the
Property and in order to reorganize its debts by selling the
Property to pay its creditors in full.

On Jan. 6, 2020, So-Cal filed a Motion for Relief from the
Automatic Stay.  Following the Jan. 27, 2020 hearing on the RFS
Motion, the Court entered an Order on January 28, 2020 Denying RFS
Motion subject to certain conditions.  Specifically, that the
Debtor must obtain an order authorizing sale of the Property by no
later than June 15, 2020, either through a sale motion or approval
of a Chapter 11 plan that provides for the Property's sale.  The
order also required that the sale of the Property must close by no
later than July 15, 2020.

Pursuant to the Court's June 16, 2020 Amended Order on Debtor's
Motion to Extend Deadlines, the Debtor is filing the Motion asking
approval of Sermons' offer and for other relief as requested.  If
the Debtor is not able to sell the Property, then a significant
amount of equity will be lost in foreclosure initiated by So-Cal
which is still pending with a holding sale date of June 23, 2020.

The Debtor opened an escrow with Westview Escrow.  Sermons made the
initial required deposit of $176,250 into the Escrow Account on
June 17, 2020.  

On June 15, 2020, the Debtor accepted Buyer Counter Offer No. 1 to
purchase the Debtor's Property from the Sermons.

By way of summary, the principal terms of agreement are:

     (1) The purchase price is $5,875,000, free and clear of all
liens, claims, and interests.

     (2) Within 3 days of acceptance, Sermons will make the initial
deposit of $176,250 into Escrow No.: 014287-RS with Westview
Escrow.

     (3) Prior to close of escrow, Sermons will deposit an
additional amount of $2,673,750 into Escrow No.: 014287-RS with
Westview Escrow.

     (4) Sermons will obtain a new first trust deed loan in the
amount of $3,025,000.

     (5) The Property will be sold "as is, where is" with no
warranties or representations of any kind whatsoever.

     (6) Undisputed liens, if any, will be paid through escrow.

     (7) Any disputed liens, or liens and claims that still require
investigation or further proof to establish their validity, if any,
will attach to the net proceeds of the sale.

     (8) Escrow is to close 30 days after the acceptance.

The proposed sale is free and clear of all liens.  The Debtor
intends to pay the liens of Los Angeles County Treasurer and Tax
Collector, So-Cal Capital, Inc., and Rolling Hills Community
Association of Rancho Palos Verdes.

By the Motion, the Debtor proposes that it be authorized to pay the
following additional amounts to the following entities through
escrow:

     (1) Buyers' broker's commissions to Coldwell Banker Realty
through agent Arlene Dutchik of 2.5% of total sale proceeds which
total approximately $146,875.

     (2) Seller's broker's commissions to Palm Realty Boutique
through agent Keith Kelley of 2% of total sale proceeds which total
approximately $117,500.

     (3) Buyer and seller will each pay their own escrow costs.

     (4) Closing and recording costs, transfer taxes arising out of
the sale of the Property, as well as costs of any title insurance
endorsements, are to be paid by the Seller.

The Debtor believes that the Court may require an opportunity for
overbidding prior to the approval of the proposed sale.  As a
result, the Debtor proposes the following overbidding procedures:

     (1) The overbid must be all cash and must be at least
$5,925,000 ($50,000 greater than the current offer), with no
contingencies to closing whatsoever.

     (2) Any party who would like to bid on the Property during the
hearing on the Motion must contact the Debtor's counsel at least 24
hours prior to the hearing and provide evidence of financial
resources to the Debtor's reasonable satisfaction.  The Debtor's
counsel will provide an information packet to any party who would
like to bid on the Property.  Any overbidder must also submit,
before the time of the hearing, a deposit for the purchase of the
Property, by cashier's check or other cash equivalent in the amount
of at least $250,000, and provide the Court and the counsel for all
parties' proof of funds and ability to close within an expeditious
manner.

     (3) Overbid increments will be $25,000 after the initial
overbid.

The Debtor asks that the Court approves its Broker/Agent Commission
of Palm Realty Boutique and Keith Kelley of 2% and Buyers'
Broker/Agent Commission of Coldwell Banker Realty and Arlene
Dutchik of 2.5%.  Although Coldwell Banker Realty and Arlene
Dutchik represent the Buyers and not the Debtor, the Debtor asks
the relief in an abundance of caution to ensure Ms. Dutchik's
commission is paid through escrow.  They ask that their commission
on behalf of the Buyers is approved by the Court.  Palm Realty
Boutique and Keith Kelley will be receiving a 2% commission from
the total sale price of the Property.

Finally, the Debtor asks the Court to waive the 14-day stay of
Bankruptcy Rule 6004(h) to permit it to proceed with the close of
escrow on the sale as soon as possible.

A hearing on the Motion was set for July 8, 2020 at 10:00 am.

A copy of the Agreement is available at
https://tinyurl.com/yby7vbdm from PacerMonitor.com free of charge.

                 About LCI Group Limited LLC

LCI Group Limited LLC owns a real property located at 15 Upper
Blackwater Canyon Road, Rolling Hills, California having a current
value of $7.95 million.

LCI Group Limited LLC filed its voluntary petition for relief
under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
19-24805) on Dec. 19, 2019. In the petition signed by Lawrence
Underwood, managing member, the Debtor estimated $7,950,243 in
assets and $4,404,691 in liabilities. Michael Jay Berger, Esq. at
LAW OFFICES OF MICHAEL JAY BERGER represents the Debtor as
counsel.



LUCKY BRANDS: U.S. Trustee Appoints Creditors' Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 on July 19 appointed a committee to
represent unsecured creditors in the Chapter 11 cases of Lucky
Brand Dungarees, LLC and its affiliates.

The committee members are:

     1. Red & Blue International Co., Ltd.
        Attn: Yung-Chang Ting
        1100 137 Shizheng N. 3rd rd., Fl. 12
        Xitun Dist. Taichung City
        Taiwan 407
        Phone: +886-4-22526858
        Email: eddie@rbint-ltd.com
        jerry.ting@agi-limited.com

     2. Hirdaramani International Exports (Pvt) Ltd.
        Attn: Aroon Hirdaramani
        World Trade Center, Level 23 West Tower
        Colombo 1, Sri Lanka
        Phone: 94-11-479-7000
        Fax: 94-11-244-6135
        Email: Aroon@hirdaramani.com

     3. Orit Trading Lanka (PVT) LTD
        Attn: Ajith Wijesinghe
        No. 7-02 East Tower, World Trade Center
        Colombo 01, Sri Lanka
        Phone: +94112154400
        Fax: +94112346376
        Email: ajith@oritsl.com; moditha@oritsl.com

     4. INT, S.A.
        Attn: Shelly Habinsky
        Edificio Tikal Futura
        17 Torre Luna, Guatemala
        Guatemala 01011 Guatemala
        Fax: 502 011 2200 2555
        Email: shelly@inttradingusa.com

     5. Busana Apparel Ptd. Ltd
        Attn: Sanjay Goyal
        17th Phillips Street
        #05-01, Grand Building
        Singapore 048695
        Phone: (62) 811-900 366 2
        Fax: (62) 21-300 560 52
        Email: sgoyal@busanagroup.com

     6. Ubase International, Inc.
        Attn: Yong Hoe Kim
        345 Ttukseom-ro
        Seongdong-gu, Seoul 04780
        Phone: +82-10-4933-8808
        Email: yongkim@ubaseinternational.com

     7. Brookfield Properties Retail, Inc.
        Attn: Julie Minnick Bowden
        350 N. Orleans St., Suite 300
        Chicago, IL 60654-1607
        Phone: 312-960-2707
        Fax: 312-442-6374
        Email: Julie.bowden@brookfieldpropertiesretail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                       About Lucky Brand

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

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

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

The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham
& Watkins, LLP as legal counsel; Berkeley Research Group, LLC as
restructuring advisor; Houlihan Lokey Capital, Inc. as investment
banker; and Epiq Corporate Restructuring, LLC as claims and
noticing agent.


MARIETTA AREA: Fitch Affirms 'BB-' IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has removed Marietta Area Health Care's (doing
business as Memorial Health System; MHS) ratings from Rating Watch
Negative and affirmed the Issuer Default Rating and revenue bond
rating at 'BB-'. The revenue bond ratings apply to approximately
$188 million of bonds issued by Southeastern Ohio Port Authority on
behalf of MHS.

The Rating Outlook is Negative.

SECURITY

The bonds are secured by general revenues of the obligated group, a
mortgage on certain system facilities and a debt service reserve
fund.

ANALYTICAL CONCLUSION

The affirmation of the 'BB-' IDR and revenue bond rating is
supported by MHS's improvement in fiscal 2019 despite the system's
weak net leverage profile through Fitch's forward looking scenario
analysis. The return to a cash flow margin level above 7%
reinforces Fitch's midrange revenue defensibility and midrange
operating risk profile. However, despite the beginning of cash flow
recovery, MHS' low liquidity position has stabilized but not
improved over the past couple of years. Furthermore, liquidity and
debt metrics are expected to weaken in the coming years as MHS
pursues strategic growth opportunities. The uncertainty of the
coronavirus epidemic, weak balance sheet metrics, anticipated
increase in operating leases and additional strategic capital
expenditures may further erode balance sheet metrics. This
expectation is captured in Fitch's assessment of the Financial
Profile at 'b', signaling stress at the current 'BB-' rating, and
thereby supporting the Negative Outlook.

MHS successfully demonstrated operating improvement in fiscal 2019
through a combination of cost savings initiatives, service line
enhancements and revenue cycle improvements. However, volumes
remain soft and management has acknowledged the need for improved
volumes and further growth in order to continue the trend of
operating margin improvement. MHS has managed through the
coronavirus pandemic thus far with stimulus funds offsetting
operating losses and expects to finish fiscal 2020 (ending
September 30) with breakeven operating performance. Volumes have
been returning but are not yet at the levels prior to the
coronavirus and Fitch anticipates continued operating pressures
related to the reduced volumes.

Management intends to address the trend of softer volumes by
expanding MHS's outpatient footprint, increasing its presence in
certain existing markets and enhancing certain services lines. Some
of the plans are contingent on pending bondholder consent for
relief from leverage covenants. The Negative Outlook reflects the
execution risk and increase in adjusted debt from operating leases
associated with the contemplated growth strategy and uncertainty
around the ability to sustain the operating improvement. Any
increase in debt or adjusted debt will further weaken the balance
sheet which has become increasingly constrained over recent years
and absent continued improvement in cash flow to offset increasing
leverage would likely result in negative rating action.

The coronavirus outbreak and related government containment
measures worldwide have created an uncertain environment for the
entire healthcare sector in 2020. Material changes in revenue and
cost profiles have occurred across the sector. Fitch's ratings are
forward-looking in nature, and Fitch will monitor developments in
the sector related to the severity and duration of the virus
outbreak, and will incorporate revised expectations for future
performance and assessment of key risks.

KEY RATING DRIVERS

Revenue Defensibility: 'bbb'

Leading Market Position.

MHS's revenue defensibility is assessed as midrange reflecting
MHS's leading primary service area market position that is
supported by recent strategic initiatives and a large and
predominantly employed medical staff. Softer inpatient volumes are
somewhat offset by increasing outpatient visits and generally
increasing surgical procedures. The service area of Washington and
Wood counties is characterized by weaker demographics compared to
state and national averages and declining population trends. Fitch
expects the service area will continue to support a stable payor
mix which is about 19% Medicaid and self-pay.

Operating Risk: 'bbb'

Operating Recovery Expected.

MHS's operating risk profile is assessed as midrange, highlighted
by MHS's operating performance in fiscal 2019, which rebounded
following a sharp decline that began in fiscal 2017. MHS's
operating EBITDA margin was a much improved 8% in fiscal 2019, and
Fitch expects operating margins to stabilize at levels consistent
with the midrange assessment in the five-year forward look. Capital
plans are elevated, consistent with the current growth strategy but
are manageable given recent and expected cash flow improvements.

Financial Profile: 'b'

Financial Flexibility Remains Weak.

MHS's financial profile is assessed as weak and reflects MHS's
constrained liquidity position and relatively high levels of debt.
Financial profile metrics remain consistent with the weak
assessment through Fitch's stress case given the midrange revenue
defensibility and midrange operating risk profile.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

MHS's day's cash on hand, as calculated by Fitch, is consistently
below 75 days, averaging about 69 days over the past three years.
The DCOH is fully factored into the current rating affirmation.

RATING SENSITIVITIES

While operating performance has improved in fiscal 2019 as
anticipated, MHS's balance sheet remains constrained, and there is
execution risk related to strategic growth plans that will increase
leverage.

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

  -- A revision to a Stable Outlook may be considered if MHS
demonstrates sustained operating improvement with operating EBITDA
margins exceeding 8%;

  -- Successful execution of the MHS's growth strategy while
maintaining midrange operating EBITDA margins and strengthening of
the balance sheet through cash flow.

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

  -- Continued weakening of the balance sheet due to an erosion of
liquidity or an increase in adjusted debt;

  -- Failure to maintain margins at or close to 8% while executing
the aggressive growth strategy;

  -- Continued volume weakness and prolonged trend of decreasing
market share;

  -- Should economic conditions decline further than expected from
Fitch's current expectations or should a second wave of infections
and additional lockdown periods occur, Fitch would expect to see a
weaker recovery in 2021, which may further pressure the rating.

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

MHS operates the 199-bed Marietta Memorial Hospital and a 25-bed
critical access hospital, Selby General Hospital, both located in
Marietta, OH, as well as nine outpatient care centers, 26 medical
staff offices and clinical care delivery locations in southeast
Ohio.

The system delivers services primarily in Washington County and
Wood County. The obligated group includes employed physicians and
the foundation and accounted for approximately 99% of the total
revenues and assets of the system in fiscal 2019. Operating
revenues totaled approximately $491 million in fiscal 2019.

REVENUE DEFENSIBILITY

Medicaid and self-pay totaled just under 19% of gross revenues in
fiscal 2019. The payor mix has been stable over recent years and no
major shifts in payor mix are anticipated. MHS's Selby General
Hospital is a licensed critical access hospital which receives
enhanced reimbursement under Medicare. Medicare levels are somewhat
high at about 52% of gross revenues.

MHS continues to maintain a solid primary service area market share
(2018 data) of about 43% with a leading 70% market share in its
Ohio service area, and a growing market share of 25% in its West
Virginia market since the 2014 opening of its Belpre campus which
is located in Belpre, OH with better access to the West Virginia
market. MHS introduced cardiac surgery in July 2020 and has begun
scheduling procedures, which should reduce some outmigration.
Competition for cardiac surgery is primarily from West Virginia
University located about 125 miles to the east. MHS's leading
market share is supported by a free-standing emergency department
in Belpre, OH and 240 employed providers (about 95% of the medical
staff), with orthopedics being the only independent physicians'
group. MHS continues to recruit for specific specialties and
recently added cardio thoracic surgeons to support the cardiac
surgery program. Inpatient admissions continue to decline slightly,
while surgical procedures have trended upward through 2018 with
softer volumes in 2019 and outpatient volumes have increased.

The current strategic plan focuses on volume growth, expanding the
outpatient footprint and enhancing services lines in specific
service areas intended to solidify MHS's market position.

MHS primarily operates in Washington County, Ohio and Wood County,
West Virginia. Both Wood and Washington Counties have experienced
declines in population growth rates over the last five years and
have unemployment rates that compare unfavorably to state and
national averages. Wood County's median household income is
comparable to the state average and Washington County's is below
the state average. The service area is expected to support a stable
payor mix.

OPERATING RISK

MHS experienced operating improvement in fiscal 2019 with an
operating EBITDA margin of 8% following a sharp decline in
operating profitability beginning in fiscal 2017 and continuing
through 2018 with operating EBITDA margins of 2.8% and 3.9%,
respectively. Prior to fiscal 2017, MHS had strong and stable
operating performance with a three-year average operating EBITDA
margin of about 10%. The fiscal 2017 operating decline reflects
significantly lower volumes, primarily for outpatient and emergency
services, one-time operating costs and revenue cycle disruption
related to the electronic health records conversion.

Improvement in fiscal 2019 is attributed to cost structure and
margin improvement initiatives focused on work force efficiency,
employee health benefits, group purchasing, supplies and
pharmaceuticals and care management. Further, a revenue cycle
consultant was brought in to improve collections and MHS has
created a full-time revenue cycle position as of December 2018.
Days in accounts receivable has improved to about 67 days in fiscal
2019 compared to about 76 days in 2018. Other initiatives have
centered on physician productivity and standards through a medical
leadership council.

Fiscal 2019 showed about a $20 million operating income improvement
over 2018, with an operating gain of $8.5 million compared with a
loss of $11.3 million in fiscal 2018. Fiscal 2019 results include
the write off of about $10 million in accounts receivable, bringing
the percentage of accounts receivable over 90 days down to 20% from
36%. Despite cash flow improvements, days in current liabilities
remains high but improved at 82 days in fiscal 2019 compared to 93
days in 2018 and compared the non-investment grade 2018 median of
about 59 days.

Operating performance remained about break even for the first half
of fiscal 2020 (ended March 31), reflecting the initial impact from
the coronavirus pandemic. Patient volumes began to decline in March
related to the coronavirus and restrictions on elective procedures,
with volumes hitting the low point in late April, and volumes
beginning to recover in early May.

Similar to the rest of the healthcare industry, MHS is taking steps
to mitigate losses in fiscal 2020 due to the pandemic. The
reduction in top-line revenues prior to reintroducing elective
procedures has been partially offset by flexing staff, furloughing
staff, managing expenses and reducing discretionary spending. MHS
elected to defer FICA taxes allowed under the Coronavirus Aid,
Relief, and Economic Security Act to be paid back by the end of
CY22, received about $35.7 million in stimulus as well as about
$53.5 million in accelerated Medicare payments. These advanced
Medicare funds payment recoupment begins will begin to offset
through nonpayment of future Medicare claims in August 2020 with
100% paid on or before April 2021.

Of the $35 million in stimulus funds, $18.7 million have been
recorded as income to offset losses in April and May, and $17
million remain on the balance sheet and is available to offset
losses related to lost top line revenues related to the pandemic in
the upcoming months. With the benefit of the stimulus funds,
management anticipates ending fiscal 2020 at about break even on
operations, translating to an operating EBITDA margin of about
6.6%

Capital expenditures are assessed as elevated. Capital expenditures
have averaged about 164% of depreciation over the past four years,
falling to about 87% of depreciation in fiscal 2019. Expenditures
have included an EHR implementation, an expansion and renovation
project at SGH, a renovation project at MMH, as well as the
construction of a new freestanding emergency department.

MHS has four proposed investments in its growth strategy that
include serviced line enhancements, investment in new locations and
expanding the primary care footprint. These strategic investments
should total about $46 million with about $35 million being
financed with operating leases, with an annual operating lease
expense increase of about $3.2 million. Investments are expected to
occur over the next two years and will be staggered. The elevated
capital expense assessment also considers MHS's average age of
plant of just over 14 years.

FINANCIAL PROFILE

MHS's net leverage profile reflects constrained financial resources
and high debt levels, including debt equivalents. Historically, MHS
has operated with thin financial flexibility and relatively high
leverage. Liquidity has historically been constrained with day's
cash on hand around 70 days for the past three years. Net adjusted
debt includes about $15 million in debt equivalents related to a
defined contribution pension plan that was frozen in 2018, and
about $76.7 million related to operating leases (calculated at a 5x
multiple) in fiscal 2019. Cash to adjusted debt was 34% and net
adjusted debt- to-adjusted EBITDA was about 3.5x in fiscal 2019.

Fitch's scenario tool provides a sense of magnitude surrounding the
current uncertainty in the economy based on a revenue and
investment portfolio stress. The scenario analysis incorporates
Fitch's estimates of an issuer specific portfolio stress resulting
in an 11.6% decline in investment holdings, reflecting MHS's asset
allocation. Fitch also incorporates the disrupted operations in
fiscal 2020 related to the coronavirus pandemic, and expectation
for breakeven operating performance with the recognition of
stimulus funds. Fitch assumes the lifting of containment measures
will allow for recovery. However, there is a large degree of
uncertainty around the forecasts due to the difficulty in
determining the duration and severity of the coronavirus pandemic.
Fitch believes the U.S. GDP will dramatically shrink in 2020,
deeper than experienced in 2009. In the event the coronavirus is
contained during the 2H20, Fitch assumes real GDP growth will
recover in 2021.

Under these assumptions, MHS cash-to-adjusted debt reaches about
29% by year four and net adjusted debt-to-adjusted EBITDA reaches
3.8x. Fitch assumes capital expenditures and increasing operating
leases consistent with the current growth strategy. These financial
profile metrics are consistent with the weak financial profile
assessment given the midrange revenue defensibility and midrange
operating risk assessment.

ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS

No asymmetric additional risk considerations were applied in this
rating determination. Total long-term obligations of about $206.2
million in fiscal 2019 is comprised of about $188 million of fixed
rate long-term bonds and $16 million in a short-term bank note. MHS
is seeking bondholder consent to have existing operating leases
grandfathered from the lease accounting change that will impact the
debt service coverage and funded indebtedness ratios and to
standardize the day's cash on hand ratio to be consistent with the
less restrictive 55 days cash on hand covenant of the 2015 bond
issue.

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).


MONTEVERDE RANCH: Case Summary & 8 Unsecured Creditors
------------------------------------------------------
Debtor: MonteVerde Ranch, LLC
        11035 Osborne Street
        Sylmar, CA 91342

Case No.: 20-11277

Chapter 11 Petition Date: July 21, 2020

Court: United States Bankruptcy Court
       Central District of California

Debtor's Counsel: Ian S. Landsberg, Esq.
                  SKLAR KIRSCH, LLP
                  1880 Century Park East, Suite 300             
                  Los Angeles, CA 90067
                  Tel: 310-845-6416
                  E-mail: ilandsberg@sklarkirsh.com

Total Assets as of May 31, 2020: $4,716,969

Total Liabilities as of May 31, 2020: $3,626,808

The petition was signed by Kymberly Chase, chief financial
officer.

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

                         https://is.gd/VuTpEg


NORTHERN DYNASTY: Sees Great Potential in Alaska's Pebble Project
-----------------------------------------------------------------
Northern Dynasty Minerals Ltd. reports that its 100%-owned US-based
subsidiary Pebble Limited Partnership released a public statement
commenting on future production potential from the proposed Pebble
mine project, noting it is poised to become one of the leading
metals producers in the United States.

The Pebble Partnership release states:

"With a Final Environmental Impact Statement (EIS) and Record of
Decision (ROD) for the proposed Pebble copper-gold-molybdenum mine
project in southwest Alaska expected this summer, Pebble
Partnership CEO Tom Collier noted it appears more and more likely
that Alaska could become home to another significant metals
producer.

"The lead federal regulator for the Pebble Project, the U.S. Army
Corps of Engineers (USACE), has signaled its intent to publish a
Final EIS on July 24 and a ROD shortly thereafter.  Pebble's
Collier said the Draft EIS published by the USACE last year, and
subsequent contributions from the U.S. Environmental Protection
Agency, U.S. Fish & Wildlife Service, the State of Alaska, tribal
entities and other cooperating agencies, point toward a positive
outcome for the federal permitting process.

"We have reason to believe that Pebble will be judged to be a
project of merit, and will receive its key federal permits under
the Clean Water Act and River & Harbors Act this summer," he said.
"The next steps facing the company and the project will be to
secure a major funding partner and acquire the state permits
necessary to take Pebble into production."

"State permitting for Pebble is expected to take 2 - 3 years to
complete, followed by a four-year construction phase.  Once
operating, Pebble will be among the leading metals producers in the
United States.  As described in the Project Description1, each year
during 20 years of production the proposed Pebble mine would
produce mineral concentrates containing, on average:

     318 million lb copper;
     362,000 oz gold;
     14 million lb molybdenum; and
     1.8 million oz of silver.

"Collier said Pebble has the potential to be the third largest
copper producer in the United States (producing ~12% of US output
annually) and the fourth largest gold producer (producing ~6% of US
output each year).  It also contains rhenium, a relatively rare
element used in jet engines and high-octane fuels, and palladium, a
precious metal employed in fuel cells and catalytic convertors,
among other applications.

"Depending on prevailing market prices, about 60% and 30% of the
annual value of production at Pebble will be derived from copper
and gold respectively, with the balance coming from other metals.

"There's absolutely no doubt there is growing domestic and
international market demand for the metal commodities Pebble will
produce," Collier said.  "Whether it's surging demand for copper to
facilitate the US and global transition to a low carbon future, the
increasing demand for gold we're seeing in the current economic
climate or the other strategic metals our mine will produce, the
world needs Pebble."
"America's transition away from fossil fuels and toward clean and
renewable sources of power will be particularly copper-intensive,
as will the requirement for smart grid technology to make the
nation's energy transmission and distribution system more
efficient.  Electric and hybrid-electric cars, solar and wind power
installations, as well as the energy infrastructure required to
enable these technologies, will all require substantially more
copper than the transportation and energy systems they replace.

"The US currently imports 35% of its annual copper needs from
foreign producers, as well as 82% of its rhenium, 68% of its silver
and 32% of its palladium.  For copper and many other strategic
metals, America's import reliance is expected to grow in future as
domestic demand rises faster than supply.

"It in the United States' best interest to develop reliable and
long-term domestic sources of mineral commodities like copper,
gold, molybdenum, silver, rhenium and palladium - strategic metals
that are critical to the country's economic, energy, military and
industrial future," Collier said.

"It is equally important to source these minerals from
jurisdictions that are known to be leaders in environmental
protection, in conserving healthy fish and wildlife populations, as
well as in environmental justice and human rights.  That
description fits Alaska to a tee, and is one more reason why Pebble
is poised to become one of America's leading metals producers."

                     About Northern Dynasty Minerals

Northern Dynasty -- http://www.northerndynastyminerals.com-- is a
mineral exploration and development company based in Vancouver,
Canada.  Northern Dynasty's principal asset, owned through its
wholly-owned Alaska-based US subsidiary Pebble Limited Partnership,
is a 100% interest in a contiguous block of 2,402 mineral claims in
southwest Alaska, including the Pebble deposit. The Company is
listed on the Toronto Stock Exchange under the symbol "NDM" and on
the NYSE American Exchange under the symbol "NAK".

Northern Dynasty reported a net loss of C$69.19 million for the
year ended Dec. 31, 2019, compared to a net loss of C$15.96 million
for the year ended Dec. 31, 2018.  As of Dec. 31, 2019, the Company
had $154.62 million in total assets, C$16.12 million in total
liabilities, and C$138.50 million.

Deloitte LLP, in Vancouver, Canada, the Company's auditor since
2009, issued a "going concern" qualification in its report dated
March 30, 2020, citing that the Company incurred a consolidated net
loss of $69 million during the year ended Dec. 31, 2019 and, as of
that date, the Company had a working capital deficit of $0.2
million and the consolidated deficit was $556 million.  These
conditions, along with other matters, raise substantial doubt about
its ability to continue as a going concern.


NORTHWEST CO: Sets Bidding Procedures for Substantially All Assets
------------------------------------------------------------------
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York shortened the notice period with
respect to the bidding procedures of The Northwest Co., LLC and The
Northwest.com, LLC in connection with the auction sale of
substantially all assets.

A hearing on the Motion is set for July 22, 2020 at 2:00 p.m.  The
objection deadline is July 21, 2020 at 5:00 p.m.

The Notice of the Motion will be given to (i) the Office of the
United States Trustee for Region 2; (ii) the Debtors' 20 largest
unsecured creditors; (iii) counsel to CIT Group/Commercial
Services, Inc.; (iv) applicable governmental units; (v) the
Committee; and (vi) those parties who have filed a notice of
appearance and request for service of pleadings in these Chapter 11
Cases pursuant to Bankruptcy Rule 2002.   

The Debtors are authorized to take all actions necessary to
effectuate the relief granted in the Order.

                    About The Northwest Company

The Northwest Company LLC and The Northwest.com LLC are
manufacturers and sellers of branded home textiles, throws and
blankets.  Their products are sold through major national
retailers
and on-line channels. They operate from their showroom in midtown
Manhattan as well as corporate offices in Roslyn, N.Y. and
Bentonville, Ark. The Debtors also maintain a sourcing office in
Shanghai, China and operate a weaving facility in Ronda, N.C. For
more information, visit www.thenorthwest.com.

Northwest Company and Northwest.com sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 20-10990)
on April 18, 2020.

At the time of the filing, Northwest Company had estimated assets
of between $10 million and $50 million and liabilities of between
$50 million and $100 million.  

Judge Michael E. Wiles oversees the cases.

The Debtors tapped Sills Cummis & Gross, P.C. as bankruptcy
counsel; Clear Thinking Group, LLC as financial advisor; Omni Agent
Solutions as claims, noticing and balloting agent; and MMG
Advisors, Inc., as investment banker.


NOTOX TECHNOLOGIES: Posts $575K Net Loss in Third Quarter
---------------------------------------------------------
Notox Technologies Corp. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, reporting a net loss
and comprehensive loss of $574,851 on $179,085 of sales for the
three months ended May 31, 2020, compared to a net loss and
comprehensive loss of $110,062 on $0 of sales for the three months
ended May 31, 2019.

For the nine months ended May 31, 2020, the Company reported a net
loss and comprehensive loss of $1.27 million on $1.18 million of
sales compared to a net loss and comprehensive loss of $575,683 on
$0 of sales for the nine months ended May 31, 2019.

As of May 31, 2020, the Company had $4.23 million in total assets,
$5.62 million in total liabilities, and a total stockholders'
deficiency of $1.38 million.

During the nine months ended May 31, 2020, the Company received
$26,587 in net cash from operating activities, compared to $128,683
in net cash spending on operating activities during the same period
in the prior year.  The change in the Company's spending between
the two periods was primarily attributable to the increase in its
net loss as adjusted for certain changes in our assets and
liabilities from period-to-period, and in particular, a significant
increase in its accounts payable and accrued liabilities.

During the nine months ended May 31, 2020, the Company received
$75,915 in net cash from investing activities, substantially all of
which was in the form of cash acquired upon the closing of the
Xthetica acquisition.  The Company did not spend any cash on
investing activities during the same period in the prior year.

During the nine months ended May 31, 2020, the Company spent
$34,530 in net cash on financing activities, all of which was
attributable to repayments in advances from related
parties/shareholders.  During the same period in the prior year,
the Company received $329,221 in net cash from financing
activities, $364,934 of which was attributable to proceeds from
private placements, less the repayment of $35,713 in advances from
related parties/shareholders.

During the nine months ended May 31, 2020, the Company's cash
increased by $67,972 due to a combination of its operating,
investing and financing activities.

As at May 31, 2020, the Company had a working capital deficiency of
$3,300,810 and an accumulated deficit of $13,695,097.  The Company
said its continuation as a going concern is dependent upon the
continued financial support from its stockholders, its ability to
obtain necessary equity financing to continue operations, and the
attainment of profitable operations.  These factors raise
substantial doubt regarding its ability to continue as a going
concern.

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

                       https://is.gd/6DJpEP

                     About Notox Technologies

Notox Technologies is in the business of developing and
commercializing innovative technologies.  Through Notox, the
Company owns 100% of the right, title and interest in and to the
License Agreement with the Clinic formerly held by ZHC.

Notox reported a net loss and comprehensive loss of C$635,045 for
the year ended Aug. 31, 2019, compared to a net loss and
comprehensive loss of C$810,825 for the year ended Aug. 31, 2018.
As of Feb. 29, 2020, the Company had C$4.78 million in total
assets, C$5.59 million in total liabilities, and a total
stockholders' deficiency of $812,058.

Davidson & Company LLP, in Vancouver, Canada, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated Nov. 29, 2019, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


OMNIQ CORP: Gets $4M Order for Mobile Data Collection Devices
-------------------------------------------------------------
OMNIQ Corp. has received an order from a U.S. healthcare company
valued at approximately $4.0 million.  The order is for the supply
of mobile data collection devices equipped with advanced
communication capabilities, comprehensive managed services and an
online order portal.

OMNIQ is providing a suite of solutions that enable a more
efficient approach to the customer's ordering, receiving and
inventory operations, specifically as they relate to drug
distribution and applicable to all current drug catalog items. The
equipment and services OMNIQ is providing will enable a
user-friendly and faster ordering process, enhanced accuracy when
inventory counts are performed and confirmation of items to be
received.  The rollout of the mobile devices and associated
services will begin in the current quarter of 2020 with the
deployment expected to continue through calendar 2021.

Shai Lustgarten, president and CEO of OMNIQ, stated, "This order,
following our recent $5.5 Million order from a leading supermarket
chain, reaffirms our solid position in the Healthcare and Food
market segments, two critical industries as the world moves through
the Covid 19 situation.  This order includes comprehensive services
and real time integration with the logistics of our multi-billion
dollar customer.  Our innovative solution provides advanced
powerful hardware, integrated software and management and order
portal services.  With these capabilities, our customer is well
positioned to enhance efficiencies and provide an express ordering
platform for fast and accurate response and delivery."

                      About OMNIQ Corp.

Headquartered in Salt Lake City, Utah, OMNIQ Corp. (OTCQB: OMQS) --
http://www.omniq.com/-- provides computerized and machine vision
image processing solutions that use patented and proprietary AI
technology to deliver data collection, real time surveillance and
monitoring for supply chain management, homeland security, public
safety, traffic & parking management and access control
applications.  The technology and services provided by the Company
help clients move people, assets and data safely and securely
through airports, warehouses, schools, national borders, and many
other applications and environments.

Omniq reported a net loss attributable to common stockholders of
$5.31 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to common stockholders of $5.41 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$42.60 million in total assets, $42.76 million in total
liabilities, and a total stockholders' deficit of $156,000.

Haynie & Company, in Salt Lake City, Utah, the Company's auditor
since 2019, issued a "going concern" qualification in its report
dated March 30, 2020, citing that the Company has a deficit in
stockholders' equity, and has sustained recurring losses from
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


OPTION CARE: Reports Preliminary Second Quarter Results
-------------------------------------------------------
Option Care Health, Inc., announced preliminary financial results
for the second quarter ended June 30, 2020.

For the second quarter, Option Care Health expects to report:

   * Net revenue of approximately $740.8 million, representing
     comparable growth over the prior year of approximately 7%

   * Net loss of approximately $7.7 million

   * Adjusted EBITDA of approximately $54.6 million, representing
     approximately 7.4% of net revenue

   * Cash Flow from Operations of approximately $35.5 million

   * Ending cash balance of $118.1 million, representing an
     increase of $40.9 million compared to $77.2 million at
     March 31, 2020 and no outstanding borrowings on the
     Company's revolver

   * Ending gross debt of $1,332.6 million, or $1,214.5 million
     net of ending cash

As previously disclosed, Option Care Health received approximately
$11.7 million in the second quarter from the Public Health and
Social Services Emergency Fund as part of the Coronavirus Aid,
Relief, and Economics Security Act.  The $11.7 million will be
reflected in the second quarter as a cash inflow from financing
activities and, as a result, is reflected in the ending cash
balance and net debt results above.  The net revenue, adjusted
EBITDA and cash flow from operations results above exclude any
benefit from the proceeds.  Additional communication regarding the
final resolution of the funds and related accounting treatment will
be forthcoming.

The second quarter results reflect the Company's continued efforts
to accelerate growth and drive merger-related cost savings offset
by the detrimental impact of the COVID-19 pandemic.  As expected,
the pandemic has negatively affected new patient referrals for both
acute and chronic conditions; however, the Company did experience
an increase in patient transfers from hospital and outpatient
settings which positively affected revenues.  For the second
quarter, the revenue results reflect a single digit decline in
acute revenues relative to the prior year while chronic revenue
grew in the low double digits.  Option Care Health continues to
collaborate with payers and health systems to transition patients
into the home or one of its alternate treatment sites to receive
vital infusion therapy.

As previously disclosed, Option Care Health experienced cost
inefficiencies in the second quarter with respect to clinical labor
and other staffing challenges, as well as higher costs to procure
personal protection equipment.  Offsetting the negative impacts
resulting from the COVID-19 pandemic, the Company managed spending
and accelerated many integration-related initiatives. The Company
exited the second quarter having fully achieved the articulated
goal of at least $60 million in net cost synergies and, while
certain integration efforts continue, ultimately expects to exceed
the net cost synergy goal.

Full Year 2020 Financial Guidance

Option Care Health is reinstating financial guidance for the full
year 2020 and now expects to generate $200 million to $210 million
in Adjusted EBITDA and at least $50 million in Free Cash Flow.  The
full year guidance excludes any impact from the receipts from the
Public Health and Social Services Emergency Fund as part of the
Coronavirus Aid, Relief, and Economics Security Act.

                      About Option Care Health

Option Care Health is an independent provider of home and alternate
site infusion services.  With over 5,000 teammates, including
approximately 2,900 clinicians, the Company works to elevate
standards of care for patients with acute and chronic conditions in
all 50 states.  Through its clinical leadership, expertise and
national scale, Option Care Health is reimagining the infusion care
experience for patients, customers and employees.

Option Care recorded a net loss of $75.92 million for the year
ended Dec. 31, 2019, compared to a net loss of $6.11 million for
the year ended Dec. 31, 2018.  For the three months ended March 31,
2020, the Company recorded a net loss of $19.91 million.


ORIGINCLEAR INC: Investors Convert $55,541 Notes Into Equity
------------------------------------------------------------
OriginClear, Inc. previously issued notes to various investors
convertible into shares of the Company's common stock.  Between
July 8, 2020 and July 15, 2020, holders of convertible notes
converted an aggregate principal and interest amount of $55,541
into an aggregate of 1,752,343 shares of the Company's common
stock.

                 Conversion of Preferred Shares

As previously reported, on April 3, 2019, the Company filed a
certificate of designation of Series J Preferred Stock.  Pursuant
to the Series J COD, the Company designated 100,000 shares of
preferred stock as Series J.  The Series J has a stated value of
$1,000 per share, and is convertible into shares of the Company's
common stock, on the terms and conditions set forth in the Series J
COD.

On July 17, 2020, holders of Series J Preferred Stock converted an
aggregate of 15 Series J shares into an aggregate of 391,468 shares
of common stock, including make-good shares, of the Company's
common stock.

                      Consultant Issuances

On July 14, 2020, the Company issued to consultants an aggregate of
290,000 shares of the Company's common stock for services.

                        About OriginClear

Headquartered in Los Angeles, California, OriginClear --
http://www.originclear.com/-- is a provider of water treatment
solutions and the developer of a breakthrough water cleanup
technology.  Through its wholly owned subsidiaries, OriginClear
provides systems and services to treat water in a wide range of
industries, such as municipal, pharmaceutical, semiconductors,
industrial, and oil & gas.

OriginClear reported a net loss of $27.47 million for the year
ended Dec. 31, 2019, compared to a net loss of $11.35 million for
the year ended Dec. 31, 2018.  As of March 31, 2020, the Company
had $1.10 million in total assets, $21.77 million in total
liabilities, and a total shareholders' deficit of $20.67 million.

M&K CPAS, PLLC, in Houston, TX, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated May 29,
2020, citing that the Company suffered a net loss from operations
and has a net capital deficiency, which raises substantial doubt
about its ability to continue as a going concern.


PATRICK INDUSTRIES: Moody's Alters Outlook on B3 Rating to Stable
-----------------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Patrick
Industries, Inc. to stable from negative. Moody's also upgrades the
company's senior unsecured notes rating (to B3 from Caa1). At the
same time, Moody's affirmed the company's B2 corporate family
rating and B2-PD probability of default rating. The speculative
grade liquidity rating remains unchanged at SGL-3.

"Recent improvement in recreational vehicle production rates, from
the trough levels in April, suggests a less severe contraction in
2020 than previously anticipated", says Shirley Singh, Moody's lead
analyst for Patrick Industries. "Although the broader economic
contraction will continue to put pressure on Patrick's operating
performance through 2020, recent improvements in liquidity will
better position the company to withstand weaker market conditions"
added Singh.

The upgrade of the senior unsecured notes rating to B3 reflects
Moody's expectation of less reliance on the senior secured debt
(i.e. revolving credit facility) that improves the deemed recovery
on the senior unsecured debt in a default scenario.

The following rating actions were taken:

Affirmations:

Issuer: Patrick Industries, Inc.

  Corporate Family Rating, Affirmed B2

  Probability of Default Rating, Affirmed B2-PD

Upgrades:

  Senior Unsecured Regular Bond/Debenture, Upgraded to B3
  (LGD5) from Caa1 (LGD5)

Outlook Actions:

Issuer: Patrick Industries, Inc.

  Outlook, Changed to Stable from Negative

RATING RATIONALE

Patrick's B2 CFR reflects its large scale whose broad range of
product offerings supports solid market position. The rating also
benefits from the company's relatively high margins, its low
capital spending requirements, and a successful track record of
integrating acquisitions. However, the rating also takes into
account the highly cyclical end markets that it serves,
recreational vehicles and the marine sector in particular.
Patrick's elevated exposure to these markets makes it susceptible
to current weak economic environment. Moody's expects earnings
headwinds in 2020 will result in adjusted debt-to-EBITDA increasing
to 4.0x from current level of 3.2x (as March 2020), with some
improvement in 2021 as business conditions improve.

The stable outlook reflects Moody's expectations that Patrick will
generate free cash flow within the range of $70-$100 million in
2020 and 2021, rendering adequate liquidity despite any weakening
of credit metrics.

The rapid spread of the coronavirus outbreak, the 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.
Notwithstanding some early signs that the adverse impact of the
coronavirus outbreak on Patrick and the deterioration in credit
quality that it triggered may be relatively short-lived and
subsiding, the company remains vulnerable to shifts in market
demand and consumer sentiment in these unprecedented operating
conditions.

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

Ratings could be upgraded if Patrick can diversify its product
portfolio to reduce its vulnerability to cyclical downturns, while
the company experiences stable sales growth in its core RV and
marine businesses. A reduction in financial leverage would also be
important to support higher ratings, with adjusted debt-to-EBITDA
is sustained below 3.0x. An upgrade would also require an
expectation that the company would maintain good liquidity with a
prudent capital structure and financial.

Ratings could be downgraded if the company's earnings decline
precipitously, weakening liquidity, including increased cash
consumption and revolver usage and/or concerns over prospective
compliance with the financial maintenance covenants.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Patrick Industries, Inc. (NASDAQ: PATK), headquartered in Elkhart,
Indiana, is a leading manufacturer and distributor of components
parts in the RV, marine, manufactured housing and adjacent
industrial markets primarily serving large OEMs. Revenues for the
twelve months ended March 2020 totaled $2.3 billion.


PERMIAN HOLDCO 1: July 24 Deadline Set for Committee Questionnaires
-------------------------------------------------------------------
Permian Holdco 1, Inc., which filed for Chapter 11 protection,
authorizes the United States Trustee to appoint an Official
Committee of Unsecured Creditors in its bankruptcy case.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to Jane.M.Leamy@usdoj.gov at the Office of the United States
Trustee so that it is received no later than Wednesday, July 24,
2020 at 4:00 p.m.

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

                    About Permian Holdco

Permian Holdco 1, Inc. and its affiliates are manufacturers of
above-ground storage tanks and processing equipment for the oil and
natural gas exploration and production industry.

Permian Holdco 1, Inc. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No.
20-11822) on July 19, 2020.  The petitions were signed by Chris
Maier, chief restructuring officer.  Hon. Mary F. Walrath presides
over the cases.

The Debtors have estimated assets of $0 to $50,000,000 and
estimated liabilities of $0 to $50,000,000.

M. Blake Cleary, Esq., Robert F. Poppiti, Jr., Esq., Joseph M.
Mulvihill, Esq., and Jordan E. Sazant, Esq. of Young Conaway
Stargatt & Taylor, LLP serve as counsel to the Debtors.  Seaport
Gordian Energy LLC serves as investment banker to the Debtors and
Epiq Corporate Restructuring LLC acts as notice and claims agent.


PROTEUS DIGITAL: Aug. 6 Auction of Substantially All Assets Set
---------------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized Proteus Digital Health, Inc.'s
bidding procedures in connection with the auction sale of
substantially all assets.

Subject to final Court approval at the Sale Hearing, the Debtor is
authorized to enter into the Stalking Horse APA with the Stalking
Horse Bidder.

The Debtor will file and serve a form of proposed Sale Order no
later than July 24, 2020.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 4, 2020 at 5:00 p.m. (ET)

     b. Initial Bid: Greater than or equal to the sum of the value
offered under the Stalking Horse Purchase APA plus (a) the
aggregate, maximum amount of the Bid Protections (i.e. $1,050,000);
plus (b) $100,000

     c. Deposit: An amount equal to the greater of (i) 10% of the
cash portion of the purchase price provided for in the bid, and
(ii) $1.5 million

     d. Auction: In the event the Debtor receives, on or before the
Bid Deadline, one or more Qualified Bids in addition to the
Stalking Horse Bid, an Auction may be conducted via Zoom or a
similar remote medium or online platform, at 10:00 a.m. (ET) on
Aug. 6, 2020, or such other date, and time as the Debtor will
notify all Qualified Bidders (including the Stalking Horse Bidder).
The Debtor is authorized to conduct the Auction in accordance with
the Bidding Procedures.

     e. Bid Increments: $100,000

     f. Sale Hearing: Aug. 11, 2020 at 11:30 a.m. (ET)

     g. Sale Objection Deadline: July 31, 2020 at 4:00 p.m. (ET)

     h. Bid Protection: Equal to (i) a break-up fee equal to 3% of
the Cash Purchase Price, and (ii) reimbursement in an amount up to
$600,000 for reasonable and documented out-of-pocket costs, fees
and expenses incurred from and after June 10, 2020 in connection
with the Sale

The form of Sale Notice is approved.  Within two Business Days
after entry of the Bidding Procedures Order, or as soon as
reasonably practicable thereafter, the Debtor will serve the Sale
Notice upon all Sale Notice Parties.

Promptly following the Auction, if any, but in any event no later
than Aug. 7, 2020, the Debtor will file the Notice of Auction
Results, with the Court and cause the Notice of Auction Results to
be published on the Case Information Website.

The Assumption and Assignment Procedures are approved.  As soon as
reasonably practicable, but in no event later than five Business
Days after entry of the Bidding Procedures Order, the Debtor will
file with the Court, and cause to be published on the Case
Information Website, the Potential Assumption and Assignment
Notice.  The Assumption and Assignment Objection is July 31, 2020
at 4:00 p.m. (ET).  The Supplemental Assumption and Assignment
Objection Deadline is 10 calendar days from the date of service of
such Supplemental Assumption and Assignment Notice.

If, following the Auction (if held), the Stalking Horse Bidder is
not the Successful Bidder, then the Debtor will serve the Notice of
Auction Results on each Counterparty that received a Potential
Assumption and Assignment Notice and any Supplemental Assumption
and
Assignment Notice within 24 hours following the conclusion of the
Auction.

The Order will be binding on the Debtor, including any Chapter 7 or
Chapter 11 trustee or other fiduciary appointed for the estate of
the Debtor.  All time periods set forth in the Order will be
calculated in accordance with Bankruptcy Rule 9006(a).  

Notwithstanding any Bankruptcy Rule or Local Rule that might
otherwise delay the effectiveness of the Order, the terms and
conditions of the Order shall, to the extent applicable, be
effective and enforceable immediately upon its entry.

A copy of the Bidding Procedures is available at
https://tinyurl.com/yaf3wdpe from PacerMonitor.com free of charge.

                   About Proteus Digital Health

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

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

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


PYXUS INT'L: July 28 Deadline Set for Committee Questionnaires
--------------------------------------------------------------
Pyxus International, Inc., at al., which filed for Chapter 11
protection, authorize the United States Trustee to appoint an
Official Committee of Unsecured Creditors in its bankruptcy case.

If a party wishes to be considered for membership on the Committee,
it must complete a required Questionnaire and return it via email
to David.l.Buchbinder@usdoj.gov at the Office of the United States
Trustee so that it is received no later than Tuesday, July 28, 2020
at 4:00 p.m. EST.

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

                      About Pyxus International

Pyxus International Inc. -- http://www.pyxus.com/-- is a global
agricultural company with 145 years of experience delivering
value-added products and services to businesses, customers and
consumers.

Pyxus reported a net loss of $71.17 million for the year ended
March 31, 2019, compared to net income of $51.91 million for the
year ended March 31, 2018.  As of March 31, 2019, Pyxus had $1.86
billion in total assets, $1.67 billion in total liabilities, and
$192.02 million in total stockholders' equity.

On June 15, 2020, Pyxus and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No.
20-11570).  Judge Laurie Selber Silverstein oversees the cases.

The Debtors have tapped Simpson Thacher & Bartlett, LLP as general
bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware bankruptcy counsel; and Lazard Freres & Co. LLC and RPA
Advisors, LLC as restructuring advisors.  Prime Clerk, LLC is the
claims and noticing agent and administrative advisor.


RENFRO CORP: S&P Lowers ICR to 'SD' on Distressed Debt Transaction
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S. sock
manufacturer Renfro Corp. to 'SD' (selective default) from 'CCC-'.
At the same time, S&P lowered its issue-level rating on its term
loan to 'D' from 'CCC-'.

The downgrade reflects Renfro's borrowing of $20.2 million under a
new term loan facility comprising $10.1 million of new money and
the roll-up of $10.1 million of its existing term loan.

"We view this transaction as tantamount to a default on the term
loan because the company's operations are distressed, which is
making it difficult for it to meet its obligations. In addition,
its lenders that did not participate in the transaction are now in
a disadvantaged collateral position relative to the new debt,
which--in our view--indicates they will receive less than they were
originally promised," S&P said.

S&P views Renfro as distressed due to its poor operating
performance, the near-term maturity of its debt facilities, the
depressed trading prices on its debt in the secondary market, and
its need for additional liquidity. Moreover, the company did not
offer any compensation to its existing term loan lenders who chose
not to contribute new money in the transaction.

Renfro offered all of its term loan lenders the opportunity to
participate in the transaction by contributing new money. The
lenders that contributed new money were also able to roll up a pro
rata amount of their existing term loan into the new tranche, which
pays a higher interest rate than the existing facility. While 100%
of the company's existing term loan lenders approved the
transaction, the new $20.2 million term loan tranche assumes a
first-lien position on the term loan collateral ahead of the
company's existing term loan lenders.

"We expect to reevaluate our issuer credit rating on Renfro in the
next few days. We will likely raise our rating on the company to
'CCC-' at that time given that all of its debt matures in February
and March 2021 and it will need to secure additional waivers to
remain in compliance with its credit agreements because of the
going concern qualification in its annual audited financial
statements," S&P said.


RONALD GOODWIN: Objections to Wichita Property Sale Due July 27
---------------------------------------------------------------
Judge Robert E. Nugent of the U.S. Bankruptcy Court for the
District of Kansas shortened the deadline for objection to Ronald
A. Goodwin and Michelle L. Goodwin's proposed sale of the real
estate commonly known as 12600 W 13th St. N., Wichita, Kansas to
Margoux, LLC for $800,000, free and clear of all liens and
encumbrances, to July 27, 2020.

The hearing on any objections will be held on Aug. 5, 2020 at 10:00
a.m.

Ronald A. Goodwin and Michelle L. Goodwin sought Chapter 11
protection (Bankr. D. Kan. Case No. 16-12205) on Nov. 8, 2017.
The
Debtors tapped Mark J. Lazzo, Esq., as counsel.



SAMSON OIL: BNY Mellon Terminates Deposit Agreement
---------------------------------------------------
The Bank of New York Mellon, as depositary, delivered a Notice to
Holders of American Depositary Shares Evidenced by American
Depositary Receipts  Representing Deposited Ordinary Shares of
Samson Oil & Gas Limited.  The Termination Notice is the result of
the Depositary's determination that, in light of the delisting of
the Company's ordinary shares from the Australian Stock Exchange,
the Depositary could no longer act as Depositary for the ADSs
pursuant to the Deposit Agreement dated Jan. 4, 2008 among the
Company, the Depositary, and the Holders.

The Termination Notice explains that, because of the impending
termination of the Deposit Agreement, the Company's Level I ADR
Program will be terminated effective at 5:00 PM Eastern Time on
Friday, Aug. 14, 2020.  The Termination Notice follows the
Company's determination that, as a result of the ASX delisting of
its ordinary shares, it could not appoint a successor depositary
bank after the Depositary's resignation.

The Company has agreed to pay the Depositary a cancellation fee of
$100,000 in connection with the termination of the Deposit
Agreement and ADR Program in exchange for the Depositary's
agreement not to charge the Holders any cancellation fees when they
surrender their ADRs in order to receive the underlying ordinary
shares of the Company.

Holders have four months to surrender their ADRs for delivery of
the underlying ordinary shares of the Company after release of the
Termination Notice.  After Tuesday, Dec. 15, 2020, however, the
Depositary may sell the ordinary shares represented by ADRs that
are not claimed by Holders.  In such an event, separate
instructions for obtaining payment of the sale proceeds will be
delivered to the remaining Holders.

Because its securities are registered under the Securities Exchange
Act of 1934, the Company will support the development of a U.S.
over the counter trading market for its ordinary shares to replace
the existing over the counter trading market for the ADSs.  While
there can be no assurance that such a market will be successfully
established, the Company believes that it represents the best
opportunity for Holders to maintain some liquidity for their
investment in the Company.

                        About Samson Oil

Headquartered in Perth, Western Australia, Samson Oil & Gas Limited
-- http://www.samsonoilandgas.com/-- is an independent energy
company primarily engaged in the acquisition, exploration,
exploitation and development of oil and natural gas properties,
primarily with a focus in Montana and North Dakota.

Samson Oil reported a net loss of $7.15 million for the fiscal year
ended June 30, 2019, compared to a net loss of $6.04 million for
the fiscal year ended June 30, 2018.  As of March 31, 2020, the
Company had $44.06 million in total assets, $52.64 million in total
liabilities, and a total stockholders' deficit of $8.58 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2019, citing that the Company is in violation of its debt
covenants, incurred a net loss from operations, has cash outflows
from operations, and its current liabilities exceed its current
assets as of and for the year ended June 30, 2019.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


SCHMAUS FAMILY: $530K Sale of Helena Property to Beuthiens Approved
-------------------------------------------------------------------
Judge Benjamin P. Hursh of the U.S. Bankruptcy Court for the
District of Montana authorized Schmaus Family Properties, LLC's
sale of the real property located at 3735 Melkat Lane, Helena,
Lewis and Clark County, Montana to Christopher and Angela Beuthien
for 530,000, pursuant to the terms and conditions set forth in the
Buy-Sell Agreement.

A hearing on the Motion was held on July 15, 2020.

The sale is free and clear of all liens, with all valid liens
attaching to the proceeds of the sale.

The Order is effective immediately, and not stayed for 14 days
pursuant to F.R.B.P. 6004(h).
The hearing scheduled for July 17, 2020, on the Debtor's Motion is
vacated.

The United States Trustee's Motion to Appear Telephonically is
denied as moot.

               About Schmaus Family Properties

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

At the time of the filing, the Debtor had estimated assets of
between $500,001 and $1 million and liabilities of between
$100,001
and $500,000.  Judge Benjamin P. Hursh oversees the case.  Gary S.
Deschenes, Esq., at Deschenes & Associates, is the Debtor's legal
counsel.


SEQUA CORP: S&P Affirms CCC+ ICR; Rates New First-Lien Loan CCC+
----------------------------------------------------------------
S&P Global Ratings affirmed the existing 'CCC+' issuer credit
rating on Sequa Corp. The outlook remains negative. S&P also
assigned its 'CCC+' issue-level rating on the company's new $200
million tranche. The recovery rating is a '4'. S&P affirmed its
existing issue level ratings.

Sequa announced a planned amendment to its existing debt and
issuance of a new $200 million first-lien term loan due 2025, which
ranks pari passu with existing first-lien debt.  It plans to use
the proceeds from the new term loan and $56 million of preferred
equity provided by its sponsor, The Carlyle Group to:

-- Pay down existing revolver drawings of about $105 million,

-- Repay up to $90 million outstanding on the existing first-lien
term loan

-- Repay up to $10 million outstanding on the second-lien term
loan,

-- Add about $30 million of cash to the balance sheet, and

-- Pay fees and expenses.

Revolver lenders will also be able to convert about $12 million of
revolver borrowings to the first-lien term loan due 2023. The
amendment extends the maturity on the company's $135 million
revolver to 2023, the existing first-lien term loan to 2023 ($815
million outstanding pro forma for the transactions), and the
existing second-lien term loan to 2024 ($340 million pro forma for
the transaction). The transaction also eases the first-lien net
leverage covenant on the company's revolver.

The negative outlook reflects S&P's expectation that Sequa's credit
metrics will weaken as a result of lower air traffic and
construction activity because of the coronavirus outbreak. The
rating agency now expects debt to EBITDA to be above 8.5x in 2020.

"We could lower our rating on the company if we believe that it
could default within 12 months due to a near-term liquidity crisis
or if we believe it is considering a distressed exchange offer or
redemption. The liquidity crisis would likely be driven by a
greater impact on earnings and free cash flow from the coronavirus
pandemic," S&P said.

"We could revise our outlook on Sequa to stable if its earnings and
cash flow are not as weak as expected because of the coronavirus
outbreak, and the company can maintain adequate liquidity and debt
to EBITDA below 8x. This would likely result from a
quicker-than-expected recovery in air traffic driving higher
aftermarket demand, or a recovery in the global economy driving
further construction demand," the rating agency said.


SILVER LAKES: Aug. 14 Auction of Inn at Silver Lakes Set
--------------------------------------------------------
Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central
District of California authorized Silver Lakes Resort Lodge
Interval Owners Association's bidding procedures in connection with
the auction sale of its principal asset, the real and personal
property commonly known as the Inn at Silver Lakes, located at
14818 Clubhouse Drive, Helendale, California.

On July 31, 2020, the Debtor will file additional evidence
supporting the reasonableness under the circumstances of this case
of the amount of the commission and buyer's premium proposed to be
paid to the Debtor’s broker, NRC Realty Advisors of California,
Inc.

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 7, 2020 at 5:00 p.m. (CT)

     b. Initial Bid: $670,000 plus the Buyer s Premium (4% of the
Purchase Price and defined in the PSA)

     c. Deposit: 10% of the bid price

     d. Auction: NRC will conduct an auction of the Property in
accordance with the Bidding Procedures on Aug. 14, 2020.
Participation in the Auction will be by invitation to parties who
have been designated Qualified Bidders by the Bid Deadline, unless
extended in accordance with the Bidding Procedures.

     e. Bid Increments: $10,000

     f. Sale Hearing: Aug. 18, 2020, at 2:00 p.m

     g. Sale Objection Deadline: Aug. 15, 2020

     h. The Stalking Horse Bidder will be entitled to receive the
Break-up Fee in the amount of $19,500 only if the terms and
conditions stated in the Stalking Horse Bidder PSA for such payment
are met.  

The next business day following the conclusion of the Auction, the
Debtor will file a notice with the Court identifying the Successful
Bidder and the amount of the Successful Bid.  

Notwithstanding the possible applicability of Bankruptcy Rules
6004, 7062, 9014, or otherwise, the terms and conditions of the
Bidding Procedures Order will be immediately effective and
enforceable.

A hearing on the Motion is set for July 7, 2020 at 2:00 p.m.

A copy of the Bidding Procedures is available at
https://tinyurl.com/y9osrn8p from PacerMonitor.com free of charge.

                  About Silver Lakes Resort
              Lodge Interval Owners Association

Silver Lakes Resort Lodge Interval Owners Association --
https://www.innatsilverlakes.com/ -- is an association of owners of
The Inn at Silver Lakes, a resort in Southern California that is
affiliated with RCI and Interval International.

Silver Lakes Resort Lodge Interval Owners Association sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D.
Cal. Case No. 19-16352) on July 20, 2019. In the petition signed by
Edgar A. Darden, V.P. & chief restructuring officer, the Debtor was
estimated to have $1 million to $10 million in both assets and
liabilities.

The case is assigned to Judge Mark S. Wallace.

Teresa A. Blasberg, Esq., at BLASBERG & ASSOCIATES, represents the
Debtor.


SINGLETON FOOD: JSB Buying Hayesville Personal Property for $40K
----------------------------------------------------------------
Singleton Food Services, Inc., asks the U.S. Bankruptcy Court for
the Northern District of Georgia to authorize the sale of the
personal property located at 36 Russell Drive, Hayesville, North
Carolina to JSB Subways, LLC $40,000, cash.

A hearing on the Motion is set for July 30, 2020 at 1:30 p.m.
Objections, if any, must be filed at least two business days before
the hearing.

The Debtor currently operates a Subway franchised restaurant at the
property.  The property is located on leased real property.  The
Restaurant is designated and identified as Subway Franchise Store
No. 15835.

The Debtor is the owner of certain personal property located in the
Hayesville restaurant and used in the operation of a Subway branded
restaurant.  This includes, but is not limited to, furniture,
fixtures, equipment, consumable items and food.  

The Debtor received an offer to purchase the Purchased Assets from
Purchaser.  After engaging in negotiations with Purchaser, it
entered into an agreement with the Purchaser on June 30, 2020.  The
Purchased Assets are being sold "as is, where is" with all faults.
It is contingent upon the transfer and assignment of the Franchise
Agreement from J. Edward Singleton, Jr. to Purchaser, or an
assignee of the Purchaser within 60 days after a Final Order is
entered.

Mr. Singleton and the Purchaser have entered into a separate
agreement whereby Purchaser will purchase the franchise from Mr.
Singleton for the sum of $10,000.  The Debtor is not a party to
that agreement and will not receive any proceeds of that agreement.
Purchaser must have a Subway franchise in order to operate a Subway
store.

Under the Agreement, the Purchaser will purchase the Purchased
Assets for a cash price of $40,000.  The Purchase Price is
allocated as follows:  (a) Inventory - $2,500; (b) Fixtures,
Equipment and Other Personal Property - $27,500; and (c) Goodwill -
$10,000.

The Purchaser has agreed to deposit $5,000 in earnest money with
the Debtor's counsel as Escrow Agent, with the balance of the
Purchase Price to be paid in cash or its equivalent at Closing.   

In the Debtor's business judgment, the Agreement is reasonable and
adequate, and is the highest and best offer, and its sale of the
Purchased Assets is in the best interests of the Bankruptcy Estate
and creditors.  The parties acknowledge that Subway Real Estate,
LLC, as Tenant and Sublessor, leases the real property located at
36 Russell Drive, Hayesville, North Carolina, 28904 and, in turn,
subleases the real property to J. Edward Singleton, Jr.,
individually, as Sublessee.  The Debtor operates the restaurant
pursuant o an unwritten agreement with J. Edward Singleton, Jr.

It is the intent of the parties, including J. Edward Singleton,
Jr., individually, and the parties so agree, that the Master Lease
and unwritten Sublease shall remain in full force and effect and
survive the sale of personal property as contemplated in the
Agreement.  The parties agree to cooperate and take all necessary
steps to transfer or assign the Master Lease to the Purchaser.

The Debtor has not employed a business broker or other professional
that would otherwise be paid from the Purchase Price.

The Debtor requests that any order approving this Sale Motion be
effective immediately by providing that the 14-day stay is
inapplicable, so that that the Debtor may proceed as expeditiously
as possible with the closing of the sale following Court approval
thereof.

A copy of the Agreement is available at
https://tinyurl.com/y8339z4j from PacerMonitor.com free of charge.

                  About Singleton Food Services

Singleton Food Services, Inc., is a privately-held company in
Ellijay, Georgia, operating in the restaurants industry.

Singleton Food Services sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 18-22157) on Nov. 3,
2018.  In the petition signed by Edward J. Singleton Jr., chairman
and CEO, the Debtor was estimated to have assets of $1 million to
$10 million and liabilities of $1 million to $10 million.  The
Debtor tapped the Law Office of Scott B. Riddle, LLC, as its legal
counsel, and Drew Eckl & Farnham LLP, as special counsel.


SINTX TECHNOLOGIES: Prices $3 Million Registered Direct Offering
----------------------------------------------------------------
SINTX Technologies, Inc., has entered into a share purchase
agreement with several institutional investors for the issuance and
sale of 1,500,000 shares of its common stock at a price of $2.00
per share, for aggregate gross proceeds of approximately $3.0
million, in a registered direct offering priced at-the-market under
Nasdaq rules.

Maxim Group LLC is acting as the sole placement agent for the
offering.

The offering is expected to close on or about July 21, 2020,
subject to the satisfaction of customary closing conditions.

The shares of common stock are being offered pursuant to a shelf
registration statement on Form S-3 (File No. 333-230492) previously
filed and declared effective by the Securities and Exchange
Commission (SEC) on April 5, 2019.  The offering of the shares of
common stock will be made only by means of a prospectus supplement
that forms a part of the registration statement.

                    About SINTX Technologies

Headquartered in Salt Lake City, Utah, SINTX Technologies --
https://ir.sintx.com/ -- is an OEM ceramics company that develops
and commercializes silicon nitride for medical and non-medical
applications.  The core strength of SINTX Technologies is the
manufacturing, research, and development of silicon nitride
ceramics for external partners.  The Company manufactures silicon
nitride material and components in its FDA registered and ISO 13485
certified facility.

SINTX reported a net loss attributable to common stockholders of
$7.50 million for the year ended Dec. 31, 2019, compared to a net
loss attributable to common stockholders of $22.55 million for the
year ended Dec. 31, 2018.  As of March 31, 2020, the Company had
$15.36 million in total assets, $4.15 million in total liabilities,
and $11.21 million in total stockholders' equity.


SLT HOLDCO: Aug. 5 Auction of Substantially All Assets Set
----------------------------------------------------------
Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the
District of Texas authorized the bidding procedures of SLT Holdco,
Inc. and its affiliates in connection with the sale of
substantially all assets to CF SLTD Holdings, LLC, subject to
overbid.

A hearing on the Motion was held on July 10, 2020 at 12:00 p.m.
(ET).

The salient terms of the Bidding Procedures are:

     a. Bid Deadline: Aug. 3, 2020 at 4:00 p.m. (ET)

     b. Initial Bid: Such Bid (a) must propose a purchase price
equal to or greater than the aggregate of the sum of (i)
$58,363,509, the value of the Bid set forth in Stalking Horse
Agreement, as determined by the Debtors; (ii) the dollar value of
the Break-Up-Fee and Expense Reimbursement, (iii) the outstanding
amount of the obligations (including principal, interest fees and
other outstanding amounts) owing under the debtor-in-possession
loan facility provided by the Stalking Horse Bidder (or its
Affiliates); and (iv) $500,000 (the initial overbid amount), in
cash; (b) must obligate the Bidder to pay, all amounts which the
Stalking Horse Bidder under the Stalking Horse Agreement has
agreed

     c. Deposit: 10% of the cash consideration of the Bid and $4
million

     d. Auction: The Auction will take place on Aug. 5, 2020 at
10:00 a.m. (ET), or such other time as the Debtors will notify all
Qualified Bidders, including the Stalking Horse Bidder, the counsel
for the Stalking Horse Bidder and other invitees in accordance with
these Bidding Procedures.  The Auction will be conducted by video
conference, the details of which will be provided to Qualified
Bidders in advance of the Auction.

     e. Bid Increments: $100,000

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

     g. Sale Objection Deadline: Aug. 3, 2020 at 4:00 p.m. (ET)

If the Sellers do not receive a Qualified Bid with respect to the
Purchased Assets other than the Stalking Horse Bid in accordance
with the Bidding Procedures, the Sellers will not hold the Auction
and the Stalking Horse Bidder will be deemed the Successful Bidder
with respect to the Purchased Assets in accordance with the Bidding
Procedures.  Only if the Sellers receive one or more Qualified Bids
with respect to the Purchased Assets in addition to the Stalking
Horse Bid in accordance with the Bidding Procedures, the Sellers
will conduct the Auction for the Purchased Assets.

In the event of a competing Qualified Bid with respect to the
Purchased Assets, the Stalking Horse Bidder will be entitled to
submit Subsequent Bids and will be entitled in any and all such
Subsequent Bids to credit bid the full amount of the Bid
Protections in lieu of cash, and for purposes of evaluating the
Subsequent Bid, the full amount of such Bid Protections will be
treated as equal to cash in the same amount.

The Debtors' entry into the Stalking Horse Agreement, so long as it
is consistent with the Stalking Horse Term Sheet, is authorized and
approved, and will be deemed a Qualified Bid, subject to higher and
better offers at the Auction regarding the Purchased Assets in
accordance with the Bidding Procedures.

The Bid Protections for the Stalking Horse Bidder are approved in
their entirety.

The Stalking Horse Bidder will provide Adequate Assurance
Information to the Debtors on July 24, 2020.  

The Notice of Proposed Sale, Auction Date, Objection Deadline and
Sale Hearing is approved.  The Debtors shall, within three business
days after entry of the Order, serve a copy of the Sale Notice upon
all Sale Notice Parties.

The Notice of Assumption and Assignment of Executory Contracts and
Unexpired Leases in Connection with Proposed Sale of Certain of the
Debtors' Assets is approved.  The Debtors shall, within three
business days of the entry of the Order, serve the Cure Notice upon
each non-Debtor counterparty to each Executory Contract or
Unexpired Lease to which a Seller is a party that may be assumed
and assigned to the Stalking Horse Bidder.  The Cure Objection
Deadline and Assignment Objection Deadline is Aug. 3, 2020 at 4:00
p.m. (ET).

In addition, if the Stalking Horse Bidder is the Successful Bidder
it will have the right for up to 30 days following the closing of
the Sale to designate, add, or remove Executory Contracts or
Unexpired Leases for Specified Stores.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h) or 6006(d), or otherwise, the terms and conditions of the
Order will be immediately effective and enforceable upon entry.

A copy of the Bidding Procedures is available at
https://tinyurl.com/y7nt7nz5 from PacerMonitor.com free of charge.

                    About Sur La Table

Sur La Table, Inc. -- https://www.surlatable.com/ -- is a privately
held retail company that sells kitchenware products, including
cookware, bakeware, kitchen tools, knives, small appliances, dining
and home products, coffee and tea, food, and outdoor cookware.

SLT Holdco, Inc. and affiliate, Sur La Table, Inc., sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tex.
Lead Case No. 20-18368) on July 8, 2020.  The petition was signed
by Jason Goldberger, chief executive officer.

At the time of the filing, SLT Holdco was estimated to have assets
and liabilities of between $10 million to $50 million.  Sur La
Table was estimated to have assets and liabilities of between $100
million to $500 million.  

Michael D. Sirota, Esq., Warren A. Usatine, Esq., David M. Bass,
Esq., Jacob S. Frumkin, Esq. of Cole Schotz P.C., serve as counsel
to the Debtors.  SOLIC Capital is the Debtors' financial advisor
and investment banker.  A&G Realty Partners LLC acts as the
Debtors' real estate advisor.  Great American Group, LLC and Tiger
Capital are the Debtors' sales consultant.  Omni Agent Solutions is
the Debtors' claims and noticing agent.



SMG INDUSTRIES: MaloneBailey LLP Raises Going Concern Doubt
-----------------------------------------------------------
SMG Industries, Inc. filed with the U.S. Securities and Exchange
Commission its annual report on Form 10-K, disclosing a net loss of
$3,984,358 on $6,474,268 of revenues for the year ended Dec. 31,
2019, compared to a net loss of $1,143,378 on $4,422,436 of
revenues for the year ended in 2018.

The audit report of MaloneBailey, LLP states that the Company has
suffered recurring losses from operations and has a net capital
deficiency that raises substantial doubt about its ability to
continue as a going concern.

The Company's balance sheet at Dec. 31, 2019, showed total assets
of $6,431,384, total liabilities of $7,352,832, and a total
stockholders' deficit of $921,448.

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

                       https://is.gd/GIMniW

SMG Industries, Inc., an oilfield service company, provides
detergents, surfactants, and degreasers for the drilling rig
operators, exploration and production companies, and distribution
and supply companies in the United States. The Company was formerly
known as SMG Indium Resources Ltd. and changed its name to SMG
Industries Inc. in April 2018.  SMG Industries Inc. was founded in
2008 and is headquartered in Houston, Texas.



SOUTH COAST BEHAVIORAL: Trustee Taps Joseph Yung as Tax Accountant
------------------------------------------------------------------
Thomas Casey, the Chapter 11 trustee for South Coast Behavioral
Health, Inc., seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Joseph S. Yung & Co. as
tax accountant.

The trustee requires the services of an accountant to prepare
Debtor's 2019 state and federal corporate income tax return and
Form 941 payroll tax return for the second quarter of 2019.

The firm will be paid a flat fee of $1,450 for the preparation of
the income tax return and $800 for the payroll tax return.  

Joseph Yung, the founder of Joseph S. Yung & Co., will bill the
trustee at his normal hourly rate of $250 for work not associated
with the preparation of the 2019 tax returns.

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

The firm can be reached through:

     Joseph S. Yung
     Joseph S. Yung & Co.
     10221 Slater Ave., Suite 101
     Fountain Valley, CA 92708
     Telephone: (714) 378-1430
     Email: joseph@yungco.com

                About South Coast Behavioral Health

South Coast Behavioral Health, Inc. is a healthcare company that
specializes in the in-patient and outpatient treatment of addicts,
alcoholics, and persons dealing with mental health issues. It
offers a clinically supervised residential sub-acute detox
services, therapeutic and residential treatment centers, intensive
outpatient treatment services, and partial hospitalization
programs.  Visit https://www.scbh.com for more information.

South Coast Behavioral Health sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 19-12375) on June
20, 2019.  At the time of the filing, Debtor disclosed assets of
between $1 million and $10 million and liabilities of the same
range. Judge Mark S. Wallace oversees the case.

Debtor has tapped Nicastro & Associates, P.C. as its bankruptcy
counsel.

The Office of the U.S. Trustee appointed a committee of unsecured
creditors in Debtor's case. The committee tapped Weiland Golden
Goodrich LLP as its legal counsel, and Bryars Tolleson Spires +
Whitton LLP as its financial advisor.

On Feb. 27, 2020, the U.S. Trustee appointed Thomas Casey as
Debtor's Chapter 11 trustee.  Mr. Casey has tapped Ringstad &
Sanders LLP as his bankruptcy counsel; Nicastro & Associates, PC as
special counsel; and Joseph S. Yung & Co. as tax accountant.


SPIRIT AEROSYSTEMS: Moody's Cuts CFR to B2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded its ratings for Spirit
AeroSystems, Inc., including the company's corporate family rating
(CFR, to B2 from Ba3) and probability of default rating (to B2-PD
from Ba3-PD), and the senior unsecured debt ratings (to Caa1 from
B1). Moody's also downgraded the ratings on the company's senior
secured notes (to Ba2 from Baa3) and senior secured second lien
notes (to B1 from Ba2). The company's SGL-3 speculative grade
liquidity rating remains unchanged. The ratings outlook is
negative.

RATINGS RATIONALE

The downgrades primarily reflect Moody's expectation that
disruptions in the aftermath of the coronavirus pandemic will
result in fundamentally lower 737 MAX production rates well into
2023. The MAX is a critical program to Spirit and has historically
accounted for about 50% of revenues and a higher portion of
earnings. The reduced production rates will lead to a meaningful
weakening of cash generation and key credit metrics through at
least 2023.

The spread of the coronavirus pandemic, the weakened global economy
and outlook, low oil prices and asset price declines are sustaining
a severe and extensive credit shock across many sectors, regions
and markets. The combined credit effects of these developments are
unprecedented. The passenger airline industry is one of the sectors
most significantly affected by the shock given its exposure to
travel restrictions and sensitivity to consumer demand and
sentiment. With demand for new passenger aircraft intricately
linked to demand for air travel, deliveries of new aircraft,
including Boeing's 737 MAX, will be materially lower than
pre-coronavirus plans. Moody's regards the coronavirus pandemic as
a social risk under its ESG framework, given the substantial
implications for public health and safety.

The negative outlook incorporates Moody's expectation of
fundamentally lower production rates for the majority of Spirit's
commercial aerospace platforms over the next few years. This will
result in meaningful revenue and earnings pressure and an
across-the-board weakening of debt protection measures.

The B2 corporate family rating broadly reflects Spirit's
considerable scale as a strategically important supplier in the
aerostructures market, as well as the company's strong competitive
standing supported by its life-of-program production agreements and
long-term requirements contracts on key Boeing and Airbus
platforms. These considerations are tempered by a high degree of
platform and customer concentration, and associated financial and
operational risk relating to both the MAX production halt and the
coronavirus crisis, with particular acuteness of adverse impact in
the first half of 2020 and a slow recovery thereafter.

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

A ratings upgrade could be prompted by a material recovery in
Boeing 737 MAX production rates to at least 30 per month, leading
to the consumption of the inventory of such fuselages that Spirit
has stored on Boeing's behalf. An improved liquidity profile
characterized by expectations of consistent positive free cash
generation, substantial cash balances that are not earmarked for
acquisitions and/or absorption during the recovery period, and
near-full availability on the revolving credit facility could also
warrant consideration of a prospective ratings upgrade.
Expectations of more steady and predictable operating performance,
more broadly, and less volatile earnings and cash flows, would also
be prerequisites for any ratings upgrade.

Factors that could lead to a ratings downgrade include additional
reductions in the MAX production rate, or if the MAX grounding
continues into 2021. Unanticipated cancellations or deferrals of
MAX orders by airline customers beyond what is already
contemplated, or an expectation of further weakening in the
earnings and/or cash flows of Spirit, could also result in downward
ratings pressure. Failure to maintain a healthy level of unused
availability under the committed bank revolving credit facility or
an anticipated breach of financial covenants could result in
downward ratings action.

The following is a summary of its rating actions:

Issuer: Spirit Aerosystems, Inc.
123456789012345678901234567890123456789012345678901234567890123456
  Corporate Family Rating, Downgraded to B2 from Ba3

  Probability of Default Rating, Downgraded to B2-PD from Ba3-PD

  Senior Secured Regular Bond/Debenture, Downgraded to Ba2 (LGD2)
  from Baa3 (LGD2)

  Senior Secured Second Lien Regular Bond/Debenture, Downgraded
  to B1 (LGD3) from Ba2 (LGD3)

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
  (LGD5) from B1 (LGD5)

Outlook, remains Negative

Headquartered in Wichita, Kansas, Spirit AeroSystems, Inc., is a
subsidiary of publicly traded (NYSE: SPR) Spirit AeroSystems
Holdings, Inc. The company designs and manufacturers aerostructures
for commercial aircraft. Components include fuselages, pylons,
struts, nacelles, thrust reversers and wing assemblies, principally
for Boeing but also for Airbus and others. Revenues for the last
twelve months ended March 31, 2020 were approximately $7 billion.

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


STRUCTURED CABLING: Selling Three Vehicles for $4.6K
----------------------------------------------------
Structured Cabling Solutions, Inc., asks the U.S. Bankruptcy Court
for the Southern District of Florida to authorize the sale of the
following three vehicles: (i) a 2008 Chevrolet Van 15/25 2WD
Conversion, VIN 1GCFG15X581173830, to Christian Borges for $1,000;
(ii) a 2008 Ford E-150, VIN 1FTNE14W78DA75679, to John Thompson for
$1,800; and (iii) a 2008 Ford E-150, VIN 1FTNE14W78DB27277, to
Purchaser Thompson for $1,800.

The Vehicles are all paid off.  Their value in the Debtor's
Schedules is $8,500.

The Debtor does not require the Vehicles to operate and desires to
sell them to the Purchasers.  The Chevrolet Offer and Ford Offer
are subject to Court approval.  The Chevrolet Offer and Ford Offer
will be on an "as is" basis without representations of any kind.

The Debtor has sound business reasons for selling the Vehicles.  It
does not need the Vehicles to operate business and would rather
sell them than pay for maintenance and insurance on the Vehicles.
Based on Black Book's valuations, the Debtor believes that the
offers tendered by Purchaser Borges and Purchaser Thompson are fair
and reasonable in light of the current market conditions.  Thus,
the Debtor submits that the offer is in the best interests of the
Estate and its creditors.

                 About Structured Cabling Solutions

Structured Cabling Solutions, Inc., is a telecommunication
contractor in Miami Gardens, Florida.

Structured Cabling Solutions, Inc., filed a voluntary petition
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
20-12551) on Feb. 26, 2020.  In the petition signed by Syed A.
Shah, its president, the Debtor disclosed $944,176 in assets and
$3,273,790 in liabilities.

The case is assigned to Judge Robert A. Mark.

The Debtor tapped Chad Van Horn, Esq., at Van Horn Law Group Inc.
as its counsel and Carlos de la Osa, C.P.A., P.A. as its
accountant.


STS OPERATING: Moody's Cuts CFR to B3, Outlook Still Negative
-------------------------------------------------------------
Moody's Investors Service downgraded STS Operating, Inc.'s
corporate family rating and senior secured first lien rating to B3
from B2, the senior secured second lien rating to Caa2 from Caa1
and the probability of default rating to B3-PD from B2-PD. The
outlook is negative.

The downgrades reflect Moody's expectation of weak fundamentals in
the company's energy and industrial end markets, exacerbated by the
recent oil price shock and the coronavirus outbreak. These factors
will negatively impact credit metrics, likely into 2021, and
sustain the company's financial leverage at elevated levels.
Moody's believes capital spending by energy sector customers (26%
of revenue, with 17% in the upstream segment) is likely to remain
meaningfully challenged for some time. Moody's views the
coronavirus as a social risk whose uncertain timing and effects
also create significant uncertainty around a meaningful recovery in
end market activity and demand for the company's services. This
seems unlikely in the near term.

RATINGS RATIONALE

The ratings, including the B3 CFR, broadly reflect SunSource's high
financial leverage and Moody's expectation of SunSource's energy
and industrial end markets to remain challenged amid the broad
economic deterioration accelerated by the coronavirus, weighing on
earnings into 2021. Debt/EBITDA (including Moody's standard
adjustments) likely will exceed 9x in 2020 before moderating
towards the low 7x range in 2021 with a gradual economic recovery.
This is elevated for the company's business risk, given its
exposure to cyclical and volatile end markets. Moody's also notes
there is a paid-in-kind loan accruing at SunSource's holding parent
and due in August 2021. The company is acquisitive, funding growth
primarily with debt, which has slowed de-leveraging. The fragmented
and competitive operating landscape exerts margin pressures and
makes it likely acquisitions will continue.

As primarily a distributor, SunSource has a flexible cost structure
and modest capital spending needs given its mostly asset-lite
model. This supports positive free cash flow generation, even
during a downturn. Moody's anticipates free cash flow to debt
(including Moody's standard adjustments) will approach the
mid-single digit range in 2020, albeit moderating from about 10% in
the prior year. The company has adjusted its costs in line with
declines with demand and enacted cost measures in recent months to
help offset the coronavirus impacts. Its value added engineering
capabilities do support margins that are moderately higher than for
traditional distributors. These factors, as well as the company's
end market diversity and sizeable portion of revenue (60%) derived
from aftermarket demand, mainly maintenance and repair operations,
support the ratings.

Moody's views liquidity as adequate, supported by cash balances
($182 million as of mid-July 2020) and expectations of positive
free cash flow generation. These sources should adequately cover
cash needs into 2021, given that availability under the company's
$250 million ABL revolver is limited by the borrowing base. With
$144 million drawn as of mid-July, the ABL availability was $26
million. This, along with cash on hand, provided $208 million of
liquidity, up $20 million from December 31, 2019. The company's
cash flow profile has benefited from significant working capital
improvements. However, cash likely will be consumed with a ramp up
in business activity. Additionally, with more moderate levels of
free cash flow anticipated in the face of weaker earnings into 2021
and an uncertain operating environment, the prospects of
meaningfully bringing down the company's debt leverage are
limited.

From a corporate governance perspective, event risk is high with
private equity ownership. The leverage profile is partly the result
of aggressive financial policies, given an active pace of debt
funded acquisitions, which also present integration risks.
Additional acquisitions are likely and could weaken the metrics or
liquidity.

The negative outlook reflects Moody's expectation of elevated
leverage and event risk amid earnings headwinds from weak and
volatile key end markets, recessionary pressures and continued
uncertainty as to the duration and ultimate effects of the
coronavirus on end market demand and STS's business.

Moody's took the following actions on STS Operating, Inc.:

  Corporate Family Rating, Downgraded to B3 from B2;

  Probability of Default Rating, Downgraded to B3-PD from B2-PD;

  Senior Secured First Lien Term Loan, Downgraded to B3 (LDG4)
  from B2 (LGD4);

  Senior Secured Second Lien Term Loan, Downgraded to Caa2 (LGD5)
  from Caa1 (LGD5);

  Outlook remains Negative

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

The ratings could be downgraded with an unfavorable refinancing of
the upcoming PIK holding company loan. The ratings could also be
downgraded with deteriorating liquidity, including diminishing
revolver availability or lower than expected free cash flow, or if
debt/EBITDA is expected remain above 7x, EBITA/interest below 1.5x
or free cash flow to debt below 2.5%. Debt funded acquisitions or
dividends that weaken credit metrics or liquidity would also result
in downward ratings pressure.

A ratings upgrade is unlikely until business conditions broadly
improve along with end market fundamentals and the broader
macroeconomic environment. Over time, the ratings could be upgraded
with consistent revenue growth and meaningful margin expansion such
that Moody's expects debt/EBITDA to remain below 5.5x, with
financial policies that support this lower leverage level. A
stronger liquidity profile would also be expected for higher
ratings, including ample revolver availability and free cash flow
to debt at least in the mid to high single digits.

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

STS Operating, Inc., based in Addison, Illinois, is a leading
independent distributor of fluid power, fluid conveyance, fluid
process and motion control products, and provider of related
solutions. The company has 2,200 employees across 163 facilities
located in the United States and Canada. Revenues approximated
$1.37 billion as of the last twelve months ended March 31, 2020.
The company is majority-owned by funds affiliated with Clayton
Dubilier & Rice, LLC, a private equity firm that acquired SunSource
in December 2017.


SYLVAIN LAPOINTE: Foreign Rep's Sale of Diamond Dr. Property Abated
-------------------------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Northern
District of Florida abated the poposed sale by BLT Lapointe &
Associés, Inc., in its capacity as foreign representative and
trustee of the insolvency proceedings of Debtors Douglas Dixon and
JoAnn Collison, an affiliate of Sylvain Lapointe, of the real
property located at 28750 Diamond Dr. Unit 101, Bonita Springs,
Florida to Chris Mercede and Carol Thompson Mercede for $180,000,
in its present "as is" condition, free and clear of all liens.

The Court determines that the motion is deficient as the prescribed
$181 filing fee was not paid as required by the Bankruptcy Court
Schedule under 28 U.S.C. Section 1930.

A copy of the Contract is available at https://tinyurl.com/y9kq95xb
from PacerMonitor.com free of charge.

Sylvain Lapointe sought Chapter 11 protection (Bankr. M.D. Fla.
Case No. 16-02797) on March 31, 2016.  The Debtor tapped Annette C.
Escobar, Esq., at Astigarraga David Mullins Grossman as counsel.


TOSCA SERVICES: Moody's Rates $526.5MM Secured Term Loan 'B2'
-------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Tosca Services,
LLC's proposed $526.5 million senior secured term loan due July
2027. Moody's also affirmed Tosca's B2 Corporate Family Rating and
B2-PD Probability of Default Rating. The proceeds from the new term
loan will be used to finance the acquisition of Contraload N.V.,
repay the existing senior secured term loan due December 2026 and
pay fees and expenses. The B2 rating on the company's existing term
loan will be withdrawn at the close of the transaction. The terms
and conditions of the term loan are expected to be similar to the
existing.

The B2 rating on the proposed term loan is the same as the
corporate family rating reflecting the all bank debt capital
structure. The borrower will be Tosca Services, LLC. The facility
will be guaranteed by the Parent Holding Company and each of the
Borrower's present and future, direct and indirect material
restricted domestic subsidiaries, subject to customary exceptions
and limitations (to match the ABL Facility). The facility will be
secured by a first lien security interest in the PPE and a second
lien security interest in the ABL collateral (the domestic accounts
receivable and inventory).

The affirmation of the B2 Corporate Family Rating reflects the
company's low leverage, high exposure to food and beverage end
markets and expected growth from contracted new business offset by
Moody's expectation of weak free cash flow. Pro forma for the
December 2019 acquisition of Polymer Logistic N.V. and the proposed
Contraload acquisition, debt to EBITDA is approximately 4.8x. Free
cash flow is projected to be weak as capex spending to support new
business will remain elevated over the next 18 months. However,
Moody's expects the company to have adequate liquidity, supported
by its $65 million asset-based revolver. The Contraload acquisition
will increase Tosca's exposure to the competitive European market
and add exposure to sustainable, reusable plastic pallet rentals
and sales and intermediate bulk containers. Additionally, 95% of
pro forma sales are generated from food and beverage end markets,
adding some stability to revenue.

Tosca has limited exposure to end markets which Moody's expects
will be negatively affected by the shock caused by the rapid and
widening spread of the coronavirus outbreak and significant
exposure to those that are expected to benefit (food and beverage).
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Governance risks are heightened given Tosca's private equity
ownership, which carries the risk of an aggressive financial
policy, which could include additional debt funded acquisitions or
dividends.

Affirmations:

Issuer: Tosca Services, LLC

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Assignments:

Issuer: Tosca Services, LLC

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

Outlook Actions:

Issuer: Tosca Services, LLC

  Outlook, Remains Stable

The ratings are subject to the deal and acquisition closing as
proposed and the receipt and review of the final documentation.

RATINGS RATIONALE

Moody's expects Tosca's credit profile to remain strong as the
company continues to benefit from a high exposure to food and
beverage end markets as well as the cost savings and positive ESG
characteristics the company's sustainable, reusable packaging
service offers to customers. Moody's expects adjusted debt to
EBITDA to decline to 4.4x over the next 18 months as the company
benefits from contracted new business and synergies from the
Polymer acquisition and the proposed Contraload acquisition. The
EBITA margin is expected to remain strong (undisclosed).

Weaknesses in Tosca's credit profile include the small revenue
base, much larger rated competitors and customer concentration of
sales. In addition, the company has lengthy lags in its contractual
price adjustments, a significant percentage of short-term contracts
and large capex requirements to support growth. Tosca also has
exposure to freight costs as the company pays shipping to its
service centers and these costs are not contractually passed
through. While the large potentially addressable market for the
company's services offers growth opportunities, it also holds the
potential for changes in the competitive landscape.

Tosca's adequate liquidity profile encompasses Moody's expectation
of weak free cash flow over the next 12 months. Free cash flow is
expected to be weak due to increased capex to support new business
and onetime costs for integration, but will increase long-term as
the company's growth cycle abates. This is offset by good back up
liquidity from the company's $65 million asset-based revolver that
expires in October 2022, which is expected to be undrawn at the
close of the transaction. The company's only financial covenant is
on the revolver, which requires a fixed charge coverage ratio of
1.0 and is tested quarterly. The company is expected to maintain
good cushion under this covenant over the next 12 months. Tosca has
no significant seasonality in its business. Term loan amortization
is expected to be 1.0% annually ($5 million). Most assets are fully
encumbered by the secured debt leaving little in the way of
alternate liquidity. The nearest significant debt maturity is the
revolver in 2022.

The stable outlook reflects an expectation that Tosca will
effectively execute on its integration plans and effectively
commercialize its new business wins while maintaining adequate
liquidity.

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

The ratings could be downgraded if there is deterioration in the
credit metrics, liquidity or the operating and competitive
environment. Additionally, acquisitions that alter the company's
business and operating profile or continued significant capex
spending that pressures free cash flow may also prompt a downgrade.
Specifically, the ratings could be downgraded if:

  - Debt to EBITDA is above 5.5 times

  - EBITA to interest expense is below 2.0 times

  - Retained cash flow to net debt is below 10.0%

An upgrade would require an increase in scale, continued strong
margins, and an improvement in free cash flow. Additionally, any
upgrade would also require good liquidity and a stable competitive
environment.

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

Headquartered in Atlanta, Georgia, Tosca Services, LLC manages,
reconditions and rents reusable plastic containers for the
perishable food industry including case ready meat, eggs, cheese,
poultry, seafood, and produce. The company serves a diversified
base of produce growers, protein processors, egg suppliers,
cheesemakers, and other participants in the perishables supply
chain including retailers.

Headquartered in the Netherlands, Polymer Logistic N.V. manages,
reconditions, sells, and rents reusable containers for the
perishable food industry including case ready meat, eggs, and
produce. The Polymer acquisition closed in December 2019.

Headquartered in Belgium, Contraload N.V. offers pooling, rental
and purchase of plastic pallets and containers (foldable
intermediate bulk containers, "FIBCs"). Approximately 75% of
revenue is generated from rentals and sales of plastic pallets. The
proposed acquisition is expected to close in 3Q20.

Moody's considers the pro forma revenue base of the company to be
small. The majority of sales are generated in the United States.
Tosca has been owned by private equity firm Apax Partners since
2017 and does not publicly disclose revenue or any other financial
information. The company's pro forma sales as of March 31, 2020 are
in the Caa range in the Business and Consumer Service Industry
rating methodology which is between $200 and $500 million.


TRIDENT BRANDS: Incurs $10.1 Million Net Loss in Second Quarter
---------------------------------------------------------------
Trident Brands Incorporated filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q, reporting
a net loss of $10.06 million on $244,102 of net revenues for the
three months ended May 31, 2020, compared to a net loss of $3.75
million on $450,148 of net revenues for the three months ended May
31, 2019.

For the six months ended May 31, 2020, the Company reported a net
loss of $14.32 million on $405,987 of net revenues compared to a
net loss of $6.98 million on $1.39 million of net revenues for the
same period a year ago.

As of May 31, 2020, the Company had $2.91 million in total assets,
$45.75 million in total liabilities, and a total tsockholders'
deficit of $42.84 million.

As of May 31, 2020, the Company had $277,334 in cash and a working
capital deficit of $34,739,773.  The Company also has generated
losses and has an accumulated deficit of $48,487,808 as of May 31,
2020.  These factors raise substantial doubt about the ability of
the Company to continue as a going concern.  The Company completed
additional long term financing with a non-US institutional
investor, receiving proceeds of $3,400,780 on Nov. 30, 2018,
$2,804,187 on April 13, 2019 and $3,795,033 on Nov. 6, 2019.
However, unless management is able to obtain additional financing,
the Company may not be able to meet its funding requirements during
the next 12 months.  The financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.

On May 28, 2020, the Company obtained a $135,165 unsecured loan
payable through the Paycheck Protection Program, which was enacted
as part of the Coronavirus Aid, Relief and Economic Security Act.
The funds were received from Bank of America through a loan
agreement pursuant to the CARES Act.  The CARES Act was established
in order to enable small businesses to pay employees during the
economic slowdown caused by COVID-19 by providing forgivable loans
to qualifying businesses for up to 2.5 times their average monthly
payroll costs.  The amount borrowed under the CARES Act and used
for payroll costs, rent, mortgage interest, and utility costs
during the 24 week period after the date of loan disbursement is
eligible to be forgiven provided that (a) the Company uses the PPP
Funds during the eight week period after receipt thereof, and (b)
the PPP Funds are only used to cover payroll costs (including
benefits), rent, mortgage interest, and utility costs.  While the
full loan amount may be forgiven, the amount of loan forgiveness
will be reduced if, among other reasons, the Company does not
maintain staffing or payroll levels or less than 60% of the loan
proceeds are used for payroll costs.  Principal and interest
payments on any unforgiven portion of the PPP Funds will be
deferred to the date the SBA remits the borrower's loan forgiveness
amount to the lender or, if the borrower does not apply for loan
forgiveness, 10 months after the end of the borrower's loan
forgiveness period for six months and will accrue interest at a
fixed annual rate of 1.0% and carry a two year maturity date.
There is no prepayment penalty on the CARES Act Loan.

Trident Brands said, "We are currently experiencing an increasing
working capital deficiency.  As of May 31, 2020, we had a working
capital deficit of approximately $34.7 million, compared to a
deficit of approximately $18.3 million as of November 30, 2019. The
approximate $16.4 million increase in our working capital deficit
was due primarily to (all amounts approximate) a $737,000 decrease
in cash, a $1.5 million increase in accrued liabilities, a $300,000
increase in convertible debt and a $13.6 million increase in
derivative liability.

"Currently, we anticipate that our baseline operating activities
will use approximately $300,000 in cash per month over the next
twelve months, or approximately $3.6 million.  However, based on
our current business plan, subject to completion of a planned
capital raise, we intend to expend at least an additional $400,000
per month ($4.8 million annually) on an expansion of our sales and
marketing initiatives.  Currently we have limited cash on hand, and
consequently, we are unable to fully implement our current business
plan.  Accordingly, we have an immediate need for additional
capital to fund our operating activities.  COVID-19 has thus far
adversely affected our ability to raise additional capital, so
there is no assurance we will be able to raise sufficient
additional capital on acceptable terms or at all.

"In order to remedy this liquidity deficiency, we are actively
seeking to raise additional funds through the sale of equity and
debt securities, and ultimately, we will need to generate
substantial positive operating cash flows.  Our internal sources of
funds will consist of cash flows from operations, but not until we
begin to realize additional revenues from the sale of our products
and services.  As previously stated, our operations are generating
negative cash flows, and thus adversely affecting our liquidity.
If we are able to secure sufficient funding in the near term to
fully implement our business plan, we expect that our operations
could begin to generate significant cash flows during the middle of
2021, which should ameliorate our liquidity deficiency.  If we are
unable to raise additional funds in the near term, we will not be
able to fully implement our business plan, in which case there
could be a material adverse effect on our results of operations and
financial condition.

"In the event we do not generate sufficient funds from revenues or
financing through the issuance of common stock or from debt
financing, we may be unable to fully implement our business plan
and pay our obligations as they become due, any of which
circumstances would have a material adverse effect on our business
prospects, financial condition, and results of operations.  The
accompanying financial statements do not include any adjustments
that might be required should we be unable to recover the value of
our assets or satisfy our liabilities.

"Based on our limited availability of funds we expect to spend
minimal amounts on product development and capital expenditures. We
expect to fund any future product development expenditures through
a combination of cash flows from operations and proceeds from
equity and/or debt financing.  If we are unable to generate
positive cash flows from operations, and/or raise additional funds
(either through debt or equity), we will be unable to fund our
software development expenditures, in which case, there could be an
adverse effect on our business and results of operations."
  
A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/8xaHvR

                       About Trident Brands

Based in Brookfield, Wisconsin, Trident Brands Incorporated, f/k/a
Sandfield Ventures Corp., is focused on the development of high
growth branded and private label consumer products and ingredients
within the nutritional supplement, life sciences and food and
beverage categories.  The platforms the Company is focusing on
include: life science technologies and related products that have
applications to a range of consumer products; nutritional
supplements and related consumer goods providing defined benefits
to the consumer; and functional foods and beverages ingredients
with defined health and wellness benefits.

Trident Brands reported a net loss of $12.22 million for the 12
months ended Nov. 30, 2019, compared to a net loss of $8.42 million
for the 12 months ended Nov. 30, 2018.  As of Feb. 29, 2020, the
Company had $2.93 million in total assets, $35.70 million in total
liabilities, and a total stockholders' deficit of $32.77 million.

MaloneBailey, LLP, in Houston, Texas, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
March 16, 2020, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going concern.


UPGRADE LABS: Seeks to Tap Armory Consulting as Financial Advisor
-----------------------------------------------------------------
Upgrade Labs Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Armory Consulting
Company as its financial advisor.

The firm will render the following services to Debtor:

     (a) Assist in evaluating corporate strategic options;

     (b) Evaluate cash flows, including receipts and
disbursements;

     (c) Provide oversight and support to Debtor's professionals;

     (d) Provide strategic guidance to prepare and assist Debtor
through its bankruptcy;

     (e) Manage reporting requirements pertaining to the bankruptcy
court and the U.S. Trustee's office;

     (f) Assist with negotiating and serve as a liaison between
Debtor and its creditors or their representatives;

     (g) Provide testimony, including deposition testimony, before
the bankruptcy court on matters within Armory's expertise and scope
of services;

     (hi) Assist with the development of a plan of reorganization;

     (i) Prepare long-term projections and liquidation analysis;

     (j) Evaluate the possible rejection of any executory contracts
and unexpired leases;

     (k) Assist in the evaluation and analysis of avoidance actions
and causes of action; and

     (l) Oversee analysis of creditors' claims.

The services will be provided mainly by James Wong, principal at
Armory, whose standard billing rate is $475.  To the extent any of
the firm's senior staff is needed to render services, the rate is
$375 per hour.

Armory received a $10,000 pre-bankruptcy retainer.

Mr. Wong 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:
   
     James Wong
     Armory Consulting Company
     3943 Irvine Blvd., Suite 253
     Irvine, CA 92602
     Telephone: (714) 222-5552
     Email: jwong@armoryconsulting.com

                        About Upgrade Labs

Upgrade Labs Inc. owns and operates Bulletproof Cafe, a biohacking
and recovery facility and the brainchild of Dave Asprey. Its
cutting-edge technologies center around helping patients recover,
detoxify, and boost their immune systems.  Visit
https://upgradelabs.com for more information.

Upgrade Labs sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 20-15422) on June 16, 2020. The petition was signed by Upgrade
Labs President Miranda Cameron. At the time of the filing, Debtor
disclosed total assets of $4,250,091 and total liabilities of
$3,980,146.  Judge Sheri Bluebond oversees the case.  

Debtor has tapped Goe Forsythe & Hodges LLP as it legal counsel and
Armory Consulting Company as its financial advisor.


UPGRADE LABS: Seeks to Tap Goe Forsythe as Legal Counsel
--------------------------------------------------------
Upgrade Labs Inc. seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Goe Forsythe & Hodges
LLP as its bankruptcy counsel.

The firm will render the following services:

     (a) advise Debtor with respect to compliance with the
requirements of the U.S. Trustee;

     (b) advise Debtor regarding matters of bankruptcy law,
including the rights and remedies of Debtor to its assets and to
the claims of creditors;

     (c) 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;

     (d) conduct examinations of witnesses, claimants or adverse
parties and prepare reports, accounts and pleadings related to
Debtor's Chapter 11 case;

     (e) advise Debtor concerning the requirements of the
bankruptcy court and applicable rules;

     (f) assist Debtor in negotiation, formulation, confirmation
and implementation of a Chapter 11 plan of reorganization;

     (g) make any bankruptcy court appearances; and

     (h) provide other services as the Debtor may require of the
firm in connection with its bankruptcy case.

The firm received a retainer of $37,500 from Debtor.

The firm's current hourly rates are as follows:

     Robert P. Goe, Attorney                 $495
     Marc C. Forsythe, Attorney              $495
     Ronald S. Hodges, Attorney              $495
     Rafael R. Garcia-Salgado, Attorney      $405
     Charity J. Manee, Attorney              $355
     Ryan S. Riddles, Attorney               $325
     Jeffrey M. Yostanto, Attorney           $295
     Britney Bailey, Paralegal               $185
     Arthur Johnston, Paralegal              $195
     Kerry A. Murphy, Paralegal              $195
     Elizabeth A. LaRocque, Of Counsel       $375

Robert Goe, Esq., a partner at Goe Forsythe, 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:
   
     Robert P. Goe, Esq.
     Charity J. Manee, Esq.
     Goe Forsythe & Hodges LLP
     18101 Von Karman Avenue, Suite 1200
     Irvine, CA 92612-7127
     Telephone: (949) 798-2460
     Facsimile: (949) 955-9437
     Email: rgoe@goeforlaw.com
            cmanee@goeforlaw.com

                        About Upgrade Labs

Upgrade Labs Inc. owns and operates Bulletproof Cafe, a biohacking
and recovery facility and the brainchild of Dave Asprey. Its
cutting-edge technologies center around helping patients recover,
detoxify, and boost their immune systems.  Visit
https://upgradelabs.com for more information.

Upgrade Labs sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 20-15422) on June 16, 2020. The petition was signed by Upgrade
Labs President Miranda Cameron. At the time of the filing, Debtor
disclosed total assets of $4,250,091 and total liabilities of
$3,980,146.  Judge Sheri Bluebond oversees the case.  

Debtor has tapped Goe Forsythe & Hodges LLP as it legal counsel and
Armory Consulting Company as its financial advisor.


VIDEO DISPLAY: Hancock Askew & Co., LLP Raises Going Concern Doubt
------------------------------------------------------------------
Video Display Corporation filed with the U.S. Securities and
Exchange Commission its annual report on Form 10-K, disclosing a
net loss of $1,206,000 on $10,597,000 of net sales for the year
ended Feb. 29, 2020, compared to a net income of $67,000 on
$15,023,000 of net sales for the year ended Feb. 28, 2019.

The audit report of Hancock Askew & Co., LLP states that the
Company has historically reported net losses or breakeven results
along with reporting low levels of working capital.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The Company's balance sheet at Feb. 29, 2020, showed total assets
of $10,519,000, total liabilities of $7,057,000, and a total
shareholders' equity of $3,462,000.

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

                       https://is.gd/tR9evs

Headquartered in Tucker, Georgia, Video Display Corporation is a
provider and manufacturer of video products, components, and
systems for visual display and presentation of electronic
information media in a variety of requirements and environments.
The Company designs, engineers, manufactures, markets, distributes
and installs technologically advanced display products and systems,
from basic components to turnkey systems, for government, military,
aerospace, medical, industrial, and commercial organizations.  The
Company markets its products worldwide primarily from facilities
located in the United States.


W&T OFFSHORE: S&P Upgrades ICR to 'CCC+' on Improved Debt Leverage
------------------------------------------------------------------
S&P Global Ratings raised the issuer credit rating on U.S.-based
exploration and production (E&P) company W&T Offshore Inc. to
'CCC+' from 'SD' (selective default). In addition, S&P raised its
rating on the company's second-lien notes to 'B' from 'D'; the
recovery rating remains '1'.

"We expect W&T Offshore's financial measures to improve, but
financial measures will remain elevated and susceptible to a fall
in crude oil prices," S&P said.

W&T's repurchase of $72.5 million of second-lien note due 2023
(representing around 10% of overall year-end 2019 long-term debt)
resulted in improved leverage measures, with annual interest
savings of about $7.1 million that will benefit cash flows. S&P now
expects funds from operations (FFO) to debt of around 12% and
debt/EBITDA of about 5x over the next 18 months. While improved,
S&P still views these levels as elevated for W&T's position as a
small, Gulf of Mexico-focused company, combined with an uncertain
outlook for crude oil and natural gas prices.

S&P expects the company to maintain adequate liquidity following
the borrowing base reduction. In June W&T's borrowing base was
lowered to $215 million from $250 million. However, during the
first quarter, W&T repaid $25 million of its outstanding balance
from operating cash flows, cushioning the borrowing base decline.
At the same time, the company successfully obtained a waiver on its
total debt leverage covenant of 3x through 2021. This was replaced
with a maximum first-lien debt leverage of 2x throughout the waiver
period, with which S&P expects W&T to remain in compliance.
Liquidity is also supported by reduced operating costs and reduced
capital spending supported by W&T's relatively modest decline
rate.

"The negative outlook on W&T reflects our expectation of continued
volatility in crude oil and natural gas prices until there is a
sustained recovery in demand, likely in conjunction with sustained
GDP growth. Although improved, S&P views financial measures such as
FFO/debt around 12% and debt/EBITDA around 5x as somewhat elevated
for the company, given its small scale and concentration in the
Gulf of Mexico. In addition, S&P expects capital markets for the
oil and gas industry, especially in the speculative grade, will
remain weak and lead to high yields on W&T's as well as its peers'
debt. If crude oil prices fail to sustain recent improvement, S&P
believes the current discount to par, around 40%, could
significantly increase and make debt repurchases or an exchange the
rating agency would view as distressed an attractive deleveraging
tool once again.

"We could lower our rating on W&T if its leverage deteriorated
further, such that FFO to debt remained well below 12% for a
sustained period, or if the company's liquidity were to weaken.
Additionally, if we believed W&T would pursue a below-par debt
refinancing, we would view it as distressed and would lower the
ratings. Both of these could occur if domestic and global GDP fail
to materially improve and crude oil and natural gas prices remain
at challenging levels for a prolonged period," S&P said.

"We could revise the outlook to stable if debt/EBITDA trended
comfortably below 5x and FFO/debt above 12% and provided an
adequate cushion to price volatility, while the company maintained
adequate liquidity. Additionally, we would need to believe a
distressed debt transaction were not attractive, likely reflected
in meaningfully improved yields versus current levels (about 30%).
Both conditions are likely to occur with improving crude oil and
natural gas markets, along with strengthening capital markets," the
rating agency said.


WYNDHAM DESTINATIONS: S&P Affirms 'BB-' ICR; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' issuer credit rating on
Wyndham Destinations Inc. (WYND). The outlook is negative.

S&P is also assigning its 'BB-' issue-level rating and '4' recovery
rating to the proposed senior secured notes due 2026 and affirming
the 'BB-' issue-level ratings on the company's existing senior
secured debt. S&P is also revising the recovery rating on the
existing senior secured debt to '4' from '3', given lower assumed
recovery for secured lenders because of more secured debt in the
pro forma capital structure.

"Despite our captive adjusted leverage forecast of 5.5x-6x in 2021,
which is weak compared with our 5.5x downgrade threshold at the
'BB-' rating, the rating affirmation reflects our view that WYND
has the flexibility to further reduce operating costs, inventory
and capital investments, and the dividend," S&P said.

"Although WYND ended 2019 and entered the travel downturn with
captive-adjusted debt to EBITDA of 4.2x, which represented a good
cushion compared with the 5.5x downgrade threshold, the pandemic-
and recession-driven anticipated revenue decline in 2020 has caused
us to lower our base case forecast," the rating agency said.

In 2020, WYND's contract sales of vacation ownership products and
total revenue will probably drop significantly due to a collapse in
travel and timeshare demand, reduced tour flow at sales centers,
and low occupancy at resorts for a period of time that translates
into lower exchange revenue. S&P's updated assumption is for
contract sales to decline 50%-55% in 2020 because of a decline in
tour flow. S&P assumes volume per guest (VPG) could vary depending
on how much WYND reduces product prices to motivate sales, but VPG
could rise if the sales mix is weighted toward existing owners
buying more points. The impact of declining vacation ownership
interval (VOI) sales in 2020 could be partially offset by consumer
financing income, resort management, and exchange revenue, a
portion of which recur. Wyndham generates about 50% of its
consolidated revenue from these typically recurring sources, which
compares favorably with other rated timeshare peers. Based on S&P's
assumptions, total revenue could decline 40%-45% in 2020. The
company will likely experience margin deterioration from fixed
costs in the business, causing captive-adjusted EBITDA to fall more
steeply than revenue.

S&P preliminarily assumes that sales centers continue to reopen
through the third-quarter in 2020 as coronavirus containment is
achieved, but the recovery path for tour flow could be challenging
due to a weaker economy and higher unemployment. S&P's forecast
relies heavily on a recovery in 2021 that, in its view, would need
to begin in the second half of 2020 to be on track to achieve its
projected level of 2021 EBITDA. If a recovery begins in the second
half of 2020, contract sales could meaningfully rebound and
leverage could plausibly improve to the 5.5x-6x range, the lower
end of which could be in line with the 'BB-' rating.

S&P's leverage forecast is supported by reductions to cash outflows
that have been recently implemented. These include a reduction of
annual operating expenses by $200 million, of which a portion may
be permanent. In addition, S&P assumes inventory spending and
capital spending is reduced by $100 million annually to adjust to a
lower level of demand. The rating agency also believes some
distressed real estate transactions or discounted repurchases of
timeshare owner inventory can be done over the next few years,
which would support margin recovery. Furthermore, S&P assumes
regular dividends will continue to be paid over the forecast
period, but any reduction would benefit WYND's liquidity and
leverage.

Incorporating the proposed debt issuance, S&P estimates WYND's
liquidity would be adequate for at least 24 months based on the
rating agency's revenue and cost assumptions.  Liquidity sources
include recurring revenue such as financing, resort management, and
exchange revenue. In addition, WYND currently has about $1 billion
of cash on hand, including cash from a full draw of the revolving
credit facility. WYND also has $283 million of availability under
its bank conduit facilities and sufficient un-pledged vacation
ownership receivables ($704 million) as of March 2020 to pledge to
these facilities for cash. The proposed debt issuance would add
incremental cash to the balance sheet. The conduit facilities are
typically an interim liquidity source to make new consumer loans,
and its potential usage for operating expenses could reduce
availability for the company to originate consumer loans in the
future.

Liquidity uses include cash operating expenses, inventory purchases
and capital expenditures, debt amortization, and interest expense.


"It is our understanding that WYND's average monthly net cash
outflow would be $40 million-$50 million in a low-revenue scenario
in which resorts are closed. We believe WYND could reduce a portion
of cash expenses, including marketing, general and administrative,
and other costs," S&P said. The rating agency also believes WYND
could cut the dividend to preserve liquidity.

The captive finance subsidiary's financial risk will likely
increase through 2021, but it had leverage cushion entering the
COVID-19 crisis.   WYND has experienced high default rates
historically, and default rates will probably be elevated in 2020
and 2021 and increase write-offs on delinquent vacation ownership
loans, which could result in a spike in the captive finance
subsidiary's debt-to-equity ratio. If default rates were sustained
well above 5% and captive debt to equity were sustained above 5x,
the captive's financial risk could rise enough to impair WYND's
overall financial risk.

Notwithstanding the risk factors, S&P does not currently believe
the captive would significantly hurt the parent's financial risk in
a manner that would lead to a downgrade. WYND ended 2019 with
approximately 1.9x captive debt to equity, which is a modest level
of financial risk and represented a good cushion compared with the
5x downgrade threshold. In the first quarter of 2020, WYND made a
significant provision for anticipated loan losses over the next
18-24 months. S&P's base case incorporates the elevated
provisioning, which provides an estimate of anticipated defaults
and future captive debt to equity. S&P believes captive debt to
equity could rise to the 3x-4x area if default rates remain
elevated over the next two years.

Higher default rates and financial risk at the captive finance
subsidiary could potentially result in more cash outlays at WYND,
to the extent the parent is compelled to support the credit quality
of securitized loans or it opportunistically repurchases low-cost
timeshare inventory underlying the defaults.

Environmental, social, and governance (ESG) factors relevant to the
rating action:  Health and safety

The negative outlook reflects anticipated significant stress on
revenue, cash flow, and liquidity and the possibility that S&P
could lower ratings on WYND if coronavirus containment is not
achieved in the second half of 2020 so that timeshare contract
sales can meaningfully recover in 2021.

"We could lower the rating if travel and timeshare demand did not
begin to recover in the second half of 2020 and resulted in
Wyndham's captive-adjusted debt to EBITDA sustained above 5.5x. We
could also lower the rating if liquidity deteriorated more than
assumed in our forecast and WYND did not take sufficient action to
reduce cash outflow, including the dividend," S&P said.

S&P could also lower the rating if the timeshare ABS securitization
markets became prohibitively expensive or unavailable. In addition,
S&P could lower the rating if risk in the captive finance
subsidiary rose enough to impair the parent's financial risk, which
could occur if the captive's debt-to-equity ratio were sustained
above 5x or if loan losses increased significantly.

"We are unlikely to revise the outlook to stable for the duration
of the global travel downturn. We could revise the outlook to
stable if we believed that coronavirus containment and economic
recovery were robust enough to enable Wyndham to maintain
captive-adjusted debt to EBITDA below 5.5x," the rating agency
said.


YOUNGEVITY INTERNATIONAL: Declares Monthly Dividend for 3rd Quarter
-------------------------------------------------------------------
Youngevity International, Inc. reports the declaration of its
regular monthly dividend of $0.203125 per share of its 9.75% Series
D Cumulative Redeemable Perpetual Preferred Stock (NASDAQ:YGYIP)
for each of July, August and September 2020.  The dividend will be
payable on August 17, September 15, and October 15, 2020 to holders
of record as of July 31, August 31 and
Sept. 30, 2020.  The dividend will be paid in cash.

                       About Youngevity

Chula Vista, California-based Youngevity International, Inc. --
https://ygyi.com/ -- is a multi-channel lifestyle company operating
in three distinct business segments including a commercial coffee
enterprise, a commercial hemp enterprise, and a multi-vertical omni
direct selling enterprise.  The Company features a multi country
selling network and has assembled a virtual Main Street of products
and services under one corporate entity, YGYI offers products from
the six top selling retail categories: health/nutrition,
home/family, food/beverage (including coffee), spa/beauty,
apparel/jewelry, as well as innovative services.

Youngevity reported a net loss attributable to common stockholders
of $23.50 million for 2018 following a net loss attributable to
common stockholders of $12.69 million for 2017. As of Sept. 30,
2019, the Company had $141.18 million in total assets, $85.01
million in total liabilities, and $56.17 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, the Company's
auditor since 2011, issued a "going concern" qualification in its
report dated April 15, 2019, on the consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has recurring losses and is dependent on additional
financing to fund operations.  These conditions raise substantial
doubt about the Company's ability to continue as a going concern.


ZPOWER TEXAS: Local Auction of Excess Equipment Approved
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized ZPower Texas, LLC and its debtor-affiliates to sell
excess equipment and other items through an auction conducted by
Local Liquidators, LLC.

The Debtor is authorized to sell all equipment and other property
it deems unnecessary for its continued operations, including but
not limited to the property listed in Exhibit D to the Motion,
pursuant to the auction terms set forth in the Motion.

The Disputed Property described in Exhibit A, to the extent in the
Debtor's possession or control, may not be included in the auction
unless and until Michelson Industrial Properties, LLC's objection
is resolved.

To the extent the Disputed Property is in the Debtor's possession
or control and is proposed to be included in the auction, the
following procedures apply to resolving Michelson's objection to
the sale of the Disputed Property:

      a. The Debtor must provide all descriptions and photographs
of the Disputed Property generated by Local Liquidators to
Michelson as soon as reasonably practicable;

      b. Within three days of receiving such descriptions and
photographs, Michelson will inform the Debtor whether it claims
ownership of such items;

      c. In the event the Debtor and Michelson are unable to
resolve the ownership of any piece of Disputed Property, either
party may seek emergency consideration of the dispute as a
contested matter, and the parties waive all rights to have the
dispute heard as an adversary proceeding; and

      d. In the event the Debtor and Michelson are able to resolve
the ownership of any piece of Disputed Property, then the Debtor
may include such property in the auction, and such property will be
considered part of the Subject Property for purposes of the Order.

The Subject Property will be sold at auction free and clear of all
liens, claims, interests, and encumbrances, and that all such
liens, claims, interests, and encumbrances that exist in, to, or
against the Subject Property will attach to the net proceeds.

Except for any reimbursement of expenses and the payment of its
compensation as has been be approved by separate order, the Local
Liquidators will pay the net proceeds from the Subject Property
obtained at the auction to the Debtor.

The Debtor is authorized to immediately pay the net proceeds of the
auction over to ZBattery DIP Lender, LLC, unless the Debtor and the
Lender agree otherwise.

To the extent necessary, the Order will constitute an order
surcharging the Subject Property and the proceeds thereof under
section 506(c) of the Bankruptcy Code, in the amount of the
reimbursement of expenses and compensation which is to be paid to
Local Liquidators as has been be approved by separate order, with
all issues related to any potential allocation of said surcharge
reserved to a future order upon proper motion.

The Order will be immediately effective and enforceable upon its
entry, notwithstanding any rule which would otherwise provide for
an automatic stay of the Order.

A copy of the Exhibit A is available at
https://tinyurl.com/y8bfldby from PacerMonitor.com free of charge.

                      About ZPower Texas

ZPower -- https://www.zpowerbattery.com -- is a manufacturer of
silver-zinc rechargeable microbatteries.  The Company serves the
consumer electronics, medical, and military and defense
industries.

ZPower Texas, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Tex. Case No. 20-41158) on March 17,
2020. At the time of the filing, the Debtor estimated assets of
between $10 million to $50 million and liabilities of between $10
million to $50 million. The petitions were signed by Glynne
Townsend, chief restructuring officer.  The case is presided by
Hon. Mark X. Mullin.  Davor Rukavina, Esq., of Munsch Hardt Kopf &
Harr, P.C., is the Debtors' counsel.  Honigman LLP is special IP
counsel.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Vossekuil Properties, LLC
   Bankr. E.D. Wisc. Case No. 20-24880
      Chapter 11 Petition filed July 14, 2020
         See https://is.gd/Jlx5HK
         represented by: John W. Menn, Esq.
                         STEINHILBER SWANSON LLP
                         E-mail: jmenn@steinhilberswanson.com

In re EK- Onkar Enterprise Inc.
   Bankr. C.D. Ill. Case No. 20-80761
      Chapter 11 Petition filed July 14, 2020
         See https://is.gd/8nvvoh
         represented by: William Lester Breedlove, Esq.
                         BREEDLOVE LEGAL LLC
                         E-mail: william@breedlovelegal.com

In re V Garguilo Enterprises LLC
   Bankr. M.D. Fla. Case No. 20-05379
      Chapter 11 Petition filed July 15, 2020
         See https://is.gd/N3gGdQ
         represented by: Kevin Comer, Esq.
                         COMER LAW FIRM
                         E-mail: kevin@comer.work

In re Michael John Ligotti and Christine Ligotti
   Bankr. S.D. Fla. Case No. 20-17669
      Chapter 11 Petition filed July 15, 2020
         represented by: Jordan Rappaport, Esq.

In re Fingerlakes Hospitality Group, LLC
   Bankr. N.D.N.Y. Case No. 20-30771
      Chapter 11 Petition filed July 15, 2020
         See https://is.gd/SgI9qA
         represented by: Peter A. Orville, Esq.
                         ORVILLE & MCDONALD LAW, P.C.
                         E-mail: Peteropc@gmail.com

In re La Terraza, Inc.
   Bankr. E.D. Cal. Case No. 20-23480
      Chapter 11 Petition filed July 15, 2020
         See https://is.gd/CF691z
         represented by: Noel Christopher Knight, Esq.
                         THE KNIGHT LAW GROUP
                         E-mail: lawknight@theknightlawgroup.com

In re Thomas A. Grimm
   Bankr. W.D.N.C. Case No. 20-30684
      Chapter 11 Petition filed July 16, 2020
         represented by: Glenn Thompson, Esq.

In re Timothy I. Copley and Jeannie L. Copley
   Bankr. D. Ariz. Case No. 20-08261
      Chapter 11 Petition filed July 16, 2020
         represented by: Lamar D. Hawkins, Esq.
                         GUIDANT LAW, PLC
                         E-mail: lamar@guidant.law

In re Christiaan Johannes De Nysschen and Maria Catharina De
      Nysschen
   Bankr. C.D. Calif. Case No. 20-10869
      Chapter 11 Petition filed July 16, 2020
         represented by: Vaughn Taus, Esq.

In re Melissas' Golf Carts, Inc.
   Bankr. M.D. Fla. Case No. 20-05429
      Chapter 11 Petition filed July 17, 2020
         See https://is.gd/R4uhTC
         represented by: Richard Egozcue, Esq.
                         LAW OFFICES OF RICHARD EGOZCUE, PLLC
                         E-mail: richard@lawofficesre.com

In re Massage Magic Inc.
   Bankr. W.D. Wash. Case No. 20-11916
      Chapter 11 Petition filed July 16, 2020
         See https://is.gd/QOU7Vr
         represented by: Jason Anderson, Esq.

In re James Bradley Hawthorne, Jr. and Miranda Marie Hawthorne
   Bankr. W.D. Ky. Case No. 20-50371
      Chapter 11 Petition filed July 16, 2020
         represented by: Mark Flener, Esq.


In re Chiragkumar T. Shah
   Bankr. E.D. Ark. Case No. 20-12966
      Chapter 11 Petition filed July 16, 2020
         represented by: Joel Hargis, Esq.

In re Benjamin Clayton Hardin and Eliane Carvalho Hardin
   Bankr. E.D. Va. Case No. 20-33054
      Chapter 11 Petition filed July 17, 2020
         represented by: Robert Easterling, Esq.

In re Adam G. Young
   Bankr. W.D. La. Case No. 20-50552
      Chapter 11 Petition filed July 17, 2020
         represented by: Adam Young, Esq.

In re Val's Food With A Twist, LLC
   Bankr. N.D. Tex. Case No. 20-31965
      Chapter 11 Petition filed July 20, 2020
         See https://is.gd/NYlu9o
         represented by: John Paul Stanford, Esq.
                         QUILLING, SELANDER, LOWNS, WINSLETT &
                         MOSER, P.C.
                         E-mail: jstanford@qslwm.com

In re National Homeowners Association, Inc.
   Bankr. M.D. Pa. Case No. 20-02182
      Chapter 11 Petition filed July 20, 2020
         See https://is.gd/zNL0nU
         represented by: Robert E. Chernicoff, Esq.
                         CUNNINGHAM, CHERNICOFF & WARSHASWKY, P.C.

In re Robert Chester Underwood
   Bankr. C.D. Calif. Case No. 20-12016
      Chapter 11 Petition filed July 18, 2020
         represented by: Michael Jones, Esq.

In re WFO Express, Inc.
   Bankr. D. Wyo. Case No. 20-20351
      Chapter 11 Petition filed July 20, 2020
         See https://is.gd/KWLiKV
         represented by: Ken McCartney, Esq.
                         THE LAW OFFICES OF KEN MCCARTNEY P.C.
                         E-mail: bnkrpcyrep@aol.com

In re Moustache Brewing Co. LLC
   Bankr. E.D.N.Y. Case No. 20-72474
      Chapter 11 Petition filed July 21, 2020
         See https://is.gd/fdSFax
         represented by: Jonathan A. Grasso, Esq.
                         PIERCE MCCOY, PLLC
                         E-mail: jon@piercemccoy.com

In re Commercial Roofing Solutions Inc.
   Bankr. D. Oregon Case No. 20-32203
      Chapter 11 Petition filed July 21, 2020
         See https://is.gd/AvAj6n
         represented by: Michael D. O'Brien, Esq.
                         MICHAEL D. O'BRIEN & ASSOCIATES, P.C.
                         E-mail: enc@pdxlegal.com

In re March Creek US One Propeties LLC
   Bankr. M.D. Fla. Case No. 20-02181
      Chapter 11 Petition filed July 21, 2020
         See https://is.gd/Jn03vt
         Filed Pro Se

In re Thadeus A. Gadomski, Jr. and Marianne C. Gadomski
   Bankr. D. Mass. Case No. 20-11537
      Chapter 11 Petition filed July 21, 2020
         represented by: Michael Feinman, Esq.

In re Mario Avalos and Shannon Avalos
   Bankr. D. Ariz. Case No. 20-08408
      Chapter 11 Petition filed July 21, 2020
         represented by: Thomas Allen, Esq.
                         ALLEN BARNES & JONES, PLC

In re Jacob Lyubarov
   Bankr. E.D.N.Y. Case No. 20-42690
      Chapter 11 Petition filed July 21, 2020
         represented by: Alla Kachan, Esq.

In re Kory Allen Krista and Stephanie Elizabeth Krista
   Bankr. E.D. La. Case No. 20-11296
      Chapter 11 Petition filed July 21, 2020
         represented by: Darryl T. Landwehr, Esq.
                         LANDWEHR LAW FIRM
                         E-mail: dtlandwehr@att.net

In re Winona R. Nelson
   Bankr. M.D. Ala. Case No. 20-10954
      Chapter 11 Petition filed July 21, 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.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

                   *** End of Transmission ***